Quantum Victory Sdn Bhd may be small, but the developer has done well in its maiden project.The company held a soft launch for its first development — [email protected] Ukay — on Jan 17. Barely a week later, 9 of the 16 three-storey bungalows had been snapped up — mainly by residents of the adjacent housing estate, Sering Ukay, wanting to upgrade.
“At this rate, if only one or two units [are] left, we won’t waste money on the launch [scheduled for April]. There is no point,” Raymond Poh, a director of Quantum Victory, tells City & Country.The project, with a gross development value (GDV) of RM80 million, is being built on a four-acre piece of freehold land with a 6m elevation in Jalan Ukay Perdana. The company acquired it from a private owner five years ago.
Poh says the company waited for more developments to come up in the area before breaking ground for its own project.
“We wanted to wait for development to catch up before we started work on our project,” he remarks.About 300m away, on the same road, Long Island Corp is building Ukay Seraya, a development of 30 bungalows on a 10-acre site.
“Ours is only a small plot, but it would be a waste to build link houses in this area. I think this place will be a bungalow enclave. For example, Long Island and its development,” Poh says.
[email protected] Ukay is located within the prominent Sering Ukay neighbourhood in Jalan Ukay Perdana, Hulu Kelang, opposite the more established neighbourhood of Bukit Antarabangsa.
Sering Ukay is being developed by Wing Tai Malaysia Bhd. The 125-acre freehold residential development, with a GDV of RM450 million, comprises three phases of semi-detached houses and bungalows. The first two phases are sold out and the third phase is open for registration. Wing Tai Malaysia is a member of the Singapore-based Wing Tai Holdings group which also has interests in hospitality and retail.
The special featuresThe bungalows at [email protected] Ukay come in six main types, with a few design variations. The land areas range from 6,756 to 9,962 sq ft and built-ups range from 7,219 to 10,215 sq ft. Each parcel of land comes with an individual title.
Each unit has a seven-person capacity lift that can accommodate a wheelchair. Other facilities include a central vacuum system, solar panel system, rainwater harvesting and a 30 ft-long swimming pool with smaller pools.
There is also a landscaped garden, automatic gate and a smart home security system, which includes an intercom connecting the bungalow to the gate and CCTV surveillance equipment. Another safety feature is the use of tempered glass.
These features are included because the developer opted not to create a gated community. Poh says separate security systems for the individual units are necessary as the bungalows have individual titles.
Two of the units come with a basement car park that can accommodate six or more cars — more than the standard five-car porch space of the other units.
The homes are priced at RM5.51 million to RM6.8 million, or RM650 psf, says Poh.
[email protected] Ukay offers easy access to the city centre via the Duta-Ulu Kelang Expressway, the Ampang Elevated Highway, the Middle Ring Road 2 and the Karak Highway.
Mutiara International Grammar School, Giant hypermarket, Ampang Puteri Hospital and Gleneagles Intan Medical Centre are some of the amenities in the neighbourhood, with the new iHeal Hospital in Jalan Tun Razak not far away.
Earthworks have been completed and construction is expected to commence anytime now. Poh says the company aims to complete the project in 18 months.
The people behind itAlthough [email protected] Ukay is Quantum Victory’s first foray into property development, Poh and his fellow directors — his brothers Allan and Fook Yuen and their childhood friend Eric Lim — have some experience in the real estate business. Poh was a banker, Allan a businessman and Fook Yuen and Lim were lawyers. Fook Yuen had been involved in some small property projects in Nilai and Pandan Perdana.
All four are also directors of two other companies which developed Taman Padu Permai in Sungai Besar, Sabak Bernam, and Samudra Teres in Batu Caves. The former is a 60-acre leasehold development comprising 600 units of double-storey terraced houses and shops, while the latter comprises 160 units of three-storey houses on 12 acres of leasehold land.
Poh attributes the quick take-up rate of [email protected] Ukay partly to sales agents who had promoted the directors’ previous projects. Even before the promotion proper of the project began, listings were placed on the Internet. Even so, the 20% early-bird discount has definitely helped as well.
Poh says Quantum Victory is content with “taking things small” at the moment, given its small size. The company will look for more small parcels of land for further projects, he adds.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 847, Feb 28-Mar 6, 2011