Malton and the Pavilion Group bring innovative lifestyle development to a refreshing new level
BUKIT Jalil City, the collaborative integrated lifestyle development between Malton Bhd and the Pavilion group, is wooing investors and homebuyers at a time when the property market is facing a slowdown.
Malton executive director Hong Lay Chuan calls the development an “innovative trendsetter,” adding that having two big household names identified with the project was also a big reason for attracting buyers.
“Bukit Jalil City is a catalytic project not only from a magnitude and concept perspective, but also from a social economic and community upliftment perspective. This is Bukit Jalil’s next premier business, regional shopping hub and leisure district that will be the defining beacon to set this community apart.
“Through the collaboration between the two dynamic and powerful brand names – Malton and the Pavilion Kuala Lumpur – Bukit Jalil City is poised to be an iconic landmark in Malaysia which will transform the entire Bukit Jalil area into a dynamic and vibrant township,” he tells StarBizWeek.
Hong points out that Malton has become a household name when it comes to savvy investments among property buyers.
“We have a steady pool of repeat customers. We continuously set a benchmark in creating not just an integrated development to meet the evolving lifestyles of the people, but consistently uncover ways to deliver high value creation to buyers.
“Bukit Jalil City, being the largest integrated lifestyle development in the heart of Bukit Jalil, is no exception. Much have gone into the planning and execution to enable homebuyers, investors and retailers to enjoy the premium amenities and solid investment returns.”
Hong says the location, reputation of Malton, strong Pavilion brand, expertise in integrated development, good property management coupled with proven value creation have given both parties an edge in the market.
He said the project is planned taking into consideration the accessibility, convenience, premium facilities and security.
He adds that the amenities and facilities were planned and created for all ages and community types.
“Over the decades, our projects have served as ideal investments for buyers, as seen in past projects, namely Amaya Saujana, Nova Saujana, The Cantonment, Pearl Villas and Bukit Rimau, among others.”
Launched in 2015, the 50-acre Bukit Jalil City project has an estimated gross development value (GDV) of RM4bil, with construction spread over three phases.
The first phase, comprising 112 signature shop offices, has been fully sold since its launch in 2015.
“We’ve just handed over our signature shop offices to the 112 shop owners in June this year,” says Hong.
He says the three-storey shops are fitted with full glass façade and individual lifts which allow the owners and occupants to operate a variety of businesses including retail, food and beverage (F&B), boutique, and offices.
“Patrons and visitors will find plenty of parking spaces at the basement which is also connected to the shops via escalators and lifts. A large number of our purchasers are planning to relocate and operate their businesses at Bukit Jalil City.
“Business owners will enjoy the first-mover advantage with the immediate catchment of residents nearby at this newly completed commercial hotspot and premier business address.”
The second phase, also fully-sold, consists of 1,098 units of luxury serviced apartments (called The Park Sky Residence) and 44 units of retail shops, known as Park Point Shop Offices.
Hong says The Park Sky Residence units have built-up areas ranging from 868 sq ft to 1,565 sq ft. They are priced between RM700,000 and RM1.5mil.
“It sets a new pricing benchmark at RM855 per sq ft in Bukit Jalil. We have a balanced buyers profile aged between 30 and 50 years old, individuals and young families who are upgrading their current lifestyle with a good mix of professional and business owners.”
He says the buyers are seeking conveniences where they can live, work and play at the same location. The majority bought the property for their own stay and some, for investment, he says.
The 44 units of three-storey Park Point Shop Offices, situated below The Park Sky Residence, are 90% sold.
“Shop owners will do very well when the 1,098 residential units are completed, as the shops have high visibility and fronts the soon-to-be-completed 100 dual-carriage road leading in and out of Bukit Jalil City.
“Predominantly, this road will be serving cars exiting the Kesas Highway and traffic from Old Klang Road and OUG.”
The third phase, called The Park 2, comprises two serviced apartment towers.
Sitting on freehold land, The Park 2 has an estimated GDV of RM720mil and comprised 709 units of serviced apartments, with the first tower having 385 units and the second tower 324 units.
The first tower of The Park 2 was launched in March and has a take-up rate of over 90%. About 70% of the second tower has been snapped up by buyers. The units start from RM630,000.
At the launch of the second tower earlier this month, Hong said he expects both towers to be sold out by year-end.
“Many of our buyers are influenced by word-of-mouth when making their decision. And the successful sell-out of Tower 1 has prompted us to bring forward the release of Tower 2 this month.
“We are confident of achieving another remarkable success as 70% of the 324 units are sold prior to our official launch on Aug 17. Being the final residential tower, house buyers and savvy investors are taking the last bite in Bukit Jalil City.”
Hong says every unit of The Park 2 is thoughtfully planned, with built-up areas ranging from 750 sq ft to 1,570 sq ft. The lay-out of the units include a selection of 1+1 bedrooms, 2+1 bedrooms and a dual key units.
The Bukit Jalil City project will also see the development of the Pavilion Bukit Jalil City Mall by the Pavilion Group. Hong is confident that there is still room for growth despite the current glut in the retail sector.
“While there is a growing number of malls facing intense competition in Klang Valley, many are not successfully run or occupied. Hence, there is still room to grow a successful mall in the country as growth is still evident in the retail business.
“Mall development, concept, retail diversity, traffic, location, brand and an experienced retail team are contributing factors to a successful mall.”
Last week, Pavilion KL retail chief executive officer Datuk Joyce Yap said the mall, which would open for business in 2020, has received more than 1,000 registrations.
She said the Pavilion group is targeting sales of RM1.7bil for the mall in its first year of operations, adding that the shopping centre is expected to hit an expected occupancy rate target of over 70% when it begins operations in 2020.
Hong says the mall will differ in terms of scale and concept from other malls, adding that the entertainment and shopping experience offered will cater to customers of all age groups under one roof.
“Exquisitely designed by the KL Pavilion Design Studio, the regional mall façade, which stretches up to 560m, is built to give maximum visibility to the retailers’ brands.”
Hong says the Pavilion Bukit Jalil City Mall is set to be a regional mall which will provide a holistic experience for business, best-in-class shopping, dining, leisure and entertainment to locals and tourists.
“This regional mall will also be the main entertainment hub within the southern Kuala Lumpur. Some proposed facilities include an ice-park, multiplex cinemas and wellness centre.”
Managed by award-winning Pavilion KL, Hong is confident that the Pavilion Bukit Jalil City Mall will have a good mix of retailers, thereby attracting a steady pool of local and international visitors.
“We have conducted a feasibility study in this area and strongly believe that the strategically located Pavilion Bukit Jalil City Mall will draw a regional crowd, driven by its growing population, influx of tourists, high traffic flow, catchment areas, strong disposal income and improved infrastructure.”
With a net lettable area of 1.8 million sq ft, Hong says the mall’s rental structure will commensurate with its sales turnover.
“It’s too early to talk about occupancy rate now as the mall is still under construction. However, we have received a registration list of 1,000 interested tenants. This reflects the confidence level and strong interests among the retailers.”
According to Retail Group Malaysia’s latest industry report, the Malaysian retail industry shrank 1.2% in the first quarter of this year due to weak the Chinese New Year sales in January.
However, despite a shaky start, analysts said the local retail sector could still see positive growth this year, driven by steady-yet-cautious consumer spending, in-store promotional campaigns and a boost in tourist arrivals.
The Malaysian Retail Chain Association expected an increase of 4.5% in retail sales this year, driven by the country’s tourism industry.
Hong says the mall is poised to be an entertainment and “retail-tainment” hub.
“The retail industry is changing and to stay relevant, we offer experiential needs besides shopping. The mall will feature a diverse tenant line-up and merchandise mix that combines anchored retail with a number of category consumer goods retailers, flagship stores, F&B, fashion and other services.
“If any, these will be neighbourhood malls within the 5km radius that are not our competitors, as we target a different pool of audience, mainly the international visitors and shoppers, besides locals through our differentiated offerings and holistic approach.”
While many new developments are claiming the virtues of being near to the Pavilion Bukit Jalil City Mall, Hong says only The Park 2 is located next to the mall.
“Only residents in The Park 2 will get to enjoy a seamless experience with exclusive access to the mall via a dedicated and covered link bridge besides a separate bridge connecting them to the 80-acre green park.”
“Besides a dedicated link bridge to the mall, other premium facilities offered include two separate lobbies with nine and eight lifts serving 10 and nine units each per floor in each tower. Our purchasers are not only impressed with our sleek architecture façade, but also the partly furnished unit that comes with quality fittings in the kitchen.”
Dedicated sports city
The Bukit Jalil City project will also include the transformation of the Bukit Jalil National Sports Complex into a versatile and modern sports city by 2020.
“Since 1998 when the national stadium in Bukit Jalil hosted the 16th Commonwealth Games, Bukit Jalil has continued to draw crowds and attention from the world over,” says Hong.
“It has since grown to become a prominent hub of the nation. As it continues to drive major international and local sporting events and entertainment, it brings people and ideas together through art, culture and upscale living.”
He adds that the upgraded Bukit Jalil National Sports Complex, which will be the largest sports complex in South-East Asia, is set to be the region’s premier destination for sporting event and entertainment, accommodating up to 90,000 spectators.
“Bukit Jalil City and the Bukit Jalil National Sports Complex will complement one another perfectly.
“Located within a 3km radius and just minutes away from Bukit Jalil City, the growing local community, athletes and international visitors will get to experience the world-class shopping facility, dining, leisure and entertainment offered by the iconic Pavilion Bukit Jalil regional mall.”
Hong says the influx of new athletes and international visitors every year will boost the retailers’ income and rental opportunities.
“Bukit Jalil makes a connection to the future with the new Bukit Jalil City and Pavilion Bukit Jalil. The superb network of highways and rail connection is transforming Bukit Jalil into an urban gateway that connects the southern corridor that includes Putrajaya and Cyberjaya, Malaysia’s tech hub.
“The existing road system along the Bukit Jalil Highway is being enhanced and widened to accommodate smoother traffic flows in and around Bukit Jalil City. The newly-completed Awan Besar LRT station is operating now. We are proposing shuttle services between Bukit Jalil City and the LRT stations.”