Property Malaysia

Over the last few months a lot of people have been asking about the situation with Jana Towers. What happened was that they launched it more than a year ago, to reasonable response. We actually went to the sales office and saw the show unit, they were touting two distinct features that were not commonly offered by any other condo - zero maintenance fees (management uses money from car park rental to maintain building) and unit-within-a-unit design, suited for renting out or making it into a study.

They even told us that they were opening up the second phase after CNY (which was in February 2006) due to the good sales.

But after that, nothing happened. Nil. Natta. Zilch. While their competitors in the same area like Tiaraville and Subang Residency are in full swing construction, Jana Towers (which is situated slightly away) is still like it was a year ago. Nobody could tell us what was going on, or at least officially.

Well, today there was an article in StarBiz (here) on the project. A JV company has taken over the project and is set to revive it. According to the report:

AmanahRaya Development Sdn Bhd and PJI Holdings Bhd have agreed to jointly develop and manage the 622-unit twin 17-storey tower project with a 4.2-acre “park on the deck” that was launched in 2005 but failed to take off.

Hopefully all this will change now that a reputable name like AmanahRaya has taken up a 70% majority stake while PJI Holdings, listed on the Main Board of Bursa Malaysia has a 30% stake in the new deal. The latter has an impressive track record being involved in construction, electrical and mechanical engineering services and others.

More than 100 people comprising mostly purchasers were invited to witness a signing ceremony between the two companies at the site sales office on Jan 27. Under the agreement PJ Indah Sdn Bhd (a wholly owned subsidiary of PJI Holdings) will remain as the main contractor for the project with a gross development value of RM313 mil.

The presence of Antah Holdings Bhd executive chairman Tunku Naquiyuddin Ibni Tuanku Ja’far who witnessed the signing ceremony was also appropriate as the 6.9-acre freehold land was acquired from Antah Holdings for RM38 mil. PJI Holdings has acquired Everest Point Sdn Bhd, the former developer.

The article asks the million dollar questions on everyone’s mind:

What stalled the project? Was it because the sales were slow or the pricing too high as rumoured?

Unfortunately, they didn’t provide the answers either. Perhaps those who were present at the ceremony could shed some light on the matter.

Anyway, for the rest of us, it kinda makes us wary the next time we see another first time developer promising big things in an ambitious project.

Currently, there are two new launches in Pinggiran USJ, one being Sapphire and the other is Iris. We had recently reviewed Sapphire here, you can read our views on the location, accessibility, surrounding and connectivity of the area in that review.

In a nutshell, Pinggiran USJ is a smaller development among Sime Darby’s many bigger ones like USJ, Ara Damansara and Putra Heights. While the location is not exactly as great as those big three, it is actually straddling USJ and Shah Alam. It s actually situated next to two highways, the KESAS and the North-South Expressway Central Link (ELITE).

Some people may think the proximity to the highways means good location, especially if you rely on the highways a lot to get around, and don’t mind paying through your nose a lot for the toll. Alternatively, if you work around the area light in the large industrial area in Shah Alam and Subang, this makes a reasonable commute, although the traffic here via the non-tolled roads can be horrendous at peak hours.

Just like most of the other unit types here, there are many variants of the basic layout, a feature common to most of Sime Darby’s projects all around the Klang Valley. The unit is a 20’ x 60’ linkhome at 1,290sq.ft. The end units and corner units offer larger space, with build-ups of 1430, 1470, 1560, 1790 and 1820, with correspondingly increasing prices of course.

We have to say something about the pricing here, though. In line with the other phases here at Pinggiran USJ, the pricing is decidedly steep, for a small build up home on a small plot. Actually, you can say that (the pricing) for a lot of their properties, but at least in other areas the location can be called prime.

The unit comes with 4 bedrooms in all, and 3 baths. Bedrooms 2 and 3 share an attached bath, something we don’t see so often these days but was popular some years back. In fact the façade retains a retro late 90’s look and feel, although we’re not too sure if it was intentional.

Happy Thaipusam everyone! And a good City Day for city folks!

hmmm… i wonder if any of the property launch show houses are opened today…?