SINGAPORE - Singapore-based Pacific Star is the latest developer to gear up for the investment hot spot Iskandar. The firm said it will be launching the first phase of its luxury condominium project there in the next two months.
Known as Puteri Cove Residences, it is in Puteri Harbour, the area's answer to Singapore's Keppel Bay - and is midway between the Causeway and the Second Link at Tuas.
The project, which Pacific Star is co-developing with another Singapore-based real estate firm DB2 Group, is five minutes from the newly opened Puteri Harbour Customs, Immigration and Quarantine (CIQ) Centre. Ferry services between Iskandar and Indonesia have begun.
At the launch of the first phase, Pacific Star and DB2 will be releasing 330 units from Tower One of the project. These will include apartments ranging from 680 to 1,750 sq ft, with one, two and three bedrooms. The average launch price will be about RM1,360 (S$534) per sq ft.
Pacific Star chief operating offier Glen Chan said: "We have received extremely strong interest from Singapore-based buyers, and also buyers from Malaysia, Indonesia, China and Japan." Singaporeans make up more than 70 per cent of the inquiries, close to three times more than the number of Malaysians.
Most of the interested buyers have cited a budget as high as RM2 million, and the majority of them prefer one- and two-bedroom apartments ranging between 600 and 900 sq ft.
Mr Chan noted that prices in Puteri Harbour are still much lower than those in Singapore and in similar waterfront areas in Penang, where they have exceeded RM1,500 psf.
Puteri Cove Residences will have three high-rise towers comprising a mix of studio, one- to four-bedroom units and penthouses. There will also be four low-rise blocks of Soho (small office home office) apartments and loft units, on top of a mall. These blocks face a waterfront promenade of eateries, gourmet grocery stores, convenience stores, clinics, and other businesses.
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