“Sfera Residence has a gross development value of RM480 million and sits on 2.38 acres of leasehold land. The 45-storey block will comprise 483 serviced apartments, of which 395 are 3-bedroom and 2-bathroom units with built-ups from 978 sq ft to 996 sq ft. The remaining 88 units are 4-bedroom and 3-bathroom units with built-ups from 1,889 sq ft to 2,003 sq ft.”
Sfera Residence 30% taken up in soft market conditions
PETALING JAYA (June 19): YNH Bhd has launched 395 units of its Sfera Residence @ Puchong South on June 12, amidst soft market conditions. Some 30% of the units has since been taken up.
Sfera Residence is located along Jalan Atmosphere Utama 1, adjacent to Giant Hypermarket Seri Kembangan. It is accessible via Damansara-Puchong Expressway, South Klang Valley Expressway and Besraya Expressway.
“We decided to launch the project despite the soft property market because we believe this product, for its price, is able to sell because people still need a home to live in. The product is mid-range and targeting first-time homebuyers and owner occupiers” a spokesman for YNH Bhd tells The Edge Property.
Sfera Residence has a gross development value of RM480 million and sits on 2.38 acres of leasehold land. The 45-storey block will comprise 483 serviced apartments, of which 395 are 3-bedroom and 2-bathroom units with built-ups from 978 sq ft to 996 sq ft. The remaining 88 units are 4-bedroom and 3-bathroom units with built-ups from 1,889 sq ft to 2,003 sq ft.
The standard units were launched last weekend at an average selling price of RM562 psf. The developer expects to launch the larger units when the market picks up.
Maintenance fee will be 28 sen psf, including sinking fund.
The project will also have shop lots and office spaces on the lower floors but details are still being finalised.
Sfera Residence is scheduled for completion in 4Q2018. The project’s name was changed from Summit Residences to Sfera Residence @ Puchong South in keeping with its street name, Jalan Atmosphere Utama 1.
YNH Bhd has two other upcoming projects in Kuala Lumpur, Serviced Apartments @ Bangsar South and Kiara 163. The former awaits regulatory approval while the latter is expected to launch by year-end.
Kiara 163 is a mixed-use development on six acres of freehold land in Mont’Kiara. It comprises hotel suites, Sovo units and a retail component. It has a gross development value of RM1.2 billion.
The company also expects Fraser Residence Kuala Lumpur completed last December and its ongoing township project in Sri Manjung, Perak, to sustain earnings for another two years.
Read more here. (The Edge Property 19/6/2015)
