This article first appeared in City & Country, The Edge Malaysia Weekly on February 10, 2025 – February 16, 2025

OSK Property Holdings Bhd, the property arm of OSK Holdings Bhd (KL:OSK), ended 2024 on a high note with the completion of several significant project handovers, including MIRA @ Shorea Park in Puchong, Selangor, and Iringan Bayu Phase 8D (Erama) in Seremban, Negeri Sembilan.

It also launched new projects such as Mori Park Phase 1 (ALIA) in Shah Alam, Selangor, and Hana Hills in Taman Melawati, Kuala Lumpur, and completed land acquisitions in Sungai Petani, Kedah.

Last year, the developer completed the acquisition of 686 acres of freehold plots in Sungai Petani for RM147.79 million. In January this year, it further acquired four parcels of freehold land measuring 26ha in the same area in Sungai Petani for RM14.17 million. The acquisition is expected to be completed by 2Q2025.

In an exclusive interview with City & Country, OSK Property CEO of property development Ong Ghee Bin says the newly acquired parcels are for a new residential township development featuring 1- and 2-storey terraced houses priced between RM250,000 and RM420,000.

“The lands are located next to Permaipura Golf & Country Club and surrounded by mature residential neighbourhoods such as Taman Aman Jaya and Ambangan Heights,” he says.

“OSK Property has been developing for nearly three decades in Sungai Petani under our flagship development known as Bandar Puteri Jaya and we are very familiar with the market trends as well as demand and supply of the area.

“We see the potential to create a new township in this location similar to our Bandar Puteri Jaya township. The parcels of land are also close to the upcoming Gurun industrial development and the growing Kulim industrial zone, offering potential residential options for the strong labour force there.”

Recapping OSK Property’s performance in 2024, Ong says the year was a strong one for the company.

“We were more prudent with [property] launches in 2023. As market conditions improved in 2024, we managed to launch nearly RM1.3 billion worth of projects. In terms of revenue and sales, we did better compared to 2023. I may not be able to disclose the exact figures just yet, [ahead of] our company’s AGM (annual general meeting), but I can confidently say it’s about 40% greater than that of 2023.

“The year 2024 has been a remarkable one for our company, marked by significant milestones and achievements. We are proud to have had an increase of revenue year on year, reflecting strong market demand and the quality of our developments.”

In 2025, Ong says, the company will build on the previous year’s momentum, with the upcoming launches of several phases worth a total of RM1.36 billion.

“We have several projects in the pipeline, solidifying our product deliveries for 2025. Our goal is to capture this improvement in market take-up and provide products that remain end-user-centric, addressing the gaps in homeownership for our customers.

“We also continue our efforts to integrate sustainability and smart technologies into our developments, with the inclusion of green certifications for all high-rise developments. This shows our commitment to building responsible and sustainable developments.”

Mori Park Phase 2 in Shah Alam

Following the unveiling of the 15.4-acre Mori Park transit-oriented development (TOD) in Section 13, Shah Alam, last July, OSK Property plans to launch the second phase in May.

Mori Park Phase 1, or ALIA, comprising 22 retail lots, 76 flexi suites and 812 serviced apartment units on 3.54 acres with a gross development value (GDV) of RM398.1 million, was 53% taken up as at end-2024.

The entire Mori Park project will be developed in five phases.

Phase 2, whose name will be unveiled at a later date, will comprise 841 serviced apartments, 35 retail units and 187 flexi suites housed in a 36-storey block on a 3.41-acre parcel. Phase 2 has a GDV of RM491 million and is estimated to be completed by 2Q2029.

Phase 2 serviced apartments will range from 550 sq ft, one-bedroom Servis Apartmen Mampu Milik (SAMM) units to the open market 829 sq ft, three-bedroom units and 958 sq ft, three-bedroom units with a dual-key option.

The indicative selling prices of the open market units start from RM338,000, while the SAMM units have a fixed price of RM270,000.

In terms of facilities, residents of Phase 2 will enjoy family-oriented wellness and fitness facilities, including a 40m infinity pool, wading pool, jogging track, Jacuzzi, sky gym and yoga hut. There will also be a relaxation area, including a hammock garden, chill zones, a barbecue area and party space.

The retail lots on the lower ground and ground floors are for lease only and will measure 560 sq ft to 3,649 sq ft, along with a 4,209 sq ft drive-through retail unit. The flexi suites will be located on Levels 1 to 7, with built-ups ranging from 549 to 722 sq ft.

The flexi suites offer a unique dual-purpose space under a commercial title, which makes it ideal for office use and home living. “Designed for modern professionals and entrepreneurs, it provides an affordable, small office solution near public transportation, catering for the rising trend of business owners seeking convenience.”

Situated 800m from the upcoming Stadium Shah Alam station (Shah Alam Line, LRT3), Mori Park is the first TOD in Section 13, Shah Alam, says Ong. “We will be building a pedestrian link bridge to the upcoming LRT station and the future Shah Alam Sports Complex.”

New residential launches in Penang and Kedah

In Penang, OSK Property plans to launch Harbour View Residence, an affordable housing project in Butterworth by the end of the first quarter.

The launch of this project has been rescheduled from last July. “This strategic adjustment enables us to refine and enhance the overall Harbour Place master plan to deliver a more comprehensive, well-integrated community,” explains Ong.

As the eighth phase of the developer’s 33.4-acre Harbour Place master development, the 2.04-acre Harbour View Residence project has a GDV of RM170 million and will offer 373 freehold apartment units with a built-up of 950 sq ft. The units will be priced from RM416,000 and are expected to be completed in 1Q2029.

“Nestled within a mature neighbourhood and with its strategic location, it will offer residents easy access to schools, hypermarkets, shopping centres and eateries. The development’s proximity to the upcoming Penang Sentral LRT Station ensures seamless connectivity to the rest of the city,” says Ong. Facilities within the property include a swimming pool, gymnasium and pickleball court.

In Kedah, the developer is looking to launch the first phase of Taman Lang Aman, a landed residential development in Sungai Petani, by end-1Q2025. The 50-acre project is located near OSK Property’s established 2,500-acre Bandar Puteri Jaya master-planned development.

“The launch of Taman Lang Aman was initially planned for December 2024, which was when the registration campaign began. We rescheduled the special preview of Taman Lang Aman to February 2025 in conjunction with our Chinese New Year Open House on Feb 8, as the lively festivities would be able to draw a larger crowd,” says Ong.

Phase 1 of Taman Lang Aman will comprise two zones. Zone 1 has an estimated GDV of RM97 million and will offer 197 two-storey terraced houses priced from RM456,950, with land sizes measuring between 20ft by 70ft and 20ft by 100ft.

Zone 2 will feature 86 Rumah Makmur Kedah medium-cost 2-storey townhouses with land sizes of 24ft by 70ft and a GDV of RM18 million. These units will have a fixed price of RM200,000.

Taman Lang Aman will be developed in four phases and will comprise 430 terraced houses, 144 Rumah Makmur Kedah medium-cost homes and Rumah Aman Kedah low-medium-cost homes, one block of low-cost apartments and 22 shopoffices.

The developer plans to launch Phase 4, which includes 300 apartments, in its Yarra Park township in Bandar Puteri Jaya in 4Q2025.

New landed homes in Seremban, beachfront apartment in Kuantan

At OSK Property’s 1,668-acre Iringan Bayu landed township development in Seremban, the company has lined up two launches — Phase 17 and Phase 18, with a GDV of RM164 million and RM77 million respectively — by the third and fourth quarters respectively.

Phase 17 will comprise 262 two-storey terraced homes on 9.24 acres. The homes will have lot sizes of 20ft by 70ft and built-ups ranging from 1,400 to 1,610 sq ft.

Phase 18 will offer 285 one- and two-storey Rumah Mampu Milik terraced homes with indicative built-ups of 850 to 1,200 sq ft.

The developer plans to complete its beachfront development at Balok Beach in Kuantan, Pahang, with the launch of Phase 3 in November.

“The last phase will comprise 1,274 serviced apartments and six commercial lots with a GDV of RM670 million,” says Ong.

The two earlier phases are serviced apartment developments Swiss Garden Resort Residences (Phase 1), completed in 2014, and Timurbay Seafront Residences (Phase 2), which was completed in 2019. Both phases have been fully sold.

Ongoing and new developments in Melbourne

At the developer’s ongoing five-acre Melbourne Square development in Southbank, Melbourne, plans are underway for the third and fourth phases of the project.

Melbourne Square, which has a GDV of A$2.8 billion (RM7.6 billion), is a development by Yarra Park City Pty Ltd, a joint venture between OSK Property and the Employees Provident Fund (EPF).

The third phase, which will feature the fourth tower at Melbourne Square, is a joint-venture development between OSK Property and a consortium formed by Australian real estate investment manager Qualitas and real estate developer Gurner Group.

Ong says the fourth tower will be a build-to-rent project. “The team is working to secure the necessary approvals and, if all goes as planned, construction of this 54-storey tower comprising 628 apartments is targeted to begin in the fourth quarter of this year.”

The fourth phase will feature the fifth tower — a 65-storey building with more than 650 apartments. “The timing of the launch will depend on property market conditions in Melbourne and the sales progress of the BLVD tower,” says Ong.

The earlier phases of Melbourne Square are MSQ (first two towers) and BLVD (third tower). The first phase, MSQ, comprises 1,054 apartments, was completed in early 2021 and is over 90% sold to date. The second phase, BLVD, was launched in 2023, and features a 74-storey residential building with 602 apartments.

“So far, we have achieved 65% in sales for BLVD, despite the subdued property market in Melbourne and the high interest rate environment. Our projects in Melbourne Square continue to progress well amid these challenging market conditions,” says Ong.

Construction of the RM2 billion BLVD tower began in July 2024 and completion is scheduled for April 2028.

In 2022, OSK Property acquired two adjoining properties adjacent to Melbourne Square for a new development called Queensbridge Place, which is in the works.

“We have yet to finalise the details but plan to submit a proposal for the 7,800 sq m site this year to secure a new planning permit, replacing the existing permit for one of the sites. The proposed development can accommodate three residential towers, with a total gross floor area of up to 200,000 sq m, subject to approval,” Ong says.

Committed to delivering quality

Despite its optimistic view of the property market this year, Ong says OSK Property will emphasise prudence in financial management. “With the impending removal of the RON95 petrol subsidy this year, which may affect the purchasing power of consumers and disposable income of families, we will continue to focus on cost-management measures with PropCon, which will allow us to price our products more competitively in the market.”

PropCon is a collaboration between OSK Property and OSK Construction, the group’s construction arm.

“The incentives from Budget 2025 will promote first-time homeownership, and most of our products are in the price range covered by the government’s announced incentives,” says Ong.

Nonetheless, he acknowledges the potential challenges of rising construction costs, the increase in minimum wage and the introduction of EPF contributions for foreign workers.

“These will inevitably affect our operational costs, as the construction industry remains significantly reliant on foreign labour. Despite these hurdles, we remain committed to delivering high-quality developments that meet the evolving needs of our buyers and support sustainable growth,” he says.

One way to achieve that is to actively acquire more land banks in strategic locations, ensuring a steady pipeline of projects to support expansion.

“One of our pivotal strategies is to develop new townships that foster vibrant communities, offering holistic living environments with seamless access to amenities and infrastructure. In addition to townships, we are exploring niche opportunities through opportunistic pocket developments in high-demand areas,” says Ong.

These projects will address specific market needs while complementing the company’s broader portfolio. “Our developments remain consumer-centric, prioritising homes that align with current market demand in terms of design, functionality, location and pricing.”

Source: The Edge