Making Timurbay Seafront Residence another success story

PJD Sejahtera Sdn Bhd, a subsidiary of OSK Property Holdings Bhd, plans to make its latest project — Timurbay Seafront Residence in Balok Beach near Kuantan — a success in the area.

“Unlike the Teluk Cempedak beach, not many know of Balok Beach. Do you know that it is a world-famous kitesurfing and windsurfing destination?” asks OSK Property CEO Ong Ghee Bin.

“In fact, Balok Beach is possibly one of the top 10 beaches [for windsurfing and kitesurfing] in the world!”

Sited on 7.34 acres of freehold beachfront land, Timurbay will not only offer panoramic views of the South China Sea but also have direct access to Balok Beach.

“Although we cannot own it, we can offer our residents private access to the white sandy beach and, of course, million-dollar sea views,” Ong smiles.

A low-density lifestyle serviced apartment project, Timurbay has an estimated gross development value of RM364 million. Its two L-shaped blocks comprise 760 units with built-ups ranging from 429 sq ft (1-bedroom) to 917 sq ft (2-bedroom).

“The big units face the sea while the small ones face the pool or the bay. Still, the majority of the small units have their own sea view from angled balconies,” says Nicole Lee Chee Yiing, the general manager of PJ Development Holdings Bhd.

Besides the beach and the sea, Timurbay also offers a full range of resort facilities: infinity pool, wading pool, leisure pool, lap pool, open Jacuzzi, sunken patio, terrace garden, gazebo, tennis court, basketball court, badminton court, squash court, multipurpose hall, BBQ area, chess corner, meeting room, billiard room, gym and sauna rooms.

The project is slated for completion in May 2019 and will be officially launched in March this year. The units are priced at RM338,000 or RM700 psf onwards.

“Our price psf is slightly higher than in the vicinity. It is not only because of the excellent location but also because all the units are fully furnished, including all the necessary electronic devices,” says Lee.

Ong says those looking to buy holiday homes and professionals are their target market, which explains the decision to fully furnish the units. 

“Kuantan is less crowded than other beach destinations in Malaysia. It is an ideal destination to unwind from a busy working schedule, to relax and enjoy quiet time with family and friends. With roughly RM350,000, you can own a spacious holiday home in Balok Beach and not worry about renovations or matching furniture!” remarks Ong.

The developer has formed a leasing team to help the owners lease out their units for the mid to long term. “Short-term and daily leasing is not something we encourage because this is a residential development. Besides holiday home buyers, we are also targeting the growing number of professionals working in the nearby industrial park and port,” Ong says.

Set to benefit from MCKIP

Timurbay is located between the Malaysia-China Kuantan Industrial Park (MCKIP) and Kuantan town. It is 10km by road from Kuantan Port, MCKIP and the Gebeng Industrial Area, and 11km from Kuantan town.

Launched in early 2013, MCKIP is a joint venture between Malaysia and China. It is part of the East Coast Economic Region (ECER) corridor in the East Coast.

“We are right between MCKIP and Kuantan town, which makes travelling to either location a breeze,” says Ong. “We saw that there weren’t many lifestyle residential developments in Kuantan despite rising demand for them. We are filling that gap.”

The ECER development council has announced that MCKIP will be recruiting 3,000 workers, of whom 2,000 will be local and the rest foreigners, for the first phase of the corridor, which starts next year.

“We are only talking about these 3,000 people now. We know more will come. Meanwhile, the demand for lifestyle residences has been increasing in the past few years,” says Lee.

Evidence of this lies in the strong leasing rate and yield of OSK Property’s Swiss-Garden Resort Residence Kuantan, which was completed and handed over a year ago.

“It is an investment scheme and operated by Swiss-Garden Hotel. At first, it was mainly for daily rent but then 35% of our current tenants — most of whom are professionals from the nearby industrial parks — are renting for the mid to long term,” says Lee.  

She adds that Swiss-Garden Residence Kuantan’s buyers have enjoyed a minimum capital appreciation of 40% and an average yield of 12% since its completion.

It was such outstanding results that prompted OSK Property to build Timurbay.

“We consider Timurbay the second phase of the 15-acre parcel we own in Balok Beach. Swiss-Garden Residence Kuantan and Timurbay are side by side. In fact, Timurbay is the upgraded version of Swiss-Garden Residence Kuantan. The plan for the third phase on the remaining four acres has yet to be determined,” Ong says.  

Timurbay has been well received since it opened for registration in December last year. “As at mid-January, registration of interest was 3.5 times the total number of units. In fact, some buyers wanted to give us a cheque before the official launch, just to make sure they would get a unit,” says Ong.

He says this is the best proof that Kuantan’s bauxite pollution problem in Bukit Goh has not affected buyers’ confidence in OSK Property and its projects.  

“Although Bukit Goh and Balok Beach are both in Kuantan, they are 30km from each other. Besides, the state government has done a great job of preserving Balok Beach. All of us know the government is taking the pollution issue very seriously, all the necessary action has been taken and we see progressive moves. We are confident the pollution will soon be under control,” he adds.

“Moreover, Timurbay will take four years to complete. By then, the pollution issue would have been resolved and the environment would have been restored.”

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This article first appeared in City & Country, a pullout of The Edge Malaysia Weekly, on Feb 22, 2016. Subscribe here for your personal copy.