KUALA LUMPUR (Feb 23): Having developed four projects in Singapore, GCI Development Sdn Bhd has made its debut in Malaysia with a boutique development comprising eight luxury villas in Taman Bukit Desa, Kuala Lumpur.
With a GDV of RM38 million, the freehold 0.45-acre Residensi Millenia offers 6-storey villas with a basement, four levels of living space and a rooftop terrace, said GCI Development executive director Walter Chew.
Prices start from RM4.3 million with built-ups ranging between 5,403 sq ft and 6,540 sq ft. Every villa will have five bedrooms and will be partially furnished with dry and wet kitchen cabinets, laundry and bathroom cabinets, kitchen appliances, washing machine and dryer, air-conditioner and branded sanitary wares. There will be marble flooring in the living area and solid timber flooring in all family areas and bedrooms. Each home will also sport a private glass lift offering unblocked city views. The gated-and-guarded project will have 24-hour security and a 6ft perimeter wall topped with electric fencing.
“[Our maiden foray into the Klang Valley] has been very encouraging. We have managed to sell a few units before even [officially] launching the project,” said Chew, adding that the official launch could be after Chinese New Year. The villas are expected to be completed in two years’ time.
“Taman Desa is on the verge of revitalisation. Families have been living here for many years. The houses have remained the same and there are some very old eateries here. It’s a step back into the past when you come to Taman Desa.
“We bought the land a few years ago when prices were a lot lower than today. Otherwise, we would have had to build a high-density project in order to recoup the land cost. Moreover, the land is unencumbered and since this is a very niche and exclusive development, we did not have to rely on bank borrowings to finance it.
“Our conservative strategy has enabled us to fully focus our attention on getting it all right from the beginning to ensure we deliver a high-quality product,” he said.
GCI Development has completed several niche luxury residential projects — two landed and two non-landed in Singapore, namely Costa Este, D’ Kenaris, Casa Meya and Resi @ Limau. All projects were sold out and completed.
As a former group corporate finance head of a Bursa-listed construction company, Chew hails from a family that used to run a construction business. Hence, he believes in a hands-on approach so he could keep a close eye on project quality and costs.
“Our edge is our agility and our highly experienced people, coupled with the technical skills that we have brought over from Singapore where the market is much more demanding,” he said.
Chew expects the Malaysian property market to remain flat in the short term. “But there is always a demand for unique and high-quality properties as shown by the strong interest in our project,” he noted.
“The government is investing billions to upgrade transport infrastructure. Therefore, in the medium term, we expect to see a rebound in the property market, especially with transit-oriented development projects,” he said.
Residensi Millenia is only a stone’s throw from the future commercial and transport hub at Bandar Malaysia where there will be two mass rapid transit stations, the KL-Singapore High-Speed Rail Terminal, and platforms for KTM Komuter and KLIA Transit.
Moving forward, Chew plans to develop larger property projects in Malaysia, especially in the southern region.
“We are in the process of planning a few projects in established neighbourhoods in Johor Bahru, aimed at local purchasers.
“We have a clear picture of what we need to do in order to achieve our long-term plans. This includes building our reputation not only with potential purchasers and end-users, but also with all stakeholders in the industry,” he said.
This story first appeared in EdgeProp.my pullout on Feb 23, 2018. Download EdgeProp.my pullout here for free.