Cover Story: Nature-inspired low-rise condo for those who appreciate the good life

Eastern & Oriental Bhd’s (E&O) latest project, The Peak, has everything it takes to provide a luxurious lifestyle. As their name suggests, the 54 low-rise condominium units on Jalan Teruntung at Damansara Heights will look majestic atop a hill overlooking the city.

At the E&O Gallery in Jalan Tun Razak, Kuala Lumpur, Michael Tan Hwee Hian, Group Development and Construction Manager, and his team talk to City Country on the concept and how it came about.

“We acquired the land more than 12 years ago. We knew we wanted to develop a product that would be unparalleled and blend in perfectly with the green surroundings of Jalan Teruntung. We therefore opted for a tropical concept. Our vision has always been to provide homes that epitomize luxury,” says Tan.

Unabashedly luxurious and surrounded by lush landscaping, the freehold residential project – which will be jointly developed with Japanese group Mitsui Fudosan – will launch by the end of this month. The 54 units, on 3.94 acres of land, will be spread across 18 three-storey blocks and will have a Gross Development Value (GDV) of RM386 million.

“The units will be important. Therefore, we target downsizers [from more expansive homes] and those who prefer living in a gated community. The Peak will appeal to buyers and investors looking for exclusivity, high value specifications and standards, and a level of [meticulousness]which are the characteristics of E&O [signature] developments,” he says.

Composed of 4+1 bedroom units with adjoining bathrooms, they will have generous buildings ranging from 3,455 to 4,500 square feet. Each unit will have three parking spaces, storage space, a wall mount and an allowance for electric vehicles (EV). Larger units will have an additional study area.

The development will be low density with only 13 units per acre. The units, which range in price from RM5.5 million to RM8.6 million, will be fully equipped and maintenance costs, including sinking fund, will be RM0.55 psf (RM5.50 per unit share ).

“Interest in The Peak has been quite huge so far. Although we have yet to officially launch the product, we have contacted some of our customers and the feedback has been encouraging with several units already pre-booked Our display units are now open for private viewings,” says Tan.

A touch of nature

Adopting clean lines and a contemporary design, The Peak will offer residents high-end amenities and warm tropical-style interiors. With a 3.4m high ceiling and large balconies, the spacious units will be finished with African teak and marble flooring.

The units will be fully equipped with a dry kitchen designed by Binova, Miele and Bosch kitchen appliances, Fisher & Paykel refrigerator, VRF air conditioning system, bathroom accessories from Hansgrohe, Villeroy & Boch, Toto and Kasch, and a master bedroom wardrobe by Guzzini & Fontana.

“Early risers can customize their units to meet their personal needs. In fact, our interested buyers are already in talks to modify some of the units. Some of the potential buyers are multi-generational families looking to reside there long-term,” says Tan.

An artist’s impression of The Peak, which will have a GDV of RM386 million (Photo by E&O)

Meanwhile, facilities will include a 40m swimming pool and paddling pool, Jacuzzi and sauna, fully equipped gymnasium by Technogym, resident lounges, yoga studio and yoga bridges. There will also be a multifunctional room with a kitchen, a waiting room for drivers, a concierge, a central courtyard and a terrace with a barbecue.

“Our goal is to build not only a great product, but also a product that will encourage a sense of community, a healthy lifestyle, and harmony with the myriad of facilities,” says Tan.

Surrounded by greenery and a nearby forest reserve, The Peak promises its residents a serene environment. “At The Peak, we hope residents feel calm, slow down and escape the hustle and bustle of the city while being five minutes from everything,” he adds.

Main address

“Damansara Heights is accessible from Kuala Lumpur and Petaling Jaya. Jalan Maarof in Bangsar is also connected to Jalan Damansara, while Jalan Tuanku Abdul Halim (formerly known as Jalan Duta) and Jalan Semantan can be used to drive to Damansara Heights from the northern highway -south,” says the head of Metro Homes Realty Bhd. director See Kok Loong.

“Damansara Heights is considered a prime location, like the ‘Beverly Hills of California’, where all the real estate in the area is of high value. The enclave is also home to colleges, large multinational corporations, restaurants, regulatory bodies, and government departments. Wealthy and popular figures, as well as tycoons and politicians, reside there,” he adds.

“The demand for developments [particularly residential and commercial] at Damansara Heights is strong. However, some are older properties that need to be maintained or renovated. The purchasing power [of those who live in the area] is one of the highest in Malaysia.

Artist’s impression (clockwise from left): the 40m swimming pool and paddling pool, jacuzzi and sauna; yoga platforms; and a fully equipped gym by Technogym (Photo by E&O)

According to him, non-landed residential units in Damansara Heights such as Twins @ Damansara Heights cost RM700 to RM800 psf (1,400 to 2,000 sq ft builds), while DC Residensi fetches between RM1,100 to RM1,200 psf . (buildings from 940 to 1,200 square feet). Yields are around 4% to 4.5%.

“Larger bungalows can fetch between RM550 and RM600 psf on average (area 12,000-20,000 square feet). Typical bungalows cost on average over RM900 psf (area 6,000-8,000 sq ft) while semi-detached houses cost between RM780-920 psf (area 4,300-5,000 sq ft),” says See. .

“Asking prices for intermediate terraced houses are RM1.6-2 million (area 1,700-1,800 square feet). Yields are around 2-3%.

Positive view

The main attraction of Damansara Heights is its location. “It is considered the most premium address in Malaysia and is close to downtown Kuala Lumpur. Other factors are new projects [landmarks] like Damansara City which brought hotels like Sofitel, office buildings and Pavilion Damansara Heights, which improved circulation and added an MRT station,” says See.

“The outlook is still bright, where the lack of new products and land will continue to push prices up. The old bungalows are huge [by today’s standards]prompting some owners to consider downsizing.

Meanwhile, E&O’s Tan believes The Peak will not only create value for residents, local and foreign, but also add vibrancy to the neighborhood. “We are not setting up a high-rise, high-density project. In fact, it’s the opposite. With The Peak, we hope to create more value for the neighborhood,” he says.

“This is our third project in Damansara Heights. We intend to roll out more products that meet our brand DNA and criteria for premier lifestyle development.

The group is already working on other project launches, while focusing on The Peak.

Tan hints that the group has plans to acquire more land in the near future. E&O’s net profit for the year ended 31 March 2022 (FY2022) was RM64.06 million compared to a net loss of RM71.74 million in FY2021.

Meanwhile, in Penang, the group has witnessed encouraging sales of its apartments at The Meg project on the reclaimed Andaman Island.

Its in-state focus is the 760-acre Seri Tanjung Pinang Phase 2 (STP2), beginning with the fully reclaimed 253-acre area zoned as STP2A across from the existing STP1 development, which

includes the Meg.

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