9 October 2020
IJM Land Bhd is set to launch Rimbun Jasmine in its Seremban 2 township in Negeri Sembilan in early October. Registration of interest started in June and the units are fully booked.
“We are confident that this project will have good demand regardless of current market conditions. Working from home has become part of the new normal. We realised that people who live in condominiums have limited space to move around in. Thus, this group of buyers will find our landed properties better, as they are more spacious and affordable,” says IJM Land senior general manager (central region) Datuk Hoo Kim See in an exclusive interview with City and Country.
Rimbun Jasmine is located in a mature and self-contained township, with proximity to shopping malls such as AEON Mall, Palm Mall, Mydin and Tesco hypermarket; schools such as SJK(C) Ladang Hillside, SJK(C) Tung Hua S2, SMJK Chan Wa 2, SMK Puteri, SMK Seremban 2 and Zenith International School; and healthcare institutions such as Columbia Asia Hospital and KPJ Hospital.
The neighbourhood is easily accessible via the North-South Expressway and Kajang-Seremban Highway, and the Kuala Lumpur city centre, Kuala Lumpur International Airport (KLIA), Putrajaya and Cyberjaya are a 30- to 45-minute drive from Seremban 2.
Occupying an 11.2-acre freehold parcel in Seremban 2, Rimbun Jasmine has a gross development value (GDV) of RM72.2 million and will comprise 129 two-storey linkhouses. Priced from RM480,000, the 4-bedroom, 3-bathroom units will have built-ups ranging from 1,932 to 2,138 sq ft. The project is expected to be completed by 2022.
Hoo says Seremban 2 is a progressive area and the population is growing. With a total GDV of RM4.7 billion, the 3,800-acre integrated township comprises residential, commercial and industrial components. The development is 80% completed so far and has more than 13,000 homes with more than 62,000 residents.
Rimbun Jasmine is a gated and guarded community with a single point of entry. The units will have a north-south orientation and wide gate entrance, and the streets and pathways will have lots of greenery. The maintenance fee will range from RM100 to RM150 a month.
Hoo highlights that the units will offer flexibility in design and layout, whereby buyers can easily convert the rooms into an office. This project caters for middle-low-income buyers, including first-time homebuyers, young couples and small families. “We conducted a market survey and found that some buyers could not afford a landed property, owing to budget constraints and, as such, we will offer them these affordably priced products,” he says, adding that investors will also be interested in this project because the value of these houses is expected to appreciate over time.
“Our first group of buyers will be from Negeri Sembilan, Port Dickson and Nilai, followed by those from the Southern Klang Valley such as Bangi, Putrajaya and Cheras. There is a shift in demand, as nowadays, buyers from the Klang Valley make up almost 20% versus 5% previously. This is because our landed properties are more affordable than those in the Klang Valley,” explains Hoo.
Future residents of Rimbun Jasmine will be able to use the facilities and amenities in the Seremban 2 township. He says, “There are two recreational parks — the 15-acre City Lake Park and 30-acre Hill Park — as well as a 34-acre sports complex for residents. We have also enhanced the landscape by incorporating greenery and tree plantings along the walkway, and jogging and cycling paths. This has ultimately become a family-friendly place for outdoor activities.”
According to Hoo, the commercial shops in Seremban 2 are popular with business owners who see the township’s potential. “There are barely any shops that are vacant or put up for auction because tenants are confident that their businesses will do well, as there is a population in this area.”
Hoo says it was a challenge to find buyers for Rimbun Jasmine because of the current market conditions. “The rejection rate for mortgage loan applications ranges from 20% to 50%, and can surpass 50% for some projects. So, we have put in more effort to assist and guide homebuyers in compiling documents to meet the lending guidelines.”
In addition, while the group was unable to market and sell properties the conventional way during the Movement Control Order (MCO) period, it resorted to digital online marketing.
Moreover, construction activities were affected by the MCO, during which contractors were required to comply with the standard operating procedures before starting work. “For instance, they had to queue up to take their body temperature twice a day, which has reduced efficiency and increased costs. The workforce was also reduced, as some foreign workers who left the country before the MCO could not come back. This is not only a challenge to us but also for the other developers,” says Hoo.
Despite these setbacks, the development of Rimbun Jasmine will be completed according to schedule.
Overall vision and upcoming projects
Seremban 2 aims to create a vibrant community in which people can live and work with peace of mind. “When we hand over a project, we will help homebuyers form a resident association so that they can build a community,” says Hoo. “We not only build a township but also the soul of the city by bringing people together and forming a community that will continue to increase their well-being, satisfaction and happiness.”
Similarly, Rimbun Jasmine carries the same DNA as Seremban 2. “We will not only deliver the end-product to buyers but also organise events such as IJM Land Run, Chinese New Year and Chap Goh Mei celebrations and Deepavali open house to bring the residents together,” says Hoo.
IJM Land’s projects in the pipeline in Seremban 2 include Rimbun Kiara (255 two-storey linkhouses) and Phase 1C (304 single-storey terraced houses), both of which are expected to be launched by next year.
“Although current market conditions remain challenging, demand for properties in the right location and with the right pricing will continue to attract buyers,” says Hoo.
Source: theedgemarkets.com
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