ALPHINE Return Sdn Bhd, the developer for the RM3 billion Star Residences, hopes to launch the third tower of the project next month or in October despite a slow market.
According to its chief operating officer Alan Koh, the third tower, comprising serviced apartments branded under The Ascott Ltd, will feature 472 units worth around RM1 billion.
The price tag for the units starts from RM1.7 million or between RM2,400 per sq ft (psf) and RM2,500 psf.
Alphine Return is offering the units under a leaseback option scheme with an expected yield of between six and seven per cent per year.
“We think this is a good buy. Our price is affordable considering what other developers around this area are selling their properties, which is from RM2,500 psf to above RM3,000 psf.
“We expect two-thirds of our buyers to take up the scheme and the rest would be buying for their own stay,” he said in an interview.
Alphine Return is a joint-venture company between Symphony Life Bhd and UM Land Bhd.
The company launched the first two towers at end-2014 and last year, both of which are almost fully sold.
The first tower with a gross development value of RM700 million comprises 500 units that were sold from RM1 million to RM1.3 million or between RM1,600 and RM1,700 psf.
The second tower, also comprising 500 units, sold at an average RM2,200 psf or from RM1.3 million to RM1.7 million.
Koh said the buyers were a good mix of locals and foreigners from China, Hong Kong, Singapore, Japan and South Korea.
“The first two towers are fully fitted out, especially the kitchen, bedroom and bathroom. The third tower we are launching is something different. It is fully furnished and we are fitting in The Frame, something new that has been introduced by Samsung,” said Koh.
The Frame’s line-up includes 55-inch and 65-inch models. Instead of fading to black like a conventional TV, The Frame display transforms into bespoke work of arts when powered off.
Through its Art Mode feature, The Frame can display 100 exclusive works of art by 37 renowned designers or precious family photos, all of which can easily be controlled via smartphone application.
“We believe that by offering something exclusive in the development it would garner a lot of interest,” said Koh.