KUALA LUMPUR (Jan 31): Kepong Industrial Park Group, better known as KIP Group has seen 80% of the non-bumi units at its 8scape Residences development in Taman Sutera, Johor Bahru sold.
Launched in 2014, the condominium project is located in between two established townships in Johor Bahru — Taman Sutera and Taman Perling. 8scape has a gross development value (GDV) of RM822 million.
The 9.2-acre development offers 1,255 condominium units housed in four towers with built-up sizes ranging from 808 sq ft to 1,654 sq ft (for dual-key units). The selling price averages about RM550 psf, with minimum price from RM450,000.
“Construction has reached 35%. We believe once construction reaches 60%, all the units will be snapped up as most people will feel more confident when they see the physical building,” KIP Group director Valerie Ong told TheEdgeProperty.com.
She said sales is at a “slow but steady pace” considering the current dampened market sentiment. However, she believes local homebuyers are warming up to high-rise living.
“Taman Perling and Taman Sutera are both mature townships with affluent communities, like Bandar Utama in Petaling Jaya. Most residential developments here are landed homes such as terraced houses and semi-dees, but we have observed that there has been an increase in demand for high-rise residential properties,” she explained.
Ong felt that high-rise living will be the future trend for mature townships in Johor Bahru as development land becomes scarcer in these areas. She also believed that local residents are also being influenced by Singapore’s high-rise living culture besides their emphasis on security needs.
8scape is about 15km away from the Johor Causeway which is linked to Woodlands, Singapore, and 25km away from the Second Link connecting Tuas, Singapore.
8scape is located within the vicinity of zone A in Iskandar Malaysia, which is also a part of Johor Bahru city centre.
The project boasts various facilities spread over five acres including three swimming pools, clubhouse with multipurpose hall, jogging path, a tennis court, five gardens, yoga zone and viewing deck.
KIP Group has established its brand name in Johor Bahru 15 years ago with KiP Marts in Tampoi, Kota Tinggi and Masai in Johor Bahru. The company’s other residential developments in Johor Bahru include KIPARK Apartment Suites, Sri Akasia Apartment, Sri Kenari Apartment and Sri Wangi Apartment in Taman Tampoi Indah.