8th and Stellar in Sri Petaling, Kuala Lumpur launched on Feb 23 and due to be completed in 2022, it has seen a take-up rate of 30% to date.
“It has been quite a busy time for us,” says Chiau Haw Choon, group managing director of Chin Hin Group Bhd.
“8th and Stellar is poised to become our signature project. Our headquarters and corporate offices will be located there. This will be an exciting landmark for the company.”
Chin Hin Group Bhd started off as a home-grown building materials manufacturer owned by the Chiau family in 1974.
“My grandfather first opened a hardware shop in a small town called Megat Dewa in Alor Setar, Kedah. My father then ventured into the cement trading business in 1995 and the group established itself in the building materials industry.
“Today, my sister and I are the third generation [to run the business]. We decided to venture into property development through our property arm, Chin Hin Property Development Sdn Bhd about 10 years ago. Our passion for building materials pretty much led us into this sector. It is a natural transition for us,” says the aff able developer.
In 2016, the privately-owned group debuted on Bursa Malaysia.
“What sets us apart from our peers is our knowledge and expertise from over 40 years in building materials. Our focus is on the quality of our developments,” asserts Chiau.
Chin Hin Group is a substantial shareholder of Boon Koon Group Bhd, a Penang-based manufacturer of rebuilt commercial vehicles.
“Since acquiring our stake in April 2017, we have managed to turn around the company [which had been making losses] within a short span of six months. We have repositioned and rebranded the company to act as a property company for us,” Chiau explains.
“We plan to inject one of our ongoing projects, Aera Residences, which has a gross development value of about RM300 million, into Boon Koon to improve its profitability.”
For this year, the boutique developer plans to focus on projects within a certain price bracket. “Our strategy is to launch projects with a GDV of RM300 million to RM500 million. Our selling prices are typically between RM500 psf and RM1,000 psf, with mid to high-range product types, focusing mainly on residential and commercial products,” Chiau says.
Projects the group has completed to date include Gembira Residences in Kuchai Lama, Tech Avenue Industrial Park in Bukit Jelutong, and KB Square @ Kota Bharu Waterfront.
Ongoing projects include Aera Residences in PJCC and Novum Bangsar South, which is a joint venture with Kedah-based Eupe Corp Bhd.
8th and Stellar
Sprawling over a 2.2-acre leasehold tract in Sri Petaling, 8th and Stellar is a two-tower mixed-use development comprising 522 serviced apartments, 138 duplex lofts, 120,000 sq ft of offi ce space and seven shoplots, with a GDV of about RM460 million.
The serviced apartments will have built-ups of 818 to 1,238 sq ft, while the duplex loft units measure 711 sq ft to 1,238 sq ft, with selling prices starting at RM690 psf. Facilities include a pavilion, swimming pool, barbecue area, jogging track and outdoor gym.
“We have invested about RM10 million on the building’s façade. 8th and Stellar will have a modern, clean design,” says Chiau.
To further enhance its appeal, the units are dual-key and will have multi-generational features. “For this project, we are targeting upgraders and those living in Sri Petaling and nearby areas. We are aiming for a good mix of owner-occupiers and investors,” says Chiau, who points out that the project has several unique selling points.
“For starters, 8th and Stellar is located in the established neighbourhood of Bandar Baru Sri Petaling and has accessibility to the upcoming Taman Naga Emas MRT Station.
“We are looking to bring an education component into the project. Currently, we are in talks with some schools. We are also looking into co-working spaces. Our vision is for 8th and Stellar to be a vibrant place.”
8th and Stellar is accessible via the Shah Alam Expressway, New Pantai Expressway, Maju Expressway and KL-Seremban Highway.
Moving forward, Chin Hin Property Development is looking to acquire land. “We are interested in the Klang Valley, particularly Old Klang Road and Puchong. It is perhaps a good time to buy land,” says Chiau.
The company now has a total of 44 acres of land bank in the Klang Valley (11 acres), Johor (17 acres), and Kedah (16 acres) with an estimated total GDV of RM1 billion.
As for future projects, it is looking to launch an industrial project on 11.3 acres near Senai International Airport, Johor Baru, in 3Q2019. This project will comprise semi-detached factories with a GDV of about RM100 million.
“We are confi dent of [the success of] this project because there is demand, especially among business owners in the area, who would like to service the Singapore market. Most of them would like to have cheaper operations and running costs, hence this project would be a good option. The units will comprise warehouses, factories and offi ces,” says Chiau.
“We also plan to launch a two-tower serviced apartment project in the Klang Valley next year. It will have a GDV of RM300 million. More details will be firmed up and revealed in the next couple of months.”
Source: The Edge Market 21 Mar 2019
