Modern Age Development to unveil Phase 3 of Tiara Hills in 2Q2020

TheEdge Fri, Jan 24, 2020 04:00pm - 4 years View Original


Modern Age Development Sdn Bhd is set to launch Phase 3 of Tiara Hills in Taman Taynton View, Cheras, Kuala Lumpur, in the second quarter of this year.

“We aim to bring in the highest standards of houses to Cheras and are confident of the success of this project as we believe there is always market demand,” says group senior manager of sales and marketing Kathleen Lim. “The main strategies involve selecting sites located in prime locations and having effective planning, design, specifications and quality construction as well as good after-sales service.”

Lim says Tiara Hills has a gross development value (GDV) of RM300 million. The exclusive, low-density, gated and guarded development will be launched over four phases.

Phase 3 was soft-launched last June and has achieved a take-up rate of 40% so far. As for Phases 1 and 2, launched in 2016 and 2017, they are 100% and 85% sold respectively.

“Most of the buyers are Chinese from surrounding areas such as Taman Taynton View, Taman Pertama, Taman Muda and Taman Midah. The sales had slowly picked up in 2019 and we believe this year will be better,” she adds.

Tiara Hills is a 12-acre freehold tract on an elevated site next to SJK(C) Jalan Imbi in Taman Taynton View, Cheras — a mature neighbourhood. Phase 3 occupies a five-acre parcel.

Phase 3 will comprise 43 three-storey superlink houses with a GDV of RM90 million. Due for completion in May 2021, the 5 and 6-bedroom layouts will have built-ups of 3,956 and 4,352 sq ft respectively.

According to Lim, Tiara Hills is included in the Home Ownership Campaign (HOC) 2019 and, hence, buyers are entitled to benefits such as stamp duty exemptions on the sales and purchase and loan agreements. “After the 10% discount, these units cost RM2.1 million upwards or about RM500 psf. We have reserved about 30% of the units as bumi lots. Any unsold bumi lots will eventually be released for sale to non-bumis,” she says.

All units will come with spacious bedrooms, each with a bathroom. “We provide good-quality, high-quality specs and sufficient rooms for buyers. Each house will have space for four cars,” she adds.

Phase 1, which has a GDV of RM110 million, comprises 52 three-storey superlink houses. They come in two layouts — three floors up or two floors up with one floor down. The land area measures 1,950 sq ft, with built-ups of 3,253 to 3,725 sq ft. Phase 1 was handed over last May.

“After early-bird discounts, the selling price [of the units] starts at RM2.03 million or RM577 to RM625 psf,” she says.

Phase 2, meanwhile, has a GDV of RM56 million and features 16 three-storey semi-detached houses. Each unit is priced at RM3.5 million and has a land area of 4,000 sq ft with a built-up of 6,003 sq ft. Phase 2 was handed over in March 2018.

Lim says Tiara Hills is targeted at upgraders looking for better and larger accommodation, children of residents in the area buying a home to be near their parents, downsizers looking for smaller accommodation and buyers from the outlying suburbs wanting to be in bustling Cheras or closer to the Kuala Lumpur city centre.

There will also be a one-acre park in the neighbourhood, which will have a jogging track and a children’s playground. “We will not build facilities [in the park] because we want to minimise the maintenance charges for residents. Residents are only required to pay a security charge of RM150 per month,” she explains.

“Nowadays, there are various high-density, high-rise condominiums or serviced apartments in [Cheras]. Land is expensive because it is scarce, hence we believe this development is unique as it is one of the very few landed projects close to the city.” 

Lim believes that the prospects of the development are good as it is within 14km of Suria KLCC and close to amenities such as Cheras Leisure Mall, EkoCheras Mall, Pantai Cheras Medical Centre, SMK Cheras, Sekolah Menengah Sains Selangor, UCSI University as well as the Taman Mutiara mass rapid transit station. “The project is located in a mature and relatively affluent area where the cost of living is relatively cheaper than in the city centre,” she says.

In terms of connectivity, the development is easily accessible via the Middle Ring Road 2 (MRR2) and Jalan Cheras.

Modern Age Development is part of the Metropolis group of companies that has been involved in the property services and development business since the 1990s. It is a special purpose vehicle formed to undertake the Tiara Hills development, the land of which was acquired in 2013. Certain directors of Modern Age Development were previously involved in the development of Kiara View, on 36-acres of Malay reserve land in Sungai Penchala.

Lim says the RM500 million project was completed in 2014 and is now fully occupied. The 2 and 3-storey semi-detached houses with built-ups of 4,938 to 5,523 sq ft, launched in 2005 from RM1.4 million onwards, were selling for RM3.5 million each by the time the last phase was launched in 2012.

Future plans

Modern Age Development will be focusing on Phases 3 and 4 of Tiara Hills in the next two years. “The final phase (Phase 4) is currently at its planning stage and will feature 40 four-storey townhouses on a 1.5-acre parcel. It is expected to be completed in mid-2022 and we are looking to launch it in mid-2020,” says Lim. Other information is yet to be firmed up.

The group is looking to acquire more land, mainly in the Klang Valley. “We have secured a six-acre freehold land in Bukit Gasing (or Gasing Hills), [where we plan to build] luxurious bungalows catered for the high-end market with an estimated GDV of RM90 million. The project is still at its planning stage” Lim says.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

KLCC 7.460

Comments

Login to comment.