The Raffles Suites in Johor Bharu is a single block, 30-storey condominium property on 1.7 acres of freehold land. Launched in middle of February of 2013, it has seen a good take-up rate of about 70%, comprising mainly of Johoreans and a small handful of Singaporeans. The market seemed to have responded favourably due to a successful marketing campaign, with attractive buyer offers in the form of Developer Interest Bearing Scheme (DIBS), free SP&A fees as well as a handful of complimentary home appliances being thrown in. The Raffles Suites are to be completed in April 2016.
The Raffles Suites is located on the Persiaran Sutera Danga, Sutera Utama. It could be easily accessed through the Malaysia-Singapore Second Link as well as the coastal highway; according to the developer, it only takes 15 minutes to Johor Bharu or to Woodlands. We usually take these claims with a large pinch of salt (15 minutes to KLCC! Yeah!). Location-wise, it does seem to be surrounded by rather good amenities – good for shopping (AEON, Tesco, Giant, Sutera Mall) and schools (Matahari School, Seri Omega International School).
There are a total of 311 units with the following configurations –
- 700 sq ft (19 units)
- 867 sq ft (172 units)
- 875 sq ft (24 units)
- 1,068 sq ft (96 units)
The launch prices are from RM408,900 up to RM736,900, which is approximately RM580-700 PSF. This puts it in the league of Nusajaya’s upmarket properties like Horizon Hills but more expensive than Setia Eco Gardens. Is this a fair price to pay for Raffles Suites? Find out the answer using GoodPlace.my’s property valuation guide which you can download here.
The maintenance fee is at 25 sen PSF, which is pretty competitive. This also includes the sinking fund.
The Raffles Suites is built by BMAH Properties, with a portfolio of properties outside greater KL, namely – Taman Aman Indah, Taman Alam Mesra and Taman Beluran Jaya in Sandakan. It has since expanded its portfolio with future projects in Taiping (Taman Maxwell Heights) and a couple more unnamed developments in Kota Kinabalu and Sandakan. BMAH was founded in 2005.
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What We Think
We reckon that the Raffles Suites were built to specifically to appeal to Singaporeans – its easily accessibility from Singapore via the coastal highway and the second link, and the obvious Singaporean sounding moniker. However, with the focus of the majority of Singaporean investors on the Iskandar region (especially with the announcement of the mega Danga Bay project by some big time Chinese developer) this seems to have fallen out of the radar.
We do not particularly like the choices of sizes available; they seem to be suited for the first time home buyer who is single or with a small family. A growing family will soon run out of space, and may need to look elsewhere. This means that the rental market will be somewhat limited, too.
While there may be spillover effect from the momentum of interest in Iskandar, we will need to adopt a wait-and-see attitude to really know if it’s worth investing here – at least until the end of the first subsale cycle. For an estimated indication of the fair market value of the Raffles Suites, use this property valuation guide which we will email you once you filled your details below –