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Monday, December 1, 2008

Dutaland expects Kenny Heights to draw wide interest

An artist’s impression of the residential villas in Kenny Heights Estate

DUTALAND Bhd anticipates drawing the interest of local and foreign investors for its Kenny Heights integrated midtown development.

Over the years, almost every single piece of land in Kuala Lumpur has been occupied, given the massive property developments, and now there is not much freehold land left.

The popularity of properties in Kuala Lumpur, one of Asia’s throbbing business and financial hubs, has boosted property prices skyhigh.

Dutaland group managing director Datuk Yap Yong Seong said Kenny Heights was perhaps the last mixed-use development in the Mont’ Kiara, Damansara Heights and Kenny Hills areas.

“Location is the key to success for any major property development,” he said, adding that Kenny Heights was sited just 5km north of central Kuala Lumpur.

Dutaland, formerly Mycom Bhd, bought the 88-acre freehold land 32 years ago. The land is jointly owned by Dutaland’s wholly-owned subsidiary KH Estates Sdn Bhd (58%) and Olympia Properties Sdn Bhd (42%), a unit of Olympia Industries Bhd.

“We are not in a hurry for new launches. The most important thing is to offer good schemes to the investors and have a proper project planning.”

Yap believes that investors would knock on the company’s door if it offered a good scheme with quality properties.

“There are six architects involved in this development. We have spent tens of millions of ringgit on the layout alone. We want to build a second Suria KLCC,” he said.

Kenny Heights is being developed by Dutaland’s wholly-owned subsidiary KH Land Sdn Bhd.

Yap said Kenny Heights was ideally sited for living or business as it had ready access to highways – Sprint, NKVE and Jalan Duta – linking it to the city centre, Petaling Jaya, KL Sentral and the KL International Airport.

Divided into nine parcels, Kenny Heights will be developed over the next 15 years. The entire development comprises residences, offices, hotels, retail space, medical centre, art gallery, school and design centre.

The proposed development has been approved for a gross floor area of about 23 million sq ft, of which 70% would be commercial properties and 30% residential.

Yap said Kenny Heights would be shaped by some of the world’s premier architects and designers.

The first phase of Kenny Heights, covering 23 acres, includes Kenny Heights Estate (Estate), Kenny Heights Sanctuary (Sanctuary) and Kenny Heights Central (Central).

Yap said half of the 49 four-storey luxurious town villas in the Estate had been sold since April through private events and roadshows in Kuala Lumpur, Singapore and Hong Kong. Of the buyers, 40% were foreigners.

He said the villa’s signature feature was a 36ft-long private swimming pool in a garden in the master room. The villas consist of four to five bedrooms each and have built-up areas from 5,300 sq ft to 6,700 sq ft. They are priced from RM900 to RM1,700 per sq ft.

“The Estate is expected to draw a gross development value of RM200mil and is projected to be ready by the fourth quarter of 2010,” Yap said.

After launching the Sanctuary condominium next March, the developer will also launch Central in the same year.

The 10-acre Central will comprise hotel and hotel residences, terrace villas and serviced apartments as well as a neighbourhood retail component.

Asian Finance Bank Bhd, the financier for Kenny Heights development, aims to bring in foreign investors, especially from the Middle East.

On other Dutaland projects, Yap said 60% of its serviced apartments in The Regent Residences KL had been sold since the soft launch in April.

The size of the 115 serviced apartments ranges from 548 to 3,719 sq ft and the units are priced from US$400,000.

By The Star (by Rachael Kam)

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