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Pacific Star Group launches retail units at Puteri Cove

By hockmeng.tay@bizedge.com

/ City & Country |

March 22, 2015 12:00 AM SGT

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Singapore-based Pacific Star Group, together with niche developer DB2 Group, released 79 retail units and 56 SOHO/loft units located within its Puteri Cove Residences & Quay- side mixed-use development (above).

The project is at Puteri Harbour in Nusajaya, Johor. The prices for the retail units start from RM1.19 million ($446,500), with unit sizes ranging from 439 to 2,600 sq ft. The SOHO/loft units are priced from RM1.48 million, with units ranging from 644 to 1,828 sq ft.

The developer has sold all 400 residential units released in April 2014 at an average of RM1,380 psf. Of the unsold 258 residential units, 50 selected units were launched at an average price of RM1,200 psf. The prices for residential units start from RM913,000 ($338,000) for a 1+1 bedroom apartment. Unit sizes range from 678 sq ft for a 1+1 bedroom unit to 3,918 sq ft for a penthouse. The developers are offering buyers of retail units at Puteri Cove Quayside a fixed return of 19.5% over three years as part of a compulsory leaseback agreement. Residential units that are furnished will be sold with a rental guarantee scheme and projected fixed return of 12% for two years.

On a separate note, Medini Iskandar Malaysia Sdn Bhd (MIMSB), the master plan developer of Medini, the CBD of Nusajaya, will stop selling residential land plots. It will instead focus on developing its commercial plots first. So far, half of the 55 unsold plots have been zoned for commercial development. The move by MIMSB was prompted by the potential oversupply situation for residential developments.

This article appeared in the City & Country of Issue 669 (Mar 23) of The Edge Singapore.

Correction: In Property Briefs on ‘Pacific Star Group launches retail units at Puteri Cove’ (Issue #669, March 23), prices of the 50 selected residential units will start at under RM1,200 psf, and not as stated. - Edited on 30 March

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