PROPERTY developers are increasingly emphasising the importance of aesthetics in their projects. Beautiful landscapes and state-of-the-art designs are becoming selling points for property developments.
So it comes as no surprise that new property developer Premier de Muara Sdn Bhd, a subsidiary of PRG Holdings Bhd (formerly known as Furniweb Industrial Products Bhd), has taken a leaf out of an artist’s book for its maiden project, Picasso Residence.
Picasso Residence, inspired by the designs of Pablo Picasso, features contemporary design while also weaving in elements of a green-building technology, says chief executive officer for property and construction Steven Hooi.
The leasehold development near Kuala Lumpur’s Golden Triangle, with a gross development value of RM600mil, is spread across 3.93 acres (1.59ha) of land.
The development will have two 38-storey towers with eight units and six units per level in Tower A and B respectively to ensure greater security and privacy. Tower A will have a total of 270 units while Tower B will feature 202 units.
Picasso Residence will feature four types of units. The Type A units have 2+1 rooms with a built-up area of 1,013sq ft. Each unit comes with one parking bay. There are a total of 134 Type A units.
The slightly larger Type B units have 3+1 rooms with floor space of 1,375sq ft and comes with two parking bays. There are also 134 of such units.
The 136 Type C units also have 3+1 rooms with a built-up area of 1,668sq ft and will also be provided with two parking bays each.
The unique Type D dual-key units have built-ups of 2,407sq ft and 2,480sq ft. Each dual-key unit will have 4+1 rooms and will be given three parking bays.
All units will feature private lift lobbies that will take owners directly to their homes.
Prices for the units range from RM1.09mil to RM3.13mil each, with an average price per sq ft as low as RM950.
“The selling point of the project is its location,” said Hooi.
The project is located five minutes from an LRT station and is within a 3km radius from the Petronas Twin Towers. It is also near private hospitals, including Gleneagles Kuala Lumpur and the HSC Medical Centre, shopping malls, parks and international schools.
“Residential units for executives in the surrounding area are quite small. In that sense, we offer the advantage of more living space. We see the demand for this type of property as there are more and more families who want to live in the city.
“It is convenient and you are on the opposite side of traffic. So families are quite keen,” said general manager of property Andy Tan.
Although Tan acknowledges that market sentiment is weak at the moment, he says he believes the project’s competitive pricing will encourage take-up of units at Picasso Residence.
“Housing is a necessity. And we foresee more owner-occupied units than investment buying for our project,” Tan says.
Nonetheless, Hooi notes that Picasso Residence presents a good investment opportunity as its location in the city and near LRT stations will make it appealing on the rental market. Additionally, there are over 70 international embassies around Jalan Ampang and the developments vicinity, which is also situated close to the proposed oil and gas hub as well as the financial centre of the Tun Razak Exchange.
Some of the facilities available at Picasso Residence include a sky pavilion on the rooftop, 50m Olympic length swimming pool, children’s playground, a gymnasium overlooking the pool and a lounge that will allow residents to appreciate a panoramic view of the Kuala Lumpur skyline.
Greenery will cover 30% to 35% of the project’s footprint while the podium level on the fourth floor will house a clubhouse.
Maintenance fees for Picasso Residence will be 40 sen psf and the project is expected to be completed by March 2019.
Premier de Muara is also eyeing more partnerships to grow its portfolio as the property developer aims to be a big player in the long run. While Premier de Muara may be new to the scene, Hooi emphasises that the management team is not.
“The team is very experienced in property development. We have known each other for a long time and we work well together.
“We are looking at bigger projects in the future. We want to venture into township development and are looking at locations within the greater Klang Valley and new hotspots. But for now, we want to concentrate on what we are doing and do well,” said Hooi.
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