A relative newcomer to the local property development scene, BHL Group of Companies is moving on to develop serviced apartments in what is believed to be one of the highest points in Cheras, Kuala Lumpur.
Located in Taman Bukit Segar, one of the older housing estates in Cheras, and close to Taman Connaught and Alam Damai, the development — The Mark — has an estimated gross development value (GDV) of RM200 million, BHL executive chairman Datuk Lim Boo Kian tells City & Country.
The project will feature a number of recreational and leisure facilities for its residents, including a yoga/meditation deck, jogging track, sculpture garden, hanging garden, mini-theatre, mini-race track, infinity pool, hydro gym, spa pavilion and dance/exercise room. All these facilities will be housed on 1½ floors with a total area of 70,000 sq ft.
The Mark is the developer’s third project after USJ One Park in Subang Jaya and KL Palace Court in Jalan Kuchai Lama. Residential development USJ One Park was launched early last year and is slated for completion next year.
The Mark sits on a 2.94-acre leasehold commercial tract and comprises two blocks of serviced apartments that are 34 and 36 storeys high each as well as ten 4-storey retail shops and 35 office units on the lower floors. There are 403 fully furnished serviced residences with four (design) options to choose from. Their built-ups range from 611 to 1,167 sq ft while their prices are RM380,000 to RM680,000 respectively. The developer plans to sell all the apartments as well as the office and retail units.
The pull factor of The Mark is its wide range of facilities, says Lim. Also, the units will have views of Kuala Lumpur, Kajang, Cheras, Petaling Jaya and the hills of Taman Bukit Segar.
“We are hoping young professionals will be attracted to our fully furnished units and many facilities. They need not worry about renovations or fork out another RM10,000 or so to furnish their units. They just have to move in,” Lim points out.
“Furthermore, our serviced apartments have a modern contemporary concept at affordable prices compared with landed properties in Cheras that are beyond the budgets of young working adults with monthly incomes of RM2,500 to RM3,500.”
BHL will open The Mark for registration to interested buyers early next month while the official launch is expected to be in the middle of the month.
Lim believes properties built in the right location is the key to good sales. “In the right location, the demand for a property, be it medium-end or high-end, will be strong, especially in these days when land is scarce in the Klang Valley. The Mark is in a vibrant location within a diversified yet mature neighbourhood.”
BHL Group was established in 2004 as a contractor for a few Klang Valley projects. One of them was a residential project in Seksyen U20 in Shah Alam comprising fifty-seven 2½-storey bungalows worth RM20.35 million for Hastanas Development Sdn Bhd. Another was a mixed-use development in Kuala Lumpur consisting of 138 link houses and sixty-eight 2 and 3-storey shopoffices worth almost RM40 million for Parkfair Development Sdn Bhd.
Lim established BHL Group of Companies with a few friends and became CEO of BHL Construction and executive chairman of BHL Builders (both subsidiaries of BHL Group of Companies) in early 2006. By early last year, the group had secured housing and building projects worth more than RM500 million, Lim told City & Country in an interview then.
BHL Group’s maiden venture as a developer was the 13-acre, RM250 million USJ One Park that comprised two 24-storey towers housing 328 condos, all of which have been sold; sixty-one 3-storey terraced houses; and thirty-six 3-storey semi-detached homes.
“We were very surprised at the response to the condos. For example, each 1,242 sq ft unit comes with four rooms, three bathrooms and two parking bays. At an average of RM460,000, they were very reasonably priced for Subang Jaya. A lot of our purchasers were bank officers but we also saw buyers from all over, including those working in Taipan, Kelana Jaya and Kota Kemuning.
“We sold our condos at RM300 to RM350 psf, but current new developments in the area are going for around RM440 psf,” says Lim, adding that terraced homes in USJ One Park that were first sold for RM888,000 are now priced at about RM1.018 million. “We have three terraced units and 8 semidees left for sale.
“Our targeted completion date for the whole project is 2013, but I believe we can complete the terraced houses by August this year.”
BHL’s leasehold KL Palace Court, which is about 5km from Bangsar, 8km from the KL city centre and less than 10 minutes from Mid Valley City, has a GDV of RM220 million.
The five-acre tract was acquired in April last year and the project comprises 496 condos in two 23-storey towers. Built-ups range from 936 to 2,497 sq ft while the prices are from RM404,000 to RM638,000. The penthouses, however, cost around RM1.38 million each.
“KL Palace Court is next to the Kuchai Entrepreneurs Park, an area that is often referred to as ‘Little Johor’ because it is so vibrant. There is a variety of food and amenities within walking distance,” says Lim.
This project was launched in early December last year and saw 95% take-up within two months for Tower A. Tower B is currently 65% sold. Lim expects the condos, which come with two parking bays each, to be completely sold in the next three months.
In the meantime, BHL Group is looking for more land in the Klang Valley. “We are looking at Puchong and Kota Damansara,” says Lim, adding that the land would most probably be for mixed-use developments.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 897, Feb 13-19, 2012
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