Forest City to seek buyers elsewhere

KUALA LUMPUR (March 31): In an effort to rely less on mainland Chinese buyers, Country Garden Holdings is planning to attract potential purchasers from Southeast Asia, South Asia and the Middle East for its mega project in Malaysia, Forest City.  

“The capital controls will have an impact on Forest City,” Yu Runze, chief strategy officer of Country Garden Pacificview, told Reuters, adding it was an “opportunity to shift our sales strategy to be more international”.

He also told Reuters Country Garden will recruit local staff in the targeted markets and boost its advertising budget there.

Forest City, covering 14 sq km of land on four artificial islands in Johor and with a gross development value of RM444 billion, has been successful in attracting many Chinese buyers by offering affordable prices and access to Malaysia’s visa programme for long-term stays.

Country Garden is the second-largest developer in China. Aside from Forest City, Country Garden has three other developments in Malaysia, namely Central Park and Danga Bay, which like Forest City are also in Johor, and Diamond City in Semenyih, Selangor.

The South China Morning Post reported that to curb capital outflows, the Chinese government in January banned its citizens from converting yuan into other currencies for overseas property purchases.

And that has left many Chinese buyers in the lurch. After making payments for their Forest City properties, these mainland investors are now faced with the grim prospect that they cannot send money out of China to continue making payments or even get their money back, the South China Morning Post reported.  

On March 10, the Hong Kong daily also reported that Country Garden has closed all sales centres in mainland China for its Forest City Malaysian housing project amid Beijing’s intensified crackdown on capital flight.

from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1111378/forest-city-seek-buyers-elsewhere

Kerjaya Prospek gets RM31.6 mil housing development contract in Penang

KUALA LUMPUR (March 31): Kerjaya Prospek Group Bhd has bagged a contract worth RM31.6 million to develop 32 three-storey terrace houses in Penang, the company announced today.

Kerjaya Prospek’s subsidiary Kerjaya Prospek (M) Sdn Bhd received today the letter of award from Bina BMK Sdn Bhd for the project — located in Bandar Tanjung Pinang (Phase 1), north-east of the island.

The group said works will commence on March 22, and is due to be completed by Sept 21 next year. The project will contribute to the company’s books for its financial year ending 2017 (FY2017) and FY2018, it added.

Shares of Kerjaya Prospek closed 1.13% or 3 sen lower today at RM2.62, giving it a market capitalisation of RM1.34 billion. — theedgemarkets.com

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from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1111310/kerjaya-prospek-gets-rm316-mil-housing-development-contract-penang

A closer look at an uncontested winner among Singapore’s developers

SINGAPORE (March 31): CIMB Research is reiterating its “add” recommendation on property developer UOL Group, which remains the research house’s top pick among Singapore developers with an unchanged target price of S$7.96 (RM25.21).

In a Thursday report, analysts Lock Mun Yee and Yeo Zhi Bin say they continue to like UOL for its diversified business model and strong recurrent cashflow, and say that any volatility in the group’s earnings will present an opportunity for stock entry.

They also expect recurrent income from rental, hotel operations and dividend income to continue providing the group a stable income base.

“UOL has one of the highest recurrent income bases amongst peers, accounting for c.86% of total PBIT (incl. 44.6% share of UIC’s contributions), backed by an attributable 3.4 million sf of commercial/retail space in Singapore and more than 10,000 owned and managed hotel rooms,” explain the analysts.

“Despite short term challenges in the office and retail sectors, it has fairly high portfolio occupancy due to the niche locations of its properties, within the Newton/Novena area. In the longer run, it may potentially monetise mature office assets,” they add.

Lock and Yeo also note that since the launch of Clement Canopy in early march, the group’s new condominium development has enjoyed a good take-up rate with about 52% of the project sold to-date. This is in addition other ongoing projects, which they observe are benefiting from improved market sentiment with increased sales rate.

“Apart from three remaining projects with an effective share of 700 units, UOL will continue to tap the government land sale and enbloc markets to restock inventory,” say Lock and Yeo.

UOL’s recent capital redeployment into completed assets such as their recently-purchased Hilton Melbourne South Wharf, to be rebranded into a Pan Pacific Property, is set to deepen the group’s earnings base and brand awareness in Australia, in UOB’s view.

The analysts also highlight that the group’s gearing of 0.24x as at 4Q16 provides significant headroom for medium-term expansion possibilities.

Presently, UOL’s stake in United Industrial Corporation (UIC) stands at 49.6612% – and whether the group eventually crosses the 50% shareholding in UIC, or not, is key to determining a clearer look-through valuation of the group’s underlying assets, and narrow its gap to RNAV, say Lock and Yeo.

As at 2.35pm, shares of UOL are trading 1 Singapore cent lower at S$6.99. — theedgemarkets.com.sg

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from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1111297/closer-look-uncontested-winner-among-singapore’s-developers

Penang undersea tunnel feasibility studies 87% complete, says Guan Eng

KUALA LUMPUR (March 31): Feasibility studies for the proposed RM4 billion Penang undersea tunnel are 87% complete, said Chief Minister Lim Guan Eng. (pictured)

He said the remaining 13% of the studies will be carried out upon receipt of a development master plan from Rayston Consortium (Butterworth) Sdn Bhd, which had signed an agreement with the Barisan Nasional state government in 1999 to reclaim 650ha of the sea in Butterworth.

Speaking at a press conference, Lim said the undersea tunnel, part of the RM6.3 billion integrated infrastructure project awarded to Consortium Zenith BUCG Sdn Bhd, needs to be built by 2027 and therefore there was still time.

He was responding to Works Minister Datuk Seri Fadillah Yusof’s statement yesterday, expressing concern over the delay in the tunnel studies which the state had promised to submit by early 2017.

Lim said Rayston is currently working on the master plan detailing the projects planned on the reclaimed land. 

“We are trying to pressure them (to speed up),” he said. “We have to honour the contract signed (with Rayston) but we stress that this will not interfere with the completion date of the tunnel project, which is 2027. We still have time,” he added.

Fadillah, in his statement, also claimed that the cost of the feasibility studies and detailed design for the Penang integrated infrastructure project at RM305 million was excessive and beyond the usual cost guidelines for construction projects of that nature.

Responding to this, Lim insisted that the RM305 million cost was in line with Public Works Department (JKR)’s costing and in fact 5.5% below the authority’s scale.

On a proposal by the state to replace the undersea tunnel project with a bridge, which was highlighted by Fadillah, Lim said the state had come out with the proposal to overcome the delay in the feasibility studies caused by the Butterworth reclamation work.

Lim said normally approvals in principle are given first for such bridge projects because detailed designs are costly, and that was why the Penang government had sought approval without submitting supporting documents.

“We must agree in principle, then follow up with supporting documents,” he added. — theedgemarkets.com

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from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1111234/penang-undersea-tunnel-feasibility-studies-87-complete-says-guan-eng

Sime Darby Property creating a modern skyline in the eastern part of KL

 

BEING able to wake up to fresh air and lush forest views every morning and then going to work using the LRT just a few minutes away sounds far from reality in Malaysia’s capital city of Kuala Lumpur.

However, at Sime Darby Property’s KL East, a 153-acre fully integrated residential, lifestyle and commercial enclave in the eastern part of KL, one could possibly have the opportunity to enjoy living in a green environment with great accessibility. KL East stands out in the area with its grand backdrop of the world’s longest quartz ridge.

With nature and greenery in mind, it is the only development in KL city with a facility dedicated to rainforest regeneration and the promotion of sustainable living — with more than 50% of the development dedicated to green open spaces.

KL East is also known as an integrated transit adjacent development (TAD) due to its proximity to the Gombak Integrated Transport Terminal (GITT) comprising the Gombak Light Railway Transit (LRT) station (on the Kelana Jaya LRT line), Rapid KL and taxi hub, as well as a bus terminal for buses to Genting Highlands, all within easy reach via a proposed 800m covered pedestrian walkway. It is located just 15 minutes away from KLCC, and five minutes to the Gombak and Sri Rampai LRT stations.

Set for completion this September at KL East is The Véo, the first residential high-rise in the township. It comprises 30-storey twin towers housing 175 condominium units each. The units are made up of studios, 3-bedroom units, dual-key units and duplexes, ranging from 735 sq ft to 3,638 sq ft.

Tower B of The Véo was launched in November 2012 whereas Tower A was launched in May 2013. There are only 52 units left for sale to date. The price psf of The Véo ranges from RM680 to RM750.

“The target segment for The Véo is professionals, managers, executives and businessmen between the ages of 30 and 40 who want a modern, urban lifestyle,” says the head of township of KL East for Sime Darby Property, Mohd Shahreza Maswan.

Each unit offers spacious open-plan living spaces with unique ultra-sized balconies spanning the unit’s full width. “This is an exclusive design feature of The Véo,” adds Mohd Shahreza. In fact, most of the Tower B units of The Véo accord views of the greenery and hills.

Facilities at The Véo include a 3-tier security system, a community sky garden on each tower, gym, clubhouse, wading and infinity pools, children’s playground and a multipurpose hall.

The Véo itself is well-connected to various highways such as the Ampang-KL Elevated Highway, Duta-Hulu Klang Expressway, Middle Ring Road 2 and Karak Expressway. KL East will also benefit from the upcoming Setiawangsa-Pantai Expressway which has a direct link to the Tun Razak Exchange and Bandar Malaysia development corridor, offers Mohd Shahreza.

Parents with school-going children can opt for the reputable Kolej Yayasan Saad International School which is targeted to open in early 2019.

Homes above a mall

Last year, Sime Darby Property introduced a new project at KL East known as Quarza Residence. The integrated development features two towers of serviced apartments with a total of 508 units.

“Each tower houses 254 units of serviced apartments, with a mix of 1-bedroom units with a built-up size of 651 sq ft and 2-bedroom, 2-bathroom units from 850 sq ft to 865 sq ft.

“Facilities at Quarza Residence include a sophisticated sky garden, wading, family and lap pools, an aqua gym, futsal court, BBQ pavilion, multipurpose hall and children’s playground,” Mohd Shahreza says.

Quarza Residence sits atop an upcoming mall which will occupy the lower four levels. Slated for opening in November next year, 30% of the retail space has already been taken up, as at February this year.

Planned to house a myriad of renowned retail brands, food and beverage outlets, as well as a supermarket, cinema, and an ice rink, the lifestyle speciality neighbourhood mall will be a catalyst for business activities in the area while offering retail convenience to its residents, he adds.

Tower A was launched in May 2016 and is currently 52% taken up.

“We will also be launching Tower B of Quarza Residence comprising another 254 units by next year with prices ranging from RM576,888 to RM836,888,” offers Mohd Shahreza.

Old rubber plantation shines on

Located near to KL East is Sime Darby’s other township, Melawati. According to Mohd Shahreza, some forty years ago in the mid-seventies, a rubber plantation in Ulu Kelang known as Hawthornton Estate was developed into Taman Melawati — a residential estate targeting the growing middle-income group.

Coming up in the area is Melawati Mall, a 10-storey shopping and lifestyle centre which will offer 635,000 sq ft of premier brands, themed food and beverage outlets, specialty shops, a cineplex as well as leisure and entertainment outlets. The mall is jointly developed by Sime Darby Property and CapitaMalls Asia.

There is also the much-anticipated Melawati Corporate Centre featuring flexible office and choice retail spaces. “Both the mall and the offices are targeted for completion in June this year,” Mohd Shahreza says.

“The future is exciting for Melawati. The 900-acre township is located less than 15km from KLCC. Melawati is in the middle of an urban redevelopment initiative with the area earmarked for residential, commercial, retail and lifestyle developments,” he adds.

Sime Darby Property is also developing SERINI Melawati, the latest and tallest high-rise residential offering featuring two 38-storey lifestyle towers with arguably the best views in Melawati, located less than 1km from Melawati Mall.

Both towers offer a total of 528 units comprising four types of layouts. These 1+1, 2, 3 and 4+1 bedroom serviced apartments come in built-ups ranging from about 630 sq ft to 1,500 sq ft. Facilities in SERINI Melawati include a gym, open roof yoga area, infinity swimming pool, playground, spice garden, function rooms and barbecue area.

“SERINI Melawati is located close to the brand new Central Park Melawati, an extension of the green spaces within the development. The park boasts immaculately designed green spaces, water features and activity centres among the stylish commercial and retail-scape of the township’s urban centre.

“Adjacent to SERINI is the Melawati service cluster that will house the new Melawati police station. There are also banks, supermarkets, hypermarkets, a post office, petrol station, food outlets and healthcare facilities within the Melawati area,” Mohd Shahreza explains.

How does the area fare?

According to Laurelcap Sdn Bhd executive director Stanley Toh, Melawati is an established mixed commercial and residential development located within Klang Gates about 13km north east of KLCC comprising mainly terraced houses, semi-detached houses, bungalows and apartments/condominiums.

“The prices of high-rises for the newer projects are between RM600 and RM700 psf while the existing older apartments are between RM300 and RM400 psf. What is favourable about the area is that it has good road access via the Middle Ring Road 2 with amenities such as schools, shops and public transportation readily available, and the scenic and serene area bordering the Klang Gate Quartz Ridge” says Toh.

According to Toh, the property market here is currently flat due to the general market slowdown but in the longer term, outlook looks bright as land gets scarcer in KL.

This story first appeared in the Special Report on High-Rise Living in TheEdgeProperty.com pullout on March 31, 2017. Download TheEdgeProperty.com pullout here for free.

from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1110902/sime-darby-property-creating-modern-skyline-eastern-part-kl

Paramount to bring landed living quality to multi-storey projects

 

STEPPING into the scene as a township developer in the northern region some 40 years ago, Paramount Property, the property development arm of Paramount Corp Bhd, has since become a developer that offers a broad spectrum of products.

“As cities mature and population increases, landbank becomes scarce and expensive, leading to the growth of and demand for high-rise developments. As the people’s developer, it is natural for Paramount to meet this need by expanding into this type of developments,” Paramount Corp’s group chief executive officer Jeffrey Chew tells TheEdgeProperty.com.

Paramount’s current portfolio ratio of products is about 66% landed and 33% high-rise properties, including its commercial developments. But Chew expects its property business core to gradually shift to 30% landed residential and 70% commercial.

“Over time, we cannot go too extreme towards either end (landed or non-landed). We will try to make sure there is a minimum of 30% landed residential, while the remaining 70% will be commercial, which could be landed, multi-storey or high-rise, to cater to the demand from different buyers,” says Chew.

New launches this year

This year, Paramount will be launching properties totalling RM650 million in gross development value (GDV) where 46% of the total GDV will be integrated high-rise developments, 36% landed residential and 18% landed commercial developments.

Among the planned new launches are Sekitar 26 Enterprise @ Shah Alam (community retail centre); Atwater @ Section 13, Petaling Jaya (senior living concept mixed development); a new phase of Sejati Residences @ Cyberjaya (luxury landed property); a new phase of Greenwoods @ Salak Perdana (affordable landed property); a new phase of Utropolis Glenmarie (condominium block); a new phase of Utropolis Batu Kawan (condominium block); and a new phase of Bukit Banyan @ Sungai Petani (landed residential).

Utropolis Glenmarie

Utropolis Glenmarie is Paramount’s first integrated development and it marked the first time it combined its property development and education businesses together in one location.

“We are proud of this project and hope to duplicate its success at Utropolis Batu Kawan,” Chew enthuses, referring to their project on Penang mainland.

Modelled as a university metropolis, the 21.7-acre Utropolis Glenmarie is a self-contained, self-sustaining integrated development. It is anchored by KDU University College, Paramount’s flagship campus complemented by 1,484 serviced apartment units, retail, hotel and office components. It has a GDV of RM888 million.

The first phase of the serviced apartments has been completed and delivered by end-2015, while Phase 2A will be delivered in 3Q2017.

“We will be launching the hotel component as well as the final phase of the residential block by the second half of this year. There will be 389 serviced apartment units with slightly smaller built-ups than the previous phases to make the absolute prices even more affordable. We will price them above RM600 psf,” Chew says, adding that built-ups for the last phase range from 720 sq ft to 1,045 sq ft.

Education city in Batu Kawan, Penang

Meanwhile, the developer also targets to launch the second phase of Utropolis Batu Kawan this year. The second phase will consist of serviced apartments, but details have yet to be confirmed.

The 44.3-acre Utropolis Batu Kawan development has a GDV of RM1.8 billion. Anchored by a new flagship campus for KDU Penang University College, it comprises residential, commercial, retail and hotel components.

“We have just launched our first project in the first phase comprising strata shops with serviced apartments above. Out of 612 apartment units, 502 have been taken up. We have also achieved 65% take-up for the shops. We are very pleased with the strong take-up, despite the soft property market,” Chew says.

He attributes the strong take-up to the future development potential of Batu Kawan which will soon see the opening of the first IKEA outlet in the northern region.

“IKEA is a very strong brand that has drawn buying interest, but it is not the only attraction. There is also Columbia Hospital, Design Village Mall, KDU campus, factories of multi-national corporations and many big property players who are developing the place as the third satellite city of Penang. Moreover, Batu Kawan is just off the second Penang Bridge, which is a very strategic location,” Chew explains.

He also attributes the strong take-up of high-rise developments to the changing trends in Penang mainland.

“Penang mainland is dominated by landed properties, which are relatively affordable compared with those on the island. However, we do not see difficulties in selling our high-rise projects there. Some of the locals here want some lifestyle and security features for their homes, which most of the existing landed properties do not provide,” Chew says.

Although he thinks high-rises will not likely replace demand for landed homes in Penang, it will serve as an alternative choice.

From landed to high-rise projects

For its high-rise residential projects, one of the developer’s design principles is space functionality and practicality.

“Because we come from a strong background in landed residential properties, we would also like to give a sense of space and volume to our high-rise customers. We never want our customers to compromise on their comfort, be it a landed or high-rise home,” Chew says.

“When we have to adjust the built-up, we make sure the density is not high, so residents will not feel crowded. For example, we cap the lift ratio to a maximum of 16 units sharing one lift. We do not want people to queue for lifts to get home. Going home should be as easy as parking your car at the door step, right?” he shares.

Paramount also understands the importance of privacy in high-rise living and hence it avoids long corridors and central lift lobbies.

Catering to senior active living

Moving forward, Chew foresees smaller units in urban areas and the concept of senior active living to be the trend.

“Look around Klang Valley. It is very difficult to get a sizeable land plot to do affordable landed property. With rapid urbanisation and as more households are formed, the smaller and more affordable high-rise units will continue to dominate the property market trend.

“Our senior population is growing. Very soon, Malaysia’s ageing population will account for 10% of the total population. I foresee senior active living concept in high-rise developments to be in demand in the near future,” he notes.

To cater to the trend, Paramount aims to launch its first senior active living concept high-rise development in Section 13, Petaling Jaya in July this year. Named Atwater, it is an integrated development comprising two blocks of senior-friendly residences, two blocks of office towers and retail shops.

“Our design theme for the residential block is senior-living friendly. It will have some special design features such as no-split flooring, large toilet entrances for wheelchair access, lower lift buttons and many more,” Chew offers.

With a 40-year reputation under its belt, Paramount has built a strong brand as a landed property developer. Now, it hopes to do the same with its non-landed properties.

This story first appeared in the Special Report on High-Rise Living in TheEdgeProperty.com pullout on March 31, 2017. Download TheEdgeProperty.com pullout here for free.

from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1110889/paramount-bring-landed-living-quality-multi-storey-projects

Setia stamps its mark in Klang with Trio

S P Setia Bhd’s mixed development known as the Trio by Setia will mark its debut in Klang, Selangor. The developer currently has 30 ongoing property projects across Malaysia and overseas but this would be its first in Klang.

The developer’s divisional general manager for niche developments Paul Soh Hee Pin says S P Setia is always on the move to expand its brand and presence in new locations with strong growth potential.

“Bukit Tinggi in Klang definitely has a lot of potential. It is a very vibrant area so I think to establish our brand here is very exciting for S P Setia.

“When we came across this piece of land, we saw that it was very accessible as it is just adjacent to Jalan Langat which is the main arterial road that runs through Klang town to Bukit Tinggi.

“There is also a separate secondary access at the back of the development so residents will also be able to access the development from the back. This dual accessibility is a very important factor to this development (as it could reduce traffic congestion),” he tells TheEdgeProperty.com.

Sitting on a 5.49-acre of freehold land, Trio by Setia has a gross development value (GDV) of RM571 million and will comprise 914 units of serviced apartments across three towers — hence its name — as well as 42 three-storey retail units.

As of now, over 50% of the first tower comprising 426 serviced apartment units have been booked ahead of an official launch on April 8. The built-up sizes of the units in the first tower range from 656 sq ft to 1,216 sq ft with prices from RM412,000.

Soh is confident that Trio by Setia will do well in the port city due to its strategic location in Bukti Tinggi. The project lies 2.5km away from AEON Bukit Tinggi Klang, 1.2km from Tesco Klang and 23.7km from Bandar Sunway. Other amenities in the vicinity include Hospital Besar Klang, Andalas Medical Centre, Hin Hua High School, SMK Convent and Regent International School.

Accessibility will soon be given a boost with a proposed Light Rail Transit 3 station nearby. Trio is currently accessible via the Shah Alam Expressway, North-South Expressway Central Link, Federal Highway and New Klang Valley Expressway.

“We are using this piece of land to build a mainly residential development with a complementary commercial component as this form of integrated development provides a more complete lifestyle proposition to residents as opposed to a purely residential development.

“The sub-commercial component faces the main road for better visibility and accessibility, plus it is physically separated from the serviced apartments for increased security but still near enough for residents,” he says.

According to Soh, the non-landed market in Bukit Tinggi is slightly different from other areas such as in Kuala Lumpur city centre. There are not many such high-rise living projects with full quality lifestyle facilities in the area. Trio has all that and yet able to offer units at prices that are affordable, he says.

Among the lifestyle facilities at Trio are a swimming pool, indoor games room, shaded pavilion, sunken deck, residents’ community garden, a gym and a multi-purpose hall.

The first phase [first tower] of Trio carries an affordable pricing that will be attractive for first-time homebuyers, Soh offers, adding that Trio by Setia is one of the participating projects for the developer’s 10:90 scheme whereby purchasers pay only 10% upon signing the Sale and Purchase Agreement and pay the balance 90% after the completion of the property.

Construction for Trio will commence in 2Q2017 with targeted delivery by 4Q2021.

With population growth and urbanisation, Soh believes high-rise residences will be the future of not only property developments but also the lifestyle trend for those who are already living or looking to live in cities.

“I think nowadays, people are already talking about vertical cities and as the population grows in urban areas and with more people migrating to cities, land for development in urban areas will be scarce. This means that developers don’t have much land for large-scale landed developments.

“So moving forward, in urbanised areas, it will be common for the younger generation to be living in mostly high-rises. [Moreover] some people may prefer high-rise living compared to landed homes in terms of security, safety and maintenance — because there are people who will carry out the maintenance for you,” he says.

S P Setia was incorporated in 1974 and has ongoing property projects across Malaysia and overseas including Vietnam, Australia, Singapore, China and the UK. As of December 2016, the developer has 5,218 acres of undeveloped landbank, with a GDV of RM76.48 billion.

Besides its award-winning townships such as Setia Alam and Setia Eco Park in Shah Alam, the developer also offers niche lifestyle high-rise residential projects. Among them are Setia Seraya in Presint 15, Putrajaya; Setia Sky Seputeh in Taman Seputeh, KL; Setia Sky 88 in Johor Bahru city centre; and Setia Sky Ville in Jelutong, Penang.

On the market outlook, Soh notes that although the market sentiment has not been as strong as a few years ago, “property products are still selling”.

“The market goes in a cycle and urbanisation is an ongoing thing. Property ownership is something that people will always need, it’s just that sometimes the demand may dip or rise.

“Property development is very location-specific and you cannot just take the previous development model and replicate it on a different location. Market trends are very active and quick so you need to be spot on to catch the trend for that particular area.

“So for us, we are bringing Bukit Tinggi to the next level by introducing the lifestyle of the city centre to this area. I believe such lifestyle living will progressively move towards the fringes of the Klang Valley,” he says.

This story first appeared in the Special Report on High-Rise Living in TheEdgeProperty.com pullout on March 31, 2017. Download TheEdgeProperty.com pullout here for free.

from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1110463/setia-stamps-its-mark-klang-trio

Mayland evolves with Hampton Damansara

AFTER a hiatus from launching new projects, Malaysia Land Properties Sdn Bhd (Mayland) had introduced a very different product from its usual offerings in the form of Hampton Damansara serviced apartments at Country Heights Damansara in Kuala Lumpur last November.

“Hampton Damansara is a new product of Mayland after a long gestation period without any launches for the past three years. [Hampton Damansara] is our evolution from the past,” says Mayland managing director Datuk Kevin Woo.

In the past, the developer had focused on building small units including studio apartments of around 500 sq ft. After a while, it realised that the profile of buyers who came in were mostly investors rather than owner-occupiers.

“But now, with Hampton Damansara, we hope to shift from the investor market to a hybrid of both investors and owner-occupiers by building bigger units,” says Woo.

Spanning across a 3.2-acre freehold site in Country Heights Damansara, Hampton Damansara has a gross development value (GDV) of over RM700 million. It comprises 700 serviced apartment units spread over two 43-storey towers, with prices starting from RM750 psf. The majority of units will have 2+1-bedroom layouts with built-ups of between 924 sq ft and 1,426 sq ft.

Based on feedback from Mayland’s customers, the developer found that 2-bedroom units are the preferred type as smaller 1-bedroom apartments may be a bit challenging to live in.

“Hence, we are now not only focusing on bigger units, but also on the facilities to promote better living and a healthier lifestyle. For the first time in Mayland, we are spending RM5.8 million on landscaping,” he tells TheEdgeProperty.com.

Among the 46 lifestyle facilities residents can enjoy is the first crystal salt sauna in a serviced apartment development in Malaysia, along with an Olympic-sized salt water swimming pool and an aqua gym.

Each unit at Hampton Damansara will also come equipped with home appliances including a refrigerator, washing machine, air-conditioners for all bedrooms and living room, a kitchen hood and hob, plaster ceiling, built-in microwave oven and kitchen cabinets.

“Another thing that we want to prioritise at this development is security. So, we are attempting to do a seven-tier security system for our residents at Hampton Damansara,” says Woo.

The construction for Hampton Damansara has begun and the project will take four years to complete. The project, adds Woo, will adhere strictly to Singapore’s Construction Quality Assessment System to ensure its construction standard.

Besides being conveniently connected to established roads and highways, Hampton Damansara is surrounded by many amenities including IKEA Damansara, 1 Utama Shopping Centre, The Curve, SJK(C) Puay Chai, SMK Bandar Utama, the British International School, KPJ Damansara Specialist Centre, ParkCity Medical Centre, Bandar Utama Golf Course and Valencia Golf Club.

Dorsett Hartamas

Meanwhile, on its other upcoming projects, Woo reveals that Mayland is looking to launch Dorsett Hartamas in May 2017. The serviced apartment project located in Hartamas, Kuala Lumpur has an estimated GDV of RM600 million.

According to Woo, the 5.42-acre plot is the last one in the Hartamas area to be allowed for projects of up to 27 storeys high.

“This development was originally planned to be marketed as Hermitage. However, due to the keen interest of international hospitality enterprise Dorsett Group to take over this development, we decided to develop it under the Dorsett brand,” Woo discloses.

The strategic location, which offers an amazing view of Istana Negara, has given Dorsett the confidence to undertake the construction of the project even without putting up any units for sale up to now.

Woo says Dorsett Hartamas is targeted at young professionals who are looking to live within the vicinity of Sri Hartamas and Mont’Kiara. The serviced apartment units will have built-ups ranging between 474 sq ft and 1,378 sq ft. He adds that the super structure of the building has been completed and the interior design works have already been assigned. It is slated for completion by this December.

In the near future, Mayland plans to develop more high-rise residential projects in collaboration with Dorsett Hospitality International, says Woo.

“We are not the first developer to do this. Through the hotel network, we can leverage on getting guaranteed rental returns for our investors and buyers. With repeated customers who are benefiting from good guaranteed rental yields, this will help orchestrate better sales for us,” he says.

More to come

As a forerunner in building serviced apartments, Mayland was incorporated in 1995 with property developments across the Klang Valley and Johor. It is planning to launch properties worth RM2.3 billion in GDV this year.

In August, Mayland will be looking to launch phase 4 of Royal Garden comprising 600 condo units at Sri Putramas, Jalan Kuching, and Solaris Esplanade comprising 426 units of three-storey terraced homes in Semenyih. In October, it plans to launch Sierra Green (which is next to IGB International School) which comprises 405 condo units in Sungai Buloh.

On the One Stonor serviced apartment project at Persiaran Stonor near KLCC, Woo notes that this project is being marketed in China and Hong Kong while domestic sales are expected around May.

With homebuyers getting smarter and more discerning when it comes to evaluating investment returns, Woo says he is attempting to ease property ownership by reducing the maintenance fee to its minimum.

“If you look at our past records, most of our projects sold have exceeded capital gains of more than 50%. So, in terms of capital gains and value creation, we are very good,” he declares.

This story first appeared in the Special Report on High-Rise Living in TheEdgeProperty.com pullout on March 31, 2017. Download TheEdgeProperty.com pullout here for free.

from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1110442/mayland-evolves-hampton-damansara

Exsim thrives on building unique projects in prime locations

EXSIM Development Sdn Bhd head of planning and development (residential/commercial) Michael Yam strongly believes that high-rise living is a trend that will soon become a norm in the major cities of Malaysia.

“If you look at our city’s housing planning, there is no doubt that we are heading in that direction [high-rise living]. Most of the affordable housing in the city are vertical. I believe this is the way to go,” he says.

Nevertheless, he does not deny that high-rise housing is currently facing some challenges due to the property market downturn in the past two years, such as a slower take-up and lower occupancy rate.

“The high-rise residences are not the only ones that are affected. It is the overall property market due to factors that are out of our [developers’] control, such as the economic slowdown, the weakening of the currency and reduced foreign direct investment. We are a developer with high-rise developments as our core, so when we cannot change the environment, we change our strategy,” Yam notes.

Exsim started off as an industrial property developer in 2009. It then ventured into high-rise residential projects the following year which gradually became its staple. It will be handing over its fourth high-rise residential project, The Petalz Residences @ Old Klang Road in June this year.

Previously, Exsim had delivered Twin Arkz @ Bukit Jalil (completed mid-2016), The Leafz @ Sungai Besi (completed end-2015) and The Treez @ Bukit Jalil (completed end-2013).

Launched in 2013, The Petalz is a two-block freehold residential project. It has a total of 565 condo units with built-ups ranging from 895 sq ft to 1,256 sq ft. The launch price was from RM650 psf.

Some unique facilities of this development are a boxing ring, children’s enrichment centre, teppanyaki cuisine corner, wavy canal, indoor lawn area, Petalz canopy, sprint track and four pools.

“Location is our first consideration when planning a project and because we prioritise developing in prime areas, high-rise developments have become our bread and butter. As everyone knows, there are only pockets of land left in the city centre,” Yam shares, adding that all of Exsim’s high-rise projects are located in the Klang Valley.

He explains that Exsim has always held on to its strategy to “build the right product with the right pricing in the right location”, even during challenging times such as this.

“We still believe in our core strategy. However, we focus more on local buyers now. From our observation, local buyers still have pretty strong buying power, but they are very cautious in picking the right product and are price sensitive,” Yam says.

Ceylonz Suites

According to Yam, “being different” is often also one of the keys to a project’s success.

“We do not want to build another ordinary building that cannot shout out loud. We want to build something special and remarkable. We want our developments to be different like unique art pieces so that they will be appreciated. This is also the motivation that pushes us to continue to be creative and innovative,” he notes.

In its latest development, Ceylonz Suites @ Persiaran Raja Chulan, Exsim has come up with a studio office development that is akin to a SoHo (Small-office Home-office) development.

Ceylonz Suites features a full range of office facilities such as a conference room, meeting rooms, waiting lounge, open-air café and business lounge.

However, office facilities are not all it has to offer. The development is also equipped with leisure facilities, such as a sky pool, sports lounge, launderette, gourmet kitchen, sky gym, rooftop garden, pocket gardens and a sky barbecue pavilion.

          

“Living and working in the city, we all know how time consuming it is to get from one point to another just for one activity. By placing all these leisure facilities in Ceylonz Suites, we hope to provide our buyers and occupants with good work-life balance, conveniences and lifestyle elements. We are trying to fill a gap while differentiating our project from others,” Yam offers.

Unlike ordinary office units, each unit in Ceylonz Suites has its own washroom and pantry equipped with a kitchen stove and hob and cabinets.

Meanwhile, Michelle Siew, Exsim’s head of marketing and corporate communications, says the units are designed to cater to young entrepreneurs.

“Young entrepreneurs are more flexible with their time and space, hence we have put extra effort into the space planning of Ceylonz Suites’ units. We do not have any compartments in each unit except the washroom, so it provides flexibility in space usage like no other,” Siew explains. Not only can unit owners work but also relax here, she adds.

The single tower Ceylonz Suites houses 442 studio office units with two standard layouts of 384 sq ft and 411 sq ft, as well as a dual-key unit at 578 sq ft. The selling price starts from RM619,760.

Carrying a gross development value of RM352 million, the development was officially launched in October 2016 and some 45% of the units have been taken up as at March 2017.

Siew believes connectivity and convenience are two elements that should not be compromised when planning a sustainable high-rise building.

“Being car-free is also going to be a future trend, hence the location of a building is crucial for its sustainability. This is also why we are very [mindful] about the location of our projects and the surrounding amenities that complement the product,” Siew notes.

Located on Persiaran Raja Chulan right smack in Kuala Lumpur’s central business district, Ceylonz Suites is surrounded by corporate offices, shopping malls, hospitals, schools and colleges. A bus stop is within a short walking distance while Masjid Jamek LRT (light rail transit) station is about 10 minutes on foot.

Yam foresees high-rise living to be more popular considering the lifestyle facilities provided and better security. “There are also people who choose to live in a condo because it is easy to take care of,” he notes.

On the current market slowdown, Yam says: “I think the worst is over and the market is slowly picking up. However, I do not expect a V-shaped bounce back for high-rise residential projects or even the overall property market. It should be a slow but steady journey of recovery. I think it is a healthy correction from the previous property boom,” Yam notes.

Given the lethargic market, Yam says Exsim will be more cautious in making new development decisions.

“We are taking the strategy of launching one project at a time and being more detailed in doing market research,” he says.

Meanwhile, he reveals that Exsim will be launching Millerz Square, a mixed development comprising an office tower, serviced apartments and shoplots in Old Klang Road, this June.

“We have a couple of pockets of land in OUG and Jalan Yap Kwan Seng. We are also looking for more land and do not rule out the possibility of expanding beyond the Klang Valley and building more high-rises where there are good opportunities,” Yam concludes.

This story first appeared in the Special Report on High-Rise Living in TheEdgeProperty.com pullout on March 31, 2017. Download TheEdgeProperty.com pullout here for free.

from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1110427/exsim-thrives-building-unique-projects-prime-locations

Mulpha International’s Australia hotel damaged by Cyclone Debbie

KUALA LUMPUR (March 31): Mulpha International Bhd said its One&Only Hayman Island hotel along Australia’s Great Barrier Reef “incurred significant damage” last Tuesday (March 28) from Cyclone Debbie.

In a statement to Bursa Malaysia today, Mulpha said all One&Only Hayman Island guests and staff on the island were safe with no injuries sustained.

“All guests have been evacuated from the island by private charter. The full extent of the damage will be assessed in the coming weeks once an expert project team has arrived on the island and inspected the property.

“The resort will be closed while reinstatement works are undertaken with the final timing of its re-opening to be confirmed once the extent of damage and rectification are clearly known,” Mulpha said.

Mulpha said the hotel is covered under a property insurance policy, which included protection from the cyclone’s impact on the hotel’s business for up to two years. — theedgemarkets.com

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from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1111068/mulpha-internationals-australia-hotel-damaged-cyclone-debbie