REMBAWANG FOCUSES ON AFFLUENT MARKET
Property developer targeting high net-worth individuals with luxury projects in Klang Valley
PROPERTY developer Rembawang Holdings Sdn Bhd is undeterred by the congested Klang Valley property market, as its strategy is to serve a niche demographic.
“Property is a profitable business if done right. I am well aware that the market might appear congested, especially in the Klang Valley, but at Rembawang, we have a strategy that will help push us above that,” said founder and group executive chairman Datuk Kamisah Johan.
Speaking to NST Business in an interview recently, she said Rembawang’s strategy was to focus purely on the affluent, or high net-worth individuals (HNIs), market.
The company has three main projects in the pipeline. First is “Teringin@SriUkay”, an ultra high-end luxury residential project that will be launched soon.
The development over 3.44ha would be one of Kuala Lumpur’s most upmarket and sought-after projects, said Kamisah.
“That’s why I named it ‘Teringin’, which roughly translates to ‘wanting’, which is how my potential buyers will feel when they look at the completed project,” she said.
The second development will be located at Persiaran Lidcol, off Jalan Yap Kwan Seng, which is located a five-minute walk from Suria Kuala Lumpur City Centre (KLCC).
“Initially, we planned to build a 20-storey tower consisting of 96 luxury serviced suites with recreational facilities on that piece of land, which we purchased some years ago.
“However, given the current economic climate as well as the location, we feel that it could serve better as an office tower,” said Kamisah.
“We are in discussions with a local financial institution to see if this office building will materialise. The discussions are at an early stage, so it is too soon to reveal anything.”
The final project that Rembawang is currently working on comprises 510 serviced apartments in Seremban Jaya, Negri Sembilan.
The three projects hold a collective gross development value (GDV) of RM600 million.
Established in December 2008, Rembawang was set up as a property investor with land acquisitions done in Kuala Lumpur.
As at June 30, Rembawang’s authorised capital was RM10 million, with a paid up capital of RM6 million.
Kamisah said she hoped to take Rembawang public one day, but a listing exercise was not yet on the cards.
“Yes, I would love to list Rembawang on Bursa Malaysia, but unfortunately that’s a bit far off in the future. My main focus right now is ensuring the three projects are successful,” she said.