MALAYSIA Land Properties Sdn Bhd (Mayland) expects its Dorsett Waterfront Subang project, which had stalled for seven years due to legal issues, to draw 30 per cent take-up by early next month.
The company will officially re-launch the project, which has a gross development value of over RM1 billion, on Sept 6.
Dorsett Waterfront Subang is a joint development with Dorsett Hospitality International Ltd, a wholly-owned subsidiary of Far East Consortium International Ltd, on 1.82ha of freehold land.
It consists of three 21-storey blocks with 1,989 fully-serviced suites under a commercial title, nestled between the five-star Dorsett Grand Subang hotel and Subang Jaya Medical Centre (SJMC).
Mayland is selling the units, mostly comprising studios and one-bedroom suites with built-ups of between 399 and 570 sq ft, at an average RM1,000 per square feet (psf).
Its managing director Datuk Kevin Woo said 72 per cent, or 1,200 suites, have an indicative selling price of below RM600,000.
The rest are selling at above RM600,000 as they are much bigger units.
“The wishful thinking of a developer is good sales, good sales and good sales. I am contented that we can sell 30 per cent of the total 1,989 units with sale and purchase agreements (SPA) inked by Sept 6.
“Mayland secured 350 bookings with accumulative sales worth RM185 million at the project preview two months ago. We also have more than 400 buyers from the maiden launch in 2012 who stayed with us despite all the hurdles we faced. When we launched the project seven years ago we sold more than 1,000 units. While about 600 buyers opted for a refund after the building plans were revoked, over 400 buyers kept their deposits with us as their wish is for the project to proceed.
“So, putting together the 350 bookings and more than 400 past buyers, that is over 750 buyers. We are hastily trying to convert these into SPAs. About 20 per cent of the over 400 buyers have signed SPAs. With the official launch, I am hopeful that we will get some real (or more) sales conversions,” said Woo.
With the project’s strategic location and unrivalled value proposition, Woo is optimistic that Dorsett Waterfront Subang will garner more sales before it commences piling works this November.
Piling works will take eight months and main building works about three years, he said.
Dorsett Waterfront Subang, which is expected to be completed in four years, will offer luxury city living at an affordable price. It will also boasts concierge services through its pairing with Dorsett Hospitality International.
Woo said in addition to the natural attributes provisioned by the Subang Ria Recreational park and lake, Mayland is investing RM4 million to develop an impressive landscaped podium of 100,000 sq ft, which would include several high-end facilities.
“The purpose of this substantial investment is to create spaces for residents to pursue active and quality lifestyle goals while interacting with each other within a safe and secure environment,” he said.
Dorsett Waterfront Subang was first launched in 2012 but hit a snag after the Subang Jaya Municipal Council (MPSJ) took the developer to court for selling the units under hotel management.
The project also faced legal issues because of traffic concerns.
It all started in 2007 when the developer had applied to develop the land for apartments but was rejected by MPSJ as the project did not meet car-park requirements.
In 2008, an application for serviced apartments was also rejected as the project would add traffic to an already-highly congested area which is home to two hotels, SJMC, as well as commercial and housing units.
In 2010, Mayland applied to develop hotel suites instead. Two years later, MPSJ filed a suit against the developer for selling the units as serviced apartments without having received the appropriate permits.
The High Court ruled in favour of MPSJ in 2016, but Mayland successfully appealed against the decision in April last year. The Federal Court in November 2018 dismissed MPSJ’s application for leave to appeal against the developer.
Woo said all that is the past now, and it is a fresh beginning for Dorsett Waterfront Subang.
He said Mayland has been given the full mandate to develop the project in accordance with the building plans.
“With that in place, I see no further impediment or restraint in continuing ahead. We have overcome the biggest hurdle and our focus now is to change the mindset of potential buyers. We have re-branded the project and are offering the serviced suites at almost the same price we did when we first launched them seven years ago. There is only a slight increase in price, which is five to seven per cent... as we want the earlier buyers to feel that they have gained something.”
Woo said Mayland may consider raising the price by three per cent after the launch next month.
“We are contemplating to hike the price, but nothing is firm yet at this moment,” he said.