UOADEV sees decent take-up rates in Kuala Lumpur
KUCHING: UOA Development Bhd (UOADEV) is enjoying decent take up rates for its property projects in Kuala Lumpur, according to MIDF Amanah Investment Bank Bhd (MIDF Research).
In a corporate update report, MIDF Research shared that UOADEV two key on- going projects, Sentul Point in Sentul and United Point Residence in north Kiara have been enjoying good take up rates since its maiden launched in financial year 2016 (FY16).
The two projects that have a gross development value (GDV) of RM1.5 billion each had their final blocks launched in the second half of FY17 and currently boast take up rates of 67 per cent for Sentul point and 74 per cent for United Point Residence as at Jan 31, 2018.
“Note that Sentul Point contributed to 36 per cent of new sales in FY17 while United Point contributed to 35 per cent of new sales in FY17,” said the research arm.
Moreover, the group’s recently launched South Link Lifestyle Apartment with a gross development value of RM550 million has reported positive responses from home buyers as the current take up rate for its apartments are estimated to be over 20 per cent while its booking rate is estimated at over 50 per cent.
Comprising of 1,422 units of freehold services apartments in Bangsar South, the project garnered good response due to its affordable prices from RM354,000 onwards; its smaller built-up area ranging from 451sgf to 859sf which is favoured to young professionals and small families; and its dual key concept.
In line with the group’s strategic focus, MIDF Research guided that UOADEV would continue having its strategic focus on areas in KL and it could launch more projects within the city.
“UOADEV plans to launch phase two of Southbank that in Old Klang Road with a GDV of RM130 million and The Park Residences II in Bangsar South with a GDV of RM600 million.
“Phase two of Southbank comprises one block of suite apartmentswithstrataofficeswhile The Park Residences II comprises of two blocks of residences within Bangsar South.