Encorp is set to launch its Puteri Harbour project this Sat 27/10/12 in Singapore, which is a mixed development, presenting dream getaway homes and iconic investment opportunities
WITH developments taking shape in the region of Iskandar, it is certainly a piece of good fortune to have a stake in the progress happening there.
For property developer Encorp Berhad, it is having a slice of the cake with cream on top.
Encorp owns a 3.3-acre (1.3ha) freehold tract in the enclave of Puteri Harbour and is set to launch the mixed development of commercial and serviced residences in the weeks to come.
Executive chairman Datuk Effendi Norwawi is confident that its latest project, Encorp Marina Puteri Harbour, will be well received by the market.
“I am really excited about our Puteri Harbour project. For us, it is going to be another benchmark for quality and value and another opportunity to bring joy to our buyers,” Effendi said.
Sneak peek: A glimpse of what an Encorp Marina unit will look like.
Encorp Marina, with a gross development value of RM500mil is a stone’s throw away from the marina and is strategically located amidst the myriad of attractions coming up in the area including Legoland.
Effendi is targeting investors from Kuala Lumpur, Singapore and Jakarta to take up this project.
Encorp Marina will have 514 units of serviced apartments priced at an average of RM900psf. The size of units available ranges from 680sf to 1,930sf.
Effendi noted that the selling point for Encorp Marina is its suitability as a get-away home for buyers in the region. At the same time, Encorp Marina makes for a good investment opportunity as buyers will be able to enjoy a handsome capital appreciation.
“The development’s close proximity to world class attractions, unparalleled views of the marina, causeway and green surroundings, beautiful intelligent architecture, uncompromising security and exclusive services, makes Encorp Marina the dream getaway home and an iconic investment that is poised to yield outstanding returns,” Effendi added.
Encorp Marina is expected to be completed by end 2015.
Among the facilities that will be available at Encorp Marina are 24-hour concierge services, above-standard security features and wireless Internet hotspot.
The place is also accessible via highways and incidentally, is only 20 minutes away from Raffles Marina, Singapore via water taxi.
“So our value proposition is that buyers can own a luxury home in an exclusive area at one fifth the cost of buying a similar property in Singapore,” Effendi said.
Although there is an open door to price Encorp Marina higher given its proximity to Singapore, Effendi said it was important to make the product affordable for Malaysian investors.
“Also, we want to give our investors room to enjoy capital appreciation particularly when foreign investors like Singaporeans and Indonesians start coming into the area. It will definitely benefit our buyers,” he said.
Effendi noted that there has been a lot of interest from investors in Jakarta to buy property in Nusajaya and he believed Encorp Marina was primed to reap from that interest.
The right time
Encorp is known for developing value property having won The Edge-PEPS Value Creation Award in 2010 and Asia Pacific Property Awards the year after.
Eric Chew, head of property, noted that some of its projects have doubled in value upon the handover of keys from the time investors made their bookings.
For example, the value of its Business Suites in Encorp Strand, Kota Damansara, has appreciated more than 100% since its launch. There have been clients offering RM3mil for the suites compared to RM1.1mil when it was launched in 2005.
Chew believes Encorp Marina would present similar value to buyers.
“It is in the centre of everything. A lot of the Iskandar attractions nearby are up and coming including Educity, the golf courses, Medini and all the other theme parks.
“We believe in the area. We are quite optimistic about the launch of Encorp Marina,” Chew said.
Encorp Berhad group chief executive officer Yeoh Soo Ann agreed that Iskandar is at its tipping point and the value of property there will reap the full benefit once everything has been fully developed come 2016.
Note that property value in the area prior to the development of Iskandar was about RM300psf but Yeoh is confident that Encorp Marina will sell well at RM900psf.
He added that Encorp Marina will be one of the choice addresses in Nusajaya.
A winning philosophy
Known for his passion for corporate culture, Effendi’s day-to-day focus is about rallying and aligning his team to deliver the “anything but ordinary” Encorp brand for every project.
Effendi is passionate about over-delivering on Encorp’s development promises.
He said it was his priority to ensure that the corporate philosophy is internalised throughout the company so that Encorp will continue to produce quality products.
“Our joy comes from seeing the joy on our buyers’ faces when they get the keys to what they know is their dream home. We want to be amongst the reputed developers as such,” Effendi said.
He added that the team works hard to stay true to the brand and work towards handing over the keys before schedule.
“And we always try to innovate to get the right product mix for our developments. We have been getting recurring clients for our projects so there has not been a need for us to do heavy advertising. Our clients know us and we value the reputation we have so we won’t do anything to jeopardise that,” Effendi said.
Earlier this month, Effendi collected another recognition from Asia Pacific Brands Foundation.
Prior to that, Effendi was awarded the Outstanding Entrepreneurship Award at the Asia Pacific Entrepreneurship Awards 2012 in July.
“Our properties have strong upside possibilities and we try to think or we think that we have thought of everything there is to make our projects appeal to buyers,” he added.
- Mah Sing in RM1bil project Property firm signs 99-year lease purchase deal with Iskandar Investment (investjohor.wordpress.com)