Icon City gets more than RM400m in sales so far
Tags: 30 Jewels , Andy Chua , Damansara , ELITE , Gourmet Street , i-SoVo , Icon City , Kelana Jaya , Kesas , KTM , Kuala Lumpur , Leong Hoy Kum , LRT , Mah Sing Group Bhd , NKVE , NPE , Petaling Jaya , Seri Setia , Setia Jaya , Shah Alam , Subang Jaya , USJ
By Clint Loh of theedgeproperty.com
Monday, 18 July 2011 15:29
PETALING JAYA: Mah Sing Group Bhd's Icon City integrated development in SS8, Petaling Jaya has racked up more than RM426.5 million in sales so far, including sales of its commercial i-SoVo (small office versatile office) units, 30 Jewels and Gourmet Street.
In its press release on Monday, July 18, Mah Sing said during the latest launch last Saturday, 138 units of its i-SoVos in Tower 3 were snapped up. Due to the overwhelming response, Tower 3A was opened up for sale and 10 units were taken up. Over a single weekend, 148 i-Sovo units were sold.
There are a total 410 units of i-SoVos, with 198 units in Tower 3 and 212 units in Tower 3A. With a gross development value (GDV) of RM226 million, the duplexes come with build-ups of 745 sq ft and 1,094 sq ft with prices from RM599,000 onwards.
Its 30 Jewels is a commercial centre, comprising 30 lifestyle shop offices of 7- and 8-storeys on lot sizes of 25 ft by 76 ft for the former and 25 ft by 79 ft for the latter. The selling prices are between RM7.7 million to RM16 million. Already, 29 units have been taken up.
For the Gourmet Street 1- and 2-storey retails shops, Mah Sing said it opened 36 of its 46 units for sale, and so far 12 units have been sold.
Icon City offers a contemporary "live, work and play" concept within a green and sustainable development.
"We are investing in a comprehensive traffic dispersal system to improve access, and this will greatly ease the congestion issue that had plagued this location for the past few years," said Mah Sing group managing director cum group chief executive Tan Sri Leong Hoy Kum.
"There is potential for the third MRT line from Kuala Lumpur to Klang to pass through the project, and if that materialises, would greatly enhance the access to an already well connected project."
Mah Sing said the market catchment is extensive, including matured and affluent neighbours such as Kuala Lumpur, Subang Jaya, USJ, Shah Alam and Damansara.
"As connectivity is a major appeal, Icon City's strategic location with accessibility via a network of highways such as NKVE, ELITE, NPE and KESAS and public transportation via road or rail such as the Seri Setia and Setia Jaya KTM stations and Kelana Jaya LRT station, would serve the business community and residents well. We expect to open registration for the serviced residences with sizes ranging from 563 sq ft to 1,779 sq ft by 3Q2011," said Mah Sing chief operating officer Andy Chua.
Added on July 19, 2011, 8:00 amQUOTE(jet2020 @ Jul 19 2011, 07:18 AM)
only keen to see occupancy rate for new condo that VP'ed in the last 12-18mths ago.
The point i would like to make here is vacancy risk is higher due to oversupply of condos and higher rental.
For those who invested in Icon City and expect to rent out with good price, you need to have a lot of luck and plenty of standby cash reserve.
Added on July 19, 2011, 7:20 amheard the earliest launch is year end. Likely LH.
Price wise....'thanks' to MS....sure the price will be closer or even higher than Icon City,
10MK and Banyan should be with 24 months.
tropics @ tropicana kira tak kira? good occupancy rate and rental as well. within 18 months.
This post has been edited by kh8668: Jul 19 2011, 08:00 AM 
Jul 29 2010, 11:43 PM, updated 8y ago
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