Artist’s impression of The Crown
Wong: Our focus is to launch projects that are affordably priced for the coming year
Ho Hup Group plans to launch Aurora Duo in Bukit Jalil by the first quarter next year following the success of its launches in Bukit Jalil, said Ho Hup Group CEO Datuk Derek Wong Kit-Leong.
“Our focus is to launch projects that are affordably priced for the coming year,” he said at the unveiling of The Crown Serviced Suites sales gallery in Kota Kinabalu on Sept 28.
Aurora Duo comprises two towers — one of 51-storeys and the other 52-storeys — with a total of 757 serviced suites. It will be built by the group’s wholly owned subsidiary Bukit Jalil Development Sdn Bhd and have a gross development value of RM700 million.
The built-ups range from 728 to 2,459 sq ft and the prices have yet to be confirmed. Sitting atop a 2.4-acre land, Aurora Duo forms part of the group’s mixed development in Bukit Jalil.
Ho Hup’s previous launches in Bukit Jalil — Aurora Place and Aurora SoVo — are fully taken up. Launched in 2012, Aurora Place comprises 64 units of three, four and five-storey shopoffices. The freehold units, measuring 4,118 to 10,948 sq ft, are priced from RM2.74 million to RM8.5 million. The development, which was completed this year, spans 5.9 acres.
Meanwhile, Aurora Sovo, launched in 2013, comprises 209 units of flexible offices suites above the three-storey shopoffices in Aurora Place. Completed this year, the freehold units have built-ups of 602 to 1,305 sq ft, with prices ranging from RM416,300 to RM920,600. Aurora Place and Aurora Sovo are joint ventures with Malton Bhd.
“We also plan to launch a township in Kulai, Johor next year. The township will comprise affordable housing,” said Wong. The details have yet to be firmed up.
Meanwhile, the group’s maiden project in Kota Kinabalu, The Crown Serviced Suites, was soft-launched in June last year and is 60% taken up to date. The sales gallery was launched by Sabah Chief Minister Datuk Seri Mohd Shafie Apdal.
“Despite the soft market, the response to The Crown Serviced Suites has been encouraging. We believe the property market here is still going strong,” said Wong.
“We have witnessed tremendous growth in Kota Kinabalu recently, particularly in infrastructure and in tourist arrivals from countries such as China, South Korea, Japan and Hong Kong. This has fuelled the tourism real estate sector here.”
The Crown Serviced Suites, which has a GDV of RM590 million, comprises four 14-storey towers with a total of 323 units. The units measure 1,360 to 1,986 sq ft and are priced from RM1.26 million to RM2.43 million. Prices for the duplex units and penthouses range from RM3.07 million to RM4.61 million.
“The pricing of The Crown Service Suites’ units is competitive. Neighbouring developments are charging between RM1,300 and RM1,500 psf compared with RM900 psf for The Crown Serviced Suites. There is definitely more room for capital appreciation for our buyers,” said Wong.
“Our units are sizeable, and we are targeting both the local and foreign markets such as Brunei and Hong Kong. We aim for a good mix of owner-occupiers and investors. This is also a commercial titled development, hence operating Airbnb is allowed.”
The Crown Serviced Suites forms part of mixed-used development,The Crown. The Crown has a total GDV of RM900 million and comprises four towers of 14-storey serviced suites (323 units), a 14-storey hotel (376 rooms) and a two-level commercial and retail component (50,000 sq ft).
Sitting on a 4.988-acre parcel, The Crown faces Sutera Harbour and the KK Waterfront in the Kota Kinabalu city centre.
It is next to the Kota Kinabalu Sentral Main Bus Terminal and 6km from Kota Kinabalu International Airport. Nearby landmarks include The Crowne Plaza Hotel and Imago Shopping Mall. The leasehold development is due for completion in late 2021.
Ho Hup Group was formed in 1960 as a construction company and was listed on the Main Board of Bursa Malaysia in 1991. It has three main divisions — construction, civil engineering and property development.