EUGENE MAHALINGAM

Scenic: The shoreline slated for reclamation under Seri Tanjung Pinang Phase Two project. Chan says E&O is in final negotiations to award the reclamation contract to a potential partner

KUALA LUMPUR: Eastern & Oriental (E&O) Bhd is optimistic of achieving its net profit target of RM173mil for its current financial year ending March 31, 2016, based on the number of ongoing projects the company has in its pipeline.

The company had set a cumulative net profit target of achieving RM450mil from 2014 to 2016, with the RM173mil being the “balance of target” to be achieved for this year, said deputy managing director Eric Chan.

“We have a programme in place. Yes, we’re operating in a challenging environment, but we’re working hard to roll out plans (to achieve the target),” he said at a press conference after the company AGM yesterday.

In a presentation, Chan said the company had line-up several launches in Penang, Kuala Lumpur and Johor to support the RM450mil cumulative net profit target.

“We have achieved 67% of that target for the first quarter of our current financial year,” he said.

E&O has unbilled sales of RM928mil as at August.

On the group’s Seri Tanjung Pinang Phase 2 project, Chan said the company was in final negotiations to award the reclamation contract to a potential partner.

“For the reclamation, we’ve shortlisted to the last two parties and expect to award the contract by the end of the year.”

Chan also said E&O expected to list its indirect unit in the London Stock Exchange (LSE) by the first quarter of next year.

He said the company was in the midst of obtaining the final approval necessary to list its unit.

“We have obtained shareholder approval to go ahead with the listing exercise. By year-end, all approvals should be obtained and we expect to list by the first quarter of 2016.”

E&O said in May that it proposed to admit the entire shares of E&O Property (UK) Ltd to trading on the Alternative Investment Market (AIM), the LSE’s international market for smaller growing companies.

The listing exercise is part of E&O’s plan to support its expansion into the United Kingdom.

For its first quarter ended June 30, E&O’s net profit rose 22.6% to RM23.3mil from RM18.96mil in the previous corresponding period, driven by the share of results of an associate, despite lower revenue.

Revenue fell 47% to RM68.89mil from RM129.74mil a year earlier. Its earnings per share rose to 1.90 sen for the quarter in review from 1.56 sen previously.

The decrease in revenue was due to lower revenue recognition, following the completion of two blocks of the Quayside Andaman Condominium in Seri Tanjung Pinang in the previous financial year.

The post E&O on track to hit target appeared first on Malaysia Premier Property and Real Estate Portal.

KUALA LUMPUR: Industrial packaging and property company Scientex Bhd posted a net profit of RM48.91mil in the fourth quarter ended July 31, 2015, against RM48.84mil a year ago.

It said profit before tax rose 36.3% to RM77mil from RM56.5mil, mainly due to a fair value gain of RM12.6mil.

This gain arose from the revaluation of investment properties and also better margin contributions from the property and manufacturing divisions in the current financial quarter. Scientex’s revenue grew 8.9% to RM452.5mil from RM415.4mil a year ago.

The company said its manufacturing revenue was RM319.9mil, an increase of 7.6% compared to RM297.3mil a year ago. Profit from operations increased from RM15mil to RM24.7mil, in line with an increase in revenue as well as better profit margins.

The post Scientex pretax earnings up on fair value gain appeared first on Malaysia Premier Property and Real Estate Portal.

Grand plan: A night scene at i-City. DoubleTree by Hilton is expected to open in 2018 and will be the second of three hotels to be included in i-City’s RM3bil investment plan to boost the reputation of the development as a formidable business-cum-leisure hub in the western corridor of Greater KL.

PETALING JAYA: I-Bhd has appointed leading hospitality expert Hilton Worldwide Manage Ltd to operate its upcoming RM250mil four-star hotel, the 300-room DoubleTree by Hilton.

DoubleTree by Hilton is expected to open in 2018 and will be the second of three hotels to be included in i-City’s RM3bil investment plan to boost the reputation of the development as a formidable business-cum-leisure hub in the western corridor of Greater Kuala Lumpur.

The other two hotels are Best Western i-City Hotel that is already opened and a five-star hotel will be coming up after the Hilton.

This latest agreement inked by its wholly-owned subsidiary, City Centrepoint Sdn Bhd (CCSB), was pursuant to an earlier agreement signed between Hilton and i-City in terms of development services for DoubleTree by Hilton hotel.

“The agreement with Hilton Worldwide will enable i-City to leverage on its expertise in providing hotel development and management services.

“This is because Hilton Worldwide is a leading global hospitality company, spanning the lodging sector from luxury and full-service hotels and resorts to extended-stay suites and focused-service hotels,” said I-Bhd in a statement yesterday. The RM3bil tourism destination master plan comprises three hotels, a million sq ft regional shopping mall, a theme park, a performing arts cum convention centre and a medical tourism hub.

According to a previous news report, the three hotels will be part of the group’s RM1bil investment property portfolio that I-Bhd was establishing to provide a recurring income stream for the group apart from enhancing the value of properties there.

The investment property portfolio comprises a 1.5 million sq ft regional shopping mall called the CentralPlaza@i-City, three hotels, 8,000 car parking lots and data centres, among others. By 2018, half of I-Bhd’s revenue would be derived from its recurring income segments, namely investment properties and leisure park business, said I-Bhd deputy chairman Datuk Eu Hong Chew in an earlier news report.

Besides recurring income, I-Bhd also targeted to sustain double-digit sales growth to nudge it towards RM500mil in annual revenue in three years, mainly from property development.

I-Bhd had raised RM800mil late last year to fund projects for the next five years. It is confident that all of its properties in i-City would be sold by 2020. As of June, the group had invested RM70mil in its Leisure Park @i-City, which draws about 90,000 visitors per week, and it plans to invest up to RM100mil more by 2018.

The post I-Bhd chooses Hilton to operate RM250mil hotel appeared first on Malaysia Premier Property and Real Estate Portal.

KUALA LUMPUR: Johor Corp (JCorp) real estate investment trust (REIT) Al-Salam is expected to finalise three property acquisitions within two years.

JCorp president and chief executive officer Datuk Kamaruzzaman Abu Kassim said that the properties were located in Kuala Lumpur and Johor.

The company is expected to raise RM252.36mil via its listing, with RM242.86mil to be used to pay for the properties and the remaining RM9.5mil for listing expenses.

“We are planning to purchase five assets and three deals are expected to be completed in two years.

“The properties would be similar to what we have now — office buildings, shopping malls, food and beverages retail outlets and college buildings,” he told reporters after the listing ceremony here yesterday.

The acquisition of the assets would be satisfied partly via units and cash.

Asked on the property glut in Johor, Kamaruzzaman said as the company’s current assets were located in strategic areas, the issue had not affected Al-Salam.

The occupancy rate of Al-Salam’s assets Komtar JBCC shopping mall and @Mart Kempas is above 90% while that for KFCH College, certain KFC and Pizza Hut outlets and warehouses is 100%, he added.

Its current assets are collectively valued at RM903.14mil. – Bernama

On the sliding ringgit, he noted that more Singaporean investors were coming into Malaysia, benefiting the company. – Bernama

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KUALA LUMPUR: Kwasa Land Sdn Bhd, the master developer of Kwasa Damansara, has awarded its first main infrastructure works project “WPC 1A” valued at RM127mil to WCT Holdings Bhd.

The contract is for the proposed construction and completion of common infrastructure work at the Kwasa Damansara township development, a designated area within the vicinity of MX-1 (main town centre) and Kwasa Sentral MRT Station.

The works include site clearance and site preparation, earthworks, roadworks, drainage works, road furniture, sewerage reticulation and sewerage treatment plant, water reticulation, park and ride facilities, electrical infrastructure works as well as soft and hard landscape works.

It should be completed within 104 weeks.

Under the contract, WCT has to award 35% of the total work to bumiputra sub-contractors.

The post First main infra job award for Kwasa Damansara appeared first on Malaysia Premier Property and Real Estate Portal.

BY SHALINI RAVINDRAN

Here’s the plan: Wan Zakariah (left) and senior general manager (expressway division) Khalid Mohamed with a model of the EKVE.

FINALLY breaking their silence, Ahmad Zaki Resources Bhd (AZRB), the concessionaire of the East Klang Valley Expressway (EKVE) project explains about the project in an exclusive interview with StarMetro.

Phase One of RM1.55bil project will stretch 24.1km from Sungai Long in Kajang to Ukay Perdana in Ampang. Work on the highway began Sept 1.

AZRB group managing director Datuk Wan Zakariah Wan Muda addressed environmental and traffic concerns surrounding the project.

“The EKVE is part of the missing link for the eastern region of the KL Outer Ring Road (KLORR).

“EKVE is part of the Highway Network Development Plan outlined by the Works Ministry.

“The KLORR is a traffic dispersal scheme that was planned very much earlier. It is important to complete the link for it to be a full traffic dispersal scheme.

“The Middle Ring Road 2 (MRR2) has reached beyond its capacity of a dual three-lane highway, especially from Batu Caves to Ampang and Cheras.

“The traffic has gone beyond 180,000 cars per day, which is Service Level F (the worst level according to some guidelines for calculating the capacity and quality of service for roads and highways).

“The MRR2 was designed to accommodate a maximum of 160,000,” said Wan Zakariah.

Once completed, the highway is expected to benefit 140,000 motorists a day with an expected growth of 4% per year.

Environmental issues

The most controversial aspect of the EKVE project has been the de-gazetting of 106.6ha of the Ampang Forest Reserve (AFR).

The Selangor government’s endorsement of the project prompted NGOs to voice their concerns. These include Treat Every Environment Special (TrEES), WWF-Malaysia, Malaysian Nature Society (MNS), Protection of Natural Heritage of Malaysia (Peka) and Institute of Foresters Malaysia (Irim).

“About 326.7ha of land will be acquired for the EKVE alignment, out of which 106.6ha is located along the fringe of the forest reserve. This portion constitutes 0.001% of Selangor’s entire forest reserve,” Wan Zakariah explained.

“The excision of the AFR was carried out strictly in accordance with the National Forestry Act 1985 and we are in the process of replacing the acquired forest reserve based on a one-to-one basis.

“What this means is that AZRB has to find replacement land, which will then be handed back to the state to be gazetted as forest reserve. So, at the end of the day the forest reserve will not be depleted or reduced in any way.

“We have identified the location (of the replacement land) and are in the process of changing its status from agricultural land. In fact, we have bought over 130ha of land in between the Ulu Langat and Ampang forest reserves so that it will be a contiguous to the forest reserve,” he revealed, adding that the acquisition of the alienated land aside from the AFR by Department of Lands and Mines (JKPTG) is 80% complete.

“Along the entire alignment, only 15 households in Kampung Sungai Michu are affected and they have been well compensated,” said Wan Zakariah.

On comments by NGOs on the impact of the highway to the forest reserve, Wan Zakariah said several measures were in place to help mitigate any effects to the forest.

“The alignment of the EKVE traverses along a 5km strip close to the forest edge.

“We are not encroaching into the quartz ridge or going through regions with colluvial deposits (rock debris) as that region is unstable and will involve too much cutting,” he noted.

On concerns that the EKVE would dissect the AFR and create a physical barrier and restrict the movement of animals, Wan Zakariah said 40% of this stretch would be elevated.

“For areas where the structures will be on the ground, 21 box culverts will serve as drainage while eight 100m-wide beam bridges will bridge valleys and rivers. Both will double up as animal crossings.

“On average, there will be an opening every 250m for the 5km stretch, allowing for unhindered movement of animals,” he said.

The company and the Department of Wildlife and National Parks (Perhilitan) are working closely to relocate any animals away from the construction site of the expressway.

“From now till the start of physical works, we and Perhilitan will be going into the forest to survey the area and pushing animals across.

“They will be monitoring even during construction should there be any animals to shift,” he adds.

Methodology

According to Wan Zakariah, a special committee will be set up to specifically monitor the project.

“The committee will be answerable to the state exco. As our approval for the project is conditional, the relevant authorities can put in a stop work order if we fail to comply with any of the conditions.

“We have to adhere to over 100 conditions imposed by various authorities including the Malaysian Highway Authority (LLM), Public Works Department (JKR), Ampang Jaya Municipal Council (MPAJ) and the Department of Environment (DOE).

“The longest list of conditions, about 66, come from the DOE alone.

“Most of the them, some covering the entire concession period, relate to environmental and safety issues.

“MPAJ and JKR have particularly stressed on a proper management system to be implemented within the present road reserve during construction.

“This is to minimise traffic congestion, especially at peak hours,” he said, adding the company was currently concentrating on upgrading Jalan Ukay Perdana first.

“Unlike other road construction projects, our work method in the forest will be different.

“Only the specified work corridor will be cleared and we will open up the area in stages, entering the site from the north and south exits.

“The state Forestry Department will go in first to harvest the trees along the corridor. Once that is done, we will come in to do strengthening, erosion control and pavement works.

“Because of this, this stretch will take the longest in terms of duration,” Wan Zakariah disclosed, adding that the highway would be elevated to an average of between 7m and 10m.

To minimise damage, the “manual hand-dug caisson pile” method will be used instead of the conventional bored pile method. This will avoid the use of heavy machinery in the area.

Pollutant removal system

“As part of the stringent conditions set by DOE, as we are passing through the forest reserve, any surface runoff must not be directly discharged into any natural streams unless treated.

“To that effect, we will be introducing the Pollutant Removal System (PRS), which is based on German technology.

“The PRS will filter out all the toxic materials and discharge the water. The discharge will be minimum Class 2, as instructed by DOE.

“The entire work surface acts like a viaduct where surface runoff is directed to the PRS via a specific drainage system and not directly into nearby streams.

“We will have six PRSs throughout that 5km stretch and they will remain throughout the life of the highway, which we will maintain,” said Wan Zakariah.

He said this marked the second time the system would be used in Malaysia, with its first during the construction of the Senai Desaru Expressway in Johor.

Traffic impact assessment

Another highly contentious issue surrounding the EKVE project are claims that an outdated Traffic Impact Assessment (TIA) study was submitted for approval.

“The ‘discrepancy’, highlighted by the Bukit Antarabangsa Residents Association, was clarified in a meeting chaired by MPAJ on Aug 27.

“The residents association claimed we submitted an outdated 2012 report. But the project covered in the report is for the next 10 years and is still valid.

“Even so, we have submitted a new study which was done this March and was accepted by the residents and Miros,” Wan Zakariah pointed out.

Phase two

Wan Zakariah said for the KLORR to be effective, a second phase would also have to be completed.

“We will sit down with the state to find the best alignment so that the ring can be completed.

“The previous alignment was approved by the former menteri besar, but the current administration has reviewed it and disagrees with the alignment as it will go behind the Klang Gates Dam and the Quartz Ridge,” he explained.

“At the end of the day, AZRB will be in charge of building, operating and maintaining the highway.

“It will not be a case of us taking shortcuts during construction as it will only backfire on us,” he said.

The post Behind the scenes of building EKVE appeared first on Malaysia Premier Property and Real Estate Portal.

KUALA LUMPUR: The Mid Autumn festival is a traditional celebration where the Chinese people believed the moon is the brightest and fullest of the year. What better way to celebrate this festival than with performances, various mooncakes and lanterns? Mah Sing Group Berhad (Mah Sing) did just that and more at two of their sales galleries.

Mid-Autum Traditional Performance at Southville City

Mah Sing hosted a colourful mooncake celebration in conjunction with the Mid-Autumn festival at Southville City sales gallery on Saturday, Sept 19. They also took the opportunity to introduce the Savanna suites. Existing buyers as well as the general public were invited to enjoy the festivities. The fairy lady and rabbit mascot were the highlights of the event. Other activities included the autumn festival dance and ‘tang lung’ lanterns giveaway by the fairy lady.

The event, which was held from 6pm to 10pm, saw guests treated to dinner with a wide spread of food and mooncakes and were also able to participate in the wheel of fortune spin for Mah Sing souvenir giveaways. There was also a walkabout with ‘tang lungs’ lead by the fairy lady and rabbit mascot around the bright and colourfully illuminated garden.

Mah Sing is pleased to provide a platform where people are able to come together to celebrate joyous events. At the event, guests were also given the opportunity to tour the Savanna Executive Suite show unit and the Avens Residence show unit. Additionally, it was a unique opportunity for guests to experience the beautiful Southville City in an evening ambiance.

Added-value with MRT Line 2 at Lakeville Residence

In conjunction with the festival, there was also a talk held on the proposed MRT Line 2 construction by Ismael Ho, held at the Lakeville Residence sales gallery. The talk provided previews, insights and opportunities to purchasers and potential customers on the positive impact, including the close proximity of the proposed MRT Line 2 to Lakeville Residence.

The topics covered for the MRT Line 2 talk was on house price index, real estate trends and the 11th Malaysian plan, MRT 2 updates and an overview of Lakeville Residence.

Delicious mooncakes were then given out to all who attended the talk.

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Gambero will be speaking about how infrastructure work in the Klang Valley will affect the property landscape.

An OPPORTUNITY to learn more about the rise of the Klang Valley from sleepy towns to modern thriving metropolises that are rapidly developing, should not be missed. More so now that the interest of both property buyers and investors is on the west of the Klang Valley.

StarProperty.my will be hosting a forum on what are the opportunities and upcoming developments in the Klang Valley’s western corridor.

The forum that will feature some of the industry’s top property experts is free and open to the public.

The event, taking place on Oct 3 and Nov 7, will be held at the Cybertorium of Menara Star and will cover issues ranging from investments to development trends.

REI Group of Companies chief executive officer and co-founder Dr Daniele Gambero will present a talk titled “New infrastructure unlocks the value of property in Klang area” and will cover the current extension to the LRT Line 3, BRT, and future expansion of the MRT Line 1.

Henry Butcher Real Estate Sdn Bhd chief operating officer Tang Chee Meng will present the second talk titled “Is home ownership just a dream for middle-income Malaysians?”

Tan’s talk will cover the topic of whether there are any reasonably priced homes built by private developers for the middle-income group and where to look for them.

Those who are looking to gain more insight into developers that incorporate public transportation into their projects as the answer to future demand-driven property developments, or learn about Khazanah Research Institute’s recent report stating that the Malaysian housing market is “seriously unaffordable”, will be delighted to know that they have the opportunity to pick the brains of the industry’s top experts on these matters.

“This forum aims to help the people in understanding the meaning of affordable homes and the benefits of investing in one, as well as what the prices are expected to be like in the next five to eight years.

Those who attend will also be able to make a conscious decision to be in a livable environment that is located in a good neighbourhood with good infrastructure for all their daily living needs,” said Gambero.

For details or registration, go to www.starproperty.my/forum.

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By: WONG WEI-SHEN

They must meet the affordability criteria to avoid debt burden

KUALA LUMPUR: First-time home buyers should ensure they meet the affordability criteria before buying a home to avoid taking on a debt burden they cannot handle.

Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said banks had provided individuals “many flexible ways” for them to meet the affordability requirements.

“They must, and if they can, demonstrate even if they are sole proprietors and they are not employed in any organisation or corporation that they can prove that they have met the affordability criteria in many different ways. Banks have given that flexibility.

“It’s worse when somebody buys a house and in the end, he or she is not able to have the basic needs because of the debt burden they have taken on,” she said on the sidelines of the Malaysia-OECD High-Level Global Symposium.

She added that it was worse if the first-time home buyer was not able to service the loan in the end. “The house will be repossessed and they can end up in bankruptcy. We certainly don’t want that to happen,” she said.

There have been increasing calls for the central bank to ease the stringent lending policy, especially for first-time home buyers. This is in efforts to reduce the rising number of unsold properties in Malaysia.

National House Buyers Association honorary secretary-general Chang Kim Loong had earlier told StarBiz that Bank Negara could allow a directive for banks to provide 100% financing for first-time house buyers, subject to conditions.

At the moment, property financing for first-time home buyers was based on a case-to-case basis.

However, Zeti said that Bank Negara had always had more flexible policies for first-time home buyers. “What we want is to ensure that the measures we have taken is that houses remain affordable for such first-time home buyers. Therefore, the loan-to-value ratio for first-time home buyers is different,” she said.

Meanwhile, she also said the redemption by foreign investors of maturing Malaysian Government Securities would not impact the country’s foreign reserves.

“No, it won’t impact our foreign reserves because the bonds are ringgit-denominated instruments,” she said.

Malaysia’s domestic institutional investors would support the bond market if there should be a sell-off by foreign investors, she added.

Market talk is that foreign investors might decide not to reinvest, following the expiry of some RM11bil worth of the Government bonds.

“We have our own domestic institutional investors like the Employees Provident Fund, Permodalan Nasional Bhd and Lembaga Tabung Haji. Also, the insurance industry is a major player in the bond market. So, our own institutional investors will step in to purchase these bonds.

“So, we don’t expect any collapse in our bond market,” Zeti said.

She added that the country’s financial system was able to intermediate inflows and outflows very well.

The outflows during the global financial crisis in 2008 and 2009 were much more significant, and Malaysia was able to intermediate those flows, she said.

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BEIJING: China has cut the minimum down payment requirement for first-time homebuyers, stepping up support for the property market amid an economic slowdown. The reduction to 25% applied to people buying homes in cities that didn’t have home-purchase restrictions, the People’s Bank of China said in a statement on its website yesterday. The previous down...

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By: CHERYL POO

Developer to get shareholders’ nod for big project in Penang

PETALING JAYA: Property developer Eco World Development Group Bhd is seeking shareholders’ approval for its multi-million ringgit mixed project in Penang.

The company issued a circular to Bursa Malaysia detailing two land parcels totalling 449.64 acres in Batu Kawan, which it is acquiring and plans to develop for a total consideration of RM796.27mil.

To recap, Eco World had in April received a letter of award from Penang Development Corp (PDC) to undertake the projects.

The projects comprise a 299.64-acre leasehold development – Eco Marina – which it is acquiring and developing into a mixed development of RM730.93mil, as well as the leasing of a 150-acre parcel as an international standard golf course with a minimum of 18 holes and a club house, for a 30-year period with an option to renew for a further 30 years for RM65.34mil.

This brings the total consideration for both sites to RM796.27mil.

Eco World said the total consideration for the 299.64 acres and 150 acres took into consideration the development potential and prospects of the land parcels in view of their strategic location being close to the Second Penang Bridge.

It added that both lease and purchase consideration were derived based on RM56 per sq ft (psf) and RM10 psf, respectively, based on the estimated land area of both parcels.

“There is also the potential gross development value of about RM10bil to be generated from the proposed Eco Marina Development based on management’s estimates.

“This is seconded by the market value of properties surrounding the land parcels from the sale of similar properties that were transacted recently as well as the asking prices of similar properties in the neighbourhood,” Eco World said.

Although the development parcel and the lease parcel were to be purchased and leased separately, both land parcels were to be viewed as one single parcel as both developments were “complementary to one another and inter-linked”.

Meanwhile, the company said it was in the midst of preparing the masterplan and layout plan for the land parcels for submission to the relevant authorities.

The immediate neighbourhood of the land parcels comprised the ongoing developments of the Batu Kawan Industrial Park on the south side of the road leading into the Second Penang Bridge, the residential Crescentia Park development as well as the Stadium Batu Kawan.

Nearby commercial developments include the Ikea store and shopping mall, Penang Designer Village and KDU University College campus, all of which are located within Batu Kawan.

The Eco Marina project has been targeted for a first-half 2016 launch and development will be carried out over the next 10 years.

The project will strengthen the developer’s presence in Penang since opening its first sales gallery in Macalister Road last year.

While expecting the remainder of the year to be challenging, the company’s board is confident of achieving its sales target of RM3bil for the current financial year as there would still be “demand for good quality products in the right location”.

The company said it would continue to invest in innovative campaigns to further raise EcoWorld’s brand profile and actively promote its 10 ongoing projects.

Shares of Eco World fell 1 sen to RM1.39 yesterday, settling at a midway point from a recent low of RM1.20 on Aug 28 and RM1.60 in mid-September.

The post Eco World seeks approval appeared first on Malaysia Premier Property and Real Estate Portal.

BY DAVID TAN, CHRISTOPHER TAN, AND JOLYN FRANCIS

GEORGE TOWN: Ten developers from Penang and Kuala Lumpur are showcasing about RM9.52bil in property at the Star Property Fair 2015.

The developers are Eco World Development Group Bhd (RM710mil), Mah Sing Group Bhd (RM4.328bil), Ewein Zenith Sdn Bhd (RM800mil), Seni Bahagia Sdn Bhd (RM72mil), Sunway Bhd (RM628mil), Asia Green Group (RM1.6bil), Aroma Development Sdn Bhd (RM500mil), Bionic Development Sdn Bhd (RM300mil), Trimension Properties Group (RM200mil) and KB Group (RM384mil).

The properties are targeted mainly at the local market despite the difficulty in obtaining bank loans.

Mah Sing Group Bhd CEO Ng Chai Yong said the group believes that there would still be a need for well-located properties with mid-range prices for the middle-income segment.

While market sentiments are poor, there is still a supply and demand gap where only 70,000 to 80,000 units of new homes are completed each year, while approximately 200,000 units of new properties are required to meet household formation arising from new marriages.

“We are very careful with the projects we roll out at the fair, which is why we have selected these projects to exhibit at the fair.

“We believe they will do well as they are a good mix of investment-grade properties as well as residences, priced to attract the mass market and at good locations.

“The weakening ringgit may attract more foreign investors but it is also a compelling reason for local buyers to invest now to hedge against inflation and economic concerns,” Ng said.

Zeon Properties Sdn Bhd CEO Leon Lee said the local segment was still the market to go for because there were still many who had yet to own a property.

Speaking at the Star Property Fair 2015 at Queensbay Mall here, he said the market was not confined to that of Penang.

“From our survey, the market extends to the market in the northern states such as Perak, Alor Setar, and Perlis.

“Most of our properties are priced below the RM1mil range, which are not allowed to be purchased by foreigners who are not registered under the Malaysian Second Home Programme.

“The exceptions are City of Dreams, which are priced between RM1.4mil and RM2.3mil, and some units of Sang Sarang and Starhill,” Lee said.

The projects exhibited by Zeon are Ewein Zenith’s City of Dreams in Gurney Drive, Aroma Development Sdn Bhd’s Starhill in Sungai Ara, Bionic Land Bhd’s Prominence in Butterworth, Trimension Properties’ G Mansion in Bukit Gambier and KB Group’s Sang Sarang in Lumut.

Meanwhile, Eco World Development Group Bhd sales assistant manager Juliet Ooi said both the RM310mil Eco Meadows and RM400mil Eco Terraces in Paya Terubong were targeted at local buyers.

“The selling price for Eco Meadows’ two-storey terrace houses starts from RM708,000,” she said.

Ooi said the Eco Terraces located in Paya Terubong had already registered a take-up rate of 60%.

BSG Property is displaying The Landmark in Tanjung Tokong, Middleton in Minden Heights, Oakridge in Sungai Nibong and Raffle Residence 199 in Minden Heights at the fair.

Selling point: Prospective buyers checking out The Landmark project at BSG Property’s booth during the Star Property Fair 2015 in Queensbay Mall.

BSG Property sales executive Eevonne Lim said The Landmark consists of 308 commercial and residential units.

“The built up ranges from 7,990sq ft to 3,004sq ft. The minimum price starts from RM1.2mil due to the location and every unit has a sea view,” she said.

She added that the project was 60% to 70% sold since its launch in 2013.

“We have both local and foreign investors for this project,” she said.

“Eight per cent of our Middleton luxury condominium units in Minden Heights with a starting price of RM1.1mil have been sold while our Oakridge three-storey semi-detached development in Sungai Nibong and our Raffel Residence 199 three-storey terrace in Gelugor have four units left.”

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GEORGE TOWN: Penang state government has set year-end timeline for the Gamuda Bhd-led SRS Consortium to submit application for approval to construct the light rail transit (LRT) project under the Penang Transport Master Plan (PTMP).

State Local Government, Traffic Management and Flood Mitigation Committee chairman, Chow Kon Yeow, said the group had yet to submit its initial proposal, which would include the alignment and the sites for the stations, to the state government.

He said SRS Consortium needed to get approval from the state government on the project before it proceeded to submit its proposal to the Land Public Transport Commission (SPAD).

“Our timeline is by year-end for it (SRS Consortium) to submit to SPAD; the initial approval of the rail scheme would include alignment, sites of stations and financing model,” he told reporters yesterday.

He said SRS Consortium was appointed in August this year and currently over 30 engineers were working on the details of the project.

Earlier, Chow was appointed chairman of the Penang Transport Council by Penang Chief Minister Lim Guan Eng.

The SRS Consortium, a joint venture comprising Gamuda, Ideal Property Development Sdn Bhd and Loh Phoy Yen Holdings Sdn Bhd, was appointed the Project Delivery Partner for the PTMP projects.

The RM27bil PTMP projects also consist of 6.5km undersea tunnel, three highways and Penang Sky Cab.

Lim said the Sky Cab project was still in the viability study stage and MRCB Bhd was seeking approval from the relevant authorities.

“The project is expected to be completed by end-2018 and the company was scheduled to brief us on latest development by Oct 21,” he said. — Bernama

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BY DAVID TAN, CHRISTOPHER TAN, AND JOLYN FRANCIS

Attractive features: Visitors checking out the Eco Meadows project at the EcoWorld booth at the Star Property Fair 2015.

DEVELOPERS from Penang and Kuala Lumpur are showcasing approximately RM9.52bil worth of projects at the Star Property Fair 2015 at Queensbay Mall, Penang.

The developers are EcoWorld Development Group Bhd (RM710mil), Mah Sing Group Bhd (RM4.32bil), Ewein Zenith Sdn Bhd (RM800mil), Seni Bahagia Sdn Bhd (RM72mil), Sunway Bhd (RM628mil), Asia Green Group (RM1.6bil), Aroma Development Sdn Bhd (RM500mil), Bionic Development Sdn Bhd (RM300mil), Trimension Properties Group (RM200mil) and KB Group (RM384mil).

The projects are targeted mainly at the Malaysian market despite many would-be buyers having difficulty in obtaining bank loans.

Mah Sing Group Bhd CEO Ng Chai Yong said the group believed there would still be a need for well-located property with mid-range prices for Malaysians in the middle-income segment.

He said there was a supply and demand gap as only 70,000 to 80,000 new homes were completed each year, while approximately 200,000 units were required to meet new households arising from marriages.

“We are very careful with the projects we roll out at the fair.

“We believe they will do well as they are a good mix of investment grade property as well as residences in good locations, priced to attract the mass market.

“The weakening ringgit may attract more foreign investors but it is also a compelling reason for local buyers to invest now to hedge against inflation and economic concerns,” Ng said.

Zeon Properties Sdn Bhd chief executive officer Leon Lee said the local segment was still the market to go for because there were still many who had yet to own a home.

“Most of our homes are priced below RM1mil and foreigners who are not registered under the Malaysian Second Home Programme cannot buy them.

“The exceptions are City of Dreams units, which are priced between RM1.4mil and RM2.3mil, and some units of Sang Sarang and Starhill,” Lee said at the fair yesterday.

The projects exhibited by Zeon are Ewin Zenith’s City of Dreams in Gurney Drive, Aroma Development Sdn Bhd’s Starhill in Sunga Ara, Bionic Land Bhd’s Prominence in Butterworth, Trimension Properties’ G Mansion in Bukit Gambier and KB Group’s Sang Sarang in Lumut.

Meanwhile, EcoWorld Development Group Bhd sales assistant manager Juliet Ooi said both the RM310mil Eco Meadows and RM400mil Eco Terraces in Paya Terubong were targeted at local buyers.

“The selling price for Eco Meadows’ two-storey terrace houses starts from RM708,000,” she said.

Ooi said Eco Terraces located in Paya Terubong had already registered a take-up rate of 60%.

BSG Property is displaying The Landmark in Tanjung Tokong, Middleton in Minden Heights, Oakridge in Sungai Nibong and Raffle Residence 199 in Minden Heights at the fair.

BSG Property sales executive Eevonne Lim said The Landmark consisted of 308 commercial and residential units.

“The built-up space ranges from 7,990sq ft to 3,004sq ft.

“The minimum price starts from RM1.2mil due to the good location and every unit has a sea view,” she said.

She added that the project, launched in 2013, was 60% to 70% sold.

“We have both local and foreign investors for this project,” she said.

“A total of 8% of our Middleton luxury condominium units in Minden Heights with a starting price of RM1.1mil have been sold.

“Our Oakridge three-storey semi-detached homes in Sungai Nibong and our Raffel Residence 199 three-storey terrace units in Gelugor are almost sold out,” she said.

The post Developers roll out projects for middle-income Malaysians appeared first on Malaysia Premier Property and Real Estate Portal.

BY KELLY TEY

Low (left) and SCP Property Services Sdn Bhd assistant general manager Chuah Jin Teik talking about the unique selling points of Cheras Traders Square in Cheras Selatan, Kajang.

THE Cheras Traders Square commercial development in Cheras Selatan is touted as one of the last existing batches of landed commercial properties available in the Klang Valley.

SCP Property Services Sdn Bhd executive director Calvin K.H. Low said the first phase of two-storey showroom shop offices has drawn much interest, with 70% of its 196 units taken up since its launch on Sept 12.

The encouraging sales figure is attributed to the layout and façade of the units, as well as the location of Cheras Traders, Low said.

The units have built-up areas which start from 266sq m and feature glass fronts on the first floor, making them suitable for retailers who are looking for a more upscale look.

“In actual fact, traditional shophouses are favoured by buyers and investors alike,” said Low, adding that the plus points of the development made it even more attractive to buyers.

“Cheras Traders Square is located in a mature area and is within a bustling vicinity.

“Adjacent to the site is Aeon Cheras Selatan, Dataran C180 and residential developments, and we are right smack in the middle of it all,” Low noted.

He said these commercial developments complement one another and each could leverage the different crowds they draw.

SCP Property Services assistant general manager Chuah Jin Teik pointed out that the development would have ample parking space to accommodate the crowd.

Identifying parking space as a key factor in commercial developments, Chuah said the first phase of Cheras Traders Square alone would have more than 1,000 parking bays.

“Our roads are also broader, measuring 20m wide along 19 rows of shops,” he said, highlighting that the commercial development was sizeable.

Low added that construction for phase one was well underway with piling works currently in progress.

“It should be completed in one-and-a-half years,” he noted.

The units are priced from RM2.2mil onwards.

Phase one takes up 8.09ha of land, while phase two, which is still in the midst of being conceptualised and designed, will take up 4.04ha.

“Phase two will see some 1,500 serviced apartment units and shoplots, making Cheras Traders Square a mixed commercial and lifestyle development,” explained Low.

The gross development value (GDV) for phase one and two is RM560mil and RM1bil respectively.

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BY NURUL ASMUI MD AZMI
asmui@ocision.com

Selling or renting out a home can be a long, rocky process. It pays to improvise your home to increase its value and make it more attractive to potential buyers and tenants.

Inspect your house and list all the things that need to be repaired or changed. Then, draw up a checklist according to how much they’ll cost, and the time required to attend to them. Avoid unnecessary spending by keeping a watchful eye on your financial position as you progress along.

To get the most out of your home improvement, consider these five ways to increase your home’s value.

1. Appealing paint colour

A simple fresh coat of paint can transform a space from mundane to inspiring!

A new coat of paint could be one of the simplest and least expensive improvement methods. A home that is freshly painted will look new, clean and refreshed. The trick to finding the perfect paint for your home is to select a neutral colour. The colour should make someone feel comfortable and calm when entering the home.

Neutral colour is known to appeal to many people, and it makes the house more desirable. Select from among neutral, warmer colours, such as pale yellow, light brown, beige, grey and even soft blue.

2. Kitchen upgrade

Remodelling can transform a once dreary kitchen into a stunning new space.

Boost the appearance of your kitchen to maximise your home’s value. The kitchen is an important part of a house that need to be spruced up before it is opened up for sale or rent. If you are looking to make minor changes, new curtains, wallpapers or light fixtures will be an ideal modification.

However, if your kitchen is worn out, it is best to fork out extra budget to change the cabinets, swap sink with new stainless model, get a top-performing refrigerator, and new modern tabletops for a fresher look in the kitchen.

3. Replace worn flooring

Refinishing flooring can help make your floor look as good as new.

Replacing outdated carpet, or simply refinishing wood flooring is one of the smart ways to spend your money on little home improvement. Walking into a house with stained, worn flooring is not a pleasant sight. The thought of needing to replace the flooring can turn off potential buyers.

Ideally, it will be better if you can replace all of the flooring in the house, but if you have a limited budget, start by replacing the one that shows the most wear and tear.

4. Beautify bathroom

Increase home value by transforming an outdated bathroom into a sleek, modern space.

Of all the rooms, bathroom is usually the workhorse. This is where most of the damage is done so upgrade your bathroom and keep it functioning well to make it look valuable. Even if you can’t afford a full remodel, it is always worthwhile to undertake small fixes that will ensure the bathroom runs well.

Try these small changes, such as substituting dated wallpaper with a faux or textured finish, replacing old lighting to lighten up the space, adding new tiles to give your bathroom an updated and modern appearance. Regardless of what you are planning for your bathroom, keep in mind that replacing old plumbing is a must.

5. Extension and expansion

Install mirrors to reflect light and maximise space in your home.

The size of your home can significantly stifle its value. This does not apply only to the square footage, but also visual space and how large your home feels. The key is to make sure that each room feels larger. Some rooms can benefit from vertical blinds, shutters or light curtains to let the light in. Sunny rooms will feel more spacious and open.

Sometimes, adding a single large mirror can also do the trick. It helps in visually doubling the space so the room feels larger. Another method is to have a clutter-free home, which will definitely make your home appearing cleaner and larger. So spend some time to “unclutter” your home.

Spend a weekend or two to figure out the changes that you need to do. If you really can’t find some free time, then maybe hire a professional to “audit” your home will be a good start.

Although the process can be stressful, the effort is necessary if you want to increase the chances of your home being sold or rented out. However, before you start refurbishing or getting the builders in, do some research on the property price in your area to make sure that renovation does not cost more than what you are likely to make.

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SHAH ALAM: University students who are into designing buildings can try out their skills at drawing a facade for one of i-City’s mixed development projects.

This is i-Berhad’s first corporate social responsibility programme, which aims to get university students to be part of the development of i-City.

I-City Properties Sdn Bhd marketing director Monica Ong said the competition is targeted at university students as they want a design that will reflect the inspirations and aspirations of the young.

Deputy Education Minister P. Kamalanathan, who launched the i-Design facade design competition, commended i-Berhad for creating such a competition.

“It is good to see private companies making an effort to tap into the potential of Malaysian students,” he said.

Creative process: Kamalanathan speaking with students taking part in the design challenge as i-Berhad executive chairman Tan Sri Lim Kim Hong (right) looks on.

The competition invites university students to submit their best ideas for a large single LED facade in front of the multi-level car park facade of the mixed-development. It has to be based on the themes “City of Digital Lights” and “Pulse of Selangor”.

The winning design will stand as one of the main entry statements into i-City and dress the mixed development, comprising seven tower blocks of office units and service residences that are styled after cities like London, Paris, and New York.

The facade design competition is partnered by i-Berhad, Henry Butcher Retail with Star Media Group Berhad as the media partner.

Students can take part individually or in groups and need not be studying design and architecture. Participation is free.

Designs will be judged based on its sustainability and timelessness, it must be trendy, colourful and vibrant.

Besides the use of LED lights, other design criteria include a 40% air ventilation allowance at the car park facade and the incorporation of 10 facade panels with a dimension of 10m by 5m each.

The winner or winners of the contest will be awarded cash prize of RM10,000 and will carve a name for themselves in having played a part in a development in an Ultrapolis that involves world renowned master planners, international architects and foreign investors.

Second and third place winners will receive RM5,000 and RM2,500. Registration is now open and will close at the end of this month. Design ideas can be submitted between Nov 1 and 30.

Winners will be announced sometime late December to early January.

For contest details and to register, visit www.i-city.my/i-design.

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By: EUGENE MAHALINGAM

Cooling measures, GST, falling ringgit,uncertain politics and oversupply are unsettling the market.

THE situation in the current property market can almost be likened to a “perfect storm” – an expression that describes a drastic situation that is caused by a combination of (often rare) circumstances.

Cooling measures that were previously introduced, the uncertainty of the goods and services tax this year, the plunging ringgit, a shaky political situation and an oversupply of units within some property sub-segments have all but rattled buyers and investors alike.

Within the secondary property market, rental rates have been rather subdued this year as well.

According to PPC International CEO (Agency) Siva Shanker, the high-rise (especially luxury condominium) segment, in particular, has been taking quite a beating – largely due to the oversupply of properties within this particular sub-sector.

“The high-end condo segment has lost a lot of value since the 2008 global financial crisis. Many expatriates left the country and rents never quite recovered, with some sectors seeing as much as a 30% drop in rents,” he says.

Siva explains that immediately following the global financial crisis, there was a spike in demand for high-rise, high-end properties – mainly by speculators.

“In 2009 and 2010, there was a mad property rush,” he said.

These were buyers from investment clubs, those influenced by supposed “property gurus” and speculators with limited holding power, particularly those who bought properties under the Developer Interest Bearing Schemes (DIBS), Siva says.

“A lot of people would have bought these upcoming properties to flip (sell at a higher price). But at such prices, they may have problems finding a buyer.”

Due to this situation, and seeing as many of these preliminary buyers having to finally start servicing their mortgage (now that the properties are up and ready), many will do the next viable thing – rent out the units.

“Again, to try and get the most out of the situation, they will want to rent out the property at the highest possible price.

“But because there’s an oversupply situation, there will be competition from other owners. So, a price war will begin as they start lowering prices (to be able to secure a tenant).”

Siva says rents of high-end condos could drop a further 20% to 30% within the next 12 months.

According to Savills Malaysia in a report, the secondary market of the luxury condo sector in KLCC, Bangsar and Mont Kiara continued to see increases in values in 2014.

It said asking rents saw some stability or little change in 2014, with rents in KLCC at about RM3.95 per sq ft per month. Rents in Bangsar and Mont Kiara, meanwhile, stood at RM3.35 per sq ft per month and RM2.97 per sq ft per month, respectively, at end-2014.

On the outlook for the market this year, Savills says the subdued overall property market sentiment in 2014 is expected to extend into the second half of 2015.

Landed residential properties, meanwhile, are less likely to be affected as much, if at all, Siva says.

“For landed properties, the supply is quite limited, so I don’t see any problems when it comes to rents.”

CH Williams Talhar & Wong’s (WTW) managing director Foo Gee Jen says that with so many developments within the residential sector, individuals are spoilt for choice.

“Because of this, rents are not going up and in some areas, yields are compressed.”

Foo says rental yields for the residential market currently stands at between 2.5% and 4.5%.

“We believe rental rates will remain flat for the remainder of the year,” he says.

SK Brothers Realty Sdn Bhd general manager Chan Ai Cheng, meanwhile, says that while rental rates for residential properties this year have reduced, the market, however, has been strong.

“There has been a lot of adjustment in rentals. People were more willing to maintain or reduce rents rather than increase prices and live with an empty unit with no tenants.

“Rental rates, especially within Petaling Jaya, have not dropped by much this year. But there has been a lot of adjustment,” she says.

As for the office sub-sector, Savills Malaysia deputy managing director Paul Khong says rentals have been relatively flat this year.

“The office market has become rather quiet due to the contraction in the oil and gas sector, which was one of the main segments mopping up available office space in the city centre in the last few years.”

Khong says areas such as KL Sentral, Mid Valley and Bangsar South are some of the examples of office locations that have done well – with either high occupancy rates or large amounts of space being taken up within the last 12 to 18 months.

“There is a lot of space available within the Kuala Lumpur city centre and some of the big multinational companies (MNCs) are now giving up excess space in the sub-lease market.”

With the recent drop in the value of the ringgit, Khong says rental rates in Kuala Lumpur will look attractive. Moving forward, he believes that rents in Malaysia will be one of the lowest in the region.

“On this reverse view point, it may seem attractive for foreign firms or MNC’s to relocate to Malaysia as a cost-saving move, but they would now have to carefully consider the stability factor in their relocation matrix.

“There is a compression in rents in the market, as actual costs of service charges are moving upwards whilst the gross rental rates have remained stable. The market is expected to be slow and to move sideways even though replacements or building costs are expected to be on the rise.”

Khong says that with a lot of new buildings in the pipeline, especially with higher specifications, more landlords are now giving attractive, rent-free packages and providing fit-out contributions to entice tenants to move over.

“Subsequently, the bigger challenge will be for older buildings to retain their existing tenants from moving away.”

“The planned office space for the Klang Valley is substantial and for the next three years, we are looking at about 17 million sq ft. We expect a challenging period in the current market conditions today.”

According to Savills Malaysia’s latest Asian Cities report, office space within Greater KL stood at 96.6 million sq ft as at last year – a 2.9% increase from 2013.

Three office buildings were completed in KL during the second half of 2014, namely, Menara Hap Seng 2, Menara MBMR and Sunway Velocity V Office.

These three buildings represent about 720,000 sq ft of additional office space. In total, about 2.9 million sq ft of office space was completed in Greater KL in 2014, which is less significant than in 2013, which saw a completion of 5.1 million sq ft, with a substantial portion of that new supply located in KL Sentral.

Gross passing rents did not see any significant increase between the first and second halves of 2014, averaging RM7.79 per sq ft per month against RM7.76 per sq ft six months earlier.

As for the industrial sector, Siva says rates are expected to remain stable. According to WTW’s industrial sector report for the second half of last year, rental rates in general remained stable in the second half of 2014 at between RM1 and RM2.75 psf.

In the last six months of 2014, it said there were 12 noteworthy transactions totalling RM5.3bil worth of property. The majority of the transactions were for industrial plots located in Shah Alam, Kota Damansara and Semenyih.

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By: THEAN LEE CHENG

Singapore project: Artist’s impression of Eco Sanctuary in Singapore.

DESPITE being relatively new in Singapore’s property sector, SP Setia Bhd will continue to look for more opportunities in the city state, acting deputy president/COO Datuk Wong Tuck Wai says.

This may be in the form of joint ventures with Singapore developers or it could be participating in land tenders, says Wong.

He was speaking to reporters after a topping out ceremony at the company’s second condominium project Eco Sanctuary in the suburban area of district 23, Chestnut Avenue, off Upper Bukit Timah Road and next to the Zheng Hua Park in Singapore last week.

The company’s first project is 18 Woodsville which is closer to the city in District 13 near the Potong Pasir MRT station. Both were launched in 2012.

SP Setia, one of Malaysia’s largest property developers, also has projects in Australia and Britain.

Says Wong: “It makes sense to have our business here. We have to have continuity but the market is challenging today because of take-up rate and price point,” he adds. It has sold S$420mil of its total gross development value of S$465mil at Eco Sanctuary.

Cooling measures, among the most draconian, were imposed last year, making private property development highly competitive in the city state, especially when the measures are beginning to bite. There have been eight rounds of measures since 2009.

The last two involve a 15% additional buyers stamp duty for foreigners on top of the normal 3%, and the total debt service ratio, which limits one’s borrowings. These two blips affected developers and buyers last year.

Wong says SP Setia is not deterred by the challenges. “Anywhere we go, we have to localise. We will certainly look for opportunities but everything must be numbers driven, guided by margins. Singapore is important venture for us. It is no longer an adventure but a business proposition.”

Unlike 18 Woodsville which is closer to the city, Eco Sanctuary is considered a suburban development. Its attractiveness is the nature reserve next to it. Those who bought into it would need a car. Although there is the Pending LRT station in Bukit Panjang and a still-under-construction MRT station, both are quite a distance away considering the tropical climate. This explains why SP Setia will be offering free shuttle service to the two LRT/MRT stations and the Bukit Panjang mall for the first two years.

There are two projects by Singaporean developers directly opposite Eco Sanctuary, namely Tree House by City Developments Ltd and Foresque Residences by Wing Tai group. All three are private housing. Tree House was launched in 2010 at between S$800 and S$900 per sq ft (psf) and was sold out within weeks. Foresque Residences, launched at about S$1,300 psf had a bit of challenge.

Unlike the Malaysian property scene, about 80% of Singapore’s more than 5 million population live in Housing Development Board (HDB) apartments. Its executive condominiums are currently priced at S$750-S$800 psf. Singaporeans can opt for private housing but price is a powerful sieve among upgraders.

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BY INTAN AMALINA MOHD ALI

An artist’s impression of the Armenian Street Park project in George Town that is expected to be ready by February next yearAn artist’s impression of the Armenian Street Park project in George Town that is expected to be ready by February next year

A NEW green lung has been set up in George Town to add quality of life for Penangites especially those living nearby.

Called the Armenian Street Park, the RM1.2mil project on the 3,600sq m is set for completion by February 2016.

Chief Minister Lim Guan Eng said the park would act as a community park and multipurpose event space.

“The upgrading works include landscaping, walking path, and lights that would add aesthetic values.

“As for the basketball court, it will remain there but will become a multipurpose site.

“The Youth Centre will be refurbished in the future,” he said during the land handover ceremony on Thursday.

Lim said that the project was a joint effort by Penang Island City Council in collaboration with George Town World Hertitage Incorporated, Think City Sdn Bhd and Aga Khan Trust for Culture.

The project is part of an ongoing move to revitalise George Town.

Also present were state Local Government, Traffic Management and Flood Mitigation Committee chairman Chow Kon Yeow, council secretary Ang Aing Thye, Think City chief operating officer Dr Neil Khor, Think City president Datuk Anwar Fazal and George Town World Heritage Incorporated director Lim Chooi Ping.

The park upon completion would be just a five-minute walk for more than 2,000 residentsliving in the area.

In 2012, Think City developed a landscape plan for the existing green space nearby in Lebuh Carnarvon.

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