SP SETIA executive vice-president Datuk Koe Peng Kang is excited about Setia Eco Templer, a leasehold gated and guarded 194-acre development about 20km from the city and 10km from Rawang commercial area.
When SP Setia bought about 4,000 acres in what is now known as Setia Alam, the property development circle thought the company has gone off its rockers as access was limited. The company subsequently built highways to provide access and the township is thriving with a heavy ecology theme.
Setia Eco Templer is naturally endowed. But it is too small to be called a township but the merits of the land is the environment and the neighbouring Templer’s Park, a forest reserve of more than 1,000 ha.
The project, a 70:30 joint venture with Kumpulan Perangsang Selangor Bhd (KPS), came about after it successfully tendered for it in 2013.
Under the agreement, it will guarantee KPS a sum of RM140mil to be paid within three years or 13% of the gross development value (GDV), whichever is higher. The project is expected to have a GDV of about RM2bil.
Under the agreement, the developer is to develop the land, market and sell the commercial and residential units. It will have a total of 900 landed units and 900 units of affordable housing when completed.
Setia Eco Templer phase one is inspired by Sir Gerald Templer, a British High Commissioner in Malaya between 1952 and 1954. The essence of phase one comes with the tagline, Legend of the Nine Creeks.
There is a lake, a river and eight streams which flow from the hill into phase one. The river and streams have been given British names like Carson Creek and Bramble Creek in honour of Templer’s British origins.
The first phase to be launched this weekend covers a total of 234 landed housing units comprising six bungalow units, 54 semi-detached units and 174 linked villas.
Koe says the company will make the pristine green surroundings its main selling point.
There are also a couple of limestone hills in the area. The beauty of the place has attracted another golf course to be established there years ago, Templer Park Country Club. While the neighbouring golfer’s paradise by acclaimed golf course architect Kentaro Sato has continued to thrive since its opening in 1991, the Perangsang Templer Golf Club fell into dilapidation. So the owners decided to convert it into a residential development with some commercial element to serve the locality. This means Setia Eco Templer is sandwiched by the nature reserve on one side and the Templer Park Country Club on the other.
Koe says the undulating contours will be maintained to preserve the beauty of the place.
“We will not level it. We will enhance the rivers and streams. We will not built over them but will respect and appreciate their presence. Some of them will be widened.”
Looking over the piece of land from the Perangsang clubhouse where the sales gallery will be located, Koe says the development will not intrude into nature’s sanctuary and the lives of the animals there.
The wildlife and national department was strict with the development in the area and the company had to meet a lot of conditions in order to get development approvals.
The trees will be transplanted and suitable ones planted to provide food for the small animals and birds. The temperature is 1 to 2 degrees lower than the city, Koe says. These are the merits of the area.
Phase one will be sold on a 10:90 package. “It is similar to how properties are sold in Australia. In London, it is on a 20:80 basis. The buyer pays 10% and the rest on completion of the unit after he takes vacant possession. In the event he changes his mind, he loses only 10%,” he says. Koe says he is aware of overhang concerns.
“This is a landed project. Good property in a beautiful environment like this will never see a drop in value. When the economy recovers in three years, the value will move up accordingly,” he says. On issues of security, he says Setia Eco Templer will be a gated and guarded development. Koe says the developer has thought of various security issues like tailgating and these will be dealt with, he says.
On the electric pylons which are visible from Jalan Rawang itself, he says the nearest house will be one km away.
Because nearby amenities are important, they will also be having a five-acre commercial development.
To counter future issues of congestion, they will build additional infrastructure. Their target audience is expected to be from Selayang, Rawang and Desa Parkcity and the larger Kepong itself.
Rawang is one of several second-tier locations which have come under the radar of property developers. Mah Sing Group has the freehold M Residence project comprising more than 200 acres and there are other developers who have standalone piecemeal projects from Selayang right up to Rawang itself.
When buying in these locations, buyers’ main concerns tend to centre around security, which means SP Setia must really keep its finger on this aspect as it goes about its branding exercise.