“Most of the buyers were first and second home-buyers,” he said. “We are contemplating to keep one block for ourselves to rent out just to students, but the demand for it is incredibly high and buyers are pressuring us to release it for sale.”
The RM225 million De Centrum Unipark Condominium will comprise two 20-storey towers with a total of 240 single, 4-bedroom units and 80 duplex, 8-bedroom units. The built-ups are 1,297 sq ft and 2, 594 sq ft respectively.
The price of the single units starts from RM575,400 while that of the duplex units begins at RM1,064,950. “We geared it more towards students and families who wish to stay in this area, which explains our competitive pricing,” said Chong.
De Centrum Unipark will be located a short distance from the Infrastructure University of Kuala Lumpur (IUKL), where more than 4,000 students are enrolled, and is surrounded by three universities within the area with over 15,000 students.
“If you were to rent out to students, you could easily get about RM700 per room. The rooms are large enough to fit two beds so you could opt to charge RM500 per person, making it a total of RM1,000 per room,” said Luis Pazos, project communication consultant of the property development division.
Located at the intersection of the North-South Highway, South Klang Valley Expressway and Silk Highway, it allows for easy accessibility through an upcoming MRT station approximately 500 metres from De Centrum, as well as proposed walkways within the master plan itself.
Every bedroom in the condominium will be ensuite and each unit will be equipped with one designated parking bay. Duplex units have two car park bays, but residents will have the option to purchase an additional one at a cost of RM15,000. There will be a total of 500 parking bays.
Safety measures have been thoroughly taken into consideration with a new three-tier security system. Facilities will include a gym, swimming pool, and tennis and badminton courts.
The condominium will be a five-minute walk to De Centrum City Mall, a three-storey retail mall with a net lettable area of 150,000 sq ft.
The De Centrum Unipark Condominium is part of Phase 2 of Protasco’s 100-acre (40.5ha) De Centrum City in Kajang, which also includes a hotel, sports complex and stadium, and offices. The condominium is expected to be completed in December 2016.
“In 2013, our profit growth was about 23%,” said Chong. “So we hope that contribution from property to the overall group profit growth will grow from our 5% last year to 10% this year. By the time De Centrum City is completed, we hope property would’ve contributed to at least 25% of the overall profit, as we consider property and construction to be the main drivers of the profit growth.”
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| Chong (left), with his son Kenny, has the condo units priced competitively to interest their target market of students and families who wish to stay in Kajang |
This article first appeared in The Edge Financial Daily, on July 4, 2014.
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