Cost-effective housing projects
A fledgling property developer says it can build and sell "nicely-designed" houses in the Klang Valley at almost half the prices charged by other players.
OxBridge & Mak Development Sdn Bhd (OMD) said this is possible by applying the reinforced concrete methodology (RCM) and having reasonable joint-venture (JV) agreements with landowners.
"With an effective cost management and reasonable JV programme with the individual or corporate landowners in the Klang Valley, we are confident of building high-rise apartments and condominiums much cheaper than those offered in the market with a shorter waiting period for the buyers," OMD managing director and chief design officer Alan Mak said.
The use of pre-fabricated reinforced concrete allows for a project to be completed within a shorter period than those built conventionally, Mak explained.
This reduces construction cost, and subsequently, financing risks and non-performing loans with the banking institutions as buyers can occupy the units within 12 to 18 months from the date construction starts, he said.
RCM is currently being applied at OMD's maiden project involving a four-storey boutique office-cum-warehouse in Kuala Lumpur.
Mak says that the 40,000 sq ft project is on track for completion in only six months compared with similar projects built conventionally in the surrounding areas, which take more than a year to complete.
Referring to a condominium project currently built in Bangsar - with a 500 sq ft studio suite price starting from RM1,100 per sq ft - he said OMD can sell a similarly designed unit for RM250 per sq ft.
He said with RCM, low-cost Projek Perumahan Rakyat Tempatan homes can be built with a condo-like design.
"It does not have to be a simple square building or a pigeon-hole lookalike as it is right now, but at the same time it can keep to its low-cost tag," said Mak, who set up the company recently, after spending eight years in the United Kingdom.
OMD is currently in talks with a landowner in Kampung Baru here to co-develop a high-rise apartment on a 0.4ha site.