[THE EDGE REPORT]
Contractor turned property developer CK East Group is planning to launch Taman Anjung Melati 2 by year end. Comprising 29 three-storey terraced houses 0n 1.6 acres of freehold Malay reserve land in Taman Melati, Kuala Lumpur, the project has a gross development value of RM 30 million.The houses, which will measure 20ft by 56ft with a built-up of 2600 sq ft, will take about two years to complete, with their selling price starting at RM 800,000.
CK East Group director Tan Aik Huat says the development is targeted at Malay professionals and high income groups who like the Gombak area.Meanwhile, the developer’s ongoing Rencana Royale, a high-rise commercial project on a two-acre Malay Reserved parcel in Taman Tun Dr. Ismail, Kuala Lumpur is 50% sold to date, with another 17% booked and pending bank financing, Tan reveals.
Rencana Royale, which will offer 677 executive suites, executive duplex suites, deluxe suites, deluxe duplex suites, 2-storey garden suites, retail lots and corporate suites, has a GDV of RM380 million. Sixty per cent of the units will have a built up of 472 sq ft while the largest unit measurement 4,296 sq ft. The units are priced at RM 650 psf.. The retail podium, measurement over 50,000 sq ft is still available for sale to a single buyer, Tan says. The podium is being sold in its entirely to ensure a better tenant mix. CK East’s first property development was Taman Anjung Melati on five acres of free hold Malay reserve land in Taman Melati, which it took over from the previous development, comprising 29 unit bungalows, has a GDV of RM 45 million and was completed in 2012.
The bungalow has been sold at prices ranging from RM1.2 milllion to RM1.8 million. The houses have built-ups of 3000 sq ft (3+1 bedrooms and 6 bathrooms) to 5,000 sq ft (9+1 bedrooms and 10 bathrooms) and come with land measurement 4,734 to 12,000 sq ft.Taman Anjung Melati and Taman Anjung Melati 2 have direct access to middle Ring Road 2.CK East also developed East Utama, a gated community consisting of 18 three-storey houses in Kampung Sungai Kayu Ara, Petaling Jaya Utara. It houses have been sold, at between RM 1.03 million and RM 1.8 million.The developer has one project in the pipeline – One East in Kayu Ara, a leasehold, low-rise and low-density condominium development offering 67 units, According to Tan, One East is scheduled to be launch by year end or early next year.“We believe there is demand for property in the Klang Valley. The country’s economy is getting better and people will look at property for investment and for their own use. Our strategy is to create new concepts and designs, and provide the best quality and value-for-money property,”he says