Tuesday, May 10, 2011

Empire City Update 2

Ok, time to write some update about this development.

Basically this is a huge development at 23 acres land, something like Bangsar South City by UOA, but this development is call "Empire City" by Mammoth Empire.

Mammoth Empire start as small developer at Bangsar area, subsequently they build Empire Subang, which at that time everyone still have doubt about their capability. Then magic happened, they successfully transform Subang Parade area become higher class area using Empire Subang. The success of Empire Subang bring valuable brand and followers to their company future projects. Riding of this success, Empire Mammoth aggressively launch others project like Empire Damansara, Empire City, Empire Residences and etc.

Empire City would be their biggest project launched so far, and it execute almost same times as Empire Damansara (this make me a bit worry whether they able to cope with multiple projects at same time). If you use LDP towards Kepong area, you can see they start clearing the land right opposite Damansara Perdana area. So far, they have start offer some of the Empire City for sales as below:

1. 2 blocks of Studio Office name "Halo" and "Sunday". Size about 400sf++, fully furnish, selling around RM200k-300k, total have about 641 units

2. 1 block of SOHO name "My Loft" - Size about 700sf++, same concept as SOHO at Empire Subang, using mezzanine as second floor for @ 16ft ceiling height. Selling from RM350k above.

3.  1 block of SOHO name "Colonial Loft" - Size about 900sf++, same concept as My Loft but bigger size. Selling from RM400k++ onwards.

4. 1 block of SOHO office with 20ft ceiling height. Selling from RM400k++ onwards.

So far the developer have sold most of the units above, with some leftover units. They are using "outsourcing" as they marketing tactic.

Based on Mammoth Empire Master Plan, foresee there will be more launches in future, like Hotel, Shopping Center and etc. Seem like they would like to duplicate the success of Empire Subang here, with bigger scale. This is also what their buyer hope when they buy Empire City. (FYI, Empire Subang SOHO market price now is more than double the initial developer selling price).

Personally, building Empire City is a big challenge to Mammoth Empire, looking at their company size. But it is much more bigger challenge whether they execute the Master Plan correctly, like brand it to become one of the hottest shopping area at PJ.

Never the less, the developer price the unit at quite acceptable price looking at current HOT market. Just a quick comparison with SCOTT SOHO which is now selling at RM450k++ for 700sf++ units, Empire City is only selling at RM350k++ for similar size unit at My Loft. No doubt SCOTT SOHO is using better material with higher ceiling height. However what investor is looking for is overall concept of the City, while SCOTT SOHO is just a block of building with Tesco beneath. Your choice :)

Also see below:

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