PETALING JAYA: The signature sales gallery of 8 Conlay, a mixed-used development at Jalan Conlay in Kuala Lumpur city centre, was unveiled yesterday, with the project coming in at a higher gross development value of RM5.4bil from RM4.5bil – raising its price per sq ft from RM2,700 to RM3,200 due to “strong interest”.
Its developer KSK Land Sdn Bhd is optimistic that the RM5.4bil project, which includes branded residential, retail and hotel components, will do well despite the Malaysian property market slowdown.
Managing director Joanne Kua said 8 Conlay had seen 70% of its Tower A units reserved by interested buyers.
“We are aware of the recent property slowdown but among the 70% reserved units, 80% of them were reserved by Malaysians. On top of that, we also market 8 Conlay to international markets, so we are not too worry about the project.
“Moreover, 8 Conlay positions itself as branded luxury product, which I think is a notch higher than regular luxury units. Branded residences deliver exceptional value, as they normally command better capital yield for the longer term,” she said at a press conference after the launch.
The development is targeted for completion by 2020.
Simultaneously presented yesterday were the show units for Y008 Serviced by Kempinski, which are the branded residences at the 8 Conlay development.
On whether the RM3,200 per sq ft average was breaching a new record for branded residences in city, Kua said that it was not comparing itself locally but benchmarking with other branded residences around the world.
“And branded residences in Malaysia are still one of the lowest priced, which frustrates me,” she said.
The four-acre project, the maiden venture for KSK Land, consists of two YOO-interior designed branded residence towers of 57 and 62-storey blocks that will be connected via two sky bridges at level 26 and 44. These are complemented by a 68-storey five-star hotel, services suites and a lifestyle retail component.
Europe’s oldest luxury hospitality group, Kempinski Hotels, will provide services for the branded residence towers as well as managing the hotel tower.
During the launch, Kua said that that today’s property buyers demanded homes that truly reflect their lifestyles, and “we are collaborating with the finest architect, interior designers and landscape architect to make 8 Conlay an elite and aspirational address for discerning home buyers and investors.”
“It is a one-of-a-kind development that redefines urban living through three main elements – liveable architecture, world-class designs and bespoke personalised services,” she said.
Phase one of 8 Conlay features branded residence units known as YOO8 Serviced by Kempinski, which comprises two spectacular towers of 1,062 luxury branded residences ranging from one to three bedroom units.
Tower A of YOO8 will feature 564 units covering 700 per sq ft to 1,308 per sq ft, selling at an average price of RM 3,200 per sq ft. Meanwhile, Tower B of YOO8 will feature 468 units.
Besides Kempinski Hotels, KSK Land has also teamed up with crème de la crème brand partners including YOO, an internationally celebrated design company; Ar Hud Bakar, a visionary architect from Malaysia and TROP, the leading landscape design firm from Bangkok to create luxurious branded homes unique to the Malaysian market that people have yet to experience.
Kua said one of the most important selling points for YOO8 branded residences was the “trust” and added values associated with the brand partners.
“YOO8 is designed to offer unmatched luxury lifestyle experiences. The ability to identify with respected brands like YOO and Kempinski Hotels gives buyers confidence in the quality of the development and its ongoing management.”
Targeted at high net-worth individuals and young professionals, Tower A of YOO8 Serviced by Kempinski is fully-fitted complete with interior decorations and furnishing by globally renowned interior designer, Steve Leung & YOO.
On whether parent company KSK Group Bhd, which was privatised in 2013, has plans for a relisting, Kua said the insurer and property developer preferred to stay as a private entity to grow its businesses.
“At this juncture, we have no plans for a re-listing exercise. We will remain as a private company and put our focus on developing 8 Conlay.”
Meanwhile, Kempinski Hotels chief executive officer Alejandro Bernabé said: “Kempinski is proud to partner with KSK Land and expand the group’s presence in Malaysia. At Kempinski, we consider each new potential project on an individual basis, and we aim to grow our portfolio very selectively.
“For example, we need to ensure we share the owner’s vision for a new hotel, or if the destination will appeal to our existing, loyal clientele base, and we want to ensure that Kempinski is positioned as the market leader or make it so unique that it can’t be compared to other hotels in the destination.”