TAHPS’ new project launch in Bukit Puchong since 2014

PETALING JAYA (Aug 14): TAHPS Group Bhd will be unveiling 140 units of 2- and 3-storey link villas dubbed Andira Park at its Bukit Puchong township development in Puchong, Selangor on Aug 19 and 20.

The launch on Aug 19 will be open for existing buyers of TAHPS and registrants while the Aug 20 launch will be open to the public.

With a gross development value (GDV) of about RM100 million, Andira Park is a gated-and-guarded stratified development covering 8.33 acres on a freehold site, TAHPS group CEO Eugene Khoo told TheEdgeProperty.com.

It is the first project launch for TAHPS since the developer launched Epic Residence — a serviced apartment project in the township in April 2014. Epic Residence is a RM180 million project that houses 300 serviced apartments in two 21-storey buildings. The project is more than 70% sold and is being handed over to buyers.

Besides the low-density and well-planned landscaping, Khoo said the design of the Andira Park link villas is unique as each is a hybrid between a traditional town villa and a traditional landed house, resulting in a wide living area for residents to enjoy.

To be priced from RM650,000 or about RM400 psf, Andira Park consists of 2- and 3-storey link villas with a built-up of 1,583 sq ft and 1,789 sq ft, respectively, and five units of 3-storey terraced houses with a built-up of 2,347 sq ft.

The project is expected to be completed by August 2020 and will have facilities such as a playground, multipurpose room, BBQ area, jogging path, multipurpose sports court and an acre of open space for residents.

TAHPS has been planning and waiting for the right opportunity to launch Andira Park, said Khoo. “The company is of the view that now is the right time to roll out the project as it will complement the products that have been launched in Bukit Puchong.”

“Based on our market study and research, we believe that there is demand for this type of product [in today’s market]. We are targeting people in their late 20s to 30s, young dual-earner families and upgraders,” Khoo offered, adding that Andira Park has garnered more than a hundred registrants in a one-week period since it opened for registration of interest.

Rebranding

“For many years, we were a conservative developer, and we have been taking our time launching projects. That had been the development model and strategy for us previously,” said Khoo.

However, the developer has decided to adopt a more aggressive approach in the development of its 1,290-acre Bukit Puchong township, which still has some 600 acres of land to be developed.

“We are working on redesigning the master plan of Bukit Puchong and hope to launch it in the later part of this year. At the same time, we are also working on a rebranding exercise for the group.

“Given that the property market is a bit slow now, it is a good time for us to do some planning and to position ourselves so that when the market turns, we are ready to launch our projects,” he said.

He expects the property market to bottom out in 2017 and to pick up in 2018.

Meanwhile, TAHPS is also mulling a plan to lease vacant plots of land in Bukit Puchong to food and beverage outlets, educational institutions, healthcare and recreational operators to generate rental income and raise greater awareness of the township.

“We also want to venture beyond Bukit Puchong and are open to joint-venture and land acquisition opportunities,” said Khoo, adding that the company is in good net cash position to allow it to do so.

To date, the township, which is being developed by TAHPS subsidiary Bukit Hitam Development Sdn Bhd, has rolled out some 5,400 residential properties, over 500 commercial properties and about 441 industrial properties.

This story first appeared in TheEdgeProperty.com pullout on Aug 11, 2017. Download TheEdgeProperty.com pullout here for free.