(Aug 1): There is no way of tip-toeing around the fact that it is tough to be a developer in the current property market in Malaysia, especially for those in the high-end space.

Harder economic times have translated into more discerning buyers with tighter purse strings. This is the truth whether you are looking to buy a place to stay, or as an investment.

It was against this backdrop that Naza TTDI Sdn Bhd chose to launch MET 1, the maiden launch of its flagship KL Metropolis development.

Situated on the fringes of KL city centre, and fed by four major highways, MET 1’s precinct comprises two blocks of office towers, serviced residences and two retail malls with a total net lettable area of 80,000 sq ft, sitting on 4.29 acres of prime land with a gross development value of RM1.3 billion.

However, while Naza TTDI’s Executive Director and COO Idzham Mohd Hashim concurs that the market is soft, he points out that the volume of transactions is still intact.

“So what does this mean? It means that people are looking to the right investment, people are looking to the best location, a place where they feel safe and secure.

“They want a place where they can have the flexibility that, if one day they want to upgrade, their old place can be easily rented out. I think that by providing that, we are building,” he said.

As an investment, Idzham pointed out that MET 1 sits very close to Mont Kiara, a well-known expat enclave.

Idzham added that the response from the soft launch has been very encouraging.

“During our first three days of soft launch we managed to get about 60% of bookings, and we’ve managed to sell the Grade-A office tower, and are in the midst of closing the deal on the second block,” he explained.

The MET 1 serviced residences have built-ups ranging from 677 sq ft to 1,613 sq ft, with the residences classified into four “Types” (A to D).

Type A at 677 sq ft is MET 1’s entry level unit, which according to Idzham, is targeted at newlyweds and young executives. However, beyond just the prime location, Idzham says that Naza TTDI is expecting the little touches to sway potential buyers when it comes to committing.

“When building that unit for those specific targeted groups, we take into account what they actually want? They want to ensure that convenience is provided in the unit, and that the development itself supports their lifestyle,” he said.

That includes being able to head downstairs to the 81,000 sq ft retail space for a cup of artisan coffee, or go up to the 54th floor to a sky lounge with private dining. Naza TTDI’s eye for detail even extends to the method of waste disposal — it is a built-in feature that ensures the days of dragging the trash bag to the bin are gone.

On the flipside, MET 1’s biggest unit Type D, at 1,613 sq ft, has been built as an apartment within an apartment.

“It has dual-key functions. If you are a multigenerational family and you have a kid that just got married, you have a standalone studio apartment within an apartment, and your privacy will be intact.

“You can even make some rental income, renting out the unit to someone else and use that money to pay off your service fees,” said Idzham.

So with MET 1 pretty much done and dusted, what does Naza TTDI foresee for future developments?

“MET 2 will be launched next year. However, we are planning for each MET itself to be self-sustainable. So what we are building will cater to specific targeted groups, and it will be the best of its individual class,” said Idzham.

For more info please visit: http://www.klmetropolis.com/landing-page/?theedge2