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Friday, February 22, 2008

New Bukit Kiara Properties (BKP) projects in KL

Bukit Kiara Properties (BKP) will be offering an upmarket residential condominium in Kuala Lumpur's city centre before the year is up. Prospective buyers can expect low-density, low-rise
units with large built-up areas from 3,000 sq ft. In terms of the pricing, the developer said it is “way too early to tell”.

BKP is already handing over the earlier units of Hijauan Kiara to buyers

With no more land at its Mont’Kiara base where it has three high-end residential projects —Aman Kiara, Hijauan Kiara and Verve Suites — the developer made inroads to where all the action is taking place when it concluded a deal to purchase two pieces of freehold land in the city centre last year.

BKP group managing director NK Tong says the two parcels, one on the fringe of the city centre and the other along Persiaran Madge in the Ampang area, are under an acre each.

“We are in the process of obtaining the necessary planning approvals from the authorities for the Ampang site first and expect it to be up for sale by year-end or early next year,” Tong told PropertyPlus at a media night held in Hijauan Kiara recently.

When asked about the pricing, Tong only said that it would be in line with the rising trends of inflation and material costs. “The prices in the vicinity [of the site] are ranging between RM1,000 and RM1,200 psf,” he added.

According to Tong, it is also busy with the planning of the project that has an approved density of 30 units or less housed within a 5-storey or lower building. Some of its existing customers have indicated an interest in the project and Tong believes the project's response would be “very good”.

The gross development value of the Ampang project would be between RM90 million and RM100 million, said Tong.

For the other project, Tong shared that it is in the midst of being designed. “It will be a high-rise development... the price is still too early to tell,” he said, adding that it is looking at unveiling it six months after the Ampang project takes off.

Meanwhile, the developer’s new showroom gallery for its 881-unit Verve Suites serviced residence will be ready soon as it gears up for the launch of its third block in the second quarter of 2008. Sited on a 5.8- acre freehold parcel, Verve Suites comprises four residential blocks and a stand-alone 60,000 sq ft retail podium.

While still waiting for the approvals from the relevant authorities for the latest block, Tong displayed visible excitement about it. He added that customers could expect something totally different from the first two blocks that were launched in March 2006, and February 2007, for RM570 psf and RM650 psf respectively.

On Block C’s pricing, Tong only revealed that it would be “substantially more” than its previous units. “For Blocks A and B [totaling 428 units], we have managed to sell 95% of the units without the aid of advertising and promotion. We also have customers that are willing to wait to see what we have to offer for Block C before making their commitment,” he said, adding that he is confident that Block C units would be well received.

Currently, the existing showroom gallery sits on the land designated for Blocks C and D and the developer is in the midst of tearing it down. The new showroom gallery will be housed in the
first phase of the retail podium, which has main road frontage. BKP plans to retain the retail podium for recurring rental income, with the retail outlets there open to the public as well.

For Hijauan Kiara owners, the developer has obtained the Temporary Certificate of Fitness from the authorities and is in the midst of handing over the units. It is also offering resale and rental
services for customers.

Earlier during the press conference, Tong said that the projected rental rate at the 188-unit Hijauan Kiara project is RM4 psf, which works out to be a gross rental yield of 10%. Hijauan Kiara units are housed within seven blocks and built-ups range between 2,090 sq ft and over 4,068 sq ft for penthouses.

Launched in mid-2005 and sold at about RM470 psf, the freehold 5.4- acre Hijauan Kiara is BKP’s second completed project, the first being the gated-and-guarded strata-titled Aman Kiara comprising bungalows and duplex condovillas. Recent secondary transactions of the Hijauan Kiara units have already reached RM625 psf.

Tong is confident of Hijauan Kiara’s secondary prices surpassing the RM700 psf mark within the next six months. There is only one unit left for sale, the 4,622 sq ft penthouse at about RM2.73 million. The maintenance fee has been set at 30 sen psf inclusive of a 3-sen contribution to the
sinking fund.

“There are about 5,000 to 8,000 completed residential units in the Mont’Kiara vicinity and our project is one of the lowest density developments here. We are also the first to offer the private-lift-lobby concept and is the only completed project with this benefit,” Tong added.

By theSun - PropertyPlus (by Loo Pik Kwan)

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