All astute home buyers know that in the property market there are certain developments that are undervalued for various reasons. And the lucky ones who are confident enough to buy at the early stage will gain the most when the rest of the market realise the true value.
And for the early birds that bought into The Haven Lakeside Residences in Tambun near Ipoh, they are now brimming with excitement as the three residential towers with a total of 497 condo units near completion.
Trendsetting And starting from the introductory price of RM330 (S$132) psf when the project was launched in Jan 2011, the developer's price has climbed to nearly RM600 psf for an unfurnished unit - at Press time. With the first tower to be ready by the first quarter of next year - or within months - the eager condo owners couldn't wait to move in.
Trendsetting property developer Peter Chan is so passionate about his maiden luxury condo project that he is providing an unprecedented 48 facilities in his high security development.
"We have created an unprecedented opportunity for all, in Ipoh, and also for all of Malaysia," said Chan.
And unlike most developers, Chan is constantly at the project site - whenever he is not out of town for business - keeping a vigil on the construction process. But then again, he is out to prove a point that the Ipoh property market is more than ready for such a high-end development. And he is ensuring that no stones are unturned to make this a worthwhile investment for all. One of the three condo towers at The Haven Lakeside Residences nearing completion.
Vindicated Indeed, he has been vindicated with sales to date reaching 80 per cent of the total condo units.
"The region has been alerted to the attractiveness and merits of Ipoh as our ideal vacation and retirement city," explained a jubilant Chan, who is chief executive officer of Superboom Projects Sdn Bhd, the development company.
"There are lots for Malaysians who will benefit from this development. And Ipoh residents stand to gain the most.
"Lost confidence has been restored and the city is now developing rapidly. New concepts and new benchmarks are now being set. There is no place for negativity.
"We must not hold back any one or impede any project and hinder progress. Growth must continue unabated. There is a lot to catch up on. The merits of Ipoh even surpass Kuala Lumpur and Penang on many fronts."
Chan was referring to the detractors and naysayers in the property market when he soft-launched his project in 2010. The development site - which has a natural lake - occupies 13.6 acres with another 10 acres of forested, hilly terrain that will be left untouched. The lake surface spans four acres.
Each tower of The Haven rises 26 storeys high and the condo built-up ranges from 968sq ft to 5,350sq ft with a choice of more than 10 layout designs.
The three towers occupy less than 30,000sq ft of land (less than ¾ acre). The rest of the site is meant for recreational facilities, car park space and landscaped grounds.
For building and construction, Bina Puri and Beijing Construction and Engineering are undertaking the work. Architectural design is by MLA Landscape Architects. While the Consultant Urban Design Group together with builder Mega Hydro System Sdn Bhd have just completed a beautiful swimming pool amidst the landscaped grounds.
RM330mil GDV The Haven has a gross development value in excess of RM330mil. Chan cited numerous factors which distinguish his project from other condominium developments in Perak, including:
- Five levels of security features encompassing guarded entrances, concierge service, card access to residential floors, regular foot patrol, CCTV system and fencing.
- Efficient and comprehensive facilities including fibre optic connectivity.
- Living with nature, virtually at the fringe of a virgin jungle (yet in the city).
- Condo grounds include a pristine lake and a scenic jogging track.
- Neighbourliness and community bond will be fostered with regular activities.
- Development will be managed by Best Western International.
According to Chan, the initial resistance by local property valuers to evaluate The Haven at fair market value was because there was no development like his project to compare with in Ipoh.
"The lack of experience and exposure of certain valuers were obvious when they weren't quick to grasp the desirability and preference of eco-condo living of up-market purchasers," he explained.
"The 'biasness' of valuers was clearly seen when they constantly hung on to low valuation and ignoring their stated role, that is, objective reporting or letting the market know the transacted price. Or, if that was not available, their objective assessment of the expected market price based on undistressed 'willing-buyer, willing-seller' basis.