Mayland to launch RM2.3 billion worth of properties in 2017

PETALING JAYA: Malaysia Land Properties Sdn Bhd (Mayland) is planning to launch properties worth RM2.3 billion in gross development value (GDV) next year.

Its managing director, Datuk Kevin Woo, told TheEdgeProperty.com 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 Nov 11 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 newlyweds,” 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.

This story first appeared in TheEdgeProperty.com pullout on Dec 16, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com pullout here for free.