Bluestone the good samaritan
15/01/2007 The Star By Angie Ng
INNOVATION is the buzzword in the property development business and even the
true value of abandoned projects can be unveiled with the help of an
experienced and creative team.
ABANDONED property projects can be turned around and command a higher value
if the right “samaritan” comes along to give it a new lease of life.
One such company that has ventured into the business of reviving abandoned
projects is Bluestone Group Malaysia (BGM).
All the company’s three current projects – Taragon Puteri KL, Taragon Puteri
Yap Kwan Seng and Taragon Puteri Cheras – were formerly abandoned projects.
Although managing director K. H. Sim admits that he got into rehabilitating
abandoned projects by coincidence, he has learnt to appreciate that the
benefits of such undertakings can go a long way.
“It is just a coincidence that our projects are all abandoned ones.
“Getting involved in reviving abandoned projects involves much hard work but
the satisfaction of helping house buyers fulfil their dreams of owning their
own homes has made it worthwhile.
“Of course, we have to undertake the necessary feasibility studies before
taking on any project. All the projects must meet our internal rate of
return (IRR) and our partners’ IRR, too,” he told StarBiz.
Ultimately, Sim said the objective was to make the benchmark returns for all
Bluestone partners, shareholders and investors.
“At the same time, we try to make it a win-win situation for the parties
involved – banks, borrowers, creditors, purchasers and the authorities,” Sim
Being part of the Allstones Group and Bluestone Asia Group, BGM keeps
abreast of property trends and the types of properties that would appeal to
today’s savvy buyers.
The company is committed to bringing value to its customers through strict
risk management practices, innovative ideas and by recognising the
opportunities available in the local market.
“The Bluestone brand reflects superior management capabilities, progressive
outlook and versatility.
“With our alliance with the Bluestone Asia Group and Allstones Group, we are
able to adopt global best real estate practices and have access to an
international network of investors and funds to build up our property
portfolio in Malaysia,” he added.
So far, the projects that BGM have taken over have benefited from the
company’s wide experience in terms of having better designs and concepts.
Taragon Puteri Yap Kwan Seng, which was bought for about RM5mil from a
financial institution after the original developer failed to service its
loan, is on target for completion this year.
The 12˝ -storey low-density development is positioned as a home within the
city and is a stone’s throw away from the Kuala Lumpur City Centre.
Comprising 40 spacious apartments, each floor consists of only four corner
units and is serviced by two lifts.
The standard unit sizes range from 1,767 to 1,895 sq ft while the
sub-penthouses and penthouses are between 2,241 and 3,210 sq ft.
All standard units come with three bedrooms with their own attached
bathrooms while the sub-penthouses and penthouses have five bedrooms and
four bathrooms. The residences are priced from RM438 per sq ft.
Meanwhile, the 3.3-acre project site where Taragon Puteri Cheras is located
was originally meant for 300 apartments by the Li-Foong Group. Since
Bluestone took over the project, the development concept has been reviewed
and now comprises 141 private town villas and duplex units in three- and
four-storey blocks within a gated community.
The development offers 11 practical layout designs, all with three bedrooms
and sufficient frontage for individual car porches.
The houses, with built-up from 923 sq ft, are priced from RM155,000 to
Taragon Puteri KL was formerly Menara Li Foong that has been left
uncompleted for more than a decade.
Construction work for the project will recommence in the second quarter of