Kajang-based Kueen Lai building a name for itself

The Sun, 5 September 2013 

Rupinder Singh
sunbiz@thesundaily.com

PETALING JAYA (Sept 5, 2013): Kueen Lai Group of Companies, a private Kajang-based diversified company involved in the used-spare parts business and property development, has surpassed its 2013 target of RM300 million in property launches through three projects with a combined gross development value (GDV) of RM383 million year-to-date.

Already in the pipeline are developments worth RM1.5 billion more to be launched in the next 12 months, which will make the up-and-coming developer even more prominent and keep it active in the local property scene.

In an interview with SunBiz, Kueen Lai Group managing director and founder Datuk Eng Soon Min (pix) said the three property developments launched this year comprised the RM96 million Tiara Park Home condominium project in Kajang, Selangor, the RM155 million Tiara East project featuring 210 units of two-storey terrace houses and 244 units of apartments in Semenyih, Selangor, and Tiara Sentral, which encompasses 70 units of semi-detached factories in Nilai, Negri Sembilan, with a RM132 million GDV.

"Our property take-up has been overwhelming. As at June 30, 2013, our sales have reached RM190 million. The GDV for our existing projects is RM1.36 billion," Eng said.

So far this year, the group has completed developments worth RM285 million in GDV. They include Kuchai Exchange, comprising 136 units of strata titled shop offices in Kuchai Lama, Kuala Lumpur, and four projects in Kajang – Tiara Residence comprising 70 units of exclusive zero lots bungalows in Kajang, Taman Damai Mewah comprising 40 units of three-storey shop offices in Kajang, Selesa Apartments comprising 544 units of medium cost apartments, and Indah Apartments comprising 140 units of low medium cost apartments.

For the remainder of the year, the group plans to launch its award-winning Tiara South homes spread over 30 acres in Semenyih.

Tiara South features well-designed linear and leisure parks, gazebos and thoughtfully crafted backlane gardens. These landscape features have won Tiara South high commendations in Asia-Pacific, at the International Property Awards.

Eng said it will launch Phase 1 of this development next month, which consists of 250 units of three-storey terrace houses, with built-up areas ranging from 2,500 sq ft to 3,100 sq ft. The selling price starts from RM328 per sq ft.

"We opened Tiara South for registration last month and received about 1,500 registrations. It has been overwhelming," he said.

Kueen Lai plans to launch Phase 2 of Tiara South in the first half of 2014, which will see another 21 units of two-storey terrace houses being offered. Phase 3 will include an apartment block of 266 units.

Eng said another upcoming launch slated for later this year is Tiara Imperio, which is located over a 5-acre area in Bangi. The project includes 655 units of service apartments and 40 units of shop lots. The service apartments portion is tagged at a GDV of RM400 million will be open for registration in December.

For 2014, Eng said Kueen Lai will embark on its biggest project to date and its first development in Johor.

"The development in Nusajaya, Johor, will have a GDV of RM800 million to RM1 billion. It will be a mixed development and our largest so far," he added.

Eng is also mulling plans to build and manage a hotel in Johor, following the success of its first hotel called Min Court in Kuchai Lama.

Nevertheless, he said, the group will continue to actively scout for more landbank to add to its 63.5 acres that has a combined potential GDV of RM2.5 billion. He does not rule out undertaking future developments on a bigger scale via joint ventures.