Greater Kuala Lumpur the ideal South-East Asian base for expats

Davison carves out time from his busy scheldule to spend quality time with his daughter Angelina, 4, and son Michael, 11, who enjoy computer games at their home in Section 17, Petaling Jaya.

PETALING JAYA: Greater Kuala Lumpur and Malaysia made a big impression on J Andrew Davison of The Expat Group when it came to taking the entrepreneurial plunge after spending 25 years working in many countries for American Express.

Each country had their own attractions and charms, but when grouped together, Davison decided that Greater Kuala Lumpur and Malaysia, after travelling extensively in this region, had the best package when he decided to leave his well-paying job to start his own business nearly two decades ago.

He and a Malaysian friend started The Expat magazine in 1996 and that business has gradually expanded to multiple publications and websites targeting the international community.

“It is a country where English is widely spoken, which given my poor linguistic skills was important.

“Not only that it seemed to be making real economic progress and I recalled how much I had enjoyed living here when I was running the Malaysian operations of American Express,” said Davison on Malaysia’s plus points.

According to the World Bank, the Malaysian economy grew on average 7.3% between 1985 and 1995. 

After the Asian financial crisis of 1997/1998, Malaysia continued to post solid growth rates, averaging 5.5% per year from 2000 to 2008. Growth was accompanied by a dramatic reduction in poverty from 49.3% in 

1970 to 1.7% in 2012.

In its latest East Asia Pacific Economic Update, The World Bank expects the Malaysian economy to grow 4.9% in 2014, in line with Bank Negara’s estimates 4.5% to 5.5% growth predictions. The country’s GDP already hit 6.2% in the first quarter of 2014. As the infrastructure in Greater Kuala Lumpur improves each year, the proposition to expatriates to call Greater Kuala Lumpur home becomes increasingly tempting (as of 2010, the World Bank reports 32,583 expatriates in West Malaysia).

Malaysia’s cost competitiveness has been noted by Mercer’s Global Cost of Living Survey, which ranked Malaysia number 102 in 2012, with number 1 being most expensive. In line with the Government’s efforts to promote Malaysia as an education hub, the country now boasts 99 international schools with an additional 23 licenses granted by the Education Ministry.

Add to that the relative ease of traffic compared with Bangkok and Jakarta, and Davison opines that if more regional headquarters currently based in other cities in South-East Asia better understood what Greater Kuala Lumpur has to offer, they would seriously think about relocating here.

“Malaysia offers good value for money [the ratio of operating costs to infrastructural development] and the government’s investment in infrastructure has kept pace with rising costs so it still represents excellent value for the foreign investor, particularly companies looking for a regional operating centre where costs are critical factor,” he said.

“The government’s dedication to making Malaysia a business friendly location has borne fruit, with the international community appreciating the ease of doing business in the country, as validated by the World Bank in its recent Ease of Doing Business Report (which saw Malaysia jump to 6th place internationally).

National efforts in facilitating the setting up of new businesses and building an efficient ecosystem for investors and business to operate in and from have not gone unnoticed – with InvestKL and Mida leading the charge in attracting foreign businesses to Greater Kuala Lumpur,” Davison continued.

As a result of such efforts, based on the 2014 World Competitiveness Yearbook Ranking by global business school IMD, Malaysia has emerged as the 12th most competitive country.

The IMD also noted that in terms of the countries’ image abroad that encourages business development, Malaysia came in at the 15th spot with a score 7.61 (scores range from 0 as most negative to 10 as most positive).

The study said: “In general, there is a strong correlation between a country’s overall competitiveness ranking and its international image as a place to do business.”

Davison concurs, stating that The Expat Group’s success was also due to the fact that they “were able to capitalise on the steady increase in Malaysia by the international community.

In the last 20 years Malaysia’s international profile has both increased and improved and this has generated more interest by people wishing to invest, visit or settle here. This has meant our target audience has been steadily increasing.”

For prospective expatriates deciding on staying in South-East Asia, Davison noticed Malaysians are a lot friendlier to expats than several other Asian countries where he had worked. Another plus was the smorgasbord of attractive destinations that feed his passion for driving.

“Since I moved back here the city has gone from strength to strength. There has been a massive investment in infrastructure and the city has transformed in front of my eyes,” he said.

New buildings, roads, malls and entertainment outlets add to the buzz of excitement a city offers as it transforms and grows.

The Government’s investment in infrastructure improvement has seen the opening of klia2 to add to the 1,990 flights weekly to 103 cities, and work is currently being done on the improving the Light Rail Transit system and developing a Mass Rapid Transit (MRT) system for Greater Kuala Lumpur.

Work on the first line of the MRT is underway, with an additional two lines to be developed as part of a federal push towards building an integrated urban public transport system.

The River of Life project identified under the Economic Transformation Programme aims to add to the city’s economic and liveability appeal, just as in Vancouver, Melbourne, Auckland, Geneva and Seoul, with the government planning to transform the Klang River into a vibrant waterfront of high economic value.

For expatriates like Davison, the proliferation of new, well designed high rise apartments and gated communities offering many excellent facilities was equally important to the growing community of expatriates that are thinking of planting roots in Greater Kuala Lumpur.

“Greater Kuala Lumpur is an exciting place to live. There are always things happening and witnessing the transformation of the city and country has been a truly wonderful experience,” said Davison.

“We have seen a growing number of expats who enjoy life in Malaysia so much that they choose to stay on here. They are willing to take local packages and the liberalising of the work permit regulations makes them a viable source of skilled labour,” he said.

HSBC’s 2013 Expat Survey ranks Malaysia as having the second best work culture.

“I have no hesitation in recommending people live or invest in Greater Kuala Lumpur. I know of several companies who have found InvestKL’s services invaluable in helping them set up their businesses in this country,” he said. “Their dedicated team looking out for corporations who are interested to invest in this market through facilitation of the investment process ensure that it is smooth and hassle-free"

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City & Country: Emerald Bay unfazed by property glut concerns

Artist’s impression of Emerald Bay with its manmade waterways.

FOR the well-heeled and those who own yachts and luxury speedboats, a home in the only waterfront development in Iskandar Malaysia might be worth checking out. Bandar Raya Development Bhd’s (BRDB) Emerald Bay, with its manmade waterways, could be just the location for seafaring homeowners.

“Emerald Bay is in Puteri Harbour, Iskandar Malaysia, on 111 freehold acres near the marina,” says chief marketing officer K C Chong. “Almost all the landed houses have water frontage and their own private berths. We are the only private water site development in Malaysia with direct access to the sea.”

Emerald Bay has a gross development value (GDV) of RM3.7 billion. In December 2013, it held a Phase 1 pre-launch of 82 units that has achieved a 75% take-up rate to date. Phase 1 has a GDV of RM370 million.

While the project has got off to a good start, the immediate concern is of a property glut in the Johor market. Chong believes it is a minor issue, considering “the supply has not yet materialised”.

“There have been a lot of launches and when people see that, they say there will be a glut,” he says.  In fact, he says, “A lot of demand is being created in the Iskandar region.  From our own involvement in Emerald Bay you see the quality of people and the quality of interest. For example, we have expatriates from Singapore looking to buy landed properties as well as our apartments because they have children going to schools in Iskandar, such as Marlborough College Malaysia.

“In Singapore, the private schools are full, in fact, Singapore expatriates love it when we do private schools in Iskandar, which means they can work in Singapore but have their children in Iskandar. And buyers in KL are buying into Emerald Bay because they have children in college here.

“There is also demand from hospitals coming up in Iskandar, such as Colombia, Gleneagles and Raffles Medical Centre. And the Singapore government allows its  citizens to use their CPF funds to buy a house. So there is a lot of demand.”

A joint-venture project with UEM Land, Emerald Bay is situated in Puteri Harbour Iskandar Malaysia and is near the Puteri Harbour marina. It is not far from Singapore and the Johor Custom, Immigration and Quarantine (CIQ) centre, so boats from aboard can come through without too much hassle, Chong notes. Once completed, this fully stratified and guarded community will feature 1,500 homes, comprising terraced courtyard houses, semi-detached houses, villas and mid-rise condominiums.

“The word we use throughout the whole master planning and the design of the houses is ‘chill’,” says Chong. “We want our homes to be a place where you can chill out, so what you see is a tropical resort design taking advantage of the water.”

The 3-storey courtyard homes (built-up: 3,262 sq ft) are priced from RM2.5 million to RM3.5 million, and the 4-storey courtyard homes (built-up: 4,321 sq ft) from RM3.5 million to RM5.2million. The semidees are priced from RM3.5 million to RM5 million (built-up: 4,285 sq ft) and the villas (built-up: 5,387 sq ft) from RM6.5 million to RM8 million. The condos have not been priced at the moment. There is also a residents only clubhouse for gatherings and other occasions.

Landscaping has been carefully planned to include sandy beaches where families can experience that beachside feel, in addition to greenery around the development.

A harbour master is located near the entrance to the development to allow boats in and out of Emerald Bay. There is also an inlet and outlet valve so that water can flow freely into and out of the project to allay fears of stagnant water.  For those concerned about the corrosiveness of sea water, Chong says all materials used in building the homes are marine grade.

The launch of Phase 2 of Emerald Bay is slated for 3Q2014.

The landscape has been designed to include sandy beaches.

 Market outlook

The property market in Iskandar Malaysia is expected to soften in the coming months. However, Chong believes it is in a state of correction and will eventually find its equilibrium.

“Johor over the last couple of years has been doing a bit of catching up,” he says. “It was a bit quieter than our major cities. The focus is now on Johor and Iskandar, and things will find their own equilibrium eventually.

“I think we have a market that is a bit more selective. Obviously not everybody is out of pocket. When people can buy, they should because land prices are going up. If you buy, you have to be selective and do your homework. Buy something you like and want. The days of speculative buying have been tempered quite a bit.”

Says KGV International Property Consultants’ executive director Samuel Tan, “Iskandar Malaysia continues to do well, attracting both local and foreign investments.

“There is also evidence of job creation as seen in the opening of the Pinewood Iskandar Malaysia Studios. In its first production, there was huge demand for downstream local skills.

“The government announced the creation of another three nodes like Pinewood Iskandar Malaysia Studios for the creative industry, Danga Bay for hospitality and Vantage Bay for healthcare. With these, it is hoped more investors will be attracted to Iskandar Malaysia.

“Indeed, the last two quarters saw the entry of mammoth property players from China, such as Guangzhou R&F Properties, Greenland Group and Hao Yuan Investment Pte Ltd.”

Tan also explains Emerald Bay is located in Puteri Harbour in Nusajaya, which was a greenfield area where infrastructure was built prior to the 2008/09 financial crisis, which basically makes it ready for development, he says.

Puteri Harbour comprises several key components, some under construction and others that have been completed. Those under construction are mainly high-end serviced apartments, including Teega by UEM Sunrise, Pinetree Residences by Tiong Nam Properties, Somerset Puteri Harbour by UM Land, and Puteri Cove Residences by Pacific Star Group, Tan says.

Attractions there include Traders Hotel, Hello Kitty Indoor Theme Park, Puteri Harbour Clubhouse, the private and public marina and newly completed CIQ building. A short distance from Puteri Harbour is the distinctive Kota Iskandar , which is Johor’s new administrative centre.

With these components, Tan believes that Emerald Bay is in good position to do well.

“Since it is a niche development and with not many houses launched at any one time, the developer is expecting a good take-up.  The present property market is not expected to have any adverse effects on Emerald Bay,” he says.

While concerns about a property glut in Johor may worry some, projects such as Emerald Bay, located within key locations in Iskandar Malaysia, look  to hold steady in a cautious market.

Chong: A lot of demand is being created in the Iskandar region.

This article first appeared in The Edge Malaysia Weekly, on May 19 - 25, 2014.


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City & Country: Aiming for the big league

EcoSpring, set amidst lakes and streams, is framed by a tropical landscape

HAVING bulked up over the past year, property developer Eco World Development Group has set itself a lofty sales target of RM5 billion in two years. Its ability to execute has yet to be tested, but the new kid on the block has a valuable asset on its side — an experienced team, says group president and CEO Datuk Chang Khim Wah.

With its shiny marble floor and a high ceiling with grand-looking hanging crystal lights, Eco World Development Group Bhd’s gallery in Johor Baru looks more like a five-star hotel. The wow factor was just what the company wanted. After all, says group president and CEO Datuk Chang Khim Wah, quality is key to the developer.

Eco World has been making the headlines since emerging on the property development scene more than a year ago, and for good reason too. The company was formed and is headed by the same team that made S P Setia Bhd the country’s foremost property developer. Its directors include Tan Sri Abdul Rashid Abdul Manaf and Datuk Leong Kok Wah, both former directors of S P Setia; Liew Tian Xiong, the son of former S P Setia president and CEO Tan Sri Liew Kee Sin; Datuk S Rajoo who headed S P Setia’s developments in the north; and Chang, who headed S P Setia’s southern developments. Kee Sin joined Eco World’s board as a non-independent non-executive director on May 5.

Last year, Eco World acquired about 3,000 acres in the country’s three main property hot spots — the Klang Valley, Penang and Johor. At the end of the year, its holding company and Tian Xiong acquired a 65% stake in Johor-based property developer Focal Aims Holdings Bhd for RM230.69 million.

On April 25 this year, Eco World announced a major corporate exercise that will give it an immediate and enlarged presence in the Klang Valley, Iskandar Malaysia and Penang.

With proposed acquisitions of development rights from its subsidiaries, Eco World will increase its landbank from 1,326 acres to 4,433 acres with its gross development value (GDV) growing from RM13.5 billion to RM43.5 billion. This will expand its development pipeline from 3 to 11 projects, which are slated to be launched within the next one to two years. Recently, the company acquired 309 acres in Canal City, Selangor, from Tropicana Corp Bhd for RM470.67 million.

Eco World’s first two projects — the 9.6-acre integrated development EcoSky in the Klang Valley and the 325.1-acre township EcoBotanic in Iskandar Malaysia — were launched late last year. As at March 31 this year, the two developments had chalked up sales of RM1.13 billion.

With a larger size and presence in the property market, Eco World has set its sights on transforming itself into one of Malaysia’s top property developers.

An emerging force to be reckoned with

Eco World has set itself what some may consider an ambitious sales target of RM5 billion in two years (RM2 billion in 2014 and RM3 billion in 2015) — figures that are usually associated with big names such as Mah Sing Group Bhd.

While it is a new kid on the block with untested execution capability, it has a valuable asset — an experienced team.

“Confidence is a key word. We have a team of very experienced people. Most of us have been working together since the mid-1990s and have gone through many cycles of development,” says Chang.

“We understand our jobs and we have always been agile and able to adapt quickly.  We come together to brainstorm and in every difficult situation, we have been able to come up with solutions. We believe this tradition is still being upheld in Eco World and I believe in the team.”

Foo Gee Jen, managing director of CH Williams Talhar & Wong Sdn Bhd (WTW), agrees that the people at Eco World give the developer a distinct advantage.

“A lot of people see Eco World as another S P Setia because the team Liew senior had built in S P Setia is running the show in Eco World. I believe Eco World will do even better because most of the team members are already well known in the market. So, it is not like any other new developer. I can see customers of S P Setia following them to Eco World,” says Foo.

To propel the company forward, Eco World has chosen to focus on locations its team knows and understands — the Klang Valley, Iskandar Malaysia and Penang.

“These are where the catchment and financial power are. The Klang Valley is the capital, Iskandar Malaysia is growing while Penang has an expanding economy. These are the three best spots in Malaysia to build our base as quickly as possible. Our manpower is also concentrated in these three areas and we won’t spread ourselves thin by focusing on them,” says Chang.

“The first few years are very important to us, we have to get the right product, the right marketing and quality. So we must be in locations we know and understand.”

With four launches scheduled for May 25 and another five to six targeted for the next 12 months, Chang feels that the company has gained momentum.

“I think you can see we are a fast-growing company. We are happy with our performance in the 18 months we have been around, but we also know we have a long way to go. We are forever at the drawing board to find ways to grow even faster.”

However, growing fast will not be at the expense of the buyers, stresses Chang.

“Delivery is key. We can say anything we want but in the end, we have to be able to deliver to not only our buyers, but also our shareholders and stakeholders. I can’t comment on whether we have been very successful, but we are rolling and we will give our very best.”

Based on the calibre of its team, there are certain expectations of Eco World. In a May 11 report, CIMB Equities Research says Eco World will perform as well as S P Setia and has the benefit of experience that will enable it to achieve big success quickly.

Has this put pressure on Eco World to catch up with the industry’s leaders?

While Chang cannot answer for the other shareholders, he says he is focused on multiplying the company’s market catchment and enhancing value for its shareholders and stakeholders.

“I’m not looking at our competitors. Yes, we came from S P Setia, but S P Setia is just one company. There are many other big developers with certain market share in the industry. As far as I’m concerned, our job is to expand as quickly as we can, ensure we get the right product in the right place and then focus on delivering. If we do all this right — and we do have all the people in place to do it properly — I think the results will come.

“While we are not overly concerned about the other companies, we still must have knowledge of the market trends and movement. In the end, it’s about making sure we can perform. If we are ahead, that’s good. If we have to catch up, then we will do just that.”

Chang is keenly aware of the risks, citing the country’s stability and the world’s economy as the two main factors that could derail its plans. Even so, he is confident that Eco World is in a good position to ride out any downturn with a diverse product range being one of its key strategies.

“We already have the expertise to build a range of products, whether it’s a township or commercial, integrated or industrial development. For example, if the commercial market is not doing well, we can fall back on our townships.

“We believe it’s good to have a presence in most segments of the market, and we will continue to do so as long as we have the expertise. It will help us if there are any adverse economic situations. Today, we believe in our townships, we think they are attractive and will do well. Next year, it could be something else. What’s most important is having the right people with the right expertise.”

EcoMajestic, the developer’s largest eco township in the Klang Valley, will have landscaped gardens with gazebos

Economic changes and market risks

Maybank Investment Bank Bhd (Maybank IB) says in a May 12 note that the implementation of the Goods and Services Tax and an expected hike in the overnight policy rate will impact housing affordability, which in turn will affect sales.

The research house notes that in a scenario where property prices adjust 6% alongside a 50bps rise in interest rates by end-2014, the Housing Affordability Index, which has been trending downwards since 2009, could decline further. This could lead to a drop in property sales.

In Iskandar Malaysia, where Eco World has seven projects with a GDV of more than RM21 billion, Maybank IB says investors are concerned about rising competition, especially with the entry of Chinese developers, and an oversupply situation.

Chang believes Eco World has enough in its arsenal to attract buyers and earn their trust.

“Changes in economic and government policies are beyond any developer’s control. Whilst the market has been challenging since the second half of last year, following the announcement of numerous policies at both federal and state government levels to curb speculation, underlying real demand is also very strong. Nevertheless, buyers are increasingly selective and apart from good location and concepts, their confidence in the developer’s brand and ability to deliver is of paramount importance.

“Developers that have a strong track record and been able to anticipate what the market wants and launch products that meet their customers’ current lifestyle needs whilst providing good long-term value appreciation potential have continued to do well,” says Chang.

He points out that Eco World launched EcoSky and EcoBotanic after the cooling measures were announced, and both have “performed tremendously with combined sales achieved of RM1.13 billion”.

“It has a lot to do with our philosophy, marketing and design, which we will continuously enhance. We are selling to a lot of end-users, so it comes back to what we can offer them in a given point in time, and how we moderate our pace accordingly. We want to be a developer where even in the worst of times, people still have faith in us, and when they need a home, they will still choose us.”

CIMB echoes Chang’s confidence, saying, “Eco World should weather any slowdown in the property sector better than its peers as most of its landbank is earmarked for landed townships where it has the flexibility to alter its product mix. In the current environment, landed affordable homes should continue to see strong demand as there remains a shortage of such products.”

WTW’s Foo does not consider Eco World a new player and thus does not think it will face risks that are commonly associated with new companies.

“I think Eco World is equal to or even better than some of the old hands in the industry because of its team. Put Liew senior, who has officially joined the board, in the equation and it is even stronger.”

CIMB believes Eco World’s key weakness is its relatively high obligations and start-up costs. It notes that after the recent acquisitions, the group’s total borrowings will increase from RM52 million to RM208 million. Including RM1.85 billion in deferred payments for land cost, total borrowings would stand at slightly above RM2 billion. However, it says, high gearing is not unusual for a company in the early stages of growth and strong sales and cash flow should provide it with a buffer against high obligation levels.

It also notes that as the company is new with an increasing number of employees — and sales having started only last September — its profit margin is likely to be compressed by high overheads.

“We estimate narrow pretax margins of 10% to 15% in the early years, lower than S P Setia’s and the sector average of 20% to 25%. But as many new projects will get off the ground in the coming years, the high staff cost will be spread over many projects and economies of scale can be reaped.”

Chang believes that with six projects to be launched by year-end, Eco World will be able to achieve its sales target of RM2 billion for FY2014.

“Our sales target for FY2015 of RM3 billion remains unchanged as well. With another five projects to be added to the pipeline, we are confident that we will be able to achieve the targets set.”

In the DNA

Eco World will be launching four developments simultaneously on May 25. They are its flagship 1,073.1-acre township EcoMajestic in Semenyih, Selangor; EcoSpring and EcoSummer with a combined 613.8 acres in Tebrau, Iskandar Malaysia; and the 612-acre Eco Business Park 1. These have a GDV of RM11.14 billion, RM5.87 billion and RM3.8 billion respectively.

Chang: Delivery is key. We can say anything we want but in the end, we have to be able to deliver to not only our buyers, but also our shareholders and stakeholders.

EcoMajestic will be the developer’s largest eco township in the Klang Valley and is inspired by Malaysia’s rich heritage. The development will offer terraced houses with colonial-style designs and bungalow lots. It will also have over 100 acres of green and open space, a sizeable 150-acre commercial precinct and a dedicated LEKAS-EcoMajestic interchange to improve accessibility.

“The freehold EcoMajestic is only about 20 minutes from Cheras and 10 minutes from Kajang. Both areas are very densely populated, so we expect to see a spillover from them. We named it EcoMajestic because it’s designed to be regal. There’s a bridge at the entrance and we will have landscaped gardens with gazebos,” says Chang.

According to him, the first phase will comprise about 600 terraced houses with a GDV of RM400 million and prices start at RM550,000.

“Once we have launched the residential component, we will start planning the commercial part. We intend to build a new city centre for this corridor, which may become the biggest landed strata development in the region.”

EcoSpring and EcoSummer, which sit side by side, are set amidst lakes and streams, framed by a tropical landscape and inspired by classical European architecture. It will offer a mix of affordable and upgrader terraced, cluster and semi-detached homes. The freehold developments will have an 18-acre town park, some 16% of which is reserved for greenery and lakes. Prices start at RM650,000.

Eco Business Park 1 is a fully serviced green business park catering for medium and light industrial businesses. It will comprise commercial shopoffices, cluster factories, semi-detached factories, detached factories and customised factories. Prices start at RM1.5 million.

“It is in our DNA to emphasise landscaping in our townships. Key features of our developments are gardens or ponds at the main entrance. Another important element is security. We believe this is very important for our townships as well as our business parks,” says Chang, adding that response to pre-sales marketing has been very encouraging. He expects the launches to do as well.

“Wherever our development is located, we always look for a high percentage of end-users. So, we focus a lot on the overall design of our master plan and the environment to make sure we are competitive on that front. It’s necessary to create that critical mass in each township.

“We believe that if we do our townships well, that will gain us a number of followers. And if they are happy with us, they will buy our commercial properties and everything will fall into place. The commercial land in the townships will become very valuable in the end with the GDV as much as the overall development,” says Chang.

While Eco World is targeting end-users, Chang says it is not neglecting investors.

“We want investors to come in too as they bring a certain level of excitement, which will generate momentum for us. So we want a combination of end-users and investors. I think our products can offer both these groups good value.”

On a personal note, Chang acknowledges that there is pressure on him, but as he is someone who cannot sit still, “it has been a fun ride”.

“I think all of us get to do more than what we did in our previous company and because our foundations are already solid, we can afford to implement new ideas. We are still learning, but we are not on a beginner’s curve. We have the spirit to push harder and because we have the team in place, we can do so without too much fear. If we do what we planned, our stakeholders and shareholders will enjoy the fruits of our labours.”


This article first appeared in The Edge Malaysia Weekly, on May 19 - 25, 2014.

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WCT to get RM10m annual boost from Gateway@klia2

KUALA LUMPUR: WCT Holdings Bhd’s property investment and management division is expected to get at least a RM10 million boost in net profit per year from the opening of Gateway@klia2, the retail section of the new low-cost carrier terminal in Sepang.

WCT head of corporate and finance Chong Kian Fah said the additional contribution will help the group meet its target for its property investment and management division, under which its mall operations fall, to increase its contribution to 25% of WCT’s net profit by 2015 from 10% currently.

However, this would see contributions from its construction division dropping slightly from 55% to 45% and property development from 35% to 30% contribution to its net profit.

“Our future is pretty much on the property investment and management business,” Chong told The Edge Financial Daily recently.

The take-up rate for Gateway@klia2 has been strong at 80%, averaging RM23 per sq ft, since klia2 opened on May 2, he said.

Gateway@klia2 is WCT’s third retail project, spanning 350,000 sq ft, and is part of the long-term concession with Malaysia Airports Holdings Bhd.

Together, Gateway@klia2, AEON Bukit Tinggi Shopping Centre in Klang and Paradigm Mall in Petaling Jaya are expected to provide WCT with some RM30 million to RM45 million in net profit from this year.

“In terms of net profit, we are targeting every mall to give us RM10 million to RM15 million. Over time this will grow … By enhancing our occupancy rates and achieving RM20 million per mall over time, this will provide us with [a combined] RM60 million of recurring income per year,” said Chong.

However, in a report dated May 5, RHB Research Institute Sdn Bhd believes that Gateway@klia2 remains a long-term story for WCT.

“As we had expected, WCT’s latest shopping mall measuring 350,000 sq ft did not live up to be a rerating catalyst to the group’s share price on its official opening on May 2.

“We project for WCT to account for a share of loss amounting to RM5 million from this 70% owned entity in its financial year ending Dec 31, 2014 (FY14) due to start-up costs before it is expected to break even in FY15,” said the research firm. It is maintaining a “neutral” call on WCT with a target price of RM2.23.

For its first quarter (1Q) ended March 31, WCT’s net profit dropped 7% to RM40.1 million from RM43.18 million a year ago, on lower profit from its construction and property development segments. Revenue also fell 5% to RM467.22 million from RM490.95 million, while basic earnings per share for 1QFY14 was lower at 3.67 sen compared with 4.25 sen a year ago.

Profit from property investment and management operations was still small at RM6.77 million or 10%, compared with the construction segment’s RM36.71 million (55%) and property development segment’s RM23.76 million (35%).

According to Chong, WCT’s construction order book remains “sufficient” at RM2 billion, and it will attempt to replenish its order book in the coming years.

On its property development segment, Chong said although WCT is targeting sales of RM1.2 billion for FY14, it is unlikely to hit that target unless sales in the second half of this year are “extraordinarily strong”, due to poorer demand as a result of property cooling measures.

“However, we do expect demand to pick up in the second half, especially prior to the implementation of the goods and services tax,” he said, adding that the majority of countries that implemented the consumption tax had experienced a small property boom.

“We have no expectations, but last year [we recorded revenue of] about RM700 million [from the property development division], so we could make RM700 million to RM800 million or close to RM1 billion, if things pick up in the second half,” he said.


This article first appeared in The Edge Financial Daily, on June 2, 2014.


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Kwasa Land receives six bids for inaugural town centre development

KUALA LUMPUR: Kwasa Land Sdn Bhd, the master developer for the Kwasa Damansara township sited on 2,330 acres (942.92ha) of prime land stretching from Sungai Buloh to Subang, has received six timely submissions for its inaugural development of ‘Project MX-1’.

Based on the provisional master layout plan, Project MX-1 measures a land area of 64.07 acres and has been earmarked to be the town centre of the proposed township, which is connected to two MRT stations and an adjacent Skypark air terminal.

In a statement yesterday, Kwasa Land — also a wholly-owned unit of the Employees Provident Fund (EPF) — announced that the six who made the submissions were Guocoland Malaysia Bhd, Malaysian Resources Corp Bhd, Putrajaya Holdings Sdn Bhd, S P Setia Bhd, UEM Sunrise Bhd, and YTL Corp Bhd.

Under the qualitative evaluation, tenderers were required to submit development concept and layout proposals for the MX-1 parcel based on approved plot ratio, development phasing, and unique features of the proposal complete with overall planning layout, 3-D massing and landscape plans.

“Property sales for the whole development within the MX-1 land area should be fully completed within 12 years,” noted Kwasa Land.

Under the quantitative evaluation, tenderers were required to submit the tender price on a per square foot basis along with their financial feasibility analysis.

The successful tenderer would be announced after the adjudication process for Project MX-1 submissions by an independent panel of consultants from various fields, which would take two months.

Previously in March, twenty prospective companies prequalified under Tier 1 developers had been invited by Kwasa Land to pitch for Project MX-1. The closing date for all the request for proposal  submissions fell on May 27.

“Moving forward, we are scheduled to invite Tier 3 bumiputera developers for the inaugural bumiputera development and Tier 2 developers for a residential development by the third and fourth quarters respectively,” said Kwasa Land.

Tier 1 companies are defined as large-scale companies with shareholders or paid-up capital of RM1 billion and above, Tier 2 are those with paid-up capital of RM300 million and above, while Tier 3 are bumiputera companies with paid-up capital of RM1 million and above.

Kwasa Land was established in September 2010 to manage the EPF’s multi-billion property development investments in the country. It has an authorised share capital of RM50 million and a current paid-up capital of RM20 million. It is mandated to develop Kwasa Damansara into a new sustainable community township comprising a development hub of modern residential, commercial, recreational and educational facilities over the next 20 years.


This article first appeared in The Edge Financial Daily, on June 03, 2014.


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Mah Sing gets nod for addition at Southville City

KUALA LUMPUR: Mah Sing Group Bhd has increased the gross development value (GDV) of its 428-acre (173.2ha)   Southville City@KL South project in Bangi, Selangor by 62% to RM8.3 billion from the initial RM5.13 billion after it secured the approval of the authorities for the township’s master plan, which now includes a 2km stretch of commercial development fronting the North-South Highway.

The take-up rate has been encouraging for Phase 1 of Southville City@KL South, which includes the Savanna Executive Suites, with RM600 million sales achieved, said Mah Sing in a statement yesterday.

“Construction has commenced for Phase 1 of Southville City@KL South. The approved direct interchange is estimated to be completed simultaneously with the completion of Savanna Executive Suites,” the property developer added.

Phase 2 of Southville City, called Avens Residence, comprises 196 units of 2½-storey and 3-storey link homes. Over the weekend, 80% of the 80 units out of 112 two and a half-storey link homes opened for pre-selection were

taken up, recording sales of RM61 million. Avens Residence is due for official launch in mid-June.

“It is Mah Sing’s master plan to develop Southville City as a self-contained haven, slightly outside the city where parents can raise their children in a holistic suburban lifestyle, and still easily travel to the city for work purposes,” Mah Sing group managing director and chief executive Tan Sri Leong Hoy Kum said in the statement.


This article first appeared in The Edge Financial Daily, on June 03, 2014.

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TA Corp wins land tender with S$113.9m bid

SINGAPORE: TA Corp, a property construction and development firm, has bought a 400,100 sq ft plot in Tuas South Street with plans to build a workers’ dormitory, The Straits Times reported yesterday. In a “strategic expansion” to grow its recurring income, the firm won the parcel from the Jurong Town Corporation with a bid of S$113.9 million (RM292.41 million), it said in a statement yesterday. TA Corp, the parent company of Tiong Aik Construction, beat eight other contenders for the 20-year leasehold site. The facility will be one of the largest dormitories for workers here when completed, and will be able to house 9,200 beds. This article first appeared in The Edge Financial Daily, on May 22, 2014. For more information on Building and Construction seminars, please visit www.asiapacificevents.com

 

PKNS secures 70% occupancy rate for Menara Worldwide

KUALA LUMPUR: Menara Worldwide, a 25-storey office block in Kuala Lumpur owned by the Selangor State Development Corp (PKNS), has secured an occupancy rate of about 70%.

In a statement yesterday, PKNS said Menara Worldwide functions as a corporate tower, whose tenants include a number of companies such as international insurance group AIG, Lazada and Zalora.

Among the facilities available at the building are a cafeteria on the fourth floor and a showroom at the podium.

Menara Worldwide was built in 2008 by Worldwide Holdings Bhd, a wholly-owned subsidiary of PKNS, and completed in 2011 at a cost of RM150 million.

The building, which started operations in 2012, has received MSC Malaysia status from the government and is accredited with the Green Building Index.

PKNS said Menara Worldwide is fully owned and managed by its wholly-owned subsidiary, PKNS Real Estate, which also manages five other assets — Kompleks PKNS Shah Alam, Kompleks PKNS Bangi, SACC Mall, Menara PKNS in Petaling Jaya and Wisma Yakin in Kuala Lumpur.

It added that the Sultan of Selangor Sultan Sharafuddin Idris Shah is expected to officially open Menara Worldwide on June 5.


This article first appeared in The Edge Financial Daily, on June 3, 2014.



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Frasers Centrepoint makes S$3b bid for Australian developer

Singapore’s Frasers Centrepoint makes takeover bid of A$4.48 a share for Australand Property Group, pipping an offer by rival developer Stockland Corp.

SINGAPORE: Property developer Frasers Centrepoint said on Wednesday (June 4) that it has submitted a A$2.6 billion (S$3.03 billion) takeover bid for Australia's Australand Property Group.

Frasers Centrepoint has proposed a cash offer of A$4.48 per share, topping a A$4.43 offer made by Australand stakeholder Stockland Corp, Australia’s second-largest property group.

Australand’s board intends to recommend Frasers Centrepoint's offer “in the absence of a superior proposal and subject to receipt of an independent expert opinion”, the Singapore-listed developer said in a statement.

“The proposal will catapult Frasers Centrepoint to being one of Australia’s leading real estate companies with a portfolio of scale and quality. We already have an established platform and good brand recognition in Australia, but real estate is a business where scale and depth matters,” said Group CEO Lim Ee Seng.

“This proposal will be the catalyst that will help Frasers Centrepoint to deepen our roots and accelerate our growth in a market that we believe will continue to offer long-term growth prospects."


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Good variety of offerings at property fair

Value for money: Halimah, accompanied by Star Publications group managing director/CEO Datuk Seri Wong Chun Wai (left) and Yam (second from left), visiting the Mah Sing booth after launching StarProperty Fair 2014 at Setia City Convention Centre.

SHAH ALAM: Potential house buyers are spoilt for choice with the variety of properties on display at the popular StarProperty Fair 2014.

The three-day event features the country’s top property developers and their latest projects, suitable for both first-time buyers or investors.

Mah Sing Group Bhd corporate communications general manager Lyanna Tew said the company had seven projects at the fair with a good variety of offerings to meet different market needs.

The spotlight, however, is on a mixed ­development project called Lakeville Residence in Taman Wahyu, which is currently open for registration. The project boasts a spectacular lake view, mountain view and Kuala Lumpur city view and comes partially furnished with two car parks.

Other Mah Sing projects available at the fair include four landed residential projects in Rawang and Cyberjaya as well as two high-rise projects in Mont Kiara and Jalan Ampang.

Even though it is the new kid on the block, Eco World Development Sdn Bhd does not fall behind its veteran peers as it has eight projects on display at the fair.

“We are showcasing projects from Penang, the Klang Valley and Johor,” said Yuen Chee Meng, EcoWorld’s senior manager for corporate marketing.

The fair, featuring 28 exhibitors, ends this Sunday at Setia City Convention Centre. It opens from 11am to 7pm.

Visitors stand a chance to win 50 units of Sam­sung Galaxy Tab 3 Lite as part of a lucky draw contest in partnership with CIMB Property Mart.

StarProperty Fair 2014 is organised by StarProperty.my.

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Visitors attracted by OSK’s design

Busy browsing: Visitors looking for potential properties on the last day of the Star Property Fair at Setia City Convention Centre.

SHAH ALAM: Innovative design is the highlight of OSK Property developments at the StarProperty Fair 2014.

Landed properties were the main attraction among visitors and OSK’s The Vale II and Almira, located at Sutera Damansara, garnered a fair share of attention.

“The lifestyle concept and unique design features of our properties is the reason many were interested in our booth and our products,” an OSK representative said in an interview.

She said OSK’s projects were well known for its outstanding quality and modern design, evident in its fully furnished Eclipse apartments, which is a high-rise development in Cyberjaya.

OSK has also introduced minimalist developments, focusing on spacious living spaces, with practicability and flexibility in mind.

She added that accessibility and convenience were core values that attracted customers.

“Accessibility is very important for us, and for our residents. Emira Residences in Shah Alam is just walking distance from the upcoming AEON,” she said.

Prices of OSK apartments begin at RM365,000. The Vale II and Almira landed properties start at RM980,000.

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Greater Kuala Lumpur the ideal South-East Asian base for expats

Davison carves out time from his busy scheldule to spend quality time with his daughter Angelina, 4, and son Michael, 11, who enjoy computer games at their home in Section 17, Petaling Jaya.

PETALING JAYA: Greater Kuala Lumpur and Malaysia made a big impression on J Andrew Davison of The Expat Group when it came to taking the entrepreneurial plunge after spending 25 years working in many countries for American Express.

Each country had their own attractions and charms, but when grouped together, Davison decided that Greater Kuala Lumpur and Malaysia, after travelling extensively in this region, had the best package when he decided to leave his well-paying job to start his own business nearly two decades ago.

He and a Malaysian friend started The Expat magazine in 1996 and that business has gradually expanded to multiple publications and websites targeting the international community.

“It is a country where English is widely spoken, which given my poor linguistic skills was important.

“Not only that it seemed to be making real economic progress and I recalled how much I had enjoyed living here when I was running the Malaysian operations of American Express,” said Davison on Malaysia’s plus points.

According to the World Bank, the Malaysian economy grew on average 7.3% between 1985 and 1995. After the Asian financial crisis of 1997/1998, Malaysia continued to post solid growth rates, averaging 5.5% per year from 2000 to 2008. Growth was accompanied by a dramatic reduction in poverty from 49.3% in 1970 to 1.7% in 2012.

In its latest East Asia Pacific Economic Update, The World Bank expects the Malaysian economy to grow 4.9% in 2014, in line with Bank Negara’s estimates 4.5% to 5.5% growth predictions. The country’s GDP already hit 6.2% in the first quarter of 2014. As the infrastructure in Greater Kuala Lumpur improves each year, the proposition to expatriates to call Greater Kuala Lumpur home becomes increasingly tempting (as of 2010, the World Bank reports 32,583 expatriates in West Malaysia).

Malaysia’s cost competitiveness has been noted by Mercer’s Global Cost of Living Survey, which ranked Malaysia number 102 in 2012, with number 1 being most expensive. In line with the Government’s efforts to promote Malaysia as an education hub, the country now boasts 99 international schools with an additional 23 licenses granted by the Education Ministry.

Add to that the relative ease of traffic compared with Bangkok and Jakarta, and Davison opines that if more regional headquarters currently based in other cities in South-East Asia better understood what Greater Kuala Lumpur has to offer, they would seriously think about relocating here.

“Malaysia offers good value for money [the ratio of operating costs to infrastructural development] and the government’s investment in infrastructure has kept pace with rising costs so it still represents excellent value for the foreign investor, particularly companies looking for a regional operating centre where costs are critical factor,” he said.

“The government’s dedication to making Malaysia a business friendly location has borne fruit, with the international community appreciating the ease of doing business in the country, as validated by the World Bank in its recent Ease of Doing Business Report (which saw Malaysia jump to 6th place internationally).

National efforts in facilitating the setting up of new businesses and building an efficient ecosystem for investors and business to operate in and from have not gone unnoticed – with InvestKL and Mida leading the charge in attracting foreign businesses to Greater Kuala Lumpur,” Davison continued.

As a result of such efforts, based on the 2014 World Competitiveness Yearbook Ranking by global business school IMD, Malaysia has emerged as the 12th most competitive country.

The IMD also noted that in terms of the countries’ image abroad that encourages business development, Malaysia came in at the 15th spot with a score 7.61 (scores range from 0 as most negative to 10 as most positive).

The study said: “In general, there is a strong correlation between a country’s overall competitiveness ranking and its international image as a place to do business.”

Davison concurs, stating that The Expat Group’s success was also due to the fact that they “were able to capitalise on the steady increase in Malaysia by the international community.

In the last 20 years Malaysia’s international profile has both increased and improved and this has generated more interest by people wishing to invest, visit or settle here. This has meant our target audience has been steadily increasing.”

For prospective expatriates deciding on staying in South-East Asia, Davison noticed Malaysians are a lot friendlier to expats than several other Asian countries where he had worked. Another plus was the smorgasbord of attractive destinations that feed his passion for driving.

“Since I moved back here the city has gone from strength to strength. There has been a massive investment in infrastructure and the city has transformed in front of my eyes,” he said.

New buildings, roads, malls and entertainment outlets add to the buzz of excitement a city offers as it transforms and grows.

The Government’s investment in infrastructure improvement has seen the opening of klia2 to add to the 1,990 flights weekly to 103 cities, and work is currently being done on the improving the Light Rail Transit system and developing a Mass Rapid Transit (MRT) system for Greater Kuala Lumpur.

Work on the first line of the MRT is underway, with an additional two lines to be developed as part of a federal push towards building an integrated urban public transport system.

The River of Life project identified under the Economic Transformation Programme aims to add to the city’s economic and liveability appeal, just as in Vancouver, Melbourne, Auckland, Geneva and Seoul, with the government planning to transform the Klang River into a vibrant waterfront of high economic value.

For expatriates like Davison, the proliferation of new, well designed high rise apartments and gated communities offering many excellent facilities was equally important to the growing community of expatriates that are thinking of planting roots in Greater Kuala Lumpur.

“Greater Kuala Lumpur is an exciting place to live. There are always things happening and witnessing the transformation of the city and country has been a truly wonderful experience,” said Davison.

“We have seen a growing number of expats who enjoy life in Malaysia so much that they choose to stay on here. They are willing to take local packages and the liberalising of the work permit regulations makes them a viable source of skilled labour,” he said.

HSBC’s 2013 Expat Survey ranks Malaysia as having the second best work culture.

“I have no hesitation in recommending people live or invest in Greater Kuala Lumpur. I know of several companies who have found InvestKL’s services invaluable in helping them set up their businesses in this country,” he said. “Their dedicated team looking out for corporations who are interested to invest in this market through facilitation of the investment process ensure that it is smooth and hassle-free.”

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No compromise on quality of affordable housing project

Important agreement: Murly (second left) exchanging documents with Zaini after the signing ceremony between MBSB and Aspen Group. With them are Nazir (left) and Abdul Halim.

ASPEN Group Holdings Sdn Bhd’s RM400mil Tri Pinnacle project will be the first affordable housing scheme on Penang island with a high quality ambience.

Its chief executive officer Datuk Manokharan Murly said the project, located on a 4ha site in Mount Erskine in Tanjung Tokong, was open to first-time house buyers registered with the state government.

It will be launched in the fourth quarter of 2014.

Tri Pinnacle will have 390 units of 650sq ft low medium-cost (LMC) apartments priced at RM72,500 and 859 units of 800sq ft affordable condominiums priced at RM299,000.

Murly was speaking to reporters after signing a RM95.5mil Islamic loan facility with Malaysia Building 

Society Bhd (MBSB).

Also present were MBSB President and chief executive officer Datuk Zaini Othman, MBSB chairman Tan Sri Abdul Halim Ali and Aspen Group chairman Datuk Seri Nazir Ariff.

Murly added that the state government would expedite the approval process of genuine applicants to buy the condominiums.

The MBSB loan facility will be used to defray the cost of the freehold site for the Tri Pinnacle project, according to Murly.

“We are here to dispel the common negative perception associated with LMC and medium cost (MC) developments which usually suffer from shoddy architectural design and quality, lack of facilities and 

security,” said Murly.

“Tri Pinnacle will stand out as an attractive spot to work and live.

“Landscaping, designed with vertical gardens, plays a prominent part in the scheme.

“It will create a natural buffer between the adjoining roads and car park podiums, and mitigate the heat effect,” he said.

Murly said the project would be designed with a 24-hour two-tier security access system.

There will be an elevated garden, a swimming pool, a basketball court, gymnasium, BBQ pits and children’s playground.

Meanwhile, Zaini said the collaboration enabled the company to be part of a vibrant project that would contribute to Penang’s property development sector.

“Other than providing financing facilities to Aspen Group, we will also extend an attractive financing package to its home buyers.

“MBSB is managing several property development projects on the island through contract financing, bridging projects as well as structured financing initiatives,” he said.

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Redefining Penang’s skyline

The rise of new developments will transform the landscape of the Pearl of the Orient even more dramatically in the years to come.

BY JEREMY TAN

Water-themed parks and pockets of lush greenery create a soothing living environment for residents at Penang World City.

PENANG has become one of the most sought-after areas for residential developments in recent years, thanks to the constantly improving transportation links, political stability, booming manufacturing sectors and the growing appreciation of land. With the latter commodity becoming increasingly scarce, it is amazing to think that an entire metropolis, is set to rise majestically from the island’s south-eastern coast, in the coming years.

Penang WorldCity, a mixed integrated waterfront development spanning 103 acres (42 ha), is poised to transform the area’s skyline. When complete, it will be a modern, mini-international city where residents can enjoy refined lifestyles.

This joint venture project by renowned Penang developer Ivory Properties Group Bhd and Tropicana Corporation Bhd (noted for its successful resort developments in Kuala Lumpur and waterfront developments in Johor) will be developed in phases over the next 10 years. The development will comprise approximately 9,000 units of exclusive lifestyle residences, the majority of which are sized below 1,500 sq ft to cater to homeowners of all income levels.

Water-themed parks and pockets of lush greenery create a soothing living environment for residents while various leisure and recreational amenities like the Performing Arts Centre and Wellness area will enrich residents’ lives.

Penang WorldCity is set to be a thriving, recreational and commercial centre.

The planned 1.5mil sq ft development comprising high-end retail outlets, international hotel, grade A offices, a convention centre, an international school and al fresco dining outlets will make it a hub for tourism and commerce.

Indeed, it will be branded as “The Destination” to live, do business and visit in Penang.

This will be a thriving, recreational and commercial centre, where all the action is neatly tucked between the Penang Bridge and the newly opened, Second Penang Bridge, the enclave is a mere 10-minute drive to the Penang International airport.

Various shopping, financial, educational, and healthcare amenities in George Town are just a 20 minutes’ drive away via the Tun Dr. Lim Chong Eu expressway, while the ferry services also provide an alternative means of connection to the mainland. Located even closer, are the Bayan Lepas Free Trade Zone, Queensbay Mall, Pantai Hospital as well as banks, schools and Food and Beverage (F&B) hubs.

Tropicana Bay Residences

The first phase of Penang WorldCity will be Tropicana Bay Residences comprising six blocks of 22-storey condominium towers housing units sized from 455 sq ft to 1,950 sq ft. These are available in eight distinctive layouts.

An impressive drop-off point greets residents and guests alike. Inside, one will find the best of resort style living, with amenities like an overhanging pool, tennis court, saunas and a gymnasium. Conceptualised by an international architect, the development is designed to foster healthy, outdoor living as well as, closer bonds between family and friends.

To date, Tropicana Bay Residences has received a highly positive response since its initial soft launch, with 90% of units of the first four blocks sold thus far.

Block E is now open for registration, with units sized from 872 sq ft to 980 sq ft. The average current selling prices vary from RM769,900 to RM935,900, with an average selling price of RM800 per sq ft.

The Wave

Certain buildings generate a buzz amongst those in the know, even before the construction work has begun. The Wave at Penang Times Square is definitely one such development. The project blueprint features an extraordinary facade of wave-like contours, rhythmically corrugated around each floor of the unique structure. This aesthetically pleasing form is also functional, as it provides protection from the glaring sun. and, at different angles and during various times of day, the reflection of light gives these wavy panels a spectrum of different shades, creating an illusion of the amazing sea and its magnificent corals.

The top component comprises 312 suites occupying 27 floors, which sits on an 11-storey podium comprising car parks, a facilities floor and a commercial retail component.

Units are available in four layouts namely, the corner suites (Type A – 1,250 to 1,290 sq ft), intermediate suites (Type B – 1,300 to 1,345sq ft), penthouse suites (Type C – 2,820 to 2,905 sq ft) and duplex suites (Type D – 2,580 sq ft). The varied layouts enhance the feeling that each unit is a limited edition masterpiece. Types A and B units feature three rooms and two washrooms, while Type C has five rooms and five washrooms. Type D, meanwhile, comes with four rooms and five washrooms.

Its equally impressive facilities include an outdoor Jacuzzi, wading pool, swimming pool, changing room, sauna room, children’s playground, barbeque pit with wash area, landscaped garden, multi-purpose hall, gymnasium room, exercise station and foot reflexology path.

The Peak Residences and The Latitude commercial units

With a limited number of bespoke shop lots, the commercial component of The Peak Residences and The Latitude in Mount Erskine, Tanjung Tokong raises the bar as it is an ideal place for F&B businesses. Serving over 1,500 residential units within the vicinity, these shop lots are a great investment choice as they offer potential for capital appreciation.

Priced affordably from RM 826,636 for a 1,390 sq ft double-storey unit, interested buyers can now enjoy a guaranteed 6% return and a 5% cash rebate at Ivory Properties’ sales booth during the My Property Fair. Held in Queensbay Mall (South Zone) from Apr 17 to 20, between 10.30am and 10.30pm daily, there are 8% discount and 5% cash rebate promotional packages available for a limited time.

For more information, on Penang WorldCity, call 04-6596888, visit the Sales Gallery at Persiaran Bayan Indah in Bayan Lepas, Penang (nearby Queensbay Mall), or log on to www.penangworldcity.com.

For details on other projects, visit Ivory’s new sales gallery in Ivory Tower @ Penang Times Square, located at 81-11-1 Jalan Datuk Keramat from 11am to 6pm daily except Sundays. Otherwise, contact the marketing personnel at 04-2108000 or email to: marketing@ivory.com.my / contact@ivory.com.my

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