Tropicana has partnered with Banyan Group to offer Skypark Kepler (Photo: Tropicana Corp)
Bursa Malaysia-listed property developer Tropicana Corp held a private preview in Singapore for Skypark Kepler, a branded residence located in Johor, on Nov 16. The event was held at Hilton Orchard Singapore and drew over 600 visitors, according to the developer. “This good turnout reflects Johor’s pull factor and huge potential for investors and property owners,” says Ong Chou Wen, CEO of Tropicana, in a press statement.
The private preview for Singapore buyers was held at Hilton Orchard Singapore on Nov 16 (Photo: Albert Chua/The Edge Singapore)
Occupying four acres of freehold land, Skypark Kepler comprises twin towers of 54 storeys with over 800 residences, along with 16 retail units on the first and second storeys. Residential units are a mix of two- to five-bedroom apartments from 680 sq ft to over 2,200 sq ft. The project has a gross development value of RM2.1 billion ($629.27 million).
The development will be managed by Singapore hospitality company Banyan Group. During the private preview, Ixora Ang, Tropicana’s managing director of marketing and sales and business development, said that the hospitality group has signed a 10-year management contract for Skypark Kepler.
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Residents will have access to the Banyan Sanctuary Club programme, which offers discounts to Banyan Group properties worldwide. In addition, upon the project’s completion, owners will have the option to rent out their units through Banyan Living, the group’s rental platform.
Skypark Kepler is the first phase of Lido Waterfront Boulevard, Tropicana’s 163-acre (66ha) township along the coastal Persiaran Abu Bakar Sultan in Johor Bahru. The RM80 billion freehold township will feature residential, commercial, wellness, education, hospitality, recreational, and other lifestyle components.
According to Ong, Skypark Kepler was designed to fill the gap that Tropicana saw in the Johor Bahru housing market for an ultra-luxurious development that could cater to the needs of Singaporeans. “The primary audience is Singaporeans, which is why we decided to have the first private preview for the project in Singapore,” he said during the press conference.
All units at the development have unobstructed waterfront views and will be fully furnished with premium fittings and appliances. These include a range of appliances from Samsung (air-conditioner, washer-cum-dryer, television, refrigerator and microwave oven), kitchen fittings from Bosch and Miele, sanitary ware from Kohler and Duravit and mattresses from Serta and Sealy.
Ong adds that soft furnishings are included, emphasising that the units are designed to be move-in ready. “It’s as good as just bringing your luggage and living there,” he says.
The project’s appeal among Singaporeans is expected to be bolstered by its proximity to the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link. Lido Waterfront Boulevard is roughly 5km, or about a 10-minute drive, away from Bukit Chagar station, the Malaysian terminus of the RTS. Upon completion in 2026, the RTS is expected to reduce travel times between Singapore and Johor Bahru to 15 minutes.
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Selling prices for the units start from about RM2,100 psf, offering an affordable alternative to similar developments in Singapore, says Ong. Meanwhile, the monthly maintenance charge is around 55 sen psf. This means that owners will pay a maintenance fee of about RM374 to RM1,210 per month, depending on the unit size.
Ong anticipates Skypark Kepler will cover a wide range of Singaporean buyers, from owner-occupiers, including those who are interested in the Malaysia My Second Home programme, to investors.
Ang concurs, adding that the Banyan Living platform offers flexibility between the different homebuyers’ options.“We understand that owners may have different preferences, which is why we partnered with Banyan Group,” she says.
The private preview saw more than 600 visitors, according to Tropicana (Photo: Albert Chua/The Edge Singapore)
Unlike other properties where owners have to decide whether to stay in it themselves or fully surrender the unit to the management platform to be rented out, at Skypark Kepler, owners can choose to partially occupy the unit. For instance, they can stay in the unit for six months and rent it out for six months. Even after handing over the unit to Banyan Living to be rented out, owners can change their minds and get back their apartment for their own stay, provided they serve a notice period, Ang adds.
For those who choose to rent out their residences through Banyan Living, the platform will manage the units and facilitate the rentals, including determining rental rates and handling guests. The platform will take an 18% cut of the rental revenue made on the unit.
Owners who have their properties managed under the rental scheme are allowed to exchange part of their annual entitlement for a complimentary stay at any destination within Banyan’s global properties. The annual enrolment into the exchange programme is automatic and incurs no additional cost to owners.
Read also: Progress of RTS Link fuels boom in Johor Bahru properties