OSK Property Holdings Bhd is putting up its maiden venture Mirage by the Lake in Cyberjaya. The project is designed to create a feeling of living in a castle hidden in the jungle of the smart city.
“The name ‘Mirage by the Lake’ was inspired by the concept of a lone fortress. As you enter the development, instead of row upon row of houses, you have a curved development. There is a lot of land hidden away, and there is much to explore. So you need to find out what is beyond the gate of the ‘fortress’,” OSK Property public relations and communications executive Emily Cheng tells City & Country.
Mirage by the Lake is situated within Setia Haruman Sdn Bhd’s Perdana Lakeview West in Cyberjaya. It is a 12.14-acre freehold development by OSK Property’s unit Jelang Vista Sdn Bhd comprising 413 condominiums and 68 villas — three garden villas, 39 two-storey link villas and 26 three-storey lake villas.
There are two other developments in Perdana Lakeview West, one of which is SummerGlades comprising 137 terraced villas on 23 acres of land. The other is Perdana Lakeview West’s mansion plots, which are occupied largely by tycoons and politicians, Cheng says.
Of the three developments, Mirage by the Lake sits on the highest plot of land and the residents will have panoramic views of Putrajaya and Kuala Lumpur. Along with its neighbours, Mirage by the Lake — itself a gated and guarded development — is inside a gated and guarded compound, which forms the first layer of security, says Cheng.
In keeping with the fortress concept, it will feature an imposing three-storey guard house at its only entry and exit point, Cheng explains.
She says the access tags issued to residents will be automatically scanned 10 to 15 ft from the guard house, so they do not have to produce them to be scanned. There will be a U-turn for non-residents at around the same distance from the guard house. Infrared CCTV cameras that capture better quality images at night will be installed around the perimeter.
Mirage by the Lake’s green component will come from 3.5 acres of landscaping and creepers growing around the walls of the development and other structures, a high green wall as well as a rainwater harvesting system.
The condominium units have gross built-ups ranging from 1,102 to 2,202 sq ft. The three-storey lake villas have land areas of 2,357 to 2,691 sq ft and built-ups of 3,760 to 3,916 sq ft. The garden villas have built-ups of 3,400 to 3,800 sq ft and the link villas have built-ups of 2,700 to 3,200 sq ft. The land areas for these homes have yet to be determined. The condominium blocks will stand no taller than 10 storeys, as agreed between the developer and the residents in the neighbourhood.
With a gross development value (GDV) of RM350 million, Mirage by the Lake will be built in two phases. The first phase has a saltwater pool, the idea for which is said to come from the peat lakes of neighbouring administrative capital Putrajaya.
Cheng says the saltwater pool has numerous health and pool-maintenance benefits, besides offering a more pleasant swimming experience.
Swimmers in saltwater pools are less likely to suffer from irritated eyes and skin. Saltwater is also gentler on the hair and is less likely to aggravate asthma and allergies, she says.
In terms of cost, it is also slightly cheaper to maintain a saltwater pool as regular salt does not cost as much as chlorine and the pool filtration system does not need to be run all day, saving on electricity, says Cheng.
She adds that swimwear lasts longer in saltwater pools as salt is not as harsh as chlorine.
The saltwater pool is also relatively easier to maintain as a pH monitor on the filtration system will indicate when the pool needs to have its salt content replenished, she explains. Last but not least, salt naturally helps to reduce algae growth.
Although the construction of the pool will add cost, Cheng says it is worth the investment as the saltwater pool adds to the uniqueness of the development.
To further mimic the natural ambiance and give residents more privacy, trees will be planted in front of the condominiums and villas, shielding the pool.
The second phase will have a normal wading pool. A sloping catwalk that links one of the condominium blocks in the first phase with the lake villas in the second phase rises above the common thoroughfares to be away from the pedestrians on the ground, Cheng says.
Other facilities include courts for squash, tennis, badminton and ping pong tables, a gymnasium, sauna, steam rooms and convenience stores. The gymnasium, which will be on the highest level, will be flanked by sky gardens.
“Residents can use the sky gardens for gatherings such as barbecues,” she says.
While prices have not been finalised, the condos are tagged from RM582,000; the link villas from RM900,000; the lake villas from RM2 million; and the garden villas from RM2.3 million.
Earthworks are 50% completed and the project is scheduled for completion in 2014.
Cheng says the project is targeted to launch at end-April. Since it opened for registration on Jan 17, there have been 300 registrants — many of them Malaysians. Pre-sales, which began on Feb 13, saw 69 of the 100 condos taken up.
However, OSK Property hopes to attract investors from Singapore, Hong Kong, Indonesia and China, with a road show slated for May.
The residences are a good proposition for investors, given the demand from expatriates working in Cyberjaya, Cheng says.
She points out that most high-rise residences in the area are small studio units within the central business district in Cyberjaya.
Apart from investors, the company is also targeting end-users — pilots and engineers working at the Kuala Lumpur International Airport as well as families from the older townships in Puchong and Subang Jaya, where the environment is more crowded and land scarcer.
What else is in store for 2011?OSK Property aims to launch its 25-storey luxury condominium in Jalan Yap Kwan Seng, Kuala Lumpur, in June or July, says Cheng. With a GDV of RM150 million, it will span 0.65 acres of freehold land and comprise 102 units.
In Sungai Buloh, the group plans to launch the fifth phase of its 100-acre Sutera Damansara township in 2Q2011 or 3Q2011. The entire township, which has a GDV of RM1 billion, is scheduled for completion in 2016 according to earlier news reports.
OSK Property is also looking at acquiring more land in the matured areas of the Klang Valley to add to its landbank of 1,000 acres throughout Peninsular Malaysia. It has land parcels in Jalan Yap Kwan Seng and Jalan Ampang in the federal capital; Sungai Buloh, Bangi, Cyberjaya and Petaling Jaya in Selangor; Seremban, Negri Sembilan; and Sungai Petani in Kedah.
Atria Shopping CentreOSK Property plans to start demolishing Atria Shopping Centre in Damansara Jaya sometime in 4Q2011. The developer intends to build a six-storey retail podium and two 18-storey office blocks on the site.
Cheng says the project will have an estimated GDV of RM1 billion.
This was scaled down from the original plans for a 33-storey office block after residents objected, citing potential traffic congestion woes .
To recap, in 2007 the group bought the ageing mall from Lien Hoe Corp Bhd for RM75 million. The mall currently comprises a four-storey shopping mall and two three-storey car parks on a 238,539 sq ft plot of freehold land. It has a gross floor area of 294,679 sq ft and a net lettable area of 208,401 sq ft.
Back in 2007, the mall had a net book value of RM91.64 million, a market value of RM79 million and an estimated annual rent was RM5.8 million.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 848, Mar 7-13, 2011