IJM launches second phase of Pantai Sentral Park

Despite a lacklustre property market, IJM Land Bhd has announced the average selling price of the second phase of its Pantai Sentral Park project at RM780 per sq ft, which is RM100 higher than the first phase of the 58-acre integrated development.

Managing director Edward Chong Sin Kiat told StarBiz: “The overall market is facing headwinds but there is still demand. Customers are more selective now when it comes to the pricing, location and unique selling point of the houses.”

He said the rise in selling price was inevitable because of rising construction cost although it had tried to offer a price that was appealing enough to buyers.

IJM Land launched the first parcel, Inwood Residences, last September at an average selling price of RM680 per sq ft.

All the non-bumiputra units launched for the first phase were sold off.

Recently, the developer launched the second phase, known as Secoya Residences, with a gross development value of RM290mil.

While there is no direct comparison for the selling price of the project due to the location, the pricing is lower than SP Setia Bhd’s KL Eco City, which averages at RM1,200 per sq ft. Some of the new condos in Bangsar South are selling at about RM1,000 per sq ft.

With that, its central region senior general manager Hoo Kim See said: “We target to sell all the non-bumiputra Secoya units in one year.”

Secoya sits on a 3.47-acre leasehold parcel compared with 3.02 acre for Inwood. It will offer 243 units with sizes ranging from 1,050 sq ft to 1,670 sq ft.

In terms of design and elements, both phases are almost the same.

“There are many launches in the market but location still matters. You probably can’t find other sizeable project at such a prime and strategic location that’s right next to a 200-acre forest,” Hoo added. - By The Star