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The only way is up for a Johor residential development
Jul 16, 2012
Set to become Johor's tallest residential, trio-tower: the first two towers will be erected in the first phase; the third will be erected at a later date.
Johor Baru will welcome its tallest ever residential development.
Malaysia’s largest property developer, SP Setia Bhd will construct The Setia Sky 88, over the next four years.
Speaking of the 55-storey high construction of the luxurious serviced aparatments, Ricky Yeo, general manager of Setia City Development Sdn Bhd said: “The Setia Sky 88 will be an iconic building in Johor Baru. It is time for Johor Baru to have an iconic building, it will be a gateway to Iskandar Malaysia.”
This particular location is recently also known as Baru’s new Central Business District due to the presence of several skyscrapers within the vicinity.
Comprising three iconic towers, with the third tower to be built under at a later phase of construction, the development will boast the highest private Sky Club at level-42-44.
“There will be no retail lots in this project as Ricky wants the luxury service apartments to be very exclusive to its residents,” said SP Setia.
The first two towers to be built in the first phase of construction will house 588 serviced apartment units while the third tower will contain 284 units.
Worth RM450 million (US$142 million) in gross development value, the Setia Sky 88 project will hold the most expensive asking price on Johor Baru’s market. Each unit will cost RM600 (US$189) per sq ft.
“This is the first project in Johor Baru which commands that kind of price per square foot,” said Ricky.
Ricky commented that although unit prices are at an all-time-high level, prices were still considered as affordable when in comparison with Singaporean prices.
Yet to be launched, Ricky said, encouraging interest from prospective buyers had already been received.
The target market are Malaysians residing in Johor; looking for an upgrade in living, Malaysians working in Singapore, as well as expatriates working at the Iskandar Malaysia economic corridor or in Singapore, said Ricky.
Located minutes drive away from the Customs, Immigration, and Quarantine Complex at the Sultan Iskandar Building and the Johor Causeway, the company expects strong demand from Singaporeans, reported The Sun Daily.