MontPrimo to launch more Klang Valley projects by year-end

KUALA LUMPUR: MontPrimo Sdn Bhd is looking to launch at least four more projects in the Klang Valley with an estimated total gross development value (GDV) of over RM1 billion by the end of this year.

These include a proposed commercial project along Jalan Ampang in Kuala Lumpur, two projects in Puchong, Selangor and a luxury villa project in Taman Desa, Kuala Lumpur. The newly established company had launched its two maiden projects at the end of April with a total GDV of RM230 million.

MontPrimo CEO Raymond Tan said the proposed commercial project may include partly serviced offices. The project, on a joint-venture basis with the landowner, sits on a 2.8-acre (1.13ha) site on Jalan Ampang with  an estimated GDV of RM750 million.

The developer will also be building a 23-storey condominium with an indicative GDV of RM150 million on what is said to be one of the last few elevated development tracts in Puchong. The site borders Bandar Puteri Puchong and offers views of Puchong, Dengkil and Putrajaya. Another upcoming project is a joint venture with the Subang Jaya Municipal Council on a two-acre commercial tract just outside Tractors Malaysia in Puchong. Initial plans are for retail shops and offices.

MontPrimo wants to introduce a new concept for its Taman Desa project. “This is an exciting project. There will only be 36 four-storey villas with a GDV of RM150 million. Basically, there will be 4-storey pool villas and on top of them, there will be 4-storey sky villas. Within each villa, there will be a separate portion with its own entrance that can be used for guests. There will be private lifts from the car park to the units,” Tan said. The villas have an indicative price of RM4 million each.

Tan: MontPrimo will focus on high-end niche developments for the upgrade market.

Prior to setting up MontPrimo, Tan was managing director and CEO of Capital Land Sdn Bhd. “I helmed Capital Land from 1996 until the end of 2010. Over the last 15 years, I’ve done two projects — Cheras Hartamas and Puchong Hartamas — both close to 100 acres each and more than 1,000 completed properties. When I turned 50, I decided to develop my own properties,” he told The Edge Financial Daily.

“It was big step and risk but it has been exciting so far. Sales have been encouraging. MontPrimo will focus on high-end niche developments for the upgrade market instead of the mid-market. We target to develop projects with GDV of between RM100 million and RM150 million,” he said.

Both MontPrimo’s maiden projects launched in April were in Puchong. Serenity is a five-acre project within the gated and guarded Puchong Hartamas comprising 30 high-end 2½-storey semi-detached homes with a GDV of RM80 million while Duet Residence comprises two blocks of serviced apartments on a 2-acre tract in Kinrara with a GDV of RM150 million.

The Serenity semidees have built-ups of about 4,254 sq ft with prices between RM2.6 million and RM3.5 million. Each unit comes with built-in features, including designer kitchen cabinets from Europe, walk-in wardrobes, air conditioners, solid timber flooring and a security alarm system. To date, 19 units have been sold.

Duet Residence has unit built-ups of 1,100 to 1,500 sq ft with prices starting from RM500,000. The units come with two parking bays, a built-in kitchen cabinet, a kitchen hood and hob and air conditioning units. Tan said some units could enjoy the unobstructed view of either the Ayer Hitam Forest Reserve or the Kinrara Golf Course.

“Duet Residence is the only high-rise development within the vicinity as its surrounding developments are completed landed properties,” he added. About 70% of the first block (120 units) has been taken up. The second block (110 units) will be open for sale end-June. Tan had acquired the two project sites from Capital Land.

MontPrimo has a total landbank of 298 acres, the bulk of which is in Pasir Gudang, Johor, which is slated for a township development with a GDV of RM4 billion to RM5 billion to be built over 15 years. The developer hopes to have its first launch in the township in 2Q2013.

This article appeared on the Property page, The Edge Financial Daily, May 18, 2012.