SRI Seltra Sdn Bhd launched its mixed-development project, Hon Residensi, in Taman Nirwana, Ampang, Selangor, last week and is bullish on the take-up rate, says director Terence Chia.
Targeted at “second-generation” buyers (from the company’s previous projects), he said the development was considered the cheapest in the area with an average price tag of RM500 per square foot.
“Other condominiums nearby or at least about 3km away are selling at about RM1,000 to RM1,500 psf. So, we are quite bullish on this project’s prospects.”
Hon Residensi, featuring two blocks, has a gross development value (GDV) of RM102 million.
It comprises 172 leasehold serviced apartments priced from RM480,000 each.
The built-up ranges from 700 to 1,400 sq ft.
According to Chia, the company has achieved more than 50 per cent sales from its soft launch last month.
“Despite the challenges in the property market, the take-up rate shows that the right product and pricing will always appeal to customers,” he said after the official launch of Hon Residensi last week.
Sri Seltra, which is a member of the City Motors Group established in 1965, is targeting 80 per cent sales by year-end.
Located within the City Garden Commercial Centre, Hon Residensi is expected to be completed by the end of next year.
Early birds who signed up for the units were entitled to a 10 per cent rebate.
