BY DAVID TAN
EUPE Corporation Bhd is launching its RM555 mil Novum high-rise residential project in Bangsar South comprising three tower blocks of 729 condominium units.
The housing development is its first in Kuala Lumpur.
Group managing director Datuk Beh Huck Lee said the company was taking advantage of the fact that there were fewer choices in the market.
He said developers were holding back new launches in view of the sluggish market.
“The market is sluggish as a result of the ongoing global economic uncertainty. Consumers are cautious in buying new properties,” he said in an email interview.
Beh said they saw good opportunities to present a compelling product to a less cluttered market, as well as a discerning market of buyers who were interested in strong products and good investment opportunities.
“We always believe in our products’ strength and their ability to attract buyers,” he said.
Novum, which means “new innovation” in Latin, seeks to redefine Bangsar South, one of the city’s prestige precincts with a bold, innovative architecture and lifestyle offering.
Each unit, with built-up areas ranging between 641sq ft and 1,441sq ft, is averagely priced at RM900 per sq ft (psf).
The project is a stone’s throw from Mid Valley Megamall and The Gardens, and adjacent to the Federal Highway and LRT station.
Beh said Novum’s unique design – interlocking shapes and wave forms that create “clusters of villages” high in the sky – would complement the nearby TM tower, one of KL’s more recognisable landmarks.
The project will be launched tomorrow at the Novum Sales Gallery at 21, Jalan Pantai Jaya, Pantai Baharu.
Two other projects – The Weave in Cheras and a yet-to-be-named project in Seputeh – are scheduled to be launched in the second half of this year and the first half of 2017 respectively.
In Kedah, Beh said the group would continue to focus on developing housing for the masses in townships.
“Our buyers are mostly those who want to own a property to stay. They are not investors.
“Having developments in Kuala Lumpur and Sungai Petani provide us with a diversified source of income to hedge against the volatility of the markets.
“In Sungai Petani, we have a good mix of products – high-end luxury houses and mass housing – which spread our risk in times of bearish markets,” he said.
Since the group started operations in 1986, it has built more than 20,000 homes in Sungai Petani and Seberang Prai.
Its 18-storey Sky Residences in Sungai Petani was the country’s first LEED-certified (Leadership in Energy and Environmental Design) building in the country,
LEED is the green building rating system in the United States that is widely used in different parts of the world.
In 2014, Eupe was awarded the title of Malaysia’s top developer.