Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Monday, May 26, 2008

Need for holistic master plan

A row of houses in Bukit Jelutong township.

DEVELOPERS with projects in the northern corridor of the Klang Valley should take advantage of their sizeable land bank by adopting a holistic master plan approach in their development plans.

As a number of big property and plantation groups such as Sime Darby Property Bhd, Kuala Lumpur Kepong Bhd (KLK), Asia Pacific Land Bhd (AP Land) and GuocoLand Bhd own large tracts of land in the corridor, it makes sense to have the projects planned well from the very beginning to ensure they grow into vibrant growth centres.

Sime Darby Property has more than 8,000 acres of former plantation land in the corridor converted for property development.

The land bank, located along the 25km Guthrie Corridor Expressway (GCE), has been demarcated for the various property development precincts – Bukit Jelutong, Denai Alam, Lagong Mas, Medan Elmina and Sungai Kapar.

KLK has a land bank of 2,828ha, of which 92.9ha has been developed into Desa Coalfields mixed residential and commercial development of more than 2,600 units.

Undertaken by KLK's property unit KL-Kepong Property Development Sdn Bhd, Desa Coalfields, located about 2km to the GCE, comprises 2,600 units of mixed residential and commercial properties worth a gross development value (GDV) of RM450mil. Since its launch in 2002, 1,400 property units with GDV of RM330mil have been completed and sold.

Unlocking value

KLK chief executive officer Datuk Seri Lee Oi Hian said to leverage on the company's large land bank in the corridor, plans were underway for KLK Property to emerge as a bigger player.

Datuk Seri Lee Oi Hian

“We are planning a 405ha integrated township opposite our existing project, Desa Coalfields in Sungai Buloh, and will launch it once the approvals are in place. We will maintain our tagline, KLK - Value Homes concept, which assures quality finishes and good value-for-money for our homes.

“This is a step towards unlocking the value of about 2,828ha of plantation land in the vicinity which is envisaged to be developed step by step. This strategy of organic growth will contribute profits as well as enhance the value of our surrounding land bank,” Lee told StarBiz.

The new development will comprise more than 6,000 residential and commercial units worth a total GDV of RM2.5bil.

KLK Property general manager Lim Peng Hong said low-density projects, with emphasis on ample provision of green tracts and open areas to promote good communal integration and facilities, would do well.

“In our next 405ha development, we plan to continue with the same strategy to offer spaciousness, good layout options, better finishes and, most importantly, affordable pricing to cater to the demand of a wider spectrum of the target market,” Lim said.

Meanwhile, AP Land's Bandar Tasik Puteri is an integrated township development spanning over 2,670 acres in Rawang. Since the project kicked off in 1998, 1,000 acres have been developed.

AP Land joint managing director Low Su Ming said Bandar Tasik Puteri was fast emerging as the urban regional centre of the North Klang Valley.

In the past decade, the company has launched close to 10,000 property units with cumulative sales of RM1bil achieved to-date. The township now has a population of 45,000.

According to Bandar Tasik Puteri's blueprint masterplan, 75% of the development will comprise the residential component, 15% commercial and the balance 10% for green lung, infrastructure and facilities.

Holistic planning

Low said instead of focusing merely on price competitiveness to drive sales, developers should adopt a longer term and more holistic vision of value adding to their townships.

“With the rising cost of construction, affordable houses priced from RM145,000 to RM180,000 will prove more difficult to hold in the medium and longer term.”

Besides offering attractive packages for house buyers, Low said, convenience, facilities and accessibility were primary considerations for even the most affordable group of buyers.

“We are planning a combination of good supporting facilities such as schools, colleges, medical services, shopping convenience, communication services, road linkages and transport.

“To enhance the quality of life for the residents, we are also beefing up the security and community events to promote healthy community living here,” she added.

Meanwhile, the third nine holes at Tasik Puteri Golf & Country Club (TPGCC) have just been opened while the clubhouse extension and upgrade would be ready by the third quarter of this year.

Low said the 27-hole championship course would boost the attractiveness of TPGCC as a popular destination for golfing and club facilities.

Lifestyle projects

In Rawang, GuocoLand's Emerald Rawang on 1,029 acres is also making waves and changing the property landscape in the northern corridor.

The gated community development comprises terrace houses, semi-detached units, bungalows, town houses, shop offices and apartments with a GDV of RM1.5bil. The project is scheduled for completion in 2012.

Besides quality housing, trendy commercial projects will also make their debut in the corridor.

Mainstay Development Sdn Bhd is planning a new retail development called space u8 in Bukit Jelutong that will be completed in early 2010.

Chairman Raja Azmi Raja Razali said there was a need for a good lifestyle destination in Bukit Jelutong as residents now had to travel quite a distance for a “friendly” retail environment.

“As residents' demographics change, the type of residential properties and commercial developments will grow to accommodate them. space u8 aims to meet the growing demand for a lifestyle destination in Shah Alam,” he said.

With net lettable area of 574,647.52 sq ft, the project based on the shop unit, mall office (sumo) retail concept will have a covered courtyard of about 70,000 sq ft as its main attraction.

By The Star

No comments: