This article first appeared in City & Country, The Edge Malaysia Weekly on July 11, 2022 - July 17, 2022

Eastern & Oriental Bhd’s (E&O) latest project, The Peak, has all the makings of a ritzy lifestyle offering. Befitting the name, the 54 low-rise condominium units on Jalan Teruntung in Damansara Heights will look stately atop a hill that overlooks the city.

At the E&O gallery in Jalan Tun Razak, Kuala Lumpur, the group’s director of development and construction management Michael Tan Hwee Hian and his team talk to City & Country about the concept and how it came about.

“We acquired the land more than 12 years ago. We knew we wanted to develop a product that would be unrivalled and blend seamlessly with the green surroundings of Jalan Teruntung. Hence, we opted for a tropical concept. Our vision has always been to provide homes that exemplify luxury,” says Tan.

Unapologetically luxurious and surrounded by lush landscaping, the freehold residential project — to be jointly developed with Japan-based Mitsui Fudosan Group — will be launched by the end of this month. The 54 units, on 3.94 acres of land, will be housed in 18 three-storey blocks and have a gross development value (GDV) of RM386 million.

“The units will be sizeable. Hence, we are targeting downsizers [from more expansive homes] and those who appreciate finer living in a gated community. The Peak will appeal to buyers and investors seeking exclusivity, high-value specification and standards, and a level of [meticulousness], which are the hallmarks of E&O’s [signature] developments,” he says.

Comprising units of 4+1 bedrooms with en-suite bathrooms, they will have generous built-ups of 3,455 to 4,500 sq ft. Each unit will come with three parking bays, a storage space, a wall rack and an allocation for electric vehicles (EVs). Larger units will have an additional study area.

The development will be low density with only 13 units per acre. The units, priced from RM5.5 million to RM8.6 million, will be fully fitted out and the maintenance fee inclusive of sinking fund will be RM0.55 psf (RM5.50 per share unit).

“Interest in The Peak has been quite tremendous so far. While we have yet to officially launch the product, we have reached out to some of our clients and the feedback has been encouraging, with several units already pre-booked. Our show units are now open for private viewings,” says Tan.

Adopting clean lines and a contemporary design, The Peak will offer residents top-of-the-range fittings and feature warm, tropical-style interiors. With a 3.4m high ceiling and large balconies, the spacious units will be finished with African teak and marble flooring.

The units will be fully fitted out with a Binova-designed dry kitchen, Miele and Bosch kitchen appliances, a Fisher & Paykel refrigerator, a VRF air-conditioning system, bathroom fittings by Hansgrohe, Villeroy & Boch, Toto and Kasch, and a master-bedroom wardrobe by Guzzini & Fontana.

“Early birds can customise their units to meet their personal needs.  In fact, our interested buyers are already in talks to modify some of the units. Some of the prospective buyers are multigenerational families looking to reside there for the long term,” says Tan.

Meanwhile, the facilities will include a 40m lap pool and wading pool, a Jacuzzi and sauna, a fully equipped gym by Technogym, resident lounges, a yoga studio and yoga decks. There will also be a multi-function hall with a kitchen, a drivers’ waiting room, concierge, central courtyard and barbecue deck.

“Our aim is to build not just an excellent product, but also one that will encourage a sense of community, healthy living and harmony with the myriad facilities,” says Tan.

Surrounded by greenery and a nearby forest reserve, The Peak promises its residents a serene environment. “At The Peak, we hope the residents will feel calm, slow down and escape the hustle and bustle of the city while still being five minutes away from it all,” he adds.

“Damansara Heights is accessible from Kuala Lumpur and Petaling Jaya. Jalan Maarof, in Bangsar, is also connected to Jalan Damansara, while Jalan Tuanku Abdul Halim (formerly known as Jalan Duta) and Jalan Semantan can be used to drive into Damansara Heights from the North-South Expressway,” says Metro Homes Realty Bhd executive director See Kok Loong.

“Damansara Heights is regarded as a super prime location, like the ‘Beverly Hills of California’, where all the real estate in the area is of high value. The enclave is also home to colleges, large multinational corporations, restaurants, regulatory bodies and government departments. Rich and popular personalities, as well as tycoons and politicians, reside there,” he adds.

“Demand for developments [particularly residential and commercial] in Damansara Heights is strong. However, some are older properties that need to be maintained or refurbished. The purchasing power [of those who live in the area] is one of the highest in Malaysia.”

According to him, non-landed residential units in Damansara Heights such as Twins @ Damansara Heights are going for RM700 to RM800 psf (built-ups of 1,400 to 2,000 sq ft), while DC Residensi fetches between RM1,100 and RM1,200 psf (built-ups of 940 to 1,200 sq ft). Yields are about 4% to 4.5%.

“Larger bungalows there can fetch between RM550 and RM600 psf on average (land area of 12,000 to 20,000 sq ft). Typical bungalows are going for more than RM900 psf on average (land area of 6,000 to 8,000 sq ft) while semi-detached houses are at RM780 to RM920 psf (land area of 4,300 to 5,000 sq ft land),” says See.

“The asking prices for intermediate terraced houses are RM1.6 million to RM2 million (land area of 1,700 to 1,800 sq ft). Yields are about 2% to 3%.”

The main appeal of Damansara Heights is its location. “It is considered the most premium address in Malaysia and is close to the Kuala Lumpur city centre. Other factors are new projects [landmarks] such as Damansara City that have brought in hotels like Sofitel, office buildings and Pavilion Damansara Heights, which have improved traffic flow and added an MRT station,” says See.

“The outlook is still promising, whereby the lack of new products and land will continue to push prices up. The older bungalows are huge [by today’s standards], prompting some owners to look at downsizing.”

Meanwhile, E&O’s Tan believes that The Peak will not only create value for residents, both local and foreigners, but also add vibrancy to the vicinity.“We are not putting a high-density, high-rise project. In fact, it’s the opposite. With The Peak, we hope to create more value for the neighbourhood,” he says.

“This is our third project in Damansara Heights. We intend to roll out more products that meet our brand DNA and criteria of a premier lifestyle development.”

The group is already working on other project launches, while focusing on The Peak. 

Tan hints that the group has made plans to acquire more land in the near future. E&O’s net profit for the financial year ended March 31, 2022 (FY2022) came in at RM64.06 million, from a net loss of RM71.74 million in FY2021.

Meanwhile, in Penang, the group has witnessed encouraging sales of its apartments at The Meg project on the reclaimed island of Andaman. 

Its focus in the state is on the 760-acre Seri Tanjung Pinang Phase 2 (STP2), starting with the fully reclaimed 253-acre area zoned as STP2A opposite the existing STP1 development, which 

includes the Meg.

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