KUALA LUMPUR: Eastern & Oriental Bhd (E&O) is banking on sustained demand for luxury residences among foreign buyers, with more than 70% of its landmark Conlay by E&O development already taken up by international purchasers, led by investors from Taiwan, China, Singapore, Japan and Western countries.
The Conlay Signature Suites, the upper-tier second phase of Conlay by E&O, has recorded a take-up rate of 40% since its soft launch in May, with overall project sales reaching about 76%.
E&O managing director Kok Tuck Cheong said the group remains optimistic about the resilience of the luxury property segment, especially in the Kuala Lumpur City Centre (KLCC) area, where discerning buyers continue to prioritise quality, location and service over price.
“Projects like Conlay are not driven by cost alone. Buyers in this segment are looking at quality, location and architectural identity, and we have delivered that,” he said at the official launch of Conlay Signature Suites today.
The premium freehold development, located near the Conlay MRT station and the KLCC, has seen strong market traction despite global economic headwinds and Malaysia’s evolving property market.
He added that international buyers see Kuala Lumpur as undervalued compared to other regional capitals.
“Our buyers, especially from East Asia and Europe, view KL as offering excellent value for lifestyle property. With our collaboration with Mitsui Fudosan, we are giving them both luxury and legacy,” Kok said.
The 491-unit project, developed in collaboration with Japan’s Mitsui Fudosan Group, sits on 1.44 acres of freehold land and has a gross development value of RM968 million.
Unit prices in the Signature Suites range from RM1.52 million to RM12 million, offered fully furnished under a build-and-sell concept.
While Conlay Signature Suites nears completion, Kok revealed that E&O is preparing to launch a development in Elmina, on the outskirts of Kuala Lumpur in the fourth quarter of this year.
This marks the company’s ongoing push into affluent growth corridors beyond the city core. The Elmina development will reflect what we have learned from Conlay Signature Suites; it won’t just be about square footage, but lifestyle integration. We’re observing the evolving demand patterns,” he said.
When asked about landbank expansion, Kok said E&O remains open to acquiring new plots but stopped short of disclosing specific locations or land size.
“We’re selective. It’s not about how much land we have but where it is and what we can do with it.”
The move to Elmina reflects a broader trend among developers repositioning themselves in Klang Valley’s high-growth outer ring, amid rising land and construction costs in the city centre.
Touching on policy issues such as the Foreign Source Income Tax and the change in the Overnight Policy Rate, Kok said current E&O projects are unaffected due to fixed-price, opt-in contracts. “Any changes in tax policy will ultimately affect the entire value chain, including end buyers. But for Conlay and our ongoing projects, we’re not impacted.”
Kok acknowledged that building Conlay was particularly challenging due to its architectural demands.
The contractor, KP Prospek, had to undertake meticulous coordination to deliver the iconic design envisioned by Kerry Hill Architects and GDP Architects.
“The structure is deceptively simple, but technically complex. We had to coordinate precision detailing, from facade fins to interior finishes, and we’re proud of the result,” Kok explained.
E&O faces stiff competition in the luxury high-rise segment, particularly in the KLCC precinct. However, the group believes Conlay Signature Suites’s design pedigree, wellness-driven amenities, and full-service offerings have helped it stand out.
The Signature Suites range from 635 sq ft to 3,617 sq ft, featuring facilities such as sky dining, music rooms, wellness floors, a heated infinity pool, and 24-hour concierge services, including a personal chef.
The development has secured provisional GreenRE Gold certification for sustainability.
“This building will be a landmark not just architecturally, but as a symbol of urban resort living in the heart of Kuala Lumpur,” Kok said.
As the group moves towards launching its Elmina project and explores future opportunities, E&O appears set to retain its niche in delivering high-end, lifestyle-driven developments for both local and international buyers.
