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The Latest Luxury Condo Project Launch
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have an understated elegance
in earthy tones and colours. This
will be E&O’s first joint-venture
development with Japan’s largest
developer Mitsui Fudosan
Residential Co Ltd with E & O having
a 51% stake.
When E&O’s deputy managing
director Eric Chan first unveiled the
company’s plans for this project a
couple of years ago, they mulled
over what would appeal to females.
Hence, the large shoe cabinets
and storage area. Units come with
bedroom and kitchen built-ins.
Artist’s impression of The Mews entrance
Lifestyle property developer Eastern
& Oriental Bhd (E&O) launched its
latest downtown condominium
project The Mews. When completed
in 2017, it will be one of three
high-rise residential developments
on Jalan Yap Kwan Seng in Kuala
Lumpur.
There will be three residential
projects along that stretch of about
500m. The Mews starts at RM1,700RM1,800 per sq ft (psf). It will be
among the highest in terms of price
point among the three on-going
projects there currently.
The first project to be launched
close to the Jalan Yap Kwan SengJalan Tun Razak intersection is
Mirage Residences. The Mirage was
launched a couple of years ago
at RM1,000 per sq ft with prices
trending up to between RM1,300
and RM1,400 psf last year. According
to a member of the marketing team,
some of the units were sold at
RM1,600 psf last year. The Mirage
is 100% sold and is expected to be
completed by May 2015.
It is a 25-storey block comprising
102 units developed by OSK
Properties Holdings Bhd. Most of
the units have built-up areas of
between 1,000 sq ft and 1,200 sq ft
with two bedrooms.
The second project to be launched
closer to the Petronas Twin Towers
at the Jalan Yap Kwan Seng-Jalan
Ampang intersection is Star
Development. This was launched
late last year by joint-venture
partners Symphony Life Bhd
(previously known as Bolton Bhd)
and United Malayan Land Bhd.
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It comprises three residential highrise blocks of which the first will
be 57 storeys. Its next two blocks
are expected to have 61 storeys.
Besides the residential portion,
there will also be a retail portion.
When completed, Star Development
will have a total of 1,500 serviced
apartment units, comprising mainly
one-bedders with sizes ranging from
650 sq ft and 750 sq ft.
Each of these three projects have
their pluses.
The Mirage, at RM1,000 psf seems
like a steal considering today’s prices
and when matched against The
Mews. It is also not as dense as The
Mews, which will have 256 units on
1.29 acres compared with Mirage’s
102 units on just under one acre.
Both are on residential titles, which
is a plus point.
The Mews will be more private than
Mirage, located about 100m on one
of the inner roads, and does not
directly front Jalan Yap Kwan Seng.
Sizes range between 900 sq ft and
2000 sq ft for the one- and 3+1
bedroom units. There are four
penthouses with built-up areas of
about 2,500 sq ft each. Two of the
penthouses have been sold. E&O
is a lifestyle brand. It built St Mary
Residences in Jalan Tengah, parallel
to Jalan Raja Chulan in the main
commercial district of Kuala Lumpur
and Dua Residency along Jalan Tun
Razak.
While St Mary Residences is both
urbane and stylish, The Mews will
be 1,500 units on four acres, or
375 units of residences per acre
compared with Mirage’s 100 units,
and Mews’ 198 units. There will
also be a retail portion. While there
is convenience, it may not be that
private.
It will be the most dense among
the three projects but in terms of
proximity, it will be the closest to
the Twin Towers. Located behind
Avenue K mall, it will be within
walking distance to the KLCC LRT
station via Avenue K. Because Star
Development is built on commercial
land, upkeep and maintenance will
be a consideration. Also, the price
of the unit does not include a car
parking bay. Residents will have to
rent it at RM150 to RM200 a month.
Moving forward, having a unit that
comes with a car park will be a
luxury.
There will be one parking bay for
one-bedroom units, two for twobedders and three for the larger
units. The penthouses will have four
parking bays.
The development will come with
pool, gym and squash courts and
concierge services. According to
Chan, about 70%, or 180 units
have been sold, of which about
20 units have been purchased by
Japanese. About half the buyers are
Malaysians. Shuttle services will also
be provided to Twin Towers and the
vicinity. With the traffic situation in
the Klang Valley today, that will be a
huge plus.
From what is seen of St Mary
Residences and Dua, The Mews is
expected to be another oasis in the
busy and bustling city centre.
On how the various cooling
measures will affect sales, Chan
says the long term prospects for the
sector are still good.
“We are still in the first three months
of the year. We are focusing on the
long term,” says Chan.
Mitsui Fudosan (Asia) Pte Ltd
executive director (head of
residential team) Tomoo Nakamura
says it has been a good experience
working with Chan and his team and
this partnership will pave the way for
further cooperation.
Dense development
The largest project along that
Yap Kwan Seng stretch is Star
Development with prices beginning
from RM1,500. It will be built on
commercial land and there will
A point to note is this: If one is
buying for investment, there are
literally thousands of smallish onebedders in the Klang Valley today
and there will be more entering
the market as projects come to
completion. Getting it tenanted
may not be that easy. Most of the
buyers at Star Development may
be foreigners as small units tend to
attract investors.
Another thing to note is the price,
which has moved up considerably
from RM1,000 to RM1,700 psf in a
matter of two to three years a jump
of 70%. All three projects are not
comparable because they are not
homogeneous, both in terms of
location and finished product.
The steep rise in price is something
to be considered, especially in
today’s volatile times. There is a
lack of clarity for now and with
inflation at a 25-month high of 3.2%,
those who have the means may
well consider a branded unit. But
there will be many others who will
settle for bread-and-butter housing,
without the frills.
Either way, with the various cooling
measures in place and maybe more
to come, a property investment is
for the long term and for those who
have the holding power.