The Edge Online, 16 April 2014 - Flyover to boost sales at RM6.3b Tropicana Metropark

The Edge Online, 16 April 2014

KUALA LUMPUR: Tropicana Corp Bhd is confident of achieving an 80% take-up rate for Tower B of its Paloma Serviced Residences at its RM6.3 billion Tropicana MetroPark development in Subang Jaya, Selangor, thanks to a proposed dedicated flyover that will link the integrated development to the Federal Highway.

Paloma Serviced Residences has a gross development value (GDV) of RM465 million, comprising two residential towers and 20 villas.

Tropicana group chief executive officer Datuk Yau Kok Seng said the RM106 million flyover was conceived as part of its integrated development masterplan.

“Construction of the proposed flyover will begin in the second quarter of this year and will be completed by the second quarter of 2016,” he told reporters after a signing ceremony and the unveiling of Paloma Serviced Residences show units yesterday.

Up to 70% of the construction cost will be funded via borrowings and the rest by internal funds.

“The building of the new flyover does not involve any acquisition [of land]. It’s a collaboration between us and the Subang Jaya Municipal Council,” Yau said.

Pembinaan Jemerlang Sdn Bhd is the appointed contractor for the proposed flyover.

Tropicana marketing and sales executive director Pam Loh said the average selling price of the 248-unit Tower B Paloma Serviced Residences is RM800 per sq ft.

“We have two towers for Paloma Serviced Residences, but we are only launching Tower B for now. We have already registered a 40% take-up rate for Tower B,” said Loh.

Yau said the remaining components of the Paloma Serviced Residences, featuring over 300 units of serviced residences for Tower A as well as 20 villas, will be launched at an “appropriate time”.

According to Yau, the first phase of the 88-acre (35.6ha) Tropicana MetroPark development named Pandora Serviced Residences has a GDV of RM365 million and is 90% sold. The project was launched on May 31 last year.

With a total built-up area of over 11 million sq ft, Tropicana MetroPark is divided into nine phases — five residential and four commercial.

This article first appeared in The Edge Financial Daily, on April 16, 2014.