PETALING JAYA: Penang-based M Summit Group is tapping the retirement and wellness property market segment with its Scots Pavilion condominium project in Penang.
The project is targeted at elderly homebuyers who want a place planned and designed specifically to their needs, as well as multi-generational families who are planning to live under one roof.
M Summit Group founder and managing director Datuk Albert Moh said it has sold close to 50% of the project since February last year.
Sitting on a 1.04-acre freehold tract in Scotland Road, George Town, Penang, the 22-storey condominium offers 99 units with built-ups ranging between 1,008 sq ft and 2,239 sq ft, as well as penthouse units ranging between 5,277 and 5,700 sq ft.
The project carries an estimated GDV of RM90 million and is slated to be completed by end-2019.
“We are building homes for all generations. For the wheelchair-bound, Scots Pavilion boasts 100% disabled-friendly features with easy mobility through automated systems from the car park to the common areas, and right up to the units,” Moh told EdgeProp.my.
All the common areas have safety and easy-accessibility features such as panic buttons, grab bars, wide doorways and spacious toilets.
He noted that to address the needs of both the young and senior residents, Scots Pavilion will house a physiotherapy and wellness centre that features hydrotherapy pools, a cafe, convenience store, library, gym, rooftop garden and digital lockers.
Moh was inspired by the idea of multi-generational homes that meet the needs of the elderly when he visited a retirement village in Perth, Australia where it was designed to take care of all the needs of its senior citizens and helping them to live independently.
“This reminds me of my mother who lost her mobility after she hurt her hip bone, causing her to be wheelchair-bound. This has affected her daily routine as she is unable to move freely. I believe with proper care and facilities, we can help senior residents lead a more independent life while living with their families.
“Scots Pavilion is not an old folks’ home. Our objective is to build homes for everyone — a home that one can grow up and grow old in,” he stressed.
Furthermore, there are hospitals, schools and various amenities within a 2km radius of Scots Pavilion.
“For a coveted neighbourhood that defines luxury, the going real estate rate is between RM800 and RM900 psf. But our units are averagely priced between RM700 and RM750 psf, with the intention to attract families who are looking for homes with these features,” he added.
This story first appeared in the EdgeProp.my pullout on Aug 10, 2018. Download EdgeProp.my pullout here for free.