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Monday, May 5, 2008

Things Loke great for Peter and his angels

His 35 year old company has come a long way since making clay bricks

PETER'S Holdings Sdn Bhd is such a low-profile developer that many people may not know that this 35-year-old company has ongoing and future projects in Selangor, Perak and Johor worth an estimated gross development value (GDV) of RM1.25bil.

Another interesting aspect of this company is that its founder Peter Loke Kwok Seong is blessed with three talented children, all daughters, who are helping him run the company.

The eldest, Andrea Loke, who is the senior general manager, joined the company in 1994 after being called to the Malaysian Bar and is in charge of legal matters while Joanne, the second daughter, is in charge of sales and administration. Her forte is in graphic design.

Peter Loke Kwok Seong and his daughters (from right) Andrea, Joanne and Katrina with a model of the Papillon Desahill Condominium.

The youngest, Katrina, is the business development manager and the last to join the company.

The Loke sisters, who studied in Britain, have learnt the ropes from their father, having trudged through construction sites when they were young.

They are now busy with their maiden medium-high-end project, Papillion Desahill condominium in Taman Desa (off Jalan Klang Lama) in Kuala Lumpur. The project, soft launched a month ago, has a GDV of RM180mil.

CIMB-Mapletree Real Estate Fund 1 (a private estate fund managed by CIMB-Maple Management Sdn Bhd) is the synergistic partner via a collaborative arrangement.

The condominium comprises two luxurious wings with 15 levels each and 225 units on 4.5 acres. Units come in four designs, with 1,312 to 2,059 sq ft built-up areas and priced from RM480,000 to RM800,000 (or around RM400 per sq ft).

The condominium comprises two wings with 15 levels each and 225 units on 4.5 acres.

The 16 highest units are the duplex penthouses with 2,498 to 3,661 sq ft built-up areas and priced RM1.1mil to RM1.6mil each.

The condominium, atop a hill, offers buyers a good view of either KLCC or Petaling Jaya and it boasts an infinity pool, tai chi garden, jacuzzi pool, gymnasium, sun deck, children's play area and multi-purpose court.

With three women running the daily operations, it is not surprising that they have also given their “feminine” touches to the concept as well as interior design of the show unit at the site.

Show unit: Lounge and dining area.

“When we designed the condo, we looked at it from the woman's point of view. For instance, women like large kitchens and practical layout,” said Andrea, adding that the maid's room with her own bathroom was tucked away for added privacy.

High-end: Solid timber flooring in all bedrooms, air-conditioning units, quality and branded bathroom fittings, among other features.

Each unit has spacious living and dining areas to comply with the Papillon's “family” concept.

Although the Papillon is a medium-high-end project, it boasts high-end features like solid timber flooring of bungalow standards in all bedrooms, air-conditioning units, quality and branded bathroom fittings, 8ft-high doors and an intercom system linked to the security centre.

An intercom system links each unit to the security centre.

Each unit comes with two covered car park bays.

“We are extremely busy these days. We are still developing Petaling Utama, where we have completed some 4,000 units of mixed low and low-medium-cost apartments on 150 acres of leasehold land. This project has another five years to go,” said Katrina.

She said the company prided itself in being able to create new and value-added products for its purchasers.

“Value creation is very important to us. For example, we increased the size of the normal low-cost apartment from 650 sq ft to 700 sq ft for our RM42,000 low-cost apartments in Petaling Utama that also come with an en suite for the master bedroom,” she said.

Peter's Holdings began as a manufacturer of clay bricks before moving up into property development and construction and then embarked on salvaging of abandoned housing schemes in Perak and Kuala Lumpur.

Its foray into the Kuala Lumpur market happened when Bank Negara sought its help to revive 150 acres of prime land in Petaling Utama that has today become a viable township.

The company's other projects include Taman Seri Berembang in Port Klang, Green Acres in Ipoh, Zeus Business Park in Johor, and a medium-cost apartment project in Balakong.

With his “angels” running the show, Peter Loke said he was spending more time to look for property development opportunities in China.

“I am very happy with them (daughters). Now I can retire,” he said with a smile.

By The Star (by S.C.Cheah)

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