Ravi Chandran
One of Malaysia’s biggest developers, Eco World Development Group Bhd, is all set to roll out the first phase of semi-detached houses and bungalows in Selangor. Dubbed Norton Garden, the development is situated at Eco Grandeur, Bandar Puncak Alam in Selangor, an will be ready by the 2nd Quarter of 2018.
Eco Grandeur is an integrated township which will cover 1,400 acres of land in Kuala Selangor. The development will feature signature green gardens and architecturally beautiful homes of Eco World. The first phase of development will comprise of 773 units of semi-detached houses and bungalows. Eco World said that the Garden Homes is set to be launched at a later date.
The Eco World development will have a full-fledged clubhouse facilities, and this is a first for the residential development of the township. The entire Norton Garden will have a Gross Development Value (GDV) of RM850 million (S$286.5 million).
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The bungalows will have built-ups from 2,959 sq ft to 3,466 sq ft with an indicative selling price from RM1.4 million (approximately S$472,000), while the semi-detached houses will have built-ups from 2,159 sq ft to 2,670 sq ft indicatively priced from RM980,000 (approximately S$330,000).
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The garden homes will have built-ups from 1,973 sq ft to 2,142 sq ft but prices have yet to be determined. This is the first time the township is launching residential units that have built-up sizes of 2,000 sq ft and above. Norton Garden is expected to be completed by end-2020.
Eco Grandeur’s divisional general manager Ho Kwee Hong said: “We will be launching around 160 units of bungalows and (semi-detached houses) first as we see the demand from those already living in the vicinity.”
“When we launched the first homes at Eco Grandeur in 2016 — the Avenham Garden and Graham Garden terraced and garden homes — some of the purchasers had asked for bigger units,” she added.
According to Ho, some people living in the area are also looking to step up from their existing homes to a more wholesome and secured environment with a good range of facility.
Universiti Teknologi MARA (which is currently under construction and set to complete by 2020) is located just 10 minutes’ drive away, and the developers are also targeting the incoming professional staff of this hospital.
The double-storey homes will sport a modern Victorian concept design and a 20 sq ft back garden. Each unit will also have a balcony on the top floor that is accessible via louvre doors from the bedroom.
The Eco World township is also set to see the completion of Grandeur Lab by the middle of next year. This is a retail area that comprises 10 to 15 retail blocks of 1,000 sq ft to 1,500 sq ft built-up each.
Launched in 2016, the 1,400-acre Eco Grandeur township was developed in tandem with the adjacent Eco Business Park V. The Eco Business Park V is EcoWorld’s first gated-and-guarded green business park. It has an estimated total GDV of RM9 billion (approximately S$300 million).
The township is accessible via five major highways — the Guthrie Corridor Expressway, Kuala Lumpur-Kuala Selangor Expressway, North-South Expressway and two more upcoming highways currently under construction. The two new Expressways which will be completed by 2019.
Eco Grandeur assistant manager Tiong Siow Yin pointed out that that there are educational institutions nearby and that they are also in talks with Brainy Bunch International Islamic Montessori and another international school.
“We hope to be able to reveal the details in the next few months,” said Tiong.
In terms of gross domestic product, Selangor is Malaysia’s richest state. The property developments in the Malaysian state have also helped it to become one of the most flourishing states in that country. Interest rates of Malaysian property, especially those located in or around Kuala Lumpur and Selangor, are at its lowest to better attract both foreign and local investors.
In Selangor, foreigners are allowed to buy properties that cost at least RM2 million (approximately S$670,000). There are select Malaysian banks which offer mortgage loans of up to 85 percent to foreigners. This makes down payments that much more affordable. Singapore-based banks lending in Singapore Dollars typically finance between 70 to 80 percent of the property.
Malaysian legislation also allows non-expatriate foreigners to buy property investment under the ‘Malaysia My Second Home Programme’. The minimum purchase requirement can become much lower if you choose to do this.
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The Malaysia My Second Home Programme offers non Malaysians a ten year renewable visa and various other MM2H privileges. So far over 30,000 people have been approved to won homes under the MM2H programme, and it is generating a lot of interest. The programme is primarily attracting people who wish to retire in Malaysia or spend extended periods there.
Applicants are allowed to bring along their dependants (children below 21 years of age, step children, disabled children, and parents, over 60) under their MM2H visa. Older dependent children will have to get a separate visa.
Buying a property in Malaysia with a developer whose reputation is questionable will have horrible consequences for the buyer. This is why it is very important to buy a first hand property from a trusted developer like Eco World. In just a few years since a reverse takeover, Eco World Development Group Berhad has grown to be one of the largest property developers in Malaysia with an estimated land bank of more than 8,000 acres in that country.
