New high-rise project in Puchong

RENOWNED property developer Glomac Berhad is set to launch Loop Residences – a 6.2ha serviced apartment scheme in Puchong, Selangor – this weekend.

The high-rise project with a RM345mil gross development value (GDV) comprises 980 units across two blocks.

One block has 33 storeys and the other 35 storeys. There are two types of units available.

The 750sq ft unit has three bedrooms and two bathrooms. The other is 450sq ft in size with two bedrooms and two bathrooms.

The units are priced between RM230,000 and RM660,000.

They are built atop an eight-storey parking complex, which will provide each unit owner with one or two bays.

The project is targeted at young professionals, first-time homebuyers and retirees.

Glomac Berhad managing director and chief executive officer Datuk Seri FD Iskandar Mansor is confident that it will attract buyers.

His optimism is based on the property’s central location and access to medical and educational facilities.

“The project has good connectivity as it is near the Damansara-Puchong Expressway (LDP) and Shah Alam Expressway (Kesas).

“It is also near IOI Mall Puchong and Pusat Bandar Puchong LRT station,” he said during a media tour at the sales gallery.

A view of the show unit for Loop Residences, Glomac Berhad’s new development in Puchong.

FD Iskandar said residents would enjoy plenty of shared amenities including a multipurpose court and children’s playground, outdoor gymnasium, coworking space, jogging track, swimming pool and lounge deck.

The start of construction and completion dates have yet to be determined.

“Construction will start after we have reached a certain percentage of buyers,” he said.

Loop Residences is part of the Loop City township – a planned integrated mixed development area by Glomac.

The township has a GDV of RM4bil and will be developed in four phases to include two additional serviced apartment schemes and one commercial area.

Glomac also announced it will be undertaking other projects within the Lakeside Residences township in Puchong.

The projects include terrace and semi-D homes, shophouses and Rumah Selangorku projects.

Launched in 2012, the Lakeside Residences township is sited on a 76ha leasehold plot, with 37.7ha still undeveloped.

FD Iskandar is optimistic that the property market is recovering from the impact of the Covid-19 pandemic despite the increase in labour cost and prices of materials.

“We expect an increase of between 20% and 25% in sales next year.

“There are signs that the market is improving but it has yet to go back to the pre-pandemic level.

“More government incentives will be helpful such as allowing higher density and having fewer bumiputra quotas,” he said.

The launch is scheduled for Nov 11 and 12 at Loop City’s sales gallery in Puchong.