With an estimated gross development value (GDV) of RM1.9 billion, Taman Sri Penawar spans 470 acres of land with 3,300 residential units and 380 commercial units planned, the developer said in a statement today.
The township will be developed in phases by Cocoa Valley Development Sdn Bhd, a subsidiary of MBWG. It is expected to be completed in seven years.
Currently available for preview is the second phase of single-storey terraced houses. The first phase consisting of 265 single-storey terraced houses was fully sold within two weeks prior to the official launch.
The second phase of 320 single-storey terraced houses with a land area of 20ft by 70ft and built-up area of 1,091 sq ft has also received good response with over 50% of the units booked.
A commercial project in the township known as Desaru Avenue which offers 161 units of double-storey shopoffices has also seen its phase 1 units fully sold within a month prior to the launch.
Also available for preview at the official launch will be The Harmonia, a gated-and-guarded development which consists of 272 units of double-storey terraced houses of 22ft by 70ft and built-up area of 1,996 sq ft.
MBWG executive director Ng Liang Khiang said Taman Sri Penawar is located strategically adjoining Taman Desaru Utama, complemented by established amenities such as hotels, a shopping mall, retail outlets, restaurants and clinics.
“It is also well connected by major roads and highways such as Tanjung Balau Road, Kota Tinggi-Pengerang Highway and the Senai-Desaru Expressway, linking it to Tanjung Balau, Bandar Penawar, Pengerang, Kota Tinggi, Johor Bahru, Senai and Iskandar Puteri,” he added.
The Refinery and Petrochemical Integrated Development (Rapid) project spearheaded by Petroliam Nasional Bhd is also expected to employ 70,000 workers during its construction and generate 4,000 new jobs upon completion.
Additionally, Saudi Arabian Oil Co’s plans to invest RM31 billion in Rapid will enhance the positive outlook of the project.
“This bodes well for the township as this will indirectly contribute to Taman Sri Penawar’s capital and rental appreciation,” said the developer.