Artist impression of The SkyVillas project at Jalan Sri Hartamas.
THE Penang-based DK Group, currently developing the D’Latour and DK Senza properties in Bandar Sunway, Subang Jaya, with a combined gross development value of RM1.1bil, plans to launch RM2.7bil worth of mixed-development property projects in Kuala Lumpur next year.
The schemes include the development of the highest residential tower development in South-East Asia for the RM2bil D’Twist, the final phase of DK City in Bandar Sunway, and the RM700mil SkyVillas@Dutamas along Jalan Sri Hartamas.
Property investors and home-buyers can now look forward to owning a “landed property in the sky” with the proposed launching of the RM700mil SkyVillas@Dutamas in late 2014, a scheme that comes with a garden area for every condominium.
“I am all for unique designs, as they differentiate one building from another and bear the signature trademark of the developer. It is also the designs that provide the unique living experience for buyers, giving them value for every ringgit they spend to buy a property from DK Group,” said DK Group founder and managing director Danny Koek.
Founded in 1997, DK Group is owned by Koek, who took the holding company DK Leather Corp Bhd public in a 2004 listing.
In 2008, DK Corp was privatised, and subsequently the group invested heavily in property development, focusing largely on Kuala Lumpur, via its property development arm, DK-MY Properties Sdn Bhd.
Koek spent RM165mil in cash to buy back the 330 million shares from the public shareholders of DK Corp.
Located on a three-acre site, SkyVillas, undertaken by DK Group’s subsidiary DK-MY, is a stone’s throw away from Publika Mall in the Sri Hartamas area.
The development is surrounded by the offices of oil and gas service companies that employ a sizable expatriate executive workforce.
“The market segment we are targeting is investors who will buy the SkyVillas properties and then subsequently rent them out to expatriates working in the area,” he said.
The SkyVillas, designed by Jon Ignatowicz of RDA Harris Architects, is described as a landed property in the sky because each unit comes with its own garden area, which enhances the green aspects of the project.
“The garden area on every level produces a perforated building mass, which allows cool breezes to percolate the entire structure of the building. There is also a car lift to go to a common parking area on top of the roof,” Koek said.
The 16-storey SkyVillas is planned to accommodate 402 residential condominiums, 16 levels of high-rise boutique offices and 140,000 sq ft of retail space.
The top floors are designed for eight double-storey super villas with their own private parking space that can accommodate two cars, which is accessible via private car lifts.
Below the residential floors will be 140,000sq ft of commercial retail space on the ground and first level, cineplexes, and boutiques offices. The residential units in SkyVillas have built-up areas ranging 670sq ft to 1,800sq ft.
Scheduled to be unveiled in the second half of next year is the D’Twist mixed-development project, comprising three tower blocks of 300 office suites, 816 residential duplex suites, and 188 duplex hotel suites and 122 hotel rooms.
“There are three tower blocks constructed on a podium comprising four two-storey levels of commercial space of 400,000sq ft, which will serve as a shopping centre. The residential tower block of 80 floors will take the height to 300m, making it the tallest residential building in the Asean region,” Koek said.
The selling price for D’Twist office and residential properties are priced at RM1,200 per sq ft and RM1,300 per sq ft respectively.
According to Koek, the targeted segment for the residential duplex suites of D’twist will be the students from Taylor’s, Monash, and Sunway universities in the vicinity.
“There is shortage of accommodation for students. We expect investors to buy the duplex units for the potential rental market in the area and for their own use.
“The current market rental rate in Bandar Sunway is RM1,000 per bed. Our survey shows that Taylor’s hostel students are paying higher, although its hostels don’t have many facilities,” Koek said.
According to Koek, D’Twist will have adequate recreational facilities to attract students to make the scheme their home while they pursue their studies.
“We are providing cineplexes, a bowling centre, and 400,000sq ft of shopping area.Put it this way, we have sufficient entertainment and leisure activities to cater to a population of 15,000, which is what we expect for DK City, which is located on a 11.45acre site,” he added.
Koek said the group expected to sell all the properties in D’Twist within 12 months after the launch in the second half next year.
“The residential duplex units and the office units are for sale, while the properties in the mall and the hotel will be kept.
“We are now negotiating with several four-star international chains to run the hotel and expect to finalise the deal in three months,” he said.
According to the company, its current projects DK Senza and D’Latour have been enjoying brisk sales since their launch in 2011 and 2013.
The two projects were carried out without any financing from banks.
The RM300mil 23-storey DK Senza project comprising 348 residential condominiums, 58 small home offices, and 54 commercial units on the ground floor, was sold out shortly after the launch.
“The price of DK Senza, which will be complete early next year, has appreciated by 70% to 80% within two years to about RM800 per sq ft, from RM460 per sq ft,” Koek said.
The RM800mil D’Latour project comprising 332 serviced suites and 629 SOHO duplexes in two tower blocks, has sold 50% of its serviced suites and all the SOHO duplexes since their respective launches in November and March.
Both D’Latour, DK Senza and D’Twist form the 11.45 acre DK City township scheduled to be completed in 2017. The land was acquired for RM100mil in 2005.
Koek said the group is expected to generate an annual sales revenue of RM1bil in two years and rental income of RM100mil in five years from their office buildings and commercial assets.
“We will invest another RM500mil to acquire more land in Kuala Lumpur, Selangor, and Penang before the end of next year, to add to our existing landbank of more than 200 acres he added.