Paramount Property Development Sdn Bhd has launched phase 1 of Sejati Lakeside, its second landed housing project in Cyberjaya.
The 41-acre freehold development has a GDV of RM570 million and comprises of 418 units of two-storey terraced houses, superlink houses and semidee homes with a modern sleek design.
Phase 1 comprises of 130 units of two-storey terraced houses with a GDV of RM130 million. Each unit has a land area size of 22ft by 70ft and 2,546 sq ft built-up. Every unit has 4 bedrooms and is priced at RM928,000. Completion will be in 2 years time.
The remaining 2 phases of Sejati Lakeside will be launched subsequently depending on market situation.
Sejati Lakeside is built beside a 45-acre lake and the developer plans to build a lakeside promenade with a 2.2km jogging trail.
Unlike Sejati Residences (Paramount’s first landed township in Cyberjaya), the non-strata Sejati Lakeside does not have a clubhouse. Nevertheless, the developer has allocated five acres of land for recreational parks and wellness facilities catered to residents of all ages. For instance, the Cardio Park and Bark Lawn come with a par course and outdoor exercise equipment while the Eco Garden will have a tropical spice garden and fruit orchard as well as a picnic area. There will also be basketball and badminton courts, a pets’ zone and an amphitheatre that could be used as a community activity space.
History of the land:
Paramount Corp Bhd is buying 41.41 acres of land in Cyberjaya for RM149.71 million (RM83 psf) to build a gated and guarded landed residential development. The previous project on the land was known as Areca Contempo Homes by Nadayu, which has since been cancelled following the transaction. The site is also adjacent to 25.55 acres commercial land owned by SGX-listed Hatten Group, which they also bought from the same seller.
Paramount Corp Bhd’s wholly-owned subsidiary Paramount Property (Lakeside) Sdn Bhd is buying the freehold land from Makmur Asiamaju Sdn Bhd (MASB), which is jointly owned by Areca Holdings Sdn Bhd (70%) and Setia Haruman Sdn Bhd (30%). Areca Holdings Sdn Bhd is controlled by Nadayu Properties Bhd.
Paramount also has a development known as Sejati Residences that sits within a kilometre of the land being acquired. The developer aims to replicate the success of Sejati Residences, which has achieved a 90% take-up rate to date, and to capitalise on existing manpower from the earlier project. The group expects to see a shorter turnaround period for the proposed development, with the RM570 million gross development value to be generated over a period of six years.
Lot no: H.S.(D) 36154 PT 50495, Mukim Dengkil, Daerah Sepang, Negeri Selangor
Land area: 41.406 acres or 167,566.82 square meters
Category of Land Use: Residential
Land price: RM149,702,565 (RM83 psf)
Date of transaction: 12 January 2018
Vendor: Makmur Asiamaju Sdn Bhd (70% Areca Holdings Sdn Bhd and 30% Setia Haruman Sdn Bhd)
Purchaser: Paramount Property (Lakeside) Sdn Bhd (company of Paramount Corp Bhd)
1. Development order approved for a stratified landed residential development with a density of 418 units of residential properties pursuant to a development order dated 24 February 2014 granted by Majlis Perbandaran Sepang to MASB.
2. Land valuation – RM150,000,000.00 as appraised by Jones Lang Wootton (JLW) based on the Comparison Approach valuation methodology according to JLW’s valuation report dated 12 December 2017.
Read more here.