THE LUXURY property segment in Malaysia is definitely thriving. This writer for one, has attended more than five luxury property launches this year alone.
In recent times, property markets in the region, mainly in Hong Kong and Singapore have turned red hot. However, with fears of a bubble the trend is cooling off. High-net-worth individuals have shifted their focus to Malaysia and local property developers are ready to meet their demand.
It is believed that this demand is being boosted by the various initiatives announced under the Economic Transformation Programme (ETP) which is attracting investment into the country and in turn, boosting the demand for luxury condominiums in Malaysia.
According to property consultants DTZ, the investment market got off to a slow start this year with only two major transactions noted, namely the sale of The Icon (East Wing), a prime office building on Jalan Tun Razak to Top Glove Bhd (27%) and its controlling shareholders (73%). The other sale involved a proposed office at Petaling Jaya Sentral which was sold to MyIPO, the government body in charge of intellectual property, for RM250mil.
“The high-end condominium market in Kuala Lumpur has been relatively stable with the overall average price increased marginally by 1.2% quarter-on-quarter to RM678 per sq ft from RM670 per sq ft in the last quarter of 2012. Average rents remained relatively stable at RM3.60 per sq ft per month, down from RM3.65 per sq.ft per month in the previous quarter,” DTZ said in a report.
DTZ believes that the market will be more vibrant now, after the general election, with numerous major developments planned. Ekovest Bhd is expected to launch three major projects in the Klang Valley, namely Eco Business Park (Cheras), The Gateway@KL Bund (Setapak) and Menara Titiwangsa (Kuala Lumpur). The projects worth a combined RM4.8bil will add to substantial supply in the residential market.
With such positive indicators, IJM Land Bhd, a company that has been building homes to cater to people with different needs and different segments, now aims to grow its market share within the luxury segment.
Hoo Kim See, IJM Land’s general manager for central region property development, said the Malaysian market is relatively strong compared to its neighbours and not overheated.
“Our base lending rate (BLR) is competitive and there is always demand in the property sector,” he said.
One of IJM Land’s properties that fall under this category is the Laman Greenview Alvarez.
Located on one of Puchong’s highest points at about 450 ft above sea level, the exclusive residences in Laman Granview Alvarez are sprawled across a hilltop along the fringe of the Ayer Hitam Forest Reserve.
Residents will also enjoy the best of both worlds — quiet, breezy days with unrivalled views of the cityscape and the Ayer Hitam Forest Reserve, and all the conveniences of city life.
“There are 27 units of 3½ storey bungalows and demand has been strong ever since we launched it, which is evidence that luxury properties in the Klang Valley are selling like hot cakes,” said Hoo.
With a starting price of RM3mil, Laman Granview Alvarez features everything a resident needs.
“From banks and education institutions to restaurants and trendy entertainment hotspots — all are within easy reach.
“When it comes to shopping, we have Giant Hypermarket, Tesco Hypermarket and IOI Mall. The Puchong Business Financial Centre and Medical Centre are also located nearby,” explained Hoo.
“If you need to drive out of Puchong, a network of established highways such as the Kesas Highway and Puchong-Sungai Besi Highway connects to popular hubs like Sunway, Damansara, Subang, Putrajaya and even KLIA; with a key arterial connection provided by the Lebuhraya Damansara-Puchong,” he. added.
With a GDV of RM144mil for Phase 1 to 4, Laman Granview Alvarez is a low-density enclave that comes in three distinctive designs with built-up areas of 5,418 sq ft onwards and a lot size of 47 ft by 85 ft.
One of the key features of the development is a safe, serene and lavish living environment.
“The master bathroom comes with an outdoor shower — a feature that is normally found in luxury resorts and spas. In addition, the master suite is located on the top floor with a spacious roof terrace that lets you enjoy the scenic surroundings from the privacy of your bedroom,” said Hoo.
“Other special features include a cozy private garden in every unit, solar water heaters, alarm systems and even a private lift.
“The entire community is gated and guarded and residents have access to a clubhouse,” Hoo added.