02 January 2024

In the saturated Klang Valley residential property market, the Bon Estates success story is notable. Their first offering, The Estate Bangsar South distinguished itself for its large well designed large units with sustainability features like cross-ventilation and ample natural light, well-thought-out facilities and lush landscaping, which an astounding 70 per cent of the development was dedicated to.

Unsurprisingly, the reception for The Estate has been resounding with a 100 per cent sellout rate and a healthy 40 per cent capital gains in the subsale market. Tatler Homes speaks to the duo behind this upward trajectory, founder and Group CEO of BON Group Goh Soo Sing and Bon Estates CEO Chan Jin-Wy, about what’s next for them.

 

How did this successful outing inform your upcoming project, Bon Kiara?

Chan: This ongoing learning journey has bolstered our confidence in our chosen path and offered us a clearer vision for the development of Bon Kiara.

Upon relinquishing The Estate, we diligently collected and analysed feedback from our residents, which proved invaluable, particularly in identifying areas for improvement and those that warrant continuation.

 

Any lessons that were learned from the debut project which have been incorporated into Bon Kiara?

Chan: First and foremost, we’ve revamped the unit design with meticulous attention to detail. The wet kitchen is now generously proportioned, recognising that the kitchen is the heart of any home. We’ve transformed the balcony into an expandable space, creating an indoor lanai that residents can utilise regardless of the weather. To offer a hotel-like experience, we’ve implemented high-quality solid timber flooring in the bedrooms and tasteful sanitary fittings in the bathrooms.

Additionally, we’ve facilitated easy access from the bedroom to the yard-washing area, reducing travel time via the conventional living-kitchen path. In terms of car park conveniences, Bon Kiara sets the standard with a design that prioritises speed ramps, reducing driving time within the car park for our purchasers. In anticipation of the rise in electric vehicles (EVs), we’re dedicating one Isolator unit for every 410 units, enabling residents to charge their cars at their own bays overnight.

Furthermore, extensive research revealed a crucial need for a Central Park within the development, addressing the scarcity of recreational spaces in most Mont Kiara condominiums. While many struggle with limited land, we’ve gone the extra mile to create a secure and accessible Central Park. This addition fosters a sense of community, providing a space for all ages to enjoy, form friendships, and have fun, just as we did in our younger days. We have even dedicated a small pet park within Bon Kiara.

What is the trend for luxury real estate in the Klang Valley?

Chan: Predicting trends is not my forte, but our commitment at Bon Estates is directed toward the affordable premium segment. In the Klang Valley, with its substantial population and economic influence, opportunities abound. The demand for novel experiences, innovative products, and well-designed homes remains constant.

While it’s a challenging market, we embrace it as an opportunity to enhance our standards and focus on building high-quality homes, prioritising quality over quantity.

 

Business growth beyond Malaysia

Tell us about your first retail business venture in Bangkok.

Goh: It was a truly unique opportunity to enter the Thai retail business venture due to its strategic location in the heart of Rama 9, the new CBD of Bangkok City.

We have built a distinctive mall with 150,000 sqm of floor area and over 30 per cent of spaces are dedicated to MICE and entertainment, concert halls and auditoriums. It has not been easy to navigate managing a shopping mall business during Covid-19, through hard work and perseverance, we managed to pull through, and currently, we are on track for profitability and have achieved more than 55 per cent occupancy of the mall. The mall is currently undergoing a rebranding exercise where it will eventually take shape as BRAVO BKK, the fit and fun mall.

 

Why did you choose Bangkok?

Goh: Bangkok ranks as the top-visited city in the world (over 20 million per year) plus over 10 million local population – big opportunities to grow our brand here.

 

Are there any plans for further expansion in the region?

Goh: Currently, we plan to focus on Malaysia and Thailand first for the next three years. As properties are long-term gameplay, we will have to plan strategically ahead. We will be doing more mixed development play in Thailand in the future and more residential focussed in Malaysia. Subsequently, we will be looking at expanding into other ASEAN countries like Indonesia, Cambodia and Vietnam.

Source: Tatler Asia