The Mulia Residences Phase 2 to be sold out by year-end

by FARA AISYAH / pic by RAZAK GHAZALI

EMKAY Group expects the Phase 2 of The Mulia Residences in Cyberjaya, Selangor, to be sold out by year-end.

Emkay group CEO Jayasangaran Dhanapal said the premium three-storey terraced houses have received a 60% take-up rate since they were opened for registration in March.

“There is no more supply of terraced houses in Cyberjaya at this point of time, the other residential developments (in the southern part of the city) have been sold out.

“The Phase 1 of The Mulia Residences — comprises 250 units of three-storey premium terraced houses — were sold out in nine months,” he said at a media briefing last week.

He expected the intermediate units to be fully sold within the three months, while the end/garden and corner units might take a longer time until year-end.

Jayasangaran said the Home Ownership Campaign is another contributing factor for the predicted encouraging sales for the RM180 million development.

He added that Emkay Group has invested more into digital marketing due to the Covid-19 pandemic.

He said although it is possible for the developer to see a slower conversion rate from bookings to sales due to the virus outbreak, the banks have been supportive of The Mulia Residences since the launch of Phase 1.

Despite the Movement Control Order implemented in March, Jayasangaran said the construction of Phase 1 and Phase 2 are on track for completion as scheduled.

The target completion for Phase 1 and Phase 2 is February 2022 and August 2023 respectively.

The Mulia Residences will be developed in three phases with a total gross development value of RM737 million.

Phase 3 of the 50-acre (20.23ha) freehold development — which comprises 417 mid-rise premium apartments — is targeted for launch by the end of 2021.

Apart from that, Emkay Group is also planning to introduce two new phases in Cyberjaya, including a SoHo project and a small office tower next year.

Emkay Group’s remaining landbank is currently in Cyberjaya only, and it plans to focus in the city for now due to the good response received for the Phase 1 development.

Jayasangaran said the developer is always on the lookout for potential landbanks.

“Of course, we are looking at some pieces of land, it is an ongoing thing in the company.

“But there must be offer and acceptance, the land must be in the right location and if it is suitable for our development, among others,” he said.

Over 36 years in existence, Emkay Group has developed more than 60,000 homes, 10 million sq ft commercial and office spaces and six resorts.