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Saturday, July 16, 2011

TTDI’s future landmarks

New landmark: Kuok standing in front of a model of The Greens condominiums. He says The Greens is on ‘one of the last remaining landbanks you can get in TTDI.’

The Greens luxury condominiums and Menara LGB will add to the TTDI skyline

Within the next three years, the prestigious Taman Tun Dr Ismail (TTDI) neighbourhood in Kuala Lumpur will have new high rise landmarks in the form of The Greens luxury condominiums and Menara LGB.

Both are maiden flagship and freehold projects by Bellworth Developments Sdn Bhd, the property development arm of the LGB Group.

The Greens is a 165-unit residential development housed in two 27-storey blocks while Menara LGB is a 31-storey Grade “A” office tower.

Each development is on separate 1.8-acre sites along Jalan Wan Kadir 3. The gross development value (GDV) of The Greens and Menara LGB is RM310mil and RM390mil respectively.

The Greens

Bellworth Developments Sdn Bhd chief executive officer Kevin Kuok says “The Greens was named for the fact that it offers spectacular views of over 900 acres of lush greenery encompassing Bukit Kiara hills and forest reserves, Bukit Kiara Park, Bukit Kiara Equestrian Club, Kuala Lumpur Golf & Country Club, Kelab Golf Perkhidmatan Awam Malaysia and Royal Selangor Club” all set against the backdrop of the iconic Petronas Twin Towers and KL city skyline.

Designed by BEP Akitek Sdn Bhd, The Greens offers five layout types with 2+1, 3+1 and 4+1 bedroom units, and sizes ranging from 1,442 to 3,823 sq ft.

Block A of The Greens has three units per floor while Block B has five units per floor.

However, Kuok says only 60% of the units will have views of the greenery.

“The remainder, which are units sized 1,680 sq ft and below, will have views of One World Hotel and Bandar Utama. Some units will look at Section 16, Petaling Jaya and Damansara Kim.”

“This is one of the last remaining landbanks you can get in TTDI. That is why we decided on a sustainable luxury residential development targeted at professionals, corporate executives, those seeking mid to larger sized units for multi-generational living as well as current TTDI residents who are looking to upgrade into a secure vertical community,” says Kuok.

He points out that all bedrooms (except the utility room) come with split unit air-conditioning while selected units will have ducted air-conditioning system to the living, dining and dry kitchen.

The dry kitchens will be equipped with full cabinetry and electrical appliances such as cooker hood, hob, microwave and convection ovens. Hot water will be provided in the kitchens and all bathrooms.

Also, all units will be fitted and finished with imported marble in the living and dining areas, and the master bathroom and dry kitchen, while solid timber floorings are installed in all bedrooms and the family area.

The Greens will also be equipped with a security system, connecting audio intercoms between each unit and the guardhouse, with multi-stage flash card access at guard house, car park, main lobby, and lifts as well as CCTV coverage of the perimeter fencing, main entrance, lift lobbies and carparks.

According to Kuok, an auxiliary retail space of about 20,000 sq ft will be set aside for food and beverage outlets at The Greens.

Five levels of car park areas will be built, with more than 500 bays with separate entrances for the residents and the public for enhanced security.

Kuok says units sized from 1,442 to 2,426 sq ft will come with two car park bays while larger units will come with three bays.

Pricing for The Greens will be an average of RM700 per sq ft onwards. It is likely to be launched at the end of the third quarter of this year, and be completed in the fourth quarter of 2014. The Greens will also be compliant with Malaysia's Green Building Index (GBI), according to Kuok.

Menara LGB

The LGB group will occupy about 30% of Menara LGB, which has a gross floor area of 561,570 sq ft and net floor area of 414,119 sq ft.

“The balance will be leased out. We are targeting local and multinational companies who are looking to operate in a Grade A office environment,” says Kuok.

Estimated lease rates are in the region of RM5.50 to RM6 per sq ft.

The tower is designed to comply with the Multimedia Super Corridor (MSC) Cybercentre status, Singapore's Building & Construction Authority (BCA) Green Mark (Gold Accreditation) and Malaysia's GBI.

It is aimed at being an ecological workplace by reducing energy use and water consumption.

Kuok says a Grade A building is defined by its technology and design.

According to him, Menara LGB will be one of the few buildings in the Klang Valley equipped with a chilled water storage tank, housed at the basement level, to cool the building.

Designed by Hijjas Kasturi Associates Sdn Bhd, Menara LGB will feature a distinctive modern contemporary facade wrapped in aluminium and “Low E” laminated glazing.

The building will have infrastructure that supports dual power feed and a multiple telecommunication service environment equipped with high speed bandwidth and CAT6E cables for data communication.

In addition, Menara LGB will also feature an intelligent building management system to control, monitor and optimise services such as lighting, fire protection, air-conditioning, security, closed-circuit television (CCTV) surveillance and alarm system, ventilation, filtration and climate-control ventilation.

Also, over 80% of its site area will be allocated to hard and soft landscaping with open public spaces.

Amenities and facilities will include a gym, bank, bistros and cafes, a food court and about 710 car park bays.

Work on the tower commenced in January 2009, and it is due to be completed by the first quarter of 2013.

Upcoming projects

There are plans by Bellworth to redevelop its 1.05-acre Lancer Square property in London into a sustainable luxury mixed use development comprising retail, office and residential components.

Kuok points out that Lancer Square is located at one of the United Kingdom's most affluent and prestigious residential addresess. Lancer Square, which benefits from being just north of Kensington High Street, is bordered to the north by Notting Hill, to the east by Knightsbridge, to the south by Chelsea and also the open spaces of Hyde Park and Kensington Palace Gardens, otherwise known as “Millionaires' Row”.

Currently, notable tenants in Lancer Square include Warner Music UK, Jimmy Choo, Eden McCullum, Starbucks and Costa Coffee.

“Lancer Square is currently undergoing planning approvals to double its existing net usable area from 80,000 sq ft to 160,000 sq ft,” says Kuok.

The property is expected to generate a GDV of 300mil or RM1.5bil over the next three years. Kuok says the group expects to launch the re-development sometime after the 2012 Olympic Games in London.

Meanwhile, Bellworth Developments also has plans for a 400-acre mixed township in the Hang Tuah Jaya district in Malacca. “We will be building about 1,800 units of landed residential and commercial properties. There are no plans for high-rise projects here at the moment.”

The planned township is located close to three golf courses, namely the Tiara, Air Keroh and Orna Golf & Country Clubs. Residential units will consist of super-link, semi-detached and bungalow houses in more than 10 gated and guarded precincts. Planned amenities include a central park, a residents' clubhouse, commercial centre, medical centre, education institution and a hotel.

According to Kuok, the first phase of the township is due to be launched in the third quarter of 2012. The township, which has a GDV of RM1bil, has a 10-year development programme.

Bellworth Developments, formed in 2007, is the property development arm of the LGB group, which specialises in the water, environment and infrastructure sector, and has businesses across South-East Asia.

The LGB Group has also operations in highway management, construction and engineering, as well as steel and industrial products. Taliworks Corp Bhd and Grand Saga Sdn Bhd, the toll concessionaire for the Cheras-Kajang Highway, are part of the LGB Group.

“We are expanding and actively looking to increase our landbank throughout the Klang Valley,” says Kuok.

Meanwhile, CB Richard Ellis (Malaysia) Sdn Bhd executive director Paul Khong says the residential market in TTDI has been performing very well especially in the high end segment for the last 18 to 24 months.

“The capital values have been on an upward trend and we have seen increases of 15 to 20% per annum and in some cases more. With the Mass Rapid Transit (MRT) stopping by TTDI in the future, we expect to see further premiums especially when actual physical works for the MRT starts on site.”

Khong points out that The Greens is a new generation of condominiums embracing the green concept.

He says that at an estimated average price of RM700 per sq ft onwards, it comes closely in line with market rates for such offerings.

“We expect The Greens to do well, looking at the limited number of units to be offered.”

Khong notes that in order to comply with the GBI Gold status, this would cost a developer at least 15% to 20% more in terms of construction cost (compared with a “normal” building) and therefore, translates to higher pricing.

“With a prominent main road frontage and the new MRT nearby, Menara LGB should fall in place really well. We expect the rental price to exceed RM5 per sq ft upon its completion.”

By The Star

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