PETALING JAYA (Feb 2): Johor-based property developer KSL Holdings Bhd is targeting to relaunch a high-end condominium project dubbed 18 Madge at Jalan Madge in Ampang, Kuala Lumpur in the third quarter of this year (3Q18).
With an estimated GDV of RM160 million, 18 Madge is a low-density project on a 0.8-acre freehold site.
Patrick Khoo, project director of KSL Realty Sdn Bhd — a wholly-owned subsidiary of KSL Holdings — said that the project comprises a 10-storey tower with only 48 units and two penthouses. Built-ups are from 2,000 sq ft for the condos and from 10,000 sq ft for the two penthouses. Prices start at RM1,000 psf or RM2 million per unit.
“18 Madge was launched in 2016 and is 20% sold thus far. The construction work has started about a year ago and we have completed three basement levels before the project was put on hold because we decided to wait for the market to improve,” he said.
Khoo expects the market this year to be better than last year. “The market has stabilised and demand has started to pick up,” he noted, adding that KSL Holdings is confident of achieving RM100 million sales this year.
He said 18 Madge has gathered good response recently from the developer’s current database of customers — hence, the developer decided to “go full swing” with the relaunch despite the government’s freeze on new high-end, high-rise residential projects priced at more than RM1 million per unit.
“We are keeping an eye on the oversupply concerns but we’re not too worried about 18 Madge because it has only 50 units. Besides, there are many owner-occupiers in the area, not investors. We are targeting high-net-worth individuals who are already staying in the vicinity,” he said.
18 Madge is located in an exclusive low-density area close to Kuala Lumpur city centre with nearby amenities such as international schools, golf club, shopping malls and hospitals.
“The residents are able to enjoy a lavish lifestyle as each unit comes with a private lift lobby and a smart home system, and is interior designed,” he shared.
Meanwhile, the developer also plans to roll out more homes at Ridgewood, a landed residential project at its ongoing 448-acre Bandar Bestari township in Klang, Selangor. Spanning around 40 acres, Ridgewood is a freehold gated-and-guarded development consisting of cluster homes and semidees with land area sizes of 32ft by 75ft and 40ft by 80ft respectively.
“We have launched 80 units of 2-storey cluster homes and 2-storey semidees in Ridgewood in 4Q16 and they have been 80% taken-up to date,” said Khoo. Completion is targeted by 2Q18, following which another phase of Ridgewood — comprising 80 units with an estimated GDV of RM90 million — will be launched in 4Q18 with prices from RM1 million.
For the residents’ convenience, KSL Holdings is also developing a 3-acre retail hub dubbed KSL Avenue, located opposite KSL Esplanade Mall in Bandar Bestari. Comprising four blocks, the tenants brought in thus far include McDonald’s, PetsMore, Family Mart, a pharmacy and F&B outlets. The first phase is targeted to be completed by end-2018.
Meanwhile, the 12-acre mall is expected to be completed by 2020 with a development cost of RM800 million. The 4-storey mall has a net lettable area of 700,000 sq ft. According to Khoo, there will also be a 400-room hotel to be built at a cost of RM200 million adjacent to the mall, to be completed in 2020.
This story first appeared in EdgeProp.my pullout on Feb 2, 2018. Download EdgeProp.my pullout here for free.