12 September 2016
new straits times
aira residence targets the well-heeled
LUXURIOUS: Selangor Properties to unveil project with RM800m GDV next month
WEALTHY individuals in Malaysia are becoming richer with a bulk of them getting there by putting their money into real estate.
They are the people who will buy properties at any time. What they look for is luxury or prestige, quality, comfort and security.
Wealthy individuals are either billionaires, centa-millionaires, ultrahigh-net-worth individuals (UHNWIs) and multi-millionaires.
As at of last year, Malaysia had 1,272 UHNWIs, 211 centa-millionaires and 14 billionaires with the numbers keep growing.
Global consulting firm Knight Frank defines billionaires as one with a net worth of at least US$1 billion (RM4.11 billion) and centamillionaires with a minimum net worth of US$100 million each.
UHNWIs are defined as those with US$30 million or more in net assets while multi-millionaires have more than US$10 million in wealth.
For the ultra-rich (UHNWIs) category, an average 27 per cent of the asset allocation is in real estate, a bulk of which is in Malaysia.
About 20 per cent of their wealth is held overseas and most likely in Melbourne, London, Singapore, Thailand and Indonesia.
Zerin Properties founder and group chief executive officer Previndran Singhe believes the category that is strong fundamentally is UHNWIs.
He said real estate has always been the cornerstone of their investment with their wealth well-invested.
“While UHNWIs are still investing in the market, they are focused on the type of assets they buy. Luxury and preservation is their main focus.
“Luxury investments in the likes of central London, central park New York and Damansara Heights have always been a favourite for investors as an hedge against inflation and also wealth creation,” he said.
On the luxury property market, Previndran is bullish on the new launch by Selangor Properties Bhd next month.
The developer will be launching its latest residential project in Kuala Lumpur, known as AIRA Residence. Zerin Properties is the exclusive marketing agent.
AIRA Residence has a gross development value of RM800 million and it will no doubt be one of Malaysia’s most expensive developments.
Nestled on 1.21ha at the high point of Jalan Batai, AIRA Residence is the last low-density development within the Damansara Heights enclave.
The 17-storey tower will have 105 units with the selling prices between RM4.6 million and RM8 million, or RM1,700 per sq ft.
The built-up for each unit, which ranges from 2,679 sq ft to 7,730 sq ft, is attracting UHNWIs.
Previndran said what makes the property worth that much is the location, reputation of Selangor Properties, design and high security level.
“Damansara Heights is the best residential address in Kuala Lumpur and land is scarce. Each unit at AIRA Residence will offer uninterrupted view of the city skyline.
“AIRA Residence is curated by three international designers. There is attention to details and high quality craftmanship. The outstanding features include a garage-style car park for three cars and storage space.
“Selangor Properties, meanwhile is well known for its sustainable developments that are distinctive in quality, value and stature. It has a portfolio of prestigious developments in Damansara Heights and Kenny Hills and all have done very well. These are qualities that the ultra-rich look for,” he said.
AIRA Residence is like what Rolls Royce is in the luxury car sector and Patek Philippe is in the high-end watch market.
The name AIRA is from an Arabic word which carries the meaning “the breath of life”. AIRA also has the same pronunciation as another Arabic word – Ayra. In this context, it means “vision-filling”; a beauty that is felt in the heart.
The design of AIRA Residence reflects Selangor Properties’ meticulous attention to detail, incorporating the finest finishes and the highest quality materials sourced globally, especially Europe, producing a level of sophistication and refinement hardly seen in Kuala Lumpur, or even in Malaysia.
The masterpiece is the work of three famous international designers — Piet Boon from Studio Piet Boon for interior design; Franklin Po from Tierra Design for landscape architecture; and Alen Nikolovski from Aedas for architecture.
Each apartment is artfully composed and complemented by a host of features selected in consideration of various aspects of living.
“AIRA Residence is an understated luxury of East meeting West or European design meeting the Asian lifestyle.
“This project is going to be exciting. It will have electric car charging facilities,” said Previndran.
He said the developer aims to achieve Silver Rating from Malaysian Green Building Index system.