Thursday 28 Mar 2024
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This article first appeared in City & Country, The Edge Malaysia Weekly on November 23, 2020 - November 29, 2020

Adenland Holdings Sdn Bhd has been pragmatic about developing affordable homes and providing added value to buyers. “We only build what we can sell, and although we develop affordable homes, the quality of our homes is good, and we provide full-fledged facilities and amenities,” says company director Datuk Seri Eric Wong.

The Covid-19 pandemic has led to a slump in the property market. “We were lucky that our projects — Cora Plus 1 in Damansara Jaya, Phase 1 of Aman Plus in Kuantan and Irama in Shah Alam — were completed in October. Avia Plus in Rawang and Phase 2 of Aman Plus in Kuantan will be completed next year. These projects have a total gross development value (GDV) of RM475 million. The take-up rate for Cora Plus 1 is 99% while that for the rest of the projects is 90%,” says CEO Nicholas Chang.

The group now has a total of 733 acres of land bank in Pahang, Perak and the Klang Valley, with an estimated total GDV of RM3.88 billion.

Despite the pandemic, Adenland is set to launch Cora Plus 2 at SS23, Damansara Jaya, and TAS Plus at Gambang, Kuantan, by the end of this year.

Cora Plus 2

The group’s first low-rise condominium project, Cora Plus 1, at SS23, Damansara Jaya, was launched in 4Q2016. The 5-storey condo consists of 46 private suites. The 2+1 bedroom and 2- or 3-bathroom units have built-ups of 1,066 to 1,729 sq ft, with prices starting from RM788,000 or RM850 psf.

“Since the demand for Cora Plus 1 was so good, we decided to build Cora Plus 2, which will be located along the same road. These small family-type units are highly sought after and there is a long waiting list of buyers,” says Chang.

Occupying a 0.68-acre leasehold tract adjacent to Beaconhouse Sri Inai International School, Cora Plus 2 has a GDV of RM45 million and will comprise a 5-storey block with 50 residential units.

The units will feature two-bedroom layouts, with built-ups of 1,100 to 1,300 sq ft and selling prices starting at RM880,000. The project is scheduled for completion by 1Q2023.

According to Wong, the developer aims to create a new type of living space for buyers. “These units will cater for young working executives, young couples, young families with children, singles, investors as well as buyers from nearby areas such as Damansara Utama, Damansara Kim, SS2, Section 17, Taman Mayang and Taman Tun Dr Ismail.

“We expect to see more owner-occupiers than investors for Cora Plus 2, especially those who will buy the units to be near their parents living in the surrounding areas. There are hardly any similar developments in the locality, so we see continued demand for this project,” says Chang.

The neighbourhood is mature and centrally located. “It is easily accessible via the Damansara-Puchong Expressway, New Klang Valley Expressway and Sprint Highway,” he adds.

Chang highlights the challenges in the project’s construction. “Cora Plus 2 has to be built phase by phase because the land is located on a slope. We have to build a proper platform and retaining wall before starting the piling works. This was based on our past experience with Cora Plus 1, whereby we had difficulties doing piling works at the slope — despite our temporary slope protection works, there was still soil erosion.”

Facilities at Cora Plus 2 will include a children’s playground, swimming pool, gymnasium, barbecue area and multipurpose hall. There will be a total of 120 parking bays and each unit will be allocated two parking lots. The maintenance fee will range from 35 to 45 sen psf per month.

Chang and Wong foresee good prospects for this development owing to its proximity to malls such as Atria Shopping Gallery and 1 Utama, education and healthcare institutions and transport hubs.

The 1- and 2-storey terraced houses in TAS Plus are priced from RM220,000 to RM370,000 (Photo by Adenland Holdings)

TAS Plus

Sited on a 10-acre freehold parcel along Jalan Gambang adjacent to SMK Seri Mahkota, TAS Plus has a GDV of RM40 million and will comprise 119 units of 1- and 2-storey terraced houses and 12 retail units.

“The market [in Gambang] is not as mature as in Kuantan, so we are building these affordable homes with individual title deeds,” says Chang.

Due for completion by 4Q2022, the four-bedroom units will have built-ups of 1,000 to 1,700 sq ft, with prices ranging from RM220,000 to RM370,000. The shops will have built-ups of 1,190 sq ft and be sold at RM600,000 each. The developer plans to bring in businesses such as food and beverage outlets, convenience stores and clinics to provide amenities for residents.

“We can sell these houses at a cheaper price than other developers in the area because we are doing this project on a larger scale to keep the construction cost per unit lower. In addition, we will provide better products and good finishes and enhance the surrounding landscape,” says Chang.

“We will provide landscaping for the back lane in addition to that for the front, which will allow residents to enjoy more greenery from their houses.”

Chang reckons that buyers will benefit from this development, as they are buying properties at very competitive prices. He foresees good demand for this project for the same reason. “We are building these houses for middle-low-income buyers who are looking for affordable landed properties in Kuantan, small families as well as residents from the surrounding areas,” he says.

Upcoming project in Kuantan

Adenland plans to launch Phase 1 of Aqua Park City in Batu 3, Kuantan, in 2H2021. The mini township will be built on a 120-acre leasehold site fronting the Kuantan river and has a total GDV of RM1.5 billion.

It will be launched over four phases, with construction of the first phase expected to start in 1H2021. Scheduled to be completed in 2H2025, the integrated development will comprise offices, retail spaces, shoplots, condos and landed houses. Phase 1 will take up 20 acres and comprise a 3-storey retail building, a 6-storey office block, a 22-storey condo and 18 units of shoplots.

“We have to see how Phase 1 performs before we plan the subsequent phases. Developers usually build landed properties to make a profit, but we are doing it the other way round: We build the commercial segment first to create value for buyers,” says Chang.

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