Koe Peng Kang

LAST weekend’s sell-out of linked and detached homes in Setia Eco Templer near Rawang created quite a buzz. The unusually hot response amidst current lethargic investment sentiments and high mortgage application rejection by banks had both investors and developers sitting up.

To start with, these are not exactly affordable homes. The cheapest, the linked villas, cost RM850,000 onwards while the 2-storey bungalows are tagged at around RM2.8 million.

An early indication of the strong market response came in the queue that had gathered at the Setia Eco Templer’s sales gallery on Friday, May 13 – a day before the launch. Come Sunday, all 176 units of the linked villas and six bungalows were sold. Also unveiled at this debut launch of Setia Eco Templer were 52 semi-detached units of about RM1.7 million each. At press time, 24 of them have been sold in this gated-and-guarded leasehold development.

Carson Creek

What is the magic?

Is the market turning? Or, will sales tumble once banks are through with their scrutiny of the loan applications?

While it is too early to tell if sentiments are on the mend, loan rejection does not apply, not immediately, in this case. Under the Setia 10:90 programme, buyers only need to pay a 10% deposit with the rest payable upon the property completion. And they are not required to secure a loan immediately – only before taking vacant possession of the property, which is three years from now as this is a strata-titled development. Yes, S P Setia Bhd can pull this off comfortably because it is financially strong.

* GALLERY: Setia EcoTempler/The Legend of Nine Creeks

* VIDEO: Carson's Creek at Setia EcoTempler

* Queuing for a home

And its executive vice-president, Datuk Koe Peng Kang, is not perturbed if buyers should change their minds and rather have their 10% payment forfeited instead.

Koe is confident that these units will command a premium by the time they are ready. He is not just betting on a market turnaround alone. He has a plan, one that rivals the draw of S P Setia’s two award winning townships of Setia Eco Park in Shah Alam and Setia Eco Glades in Cyberjaya – both driven by Koe.

Setia Eco Templer sits on a 194-acre tract lodged between Rawang and Selayang. It is less than 30km away from Kuala Lumpur City Centre. Upon completion in eight to 10 years, the township would comprise 1,800 homes and a commercial zone.

The Legend of Nine Creeks

The journey of Setia Eco Templer began one fateful day in October 2013 when Koe went to view the land, which was on the market, for a joint venture. What greeted him was greenery on a pretty much flat terrain cradled by rolling hills in the distance.

Koe knew that banking on the green concept alone was no longer sufficient in a market that is peppered by green concepts. He went on to look for what he described as the “character” of this particular tract.

At the end of that three-hour site visit, Koe found the magic he needed – in the nine natural creeks on the land. These were punctuated by eight natural lakes in varying sizes.

Fast forward to the present, Koe showed me some of these creeks. Well, some of them were stream-like while others, honestly, looked no more than longkangs (drains).

But by the time Koe and his team are done with them, these creeks will be at the forefront of the Setia Eco Templer brand of conservation, preservation and sustainability.

So key are these creeks that the developer has published in hard cover the The Legend of Nine Creeks. Then there is the seven-minute plus video that takes one on a grand tour of the creeks upon their transformation. In their midst will be English, Balinese and Peranakan-inspired architectural designs, each with its own distinct landscaped themes.

Yes, the marketing of property has taken on a new high.

From old to gold

Besides the green expanse of land, what came with it was a run down two-storey clubhouse which had indoor badminton courts and a dusty and unused eight-lane bowling alley that ended up more like a storage area of sorts. Outside the musty-smelling clubhouse was an equally tired-looking Olympic-size swimming pool.

It would be easier to raze the building and start from scratch but Koe knows and understands the draw of heritage. Work is in progress to transform and put to good use the building which will serve as a clubhouse for the residents.

Setia EcoTempler

A good part of the 30,000 plus sq ft area now operates as the developer’s sales office. The badminton courts are being converted into a grand and pillarless banquet hall that can sit 700 pax.

The makeover will take a couple of weeks more but already, three bookings for weddings have been made. Running of the banquet facilities will be a piece of cake – the S P Setia group is no stranger to the convention business.

Though not fully made over yet, the clubhouse already oozes a captivating sense of grandeur. For instance, the imposing stairway complete with ornate banisters that greet visitors have been retained. This is complimented by a RM300,000 crystal chandelier hanging from the very high ceiling.

It would be difficult to miss the heritage and colonial ambience in the clubhouse, thanks to detailing that could be in the Setia Eco Templer crest, door knobs, signages and wall lights – even those installed in the toilets!

Koe is not in a hurry to unveil Phase 2 of the project. It would be interesting to see how he pulls it off next.

Sometimes, even the value of your home can be a mystery. Go to The Edge Reference Price to find out.

This story first appeared in TheEdgeProperty.com pullout on May 20, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com here for free.

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