Ireka Corp Bhd says there has been an encouraging increase in post-Movement Control Order (MCO) sales in Dwi@Rimbun Kasia, the company’s mid-market segment development in Nilai, Negeri Sembilan.
Group executive director Chan Chee Kian attributed the higher sales to the company’s aggressive sales packages and the low-interest-rate environment.
The gated-and-guarded development is a joint venture project between Ireka and Osaka-based Hankyu Hanshin Properties Corp. The project was launched last December.
Hankyu Hanshin is a wholly-owned subsidiary of Hankyu Hanshin Holdings Inc. Its core businesses are real estate, urban transport, travel, communications, international transport, and hotels.
Dwi is a nine-storey residential block with 382 units, of which 203 of them will be dual-key. The built-up for the units range from 645 to 954 sq ft, and prices start at RM330,000.
Dwi is developed under the zenZ brand, which is the sister brand of Ireka’s i-ZEN, to target the mid-market segment.
It is the first of five residential projects planned for Rimbun Kasia, covering a total of 12.3-hectares. The development will also comprise a commercial village and a 9.2ha central park.
The gross development value (GDV) for Rimbun Kasia is RM1.2 billion. It was reported that the GDV for Dwi is RM400 million.
Rimbun Kasia is said to be an extension of Ireka’s existing Kasia Greens residential in Nilai.
Chan said after the company’s shareholders meeting today that plans are already in place for other phases of the development.
This includes the innovative townhouse villa development called Temu.
The remaining three are apartment projects that go by the name Pinang, Sirih and Rintik.
Bernama reported that based on Ireka’s 2020 annual report, the sales launch for Temu is targeted for the first half of 2022.
Meanwhile, Chan thinks it is time to enhance the public transportation system in the smaller cities and towns, to address the high traffic congestion in an overcrowded road network.
Ireka is at the forefront of efforts towards solving the country’s urban transportation challenges via the Automated Rapid Transit (ART) pilot project in Iskandar Malaysia, Johor.
The project is being undertaken by Mobilus Sdn Bhd, a joint venture between Ireka and CRRC Urban Traffic Co Ltd, a member of China’s CRRC Group.
Chan said the first ART pilot project will be implemented between December 2020 and February 2021.