Five years ago, as fate would have it, three enterprising professionals with two things in common - a dream to create resort properties and friendship - met.
The partnership between engineer Andrew Hah, property consultant Lee Vun-Tsir and architect Lim Yuh Hock was made possible when Hah introduced high school buddy Lee to former colleague Lim. As it turned out, the three not only hit it off but also managed to pool their resources. Then they started to look for land on which to build their dream resort.
The trio soon stumbled upon a freehold residential tract in the exclusive urban address of Mont' Kiara. So, the resort plan was put on hold, and the three debuted with Amarin Kiara instead, a residential project with a resort feel.
Launched in 2005, the RM80 million Amarin Kiara comprises 30 semi-detached homes and one bungalow (because of the shape of the land), with each boasting a private plunge pool. The semi dees, with built-up ranging from 4,037 to 6,141 sq ft, were sold at RM1.98 million to RM2.75 million, while the bungalow, with a built-up 6,934 sq ft, went for RM4.28 million. Prices have since appreciated by 35% to 50%, with the resale value of the semi dees hitting RM3 million. All units have been sold, except four, which the developer plans to put on the market once they have been fully-furnished.
Hah says they deliberately did not make maximum use of the three-acre tract because they wanted a low density development. "We could have put up two high-rise blocks with over 100 units but decided to opt for 31 units because we wanted to differentiate ourselves with low density. We did not want to be invisible among the other high-rise developments there", he explains.
Amarin Wickham
Hot on the heels of Amarin Kiara, which is scheduled for completion next month, the trio has done it again. While still searching for land to build their dream resort, they have started developing an upscale residential project - the RM130 million Amarin Wickham in Kuala Lumpur's U-Thant area.
Amarin Wickham is being developed by Amarin Wickham Sdn Bhd, in which the three are directors. "We purchased the land in December 2006 and it was originally intended for two bungalow lots, but we are putting in a high-end apartment complex comprising 21 units of penthouses, triplexes and duplexes", says Hah. Amarin Wickham sits on a 0.94-acre piece of freehold land on Jalan Wickham.
There will be seven units of each type, with built-ups ranging from 3,270 (duplex) to 9,258 sq ft (premium penthouse). The average price tag of RM1,300 psf is something that Lee feels is "reasonable" compared to prices of similar developments in the area, which, he says, are around RM1,000 to RM3,000 psf.
Lee says they have already received enquiries from parties regarding en bloc purchases. "It was an option that we have considered but we decided against it as we want to offer buyers the type of products we want. Foreign equity funds from Singapore, Hong Kong and the UK are interested in Malaysian properties as they deem them cheap when compared against their real estate back home," offers Lee, who is also deputy-managing director of Colliers International Property Consultant Sdn Bhd, the appointed marketing agent for the project.
Asked when the project will be launched, Lee says there will be no official launch. "We will do registration of interest and there has already been three reservations for the penthouses. Earthworks starts after Chinese New Year and active marketing will probably begin in July/August. There is no real rush to sell", he explains.
Hah adds that they have no plans for a grand campaign, nor will there be an aggressive marketing of the product. "We don't want to sell out within a month. We are not the type of developer and this is not that kind of product. Success is not measured by how fast the sales process is. We are comfortable if it takes some time for our clientele to decide and understand the product. This is not a hard sell," he states.
Hah says they are catering for people who want exclusivity and expect to have products not generally found in the market. "Amarin Wickham appeals to the people who want to enjoy a private lifestyle but who respect the environment."
Although Lim was the architect for Amarin Kiara, the trio decided to engage another architect for Amarin Wickham. This has enabled the partners to better focus on their own responsibilities. "If I am also the architect, it would be unfair to my partners. Viewing things as a client would mean we achieve easier consensus because things are clear cut," Lim shares.
Amarin Wickham, according to the trio, is a green building with a modern take. It has a double facade with the main block "containing an inner skin and an outer shell to reduce the penetration of direct ultraviolet rays as well as encourage the movement of air".
"Photo-voltaic cells occupy the umbrella roof to reduce energy consumption as well as contribute to the national electricity grid. We hope to generate electricity for the common area in the development. The gardens on the roof insulate the roof and slow down the discharge of rainwater and a water retention tank in the basement is used for irrigation", Hah says.
He adds that they aim to offer buyers unrivalled quality and service as it is the personal touch and dedication that help buyers decide on the purchase. "The Jacuzzis in the penthouse and triplexes cost RM80,000 to RM100,000 each. These are contoured Jacuzzis that offer users hydrotherapy.
"Also, the penthouses have private horizon pools measuring 48ft by 15ft. These are as big as some of the swimming pools found in apartments. We give buyers the attention they can't get from mass developers. When buyers ask to change certain things, we gladly oblige," Hah says.
Lim says they are passionate about the homes they build and buyers can see that. "Buyers ask us all the time why we are always on site (Amarin Kiara), and the answer is because it is like our baby. Months were spent on the planning and because of all the different ideas, we also quarreled often. But now that the project is nearly done, the satisfaction is immense," he explains.
Dream Resort
The trio is still on their quest to build their dream resort and believe there is a market for holiday homes. "We are not aiming for a grand six or five-star resort but a boutique development of 20 to 30 villas, something like Amarin Kiara, but maybe in Cherating or even in the hills of Pahang," Lee offers.
Why the fascination with resorts? Hah says it is because this is a segment that has been overlooked. "It is an untapped industry. It does not attract most developers because it is rather complicated and goes beyond just selling and handling over units. It's about managing as well."
So, be prepared for more of the Amarin brand. While Hah, Lee and Lim may be keen on resorts; they have also proved that they do not dismiss other types of property developments.
