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THE Klang Valley has seen a slew of new landmarks and hangout spots such as the Empire Shopping Gallery, The Curve, and The Gardens over the past two decades. On weekends, patrons and urbanites from surrounding areas will stop by at these trendy places for a cup of coffee or for some quick shopping.

The success of these landmarks stems from their winning formula. They are unique, identifiable and have a strong list of food and beverage (F&B) outlets to attract the crowds.

Hoping to tap into this market, Selangor-based boutique developer, Paris Dynasty Land Sdn Bhd, has come up with its latest project, called The Louvre, in Country Heights, Kajang.

“Every prime area in the Klang Valley has its respective landmarks, for example, Bangsar Shopping Centre in Bangsar. Our dream is to establish The Louvre as the new landmark in Kajang. We visualise The Louvre as a place that not only provides residences and conveniences, but is also a hangout spot for locals and for those from nearby areas,” says Eugene Goh, managing director of Paris Dynasty Land.

Sited on a 3.6-acre tract, The Louvre has a gross development value (GDV) of RM395 million and is expected to be launched in May. The freehold, one-tower development offers 498 serviced apartments and 30 retail outlets.

The serviced apartments in the 34-storey tower have built-ups of 616 to 3,745 sq ft, and are priced from RM395,200 to RM2.32 million or RM600 psf, while the retail shops are priced at RM499,000 to RM4 million (RM676 psf). The mixed-use development is slated to be completed in 2019.

Goh“For The Louvre, we are targeting owner-occupiers, and middle to high-end tenants. I believe we are the first high-rise, mixed-use development in Country Heights. Currently, there aren’t any other such developments in this area,” says Goh, who hails from Singapore.

“We have been talking to a few potential retailers, hypermarts and restaurants, and are finalising the details. However, the bulk of the retail component [of the development] will most definitely be F&B outlets,” he adds.

Founded in 2006, Paris Dynasty Land had previously launched two industrial projects, namely One Semenyih Industrial Park and Semenyih Prime Industrial Park.

Launched in the first quarter of 2013, One Semenyih Industrial Park has a GDV of RM28.9 million. Covering 3.8 acres, the development comprises 12 units of double-storey, semi-detached factories, with built-ups starting from 6,150 sq ft and priced from RM2.35 million to RM2.7 million (about RM382 psf).

Semenyih Prime Industrial Park was launched in the first quarter of 2014, with a GDV of RM44.47 million. The five-acre development also consists of 12 units of double-storey, semi-detached factories, with built-ups of 8,860 sq ft, and above and prices starting from RM3.52 million to RM4.46 million (about RM397 psf). Both developments were completed in 2015, and are fully taken up.

The Louvre is the group’s first attempt at building a mixed-use development. “We wanted to do something different for our group, and would like to pursue more of these types of developments in the future,” says Goh.

He says The Louvre has gained positive response. “Although we plan to officially launch it in May, we have done a few pre-launches and small events that have recorded about a 50% take-up rate.

“Of course, one of the major challenges we face as a developer is the drop in bank loan approvals. Despite the challenges in today’s market, we are confident that The Louvre will thrive and become a well-known development in Kajang,” says Goh.

The Louvre has a minimalist aesthetic, with sharp edges, tall glass windows and a long, narrow façade. It is designed to reflect a contemporary lifestyle. “The units are carefully designed to suit our discerning purchasers. We have contracted a Singaporean designer to fit out the interiors of our units, and also the main areas such as the lobby,” says Goh.

Some of the proposed features are an infinity pool, gym, aqua gym, jacuzzi, private lounge, children’s playground, BBQ areas, landscaped garden, yoga deck, and reading and game rooms. “We also plan to have a mini putting green for our residents,” adds Goh.

He says the group decided to name the project “The Louvre” because of his fondness for European culture. “We started off as a property investment company. At the time, I travelled frequently to Europe, especially to France. I developed an appreciation for European culture and hence, my business partner and I decided to name our company Paris Dynasty,” says a smiling Goh.

Asked about the similarity to The Louvre Museum in Paris, he says, “We are aware that our project has the same name as The Louvre Museum in Paris. We feel inspired by the European culture, and the museum is one of the central landmarks in France.”

“We admire The Louvre Museum’s grandeur. We would like to emulate it and The Louvre is based on the museum’s iconic qualities. We also plan to introduce European elements and finishes but in a more subtle manner. For example, we use a lot of Italian marble as part of the design,” says Goh.

A growing location

Goh highlights the prospering Country Heights as “one of the major selling points of The Louvre. The development is located near all the major hotspots. It is five minutes from Kajang and the Kajang toll [exiting from the Kuala Lumpur–Seremban Highway]. Its nearby areas include Putrajaya [10 minutes], Cyberjaya [15], and Bangsar [18]”.

“The Louvre is located near universities such as the Infrastructure University Kuala Lumpur and Universiti Tenaga Nasional. It’s also close to other amenities such as Tanahrata International School, Hospital Serdang, Tesco, Plaza Metro Kajang, and golf courses [Bangi Golf Resort and Palm Garden],” says Goh.

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Stanley Toh, director of LaurelCap Sdn Bhd, says, “Country Heights is developed by the Country Heights Group and covers about 480 acres. A former rubber plantation, the development was launched in 1992 and comprises leasehold and freehold titles.”

He adds that the best-selling properties in Kajang are the terraced houses. “However, Country Heights is a good place for mixed-used development [such as The Louvre] as the area is mature enough to sustain commercial or residential high-rises.”

“As land is still abundant in Kajang, the demand for landed properties will be higher than those of the non-landed ones. For non-landed properties, the average rental rate is about RM1 to RM1.50 psf per month. The yield is about 5% to 6% per annum. The newer condominiums are about RM450 to RM550 psf. Older ones are about RM250 to RM350 psf,” says Toh.

Some of the catalysts to boost growth in Kajang are the MRT station and the good access roads to Kuala Lumpur and Seremban via LEKAS Highway, SILK Highway and Kuala Lumpur-Seremban Highway. Besides, the houses are cheaper than those in Petaling Jaya, Cheras and Kuala Lumpur.

Some of the major developments in Kajang are Eco Majestic Project, Diamond City, Setia Ecohill and Jade Hill.

“There’s quite a bit of traffic congestion in Kajang. The town has not reached a stage where big brands and eateries are entering the market. Hence, residents here tend to travel to Petaling Jaya or Kuala Lumpur to experience these conveniences,” says Toh.

He adds that the target market for Kajang is low-middle to middle-income earners. “They are usually young couples who want to provide space for their growing families. A majority of them, who are mainly owner-occupiers, want to upgrade their houses.”

All in all, Kajang’s future is “bright with developments moving towards the southern part of the Klang Valley. Property prices will rise in the long run”, says Toh.

Meanwhile, Paris Dynasty Land is forging ahead with strategic plans to weather the current slow market. “We don’t own any land bank. We will purchase a strategic piece of land as and when we come across it. For the time being, our main focus is to develop The Louvre,” says Goh.

Nonetheless, the group may acquire land in the near future. “Currently, we are looking at some areas in the Klang Valley, and are in preliminary discussions with a few parties. We would like to build more mixed-use developments such as The Louvre. Our ultimate goal is for our projects, including The Louvre, to achieve a total of RM1 billion [in GDV] in the next five years,” says Goh.

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This article first appeared in City & Country, a pullout of The Edge Malaysia Weekly, on Jan 16, 2017. Subscribe here for your personal copy.

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