BY Kent Tan
Affluent neighbourhoods in the country are often earmarked by opulent and grand structures, which ultimately provide a locale with iconic landmarks and become a source of national pride.
Very often these benchmarks of the built environment invite the envy of the masses as they are only available to those with pockets deep enough to satisfy the out-of-reach prices.
However, Paradiso Nuova, one of the few luxury residential projects built in the Central Business District of Nusajaya in Medini, Johor, is setting a new benchmark, both with its lavishness as well as its reasonable pricing.
Paradiso Nuova is the first offering in a RM2.6 billion three-phased high-end residential development by Zhuoyuan Iskandar Sdn Bhd, a joint venture company backed by China’s Zhuoda Group and Malaysia’s Iskandar Investment Bhd.
Sited in Medini Zone A, Paradiso Nuova is taking shape on a 2.2-acre parcel within the development site of around 30 acres. Standing at 35 storeys and 122m in height, it houses 382 high-end condominium units featuring a 4.2-acre recreational park.
“With Paradiso Nuova, we will bring to life a standard of living which represents the best of Singapore, Hong Kong, Taiwan and Kuala Lumpur, but at a significantly lower cost and backed by attractive investment incentives,” said Wang Bin Wu, chief executive officer of Zhuoyuan Iskandar.
The units are priced from RM662,000 to RM1.68 million. The prices have appreciated by around 12 per cent since the project was first unveiled in 2013.
According to Zhuoyuan Iskandar, Paradiso Nuova is unique because it is currently the only luxury residential development in Medini. 60 per cent of the units in Paradiso Nuova have been sold with a mixture of both foreign and local buyers from in and out of the Iskandar region.
“Looking at capital appreciation, if we compare current 6trices at Puteri Harbour, properties are easily in the range of RM1,700psf. In comparison, Paradiso Nuova is priced from RM850psf to RM1,100psf, and the headroom is obvious. If we compare prices to Yishun in Singapore, prices can reach RM4,000psf easily. On rental yields, currently a two-bedroom apartment in Nusajaya can fetch as high as RM3,000 a month. Rates are projected to increase steadily in the next decade along with the growth in Medini,” said Caleb Loh, senior assistant manager of Zhuoyuan Iskandar.
Additionally, the Singapore–Kuala Lumpur High Speed Rail in Nusajaya is expected to be a catalyst to the project, making the travel distance to Singapore 30 minutes, and Kuala Lumpur 60 minutes.
While the word “luxury” is too casually bandied around these days, Paradiso Nuova offers branded finishes from kitchen cabinetry to appliances and even bathroom fittings. The flooring material of each unit is made of imported marble and solid timber.
Other deluxe features include high quality solid timber door, full-height glass wall, integrated kitchen with solid surface counter, feature wall and porcelain tiles in washrooms.
The units are semi-furnished with gas hob and hood, microwave oven, washer cum dryer, water heaters, aid-conditioners, kitchen cabinets, sanitary wares and bathroom accessories.
Brands that provide the fittings and finishes include Bosch, Blum, Signature Kitchen, TOTO, Teka, Grohe and Franke.
The three-bedroom units come with private lift lobbies and each level houses a maximum of six units, providing exclusivity to residents. At the moment, Paradiso Nuova is the only residential development that features fine dining and entertaining (on level 35) options, and residents will get a vantage point of the Medini cityscape.
Type A is 696sq ft with one-plus-one bedrooms; Type B1 is 967sq ft with two bedrooms; Type C1 is available in either 1,123sq ft or 1,078sq ft with two-plus-one bedrooms; and Type D/D1 has 1,475sq ft or 1,428sq ft with three bedrooms. The project is expected to be completed in 2017.
For buyers on the lookout for investment potential, the project leverages its being sited approximately 10 minutes from Singapore’s second link as well as its proximity to many established signature developments such as EduCity, an international standard education hub; Pinewood Iskandar Malaysia Studios, with over 100,000sq ft of film stages; Kota Iskandar, the new Johor State Administrative Capital; Puteri Harbour, a premium waterfront development across the strait from Singapore; Horizon Hills, home to one of the best golf clubs in the country and Legoland Malaysia, the first Legoland theme resort and theme park in Asia.
“Iskandar Malaysia is a leading international example of diligent planning and foresight on the part of the Malaysian government. Throughout the region there are exceptional investment opportunities and we are honoured to be able to play an integral role in contributing to Iskandar Malaysia’s growth with the development of Paradiso Nuova,” said Wang.