The government’s plan for a mass rapid transit system in Kuala Lumpur has stirred much excitement at property developer PPC Glomac Sdn Bhd, as the proposed MRT line from Sungai Buloh to Kajang is expected to have an impact on its Aman Putri township in Sungai Buloh.
Aman Putri, which sits on a 169-acre freehold tract, has a gross development value (GDV) of more than RM500 million. PPC Glomac lead project coordinator Choong Wei Min tells City & Country that the land, previously a palm oil plantation, was purchased about seven years ago.
“We are pleased that Aman Putri will be one of the new townships in the next boom area, with two proposed MRT lines starting from Sungai Buloh and the RM10 billion township to be developed on the Malaysian Rubber Board (RRIM) land, all in the vicinity of Aman Putri,” says Choong.
He adds that Aman Putri is only 4km from the proposed MRT station, and borders the RRIM land.
“We are confident that the MRT line, which has been given the go-ahead to commence this year, will boost demand for properties in townships that are near the proposed MRT station.
“The Greater KL MRT project will provide the much-needed improvement to public transport services. Good public transport is key to reducing traffic congestion and pollution. Overall demand for properties near MRT stations will rise. We can also expect properties in some of these areas to see good capital appreciation,” says Choong.
The MRT project will also create excitement and attract more capital into the region, potentially boosting or sustaining the values of certain properties within the areas that are positively affected, he adds.
“Some people are still sceptical about whether the MRT project will happen or not, and how much of an impact it will create. I believe that the project will happen. In fact, it is long overdue; Hong Kong and Singapore have had theirs for more than 20 years,” says Choong.
Aman Putri will be developed in seven phases. The first phase, comprising 162 units of 2-storey terraced homes, was sold out in two weeks before its launch in July last year. The homes, which have land areas of 22ft by 70ft and built-ups starting from 1,694 sq ft, were priced from RM350,000.
“We saw interest from people living in Puchong, Kepong, Gombak, Bandar Sri Damansara and Kota Damansara,” reveals Choong.
Next to be launched in Aman Putri are 72 units of 2-storey link homes, which have land areas of 22ft by 75ft and built-ups of 2,033 sq ft. The homes are priced from RM430,000.
“We will launch these in June, and because of the demand, we have decided that the choice of units will be given on a first-registered, first-served basis,” says Choong. The developer also plans to launch 178 link homes (20ft by 70ft) in 2H2011.
When completed, Aman Putri will have about 200 medium-cost apartment units, more than 400 terraced homes (various built-ups), 156 cluster semidees (32ft by 70ft), 37 bungalows and 54 units of 2-and 3-storey shopoffices. The developer is also in the midst of planning properties to be developed on a 6.74-acre commercial area in the township.
The guarded township will feature 14.5km of shaded pathways suitable for walks and cycling, with modern exercise stations every few metres and a 1km-plus long linear park. There will only be a couple of entrance and exit points to ensure maximum security for the community.
“We are surrounded by established developments, such as Valencia, Sierramas, Bandar Baru Sungai Buloh and Bukit Rahman Putra. Malls such as 1 Utama, The Curve and The Store are only minutes away. Other facilities, including educational institutions such as the ELC International School and medical centres such as Sungai Buloh Hospital and Putra Medical Centre, are also nearby.”
Choong says the proposed township development on the RRIM land in Sungai Buloh under the 10th Malaysia Plan is expected to bring increased economic activity and property development to the area. “This is where the action is, and we want our buyers to ride the wave of the future of the new Klang Valley.”
Choong, a business and engineering graduate whose family runs the business together with its joint-venture partner, believes the incentives for first-time homeowners — such as the My First Home Scheme that was announced under Budget 2011 and implemented recently — will benefit the property sector as a whole.
“The government’s proposal for a stamp duty exemption of 50% on instruments of transfer for residential properties priced below RM350,000 to encourage ownership of first residential properties, as well as the proposal to raise the maximum housing loan for civil servants from RM360,000 to RM450,000 augur well for the property market and developers,” he says.
The implementation of the MRT system, the Greater KL Plan, the New Economic Model, the 10th Malaysia Plan and the Economic Transformation Programme, all of which aim to help Malaysia become a high-income nation, will boost demand for properties in Greater KL.
Choong expects the property market to do well this year and is confident that townships in areas such as Sungai Buloh will see better capital appreciation than those in the Klang Valley, and attract more investors.
PPC Glomac is a joint venture between civil construction engineering company Pembinaan Punca Cergas Sdn Bhd and property developer Glomac Bhd, a partnership that goes all the way back to 1993. Glomac holds a 30% stake in PPC Glomac.
PPC Glomac is a subsidiary of the PPC Group. Another of its projects is at the few remaining parcels of its 220-acre Bandar Sri Permaisuri township in Kuala Lumpur. The township has a GDV of over RM1 billion and is more than 90% developed.
“At PPC Glomac, we believe that a business that makes nothing but money is a poor business, which is why we prioritise customer service, individualised attention and responsibility to the environment. People always feel safe and secure when they invest in property. As people seek to improve their living environment, there will be continuous demand for homes.
“I am lucky to work with experienced people in the industry and to be able to work with close family members. Our managing director, Datuk Jeffrey Choong Moh Kheng, constantly reminds us about focus. People think focus means saying yes to the thing you’ve got to focus on. But that’s not what it means at all. It comes from saying no to 1,000 things to make sure we don’t get on the wrong track or try to do too much,” Choong shares. Jeffrey Choong is his uncle.
“When a good idea comes to us, we move it around just to see what everyone thinks. In the end, a whole new idea will evolve. We work as a team, making decisions based on facts, intellectual debate and cooperation rather than individually, which has shown in multiple instances not to work over the long term, whether you are running a country or a corporation, he adds.
“Our first thought is always design. Design is not just what it looks like. It is also how things works. It is a responsibility, not a fad. It’s not about convincing people. We figure out what we ourselves would want and whether a lot of people are going to want it too. We just want to create good products that people will feel good owning,” says Choong.
He also says that a market is never saturated with good products, but is quickly saturated with bad or average ones. “Important concerns such as safety and security, shaded walkways, innovative design and affordable entry prices must be considered from the very beginning.”
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 851, Mar 28-Apr 3, 2011
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