OCR's first residential high-rise project a success

KUALA LUMPUR: A 25-storey condominium project with an interesting concept is coming up off the Old Klang Road in Kuala Lumpur.

Since it started selling in early January, Residence 8 @ Kuala Lumpur has achieved a 70% take-up rate, its developer, Ong Chong Realty Sdn Bhd (OCR) managing director Billy Ong told The Edge Financial Daily. OCR is confident that the development will be fully sold by the end of the year.

Situated within the Old Klang Road/Jalan Puchong enclave, the freehold Residence 8 with a gross development value (GDV) of RM140 million is OCR's first condominium project.  

OCR is more known for its niche luxury developments of no more than 60 units per development in the Klang Valley. With the addition of Residence 8, OCR will have a complete portfolio of landed residential, commercial and high-rise properties, said Ong.

Comprising two blocks with a total of 308 units, Residence 8 offers a 2-in-1 concept that gives homeowners the opportunity to own "two properties for the price of one". According to Ong, every unit at Residence 8 comes with dual entrances — one leads to a studio space with an attached bathroom, while the other opens into a two-bedroom unit for families.

The concept allows homeowners to have the choice to rent the studio or the two-bedroom unit, or they can combine the two units to create a spacious three-bedroom family home.

"We believe there is demand for such a concept as homeowners today are looking for quality  properties in prime locations that give them room to grow into and with the potential to offer good investment returns," said Ong.

With seven units per floor, the units range from 1,228 to 1,486 sq ft and are priced from RM384,900 onwards.

The freehold development also employs a three-tiered security system consisting of a state-of-the-art guardhouse, intuitive smart access card to lift lobby and round-the-clock security guard service. Facilities include manicured thematic gardens, infinity pool, sauna and gymnasium.

"Residence 8 offers the right mix of quality living, state-of-the-art facilities and benefits from a centralised location minutes away from downtown Kuala Lumpur, Subang Jaya, Sunway, Petaling Jaya and Puchong," said Ong.

Among OCR's completed projects are Dahlia Villa Townhouse (GDV RM12 million), Casa Utama Townhouse (GDV RM22 million) and Chestwood Terrace (GDV RM16 million). All three are located in the Kayu Ara area in the vicinity of Bandar Utama in Petaling Jaya.

On-going projects include a 9½-storey office building comprising 138 SoHo units known as PJ5 Soho in Kelana Jaya (GDV RM35 million) and Palm Reserve in Damansara Jaya, comprising 17 semi-detached homes and bungalows (GDV RM30 million). Both projects have achieved 90% sales since 2009. The developer has seven projects in the pipeline, with a total GDV of about RM500 million including Eco Strait, an eco tourism development in Melaka, Latitude @ Ampang, a 140-unit serviced apartment and Imbi Hotel, a boutique hotel in Jalan Imbi.

Residence 8 will be officially launched on Friday at its showroom in Casa Utama in PJU6A, Lorong Lebuh Bandar Utama. During the launch, the first thirty buyers buyers will receive a free Apple iPad upon booking, and all will get free SPA legal fees, 5% discount on the purchase price and two free car parking bays.