NEARLY 80 per cent of two blocks of luxury condominiums in Aquaint Danga Residensi (ADR) were snapped up within two days of its sales launch, here, said the project co-owner.
Iskandar Waterfront Holdings (IWH) said the strong demand had caught many property analysts and valuers by surprise due to the lacklustre sales and delay in property launches by developers within Flagship “A” of Iskandar Malaysia recently.
The take-up rate has also bowled over the market because prices of ADR units are 30 per cent higher than prevailing prices of similar high-end apartment units launched by China’s Country Garden and the Greenland Group in the same location, it added.
All three projects are coming up side-by-side along the Danga Bay waterfront, here, overlooking the Straits of Johor into Singapore.
ADR, a RM900 million Malaysia-Singapore joint venture, comprises four high-rise towers spread over 1.6ha of prime waterfront site.
It is being developed by Para Impiana Sdn Bhd, a joint venture between IWH’s wholly-owned subsidiary Rampai Fokus Sdn Bhd and its two Singapore partners, Imperial Marina Pte Ltd and Skyfront Holdings.
“The strong sales over the weekend was largely due to ADR’s prime waterfront location,” IWH managing director Tan Sri Lim Kang Hoo said in a statement yesterday.