22-08-2008: Selangor Dredging sees challenging FY09
by Yantoultra Ngui Yichen & Venus Hew

KUALA LUMPUR: Property developer Selangor Dredging Bhd (SDB) expects the remainder of its fiscal year ending March 31, 2009 (FY09) to be a challenging time, given rising development cost and interest rates that dampen demand for property.

“Due to the general slowdown in the economy, we have to be selective as to when to launch. Our immediate launch is in Ampang (by year-end), and by the first quarter of next year, we’ll be launching our next Singapore development in Gilstead,” said its managing director Teh Lip Kim.

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Few days back while driving in Mutiara Damansara, I saw some really nice signages advertising 28@Mutiara Hill. Intrigued, I decided to have a detour to check it out and followed the signages. I was led to a bespoke bungalow development in the Mutiara Damansara bungalow lots. I think there are 2 other bungalows already built at the moment (1 of which I did trespass  ..ahem..) and this is the 3rd one. Once you drive up and pass all the overgrown grass and rubbish sites, I was met with this rather lovely bungalow.

At first glance, it did remind me of the 20Trees courtyard homes by SDB in Taman Melawati. White boxy facade with lots of horizontal windows and louvre windows, plus the charcoal-colored powder coated frames do tick my boxes! Do take note that you won’t get as much land as the artist impression, as the plot is rather tight. I managed to get in and have a look, and I do like some of the elements introduced. The only thing that I would like is to convert the rooftop to usable space since the roof seems to be flat anyway. This 5+1 bedroom bungalow comes with a swimming pool (land area 6743sf, build-up 6280sf), is on the market for a cool RM4.35million.

More photos after the jump.

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Click for larger image

The 20trees at Melawati by one of my favourite developers, Selangor Dredging Berhad (SDB), was launched 3Q last year. Of course I couldn’t afford the landed ones, so my focus was obviously on the apartments. I already caught wind on this early last year when I was property hunting. I was totally mesmerised by what it could potentially offer: breathtaking view, streamlined façade, up-on-the-hill development, and a chance to own a place where your neighbours are millionaires! Decided to contact the sales team and they then sent the floor plans (DHL-ed it infact) here.

With that, I started to dream this as my first humble abode. Prices started at about RM500,000 for an entry level apartment for about 1,854 sq ft (prices have increased since). When it was finally officially launched, I decided to check out the location and the product itself.

Didn’t really like the area, as it proved to be way too far in. It says “10 minutes to KLCC” in its brochure, but for anyone to take 10 minutes to reach KLCC they must had to drive at middle of the night, definitely! The product in its flesh was a bit of a disappointment. Didn’t like how thick balustrades were, and bedroom 2 and 3 would have a view of the retaining wall. Irregardless, it does look impressive and the sales charts seem to prove this. I would say about 80% have been taken up. The leftover units have their bedrooms facing retaining walls (level 1 & 2) and few penthouse units.

More progress photo and sales chart after the jump.

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