JOHOR BAHARU, July 13 (Bernama) -- SP Setia Bhd, Malaysia''s biggest
property developer, is building Johor Baharu''s tallest residential apartment,
The SetiaSky 88.
Standing 55-storey high, comprising three iconic towers, construction of the
most luxurious service apartment in Johor will be completed in four years, said
Ricky Yeo, General Manmager of Setia City Development Sdn Bhd, a subsidiary of
SP Setia.
"The Setia Sky 88 will be an iconic building in Johor Baharu. It is
time for Johor Baharu to have an iconic building, it will be a gateway to
Iskandar Malaysia," he told Bernama today.
The apartment will house the highest private Sky Club at Level 42-44 and
other facilities at Level 55.
The Setia Sky 88 will be built at Jalan Abdullah Tahir, dubbed as Johor
Baharu''s new Central Business District, as it also houses several skyscrapers
in the vicinity.
The project comprises three towers, all service apartments, with two towers
to be built under the first phase and the third tower at a later phase.
"There will be no retail lots in this project as Ricky wants the luxury
service apartment to be very exclusive to its residents," the company said.
The first two towers will have 588 service apartment units while the third
tower 284 units.
Ricky said The Setia Sky 88 project worth RM450 million in gross development
value would have the most expensive residential apartment in the city, with each
unit costing RM600 per square feet.
"This is the first project In Johor Baharu which commands that kind of price
per square feet," he said, adding that eventhough the project has not been
launched, the demand from prospective buyers has been very encouraging.
He said the company was targeting Malaysians residing in Johor who want to
upgrade their standard of living, Malaysians working in Singapore and
expatriates working at the Iskandar Malaysia economic corridor or in Singapore.
"Customers have been calling us to start looking at our product (The Setia
Sky 88), the demand is very encouraging," he said.
With Setia Sky 88 located at a mere two minutes drive from the Customs,
Immigration and Quarantine Complex at the Sultan Iskandar Building and the Johor
Causeway, the company expects strong demand from Singaporeans, he said.
Ricky said though Setia Sky 88 unit''s price was at high-end level, it was
still considered affordable as compared to house prices in Singapore.
House prices in the island republic was expensive, with prices per square
feet of an apartment and condominium costing between S$1,200 and S$1,600, he
said.
"At RM600 per square feet, the Setia Sky 88 is at an advantage to tap the
demand from Singapore," he added.
-- BERNAMA
MHI MHI TOM