Mayland rolls out Plaza Damas 3

When it comes to property development in Sri Hartamas, among the players that are likely to be mentioned is Malaysia Land Properties Sdn Bhd (Mayland).

The Hong Kong-based developer, which recently launched its serviced apartments, The Regalia development off Jalan Sultan Ismail in Kuala Lumpur last year, is still busy in Sri Hartamas.

Mayland is helmed by Tan Sri David Chiu, a Hong Kong-based hotelier and property developer, who founded the group in 1987. Chiu, 55, is currently deputy chairman and CEO of Hong Kong-listed Far East Consortium International Ltd (Far East), a company involved in property development, property/hotel operations and management mainly in Greater China, including Hong Kong, China and Macau. He is also the chairman and substantial shareholder of Japan-listed Tokai Kanko Ltd, which is also in the hotel and property business.

As he oversees a business empire that includes Hong Kong and several other countries, Chiu only visits Kuala Lumpur about twice a month.

Mayland is rolling out Plaza Damas 3, the last phase of its Plaza Damas integrated residential and commercial hub in Sri Hartamas.

Plaza Damas 3 comprises 72 shopoffice units and 1,452 serviced apartments in three blocks — the Carlton, Chelsea and Cliveden, as well as a 600,000 sq ft set aside for a 27-storey serviced apartments.

Plaza Damas, together with Puncak Prima and Menara Hartamas condominums — also in Sri Hartamas — was among Chiu’s first few projects in Malaysia.

Covering 14.17 freehold acres, Plaza Damas also features the Hartamas shopping centre, shopoffices and four serviced apartments — the Mayfair and the Dorchester (600 units) as well as the Waldorf and Windsor Towers (673 units).

Waldorf and Windsor Towers,   launched four years ago at RM380 to RM400 psf, are now valued at RM480 to RM550 psf on the secondary market, according to the developer.

Located on Jalan Sri Hartamas 1, the development is assessible via several highways, such as the Sprint highway, the New Klang Valley Expressway and Penchala Link.

Plaza Damas 3, coming up on a 5.7-acre freehold commercial plot opposite the Hartamas shopping centre, has a gross development value (GDV) of some RM800 million.

The three blocks of 5-storey serviced apartments will sit atop three levels of shopoffices.

The shopoffices, with built-ups from 3,300 sq ft to 3,500 sq ft, are priced at RM650 to RM700 psf.

The apartments come in studio, 1-bedroom or a 1-plus-1 bedroom units with built-ups of 430 to 1,300 sq ft.

The studio units will be fully furnished with six contemporary design options.

There will be a 10,000 sq ft clubhouse with recreational and sports facilities including a gym, sauna, jacuzzi, games room, function room and two swimming pools.

Good response
Construction of Plaza Damas 3 started in mid-2008 and is scheduled for completion by mid-2011. Plaza Damas 3 is being launched in phases; the shopoffices were put on the market in March last year.

Mayland’s marketing manager Michelle Won says 95% of the shopoffices have been sold, adding that Maximerge Capital Sdn Bhd bought 18 of the 72 shopoffices for RM45.7 million while Koperasi Pendidikan Islam Malaysia Bhd acquired eight units for RM20.07 million.

For the serviced apartments, Carlton — the first block comprising 185 units in Plaza Damas 3 — was launched in April from RM650 to RM850 psf. At presstime, 30% of the units have been sold.

“Most of our buyers are repeat customers who bought properties in our previous projects. They know the potential investment opportunities in this area,” says Won.

The developer, who is targeting both local and foreign individual and institutional investors, is offering a 10/90 financing package: free interest payment until vacant possession and a 6% annual guaranteed return for two years upon completion.

On the timing of the launch for the Chelsea serviced apartments, Won says this will depend on the market reception of Carlton. “We will launch Chelsea once we have sold about 60% to 80% of the Carlton units.”

Self-contained development
Mayland’s group general manager Yap Boon Teck identifies location as the  main attraction of the project. “The Plaza Damas development is like a self-contained township, which is what we envisioned right from the start,” says Yap.

“Residents benefit from the convenience of amenities here, from food outlets, spas and a mini-market to bookstores, music centres and clinics. We even have a Taylor’s College campus here,” says Yap, adding that there are a total of 70 eateries and over 200 shops in the area.

For the convenience and safety of residents of Plaza Damas 3, Yap says  they will build a pedestrian bridge linking the units to the Hartamas shopping centre.

Busy year ahead
Besides Sri Hartamas, other projects developed by Mayland include the Royal Domain condominiums off Jalan Kuching and Park View serviced apartments along Jalan Changkat Tun Perak in Kuala Lumpur, as well as the Austin Boulevard linked houses and Prima Regency serviced apartments in Johor.

Away from Sri Hartamas, Mayland expects to start construction later this year on a mixed development on a 1.58-acre freehold commercial tract in Precinct 3, Putrajaya. The project will offer an estimated net lettable area of 300,000 sq ft of office and 40,000 sq ft for retail space.

The project development cost, including the land acquisition, totals some RM160 million. Completion is targeted for second half of 2011.

Mayland’s head of leasing Eddy Tan says they have started talking to potential tenants. He says all the office and retail units will be leased out based on the indicative average market rate of RM6.50 to RM7.50 psf for the office and RM7.50 to RM9 psf for the retail units.

Meanwhile, in Johor, Mayland will be launching soon in Mount Austin 300 of the 1,800 serviced apartments, with built-ups of 500 to 1,000 sq ft. The project, with a GDV of about RM250 million, has indicative prices of RM210 to RM220 psf.

The developer currently has a landbank of 500 acres in the Klang Valley and Johor, including a 1.79-acre freehold residential plot next to the Sprint highway, where it plans to build high-end condominiums.

 

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 757, June 1 – 7, 2009.