This article first appeared in City & Country, The Edge Malaysia Weekly on September 30, 2024 - October 6, 2024

TA Global Bhd, via its wholly-owned subsidiary TA First Credit Sdn Bhd, will launch CloutHaus Residences, its latest mixed-use development, in the fourth quarter of this year. The project, located in Jalan P Ramlee in the Kuala Lumpur city centre (KLCC), has been open for registration since end-September.

Comprising components such as a hotel, private residences and serviced apartments, CloutHaus Residences has been designed to offer a timeless luxury concept with both classical and contemporary elements, says TA Global CEO Tiah Joo Kim in an exclusive interview with City & Country.

“We don’t want to be trendy. Instead, we want to be an icon that will stand the test of time, like the Petronas Twin Towers, and continue to represent the best of Kuala Lumpur,” he elaborates.

“If we can incorporate a Malaysian story and cues into our design, we will certainly do that as well. We could also do simple things like featuring art by local artists, using materials from local vendors or adding local elements to the design.”

The idea of CloutHaus Residences came about several years ago. It was supposed to be launched in 2019 but things did not go as planned, Tiah reveals. “After completing the piling and basement work in 2019, our project faced an unexpected halt due to the Covid-19 pandemic.”

The superstructure works for the main towers are scheduled to commence by the end of this year. The entire development is expected to be completed in 2029.

Tiah explains how the name of the development came about. “CloutHaus is a blend of two words ‘clout’ and ‘haus’. The first refers to a position of great influence and reputation while the other is the German word for house.

“We envision this project to be a place where people with clout or people who have strong influence would converge or be present. These people would have a strong influence in the areas of business, the arts, culture, nonprofits and world charity work.”

He highlights the importance of the development’s location, noting its potential to be embraced locally and internationally. “In everything we do, we always consider how to respect and honour the location, its heritage and history, as well as the people who live here,” he says.

“We focus on how to tell a Malaysian story that closely aligns with our hotel’s mission. We always talk about our role as being a local champion and the importance of celebrating what is local.”

High-end abodes

CloutHaus Residences will comprise two towers — the 58-storey Tower 1 and the 66-storey Tower 2 — on a 2.259-acre freehold commercial-titled tract. Tower 1 will have 242 units of private residences and a 548-key hotel (to be named Paradox KLCC) while Tower 2 will house 615 serviced apartments.

Tower 2, with any estimated gross development value (GDV) of RM1.515 billion, will feature studio to three-bedroom apartments that have built-ups of 549 to 1,216 sq ft, with an average selling price of RM2,900 psf. The maintenance fee, including the sinking fund, will be about 80 sen psf.

The facilities in Tower 2 will include an explorer playhouse, sky lounge, sky bar, karaoke and wine lounge, cardio and functional gym, pilates and yoga studio, games room, mahjong room, golf simulator room, music room, dining lounge, trellis lounge, infinity sky pool, sky Jacuzzi and spa, floating lounge and wading pool.

As for Tower 1, the hotel and private residences will be managed separately. Further details on the private residences, which will be up for sale, will be made available soon.

In line with the developer’s environmental, social and governance (ESG) goals, Tiah says CloutHaus Residences has been awarded the GreenRE Provisional Certification. The development’s green features include siphonic rainwater systems that offer efficient drainage, save space and reduce costs; pneumatic waste collection systems that provide high-rise buildings with efficient waste transport, improved sanitation and space savings; as well as an automated car park system that helps optimise parking management by accommodating more vehicles in a smaller footprint, reducing the risk of accidents and minimising vehicle emissions.

The target market for the two towers are high-net-worth individuals, young professionals, international and local investors as well as buyers from Southeast Asia, China, Taiwan, Singapore, North Asia, Japan, South Korea and the Middle East, says Tiah. “If we are talking about percentage-wise, we’re targeting the international market more,” he adds.

Prime location

The site on which CloutHaus Residences is situated is one of the most sought-after locations, he says. “Our company has had this land for some time and we feel that location-wise, it is really the best. We’re going to say it’s basically the most iconic address to have.

“It is right across from the Petronas Twin Towers, which is in the central business district of Kuala Lumpur. As you know, the Twin Towers is basically an icon of Malaysia. People recognise it right away all over the world. Hence, our tagline for this development is ‘the ultimate address of luxury’.”

Tiah notes that a lot of investors, whether local or foreign, understand that land is scarce in Kuala Lumpur. “Properties are investments that tend to go up with time because you cannot make new land and location certainly plays a role. What parcels of land are right in front of the Petronas Twin Towers? So, it is almost like the last opportunity in that area.”

According to him, the prices of homes in the KLCC area have historically appreciated 3% to 5% a year. For higher-end developments, prices may appreciate 7% to 10% annually.

On why this type of development will be suitable for the area, Tiah says that generally, office buildings are having a tough time right now because more people are working from home. So, office spaces are not the same as what they used to be.

“KLCC as a location is where there is a lot of excitement. For example, there are shopping and dining experiences as well as heritage buildings, making it rich with culture,” he points out.

“There has been an increase in long-term stays by foreign nationals and expatriates over the years. What we found was that this group of people want to be in the heart of the city, where they have convenience right at their doorstep.

“KLCC is also becoming a place where a lot of international travellers come to on a regular basis and stay for months, so it’s like a second home to them. They want to have the convenience of being able to have everything within reach.

“So when you have a hotel, private residences and serviced apartments in that area, it just makes sense because it creates a convenient lifestyle. They get to experience the services at CloutHaus Residences while enjoying the retail offerings of the immediate neighbourhood.”

Tiah says property prices in Malaysia are relatively affordable compared with other parts of Asia or any other vibrant metropolis. Therefore, he believes people will always see the value of the area.

The debut of Paradox Hotels in Malaysia

In its hospitality segment, TA Global launched the Paradox Hotels and Resorts in March 2022. Paradox is a Canada-based boutique hospitality brand inspired by the tastes and desires of a new generation of travellers.

To date, six of the developer’s hotels have been rebranded as part of the Paradox Hotel Group — Paradox Hotel Vancouver in Canada; Summit Lodge Boutique Hotel and Aava Whistler Hotel in Whistler, Canada; Paradox Resort Phuket in Thailand; Paradox Singapore Merchant Court in the city state and Paradox Kunshan in China.

On the local scene, Paradox KLCC will be the first for Malaysia. Another upcoming Paradox hotel will be part of the developer’s 48-acre Damansara Avenue mixed-use development master plan on Bandar Sri Damansara, Selangor.

“Poised to become the first Paradox Hotel in Malaysia, we expect [Paradox KLCC] to be perceived positively by the public. It’s certainly a challenge to grow a local brand when you’re competing against foreign brands. We will have certain disadvantages but we’re going to make sure we capitalise on the advantages,” says Tiah.

“The best part of being independent and a local brand is that you can just make decisions for the brand’s growth versus other brands that are stuck at their standards and SOPs (standard operating procedures). My hotel brand is very young. I’m still in the process of standardising all the brand standards and SOPs for every hotel.”

He reveals that the developer plans to expand further over the next 10 years in Thailand, Australia and other territories where its brand is already familiar.

The road ahead

Tiah highlights that TA Global’s upcoming launches over the next 10 years will have a GDV of more than RM20 billion. Some of the more recent projects include Avens Residences @ Idaman Hills in Kluang, Johor; The Arden office suites in Bandar Sri Damansara; Richmont Estate Phase 1 in Bukit Beruntung, Selangor; Ceylon Hills at Bukit Ceylon in Kuala Lumpur; and Nova Square at Bukit Bintang, Kuala Lumpur.

Avens Residences is part of the 95-acre Idaman Hills, a freehold residential development surrounded by nature and amenities. Avens Residences consists of 76 single-storey houses with built-ups starting from 1,906 sq ft. The project has a GDV of RM35 million and is expected to be launched in 4Q2024.

The Arden office suites is a 40-storey strata office tower, part of the 15-acre mixed-use phase of the larger 48-acre master plan of Damansara Avenue. The office tower will comprise 455 units and have a total net floor area of 417,167 sq ft. The project has a GDV of RM375 million and is expected to be launched in 4Q2024.

Richmont Estate Phase 1 will be part of the 1,000-acre Idaman Heights, the master plan of which consists of homes and commercial lots. On a 50-acre tract, the project will consist of 348 double-storey houses, with a land area of 20ft by 60ft and a built-up area of 1,550 sq ft or with a land area of 23.5ft by 60ft and a built-up area of 1,950 sq ft. This project has a GDV of RM234 million and is expected to be launched in 2025.

Ceylon Hills will be a luxury, low-density serviced apartment development situated on a 0.7-acre parcel. It will comprise 300 units with built-ups of 540 to 1,883 sq ft. The project has a GDV of RM330 million and is expected to be launched in 2025.

Nova Square will be located on a 3.12-acre freehold land in the heart of Kuala Lumpur’s Golden Triangle, says Tiah. The project will be a luxury residential development of three towers with about 1,876 serviced apartments and retail lots. The serviced apartments will have built-ups of 583 to 1,108 sq ft. The development will have a GDV of RM2.16 billion and will be unveiled next year.

On his expansion plans, Tiah says: “Property development in Malaysia is a traditional business, it’s very competitive. We’ll continue to make our mark through our design identity and project quality. We will also continue to take on projects as we grow organically.

“I’m the second generation [being the son of company founder Datuk Tony Tiah], so I want to run my own race. I want to be able to impact the way people live and the way communities grow.

“I also want to shape the skyline of cities. I want to make people happy with the things that we build. All these things drive me more than anything else and that is why we are so design-focused.”