The Edge Malaysia, March 14, 2005

BY DIANA CHIN

“We are now known for rehabilitating disused mining pools," says Datuk Yeoh Seok Kian, deputy managing director of YTL Corp Bhd, with a hearty laugh. He is referring to YTL Land and Development Bhd's success at Lake Edge in Puchong and its latest project, Lake Fields at Sungei Besi – both built around disused mining pools.

Relaxing on one of the plush sofas of a show unit at Lake Fields, Yeoh tells City & Country that Phase 1A of this gated development, comprising 238 units of 3-storey terraced homes, is almost 80% sold. And that is only to staff of YTL and the Employees Provident Fund (EPF). The project is a joint venture between YTL Land and the EPF.

"And we haven't even done a soft launch yet," says Yeoh, revealing that there are about 3,000 registrants who are waiting in line.

"That makes us about 12 times oversubscribed," he adds, saying that they knew the take-up rate would be good, but did not expect it to be that fast.

The 184-acre tract was initially planned for high-rise condominiums by Majlis Perbandaran Sungei Besi (MPSB) when plans fell through and the EPF took over. It approached YTL to see what could be done and voila, Lake Fields was born.

Yeoh says it would have been silly to build high-density condos on such prime land near the city. Lake Fields is strategically linked to the heart of Kuala Lumpur by major highways like the Besraya Highway, Middle Ring Road 2, Kesas Highway and KL-Seremban Highway.

"We came, we saw and decided that we could turn it into a nice housing development... based on our experience in Puchong," adds Yeoh.

Attractive Meadows

With a minimum built-up of 2,512 sq ft, the attraction of Lake Fields lies in its pricing, even though it is a 99-year leasehold property.

Phase 1A, called Meadows, is spread over three levels. Consisting of four bedrooms plus a maid's room, the ground floor will house the living, dining and kitchen area, and maid's room, while the first floor will have two bedrooms and a bathroom. The master bedroom is on the third level and comes with an en suite bathroom and adjacent study room. There is also an additional bedroom on this floor.

The double volume ceiling of 20ft, plus a combination of column-free interior and use of floor-to-celling glass panels in the living room emphasises the element of space. The unit will also come with fitted kitchen cabinets and central water heating for all bathrooms.

The idea of providing kitchen cabinets stemmed from the developer's Andalusia experience in Pantai Hill Park, "We realised that there was a demand for fittings of this kind and because of our skills in construction, we know where the savings are and can give it back to our buyers in terms of quality and better things," shares Yeoh.

Value at Its best

"I must say it's fantastic value for money and we made a mistake selling it so cheap!" he adds, with another laugh. At RM140 psf, the units start from RM380,000.

So, why this price range?

"Branding is important to us. We want our buyers to be long-term partners and would like to give them the assurance that what they get from YTL is value. It's always been our strategy with all our projects," explains Yeoh.

Due to the overwhelming response for Phase 1A, the developer is planning to accelerate the launch of another 276 units of Meadows for Phase 2B. Says Yeoh: "Looking at the response, I don't think we can wait any longer."

The gross development value (GDV) for Phase 1A and 1B is RM200 million. Overall GDV is projected at RM600 million.

"Design and location are important factors nowadays," says Yeoh. The only way to set oneself apart is to come up with a unique design, which is what YTL feels it has done with Lake Edge in Puchong and now, Lake Fields.

Demand for landed property

According to Yeoh, the buyers' profiles are predominantly young, with many just starting a family and looking for homes. He feels there is a big catchment area covering Desa Petaling and Sri Petaling. It is the people around these areas who are also looking to upgrade.

From the success of Lake Edge and extensive market research, the developer realised that more people were looking for landed property these days. Hence, the speedy take-up rate of Lake Fields. "Where can you find one for RM380,000 at this kind of location?" asks Yeoh.

"We're very near the city and close to Sungei Besi town and major shopping centres like Endah Parade, Mines Shopping Centre and South City Plaza," adds Yeoh.

Landscape – the YTL trademark

Four main landscape concepts will complete what the developer terms as "the art of living large". There will be a linear park, pocket parks, canal greens and a water promenade.

The linear park will serve as an educational and reflective zone with features like children's comers, which offer different interactive equipment, housed in roofless boxes. The pocket parks will be located throughout the development and is designed for meditation and relaxation. Panoramic landscaped streets combining flowing water elements and lush greenery make up the look and feel of canal greens while the water promenade will feature a grass pier and pontoon, and terraced seating at the edge of the lake.

Yeoh says landscape has always been an important consideration for YTL. "Beginning with our Sentul Raya project where we've turned a golf course into a private park, landscape has always been important to us, especially in the heart of the city."

What's next?

With the completion of Phase 1A and 1B due in 2007, Yeoh says YTL is looking at different combinations and sizes of terraced homes for the rest of its land pockets. There is also a high likelihood that semidees and bungalows will be built facing the lake.

Up on the drawing board is also a plan for come commercial units. Yeoh says it will be a small development as land is limited. The developer is still considering if it will be for sale or lease.

"We're looking at another three to four years before we complete this project," says Yeoh, adding that it really depends on the market.

"We don't want to be hasty because this is a very precious piece of land." For more information on Lake Fields, call (03) 2143 3000.