Property developers and their top executives are always on the lookout for the next hot concept but unfortunately, most of them take the easy way out by copying each other’s ideas.
However, that may not necessarily be a bad idea in itself, if they take the trouble to understand, adapt and improve on such concepts.
What were at one time novel and innovative concepts, such as SoHo units, concierge service, private lift lobby, integrated development and Green certification, have become common these days. Judging from completed projects of certain developers and the upcoming development of others, one might say, there have been and will be, hits and misses.
Thus, property buyers and investors have to be on a constant vigil in their mission to buy a choice property and not fall for fancy promises of the sales and marketing team that don’t really add up.
Over the benchmark: Some of the serviced apartment units at the upcoming Icon City development in Petaling Jaya already cost over RM1,000 psf.
Integrated notion
One senior executive of a top property group pointed out that so-called “integrated developments” are not really integrated at all.
It is now fashionable for property developments to be touted as “integrated” but what really does it mean? Such a concept may allude to the fact that when you live in such a development, you can literally work, play and entertain within your self-contained neighbourhood.
But is there a real mall, hypermarket or even a supermarket within the development or a cineplex to catch the latest movie on a wide-screen cinema hall? Small-scale retail outlets and boutiques don’t count. For example, a certain mixed development in KL is being built near a mall with a “link” to it.
“But is this development really integrated,” asked the sceptical chief operating officer, “And they are charging over RM1,000 per square foot?”
Chef Wan’s dream home
Speaking of investment, while visiting Mah Sing Group’s property roadshow held at the Equatorial Hotel near their South Bay City project, I had the chance to chat with a celebrity who bought a house for over RM3mil while promoting Mah Sing’s property at the Shangri-La Hotel in KL recently. The roadshow continues in Johor Baru tomorrow till Sunday at the KLS Hotel.
Chef Redzuawan Ismail who is popularly known as Chef Wan, needed no prompting to talk about his latest property acquisition.
The 3½-storey detached house is one of 69 “limited edition homes” in the Aspen Garden Residence project in Cyberjaya. The corner unit spans 7,800sq ft and the land area is 6,500sq ft. It comes with a lift and has a large entertainment space on the rooftop garden. The house will be ready early next year as the developer will customise the unit to fit Chef Wan’s specifications.
Said Chef Wan, “I have been looking for a house for sometime. And Cyberjaya will be ideal for my new home as it is only minutes away from the Kuala Lumpur International Airport. In my line of work, I am always flying in and out of the country.”
The celebrity said he had considered Bukit Jelutong in Shah Alam as well as Country Heights in Kajang but he didn’t fancy the houses there for various reasons.
“What I like about Mah Sing’s houses is that they don’t cut corners. There is plenty of space on the different levels. Relatives can come and stay and I will still have plenty of privacy. Also, the 69 units are uniformly elegant in architectural design without jarring monstrosities in the neighbourhood,” explained Chef Wan.
“I particularly like the rooftop garden space. As I like to throw parties and entertain my friends, it will be ideal.”
The chef who admitted to being a shopaholic, added that after 26 years in the business, he could afford to splurge on his new home. He turns 55 in January.
“I need plenty of wardrobe space as I have shoes like Imelda Marcos and lots of travel bags and watches,” said Chef Wan candidly, as he dangled his RM8,000 Ferragamo sling bag.
He also needs kitchen space and a large dining room to showcase his collection of bone china and other tableware that he has collected from around the world on his many assignments.
One of his requests to the developer is to change the timber flooring of the upper levels to marble. When told that it could be a bit “cold” to the overall ambience of the house, Chef Wan quipped that he has plenty of rugs and Persian carpets to put on the floor.
And when he moves into his new home early next year, Chef Wan will give his 3,000sq ft penthouse in Ampang to his son, Chef Mond Nadzri Redzuawan, better known as Chef Riz who is married to an actress.
And while talking of his “1 Market by Chef Wan” Asean food court project for Singapore Food Junction under LIPPO Corporation, one of the senior executives of Mah Sing suggested that he could do the same concept for another of the group’s property development in Bangi that spans 162ha (400 acres).
Chef Wan’s latest F&B project in a mall on Orchard Road, will encompass about 1,300sq m (14,000sq ft) of space and can seat 500 people. It will cost an estimated RM20mil (S$8mil) to materialise. It is scheduled to open in October.
Going RM1,000 psf in PJ
Radical idea: A skyscraper under construction in Mumbai, India, not only includes more than 200 apartments, three levels of car park space, a gym and sauna, but it also features pools on the edges of several balconies.
Remember a previous Early Bird article that talked about how property in Petaling Jaya will eventually hit the RM1,000 per square foot benchmark? Well, that benchmark has been breached.
Coincidentally, it is another property development that belongs to the Mah Sing Group. We are referring to the Icon City development in PJ that spans 8ha (20 acres).
This development is at the intersection of the Damansara-Puchong Highway (LDP) and the Federal Highway, formerly the site of the Panasonic factory within the Sungei Way Free Trade Zone.
Both the Icon Residenz serviced apartment component as well as the i-SoVo (small office versatile office) component (Phase 1), have exceeded RM1,000 psf.
While bookings for the residential units were recorded since last September, it was only last month that actual sales were transacted following approval from the authorities.
And one of the smaller Icon Residenz units at 594sq ft was sold for RM632,000 or RM1,063 per sq ft. This was achieved on May 12 when the development was “officially” launched.
Icon Residenz serviced apartments total 572 units but only 248 units were open for sale. There are five layout options from one-bedroom to four plus one-bedroom units ranging from 557sq ft to 1,795sq ft. The average cost per sq foot is RM986 psf.
The i-SoVo units comprise 366 Duplex units, with a built-up from 745sq ft to 1,094sq ft and 91 Simplex units at 436sq ft each.
Average cost per square foot is RM950 while the highest price unit, in terms of per square foot, was sold for RM1,080 psf.
An upward trend
Housing prices in Petaling Jaya and elsewhere in the country continue on an upward trend. According to a recent report by Oriental Realty and Zeppelin Real Estate Analysis Ltd, the residential property market in Malaysia has seen an overall price gain of 78% from the first quarter of 2000 to the third quarter of 2011. Log on to www.starproperty.my for details on which type of home has gained the most.
You can also read about the case of a married couple who wants to upgrade to landed property (Old But Expensive) but finds the asking price of double-storey terraced houses in PJ is already in the range of RM700,00-RM950,000.
Aussie expertise
There will be a forum on Liveable And Sustainable Cities Of The Futureon July 2 at the Shangri-La Hotel KL to be hosted by the Victorian Government Business Office (VGBO). A delegation comprising 17 Victorian companies will share with Malaysians the latest in sustainable solutions as well as best practices in managing city development.
The Australian delegates will also undertake a series of business meetings to boost collaboration in sustainable development in cities.
The VGBO quotes the Economist Intelligence Unit’s Global Liveability Report (August 2011) which rates Melbourne (capital of Victoria) as the most liveable city in the world, while Kuala Lumpur is ranked 71.
Medical tourism
While our Malaysian tourism sector has been promoting “medical tourism” for a while now, the Indonesians have just embarked on their own version of the scheme in Bali.
Merging a luxury hotel property with medical treatment, the hybrid “product” is an interesting concept though not novel. The BIMC Hospital Group in partnership with the Courtyard by Marriott Bali will provide the country’s first medical tourism package tours and services for inbound travellers.
Inaugurated on May 5 by Indonesian Minister of Tourism and Creative Economy, Mari Elka Pangestu, along with officials from the Ministry of Health and the Balinese government, the internationally managed BIMC Hospital offers visitors the country’s most advanced dialysis treatment, surgical and non-surgical cosmetic procedures as well as dental care.
Located along a palm-lined boulevard neighbouring BIMC Hospital in the integrated resort complex of Nusa Dua, the Courtyard by Marriott Bali has added specific after-care services in preparation for the launch of the medical facility.
Along with in-room and resort-wide comfort and facilities, the resort is the first property in Indonesia to coordinate specialised medical services such as aftercare visits by BIMC Hospital nurses. Does any of our property owners or developers harbour such an idea?
Balcony pool
One radical idea in property development is found in Mumbai in India. While balcony space in Malaysia is hardly used, one architect has found a seemingly great use for it, by turning it into a pool.
Called the Aquaria Grande, the two 37-storey towers were designed by architect James Law and the real estate company Wadhwa Group.
