Setia Sky 88 is a new condo just getting set for construction to start. As with all new condos in Johor Bahru recently the developers are aiming for high prices.
The location is nice, across the street from the New York Hotel. There is another highrise condo being built right next to the Setia Sky 88 (across the street – between the Sky 88 and Hotel Selesa). Setia Sky 88 consists of 588 units in 3, 55-story-towers and is estimated it will cost RM 450 million.
The first 2 towers are completely sold out. The third tower will go on sale in 2013.
Plaza Penagi is just 4 blocks away. KSL is within 1 km. The KSL condos are getting close to being completed (also very high prices on these).
I am not really sure why they have to exaggerate (saying the causeway is 2 minutes away), the causeway is 5-10 minutes away assuming any sensible driving and traffic load.
I can’t find any details on the delivery time frame on their website. I don’t understand how such basic information is left off. One newspaper article quotes a 2016 delivery date. I talked to a representative at a real estate fair who confirmed all 3 towers will be completed in 2016. Building 55 stories does take awhile, still I am surprised it will take them 4 years.
One estimate of costs puts units at RM 750 per square foot to 1,000 per square foot for some units facing Singapore (which is the highest cost in JB). At RM 750 that rate a 1,000 sf unit cost: RM 750,000. All 7 levels, 48 units, of “penthouse” were sold out for over RM 1 million; 1,173 to 1,389 square feet per unit.
All 353 units available to international buyers sold out in the first 5 days: from RM 600,000 to over RM 1,000,000. 40% of the buyers in the first 5 days were international buyers.