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7/17/2018 KSK Land launches second tower of KL luxury project 8 Conlay
https://www.edgeprop.sg/property-news/ksk-land-launches-second-tower-kl-luxury-project-8-conlay 1/13
By Timothy Tay / EdgeProp | July 17, 2018 8:00 AM SGTTags: offshore KL KSK Land 8 Conlay YOO8 serviced by Kempinski YOO Kempinski Hotels branded residences sales launch
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KSK Land launches second tower of KL luxury project 8 Conlay
A luxury mixed-use development in the heart of Kuala Lumpur, 8 Conlay, marks the �rst foray into property development byMalaysia’s KSK Group Bhd.
“It has been our chairman’s lifelong dream for the company to branch into property development,” says Joanne Kua, CEO ofthe group. KSK Group, an insurance conglomerate that operates in Malaysia and Thailand, was privatised in 2012 andchanged its name from Kurnia Asia Bhd. KSK Group was founded by Kua’s father, Sian Kooi, who is executive chairman of thegroup.
“We want to position KSK Land as a lifestyle-focused property developer,” says Kua, who is also managing director of KSKLand, the property arm of KSK Group. “We jumped at the chance to develop a luxury residential development on the JalanConlay site,” she adds.The site was one of the last pieces of undeveloped freehold land in Kuala Lumpur City Centre (KLCC),the location of Malaysia’s iconic Petronas Twin Towers.
A D V E R T I S E M E N T
7/17/2018 KSK Land launches second tower of KL luxury project 8 Conlay
https://www.edgeprop.sg/property-news/ksk-land-launches-second-tower-kl-luxury-project-8-conlay 2/13
8 Conlay is a luxury branded residential development by Malaysian developer KSK Land (Picture: KSK Land)
The 1,062-unit 8 Conlay, named after its auspicious address at Jalan Conlay, is on schedule to be completed by 2H2020. Ithas a gross development value of RM5.4 billion ($1.82 billion). KSK Land purchased the 1.6ha site in 2014 from SuasanaSimfoni, a 60%-owned subsidiary of Singapore-listed UOL Group, for RM568 million (RM3,299 psf). “When we acquired thesite, people asked us why we paid such a high price. But for us, it is the value we can create on the land and what will bedeveloped on it,” says Kua.
YOO8 serviced by Kempinski
8 Conlay comprises three high-rise towers and a nine-storey retail podium. The 62-storey Tower A has 564 brandedresidential units and the 57-storey Tower B has 498 branded residential units. Both towers will be serviced by Switzerland-based hotel group Kempinski Hotels and designed by UK-based residential and hotel design �rm YOO. The third tower willbe the 68-storey Kempinski Hotel, featuring 260 rooms and 300 strata- titled hotel suites. The Kempinski Hotel Kuala Lumpurwill be Kempinski’s �rst and only hotel in Malaysia.
The 'Spring' living room design concept by Kelly Hoppen for YOO
The residential towers will feature branded residences called “YOO8 serviced by Kempinski”. Kempinski Hotels was the �rstand only hotelier KSK Land considered. “A consistent luxury service for both the residential and hotel components is one ofthe key requirements of a good branded residence,” she notes.
London-based YOO was also the �rst pick to design the interiors of the branded residential units. Units in Tower A aredesigned by Hong Kong-based designer Steve Leung, while units in Tower B are designed by UK-based interior designer Kelly
7/17/2018 KSK Land launches second tower of KL luxury project 8 Conlay
https://www.edgeprop.sg/property-news/ksk-land-launches-second-tower-kl-luxury-project-8-conlay 3/13
Hoppen for YOO. The unit layouts in both towers are similar and their areas range from 700 to 1,300 sq ft for one- to three-bedroom units.
A D V E R T I S E M E N T
The 'Spring' bedroom design concept by Kelly Hoppen for YOO
Most of the units in Tower A overlook the nearby Royal Selangor Golf Club, while most of the units in Tower B have views ofKLCC. “Living in the heart of the city makes it di�cult to get views of green spaces, and a view of the Petronas Twin Towers isone that many foreigners and locals aspire to have while living in KL,” says Kua.
The podium will feature 200,000 sq ft of retail space across four �oors, a banquet hall and a �ve-storey car park. The retailarea will be a curated open space with F&B options, says Kua. KSK Land will be announcing some of the tenants at year-end.
Branded residences
Globally, branded residences such as 8 Conlay command an average premium of about 30% over other luxury properties,says Kua, adding that the current premium for branded residences in KL is about 10%. When 8 Conlay is completed in 2020and occupancy increases, she expects that it will set a new benchmark premium rate for branded residences in the city.There are not many comparable luxury properties in KL and there are no branded residential developments set to becompleted in the city in the next two years, she says.
7/17/2018 KSK Land launches second tower of KL luxury project 8 Conlay
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A D V E R T I S E M E N T
Kua: Singaporean buyers who purchase luxury units in KL feel that the luxury market in KL is more a�ordable than that in Singapore
Completed branded residential developments in KLCC include Pavilion Banyan Tree Signatures, The Ritz-Carlton Residencesand Four Seasons Place. The 441-unit luxury development Pavilion Banyan Tree Signatures launched its units from RM1,800psf, but units there have recently changed hands for about RM3,000 psf, as have units at the 242-unit Four Seasons Place.
Branded residences in KL are among the most a�ordable luxury properties in Southeast Asia at the moment, says Kua. Thesustained price growth in the last few years signals that demand for properties in this niche segment of the market willincrease in the coming years as the Malaysian economy continues to pick up, she adds.
The 'Urban' living room (top) and bedroom (bottom) design concept by Kelly Hoppen for YOO
KSK Land launched units in Tower A in early 2016 at RM2,700 psf; recent transactions at Tower A were at about RM3,200 psf.The developer started selling units at Tower B earlier this month, and has already moved some units. Prices start fromRM3,250 psf. In Tower B, one-bedroom units are between 705 and 776 sq ft, two-bedders are between 945 and 1,155 sq ftand three-bedroom units are 1,328 sq ft.
7/17/2018 KSK Land launches second tower of KL luxury project 8 Conlay
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The two common areas, on the 26th and 44th �oors, are designed by Thai landscape studio TROP. A 25m lap pool andindoor gym will be located on the 26th �oor while a lounge and open air landscaped area will be on the 44th �oor.
Foreign buyers
About 80% of the buyers at Tower A are foreigners and Kua expects to see the same percentage at Tower B. Buyers fromShanghai, Beijing, Hong Kong and Taipei constitute the biggest group of foreign purchasers, followed by those from Japan,Singapore, Indonesia and Thailand. The units are bought mainly as seasonal homes, says Kua.
Many of the foreign buyers have participated in the Malaysia My Second Home (MM2H) Programme, she adds. MM2H is aninternational residency scheme that grants foreigners the right to live in Malaysia for up to 10 years on a renewable,multiple-entry social visit pass. Incentives include the option for the participant to bring their parents into Malaysia under along-term visa. Many Chinese buyers intend to bring their elderly parents to stay in 8 Conlay during winter.
The lounge area on the 44th �oor of 8 Conlay
Singaporeans make up about 5% of the total number of purchasers at 8 Conlay so far. “Singaporean buyers who purchaseluxury units in KL do so because they feel that the luxury market in KL is more a�ordable than that in Singapore,” says Kua.
She reckons that the cancellation of the KL-Singapore High-Speed Rail project will not dent demand from Singaporeanbuyers. “Being in a central location in KLCC, where the supply of land is limited, means we are more resilient to unexpectedchanges and announcements.
While the project would have made the journey more convenient, its cancellation does not impact current travel timesbetween Singapore and KL. [The High-Speed Rail project] was never a major reason for Singaporean buyers to invest inproperty in KL,” she says.
Kelly Hoppen for YOO
KSK Land is the only developer in Southeast Asia to collaborate with both Steve Leung and Kelly Hoppen. 8 Conlay is a“fantastic example” of the close collaborative e�orts between designers and property developers, says YOO chairman JohnHitchcox.
“YOO8 serviced by Kempinski is an attractive residential development not only because of the great Kempinski service, butalso because buyers know that Kelly Hoppen’s particular design style re�ects the highest-quality luxury lifestyle,” he adds.
7/17/2018 KSK Land launches second tower of KL luxury project 8 Conlay
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The Kelly Hoppen for YOO style fuses the Eastern principles of simplicity and balance with the Western taste for luxurious�nishes and textures, he explains.
8 Conlay is a fantastic example of the collaborative e�orts between designers and property developers, says Hitchcox (Picture: YOO)
Hoppen believes 8 Conlay will be a “sellout” project. “I have never taken on a project which I personally did not believe wouldbe successful,” she says. Her two design concepts for the 498 units in Tower B are Urban and Spring. This is her �rst timedesigning for a project in Malaysia.
This is the �rst time Hoppen is designing for a project in Malaysia (Picture: YOO)
“Coming up with names such as Urban or Spring is just a selling tool for marketing; the important factor is what is designedfor the space,” Hoppen says. “I visualise walking through the space, sleeping and waking up, seeing the marble on the walland the runner down the �oor and the metal inlay design. I know what pleases me and I try to recreate it.” One of her mostrecent projects with YOO was designing the interiors of a lakeside house at The Lakes by YOO, a 340ha lakeside residentialdevelopment in the Cotswolds, UK.
7/17/2018 KSK Land launches second tower of KL luxury project 8 Conlay
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One of Hoppen’s recent projects was designing the interiors of a lakeside house developed by YOO (Pictures: YOO)
Beyond Malaysia
While KSK Land remains focused on delivering an outstanding product at 8 Conlay to buyers, Kua admits that she has startedto think about future projects. She wants to position the company as a city-focused lifestyle property developer. “We choseas our �rst project an integrated development with branded residences to earn the con�dence of consumers and themarket,” she says.
KSK Land remains focused on its strategy to develop projects in the Klang Valley and on Penang island for now, but it hasalso started exploring international markets to enter, such as central London, Singapore and Bangkok. “The global market isstill quite volatile and we will continue to assess the right time to expand,” says Kua.
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