Ibraco raising the benchmark of property development
I deally situated within the ‘Greater Tabuan’ area in Kuching — Tabuan Tranquility — is the highly regarded mega mixed-development project by Ibraco Bhd (Ibraco), spaning over 162 acres with an estimated gross development value (GDV) of RM750 million over a development period of five years.
The project which is currently in its early second year of development, has seen a GDV of approximately RM125 million of being pumped in — funded by internally generated funds and bank borrowings.
Tabuan Tranquility comprises sizeable residential development geared to cater for the growing population of the surrounding areas, thereby reducing traffic flow into Kuching city centre as well as to support the locals and expatriates working in the Samajaya free trade zone and the educational facilities in Kota Semarahan.
LAND SCARCITY: Chew says mixed developement projects on the outskirts of the city are the way forward.
“The population of Tabuan Tranquility upon completion and the density in the surrounding area are more than sufficient to bring vibracy and sustainable business venture. Most importantly, its commercial hub provides convenience closer to home,” Ibraco managing director Chew Chiaw Han told BizHive Weekly in an exclusive interview.
He further revealed that the integrated township was designed in five phases comprising approximately 980 units of residential and commercial properties, a petrol station, an office block and a commercial mall.
According to Chew, Phase One was launched in the third quarter of 2010 with 76 units of four-storey shophouses which were 100 per cent sold out and currently 95 per cent completed. Phase Five was launched thereafter in the fourth quarter with 242 units of terrace and semi-detached residential properties. Phase Five is now 92 per cent sold and 45 per cent completed.
The recently launched ‘Tabuan Tranquility 2’ was its Phase Two (stage one) project which comprised 80 units of luxury terrace with bigger land sizes of 202 square metres (sqm), 56 units of semi-detached garden homes with minimum land sizes of 365sqm and 24 detached units ranging from 620sqm to 1,217sqm.
“With the development of Tabuan Tranquility, it has opened up the development along the Kuching-Kota Semarahan Expressway. Besides its potential GDV of RM750 million, there are many intangible values which should be considered including a safer neighbourhood and living convenience,” Chew highlighted.
He further pointed out that this development was used as a platform for the group to move into green township developments. “Some of the green attributes that are important are the environmentally friendly roofing systems and the eco-friendly doors and window systems that we use in our development.
“In addition, 20 per cent of the development is designated as green areas compared with the minimum requirement of 10 per cent. Green living concept will be the way ahead as more people understand the benefits of green living. We believe our green concept will lead the property landscape of developments in the surrounding areas,” he said.
When asked if mixed-developments should be given priority this year, Chew said, “Due to the scarcity of land around the city area, mixed-development projects on the outskirts of the city are the way forward. They will reduce the traffic flow to the city and ease existing traffic congestion.”
Tabuan Tranquility also enjoyed excellent accessibility to highly developed residential areas such as Tabuan Jaya, Tabuan Heights, Heights Avenue, Tabuan Jaya Baru, Heights Drive, Heights Estate, BDC Satria Jaya Township, Stutong Community Market and the educational hub of Kota Semarahan, hence creating the sustainable critical mass for any businesses to succeed.
To-date, Ibraco had completed more than 10,000 units of residential, commercial as well as industrial properties encompassing some 1,100 acres of land. With its distinguished track record of over 35 years experience in the property development industry, Ibraco has established itself as a premier property developer in Sarawak.