Pandan Lake Club redevelopment scales down from 51 storeys to 45 storeys

KUALA LUMPUR: Best Boulevard Sdn Bhd, which has been facing objections from residents for the redevelopment of the Pandan Lake Club in Pandan Perdana, has decided to scale down its high-rise property development.

Best Boulevard project director Lee Yeow Hian said the company, which is a subsidiary of Beverly Group Sdn Bhd, had taken into account the residents’ concerns after a public hearing on Aug 24.

“The initial plan was to have 51 storeys but we have decided to scale it down to 45 storeys after the public hearing.

The gross development value (GDV) of the new plan is RM600mil to RM700mil,” he said at a meeting yesterday.

Also present at the meeting were Pandan Perdana Residents Association chairman Lim Ah Chai and fellow residents.

Lee said the company was ready to let go about RM120mil in terms of GDV for the 210,000 sq ft of gross floor area due to the scaledown.

Nevertheless, he said the group would submit its plan this week to the Ampang Jaya Municipal Council (MPAJ) for approval.

The project will be undertaken on 4.48ha involving the construction of a 39-storey block of serviced apartments with 744 units and two small office-home office (SoHo) blocks of 35 and 36 storeys each with a total of 1,270 units.

“Work would start only after obtaining the approval from MPAJ. The target launch date is sometime around Chinese New Year 2014,” Lee said.

In addition, Best Boulevard has proposed to MPAJ to hand over its sales gallery for the development to the latter so that it can be turned into a community hall or other facilities for the community in Pandan Perdana.

Lee likened the suburb to a “sleeping beauty”, given the presence of the lake.

“There are not many developments that can incorporate nature such as a lake.

“We have the concept. We are confident,” he said when asked why the developer had opted for such a massive development in a suburb.

During the meeting, Lee also explained public concerns such as construction vehicle access, foundation works without hydraulic or diesel hammers being used as well as other issues to the resident representatives.

(The star Oct 2, 2013)

Density of Pandan Lake Club project markedly reduced

THE plot ratio and the number of home office and apartment units have been markedly reduced in the amended plans for the redevelopment of Pandan Lake Club in Pandan Perdana, Ampang.

Developer Beverly Group Sdn Bhd said the new plan incorporated requests of residents living near the 4.48ha land. The feedback was gathered during a public hearing at the Ampang Jaya Municipal Council (MPAJ) recently.

Among the major changes are reduced plot ratio from 3.99 to 3.48, SoHo units cut down from 1,390 to 1,284, apartment storeys reduced from 39 to 34 floors, and the removal of two proposed basement carpark floors.

Project manager Lee Yeow Hian said the scaled-down plot ratio would help reduce traffic impact by 21% in the congested Pandan Perdana area.

“We have also decided against the food and beverage pavilion on the lake, following protests,” he said during a media briefing at the Pandan Perdana Residents Association office yesterday.

The pavilion was designed as a platform on stilts over the lake for a restaurant and cafe.

Residents said they feared the lake would be filled up to make way for the development.

Besides the club, other developments included serviced apartments, SoHo units and commercial lots.

Members of the Pandan Lake Club, meanwhile, voiced out fears that the clubhouse would be demolished.

They claimed that they had been promised a recreational club as part of their sale and purchase agreement when they bought the properties there 20 years ago.

“We will preserve the lake, clean it up and upgrade the facilities around it, including the carpark and the playground,” assured Lee.

He said an independent traffic consultant was also brought in to assess the traffic impact in the area.

He added that with the recent changes, Beverly Group had decided to widen three roads and seven junctions for smoother traffic flow.

During the construction period, the main entrance routes will be blocked off, and a back route from Jalan Perdana 3/10 and Jalan Perdana 3/8 will be used.

Lee said that a resident had also voiced out concerns over the lack of a community hall in the area.

He said the temporary show gallery to be built for the project could be converted into a hall after the development was completed.

“It will be built on a plot of land identified by MPAJ and can be handed over to them to be converted into a hall, with toilet facilities for park users,” he said.

He said they had taken additional measures to reduce any inconvenience that might arise due to the development.

The amended proposal will be submitted to MPAJ soon for approval.

The briefing was also attended by Pandan Perdana Residents Association chairman Lim Ah Chai, Pandan Lake Club members pro-tem committee chairman Dr Thankan DeSilva, and another resident Lim Koo.

Dr DeSilva asked that club members’ appeal for compensation and access to the facilities in the apartment be considered.

He said club membership was RM4,200 and limited to 4,200 members.

He said most of the club members had accepted the compensation offer of between RM4,000 and RM7,000, while another 100 were fighting to save the club.

“We hope the 100 members’ views will be considered by MPAJ when making a decision,” Dr DeSilva added.

Lee said they would look into the additional requests as the clubhouse had a separate owner, adding that members should take up the matter with the owner.

On whether other residents would be briefed about the amendments, Lim said they could contact him or meet him at his office.

“We organised this media briefing to correct the misinformation that has been spread,” Lim said, adding that flyers would be sent out to keep residents informed about changes.

Teratai assemblymen Tiew Way Keng, said she was unaware of the changes and hoped the developer would conduct briefings for residents before work on the project began.

Pandan Glades Rukun Tetangga chairman Harichan Paul said many residents were still left in the dark about the project.

(The star Oct 2, 2013)

Singapore’s resale flat prices dip for first time since 2009

Resale HDB flat prices have fallen for the first time in more than four years as tighter loan rules and ownership restrictions take their toll on the market.

According to estimates by the Housing Board released yesterday, the HDB resale price index fell 0.7 per cent in the typically strong third quarter.

This is the first quarterly dip since the first quarter of 2009, which saw Singapore enter a deep recession as a result of the global financial crisis.

It also occurs as HDB resale volumes fall to a 16-year low.

Stricter controls on home loans are a key factor in the slide, said analysts, coupled with the rising attractiveness of new Build-To-Order (BTO) flats which have siphoned demand away from the HDB open market.

“This reversal of price growth is expected, given the slew of measures which impacted affordability,” said PropNex chief executive Mohamed Ismail.

The proportion of a buyer’s gross monthly income that can be used to service mortgages for HDB resale flats has now been capped at 30 per cent.

Maximum tenures for loans taken from HDB and private banks were also reduced to 25 and 30 years respectively. Another new rule limited the total debt obligations of buyers to 60 per cent of their gross monthly income.

All these have forced buyers to exercise prudence in their home purchases, said experts.

“Due to a cut-off in access to large loans or ‘easy money’, there are very few buyers looking at investing in large or well-located flats,” said R’ST Research director Ong Kah Seng. “Previously, many buyers were interested in getting a larger flat where they could sublet spare rooms to defray monthly loan repayments.”

The pool of buyers in the resale market is also shrinking, said analysts.

More buyers are being enticed by a ramped-up supply of new BTO flats in attractive locations, especially with the introduction of bigger grants for middle- income earners.

Singles have also been allowed to apply for two-room BTO flats since July. And permanent resident households now have to wait three years from the start of their residency before buying a resale flat.

Overall cash premiums paid above a flat’s valuation have dropped from $35,000 in January to $18,000 now, with larger flats the hardest hit.

This year’s resale volume is the lowest since 1997, and experts see the downward trend persisting into the fourth quarter, which normally sees less activity.

The slowdown was also reflected in the private property market, which saw a smaller 0.4 per cent rise in prices than in the previous quarter.

Suburban home prices rose 2.1 per cent but the other regions registered price declines. —

The Straits Times / Asia News Network (Oct 2, 2013)