Afiniti condo in Iskandar sold out in under six hours

PHOTO: Afiniti condo in Iskandar sold out in under six hours

Afiniti Residences, a condominium project in Iskandar Malaysia, was sold out within 51/2 hours last Saturday, with Singaporeans making up a quarter of the successful buyers.

Over a thousand people turned up that day at a balloting exercise for the project in Iskandar's Medini area, vying for just 88 units. By 4.30pm, all available units had been sold.

The project, developed by Pulau Indah Ventures (PIV), a 50-50 joint venture between Temasek Holdings and Khazanah Nasional, will have 147 units.

However, 59 of these units had been set aside for stakeholders, including the developer and its partners.

Malaysians made up 72 per cent of the buyers, with those from Johor taking up 37 per cent of the units.

Singaporeans formed the next largest group of buyers, taking up 25 per cent of the homes on sale.

The remaining units were sold to Indonesian, Indian and Chinese nationals.

The homes ranged in size from 484 sq ft to 1,064 sq ft. Prices started from less than RM500,000 (S$202,000) for a studio apartment to less than RM1 million for a two-bedroom unit with a study.

This translates to RM850 to RM1,000 per sq ft, with units facing the Legoland theme park commanding higher prices.

"PIV is also in conversations with a few international property management companies to provide property management and external leasing services to buyers," the developer said in a statement on Sunday.

The developer added that it is also seeing interest from corporate tenants who are keen to lease the commercial spaces in the development.

"We will be selective in the choice of tenants and stay true to our vision of establishing Afiniti Medini as an iconic wellness hub in the region for families, tourists and professionals to enrich, recharge and rejuvenate themselves," said PIV general manager Roslina Arbak.

Afiniti Residences is part of Afiniti Medini, a 2ha integrated development which will also include a wellness centre, wellness-themed shops, a corporate training centre and serviced apartments.

The entire development, which is located next to Legoland, will be completed by end-2015, with construction having begun earlier this year.

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