Monday 30 December 2013
Tuesday 17 September 2013
SBC increases GDV of projects
Extracted from Propertyguru.com.my
SBC Corp could boost the gross development value (GDV) of its projects for the next 12 months to RM800 million from the current RM300 million, once the joint-venture (JV) agreement with Suria Capital Holdings Bhd is finalised.
Notably, the GDV of the group's projects within Peninsular Malaysia stands at approximately RM600 million, while its JV project with Suria Capital will add another RM200 million. This is based on the assumption that shareholders and the relevant authorities approve the project during the next six months, of which SBC is confident.
In May, the group entered into a JV with Suria Capital to develop around 16.25 acres of coastal land in Kota Kinabalu.
Set for launch in 1H2014, the project known as Jesselton Quay is poised to be one of the biggest for SBC and will add around 600m of private marina waterfront to the city coastline.
Previously known as Jesselton Waterfront Project, the project will be a redevelopment as well as an extension north of the old Kota Kinabalu city centre.
With its design taking cue from Singapore's Marina Bay Sands, the mixed integrated development will feature various tourist attractions, including hotel and world class retail components, convention centre and international cruise terminal. It will also have residential towers and several premium office towers.
Other upcoming projects of SBC are Kiara East and other stand-alone sites in Bandar Ligamas, Kuala Lumpur, Ulu Yam-Genting Road as well as the Peak Collection in Kota Kinabalu.
It also has ongoing projects in Kuala Lumpur, Kiara East, Kota Kinabalu, Bandar Ligamas and Kuantan.
Notably, the GDV of the group's projects within Peninsular Malaysia stands at approximately RM600 million, while its JV project with Suria Capital will add another RM200 million. This is based on the assumption that shareholders and the relevant authorities approve the project during the next six months, of which SBC is confident.
In May, the group entered into a JV with Suria Capital to develop around 16.25 acres of coastal land in Kota Kinabalu.
Set for launch in 1H2014, the project known as Jesselton Quay is poised to be one of the biggest for SBC and will add around 600m of private marina waterfront to the city coastline.
Previously known as Jesselton Waterfront Project, the project will be a redevelopment as well as an extension north of the old Kota Kinabalu city centre.
With its design taking cue from Singapore's Marina Bay Sands, the mixed integrated development will feature various tourist attractions, including hotel and world class retail components, convention centre and international cruise terminal. It will also have residential towers and several premium office towers.
Other upcoming projects of SBC are Kiara East and other stand-alone sites in Bandar Ligamas, Kuala Lumpur, Ulu Yam-Genting Road as well as the Peak Collection in Kota Kinabalu.
It also has ongoing projects in Kuala Lumpur, Kiara East, Kota Kinabalu, Bandar Ligamas and Kuantan.
Friday 6 September 2013
New house prices to increase 10%
Extracted from Propertyguru.com.my
Prices of new houses in Malaysia are expected to increase by 10 percent, primarily due to the absenteeism of foreign workers and higher cost of construction materials.
According to Datuk Seri Michael Yam Kong Choy, President of Real Estate and Housing Developers Association of Malaysia, the failure of foreign workers to report for work has caused delays, adding to costs that will certainly be passed on to consumers.
Although acknowledging the need to clampdown on illegal immigrants, Yam noted that the shrinking supply of workers would hurt developers as they would have to “pay more for labour to meet contractual deadlines, failing which they will be penalised.”
Under the Sales and Purchase Agreement, developers are bound to pay buyers a compensation in case of late delivery. Notably, the contracts in the private sector does not include any provision for price adjustments.
Meanwhile, Association president Datuk Lim Kai Seng expects sand and cement prices to increase by five percent to 10 percent, while transportation cost could rise by up to 20 percent.
According to Datuk Seri Michael Yam Kong Choy, President of Real Estate and Housing Developers Association of Malaysia, the failure of foreign workers to report for work has caused delays, adding to costs that will certainly be passed on to consumers.
Although acknowledging the need to clampdown on illegal immigrants, Yam noted that the shrinking supply of workers would hurt developers as they would have to “pay more for labour to meet contractual deadlines, failing which they will be penalised.”
Under the Sales and Purchase Agreement, developers are bound to pay buyers a compensation in case of late delivery. Notably, the contracts in the private sector does not include any provision for price adjustments.
Meanwhile, Association president Datuk Lim Kai Seng expects sand and cement prices to increase by five percent to 10 percent, while transportation cost could rise by up to 20 percent.
Shareda to build 10,000 homes in five years
by Propertyguru.com.my
Private housing developers in Sabah pledged to build 10,000 affordable houses in the next five years, according to media reports.
Francis Goh, President of Sabah Housing and Real Estate Developers Association (Shareda) revealed that the houses will be priced at not more than RM250,000 each. They will be built in 28 housing schemes, which will be located in the northern Kota Marudu district, including Keningau and Ranau in the interior as well as Beufort and Sipitang in the southern part of the city.
However, the government should also do its part, by setting up a one-stop centre to expedite the approval of developer's licence and building plans for these projects.
“This is our pledge to the government and the people of Sabah,” he said.
Over the last 10 years, Shareda had built at least 100,000 affordable homes, while another 15,000 homes were built and sold in the last three years.
“So we are not afraid to fulfill the pledge to build 10,000 such houses in the next five years,” added Goh.
Meanwhile, Goh attributed Sabah's high house prices to several factors. Notably, house prices in Sabah had become the second highest in the country.
“Firstly, the land price in Sabah had increased within 8km radius. Previously it cost RM1 million to buy an acre within eight kilometres, now it costs RM3 million along Jalan Bundusan in Kota Kinabalu for example,” he explained.
Moreover, “the building materials costs 30 percent more than peninsular Malaysia due to cabotage policy implemented in Sabah...Thirdly, the labour cost had increased, the workers now are demanding RM80 per day, compared to RM30 in earlier days,” he added.
Francis Goh, President of Sabah Housing and Real Estate Developers Association (Shareda) revealed that the houses will be priced at not more than RM250,000 each. They will be built in 28 housing schemes, which will be located in the northern Kota Marudu district, including Keningau and Ranau in the interior as well as Beufort and Sipitang in the southern part of the city.
However, the government should also do its part, by setting up a one-stop centre to expedite the approval of developer's licence and building plans for these projects.
“This is our pledge to the government and the people of Sabah,” he said.
Over the last 10 years, Shareda had built at least 100,000 affordable homes, while another 15,000 homes were built and sold in the last three years.
“So we are not afraid to fulfill the pledge to build 10,000 such houses in the next five years,” added Goh.
Meanwhile, Goh attributed Sabah's high house prices to several factors. Notably, house prices in Sabah had become the second highest in the country.
“Firstly, the land price in Sabah had increased within 8km radius. Previously it cost RM1 million to buy an acre within eight kilometres, now it costs RM3 million along Jalan Bundusan in Kota Kinabalu for example,” he explained.
Moreover, “the building materials costs 30 percent more than peninsular Malaysia due to cabotage policy implemented in Sabah...Thirdly, the labour cost had increased, the workers now are demanding RM80 per day, compared to RM30 in earlier days,” he added.
Wednesday 4 September 2013
First Forbes Tower set for Manila
Global media company Forbes and prominent Philippines developer Century Properties Group are set to build the world’s first Forbes-branded Forbes Media Tower in Makati, Metro Manila.
The commercial building will be designed to serve the world’s business leaders by providing an environment to conduct business with premium amenities. This initial tower is expected to be part of a network of Forbes Media Towers around the world.
“Century Properties is honoured to be working with Forbes Media for this project. Forbes is synonymous with success and business, and this partnership fits perfectly with our distinguished portfolio of local and internationally renowned brand partners,” said Jose E. B. Antonio (pictured), President & Chief Executive Officer of Century Properties Group.
“It is also an honour for us that Forbes has recognised the Philippines as one of Asia’s bright spots and showed its confidence by choosing Makati, Metro Manila as the first site of its landmark business tower.
Mike Perlis, President and Chief Executive Officer of Forbes Media, said: “We’re very pleased to be collaborating with Century Properties for the first Forbes Media Tower as we extend our brand into the global real estate development market.
“Forbes has always been an authoritative resource for the world’s business leaders, and this tower further reinforces our long-standing mission. The Philippines, with its rapidly growing market and strong relations with the U.S., is the perfect location to launch this effort.”
The Forbes Media Tower in Makati, Metro Manila will offer approximately 60,000 sqm of premium office space, which will be available for sale and for rent to business owners, entrepreneurs and companies by the first quarter of 2014. In addition to office space, the building will provide meeting and event space with plans for a fine dining restaurant, fitness centre and exhibition facilities.
The tower will be located in Century City, a mixed-use development of Century Properties in the central business district of Makati. Makati is comprised of premium residences, office buildings and the Century City Mall. The tower’s location is part of an IT zone, which will allow accredited locators to benefit from incentives from the Philippine Economic Zone Authority.
The commercial building will be designed to serve the world’s business leaders by providing an environment to conduct business with premium amenities. This initial tower is expected to be part of a network of Forbes Media Towers around the world.
“Century Properties is honoured to be working with Forbes Media for this project. Forbes is synonymous with success and business, and this partnership fits perfectly with our distinguished portfolio of local and internationally renowned brand partners,” said Jose E. B. Antonio (pictured), President & Chief Executive Officer of Century Properties Group.
“It is also an honour for us that Forbes has recognised the Philippines as one of Asia’s bright spots and showed its confidence by choosing Makati, Metro Manila as the first site of its landmark business tower.
Mike Perlis, President and Chief Executive Officer of Forbes Media, said: “We’re very pleased to be collaborating with Century Properties for the first Forbes Media Tower as we extend our brand into the global real estate development market.
“Forbes has always been an authoritative resource for the world’s business leaders, and this tower further reinforces our long-standing mission. The Philippines, with its rapidly growing market and strong relations with the U.S., is the perfect location to launch this effort.”
The Forbes Media Tower in Makati, Metro Manila will offer approximately 60,000 sqm of premium office space, which will be available for sale and for rent to business owners, entrepreneurs and companies by the first quarter of 2014. In addition to office space, the building will provide meeting and event space with plans for a fine dining restaurant, fitness centre and exhibition facilities.
The tower will be located in Century City, a mixed-use development of Century Properties in the central business district of Makati. Makati is comprised of premium residences, office buildings and the Century City Mall. The tower’s location is part of an IT zone, which will allow accredited locators to benefit from incentives from the Philippine Economic Zone Authority.
Wednesday 21 August 2013
Danga Bay project over 50% sold
The RM18billion Country Garden@Danga Bay (CGDB) project in Johor Bahru earns strong response from buyers, selling over 5,000 units or more than have the total number of 9,000 units, ahead of its 2018 completion.Most interest came from Malaysians, but Singaporeans, Chinese, Korean and Taiwanese buyers were also snapped up units aggressively, said Michael Ong, Sales Supervisor at Country Garden Properties.
The 57-acre development is expected to be completed in three phases, with 3,000 units each year from 2016 to 2018. It comprise 33 blocks of condominiums and 11 blocks of apartments comprising serviced apartments of one-, two and three-bedroom configurations.
According to Wee Soon Chit, Executive Director of Landserve (Johor), the simultaneous launch of 9,000 units was “astounding for Johor Bahru or the entire country for that matter.”
“The marketing campaign is also revolutionary whereby enormous amounts of money have been spent on various promotional activities to attract buyers...The pull factors for the project come from its integrated 5-star development concept, reputable developer, excellent location and 180-degree sea view as well as the possible link by light rail system,” added Wee.
Sr Michael Geh, National Committee member of FIABCI-Malaysia, noted: “Overall, I’m very happy and encouraged professionally to see that a large international development company like Country Garden, a top 10 developer from China has decided to invest in Iskandar.”
Geh also downplayed fears on a possible oversupply as Johor has a huge land area and “there are certain areas where locals traditionally stay.”
“I don’t think foreigners will flock to these areas to buy. They won’t go to the secondary market. Instead, they usually purchase directly from the developers. Therefore, I don’t think the presence of foreign developers will negatively impact local buyers so much. Local buyers have a lot to choose from and have their own buying patterns and preferences. I don’t think we should be unduly alarmed by developments by foreign developers.”
Sabah's high home prices, worrying?
The prices of some condominium units in Sabah have increased significantly that they are now at par with those found in Kuala Lumpur.
Chief Minister Datuk Seri Musa Aman, said: “Some people tell me that I should be proud that condominium prices here are similar to that of those in Kuala Lumpur, that it reflects the confidence investors have in Sabah.”
But this could lead to a point when prices are out of reach for many. “I tell them, yes, it is good for the investors but it is not so good for Sabahans,” said Musa, adding that the government is doing its part by building thousands of affordable houses across the state.
In 2011, the value of property transactions within the state rose by more than two-fold over eight years to a record RM4.4 billion. Notably, transaction volume averaged at RM429,000, or up 34 percent from the country's average purchase price per property of RM319,000, based on a HwangDBS report.
Musa also explained that while the government had no hand on prices fixed by private developers, it always advised them to set the unit prices to a reasonable level.
Chief Minister Datuk Seri Musa Aman, said: “Some people tell me that I should be proud that condominium prices here are similar to that of those in Kuala Lumpur, that it reflects the confidence investors have in Sabah.”
But this could lead to a point when prices are out of reach for many. “I tell them, yes, it is good for the investors but it is not so good for Sabahans,” said Musa, adding that the government is doing its part by building thousands of affordable houses across the state.
In 2011, the value of property transactions within the state rose by more than two-fold over eight years to a record RM4.4 billion. Notably, transaction volume averaged at RM429,000, or up 34 percent from the country's average purchase price per property of RM319,000, based on a HwangDBS report.
Musa also explained that while the government had no hand on prices fixed by private developers, it always advised them to set the unit prices to a reasonable level.
Thursday 15 August 2013
Chinese developer launches coastal city in Iskandar
Chinese developer Country Garden unveiled its mega project in Danga Bay last Sunday.The Hong Kong-listed developer deployed 10 coaches to transport Singaporeans from five pick-up points across the city-state to the Country Garden @ Danga Bay (pictured) showflat at Danga Bay in Johor Bahru, approximately five minutes away from the Malaysian CIQ complex (customs, immigration and quarantine).
Although Country Garden also rolled out an amusement park, however, operation of rides will only commence on Saturday, due to the huge number of guests.
Nevertheless, visitors and potential buyers received gifts such as RM20 petrol vouchers, car wash vouchers, as well as food and carnival vouchers worth RM388.
According to a Country Garden spokesman, half of the 7,000 available units were reserved prior to Sunday's launch. Singaporeans made up 20 percent of the buyers who placed bookings, while Malaysians and Chinese nationals comprised 30 percent and 50 percent, respectively.
In total, the 20ha freehold project will offer over 9,000 units. The upcoming coastal city will feature six yacht berths, a shopping mall, a 330m man-made beach and 44 buildings ranging from nine to 48 storeys high.
Residential units include studios (400 sq ft) and penthouses (3,000 sq ft), with an average selling price of around RM720 psf.
Wednesday 7 August 2013
Dubai: tighter regulation as sales double and brokers earn over USD 200 million in H1 2013
5 Aug 2013 (extracted from www.opp-connect.com)
News : Things are moving in Dubai. After decades of lax or poorly enforced regulation, the market is tightening up.
Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms to register all their available properties on the Simsari.ae multiple listing service by 31st August 2013, or face severe penalties. Simsari is an online real estate portal, founded in 2006 by two Dubai-based companies and subsequently acquired by the Dubai Land Department.
This is amidst a continuing boom in many sectors of the Dubai Real estate market.
Property sales in Dubai almost doubled during the first half of 2013.
Things are moving in Dubai. After decades of lax or poorly enforced regulation, the market is tightening up and – to many people’s surprise – set to become even more tightly regulated in the months to come.
The latest example of the country’s serious intent is that Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms selling property in Dubai to register every available property on the Simsari.ae multiple listing service by 31st August 2013. If they fail to do so they will face penalties. Simsari is a property portal owned by the Dubai Land Department (DLD) and Rera is the regulatory arm of DLD.
This move will greatly assist in enforcing existing laws about the sale of property and reduce abusive practices and what is seen as widespread confusion amongst buyers. It will also pave the way for new and more powerful regulations due later this year.
This comes amidst a continuing boom in many sectors of the Dubai real estate market, where property sales during the first half of 2013 have almost reached the level for the whole of 2012.
Yousif Al Hashimi, Director of the Real Estate Licensing Department at Rera, announced that total property sales for H1 2013 totaled AED 39 billion (USD 10.6 billion). These included the sale of land, villas, residential units (apartments and hotel apartments) and offices in freehold areas. Sales were AED 40 billion in the whole of 2012 and AED 34 billion during 2011.
Total commission earned by Dubai real estate agents during H1 has also almost doubled: AED 785 million (USD 213 million) compared with Dh800 million for the whole of AED 2012 and 700 million during 2011. Under Dubai law brokers receive one per cent of the deal value as a commission, unless parties agree otherwise.
Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms to register all their available properties on the Simsari.ae multiple listing service by 31st August 2013, or face severe penalties. Simsari is an online real estate portal, founded in 2006 by two Dubai-based companies and subsequently acquired by the Dubai Land Department.
This is amidst a continuing boom in many sectors of the Dubai Real estate market.
Property sales in Dubai almost doubled during the first half of 2013.
Things are moving in Dubai. After decades of lax or poorly enforced regulation, the market is tightening up and – to many people’s surprise – set to become even more tightly regulated in the months to come.
The latest example of the country’s serious intent is that Dubai’s Real Estate Regulatory Agency (Rera) has ordered all property brokerage firms selling property in Dubai to register every available property on the Simsari.ae multiple listing service by 31st August 2013. If they fail to do so they will face penalties. Simsari is a property portal owned by the Dubai Land Department (DLD) and Rera is the regulatory arm of DLD.
This move will greatly assist in enforcing existing laws about the sale of property and reduce abusive practices and what is seen as widespread confusion amongst buyers. It will also pave the way for new and more powerful regulations due later this year.
This comes amidst a continuing boom in many sectors of the Dubai real estate market, where property sales during the first half of 2013 have almost reached the level for the whole of 2012.
Yousif Al Hashimi, Director of the Real Estate Licensing Department at Rera, announced that total property sales for H1 2013 totaled AED 39 billion (USD 10.6 billion). These included the sale of land, villas, residential units (apartments and hotel apartments) and offices in freehold areas. Sales were AED 40 billion in the whole of 2012 and AED 34 billion during 2011.
Total commission earned by Dubai real estate agents during H1 has also almost doubled: AED 785 million (USD 213 million) compared with Dh800 million for the whole of AED 2012 and 700 million during 2011. Under Dubai law brokers receive one per cent of the deal value as a commission, unless parties agree otherwise.
Thursday 25 July 2013
Luxury KL project to start next month
The Low Yat Group is set to start the construction work of its new luxury property project in the Golden Triangle by August.
Since the project's informal overseas launches prior to its official debut last Friday, 42 percent of the buyers in the development's first phase are from Singapore, Taiwan and Hong Kong, according to Group Executive Director Low Su Ming.
Dubbed as Tribeca, the 0.3ha project will have a gross development value of about RM490 million and comprise a 36-storey tower with 318 serviced suites priced from RM1,900 psf. The size of the studio and suites will range from 510 sq ft to 1,020 sq ft, while loft units will measure 1,300 sq ft.
Comparatively, some high-end residential projects in the Kuala Lumpur City Centre have already hit RM2,000 psf to RM3,000 psf. “With smaller units at Tribeca ranging from 500 sq ft to 900 sq ft, we are able to offer affordable prices ranging from RM1 million to RM2 million per unit,” she noted.
Moreover, buyers are assured of good investment returns, said Low, noting that “the psf price of condominiums has increased 15-fold over the past six decades and will continue to rise.”
Featuring two rooftop pools, a business centre as well as a beauty and health spa, the development is also touted as a world-class residential project that will cater to the financially savvy workforce in Bukit Bintang.
Since the project's informal overseas launches prior to its official debut last Friday, 42 percent of the buyers in the development's first phase are from Singapore, Taiwan and Hong Kong, according to Group Executive Director Low Su Ming.
Dubbed as Tribeca, the 0.3ha project will have a gross development value of about RM490 million and comprise a 36-storey tower with 318 serviced suites priced from RM1,900 psf. The size of the studio and suites will range from 510 sq ft to 1,020 sq ft, while loft units will measure 1,300 sq ft.
Comparatively, some high-end residential projects in the Kuala Lumpur City Centre have already hit RM2,000 psf to RM3,000 psf. “With smaller units at Tribeca ranging from 500 sq ft to 900 sq ft, we are able to offer affordable prices ranging from RM1 million to RM2 million per unit,” she noted.
Moreover, buyers are assured of good investment returns, said Low, noting that “the psf price of condominiums has increased 15-fold over the past six decades and will continue to rise.”
Featuring two rooftop pools, a business centre as well as a beauty and health spa, the development is also touted as a world-class residential project that will cater to the financially savvy workforce in Bukit Bintang.
Luxury KL project to start next month
The Low Yat Group is set to start the construction work of its new luxury property project in the Golden Triangle by August.
Since the project's informal overseas launches prior to its official debut last Friday, 42 percent of the buyers in the development's first phase are from Singapore, Taiwan and Hong Kong, according to Group Executive Director Low Su Ming.
Dubbed as Tribeca, the 0.3ha project will have a gross development value of about RM490 million and comprise a 36-storey tower with 318 serviced suites priced from RM1,900 psf. The size of the studio and suites will range from 510 sq ft to 1,020 sq ft, while loft units will measure 1,300 sq ft.
Comparatively, some high-end residential projects in the Kuala Lumpur City Centre have already hit RM2,000 psf to RM3,000 psf. “With smaller units at Tribeca ranging from 500 sq ft to 900 sq ft, we are able to offer affordable prices ranging from RM1 million to RM2 million per unit,” she noted.
Moreover, buyers are assured of good investment returns, said Low, noting that “the psf price of condominiums has increased 15-fold over the past six decades and will continue to rise.”
Featuring two rooftop pools, a business centre as well as a beauty and health spa, the development is also touted as a world-class residential project that will cater to the financially savvy workforce in Bukit Bintang.
Since the project's informal overseas launches prior to its official debut last Friday, 42 percent of the buyers in the development's first phase are from Singapore, Taiwan and Hong Kong, according to Group Executive Director Low Su Ming.
Dubbed as Tribeca, the 0.3ha project will have a gross development value of about RM490 million and comprise a 36-storey tower with 318 serviced suites priced from RM1,900 psf. The size of the studio and suites will range from 510 sq ft to 1,020 sq ft, while loft units will measure 1,300 sq ft.
Comparatively, some high-end residential projects in the Kuala Lumpur City Centre have already hit RM2,000 psf to RM3,000 psf. “With smaller units at Tribeca ranging from 500 sq ft to 900 sq ft, we are able to offer affordable prices ranging from RM1 million to RM2 million per unit,” she noted.
Moreover, buyers are assured of good investment returns, said Low, noting that “the psf price of condominiums has increased 15-fold over the past six decades and will continue to rise.”
Featuring two rooftop pools, a business centre as well as a beauty and health spa, the development is also touted as a world-class residential project that will cater to the financially savvy workforce in Bukit Bintang.
Wednesday 26 June 2013
Bank Negara to unveil DIBS curbs?
The Bank Negara may soon impose curbs on the Developer Interest-Bearing Scheme (DIBS), an easy financing package offered by developers in joint-promotion activities with banks.
Once this happens, future primary sales would be negatively affected, said Hong Leong Investment Bank (HLIB), adding that the curbs could be rolled out ‘later this week.’
“While the exact measures are yet to be revealed, we believe the curbs would impact this easy financing scheme,” noted HLIB.
Under the scheme, buyers pay less initial payment for their property purchases as developers absorb the initial interest until the units are delivered. Most of those that avail this scheme have intentions to flip the property upon possession to make extra cash even with less capital. This scenario fuels speculation.
According to a property consultant, “Typically, under the scheme, buyers only foot between five percent and 10 percent of the house price upon signing the sale and purchase (S&P) agreement and only begin payment when the project is completed.”
“There are caveats to this scheme, as buyers commit to a financial obligation upon the signing of the S&P and the interest cost has actually been already passed on to buyers via the higher selling prices.”
Property consultants also argue that the DIBS puts prices at a higher artificial trajectory. The recent slew of sales in the primary market has been attributed to the attractive DIBS scheme, leaving the secondary property market in a laggard movement.
Moreover, putting limits to the scheme also supports the government’s aim to stop the persistently growing household debt.
“In the recent past, Bank Negara has been compiling information on the scheme and studying its impact on the sector,” a source said.
Once this happens, future primary sales would be negatively affected, said Hong Leong Investment Bank (HLIB), adding that the curbs could be rolled out ‘later this week.’
“While the exact measures are yet to be revealed, we believe the curbs would impact this easy financing scheme,” noted HLIB.
Under the scheme, buyers pay less initial payment for their property purchases as developers absorb the initial interest until the units are delivered. Most of those that avail this scheme have intentions to flip the property upon possession to make extra cash even with less capital. This scenario fuels speculation.
According to a property consultant, “Typically, under the scheme, buyers only foot between five percent and 10 percent of the house price upon signing the sale and purchase (S&P) agreement and only begin payment when the project is completed.”
“There are caveats to this scheme, as buyers commit to a financial obligation upon the signing of the S&P and the interest cost has actually been already passed on to buyers via the higher selling prices.”
Property consultants also argue that the DIBS puts prices at a higher artificial trajectory. The recent slew of sales in the primary market has been attributed to the attractive DIBS scheme, leaving the secondary property market in a laggard movement.
Moreover, putting limits to the scheme also supports the government’s aim to stop the persistently growing household debt.
“In the recent past, Bank Negara has been compiling information on the scheme and studying its impact on the sector,” a source said.
Mah Sing to preview ‘Creative Tower'
Mah Sing Group will hold the preview of its mixed-use project ‘Icon Residenz – the Creative Tower’ at Icon City Sales Gallery, SS8, Petaling Jaya this weekend.
Located near Kelana Jaya in PJ, the project comprises 333 apartments within a 39-storey tower. They include dual key units (717 sq ft), two bedders (675 sq ft) and three-bedroom units (965 sq ft), with prices ranging from RM588,000 (unfurnished), or RM850 psf.
The Creative Tower follows the 2012 launch of the first Icon Residenz tower. However, the former is different from the latter because buyers can select the fixtures or fittings they want.
“It is a completely customisable serviced residence, offering owners a free hand in crafting a home from the white-planned canvas provided for them here while at the same time enjoying all the privileges of a serviced apartment in a prime location,” said Mah Sing COO Andy Chua.
Moreover, buyers of two-bedroom units are entitled to a single car park, while the dual key units and three-bedders come with two parking bays each.
The dual key units have two separate entrances but are connected inside through a door. This set-up allows multi-generational living such as families living with grandparents, or the extra space can be rented out or used as an office.
Amenities include a gym, sun decks, roof gardens, barbecue deck, a concierge service, children’s playground, leisure and wading pools, as well as a multi-purpose outdoor function terrace.
During the preview, Mah Sing will also offer early bird privileges such as Developers Interest Bearing Scheme (DIBS) and zero legal fees on the Sales & Purchase Agreement and other necessary documents.
Located near Kelana Jaya in PJ, the project comprises 333 apartments within a 39-storey tower. They include dual key units (717 sq ft), two bedders (675 sq ft) and three-bedroom units (965 sq ft), with prices ranging from RM588,000 (unfurnished), or RM850 psf.
The Creative Tower follows the 2012 launch of the first Icon Residenz tower. However, the former is different from the latter because buyers can select the fixtures or fittings they want.
“It is a completely customisable serviced residence, offering owners a free hand in crafting a home from the white-planned canvas provided for them here while at the same time enjoying all the privileges of a serviced apartment in a prime location,” said Mah Sing COO Andy Chua.
Moreover, buyers of two-bedroom units are entitled to a single car park, while the dual key units and three-bedders come with two parking bays each.
The dual key units have two separate entrances but are connected inside through a door. This set-up allows multi-generational living such as families living with grandparents, or the extra space can be rented out or used as an office.
Amenities include a gym, sun decks, roof gardens, barbecue deck, a concierge service, children’s playground, leisure and wading pools, as well as a multi-purpose outdoor function terrace.
During the preview, Mah Sing will also offer early bird privileges such as Developers Interest Bearing Scheme (DIBS) and zero legal fees on the Sales & Purchase Agreement and other necessary documents.
A slew of projects for Kota Belud, Sabah
Apart from ensuring the successful completion of mammoth projects, the government will also bring tremendous development in Kota Belud in Sabah and improve the living standards of its residents.
“Kota Belud has a bright future. It is ready for robust development for the state government has a clear vision of its development agenda,” according to Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan.
Projects in the pipeline for the constituency include a public housing project, the Kota Belud-Pitas Agropolitan Project, the Usukan Bay Oil & Gas Support Industry Centre, as well as a portion of the 2,300km Pan Borneo highway, which will connect Sabah and Sarawak.
In particular, the Usukan O&G support industry centre, which is being implemented by the Petronas Asian Supply Base and Sabah Foundation, is expected to generate over 1,000 jobs.
“The project will help raise the income, skills and capabilities of locals, particularly young people who want to involve themselves in oil and gas industry and related sectors,” noted Abdul Rahman who is also the MP for Kota Belud.
Moreover, his ministry will identify suitable sites for 500 affordable houses in Sabah, including those in Kota Belud.
“The ministry will accelerate the construction of affordable homes for the people and we are committed to ensure the successful completion of national housing projects in the state,” he added.
“Kota Belud has a bright future. It is ready for robust development for the state government has a clear vision of its development agenda,” according to Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan.
Projects in the pipeline for the constituency include a public housing project, the Kota Belud-Pitas Agropolitan Project, the Usukan Bay Oil & Gas Support Industry Centre, as well as a portion of the 2,300km Pan Borneo highway, which will connect Sabah and Sarawak.
In particular, the Usukan O&G support industry centre, which is being implemented by the Petronas Asian Supply Base and Sabah Foundation, is expected to generate over 1,000 jobs.
“The project will help raise the income, skills and capabilities of locals, particularly young people who want to involve themselves in oil and gas industry and related sectors,” noted Abdul Rahman who is also the MP for Kota Belud.
Moreover, his ministry will identify suitable sites for 500 affordable houses in Sabah, including those in Kota Belud.
“The ministry will accelerate the construction of affordable homes for the people and we are committed to ensure the successful completion of national housing projects in the state,” he added.
Prolintas to build 2 new highways
Projek Lintasan Kota Sdn Bhd (Prolintas) plans to invest RM8 billion in two new highways in Peninsular Malaysia, according to industry players and analysts covering the construction sector.
Works for the Sungai Besi-Ulu Klang Elevated Expressway (SUKE) and the Damansara-Shah Alam Elevated Expressway (DASH) are expected to commence within the next 12 months as Prolintas has already obtained the concessions, reportedBusiness Times.
Two of the seven highway projects to be developed under the 10th Malaysia Plan, DASH and SUKE will spread 20.1 km and 31.8 km, respectively.
Three-lane, dual carriageway DASH will start at the Puncak Perdana U10 Shah Alam intersection, serving as link for Alam Suria, Puncak Perdana, Kampung Melayu Subang, Denai Alam, the Rubber Research Institute of Malaysia, Jalan Sungai Buloh, Damansara Perdana, Kota Damansara, Mutiara Damansara, and end at the Penchala interchange.
SUKE, on the other hand, will start in Sri Petaling and exit at Ulu kelang, while passing through Sungai Besi, Cheras-Kajang, Alam Damai, Taman Putra, Taman Bukit Permai, Taman Dagang Permai, Taman Permai Jaya, Ampang, Taman Kosas and Taman Hillview.
In addition, the three-lane elevated expressway will connect key highways in the eastern Klang Valley, including the Kuala-Lumpur-Seremban Highway, Akleh, Besraya, the Duta-Ulu Kelang Expressway, Kesas, the Cheras-Kajang Highway and MRR2.
Meanwhile, Prolintas is said to be working on the best financial model for the projects that addresses two key issues, the cost of construction materials and the cost of compensation for businesses that need to relocate prior to the start of actual construction works.
Works for the Sungai Besi-Ulu Klang Elevated Expressway (SUKE) and the Damansara-Shah Alam Elevated Expressway (DASH) are expected to commence within the next 12 months as Prolintas has already obtained the concessions, reportedBusiness Times.
Two of the seven highway projects to be developed under the 10th Malaysia Plan, DASH and SUKE will spread 20.1 km and 31.8 km, respectively.
Three-lane, dual carriageway DASH will start at the Puncak Perdana U10 Shah Alam intersection, serving as link for Alam Suria, Puncak Perdana, Kampung Melayu Subang, Denai Alam, the Rubber Research Institute of Malaysia, Jalan Sungai Buloh, Damansara Perdana, Kota Damansara, Mutiara Damansara, and end at the Penchala interchange.
SUKE, on the other hand, will start in Sri Petaling and exit at Ulu kelang, while passing through Sungai Besi, Cheras-Kajang, Alam Damai, Taman Putra, Taman Bukit Permai, Taman Dagang Permai, Taman Permai Jaya, Ampang, Taman Kosas and Taman Hillview.
In addition, the three-lane elevated expressway will connect key highways in the eastern Klang Valley, including the Kuala-Lumpur-Seremban Highway, Akleh, Besraya, the Duta-Ulu Kelang Expressway, Kesas, the Cheras-Kajang Highway and MRR2.
Meanwhile, Prolintas is said to be working on the best financial model for the projects that addresses two key issues, the cost of construction materials and the cost of compensation for businesses that need to relocate prior to the start of actual construction works.
KL Monorail extension to reach Bandar Sunway
The RM3 billion KL Monorail extension project will boost the order books of construction firms lucky enough to be selected for the mega project, according to CIMB Research. It will also further increase the positive effect of the Mass Rail Transit (MRT) and the KL-Singapore high-speed rail (HSR) to Malaysia’s construction industry.
As such, CIMB Research deems the construction sector to be ‘overweight’ “as government execution on larger-scale projects will be more rapid in the coming months.”
Moreover, the proposed project, which may involve extending the alignment to Bandar Sunway, has piqued the interest of many firms.
According to sources, Malaysian Resources Corp Bhd (MRCB) already filed its proposal for the KL Monorail extension project, while other firms such as IJM Corp are also planning to submit their own proposals.
Despite different proposals, Scomi Engineering will be the one to provide rail cars and systems.
“This news is not surprising as we are aware that proposals and tenders for the KL Monorail extension will progress in the second half. However, stretching the KL Monorail extension to Bandar Sunway is a positive surprise,” noted CIMB Research, adding that the news bodes well for the entire construction sector.
As such, CIMB Research deems the construction sector to be ‘overweight’ “as government execution on larger-scale projects will be more rapid in the coming months.”
Moreover, the proposed project, which may involve extending the alignment to Bandar Sunway, has piqued the interest of many firms.
According to sources, Malaysian Resources Corp Bhd (MRCB) already filed its proposal for the KL Monorail extension project, while other firms such as IJM Corp are also planning to submit their own proposals.
Despite different proposals, Scomi Engineering will be the one to provide rail cars and systems.
“This news is not surprising as we are aware that proposals and tenders for the KL Monorail extension will progress in the second half. However, stretching the KL Monorail extension to Bandar Sunway is a positive surprise,” noted CIMB Research, adding that the news bodes well for the entire construction sector.
Wednesday 5 June 2013
Bina Puri to roll out RM2.5bil worth of projects
By Farah Wahida:
Bina Puri Holdings plans to unveil several property projects with a combined gross development value (GDV) of RM2.5 billion in the next five years, mainly in Sabah and the Klang Valley.
According to Executive Director Matthew Tee, these upcoming projects are expected to boost the group’s unbuilt orderbook of RM1.68 billion as of 30 May 2013.
Future projects include the RM1.29 billion RIVO City in Brickfields. With construction works set to commence next year, the mixed-use project is a result of Bina Puri’s partnership with Syarikat Prasarana Negara.
“We are finalising the method to finance the development because the concept of this project is quite unique as Prasarana does not allow us to charge the land,” noted Tee.
In this project, Prasarana owns the land, while Bina Puri develops and markets the property, explained Bina Puri Executive Director We Her Ching.
“Selling price for the commercial portion will be between RM700 and RM900 psf. We are also planning to build a new access to the area from the Federal Highway as a selling point for the project,” he added.
Meanwhile, Bina Puri’s upcoming projects in Kota Kinabalu, Sabah include the RM84.6 million One Jesselton and the RM61 million Jesselton View.
So far, the company’s best-selling project is the half-complete Puri Tower in Puchong, where the units earmarked for non-bumi buyers have been sold out.
Bina Puri Holdings plans to unveil several property projects with a combined gross development value (GDV) of RM2.5 billion in the next five years, mainly in Sabah and the Klang Valley.
According to Executive Director Matthew Tee, these upcoming projects are expected to boost the group’s unbuilt orderbook of RM1.68 billion as of 30 May 2013.
Future projects include the RM1.29 billion RIVO City in Brickfields. With construction works set to commence next year, the mixed-use project is a result of Bina Puri’s partnership with Syarikat Prasarana Negara.
“We are finalising the method to finance the development because the concept of this project is quite unique as Prasarana does not allow us to charge the land,” noted Tee.
In this project, Prasarana owns the land, while Bina Puri develops and markets the property, explained Bina Puri Executive Director We Her Ching.
“Selling price for the commercial portion will be between RM700 and RM900 psf. We are also planning to build a new access to the area from the Federal Highway as a selling point for the project,” he added.
Meanwhile, Bina Puri’s upcoming projects in Kota Kinabalu, Sabah include the RM84.6 million One Jesselton and the RM61 million Jesselton View.
So far, the company’s best-selling project is the half-complete Puri Tower in Puchong, where the units earmarked for non-bumi buyers have been sold out.
Johor home sales to remain resilient despite tax hike
By Farah Wahida:
Despite the state government’s plan to impose a higher tax on foreign property owners, properties in Johor, particularly those in Iskandar Malaysia, will continue to appeal to foreigners, according to Pulau Indah Ventures General Manager Roslina Arbak.
She cited the robust demand for the company’s newly-launched project called Afiniti Residences @ Medini Iskandar, where not even a single foreign buyer had backed out.
The 21-storey project comprises 147 luxury strata residences. Unit sizes range from 715 sq ft to 1,064 sq ft, while prices start from RM850 psf to RM1,000 psf, depending on the location.
Touted to become Medini’s first high-rise project, Afiniti Residences will feature service apartments, a wellness centre, a corporate training centre and a wellness-themed retail offering. With a gross development value of RM500 million, the development is nestled on a 2.02ha site and is being developed by Pulau Indah Ventures — a 50:50 joint-venture between Temasek Holdings and Khazanah Nasional.
As of 31 May 2013, the project has received 1,570 applications, of which 60 percent are Malaysians, 32 percent are Singaporeans, while the rest are from the UK, Indonesia and South Korea.
“Due to the overwhelming response for the project, we will hold a balloting process on Saturday,” noted Roslina.
Meanwhile, Christopher Boyd, Executive Chairman of CB Richard Ellis (CBRE Malaysia) is optimistic that foreigners will continue to buy properties in Iskandar, despite the tax hike. CBRE is the project’s marketing agent.
“Malaysia has one of the most liberal foreign property ownerships in the region and foreign buyers will continue looking to buy properties here,” he added.
Despite the state government’s plan to impose a higher tax on foreign property owners, properties in Johor, particularly those in Iskandar Malaysia, will continue to appeal to foreigners, according to Pulau Indah Ventures General Manager Roslina Arbak.
She cited the robust demand for the company’s newly-launched project called Afiniti Residences @ Medini Iskandar, where not even a single foreign buyer had backed out.
The 21-storey project comprises 147 luxury strata residences. Unit sizes range from 715 sq ft to 1,064 sq ft, while prices start from RM850 psf to RM1,000 psf, depending on the location.
Touted to become Medini’s first high-rise project, Afiniti Residences will feature service apartments, a wellness centre, a corporate training centre and a wellness-themed retail offering. With a gross development value of RM500 million, the development is nestled on a 2.02ha site and is being developed by Pulau Indah Ventures — a 50:50 joint-venture between Temasek Holdings and Khazanah Nasional.
As of 31 May 2013, the project has received 1,570 applications, of which 60 percent are Malaysians, 32 percent are Singaporeans, while the rest are from the UK, Indonesia and South Korea.
“Due to the overwhelming response for the project, we will hold a balloting process on Saturday,” noted Roslina.
Meanwhile, Christopher Boyd, Executive Chairman of CB Richard Ellis (CBRE Malaysia) is optimistic that foreigners will continue to buy properties in Iskandar, despite the tax hike. CBRE is the project’s marketing agent.
“Malaysia has one of the most liberal foreign property ownerships in the region and foreign buyers will continue looking to buy properties here,” he added.
Angry Birds theme park to open in Johor
By Farah Wahida:
Johor Corporation (JCorp) has unveiled the masterplan of its RM1.5 billion redevelopment project of the Tun Abdul Razak Complex (KOMTAR), including the project’s new logo and the design of its mall, which is expected to open in May 2014.
To be renamed JBCC, the project comprises a mall, a hotel and two office towers.
“When fully completed, the whole JBCC development will include the Komtar JBCC shopping mall, offering 405,000 sq ft of unrivalled retail experience, two high-rise towers – a renovated Menara Komtar and new Menara Johor Land, and a new four-star hotel to serve both local residents as well as visitors from Singapore and beyond,” said JCorp President and Chief Executive Dato’ Kamaruzzaman bin Abu Kassim.
“Komtar JBCC aims to reclaim its status as iconic landmark in the heart of Johor Bahru and emerge once again as the city’s premier shopping, lifestyle, dining and entertainment destination,” he added.
More importantly, Komtar JBCC will also get South East Asia’s first Angry Birds Activity Park, under an agreement signed with Finnish firm Rovio Entertainment Ltd.
The 26,000 sq ft indoor theme park will include an activity area, party room, retail shop and restaurant.
“The Angry Birds characters were born in Finland but are known worldwide by people of all ages. This is a perfect fit for our mall which will cater to a wide audience of local and international visitors, including many families,” said Haji Yusaini, Executive Director of JCorp’s subsidiary Damansara Asset Sdn Bhd.
Johor Corporation (JCorp) has unveiled the masterplan of its RM1.5 billion redevelopment project of the Tun Abdul Razak Complex (KOMTAR), including the project’s new logo and the design of its mall, which is expected to open in May 2014.
To be renamed JBCC, the project comprises a mall, a hotel and two office towers.
“When fully completed, the whole JBCC development will include the Komtar JBCC shopping mall, offering 405,000 sq ft of unrivalled retail experience, two high-rise towers – a renovated Menara Komtar and new Menara Johor Land, and a new four-star hotel to serve both local residents as well as visitors from Singapore and beyond,” said JCorp President and Chief Executive Dato’ Kamaruzzaman bin Abu Kassim.
“Komtar JBCC aims to reclaim its status as iconic landmark in the heart of Johor Bahru and emerge once again as the city’s premier shopping, lifestyle, dining and entertainment destination,” he added.
More importantly, Komtar JBCC will also get South East Asia’s first Angry Birds Activity Park, under an agreement signed with Finnish firm Rovio Entertainment Ltd.
The 26,000 sq ft indoor theme park will include an activity area, party room, retail shop and restaurant.
“The Angry Birds characters were born in Finland but are known worldwide by people of all ages. This is a perfect fit for our mall which will cater to a wide audience of local and international visitors, including many families,” said Haji Yusaini, Executive Director of JCorp’s subsidiary Damansara Asset Sdn Bhd.
Johor tax hike draws mixed views
By Farah Wahida:
The Johor government’s plan to levy higher tax on foreigners drew mixed reactions as details of the said proposal are still under discussion, reported The Star.
According to Chief Minister Mohamed Khaled Nordin, approximately 130,000 foreigners owning properties in Johor will need to pay higher tax rates. Although the rates are still being discussed, they are expected to be introduced by end-2013, following a state-wide property re-evaluation exercise.
Although there was a negative reaction in Bursa Malaysia, with UEM Land — a proxy to Iskandar’s property market — down nine sen to RM3.41, some experts believe that the higher tax would have little impact. This is because positive market sentiments and foreign property buyers only account for a small percentage of the market.
Foreign property ownership in the state stands at five percent, noted Koo Moo Hing, branch chairman of Real Estate and Housing Developers Association (REHDA Johor).
“We hope to get more details on the proposal and better still if the state government could get feedback or views from developers,” he added.
Samuel Tan Wee Cheng, Executive Director at KGV International Property Consultants, also believes that the proposal will not significantly affect Johor’s property market, as property prices in the state are still cheaper compared to nearby Singapore.
However, the move could create uncertainty and may lead to foreigners adopting a “wait-and-see” approach, said Siva Shanker, President of Malaysian Institute of Estate Agents (MIEA) President.
“If I’m looking to invest in property in Johor, I’d hold off my purchase until I’m sure what it’s all about. If the whole thing is going to take say, six months to be finalised, then investors are going to wait and see for six months.”
Lim Boon Ping, COO of Johor Baru-based Tiram Realty, added: “If it’s a drastic increase, it may dampen the market for a while. But it’s likely to be for high-end properties and I don’t think it would be a major adjustment. Also, sentiment in Johor is strong and probably won't have an impact.”
The Johor government’s plan to levy higher tax on foreigners drew mixed reactions as details of the said proposal are still under discussion, reported The Star.
According to Chief Minister Mohamed Khaled Nordin, approximately 130,000 foreigners owning properties in Johor will need to pay higher tax rates. Although the rates are still being discussed, they are expected to be introduced by end-2013, following a state-wide property re-evaluation exercise.
Although there was a negative reaction in Bursa Malaysia, with UEM Land — a proxy to Iskandar’s property market — down nine sen to RM3.41, some experts believe that the higher tax would have little impact. This is because positive market sentiments and foreign property buyers only account for a small percentage of the market.
Foreign property ownership in the state stands at five percent, noted Koo Moo Hing, branch chairman of Real Estate and Housing Developers Association (REHDA Johor).
“We hope to get more details on the proposal and better still if the state government could get feedback or views from developers,” he added.
Samuel Tan Wee Cheng, Executive Director at KGV International Property Consultants, also believes that the proposal will not significantly affect Johor’s property market, as property prices in the state are still cheaper compared to nearby Singapore.
However, the move could create uncertainty and may lead to foreigners adopting a “wait-and-see” approach, said Siva Shanker, President of Malaysian Institute of Estate Agents (MIEA) President.
“If I’m looking to invest in property in Johor, I’d hold off my purchase until I’m sure what it’s all about. If the whole thing is going to take say, six months to be finalised, then investors are going to wait and see for six months.”
Lim Boon Ping, COO of Johor Baru-based Tiram Realty, added: “If it’s a drastic increase, it may dampen the market for a while. But it’s likely to be for high-end properties and I don’t think it would be a major adjustment. Also, sentiment in Johor is strong and probably won't have an impact.”
Tourism ministry to focus on Sabah, Sarawak
By Farah Wahida:
Malaysia will promote Sarawak and Sabah as the country’s premier tourism spot, in line with the federal government’s goal of transforming the Bornean states into a global and regional tourism hub.
“I want to promote Sabah and Sarawak as I believe the two states can play a major role in Malaysia’s tourism industry,” said Tourism and Culture Minister Mohd Nazri Aziz, noting that both state have various tourist attractions.
For instance, Sabah has the world-famous Pulau Sipadan and the iconic Mount Kinabalu, apart from other key attractions such as colourful cultures and multi-ethnic communities.
“Many tourists from China and the West enjoy the unique and natural beauty that Sabah offers. I hope to concentrate on promoting both Sabah and Sarawak, as the two states are big and it’s unfair to treat them as mere states in Malaysia,” he noted.
Nazri would also bring to cabinet’s attention the request for more direct international flights to the two states.
“I understand that for Sabah, 96 percent of people come via air so it is important to have more direct links to the state,” he noted.
Moreover, Nazri also consulted the different players in Sabah’s tourism industry such as hoteliers, tour operators and officials from the state tourism board. He also urged them to improve their products and services, like offering a wider range of tourism packages such as home-stay programmes.
“I believe Sabah is on the right track in developing its tourism potential”, but there is still room for improvement, he added.
Malaysia will promote Sarawak and Sabah as the country’s premier tourism spot, in line with the federal government’s goal of transforming the Bornean states into a global and regional tourism hub.
“I want to promote Sabah and Sarawak as I believe the two states can play a major role in Malaysia’s tourism industry,” said Tourism and Culture Minister Mohd Nazri Aziz, noting that both state have various tourist attractions.
For instance, Sabah has the world-famous Pulau Sipadan and the iconic Mount Kinabalu, apart from other key attractions such as colourful cultures and multi-ethnic communities.
“Many tourists from China and the West enjoy the unique and natural beauty that Sabah offers. I hope to concentrate on promoting both Sabah and Sarawak, as the two states are big and it’s unfair to treat them as mere states in Malaysia,” he noted.
Nazri would also bring to cabinet’s attention the request for more direct international flights to the two states.
“I understand that for Sabah, 96 percent of people come via air so it is important to have more direct links to the state,” he noted.
Moreover, Nazri also consulted the different players in Sabah’s tourism industry such as hoteliers, tour operators and officials from the state tourism board. He also urged them to improve their products and services, like offering a wider range of tourism packages such as home-stay programmes.
“I believe Sabah is on the right track in developing its tourism potential”, but there is still room for improvement, he added.
Friday 31 May 2013
Tropicana Corp launches RM6.3b Tropicana Metropark project in Subang Jaya
Property developer, Tropicana Corp Bhd, is developing a 35.6ha land in Subang Jaya into a mixed development project, namely Tropicana Metropark, with a gross development value of RM6.3bil, spanning over 12 years.
Group CEO Datuk Yau Kok Seng said on Friday the project, with a net floor area of about 743,000 square metres, will be offering a fusion of residential, office space, retail, shopping mall, a four to five-star hotel, entertainment hub and learning and medical centres.
“Tropicana Metropark is the company’s launch pad to build its momentum this year,” he told reporters at the ground-breaking ceremony by Subang Jaya Municipal Council (MPSJ) president Datuk Asmawi Kasbi.
To enhance accessibility of its development, Yau said, the company will build a RM150mil flyover which will directly link the project to the Federal Highway. “Work on the flyover will commence next year and is expected to be completed by 2016,” he said.
Meanwhile, Asmawi said MPSJ was talking to Keretapi Tanah Melayu Bhd to relocate the nearby Batu Tiga commuter station into the Metropark area to improve connectivity of the development.
In conjunction with the ground-breaking, Tropicana also launched the Pandora service residences, with a gross development value of RM360mil.
The two residential towers offered 627 apartment units with three designs studio, two and three-bedroom, with built-up areas from 600 to 1,200 square feet, priced at RM840 per square foot.
“Since the preview two months ago, over 70% of the total units were snapped up, signifying high demand and buyers’ confidence for the development,” Yau added.
Tuesday 21 May 2013
Units at Meridin@Medini sell like hot cakes
By Farah Wahida:
The Meridin@Medini in Iskandar Malaysia sold 446 units with a collective value of RM261 million during its recent preview, reported The New Straits Times.
Astoundingly, 75 percent of the units were sold within just five hours. Out of this figure, 65 percent were purchased by Malaysians, while the rest were bought by foreigners from Singapore, Indonesia, Korea, Taiwan and Japan.
“This reflects investors’ confidence in the product, concept, location and our Mah Sing brand name. We shall certainly create a new icon in Medini,” said Tan Sri Datuk Sri Leong Hoy Kum, Group Managing Director cum Group Chief Executive of Mah Sing.
Also sold were 30 lifestyle retail units measuring from 850 sq ft and priced from RM1,000 psf. Most of the buyers were firms that commence qualifying activities before 31 December 2015 as they will be able to register for IDR Status. This grants many incentives such as royalties, income tax, import duty, sales tax, real property gains tax and withholding tax for services.
Developed by Mah Sing Bhd, Meridin@Medini is a purpose-built integrated project located along Persisiran Pantai JB-Nusajaya.
The Meridin@Medini in Iskandar Malaysia sold 446 units with a collective value of RM261 million during its recent preview, reported The New Straits Times.
Astoundingly, 75 percent of the units were sold within just five hours. Out of this figure, 65 percent were purchased by Malaysians, while the rest were bought by foreigners from Singapore, Indonesia, Korea, Taiwan and Japan.
“This reflects investors’ confidence in the product, concept, location and our Mah Sing brand name. We shall certainly create a new icon in Medini,” said Tan Sri Datuk Sri Leong Hoy Kum, Group Managing Director cum Group Chief Executive of Mah Sing.
Also sold were 30 lifestyle retail units measuring from 850 sq ft and priced from RM1,000 psf. Most of the buyers were firms that commence qualifying activities before 31 December 2015 as they will be able to register for IDR Status. This grants many incentives such as royalties, income tax, import duty, sales tax, real property gains tax and withholding tax for services.
Developed by Mah Sing Bhd, Meridin@Medini is a purpose-built integrated project located along Persisiran Pantai JB-Nusajaya.
MAPEX 2013 in Ipoh Perak is back. Bigger, Better and More choices.
Event Description
MAPEX 2013 (Perak) promises to be the best property showcase yet in Ipoh. It is going to be an event not to be missed. Choose from a variety of projects at different locations of choice. Organized by REHDA Perak with support from MBI, PKNP and Media Partner; PropertyGuru, the event brings together a show that aims to offer all visitors a chance to find their dream home.
Event Showcase:
• Wide variety of residential properties at many locations and affordable / attractive prices.
• Lots of choices for affordable housing.
• From landed terraces to semi-detached, bungalows, condos and event plantation plots!
• Special and exciting discounts offered by developers during the fair.
Event Showcase:
• Wide variety of residential properties at many locations and affordable / attractive prices.
• Lots of choices for affordable housing.
• From landed terraces to semi-detached, bungalows, condos and event plantation plots!
• Special and exciting discounts offered by developers during the fair.
Event Details
Start Date:Friday, 7th Jun 2013
End Date:Sunday, 9th Jun 2013
Opening Times:11.00am – 10.00pm
Organizer:REHDA Perak
Category:Expo
Contact Details
Website:www.rehdaperak.com
Email:rehdapk@gmail.com
Directions
Venue:Stadium Indera Mulia, Ipoh, Perak
Address:Kompleks Sukan MBI
Jalan Ghazali Jawi
Ipoh 31400
Malaysia
Jalan Ghazali Jawi
Ipoh 31400
Malaysia
Buy a home, get a visa in Spain
By Andrew Batt:
A new law in Spain which is expected to come into force in July is expected see many more buyers from Southeast Asia investing in property there - because it will come with residency.
The law, which we first reported about in late 2012, will allow non-European Union residents to get Spanish residency automatically if they buy a property worth €500,000 (RM 1.9 million) or more.
According to the latest data from the Bank of Spain, foreign investment in the Spanish property market has increased by 17 percent in 2012. The market has become increasingly attractive as a result of the significant falls seen in property prices since it was enveloped in the financial crisis.
An influx of investors from Asia-Pacific, China, Russia and America is likely to boost the Spanish
Spain-based luxury real estate agency Lucas Fox is already working with the Asian property consultancy SQFT, and they are expecting a delegation representing nine groups of Chinese and Korean investors to come to Barcelona by the end of May. They will be shown properties in Catalonia, Ibiza and the Balearics.
Speaking to The Daily Telegraph Han Bin, Director of SQFT, said: "Most Chinese investors want to buy a property in Barcelona because not only are they getting a good investment, but there is now the opportunity to acquire Spanish residency at the same time. What's more, the market is particularly attractive given the historic low prices."
Cesar Garzon, a Spain law expert based in London, said: “The Spanish government, through Secretary of State for Economic and Business Support, Fernando Jimenez, has assured the bill will shortly be approved. He confirmed it may be this week or next. We will nevertheless have to wait until the bill is fully approved as he did not confirm the minimum amount to be invested.
Garzon added: “We do not exactly know at this stage whether the residence permit will be granted to the registered owner of the property or to all his/her family. I guess there will be some procedures and deadlines to extend the permit to the family members. In any case right now in Spain, if you are resident, you can ask for family residence reunification.”
Garzon also suggested that it may be possible that the government will stipulate minimum periods of ownership to keep the residence since purchasing the property.
A new law in Spain which is expected to come into force in July is expected see many more buyers from Southeast Asia investing in property there - because it will come with residency.
The law, which we first reported about in late 2012, will allow non-European Union residents to get Spanish residency automatically if they buy a property worth €500,000 (RM 1.9 million) or more.
According to the latest data from the Bank of Spain, foreign investment in the Spanish property market has increased by 17 percent in 2012. The market has become increasingly attractive as a result of the significant falls seen in property prices since it was enveloped in the financial crisis.
An influx of investors from Asia-Pacific, China, Russia and America is likely to boost the Spanish
Spain-based luxury real estate agency Lucas Fox is already working with the Asian property consultancy SQFT, and they are expecting a delegation representing nine groups of Chinese and Korean investors to come to Barcelona by the end of May. They will be shown properties in Catalonia, Ibiza and the Balearics.
Speaking to The Daily Telegraph Han Bin, Director of SQFT, said: "Most Chinese investors want to buy a property in Barcelona because not only are they getting a good investment, but there is now the opportunity to acquire Spanish residency at the same time. What's more, the market is particularly attractive given the historic low prices."
Cesar Garzon, a Spain law expert based in London, said: “The Spanish government, through Secretary of State for Economic and Business Support, Fernando Jimenez, has assured the bill will shortly be approved. He confirmed it may be this week or next. We will nevertheless have to wait until the bill is fully approved as he did not confirm the minimum amount to be invested.
Garzon added: “We do not exactly know at this stage whether the residence permit will be granted to the registered owner of the property or to all his/her family. I guess there will be some procedures and deadlines to extend the permit to the family members. In any case right now in Spain, if you are resident, you can ask for family residence reunification.”
Garzon also suggested that it may be possible that the government will stipulate minimum periods of ownership to keep the residence since purchasing the property.
Wednesday 8 May 2013
BN win bodes well for Malaysia: investor group
By Farah Wahida:
Following Barisan Nasional’s (BN) victory in the 13th general elections, Malaysia is expected to become stable, peaceful and progressive, according to Datuk PHS Lim, President of Malaysian Investors Association.
“The elected government will most likely continue its transformation programmes with its people-first policy,” he told Bernama. The BN administration will also be more cautious about corruption due to Pakatan Rakyat’s allegations during the campaign period.
Regarding the defeat of BN’s Abdul Ghani Othman on Gelang Patah’s parliamentary seat, Lim said: “BN lost a battle but won the war in the GE13.”
The outgoing Chief Minister of Johor was defeated by DAP advisor Lim Kit Siang with a majority of 14,762 votes.
On the challenges that PM Najib will be facing, Lim explained that the prime minister has to fulfil BN’s election promises as well implement people-first policies and economic transformation programmes.
“He has to bring in foreign investments and perhaps introduce a Goods and Services Tax. He has to form a clean government perception, as corruption was widely alleged by the opposition,” he added.
Following Barisan Nasional’s (BN) victory in the 13th general elections, Malaysia is expected to become stable, peaceful and progressive, according to Datuk PHS Lim, President of Malaysian Investors Association.
“The elected government will most likely continue its transformation programmes with its people-first policy,” he told Bernama. The BN administration will also be more cautious about corruption due to Pakatan Rakyat’s allegations during the campaign period.
Regarding the defeat of BN’s Abdul Ghani Othman on Gelang Patah’s parliamentary seat, Lim said: “BN lost a battle but won the war in the GE13.”
The outgoing Chief Minister of Johor was defeated by DAP advisor Lim Kit Siang with a majority of 14,762 votes.
On the challenges that PM Najib will be facing, Lim explained that the prime minister has to fulfil BN’s election promises as well implement people-first policies and economic transformation programmes.
“He has to bring in foreign investments and perhaps introduce a Goods and Services Tax. He has to form a clean government perception, as corruption was widely alleged by the opposition,” he added.
HK actor scours Malaysia for ideal vacation home
By Farah Wahida:
Bosco Wong, a famous actor and singer from Hong Kong, is presently on the lookout for properties in Kuala Lumpur and Penang, reported Yahoo! News.
According to showbiz portal Jayne Stars, Wong plans to buy two residential properties in Malaysia, including a 6,000 sq ft home.
“The two properties are great. You can get a beautiful view of the ocean from the apartment in Penang, and the one in Kuala Lumpur is very convenient. I just have to plan everything out before deciding!” said the actor.
He explained that the properties are not for investments, but for his mom’s convenience whenever they travel to the country.
In fact, the actor is very fond of Malaysia that he had already established a bar lounge in Ipoh known as the House. But despite his bullishness on overseas investments, his roots are still in Hong Kong.
“I’ve always lived in the Sha Tin District, so I want to find a penthouse in this area. However, they’re more expensive, so I won’t be rash and be sure to look carefully,” Wong explained.
Bosco Wong, a famous actor and singer from Hong Kong, is presently on the lookout for properties in Kuala Lumpur and Penang, reported Yahoo! News.
According to showbiz portal Jayne Stars, Wong plans to buy two residential properties in Malaysia, including a 6,000 sq ft home.
“The two properties are great. You can get a beautiful view of the ocean from the apartment in Penang, and the one in Kuala Lumpur is very convenient. I just have to plan everything out before deciding!” said the actor.
He explained that the properties are not for investments, but for his mom’s convenience whenever they travel to the country.
In fact, the actor is very fond of Malaysia that he had already established a bar lounge in Ipoh known as the House. But despite his bullishness on overseas investments, his roots are still in Hong Kong.
“I’ve always lived in the Sha Tin District, so I want to find a penthouse in this area. However, they’re more expensive, so I won’t be rash and be sure to look carefully,” Wong explained.
Smooth sailing for multi-billion rail projects
By Farah Wahida:
The multi-billion rail projects implemented by the federal government will proceed as planned thanks to the BN’s victory at the 13th general election, reported The Star.
“The (construction) sector will now steer clear of potential radical changes proposed by the Pakatan Rakyat coalition that could have hurt earnings and fundamentals including a review of MRT-related contracts and abolition of toll roads,” said RHB Research.
“The risks of cancellations, changes to terms and scopes of MRT-related contracts are now greatly reduced.” In addition, more rail-related projects are due to be awarded later this year, noted the research unit.
Rail infrastructure projects that are still in the pipeline include Gemas-JB electrified double-tracking project, the Singapore-Kuala Lumpur high-speed rail (HSR), a light rail transit (LRT) extension between Port Klang and Petaling Jaya, as well as the two remaining lines of the mass rapid transit (MRT) network. Currently, the RM7 billion LRT extension and the RM23 billion Sungai Buloh-Kajang MRT project are ongoing in the Greater Kuala Lumpur area.
“Now, we can continue to work and support the Government as well as carry on with the transformation programme for the benefit of the people and country,” said Datuk Azhar Abdul Hamid, CEO of MRT Corp.
The public should expect more news on the proposed line 2 and 3 of the MRT project in the coming weeks or months, added Azhar.
Meanwhile, Syarikat Prasarana Negara will continue to enhance the quality of public transportation, said its Group Managing Director Datuk Shahril Mokhtar.
On the LRT line between Petaling Jaya to Port Klang, Prasarana had recently embarked on studies which are due to be completed in six months. After that, results will be given to SPAD so that they can conduct a more detailed feasibility study.
The multi-billion rail projects implemented by the federal government will proceed as planned thanks to the BN’s victory at the 13th general election, reported The Star.
“The (construction) sector will now steer clear of potential radical changes proposed by the Pakatan Rakyat coalition that could have hurt earnings and fundamentals including a review of MRT-related contracts and abolition of toll roads,” said RHB Research.
“The risks of cancellations, changes to terms and scopes of MRT-related contracts are now greatly reduced.” In addition, more rail-related projects are due to be awarded later this year, noted the research unit.
Rail infrastructure projects that are still in the pipeline include Gemas-JB electrified double-tracking project, the Singapore-Kuala Lumpur high-speed rail (HSR), a light rail transit (LRT) extension between Port Klang and Petaling Jaya, as well as the two remaining lines of the mass rapid transit (MRT) network. Currently, the RM7 billion LRT extension and the RM23 billion Sungai Buloh-Kajang MRT project are ongoing in the Greater Kuala Lumpur area.
“Now, we can continue to work and support the Government as well as carry on with the transformation programme for the benefit of the people and country,” said Datuk Azhar Abdul Hamid, CEO of MRT Corp.
The public should expect more news on the proposed line 2 and 3 of the MRT project in the coming weeks or months, added Azhar.
Meanwhile, Syarikat Prasarana Negara will continue to enhance the quality of public transportation, said its Group Managing Director Datuk Shahril Mokhtar.
On the LRT line between Petaling Jaya to Port Klang, Prasarana had recently embarked on studies which are due to be completed in six months. After that, results will be given to SPAD so that they can conduct a more detailed feasibility study.
GE13 results to benefit developers, banks
By Farah Wahida:
The recently concluded 13th General Elections (GE13) will positively affect local property developers and banks, with expectations that more infrastructure projects will be started by the winning party of Barisan Nasional led by Prime Minister Najib Razak.
According to Bloomberg, companies that will benefit from the election results include UEM Land Holdings Bhd. (ULHB), CIMB Group Holdings Bhd. (CIMB) and IJM Corp. (IJM).
Bank of America Corp.’s Merrill Lynch unit also cited government-linked companies such as Astro Malaysia Holdings Bhd. (ASTRO) and SapuraKencana Petroleum Bhd. (SAKP).
In the GE13, the BN secured 133 seats in the 222-member parliament. As such, Najib now has the mandate to deliver US$444 billion (RM1.318 trillion) worth of infrastructure and other investment plans by 2020.
“Najib and his government can push through the reforms and pump in the fiscal infrastructure,” noted David Poh, Singapore-based Regional Head of Portfolio-Management Solutions at the private banking unit of Societe Generale SA, which manages US$113 billion (RM335.44 billion).
“The whole economic growth is going to be positive,” he added.
Meanwhile, Idris Jala, who supervises Malaysia’s economic transformation, reckoned that the country has a “very healthy” investment pipeline. He added that the elections result will also significantly boost the country’s economy.
The recently concluded 13th General Elections (GE13) will positively affect local property developers and banks, with expectations that more infrastructure projects will be started by the winning party of Barisan Nasional led by Prime Minister Najib Razak.
According to Bloomberg, companies that will benefit from the election results include UEM Land Holdings Bhd. (ULHB), CIMB Group Holdings Bhd. (CIMB) and IJM Corp. (IJM).
Bank of America Corp.’s Merrill Lynch unit also cited government-linked companies such as Astro Malaysia Holdings Bhd. (ASTRO) and SapuraKencana Petroleum Bhd. (SAKP).
In the GE13, the BN secured 133 seats in the 222-member parliament. As such, Najib now has the mandate to deliver US$444 billion (RM1.318 trillion) worth of infrastructure and other investment plans by 2020.
“Najib and his government can push through the reforms and pump in the fiscal infrastructure,” noted David Poh, Singapore-based Regional Head of Portfolio-Management Solutions at the private banking unit of Societe Generale SA, which manages US$113 billion (RM335.44 billion).
“The whole economic growth is going to be positive,” he added.
Meanwhile, Idris Jala, who supervises Malaysia’s economic transformation, reckoned that the country has a “very healthy” investment pipeline. He added that the elections result will also significantly boost the country’s economy.
Saturday 27 April 2013
KL Sentral used RM4m for revamp
By Farah Wahida:
Malaysian Resources Corp Bhd (MRCB), via its unit Semasa Sentral Sdn Bhd, has spent some RM4 million out of its RM13.8 million budget for the renovation of Stesen Sentral Kuala Lumpur (KL Sentral).
To date, completed upgrades include flooring tiles, restrooms, overall station lighting safety surveillance and the VIP lounge at the transportation hub, according to Imran Salim, Chief Operating Officer of MRCB.
“We intend to speed up (the remaining) upgrading works at KL Sentral and complete the construction of the Nu Sentral retail mall, which will enhance the level of convenience for commuters in line with other ongoing development works in the overall KL Sentral CBD,” Imran said.
MRCB also plans to finish the construction of Nu Sentral two to three months earlier than the previously targeted date of end-2013.
The seven-level retail mall, which is a 49:51 venture between Pelaburan Hartanah Bhd and MRCB, is being developed simultaneously with the refurbishment at KL Sentral, which commenced in September 2011,
“The upgrading proposals have been presented to the relevant authorities to cater for the long-term use of the station as an increased number of commuters and patrons is expected (to commute from KL Sentral) when the mass rapid transit (MRT) line is in operation.”
The upgrading works will include internal and external signage at KL Sentral to reduce confusion once Nu Sentral opens.
“We are targeting to finish this in one or two months,” said Imran.
Furthermore, MRCB will also put up six pedestrian bridges connecting KL Sentral and Nu Sentral, Sooka Sentral, Q Sentral, Platinum Sentral, and the monorail and MRT stations for the convenience of its visitors and customers.
Malaysian Resources Corp Bhd (MRCB), via its unit Semasa Sentral Sdn Bhd, has spent some RM4 million out of its RM13.8 million budget for the renovation of Stesen Sentral Kuala Lumpur (KL Sentral).
To date, completed upgrades include flooring tiles, restrooms, overall station lighting safety surveillance and the VIP lounge at the transportation hub, according to Imran Salim, Chief Operating Officer of MRCB.
“We intend to speed up (the remaining) upgrading works at KL Sentral and complete the construction of the Nu Sentral retail mall, which will enhance the level of convenience for commuters in line with other ongoing development works in the overall KL Sentral CBD,” Imran said.
MRCB also plans to finish the construction of Nu Sentral two to three months earlier than the previously targeted date of end-2013.
The seven-level retail mall, which is a 49:51 venture between Pelaburan Hartanah Bhd and MRCB, is being developed simultaneously with the refurbishment at KL Sentral, which commenced in September 2011,
“The upgrading proposals have been presented to the relevant authorities to cater for the long-term use of the station as an increased number of commuters and patrons is expected (to commute from KL Sentral) when the mass rapid transit (MRT) line is in operation.”
The upgrading works will include internal and external signage at KL Sentral to reduce confusion once Nu Sentral opens.
“We are targeting to finish this in one or two months,” said Imran.
Furthermore, MRCB will also put up six pedestrian bridges connecting KL Sentral and Nu Sentral, Sooka Sentral, Q Sentral, Platinum Sentral, and the monorail and MRT stations for the convenience of its visitors and customers.
Gov't to develop RM6b LRT line
By Farah Wahida:
The government could develop the third light rail transit (LRT) line from Kelana Jaya to Port Klang. Known as the Shah Alam LRT Line, the development is believed to have an estimated cost of between RM5 billion and RM6 billion.
In line with this, Syarikat Prasarana Negara Bhd (Prasarana) is expected to call for tenders for the project in 2014, following proper due diligence by Land Public Transport Commission (SPAD).
A wholly-owned government firm by the Finance Ministry, Prasarana is the operator and asset owner of LRT lines.
Azmi Abdul Aziz, Chief Development Officer at SPAD, revealed that the Shah Alam LRT line will cover 20km to 30 km. However, he declined to comment on the project’s estimated cost.
He added that the tender will be an open one and companies with current contracts for the Kelana Jaya and Ampang LRT line extension projects are permitted to bid.
“It is no more like before where companies that had won LRT jobs couldn't bid for the same development. As long as the companies are qualified and have met the necessary funding and technical requirements, they can bid,” he said.
“This is totally a new line and very important for the public. Shah Alam is becoming densely populated, with new townships coming up…The new line would allow people from Port Klang and Shah Alam to come to the city without hassle. It will complement the existing Kelana Jaya and Ampang LRT lines,” he noted.
Shah Alam line will start from the LRT station in Kelana Jaya, head to the Shah Alam stadium, pass through Klang, and stop in Port Klang.
The government could develop the third light rail transit (LRT) line from Kelana Jaya to Port Klang. Known as the Shah Alam LRT Line, the development is believed to have an estimated cost of between RM5 billion and RM6 billion.
In line with this, Syarikat Prasarana Negara Bhd (Prasarana) is expected to call for tenders for the project in 2014, following proper due diligence by Land Public Transport Commission (SPAD).
A wholly-owned government firm by the Finance Ministry, Prasarana is the operator and asset owner of LRT lines.
Azmi Abdul Aziz, Chief Development Officer at SPAD, revealed that the Shah Alam LRT line will cover 20km to 30 km. However, he declined to comment on the project’s estimated cost.
He added that the tender will be an open one and companies with current contracts for the Kelana Jaya and Ampang LRT line extension projects are permitted to bid.
“It is no more like before where companies that had won LRT jobs couldn't bid for the same development. As long as the companies are qualified and have met the necessary funding and technical requirements, they can bid,” he said.
“This is totally a new line and very important for the public. Shah Alam is becoming densely populated, with new townships coming up…The new line would allow people from Port Klang and Shah Alam to come to the city without hassle. It will complement the existing Kelana Jaya and Ampang LRT lines,” he noted.
Shah Alam line will start from the LRT station in Kelana Jaya, head to the Shah Alam stadium, pass through Klang, and stop in Port Klang.
Henry Butcher to market Malaysian properties in China
By Farah Wahida:
Henry Butcher Real Estate Sdn Bhd has partnered with Singapore-based MLN Investment Holding (Group) Pte Ltd to promote Malaysian properties and investments to Chinese investors. Notably, Henry Butcher Real Estate Sdn Bhd is the marketing consultancy and agency services arm of Henry Butcher Malaysia group.
Held at Henry Butcher headquarters in Malaysia, the signing ceremony was attended by Henry Butcher Marketing chief operating officer Tang Chee Meng, Henry Butcher Malaysia director Long Tian Chek and president Lim Eng Chong. Also present at the ceremony were MLN managing director Leon Liu and MLN chief representative in China Juliet Zhu.
“We see Henry Butcher as a strategic partner with its extensive network and wide range of real estate services that fulfil our clients’ requirements in China,” said Zhu.
“This collaboration will enable MLN and Henry Butcher to work hand-in-hand to promote Malaysian properties, especially sophisticated high-end properties…This strategic relationship is a win-win situation for both of us,” added Zhu.
She also noted that more Chinese are turning to Malaysia “as an attractive property investment destination and an ideal place to stay in view of the generally low property prices, multi-cultural society, good infrastructure and high standard of living,” adding that the agreement is a “significant step forward in our joint marketing effort with a China partner.”
Meanwhile, Long said the partnership will not only expand Henry Butcher’s presence in China, it will also allow the company to provide “professional consultation and services to the Chinese market, hence facilitating investors who have businesses and properties in Malaysia.”
Moreover, the agreement also sees the two companies marketing the Malaysia My Second Home (MM2H) programme in China.
Managed by a team of China-born entrepreneurs, MLN was established in Singapore in 2003, offering investment and migration services relevant to company incorporation, financial and taxation services to the Chinese. It also works closely with Chinese Embassy in Singapore, Singapore Economic Development Board and International Enterprise Singapore.
Henry Butcher Real Estate Sdn Bhd has partnered with Singapore-based MLN Investment Holding (Group) Pte Ltd to promote Malaysian properties and investments to Chinese investors. Notably, Henry Butcher Real Estate Sdn Bhd is the marketing consultancy and agency services arm of Henry Butcher Malaysia group.
Held at Henry Butcher headquarters in Malaysia, the signing ceremony was attended by Henry Butcher Marketing chief operating officer Tang Chee Meng, Henry Butcher Malaysia director Long Tian Chek and president Lim Eng Chong. Also present at the ceremony were MLN managing director Leon Liu and MLN chief representative in China Juliet Zhu.
“We see Henry Butcher as a strategic partner with its extensive network and wide range of real estate services that fulfil our clients’ requirements in China,” said Zhu.
“This collaboration will enable MLN and Henry Butcher to work hand-in-hand to promote Malaysian properties, especially sophisticated high-end properties…This strategic relationship is a win-win situation for both of us,” added Zhu.
She also noted that more Chinese are turning to Malaysia “as an attractive property investment destination and an ideal place to stay in view of the generally low property prices, multi-cultural society, good infrastructure and high standard of living,” adding that the agreement is a “significant step forward in our joint marketing effort with a China partner.”
Meanwhile, Long said the partnership will not only expand Henry Butcher’s presence in China, it will also allow the company to provide “professional consultation and services to the Chinese market, hence facilitating investors who have businesses and properties in Malaysia.”
Moreover, the agreement also sees the two companies marketing the Malaysia My Second Home (MM2H) programme in China.
Managed by a team of China-born entrepreneurs, MLN was established in Singapore in 2003, offering investment and migration services relevant to company incorporation, financial and taxation services to the Chinese. It also works closely with Chinese Embassy in Singapore, Singapore Economic Development Board and International Enterprise Singapore.
Pakatan vows to provide affordable housing schemes
By Farah Wahida:
Following the launch of Selangor manifesto by Barisan Nasional, Pakatan Rakyat has also unveiled its own list of promises via a manifesto entitled “Continuing a journey of excellence” that includes affordable housing schemes and construction of public terminal in Shah Alam.
On its statement last Thursday, Pakatan pledged to allot RM100 million to put up a State Housing Development Board and another RM50 million to put up a People’s Housing scheme which will help those who are meeting difficulties in acquiring loans from financial institutions.
Aside from that, it also vowed to provide “comfortable affordable housing” with 800sq ft priced below RM150,000. Pakatan will also build an integrated public transportation terminal in Shah Alam plus a free public transportation like bus services Petaling Jaya, Subang Jaya, Klang, Kajang and Shah Alam.
Furthermore, the party assured to decentralise the government through the implementation of local government elections, boost the number of CCTVs and public lighting such as street lights, to establish Selangor Women’s Empowerment Fund worth RM50 million and free breast and cervical cancer checkups, mammogram for women while free prostate and testicle cancer checks for men.
Following the launch of Selangor manifesto by Barisan Nasional, Pakatan Rakyat has also unveiled its own list of promises via a manifesto entitled “Continuing a journey of excellence” that includes affordable housing schemes and construction of public terminal in Shah Alam.
On its statement last Thursday, Pakatan pledged to allot RM100 million to put up a State Housing Development Board and another RM50 million to put up a People’s Housing scheme which will help those who are meeting difficulties in acquiring loans from financial institutions.
Aside from that, it also vowed to provide “comfortable affordable housing” with 800sq ft priced below RM150,000. Pakatan will also build an integrated public transportation terminal in Shah Alam plus a free public transportation like bus services Petaling Jaya, Subang Jaya, Klang, Kajang and Shah Alam.
Furthermore, the party assured to decentralise the government through the implementation of local government elections, boost the number of CCTVs and public lighting such as street lights, to establish Selangor Women’s Empowerment Fund worth RM50 million and free breast and cervical cancer checkups, mammogram for women while free prostate and testicle cancer checks for men.
Car in the SKY?
CAR IN THE SKY: As sky garages slowly make its way to the region, NST RED explores the concept of parking your car right next to your high-rise unit
For those who favour landed homes over high-rise living, one major argument has always been that high-rises lack the traditional feeling of a ‘home’. For some, it’s about having a patch of grass — or thatch, as the case may be — to call your own and agonise about weeding every other weekend. For others, it’s about being able to walk out your door straight into your garage or driveway where your car is parked, without having to waste time walking to your parking spot some distance away.
Unless of course, your apartment comes with a ‘sky garage’.
Driving home upstairs
At the heart of it, the concept of en-suite parking brings an element of ‘landed’ appearance to high-rises. For homeowners, the main attraction of opting for a unit with en-suite parking facilities is the ‘home’ feel that comes with being able to park right outside where you live. “Sky garages try to make high-rise living similar to that of landed homes,” says KL See, director of Metro Homes real estate and property agency. “We now have sky bungalows and sky semi-dee houses and a sky garage forms part of the unique features.”
Despite the novel concept, the technology behind it is quite conventional. The idea is not unlike the novelty of having a private lift to your apartment — only this one is big enough to fit your car in. Notably, many implementations of the concept also see advanced recognition technology to verify owners’ identity.
Most residential high-rises featuring sky garages provide car lifts that carry both car and driver up. An example is the 19-storey 200 11th Avenue in Manhattan, New York, where residents would drive up to a special gate where an electronic reader would open the gate after verifying the car — akin to our Smart Tag scanners. As the gate closes behind the entering car, another gate leading to the car lift would automatically open for entry.
Once inside the car lift, the driver would be reminded to turn off the engine as infrared sensors keep track of the car’s position. Occasionally, the driver may be asked to adjust the car’s position by driving slightly forward or backward as needed. Then the lift would automatically go to the driver’s floor where he or she would reverse the car out of the lift into the garage space adjoining his or her apartment — arriving home immediately after stepping out of the car.
Of course, different developers and designers invariably apply their own distinctive touches and styles to the specific workings of their sky garages. Hamilton Scotts in Singapore, for instance — reportedly the first to feature the concept in Asia — uses a biometric scanner to read the resident’s thumbprint before instructing the car lift to send the car up to the resident’s en-suite sky garage. Additionally, the driver would have to ride up in a separate lift that is still within the view of the car lift.
Pros and cons
Apart from bringing an element of landed living to the increasingly more common high-rise residences today, sky garages appear to embody the human desire for novelty and exclusivity. Even those whose address lies in the prestigious urban areas of the city can’t always claim that they have the luxurious convenience of being able to drive straight to their doorstep, as landed homes are increasingly a rarity given spiralling land costs today.
Additionally, many sky garages are separated from the living rooms of their respective apartment units by only a glass panel, allowing their owners to show off their sexy Aston Martins or shiny Lamborghinis whenever guests are around. “It is nice especially for those car lovers who can see their nice vehicles from the living area,” comments Metro Homes chief See.
The aesthetics extend further, in fact, to the building design itself. “Sky garages reduce the levels of car park podium required as garages are located inside the unit itself or next to it,” explains See. “The building in fact is nicer this way, rather than our conventional five levels of car park podiums before reaching the facilities floor followed by the typical layout floor.”
Incorporating such a feature does not seem like an especially difficult undertaking for any willing developer. According to Ar Dr Tan Loke Mun, Director of ArchiCentre, the only special consideration in the process is the “vertical transportation lift to carry the car.” Such a consideration, says realtor See, is not a problem for today’s technology but he also adds that its pros and cons as well as potential long-term benefits warrant consideration before implementing the concept.
The concept is not without critics, however, perhaps given the subjective nature of its value to homeowners. “Why would you need to have a car garage high up in the sky?” asks Dr Tan, who is also Past President of the Malaysian Institute of Architects. “It is totally not in line with the current trends and growing awareness of sustainability and green.”
Indeed, in light of the growing preference among homeowners towards green and energy-efficient home features, the additional costs required for sky garages appear forefront on the list of negatives when it comes to sky garages. “They are costly to build and maintain as it involves a mechanical system to lift the car up to the upper levels,” remarks See. “It also takes a longer time to move the car to/from the garage especially during peak hours.”
In addition to the sheer cost of building and maintaining the facilities, risks also appear greater in the event things go wrong — a malfunction may see your supercar stuck on the 20th storey just when you needed to drive somewhere urgently. Security also comes into consideration if the residential unit concerned is rented and not owned, according to See of Metro Homes. “It can be dangerous too because if any accident occurs, the entire building might be at risk.”
Trend or fad?
Looking at developments featuring sky garages around the world, it appears to be the realm of the uber-rich as most of the developments have very low density as well as expensive price tags — 200 11th Avenue in Manhattan is a 19-story building consisting of a mere 14 units, which have sold for between US$3 million (RM9.12 million) and US$32 million (RM97.28 million). Hamilton Scotts in Singapore has 56 units comprised within 30 storeys with prices starting at SG$7.9 million (RM19.45 million).
With Malaysia set to see its first residential development featuring sky garages in Iskandar, Johor, will sky garages become more commonly offered in Malaysia as the next main selling point for high-end projects?
“I believe it would start as a mere luxury feature for the next 5 –10 years. Once we have a proven and established system for sky garages, then more developers might adopt the concept,” opines See from Metro Homes. “Even if it is implemented, it will mostly be located in the downtown high-end areas where land is limited or where there are few constraints in its implementation. Otherwise, most builders would still be happy with conventional parking facilities.”
Indeed, increased costs for incorporating the feature as well as the design considerations and other factors mean sky garages may be more trouble than it is worth for most developers in Malaysia. This means sky garages may not become more than an expensive rarity occasionally found in selected exclusive developments. However, it is interesting to note that a similar concept of using lifts to move vehicles to and from the car park podium is already seen in Malaysia such as in Menara Genesis in Kuala Lumpur as well as the upcoming Times Avenue Tower, which is set to feature the country’s first fully automated valet parking system.
“There are vertical car parking ‘silos’ that have been used in city centres with limited land such as in Seoul, Korea. But for condos, it is just a novelty,” says Dr Tan from ArchiCentre, who is also an Adjunct Professor in Architecture at Universiti Putra Malaysa. “The only valid reason that I can think of is if you were super concerned about security and privacy such as if you were Batman!”
Future of sky garages?
Practicality aside, the fact remains that those who can afford it enjoy the novel concept of being able to park at one’s own doorstep while living in a high-rise. Asians are no exception, based on Hamilton Scotts in Singapore which sold well, says See.
Value-wise, how much does a sky garage influence the pricing of the entire unit and its price appreciation potential?
“It is very difficult to put a value to it because luxury items and new innovations cannot be valued based on past history as it does not have any prior benchmark,” elaborates See. “For sure, the developer would sell the garage as part of the building built-up unlike accessory parcels in a conventional condominium. The cost of maintaining the mechanical system will be borne by all residents alike similar to common properties within the condo.”
It should be noted that sky garages are basically parking facilities and therefore may not have the same per square foot valuation as the rest of the actual accommodation. Not that it would matter much to those who can afford such properties. For them, no price is too high for the convenience of doorstep parking or pride of owning a sky garage in the middle of a densely populated urban area.
“It will be good to see how it will be implemented in Malaysia,” See of Metro Homes says. “It will definitely attract the elite group of the society and car lovers.”
On the other hand, architect Dr Tan is averse to the concept, seeing it as a step in the wrong direction. “I would not do it as I am waiting for the day when cars get restricted from entering communities and cities. Hopefully, one day the car will be made obsolete when all buildings in cities become fully interconnected and linked with an integrated public transportation system.”
En-suite parking facilities bring back the ‘home’ feel that comes with being able to park right outside where you live.
Car lifts that bring both driver and car up together allows you to drive up to your doorstep as if living in a landed home.
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