This article first appeared in City & Country, The Edge Malaysia Weekly on February 15, 2021 - February 21, 2021

Boutique developer SweetHarvest Development Sdn Bhd’s maiden project, AmanAra Residensi at Kayu Ara, has seen a take-up rate of 50%. “We have high hopes that we will be able to sell more units when our development is ready as buyers will be able to see and experience the uniqueness of our property. Our target market remains owner-occupiers, young couples looking to start a family and those who want to upgrade to a bigger home in a better location,” Jonathan Lim, the company’s project director, says in an email. 

“Most of the people who have shown interest in our project fall into these categories and we have received positive responses, especially on the design and layout. Many have also said they like this location as it has great accessibility to areas in Petaling Jaya and Kuala Lumpur, which shows its growing potential as the neighbourhood matures.”

Located in Taman Kayu Ara Indah near Bandar Utama, the residential development will comprise 12 blocks of two townhouse villas. Every two blocks will share a lift, roof garden and access to a suspended garden.

Sitting on a 32,000 sq ft parcel, AmanAra Residensi has a gross development value of RM32 million. There will be a total of 24 units with built-ups of 1,000 to 2,000 sq ft and priced between RM750,000 and RM1.5 million. Soft-launched in October 2017, the exclusive project is targeted to be completed by March this year.

Lim says, “We are focused on completing this development and have not made any plans for future projects. We may look for opportunities once we have completed and sold all of our units. We have not acquired any land bank.”

On the current market challenges, he says, “The Covid-19 pandemic is unprecedented and even though it has been almost a year, we are still navigating through uncharted waters. As with any other crisis, the market will be cautious and slow in regaining momentum. The incentives declared by the government and Bank Negara Malaysia in 2020, such as the loan moratorium and Real Property Gains Tax (RPGT) and stamp duty exemptions, have benefitted both homeowners and property investors who took the opportunity to acquire or dispose of properties during this time.

“Having said that, increasing supply due to new property launches and faltering demand has brought about a buyers’ market. While we cannot generalise about the property market, we believe that property is a fundamental need and in whatever economic climate, it all boils down to location, concept and pricing.”

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