KUALA LUMPUR: After decades of silence, the family-owned Selangor Properties Bhd(SPB) has re-emerged in the property development scene with the launch of its exclusive condominium, the AIRA Residence. The low-density condominium marks the beginning of SPB’s new era, now helmed by the late founder’s son Wen Chiu Chi. SPB aims to focus on one project at a time as it would like to focus on delivering quality as it brands itself.
It plans to redevelop Wisma Damansara after AIRA Residence, and later the 3.59 acres near the work-in-progress Semantan MRT station, known as Kompleks Pejabat Damansara where Wisma UN and other low-rise office buildings are located. Both of these will commence after the completion of AIRA Residence. The group has about 30 acres of land bank in Damansara Heights.
“We are always on the lookout for land bank but we are not in any urgency to develop many projects at one go.
“To do high value developments at the level of quality we are aiming for will actually take us a long time,” said SPB chief operating officer Chong Koon San after AIRA Residence launch.
He added that future launches would focus on the remaining 30 acres of land. Earnings from AIRA Residence is expected to contribute progressively to the group, by 2017. Located along Jalan Batai, Damansara Heights, on 3 acres of land, Tower A alone is expected to contribute a gross development value (GDV) of RM870mil. Tower A consists of 105 units with sizes ranging from 2,679 sq ft to 7,730 sq ft, priced at an average RM1,700 per sq ft. To date, more than 60% of the units have been booked by locals, and 30% of these units are confirmed purchases.
SPB targets about 50% of the 105 units to be sold by the end of the year. AIRA Residence, inclusive of the redevelopment of SPB Tower which will be Tower B, is expected to take four years to complete due to the high level of details in the construction.
“The level of detailing in AIRA Residence is very different from other developments. We aim to build the most luxurious condominium in KL. Although it is only 105 units, these are large units.
“To do that with the finest finishes where we source for the best materials, we need more time. We put quality as our precedence, and that is why we need four years instead of three,” explained Chong.
The structure of SPB Tower will remain but its palette colour and finishes will be the same as Tower A.
In addition, SPB has received approval to remove the existing dome on SPB Tower, to convert it to a viewing deck with barbecue and lounge facilities. The redevelopment cost for SPB Tower will amount to an estimated RM100mil.
SPB owns 49 out of the total 64 units in Tower B.
Units in Tower B has yet to be launched, but Chong said it would likely be sold at a much higher price than Tower A.
Each unit of AIRA comes with a 3-car garage car park and private lift lobby, while the penthouse units will include a private rooftop garden. Ground floor units will have a private pool and lawn.