Post date: Aug 02, 2010 3:9:29 PM
New Straits Times, Apr 16, 2010 | by Chris Prasad
TO many, the SS2 locale of Petaling Jaya, Selangor, is a typical example of a vibrant but ageing, suburban neighbourhood.
This stereotype is evident in SS2's landscape, which is dominated by decades-old landed houses and single-storey shophouses of late 70s origin.
So it is little wonder that eyebrows were raised when developer SDB Properties Sdn Bhd (SDBP) moved into the neighbourhood with the intention to add prestige to the locale by building modern, upmarket highrise residential projects.
Another eye opener was when it priced its latest ongoing project - the RM420 million Five Stones condominium sitting on a 4.9-acre freehold parcel along Jalan SS2/72 - in the range more commonly found in Kuala Lumpur's high-end Mont' Kiara township.
But if there was any criticism over the company's strategy, that was shortlived as 80 per cent of the 185 units offered in the first phase were snapped up within seven days of their launch in August last year. Similar success was noted in January this year when, within a week, it sold 50 per cent of the 192 units in the second phase.
Currently, only 10 per cent of the total of 377 units housed in five blocks remain and sales have been moving so rapidly that SDBP is already looking to pack up it sales gallery located at the site by June.
According to SDBP assistant sales and marketing manager Audrey Lim, the limited units up for grabs are three- and four-bedroom condos that start from 2,024sq ft of space and priced from RM495psf. Also available are just five of the 10 penthouses originally offered, which come with five-plus-one bedrooms and range between 4,491sq ft and 5,183sq ft of built-up space. These are priced from about RM530psf.
Although pleasantly surprised at the speed of take-up for Five Stones, Lim said the company has always been confident of the project's success.
"It is also worth noting that more than 50 per cent of them are either repeat buyers or those who were referred by previous SDBP customers."
She said the strong performance of Five Stones has encouraged the company to continue to expand on its winning conceptual formula and even be on the lookout for more opportunities in PJ, though land in the city is becoming increasingly scarce.
"The Five Stones concept is essentially part of the basic development concept, which is to always take a holistic approach to building homes for end-users; we give equal emphasis to the interior and the outdoors ... so we will certainly build on this in the future."
In the meantime, SDBP's Lim is encouraging those who have yet to visit the project's gallery to do so and experience for themselves the promise of Five Stones before the gallery is taken down.
"There are limited units left, and among them are penthouses which are really worth a look if you're in the market."
Available in two types, Lim said the Villa Penthouses are truly luxurious, boasting panoramic views and a private breezeway, while the Tower Penthouses offer a choice of a vertical green wall or a koi pond as features.
She said the project is well on target to be completed by 2012, and those keen to make a home there can expect to move in by the end of that year.
FactFile - Five Stones
WHAT
Five Stones comprises five blocks of lowand mid-rise villas as well as high-rise condominiums overlooking a tranquil garden shaded by Angsanas, and an accompanying multi-function "active" zone of supporting facilities.
ON OFFER
Less than 10 per cent of the units remain. These include three- and four-bedroom units with built-ups from 2,024sq ft and five penthouses with five-plus-one bedrooms from 4,491sq ft.
PRICE
Standard units: From RM495psf
Penthouses: From RM530psf
BOTTOM LINE
Based on a 10 per cent downpayment, 25-year loan tenure and prevailing interest rate of four per cent, a monthly repayment for a 2,024sq ft unit would work out to about RM4,760.
CONTACT
For more information, visit the Five Stones show gallery located at the site, or call 603-7725 8900/8901/8902, or surf to www.sdb.com.my