Phase II of Melaka river projects features wilds animals

By Farah Wahida:

To lure more tourists, the Phase II of the Melaka Beautification and Cleanliness Project will be developed based on a safari concept, according to Chief Minister Datuk Seri Mohd Ali Rustam.

The second phase will cost RM285 million and will incorporate rich wildlife in an area spanning six kilometres. They include colourful flora and several species of animals that will be propagated along the river.

“The first phase of the Melaka River beautification project has been drawing more than one million visitors yearly, which has also generated up to RM9 million in revenue. In the second phase, improvements are made by applying the safari concept, similar to that found along the Singapore River.”

He said this during the Water Treating Technology Workshop at Casa Del Rio yesterday.

Phase II was unveiled on 21 May 2012 and stretches from Taman Rempah/Hang Jebat bridge to Melaka Sentral. Other additions include walkways, water taxis, landscape beautification and river bank protective features.

Meanwhile, on the workshop, Mohd Ali noted that some experts called on the state government to use oil and gas (O&G) cleaning technology to enhance the cleanliness of Melaka River.

“The cleanliness of the river is now at level three and through this technology, we hope it can be improved to level two, that will enable the river to breed certain type of fish and be safe for recreational activities.”

Furthermore, the state government will apply to the Ministry of Energy, Green Technology and Water for a pilot project utilising the technology, which is estimated to cost between RM800,000 and RM1 million.

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Penang gov't not obliged to approve Mega project

By Farah Wahida:

A proposed RM75billion mixed project off the coast of Balik Pulau, Penang has not yet been approved since a project of this scale requires permission from the federal government, reportedThe Sun Daily.

According to Chief Minister Lim Guan Eng, the local authorities have no obligation to give the green light to the project even as the proposer had already engaged with non-governmental organisations (NGOs) and spent money on site visits.

“Even if the approval is granted by the federal government, we (the state government) reserve the right to give the approval,” he said in response to the report about a proposed 2,833ha project about 5.5km off Kuala Sungai Pinang.

Notably, a Malaysia-Hong Kong joint venture plans to build a mixed project featuring oil & gas facilities, hotels, schools, offices and residential units, all of which will be built on stilts in the next 10 years.

The scale of the proposed development surpasses that of the axed RM25billion Penang Global City Centre (PGCC) at a 104ha site near George Town.

MBSB to buy building in PJ as headquarters

By Ben Shane Lim of theedgeproperty.com
Thursday, 13 December 2012 14:17


KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) has entered into a conditional sale and purchase agreement (SPA) with PJ Sentral Development Sdn Bhd to buy a 27- to 30-storey office building for RM239.24 million.

The “grade A” office building is part of the first phase of a proposed mixed development project named PJ Sentral Garden City which will contain MBSB’s flagship banking hall. The whole development will consist of five office towers and a 1.61ha central park.

“The proposed acquisition will create visibility for the group which is in turn expected to further strengthen and enhance the group’s corporate image, identity and presence,” the group said in its filing with Bursa Malaysia yesterday.

“It will also allow the group to consolidate and centralise its business units as well as business functions to achieve greater operating efficiency,” it added.

MBSB currently houses about 700 employees in its two office premises in Damansara Heights — in Menara MBSB which is owned by the group and Menara I&P 2 which is rented. The new building will not only house the group’s subsidiaries under one roof, but will also boast an electronic banking customer service area as well as a larger information technology data centre to cater to the group’s core banking platform.

Last month, the group began its move towards computerisation when it launched its new MBSB Integrated Core Banking System (MICoB).

The MICoB will be crucial to the group’s aspirations in obtaining a banking licence, said chief executive Datuk Ahmad Zaini Othman prior to the launch. Ahmad noted that next year would be a good year.

The developer, PJ Sentral Development, is 70% owned by Nusa Gapurna Development Sdn Bhd and 30% owned by PKNS Holdings Sdn Bhd. Nusa Gapurna in turn is a 60:40 joint venture between property developer Gapurna Sdn Bhd and the Employees Provident Fund. MBSB’s building will have 281,455 sq ft of net lettable area (NLA) as well as four basement carpark levels and one service floor. That works out to about RM850 psf based on the total NLA.

The group, which provides personal and property financing, will fork out RM71.77 million in internally generated funds to finance the project while the remaining RM167.47 million will be from bank borrowings.

This article first appeared in The Edge Financial Daily, on Dec 13, 2012.

Property market expected to stay level next year

By Mohd Kamarul Azhar of theedgeproperty.com
Friday, 14 December 2012 15:19


KUALA LUMPUR: The Malaysian property market next year is expected to remain subdued with little growth in prices, according to the Malaysian Institute of Estate Agents (MIEA).

"I think we all agree that next year, prices are not going to go up but we don't see prices coming down either," MIEA president Nixon Paul told reporters on Dec 12.

He said sales in the residential secondary market may be held back due to the difference in expectations between buyer and seller prices.

"Some buyers expect to buy at fire sale prices because of the misconception that there is an oversupply situation in the residential property market in Malaysia. On the other hand, a number of owners are holding on to their properties until they can sell at par or above market price," said Paul.

This situation is echoed by Reapfield Properties Group chief executive Gerard Kho. Based on the agency's experience this year, the volume growth in residential transactions has been slower at about 5%, compared with between 10% and 15% per annum in the previous years.

"In 2012, buyers have felt no urgency to purchase as asking prices are not close to the market value. When asking prices have been priced close to market value, the properties are transacted within a short period of time," said Kho.

The office market is forecast to remain healthy in 2013 with the recent shift towards green and MSC-status buildings set to continue, said YY Lau of YY Property Solutions.

"There is also a growing trend of companies moving into office spaces built in integrated developments which include hotels and shopping malls. Parking availability is also a very important factor," said Lau.

Despite the concern of an oversupply situation in Kuala Lumpur's central business district (CBD) which may well contribute to a slow rental market here next year, Lau said there is hardly any oversupply of office space in the city fringes and suburbs such as KL Sentral, Petaling Jaya, Shah Alam and Damansara.

She said rental rates for Grade A offices in the CBD area will decrease a little next year, especially for existing tenants, but rates for new tenants may still be higher. As at the third quarter this year, Lau revealed the average rental for CBD office spaces is at RM7.45 psf while the average for fringe areas is from RM4.57 psf.

For shophouses, principal realtor of GDS Properties Govin Bala said this segment is projected to do well in 2013 as prices are being driven upwards by end users and investors. With prices of shophouses rising, it has become increasingly difficult for the average businessman to buy a unit. This means more businessmen will be renting premises rather than owning them.

In the industrial property market, Hectares & Stratas managing partner Stephen Tew said there has been a strong demand for industrial property, especially in the Klang Valley and Penang, which is expected to continue into 2013. The demand could be due to a lack of supply as there have been no large planned industrial parks in the Klang Valley and Penang in recent times on a lack of space. The last industrial estates developed in Selangor were the Kota Kemuning and Berjaya Industrial Parks, launched 20 years ago.

This article first appeared in The Edge Financial Daily, on Dec 14, 2012.

Branded luxury homes trend emerges in KL

By Lam Jian Wyn of theedgeproperty.com
Friday, 04 January 2013 10:51


KUALA LUMPUR: More developers are partnering international luxury hospitality and lifestyle brands to give their new upmarket condo and serviced apartments in Kuala Lumpur city an edge, according to Knight Frank Malaysia.

“Hotel-like services such as concierge, security and room service provided by a luxury brand will help maximise the value of a development,” said the real estate consultancy in its second half (2H) 2012 Real Estate Highlights report covering Kuala Lumpur, Penang and Johor Baru.

One such noteworthy product is the Banyan Tree Signatures Kuala Lumpur in Jalan Conlay, where all 441 units were sold at an average price of RM2,000 psf.

Ritz-Carlton will be managing its first residences built by Berjaya Land Bhd in Jalan Sultan Ismail. Other brands making their debut here are Four Seasons, Harrods Hotel & Residences and W Hotel & Residences.

The 150-room and 353-unit W Hotel & Residences will come up on a 1.28-acre site in Jalan Ampang and has an indicative pricing of RM2,000 psf, with a launch date sometime in the first quarter (1Q) of 2013.

The hotel will be managed by Starwood Hotels & Resorts Worldwide Inc while the residences will be run by its developer Dijaya Corp Bhd.

Ireka Corp Bhd has also unveiled its RuMa Hotel & Residences in Jalan Kia Peng, which will feature a 263-room boutique hotel and 200 serviced residences, with the latter offering sizes ranging from 915 to 1,819 sq ft and priced from RM2,000 psf.
Introducing more luxurious and comprehensive services is just one of the ways developers add value to entice buyers in a slow market weighed down by large existing stock and low occupational demand for high-end condos/apartments, said the consultancy in the report.

Meanwhile, luxury apartment developments that are both completed and awaiting their Certificate of Completion and Compliance are St Mary Residences, Binjai 8, Verticas Residensi, towers 1A and 1B of Setia Sky Residences in KL City, Amarin Wickham in Ampang and Kiaramas Danai (Block A) in Mont’Kiara, bringing cumulative stock of high-end apartments in 1Q to 31,851 units.

A further 4,917 units of luxury high-rise homes will be added to existing supply in Kuala Lumpur city and Mont’Kiara this year including Crest @ Jalan Sultan Ismail, The Quadro Residence, Vipod Residences and 6 Capsquare in KL City, 9 Madge, Sastra U-Thant, phase one of One Kiara, 28 Mont’ Kiara, and block B of Kiaramas Danai.

During 2H2012 of last year, the rental market continued to face downward pressure with a slight decline in rents in selected locations. The high-end condo market at KLCC and Mont’Kiara saw a slight drop in asking prices
On the other end of the spectrum, the report noted that on the primary market, developers and buyers are moving towards the fringes of the city due to better access, thanks to the upcoming mass rapid transit line and other infrastructure projects, as well as the relatively more affordable prices.

Besides formulating better deals towards lower entry cost for buyers, developers are also coming up with smaller homes to meet the needs of first-time buyers who are sensitive to pricing, said the report.

In Penang, the Knight Frank report said the outlook for the luxury condo market is one of increasing caution as prices are high and the residential rental market appears to be weakening. “Although capital values are holding, a period of consolidation is likely to follow,” said the report.

Prices of older condos within the prime parts of Tanjung Bungah and Pulau Tikus have risen to RM650 psf from RM430 psf, while newer completed developments are priced at RM500 psf to RM800 psf.

Asking rents for older condos range from RM5,000 to RM8,500 per month, while rents for fully furnished new condos dropped from RM8,000 to RM13,000 previously to RM7,000 to RM12,000.

Some notable luxury condominium projects unveiled in 2H2012 include Eastern & Oriental Bhd’s Tower 1H of Andaman Quayside and The Landmark Penang in Tanjung Tokong that is jointly developed by Katana Developments and BSG Property. Andaman Quayside’s Tower 1H was launched in 3Q2012, achieving 40% sales so far with unit sizes ranging from 914 to 2,755 sq ft and prices from RM1,500 to RM1,700 psf. In comparison, earlier phases saw take-ups from 70% to 90%.

Meanwhile, The Landmark Penang achieved a 50% take-up prior to launching, with sizes from 2,622 to 7,266 sq ft and prices at about RM1,055 psf.

Over in Johor, the outlook for the luxury condo/serviced apartment market will be supported by the growth of Iskandar Malaysia while developers there anticipate a rising trend towards high-rise living from the younger generation and from Singaporeans.