More than a house, more than an experience

By Viktor Chong viktorchong@thestar.com.my

The opulent life of successful individuals, either through merit or inheritance have always been a subject of envy. Although it stands as a glaring statement of the income gap between the rich and the poor, many find it intriguing to take a peek into their lives.

For starters, a house constitutes a huge portion of a person’s way of living and it is a good point of reference. And it goes without saying that rich people live in luxury developments. However, the concept of luxury homes, unlike affordable homes is subject to different interpretations.

According to MKH Bhd group managing director Tan Sri Datuk Eddy Chen, luxurious developments constitute around 5% of all the developments in Malaysia. Super luxurious developments make up 1% or even less.

Luxurious developments are further subdivided into two categories, mainly the high-rise and landed types. High-rise luxury developments usually command a high discretionary price due to their strategic location.

Considering the price of bungalow units, Chen said that the developer’s market usually ranges from RM3mil to RM5mil with products that are standardised. “It is harder to sell above this range as buyers who can afford above RM5mil will look to build their own customised houses,” he said, adding that these individuals have their own idea and concept of luxury.

In those categories, the super luxurious houses could be around the RM10mil to RM20mil range or above. “You could see those buildings by driving around the Mines Resort City or Saujana Impian, where the golf courses are,” he said.

Ultimately, there is no limit to the concept of luxury development as it depends on the individual’s buying power. According to Chen, luxury houses are differentiated through many factors, although the focus is mainly on quality and volume.

The windows may be made from tempered glass, while luxurious powder coatings make up the frames. Other attributes include double leaf doors that are 10 ft in height, and a house ceiling height of 11 to 15 ft to fit in the chandeliers and cornices.

Affluent individuals are also looking towards geographical and demographic attributes such as safety, privacy and location, as they love to live nearby the most happening places, but not too near to be overwhelmed by the noise.

Building for the luxury segment could also be a challenge as Chen fondly recalls his experience. “We are building for highly knowledgeable people who appreciate quality workmanship, and have an eye for the details,” he said, adding that the developer must be very careful and detailed when dealing with the construction of the house.

“Even the contractors are aware of customer demographics and respond accordingly,” said Chen.

Choosing the architect for the job is also important, as the person involved needs to be familiar with building bungalow houses and is well aware of the concept of luxury. “When it comes to luxury, we need to see it from the viewpoint of a successful individual,” he said.

However, Chen added that building luxury houses is easier compared to the affordable segment as the price is usually good enough to cover the necessary costs as well as to employ the best workers.

Standing out in the Malaysian property market is Saville @ The Park, Bangsar by MKH Bhd, which is composed of 42 storey condominiums and 2.5 storey villas. Located in the vibrant neighbourhood of southern Bangsar, Saville offers resort-style living in the city amidst nature, with residential towers separated by a vast 120-metre landscape to enhance resident’s privacy.

Its centralised location is a key feature of the development, with major business activities, educational institutions as well as big lifestyle outlets within short distances. There are three major highways, 21 schools and universities, eight shopping centres and 25 public transit points.

Saville is merely one out of the many luxurious projects out there in Malaysia. The upcoming StarProperty.my Awards 2019 will be featuring various award-winning developments from prominent developers, and the hunt is on for the best luxury development in Malaysia.

To register for the StarProperty.my Awards 2019, go to http://bit.ly/2OtQ132 or stay tuned on our website to learn more about the updates on the awards.