Modern Age Development Sdn Bhd aims to launch Phase 4 of Tiara Hills in Taman Taynton View, Cheras, in the first quarter of next year. Despite the soft property market conditions, the developer is confident that good-quality and reasonably priced properties in prime locations will continue to attract buyers.

“We believe there is pent-up demand for landed properties owing to buyers’ perception of better value and bigger space for social distancing compared with high-rises like condominiums and serviced apartments,” says group senior manager of sales and marketing Kathleen Lim.

Sitting on a 12-acre freehold tract next to SJK (C) Jalan Imbi in Taman Taynton View, which is a mature neighbourhood, Tiara Hills has a total gross development value (GDV) of RM300 million. The exclusive, low-density, gated-and-guarded development will be launched over four phases.

Occupying a 1.5-acre parcel, Phase 4, which was opened for registration in August, has about 100 registrants to date. “This is one of our best products, which we are using to test the market. The main strategy involves effective planning, design, specifications and quality construction as well as good after-sales service. Other developers are also looking to build this type of property owing to the scarcity and high price of land,” says Lim.

Phase 4 comprises 40 units of 3½-storey town villas with a GDV of RM66 million. The units will have 3-bedroom and 4-bathroom, or 3-bedroom + 1 utility room and 5-bathroom layouts, with built-ups of 2,317 to 3,414 sq ft. Piling works started in August and the project is expected to be completed by 3Q2022.

According to the developer, Tiara Hills comes under the Home Ownership Campaign (HOC) 2020,  and buyers are thus entitled to benefits such as stamp duty exemptions on the sale and purchase as well as the loan agreements. “After the 10% discount, these units (in Phase 4 will) cost RM1.3 million onwards, or about RM550 psf. We have reserved about 30% of the units as bumiputera lots and  any that are unsold will eventually be released for sale to non-bumiputeras,” says Lim.

All units will come with spacious en-suite bedrooms, and a powder room on the ground floor. “We aim to provide good-quality homes and a modern apartment lifestyle in a landed property for buyers. Each house will have sufficient space for three cars,” she adds.

Units at Phase 4 cater for young people with children and who want to live closer to their parents, upgraders looking for better and larger accommodation, and downsizers with small families looking for smaller accommodation. The project is also targeted at buyers from Taman Taynton View and surrounding areas such as Taman Cheras (Yulek), Taman Permata, Taman Muda and Taman Midah, and those from as far as Sungai Long, Kajang, Bandar Mahkota Cheras and Balakong.

“We are targeting the segment that wants to live closer to the Kuala Lumpur City Centre and public transport hubs,” says Lim.

There will be a one-acre park in the neighbourhood, which will have a jogging track and a children’s playground. Residents are required to pay a security charge of RM80 per month.

“Regardless of the pandemic, which has had a severe effect on numerous sectors including real estate, we are fortunate that our sales have not been really impacted as our buyers are Cheras residents who are the ‘old rich’  and have not been as badly affected by the current situation,” says Lim.

People nowadays are more sensitive to price, hence the group’s properties will appeal to those with a higher income who are looking for a home. “We aim to raise the bar and be known as a niche boutique developer in the Klang Valley, providing good-quality landed homes,” she adds.

The developer hopes to achieve a sales target of 50% for Phase 4 after its launch. “We expect homes [in Tiara Hills] to see capital appreciation of 3% to 5% in the next two to three years. It is hard to expect any price appreciation during this period, but we are certain that the values will appreciate in the long term.”

Tiara Hills is within a 14km radius of Suria KLCC and Pavilion Kuala Lumpur. Nearby amenities include Cheras Leisure Mall, EkoCheras Mall, Pantai Cheras Medical Centre, SMK Cheras, Sekolah Menengah Sains Selangor, UCSI University and the Taman Mutiara mass rapid transit station. The project is easily accessible via the Middle Ring Road 2 (MRR2) and Jalan Cheras.

Modern Age Development will be focusing on Phases 3 and 4 of Tiara Hills in the next two years. Phase 3 comprises 43 three-storey superlink houses with a GDV of RM90 million. Soft-launched in June last year, it is currently 70% taken up. The units will be handed over in October next year.

Meanwhile, the group is looking to acquire more land, mainly in the Klang Valley. “We have secured a six-acre freehold land along Jalan 5/64 and Jalan 5/66 in Bukit Gasing, on which we plan to build luxury bungalows with an estimated GDV of RM90 million that cater for the high-end market. The site is elevated and has a panoramic view of Petaling Jaya. The project is still in the planning stage,” says Lim.