In a quick response, the pleasantly surprised developer partially released another component of the project – two 5-storey blocks of 128 low-rise suites. At press time, all of the smaller, 999 sq ft 2+1 single suites had been taken up, leaving sixteen 4+1+1 duplex units of 1,965 sq ft, which the developer said it would unveil on April 1.
Also unsold were six penthouses and eight ‘bridge units’, as the developer called them, measuring 3,264 sq ft.
That notwithstanding, the success of The Capers is noteworthy, coming at a time when sentiment is weighed down by economic uncertainties stemming from the unrest in the Middle East and impact of the devastating earthquake and tsunami that struck Japan on March 11.
While the strong sales may give one the impression that the local property market is resilient, not many projects will see the tremendous interest that The Capers has attracted.
What are the reasons for the huge demand? The winning ingredients are there: strategic location and accessibility, pricing, the developer’s reputation and credibility and unique design.
Still, the developer admitted to being pleasantly surprised by the positive market response. Though 7,000 potential buyers had registered their interest, YTL Land would know there is no guarantee that an expression of interest means a sale.
Could this be why it decided to offer eligible purchasers early-bird discounts and a Developer Interest Bearing Scheme?
Discounts of 3% and 5% were dangled, depending on the size of the units, ranging from 695 to 1,567 sq ft for the high-rises. Discounts were also offered for the 999 sq ft single suites, but at press time, the developer could not confirm whether there would be early-bird discounts for the duplex suites.
Not stopping there, YTL land worked with the banks to introduce a Developer Interest Bearing Scheme incentive of 10%+90% (for those eligible) or 30%+70% (for those who own three properties).
People familiar with the planning of The Capers recall that the developer had considered, at one point, a price tag of RM800 psf onwards. But as it turned out – and in a sure sign of cautious market sentiment – the average price of The Capers is now RM550 to RM600 psf. The duplex suites are now priced at RM700 and RM800psf.
The Saffron, also in Sentul, was launched in 2006, at RM220 psf but today, says YTL Land, values have more than doubled to between RM450 and RM500 psf. Yet another of the developer’s projects in Sentul, The Maple, is now tagged at an average of RM500 psf – double the price at its launch in 2003.
Price aside, a stand-out feature of The Capers must be its out-of-the-box sign. Both towers – one oriented south towards the KLCC and the other north facing the highlands – are positioned to shield the units from the afternoon sun and from each other so that they do not look into each other.
An artist’s impression depicts wave-like sculptural forms that soar majestically into the sky. Space optimisation in the internal layout is also said to be a plus point.
The attention showered on The Capers not only drives home the point that there is ample liquidity in the market but also the Malaysians continue to believe in investing in real estate for the long term.