Major players showcase projects totalling RM40bil in biggest fair

THE StarProperty.my Fair 2015 in Penang, the biggest to date with over 40 exhibitors, gave visitors the pick of the best developments around the island and elsewhere.

Kicking off yesterday at G Hotel and Gurney Plaza, there were choices aplenty ranging from luxurious landed homes to high-rise residences, integrated developments, commercial lots and more.

Major players like Eco World Development Group (EcoWorld), BSG Property, Ivory Properties Group, Mah Sing Group and IJM Land showcased projects worth an estimated RM40bil in total.

BSG’s assistant sales manager Kelly Wong said buyers nowadays are more discerning, and location is often the determining factor.

Their projects like Middleton, Oakridge, The Landmark, Mira Residence and Granito are strategically located in Minden Heights, Sungai Nibong, Tanjung Tokong, Tanjung Bungah and Lembah Permai respectively.

“The trend for younger buyers is to go for compact or medium-sized homes, while the older ones are more keen on luxury and prestigious surroundings,” she said at the fair yesterday.

(From right) Mah Sing Group sales executive Steve Lee briefing on the company’s Southbay City project to Yeoh, Kamal and Dr Tan during a walkabout at the Star Property Fair 2015 in G Hotel, Penang.

IJM Land senior general manager Datuk Toh Chin Leong said the group’s latest offerings at The Light Waterfront Penang targets modern homeowners, like the younger generation working as executives in multinational corporations (MNCs).

These new properties come with green certification and are equipped with hi-tech security systems and the latest ICT facilities.

“The units are also partially furnished with air-conditioners, kitchen appliances, water heating units, and come with ample car parking space,” he added.

Ivory corporate communications manager Winnie Yeoh said the group is positioning itself in the mid to high-end market as it is easier for buyers from this segment to obtain loans from banks.

“Our properties are generally located in prime locations of the southwest and northeast districts, such as Bayan Mutiara and Tanjung Tokong.

“To add value to the projects, we equip them with contemporary lifestyle and IT facilities,” she said.

Ivory’s properties featured at the fair include the Tropicana Bay Residences in the Penang WorldCity mega seafront development at Bayan Mutiara, and the City Residence in Tanjung Tokong.

“The Tropicana Bay has been selling fast, as it offers a good location near a mall and beaches, and is part of a comprehensive development with many upcoming amenities.

Visitors checking out a scale model of Ivory Properties Group Berhad’s City Residence project during the fair in Gurney Plaza.

“Their many unit sizes, from compact to larger ones, also cater to different lifestyle needs,” said Yeoh, adding that its The Latitude’s commercial lots were also available.

Many prospective home owners are also drawn to the concept and lush nature of EcoWorld’s many offerings in Penang, Kuala Lumpur and Johor, which have proved tobe appealing.

“Nowadays people are getting more conscious of their living environment, and look for a green haven to escape the hustle and bustle of life,” the company’s sales manager Eunice Lee said.

She pointed to their maiden Penang development, the Eco Terraces in Paya Terubong, as one such undertaking.

“They come to the fair knowing what they want, and can afford to choose the best products in the market,” Lee added.

Penang MCA secretary Dr Tan Chuan Hong, Star Media Group Berhad executive director Tan Sri Kamal Hashim, senior regional manager (operations) David Yeoh and advertising sales and business development manager (north) Simone Liong went on a walkabout at the fair yesterday.

The fair, which is in its 14th edition, continues until Sunday, and is open from 10am to 10pm daily.

Admission is free.

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GuocoLand’s options open on monetising Damansara City Mall, talks with Lim fails

BY THEAN LEE CHENG

Damansara City, an integrated development with a gross development value of RM2.5bil, comprises two office blocks, two residential blocks, the 4.5-storey DC Mall and a hotel with more than 300 rooms.

KUALA LUMPUR: GuocoLand (Malaysia) Bhd is keeping its options open on how to monetise its Damansara City mall in Damansara Heights. The mall is located strategically at the massive development that is taking shape and which is seen as a viable alternative to Bangsar with two MRT stations being built at its vicinity.

Known as Damansara City Mall, or DC Mall, it is in its last lap of completion and is scheduled to be operational by the second quarter of next year. It has attracted tenancy of about 60%.

It is learned that the mall had attracted buyers, including Tan Sri Desmond Lim Siew Choon, who owns Pusat Bandar Damansara which is currently being redeveloped.

“Talks between GuocoLand and Lim have fallen through but there are other possibilities,” said sources.

Damansara City, an integrated development with a gross development value of RM2.5bil, comprises two office blocks, two residential blocks, the 4.5-storey DC Mall and a hotel with more than 300 rooms.

GuocoLand managing director Tan Lee Koon, when asked, did not deny that there have been suitors for the mall.

The other option is for GuocoLand to keep the mall, said sources.

“We are good neighbours,” Tan said, when pressed on the issue after the press conference yesterday.

Earlier this year, there were a bit of speculation that Lim was keen to buy over the GuocoLand’s DC Mall, which is part of an integrated development on 8.5 acres located in Pusat Bandar Damansara.

Lim, who owns KL Pavilion, and who is planning to replicate his retail success in Pusat Bandar Damansara, has 15.84 acres across the road from Damansara City. KL Pavilion is one of Kuala Lumpur’s most successful mall. Lim is Malton Bhd executive chairman and Pavilion REIT chairman.

Although the talks have fallen through, there are, neverthless, plans to connect DC Mall to Lim’s development via a covered walkway as Lim’s development will have direct access to the Pusat Bandar Damansara MRT station.

When broached on what happened at these “talks” which took place earlier this year, and what was the sticking point, Tan said there were talks but “nothing happened”. Tan said he met Lim “a few times” but declined to comment further.

The mall, with a net lettable area of about 170,000 sq ft is about half the size of Bangsar Shopping Centre (BSC). Up to 70% of its net lettable area will be food and beverage outlets, Tan said.

DC Mall “has to be different” because there are too many malls with the fashion element in the vicinity. Also, there are no plans to compete with Lim’s retail mall, BSC or Bangsar Village which is located in the commercial area of Bangsar.

The rental for the ground floor units will be about RM25 per sq ft compared with BSC’s RM35 psf. On an overall average basis, DC Mall will be leased at about RM8 psf.

At the press conference earlier, Tan said Hong Leong Group Malaysia will be consolidating its various companies and will be making a 33-storey office block in Damansara City its global headquarters. This means Hong Leong Bank HQ will be vacating its current place in Wisma Hong Leong, Jalan Perak in the city.

There are plans to either lease out Wisma Hong Leong or to redevelop the slightly more than 1 acre site with a higher plot ratio, according to a source. At press time, Hong Leong group, via GuocoLand, has yet to revert as to what it plans to do with Wisma Hong Leong. GuocoLand is the property arm of the Hong Leong group.

When Wisma Hong Leong, Jalan Perak was built about 20 years ago, the permissible plot ratio then was a lot lower and it will be able to get a better plot ratio. Wisma Hong Leong is owned by Hong Leong Assurance Bhd, a wholly-owned subsidiary of Hong Leong Financial Group.

Said a source: “They have two options and both the leasing and the business development departments are considering different possibilities.”

GuocoLand, which currently occupies three floors in Menara HP, will also be moving into second office block in Damansara City. It will occupy the 19-storey building and lease out the rest of the floors. Office rental in Damansara City is expected to be about RM7 psf compared to older Damansara Heights offices of between RM4 and RM4.50 psf.

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UEM Sunrise inks deal for Hyatt House Hotel in Mont Kiara

KUALA LUMPUR: UEM Sunrise Bhd’s wholly-owned subsidiary, Arcoris Sdn Bhd, has inked a management agreement with an affiliate of Hyatt Hotels and Resorts for a Hyatt House hotel in Mont Kiara.

Expected to be opened in 2017, Hyatt House Kuala Lumpur, Mont Kiara, will mark the first Hyatt House hotel in Malaysia, said UEM Sunrise in a statement.
“We are proud to enter into a management services agreement with Hyatt, and to bring its extended stay experience to Malaysia.

“It is a significant milestone that marks our inaugural venture into the hospitality industry as we expand our business portfolio,” said Managing Director/Chief Executive Officer, Anwar Syahrin Abdul Ajib.

The hotel will feature about 298 guestrooms, a three-meal restaurant, 3,100 square feet (290 square meters) of meeting space, a fitness centre and sky pool.

It will be part of a larger mixed used development, Arcoris MontKiara, which will also feature business suites, small home offices (SoHo), residential units, and a retail plaza.

The hotel will be ideally located near top international schools, the Kuala Lumpur Golf and Country Club and the main business districts of Kuala Lumpur Sentral and Kuala Lumpur City Centre.

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Berjaya Land: Penang luxury home market stable

GEORGE TOWN: Berjaya Land Bhd, which has sold 40% of the Jesselton Villas bungalow lots at the Penang Turf Club (PTC), sees a stable market for luxury housing products in Penang.

Group executive director Eason Phan said as long as the developer came out with the right product for the discerning property buyers, there was demand.

“We have so far sold 40% of the 69 bungalow lots in sizes ranging from 5,995 sq.ft to 9,634 sq.ft with the average selling price of each lot at RM674 per sq.ft,” Phan said.

Phan said each lot was able to accommodate a bungalow with 5,000 sq ft built-up area.

“We will start the construction for the infrastructure in the final quarter of 2015, which will take 12 months to complete,” he said at a press briefing yesterday. These 69 units formed the first phase of Jesselton Villas known as Kensington Gardens. There are two more planned phases which are yet to be named.

The RM900mil Jesselton Villas project, sited in the heart of Penang Island, will see the 58-acre freehold land surrounded by lush vistas and a pristine forest hillside.

“One of the unique features of the development is that it has been designed according to the existing natural terrain with minimal physical change.

“In addition, the developer will undertake works to transplant more than 300 matured trees from the same site ito maintain the essence of sustainable green environment of the area,” Phan said.

He said the project incorporateds the finer elements of communal living features, which had transformed cities like Copenhagen, Stockholm and Amsterdam, where communities live and communicate freely, safely and seamlessly.

“Melbourne, New York, and even Paris are also emulating these strategic approaches to make their cities liveable and sustainable,” he said.

Berjaya’s property development division has been responsible for some of Malaysia’s most visible and sought-after developments, ranging from high end to affordable residential and commercial developments, with notable addresses at Seputeh Heights, Subang Heights, Bukit Jalil, Taman TAR and many more.

Berjaya has also made significant impact on property developments overseas, namely in Vietnam, South Korea, Japan, and China.

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Mara ready to sell Melbourne properties for right offer

 

KUALA LUMPUR: Majlis Amanah Rakyat (Mara) will not hesitate to sell the four Melbourne properties purchased by its investment arm Mara Inc. if the right offer comes along, says Tan Sri Annuar Musa (pic).

The Mara chairman said there were no problems with selling the properties as they had been purchased for investment.

“The purchase of the properties was for investment and if we have a willing buyer who wants to buy them at a higher price, then we will sell,” he told a press conference at Mara headquarters on Wednesday.

Citing the example of Atelier apartments in London, Annuar said Mara had decided to sell that property after it was confirmed that it would yield a profit.

“If we can decide to sell Atelier then why not other properties including those in Melbourne? We will sell if we can obtain a profit but it has to be according to procedure,” he said.

The four Melbourne properties were at the centre of a controversy following allegations that Mara Inc. had overpaid a total of RM129mil for them.

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Waterfront ‘city’ of many choices

Surrounded by nature: Aerial view of the LegendaSouthbay resort bungalows.

MAH Sing Group’s iconic development, Southbay City in Batu Maung, Penang, combines the best of living, working, entertainment and leisure in one vibrant township of the future.

The RM2.09bil mega project sits on a prime location easily accessible via the Sultan Abdul Halim Muadzam Shah Bridge, Tun Dr Lim Chong Eu Expressway and Penang Bridge.

The integrated undertaking, which is currently being completed in phases, was earlier voted winner at the Cityscape Asia Real Estate Awards 2010 under the Best Waterfront Development (Future) category.

Among the components in its overall masterplan is Southbay City itself, which will have retail outlets, shorefront restaurants, luxurious residential suites, offices, hotel and resort, along with other tourist and recreational attractions.

Within it is Southbay Plaza, a mixed development of 206 residential suites housed in a pair of majestic 31 and 32-storey towers, and 47 retail outlets.

The commercial floors will have an ideal mixture of brands in one to three-storey units. Limited units are still available in a variety of layouts with key features like column-free interiors, 26ft (7.9m)-wide frontages and 12ft (3.6m) walkways.

Meanwhile, the waterfront residences boast high ceilings and have layouts ranging from two to 3+1 bedrooms.

To maximise privacy, each floor will have only five or six units.

Resort-inspired facilities and green features include an infinity pool, viewing deck, gymnasium, library and lush gardens.

Legenda@Southbay offers luxurious three and four-storey resort bungalows in a nearby gated and guarded precinct close to the sea and cushioned by greens.

There are 76 residences with built-ups between 6,460sq ft and 7,300sq ft, built on land sized from 7,500sq ft.

They are arranged in two distinct rows ending in cul-de-sacs.

Each home comes with six en suite bedrooms, private lift, home automation system, solar hot water, water filtration and rainwater harvesting systems, personal pool with spacious deck, multiple-decked balconies and outdoor terrace.

A Residents Clubhouse with infinity and wading pools, gymnasium, community hall and relaxation lounge will be a popular gathering spot.

Legenda was awarded the coveted Asia Pacific Residential Property Awards (in association with Bloomberg TV) for ‘Malaysia’s Best Architecture’.

Phase 2 has been completed with limited units available.

The Loft@Southbay is touted as a private gateway to an enchanting sea. There will be 156 luxurious serviced suites split evenly between two 30-storey tower blocks, or three units per floor. Only limited numbers are still available.

There are three options with built-ups ranging from 1,378sq ft to 1,680sq ft, with open plan layouts and high ceilings for an airy interior. Large windows will open to panoramic views of the waterfront.

Approximately 2.5 acres (1.01ha) is dedicated to leisure and recreational decks, with unique features being the multi-layered swimming pool of The Cascade, and a sky bridge connecting a lounge and gym on Level 15.

Another top-notch development by Mah Sing Group is the ultra luxurious resort-themed Ferringhi Residence, spanning 61.03 acres (24ha) in Batu Ferringhi.

Phase 1, consisting of 20 blocks of five-storey Condo Villas with 200 units, has been completed with OC expected soon, while Phase 2 (Ferringhi Residence 2) offers 632 freehold resort condo units.

Of the total, 602 units are in two blocks 10 and 32 storeys high and have built-ups of 1,197sq ft to 1,534sq ft, with 2+1 or 3+1 bedrooms (two en suite bathrooms).

The remaining 30 are in a four-storey block, and have living spaces of 1,438sq ft to 2,875sq ft.

To find out more, visit Mah Sing’s booths (G7 and G8) during the StarProperty.my Fair 2015 at G Hotel and Gurney Plaza from tomorrow to Sunday.

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Affordable housing in Kedah to be BDB’s focus

Management team: (from left) BDB Quarry Sdn Bhd executive director Mohd Sobri Hussein, BDB group corporate communications senior manager Sajahan Abdul Waheed and Izham at the briefing.

KUALA LUMPUR: Kedah-based property developer Bina Darulaman Bhd (BDB) will focus on affordable housing projects in the state as well as developments in Langkawi worth RM1.5bil to sustain growth and remain profitable.

BDB, whose core businesses are in property development, road works and construction, is developing some 2,000 acres in Kedah.

Of the 2,000 acres, 1,200 acres were acquired recently from the Kedah State Development Corp for RM200mil while the rest are its existing land. The new projects will cover commercial developments in Kuala Ketil and Sungai Petani.

BDB is also developing four other projects on 226 acres of land in Langkawi, which will take five to seven years to complete.

The four projects – a mixed development comprising serviced apartments, affordable housing and a commercial component in Kuah; ecotourism apartments; development of 13 acres of mangrove area into eco tourism villas for sale and leasing; as well as upgrading works of the Kuah Jetty facilities to develop a multi-storey car park and hotel nearby – will collectively have a gross development value of RM1.5bil. These projects will begin progressively next year.

For the first quarter ended March 31, 2015, BDB posted a net profit of RM3.67mil, down 27.8% from RM5.2mil last year.

Revenue came in at RM36.7mil, nearly half of the RM67.6mil achieved in 2014.

Group managing director Datuk Izham Yusoff said last year’s good performance was a one-off due to the contribution from its collaboration with Perbadanan PR1MA Malaysia for an affordable housing project in Kuala Ketil, Kedah.

“This year, we will still be profitable but it won’t be like last year as the general economy would affect our earnings and there may be delays in construction. As such, we are getting ourselves organised and we are trying to be flexible,” he said at a briefing to announce BDB’s upcoming projects.

He added that its recently launched Taman Tunku Intan Safinaz in Jitra was 70% booked to date, indicating that demand for property in Kedah was still strong.

BDB is also eyeing property projects in the Klang Valley with joint-venture partners.

The property player is evaluating proposals that has been submitted and is in talks with other developers for potential joint ventures.

While he refrained from disclosing the names of the potential partners, Izham said BDB would determine by the year-end which projects it would pursue.

“The Klang Valley market is intense and presents many opportunities. When the market is down, we may be able to buy land or attain rights to it at a more reasonable price.

“For now, the focus is to attain land. The development can be done at a later stage as long as we see value in what is offered to us,” he said, adding that BDB was still in talks with the potential partners.

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