The sun is cooperative; the skies blue. The venue: Forest Reserve Institute Malaysia (FRIM) in Selangor. It is against this backdrop of natural beauty that Dian Lee, eldest daughter of veteran property developer Tan Sri Lee Kim Yew, presents Clearwater Group’s upcoming and most ambitious property development project. Someone remarks during the two-hour photo shoot at the site that the poses struck by Dian and her team of ladies bear a resemblance to scenes from the popular TV series Sex and the City. But the likeness ends there.

These ladies are no pushovers (neither are those in Sex and the City, some might argue). They are key members of the team behind a mammoth and environmentally friendly luxury living project spanning 247 acres — inclusive of a 51-acre lake — and boasting a gross development value of RM2.5 billion to RM3 billion.

Called Bluwater Estate, the project is set to unfold in Seri Kembangan in the southern part of Kuala Lumpur, which has been made popular by the high-end Mines Resort and the award-winning and gated and guarded Gita Bayu. (The team had insisted on the venue for the photo shoot because the project is “green”.)

Spearheading the team is Dian, managing director of Clearwater. The others are Lim See Tow (group director of operations), Ruby Loo Ang Chu (group project director) and Stef Lim (group head of communications).

Bluwater Estate is Dian’s fourth property development outing and certainly the most significant to date in both project size and value. She debuted Clearwater Residence, a boutique condominium in Damansara Heights that is 90% sold and due for completion late next year.

After tasting success with Clearwater Residence, Dian went on to acquire an existing 9-storey office block adjacent to it for RM18 million and then a 1.8-acre tract in Kuala Lumpur’s exclusive Bukit Tunku. The office block, Wisma Antah, will be refurbished into a smart office building to be renamed WORK@Clearwater. Over in Bukit Tunku, subject to authorities’ approval, Clearwater Estate will be built. It will comprise five villas, the cheapest of which will cost between RM20 million and RM25 million. All these are being undertaken by the Clearwater Group, which Dian controls.

While Lee senior did not feature in Dian’s earlier projects, he will in Bluwater Estate because the project site belongs to his privately held Mines Resort Bhd. Clearwater is in the process of acquiring the site through Bluwater Developments Bhd.

Recently, Lee senior, founder of Country Heights Holdings Bhd, has been scaling back his privately held local property development activities.

Bluwater Estate was born early this year. “My dad was talking to a few foreign buyers but my partners and I saw the opportunity. This ex-tin mining tract is the closest lakewater front property in KL with good accessibility and still a lot of undeveloped land. We felt that the pricing was reasonable. The valuation of the property was RM400 million to RM430 million.” How much did she pay? “Something close to the valuation — we felt it was fair,” is all Dian is prepared to say for now.

Touted as environmentally focused, the double-gate mixed development will comprise cluster semi-detached homes, bungalows, lakeside luxury villas, townhouses and middle and high-rise apartments.

Phase one is likely to be unveiled in 1Q2009 and it will comprise semidees with indicative prices ranging from RM600 to RM700 psf. The project will unfold in several phases stretching over six years or so.

Clearwater Group currently has four partners, Dian the controlling partner, Singapore-based, award-winning architect Sim Boon Yang of Eco-id Architects, a Hong Kong partner and the latest partner — a private equity property fund from Singapore. There is a possibility the board will be further expanded, Dian says. This makes sense — Bluwater Estate is huge, unlike the boutique Clearwater brand.

Those familiar with the site of Bluwater Estate would remember it being marketed as the South Lake development. The land has a 89-year lease but Dian says the company will work at extending it to 99 years by the time the project is in the market.

Within the perimeter of South Lake is a condominium project called The Heritage, but this is not part of Bluwater Estate. The Heritage, which is in varying stages of completion, comprises Heritage Residences, Heritage Village and Heritage Tower. Heritage Residences features 842 units in five 18-storey blocks. Heritage Village offers 120,000 sq ft of retail space while Heritage Tower comprises eight levels of office space with 135,000 sq ft. “The Heritage is not part of Bluwater Estate, but we are doing upgrading works,” offers Dian.

Indeed, it does not augur well for Bluwater Estate to have a failed neighbour in its midst. Meanwhile, bungalow lots already sold under the South Lake brand will be offered as a feature of Bluwater Estate. In all, two sections are earmarked for bungalows and these have been sold as plots from five years ago, at an average price of RM120 psf. For some, the price is as low as RM90 psf, depending on their size. The latest transaction valued the lots at RM180 or so psf. The value of these lots will appreciate once Bluwater Estate is launched, Dian is confident. As for the unsold plots, the plan is to build then sell.

Owners and residents of the already sold bungalows would be given the option to make use of Bluwater Estate’s green services and amenities. They could opt to pay maintenance fees and use the clubhouse and other facilities as well, Dian says.

Condos, townhouses, bungalows and an abundance of retail space make up the South Lake master plan. “We don’t want to do so much retail or high-rises. Instead, we will now offer a clubhouse and landed homes in semi-detached units,” says Dian.

The blue dot
Dian has come a long way since her early property development days. Beneath the dainty exterior is a feisty 24-year-old, who was introduced to the world of bricks and mortar at a young age by her developer father. A Generation Y developer, Dian has her own ideas about property development — the desire to think out of the box is palpable.

For instance, why the name Bluwater Estate? “Earth is a very small stage in a vast cosmic arena,” she says, quoting astronomer Carl Sagan. “On it, everyone you love, everyone you know, everyone you ever heard of, every human being who ever was, lived out their lives. It is our responsibility to deal more kindly with one another and preserve and cherish the pale blue dot, the only home we’ve ever know.”

Besides being visually moved and inspired by the blue dot and its significance, Dian has another reason for naming the project Bluwater. “Blue is the colour of the water of the lake on the project’s grounds after rain. If you were to google ‘blue water’, there are so many… For us, blue means more than that (referring to Sagan’s quote). Every king, every hero, everyone that you ever know lives on that pale blue dot! It makes you feel so fragile and vulnerable. We cannot take Earth for granted. Already, we have suffered from the effects of tsunami and earthquakes. These are consequences of global warming.”

Which explains the green concept of Bluwater Estate. But is this mere hype, to cash in on the increasingly marketable eco-buzz? No, Dian protests. She says the company is adopting four green strategies — energy efficiency, rainwater harvesting, waste management and green architecture.

These have been incorporated into Bluwater Estate’s master plan, which replaces that of South Lake. “We are the first developer in the country to work with specialists from the masterplan stage; that shows our commitment and how serious we are. That’s a lot of technology out there that we are not aware of, such as geothermal air-cooling systems, which we are exploring for our clubhouse. The lake is 100m deep; we can extract water from the bottom of the lake to cool a building. Of course, it will cost money but investing in a sustainable project pays off in the long run because the life of the building is extended.”

Helping the company is Environmental Resources Management Ltd Sdn Bhd (ERM), a world-leading provider of environmental consulting services that has been active in Malaysia since 1990 and completed over 1,000 projects for the government and private sector. This will be its first involvement in a property development in Malaysia, although it has worked with property development firms elsewhere in the world, Dian says.

According to her, the solar panels will be designed to compliment the project’s green environs. Energy-saving bulbs will also be used, all the sanitary fixtures and fittings will be water-efficient and rainwater recycling will be practised. “This is not just at the residents’ level but also management’s. I have started with the whole idea of environment awareness with my staff. This is not hype, but something that is very close to the partners’ hearts,” reiterates Dian.

Aesthetically designed recycling bins will be provided in all residences. “We will have a system to collect this waste for proper recycling. On management’s end, our contractors, for example, will have to give us their plan on how they are going to manage the waste.”

Green design
The project’s green architecture comes with ERM’s input. “So far, we have done the design for the semi-detached units; something dramatic and different for the entrance statement. The flooring, for example, will come in granite chip that offers a very upmarket and estate feel. There will be a lot of open space to create the estate feel. There will be an infinity pool by the lake,” reveals Dian.

The design needs are being taken care of by Sim, her partner-architect, whose credentials include the Metropolitan Hotel in Bangkok, The Sarojin in PhangNga National Park, the ongoing The Binjai in Kuala Lumpur, the Four Seasons in Phuket and the Shangri-la in Dubai.

Anchoring Bluwater Estate will be a clubhouse (which will boast an organic deli, a theatre, spa and multipurpose room) whose architecture will be ergonomic. There will be lots of green walls, for instance.

Dian describes the design of the semidees as quaint and interesting. “We have three designs now and these are being fine-tuned. The roof is different — interesting visually, not boring. The plan is to build 300-odd units of semidees with a built-up of 4,500 sq ft on plots of about 4,000 sq ft. The pricing has yet to be determined.”

If Dian were asked to sum up Bluwater Estate, she would probably say: a modern, green luxury estate for families and their future generations.

An existing feature of South Lake is an Australian international school. “We are going to encourage parents, perhaps even our security guards, to commute by buggy on the estate’s grounds,” says Dian. The idea, she continues, is to attract people who are like-minded about the environment.

There will also be a horse-riding school. “We will be promoting non-motorised water sports like kayaking and rowing to prevent pollution and preserve the blue water. Motorised water sports could also disturb lakeside bungalow owners,” Dian adds.

Cost of green living
Will green living make a dent in the finances of residents? “The maintenance fee will not be that much more. This is just a value-added service for the residents. People who buy into the concept will not mind paying for their trash to be sorted out for recycling. This is not a profit-making operation for management,” assures Dian.

What about the landscaping? “It will be a balanced resort style. We don’t want to overplant fruit trees and make the grounds look like an orchard. ‘Tasteful’ is the word, and we will do this with advice from ERM.”

If Dian appears adamant about promoting green living, she is. “Becoming a mother has changed everything for me. It makes me want to make Earth a better place for our future generations. You may say this before you become a mother, but after you have had a baby, it has a different meaning to it…” says Dian, whose son is 11 months old.

Motherhood aside, Dian and partners see in Bluwater Estate a huge business potential, including a listing down the road. “That’s why the private equity property fund came in. We are looking for more private equity funds to come in prior to our listing.” Which is why

Clearwater’s headcount has grown from 5 to 50. This budding developer never ceases to surprise.

This entry was posted on Monday, September 22nd, 2008 at 5:31 pm and is filed under Newsclipping. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.