Myra sells 17 out of 85 units over Sept 26 weekend
Myra, a development in Potong Pasir, sold 17 out of 85 units over the weekend of Sept 26 at an average price of $2,000 to $2,100 psf, according to a source. That translates to a take-up rate of 20%. “Under the current market conditionsis, it has done relatively well,” the source says.
The 85-unit freehold project is located at Meyappa Chettiar Road and Woodsville Close in District 13, and is one of the launches by Malaysian boutique developer Selangor Dredging.
The project is located within a two- to threeminute walk from the Potong Pasir MRT Station.
At its annual general meeting held on Sept 29, the group reported a profit of RM6.58 million ($2.17 million), on the back of a turnover of RM243.85 million.
After taxation, the group suffered a net loss of RM4.48 million, compared to RM24.42 million of net profit posted in the previous corresponding period. It attributes this to the one-off impairment costs for four pieces of land held for development amounting to a total of RM14 million.
The developer’s other projects in Singapore include Jui Residences and One Draycott.
Comprising 117 units, Jui Residences is located within the Kallang estate in District 12. Overlooking the Kallang River, it has a conserved building — the National Aerated Water Co (NAWC) — within its premises. The architecture incorporates art-deco inspired elements from NWAC into the development. Based on caveats lodged with URA to date, Jui Residences has sold 100 units or 85.5% of the project.
Meanwhile, One Draycott, in District 10, comprises 64 units with a striking gold and black facade. Located on 1 Draycott Park, the freehold project has sold five of its units to date, according to caveats lodged with URA.
Selangor Dredging has said that it would continue the marketing efforts for its existing projects in Singapore and Malaysia.
The developer’s projects in Malaysia include SqWhere and UNA. SqWhere in Sungai Buloh was completed in July 2019, is directly connected to the Kampung Selamat MRT Station via a 75m direct link bridge and has easy accessibility to major expressways.
Over in Cheras, UNA, which is still under construction, comprises 316 units of service apartments, with retail units on the ground floor. It is located directly opposite the Sunway Velocity Mall with close proximity to the Maluri and Cochrane MRT Stations.
The developer still has two upcoming projects in its pipeline in Malaysia: condo villas in Serdang and Melawati, on the outskirts of Kuala Lumpur.
In its hospitality business, Hotel Maya, on Jalan Ampang, Kuala Lumpur, saw an increase in occupancy rates of 45%, from 38% in the previous year. This was mainly due to initiatives undertaken to revive the brand, which made the hotel more appealing to guests, the group said.
The hotel is still undergoing refurbishment. Once completed, the revamped rooms will feature a Malaysian heritage concept with batik designs produced by local artisans from Kelantan.
Meanwhile, under Selangor Dredging’s involvement in the mining sector, its associate company Fortress Minerals contributed RM8.34 million of net profit to the group during the financial year. The mining company is an iron ore producer in Bukit Besi, Terengganu.
Amid the economic downturn, the group also reported undertaking various cost-savings measures, which include a 20% reduction in fees for its directors. Its hotel business has also cut costs by reducing outsourced workers, freezing various positions in F&B and engineering, and lowering operational cost through energy-saving measures