Ten pre-selected bungalow lots at Leisure Farm Resort in Iskandar Malaysia have been snapped up, with more than 30 bids received.
“We are overwhelmed by the strong reception,” said Lee Seng Huang, Executive Chairman of Mulpha International, the parent company of the project's developer Leisure Farm Corporation.
Successful bidders secured the units after paying a 10 to 15 percent premium on top of the reserve price, which ranges from RM2.03 million to RM6.93 million (S$796,363 - S$2.72 million) or RM115 psf to RM150 psf (S$45 - S$59 psf).
Media reports stated that Malaysians contributed 50 percent of the RM50 million (S$19.63 million) total sales, while the remainder came from foreign buyers.
According to Leisure Farm Corp, demand for the project surged in the first half of the year, with land prices rising by 40 to 70 percent depending on lot location and topography.
Moving forward, the company plans to launch an additional 57 units of canal-fronting bungalows and eco-themed semi-detached homes in Bayou Creek, Precinct 7B in the same area by October.
Farah Wahida, Editor of PropertyGuru Malaysia, wrote this story. To contact her about this or other stories firstname.lastname@example.org