IOI Properties sees recovery in property market

Posted on: 11 Apr, 2019

PUTRAJAYA: IOI Properties Group Bhd, who has planned at least three property launches this year, is confident that the real estate market will recover soon.

“What we see now is a property glut that has been going on for the longest time in history. So, the only way is up. We are fully supportive of the government’s Home Ownership Campaign (HOC) and we have put in a lot of initiatives under the IOI F.R.E.E. Ownership campaign,” said its chief sales and marketing officer, Jason Tie.

“We see the market responding to it. It is still slow but it is very encouraging. We are confident that the market will recover. That’s why in our IOI F.R.E.E. Ownership campaign, we say this is the best time to buy because there are a lot of incentives and the prices are reasonable. Plus, the exemptions (under HOC) are for all buyers, not only first-time home buyers,” he told reporters at the media preview of The Clio 2 Residences yesterday.

Tie said the group has seen sales picking up since its participation in the Malaysia Property Expo (Mapex) held in conjunction with HOC last month, during which the group managed to secure a lot of bookings. However, he declined to reveal the number of unsold units, saying only that its inventory is at a manageable level.

Tie said he is positive about the market and is very confident of IOI Properties’ full range of products across multiple locations, which can fulfill the requirements of various buyers.

IOI Properties has six townships, Bandar Puchong Jaya, Bandar Puteri Puchong and 16 Sierra in Puchong, IOI Resort City in Putrajaya, Bandar Puteri Bangi in Bangi and Warisan Puteri in Sepang.

Moving forward, the group plans to launch The Clio 2 Residences in IOI Resort City, Stellar Suites in Puchong and Alanis in Warisan Puteri.

The Clio 2 Residences has a gross development value (GDV) of RM300 million, comprising three blocks and 550 units built on four acres of freehold land. Block A will be launched next month, offering 152 units sized from 829 sq ft to 1,216 sq ft.

Targeted for first-time home buyers and young families, the homes are priced from RM492,000 to RM714,000, with low density of only eight units per floor. The three blocks will be completed in the third quarter of 2020.

Tie said there is a preview of the project this Sunday, offering special incentives, including extra rebates for the first 100 buyers. He said there has been a lot of interest in the project, with no less than 300 registrants to date.

“It is centrally-located, accessible via a lot of highways and with good connectivity. We are close to a lot of areas like Seri Kembangan, Puchong and Cyberjaya, even Kajang. So, we have a lot of registrations coming in from our marketing campaigns,” he added.

Meanwhile, Stellar Suites, which will be launched end of May, is the group’s first SOVO project in Puchong. Tie said the project is located within a matured commercial area with attractive pricing.

In Sepang, the group plans to launch Alanis, a serviced apartment with SOHO project, located within its Warisan Puteri township. The township is located close to the Express Rail Link, airport and Xiamen University.