by NURUL SUHAIDI / pic source Majuperak’s Facebook
MAJUPERAK Holdings Bhd has expanded its property segment to a new market with the launch of its first property outside Perak known as Nexus Residences, located at USJ Subang West in Shah Alam, Selangor.
“We are optimistic with the take-up despite the challenging outlook of the property segment,” executive chairman Datuk Redza Rafiq Abdul Razak said while officiating the project.
According to Redza Rafiq, the property pricing point may slightly differ due to different market dynamics between Perak and the Klang Valley and both markets are separate altogether.
Meanwhile, Majuperak group CEO Nizran Noordin (picture) said in an effort to lower the cost, the company is incorporating a value engineering incentive to reduce the construction cost.
“We have the consultant to advise us in that regard to ensure the property are priced at a reasonable rate,” he said.
This property estimates RM122 million of the gross domestic value (GDV) with a starting price of RM803,4000 with a total of 153 units.
Commenting on the factor which may challenge the property market such as labour shortage, increase in raw materials and Overnight Policy Rate (OPR) hikes, he said this may influence the buyer sentiments but in a long term he remains bullish.
“The increased price of raw material has affected all the developers nationwide. However, through all this I believe the market is stabilising and the downturn has a bottom-up as well and this signals the market sector,” Nizran said to the media.
While admitting the labour shortage also may be a challenge, he noted that the withdrawal of restrictions by Indonesia with regard to labour entry will ease the process.
“The unfreezing of labour entry by Indonesia is a good step and it will further improve the process for the project development,” he added.
As for the OPR rate volatility that may affect the home loan for the buyers, he said it is still not as aggressive.
“To this end, the OPR rate I believe is still at a lower margin and even if there is an increase it will remain affordable for the public and the market is adjusting.”
Adding to it, he believed the work-from-home culture will contribute to the take-up of its unit given the facility has an enormous space, suitability for commercial use and is located in a hotspot and urbanised area.
Among the key attractions for the residences is the dual key concept, suitable for both flexible occupancies and investment while ensuring utmost security.
“The buyer may expand their units for studio rental purposes, Airbnb, etc as it also provides excellent connectivity and is accessible through four main highways,” he said.
He added that buyers may also explore their investment potentials to maximise the unit purchase.
Nexus Residence project will begin in the fourth quarter of this year with target completion by 2026. A rebate of up to RM80,000 with zero booking fee and a 10% discount is available for the early birds.
The units are open for booking and public viewing starting today at the Sales Gallery located @ Nexus Regency Suites and Hotel.