Mitraland makes it a practice to deliver homes early

PETALING JAYA: Mitraland Group will be handing over the first two residential blocks of its Gravit8 development in Klang, Selangor ahead of schedule, extending the developer’s track record of early delivery to buyers.

The two residential blocks at Gravit8 — Nordica Residences and Adria Residences, will be handed over to buyers end-2019, in time for buyers to move in before Chinese New Year (end-Jan 2020). The boutique shops (phase 1A) in the same development comprising 3-storey and 5-storey shopoffices and car parks were handed over in June 2017, several months ahead of schedule as well.

Mitraland CEO Datuk Andy Khoo Poh Chye told EdgePorp.my that the company strives to deliver ahead of schedule while ensuring good quality, good design and concept.

“So far, we have not seen any late hand over. By handing over early, we build a good reputation, as we know that a good track record is very important to buyers,” he says.

To be able to achieve that, it stresses three aspects — contractor selection; close monitoring and coordination of works; as well as ensuring sound financial status. 

“We choose contractors carefully. Besides competitive bids, they must also have a good track record in quality, timely completion and in strong financial position. Secondly, we closely monitor construction progress to address issues in time and react fast to resolve any problems,” Khoo said.

Mitraland, he added, also aims to pay its contractors promptly to ensure quality and timely work completion.

He is confident that the later phases of Gravit8 would also be handed over early.

Going forward, Khoo said the complementary skill sets of Mitraland’s top management will help it attain sustainable growth.

Chairman Datuk Johan Ariffin has vast experience in the banking, financing, insurance, marketing and property development fields. He currently also sits on the board of Permodalan Nasional Bhd, Amanah Harta Tanah PNB, Etiqa International Holdings Sdn Bhd, as well as several leading property development firms.

Deputy chairman and founder Chuah Theong Yee has entrepreneurial vision, expertise in civil engineering as well as a knack for choosing locations for developments. He has led the company through the years, successfully launching its first project — Desa Permai in Bandar Sungai Long, Selangor in 1999, and completing its first high-rise project — Kiara 1888 at Mont’Kiara, Kuala Lumpur in 2009 as well as its first mixed development — C180 at Cheras South, KL in 2012.

Khoo, who joined Mitraland in May this year, brings with him more than 30 years of experience in the property industry, having worked with several listed developers. He had also spent seven years with Pengurusan Danaharta Nasional Bhd, where he and Johan got to know each other.

“Johan and Chuah have laid a very good foundation for the company. We have known each other for over 15 years. We hope that the strength in our union could act as a catalyst to spur the company’s growth to achieve greater heights,” Khoo said.

As a boutique developer, he added, Mitraland is very lean in structure, agile and able to move fast to mitigate challenging market conditions. 

In terms of pricing, Johan noted that the developer always prices its units within the acceptable range of the market. “No developer wants to overprice itself out of the market, hence our products are affordably priced,” he said.

The company usually launches new projects after reaching at least 70% take-up rate for present ones. “We are now focusing on Gravit8 as our key project as well as Upperville in Melawati (Kuala Lumpur),” he added.

Gravit8 is a 15-acre freehold integrated development that offers a lake park, themed serviced residences, an office tower, SoHos, a hotel, and a lifestyle mall.

Fifth residential tower to be launched at Gravit8                

Mitraland plans to launch the fifth residential tower (phase 2C) at Gravit8 by mid-2020 with an estimated GDV of RM260 million. It will offer the first “Park Homes concept” serviced apartments. The 30-storey tower will have 416 units of which 72 units up to the seventh floor will be made up of the Park Homes units that allow residents to drive up and park their vehicles right in front of their units.

There will be six layout types with unit sizes of between 550 sq ft and 1,160 sq ft. Indicative prices are between RM600 psf and RM650 psf.

Khoo said the company is eyeing first-time homebuyers, young couples, small families as well as retirees for the serviced apartments.

“The key selling points [of the fifth tower] are the Park Homes concept units, practical layouts for families as well as its Santorini-inspired design. The tower directly faces the eight-acre lake park at Gravit8,” he added.

The tower will have its own set of facilities at level eight including swimming pool, kids pool, wading pool, Jacuzzi, children’s playground, gym room, multi-purpose hall, half basketball court, outdoor movie wall, outdoor fun slide, exercise station, sunset viewing terrace, sun deck, lounge deck and a blue dome pavilion.

Meanwhile, Gravit8’s lifestyle mall called Pier 8 is targeted to open in March or April next year. The developer aims to achieve 75% occupancy by then.

The two-storey mall has a net lettable area (NLA) of around 150,000 sq ft. Mitraland in early September this year signed a memorandum of understanding with eight brands including KFC Malaysia, Best Fresh Mart, Cherie Hearts International Preschool, Believe Fitness, Thai Hou Sek, Station One Café, Ondeland and Bushido.

“We are currently in talks with a few other retailers, and we expect to sign more tenants by 1Q2020,” Johan said.

“We are looking for a mix that can provide convenience and complement the lifestyle of residents here. We expect the retail space would be driven by food and beverage,” he added.

Nearby amenities also include AEON Bukit Tinggi, GM Klang Wholesale City, Hospital Tengku Ampuan Rahimah, Pantai Hospital Klang, SJK (C) Hin Hua, Hin Hua High School and SK Bukit Tinggi.

Riding on logistics tide

Gravit8 is poised to ride on Port Klang’s rapid development. A number of logistics-related developments are in store for Klang including the proposed Ikea Distribution Centre (DC) at Pulau Indah, the expansion of the West Port as well as plans to improve port infrastructure and turn Port Klang and Carey Island into regional maritime centres and logistic hubs.

“A lot of investment activities are going on in Klang. There will definitely be a spillover effect to spur more housing demand,” Khoo said, citing Gravit8 which is around a 20-minute drive from the West Port.

“Klang has a young population, but lifestyle developments such as Gravit8 are relatively rare,” Chuah offered.

He believes the demand for residential properties is strong in Klang as seen from the earlier launches at Gravit8. Take-up rates of the first two residential blocks Nordica and Adria have both reached over 90% to date while take-up rates of the third and fourth blocks Andaman and Ashino are at over 80% and around 50%, respectively.

Gravit8 enjoys accessibility to Pulau Indah Expressway, Shah Alam Expressway, Kemuning-Shah Alam Highway (LKSA), Elite Expressway, Federal Highway and South Klang Valley Expressway.

This story first appeared in the EdgeProp.my pullout on Nov 29, 2019. You can access back issues here.