MORE than a third of the 36-unit Merc Residence has been sold since it was soft launched about two months ago. 

AM-EL Development Sdn Bhd, a member of the AM-EL Group is developing this one block freehold condominium off Jalan Klang Lama in Kuala Lumpur. The group was the turnkey developer and contractor for the Merdeka Square that was completed in time for the Commonwealth Heads of Government Meeting in 1990. 

Priced from RM285,880 to RM415,760, Merc Residence comprises four types of units: Type A (1,205 sq ft), Type B (1,067 sq ft) Type C (1,021 sq ft) and Type D (1,317 sq ft). The first three types have 10 units each and are two-bedroom and two-bathroom units whereas Type D has only six units of three bedrooms and two bathrooms.  

According to AM-EL Development senior project manager Simon Low, the project with a total sales value of RM12mil and construction cost of RM5mil is “self financed with no bridging loans”. 

“It is targeted at people who require privacy and love the concept of living in an exclusive low-density, boutique condominium,” he told StarBiz. “We believe we are the only condominium in the area to have a swimming pool on the rooftop at level 9. The gymnasium is on the first floor while the children’s play area is on the ground level,” he said, adding that it had 24-hour security with CCTV cameras. 

Every unit has an intercom that is wired to the guardhouse. There are 67 parking bays and each suite is given one free bay. 

Michael K.C. Low and his son Simon

It also boasts of almost floor height windows to all units with 8ft high doors for all entrances and bedrooms, plaster ceiling, full height tiles for kitchen, concealed piping for washing, built-in air conditioning piping and water heater. 

As the Merc Residence is located inside Jalan Taman Bukit Desa, residents will enjoy some privacy and yet have easy access to the Federal Highway. This is because Jalan Taman Bukit Desa is just at the corner of a flyover that leads to the Federal Highway.  

Another plus point is that it is very near the Mid Valley Megamall with easy access to the New Pantai Expressway that has made travelling smoother since its completion several years ago. 

Construction is about 50% completed and will be finished by next August.  

AM-EL Group executive chairman and managing director Michael K.C. Low is particularly proud of this project, as it is his only son’s (Simon) first project as a developer. 

“It gives me the opportunity to train him. I tell him that he must start off as a contractor and go for small jobs first. Simon has worked in a consultancy firm for six years. This project is in a good location and we are targeting young executives,” said Low who has two other children, both daughters, one of whom is the company’s sales manager. 

Low, 63, has been in the building business the past 25 years and has gone through several recessions. 

“You win some and you lose some. As a developer, we must always identify our market. Most important is the location. Pricing also plays an important role in ensuring a project’s success,” he said. 

The group’s completed projects from 1982 to 1987 (before becoming a full-fledged property developer) includes as a turnkey contractor for 106 units of single-storey bungalows in Taman Desa Jaya 1, and 583 units of two-storey link houses and shops in Phase 2 of Taman Desa Jaya 2 in Sungei Petani, 200 units of four-storey shop houses in Taman Shamelin Perkasa and 1,080 units of low-cost five-storey apartments in Taman Melati. 

Other projects include the 53-acre RM223mil Taman Desa Relau on Penang Island and 450-unit medium cost Setapak Ria condominium in Kuala Lumpur. Both were completed in 1994. 

Others include Handersons Industrial Park, Bandar Baru Teluk Kumber and Crystal Prestige condominium, all in Penang. 

Crystal Prestige was formerly an abandoned project along Free School Road on Penang Island. The group transformed it (under Phase 1) into 366 units of upper end condominiums with a host of facilities at an average selling price of RM200,000. It was completed in 2004, fetching a total development value of RM73.2mil. 

Future projects include the Crystal Prestige condominium 2 and 3 and Kristal Villas, a low-density development in George Town.  

It will have a cluster concept and comprises signature commercial shop offices and 25 units of 24ft x 85ft three-storey super size link houses with 7 bedrooms/6 bathrooms in a gated community. 

Source : The Star 30/10/2006