Buyers queue for luxury Iskandar condo built by Singapore developers

Photo shows large crowds balloting for units on April 5, 2014, at Puteri Cove Residences' launch at ERA's Headquarters in Toa Payoh. A luxury condominium in Malaysia's Iskandar region being built by Singaporean developers has met with strong dem
Photo shows large crowds balloting for units on April 5, 2014, at Puteri Cove Residences' launch at ERA's Headquarters in Toa Payoh. A luxury condominium in Malaysia's Iskandar region being built by Singaporean developers has met with strong demand. -- PHOTO: PACIFIC STAR GROUP
Artist's impression of Puteri Cove Residences. -- FILE PHOTO: PACIFIC STAR GROUP
Artist's impression of Puteri Cove Residences. -- FILE PHOTO: PACIFIC STAR GROUP
Artist’s impression of Puteri Cove Residences in Puteri Harbour. -- FILE PHOTO: PACIFIC STAR GROUP
Artist’s impression of Puteri Cove Residences in Puteri Harbour. -- FILE PHOTO: PACIFIC STAR GROUP

A luxury condominium in Malaysia's Iskandar region being built by Singaporean developers has met with strong demand.

Puteri Cove Residences, by local developers Pacific Star and DB2, has sold 83 per cent of 450 units released to the public within a week of its launch.

The buyers were of over 20 nationalities, but 60 per cent were Singaporean. Other buyers included Malaysians and Indonesians.

Crowds and queues had formed at the marketing agent ERA's headquarters in Toa Payoh more than two hours before the condo's launch on April 5 to ballot for units.

More than 700 interested buyers had registered their interest days before the launch.

Mr Glen Chan, chief operating officer of Pacific Star, said that the strong sales performance "attests to the attraction and saleability of our project".

The units are priced between RM1,180 to RM1,580 (S$454 to S$608) per sq ft and range from one- to four-bedroom units of 600 to 4,100 sq ft each.

Out of the project's three high-rise towers, only two are available for sale to the public.

Pacific Star said in a statement that it is in negotiations with "an international five-star class hotel management company" to eventually house high-end serviced residences in the last tower, to cater to expatriates working in Iskandar.

The 340,000 sq ft site - expected to complete construction by June 2017 - will also include four low-rise blocks of Soho (small office home office) and loft units, a mall, and amenities such as tennis courts and water features.

The project faces a waterfront promenade of eateries, retail, clinics and other businesses, and is located in Puteri Harbour, midway between the Causeway and the Second Link at Tuas.

Recent property cooling measures introduced by Malaysia's government in October last year do not seem to have affected sales.

"We... believe our buyers are looking at the long term growth potential in the Iskandar Region," said Mr Chan.

He also highlighted collaboration between the governments of Singapore and Malaysia as a sign of the region's potential.

Recently, the Prime Ministers of both countries met in Putrajaya, Malaysia to discuss progress on large-scale infrastructure projects such as the Kuala Lumpur-Singapore High Speed Rail, and the rapid transit system that will connect Singapore and Johor Bahru.

teezhuo@sph.com.sg