KUALA LUMPUR: Naza TTDI Sdn Bhd is still optimistic about the high end property market and unperturbed by the strong competition from Bukit Bintang City Centre, Bandar Malaysia and Tun Razak Exchange.
Executive director and chief operating officer Datuk Idzham Mohd Hashim said the property arm of Naza Corp Holdings Sdn Bhd sees strong demand for its flagship development – KL Metropolis – as it focuses on basic fundamentals of property development. This includes having the right location, good planning and competitive pricing.
"We recognise that the current sentiment has slightly affected the growth of real estate market in Malaysia. However, it will not matter in the long run if we continue to take into account of the three key aspects or basic fundamentals.
"If we are able to sell units that have the best value to buyers, there would still be demands," Idzham said when met after the launch of the Met Galleria, here.
KL Metropolis, which is expected to command RM20 billion in gross development value, will not saturate the market as it sells in phases for about 15 to 20 years until completion, he added.
Idzham said the property developer still registered satisfactory take-up rates currently.
"For example, the launch of our office tower recorded 70 per cent take-up rate, residency unit also posted 75 per cent rate and our small office house office (SOHO), currently being developed, is now 85 per cent taken up.
"So for me, we (real estate sector) should return to fundamentals. I am confident and still believe that the main catalyst for the real estate market is the right location," he said.
Commenting on the launch of the Met Galleria, he said it was the first retail component of property development mixed with KL Metropolis, involving a gross development value of RM160 million.
He said Met Galleria comprises a retail gallery featuring colonial and modern international lifestyle encompassing the element of quality and sophistication in every design.
"The double-storey 80-foot double-storey shopping mall targets buyers and visitors with a more calm, comfortable and harmonious atmosphere," he said.
Idzham said 40 per cent of Met Galleria retail space is dedicated to food and beverage retailers, 20 per cent is for concept shops, while the remaining 40 per cent will be allocated for key tenants, service providers and kiosks.