Benéton Properties to launch final block of Irama Wangsa next week

Benéton Properties Sdn Bhd will be opening the final block of its Irama Wangsa resort-concept condominium in Kuala Lumpur on June 15, 2016.

Benéton Properties chief executive officer Chan Kin Meng told TheEdgeProperty.com that the 25-storey final block (Block C) comprises 200 units in three layouts with a choice of 3 and 4-bedroom units.

The built-up sizes range between 1,206 sq ft and 1,637 sq ft with prices from RM750,000 or an average of RM600 psf.

“The units are bigger than those in the previous two blocks which were launched in 2014 to cater to buyers who are in their mid-thirties looking at upgrading to a bigger unit,” said Chan.

According to him, the final block was opened for private previews in May and received good response, with 30% of the 200 units booked.

Irama Wangsa is located in Section 10, Wangsa Maju, about 12km from Kuala Lumpur City Centre. According to Chan, this is the only freehold residential plot in the area. The developer has owned the nine-acre plot of land since the early 70s.

The low density development has a gross development value (GDV) of RM480 million and comprises three residential blocks housing 655 units in total. It was first launched back in 2014 and is slated to be completed by mid-2018.

“The overall development is centred on the concept of ‘embracing nature’. To align with this concept, the company has set aside four acres as a hillpark. This is a private facility exclusive for the residents of Irama Wangsa,” Chan said.

He added that a 500m jogging path will be built along the hillpark and will connect to the podium as well as the 10,000 sq ft clubhouse with various facilities, including an Olympic-size swimming pool, gymnasium and multipurpose hall.

The first phase (Block B) consists of 232 units with built-up sizes ranging from 991 sq ft to 1,378 sq ft and was launched in 2014. The second block (Block A), which comprises 223 units with built-ups ranging from 1,152 sq ft to 1,378 sq ft, was launched six months later.

“It was a challenging time [in 2014]. The whole market was feeling the pinch of loan contractions when Bank Negara tightened the lending guidelines. It affected us but we were still able to meet our sales target as this is a quality development in a good location and a good concept,” Chan recalled.

Block B has seen a take-up rate of over 90% and Block A 75%.

On the current market demand, Chan said demand remains strong for homes in the old but established neighbourhood of Wangsa Maju as it is located close to the city centre.

“Wangsa Maju is just like a hidden gem in Kuala Lumpur. It is a mature and self-contained neighbourhood that has great growth potential, especially after the opening of the Duta–Ulu Klang Expressway (DUKE). The improved accessibility has uplifted its investment value,” he added.

In terms of capital appreciation, he said the Block A and B units were sold at RM535,000 or an average of RM550 psf back in 2014 while units in the final block are now going at a minimum selling price of RM750,000 or an average of RM600 psf.

“The improved accessibility and growing population will support the demand growth. There will be more room for capital appreciation in the future due to land scarcity and limited new supply in this area,” he added. - The Edge Property