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Monday, July 14, 2008

Mulpha Land plans four new high-end projects

MULPHA Land Bhd will be launching four new high-end projects in Kuala Lumpur over the next two years with a total gross development value (GDV) of RM500mil.

They include three residential projects in Ampang, Bangsar, and Bukit Tunku and an office tower in Jalan Sultan Ismail.

Mulpha International Bhd executive chairman Lee Seng Huang said the very high-end Bukit Tunku development on 2.5-acre freehold land, would have bungalows priced around RM15mil each.

Lee Seng Huang

“We will build only eight bungalows of 10,000 sq ft to 12,000 sq ft built-up area. We plan to launch the project in the fourth quarter of this year or next year. It will be a special product. We have not given it a name yet as we want to get everything right first,” Lee told StarBiz.

As for the Bangsar project (opposite Tivoli Villas), he said only seven units of three-storey bungalows priced at RM9mil to RM10mil would be built in the gated and guarded community.

It will have a lot size of 7,576 sq ft to 8,012 sq ft and built-up area from 8,510 sq ft to 9,588 sq ft.

“This is about S$4mil which probably can’t buy you a penthouse in Singapore. Malaysian property is relatively cheaper than other countries,” he said, adding that each bungalow would have a unique design.

The 1.54-acre freehold, gated and guarded development with a Green Architecture Concept, is located at Jalan Medang Tanduk in Bangsar. The main commercial centre of Bangsar Baru, Bangsar Village and Bangsar Shopping Complex are within 500 metres radius.

Features will include open Garden Spine with water features, individual lap pool with koi pond, and private glass lift for each unit with four to six car parking bays.

Each bungalow will also have a solar heater, jacuzzi, water filter, AV room, WiFi, chauffeur’s room, workshop and a garden yard/roof storage areas among others.

Another upmarket development is the Raintree Residence, opposite the Raintree Club at Jalan Wickham in the diplomatic enclave of Ampang Hilir and U-Thant. Kuala Lumpur City Centre is about 3km away.

It will have 12 units: four units of five bedroom duplex penthouses (3,691 sq ft) priced at RM4.4mil each or RM1,200 psf, and eight units of four-bedroom apartments (2,000sq ft) priced at RM2mil each or RM1,000 psf.

Each unit comes with a Raintree Club membership.

Lifts will open to the private foyer of each unit that will be fully fitted with interior built-ins and selected electrical appliances. Standard units are given two parking bays each while penthouses get four bays each.

Facilities include a swimming pool, two security guardhouses, gymnasium and two lifts serving each unit.

Lee said the project, to be launched soon, would target people who did not want to live in a big house after their children had grown up and moved elsewhere.

Mulpha will also build a Class “A” Green office building called 12 Jalan Sultan Ismail. The 23-storey building with four basement-parking levels has a lettable area of about 270,000 sq ft. It fronts Jalan Sultan Ismail and also Lorong Perak (opposite Shangri-La Hotel).

Lee said the land, bought in 1996 for about RM1,000 psf, had probably doubled in value now. The GDV is RM350mil.

“We are holding it for rental income. Renowned New York architects Kohn Pedersen Fox who designed the Shanghai World Financial Centre, The Pinnacle in Britain, and Roppongi Hills Mori Tower in Tokyo is the designer. It will be the first Kohn Pedersen Fox building in Malaysia,” he said, adding that there was still good demand for quality office space in Kuala Lumpur

Lee, who spends most of his time abroad to seek out the “vast opportunity overseas” said Malaysia faced stiff competition from other countries and needed to do things faster with less red-tape.

Although he shares the same concern with other industry players over rising fuel prices, Lee believes that Mulpha’s products would be able to sell as they are very niche and the company is resilient.

On its 474ha award-winning Sanctuary Cove on Queensland’s Gold Coast, Lee said sales had been very good and the whole area was one of the fastest growing in the region.

He said there were still 600 to 700 bungalow lots to sell. Some of the lots would be sold with houses.

“We have not started on the apartments. There is a village with a community centre. The hotel zone will take at least another 10 years to develop,” he added. Sanctuary Cove achieved A$80mil (about RM250mil) sales last year.

An artist’s impression of the Pinggiran Bayou Village Homes in Leisure Farm, Johor

Mulpha Land Bhd is the property arm of the Mulpha group and is listed on the second board of Bursa Malaysia. Its flagship Leisure Farm Resort in Johor has won many property awards including two FIABCI Malaysian Chapter awards.

By The Star - StarBiz - (by S.C.Cheah)

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