Monday, 12 February 2018

(NST) Rembawang eyes niche demographic

KUALA LUMPUR: PROPERTY developer Rembawang Holdings Sdn Bhd is undeterred by the apparently congested Klang Valley property market, as its strategy is to serve a niche demographic.

“Property business is a profitable business if it is done right. I am well aware that the market might appear congested, especially in the Klang Valley, but at Rembawang, we have a strategy that will help push us above that,” said founder and group chief executive chairman Datuk Kamisah Johan.

Speaking to NST Business in an interview recently, she said Rembawang’s strategy was to focus purely on the affluent, or high net-worth individuals (HNIs), market.

The company has three main projects in the pipeline. First is called “Teringin@SriUkay”, an ultra high-end luxury residential addressproject that will be launched soon.

The development over 3.44ha and would be one of Kuala Lumpur’s most upmarket and sought-after projects, residential ces to date, said Kamisah.

“That’s why I named it ‘Teringin’, which roughly translates to ‘wanting’, which is how my potential buyers will feel when they look at the completed project,” she said.

Another The second development will be located at Persiaran Lidcol, an enclave off Jalan Yap Kwan Seng, which is located a five-minute walk from the iconic Suria Kuala Lumpur City Centre (KLCC).

“Initially, we planned were planning to construct build a single 20-storey tower consisting of 96 units of luxury serviced suites with recreational facilities on that piece of land, which we purchased some years ago.

“However, given the current economic climate as well as the location, we feel that it could serve better as an office tower,” said Kamisah.

“We are in discussions with a local financial institution to see if this office building will materialise. The discussions are at an early stage, so it is too soon to reveal anything yet.”

The final project that Rembawang is currently working on has comprises is 510 units of serviced apartments located in Seremban Jaya, Negri Sembilan.

The three projects hold a collective gross development value (GDV) of RM600 million.

Established in December 2008, Rembawang was set up as a property investor with land acquisitions done in Kuala Lumpur.

As at June 30, Rembawang’s authorised capital was RM10 million, with a paid up capital of RM6 million.

Kamisah said that she hoped to take Rembawang public one day, but a listing exercise was not yet on the cards.

“Yes, I would love to list Rembawang on Bursa Malaysia Bhd one day, but unfortunately that’s a bit far off in the future. My main focus right now is ensuring the three projects that we have are successful,” she said.