ANDAMAN Property Group is giving Johor folk a treat this weekend at its Mount Austin site office in Johor Baru as part of the company’s year-end carnival celebration.

Guests will be treated to an icy experience in the “Ice Room”, where everything is made of ice inside a mobile cold room, while chilling and sipping on mocktails.

“With the haze and the hot weather, we would like to reward and give priority to our ARC @ Austin Hills buyers an experience in a cold environment,” said the company’s managing director Datuk Seri Dr Vincent Tiew.

The “Ice Room” will also be open to the public but for a limited number, based on a first-come-first-serve basis, and guests will be taking home complimentary instant photo prints of their freezing fun moments.

The two-day event will be held at No 5, Jalan Austin Heights 8/1, Taman Mount Austin, Johor Bahru, from 10am to 6pm.

The post Cool treat for property buyers appeared first on Malaysia Premier Property and Real Estate Portal.

BY EMILY K.

(From left) Leong, Ooi and Ong at the Homedec Aged Care Living press conference.

THE Home Decor and Design Exhibition (Homedec) is back with more home decor and designs for home enthusiasts and interior designers to explore.

This year, the exhibition has embarked on its latest initiative entitled Aged Care Living and Design with three life-sized show homes designed by three prominent local designers on display at Kuala Lumpur Convention Centre.

Organised by C.I.S Network Sdn Bhd and Malaysian Institute of Interior Designers (MIID), Homedec will hold Part 1 of the exhibition from Oct 22 to 25 and Part 2 on Oct 29 to Nov 1.

It will be targeting homeowners, architecture and interior design industry practitioners and students, government agencies and the general public.

Show homes with creative and practical designs for the non-assisted aged-care living or low-care living, semi-assisted aged-care living or mid-care living, and fully-assisted aged-care living or full-care living will be featured on site.

C.I.S Network Sdn Bhd president Datuk Vincent Lim expressed his excitement at the exhibition’s special highlight.

“Homedec always aims to showcase different special features, rather than just being a marketplace to source for home products.

“This year, we are proud to be part of this meaningful project, because it creates awareness and alerts the society to plan their homes to be aged-care living friendly,” said Lim.

The project is a joint collaboration between the National Council of Senior Citizens Organisations Malaysia (NACSCOM) and Homedec, with the aim of providing viable solutions conducive to aged-care living.

NACSCOM deputy president Susan Suah Hooi Eng said it was about time interior designers did something for the society.

“The elderly are those who took care of us when we were little. Now, it’s time we care for them and their needs.

“With rising property costs, you don’t need to get a new home to accommodate them. All you need is to renovate it so it’s safe and convenient for our grandparents and ageing parents,” Suah said.

The designers for this project are Design Business Sdn Bhd director Leong Ta Wah, PDI Design and Associates Sdn Bhd design director Ooi Boon Seong, PDI Design and Associates Sdn Bhd associate partner Lisa Ong and Majidah Design Sdn Bhd senior interior designer Idzam Othman.

First organised in 2003, Homedec is held biannually in Kuala Lumpur, Penang, Kota Kinabalu and annually in Johor Baru and Kuching.

The post Design for your golden years appeared first on Malaysia Premier Property and Real Estate Portal.

BY EMILY K.

Choo (left) discussing the project with Tropicana Corporation Sales and Marketing Business Development senior general manager Ung Lay Ting at the Tropicana Heights’ newly launched property gallery.

PROPERTY developer Tropicana Corporation Bhd is known for its innovative homes, mixed retail and successful commercial developments over the years.

With the new addition of Tropicana Heights to their notable creations, the developer has upped the ante on future residences with its innovative concept and design by transforming previous Kajang Hill Golf Club into a resort homestead.

Strategically located between Kajang and Semenyih town centre, the 180.5ha master plan is surrounded by a variety of shopping, dining, entertainment, healthcare and educational facilities.

Accessed at an estimated total development value of RM2.8bil, Tropicana Heights also features a stunning 6.5ha central park with a 750m linear lake and a 3m-wide walkway measuring 2.3km long to accommodate pedestrians and cyclists.

“This project aims to give back to society as we want people to have a wholesome and holistic living experience, and nurture a strong community spirit that will encourage a sense of belonging,” Tropicana Corporation Bhd Project executive director Kelvin Choo Yung Yau said.

Choo admitted there was bound to be some competition because of the strategic location and its current development.

“To stand out as a key player, we’re working hard to differentiate ourselves.

“We’re currently constructing the central park instead of the houses as we want to show our potential buyers what this project has to offer.

“After all, seeing is believing,” explained Choo, adding the west section of the park was completed last month.

Besides preserving the natural flora and ecosystem of the golf course, the park also provides ample facilities for a fuss-free environment for residents to engage in physical activities.

Other amenities include a floating gazebo and platform, recreational hub, community hall, cascading waterfalls, basketball court, sports lawn, lily pond and willow garden, 288m promenade, children’s playground, amphitheatre lawn and a market square.

On another note, Tropicana Heights also launched its new 660sq m property gallery, overlooking the lush central park.

As part of the 0.8ha recreational hub, the property gallery will function as Tropicana Heights’ satellite office.

The project highlights six phases, offering innovative and spacious designs with a contemporary feel, with the central park situated in the middle for easy access.

“We’ve received good response with over 70% take up for the terrace units and over 50% for the cluster semi-Ds for Phase 2 – Parkfield so far,” said Choo, adding the project was launched in March.

Parkfield offers 471 units of two-storey terrace and three-storey cluster semi-detached homes with built-up area ranging from 204.5sqm to 286sqm.

The units are priced from RM835,000 and is expected to be completed by January 2018.

The freehold development is easily accessible via highways such as Silk, Lekas, North-South Expressway and SKVE and the KTM station and upcoming MRT stations are nearby.

“We’re very excited with this project and looking forward to launch Phase 3,” said Choo, predicting it would be in the second quarter of 2016. For details, call 03-7453 2328, 018-323 8818 or visit www.tropicanaheights.com

The post Building homes on a golf club appeared first on Malaysia Premier Property and Real Estate Portal.

PROTASCO Bhd has revealed its plans for a new township called De Centrum City in Kuala Lumpur’s growing southern corridor close to a few institution of higher education.

Protasco managing director for Property and Infrastructure, Datuk Kenny Chong Ther Nen, said the new township was possibly the first in the country to be built around an existing academic institution.

“There is growth potential and opportunity not only for those involved in academia but also for families looking to set up new homes, companies looking for a prestigious address outside the city, businessmen and investors,” he said.

With an estimated gross development value (GDV) of RM10bil, the new township will be rolled out in stages over 15 years.

The 40.5ha freehold tract of land where the township will be built is currently the site for De Centrum Sales Gallery and Infrastructure University Kuala Lumpur (IUKL).

As an integrated township development, De Centrum City will offer residential units, shop offices, small offices/home offices (SOHO), office suites, retail lots, hotels, an academic precinct as well as a convention and recreation centre, among others.

Phase one of the development will comprise a shopping centre block with 29 retail units, a serviced apartment block with 320 units, a SoHo block with 192 units, and 54 shop lots. These will be handed over to purchasers in December.

There will also be four blocks of condominiums within De Centrum City. Two towers (A and B) of De Centrum Unipark have been completed while the remaining two blocks (C and D) will be completed by 2017.

Upon completion, De Centrum Unipark will offer 640 condominium units.

Also encouraging is a premium residential development conceptualised as Rimbawan Residences @ De Centrum. It offers 504 high-rise condominium units and 13 exclusive villas.

The new township is strategically located in an area dubbed Kuala Lumpur South, almost midway between Kuala Lumpur city and the KL International Airport (KLIA).

De Centrum City can be reached in approximately 30 minutes from downtown Kuala Lumpur, about 30 minutes from KLIA and 15 minutes from either Putrajaya or Kajang.

Most of the existing structures within the land will be demolished to make way for new ones.

The existing university campus will also be upgraded with green features added from a network of elevated bridges with public parks and water features to sheltered pedestrian walkways and bicycle paths.

A shuttle bus service will be implemented to link commuters between De Centrum City to the Kajang MRT station, scheduled to be operational by July 2017.

De Centrum City is expected to be a dynamic catalyst for growth for the Kuala Lumpur South corridor by providing investment opportunities and creating new jobs.

The new township will cater to the existing population of 500,000 located within a 20-minute radius, which is projected to grow exponentially within the next 10 years.

The post ‘Academic’ township for KL South appeared first on Malaysia Premier Property and Real Estate Portal.

BY KATHLEEN MICHAEL

Ong (left) and Henry Butcher Retail managing director Tan standing by the model of the upcoming mix development in the Western portion of i-City which undergraduates are called to give a facade to.

BY 2018, i-City will welcome a new mixed development project comprising seven tower blocks for residential or office use, standing on two levels of retail podium.

The project standing on a 12-acre (522,720 sq ft) land, on the Western part of i-City will have retail podium of 300,000 sq ft with 270 shops for residents and visitors of i-City.

The trade mix of this project is that the retail podium will act as an outdoor street mall and complement the Central Mall Plaza.

They will share the same group of customers.

It will house retail shops, food and beverage outlets, services, convenience stores and services catered to the Soho residents above.

The combination of retail podium from the mixed development and surrounding attractions like the mall, theme park and Hilton Hotel in 2019, is expected to draw a large crowd annually.

Henry Butcher managing director Tan Hai Hsin said they expected 20 million shoppers to the Central Mall Plaza annually.

The retail component and the mall will see 7,378 residents that will use the services provided, 90,000 weekly visitors from i-City’s theme park, and close to 55,000 students from neighbouring universities and 280,000 residents living within a 15-minute drive distance.

Visitors can access the retail podium through its multi-level carpark with 6,500 bays. It is also within walking distance from nearby attractions and will be accessible by LRT in 2020.

i-Bhd director Monica Ong said the seven-tower blocks consisted of the i-Soho Tower A and A1, i-Suite Tower B and B1, Liberty, Parisien and Hyde.

Liberty, Parisien and Hyde have interiors fitting the theme of New York, Paris and London.

i-Soho which will come partially furnished will be completed in 2016, fully furnished i-Suite will be completed in 2017, while Liberty, Parisien and Hyde towers, fully furnished will be completed in 2018.

The mix development project is in excess of RM1bil.

“As part of our MSC Cybercentre development, these seven blocks are catered for the 50,000 knowledge-based workers in i-City when the development is completed.”

“The units could also be rented out to the short and mid-term visitors to i-City,”she said.

The units range from RM300,000 onwards.

While construction takes place to complete the project, i-City is on a lookout for creative minds from the public to give the two-level retail podium an attractive facade.

The facade is an integral part of the overall City of Digital Lights concept in i-City.

The contest is open to all undergraduates in public or private universities, be it full-time or part-time students.

Malaysians studying abroad can also participate and need not be studying arts and design to take part.

Tan said this is an opportunity for students to apply into the contest what they had learned.

“This is a Malaysian project and if you love architecture or design, you can contribute as an individual or group,” he said.

Ten finalists will be selected and will present their ideas to a panel of judges before a winner is selected.

“It’s daring for developers to allow students with no real experience or practical knowledge and to be involved in a project like this.”

He added that it is good to reach out as there are many people who saw things differently and could come up with great ideas.

Speaking about the designs for facade, Tan said participants should incorporate a Malaysian element into their final product.

They are seeking a facade that looked like an artwork during the day and that will wow passers-by at night, especially when incorporated with LED lights.

The contest is beneficial to students as they will get real-life experience working with people in the architectural industry before stepping out of university.

Ong said students would learn to conceptualise their ideas and bring them to live.

“In the process, they will not just learn more about design but also learn on what can and cannot be done,” she said.

Designs submitted have to be timeless, practical and functional from its design to cost.

It should also be easily maintained.

The facade contest is i-City’s first CSR programme with the aim to involve the Malaysian community, particularly university students, to be part of the development of i-City.

“The conceptualisation of this ultrapolis development involves world renowned master planner and international architects and foreign investors.

“Through this contest, students will have a chance to be part of this development and carve a name for themselves,” Ong said.

Design entries should be based on i-City’s theme of City of Digital Lights and/or The Pulse of Selangor.

Designs must allow for 70% air ventilation at the carpark entrances and be able to incorporate LED lights and 10 facade panels for signage with dimensions of 10m by 5m each.

The winning design will receive RM10,000 cash.

Participants will first go through registration before submitting entries.

Registration began on Oct 1 and will continue until the end of the month. Submissions will begin from Nov 1 to 30 and the winner will be announced sometime late December to early January.

For more information and to register, visit www.i-city.my

The post Chance to design building facade appeared first on Malaysia Premier Property and Real Estate Portal.

BY JOY LEE

KIP Hotel KL is in the commercial district of Sri Utara in Jalan Kuching.

PROPERTY developer KIP Group has expanded into the hospitality segment with the opening of its first KIP Hotel in Jalan Kuching, Kuala Lumpur.

KIP director Valerie Ong is excited about the prospects of its new venture into the hotel business, noting the need for such a product in the Sri Utara area where, it so happens, the group has a sizeable land bank.

“We are ready for the market,” said Ong.

“I believe this three-star business hotel will work because of the class of tourists that we have here. It’s important to understand the market and to know where our tourists come from,” Ong said.

The KIP Group has been actively involved in property development and retail management with its KIP Mart chain.

Situated in the commercial district of Sri Utara in Jalan Kuching, KIP Hotel KL is just 15 minutes’ drive to the city centre.

The hotel is managed by the Lexis Group of Hotels and Resorts and boasts 199 rooms, including 12 executive rooms and three suites.

The KIP Hotel KL executive rooms have two queen-sized beds.

All rooms are equipped with a selection of amenities, LED screen TVs and complimentary Wi-Fi.

Facilities at the hotel include four function rooms, 1,969sq ft of banquet hall space, an infinity pool, a sky bar and a gym.

“With its strategic location, KIP Hotel KL is ready to deliver quality, personalised service for both leisure and business travellers on this side of KL,” said KIP Hotel KL general manager Anthony Wee.

The hotel, which Ong claimed had changed the hospitality landscape in the Selayang area, will be officially launched in mid-November.

Ong, who oversees the group’s hotel operations, including planning, branding and marketing and sales, said it was important for niche hotel operators to understand its target market in order to be able to plan the spaces and details of a hotel to appeal to customers.

Ong believes in over-delivering, describing KIP Hotel as offering four-star services but at three-star pricing.

“It is not just about offering your guests the basic services because this is a given.

“You need to think of the facilities you are offering and the retail component surrounding your hotel. And you need to understand people to offer them what they want.

“We expect this elegantly minimalist modernity design to become a magnet for corporate travellers due to its proximity to local businesses and government offices for accommodations and events,” she said.

The hotel lobby is airy and spacious.

She hopes to include more social spaces and improve on its F&B offerings in future hotels.

According Ong, these are increasingly becoming important factors in ensuring the success of niche hotels like KIP Hotel.

Plans are already afoot for subsequent KIP hotels to be established at strategic locations within Malaysia, with the next two being in Sepang and Malacca.

“KIP Hotel KL is a pilot project for us,” Ong pointed out.

“I think we can learn a lot from it. It is already a good hotel but it can be better,” she promised.

“As a niche hotel operator, we are not just thinking out of the box anymore. We have to be the creator of the box,” she added.

“You have to be good at reading what your customers want and what the trends are and going one step beyond customers’ expectations to succeed,” concluded Ong.

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BY LOGEISWARY THEVADASS

Pemenang accounts assistant Nur Ashidah Mohamed Sallih browsing through the Kontrak Sosial — Perlembagaan Persekutuan 1957 book which is being suggested for use in schools and universities.

TWO NON-GOVERNMENTAL organisations (NGOs) have expressed displeasure over the dwindling number of Malay reserved land in the country.

Tan Sri Mohd Yussof Latiff, who is president for both Persatuan Melayu Pulau Pinang (Pemenang) and Pertubuhan Amanah Warisan Melayu Pulau Pinang (Pewaris), claimed that the percentage of reserved land in the country stood at between 14% and 15%.

He said it was stated in the will left by the Conference of Rulers in 1957 that 50% of the land in the Federated Malay states shall be reserved for the Malays.

Mohd Yusoff said they would submit memorandums to the Conference of Rulers and Malay ministers on the replacement of Malay reserved land in the country.

“It is well stated that 50% of the land in the Federated Malay states shall be reserved for the Malays.

“However, we only have about 14% or 15% of Malay reserved land in the country now.

“The rest of the land was used up by the state governments for general usage, such as for building roads and other amenities,” he said.

Mohd Yusoff told reporters during a press conference at Pemenang headquarters in Jalan Pemenang on Thursday.

He said from now on, the state governments should return or replace Malay reserved land that have been used for other purposes.

“We have also included reasons on why the land should be replaced and some solutions for it in the memorandum.

“We have prepared the memorandum, and are in the midst of sending it (memorandums) to all the related parties in stages,” he said.

On another matter, Mohd Yusoff also suggested that a historic book titled ‘Kontrak Sosial — Perlembagaan Persekutuan 1957’ (Social Contract — Federal Constitution 1957) replace the present History textbooks used in public schools and universities.

“This book thoroughly details how we attained our Independence.

“It is necessary that our younger generations learn about these details, so that the multi-ethnic groups can foster closer ties,” he said, adding that the younger generation is often being misled by false facts published in social media.

He said a memorandum on the proposal would be sent to the Education Ministry next month.

The post Poser over shrinking landbank appeared first on Malaysia Premier Property and Real Estate Portal.

Tang talking to potential investors at Menara Star in Petaling Jaya. — KEVIN TAN/The Star

WHEN it comes to hosting property forums that feature some of the industry’s top experts, StarProperty.my is a veteran as the events never fail to draw eager crowds who seek to gain knowledgeable insight and pick the brains of the experts.

The recently concluded first part of the StarProperty.my forum focused on the western corridor of the Klang Valley, and it featured two property experts expounding on what is in store for the corridor.

REI Group of Companies chief executive officer Dr Daniele Gambero was first up with his talk titled “New infrastructure unlocks the value of property in Klang area”, followed by Henry Butcher Real Estate Sdn Bhd chief operating officer Tang Chee Meng who spoke on “Is home ownership just a dream for middle-­income Malaysians?”.

Gambero began his talk on the common features of the property market to look out for, stressing that infrastructure played an important part as it aided in the growth of an area.

There are a few new infrastructure projects in the western corridor, namely LRT Line 3, BRT and future expansion of MRT Line 1. This will contribute to a growing population moving southwards in search of more affordable homes.

He advised people to look for areas which are not so developed yet, but are up­-and-coming.

This allows for property purchases that are still within their means, but have the potential to grow and provide good capital yield when the area is fully developed with all the infrastructure in place.

“According to a report by National Property Information Centre (NAPIC), due to the population growth, there will be an unsatisfied demand of about 3.3mil houses by 2020. Even if you take a more modest figure and half that amount, there will still be a need of 1.6 million houses. As such, there is a need to develop the western corridor of Klang Valley so that people will be able to afford houses in that area,” Gambero explained.

The second talk was equally informative, with Tang echoing Gambero’s words with some sobering facts regarding the rate of home ownership in Malaysia based on a report released by Khazanah Research Institute (KRI).

The report touched on the concerns of middle-­income households who are caught in between; not eligible for social housing and not able to afford the private sector developments either.

“The Malaysian population is growing at around 2% per annum with an increasing trend towards urbanisation and this will exert a strong demand for additional housing. KRI has shown that at the national level, the average house prices were considered ‘seriously unaffordable’, with the only place that is currently considered ‘affordable’ is Malacca,” says Tang.

He went on to elaborate that the Government is undertaking various policies and efforts to boost low-cost and affordable housing. Some of these include the Program Perumahan Rakyat (PPR), Perumahan Rakyat 1Malaysia (PR1MA) and My First Home Scheme.

There are also affordable privately developed homes along Klang Valley’s western corridor that are worth considering.

“Geo at Bukit Rimau, Hillpark at Shah Alam North, as well as Liberty and Parisien Towers at i­City are just some of the properties which fall under the ‘affordable’ range. In addition, an exciting new integrated development in Klang to look forward to is Gravit8 by Mitraland, which has a maritime theme and surrounded by a network of highways,” said Tang.

Both speakers agree that the western corridor of Klang Valley is poised to become a modern and booming town thanks to the influx of infrastructure which provides ease of access.

With interest focusing on Klang in particular, now is a good time to purchase property at the right location. The second and final part of the Starproperty.myforum will be held on Nov 7 at the Cybertorium at Menara Star. For more information or registration, log on to www.starproperty.my/forum

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By: ZAZALI MUSA

Chief executive officer Datuk Ismail Ibrahim (pic): “Confidence among domestic and foreign investors in Iskandar Malaysia remains strong since our inception.”

JOHOR BARU: The Iskandar Regional Development Authority (Irda) is confident of achieving the RM30bil investment target for Iskandar Malaysia for 2015.

Chief executive officer Datuk Ismail Ibrahim (pic) said new investments secured for the southern economic growth corridor exceeded RM25bil up to Sept 30.

He added that the 1Malaysia Development Bhd (1MDB) issue had no impact on investment flows into Iskandar Malaysia.

“Confidence among domestic and foreign investors in Iskandar Malaysia remains strong since our inception,” he told reporters after attending the opening of the International Conference on Low Carbon Asia. The conference was officiated by Mentri Besar Datuk Mohamed Khaled Nordin.

“This is reflected in the progress and development taking place in Iskandar Malaysia and we are moving in the right direction,” said Ismail.

He said that given the uncertain economic environment, Irda had introduced more measures to show that it was an attractive place for investors, especially at the international level.

Since its launch until June 30, 2015, Iskandar Malaysia had received RM172.51bil in cumulative investments. Out of this, half or RM87.8bil had been realised.

Launched on Nov 4, 2006, Iskandar Malaysia is three times bigger than Singapore and two times the size of Hong Kong. It is divided into five flagship zones – JB City Centre, Nusajaya, Eastern Gate Development Zone, Western Gate Development Zone and Senai-Kulai.

Earlier, in a press conference, Khaled confirmed that US-based Microsoft Corp would invest RM6bil to set up its operations in Sedenak, Kulai.

“Yes, Microsoft is coming to Iskandar Malaysia. We are waiting for a suitable date from the prime minister to launch the project,” he said.

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BY VIKNESH ASHLEY

New projects will spruce up the fringes of the city centre.

Taman Melawati’s updated look once its future components are completed.

THE eastern corridor of Kuala Lumpur (KL East) is an area popular among those looking for a suburban lifestyle close to the city. This expanse holds popular towns which include Wangsa Maju, Setiawangsa, Ampang as well as Ulu Kelang. Of late this location has attracted a number of new developments that are set to change the property landscapes here.

For many Malaysians, owning a property close to the city is something to look forward to. KL East makes this possible for property buyers as property prices here are affordable compared to those in the Kuala Lumpur city centre, despite being just a short drive away.

A popular township to the east of Kuala Lumpur is by Sime Darby Property Bhd, christened Taman Melawati. This township spans across 900 acres and is located 15 minutes from the city centre. It has matured after 40 years of development by Sime Darby, yet the innovative and blossoming township has much to offer to future buyers.

Taman Melawati offers a balance of resort-living while being well connected to the city.

Four catalyst developments within the Melawati Urban Centre are currently under various stages of development, which upon completion will change the township’s urban landscape. Efforts to revitalise the township kicked off in 2014 with Sime Darby launching Serini Melawati – the first high- rise development for the Melawati locale.

Alongside the launch of the service apartments, the developer also launched the Melawati Corporate Centre as well as
a long-awaited lifestyle component of the township named the Melawati Mall. The plan for the Melawati Mall is a 10-storey shopping lifestyle centre that will soon spark the “urbanisation” of the township.

The mall is jointly developed by Sime Darby Property and CapitaLand Mall Asia Ltd and will be in close proximity to the Islamic International University Asia Hospital, Columbia Asia Hospital, Great Eastern Mall and Alpha Angle Aeon as well as more than 20 banking facilities.

Sime Darby Property acting managingdirector Datuk Jauhari Hamidi explains, “The net lettable area (NLA) for the mallis 620,000 sq ft with a tenancy mix that is expected to include gourmet supermarkets, a cinema operator and other prominent retail outlets.”

Jauhari adds, “We plan to have F&B outlets, entertainment facilities, a supermarket, fitness centre and cinema. We also plan to include a three-acre park featuring immaculately designed green spaces, water features as well as activity parcels.”

Property buyers can also look out for an upcoming service apartment project that is planned for launch in 2016 that will be located next to the Melawati Mall.

Taman Melawati is easily accessible via various connecting highways including the Kuala Lumpur Middle Ring Road 2 (MRR2), Duta-Ulu Klang Expressway (DUKE), Ampang-Kuala Lumpur Elevated Highway (AKLEH), Kuala Lumpur-Karak Expressway, as well as future highways such as the Kuala Lumpur Outer Ring Road (KLORR) and the Sungai Besi-Ulu Kelang Elevated Expressway (SUKE).

The five-block KL Traders Square residences will stand above its commercial component.

Those scouting for a luxury and landed property can look toward Verge32, located in Melawati. This property is a good bet, offering six exclusive bungalows and 26 semi-detached houses that are close to several elite residential communities.

The enclave by KCC Development (M) Sdn Bhd is located in Kemensah, among majestic hills. Unit sizes offered range between 3,375 sq ft and 4,190 sq ft and are sold from RM1.5mil. Each unit comes with several enhancements allowing future home owners to move in with ease.

Some of the extras provided include plaster ceilings in living and dining areas as well as in the bedrooms, centralised solar heater system, rain water harvesting system, intercom with a display linked to the guardhouse, home alarm system with a panic button, stainless steel and tempered glass for staircase handrails, air-conditioning points with piping and quality sanitary fittings.

Some of the amenities enjoyed by this gated and guarded development include close proximity to the Wangsa Maju and Taman Melati LRT station and to established educational institutions, including the International School of Kuala Lumpur, International University of Islam, University of Tunku Abdul Rahman, Tunku Abdul Rahman College and Fairview International School.

The locale is also located close to the Columbia Asia Medical Hospital, Gleneagles Intan Medical Centre and Ampang Puteri Specialist Hospital, while residents can shop at AEON, Giant and Wangsa walk.

Residents can keep fit, jogging along the 1km path within the KL Traders Square development.

Titiwangsa Lake Garden is a popular recreational spot, frequented by many recreation lovers to enjoy an array of exciting activities offered at the park, including horseback riding, canoeing, boating, aqua biking, kite flying and jogging. Living close to this park would be a dream for recreation enthusiasts.

JL99 Holdings Sdn Bhd has recently turned this dream into a reality, having launched The Reach at Titiwangsa, a luxury condominium project with 528 residences with built-up of 1,368 sq ft to 2,685 sq ft. The project will stand tall at 41 storeys accompanied by two 35-storey blocks and is set for completion in the fourth quarter of 2017.

Catering to a varied target group are eight different layouts, suited to the individual lifestyles of those buying into the property which include Type A, B and F units that each holds three-plus- one bedrooms with three bathrooms while Types C, D and E will offer three bedrooms and three bathrooms. Type G and H units are suited for larger families holding four- plus-one and four bathrooms each.

The Reach offers a wide variety of facilities distributed across six floors within the property including a tennis court, gym, lap pool, children’s playground, badminton court, half-basketball court, squash courts, a viewing gallery, sitting lounge, an infinity sky pool, ionizer pool, aqua gym, sauna, yoga zone, a wet deck, a pool lounge, cabanas, a hammock garden as well as a sky gym. There are 600 parking bays, a management office, multipurpose hall and a grand reception lobby.

When it comes to amenities, this project does not fall short. The list includes primary schools as well as high schools, colleges and universities, healthcare centres and banks, a wide variety of eateries and restaurants and shop lots. Near the project one can also find many gas stations as well as retail options, for example the Kuala Lumpur Festival City Mall and Aeon Wangsa Maju.

For those looking for a more affordable property option, they can count on KL Traders Square by SCP Group in booming Gombak. The mixed-development will be on 16.8 acres offering a total of 1,170 units of service apartments, distributed across five 30-storey towers.

The facilities deck of KL Traders Square is impressive yet buyers can own this property due to its affordable price point.

The residential units will be available in two designs – a 842 sq ft three-bedroom unit as well as a larger three-plus-one- bedroom unit sized generously at 940 sq ft. Units are sold at RM530 per sq ft (psf ) starting at RM408,000. The RM1.6bil development will additionally offer 97 three- storey showroom-styled shop offices.

A range of facilities can be found in this project by including a sky park, an Olympic- sized pool, a multipurpose hall and three-tier security access card system.

The development enjoys close proximity to the city, via the AKLEH, MRR2, DUKE as well as the Mahameru Highway. The development is targeted for completion by 2022.

The post The awakening of KL East appeared first on Malaysia Premier Property and Real Estate Portal.

BY NATIONAL HOUSE BUYERS ASSOCIATION

THE National House Buyers Association (HBA) is glad that the research report by Khazanah Research Institute (Khazanah Research) released on Aug 24, 2015 titled “Making Housing Affordable” shows that average house prices in Malaysia are more than four times the median income, which makes such properties to be considered as “seriously unaffordable”.

HBA has been raising alarm bells for many years that prices of property in Malaysia have risen beyond the reach of the majority of the rakyat, both in the lower and middle income segments and unless serious measures are taken by the Government, an entire “Homeless Generation” comprising mainly the lower and middle income and the younger generation will not be able to afford to buy their own homes and this can bring about social problems for the country.

For too long, the Government has listened to the advice from business groups with vested interest; that there is no problem with the housing sector in Malaysia and prospective house buyers are still able to buy their dream homes. These business groups have openly touted that property prices of up to RM500,000 are deemed affordable for first-time house buyers and for house buyers who are upgrading their existing property, the price that is deemed affordable is up to RM1mil.

This report also confirms what HBA has been saying in the past that the issue of housing affordability is only a recent phenomenon as there were much less complaints about property affordability compared to say 10 years ago in 2004.

According to Khazanah Research, the Malaysian all-house price had grown at a compounded annual growth rate (CAGR) of 3.1% from 2000 until 2009. However, between 2009 and 2014, it grew at a CAGR of 10.1%, which was almost three times more than the growth from 2000 to 2009. The Government must conduct an in-depth analysis and investigation as to what caused the sudden spike in property prices during this short period.

There is a direct relationship between prices of completed properties (secondary market) and prices of new properties launched by developers. Whenever there is an increase in the secondary market, developers will launch new properties at a premium to the prices offered in the secondary market. Conversely, whenever developers launch new projects at premiums compared to the secondary market, the prices of the secondary market will be further pushed up and this creates a vicious cycle.

Price increase in one area can spill-over to the surrounding areas and cause the prices of such nearby locations to be pushed up. Thus an increase in property prices in central Kuala Lumpur can push up prices in say Cheras, which can push up prices of properties as far as Kajang and beyond. As a result of the sudden spike in property prices between 2009 and 2014, the lower and middle income groups find it very difficult to buy their own homes in many locations, not just in urban Kuala Lumpur.

The Government should also define what constitutes “affordable property” and the type of property. Affordability should be benchmarked against the annual household income of the respective buyers. The international accepted ratings of “Affordability Rating” used by various reputable bodies such as World Bank, United Nations and even Khazanah Research are as follows:

HBA recommends that “affordable property” be priced between RM150,000 and RM300,000 with minimum built-up of 800 sq ft (with two bedrooms ) to 1,000 sq ft (with three bedrooms). This is in stark contrast with what housing developers have been touting as affordable, which ranges from RM400,000 (for first-time house buyers) and up to RM1mil (for up-graders). Whilst there are new properties launched below RM500,000, most of these properties are one-room studio units with built-up of 450 sq ft to 600 sq ft and are not suitable for house buyers who wish to start a family or those with existing family.

The Household Income and Basic Amenities Survey 2014 by the Department of Statistics revealed that Median Monthly Household Income for 2014 in Kuala Lumpur and Selangor was RM7,620 and RM6,214 respectively. Annualised, this translates to RM 91,440 for Kuala Lumpur and RM74,568 for Selangor. The Affordability Rating for property priced between RM150,000 and up to RM1mil benchmarked against the said median annual household income is outlined in Chart 1.

What the developers claimed to be affordable is definitely not affordable. Even HBA’s recommendation for properties costing up to RM300,000 slipped to the category of “moderately unaffordable” to “seriously unaffordable”, albeit slightly. Hence there is a pressing need for affordable properties to be priced at between RM150,000 and RM300,000 to cater to the larger needs of the rakyat, which fall in the lower and medium income groups.

After the main reasons for properties becoming unaffordable has been identified and affordability range determined, the Government must implement concrete, holistic and sustainable measures to resolve this problem. Khazanah Research made the following preliminary recommendations to resolve this issue of property affordability:

(i) Develop measures to improve the efficacy of the construction industry’s delivery system to supply housing at affordable prices.

This involves improving the efficiency and efficacy of the property developers so that it is more cost-efficient and profitable to build affordable properties.

(ii) Developing measures to reduce pressures leading to rapid house-price escalation.

This involves imposing a moratorium period whereby house buyers cannot sell their affordable properties within the first five years of ownership.

(iii) Developing measures to plan for a steady supply of housing at affordable prices.

This is to ensure that the right numbers are built at the right places at the right time. In order to match this steady supply to demand efficiently, detailed information of demand and supply of housing locations will be required.

We understand that the “Making Housing Affordable” report represents the first of a series of reports which aims to investigate and resolve the issue of housing affordability and more recommendations will be put forth by Khazanah Research. Hence we shall refrain from commenting on the proposed measures until we see a more complete picture.

In conclusion, although this honest assessment of the current situation is a few years late, it is never too late and represents a good start. After all, it is said that the first step towards solving any problem is to firstly admit that there is a problem that needs to be fixed rather than suffer the denial syndrome. It is hoped that more recommendations will be put forth and the Government will have the will power and courage to do what it takes to tackle this problem.

The post Finally an honest admission – House prices in Malaysia are unaffordable appeared first on Malaysia Premier Property and Real Estate Portal.

Visitors checking out the dining and kitchen areas during the launch of the Y Cantonments show unit in Pulau Tikus.

THE Y Cantonments town villas in Cantonment Road, Pulau Tikus, Penang, drew many prospective buyers during the launching of its show unit.

Each high-end five-storey unit comes with a private garden, a private lift and an infinity plunge pool.

The project, comprising 20 prestigious and eco-friendly units, was designed by architect Datuk Dr Ken Yeang, a pioneer of ecology-based green design and master planning.

Chief Minister Lim Guan Eng, who was present at the launching, voiced his support for Yeang’s green design.

“The Y Cantonments town villas are rated under the Green Building Index because of several aspects like climate response, low energy use, rainwater harvesting, natural daylight, passive solar shading and water saving features.

“The project is in line with the state’s aim to achieve sustainable living.

“Penang is the first green state in Malaysia with the highest recycling rate at 32%,” he said at the opening of the show unit on Saturday.

Dr Yeang said the house was designed to provide ample space for big families as each unit had 5+1 bedrooms.

“The elevator is disabled- friendly as it is big enough for wheelchairs.

“Families can spend quality time having barbecue parties on the rooftop patio,” he said, adding that there were only 12 units left for sale.

Also present at the launch of the show unit was world-renowned shoe designer Prof Datuk Jimmy Choo, who owns unit no. 7 of the project.

Choo said he was looking forward to the completion of the project.

The post Five-storey villas drawing interest appeared first on Malaysia Premier Property and Real Estate Portal.

BY DAVID TAN

davidtan@thestar.com.my

Amid a tough economic environment, Ivory undertakes new projects in line with long-term prospects of the property market in Penang.

Artist’s impression of Tropicana Bay Residences at night.

IVORY Properties Bhd is undertaking over RM2bil worth of residential and commercial projects this year, in view of the long-term prospects of the property market on the island.

These projects are the first phase of Penang WorldCity (PWC) called Tropicana Bay Residences (RM933.4mil in GDV), The Central (RM670.9mil) and The Wave (RM611mil).

The Tropicana Bay Residences comprises 1,343 upmarket condominiums, expected to be ready in 2018.

A residence at The Wave.

The Wave, comprising 312 service suites, is located at the RM2bil Penang Times Square mixed-development scheme which will have a mall, a cineplex and other lifestyle amenities.

The Central, which is the fourth phase of Penang Times Square (PTS) comprising service suites, mall and hotel, is being planned now and is expected to be launched at the end of this year.

Upon completion, the mall spanning from Phase 1 to Phase 4 of PTS with over a million sq ft space will become one of the biggest malls in the heart of George Town.

Artist impression of The Wave project at Penang Times Square.

Group chief executive officer Datuk Low Eng Hock says commercial properties in an integrated scheme can always be leased out to generate long-term recurring income, especially if the integrated project is in a strategic and prime location, in proximity to well-connected public transportation services and facilities.

“This is why the units tend to sell better, especially if the commercial project is within an integrated scheme,” he says.

Because commercial properties are still popular, Low says Ivory is planning for The Wave and The Central service suite projects in the RM2bil PTS mixed-development scheme, which will have a mall, a cineplex and other lifestyle amenities.

“About 80% of The Wave have been sold with units priced from RM1.3mil.

“The project bagged the Asia Pacific Property Awards under the Highly Commended for Best Residential High- Rise Architecture Malaysia category in 2014 for its extraordinary exterior, where elegant sun protection stripes sync rhythmically and aesthetically over the glazed glass façade creating the impression that waves are riding over the building,” Low explains.

Bask in The Central’s facilities.

The Central is being planned with resort-style amenities and facilities that reflect the luxury-meets-business concept, featuring the finest finishes and fittings as well as unforgettable view.

“It is set to become a new landmark in George Town with its sleek architecture and design.

“With different local attractions, including a necklace of nearby heritage sites, it certainly makes an ideal residence for those who yearn for modern living that is also steep in the riches of yesterday’s history,” Low notes.

Ivory offers well-planned development in strategic locations to suit the needs of different segments of buyers.

“PTS is in the central business district, which is suitable for those who yearn for fast-paced city life.

“It is close to government and private offices, schools, financial institutions, retail outlets, tourist spots and also the renowned George Town Unesco World Heritage Site,” he adds.

Artist impression of The Central.

With emphasis on the importance of location, Low points out that the PWC in Bayan Mutiara is poised to be an international township offering numerous amenities similar to that of a central business district.

“Executives staying at Tropicana Bay Residences would only need to travel a short distance to the Free Industrial Zone and the nearby factories to work; not forgetting the Penang International Airport nearby.

“There are also shopping malls and supermarkets a stone’s throw away. Another attraction of the project would be the convenience of connectivity with the Penang Bridge as well as the Sultan Abdul Halim Mu’adzam Shah Bridge.

“There are also in the vicinity public and international schools such as Fairview International School, SJK (C) Kwang Hwa Sungai Nibong and Sekolah Kebangsaan Sungai Nibong, to name a few,” Low says.

The Tropicana Bay Residences units are designed with a variety of sizes to suit individual and family dwellings.

As a bonus to the strategic location of these projects, Low believes the integrated transport system outlined in the Penang Transport Master Plan should benefit PTS and the Penang WorldCity projects as they will have easy access to the various proposed transportation components for George Town and Bayan Lepas.

“As the LRT line is planned to run to Bayan Lepas, Tropicana Bay Residences will stand to benefit as the project is located close to the airport, the Penang Bridge, and the Second Penang Bridge,” he adds.

View of the pool side from above.

The units have built-up ranging from 455 sq ft to 1,945 sq ft and are priced from RM453,900 to RM1,663,900.

Due to its strategic location and attractive pricing, almost 90% of its 1,343 units have been sold.

Low is confident of the long-term prospects of the property market in Penang due to the state government’s commitment to implement the light rail transit (LRT) system in the PTMP.

“Given that land is scarce on the island, we are confident that the value of properties on the island will remain stable in the long term.

“Penang is still an interesting place as one of the preferred locations for buyers and investors for its heritage charm, the upcoming transport plan and several infrastructure projects,” he adds.

Ivory has built over 5,000 homes and commercial units in Penang. Its principal activities are investment holding and provision of management and marketing services while its subsidiaries are principally involved in property development and related supporting services, tenancy management and operations of food and beverage outlets.

The post Ivory leverages on integrated public transportation hubs appeared first on Malaysia Premier Property and Real Estate Portal.

BY MELVIN CHOW

feedback@starproperty.my

Most Gen-Yers seem to prefer the flexible work-and-play lifestyle enabled by SoHo (Small office Home office) units as opposed to standard homes or conventional office units.

Work-and-play lifestyle takes on new meaning in the flexibility of the SoHo unit. – Photo by MELVIN CHOW.

GIVEN the changing work, live and leisure habits of an increasingly young workforce who prefer a flexible lifestyle arrangement, SoHo (Small office Home office) units are now an increasingly viable option among Gen-Yers.

SoHo developments, usually defined as strata-titled properties located on commercial land, are identified as units that come with flexible designs that enable occupants to use the space both as a home and workplace.

SoHo units usually come with ample facilities and amenities within mixed-use developments. They offer convenience, being located within walking distance to food and beverage (F&B) outlets, cafes and shopping malls for Gen-Yers to hang out at.

Essentially, advances in technology have made it such that enterprising individuals, especially those among the younger workforce, can now work from the comfort of their SoHo units.

A recent rising trend is seeing even professionals, including lawyers and others such as real estate agents and surveyors, working from SoHo units.

Mubashar at work in his SoHo unit.
– Photo by MELVIN CHOW.

SoHo units seem to be growing in popularity based on the fact that many Gen- Yers now favour a flexible working and living arrangement as opposed to the restricted confines of a nine-to-five day and beyond, spent working in an office building.

It may indeed be the case that the Millennial generation prefers less structured working hours, opting for a more flexible approach compared to the older Gen X generation and Baby Boomers in general, who may be accustomed to working fixed hours.

Mixing business with family Urbanify Sdn Bhd business strategist Mubashar Aftab shares on how his business has expanded since he left his previous job in favour of working from a SoHo unit.

“SoHo allows one the convenience of working and living at the same place while maintaining a certain measure of privacy. Working from home gives me more opportunities to spend time with my family.

“Oftentimes, people perceive that when you are the boss of your own company, you can leave your office any time to head home. But that is not true,” he says.

To him, having a workplace and home under one roof allows for greater flexibility as he can switch his attention from work to his family without sacrificing travel time in between. Furthermore, his time spent on work is not confined to the typical nine-to- five office hours.

“Sometimes, I develop and design software or applications as well as websites with my team members here, working till past midnight. The home-like ambience of a SoHo unit is more relaxing and enables them to feel more comfortable.

“We tend to describe our company as a ‘software house’ rather than a ‘software office’,” he muses.

SoHo workplaces do not require dress codes or uniforms. Thus, it is a great motivational factor as workers and business entrepreneurs can wear anything they like.

A great deal can be saved on not having to purchase suits, corporate clothing or having to pay for dry cleaning services.

Cheaper start-up SoHos, unlike conventional offices, are not bound to the 70% loan-to-value (LTV) ratio as specified by Bank Negara.

“SoHos are technically termed semi- residential units. When I applied for a bank loan, I could get up to 85% LTV ratio. This is healthier for my finances as I have more capital to finance my advertising business,” Mubashar opines. Getting a SoHo unit also requires a relatively low capital outlay as one would need to fork out less cash as opposed to renting a conventional office unit which is oftentimes larger in size, resulting in a higher price range. Mubashar bought his SoHo unit at Avenue Crest, Shah Alam in Selangor for approximately RM380,880. The unit that comes with a built-up area of about 614 sq ft translates to roughly RM620 per sq ft.

The security features provided by Crest Builder Holdings Bhd, the developer of this project, is comprehensive. These features include an access card system at the lobby, round-the-clock security patrol personnel, closed-circuit television (CCTV) surveillance cameras as well as a concierge and floor cleaning services.

A rising trend CBD Properties Sdn Bhd head of project marketing Timothy Low believes that SoHo properties are indeed a rising trend among the younger workforce.

“Recurring costs such as electricity and water bills as well as assessment fees for SoHo and SoFo (Small office Flexible office) properties are charged under commercial tariffs, hence the public perception about recurring costs for SoHos being expensive,” says this real estate agent who is optimistic about SoHo units.

“Look at it this way, with such a small built-up area of between 400 sq ft and 800 sq ft, how much electricity can you use? Even at 33 sen per sq ft for the maintenance cost, it is actually still quite affordable.”

Faced with escalating property prices, Gen-Yers can consider staying at SoHo units as an alternative choice as opposed to settling for larger, conventional apartment units.

The same is true in neighbouring countries such as Thailand, Taiwan, China and Singapore where the younger workforce cannot afford to buy a home due to the higher per sq ft prices.

“This is why SoHo units are trending among young entrepreneurs and fresh graduates. Hence, several developers are answering the increasing demand by building more SoHo and SoFo units

to cater to the needs of the younger workforce,” he concludes.

The post One space, multiple functions appeared first on Malaysia Premier Property and Real Estate Portal.

BY DATUK STEWART LABROOY

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.” ― Winston S. Churchill

THE journey along the Karak Highway is a visually exciting one. Rarely can one be confronted by a vista of towering mountains and lush forests just minutes out of Kuala Lumpur while navigating one of our twistiest highways ever built. The Karak Highway is a marvel of engineering, which took decades to complete, but resolved the dangers faced by motorists as they journeyed from Kuala Lumpur to Kuantan and beyond.

The Karak Highway.

Eastern promise

When one talks about KL East, one has to look beyond Gombak and Ampang as those areas are technically still Kuala Lumpur. Let us instead explore the route the Karak Highway takes and examine what lies beyond the Titiwangsa mountain range that nestles next to the eastern boundary of Kuala Lumpur.

Yes, what I am referring to are the towns of Bentong and Karak, that lie about 60km or an hour by car from Kuala Lumpur. At present, the traffic along this highway is light by KL standards, unless we are referring to the weekend crowds making their way to Genting Highlands for a flutter at the gaming tables or to relax and have a respite from the heat at the Bukit Tinggi Resort.

From a real estate perspective, what lies beyond that exit to Genting Highlands is about as different to Greater KL as it gets. It reminds one of the Klang Valley 40 years ago as you travel through towns where time has all but stood still. These properties are renowned for their durian orchards and eco resorts and where the air is unpolluted and the water from the rivers and streams remain crystal-clear. As options in Greater Kuala Lumpur run thin, developers could well be looking to this eastern corridor to be the “next big thing”.

Bentong durian orchard.

So what developments should one be looking at when examining the potential of these areas? In my view, it does require some in-depth research, as the impact of large township developments could totally destroy the ecosystem that makes it so unique. Neither will the integrated lifestyle developments of highly dense condominiums work as those require better public transport systems with access to the city centre and I don’t see an MRT coming over (or through) the mountains anytime soon.

So the mountains seem to be a barrier to a development. Or are they?

Bentong town centre.

Some ideas

I recently visited a friend at the Selesa Hillhomes and Golf Resort at the foothills of Genting and was surprised at how quickly I got there. After all it is a scant 43km from KLCC. If there ever was a case for a development in the area it would be for high-end bungalows or developments catering for aged care and retirement homes – a market segment that is growing exponentially.

Selesa Hillhomes Golf Resort.

 

Pressing further east, the District of Bentong and the town of Karak beckon, which could lead to possible township developments with an eco theme that could offer some respite to the hustle and bustle of living in KL. After all, it is 63km from KLCC and about the same distance from KLCC to Seremban. Bringing development to the area would also create new jobs and industries to support it.

We are not short of architects who can develop such sustainable projects. However, developers have to look at changing their mindset from a density model to a sustainable one. Hopefully, the land is still affordable and the only drawback I can see is that the only mode of transport would have to be by bus or car as options for connectivity by rail is non-existent. However, when you consider that people are flocking to buy properties in Seremban or Rawang and beyond and still work in KL, it begs the question – does a mountain range and 30 to 45-minute commute sound that negative? In fact, one could make a case for affordable homes in KL East and presume that the journey would be any less painful if they lived in Seremban or Rawang.

Genting Highlands – A missed opportunity?

20th Century Fox World outdoor theme park.

The spur road that branches off the Karak Highway to Genting Highlands Resort is seeing a surge in interest as developers turn their attention to a location that lends itself to tourism- related developments. A recent announcement by the Genting Group that come 2016, Resorts World Genting will open its doors to the much anticipated 20th Century Fox World outdoor theme park, the first such facility to be developed by Genting, sparks interest. The theme park will feature characters, rides and activities centred around 20th Century Fox’s most popular and loved movies, from Epic and Rio to Planet of the Apes and Alien vs Predator.

In addition, Genting Simon Sdn Bhd (GSSB) is developing and operating the Genting Premium Outlets mall (GPO) on a 600,000 sq ft piece of land near the Awana Resort. GPO is projected to cost RM200mil and will be South East Asia’s first hilltop premium outlet centre and will serve the central Eastern Malaysian market. It will open its doors by end-2016.

The first development to capitalise on these new investments is the Ion D’Elemen, a six-
tower residential development that will house
Best Western’s latest hotel. Also to benefit from this surge in investments will be Gohtong Jaya, which till today has not received much interest
as a township development. Sentiment could change quite rapidly next year once Genting’s new attractions open their doors.

Genting Premium Outlet at Genting Highlands.

The ghost in the story

The Karak Highway is the central theme of this article as it is the main road that connects Kuala Lumpur to Genting Highlands and the east coast. It was built in 1970 and opened to the public in 1977 and finally upgraded to a six-lane highway in 1997. Till today it remains one of the creepiest highways in Malaysia with its dark, long, windy and accident-prone roads having attracted a host of ghost stories that sends shivers down the spine of motorists who drive by. One has just to google the term “Karak Highway” and you will be entertained with many stories of ghosts and ghouls sighted on the road.

To be fair, much of its reputation was a result of its early development when it was poorly lit and accidents were commonplace. Its safety record has improved considerably since becoming a full- fledged toll highway in 1997.

So despite the many ghost stories, the Eastern corridor from KL does hold real promise for a new area of visionary development in the coming years. It may turn out to be very different from the developments we are used to seeing today, but let’s hope that we will be pleasantly surprised when they do materialise.

The post KL East: The forgotten corridor appeared first on Malaysia Premier Property and Real Estate Portal.

Happy homeowners:Siti Aishah Mohd (right) and Muhadda Muhaimin Mohd Raduan (second from right) proudly showing the keys to their new PR1MA homes which they received at a ceremony in Bera, Pahang — Bernamapic

BERA: The Pahang Government has set RM80,000 as the ceiling price for houses built under the 1Malaysia People’s Housing Programme (PR1MA).

Mentri Besar Datuk Seri Adnan Yaakob said the current ceiling of RM150,000 for similar projects was not suitable as many needy people would not be able to afford these properties.

Adnan said those earning below RM3,000 per month would be eligible for PRIMA homes.

He said the state government would be financing such houses through a cross-subsidy scheme.

Through the scheme, developers would be given a piece of land to develop other housing or commercial building projects, he said.

“This will make affordable housing projects viable in the state,” Adnan said after presenting keys to the owners of the PR1MA housing projects in Bera town.

Also present were Housing and Township Committee chairman Datuk Seri Wan Rosdy Wan Ismail, State Health, Human Resources and Special Duties Committee chairman Datuk Norol Azali Sulaiman and Kemayan assemblyman Datuk Mohd Fadzil Osman.

Adnan also said that he would meet with financial institutions to discuss providing loans to potential buyers.

He said that the “pay slip” condition makes it difficult for small traders and food operators to apply.

“They earn enough to pay their monthly housing loans but because they do not have a fixed income, their application to buy houses were rejected.

“The banks should give cendol sellers and pasar malam traders a chance,” he said.

Since 2013, he said the state government had approved the construction of 29,839 units under 81 Pahang PR1MA projects and in Bera, there were seven projects with 2,306 units approved.

The post RM80,000 ceiling price for homes appeared first on Malaysia Premier Property and Real Estate Portal.

By: THEAN LEE CHENG

PETALING JAYA: The Harrods Hotel in Kuala Lumpur, planned as one of three in the world, has been scrapped. However, the other components that make up the mixed integrated development will go ahead as planned, according to sources.

It is uncertain why Harrods Hotel was scrapped but sources said the Qataris have decided not to go ahead with their initial plan to locate their first Harrods Hotel in Malaysia, which was announced in 2012. The other planned locations of the “seven-star hotel” are in London and Italy.

“Harrods Hotel makes up a small component of the entire project. The rest will go on,” sources said. “There will be a hotel there but it will not be a Harrods Hotel.”

According to sources, those involved have been told to “look out” for another international brand of considerable standing to fill the space.

Harrods Hotel was to be located on a 5.48-acre site to be known as Harrods Square, where Chulan Square and Sri Melayu restaurant formerly used to be. With the change in plans, the project is expected to be renamed.

Estimated to have a gross development value of RM5.5bil, Harrods Square is located on two pieces of land, sandwiched between Jalan Raja Chulan and Jalan Conlay in the city. A developer in the vicinity said in late September they heard about its cancellation.

A whiff of Harrods Hotel being mothballed surfaced earlier this year. The deal was finally scraped in August.

The three largest parties for the development of Harrods Square include Qatar Holding LLC, Tan Sri Desmond Lim Siew Choon and Tradewinds Corp Bhd.

Qatar Holding LLC is a global investment house established by the Qatar Investment Authority (QIA).

QIA also has stakes in Qatar’s biggest lender, Qatar National Bank (QNB). In September,Reuters reported that QNB halted talks with Kuwait Finance House (KFH) to buy its Malaysian unit.

As for Harrods Square, that project fronts Lim’s KL Pavilion mall, which is under Pavilion Real Estate Investment Trust (REIT), where he is chairman. Lim is also Malton Bhd executive chairman. Malton built KL Pavilion integrated development which comprises the mall, offices and serviced residences. The mall was subsequently put into Pavilion REIT.

The Tradewinds group is redeveloping the site of Crowne Plaza Mutiara Hotel, formerly KL Hilton, which is a stone’s throw away from KL Pavilion and the-then Harrods Square.

The Tradewinds group also owns Istana Hotel, one of about 10 in Malaysia. Initial plan years ago was to have some sort of underground connectivity to connect the-then Bukit Bintang Plaza to Istana Hotel to other landmarks in the area, even as the underground mass rapid transit station was being planned and built.

Lim’s plan was also to build a pedestrian bridge to connect KL Pavilion to Harrods Square. The strategy was to extend the vibrancy of the Jalan Bukit Bintang-KL Pavilion area over to the Jalan Conlay stretch with a pedestrian link bridge.

As for Harrods Square, the game plan then was to set up a joint-venture company known as Jerantas Sdn Bhd.

PS Trading Sdn Bhd, a unit of Tradewinds Corp, was to have a 34% stake in Jerantas, while the remaining 66% was to be held by Gagasan Simfoni Sdn Bhd, with Lim and Qatar Holding having equal share. It is uncertain if the Qataris will continue to have a stake in Jerantas, the source said.

Tradewinds holds the Harrods retail franchise in Malaysia, while Qatar Holding owns the rights to the Harrods brand. Tradewinds, a diversified conglomerate with some 4,000 acres across Malaysia, has made known its aim to go big in the property sector.

Lim’s role was to make another winner out of Harrods Square, with his keen eye on retail details and marketing skills and to stitch the financial backers together.

The components comprise four blocks, of which the 102-room Harrods Hotel was to have occupied a 27-storey block, with 60 units of serviced apartments. Two of them, a 61 and a 52-storey building, will have a total of about 1,000 units of serviced apartments and commercial retail space and a 31-storey office block.

Lim seems to be accumulating malls. Recently, Pavilion Reit proposed to acquire from Global Oriental Bhd the Subang Jaya mall for RM488mil cash.

According to sources, Pavilion Reit also bought the retail mall at The Intermark from the world’s largest asset manager BlackRock Inc a few months ago. Although The Intermark Mall is only about 200,000 sq ft, it is “an integral part of that development”. Real estate consultants estimate the value of the mall to be around RM200mil.

BlackRock owns the mixed integrated Intermark development, which comprises of two office blocks, a hotel and the mall. It had tried to sell it as a single entity, but after about a year, it had to break up the different components because at about RM2.2bil, the price was “rather prohibitive”.

The Retirement Fund Inc, or Kumpulan Wang Amanah Pekerja, subsequently bought Integra Tower for RM1.065bil in April this year, purportedly with an annual yield of 6%. In the same month, Singapore’s Royal Group bought the 540-room, four-star DoubleTree Hotel for RM388mil, or about RM700,000 per room. They were offered the mall, but nothing came out of it.

As for Lim, besides the USJ mall and the Intermark Mall, he will also be developing Bukit Jalil City and Pusat Bandar Damansara, both of which are expected to have malls as part of the integrated development.

The post Harrods Hotel deal is off appeared first on Malaysia Premier Property and Real Estate Portal.

Propwall.my’s Agent Day well attended by real estate agents and negotiators.

Propwall.my invites reputable speakers to its Agent Day.

A recently concluded real estate agent seminar held at Menara Star gave a crowd of real estate agents and negotiators valuable insights on property-related topics.

The event organised by Propwall.my and StarProperty.my hosted two reputable speakers, SMART Financing CEO Gary Chua, and advocate and solicitor Ivan Chan.

Chua shared the top 10 reasons why mortgage application may be rejected in 2015 and some quick tips on how to overcome it under “Secrets of Successful Home Loan Application”.

“It is important for real estate agents to know the reasons behind why mortgage loan application can be denied so they can advise their clients accordingly. Some of the main reasons are ineligibility, terms of employment, income documentations, application score and credit score,” explained Chua.

The number one reason that a loan application gets rejected is because the applicant does not meet the minimum age and/or income requirement.

“Majority of the banks in Malaysia set the minimum age at 21 years old with minimum monthly income of RM2,000. This is one of the main factors that banks will consider to see whether an applicant is eligible or not, so be sure to check the minimum requirements before applying,” advised Chua.

Banks are very meticulous when it comes to approving loan application so it is wise to survey several banks before applying. According to Chua, some banks offer different interest rates and requirements so if one bank rejects an application, it doesn’t mean that other banks will too.

“In addition to providing sufficient income documentations and filling forms with correct information, applicants must also have a good credit history. Thus, it is always best to pay credit card balance or other loans on time,” Chua added.

Real estate agents and negotiators were given an in-depth explanation on what they should be wary of when dealing with land titles from the second talk on “Matters Relating to Land Titles and Property Ownership” by Chan, who is also a partner at Messrs Amir Toh Francis & Partners.

Chan explained that agents should be able to guide their clients with the substantial details on land titles as it is important in the process of transferring land titles from the seller’s name to the buyer’s name.

“Besides knowing if a property is on a leasehold or a freehold land, buyers must also pay close attention to the expressed condition stated on titles to make sure that details on title match with property transacted,” Chan said.

Propwall.my Agent Day aims to help agents to be successful, and for Propwall.my to become a true partner of the real estate industry and ecosystem.

“Agents should lookout for our monthly event as we will continue to bring in great speakers to share beneficial insights on real estate sector. We are also planning to have a session in Chinese soon,” said Propwall.my general manager Ernest Towle.

The post Property seminar a big draw appeared first on Malaysia Premier Property and Real Estate Portal.

BY DAVID TAN

An artist’s impression of Aspen Vision City, which will include an Ikea outlet.

WITH three major shopping malls being planned for Seberang Prai, the mainland will soon rival the island as a shopping paradise.

The three malls are The Design Village (net lettable area (NLA) 400,000 sq ft), Ikea and Ikano Power Centre, and unnamed mall project by Belleview Goup (1.5 million sq ft).

PE Land executive director Joanna Ling said in an interview that The Design Village is positioned as a premium outlet and not a conventional mall.

“This is different from conventional malls, which offer groceries and general merchandise, targeting mostly families.

“The Design Village is a premium outlet mall, offering attractive discounts for premium and luxury fashion brand names,” she said.

Ling said the retail industry was evolving rapidly in a globalised economy where consumers demand instant gratification and sophistication but at fair value.

The Design Village is one of the mall projects that will enable Seberang Prai to compete with the island as a shopping destinations.

“This has resulted in the emergence of a new trend in retail in the form of premium outlet malls selling premium and luxury branded merchandise at a discount for off-season products that remain attractive to the broad market.

“This is why we have The Design Village in Penang. The Design Village will be the only premium outlet mall in Batu Kawan as the state has granted PE Land exclusivity for this retail concept,” Ling said.

She added that the estimated local catchment comprising residents and the working population of Batu Kawan itself, was projected to be around 250,000.

“This is in addition to the 5.5 million immediate catchment of the northern region, which includes Penang island,” Ling said.

Among the notable projects that are underway include the Eco World Premium Golf Resort, Columbia Hospital, Hull University, Aspen Vision City and the SME Village.

The Penang-based Belleview Group will soon launch its biggest commercial-cum-residential project to-date.

Its managing director, Datuk Sonny Ho, said the RM2.5bil mixed development project, to be located on a 8.09ha site, included the largest shopping mall in the northern region with 1.2 million sq ft built-up area.

“The mixed-development project will also include a four-star hotel, an Olympic-size skating rink, a 20-screen cineplex, and a high-rise residential lifestyle condominium component with 978 units,” Ho added.

The Design Village is a premium outlet mall, offering attractive discounts for premium and luxury fashion brand names. – Joanna Ling

The Ikea and Ikano Power Centre Mall to be located in Aspen Vision City in Batu Kawan from Aspen Group is scheduled to start soon.

Aspen Group chief executive officer Datuk M. Murly said earthworks for the Ikea store and the Ikano mall had started.

“The Ikea store, the first of its kind in the northern region, will be completed in 2018.

“The Ikano mall will have the best shopping, dining, and entertainment outlets,” he said.

Is Penang heading towards a glut in retail space?

On the island, there are eight shopping malls coming up over the next five years.

They are Penang Times Square Phase 3 (net lettable area 230,000 sq ft), City Mall Bayan City (300,000 sq ft), Southbay Plaza (424,000 sq ft), Penang World City (1 million sq ft), Sunshine Tower (2 million sq ft), The Light Water-front Mall (1 million) and Mall@Southbay City (750,000).

The new projects on the island and Seberang Prai will add over 7.6 million sq ft of fresh retail space to the market, which will worsen the glut in the local retail space.

The retail space per capita in Penang is 6.11 sq ft, while on the island it is 9.58 sq ft.

“The state has a lower per capita retail space than that of Klang Valley which stands at 7.35sq ft, while Iskandar Malaysia is 6.09sq ft.

“The retail space per capita should not exceed 5sq ft.

The Ikea store, the first of its kind in the northern region, will be completed in 2018.- Datuk M.Murly

“Our opinion is that anything above that is oversupply,” Savills Malaysia managing director Allan Soo said.

Soo said as the competition toughens, malls will certainly need to have a pull factor such as a major difference in price, quality and uniqueness of the tenants and the merchandises.

“We also expect a lower rent regime soon where the mall operator works closely with the retailer and charges rent based on the tenant’s performance.

“The incentive is then for the operator to drive traffic into the mall instead of just waiting to raise rentals at each review period.

“This will differentiate the successful malls from the poor ones.

“The long-term prospects of shopping malls in Penang is moderate on average; albeit with some exceptions.

“Although the malls attract tourists from the region, the spectre of impending oversupply will raise the barrier for new entry malls,” he said.

Current retail space is 9.076 million sq ft from 20 malls, while the impending supply from 12 projects is over 7.4 million sq ft.

Current rentals for ground floor units at premier malls on the island ranges between RM17 and RM35.12 psf.

In the suburbs, the rental is RM24.62 psf for ground floor units.

On the mainland, the rentals for strategically located units in a premier mall starts from RM12.07 psf.

Henry Butcher Retail managing director Tan Hai Hsin said similar to Klang Valley and Johor Baru, oversupply of retail space in Penang had always been the last 10 years.

Tan said that this was evident from the fact that very popular shopping centres during the 1990s had been suffering from poor occupancy rates during the last 10 years.

“Rental rates of these shopping centres have not seen significant growth due to weak shopping traffic.

“They are unable to carry out major refurbishment due to multiple ownership.

“Abandoned shopping malls built during the 1990s remain the same during the last 10 years,“ Tan said.

On rental rates, Tan said popular and well-managed shopping centres such as Gurney Plaza, Queensbay Mall and several others would continue to enjoy healthy growth rates from year to year.

“At the same time, many strata-titled shopping centres will continue to suffer in low rental rates for years to come,” Tan added.

The long-term future for shopping malls is positive because Penang is the retail hub for the northern region, Tan said.

“Penang continues to attract international tourists due to its unique product offerings, while its economy continues to show good prospect in the near future.

“The second bridge has created a new growth area in the mainland, which will boost retail development in this area,” Tan said.

Meanwhile, Penang Institute fellow and head of urban studies Stuart Macdonald said new mall operations would face challenges in maintaining a sustainable business due to a stagnant population with strained purchasing power.

According to Macdonald, the total fertility rate for Penang in 2013 was 1.5, which is below 2.1, the healthy level for women to have children to replace themselves and their partner.

The 1.5 figure is projected to decline to 1.3 by 2040.

The total fertility rate is an important factor in determining population growth.

“The migration to Penang from other states has also dropped to 12,800 in 2014 from about 14,100 in 2013, the number of people leaving Penang for other states remains unchanged at 11,500 for 2013 and 2014.

“This has resulted in a net migration of 1,300 for 2014, which means that 1,300 stayed back in Penang after taking into consideration the difference between the immigrants and emigrants, compared to the net migration in 2013 which was 2,600.

From 1992-2013, the net migration for Penang was around 9,372 per annum.

“Without a strong population growth, it would be hard to imagine how the retail business in Penang could be sustainable,” he said.

The post A retail paradise in the making appeared first on Malaysia Premier Property and Real Estate Portal.

BY JAROD LIM

Shoppers frequent Ampang Park Shopping Centre for various types of goods.

AMPANG Park might be just another mall to many of us but for those who had worked there for more than four decades, the 42-year-old shopping centre in Jalan Ampang is a place they had grown to love.

News that the popular mall would be demolished to make way for the MRT2 project came as a shock to most tenants and shoppers.

While most protested the idea of such an iconic mall being demolished, some accepted the fate but argued for more time to relocate.

Mah Su Ping said she had been working for Syarikat Ampang Electronics Sdn Bhd in the mall since 1973.

“I have spent half of my life in this shop and the news of the mall’s demolition to make way for the MRT2 project was too abrupt.

“This is not fair to us as we have been operating here for so long. We do not want to move out or accept any form of compensation.

“In fact, the shopowner also owns the premises, how could the government just take away the land just like that?” she asked.

Mah also said she had received a notice dated Sept 25 from the management about the mall’s acquisition accompanied by a letter from the Land Office.

“The tenants are unsure what is going to happen and the management will have a meeting on Oct 20 to discuss the issue.

“I hope the Government would consider keeping the mall,” Mah said, adding that she did not mind temporarily stopping operations but did not agree to the mall being demolished.

On Oct 14, StarMetro had reported that the Federal Territory Land and Mines Department had published a gazette on July 30 notifying the owners of lots in the area that it would be acquired for the MRT project and Ampang Park was on that list.

The Land Acquisition Act 1960 compels the Federal Territory Land and Mines Department to gazette and notify the owner of the government’s possible acquisition of the land.

There was a public gazette about the land acquisition for the Sungai Buloh-Serdang-Putrajaya MRT line construction.

Another tenant, Far East Jewellers representative Lee Fok Sing, 65, said he accepted the fact that the Government was taking over the place for development.

“I have been working here for more than 42 years and we love Ampang Park.

“We are in a quandary here, it is a loss to have the mall redeveloped into something else, but we cannot stop the Government from developing it.

“However, if the plans really go through, we need to have enough time to look for a new location for the shop,” he said.

SA Elegence Sdn Bhd director Mohd Sharil Omar said he was disappointed that he had not received any written notice about the mall’s acquisition.

“I only heard about it from the newspaper and until now, there has been nothing in black and white stating the plans for the mall.

“Why have we been kept in the dark? As Ampang Park is one of the oldest malls in the Klang Valley, I did not expect the acquisition to happen,” he said.

Frequent shopper Amin Othman, 60, said he would miss the mall should it be demolished. “I used to hang out here when I was young, but I was really surprised by the news of the mall’s acquisition to make way for the MRT project.

“Can’t they integrate the station into the mall and make it a transport-cum-shopping hub?” he asked.

Salesman P. Kumar, 30, said the mall should be retained since it was one of the first shopping malls in the Klang Valley.

“I believe this was the place to hang out for a lot of people back then.

“Sometimes, I do see a fairly huge crowd here as well,” he said.

When contacted, the shopping centre’s management refused to comment on the issue.

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