Tan & Tan Developments Bhd - a wholly owned unit of IGB Corp Bhd - is expanding its niche residential property market, by launching new lifestyle products in the Kuala Lumpur City Centre and Klang Valley suburbs.
The company plans to launch 11 upmarket projects throughout the Klang Valley over the next two years, with a total gross development value (GDV) of RM2.5bil. According to Tan & Tan executive director, Teh Boon Ghee, the company's “...focus will be on key and new growth areas such as the Kuala Lumpur City Centre (KLCC) vicinity, Ampang Hilir, Wangsa Maju, Desa Pandan, Mid Valley City and Sungai Buloh, where there is a lot of infrastructure development.”
He went on to add that the robust residential property market - especially for high-end residences in the Klang Valley - offered developers with good track records immense opportunities to further add value to the local residential landscape.
With Malaysia fast emerging as a competitive real estate destination, there is growing foreign interest in local real estate. Hence, the onus is on developers to come out with more well designed and quality products that offer high investment values. Last year, some 8,000 foreigners participated in the programme, with over 1,700 people making Malaysia their second home - and these figures look set to increase over time.
Teh also revealed that Tan & Tan would launch more innovative lifestyle products to take advantage of the strong interest for residential properties in robust locations and new growth areas. The company is also taking steps to consolidate its premium branding through positive customer experience, and provide value and security for all its projects in the mid to high-end segments.
Meanwhile, Tan & Tan GM of Group Marketing, Kevin Kuok, touched on one of the developer's latest attractions - Hampshire Place, which comprises service residences and corporate offices-cum-retail space - to be launched in March. The 30-storey block of 186 service residences will feature residences with built-up areas from 764 to 3,257 square feet; priced from RM674,000 to RM1.3 million.
Another 30-storey block will accommodate 219,222 sq ft of corporate offices and retail space, worth a GDV of RM188mil.
Besides being one of the leading players in the luxury condominium market, Tan & Tan's portfolio of ongoing projects includes five luxury condominium developments and service residences and a gated community project. Some of the projects planned for launch in the next two years include three landed villa projects in Sierramas West and Wangsa Maju and two service residences with shop offices.
The company is also making efforts to expand its land bank through more joint ventures and new land acquisitions. Teh said that since the amendment of the Strata Titles Act last year that allowed landed strata title developments, Tan & Tan was looking at building more such projects.
Among the company's upcoming landed strata title projects is Sierramas Mews that will comprise 17 landed villas with a GDV of RM32 million. Other projects will be on 25 acres in Ulu Klang/Dataran Ukay and 37 acres in Melawati - all located within the Klang Valley.
