Southern Marina Residences officially launched

PETALING JAYA: A total of 236 condominium units at the Southern Marina integrated development in Nusajaya, Johor will be released for sale this weekend. This follows encouraging sales from its earlier release of 220 units in the first quarter of this year despite the slowdown in the high-end, non-landed residential segment in Johor.

The Southern Marina integrated development comprises two condominium towers (Southern Marina Residences) in Phase 1; a 34-storey block of offices and suites (Phase 2); and a 38-storey block of seafront residences (Phase 3). It will also feature a waterfront retail component with a net lettable area of 200,000 sq ft. Details of all three phases are being finalised.

The entire project spans 5.058ha of freehold land in Lebuh Bahtera, Puteri Harbour and has a gross development value (GDV) of RM1.5 billion. It is scheduled for completion by 2019.

Southern Marina is located close to Puteri Harbour International Ferry Terminal and is a five-minute drive from Legoland, Mall of Medini and Gleneagles Medini Hospital.

“We believe that Puteri Harbour is the most strategic and sought-after location in Nusajaya today [and] that discerning investors will recognise this as an opportunity to pick up a unique offering at attractive prices,” PPB Group Bhd managing director Lim Soon Huat told The Edge Property in an email.

PPB Group holds a 28% indirect stake in project developer Southern Marina Development Sdn Bhd, which is a joint-venture company with Kuok Brothers Sdn Bhd (42%) and Khazanah Nasional Bhd (30%). Lim is also chairman of the JV company.

The Southern Marina Residences comprises 33 and 35-storey towers. Units come in layouts of 1+1 and 2+1 bedrooms, as well as 3+1 bedroom garden units with private terraces and penthouse layouts. The built-up area of the units range from 769 sq ft to 3,317 sq ft. Prices start at RM880 psf and maintenance fee is 50 sen psf, including sinking fund.

Amenities and features include a gym, 50m lap pool, function room by the swimming pool, garden terraces and sky gardens.
The first tower of 220 units is half-sold after private previews. Phase 1 has a GDV of RM550 million and is expected to be completed by end-2018.

Lim says the project had attracted Malaysians working in Singapore and buyers from Indonesia and Japan. “We have seen a growth in astute investors who realise that long-term property holdings help withstand the vagaries of a cyclical market. They are actively looking for high-value products. The buying sentiment is muted but it is there.

“The extensive network of highways in this country has opened up new areas for development – Nusajaya is a classic example
of this. So buyers are much more willing to venture further if the product is interesting,” said Lim.