Ever in demand, residential properties in Kuala Lumpur always have a spot in the hearts of property buyers in the country. AP Land Berhad’s [myHabitat] development is one such development but it does not only draw interest from its strategic location alone. Fast increasing land prices in KLCC, modern infrastructure and amenities liked by expatriates are key factors that establish [myHabitat] as an investor-friendly development, as Daniel Ong, general manager, group marketing, sales and business development of AP Land Berhad, explains to iProperty.com in this interview.

Launched in 2005, [myHabitat] serviced residences was the first high-end residential development by AP Land Berhad within KLCC. Developed by its subsidiary, APL Development Sdn Bhd. AP Land Berhad is listed on Bursa Malaysia’s Main Board. Its second tower, aptly named [myHabitat2] was launched three years later in 2008.

The project’s original plan was to have both towers, Tower 1 and Tower 2, also known as [myHabitat2] to have similar offerings in terms of residential units and sizes. However, plans changed along the way for [myHabitat2] and it was decided that it should be reconfigured to offer smaller studio units to largely cater for the investor’s market, hence its later launch date.

“[myHabitat2] was launched much later than [myHabitat] because we have decided to reconfigure [myHabitat2] to offer smaller units as compared to the ones offered in [myHabitat]”.

“After the reconfiguration, [myHabitat2] now has more units and this offers a higher potential for better rental returns. More importantly, the investment outlay for [myHabitat2] is lower as they are smaller units of which prices start from RM600,000 onwards. The main drive is that high-end property in the Kuala Lumpur City Centre (KLCC) does not have to be from RM1 million onwards and investors can get great investment alternatives at almost half its price in the same location,” adds Ong.

A majority of the units offered in [myHabitat] are three bedroom units with built-up sizes of between 1,200 sq ft and 1,400 sq ft. The same could not be said for [myHabitat2] as most units are one to two bedroom studios ranging from 600 sq ft to 1100 sq ft.

“We identified a market where there is a lack of smaller high end residential units within the KLCC area and decided that this is where [myHabitat2] should fill,” explains Ong.

‘Better side of KLCC’

The location of the [myHabitat] development was labelled as being in the ‘better side of KLCC’ by its developer. Ong explains this tagging, “Residential projects in and around KLCC usually boast about their proximity to commercial malls as well as views of the iconic Petronas Twin Towers. Then, in comes the luxury fittings and designer kitchens,

“For [myHabitat], we call it the better side of KLCC as we have got the best of both worlds. Virtually all the serviced apartment units have fantastic unobstructed views of the Ulu Klang greenery and even the glitter of Genting Highlands on the horizon. What’s more, [myHabitat] is neighbour to the upcoming Intermark, the city’s latest multi-billion integrated commercial state-of-the-art landmark that comprises of the first Double Tree Hilton hotel, a high-end commercial mall and two Grade A office buildings.

“In addition, for the past years there are a growing number of food and beverage outlets taking over the bungalows near Jalan Damai. There are many types of cuisine offered and soon this will make it feel like a variation of Bangsar is located just behind [myHabitat]. The location of [myHabitat] is charming where one can still enjoy peace and quiet of a residential neighbourhood although it truly is still within the city centre.”

Capital appreciation and asset management

Ong shared that most units of [myHabitat] were taken up by foreign investors while [myHabitat2] has drawn more local investors. He also revealed that early buyers of [myHabitat] back in 2005 would have enjoyed capital appreciation of their purchase property.

“Back in the early days of the launch of [myHabitat], prices started from about RM600 per sq ft. By the end of 2007, prices even shot up to RM1,200 per sq ft at its height,” he reveals.

To maintain its value, the developer has only opened up half the [myHabitat2] project of which more than 70 percent has been taken up. The other portion will be open at a later date or may even be operated as fully serviced apartments by a single management unit. [myHabitat] has been fully sold out except for the limited Bumiputra units.

The change in [myHabitat2] was not limited to its size reconfiguration. True to AP Land’s vision to make the new phase investor-friendly, asset management company Fairlane Hospitality was roped in to offer investors a fuss-free option to manage their investments.

[myHabitat2] offers Fairlane Hospitality property management services for buyers. It is an optional service that helps buyers make the most out of their investment property even if they are overseas. They just have to buy a unit and appoint Fairlane Hospitality to manage, rent or sell the property on the owner’s behalf. In short, Fairlane Hospitality provides asset management and hospitality services for property owners.

Property investors who engage Fairlane Hospitality will even be able to access a web portal to view information on their property asset from anywhere in the world. Investors will leverage on economics of scale, brand premium and expertise that comes from many years of experience in hospitality management. The more properties there are in the pool, the more efficient the cost to run it.

“Apart from high rental yield, over time there will be capital appreciation as well,” Ong summed.

Fast facts on [myHabitat]

Developed by APL Development Sdn Bhd, a subsidiary of AP Land Berhad, [myHabitat] serviced residences is located at Jalan Aman, Kuala Lumpur. Flanked by FIABCI award-winning City Square Centre and a mature surrounding, the project is strategically located in a highly accessible residential area within the Kuala Lumpur city centre with easy access to the LRT station, embassies, malls, hospitals and medical centers.

The entire [myHabitat] comprises two 38-storey towers offering 383 units of premier serviced residences in total. Tower 1 which was first launched offers larger residential units catered to owners market while Tower 2 (also known as [myHabitat2]) offers smaller studio units catered to investor markets.

There are 168 units in Tower 1 with its regular apartments having built-up sizes ranging from 883 to 1,496 sq ft while Tower 2 has 215 units offering regular apartments with built-up sizes from 603 to 1,141 sq ft.  Penthouse units in both Tower 1 and Tower 2 have built-up sizes well above 4,000 sq ft.

Since its launch in 2005, [myHabitat] Tower 1 has been fully sold out leaving only limited [myHabitat2] units available in the market as the latter was only launched in 2008.