Lanson Place to operate Bukit Ceylon Residences in 2012

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LANSON Place Hospitality Management Ltd will operate a RM207 million property known as Lanson Place Bukit Ceylon Residences in Kuala Lumpur in 2012.

This will be Lanson Place's third property in Malaysia and form part of the Verticas Residenci development in Bukit Ceylon by Wing Tai Malaysia Bhd. The tower, to be managed by Lanson Place, is owned by Wing Tai Malaysia and Lanson Place's parent company, Wing Tai Properties Ltd. Wing Tai Properties is listed on the Hong Kong Stock Exchange.

The management company's senior vice-president Graeme Laird described the upcoming accommodation as "comfortable and chic" and said that it would have 150 keys with one- to three-bedroom units.

The property has set new standards in the serviced apartments as it has very large units, with a one- bedroom unit measuring 1,100 sq ft and larger ones reaching 2,000 sq ft.

When asked about return on investment for this property, Laird said: " We did not calculate the payback period. The expected gross rental yield in a stabilised year could reach more than 10 per cent. So this would be from year three of operation."

The Bukit Ceylon property hopes to garner an average of RM500 per night when it opens.

Meanwhile, its four-star Lanson Place Ambassador Row with 221 keys closed last year with an average room rate of RM207 and an occupancy of 72 per cent.

This year, it hopes to garner RM250 and fill 70 per cent of its room inventory.

It also operates 132 units in Lanson Place Kondominium No 8, which consists of purely residential apartments.

Where next in Malaysia for Lanson Place? Laird said it could be keen on Penang and Kota Kinabalu in Sabah if the right properties become available and the destinations can support high-end serviced apartments.

But its more immediate priority is to upgrade Lanson Place Ambassador Row in 2013 to lift the product and position it further up- market.

By Business Times

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Bringing condo living to Perak

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Artist’s impression of The Haven Lakeside Residences in Tambun, Perak.

It takes a foreigner to help us appreciate what is available in our backyard. It also takes the can-do spirit of Australian Peter Chan to do the unthinkable.

The limestone rocks and hills around Ipoh have so enchanted the co-principal of Superboom Projects Sdn Bhd that he is building three blocks of luxurious condominiums The Haven Lakeside Residences in Tambun, 15 minutes' drive out of Ipoh.


Peter Chan ... ‘This is a little Guilin.’

“This is a little Guilin,” says the CEO of Superboom Projects, referring to China's famed holiday destination Guilin. “Limestone hills and formation are unique. They do not happen just anywhere and The Haven is surrounded by them.”

The area that Chan has set his sight on forms part of the Malaysian Main Range, which stretches from southern Thailand to Johor. Limestones have today become synonymous with Ipoh, just as the Melawati Range is synonymous with Taman Melawati, Kuala Lumpur which also is part of the Main Range.

Leveraging on the green factor and old money looking for new lifestyles, Chan will be building what will be Ipoh's most luxurious condominium priced from RM330,000 to RM2mil a unit. It will also be the tallest building in and around Ipoh. The tallest building is Tower Regency, a 20-storey hotel in Ipoh. The project is expected to set a new benchmark for the Perak property market.

“Property prices move up quite a bit in the Klang Valley and Penang but there is this perception that it should be low here (Ipoh). It is just that there is little population growth here. The young people keep leaving home to seek work in Kuala Lumpur and Penang. So, when there is no population growth, there is no demand. But environmentally, Ipoh is an ideal place to retire in. The cost of living is not as high as in Kuala Lumpur or Penang,” he says, adding that there are several hospitals and a supermarket chain within a short drive of the project.

For years, developers in Perak have concentrated on building double-storey terraced and semi-detached houses. Because of the abundance of land, the idea of building luxurious high-rise condominiums did not figure.

Chan looks at the market demand with new lenses. There are many empty nesters in and around Ipoh, with a population of about 800,000. Increasingly, security has become an issue. There is no room today for a five- or six-room house, unless two or more generations stay together, he says.

His target audience is the retirees' market in and around Ipoh, Kuala Lumpur and Singapore. The other market segments are those in search of a holiday home.

“Ipoh is a quiet and serene place to retire and to holiday in. Penang and Malacca are oversold but little is known about Ipoh. I would like to change that,” he says.

He is offering 11 layouts with built-ups ranging from 1,000-3,000 sq ft. Although there are about 500 condominium units, Chan is offering about 300 covered car parks in a three-storey parking podium with lifts. There will be two separate covered parking facilities with additional bays on ground level.

Chan does not expect full occupancy all year around. Hence, he is working with Best Western Hotels group, one of the world's largest hotel chain to manage, market and lease out some of the properties. Maintenance charges for the first 1,000 sq ft is 22 sen, the second and third 1,000 sq ft at 16 sen and 12 sen per sq ft.

On the issue of the terrain housing the three 26-storey blocks, Chan said the site has been tested by three independent engineering companies working on structure and foundation. Prof Bernard Pierson, the Shell chair for Geosciences at Universiti Teknologi Petronas was reported to have vouched for the safety of the residences.

This will be Chan's third project. His previous two projects are double-storey terraced housing at Subang Galaxy in Subang 2, Selangor and Permai Lake View Apartments, located adjacent to the 14-acre Haven site. Chan completed the apartments in 2006. Fronting the Permai Lake View apartments later on will be about 30 shops. The concept to build the condominiums came in 2008.

The three blocks will be sited around a 4-acre lake on the foothills of the Main Range, where a 14-storey limestone rock stands. Chan's 14-acre site, inclusive of the lake, is adjacent to Sunway's plot of land which includes a hill. On the other side of the hill is Perak's famed spa resort, The Banjaran.

“Things are moving in Perak. It is just that this place has long been overlooked, with Penang and Malacca oversold as a retiree's home and a retreat,” he says.

The project, with a gross development value of RM250mil, is being constructed by Bina Puri Holdings Bhd and Beijing Construction Engineering (M) Sdn Bhd, two top contractors in Malaysia and China respectively. The leasehold project is expected to be completed in 2013.

By The Star

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Naim to develop RM300m mixed project in Kuching

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SARAWAK-based Naim Holdings Bhd (Naim), a property developer and construction group, will develop prime land in Batu Lintang, Kuching, into the state's biggest comprehensive mixed development project, costing more than RM300 million.

Managing director Datuk Hasmi Hasnan said the proposed development would be sprawled over 13.597ha and be completed over 20 years.

The project will comprise a four-storey shopping mall with basement car park, office tower block, hotel tower, a 36-storey office tower with basement and elevated carpark, showroom, 18-storey condominium block and a 27-storey high-rise apartment.

"We will incorporate a water theme park, a roof garden and incorporate plenty of greeneries so as to come out with a development that is eviromental friendly and one that the local populace can enjoy and benefit from," he said.
The project will be developed on a joint venture basis between Naim, Sarawak Mosque Welfare Trust Board and Tabung Baitulmal Sarawak.

The three parties signed a memorandum of understanding to facilitate the venture witnessed by Chief Minister Tan Sri Abdul Taib Mahmud.

Hasmi said Sarawak Mosque and Tabung Baitulmal will each have a 15 per cent equity in the project venture while Naim would hold the remaining 70 per cent.

"We estimate employment for more than 2,000 people in the project," he said, without disclosing, when the construction will begin.

By Bernama

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Guocoland to launch Damansara City 2 by Q3

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GUOCOLAND (Malaysia) Bhd hopes to launch its RM1.9 billion flagship development, known as Damansara City 2, in the third quarter of this year, an official said.

The property arm of the Hong Leong group will build the integrated development in Kuala Lumpur's Pusat Bandar Damansara, over a 2.2 million-sq-ft area.

It will comprise two office blocks, a 300-room hotel, a 260-unit serviced apartment block and a retail centre.

"We hope to launch it, hopefully, in the third quarter. The gross development value is not really firmed up yet, but it could be between RM2 billion to RM2.5 billion. We're selling only the serviced apartments," managing director Yeow Wai Siaw told Business Times yesterday.
He said work on the project could start immediately once all approvals were obtained. He is targeting for the project to be completed in about 30 to 36 months.

The project by Guocoland was first announced by Prime Minister Datuk Seri Najib Razak yesterday. It was one of 19 projects he unveiled under the government's Economic Transformation Programme.

Guocoland's share price gained 11 sen to RM1.35 in the stock market yesterday.

By Business Times

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Ivory to offer seaview villas in Batu Ferringhi

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Semi-detached villas with unobstructed sea views along Penang's famous tourism belt Batu Ferringhi are poised to be one of Ivory Properties Group Bhd's latest offerings this year.

The project which carries a gross development value of RM27 million will comprise only 11 units of the resort-style development which is located within a hillside setting with an ocean view.

The company's deputy chairman and executive director Datuk Seri Nazir Ariff Mushir Ariff said Ivory Properties will also unveil this year a luxury condominiums project known as "The Latitude" in Tanjung Tokong, Penang.

"The Island Resort semi-detached villas will be launched by the middle of the year and we expect to complete the project by 2014," he told Business Times.

Also present at the interview was the company's head of investor relations Ang Kung San.

Nazir said each of the four-storey villas, comprising four plus one bedrooms and 5 bathrooms, will boast its own lift and private plunge pool.

Tagged between RM2.33 million and RM3.98 million, the 11 units are part of Ivory's "10 Island Resort" project, which is sited at Batu Ferringhi's Miami Beach.

The villas come in various sizes, with built-up areas ranging from 3,820 sq ft to 6,450 sq ft.

Nazir said the villas, along with the 220 units of the upscale "`The Latitude" (which is sprawled on a 0.82ha and carries a development value of RM137 million) are among the 300 units of property which Ivory Properties will be lining up for sale this year.

The company currently has an undeveloped landbank of between 160ha and 200ha in both Penang and Tanjung Malim, Selangor.

"We are actively looking for land and joint-venture partners in Penang and the Klang Valley," Nazir said.

Meanwhile on Ivory's plans for a four- to five-star hotel within its Penang Times Square development in George Town, Nazir said:

"We intend to construct and sell the proposed hotel and are seeking for investors to co-build the hotel with us."

He also said that work on Phase 3 of Penang Times Square, which will comprise luxury condominiums, a convention centre, cineplex and a 150,000 sq ft departmental store, is expected to take off by the end of this year.

By Business Times

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YTL Land to launch Capers in Q1 2011

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PROPERTY developer YTL Land and Development Bhd will launch its iconic condominium, "The Capers" in Sentul East in the first quarter of 2011, its customer relation's manager, Karen Tan, said.

The stunning architectural icon comprising two 36-storey towers interrupted at random with sky gardens and flanked by two five-storey low-rise duplex townhouses, will definitively be a statement of loft living, she said.

However, she could not divulge the project's gross development value as it was still being assessed but added that the iconic condonomium was set to change the face of the 100-year old former railway town that was now a draw for the young modern crowd.

Two other condominiums in the area, built by YTL Land, are "The Tamarind" and "The Saffron", completed in 2005 and 2008, respectvely.

A total of 5,000 buyers have expressed thier earnest enthusiam by registering for units in the project, she told a press conference to announce the completion of the first office project in Sentul West and Sentul East, called "d7".

"d7", is a seven-storey architecture and cutting edge duplex sky office, located on prime land, which boosts of boutique offices, retail, food and beverage outlets encased in a lush landscaped courtyard atrium area.

Karen said "d7", which was completely sold out, had appreciated by more than 40 per cent since its debut in September 2007.

The launch price for "d7" then was RM380 per square feet and today it is valued at RM650 per square feet.

"d7" will soon be connected to "d6" via a sky bridge stretched over Jalan Sentul and the elevated Sentul Skywalk will connect all of Sentul East developments in the future to provide convenience to the community.

By Bernama

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Foreign interest in high-end KL condos set to grow

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FOREIGN interest in high-end condominiums in Kuala Lumpur will accelerate next year with the impact from Economic Transformation Programme's Greater Kuala Lumpur plan, property market players said.

The economic crisis in the past two years had seen a dip in foreign interest leading to a 30 per cent drop in prices.

"Going forward, we expect a return in buyer interest from Singapore, Hong Kong, Indonesia and more recently from the Middle East," said Eric Y.H. Ooi, organising chairman of the forthcoming Fourth Malaysian Property Summit at a briefing yesterday.

Prices of these high-end units in the city centre, ranging from RM1 million and RM2 million, have caught up with previous peak levels.

Foreign ownership to local ownership, which was at 30:70 per cent ratio, is expected to increase.

"Come 2011 we will be able to see whether foreign interest will be better than the past two years or to the peak in 2007/2008 when it was 50:50 per cent ratio," Ooi said, adding that there had been drop in interest from European investors.

Ooi, who is also managing director of Knight Frank Malaysia, described the Malaysian property market scene as probably one of the most attractive in the region with fewer number of ownership restrictions.

Foreign investors are attracted to the higher yield from these high rise investments at 5 per cent compared to landed properties, which provide between 2 to 3 per cent yield.

He said it would be interesting to see the property market scene when the second-tier Chinese investors from the mainland are allowed to purchase overseas properties. Already there has been a spike of Chinese interest in properties elsewhere in Australia and Singapore.

Past president of the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia James Wong expects the inflow of foreign buyers to increase in 2012 with the implementation of the ETP.

"With the Greater KL and billions of ringgit in the MRT (mass rail transit) and LRT projects, we can expect to see an influx of expatriate population as seen during the last boom when the Petronas Twin Towers was taking shape," Wong said.

He added that unlike China and Singapore, Malaysia is not expected to see property asset bubble in the foreseeable future.

Wong also expects non-performing loans ratio (NPLs) to go up in the first quarter of 2011 although not at alarming rates.

He attributed it to the 5 to 10 per cent easy down payment scheme to purchase properties.

The Fourth Malaysian Property Summit organised by PEPS will be held at the Sime Darby Convention Centre in Kuala Lumpur on January 18.

It will have an overview of the property market performance and outlook for the office market, retail market, industrial market, high end condominium and REITs.

PEPS president Choy Yue Kwong said the property summit is also relevant to those who wonder whether it is the right time to sell their properties for alternative investments or right time to buy or invest or do nothing and wait for property prices to appreciate further.

By Business Times

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Opal Damansara wins two prestigious awards

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Opal Damansara by Sunway Damansara Sdn Bhd

Opal Damansara in Sunway Damansara has recently achieved two significant milestones due to its impressive design and layout. It is a 248-unit semi-d condominium that was developed by Sunway Damansara Sdn Bhd, a subsidiary of Sunway City Berhad and designed by Arkitek Maju Bina.

Defying the conventions of condominium living, Opal Damansara is inspired by a vision of a tropical paradise. Low-density units are nestled amidst lush landscaping to create a pristine and private retreat for those who crave a resort-living lifestyle in the city.

The semi-d concept whereby every unit in Opal Damansara is a corner has proven to be popular and well received. Residents enjoy the exclusivity of having only one attached neighbour. The Group has also ensured that residents are able to enjoy an enviable ambience within the project development by allocating 30% of the development for landscaping.

During the 3rd Asian Habitat Summit 2010 at Fukuoka, Japan, Sunway Opal Damansara Condominium was awarded the 2010 Green Asian Townscape Award at the annual commending grand ceremony.

The Asian Habitat Summit is held once every two years and the theme for the third summit was “Green Asia – Picturesque Cities.” The organisers of the 2010 Green Asia Townscape award are Fukuoka Asian Urban Research Center, United-Nation Habitat for Asia and The Pacific, Asia Townscape and Design Society and China Real Estate Association.

This forum encourages members to discuss the construction of residential environment in the Asian process of urbanization, exchange research results and boost sustainable development of the Asian undertaking of residential environment.

Another significant milestone for Opal Damansara was the win of the 2010 Design Grand Award of Chinese Residential Projects by the World Association of Chinese Architects (WACA).

WACA provides a platform for elite Chinese architects in the world to publicize their achievements and expertise. Through interaction and academic exchanges, it is hoped that WACA can raise the innovation and creativity amongst architects to serve the community. The 2009 Design Award is definitely a positive step towards that direction.

Sunway City Berhad Property Development Division, Malaysia managing director Ho Hon Sang said, “We are pleased that Opal Damansara has won these awards as it reflects the recognition that this development deserves based on its innovative design that promotes a green and sustainable lifestyle. We are also heartened to collaborate with Arkitek Maju Bina as they have provided solid consultation advice to enhance the living features for residents.”

“A lot of thought and effort has been invested in this project to create a practical living environment that is both contemporary and functional. Moving forward, homebuyers can certainly expect more innovative property development projects from the Group that echo these same values of excellence.”

Apart from the plethora of plants that make up the lush green surroundings, residents will find a wide array of facilities for their daily comfort that include landscaped gardens, children's play area, swimming pools, gymnasium, tennis and badminton courts, reading room, multi-purpose hall, surau and a gazebo.

Opal Damansara is located within the 400-acre integrated Sunway Damansara township with good access and proximity to facilities, commercial centers and shopping malls. The township is one of the most sought-after locations in Petaling Jaya.

Opal Damansara has also enjoyed good price appreciation which commensurate with this award-winning project. In short, this is another stellar project by the leading master community developer.

By The Star

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Cahya Mata unit in RM380mil JV to build hotel, apartments

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PETALING JAYA: Cahya Mata Sarawak Bhd, through 51%-owned subsidiary CMS Land Sdn Bhd, has signed a joint-venture agreement to build, own and manage a four-star hotel and service apartments at the Kuching Isthmus in Sarawak.

It told Bursa Malaysia yesterday that it had signed the agreement with Premier Cottage Sdn Bhd (PCSB), Boulevard Jaya Corp Sdn Bhd (BJSB), Hikmat Majusama Sdn Bhd (HMSB) and Isthmus Developments Sdn Bhd (IDSB).

The building, comprising 381 hotel rooms and 96 service apartments, will cost about RM380mil, including outfitting, furniture, fittings and equipment, but excluding financing costs and contingencies.

IDSB, which will undertake the development, will finance it via a combination of share issuance, borrowings from banks or financial institutions, as well as advances from the joint-venture partners, except CMS Land, totalling up to RM50mil.

CMS Land will inject two parcels of vacant land in Kuching, totalling 4.25ha with a lease period of 99 years expiring in 2109 to IDSB for a total consideration of RM10mil to be satisfied via the issuance of 10 million new shares in IDSB, which will undertake the hotel development, at their par value.

Based on the audited financial statements as at Dec 31, 2009, the net book value of the land was approximately RM5.106mil. The land has not been income generating and thus no profit is attributable to the land, it said.

CMS Land will eventually own 10.3% in IDSB, while PCSB, BJSB and HSMB will hold 50.5%, 19.6% and 19.6% respectively.

CMS Land will subscribe for 300,000 new RM1 shares in IDSB, while PCSB, BJSB and HSMB will subscribe for 5.05 million new shares, 1.96 million new shares and 1.96 million shares respectively.

Building works for the hotel is expected to begin in the first quarter of 2011 and completed by December 2013.

CMS Land is the land owner and property developer for the Kuching Isthmus development project, which is intended to become Kuching's new central business district.

It is a proposed mixed commercial and residential development project that includes convention and exhibition centre, transport hub, tertiary educational institutions, marina and other housing/commercial developments.

By The Star

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Cahya Mata unit in apartments, hotel deal

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CAHYA Mata Sarawak Bhd's 51 per cent unit has formed a joint venture with four parties to help it build, own and manage serviced apartments and a four-star hotel in Kuching Isthmus in Sarawak.

CMS Land Sdn Bhd will have a 10.3 per cent stake in the joint venture company.

The other parties are Premier Cottage Sdn Bhd, Boulevard Jaya Corp Sdn Bhd, Hikmat Majusama Sdn Bhd and Isthmus Development Sdn Bhd.

By Business Times

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M'sian city apartment price 2nd lowest in region

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KUALA LUMPUR: The average price of city apartments in Malaysia is the second lowest compared with other countries in the region.

In a statement here yesterday, Global Property Guide (GPG) said according to its research, only Indonesia offered city apartments that were priced lower than those in Malaysia.

In comparison, the average price of city apartments in Singapore is almost eight times more than in Malaysia, beating even Australian prices, which are almost five times higher than Malaysian city apartments.

Other countries surveyed included the Philippines, Cambodia and Thailand, where high-rise residential properties in the city cost more than Malaysia, it said.

The statement said GPG has developed the world's only global rental yields database to support a fundamental investor perspective and developed the world's first global transactions costs database, said GPG founder/publisher Matthew Montagu-Pollock.

International property buying is here big time. Yet people often don't get the information they need, he said.

Montagu-Pollock will be here to address an international property seminar entitled Property Market Outlook' organised by Iskandar Associates from Nov 29-31.

He will be sharing his views with participants on the property market outlook for Asia in 2011.

By Bernama

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Developer offers greener living experience in Putra Nilai

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NILAI: GD Development Sdn Bhd is undertaking a mixed development, Green Beverly Hills in Putra Nilai, that could potentially generate a total of RM5.3bil in gross development value (GDV) when completed in eight years.


Datuk Yeat Sew Chuong

Its joint chairman Datuk Yeat Sew Chuong said the project, which comprises residential properties and commercial properties as well as a hotel, would be developed in seven phases.

“The first phase comprises the development of 334 condominium units and 61 bungalows.

“Our condominium project is over 75% taken up even before the official launch today and we plan to launch our bungalows in two months,” he told StarBizWeek yesterday at the launch of Green Beverly Hills.

The condominiums were priced from RM380 to RM580 per sq ft and piling work started last month, he said, adding that the first phase development would generate a total GDV of RM315mil.

“Green Beverly Hills is located on 350 acres freehold land in Putra Nilai, which is the new name for Bandar Baru Nilai, a distinct and well-planned integrated township with modern infrastructure and amenities,” he said.

He added that Green Beverly Hills offered a greener living experience.

Located 15 minutes from Putrajaya and the KL International Airport, and 30 minutes to Kuala Lumpur city centre, Putra Nilai is already known for its up and coming biotech hub, regional education hub and trading/commercial hub.

Yeat, who is also chief executive officer of Bursa Malaysia-listed INS Bioscience Bhd, said GD Development was a joint venture between him and Tan Sri Gan Kong Seng, chairman of Nilai Resources Group Bhd in their personal capacity. The project did not involve INS, said Yeat.

Gan is also joint chairman for GD Development.

“This is my personal investment and I will responsible for the property development while Gan is the land owner,” Yeat said.

By The Star

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'80pc SetiaWalk occupancy by Q1 2012'

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SP Setia Bhd expects the occupancy rate at its boutique lifestyle development project, SetiaWalk, to increase to 80 per cent from 60 per cent when it opens its doors by the first quarter of 2012.

Spanning 8.32 hectares of prime land fronting Jalan Puchong, SetiaWalk offers an eclectic mix of retail offices, serviced apartments, dining delights, a boutique hotel and entertainment centre.

SetiaWalk, with a gross development value of RM1 billion, has a gross floor area of 2.3 million sq ft and a net lettable area of 2.4 million sq ft.

"There will be more exciting things to look forward to at SetiaWalk, one of them being the proposed light rail transit station opposite our project," said its divisional general manager, Wong Tuck Wai, at the ceremony to welcome three anchor retailers of its entertainment centre.

"We welcome TGV Cinemas, Celebrity Fitness and Superstar Karaoke as our business partners," he said.

Wong said the last anchor tenant would be the Chinese restaurant chain and the name was expected to be revealed soon.

SetiaWalk targets its retail offices to open for business in April next year with the entertainment centre operational by December 2011.

Meanwhile, the company said as part of its continuing efforts to ensure the success and vibrancy of SetiaWalk, it would provide pre-leasing services to match owners of the retail offices with the right tenants.

"A dedicated pre-leasing team has identified a list of potential suitors and matched with the buyers to ensure an exciting tenancy mix and add value to the entire development," it said.

Superstar Karaoke's consultant-cum-operations manager, Richard Law, said the outlet at SetiaWalk would be its fourth nationwide and it would occupy about 12,000 sq ft and offer a touch screen song-selection system.

TGV Cinemas chief operating officer, Kenny Wong, said the cinema would have nine cineplexes with 1,900 seats.

Celebrity Fitness would occupy two levels of 22,000 sq ft in total, said its managing director of Malaysia Kwangho Choi.

SetiaWalk, which can be access via Lebuhraya Damansara-Puchong and Persiaran Wawasan, has also managed to attract retailers such as Starbucks, BMS Organics, STADT German Cuisine, Ponytail Salon, Hock Hua Tonic, Bata and La Primavera.

By Bernama

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Mayland sees demand for city condominiums

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Hong Kong-based property developer Malaysia Land Properties Sdn Bhd (Mayland) is very bullish about demand for high-rise condominiums in the city.

Based on the positive take-up rates of their properties so far, director Andrew Chiu says the interest in certain categories of city condominiums is expected to remain sustainable this year and next.

He says interest will be on properties of about 1,000 sq ft and below. More than half of its Royal Regent development in Jalan Kuching is sold. The only ones left are the bigger units with a built-up of 1,500 sq ft and above. The smaller units ranging from 900 sq ft to 1,200 sq ft have been sold.

“Even before we launched, our previous buyers have taken up the smaller units,” he says. A typical Mayland investor will have two to three projects already and these buyers bought nearly 70% of Royal Regent, with some of them buying two or three units at a time, he says.

Royal Regent is the third project in the Jalan Kuching location. The other projects in that 20-acre site includes Sri Putramas 1, Sri Putramas II and Royal Domain.

Sri Putramas I was the first project to be launched in that location in 2002. The units, with a standard size of about 1,000 sq ft, had prices starting at RM140,000.

Mayland subsequently launched Royal Domain at about RM200 per sq ft with units priced at about RM240,000. Today, Royal Domain, is selling at about RM320 per sq ft.

Its latest launch, Royal Regent, is priced at about RM400 per sq ft, says Chiu, adding that the location will have a total of about 3,500 units, with the completion of phase four. Royal Regent. which is phase three, is expected to be completed in 2013.

Mayland is also building Regalia@Jalan Sultan Ismail with Bina Puri Holdings Bhd, one of the largest construction groups in the country. The 38-storey has a gross development value of about RM600mil. It is scheduled for completion by early 2011.

“We are positive about demand for units located in the Golden Triangle. Land is a scarce commodity and if the Malaysian government can get the public transport system off the ground, this will add further value to the projects in the city,” Chiu says.

He says property development has become so sophisticated in his home country in Hong Kong that even with a 2,300 sq ft piece of land, it is possible to put up a 40-storey building with no car parks.

Buoyed by demand, Mayland is also embarking on another high-rise project in Ampang, just behind Ampang Point shopping centre. Known as The Elements@Ampang, the freehold service apartment project will have a gross development value of RM650mil. It sits on 2.6 acres adjacent to another high-rise project known as GBC.

The Elements will be developed by Land & General Bhd (L&G). Mayland is the largest shareholder in L&G. Besides Ampang Point shopping centre, the other closest mall is Great Eastern Mall.

The Elements will be competing with Mah Sing group’s M Suites and Brunsfield’s EmbassyView. While The Elements is located a little way off Jalan Ampang, M Suites and EmbassyView are located on Jalan Ampang itself.

L&G MD Low Gay Teck says there are several international schools in the vicinity of The Elements. These are Fairview International School, Sayfol International School, International School of Kuala Lumpur and Mutiara International School.

It will be served by Gleneagles Intan Medical Centre, Ampang Puteri Specialist Centre, Pantai Indah Hospital, Hospital Ampang, Ampang Medical Centre and Prince Court Medical Centre.

Prices at The Elements begin at RM350,000 for units with a build-up of 625 sq ft. The largest built-up is 1,550sq ft.

Low says the company is looking to buy land for residential developments with plans to sell the units at RM400 per sq ft and above.

“Cost of construction and inflation will only go up. As the Government moves along in their plans to remove subsidies, cost of construction, building materials and labour will only go up. Land prices will not be coming down. so prices will just have to keep adjusting upwards,” says Low, adding that there is a demand for land in light of expected future increase in prices.

He says the demand for certain types of properties have also led some developers to price their units at RM5mil in a RM2mil-a-unit area.

As for Mayland and companies within the group, Mayland advertising and promotions manager Ian Tay says the group together with L&G have a good following of buyers.

“Both The Elements and Royal Regent will appeal to different categories of investors. Most of those who buy into Royal Regent are upgraders. They have probably units in Sri Putramas I and II, and maybe even Royal Domain and they see the opportunity to buy into Royal Regent at RM400 per sq ft because they know the city will continue to expand. The development in the Matrade area by the Naza group is after all just a few minutes drive away,” says Tay.

Over at Elements, with prices beginning at around RM700 to RM750 per sq ft, most buyers would be investors. Tay says many may not be able to afford to stay in the city but they will want somewhere close to the city. “Ampang is not too far away from the KLCC City Centre, so the appeal is there,” he says.

By The Star

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SP Setia hub sets green benchmark

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SP Setia Bhd's Setia City integrated commercial hub in Shah Alam, Selangor, will have 40 office towers with green certification over the next 10 to 15 years, its chief said.



Setia City is by far the only commercial hub that will have more than 40 buildings. It will include residential blocks, four-star hotel, retail mall, convention centre, hospital and university.

Setia City, estimated to be worth RM5 billion, will set a new benchmark where green development is concerned, SP Setia president and chief executive officer Tan Sri Liew Kee Sin said.

According to Liew, Setia City will be the first integrated project in the country to have all its buildings certified under the Green Building Index.

"While green buildings may not be a new phenomenon in the country, they are usually standalone structures," he said at the launch of Setia City by Housing and Local Government Minister Datuk Chor Chee Heung yesterday.
Setia City, sprawled over 96ha in Setia Alam, is expected to attract local and multinational companies, Liew said.

SP Setia is also selling land at Setia City and companies which buy the land can build their own towers to their specifications.

To date, Top Glove Corp Bhd and Khind Holdings Bhd have bought land to set up Grade A office towers as their new corporate headquarters.

Top Glove will build an 18-storey tower, while Khind is mulling over its plans.

SP Setia will also set up its corporate headquarters in a nine-storey building.

Ongoing works at Setia City include the 1.23 million sq ft Setia City Mall by Land Lease Australia.

On the hotel, university and hospital, Liew said the company will talk to local operators to run the facilities.

Meanwhile, Chor said his ministry and Bank Negara Malaysia were monitoring property price movements to prevent a housing bubble.

"We are still far from a property bubble. But we are monitoring and will take action against speculators," he said.

By Business Times

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SP Setia plans 40 corporate office buildings worth RM5bil in Setia City

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From left: Tan Sri Liew Kee Sin, Housing and Local Government Minister Datuk Wira Chor Chee Heung, Cheng Ping Keat, Lee Kim Meow and SP Setia deputy president and COO Datuk Voon Tin Yow with a model of Setia City

SHAH ALAM: SP Setia Bhd plans to set up about 40 corporate office buildings in its 96ha integrated green commercial hub, Setia City that is worth RM5bil in gross development value when completed in 10 to 15 years.

The company has secured Top Glove Corp Bhd and Khind Holdings Bhd to set up their corporate headquarters in the hub, which will comprise office towers, hotels, service apartments and a retail mall.

“We are now in talks with a few local companies to set up their corporate office towers here and are not discounting the possibilities to talk to multinational companies in the future,” SP Setia president and chief executive officer Tan Sri Liew Kee Sin told a press conference after the official launch of Setia City by Housing and Local Government Ministry Minister Datuk Wira Chor Chee Heung yesterday.

He said SP Setia was constructing its own corporate building at Setia City, a nine-storey block with a four-storey annexed building connected to the mall via a bridge.

The construction of its headquarters was expected to start by the first quarter of next year and to be completed by end of 2012, he added.

Meanwhile, Top Glove managing director Lee Kim Meow said the company decided to initially go for a smaller building of between six and eight floors. With the additional land area, it has the option of expanding the size of its headquarters when the need arise.

Khind Holdings chief executive officer Cheng Ping Keat said: “We are still in the planning stage and will understand our needs going forward in order to make a final decision.”

On Setia City’s future development, Liew said the company planned to launch two blocks of serviced apartment and a SoHo next year, adding that it planned to build a three or four stars hotel and was in talk with a local company for a possible joint venture.

“We plan to build a medical centre and a private university. We will make sure we embrace the group’s live, learn, work and play philosophy for our township development,” he said.

By The Star

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PNB to start 10-year Warisan Merdeka project with 100-storey tower

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Tan Sri Hamad Kama Piah Che Othman pointing to the site of Warisan Merdeka development during the press conference pn Wednesday.

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) will be undertaking the Warisan Merdeka development over three phases in 10 years starting with the 100-storey tower next year.

At a press conference yesterday to explain PNB’s plans for the project, president and group chief executive Tan Sri Hamad Kama Piah Che Othman said the development costing RM5bil would also have a shopping complex and condominiums.

The 100-storey tower – touted to be the country’s tallest – will cost RM2.5bil to RM3bil and will have gross floor space of 3 million sq ft and 2.2 million sq ft of net floor space .

“It will be a five-star green building. We are confident its completion in 2015 will create some excitement and spill-over benefits for the development as a whole,” Hamad added.

PNB has set up wholly-owned unit PNB Merdeka Ventures Sdn Bhd to undertake the project. The company is headed by Tengku Abdul Aziz Tengku Mahmud who was from Guthrie Property Development Holding Bhd and Sime Darby Property Bhd. He came on board early this year.

“We are now finalising the project design and concept, and may invite professionals, both local and foreign, to submit their ideas for the project.

“PNB’s existing headquarters, Menara PNB will be 30 years old by the time the new tower is completed. We are looking for strategic positioning for the future and will need new office space for the expanding PNB group of companies. The Warisan Merdeka tower will become the new PNB headquarters while Menara PNB will be upgraded and leased out for recurring income,” Hamad added.

He said PNB had the capability to finance the project through internally generated funds but he did not discount resorting to borrowings “if the interest rates are attractive.”

On the rationale for PNB’s decision to undertake the project, Hamad explained: “We have been planning to develop the land since 2004 after acquiring it in 2000. After holding the land for so long, we decided it is now the right time to move ahead with the project. As an investment house, our intention is to optimise returns from the development.”

He said the project was expected to yield reasonable returns of between 8% and 10%.

“For the past few years, we have revisited the plan every year. Now with Tengku Abdul Aziz helming PNB Merdeka Ventures, we are more focused on the project and are ready to move ahead with it. The Government is also promoting this type of development.”

PNB paid RM310mil or RM220 per sq ft to buy the 36-acre land from Pengurusan Danaharta Nasional Bhd in 2000. Hamad said the market value of the land was estimated at RM800 per sq ft today.

Of the 36 acres, around 17 acres are occupied by Stadium Merdeka and Stadium Negara, which have been identified as a national heritage site. Conservation works have been undertaken to restore their heritage characteristics and the two stadiums are now being managed by the National Heritage Trust.

The overall Warisan Merdeka development on 19 acres would have to complement and blend with the heritage theme, and together with the restored stadiums, the site was set to be another major landmark in Kuala Lumpur, he said.

Hamad said although the project was scheduled to take 10 years, it may be expedited if market conditions warranted it.

“As a long-term player, we would prefer to own the Warisan Merdeka property and leased it out for recurring profit but we may also consider unlocking the value if the situation warrants it.”

He said PNB had been expanding its portfolio of property assets from mainly investing in equities previously. It had been purchasing commercial properties that offered competitive returns and potential for capital appreciation at reasonable prices.

Today, its property portfolio includes Menara PNB, PNB Darby Park, Kenanga International Building, Bangunan MAS in Kuala Lumpur, Hotel Perdana in Kota Baru and PNB Ilham Resort in Port Dickson. Its first offshore property, Santos Place in Brisbane, Australia, a six-star Green Star building, was acquired in August for A$287mil.

Hamad said PNB was also active in property development through its strategic holdings in a number of companies, including the merged entity of Island & Peninsular Bhd, Petaling Garden Bhd and Pelangi Bhd.

By The Star

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SP Setia launches green hub in Shah Alam

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SHAH ALAM: SP Setia Bhd's newly launched first integrated green commercial hub in Shah Alam, Setia City, will have a gross development value (GDV) of RM5 billion once completed within the next 10 to 15 years.

President and Chief Executive Officer of SP Setia Bhd, Tan Sri Liew Kee Sin said the 240-acre integrated freehold mixed development, will set a new benchmark where green development is concerned within the Shah Alam skyline.

"It will comprise office towers, hotels, service apartments and a retail mall with all the elements of the concept of live, learn, work and play," he said during the official launch of Setia City today.

"With the confirmation of the building of three Grade A corporate headquarters for SP Setia, Top Glove Corporation and Khind Holdings Bhd, Setia City is now ready to be launched as the first integrated green commercial hub serving the Greater Klang Valley," he added.

He also indicated there are also plans to bring in private universities.

According to Liew, the commercial hub will be one of the largest master-planned city centres in the Klang Valley and carry the SP Setia stamp of lush tropical landscapes featuring parks and gardens, as well as lakes and waterways.

"Setia City will also be the first integrated project to have all the buildings certified under the Green Building Index," he highlighted.

Setia City, he said, has managed to attract international and renowned property player, Lend Lease, headquartered in Australia to jointly invest in the development of a retail centre to be known as Setia City Mall.

"The new mall will form the focal point of Setia City. "The confidence the market has in Setia City Mall has led to the signing of major anchor retailer, Parkson, as well as leading cinema operator Golden Screen Cinemas.

"In addition numerous other specialty retailers have been secured," Liew said.

When complete, the mall he said, will offer a fun and affordable family experience comprising amazing green space, fantastic shops, great food and entertainment.

By Bernama

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SuperBoom expect The Haven to generate RM250m GDV

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SUPERBOOM Projects Sdn Bhd, a property developer, expects its latest project in Ipoh, Perak, to generate a gross development value of about RM250 million.

The Haven, expected to be Perak's most luxurious condominium project, will comprise three residential blocks. So far, 80 per cent of the units at the first block and 20 per cent of the units at the second block have been booked.

According to chief executive officer Peter Chan, buyers can expect prices to rise by about 30 per cent.

"Currently, we are selling at RM338psf. But, we have been told that the property can fetch as much as RM450psf if the market knows what The Haven is all about," said Chan in a media briefing in Kuala Lumpur yesterday.

He was speaking to the media after the signing ceremony with Bina Puri Holdings Bhd and Beijing Construction Engineering Malaysia. Superboom hired both companies as joint main contractors.

Chan expects the property market in Perak to grow with the new Ipoh-KL electric train service and as more planes fly to Ipoh.

"Perak has not seen major development in the last 20 years. But, with so much development recently, it certainly makes the timing of our project spectacular," said Chan.

The Haven will come in various types, from the entry level units of under 1,000 sq ft to penthouses of 5,000 sq ft. As the condominium is located near the hillside and forest, and has a lake view, Chan believes it can attract foreign buyers as well as those from Kuala Lumpur.

"Although these natural resources are a common sight to those living in Ipoh, it is something unusual for many of us. I think this makes The Haven an ideal place for vacation and an ideal place for a home," said Chan.

So far, piling work for the first block has been completed, and both Bina Puri and Beijing Construction Engineering are due to complete the project in 2013.

It also expects to open its third block for sale in about six months and prices of these units are expected to be higher than the current RM338psf it is offering for the first two blocks.

By Business Times

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Bina Puri JV wins Ipoh condo job

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KUALA LUMPUR: The joint venture (JV) between Bina Puri Holdings Bhd and Beijing Construction Engineering (M) Sdn Bhd (BCEG) has won a RM109mil contract to build The Haven, dubbed to be the most luxurious condominium in Ipoh.

The contract, awarded by Superboom Projects Sdn Bhd – a privately held property developer, is for the construction of the high-end residential project slated for completion in 2013 with gross development value of RM250mil. The Bina Puri led-JV was chosen over seven bidders. The leasehold Haven, Lakeside Residences is a 26-storey building with 489 units located in Tambun, Ipoh.


Peter Chan

Superboom chief executive officer Peter Chan (pic) said The Haven, with its special features and quality, would be the best value luxury condominium in the world.

“Selling at RM338 per sq ft, the price range will be between RM300,000 and RM1.7mil for various units of between 968 sq ft and more than 5,000 sq ft (penthouses).

“The price is definitely lower than the price (of similar residential) in the Klang Valley but it cannot be a lot lesser as the building cost is the same although the price of land per sq ft in Ipoh is about one-eighth of that in Kuala Lumpur,” he said after the signing ceremony for the appointment of the JV as the main contractor for the project.

In terms of price appreciation, Chan said they expected a high increase.

“According to the experts, intrinsically it is worth RM450 per sq ft by the time the market realises its potential.

“The take-up rate has also been encouraging so far prior to the launching scheduled by year-end or early next year. Currently 80% of block A and 20% of block C have been sold.

“Construction works of the two blocks (A and C) have already started but development of block B is expected to begin in the next four to six months,” he said.

Chan said the strength of this development lay in its location besides its facilities and conveniences. There are features such as the attractive limestone and green environment and it is 12 minutes drive to the city centre.

Meanwhile, Bina Puri chairman Datuk Wong Foon Meng said both parties in the JV had equal roles and responsibility. Each company would bring its own niche strength to the project, he added.

“With our vast experience in the construction and property sector, we are confident of delivering the project within the stipulated time-frame,” he said.

To date, Bina Puri had delivered projects exceeding RM7.8bil. So far this year it managed to clinched new projects up to RM1.64bil.

BCEG, on the other hand, has completed several projects worth RM265mil in the Klang Valley. It is part of BCEG Group from China which is on the top-225 international contractors list.

Meanwhile, Superboom’s porfolio included the 576-unit Permai Lakeview Apartments in Ipoh and Subang Galaxy in Shah Alam. It has incorporated The Haven Sdn Bhd primarily to undertake The Haven development.

By The Star

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