This article first appeared in City & Country, The Edge Malaysia Weekly on July 20, 2020 - July 26, 2020
On the back of three well-received projects since its inception in 2010 — Avantas Residences in Old Klang Road; Serintin in Mantin, Negeri Sembilan; and Tuan Residency in Jalan Kuching — boutique developer CPI Land Sdn Bhd has plans for four other launches from now until 2022.
Chung Shan Tat, one of the developer’s three directors, speaks to City & Country in this exclusive interview about its upcoming offerings.
The earliest to be launched — in September this year — is Dian Residency, a project with a gross development value (GDV) of RM300 million and occupying a 3.1-acre, leasehold commercial parcel in Seksyen 13, Shah Alam. It will comprise a 25-storey block and a 26-storey block of 832 units of serviced apartments, commercial suites and shoplots.
The name Dian was chosen by the developer to represent a beacon of hope for young urbanites looking for a place to settle down. “We named it Dian (candle in Bahasa Malaysia) as a symbol of light. We wanted to be practical, so a short, memorable name that carries a strong and positive connotation fits our ideals perfectly.
“The name also makes reference to the design elements that [stand out] in the present property landscape of Shah Alam and the sense of lightness and freedom that we aim to realise within the development.”
Prices of units at Dian Residency start from RM170,000 for the commercial suites, and from RM270,000 and RM415,000 for the 2 and 3-bedroom serviced apartments respectively.
The serviced apartments come in four layout types ranging from 550 to 810 sq ft. The commercial suites are available in a studio layout, with sizes ranging from 290 to 489 sq ft.
The 13 shoplots at Dian Residency measure 800 to 1,715 sq ft and are priced from RM610,000. The shoplots and commercial suites will come with one parking bay each whereas the serviced apartments will come with two.
Dian Residency is the complete package for homebuyers, says Chung. “Buyers get to enjoy maximum comfort, efficiently planned living spaces, amenities for the whole family, high-quality materials and innovative design at a great location.
“There’s also the all-important value factor, as an 810 sq ft, 3-bedroom unit starts at only RM415,000. Considering the five-star facilities such as water features, poolside cabanas, gym, meticulously designed play environments, banquet hall and barbecue facilities, homebuyers are getting great value for money.”
Owners at Dian Residency can tentatively expect a 30 sen psf maintenance charge inclusive of sinking fund, and the development is slated to be completed 36 months from the execution of the sales and purchase agreement.
Chung says the development is targeted at young families. “There is an increasing need for affordable homes that also fulfil contemporary expectations of style, quality, location and facilities, and Dian Residency is designed to meet these expectations on many levels.”
CPI land acquired the site for Dian Residency in May 2019 because of its desirable location. “Shah Alam is a well-planned city with good traffic flow and ready infrastructure in place. Seksyen 13, in particular, is a convenient location neighbouring Subang and Glenmarie, and connected to three major highways, namely the Federal Highway, NKVE (New Klang Valley Expressway) and Guthrie [Corridor Expressway].
“We appointed a big data analyst to study the location and the resulting data proves beyond doubt that there is strong demand and potential growth here. The ongoing LRT 3 project in the area will also bring a positive impact. With all this in mind, we have also acquired a 2.22-acre parcel a stone’s throw from Dian Residency,” he notes.
The developer has started collecting bookings for Dian Residency since April and 817 units had been booked at the time of writing. “The response has been overwhelming and went beyond our expectations. Meanwhile, our marketing efforts are still progressing on selected channels and, more crucially, our Dian Residency Sales Gallery is now open.”
Despite the economic headwinds, Chung remains optimistic about the launch of Dian Residency. “Entry-level products are fairly recession-proof. Regardless of the economic situation, people need a place to stay. High-priced residential units may be affected but not this. We’re confident that the design, quality, living concept and amenities at such an attractive price point will be an irresistible proposition for buyers.”
Doing what it does best
The three other projects that CPI Land plans to launch are Tuan Residency 2 in 1Q2021, Serintin Phase 2 in 4Q2021 and Dian Residency 2 in 1Q2022.
Tuan Residency 2 is a 41-storey serviced apartment development that has a GDV of RM250 million. Like Tuan Residency, it is located in Jalan Kuching.
Occupying a 3.04-acre leasehold parcel, Tuan Residency 2 will offer 596 residential units with sizes ranging from 819 to 874 sq ft and prices starting from RM405,000.
Notable facilities at Tuan Residency 2 will include a 50m infinity lap pool, futsal court on the ground floor, water play area and half basketball court. There will also be a Jacuzzi, raised sundeck, playground, barbecue terrace, viewing deck, reflexology pod, event lawn and gym.
At Serintin, the upcoming second phase has a GDV of RM100 million and will comprise 358 townhouses, of which 50 are in the low-cost range and 190 in the affordable range as part of the state’s requirement.
The remaining 118 townhouses to be sold on the open market will come in sizes measuring 20ft by 70ft, 20ft by 75ft and 20ft by 80ft, and be priced from RM280,000 to RM310,000.
The entire RM200 million Serintin development occupies 26 acres and comprises 495 residential units and 21 shoplots. The freehold development’s notable facilities include a 1½-acre central park with a multipurpose court for basketball and badminton, jogging tracks and a recreational pond.
Amenities in the surrounding area include Kolej Tuanku Ja’afar, KTJ International Primary School, Staffield Country Resort, Linton University College and Unifield International College. The area is also accessible via the Lekas (Kajang-Seremban highway) and Batang Benar KTM Komuter station.
Meanwhile, Dian Residency 2 is located in Seksyen U1 Shah Alam, a stone’s throw from Dian Residency. With a GDV of RM200 million, Dian Residency 2 is a leasehold development and will tentatively offer 502 units of serviced apartments with built-ups from 800 sq ft and prices starting at RM380,000, although firmer details for the second project is still under wraps.
While Tuan Residency 2 and Dian Residency 2 are targeted at young families and professionals as entry-level offerings, Serintin caters for second-generation homebuyers or those seeking to upgrade into a secure and guarded community. “Serintin is the only project in its vicinity to be fully guarded and with perimeter fencing. The units we offer will feature modern designs and are all set within a beautifully landscaped environment,” Chung says.
Meanwhile, the developer plans to hand over the Tuan Residency units to buyers in 4Q2020. “Despite the [Movement Control Order], we are still four months ahead of schedule. Tuan was a pleasant surprise, as the units were sold out within 10 months of its launch in January 2018.”
As for Serintin Phase 1, the 137 two-storey terraced houses and 21 shoplots were completed in June 2018 and are 95% sold.
Another ongoing project for CPI Land is Kerian Links in Taman Rainbow, Kuala Lumpur, a boutique development comprising only 12 linked houses priced from RM1.6 million. Chung says the build-then-sell project is slated to be completed in 1Q2021.
Plans for more projects
“We will also remain on the lookout for more land, particularly in the Klang Valley,” Chung reveals.
He is confident the company will weather the current market well because of its focus on entry-level products. “The key strategy for making the most of the present situation is to create more value for buyers. Regardless of the market situation, savvy buyers will always appreciate value.
“Meanwhile, there should still be strong demand for entry-level and mid-range units. With the reintroduction of the Home Ownership Campaign and exemption of the Real Property Gains Tax, it is a good time to buy, and we can expect a renewed interest in buying,” says Chung.
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