Urban Hallmark Properties (UHP) has announced that Zephyr Point, an upscale boutique development located in Lorong Basong, Damansara Heights, is likely to be launched in October.
The development is almost complete and is currently awaiting its certificate of fitness (CF), said Datuk Jeffrey Ng, director of UHP, during a briefing with the Real Estate and Housing Developers’ Association Malaysia (REHDA) on the application of a build-then-sell (BTS) concept on a high-end project.
Zephyr Point comprises seven units, which includes four three-storey villas and three penthouses, which range from 8,000 sq ft to 12,000 sq ft in size. Built on a 1.37-acre freehold site, the project has an indicative gross development value of RM75 million, with the units indicatively priced at RM1,200 psf.
Datuk Ng said the next project by UHP is a mixed used project with retail space and serviced apartments, which will be constructed using the usual sell-then-build (STB) concept because of the more mass-market product type and target market.
Zephyr Point, which Mr. Ng touts as the BTS concept’s case study, was developed without depending on the Ministry of Housing and Local Government (MLHG)’s incentives because it was either “not attractive enough” or unapplicable to the project.
While the BTS concept in property development may be the “best” model in the world, its application in the Malaysian context has been constrained by the lack of finances, said Housing and Local Government Minister Datuk Chor Chee Heung.
Datuk Chor said the government had promoted the BTS concept to reduce abandoned projects. “No abandoned housing projects means no purchasers become victims,” he said, but acknowledged that the BTS concept was not the answer to all development problems.