BANGI (Jan 13): Andaman Property Management Sdn Bhd has recorded strong sales for the first phase of its new mixed commercial development in Bangi, Selangor, dubbed Sentral@Bangi Central Business District (CBD).
Located along Persiaran Kemajuan, Sentral@Bangi CBD is on 13.6 acres (5.44ha) of leasehold land and comprises of two phases.
The first phase is a commercial centre development while the second phase will be a mall. The commercial centre spans eight blocks offering 86 shoplots with built-ups ranging from 6,543 to 11,729 sq ft. Prices for the units range from RM2.15 million to RM5.1 million or RM328 per sq ft and above.
The project is developed by PKNS-Andaman Development Sdn Bhd, a joint-venture between Andaman and landowner Perbadanan Kemajuan Negeri Selangor (PKNS). The first phase has a gross development value (GDV) of RM200 million while the mall has a value of RM350 million upon completion.
According to Datuk Dr Vincent Tiew, Andaman's head of sales and marketing, the take-up rate for the first phase reached 90% within a week.
"We received overwhelming response in the one week we opened the units for sale. What we are offering is a full frontage, 4-storey commercial centre that is affordable," he said, adding that the development is located on prime commercial land in Bandar Baru Bangi.
Tiew believes the high rental yields experienced by the surrounding shoplots and the project's value for money proposition played a huge role in drawing buyers.
"The commercial components in the area command very high rents," Tiew said. "For a simple 2- or 3-storey shoplot, you can easily achieve a rental rate of RM6,000 to RM8,000." He added that the surrounding commercial property has a tenancy rate of up to 90%, further boosting confidence in Andaman's project. According to him, the average 2- to 3-storey shoplots in the area are going for a minimum of RM2 million.
Meanwhile, the retail mall has a gross floor area of 800,000 sq ft and a net lettable area of 500,000 sq ft. According to Tiew, textile giant Jakel Trading (M) Sdn Bhd is taking up 19 units within the mall while a bowling centre and cinema have been proposed.
Tiew expects the remaining 10% of the shop units in Phase 1 to be taken up before the Chinese New Year.
Construction will begin in April or May and completion is expected in two years.
