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Pacific Star launches retail, Soho/loft units at Puteri Cove
SINGAPORE-BASED Pacific Star Group and partner DB2 announced on Wednesday the release of their 79 retail units and 56 Soho/loft units within Puteri Cove Residences & Quayside in Puteri Harbour in Nusajaya - a key flagship zone in Iskandar Malaysia.
Prices for the retail units start from S$448,000, with units ranging from 439 square feet to 2,600 square feet, while the 56 Soho/loft units are priced from S$555,000, with units ranging from 644 square feet to 1,828 square feet.
Pacific Star Development president and CEO Glen Chan said the developers have already sold all 400 residential units released previously in the mixed-use project at an average RM1,380 (S$518) per square foot (psf).
Of the remaining 258 residential units, 50 selected units are released at prices starting from RM1,200 psf.The balance residential stock will be reserved for buyers from overseas markets such as Japan, Taiwan and Hong Kong.
Mr Chan said this is in keeping with the proposition of an international curated community in Puteri Cove Residences, which has already drawn buyers from 28 countries.
The mixed development fronting a marina - comprising 658 freehold luxury apartments, serviced apartments, Soho/loft units as well as a retail promenade - is scheduled to complete in the third quarter of 2017.
Pacific Star and DB2 are jointly developing this under a joint-venture firm, Pearl Discovery Development Sdn Bhd.
According to Pacific Star, buyers of retail units at the retail promenade Puteri Cove Quayside could receive fixed returns of 19.5 per cent over three years as part of a compulsory lease-back agreement under which Pearl Discovery will select an optimal tenant mix.
The residential units at Puteri Cove Residences that come in ready-to-move-in conditions, which is uncommon for Malaysian properties, offer a 12 per cent fixed return over two years under a rental guarantee for two years.
During a company-organised trip to Nusajaya on Tuesday, Mr Chan said the group is in talks now with a hotel-cum-serviced residence operator, which is "a listed international company", to manage the serviced suites.
Come April, UEM Sunrise, a leading Malaysian developer and the largest land owner in Nusajaya, is also launching some 350 landed homes comprising linked homes, semi-detached houses and villas in phase one of Estuary in Puteri Harbour in Nusajaya.
Of the 11,000 acres of land initially owned by UEM in Nusajaya, 4,500 acres have not been sold or developed yet. Zadil Hanief Mohamad Zaidi, UEM senior general manager, said that plans for the remaining tracts of land will be disclosed soon.