The family theme park located at Jalan Desa in Taman Danau Desa, near Jalan Klang Lama in Kuala Lumpur, will close its doors after 16 years of entertaining more than four million visitors from all over the country.

The family-favourite Thunderbolt, one of Asia’s longest uphill water coaster, will come to a permanent halt after today.

The wave pool – a children’s delight – and the surf shack, a tropical-themed structure featuring multi-level platforms integrated with pipes, vales, pulleys, buckets and waterslides – will fall silent.

Land sold to highest bidder

Now the question is what will it be replaced with?

According to Kuala Lumpur City Hall (DBKL), who had owned the 16.99ha land (total: 42 acres including surrounding areas, the theme park itself is built on 12.6 acres) that hosted the theme park and a restaurant, a mixed development consisting of high-end bungalows, multi-storey towers and condominiums as well Federal Territories Affordable Housing (RUMAWIP) scheme will be built on the land.

The site is next to the 50-acre Desa Lake.

“DBKL has sold it (the land) to the highest bidder,” said Kuala Lumpur mayor Datuk Seri Mohd Amin Nordin Abd Aziz.

While the mayor did not share any other details pertaining to the project, StarMetro learnt that it was an outright sale and DBKL would not have any further ties to the land.

“It was sold on condition that the developer agreed to build affordable homes at the site,” said a DBKL source.

It is also learnt that Berjaya Corp, which operated the Desa Water Park and rented out one of the buildings to the management of the Dragon Hut Restaurant, were given notice to vacate the premises by 30 September by DBKL.

DBKL had leased the land to Berjaya Corp. When contacted, a staff from the Berjaya Corp corporate communication department said they were no longer associated with Desa Water Park and hence did not want to comment further.

London’s River Thames cruise?

StarMetro managed to contact the new owners of the land, Aset Kayamas Sdn Bhd, who confirmed that they had recently acquired the land from DBKL.

“Yes, we acquired the land about two months ago. Our plans for the area is still at the design and planning stage,” said executive director Michael Chai.

“It is going to be a mixed development with a gross development value of RM6 billion to RM7 billion.

“We are certainly taking into account the need for affordable homes, as well as leveraging on the lake area,” he said.

“We appreciate the fact that Desa Water Park has been an iconic establishment in this area for many years.

“Which is why we are planning something to give back to the community,” he added.

When asked to elaborate on the plans, Chai said: “Well, we have been visiting London’s River Thames and we have something in mind along those lines.

“All I can say for now is that it is going to be special for the community as a whole.”

Privatisation of lands

Of late, DBKL has been selling off its prime land in the city.

Two years ago, DBKL sold a huge chunk of its land in Jalan Air Jerneh in Setapak, for a mixed development project.

In 2014, Cheras MP Tan Kok Wai highlighted that DBKL had been disposing prime plots through joint venture deals that were not benefitting city folk. He said the deals were not made through open tender and there were existing facilities on the land.

Tan cited the velodrome in Cheras, DBKL’s Health, Engineering and Mechanical departments in Jalan Cheras and another plot in Jalan Pinang as examples.

He said other plots of land had been sold recently in similar fashion.

Aset Kayamas’ growing portfolio

The proposed Desa Water Park project will mark Aset Kayamas’ entry into multi-billion integrated mixed development, comprising both residential and commercial elements.

Aset Kayamas’ first project in Bukit Jalil is Parkhill Residence, launched in 2014 and scheduled for completion by October 2018.

The project on 5.65 acres offers 1,062 units in two 45-storey towers, with facilities that include an infinity pool, a lazy pool, a floating gym, badminton court, sauna, putting green, multipurpose hall and playground. The take-up rate is more than 98%.

The developer is also building the first Rumah Mampu Milik Wilayah Persekutuan (RUMAWIP) in Kuala Lumpur called Residensi Pandanmas in Kampung Pandan, which is slated for handover in April next year.

Since 2014, Aset Kayamas has launched more than 10 projects with majority of them sold out within a short period of time. The developer moved to a new corporate headquarters in Old Klang Road in June this year.

The developer is currently planning more than 5 new projects. All of its past and current projects are built within the jurisdiction of Federal Territory of Kuala Lumpur, such as the following:

Unrestricted Homes
————————

Parkhill Residence @ Bukit Jalil (Jan 2015) – 1,052 units

The Holmes @ Bandar Tun Razak (May 2015) – 604 units

The Henge @ Kepong Metropolitan Park – Crest & Dawn (Aug 2015) – 736 units

The Henge @ Kepong Metropolitan Park – Eden & Folio (Apr 2016) – 736 units

The Haute @ Gurney KL (Jun 2016) – 274 units

[COMING SOON] —- The Hamilton @ Wangsa Maju – 435 units

[COMING SOON] —- Bandar Tun Razak, Cheras – 1,015 units

[COMING SOON] —- Penchala, off Jalan Damansara – 435 units

RUMAWIP Affordable Homes Scheme
————————

Residensi Pandanmas (Aug 2014) – 700 units

Residensi Pandanmas 2 (Oct 2014) – 2,220 units

PPA1M Bukit Jalil (Apr 2015) – 1,050 units

Residensi Sentulmas (Jul 2015) – 351 units

Residensi Razakmas (Sep 2015) – 604 units

Residensi Puchongmas (Oct 2015) – 524 units

Residensi Kepongmas (Oct 2015) – 1,514 units

Residensi Gurneymas (Feb 2016) – 274 units

This article has been adapted with additional information. The original article was first published in today’s The StarMetro with article title “The end of Desa Water Park” written by Bavani M.

Scheduled for completion before 2020, Bukit Jalil City will feature a 2.1 million sq ft regional shopping mall that has been named as Pavilion Bukit Jalil, a name that has been frequently referred to as Pavilion 2.

PTLM recently reported that SkyWorld Development Sdn Bhd’s SkyLuxe On The Park project in Bukit Jalil has achieved more than 78 percent sales before its official launch. Within just three months, the developer had received more than 5,000 registrations.

Believing in Bukit Jalil’s potential, Aset Kayamas is looking to launch its second project there called The Havre. The leasehold condominium development is located in Bukit Seri Jali, about 300 metres from Bukit Jalil City.

Spanning 3.58 acres, it will offer 1,052 residential-titled condominium units in two sizes, which are 1,023 sq ft and 1,239 sq ft, housed in two 40-storey towers, with selling prices starting at RM580,000 or RM550 psf, before attractive sales rebates.

To be undertaken by Sinerjuta Sdn Bhd, a member company of the Aset Kayamas Group, the development’s Tower A has 509 units while Tower B has 543 units. Served by a total of five passenger lifts and one service lift, there are 15 and 16 units per floor for Tower A and B respectively.  

The project which has a total gross development value (GDV) of RM630 million, will be officially launched on 8 October.

Every unit will come with three bedrooms, two and a half to three bathrooms, and two carpark bays.

Managing director Tan Sri Chai Kin Kong tells this weekend’s The Edge’s City & Country that The Havre and Bukit Jalil City will be linked by an ID-inspired covered pedestrian bridge, to be built by Aset Kayamas at a cost of RM3 million.

“The design is still in the preliminary stage but Bukit Jalil City has already approved it,” he says. “We expect all the units to be sold out on the launch day itself because of the affordable pricing. It is part of the deal with Kuala Lumpur City Hall (DBKL) so that more people can afford to own a house.

“At the same time, we make sure that our quality is on a par (with others), so it is a volume game for us. Our philosophy is to set a lower selling price and gain the margin through volume. This method has proved effective for us.”

He cites the company’s project in Kepong, The Henge. With selling prices starting at RM404 psf or RM445,000 (in Phase 1), the leasehold development, which will have 1,472 units in four 45-storey blocks, was majority taken up within just two days (in each of two phases launch).

Back in April 2016, PTLM had reported that the launch of the second phase of The Henge was sold to an overwhelming response with almost 4,000 people turnout over the weekend.

Located on a 6-acre tract next to Taman Metropolitan Lake Kepong, The Henge offers 48 lifestyle facilities, which include a wading pool, lap pool, jacuzzi, floating sundeck, aquatic pond with steam room, wellness deck and lakeview deck, where residents can look out over the lake.

The Havre

Kin Kong cites Bukit Jalil’s proximity to the Kuala Lumpur city centre and the growing population as factors that will help sell The Havre. Bukit Jalil is accessible via the Shah Alam Expressway, Bukit Jalil Expressway, Maju Expressway and the KL-Seremban Highway.

The Havre has received more than 650 registrations in less than a month. (It is now believed that more than 1,800 registrations were collected at the point of writing.)

Executive director Michael Chai, who is Kin Kong’s son, says the design focuses on enhancing the living, dining and master bedroom areas.

“The living, dining and master bedroom areas are our main focus. For example, we will allocate a (spacious) space for a walk-in wardrobe in the master bedroom. Some designs (the largest type) are like the layouts of landed homes, where we put all the bedrooms at the back and there are no shear walls between the living, dining and kitchen areas.

“The space is opened up and it looks bigger. It’s not often you can get a layout like this, and at this pricing.”

The Havre is 600 metres from the Muhibbah LRT station and Kin Kong says there will be a covered walkway to the station, which will cost the developer RM1.5 million.

Piling works will begin next month, and completion will be 42 months from the signing of the sale and purchase agreement (SPA).

The development will feature a 4-tier security system: card access and boom gate at the guardhouse, as well as card access at the carpark podium, lift lobby and to your unit floor inside the lift car.

There will be two facility floors, at Level 7 and the building rooftop at Level 41, offering a total of 36 facilities.

On Level 7, there will be a swimming pool, wading pool, jogging track, sunken lounge and BBQ pit, and on the rooftop, a multi-purpose hall, mini futsal court, half basketball court, table tennis, badminton court, children’s playground, yoga deck, sand pit and sky bridge gym.

The full-glass sky bridge gym will connect the two towers at Level 41, and will be the highest such facility in the country, Michael says. The Level 7 facilities are mainly for water activities and green landscape features, while “dry” activities will be on the rooftop.

“The concept of The Havre is Babylon, with greenery everywhere. The façade of the carpark podium will also be covered by green plants,” he says.

Aset Kayamas’ first project in Bukit Jalil is Parkhill Residence, launched in 2014 and scheduled for completion by October 2018.

The project on 5.65 acres offers 1,062 units in two 45-storey towers, with facilities that include an infinity pool, a lazy pool, a floating gym, badminton court, sauna, putting green, multipurpose hall and playground. The take-up rate is more than 98%.

The developer is also building the first Rumah Mampu Milik Wilayah Persekutuan (RUMAWIP) in Kuala Lumpur called Residensi Pandanmas in Kampung Pandan, which is slated for handover in April next year.

Since 2014, Aset Kayamas has launched more than 10 projects with majority of them sold out within a short period of time. The developer moved to a new corporate headquarters in Old Klang Road in June this year.

The developer is currently planning more than 5 new projects. All of its past and current projects are built within the jurisdiction of Federal Territory of Kuala Lumpur, such as the following:

Unrestricted Homes
————————

Parkhill Residence @ Bukit Jalil (Jan 2015) – 1,052 units

The Holmes @ Bandar Tun Razak (May 2015) – 604 units

The Henge @ Kepong Metropolitan Park – Crest & Dawn (Aug 2015) – 736 units

The Henge @ Kepong Metropolitan Park – Eden & Folio (Apr 2016) – 736 units

The Haute @ Gurney KL (Jun 2016) – 274 units

[COMING SOON] —- The Hamilton @ Wangsa Maju – 435 units

[COMING SOON] —- Bandar Tun Razak, Cheras – 1,015 units

[COMING SOON] —- Penchala, off Jalan Damansara – 435 units

RUMAWIP Affordable Homes Scheme
————————

Residensi Pandanmas (Aug 2014) – 700 units

Residensi Pandanmas 2 (Oct 2014) – 2,220 units

PPA1M Bukit Jalil (Apr 2015) – 1,050 units

Residensi Sentulmas (Jul 2015) – 351 units

Residensi Razakmas (Sep 2015) – 604 units

Residensi Puchongmas (Oct 2015) – 524 units

Residensi Kepongmas (Oct 2015) – 1,514 units

Residensi Gurneymas (Feb 2016) – 274 units

This article has been adapted with additional information. The original article was first published in this week’s The Edge’s City & Country with article title “Aset Kayamas to unveil The Havre in Bukit Jalil” written by Racheal Lee.

The survey — held from January to June this year — was carried out by REHDA to assess the property market performance for 1H2016, the property market outlook for 2H2016 and the sentiment of developers about 2H2016. A total 157 members from REHDA across Malaysia participated in the survey.

Fateh noted that developers are adapting to the current market demand by homebuyers and have launched properties which are more sought after in this challenging market.

“Properties priced below RM200,000 have increased nearly two and a half times, taking up a market share of 14% in 1H2016 as compared to 6% in 2H2015. Developers have also scaled down the launches of properties priced above RM1 million. In 1H2016, only 7% of properties in the market were priced above RM1 million while in 2H2015, that figure was 17%,” said Fateh.

He also remarked that there has been a shift of product type in the market in 1H2016.

“2-3 storey terraced houses dominated the demand from homebuyers in 1H2016 as compared to 2H2015 where apartments and condominiums took the lead. Sixty five per cent of the residential units launched in 1H2016 were landed homes as compared to 49% in 2H2015,” Fateh added.

Out of the 6,939 units of residential homes launched in 1H2016, the bulk of the launch were 2-3 storey terraced homes with 2,345 units launched followed by 1,550 units of apartments and condos and 1,022 units of low cost house and flats.

Two thousand, seven hundred and thirteen units of residential homes were sold with the 2-3 storey terraced houses placing first at 1,473 units followed by 548 and 267 units of apartments/condos and serviced apartments sold respectively.

Fateh noted that developers with terraced-home projects priced below RM500,000 are optimistic about the market in 2H2016.

“They [the developers] know that these are the house that the market is looking for and they know that there will be demand for the project after it has been launched,” said Fateh.

Meanwhile, in a different market segment, despite some 1,022 units of low-cost house and flats launched in Ulu Tiram and Tebrau, Johor in 1H2016, none were sold since the commencement of sales in Aug 16, Fateh added.

“Nowadays, homebuyers do not like to be associated with the description “low-cost housing”. It is not that the developers are not launching low-cost houses and flats. There was even an increase from the 914 units launched in 2H2015 and 650 units launched in 1H2015, yet there was zero sales [in Ulu Tiram and Tebrau],” said Fateh.

As for the commercial sector, there was a 30% decrease in the launches of commercial units in 1H2016 (233 units) compared with 2H2015 (331 units).

“However, about 32% of commercial properties priced above RM1.5 million came into the market in 1H2016 as compared to 0% in 2H2015. I do not think that people do not have money to buy properties. Instead, this is a sign that the level of confidence of buyers has dropped. We see that our gross domestic product growth was about 4% in the 1H2016. The numbers do not show that the economy has slowed down. Property is a big ticket item and buyers are just more cautious now,” Fateh added.

According to REHDA, properties priced from RM500,001 to RM700,000 faced the highest loan rejection rates.

About 24% of respondents agreed that properties in the price range of RM500,001 to RM700,000 faced the highest rejection rates, followed by 23% of respondents for properties in the price range of RM1 million to RM2.5 million, 21% of respondents in the price range of RM250,001 to RM500,000, 19% of respondents for properties in the price range of RM700,000 to RM1 million, 7% of respondents for properties in the price range of above RM2.5 million and 6% of respondents for properties in the price range of RM100,001 to RM250,000.

“Again and again, end financing is the issue for homebuyers today. As you can see from the figures, the bulk of properties which faced rejection rates are the properties in the RM500,001 to RM700,000 price range which are mostly the homes that first time homebuyers and first time upgraders are buying. Those who are buying the RM2.5 million and above properties are not those who need financing because they can afford it,” said Fateh.

Fateh noted that the buyers’ profile showed that the bulk of them in 1H2016 were home upgraders and first time homebuyers contributing to 45% and 34% respectively, followed by investors and companies.

“More than half (53%) of these buyers are buying for their own stay, followed by 21% of them buying to upgrade their homes and 16% of them are buying for family members. Only a fraction or 10% of the purpose of purchase is for rental yields,” said Fateh.

“Almost 90% of them are end-users. They are not buying to speculate and only a small number of investors are buying to rent. Maybe in 2010, you can get a rental yield of 6% to 6.5% in hot areas like KLCC. Today, rental yields may be below 5% in these challenging times,” Fateh added.

Some of the financing issues include the credit history of homebuyers, ineligibility of the buyers’ income, lower margin of financing, bank requesting more documents and limited quota for low-cost and affordable housing.

Commenting on the high household debt of Malaysians which has risen from 86.7% last year to 89.1%, Fateh noted that is vital to differentiate good and bad debt.

“About 40% of the debt [of Malaysians] comprises mortgages, while others are automobile loans, credit cards and personal loans. Unlike in a country like Australia, mortgage makes up almost 75% of their household debt. Household debt, today, will create value in the future as property prices will increase,” said Fateh.

Out of the 157 survey respondents, 108 noted that they faced end-financing problems while the remaining 49 did not.

Fateh said the recent proposed end-financing scheme by property developers should only be given to first-time home-buyers and only for affordable houses priced at RM500,000 and below.

He said the end-financing by home-builders is ultimately to help first-time buyers bridge the gap in the funds needed for the initial payment.

However, only developers with strong balance sheets could give the facility to home-buyers and they were not many of them, he said.

News Source: The Edge Property, 14 September 2016

In a statement to the Malay Mail Online late last night, the HBA urged the government to reconsider the scheme, saying the country’s economy could suffer should a property bubble occur as a result of the “ridiculous” initiative announced yesterday.

“Being a licensed moneylender also known as a licensed ‘Ah Long’ is capital intensive and housing developers, to sustain their business, would continue to price their products at ridiculous and unsustainable prices, this can accelerate a housing bubble like what happened to the US during the ‘Sub-Prime Crisis’.

“HBA humbly appeals to our prime minister who is also the minister of finance to intervene in this ridiculous proposal (bad idea) as it not only does not address the root cause of high property prices, which is due to excessive speculation, but encourages the developer to even price their properties higher and give loans to undeserving borrowers,” it said.

Economist Dr Yeah Kim Leng said the scheme had the makings of a property and financial crisis as developers would have to venture into unfamiliar territory as they deal with buyers who may default on their loans.

“The key is the developers: Whether they can finance the new market segment; that kind of financial risk so it is very, very niche and of course it will boost the property market in terms of increasing demand, but there is also the risk of delinquencies.

“It will seed the next crisis if we do not proceed cautiously, especially to ensure we are not creating another unregulated shadow banking system,” the Sunway University Business School professor of economics said.

Axis REIT Managers Bhd head of investments Siva Shanker also predicted dire consequences for the economy if the government goes ahead with the scheme.

“I think this will spiral and the debt ratio will become higher. The lower and middle classes who need real help are being penalised. The rich who can get bank loans will be borrowing at 4 per cent and the poor who may not get bank loans will have to pay 18 per cent,” he told Malay Mail Online in a phone interview.

Regardless of the type of property or the location, no property purchase would appreciate in value enough to be able to exceed the value of the 18 per cent loan, he stressed.

Bailout?

Given the high interest rates of between 12 and 18 per cent that the developers would be allowed to charge, the HBA feared the government might have to one day rescue developers when buyers default on their loans.

The association pointed out that Malaysians are already struggling to pay their mortgages.

“Property developers will be driven by greed to approve loans to borrowers who do not meet their minimum lending criteria just to close the sale and there will be a very high chance that these borrowers will default on their loan, especially given the high fixed interest rates of 12 per cent to 18 per cent.

“There may be a possibility that eventually housing developers may approach the government for bailout money, claiming that this loan scheme was a form of ‘National Service’,” it said.

Alternatives

Unlike the HBA, Siva did not think Malaysia would experience a subprime crisis at the levels faced by the US in the mid-2000s, expressing confidence that the government would have learnt from the superpower’s mistakes.

However, he felt the government would do better to brainstorm for other ideas with stakeholders to help Malaysians afford their own homes than proceed with this latest plan.

He suggested the government implement other forms of financial assistance to complement the current system rather than allow developers to provide loans to buyers.

“Rather we should relax our lending laws a bit. Banks may consider ways to become less stringent.

“We need to help first-time buyers, young couples and the lower, middle class maybe by offering high 100 per cent loans instead of 80 per cent or maybe have longer repayments,” he said.

Another consideration was for the government to revive the Developer Interest Bearing Scheme (DIBS) abolished in 2014 due to excessive property speculation and enforce stringent regulation this time around.

“It didn’t work last time because it wasn’t properly regulated. If they regulate it this time, it will really help first-time buyers,” Siva said.

Yesterday, the Urban Wellbeing, Housing and Local Government Ministry announced the introduction of an initiative that enables property developers to give out loans to buyers at an interest rate of between 12 and 18 per cent.

Eligible developers can now apply for moneylenders licences to provide home financing to property buyers. The licence would be issued by the Ministry under the Moneylenders Act 1951 (Amendment) 2011.

Its minister Tan Sri Noh Omar added that the interest is capped at 12% a year for borrowers with collaterals, and 18% for those without.

According to him, the scheme is open to others besides first-time homebuyers. He said the scheme could offer up to 100% home financing for between 10 and 20 years.

“Buyers who wish to finance the remaining portion of a house not provided by the bank, can also seek financing from this scheme,” Noh said.

This is a win-win situation, he said. While people can buy homes, developers will also find a new and recurring income stream.

Ultimately, the move is intended to assist Malaysians who are unable to get a full housing loan from banks or those who may only be given a partial housing loan.

The number of unsold units in both residential and commercial properties also rose by 16 per cent in the first quarter of this year, according to the National Property Information Centre (NAPIC).

The Real Estate and Housing Developers Association (REHDA) Institute chairman Datuk Jeffrey Ng attributed the increase of unsold homes to Bank Negara Malaysia’s strict policies on banks to rein in growing household debt.

The central bank’s annual report for 2013 — the most recent figures available — showed household debt levels overall have increased to 87 per cent, a steady climb from 60 per cent in 2008. Of that figure though, more than 40 per cent of household debt went into loans for property purchases.

News Source: The Malay Mail Online, 9 September 2016

To date, some 78% of the project have been sold.

“We are aiming confidently to fully sell this project before end of this year,” said Lee.

SkyLuxe has a gross development value of RM411.6 million. It is the fourth high-rise residential project by SkyWorld.

Its previous projects were Ascenda Residence @ SkyArena in Setapak, Bennington Residences @ SkyArena also in Setapak and SkyAwani Residence and Commercial at Jalan Sentul Pasar.

“SkyLuxe comprises two towers of 43 and 44 storeys sitting on a 1.85-acre freehold site next to the 80-acre Bukit Jalil Recreational Park and opposite the 165-acre Bukit Jalil Golf and Country Resort.

“You can literary have the park’s jogging track at your door step,” Lee told reporters at an interview today.

SkyLuxe offers 477 units with built-up sizes ranging from 661 sq ft to 1,224 sq ft. It is priced from RM589,000 to RM1 million, before attractive sales package.

“With the pricing at an average of RM760 psf, many potential buyers have showed their interest way before we opened for registration at the end of May this year. We received more than 5,000 registrations within three months,” Lee noted.

Interestingly, the 1,000 sq ft and above units were more popular than the smaller units.

“Most are owner-occupiers. They are mostly locals and those from neighbouring towns. Hence the 3-bedroom units are the most popular ones,” Lee said, adding that the smallest layout — the 661 sq ft unit, is not a SoHo or studio, but a proper 1+1 bedroom unit.

Lee attributed the good response to SkyLuxe to the project’s location, as well as its quality.

“SkyLuxe will be Green Building Index (GBI) and The Construction Quality Assessment System (CONQUAS) compliant. We know that no matter how the market is, people always go back to the basics, which is the quality because buying a home is a big thing in life and no one wants to risk it,” Lee said.

Besides quality, he said it is very important to provide a modern design amidst a lush and green environment.

“Inspired by trees, you can see the façade resembles tree trunks while plants are placed at the carpark and facilities floors,” he said.

Facilities include an infinity pool with floating cocoon, pavilion garden, herb and BBQ deck, gym, sky lounge and sky roof terrace on each tower.

The project will be officially launched by end-September, with piling works to start before the launch.

“We should finished piling works in October, and it will take 42 months to complete the whole project. We are targeting to hand over in early 2020,” he said.

Bukit Jalil is well connected via the LDP and MEX highways. The development itself is just a 5-minute walk to the future Pavilion Bukit Jalil Regional Shopping Mall via a pedestrian link bridge at the park and 1.2km from the Awan Besar LRT station.

If you wish to view SkyLuxe’s sales gallery and showunit, contact SkyWorld at +603-40312999.

MORE INFO COMING SOON

The two new launches, Opacus and Albida, offer a total of 235 units.

The houses are located at the northern section of Setia Alam. Opacus has built-ups from 1,708 sq ft while Albida’s built-ups are from 1,956 sq ft.

Prices start from RM578,000 for Opacus and RM638,000 for Albida.

“We are confident that the remaining units will sell out very soon as Setia Alam has matured over the past 10 years with careful planning, continuous landscaping, proper maintenance and a growing community with about 15,000 properties completed and handed over to date,” said Bandar Setia Alam general manager Tan Siow Chung in a statement on 29 August.

He said prospective buyers were seen lining up outside Setia Alam Welcome Centre since last Wednesday onwards to be the first in line to own a unit of these freehold homes.

Construction for both Opacus and Albida will commence in September 2016 with targeted delivery by September 2018.

“Despite the recent market slowdown, we believe that we have the breadth of quality products coupled with the established Setia brand name as a trusted and reputable developer. We are confident that our launches will continue to deliver such great performance,” Tan added.

Earlier this year, S P Setia launched Retusa 3-storey linked semi-detached homes, which are fully sold, as well as Edulis, 3-storey terraced homes, which are already 96% sold.

Both Retusa and Edulis are also located in the northern sanctuary of Setia Alam in Precinct 11.

Setia Alam is a multiple award-winning township spanning 2,525 acres in Shah Alam.

Construction for both Opacus and Albida will commence in September 2016 with targeted delivery by September 2018.

News Source: The Edge Property, 30 August 2016