Competition to result in more super luxury residences
THE growing competition in the residential property market will result in more innovative and upmarket projects coming on-stream next year.
Developers are eager to take advantage of the positive market environment following the rising demand for luxurious residences and the government's strong encouragement of higher foreign participation in the local market.
Come 2008 as competition to attract the well-heeled and high net worth clients heats up, one of the interesting development to look out for will be the unveiling of super luxury residences with whopping price tags from RM30mil a unit.
The fact that developers are confident of launching such exclusive projects shows that there are many affluent Malaysians who have made it and can afford to pamper themselves to enjoy the finer luxuries in life.
An artist's impression of a Duta Grandé super luxury bungalow in Kenny Hills.
It is estimated that these affluent group who can afford such exclusive homes easily make up 2% of the local population.
The country's strong economy and entrepreneurship have spawned a sizeable pool of successful businessmen and investors who are eager to upgrade their lifestyle.
SP Setia Bhd looks set to pioneer the inroad into the super luxury residential market when its Duta Grandé project is launched early next year.
Located on six acres in Kuala Lumpur's Kenny Hills neighbourhood, the project will showcase only 15 “trophy” bungalows that have a minimum price tag of RM30mil a unit.
Tan Sri Liew Kee Sin
Group managing director and chief executive officer Tan Sri Liew Kee Sin said the company's aim is to become the first developer to set the new price benchmark and redefine the luxury living experience.
“We are targeting the crème of society; a select group of tycoons who want to experience the ultimate extravagance and pampering that money can buy,” he told StarBiz.
Architecturally, the grand mansions aspire to celebrate the old world charm of bygone colonial era through the creative blend of vintage and contemporary elements.
According to Liew, the company would collaborate closely with prospective buyers as Duta Grandé promises an entirely personalised and customisable experience catering to the individual needs and tastes of the buyers.
The Brunsfield Group is also eyeing a stake in the high-end residential sector and has lined up a number of upmarket projects in Kuala Lumpur.
One of its signature projects will be an enclave of 20 exclusively designed bungalows in Damansara with price tags of RM3,000 per sq ft or more than RM30mil a unit.
The 3-storey bungalows will have 10,000 sq ft to 12,000 sq ft in land area and built up of 10,000 sq ft.
Brunsfield group managing director Gan Thian Leong said although the project would only be launched next year, the company had received many enquiries from interested buyers.
“We expect the limited edition bungalows to be snapped up by both Malaysians and foreign buyers including Middle Eastern, Europeans, Chinese, Koreans and Japanese. The purchasers will be specially invited to purchase these residences.
“Through our international networking and strategic partnership with foreign companies, Brunsfield is already a well known name in the international strategic investment community and the company has a strong following of buyers,” Gan said.
Through his many travels, Gan has seen many exotic residential enclaves in Italy, southern France and the Mediterranean countries and he is eager to introduce to Malaysians the epitome of exclusive lifestyle living in the likes of Beverley Hills and Bel Air.
“In such places, the residences have minimalist features but are spaciously designed to optimise the comfort and luxury lifestyle of the residents. We believe Malaysia is ready for such products now.”
He said Brunsfield was also looking to break the price benchmark in the luxurious condominium market when its 93 exclusive low-rise luxurious condo villas named Brunsfield Residence @ U Thant is launch next year.
Located in the prestigious neighbourhood of Jalan U Thant, Kuala Lumpur, the residences with built-up of 3,800 sq ft to 8,500 sq ft will be priced at more than RM3,000 per sq ft.
Source : The Star 3/12/2007