Retail and Soho units up for sale in Puteri Cove, Nusajaya

A NUMBER of retail units and small office home office (Soho) units are being launched for sale in a property project in Johor's Nusajaya township with views of a private marina or the Singapore shoreline.

The Puteri Cove Residences and Quayside, a luxury development, is being built by Singapore-based real estate companies Pacific Star Group and DB2.

It consists of three 33-storey towers, a podium for Soho units and a retail podium.

The project will have its own private marina with 280 berths, and is located beside the Puteri Harbour public marina and the Traders Hotel.

The tower units will face the private marina, or the waters of the Johor Strait and Singapore's shoreline near Lim Chu Kang.

The two residential towers have 329 units each. The developer said 400 units were released and sold last year.

A further 50 units are being released on Wednesday, in conjunction with Singapore's SG50 celebrations, said Pacific Star Development president and chief executive officer Glen Chan on Tuesday.

The 50 units will be sold at a discounted average price of less than RM1,200 ($451) psf. Units were originally sold at an average of RM1,380 ($519) psf.

The developer said it would be selling the remaining 208 tower units for customers from overseas markets including Japan and Taiwan. This is to ensure an international mix of residents, Mr Chan said.

The third tower comprises 340 units. The company is in advanced talks with an international hospitality management firm to operate these as a hotel and serviced residences, said Mr Chan.

The retail units, 79 in all, are meant for food and beverage and retail services. Prices are about RM1,200 ($451) psf, with units from 439 sq ft to 2,600 sq ft.

Buyers will receive fixed returns totalling 19.5 per cent over three years, as part of a compulsory lease-back agreement on the retail units. The developer will be selecting and managing the tenant mix.

The Soho units, 56 in all, are priced at about RM1,600 ($601) psf, with units from 644 sq ft to 1,828 sq ft.

Mr Chan said he expects high buying interest for Soho units from investors and owner-occupiers of businesses such as aesthetics and specialist clinics and creative agencies.

Puteri Cove Residences and Quayside is set to be completed in the third quarter of 2017.

wrennie@sph.com.sg