One of the Best Thai Food is found in Taman Cheras (Yulek) - Awet Thai Restaurant

The first Awet Thai Cafe is located at No.8, Jalan Kaskas Tiga, Taman Cheras, 56100 Kuala Lumpur officially opened on 18 December 2007, followed by the second branch Awet Thai Cafe Puchong, which officially opened on 1 November 2009. The third and latest restaurant, Awet Thai Garden started serving on 15 October 2011 in Kajang. The fourth is in Petaling Jaya, all offering fresh, delicious servings from recipes by its Thai head chef and co-founder, Prawet Noosin.

Awet Thai Restaurants are now at Taman Cheras (Kuala Lumpur), Bandar Puteri (Puchong), Sg Chua (Kajang) and Kayu Ara Damansara (Petaling Jaya).

The Founder of A Wet Thai Restaurant Mr. Prawetnoosin.

Budget 2012 on RPGT

Saturday, October 8, 2011

Real property gains tax: Gradual impact

The existing rate is not effective in curbing speculation and could jeopardise the ability of the low- and middle-income groups to buy houses, says Najib

Kuala Lumpur: The impact from the real property gains tax (RPGT) hike, a move to curb speculation in the property market, will be gradual.

RPGT is a tax on properties sold less than five years after they are bought. Only the profit from the sale of a property is subject to RPGT.

It has been doubled to 10 per cent for the first two years and will remain at the previous level of 5 per cent in the third, fourth and fifth year. There will be no tax on gains after the fifth year.

RPGT exemption on a residential property is given to both husband and wife on one residential property each, once in a lifetime.

Yesterday, Prime Minister Datuk Seri Najib Razak in his 2012 Budget speech said that the existing rate of 5 per cent is not effective in curbing speculative activities and could jeopardise the ability of the low- and middle-income groups to buy houses.

These changes, he said, are low enough not to affect genuine property owners and will curb speculative activities.

Chairman of the Property Management, Valuation and Estate Agency Division of the Royal Institution of Surveyors Malaysia Adzman Shah Mohd Ariffin said that the move will deter future sales of property within two years of purchase. With prices stabilising and should they sell fast, they will not be able to make a killing.

"But, for those who bought a property three years ago, the price appreciation would have been much higher than the 10 per cent RPGT imposed," Adzman said, adding that this category of buyers will continue to make a profit.

According to him, properties can appreciate by 20 per cent or more once completed.

Real Estate and Housing Developers' Association Malaysia president Datuk Seri Michael Yam welcomed the move.

"The fact that there is no drastic change to the ruling on RPGT encourages long-term ownership of property which also helps the owner with capital appreciation and wealth creation as they will hold on to the property longer," said Yam.

He added that the first two years are effectively a 100 per cent increase, thus it will help discourage short-term speculation.

"It is a gentle/soft landing which will avoid a dip in the supply and demand of property," Yam told Business Times.

"The increase in this instance is not unreasonable, given that there are no speculative activities in the entire country but only confined to pockets of urban areas like Kuala Lumpur and Penang. These pockets of activities are insignificant compared with the total supply and demand for housing in Malaysia," he added.

However, real estate agent Rahim & Co's managing director Robert Ang said the 10 per cent increase is not an effective measure to try and curb speculation activities.

"If you want to curb speculation, why not something higher?" he said.

By Business Times

Measures proposed to prop up housing sector

The Government has announced a slew of measures related to the property sector. While the real property gains tax (RPGT) was uppermost on the minds of both developers, consultants and property buyers, Prime Minister Datuk Seri Najib Tun Razak also proposed other measures to keep the momentum going for the sector.

Under the My First Home Scheme (MFHS) announced earlier this year, Najib proposed that the cap of houses for young working adults of aged 18 to 35 be raised from RM220,000 to RM400,000.

Najib, who is also the Finance Minister, also promoted the 1Malaysia People's Housing (PR1MA) scheme. While the MFHS is for those with a monthly salary of RM3,000 and below, the PR1MA scheme also comes under the broad category of affordable social housing.

“PR1MA will be the sole agency to develop and maintain affordable and quality houses, specifically for the middle-income group. It will be the developer for projects on land owned by the Government,” he said.

Several plots of government-owned land around Sungai Besi and Sungai Buloh will be used for this purpose. The Government will also identify areas in the vicinity of MRT, LRT and other public transport system to be developed by PR1MA for housing projects.

“PR1MA also welcomes the cooperation with the private sector to develop similar projects. In this respect, several private developers responded to the Government's call to provide affordable and quality housing. PR1MA will play a main role in ensuring that the distribution of the housing units be transparent and fair through an open balloting system,” he said.

Although much has been said about the build-and-sell concept, Najib brought this up once again in the budget.

To protect buyers from delay and abandoned project, the Government will encourage the construction of more houses using the build-then-sell concept.

Real Estate and Housing Developers Association Malaysia president Datuk Seri Michael Yam and Rehda national council member and branch chairman for Federal Territory N.K. Tong said the measures announced in the budget proposals encouraged homeownership among the poor and young working adults but discouraged speculation.

Yam said the slew of measures to promote ownership and to spearhead investment was heartening and showed that the Government was serious in keeping the healthy property market on an even keel.

“The measures announced is in line with the Economic Transformation Programme (ETP). Under the ETP, the Government wants to raise the population of the Greater KL/Klang Valley from the current 6 million to 10 million. In order to do that, there is a need for housing,” Tong said.

“It will be difficult for private land owners to provide land for social housing in the city, or close to the city. It is good that the Government is providing land for this cause and, at the same time, having them located near the proposed new public rail transport.

“In this respect I would said that the budget is two-prong when it comes to home ownership helping people to have a roof over their heads, and to save for their future.”

Yam said the slew of measures to promote ownership and to spearhead investment was heartening and showed that the Government was serious in keeping the healthy property market on an even keel.

By The Star

Malaysia Property News (July - Oct 2011)

Monday, October 17, 2011

Breathing new life into Sandakan

KUALA LUMPUR: The multi-million ringgit Sandakan Harbour Square is set to transform Sandakan from a sleepy town mostly known for its orang utan sanctuary and natural attractions into a modern, dynamic city on the east coast of Sabah.

The seafront urban renewal project, comprising commercial shops and offices, an international hotel and shopping mall, as well as a new city square and waterfront esplanade, will provide ample business opportunities, jobs and space for recreational and social functions.

Ireka Development Management Sdn Bhd (IDM) president and chief executive officer, Lai Voon Hon, said the project aims to rejuvenate the central business district (CBD) of Sandakan.

"The general topography of Sandakan is limited by the sea and hill at the front and back of the town, leaving limited suitable land for town development. This has resulted in almost no new property development projects in the CBD in the last 20 years," he told Business Times.

The project, managed by IDM and supported by the Sabah government and Sandakan Municipal Council (MPK), covers 4.8ha land, including land reclamation.

Lai said the project is IDM's flagship project in East Malaysia.

IDM, a wholly-owned subsidiary of Ireka Corporation Bhd, is the development manager for London-listed Aseana Properties Ltd. Aseana, which has property developments in other parts of Malaysia and Vietnam, is an associate company of the Ireka Group.

Lai said as an urban redevelopment project, "the Sandakan Harbour Square will be a catalyst for the modernisation of the town, with the aim of turning it into a tourist destination and a bustling commercial centre".

He said the third and the final phases of the project, comprising Harbour Mall Sandakan and Four Points by Sheraton Hotel, will be completed by year-end and early next year.

Between 3,000 and 4,000 jobs are expected to be generated by the mall and hotel, which has gross development value of RM510 million.

Among the confirmed tenants for the mall are Parkwell Departmental Store & Supermarket, Tomei, Bata, SoxWorld, GNC, Levi's, The Body Shop, Jeff Eyewear Space and Gintell.

Lai said the whole project blends well with Sandakan's development plan.

"Sabah Chief Minister Datuk Seri Musa Aman's vision is to turn Sandakan into an education hub."

At the same ceremony, MPK president Datuk James Wong said the education hub, which covers 600ha land, will be home to 15,000 people.

He said the new shopping mall will cater to the needs of the student population.

Wong believes that the project will attract more tourists to Sandakan.

By Business Times

Saturday, October 1, 2011

IJM Land to set the bar on digital lifestyle

GEORGE TOWN: IJM Land Bhd is poised to set the bar in Penang and the rest of the country soon on how a fully-networked property development can spur economic growth.

The company's flagship development - The Light Waterfront Penang - will offer a digital lifestyle to all its investors, thanks to fully fibre-to-the-home services and high-speed broadband connection to both residential and commercial investors within its 60.8 hectare project on Penang island.

The move by IJM Land will give a boost to the Penang state government's efforts in bringing fibre-optics to home users on Penang island.



"Thanks to IJM Land's efforts at future-proofing its properties in a greenfield development will stand out as a showcase, since it will soon offer its property owners 25 times more bandwidth from what Penang residents are currently having," Penang Telecommunications Task Force chairman Jeff Ooi told reporters after IJM Land, Astro Malaysia Holdings Sdn Bhd and TIME dot.Com Bhd inked a information and communications technology agreement at Menara IJM in Penang.

Present at the event were IJM group chief executive officer and managing director Datuk The Kean Ming, IJM Land Bhd's chief executive and managing director Datuk Soam Heng Choon, TIME chief executive officer Afzal Abdul Rahim and Astro chief commercial officer Liew Swee Lin.

Ooi, who is chairman of PDC Telecommunication Services Sdn Bhd and Jelutong Member of Parliament, has been working with telecommunications service providers such as TIME.dot.Com in laying 110km of fibre-optic cables around Penang island.

"We are currently short-changing ourselves in Penang where we get only 4 megabytes per second in broadband services. IJM Land is now going to offer what is offered in Seoul, Korea with a 100 mbps broadband connection," Ooi said.

Touted as the "Jewel in the Crown" for IJM, the RM6.5 billion 'The Light' project will feature waterfront living with residential, recreational, entertainment, business, hospitality, education and commercial components in one central hub.

"The offering of fibre-based services at The Light enhances efficiency and allows the flexibility to work from home," Soam said, adding that the use of fibre-optics complies with Malaysia's Green Building Index standard requirements.

By Business Times

I&P plans for more launches in Q4

An artist impression of bungalow units in Alam Impian, Shah Alam.

PROPERTY developer I&P Group Sdn Bhd is looking forward to a busy fourth quarter this year, as it is planning to launch properties with a gross development value (GDV) of RM778mil across the Klang Valley and Johor.

About 96% of the RM778mil GDV consists of residential properties ranging from double-storey terrace and semi-detached units to serviced apartments.

The group, a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB), is known for the successful developments of projects such as Bukit Damansara, Bandar Kinrara, Alam Damai, Alam Impian, Alam Sari, Temasya Glenmarie and Bandar Baru Seri Petaling in the Klang Valley as well as Taman Pelangi and Taman Perling in Johor.


Jamaludin: ‘Today, the property market is not as bullish as it was a year ago. But, we are still seeing good take-up rates for our recent launches.’

The group’s managing director Datuk Jamaludin Osman says the property developer is on track for another year of strong financial performance, after achieving sales of more than RM1bil last year.

“Today, the property market is not as bullish as it was a year ago. But, we are still seeing good take-up rates for our recent launches.”

As an example, Jamaludin cited the group’s launch of 40 units of shop-offices on a 3.89-acre site in Bandar Baru Seri Petaling, Kuala Lumpur in July.

Priced from RM2.5mil to RM8.5mil, the 28 units of 3 storey shop-offices and 12 units of 4 storey shop-offices were sold out in a day.

The total GDV for the 40 units offered for sale was RM143mil.

In April this year, the group launched 26 units of double storey semi-detached homes and 100 units of double storey terrace homes at its 545-acre freehold Bayuemas, Klang township.

The semi-detached homes, with built-up areas ranging from 2,561 sq ft to 3,045 sq ft, were priced from RM692,888 for an intermediate unit to RM951,888 for a corner unit.

The double-storey terracehouses, with built-up areas from 1,863 sq ft to 2,048 sq ft, were priced from RM388,888 to RM515,888.

The double storey semi-detached and terrace units have a combined gross development value (GDV) of RM60.53mil, and to date, has seen take-up rates of 73% and 87% respectively.

Bandar Kinrara

The group’s largest township development in the Klang Valley is Bandar Kinrara, Puchong which is on 1,904 acres of freehold land.

Launched in 1991, Bandar Kinrara is a matured township with double-storey terrace and semi-detached houses and bungalows as well as an 18-hole golf course that is opened to the public.

Earlier this year, 118 units of freehold Q’Aseh double-storey superlink homes priced from RM945,888 to RM1.79mil with built-ups ranging from 2,799 to 3,778 sq ft were launched in Bandar Kinrara.

Also launched were 14 freehold units of Chantek double-storey semi-detached houses priced from RM1.83mil to RM2.58mil with built-ups ranging from 3,097 to 3,579 sq ft.

The GDV for the Q’Aseh and Chantek units is RM163mil.

To date, the take-up rate for these units is 69% and 21% respectively.

Alam Impian

Another highlight is Alam Impian, which features a ‘Township of the Arts’ concept, in Shah Alam.

Sited on 1,235 acres of freehold land, Alam Impian was launched in 2006 and will have 10,000 homes with an estimated GDV of RM5bil when completed.

Conceived as a platform for the arts, Alam Impian houses a gallery that doubles as workspace for artists as well as a riverside amphitheatre for performing arts.

To date, about 1,200 units have been launched in Alam Impian and 418 units have been delivered.

“The response has been good for our recent launches which consisted of double-storey terrace houses priced around RM700,000 per unit,” says Jamaludin.

More than 900 acres in Alam Impian remains to be developed, with double-storey terrace and semi-detached houses and bungalows in the pipeline.

Jamaludin says I&P Group has a remaining land bank of 5,173 acres for future developments in the Klang Valley and Johor.

Looking ahead

Upcoming projects include development on a 400-acre site near the Klang Sentral bus terminal and Bandar Setia Alam, a 300-acre plot in Salak Tinggi, Sepang and a 333-acre site in Nusajaya, Johor.

“These developments will mainly comprise landed units.”

Jamaludin says the group’s focus will remain in the Klang Valley.

“In the Johor Baru area, where we have more than 1,000 acres left to develop, we have to plan cautiously at the moment. The property market down south is slightly more saturated, than the Klang Valley, nowadays. We have to be careful not to overbuild.”

In Bandar Kinrara, there are plans for serviced apartments, semi-detached homes and bungalows on the remaining 400 acres of undeveloped land.

A serviced apartment development is also in the pipeline at the 641-acre Alam Damai township in Cheras.

Concerning the group’s Tesmasya Glenmarie mixed development, which spans across 231 hectares in Shah Alam, Jamaludin says there are plans to launch 154 units of double-storey super-link terrace homes with a GDV of RM189mil at the end of this year.

By The Star

Thursday, July 14, 2011

Naza TTDI plans 18 new launches by end of year

KUALA LUMPUR: Naza TTDI Sdn Bhd, the property development arm of the Naza Group, plans to launch 18 new developments including new phases worth over RM1 billion by end of the year.

Group managing director SM Faliq SM Nasimuddin said new property launches will include three high-end residential projects.

"We are looking to launch 18 new projects this year, which include our three trophy high-rise luxury residential towers in Kuala Lumpur," he said at the signing of a service agreement with Telekom Malaysia Bhd (TM) here yesterday.

Naza TTDI will launch one block with more than 50 floors at the company's RM4 billion Platinum Park development in Kuala Lumpur by third quarter.

The second residential project is on a 0.8ha site located near the embassies, such as Singapore High Commission, on Jalan Tun Razak.

The third residential project comprising 30 floors will be developed on a 0.4ha site in Taman Tun Dr Ismail.

Among the new phases to be launched is TTDI Alam Impian in Shah Alam.

Faliq said the company has 323ha of undeveloped landbank for its future developments - about 202ha are in the northern region and 121ha in the Klang Valley.

It was reported earlier that Naza TTDI wanted to achieve a turnover of RM1 billion this year, from RM635 million in 2010.

Meanwhile, TM vice-president of Selangor Datuk Zaini Maatan said UniFi's subscriber base stands at about 110,000 and the service is available in 68 exchange areas.

The agreement will see TM providing its high-speed broadband services to TTDI Alam Impian by 2016, dubbed the first UniFi township project in the central region.

By Business Times

Friday, July 8, 2011

Star project in Nilai

Well received: Choo (left) showing the scaled-down version of the Starz Valley.

Tagged with a glamourous name, interested house buyers are flocking to see the newly launched Starz Valley project in Nilai.

The freehold mixed development by Golden Plateau Sdn Bhd may be the company’s debut project but has sold out its commercial units in just a day.

All 38 units of its shoplots priced between RM600,000 and RM1.1mil each were snapped up during its launch and 104 units of Soho offices were sold out within a month.

Located oppposite Inti International University, the project encompasses commercial lots, a five-storey boutique hotel, a sports centre and four blocks of serviced apartments.

Company managing director Y.C. Choo said the strategic location of the project coupled with its modern design were among the main selling points for the development.

“Before embarking on the project, we conducted a detailed survey on the properties here and designed our project to meet actual demand.

“Our strategy must be working judging from the overwhelming response,” he said.

The four blocks of 13-storey serviced apartments will house 1,111 units with the smallest unit (studio) measuring 290sq ft and the largest (three-room) measuring 1,018sq ft.

The apartments are priced between RM109,000 and RM320,000 for the first block.

The serviced apartments which will have a community hall, swimming pool and gym are equipped with security features including a panic button in each unit and touch card for the elevators going up to the residential floors.

The apartments also come semi-furnished with wardrobes, air-conditioning units and kitchen cabinets.

The project, which will begin construction soon, is scheduled to be completed in the next three years.

Choo said the first phase of the project will be ready by the end of 2013.

By The Star

Tuesday, July 5, 2011

Naza TTDI to launch high-rise luxury homes

NAZA TTDI Sdn Bhd, the property development arm of the Naza Group is launching three high-rise luxury residential towers in Kuala Lumpur, worth more than RM1 billion by the year-end.



Group managing director SM Faliq SM Nasimuddin told Business Times that it will launch one block with more than 50 floors at the company’s RM4 billion Platinum Park development in Kuala Lumpur.

This will be the first residential tower at the Platinum Park, currently the largest luxury development in Kuala Lumpur.

At Platinum Park, three buildings are currently under construction. They include two 50-storey office towers, each to house the new headquarters of Felda Group and Naza Group, and the 38-storey Tabung Haji tower.

The second residential project featuring twin towers, retail and food outlets on a 0.8 hectare is located near embassies such as the Singapore High Commission on Jalan Tun Razak.

The indicative selling price for each unit at the two residential towers would be more than RM1,600 per sq ft, based on the current market price, Faliq said.

The third residential project comprising 30 floors will be developed on a 0.4ha site in Taman Tun Dr Ismail, or near the Damansara Specialist Hospital.

Based on prices of residential properties within the vicinity such as Glomac Damansara and Tropics Serviced Apartment above the Tropicana Mall, Naza TTDI may sell the units at more than RM750 psf.

Faliq said local and foreign investors from the Middle East, Europe, Singapore and Hong Kong have approached the company to take up individual units and buy en bloc.

The projects are designed to attract foreign investors, in line with the company’s plan to build its brand and venture overseas to build townships and mixed developments.

Faliq had said in March that it plans to launch 18 new projects this year worth RM1.6 billion and achieve a turnover of RM1 billion for fiscal 2011.

But the company is most likely to surpass RM2 billion, being the value of new launches, with the three residential projects.

By Business Times

Saturday, July 2, 2011

LBS to launch high-end RM3.5bil D’Island Residence in September

LBS Bina Group Bhd, which is working towards developing more premier property projects, will launch D’Island Residence in September.

Located on 175 acres in Puchong, the development will comprise 237 super-link houses, 298 semi-detached homes, 148 bungalows and 352 high-end condominiums as well as two blocks of commercial units.

Managing director Datuk Lim Hock San says the project, with a gross development value (GDV) of RM3.5bil, will also feature a commercial hub.

It is expected to take five to seven years to complete, he says.

Lim says D’Island Residence will be developed based on the tagline Island Retreat, Urban Charm and will promote modern lifestyle living.

It will have a clubhouse and adopt environment-friendly features like rainwater harvesting system and light-emitting diode street lights.

At the soft launch of D’Island Residence in April, 71 super-link houses worth RM83.4mil were sold. The latest launch today will feature 74 semi-detached houses priced from RM2.38mil.

Lim says the development is projected to contribute 30% to 40% to the group’s revenue and earnings over the next few years.

“We are transforming LBS to move up the value chain to focus on higher priced products,” Lim explains.

Houses priced above RM350,000 will constitute 60% of those that will be built by LBS this year. For the past five years, abouts 90% of the company’s sales came from medium-low to medium-cost homes.

Lim says LBS will adopt more green technology and designs in its projects.

As part of its long-term initiative to focus on high-end residential property market, Lim says LBS will launch a re-branding exercise later this month.

LBS has engaged alpha245, the brand communications subsidiary of Leo Burnett, to provide professional advice and guidance on the exercise, Lim says.

“LBS is also improving on customer experience and the quality of its products,” Lim adds.

Known for building affordable homes, the company plans to focus on medium-high to high-end market segment to earn better profit margins.

Lim says LBS is targeting sales to hit RM650mil this year from RM422mil last year.

He expects sales to reach RM800mil in 2012 and RM950mil in 2013.

As at May 31, the company has unbilled sales of RM527mil, which will be realised over the next two years.

Lim says LBS will continue to build affordable homes priced below RM350,000, albeit on a smaller scale.

The company has been building affordable homes at Bandar Saujana Putra, its flagship development spanning over 835 acres in Selangor.

The self-integrated township was launched in February 2003 and has a GDV of RM3bil. Sales of RM850mil have been recorded so far.

LBS has handed over about 5,000 units of various types of properties in the township.

By The Star

 

Malaysia Property News (May - June 2011)

Monday, June 27, 2011

Phase 3 of Lake Fields to be launched soon

KUALA LUMPUR: YTL Land & Development Bhd is launching phase three of its Lake Fields project in Sungei Besi soon and expects take-up to be overwhelming.

Called Grove, it comprises 102 units of three-storey semi-detached homes worth about RM220 million, or about RM2 million each.

YTL Land executive director Datuk Yeoh Seok Kian said it has received about 1,500 registrations for Grove, mostly repeat buyers and upgraders from matured neighbourhoods such as Desa Petaling, Taman Desa, Kuchai Lama and OUG.

"We expect Grove to replicate the success of our phase one and phase two launches at Lake Fields," he said.

The first phase, known as Meadows & Glades, launched in 2005, was snapped up overnight. All 514 units of the three-storey homes sold at more than RM380,000 per unit.

The second phase known as Dale sold out in four days. It comprises three-storey semi-detached homes and the prices range from RM638,800 to RM1.33 million.

Yeoh said Dale has not only set a new price standard for Sungei Besi homes but also demonstrated the area's potential as Kuala Lumpur's next property hot spot.

"People still want to live in Kuala Lumpur but there is scarcity of land and pressure on land price, making homes more expensive," Yeoh told Business Times in an interview.

"Sungei Besi holds much potential as the next "new thriving address" in Kuala Lumpur due to its strategic location. It is well connected and is easily accessible via numerous highways and railways, which are reasons why the project has become a success," he said.

Lake Fields, a joint-venture by YTL Land via Syarikat Pembinaan Yeoh Tiong Lay and the Employees Provident Fund, launched in 2005, spans across 74ha. Its centrepiece is a 6ha lake.

Grove features large built-up homes of more than 4,354 sq ft with breezy interiors, floor-to-ceiling windows and stunning view of the lake. Each residence comes with a private pool and a rooftop garden in selected units.

Yeoh said the redevelopment of the Sg Besi Royal Malaysian Air Force (RMAF) air base is another positive factor.

The government is redeveloping the 162ha into an integrated commercial hub and it is expected to be the catalyst for the growth of the southern part of the Klang Valley and would further raise the profile of Sungei Besi significantly.

By Business Times

Saturday, June 25, 2011

A resort island in Nilai?

The sky bungalows has a 70% take-up rate.

The idea of offering island living in Nilai, Negri Sembilan, sounds like pie in the sky, but to gain attention in the competitive property market, you have to think big and different sometimes.

The 350-acre Green Beverly Hills development in Putra Nilai (formerly known as Bandar Baru Nilai), with its inland resort island concept, is said to be the first of its kind in the world.

The brainchild of GD Development Sdn Bhd, Green Beverly Hills is on freehold land, and plans includes a five-star health-themed hotel, a 500,000 sq ft club house, condominiums, semi-detached homes, villas, and a shopping mall. The project, due to be completed in eight years, has a gross development value of RM4bil.

GD Development chief executive officer Lim Ching Choy says Green Beverly Hills was conceptualised as a upmarket residential community on a iconic lifestyle resort island.

“As far we know, there is no other similar development in the world,” says Lim in an interview with StarBizWeek.

At present, there are five lakes within the development. “We will link the lakes, and flood other areas, to create a canal system around the development, thus turning it into a man-made inland island,” he says.

According to Lim, it is the company's joint chairman Datuk David Yeat Sew Chuong who comes up with the idea.

“He was inspired by the castles and palaces he visited in Europe, South Korea, Japan and China that are surrounded by moats and lakes.”

Yeat is also the founder and chief executive officer of INS Bioscience Bhd, which is listed on the ACE Market of Bursa Malaysia.

Lim has extensive experience in property development, having served as chief executive officer in Mah Sing Group Bhd and Magna Prima Bhd within the past nine years. He was also formerly the managing director of Ho Hup Construction Co Bhd.

Engineering firm Angkasa Consulting Services Sdn Bhd, which has been involved in wetlands and lake developments in Malaysia and China, is the consultant for Green Beverly Hills.

Lim says water discharge and flow in the canal will be controlled by mechanical systems. “During periods of heavy rain, we can discharge the water when it reaches a certain level.”

Access to the development, over its water channel, will be via three roads. The development is touted as being strategically located, with the South Klang Valley Expressway and North-South Expressway as highway links.

“From Green Beverly Hills, it is a 10-minute drive to the KL International Airport (KLIA), a 15-minute drive to Putrajaya, a 35-minute drive to the Kuala Lumpur City Centre, and a 20-minute drive to Seremban. The Salak Tinggi KLIA Transit Station is just a five-minute drive away,” says Lim.

He points out that institutions of higher learning such as the Inti International University, Nilai University College, Nilai International School and Universiti Sains Islam Malaysia are located close to the development.

Also in the vicinity are the Nilai Springs Golf & Country Club, NCI Hospital as well as Tesco and Giant hypermarkets.

Lim says other highlights of the gated and guarded development includes the availability of broadband Internet services, a “green environment” and a density of 5.7 units per acre (including condominiums) with about 2,000 planned property units.

He adds that a 50-acre forest, 20-acre organic farm and 20 acres of water (surrounding the island) are in the works. “Residents can buy produce from the organic farm with points accumulated via their property maintenance fees.”

A closed-circuit television (CCTV) camera surveillance and CMS (central monitoring system) will be put in place for better security on the island. “Each house is linked to the CMS,” says Lim.

Also, the company will make a submission for certification from Malaysia's Green Building Index soon. “All our buildings will incorporate a rain water harvesting system.”


Lim: As far we know, there is no other similar development in the world like Green Beverly Hills.

Earlier this year, two blocks of Sky Bungalow condominiums with 334 units sized from 932 to 1,816 sq ft per unit, were launched.

A unique feature of the Sky Bungalow condominiums, priced from RM487,200 to RM910,800 per unit, with one to three-bedroom types, is that each unit comes with a swimming pool.

Smaller units have 5 x 10 ft pools while bigger units have 5 x 14 ft pools. “We can provide an option for heated water in the pools, depending on request,” says Lim.

Another highlight here is the 12-ft ceiling of the units. One block of the Sky Bungalow condominiums is a 25-storey tower, while the other is a 20-storey tower.

Each floor has six to eight condominium units, with each allocated a car park bay. An extra car park bay for each unit can be rented at less than RM100 per month. “For those who need more than two car park bays, we are providing an additional 66 bays.”

To date, the Sky Bungalow condominium project has a 70% take-up rate. According to Lim, the Sky Bungalow condominiums will be the only high-rise residential units on the development. “All other residential units here will be landed types.”

Also launched earlier this year were 17 units of four-storey Water Villa bungalows, each with a built-up area of 4,769 sq ft and priced at RM3.167mil.

Each unit comes with a private lift. There are also 44 units of three-storey Garden Villa bungalows, each with a built-up area of 3,858 sq ft and priced at RM2mil. Lim is pleased by the take-up for the bungalows, as only two and 18 units of Water and Garden Villas respectively remain available for sale.

The condominiums and bungalows are due to be completed by the end of 2014 and 2013 respectively.

In July, Lim plans to launch 148 units of three-storey semi-Ds, each with a built-up area of about 3,600 sq ft and priced at RM1.7mil onwards. According to Lim, to date, about 30% of the buyers are foreigners. “The foreign buyers are mainly from Singapore, with the rest from Indonesia and Hong Kong.”

Green Beverly Hills is GD Development's maiden and only foray in property development. The company was incorporated in 2009. Lim says the company has no other property development plans. “For the next eight years, we will focus only on Green Beverly Hills.”

By The Star

Friday, June 24, 2011

Ampang’s latest high-rise launched

Impressive: Tajol Rosli (left), looking at the D’Pines@ Ampang project model with Dr Foo and some others before the launch of the sales gallery.

A new residential high-rise property named D’Pines has just been launched in Ampang and is set to liven up the mature neighbourhood surrounding it.

“We are proposing a future development next to the condominium, a centre with facilities like badminton courts, a swimming pool, game room, hall and such. Those who can apply for membership to use the place are residents in Taman Nirwana only,” Sri Seltra Sdn Bhd (a member of City Motors Group of Companies) sales and marketing manager Michael Lip said, adding that there may also be retail space available.

While no other details available yet because the idea is still in the planning stage, what has already started construction is the two block 20-storey condominium towers. along Jalan Cempaka 6, due to be completed in early 2014.

“Block A will have 265 units while Block B will have 267. Both consist of units ranging from 1,321 square feet (sq ft) to 1,875 sq ft,” Lip said.

The carparks will be built in a separate block with a sundeck at the top of it.

“One of the main features of the deck is the freeform pool with sand beach while the other is the ‘forest park’. There will also be a playground, yoga zone, barbeque area and gymnasium,” he said.

According to Lip, selected units will also have a skydeck, an open air platform that can be considered as a second and more private balcony, accessible via the master bedroom.

As for the features of the units, all designs have minimum three bedrooms and two bathrooms.

The larger two units comes with wet and dry kitchen areas while most of the units have an utility room and yard.

Lip said that other features of the condominium is three-tier security, 24-hours CCTV and guards service while maintenance is charged at 20sen per sq foot.

“We also had several town villa and penthouse units that has been sold out. Currently, 70% of our units have been sold,” he said, adding that prices for the units start at RM380,000.

Former Perak Mentri Besar Tan Sri Tajol Rosli Ghazali, who had planted a tree in the area back when he was the Housing and Local Government deputy minister, launched the opening of the sales gallery recently.

At the event, City Motors executive chairman Datuk Dr Foo Wan Kien said the company has come a long way to be able to develop the land that was once filled with squatters.

“Through social responsibility, we resettled the squatters amicably to a medium-cost apartment in Sri Pinang just opposite this condominium where units are between 800 to 1,000 sq ft,” Foo said, adding that they believed in a win-win situation where the living standards of everyone is upgraded.

He said that one of the key attractions of D’Pines was its proximity to the city centre and other facilities such as the MRR2, Jalan Ampang, DUKE Highway, Ampang-Kuala Lumpur Elevated Highway and even LRT Ampang line stations like Cempaka.

“There are also plenty of hospitals, both government and private nearby and schools. There are also conveniences like Tesco and Carrefour Market close by,” he said, adding that D’Pines offers one of the lowest prices for a similar project in the vicinity.

He was also worried that a build- and-sell policy that seems good now may be harmful to the public.

“Not many can finance such projects as banks are reluctant to finance it. Bigger developers on the other hand will not be launching a housing scheme with more than 100 or 200 units, fearful of the market at the time of the project’s completion,” he said, adding this could lead to shortage of affordable homes.

Foo believes that incentives such as lower premium, soft loans or suggestions such as developers only collecting about half of the cost to cover construction costs be implemented by the government instead.

The show gallery that is located at the construction site of the project is open from 10am to 6pm daily.

By The Star

Thursday, June 23, 2011

Dijaya Corp to unveil projects worth RM762mil

PETALING JAYA: Property developer Dijaya Corp Bhd plans to launch three new projects this financial year ending Dec 31 with a gross development value (GDV) of RM762mil.


Tong: We will launch Tropicana Cheras, a residential project in Sungai Long some time between July and August.

Managing director Datuk Tong Kien Onn said the total GDV for the three projects was more than RM1bil but as the group planned to launch them in phases the GDV was RM762mil.

“We will launch Tropicana Cheras, a residential project in Sungai Long some time between July and August. The first phase of the Tropicana Danga project will be launched in the third quarter while the first phase of Tropicana Avenue, a mix development project with commercial centres and apartments, in Tropicana will be launched in the final quarter,” he told reporters after the group's AGM yesterday.

The group had in the last financial year launched projects with GDV worth RM800mil.

Dijaya had earlier said the group planned to launch property projects worth RM3.5bil over the next two years.

Tong said Dijaya would aggressively launch more new projects in FY12 and FY13 to achieve the RM3.5bil target.

He also said Dijaya was still looking for more land to acquire.

“Our current land bank of 140 acres is excluding the recently purchased land in Subang and Kampar. If we add up both parcels, our total land bank will be about 240 acres,”he said.

Dijaya had bought two parcels of land - one in Subang (88.5 acres) and another in Kampar, Perak with a size of 12.9 acres.

On the move by the group to embark into the hotel business, Tong said after partnering with hotel and leisure company Starwood Hotels & Resorts Worldwide Inc to develop W Hotel in Kuala Lumpur, the group was looking for other places for new projects.

He said the W Hotel would take about four-and-a-half year to be completed and the project would start by the end of this year.

Tong also said Dijaya would continue to focus on the local market for its businesses although it was open for any business potential in the overseas market.

He said the outlook of the property market in the country was still positive.

By The Star

Thursday, June 16, 2011

E&O, Mitsui to jointly develop properties in Malaysia

PETALING JAYA: Lifestyle property developer Eastern & Oriental Bhd (E&O) and Japan's largest property developer Mitsui Fudosan Co Ltd are looking at opportunities to jointly develop residential properties in Malaysia and the region.


Partners: (from left) Zushi, Shotaro and Eric Chan at the collaboration signing ceremony.

“This is a significant start,” said E&O deputy managing director Eric Chan after signing a marketing collaboration agreement with Mitsui Real Estate Sales Co Ltd, the real estate brokerage arm of Mitsui Fudosan.

Mitsui Fudosan is one of Japan's corporate giants whose parent company, Mitsui Group, goes back to the Edo period. Mitsui Fudosan is listed on the First Section of the Tokyo and Osaka Stock Exchange and as at March this year, its total assets stood at US$47bil.

“With a market cap of US$15bil, they are not here for the (brokerage) commission,” said Chan.

Mitsui Fudosan (international department planning and administration group) executive manager Chishu Zushi said the marketing collaboration was the first step in other future collaborations.

“There will be other collaborations later on. We have been looking at various opportunities in the (residential) development business. It can be in Malaysia, Singapore or Japan, but it is too early (to announce) anything right now,” he said.

Future joint residential developments may involve E&O's existing projects or may include new ones, but yesterday's marketing partnership was project specific, that is to sell St Mary Residences in Kuala Lumpur and the Quayside Seafront Resort Condominiums in Penang.

The partnership would last until everything was sold, said Chan.

E& O has several projects, the largest of which is the 980-acre seafront development Seri Tanjung PInang in Penang. The first phase comprising 240 acres has been completed. It also has pockets of land in Jalan Kia Peng and Jalan Yap Kwan Seng in Kuala Lumpur and 365 acres at Gertak Sanggul in Penang plus bungalow lots in Damansara Heights.

Chan said about 20% of its buyers for both its Seri Tanjung Pinang and St Mary Residences in Penang were foreigners, with British being the largest group and Japanese the second largest group.

The percentage of foreign buyers for its Kuala Lumpur properties is smaller.

Ishihara Shotaro, the managing director of Tropical Resort Lifestyle Sdn Bhd, a Japanese support company that will be facilitating the cross-border collaboration said the number of Japanese buyers was expected to grow after the March 11 tsunami and earthquake.

“They invest in properties priced between RM1.5mil and RM2mil with built-up of 700 to 1,500 sq ft. They have found that investing here has been pretty rewarding compared with their investments in Japan. In Singapore, property prices are very high. We see greater possibilities here. After the March 11 tragedy, they are also looking for a country with no natural disasters,” said Shotaro.

By The Star

E&O plans 4 new Quayside condo blocks

KUALA LUMPUR: Property developer Eastern & Oriental Bhd (E&O) expects to launch four new blocks at its Quayside Seafront Resort and Condominiums project in Penang this year.

Its deputy managing director Eric Chan said the company was optimistic about the project.

"So far, out of the total seven condominium blocks planned under the project, three have been launched with more than 75 per cent taken up," he said, noting that phase one will be completed by 2013.

The Quayside project is also home to Malaysia's largest water themepark.

Speaking to reporters after signing a marketing agreement with Mitsui Fudoson Co Ltd yesterday, Chan said one more condominium block will be launched next month while the rest is scheduled for launch either by the year-end or early 2012, with gross development value at more than RM2 billion.

Mitsui, Japan's largest property developer, through its unit, Mitsui Real Estate Sales Co Ltd, will market E&O properties to its high net worth clientele in Japan.

Chan said the collaboration is the first step that marks the beginning of efforts to bring the homegrown E&O brand to the Japanese market.

"We are honoured and excited by the opportunities presented by this collaboration with a giant like Mitsui," he said.

Besides E&O's Quayside project, other projects to be marketed in Japan include the company's St Mary Residences in Kuala Lumpur, due for completion next year.

"Our products are local but we believe demand can be global, especially if our standards of quality and innovation are international," he said.

By Business Times

Saturday, June 11, 2011

Regional debut for Mah Sing

An artist’s impression of Icon City Petaling Jaya.

Mah Sing Group Bhd plans to make its debut as a regional property player this year and hopes to kick off its first offshore project in China by year-end.

Group managing director and group chief executive Tan Sri Leong Hoy Kum says the decision to hold back from venturing overseas earlier has been a blessing for the company as it has allowed Mah Sing to build up a stronger market presence locally.

“We had planned to venture into China two years ago but decided against it after some careful analysis. On hindsight, this has proven to be the right decision and the company is in a much more comfortable position to do so now,” he tells StarBizWeek.

To achieve its vision as a world-class regional developer within the next five years, Leong says Mah Sing has also set its sight on Singapore, Australia and Indonesia.

Locally, the company has grown to be one of the most diversified property developers in the country with a broad product offering in the Klang Valley, Penang and Johor Baru.

It has 34 projects (including five completed ones) in the residential, commercial and industrial segments.

To support its sales target of RM2bil to RM2.5bil this year, Mah Sing plans to roll out between RM2.5bil and RM3bil worth of launches. Of this, some 36% will comprise landed residences, 32% will be service residences and small office home office (SoHo), 29% from commercial properties and 3% from industrial projects.

Mah Sing's range of residential projects are marketed under the township Perdana brand, medium high to high-end Residence brand, and high-end Legenda brand.

For high-rise properties, Mah Sing recently launched the M series M Suites and M-City, and Plaza series Garden Plaza in Cyberjaya.

Leong says the current trend is to have mixed-use developments that have a mixture of residential suites, office suites and retail outlets within the same development, “as buyers are opting for products that improve their quality of life, and the convenience of everything being in close proximity to each other.”


An artist’s impression of M-City@Jalan Ampang in Kuala Lumpur.

Its latest project to be previewed, M-City@Jalan Ampang, attracted over 3,000 registrants for the designer SoHo suites, residential suites and sky villas.

The RM920mil project features 1,200 units of residential suites, office suites and retail outlets, on five acres of freehold land.

The first component to be previewed was the designer SoHo suites comprising single storey units with built up of 781 sq ft, 853 sq ft and 1,066 sq ft, as well as duplex units with built up of 910 sq ft and 1,330 sq ft.

These semi-furnished residences have average price of RM800 per sq ft (psf).

Trendsetter

Based on a garden city concept, M-City boasts of over four acres of greenery with hanging gardens, lagoon parks and other thematic parks for residents.

There will also be lifestyle retail outlets to cater to the needs of residents and tenants. The three-storey boutique retail shops has average lot size of 28' x 78'.

According to Leong, Mah Sing is also making an impact in the commercial property sector, and is one of the few listed developers to offer industrial products through its iParc range of projects.

Its latest iParc 3@Bukit Jelutong will comprise 25 units of 3 storey semi-detached bungalows with land size of 60'x132', built up from 5,339 sq ft and indicative price from RM3.3mil.

They will be designed for 4-in-1 centralised functions, where the factory, office, showroom and warehouse can operate from one central location.

Going forward, Mah Sing wants to build more street malls and retail malls.

It has three street mall projects Southgate KL, StarParc Point Setapak and Star Avenue D'Sara, and two retail malls Icon City Petaling Jaya and Southbay City on Penang island.

Since its launch in 2008, Southgate KL with gross development value (GDV) of RM458mil, has been 98% sold. Of the five blocks of lifestyle retail and modern office suites, two were sold en-bloc and the balance on strata.

“At the moment, we have approximately 70% tenancy rate for the retail portion of Block A, and

the building is expected to open for business in August,” Leong says.

StarParc Point Setapak with GDV of RM129mil was launched in the first quarter of 2009. It is nearly 100% taken up.

Fronting the upcoming Parkson Mall and Jalan Genting Klang, the covered lifestyle square will feature al-fresco dining outlets and boutique shopping.

The three-storey shop office units with built-up from 4,880 to 6,904 sq ft are priced from RM2.2mil,

There are also the six-storey series comprising double-storey retail lots from 2,251 to 4,950 sq ft priced from RM1.3mil, while the four-storey offices of 1,264 to 2,715 sq ft are from RM295,000.

Lifestyle projects

Star Avenue D'Sara that fronts Jalan Sungai Buloh is one of the first new commercial projects along Jalan Sungai Buloh.

Comprising 92 units of three- storey shop office priced from RM2.2mil, the RM402mil project was launched in April.

Located close to the proposed MRT station in Taman Industri Sungai Buloh, the project is adjacent to the Rubber Research Institute land, has dual access from Jalan Sungai Buloh Shah Alam and Persiaran Cakerawala.


Leong: ‘We had planned to venture into China two years ago but decided against it.’

As for retail malls, Icon City Petaling Jaya, located on 20 acres at the crossroads of Lebuhraya Damansara-Puchong and the Federal Highway, is Mah Sing's flagship project in the commercial segment.

The project with GDV of RM3.2bil offers one of the best visibility in the Klang Valley.

Under the first phase of the project, 30 prime lots comprising seven and eight storey lifestyle shop offices with wide frontage, high ceilings, quality finishing, private lifts and main road frontage, were recently previewed, of which 19 units valued at RM192mil were sold.

The second phase of the project comprising two and three storey retail lots (with indicative price from RM3.6mil), small office versatile offices (from RM570,000) and residential units, are now open for registration.

Leong says the development will also have a hotel, corporate office towers and a retail mall.

Meanwhile, Southbay City on Penang island, located about five minutes from the upcoming second Penang bridge, will have commercial portion to the tune of RM2bil in GDV.

The first phase of the project will comprise the RM265mil Southbay Plaza that will be ready for a preview soon.

The residential suites with built-up of 1,030 to 1,645 sq ft will have indicative price of RM550 psf, while the lifestyle retail shops of 1,000 to 12,500 sq ft will be at RM500 psf.

By The Star

Saturday, May 28, 2011

Dijaya plans RM3.5bil projects

PETALING JAYA: Dijaya Corp Bhd will launch property projects worth RM3.5bil over the next two years.

The projects include W Hotel and Residences Kuala Lumpur, serviced apartments in Tropicana Danga Bay, Tropicana Gardens commercial centre, Tropicana Avenue business and retail centre, Tropicana Bayou mixed development and Tropicana Cheras bungalows, semi-dees and linked houses.

“With all these projects in the pipeline, the company is poised for growth,” said managing director Datuk Tong Kien Onn in a statement yesterday.

Meanwhile, for its first quarter ended March 31, Dijaya's net profit surged to RM18.14mil from RM464,000 previously.

The improvement is attributable mainly to higher profit margin contributed by its new property launches such as Tropicana Grande condominiums, Casa Tropicana Block E condominiums, and Pool Villas.

However, revenue fell to RM57.68mil from RM58.37mil previously.

By The Star

Friday, May 27, 2011

Dijaya Corp to launch projects with GDV RM3.5b

KUALA LUMPUR: DIJAYA CORPORATION BHD reported net profit of RM18.54 million in the first quarter and announced projects with gross development value (GDV) of RM3.5 billion over the next two years.

It said on Friday, May 27, that its earnings jumped 489% from RM3.15 million a year ago, boosted by higher profit margin contributed by its new property development launches.

The earnings were underpinned by the new launches including Tropicana Grande golf-fronted condominiums and Casa Tropicana final Block E condominiums at Tropicana Golf & Country Resort as well as Pool Villas at Tropicana Indah Resort Homes.

Dijaya added the 3Q earnings included net gain of fair value adjustment of RM5.16 million arising from marketable securities and recognition of RM4 million in liquidated and ascertained damages compensated from a contractor.

Its managing director Datuk Tong Kien Onn said that given the current set of results and the good location of the company’s current development, he was optimistic Dijaya would continue to post an improving set of results.

“The Company also has projects under planning to be launched over the next two years worth RM3.5 billion in GDV.

“These projects include W Hotel and Residences Kuala Lumpur, serviced apartments in Tropicana Danga Bay, Tropicana Gardens commercial centre, Tropicana Avenue business and retail centre, Tropicana Bayou mixed development and Tropicana Cheras bungalows, semi-dees and linked houses. With all these projects on the pipeline, the Company is poised for growth.”

By The EDGE Malaysia