Crafting Spaces That Speak To Heart And Mind
BÖN Estates Sdn Bhd may seem like a newcomer to the industry but this boutique developer has come a long way from where they were in 2009. BÖN Estates today is the result of the whole new facelift and rebranding of PPM Realty Sdn Bhd which started out as a development company in 2009. Two signature projects, back then included the gated-and- guarded White Lily, a development comprising 73 terraced houses and also Minden Gardens, consisting 94 units of terraced and semi-detached houses. Both projects, located in Minden Heights, Penang, were fully sold upon their completion in 2012.
In an exclusive interview with Property Insight, BÖN Estates Managing Director, Goh Soo Sing, shared on the direction of the company as it embarks on the journey towards success and the qualities that make a good leader. In the discussion, Goh shared his views on the direction of the company as well as qualities that make a good leader.
Its accolades alone testify to its sterling reputation and this includes being nominated for Property Insight’s Prestigious Developer Awards 2017 under the category of “Best Luxury High Rise Development”.
BÖN Estates is a boutique developer with a strong focus in building astutely designed homes. According to BÖN Estates managing director Goh Soo Sing, The Estate is the developer’s flagship project and debut in the Klang Valley.
Interestingly, its sales gallery’s use of natural materials was intended to translate to the five senses — sight, hearing, taste, smell and touch. “The word, BÖN means different things in different languages. For us, it is based on the Tibetan language, which means the balance of the five elements. That is why the five senses are important to us as they reflect the BÖN Estates brand,” Goh says.
Goh, a finance graduate brought up in a family involved in real estate, possessed a keen interest in the business even before he entered university. Needless to say, Goh began his career path working as an investment banker. However, when opportunity came knocking in 2009, with an available plot of land for low density developments in Penang, Goh did not waste precious time in grabbing the opportunity to develop projects in the Minden Heights area.
“No business is always a smooth ride especially in the real estate business. As we were quite new in the sector, it was not an easy feat to convince the banks to give us financing, hence we had to look for investors and also seek out banks that were willing to support us,” says Goh.
Luck was on his side when Maybank decided to fund their first project in Penang.
“Maybank saw our sincerity and also our integrity in our business dealings and has been our main supporter till today. This is something which I am very grateful for,” says Goh.Remove featured image
He also mentioned that launching his development in the Klang Valley was also not an easy task. “It is a very competitive market and good land banks are hard to come by. Thus, I am happy that I have secured a great land bank in Klang Valley for The Estate development which saw a successful launch in the sales gallery recently, where we secured 60% sales at the launch,” Goh adds.
The Estate will sit on a 3.68-acre freehold parcel along Jalan 112H, south of Bangsar. The two 46-storey towers consist of 328 units with built-ups ranging from 2,346 sqft. to 7057 sqft. priced at RM800 psf. There will be four units per floor, with each one being a corner unit. The north-facing units will have a view of Universiti Malaya and the Kuala Lumpur city skyline, while the south-facing units will overlook the Bukit Gasing forest.
Goh shares that the unique selling point of The Estate is the units are catered for families. Standard units come in options of 4+1 bedrooms, while the dual-key units which makes up 40% of the project come in options of 5+1 bedrooms.
He shared that the supply for small units in South Bangsar are aplenty. However, bigger units are limited and when it comes to rental yields, South Bangsar command a higher rental yield. Thus, Bon Estates saw the opportunity to address the gap in this market and decided to build larger units.
All units come with a marble floor finishing for the living area; homogenous tiles for the balcony, wet kitchen and bathrooms; engineered wood flooring for the bedrooms; and carefully selected bathroom fixtures which include designer sanitaryware, quality brass taps and stone composite bathtubs.
Goh added that the reason why they were supplying quality finishing was because they wanted their buyers to move into their units hassle-free. Even the walls were fitted with plastic (PPR) pipping, because these high quality pipes are designed to withstand high pressure and temperature to prevent inter-floor and intra-floor leakages, which will minimise maintenance and leakage issues. In addition, these plastic pipes are hygienic and safe with no toxic chemicals being used during the manufacturing or joining and installation of the pipes to deliver clean water to your homes. These are also some of the things that buyers cannot change and being a responsible developer, BÖN Estates wanted to provide all these top quality products at an affordable rate.
“We try to price our products competitively so that our buyers can gain appreciation in value over time,” states Goh.
Besides a good design layout, The Estate also has amazing facilities. There are a total of five pools at The Estate — the two sky pools at each tower, a lap pool, family pool and kid’s pool. Other facilities include a 3,000 sq ft gymnasium, yoga room, meditation room as well as child-friendly facilities such as an open play area with a sunken lawn, customised play area and an indoor playroom. Both towers also come with sky decks with a barbecue area, dining area, lounge area, party rooms, multipurpose hall and a dipping pool.
“Seksan Design Sdn Bhd is one of the best in designing resort themed facilities hence we choose to work with Ng Sek San. Other than that, we are giving 4 four car parks which isn’t common as most developers only give one or two car parks. We decided to give 4 four car parks per unit because we wanted to think long-term for the whole development by ensuring that everyone has a car park inside rather than having to park outside on the road which will cause a congestion. So you can say that the difference between us and other developers is that we really think long-term for our buyers,” says Goh.
THE RIGHT LOCATION
BÖN Estates choose to establish The Estate in South Bangsar because they prefer to be close to the mature township of Bangsar.
“It is a strategic location for us to build our name at somewhere visible and with a proven market to minimise our risks as a new developer in the Klang Valley. Today, South Bangsar is also renowned as a hotspot where there is positive migration from the surrounding mature neighbourhoods with buyers coming from Seputeh, Taman Desa, and also Bangsar.
“People do not mind moving to South Bangsar now because the place has completely transformed from what it was before. Today in South Bangsar, there is a strong pool of multinational corporations with 22 blocks of boutique office towers which provides a steady pool of tenants due to its extensive workforce. The area is also convenient in terms of transportation.
Goh considers his former bosses and former colleagues as his mentors.
“I learnt from them whether it was a good or bad thing as I find it better to learn from others. My parents taught me to be humble and prioritise helping others, as they themselves practiced prioritising our staff welfare over theirs. It is our responsibility to ensure that their employees’ job security is taken care of and these values have been stuck with me since.
“They also thought me that there is no free lunch and short cuts in this world and in order to be successful, you need to be patient and have perseverance in doing the business. At the same time, you have to be able to adapt to changes while maintaining a high level of commitment and integrity. These are the essential factors that you need to be successful in business. However, the most important thing to note after you have become successful in business is how you will maintain the wealth that you have created. That would be the ultimate test at the end of the day,” shares Goh.
BE YOUR OWN LEADER
In talking about what makes a good leader, Goh believes in leading by example. According to Goh, he always set a high benchmark for himself because in order for a company to be successful, the leader must lead the pack. A good leader must also have passion in his role in the company and extend compassion to others and continue to think of how they can add value to others.
Goh is positive that BÖN Estates will be able to push sales to 80% by the end of this year, following the good response they have received from buyers so far. On top of that, BÖN Estates is actually in the planning stages for two other projects, with the upcoming development to be situated in Mont’ Kiara.
“We are currently planning for a 4 four-acre mixed development in Mont’ Kiara. After studying the demand and supply there, we have come to the conclusion that we want to build smaller units there because there is already an oversupply of large units in Mont’ Kiara. For this new development, we will be targeting younger homeowners, even first-time home buyers and potential property investors who want to have a piece of investment in Mont’ Kiara.
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