Tan & Tan Developments to launch KL’s Stonor 3 in Singapore
Stonor 3 is a 41-storey freehold luxury development comprising 400 units in five layouts ranging from one-bedroom units of 648 sq ft to three-bedroom units of 1,232 sq ft
Kuala Lumpur-based developer Tan & Tan Developments will be launching its latest high-end residential project, Stonor 3, for sale in Singapore on Feb 18 and 19. Stonor 3 is being developed by Cipta Klasik, a joint venture company in which Tan & Tan owns a 70% interest and Mitsubishi Jisho Residence holds the remaining 30%.
Located on Lorong Stonor within Kuala Lumpur City Centre, Stonor 3 is a 41-storey, freehold, luxury development. It comprises 400 units in five different layouts — one-bedroom units of 648 sq ft to 689 sq ft, two-bedroom units of 871 sq ft and three-bedroom units of 1,031 sq ft to 1,232 sq ft.
Excluding the kitchen and wet rooms, the entire floor of each unit is laid with solid Burmese teak hardwood. The kitchen is equipped with De Dietrich and Brandt appliances, including an integrated refrigerator as well as smart washing and bathroom accessories.
Prices range from RM1.1 million ($351,077) — for one-bedders — to RM1.45 million (two-bedders) and RM1.63 million (three-bedders). All prices are before a 5% rebate, says the developer.
The rooftop skydeck offers a 360-degree view of the KL skyline
The developer of Stonor 3 has set aside three floors — levels 1, 7 and 41 — for shared leisure spaces such as a glass-enclosed cantilevered gymnasium, a 40m infinity-edge pool and sun deck, a children’s playground and wading pool, a mini theatre for private movie screenings, as well as large function rooms.
Tan & Tan Developments’ executive director Teh Boon Ghee reportedly said that he believes the property market is currently “at the bottom” and should be back in full swing by the time the project is completed in December 2019.
Tan & Tan Developments launched Stonor 3 for sale in Kuala Lumpur in November 2016. To date, about 30%, or 120 of the units, have been sold, with buyers comprising a good mix of locals and foreigners working in Kuala Lumpur.
Singapore will be its first overseas stop and there are plans to market the development to other cities in Southeast Asia.
Tan & Tan’s Teh says he is confident about the project’s gradual take-up rate, adding that property prices in Malaysia are still cheap compared with other countries in the region.
The KLCC area is still growing, with a number of developments, including new hotels and office buildings being developed and coming onto the market, which reinforces Kuala Lumpur as an attractive city, notes the developer.
The estimated gross development value for Stonor 3 is RM617 million.
Founded in 1971, Tan & Tan Developments is a wholly-owned subsidiary of one of Malaysia’s largest listed real estate developer, IGB Corp. Tan & Tan Developments has a renowned track record, having developed not just condominiums but also landed properties and gated communities, commercial and residential buildings, as well as a hospital development. Its projects include Desa Kudalari Condominium, G-Residence, Damai 33, Seri Ampang Hilir and U-Thant Residence.
According to the company’s website, Mitsubishi Jisho Residence is one of Japan’s leading condominium developers, with projects predominantly in Tokyo. It also has projects in Sapporo, Sendai, Nagoya, Osaka, Hiroshima and Fukuoka.
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