SEE Hoy Chan Sdn Bhd is looking to build more upmarket residential projects in the Klang Valley to cater to the strong demand for such homes.

According to executive vice-president Joe Tan, the group is expanding its land bank to build more exclusive projects that are located in prime addresses.

''By lining up more quality high-end developments, the See Hoy Chan name will get a boost from the projects' popularity.

''What we are looking at are niche developments that have fast turnaround time and strong following of buyers,'' Tan told StarBiz.

Niche projects that have been identified as its focus include gated and guarded communities and high-end condominium projects in exclusive locations.

The company has acquired an acre of land near Kuala Lumpur City Centre and plans to develop high-end condominiums there.

According to Tan, the plans have not been firmed up yet but the project will likely be launched in the next two years.

He said the group would also be tying up with landowners to make a bigger foray into the property market.

See Hoy Chan's flagship residential development is the 8.6-acre Sierra Seputeh in Taman Seputeh, Kuala Lumpur. The gated and guarded enclave features 54 semi-detached homes and four bungalows with a gross development value (GDV) of RM90mil.

Launched in early 2004, sales have reached 75% and the project is scheduled for completion by the end of this year.

The semi-detached homes, with built-up of 3,700 to 3,900 sq ft, will have price tags from RM1.3mil to RM1.5mil. The bungalows, with built-up of 5,000 to 7,000 sq ft, are priced from RM2.5mil to RM4.7mil.

Another ongoing development is Sutramas luxury condominium in Segambut. Sutramas, comprising 178 condominium units with built-up of 1,300 to 3,300 sq ft, has price tags of between RM300,000 and RM1.7mil, or from RM230 to RM350 per sq ft. The project's GDV is about RM75mil. Since its launch June last year, sales have reached RM50mil.

Tan said Sutramas' strategic location near Sri Hartamas and Mont'Kiara had increased awareness for the project. Going by the number of developments in the area, there was good potential for appreciation of value, he added.

In commercial development, See Hoy Chan's flagship project, Damansara Uptown, has evolved into an active commercial enclave. The RM1bil development is scheduled for completion in five years. Since the project started in 1995, four blocks of offices have been completed.

Tan said development of the remaining 12 acres on SS21/37 (fronting Fajar Supermarket) would involve 160,000 sq ft office space, 800,000 sq ft net serviced apartments space and 150,000 sq ft retail space. To kick off next year, this latest precinct would take five years to complete.

'We have reviewed the development to put in more office content and cut back on the retail space in view of the stronger demand for office space,'' he added. The initial plan was to build a five-level retail complex with net lettable space of 620,000 sq ft but this has since been scaled down to 150,000 sq ft.

Besides property development, the group is also involved in property investment, facilities management, security services, car park management, general insurance, investment and financial services.

Some 70% of the company's income is derived from property development and rental income while the balance is from service-related activities, including car park management.

Source : The Star  06/06/05