The Coronade Residences which was launched in February last year, is 95% taken up.
CORONATION Square is set to be an integral part of the Rapid Transit System (RTS) Link between Johor Baru and Singapore as it will be connected via an elevated walkway and also house about 700 parking bays for the rail link project.
Coronade Properties Sdn Bhd sales manager Ong Tee Hui said that connectivity was paramount in this fully integrated development, which would include elevated walkways and flyovers among major roads such as Jalan Tebrau and Jalan Tun Abdul Razak.
“We are building a 210m walkway to the RTS. There will also be a 250m walkway from Persada Johor to the Bangunan Sultan Ibrahim Customs, Immigration and Quarantine (CIQ) complex,” she said, adding that the other link was funded by the Public Private Partnership Unit or Ukas under the Prime Minister’s Department.
Ong added that in future there would also be connectivity between RTS and the present CIQ complex.
“All these connections will form a loop and it makes us an ideal location for those wanting to commute between Johor Baru and Singapore,” she said, adding that there has been a lot of interest in their projects especially with the recent announcement that the RTS project was 65% completed and visits by prime ministers from both countries.
Ong added that their sales gallery here is packed during weekends as people are confident that the RTS project would be completed on time by the end of 2026.
Mass Rapid Transit Sdn Bhd (MRT Corp) chief executive officer Datuk Mohd Zarif Hashim in a recent interview said that the RM5bil RTS project would have immense spillover benefits and could attract five times more investments, totalling RM25bil, into the country.
The RTS can ferry about 10,000 passengers per hour per direction.
On the progress of their project under Phase One, Ong said that 2024 is an exciting year as the 35-storey Bank Rakyat tower was 99% completed and would be handed over in the coming months.
Coronade Properties Sdn Bhd sales manager Ong Tee Hui
“Our 551-unit The Coronade Residences, which we launched in February last year is also 95% taken up with 84% of the purchasers being locals while the remaining 16% were foreigners,” she said, adding that their 30-storey KPJ Wellness Centre was also 75% completed.
Ong said that they are now in the midst of looking at launching Phase Two of their project mid of this year.
“We are the only integrated development in the heart of the city which has all the different components such as residential, service apartments, hotels, financial tower, healthcare and even a mall,” she said, adding that their project would comprise six towers.
On pricing, she said that residential units for their first phase was sold at RM1,200 per sq/foot onwards and in the next phase, she was optimistic that the price would be more than RM1,300 per sq/foot.
“We believe that Johor Baru has the potential to continue growing especially with the completion of the RTS,” she said, adding that their integrated development, which is flanked by Jalan Wong Ah Fook and Jalan Trus, has an estimated gross development value of RM5bil.
In 2015, Sultan Ibrahim Ibni Almarhum Sultan Iskandar of Johor launched the Ibrahim International Business District (IIBD) transformation plan to redevelop or regenerate about 101ha within the city centre.
His Majesty in the past has not only stressed on the importance of Coronation Square and RTS but also on the importance of a good traffic system in the vicinity.
Ong said that to date they have spent a substantial sum to build roads, ramps and infrastructure to help disperse traffic as they did not want the area to be congested in the future.
“We have also invested to improve the underground drainage system especially along Jalan Trus,” she said, adding that their project also comes with almost 5,000 parking bays.
