The Country Garden @Danga Bay project is one of the most high profile developments in the Iskandar region. Back in late 2011, the developers of Country Garden paid a whopping RM800 million for some 57 acres of land to be developed into, well, Country Garden. Launched in August 2013, Country Garden is huge. Really huge. Say, gross development value of some RM18 billion. That’s RM18,000,000,000. PropertyReviews.my thinks that this is rather #baller 🙂
Local property developers seemed to be “ruffled” not only by the sheer size of this thing, but also the fact that they are building and selling everything at one go. To quote Mr Ong Beng Seng (name changed), a local builder at the Syarikat Pembinaan Seng dan Rakan Rakan (name changed), “Usually we build one by one block to see if there’s good pickup rate… but these Country Garden fellas… building and selling everything one time… kau tim“. During the first few months after the launch, some 70% of the units have been booked (translating to some 6,000 units), and this were attributed to the following:-
- Rather “reasonable” price by luxury standards, although “reasonable” is relative… the reported RM720 PSF may well be beyond most Malaysians 😉
- Country Garden’s reputation in China. This alone drove the sales from the mainland Chinese which accounted for some 25% of the total.
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Country Garden – Despite The Generic Name
Country Garden may have a rather country-bumpkin-ish name and not as sophisticated as, say, Tropez Residences (also in Danga Bay), but this project dwarfs them all. To be completed in 2017, this project consists of some 9,000 units of bungalows and condominiums as well as a shopping centre.
The developer, Country Garden Holdings is a listed entity in Hong Kong with some 100 projects in China. Interestingly, it was reported that it also had projects in Kajang and Rawang but these remain rather low profile. In the past two years, the developer has been going on #beastmode in acquiring land, resulting in the 57 acres of land in Danga Bay which is now Country Garden. At the same time, it is also launching some eight new properties in China. #makeitrain
We here at PropertyReviews.my are adopting a “wait and see” approach even though we are quite bullish on the Iskandar region (despite what Mr Lim Kuan Yew says). Developments like Country Garden have more variables than the usual off-the-mill Malaysian property – a new “growth corridor”, proximity to Singapore, the presence of the deep pocketed Chinese and the fact that the developer is foreign. Waiting for the first sub sale cycle to hit might be rather prudent.
We do expect a rather steady stream of the Chinese into this area; looking at the trends elsewhere this looks likely to be the case – for example, nearly half of new property sales in the luxury segment in Hong Kong in the third quarter of 2012 have been from the Chinese. With the cooling measures in Hong Kong and Singapore in place these deep pocketed folks will look elsewhere (Malaysia).
Only time will tell. In the meantime, do your homework by estimating that’s the fair market value for a unit here at Country Garden (or anywhere else). Use this guide which we have prepared together with our good friends at GoodPlace.my – enter your details below, and if you’re legit we’ll send you a free download 😉