Despite a soft property market, Mah Sing Group Bhd is hosting a public preview this weekend for Tower C of M Vertica project in Cheras and is bullish on sales.
The first two Towers in M Vertica — Tower A and Tower B —have achieved 85 and 80 per cent sales, respectively, since their launch in February and March this year.
The two towers offer a total of 1,493 units, selling from RM450,800 or RM530 per sq ft (psf).
Majority of the units were bought by first-time house buyers and upgraders in the Cheras area, said Mah Sing’s chief executive officer Datuk Ho Hon Sang.
Ho said Tower C will have 752 units with built-ups of 850 sq ft (three bedrooms) and 1,000 sq ft (four bedrooms), and the price starts from RM506,000 or RM540 psf.
He said about 1,500 people have registered for Tower C and the sales will be on first-come-first served basis.
“We are expecting Tower C to replicate a similar strong take-up rate of Tower A and B during their initial launch,” Ho said.
M Vertica consists of five towers of service apartment with 74 units of two-storey retail shops at the bottom levels. There will be a total of 3,684 units of serviced apartments with built-ups of 850 sq ft (three bedrooms) and 1,000 sq ft (four bedrooms).
“M Vertica is an affordable, yet luxury product from Mah Sing. If you compare our project with other developments in Cheras, our prices are very reasonable.
We are able to sell them cheaper because of economies of scale. We are building 3,758 units all together with shops. Although we are spending a lot to add more than 40 facilities in M Vertica and improving the infrastructure to make this an ideal living space for people, it still makes good financial sense for Mah Sing to develop it,” Ho told NST Property.
The project will have 4.54 acres of landscape and facilities deck (housing over 40 facilities) to cater for residents from all age group.
Ho said the facilities podium would be built on top of the residential parking to enable residents to enjoy the Kuala Lumpur skyline view.
The retail shops are ideal for food and beverage and pharmacy as there would be a catchment of more than 10,000 residents once the development is completed by 2022.
“For Mah Sing, our affordably priced projects come with features that enhance the lives of our buyers. For M Vertica, we bank on the tagline ‘luxury you can afford’.
We already have the target market to look at when we designed the project. The units are just right. We did a study and found that most people want three- to four-bedroom apartments, whether they live alone or with their family.
“We also emphasise highly on safety features for our residents by incorporating the high frequency tag system for car access, CCTV at all entry points, and separate entries for retail and residential carpark, among others.
“We will continue to add value to the development. Among the initiatives are electrical-vehicle (EV) charging stations, co-working space and facilities in the clubhouse, mini home theatre, designated drop-off area for ride sharing services to name a few,” said Ho.
Green features in the project include stream Pneumatic Waste Management system, LED lighting for common areas, rain-water harvesting for landscape, low glass for units facing west direction, low volatile organic compound paint for internal only, and cross natural ventilation in common corridor.
“All bathrooms are designed to be naturally ventilated. A rare thing to find in most housing developments is EV charging stations, but M Vertica has a few of those as we anticipate more electrical cars on the roads,” said Ho.
KEY FEATURES
Mah Sing chief operating officer Yeoh Chee Beng said the current selling price from RM506,000 for Tower C units is affordable for first-time buyers.
He said the strategic location is a key factor that has attracted buyers for earlier launches at M Vertica.
Standing at 53 and 54 storeys, M Vertica will also be the highest residential towers and an iconic landmark in Cheras upon their completion in 2022.
“M Vertica’s key feature is that it is a transit adjacent development (TAD), only 500 metres to the Maluri LRT (light rail transit) and MRT (mass rapid transit) interchange station and 800 metres to the Taman Permata MRT station. Projects developed near to LRT and MRT stations are expected to do well with higher rental and better capital appreciation. similar projects in the Cheras area have been generally well taken up and are fetching a rental of RM1,300 and above.
“However, those who are looking to buy and stay in M Vertica, they will be able to gain good value and also own a property in a well-established neighbourhood,” Yeoh told NST Property.
Being a TAD project located close to Kuala Lumpur city centre, connectivity and accessibility is one of the main factors contributing to the success of M Vertica, he said.
M Vertica is easily accessible via major roads and highways such as Jalan Cheras, Jalan Loke Yew, Jalan Pudu, Jalan Tun razak, Kuala Lumpur-Seremban highway, the Stormwater Management and Road Tunnel as well as other road arteries.
The nearest malls are Aeon Maluri (500m), Sunway Velocity (800m) and Ikea Cheras (2.5km).
“We will build covered walk-ways for M Vertica residents to MRT stations. The Maluri LRT and MRT interchange is only two MRT stations away from the International Financial District (Tun Razak Exchange) and three MRT stations to Bukit Bintang and Golden Triangle areas... this suits the living criteria that most Kuala Lumpur working folks are looking for, transportation mode that save time and distance.
“We are also looking to develop a dedicated direct ingress and egress ramp to and from Jalan Cheras for M Vertica. The proposed direct ramp is pending local authorities’ approval. This will ease traffic in the area as the development matures.”
Yeoh is confident that future launches in M Vertica will also be well received because “it is a product that is in the right location with fantastic view of KL city skyline which has the right pricing, connectivity and over 40 facilities”.
The public preview this weekend will take place at the M Vertica sales gallery in Jalan Cheras.
The sales gallery houses two lavishly designed fully furnished show units. It features a 850 sq ft unit and a 1,000 sq ft residential unit, which give buyers an idea on what they can create or utilise with the layout.
Buyers can also visualise the completed integrated development of M Vertica with the available scale model at the sales gallery.