Yacht owners as well as sea lovers will find Puteri Cove Residences probably more alluring than any other property investment they can make in Iskandar, Johor.
There are two marinas within a stone's throw of the project, and the sea view from the condominium is sweeping -- think Sentosa Cove.
Puteri Cove Residences and Quayside, now being constructed by SGX-listed Pacific Star Development, is sited close to key developments such as Kota Iskandar, the new administrative centre of Johor.
|
|
And as Pacific Star CEO Glen Chan pointed out to visiting analysts and media last week, EduCity, which comprises several brand-name universities, is just minutes away as are the likes of Gleneagles Medini Hospital and Legoland.
By the end of this year, a new ferry service will loop from Puteri Harbour nearby to Singapore's Raffles Marina and then Harbour Front.
The best is yet to come: a station of the future High Speed Rail connecting Singapore and Kuala Lumpur is planned to be constructed just 10 minutes away.
Check out our 50-second video of the view from Puteri Cove Residences and the work-in-progress in the vicinity, including the 300-berth ONE°15 marina to be operated by SGX-listed SUTL --->
Not surprisingly, the cost of living in Iskandar is just a fraction of Singapore's -- and is a key lure for investors.
A night in a single-bed ward in Mt Elizabeth Novena Hospital in Singapore can set you back S$380 but in Gleneagles Medini, the same costs only RM250.
And the cost of a freehold luxury apartment in Puteri Cove Residences?
It's less than the S$500 psf that HDB flats in the secondary market in Jurong, for example, are going for.
There are three towers of 32-storeys each: Tower 1 is nearly 90% sold while Tower 2, 65% (of the units released).
Tower 3 comprises serviced suites to be operated by Pan Pacific Hotels and Resorts, making it a rare 5-star accomodation offering in Johor.
In total, sales of apartments in Tower 1 and 2 now amount to RM620 million, said Mr Chan. It's more than the construction cost (RM580 m) of the entire project.
There are 220 apartments available still.
|
Stock price |
20 c |
|
52-week range |
16.2 – 35.3 cts |
|
PE (ttm) |
-- |
|
Market cap |
S$95 m |
|
Shares outstanding |
475.3 m |
|
Dividend yield |
-- |
|
Year-to-date return |
-0.8% |
|
Source: Bloomberg |
|
Interestingly, among the Singaporean buyers, most of those who live in the west of Singapore have HDB addresses while those in the east, private addresses.
In some cases this could mean, said Mr Chan, that residents in the west would relocate to Puteri Cove whose units will be handed over at the end of this year.
And those living in the east are likely to treat their Puteri Cove property as a second home.
|
Puteri Cove Residences & Quayside |
|
Winner: Best Luxury Condo Development (South Malaysia) |
|
Winner: Best Residential Interior Design |
|
Highly commended: Best in Residential Architectural Design |
Check out the Puteri Cove Residences corporate video -->
Note: Pacific Star Development completed the reverse takeover of LH Group in Feb 2017. New investors through a S$8.8 million share placement include Koh Brothers and prominent businessmen associated with Chuan Hup Holdings, Tang Group of Companies, Home Fix DIY and Food Empire Holdings. Aside from Puteri Cove Residences, Pacific Star Development is co-developing a property in Bangkok, Thailand, which is currently under construction and is scheduled for a regional launch in Q2 2017.
