Almost 50% take-up rate for the first block of Aera Residence @ PJ South Registration

Platinum Eminent Sdn Bhd, a subsidiary company of Chin Hin Property Development, is expected to complete the two- tower project by 2021.

Chin Hin Group Berhad group managing director Chiau Haw Choon said the strategically placed service apartments would be affordable and of the highest quality.

“As a manufacturer and supplier of construction materials, almost 100% of the materials will be sourced in-house, which will significantly lower the building cost as well as the selling price.

“We are able to sell the units at between RM410 and RM502 per square foot,” he said during the launch of the project in Kuchai Entrepreneurs Park, Kuala Lumpur.

“Tower B will be launched sometime in February. We expect a take-up rate of about 80% by the middle of next year,” Chiau said.

The project is expected to generate RM300mil in gross development value (GDV) and is a leasehold property.

Aera Residence will comprise a total of 752 units with condominium facilities including swimming pool, gym and futsal courts. The project site sits beside a 0.8ha lake and will include a 500m jogging track.

The price for a 718sq ft unit starts from RM293,000 to RM507,000 for a 1,010 sq ft unit.

Sales and marketing director Sally Chiau said each unit would come with air-conditioners, kitchen cabinets with hood and hob as well as a dryer.

“Each unit will also be allocated two parking bays. There will be one floor of retail space as well,” she said.

Also present during the launch were Chin Hin Group Bhd founder and deputy group executive chairman Datuk Chiau Beng Teik and managing director Yeo Chun Sing.


News Source: The Star Metro, 29 December 2016

Mayland to launch RM2.3 billion worth of new projects in 2017 Registration

Its managing director, Datuk Kevin Woo, told that there will be four main projects to be launched.

In Kuala Lumpur, it will be launching One Stonor located at Persiaran Stonor near KLCC and Phase 4 of Royal Garden at Sri Putramas, Jalan Kuching.

In Selangor, it will launch Sierra Green at Sungai Buloh and the remaining units at Hampton Damansara located in Country Heights Damansara. Hampton Damansara was launched on 11 November and has received 148 bookings to date.

One Stonor has a GDV of RM580 million while Sierra Green has a GDV of RM480 million. Meanwhile, Royal Garden’s Phase 4 and Hampton Damansara have a GDV of RM570 million and RM700 million, respectively.

“The response was very encouraging and better than what I expected. We are now moving towards the second phase of sales where pricing starts from RM850 psf. Our next task is the actual realisation of sales,” said Woo.

On the upcoming One Stonor development, Woo said it is a luxury condominium of 285 units with built-up sizes from 677 sq ft to 1,200 sq ft. As much as 65% of the units will be 925 sq ft and below.

“Our pricing will start from RM1,750 psf onwards. We are currently marketing the project overseas to clients in Shanghai and Beijing and hope to market it here by 2Q2017.

“As most of our units are below 925 sq ft, I feel that this makes it a more palatable investment to the Chinese market,” said Woo explaining that he is looking at a 30:70 foreigner and local buyer ratio.

“In KL, condos of a similar size are already being sold at the RM900,000 mark. For an additional RM400,000, you get to be a part of the Stonor address. We are targeting buyers who are young professionals, singles, double income earners and newly-weds,” he added.

Meanwhile, Mayland plans to launch another condominium called Sierra Green in Sungai Buloh comprising 405 units with 85% of the units having built-ups ranging from 1,400 sq ft to 1,500 sq ft, and the balance corner units at 1,800 sq ft.

The project is located a stone’s throw away from the IGB International School and a row of boutique shops 20ft away.

“Prices start from RM800 psf. I would say this development will suit those with families due to the larger built-ups. I am also working to have a seven-tier security system for this project,” said Woo.

As for the launch of Phase 4 of its Royal Garden project comprising 600 units of condos with built-ups from 1,000 sq ft to 1,400 sq ft, prices will start from RM700 psf.

“The subsales for the first three phases of Royal Garden are currently being transacted around the RM800,000 mark. At an entry level of RM700,000 for the new phase, I feel it is still palatable for homebuyers,” said Woo.

As to whether Mayland has plans to move towards developing landed properties, Woo said he has mooted the idea.

“Next to our Hampton Damansara project in Country Heights, we have a balance of 6.8 acres left which we are thinking of building strata-titled terraced houses, or townhouses. There will be a total of 167 units.

“It will probably be a 6-storey townhouse with a service lift to be tentatively priced at around RM6 million per unit with an estimated built-up of 5,500 sq ft. We have already reached the stage of development order but we are still listening to our purchasers and to market sentiments,” said Woo.

“We would like to have more landed property developments located in growth corridors as land prices are cheaper there compared to KL,” said Woo.

He noted that in all of Mayland’s upcoming projects, he, as an architect, is very mindful of the quality that will be delivered.

“It takes one ounce of effort to sell a project but 10 ounces of effort to pacify a buyer who is not happy. Why not then we address all these issues upfront instead of fixing the defects later?”

“This is why nowadays we are selecting contractors who have a higher degree of certainty in delivering high quality products as opposed to the lowest tenderer getting the projects,” said Woo.


News Source: The Edge Property, 16 December 2016

Developers can now withdraw 80% of deposit after CCC issued Registration

The remaining 20% will be returned after the defects and liability period effective from 11 November, said Minister of Urban Wellbeing, Housing and Local Government, Tan Sri Noh Omar at the Real Estate and Housing Developers’ Association (REHDA) annual dinner last night.

Previously, developers would only be returned the 3% deposit after the defects and liability period.

The 3% deposit is the estimated cost of construction of a housing development of the developer’s respective project in order to obtain a developer’s licence.

Meanwhile, REHDA president, Datuk Seri Fateh Iskandar Mohamed Mansor also noted in his speech that the past months have been challenging for the industry as it has has been adversely affected by global economic instability, a falling Ringgit and crash of crude oil prices.

“Negative growth was registered in terms of volume and value of property transactions in 2015 and continued to prolong until 3Q2016.

“NAPIC (the National Property Information Centre) recorded a 13.91% and 12% drop y-o-y in volume and value, respectively,” said Fateh Iskandar.

However, he noted that the grey clouds will not be there forever and the industry will be able to overcome these challenging times.


News Source: The Edge Property, 30 November 2016