KUALA LUMPUR: D’Pristine Medini Sdn Bhd, a fully-owned subsidiary of B&G Capital Resources Bhd, is planning to draw international investors to the remaining 30% of small office flexibile office (SoFo) units of d’Pristine @ Medini after 70% of the 1,265 units have been taken up since its launch in July. Piling works is currently being done on-site.
According to the executive director of B&G Capital Resources Bhd, Datuk Soo Kai Chee, it is promoting this development aggressively to investors in Japan, South Korea, Taiwan, Indonesia and Hong Kong as its intentions are to turn d’Pristine into an international community and not to have it monopolised by one nation.
“We deliberately want to make this an international community. As so many incentives are already being granted to foreigners, Medini is naturally a place the government plans to target to more foreigners and we want to head in the same direction,” he said.
Soo said the company is proposing to repackage the last 50 to 100 SoFo units to cater to retirees from the Japanese and Korean communities so as to make the units more conducive for the elderly to stay in. The Japanese and Koreans are drawn to healthcare and wellness facilities and services, he said.
“The bathrooms may need to have a handrail, bedside switches may have to be at a certain height, and the entrance may also need a small ramp to cater for wheelchairs. We are also proposing to package these units with healthcare services plus golf membership,” he said.
Soo said that it is targeting the Korean and Japanese communities as there are already many investors from Malaysia, Singapore, Taiwan and Indonesia.
“For international investors, we want to help them manage and occupy the units with tenants. We will definitely have a management team to help lease the units out,” Soo said, but added that “it is too soon to say if we will be partnering with any local agencies”.
He said that the company plans to market its products to the international community through their local agents due to cultural differences.
Soo confirmed that their prices are still comparatively attractive and have hardly increased as their main intention is to reserve some units for the international community.
He attributes the selling point of this development to its strategic location as it is situated right in front of Legoland Theme Park, next to Singapore’s Temasek Holdings Pvt Ltd and Khazanah Nasional Bhd’s Afiniti Medini urban wellness centre, adjacent to Gleneagles Medini Hospital, and the Horizon Hills golf course is only a 10-minute drive away. Also, Singapore is 20 minutes away by road via the Iskandar Coastal Highway.
|Soo: We deliberately want to make this an international community.|
D’Pristine’s SoFo units have built-ups of 644 sq ft (1 room), 771 sq ft (2 rooms), 1,308 sq ft (3 rooms) and 1,416 sq ft (3-room, dual-key units). The development covers 8.42 acres (3.41ha) and apart from two SoFo towers, it consists of a 3-storey interconnected lifestyle mall, a 32-storey office tower and a four-star designer hotel with 300 rooms.
The company plans to target local residents, leisure as well as medical tourists, associates of Educity, Medical Hospitality and Pinewood Iskandar Malaysia Studios, expatriates, professionals and business travellers, as well as local and international investors. Other non-property development projects surrounding this development are Kota Iskandar and Puteri Harbour.
“I remain confident about d’Pristine due to its location. Although only piling works are currently being done and with a reminder of 30% unsold, our numbers of 1,265 units taken up are on the average quite high,” he said.
D’Pristine @ Medini is managed by MCT Consortium Bhd and is expected to be completed in 2018.
This article first appeared in The Edge Financial Daily, on August 8, 2014.