The company is not in a rush to sell its properties until the market is stable again, says founder
by FARA AISYAH/ pic credit: teringin.com
TEN-YEAR-OLD property developer Rembawang Holdings Sdn Bhd is currently busy building its maiden project, [email protected] Ukay, in Kuala Lumpur (KL), which is expected to be up for sale by the end of 2020.
Rembawang Holdings founder and group executive chairman Datuk Kamisah Johan said the company is not in a rush to sell its properties.
“The property market is a bit soft now, so we are using this time to focus on building. By mid- or end- 2020 when the market is stable again, we will launch the project for sale.
“Buyers nowadays are more careful and smarter, so it is very important for property developers to deliver what we promise. By building-to-sell, we will be able to show buyers the exact projects and features we are selling them,” she told The Malaysian Reserve recently.
Rembawang Holdings opened its doors in 2008 as a property investment company.
“What we did in the beginning was purely property investment. We bought a (parcel of) land, created a concept for it and applied for the necessary approval until we received the development order (DO).
“After that, we packaged it and sold it to property developers who have the capital ready to develop the projects,” she said.
Some of the land plots the company acquired are kept for its future developments, which has been Rembawang Holdings’ aim for years.
She added that when she saw the five-acre (2.02ha) land in Taman Sri Ukay for the first time, she knew it was going to be Rembawang Holdings’ first venture into property development.
[email protected] Ukay
The development, which has a gross development value of approximately RM125 million, features 24 units of semi-detached house and one bungalow.
It is located on the green belt of Bukit Antarabangsa and right next to the Highland Towers.
Due to the location, among others, it took Rembawang Holdings seven years to get its DO.
“We were asked to do a geotechnical study because of the slopes on our land. There were so many things to do and some money to spend, but I have to take all those challenges positively,” she said.
Kamisah also decided to leave over one acre of greenery for the developments and build only on the flat area.
When asked why she is not utilising the last inch of the land for development, Kamisah said: “I think we can make more money by leaving some nature there, as selling a house nowadays is about the lifestyle.”
She also said property developers today need to have passion and conscience in building homes for the people, instead of just the profits.
The target market for [email protected] Sri Ukay is upgraders from its surrounding areas.
“We got a lot of interests from the existing residents, although they were against the development of [email protected] Ukay in the early days.
“What we did was (we build) relationship with the residents’ association. We had a few meetings with them and explained to them what we are going to do. Now, we have become friends with them,” she said.
She also said developers should not go to certain areas with the mindset to change the landscape, but to integrate with the surroundings.
For example, she said, one cannot go to Taman Sri Ukay with the aim to develop affordable housings, or even high-rise properties because the people in the location are used to landed homes.
Challenges as Property Developer
Kamisah said one of the challenges faced by a young property developer is getting financial assistance. “A lot of banks would want to see the products and sales first. They did not go along with our vision, but I understand that they have certain regulations which they need to follow.
“But they are not flexible enough. They are not buying into the concept and idea,” she said.
In terms of challenges to get buyers, Kamisah said property deve- lopers need to know their segments — whether there are mismatch situations in terms of location, product and buyers.
“(Property developers must) know where the unsold properties are located, then look at the products; what kind of products are mostly unsold and the group of buyers they target.
“For [email protected] Ukay, we did a small preview in April and received good response from the people who came. We are planning to sell the homes at about RM4.5 million and above, and there is no overhang problem in that segment,” Kamisah said.
[email protected] Ukay features homes with built-up ranging from 4,200 sq ft to 6,200 sq ft, comprising five to six rooms.
There are 11 different designs with Peranakan and Colonial themes for the 24 units of semidetached house.
In addition, the gated and guarded development has its own clubhouse.
Rembawang Holdings also has two other ongoing projects, which are three blocks of serviced apartments in Senawang, Negri Sembilan, and office tower in Jalan Yap Kwan Seng, KL.
The developer has also recently acquired a parcel of land in Brickfields, KL, which is tentatively planned for the development of a SoHo (small office/home office).