Developers have to be creative in designing homes during the current challenging economic period by ensuring consumer-friendly features, said Malaysia Land Properties Sdn Bhd (Mayland) MD Datuk Kevin Woo.
He stressed that the designs should have features that are required by users, while incorporating a holistic approach that projects the luxury aspect which is wanted by buyers.
“We have to align our thoughts in this direction and that will manifest into a holistic approach including materials, layout, services and management.
“Therefore, having to design products based on consumers’ demands, we want to encourage owner-occupiers rather than sell units to investors looking for profits,” he said at a launching ceremony of Mayland’s newest development in Kuala Lumpur last Friday.
Mayland unveiled Hampton Damansara as its latest series of affordable luxury service apartments located in Country Heights Damansara — which is the retail, residential and commercial property developer’s maiden project in over three years.
“We have gone back to the drawing board during the last few years to rethink, reflect and listen to market needs and we are proud to be able to create a different proposition for home seekers.
“As buyers today are more discerning than ever before, we believe Hampton Damansara is the defining home choice,” Woo stated.
The RM5.8 million Hampton Damansara sits on 3.2 acres (1.3ha) of freehold land at a gross development value (GDV) of RM700 million and is scheduled for completion by January 2018.
It has 700 residential units spread over a 43-storey tower block comprising 70,000 sq ft of space, with an average selling price of RM750 per sq ft (psf).
Woo said the first-quarter (1Q) and 2Q of 2017 are expected to be very challenging, adding that he hopes the recently tabled Budget 2017 would be a catalyst for projects under Mayland.
Mayland has a remaining landbank size of 500 acres and expects to launch two more projects in 2017 — namely the Sierramas West and Persiaran Stonor KLCC, with a combined GDV projection of RM1.8 billion.
“Our main focus is the entry level pricing as the market is sensitive to any drastic changes and with support from the bankers, I am optimistic that our products will give high return on investments for both the company and our buyers,” he emphasised.
“In the short-term, we are looking at acquiring assets to build up our hotel and shopping centre portfolio,” Woo noted.
Meanwhile, property consultant Rahim & Co International Bhd revealed in its Property Market Report 2015-2016 that the non-landed segment of the market saw a growth between 2% and 11%.
It cited that a larger size apartment in Suasana Sentral with a built-up area of 1,500 sq ft could command a selling price of RM900 psf and investment returns ranging between 2% and 8%.
On the other hand, an 800 sq ft service apartment in Marc Service Residence would register an investment growth increase of between 5% and 11% at a selling price of RM1,500 psf, Rahim & Co added.