Uncle and aunty go there n buy Sovo to live there? Or pass down to their grandchildren or just for investment? Normally when I see those projects is crowded with auntie and uncle then I know that the price are about to have the correction soon.

Jul 19, 2011
Icon City racks up RM426.5m sales at launch

--------------------------------------------------------------------------------

Crowd at the Icon City show gallery.


Mah Sing Group Bhd racked up sales of RM426.5mil during the launch of its Icon City show gallery, at the project site in SS8 Petaling Jaya last weekend.

The sales were from the commercial i-SoVo (small office versatile office) units, 30 Jewels (seven and eight-storey shop offices), and Gourmet Street (one and two-storey retail shops).

Buyers were able to enjoy DIBS (pay 10% and nothing else until completion) 90% financing even for third and fourth properties onwards on the commercial i-SoVo project in Icon City.

Icon City is Mah Sing's flagship integrated commercial project, which enjoys exceptionally high visibility and has a total gross development value (GDV) of about RM3.2bil, to be developed in three to four phases.

The i-SoVo is part of phase one comprising 410 units. The well-designed duplexes come with built-ups of 69.2 sq m and 101.6 sq m, and priced from RM599,000. Bernama

Icon City phase two launch by September
By Sharen Kaur
Published: 2011/07/19


KUALA LUMPUR: Mah Sing Group Bhd, the country's fifth largest developer by revenue, will launch by September the second phase of Icon City in Petaling Jaya, Selangor, featuring 570 units of serviced residences worth RM439 million.
Group managing director-cum- group chief executive Tan Sri Leong Hoy Kum is upbeat that the units, worth RM450,000 to RM1.2 million each or RM700 to RM800 per sq ft, will be snapped up during the launch.

The residences come with space sizes of 550 sq ft to 1,779 sq ft.

"The right product in the right location will always sell well. We are bullish on the outlook led by the Economic Transformation Programme," Leong told Business Times.

Leong's confidence is further boosted by the launch of the first phase of of Icon City last weekend, where sales of RM426.5 million were raked in.

Icon City is a RM3.2 billion integrated commercial development located on 7.93ha in SS8, Sungei Way, at the crossroads of the Lebuhraya Damansara-Puchong and the Federal Highway.

The project comprises 30 Jewels (seven- to eight-storey lifestyle shop-offices), Gourmet Street (one- to two-storey retail outlets), i-SoVo (Small office Versatile offices), serviced apartments, and mall, boutique hotel and office towers.

The phase one featured i-SoVo tower 3, where 80 per cent of the units, priced from RM599,000 were sold, as well as 30 Jewels and Gourmet Street.

Some 96 per cent of 30 Jewels, which is worth more than RM10 million each, and 37 per cent of Gourmet Street, comprising 20 retail outlets worth from RM4.5 million, were taken.

Due to overwhelming sales and demand for i-SoVo tower 3, Mah Sing is selling the second block under Phase Two, known as i-SoVo tower 3A, comprising 212 units.

CIMB Research, meanwhile, is maintaining its forecasts and target price of RM3.30 on Mah Sing, based on an unchanged target market price to earnings of 14.5 times, largely because of the impressive take-up for Icon City's phase one.

The RM426.5 million sales achieved by Mah Sing for the phase one make up around 18 per cent to 23 per cent of its full-year sales target of RM2 billion to RM2.5 billion, the research house said.

Sigh ...

yes, Tropics qualified within 18months after many attempts.....difficult right? i oso got 1 unit of Tropics studio but only got a tenant after > 7months and need to spend >$30k to FF the unit...i am not sure if Tropics occupancy is good today as i still see many units empty despite its strategic location. Not many condos are as lucky as Tropics.

one swallow does not represent a summer...I can easily name you 10 new condos with very low occupancy...open the mind and see the big picture

LOL...property need time to get occupied. tropics maybe you request for high rental kua...kekekeke

so far around my friends, i dun see difficult to rent out their units within a short time. maybe they ask for lower rents as compared to others.

as long as developers' units sold and those units are holding well by the owners, I dont see any problem.

why should i ask for high rental when my cost is around $190k?

i really hope you will keep buying new highrise condos including Icon City......

for me, i will wait to parang auction or firesale units post completion.....kekeke

I wish to....hope you got chance to parang in auction house. LOL

Oversupply already... Soho, SoVo, Designer Suite... Anyway also got.

Rent to who.. Expate? Executive? So many of them ah....

Try to look for shop and landed...

Unless you have sufficient fund to hold....But what for hold if you have other oppurtunity to get better 'Red House'..

booked d wor (someone)...for own use lo

wondering how was the sales for gourmet street...
The shop is not attach to the shopping mall as in pavilion...
Some more sell in such high price..
can earn money if open an F&B shop there?? hmm..

I booked a unit at Tower 3 (phase 1) i-SoVo 754sqft duplex at RM630k with 2% Early Bird Disc (and other priviledges). But thinking of letting go at cost. Tower 3A (phase 2) is currently RM50/sqft more expensive. That translates into RM37k savings (profits). Anybody interested please e-mail to ngjohann@gmail.com and provide your contact number. I would consider referral commission to anybody who could find a taker.

why wana let go?
already got paper gain what?

You are letting go at cost and considering giving referral fees for those bring in the buyer, what happen buddy?

To free up capital for landed property instead. That was all along the original plan

Then why did you book in first place if you dont mind telling us?

This post has been edited by dlyw1103: Aug 10 2011, 08:16 AM

Mah Sing accept change of name meh?

This post has been edited by UFO-ET: Aug 10 2011, 10:27 AM

Nope

buying and selling bookings is a contentious issue but think there are no laws governing it here, up to dev mgmt.
major dev probably disallow, smaller ones?
when bookings strong, can be strict. when not so bbb, who knows?

think in some countries, a booking comes with a fee and legal doc, considered option, totally tradable.

This post has been edited by AVFAN: Aug 10 2011, 10:08 AM

I love the design, but i think traffic will be an issues.

Especially near to Sunway and Puchong some more.