A mixed bag of properties

ALL types of real estate developments — from affordable homes to premium luxury apartments, high-rise units and landed houses — can be launched during the current soft property market, says Raymond Cheah, chief operating officer, commercial, at UEM Sunrise Bhd. “There is still demand for homes, especially from the younger population and first-time homebuyers. Selected types of properties, especially the mid-priced landed properties, are still selling. Mid-priced landed real estate in the greater Kuala Lumpur area, Johor and Penang see the highest demand. High-rise units in the mid-range price levels close to the city centres, except in Johor, are also in high demand,” says Cheah.

UEM Sunrise’s current strategy is to offer a good mix of quality real estate products to appeal to customers of varying incomes, says Cheah. Its current projects include Estuari Gardens @ Puteri Harbour, Melia Residences at Gerbang Nusajaya and Residensi Sefina Mont’Kiara in Kuala Lumpur.

While landed properties attract a lot of interest, high-rise strata units in certain areas such as Mont’Kiara also remain popular. “Local buyers are especially keen on landed property based on what we saw at our recent launch of Estuari Gardens @ Puteri Harbour. Estuari Gardens is our first landed development in Puteri Harbour, Iskandar Puteri in Johor. The first phase consists of 350 double-storey super-links. We are also building landed property in Serene Heights in Bangi, in which the first two phases are double-storey terraced houses. In Mont’Kiara, we continue to offer high-rise units, namely the newly launched Residensi Sefina Mont’Kiara,” says Cheah.

He notes that the number of foreign property buyers is increasing. “We are seeing more homebuyers from Taiwan and Indonesia. They believe it is a good time to buy property now as the ringgit has depreciated and they are very interested, especially in Iskandar. Meanwhile, homebuyers from Japan, Australia and Europe are also showing interest in making Malaysia their second home.”

UEM Sunrise is also expanding its property developments in Melbourne. Current projects there include two high-rise mixed residential units known as Aurora Melbourne Central and the Conservatory. “We are also developing two sites in Melbourne’s central business district — one in Latrobe Street and the other at Mackenzie Street. UEM Sunrise has also acquired a 21-storey office tower on 412 St Kilda Road and this will be developed into an unprecedented luxurious residential development offering a mix of retail and serviced apartments,” Cheah says.

UEM Sunrise differentiates itself from its competitors with its focus on sustainable developments. “To ensure the long-term viability of our developments, all of them are planned meticulously. Strategic initiatives are also put in place to provide the ideal value proposition for our stakeholders,” says Cheah.

Estuari Gardens @ Puteri Harbour has a gross development value (GDV) of RM7 billion. Spanning 394.4 acres of freehold land, the development is expected to be completed in 7 to 10 years. The first phase of double-storey super links will take up 47.8 acres and has a GDV of RM634 million. The homes have built-up areas of 2,708 to 3,550 sq ft, with prices starting at RM1.39 million. The gated and guarded development will have 24-hour security, wide walkways and cycling paths, large landscaped open areas, a playground and an outdoor gymnasium, among other features.

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This article first appeared in the Special Report Mapex Property Showcase, of TheEdgeProperty.com, on May 6, 2016. Download free copies of TheEdgeProperty.com here.