RM1,000 per square feet for a property to own? Obscene beyond words.....
Reading how Happy Point Sdn Bhd (the developer), Derek Lew told StarBiz that the RM1,000 psf at Ipoh's Emerald IT Mall, set a new benchmark price for Malaysia's property alarmed me.
Before I could recover from this shock, my agony is futher compounded reading how this Malay Sultan, in a joint-venture with a Singaporean hotelier Ong Beng Seng, planned to build a six-star hotel, badly named 'The Four Seasons' in the 'hot-no-season-all-year-long', tropic nation of Malaysia, will, although prices for the units have to be set, will cost ''in excess of RM1,000 per sq ft'' said S. A. Raju, executive director of Venue Assets, the developer, predicting strong demand due to the project's prime location.''.... it's a different brand altogether. It will definitely be a who's who of Malaysia and the world wanting to book our units,'' he added.
Where do these guys live? Don't they realise that there are people living in slums still?
I personally liken prospecting in properties to yeild high returns to the same act of Dracula sucking the life out of human. Properties should be developed to reflect the need of humankind for accomodations and it should be priced as affordable as possible. Well-planned, comfortable and affordable ccomodations for the masses should have been the main objective of a healthy developing nation, and never for the 'ill-conceived' plan create wealth for the select few!
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Ipoh’s new IT mall to set benchmark
By S.C. CheahTHE Emerald IT Mall, a one-stop centre for information technology (IT) products, will be launched soon in Ipoh.
The five-storey building with one level of basement car park will offer 250 to 300 sq ft retail lots priced at about RM1,000 per sq ft (psf).
Marketing director of Happy Point Sdn Bhd (the developer), Derek Lew told StarBiz that the RM1,000 psf set a new benchmark price for a new retail lot in Ipoh, but the lots provided value for money due to the proposed mall's strategic location.
“It is right in the heart of Ipoh and just next to the Catholic School at Jalan Sultan Idris Shah. Some people may think that it is expensive, but there is value in it,” he said, adding that many people from Ipoh and its surrounding areas had to travel to Kuala Lumpur to shop for IT products like computers, home security systems and IT accessories.
“They go all the way to Kuala Lumpur. A lot of time is wasted. If people set up their IT business here, I am sure the prices of the IT products such as computers will be much cheaper.”
Lew said the lower three levels would be for sale while the top two floors would be for rental. “We plan to keep the top two floors as an IT education centre where there will be computer schools. It can also have commercial and music schools. We are allocating two cafes in the lobby area,” he said, adding that he did not like to imitate other developers' concepts but wanted to do something unique and which had demand.
He said the Emerald IT Mall was being developed to meet the needs of the people. It can also be a tourist attraction as there will be Internet centres for tourists to surf the Internet.
Lew said it was a better investment to buy a shop lot at the Emerald IT Mall than a house. For example, a 250 sq ft to 300 sq ft shop lot costing, say, RM250,000 would get no less than RM2,500 in rental return a month compared to buying a RM250,000 house where the rental might be between RM600 and RM800 a month.
“After five years, your shop lot may double in value because of its prime location and low density but what is the appreciation for the house? It might lose its value,” he said.
Lew’s marketing style, based on integrity and delivery of a good and hard-to-find product, has caught the attention of many people.
He claims to have managed to turn around the previously failed project (under different developers) now known as Dataran Pahlawan into a huge success.
“It is now the talk of Malacca. Dataran Pahlawan is a historical landmark not only for Malacca but Malaysia. It is a legend reborn. Why is it that most of my buyers are Malaccans? Well, this is because they want a piece of history as this (development) will not be repeated,” he said.
The project is 70% completed and Phase 1 would be handed over next April. Phase 2 of Dataran Pahlawan will comprise a four-storey building dealing in gold products.
“I like to take the lead. It’s thrilling. People make mistakes in life mainly because of greed. They want to buy cheap and sell quick. We sell at a premium because our costs are high. We pay for the location. Prime is prime; you cannot change that and with the right concept, you can enhance the value even more,” he said.
Lew said if one had a good product, the sale even from a soft launch should be enough to finance the entire project. “One must always think of the purchaser and not neglect them after closing the sale. Developers must not only think of making money. Once there is a good relationship and trust with the purchasers, they will bring their friends and relatives to buy your future products,” he added.
Four Seasons condos to be priced over RM1,000psf
THE US$265mil Four Seasons hotel and apartment complex planned in Kuala Lumpur will price its condominium units at over RM1,000psf.
Although prices have to be set, the units will cost “in excess of RM1,000 per sq ft” said S. A. Raju, executive director of Venue Assets, the developer, predicting strong demand due to the project's prime location.
“The Four Seasons is a six-star hotel, it's a different brand altogether. It will definitely be a who's who of Malaysia and the world wanting to book our units,” he said.
Venus Assets, a Malaysian company, is a joint venture between Singapore hotelier Ong Beng Seng and the Sultan of Selangor.
The joint venture company is applying for permission to build the luxury development on a 2.6-acre plot next to the Petronas Twin Towers.
Ong and his business associates would hold a 65% stake in the project, while Sultan Sharafuddin Idris Shah would own 15% to 20%, Raju said. – AFP
posted by mamat at 4:57 PM
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