KUCHING: Sarawak-based developer SK Land Sdn Bhd plans to build some 700 units of luxurious serviced apartments or, alternatively, serviced apartments and an international class hotel in Danga Bay, Johor.
Executive chairman Datuk Tiong Su Kouk said if only the proposed serviced apartments were to be built, the units would be housed in two 57-storey towers which would command the panoramic view of Singapore.
According to him, there is yet any serviced apartment project in Danga Bay although there are in existence several condominium towers, with more such high-rise residential properties being developed.
Tiong said if a proposed five-star hotel was to be incorporated in the project, SK Land would build fewer units of serviced apartments on 2ha, the only undeveloped piece of land in Danga Bay.
SK Land is an outfit in the stable of family-owned SK Tiong Group of Companies. Tiong, a low-profile business tycoon from Sibu, is also executive chairman of CCK Consolidated Holdings Bhd and Singapore-listed Nam Cheong Ltd, which is one of the top regional builders for offshore support vessels (OSVs).
“Pending finalisation on which of the two proposed projects to be chosen, we are ready to start work anytime soon if the economic and investment climate is conducive. We are closely monitoring the market situation as the implementation of the GST has dampened the sentiments of property buyers-investors.
“The proposed serviced apartment units will be priced above RM1mil each. It will take between three-and-a-half years to four years to complete,” Tiong told Sarawak Metro.
He said SK Land would target potential buyers from Malaysia, Singapore, Indonesia, Hong Kong, China and Taiwan. Singaporeans and Chinese nationals are reported to be among the main buyers of upmarket residential properties in Danga Bay.
Tiong’s other companies in the group had completed several commercial and industrial projects in Johor. The group’s had developed 21 industrial factories, all of them leased to international firms, in industrial free zone in Nusajaya within Iskandar Nalaysia. The single biggest factory covering over 130,000 sq ft is rented to a German company.
“Under construction now is seven more indusrtrial factories in Nusajaya. One Amercian company has expressed interest to us to build and lease one factory that will accommodate a production area of about 120,000 sq ft,” said Tiong.
He said the group had sold out all the 68 units of three-storey and four-storey shophouses it built in Nusajaya. The units were sold from RM1mil to RM2.4mil.
Riding on the popularity and success of projects the group had carried out in Johor, SK Tiong Pioneer Sdn Bhd (an associate company) has teamed up with TCS Venture Sdn Bhd to embark on SK1 Commercial Centre project, comprising 81 units of three-storey shop office, @ Sime Darby Business Park in Pasir Putih.
At the project’s launch on May 10, Tiong said 85% of the proposed units were snapped up, and he expects the remaining units to be taken up. Sarawakians made up about 20% of the buyers.
“The units are priced from RM900,000 to more than RM2mil. Construction work has commenced and the project is expected to be completed in 18 months,” he said.
Tiong said the group had plans to develop in stages several other land banks it owned in Johor.