P'sula builder awaits Sabah project approvals
Published on: Thursday, June 23, 2016
Kuala Lumpur: Peninsula-based Kueen Lai Properties Sdn Bhd is awaiting planning approval to undertake commercial projects in Sabah.It has a 19ha piece of land in Beaufort nearly 100km from Kota Kinabalu, and about 2.6ha in Tuaran, which is 34km north of the State Capital.Elsewhere, it hopes to tap into the student market in Bangi, Selangor, due to its close proximity to the German Malaysian Institute (GMI), a training centre for advanced technology.
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The institution of higher learning has a student population of 4.500 but its six high-rise hostel blocks can accommodate only 3,010 students.Kueen Lai Properties group CEO Teow Wan Min, 59, believes its Tiara Imperio Residence will also appeal to professionals, expatriates, local and foreign students residing in Bangi as well as the Malay market.The facilities include an infinity lap pool, wading pool, poolside gymnasium room, hammock garden, barbeque area, surau, multipurpose hall, activity and reading room, kindergarten, cafeteria and laundry.The developer is offering residents a multi-tier state-of-the-art security that includes a smart access card system, 24-hour security and closed circuit television surveillance.
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Tiara Imperio Residence Tower 2 units are located from levels five to 18 as the first four levels are designated car park space for its residents.Each resident is entitled to one covered car park but those with corner units will get two lots each.
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For security purposes, the car park area for its residences will be separated from the other components.The Tiara Imperio integrated development has a gross development value (GDV) of RM265 mil and comprises a hotel, convention hall and retail podium and two small-office, home-office (SoHo) towers.Located near a 40ha golf course, the Tiara Imperio development can be accessed via the North-South Expressway, the Kajang-Seremban Highway and the Sistem Lingkaran-Lebuhraya Kajang Highway (Silk).The price of its SoHo units, with built-up ranging from 450 to 638 sq ft, starts from RM267,000 (after a 10pc rebate) to a maximum of RM512,800. This works out to around RM540 psf.One main concern is its buyers face difficulties securing financing. He points out that quite a number of its SoHo buyers had their loans rejected.In view of the saturated property market in Johor where too many developments are currently taking place, Eng says its proposed plans for a high-rise and commercial project in the southern state would most likely start only in three to four years.It was earlier reported that the group has acquired 5.4ha in Nusajaya where it plans to develop 4,000 apartments and 100 shops.The group has identified its future developments in Mont' Kiara, KL and Sh Long, Selangor. The plans for Sg Long are also for high-rise and commercial units.In Perak, the group is looking at building landed properties at its site near Universiti Tunku Abdul Rahman in Kampar in two years.Stay up-to-date by following Daily Express’s Telegram channel.
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