RM1b mixed-use development by Poly Ritz coming up in Kuchai Lama

KUALA LUMPUR: Poly Ritz Development Sdn Bhd is looking to launch a RM1 billion mixed development called D’Ritz Residency in Jalan Kuchai Lama, Kuala Lumpur by the end of this year.

D’Ritz Residency is a 3.53-acre freehold development comprising 1,128 serviced apartment units and 20 retail units including six 3-storey shoplots.

Built-ups for the serviced apartments will range between 868 sq ft and 1,250 sq ft. They are tentatively priced from RM680 psf to RM720 psf.

“The architecture is designed to create privacy. Every single room emphasises natural light and ventilation.

“We are targeting the upper-middle-income group for this project. Kuchai Lama is a very mature and strategic location, which is only 10 to 15 minutes’ drive to KL city centre. Convenience and accessibility are at your doorstep,” Poly Ritz CEO Wong Siew Woon told EdgeProp.my.

Besides D’Ritz Residency, Poly Ritz has another two project launches worth in total of about RM1 billion lined up for the next few months. Targeting the middle- and lower-income groups, Poly Ritz will launch Ritz Communities in Salak South, KL this month, said Wong.

“This is a project under the Rumah Mampu Milik Wilayah Persekutuan affordable home scheme. Each unit is priced at RM300,000 and comes with one car park bay.

“The 3.23-acre leasehold project is only a five-minute walk to the future Kuchai Lama MRT station,” he said.

With a GDV of RM336 million, Ritz Communities will house 1,120 homes in two 48-storey blocks. Facilities include a swimming pool, multipurpose hall, children’s playground, gym and jogging path.

Wong added that so far, Ritz Communities is 70% booked ahead of its official launch.

By the end of this year, the developer will be launching a mixed development called Ritz Avenue in Jalan Kuching. The 4.5-acre freehold project will comprise 730 serviced apartment units, 190 Small-office Home-office units and 26 retail units. It has an estimated GDV of about RM648 million.

The serviced apartments range from 560 sq ft to 1,085 sq ft and are tagged between RM580 psf and RM620 psf. Facilities include indoor and outdoor gyms, zen garden, hammock garden, roof garden, tennis court, function hall, tennis court and barbecue area.

Wong said Ritz Avenue is five minutes’ drive from Batu Caves and seven minutes’ drive from Kepong Metropolitan Park. It is targeted at the upper-middle-income group or young families with a monthly household income of more than RM10,000, looking for a new home in a strategic location.

“Every home we build has practical layouts, is in a strategic area and comes with an affordable price tag.

“As lending guidelines are tighter, we have to gauge the affordability levels — what kind of monthly repayments buyers can give, who the banks will most likely approve for loans and so on,” Wong added.

Both Ritz Communities and D’Ritz Residency will be jointly developed by Poly Ritz and China-based developer Debao Property Development Ltd under Poly Ritz Communities Sdn Bhd and Poly Ritz Green Development Sdn Bhd respectively. Debao is a listed company on the Singapore Stock Exchange.

According to founder and finance director of Poly Ritz Development Chan Teck Chong, the developer started off as a contractor in 1999 with a focus on infrastructure works.

“Then in 2004, we started our first property development with 15 units of shoplots in Desa Pandan. Subsequently, we developed 16 units of semi-detached factories in Balakong, Cheras. Later, we have also built Residence 33, a leasehold, luxurious bungalow project in Kota Kemuning,” he said, adding that Poly Ritz is in the middle of negotiating a few land deals outside the Klang Valley for a township development.

On the property market, Chan says Malaysian properties are still one of the cheapest in Southeast Asia. “The market sometimes look slow, but actually it’s not that slow. The affordability is still there but people are more cautious,” he opined.

This story first appeared in EdgeProp.my pullout on Oct 13, 2017. Download EdgeProp.my pullout here for free.