City&Country: Faber continues to strengthen its presence in Kuala Lumpur

Faber Development Holdings Sdn Bhd, the master developer of Taman Desa and Taman Danau Desa in Kuala Lumpur, is looking to develop its first project in the Kuala Lumpur city centre by year-end. The developer is awaiting the necessary approvals, and will launch the estimated RM225 million condominium project by 4Q2011.

The development, located in Jalan Gurney on a 2.55-acre freehold site opposite Gurney Heights condominium, will offer 252 units in two blocks. Faber head of company Khalid Abd Majid says the parcel for the project was acquired in late 2007 on the open market.

“This project is located within 2km of KLCC, in an area we believe is an upcoming hotspot, especially when the redevelopment of Kampung Baru takes off. More than 50% of the units will have a KLCC view, and we plan to put in some unique features, like a void, in selected units,” he tells City & Country.

The void in selected units will function as a courtyard in a landed home. This will allow residents to enjoy greenery and more natural lighting than normal condo units.

Vila Prima
The developer is planning to launch the last phase of Taman Danau Desa in February. The project, known as Vila Prima, is a joint venture between Faber Union Sdn Bhd and Fleet Group Sdn Bhd. It will be the 83.9-acre township’s most high-end project, offering 31 linked villas and three detached villas with a lake view on a 2.77-acre leasehold tract.

The linked villas have built-ups of 4,169 to 5,586 sq ft and land areas of 1,292 to 1,615 sq ft, while the detached units have built-ups starting from 5,799 sq ft and land areas of 2,691 to 4,521 sq ft. There will also be a clubhouse for residents.

“The project features a transparent lift, from the car park to the top floor. Some green features will also be included, such as rainwater harvesting and low-E glass. A lot of glass will be used to allow more natural light to come in. All units will have a view of water — either the lake or the pool. Each of the bungalows will have a knee-deep pool,” Khalid says.

Featuring a modern resort concept, all units will have four levels, including a basement which will serve as a private car porch. Targeted at upgraders looking for a project with security features and ample facilities, the homes are tentatively priced at RM3.5 million to RM6 million. The project has received almost 400 registrations so far.

Khalid believes this project will push property prices in Taman Desa and Taman Danau Desa up further. The proposed redevelopment of the Sungai Besi airport, about 1.5km away, into a multibillion commercial project by 1Malaysia Development Bhd will also benefit the two areas once the proposed project takes off.

Vila Prima is located beside Desa Lake and  is sandwiched between the Danau Villa and the Armada Villas projects. Danau Villa, comprising 64 villas, was completed in 2007. These homes have built-ups of either 3,014 or 3,662 sq ft. Priced at RM700,000 to RM1.1 million during the launch, these units now go for RM1.3 million to RM1.9 million.

The gated and guarded Armada Villa, on a 5.7-acre tract, was launched in April last year and is currently 75% sold. The remaining units are unsold bumiputera units, and the developer has already applied for a waiver from the local authorities. It expects to get the approval this year, and intends to increase the price because of the overwhelming response.

Faber’s flagship, the 260.7-acre Taman Desa, has been fully developed since 2008 with the completion of Casa Desa Condominium. Taman Danau Desa, which spans over 83.9 acres, was developed in 1993, and currently has more than 3,000 properties.

Laman Rimbunan
Faber will launch the remaining 54 units of 3-storey semi-detached homes in the Areca Residence development, the last phase of its Laman Rimbunan township in Kepong, by May. The units — with built-ups of 3,070 to 4,295 sq ft on land areas of 2,550 to 6,717 sq ft — have an indicative price of RM1.48 million to RM2.28 million. The developer launched the first two sections of Areca Residence in November, which are now 77% taken up. The only project featuring semidees in the township, Areca Residence spans 19 acres and is developed by Rimbunan Melati Sdn Bhd, a 55:45 joint venture between Faber and Metro Kajang Holdings Bhd.

The leasehold RM700 million Laman Rimbunan is a 100-acre mixed development launched in 2005. Earlier phases comprised 3-storey terraced homes which have seen impressive appreciation over the years. Priced at about RM400,000 at the launch, its Phase 1 Melati terraced homes are now going for RM700,000, says Khalid, adding that the Matahari terraced homes in Phase 3 are now going for RM850,000, compared with the launch price of RM620,000.

“We are going for QLASSIC (Quality Assessment System in Construction) for Vila Prima, Areca Residence and Armada Villa. We are training our staff to achieve the target,” says Khalid.

QLASSIC measures and evaluates the quality of workmanship of a construction work based on the relevant approved standard. It enables the quality of workmanship between construction projects to be compared objectively through a scoring system.Faber still has 10 acres of land in Kota Kinabalu, Sabah. A condominium development has been planned for it, and is expected to launch next year. The developer is currently looking to buy land for niche developments in the Klang Valley and other states.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 843, Jan 31-Feb 6, 2011