IJM Land 3Q earnings rise to RM133.9m

KUALA LUMPUR: IJM Land Bhd’s pre-tax profit for the third quarter ended Sept 30, 2013, rose to RM133.9 million, from RM87.2 million in the previous corresponding period. Revenue increased to RM468.9 million from RM358 million. IJM Land, a 64%-owned property arm of IJM Corp Bhd, said the better results were due to strong property development sales achieved and higher work progress from its on-going projects. — Bernama This article first appeared in The Edge Financial Daily, on February 28, 2014. For more information on Building and Construction seminars, please visit www.asiapacificevents.com

Green tools for hotels, resorts

KUALA LUMPUR: The Green Building Index (GBI) and Malaysian Association of Hotels (MAH) have launched tools for hotels and resorts in Malaysia for a greener infrastructure in conjunction with Visit Malaysia 2014.

The tools comprise the non-residential new construction (NRNC) hotel tool, non-residential existing building (NREB) hotel tool, NRNC resort tool and NREB resort tool.

At the launch of the tools yesterday, Arkitek MAA Sdn Bhd director and member of the GBI accreditation panel, Von Kok Leong, said the tools will enable hotels in the city centre to be energy efficient, while resorts will be able to improve ventilation to reduce air conditioning.

“About 60% of the energy used [in a building such as hotels and resorts is for] air conditioners,” he said. “But unlike ... buildings in ... city centres, resorts [in Malaysia] which are commonly found on ... coastlines can improve their ventilation by reducing heat penetration [and therefore the use] of air-conditioners,” said Leong.

The hotel and resort edition of the GBI tools will give practical guidelines to help hotel staff to better understand the strategies, investments and benefits involved in greening their properties.

Among the tools are energy and water efficiency, waste reduction and sustainable procurement, and healthy indoor environment by improving air quality and access to daylight.

The tools for hotels and resorts show that hospitality venues have potential for greening opportunities and reducing carbon footprints.

Based on 210 projects certified by GBI, the total carbon emission reduction to date is 430,000 tonnes a year.

Leong said the reduction of carbon emissions exceeded the previous estimation. He expects about 40% carbon emission reduction by 2020 as more buildings embrace the green building concept.

On whether the new tools will be compulsory for buildings to adopt in future, Leong felt people will have greater motivation to go green when they do it voluntarily.

“[Currently, hotels and resorts opt] to have green building certification. However, whether [such certification] will be a required policy in future [is unknown].”

To further support greener living, GBI will launch two new tools this year that are currently being developed. These are the public health and office interior tools.


This article first appeared in The Edge Financial Daily, on February 28, 2014.
  
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The Treez’s growing capital appreciation

PETALING JAYA: Exsim Development Sdn Bhd’s first residential project The Treez, which was completed in November last year, is currently transacting in the secondary market at 36% to 42% higher than its launch price in 2010, said the developer. The Treez in Bukit Jalil was launched at RM500 psf in 2010 and units were fully sold within three months. According to Michael Yam, its head of property R&D (residential/commercial), units are currently transacting between RM680 and RM710 psf. “Most of our buyers are [purchasing to stay]. [So] we expect the development to be fully occupied by end of this year,” said Yam, adding that to date more than 10 residents have moved in. Exsim started handing over units since December. The 2.6 acre (1.05ha) freehold Green Building Index (GBI)-certified condominium project fronts the 80-acre Bukit Jalil International Park. It has a gross development value of RM190 million. Yam said Exsim has thrown in extra fittings such as timber grills, air-conditioning and water heaters, which were not stated in the sale and purchase agreement. The Treez, which has a Silver GBI rating, comprises 135 condominium units, 13 condo villas, 15 link villas and five penthouses. It is a low density development within walking distance from the upcoming Bukit Jalil light rail transit station. Facilities include a resort-inspired main lobby with a sunken waiting lounge, 25m infinity pool, jacuzzi, fitness centre, sauna, spa cabana, yoga deck, extra parking bays for hybrid cars, herb garden and in-house refuse classification bin on every floor. On the top floor residents can organise private gatherings and functions at the sky lounge or sky pool. The sky lounge, which has an unobstructed view of the KL city centre skyline, is fitted with a flat screen TV, pool table, dining area and fully-fitted kitchen. Exsim’s residential projects include Twin Arkz in Bukit Jalil and The Leafz in Sungai Besi. Yam said Exsim will be handing over a project every year for the next three years, all of which are in KL South. They are The Leafz (early 2015), Twin Arkz (early 2016) and The Petalz (2017). Exsim is set to launch its first development in the KL central business district named Expressionz in Jalan Tun Razak. It also plans to launch 11 new residential and industrial developments in the Klang Valley covering some 90 acres within the next three years. Exsim was involved in the timber business before venturing into property development. — by Wong Mei Kay This article first appeared in The Edge Financial Daily, on February 28, 2014. For more information on Building and Construction seminars, please visit www.asiapacificevents.com

COMO launches 20 villas for private ownership

PHUKET: Twenty new villas were up for private ownership this month in Point Yamu by COMO Hotels and Resorts. Designed by Italian Paola Navone, the 2- and 3-bedroom villas priced from US$1.6 million (RM5.2 million) to US$3.5 million come with rental packages to make them viable long-term investments. The villas are part of the 32-acre (12.94ha) Point Yamu resort, which boasts panoramic views of the limestone karsts of Phang Nga Bay, a Unesco World Heritage site. “The villas [have all the features] of the Point Yamu resort, with its [COMO trademark]of [good food, great service, and exciting adventures],” said the resort group in a statement recently. “Dining options include ... the Italian-inspired La Sirena, Thai-based Nahmyaa ... and COMO Shambhala Cuisine ... [restaurants].” The villas also offer a wellness retreat as part of COMO Shambhala Estate, which includes a 100m infinity pool, yoga studio and treatment rooms. Point Yamu is also a popular yachting destination with underwater attractions for divers and snorkelers, and opportunities for kayaking, sailing, fishing and rock climbing. Navone designed the villas [to go with] the serenity of the clear blue waters in Phuket. COMO’s signature clean lines and [minimalist] contemporary style is [paired] with the Italian designer’s eclectic approach and use of local materials. Tones of the deep blue sea ... and the saffron of Buddhist robes are matched by elegant shapes and bold textures with the use of glass, ceramic, wood, tile and marble. COMO Hotels and Resorts were founded by Christina Ong, a Singaporean businesswoman and the wife of Singaporean business tycoon and investor Ong Beng Seng. COMO Hotels and Resorts offer personalised luxury travel experiences [with] its urban hotels, island resorts, adventure retreats and wellness resorts. Its properties also include The Halkin by COMO in London; three Metropolitan by COMO hotels in London, Bangkok and Miami Beach; Parrot Cay by COMO in the Turks and Caicos; Cocoa Island by COMO and Maalifushi by COMO in the Maldives; and three Uma by COMO resorts in Bali and Bhutan. — by Zatil Husna Wan Fauzi This article first appeared in The Edge Financial Daily, on February 28, 2014. For more information on Building and Construction seminars, please visit www.asiapacificevents.com

Malaysia’s top banks post record profits, unfazed by property curbs

KUALA LUMPUR: Malaysia’s two biggest banks notched up record annual profits and see further strong growth in the year ahead, confident that a raft of government curbs on the property sector will not have a major impact on overall loan demand.

Malayan Banking Bhd put in its best earnings for a second straight year, with fourth quarter profit jumping 19% on robust loan growth and strength in Islamic banking. CIMB Group Holdings Bhd, reporting earlier in the week, logged a fifth consecutive year of record profit.

The lenders have benefited from a domestic property boom and move to diversify into fast-growing Southeast Asian economies such as Indonesia, Singapore and Thailand.

Robust regional economic growth will continue to work in their favour as will an expansion in business financing expected from a slew of big projects. These include a government-led rail project in Kuala Lumpur and a US$19 billion (RM62 billion) petrochemicals complex in Johor led by state oil firm Petroliam Nasional Bhd.

These factors will offset softer consumer loan growth as the government moves to take some of the froth out of the country’s property market, banking executives said.

“Property in Malaysia has been lagging others in the region, in terms of growth in value. We will focus on more targeted lending,” Maybank Group chief executive officer Abdul Farid Alias told reporters after the bank reported a 16% rise in annual profit to RM6.6 billion.

Both Maybank and CIMB said they expect overall loan growth in Malaysia will slow to 9% to 10% this year from an industry average of 10.6% in 2013.

Providing domestic home loans has been the backbone of Maybank and CIMB’s earnings. But the combination of robust demand and easy credit have prompted Malaysia’s financial authorities, such as those in Singapore and China, to embark on a series of curbs to keep prices in check and head off criticism that the country might be in the midst of a property bubble.

Malaysia has more at stake than some. Soaring demand for mortgages has given it the highest household debt level in Southeast Asia — equal to 86% of gross domestic product.

Lending to households accounts for 57% of outstanding bank loans — a potentially worrying level should the economy come off its current robust growth track.

While these levels have stoked some concern, economists like Nor Zahidi Alias of Malaysia Rating Corp Bhd say long-term prospects for the real estate market are supported by the country’s rather young population.

“And so far, statistics on borrowers’ debt service ability remain stable and household debt is mitigated by household financial assets which are still relatively stable,” he said. — Reuters

This article first appeared in The Edge Financial Daily, on February 28, 2014.

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Liew to continue to spearhead Battersea project

Mohd Bakke says Sime Darby is on track to achieve its key performance indicator of RM2.8 billion in net profit for FY14

 KUALA LUMPUR: S P Setia Bhd head Tan Sri Liew Kee Sin will continue to spearhead the redevelopment of the £8 billion (RM43.9 billion) Battersea Power Station in London despite his departure from the property group in April this year, said Sime Darby Bhd president and group chief executive Tan Sri Mohd Bakke Salleh.

Liew, who has been instrumental in leading the Malaysian consortium to acquire the Battersea Power Station — the site Chelsea Football Club had wanted for a new stadium — is also chairman of Battersea Power Station Development Co Ltd (BPSDCL), the development manager for the project.

“Tan Sri Liew has announced that he will stay on [as chairman of BPSDCL] until September 2015 … I am confident that he will continue to hold the post beyond that date,” Mohd Bakke said during a media briefing on Sime Darby’s results last Friday.

“The Battersea power station redevelopment will continue with its present operations and Liew will [continue to] anchor it and play his role in the development company [BPSDCL].”

The Battersea Power Station is being redeveloped by a consortium comprising S P Setia (40%), Sime Darby (40%) and the Employees’ Provident Fund (20%).

Liew, who is S P Setia president and chief executive officer, will resign from his position effective April 30, this year.

Meanwhile, Mohd Bakke said the second phase of the Battersea project is expected to be launched on May 1, which will feature 254 apartments ranging from studio to five-bedroom penthouses.

Sime Darby reported a 15.5% increase in net profit for its second quarter ended Dec 31, 2013 (2QFY14) to RM818.31 million from RM708.53 million a year ago, mainly due to reduced taxes. It paid 47.8% less taxes during the quarter under review. Revenue for 2QFY14 was 3% lower at RM10.88 billion against RM11.25 billion a year earlier.

For the six months ended Dec 31, 2013, the group saw a 23% decline in net profit to RM1.3 billion from RM1.69 billion a year ago. Revenue also fell to RM21.63 billion from RM22.99 billion previously.
The group announced an interim dividend of six sen per share for FY14, payable on May 9.

Mohd Bakke said Sime Darby is on track to achieve its key performance indicator of RM2.8 billion in net profit for FY14 as it is already half way there.

“The plantation segment, which has been the main contributor of about half of the group’s net profit, is expected to improve further with the increase in the average price of crude palm oil (CPO),” he said.

Mohd Bakke sees CPO prices touching the RM3,000 per tonne level in the second quarter of this year. Average CPO price realised in 2QFY14 was RM2,416 per tonne against RM2,331 per tonne a year ago.

However, he expects fresh fruit bunch production to fall by 2% to 10.14 million tonnes in FY14 due to the current drought parching Singapore and swaths of Malaysia and Indonesia. It was reported that the dry spell will persist into the first half of March.

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

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Johor sales may exceed RM2b

NUSAJAYA: UEM Sunrise Bhd anticipates sales revenue from Johor to possibly surpass RM2 billion this year. Executive director Datuk Mohd Izzaddin Idris said the group estimated its projects there to contribute between 60% and 65% of its total sales for this year. Sales revenue is expected to be between RM1.92 billion and RM2.08 billion, compared with RM1.7 billion last year, he added. Mohd Izzaddin was speaking at the pre-launch ceremony of UEM Sunrise’s affordable housing project over the weekend. The property development group raked in some RM2.7 billion in sales last year, 63% of which came from its projects in Johor. UEM Sunrise has set a growth target of 25% for the current financial year ending Dec 31, 2014, while profit after tax and minority interest (Patmi) is expected to increase 10%. The developer has planned property launches with a total gross development value of about RM3.8 billion. On the group’s affordable housing project, Mohd Izzaddin said UEM Sunrise is committed to building 10,000 units or more of affordable housing in Gerbang Nusajaya, which will be launched in phases from this year onwards. “The plan is to build at least 10,000 units. It could be more because there is demand for it,” he added. The 10,000 units of affordable housing is under the mandate of the state government, which is committed to building 28,000 units of affordable housing in Johor over the next five years. The construction of the 1,380 units, which is phase 1A, will be a high-rise development in Gerbang Nusajaya. Meanwhile, the pre-launch ceremony was for 351 units of affordable Nusa Bayu properties, comprising 321 terraced homes and 30 shoplots. The terraced homes are priced between RM94.10 per sq ft (psf) to RM150 psf, while the shoplots are priced at RM200,000 per unit. The properties are slated to be completed by 2016. To date, the group has delivered 3,535 units of affordable homes in Taman Nusantara in collaboration with private developer Denia Development Sdn Bhd. On the recent demise of its ex-managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim, Mohd Izzaddin said, “We are very thankful of his leadership and support that he gave us in the past ... He played an important role in realising this project.” Wan Abdullah had been on medical leave since December 2013, leaving Mohd Izzaddin at the helm. The property firm exceeded its net profit growth target of 20% in financial year 2013 ended Dec 31 with RM571.14 million, up 29% from RM448.36 million in FY12. Revenue increased 26% to RM2.43 billion from RM1.92 billion in FY12. Despite the better than expected earnings growth, UEM Sunrise’s share price has been drifting lower since June last year amid the soft sentiment on property counters. The stock fell from its peak of RM3.60 to a low of RM2.03 in late January. It closed at RM2.20 last Friday. This article first appeared in The Edge Financial Daily, on March 03, 2014.     For more information on Building and Construction seminars, please visit www.asiapacificevents.com

20 vying for development of RRI land

PETALING JAYA: Physical work on the Rubber Research Institute (RRI) land, which is being shaped into one of the largest township developments in the Klang Valley, is poised to kick-start with 20 Tier 1 developers vying for the first tranche of the project.

Kwasa Land Sdn Bhd, the master developer of the 2,330-acre Kwasa Damansara township in Sungai Buloh, has pre-qualified the companies to come up with proposals for the development of the town centre on a 64.07-acre site.

Kwasa Land has set the parameters for the development and the winner would be based on the qualitative and quantitative criteria.

According to Kwasa Land managing director Mohd Lotfy Mohd Noh,the development – coded as Project MX-1 – comprises a parcel of mixed development under the provisional master layout plan.

The developers shortlisted are Bandar Raya Developments Bhd, Bandar Utama City Corp Sdn Bhd, DRB-Hicom Bhd, Eastern & Oriental Bhd, Gamuda Bhd, Goldis Bhd, Guocoland Malaysia Bhd, IJM Land Bhd, IOI Properties Bhd, I&P Group Sdn Bhd, Mah Sing Group Bhd, Malaysian Resources Corp Bhd, PerbadananKemajuanNegeri Selangor, Putrajaya Holdings Sdn Bhd, SP Setia Bhd, Sunway Bhd, Tropicana Corp Bhd, UEM Sunrise Bhd, WCT Bhd and YTL Corp Bhd.

In a statement yesterday, Kwasa Land, a wholly owned unit of the Employees Provident Fund, said the successful developer would become its partner for the development of the town centre.

“The location is extremely strategic with the advantage of a main road frontage and two mass rail transit stations traversing the area.

Overall,the development would gain from the socio-economic benefits that include commercial, retail and residential developments that make the location a thriving hub of activities,” Kwasa Land noted.

The letters of invitation calling for proposals have been delivered to the 20 prospective developers, who are to submit their qualitative and quantitative plans by May 27.

The qualitative aspects include development concept and layout proposals for the parcel based on the approved plot ratio, development phasing and unique features of the proposal complete.

The quantitative elements for consideration include the tender price on a per sq ft basis along with their financialfeasibility analysis.

The whole development of the town centre must be fully completed within 12 years, Kwasa Land said.

It is learnt that two briefings will be held next Monday and Thursday for thedevelopers, and of the 20 who have been pre-qualified, only one will be awarded the project based on the merits of its submission.

A number of companies that had been earlier touted to be the potential winners in the Kwasa Land development were surprisingly missing from the list.

Among them are Sime Darby Bhd’s property arm, Perdana ParkCity Sdn Bhd, and Glomac Bhd.

Some new upstarts, including Eco World Development Group Bhd (formerly Focal Aims Holdings Bhd), were also not among the prequalifiers.

“But this could be due to the fact that Kwasa Land’s criteria specifies that only Tier 1 developers with shareholders’ funds or a paid-up capital of at least RM1bil and above can be considered for the town centre project,” said a property industry executive.

Kwasa Land has clearly stated that it was looking for experienced property developers with a strong track record and who have successfully completed developments with a high gross development value for the past three years.

An official said that the Tier 2 and Tier 3 developers would be considered for smaller parcels of land.

The Tier 2 developers are those with RM300mil and above in shareholders’ funds or paid-up capital, while Tier 3 developers are bumiputra companies of RM1mil and above.

Kwasa Damansara is a project that is expected to be carried out over the next 20 years and the first major township development in the fringes ofthe city complete with public transport infrastructure.

It is built to cater for at least 150,000 people.

As the master developer, Kwasa Land will be responsible to deliver the common infrastructure and thematic landscape parks, build affordable homes, and also provide land for schools, places of worship, police stations and fire stations.

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MOM to explore minimum quota for higher-skilled construction workers

SINGAPORE: Construction companies may face the prospect of having a minimum percentage of higher-skilled workers in their workforce.

Speaking in Parliament on Monday, Acting Manpower Minister Tan Chuan-Jin added that the government will consult the industry on such a requirement.

Improving productivity in the construction sector has been a continuous challenge.

And, contractors have been encouraged to recruit more skilled and experienced construction workers.

To reduce dependency on lower-skilled workers, the levy for these workers will be raised in 2016.

In addition, companies may be required to have a minimum percentage of higher skilled workers.

"These higher-skilled R1 workers will naturally command a higher salary than R2 'Basic Skilled' workers. But moving towards having a smaller pool of higher skilled and higher paid workers is the right direction for Singapore, rather than towards having a larger pool of more low-skilled but cheaper workers," said Mr Tan.

But one construction company has raised concerns about the potential impact of such a requirement.

Nan Guan Construction's managing director, Mohd Abdul Akbar Kader, said: "For any R1 worker, the monthly salary has to be $1,600 or more. This will have great impact on the cost of production and I'm very concerned with that.

"Maybe, if the intent is to increase productivity through this scheme of having a percentage of the total workforce being upgraded to R1 but without stipulating $1,600 is the minimum wage that you should give to R1, maybe (this) is more palatable to the industry."

During the recent Budget, the government also introduced the Market-Based Skills Recognition framework for construction.

Under the new framework, basic-skilled workers who have worked in Singapore for at least six years and who earn a salary of at least $1,600 will be allowed to upgrade to the higher-skilled R1 status.

Mr Tan also outlined steps taken by the government to bring in more higher-skilled construction workers to enhance resilience in the supply of such workers.

Last year, the Building and Construction Authority (BCA) appointed Singapore-based companies to set up Overseas Testing Centres (OTCs) in Sri Lanka and the Philippines.

In total, four testing centres in Sri Lanka and three in the Philippines are expected to be ready this year.

"This is an exploratory approach, as we look for more sources of construction workers to meet the continued need for skilled manpower to deliver infrastructure projects and to boost construction productivity," said Mr Tan.

The target is a total of 400 construction workers from Sri Lanka and Philippines a month, when all testing centres there are fully operational.  

- CNA/nd/ir

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Eco World plans for Kota Masai

Eco World Development Group Bhd chairman Tan Sri Abdul Rashid Abdul Manaf.

PETALING JAYA: Eco World Development Group Bhd is working on a new plan for undeveloped parts of Kota Masai township in Johor that will reflect its new owner.

It gained control of this mature township, which still has 401ha of landbank, after it took over Focal Aims Holdings Bhd last year.

“The land would be redesigned to incorporate properties, which will not be just aesthetically pleasing, but also become vibrant habitats for sustainable green communities to flourish,” chairman Tan Sri Rashid Abdul Manaf said in his statement in the company’s first annual report.

He also said the company would relaunch the final 26 residential units at Saujana 0-Lot, a small high-end development in Glenmarie near Shah Alam, Selangor.

Rashid said Eco World derived a substantial portion of its revenue from the Kota Masai project. He did not elaborate on other future projects that are linked to the group, other than saying that it would deploy its vast network to source for and identify new development opportunities in the Klang Valley, Johor Baru and Penang.

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Naim’s Street Mall and Sovo sales encouraging

Social responsibility: Ng (left) presenting a mock cheque of RM18,888 to a representative of SM Kai Dee.

 

BINTULU: Naim Holdings Bhd is seeing healthy response to its Street Mall and Small Office Versatile Office (Sovo) units.

Its deputy chief executive officer Ng Kim Huatt said the two components of its Bintulu Paragon development had been very well received by the Bintulu communities, judging by hundreds of visitors who thronged Naim Land Sdn Bhd’s sales gallery at the Old Airport Road here, to enquire about available units during the company’s Chinese New Year Open House yesterday.

“As such, we urge those who have yet to be a part of Bintulu Paragon to find out more about our limited prime Street Mall and Sovo units,” he said.

At the event, Naim also introduced its new upmarket brand called “Naim Signature Collection”.

“Briefly, Naim Signature Collection comprises a range of unique and outstanding residential and commercial properties redefining your life, work and play experiences. These properties will contain special features in terms of products, such as branded finishes, multi-tiered security, benefits of integrated developments and others.

“We launched our first product under the Collection, called the Sapphire On The Park condominium development in Kuching and we invite all to find out more about other offerings under the Collection,” said Ng.

Naim also took the opportunity to give back to society by assisting six Chinese schools here — SM Kai Dee, SJK Kai Ming, SJK Siong Boon, SJK Chung Hua, SJK Chung Hua No 2 and SJK Sebiew Chinese.

Ng said Naim had always been regarded as a developer and contractor who could deliver, adding that all projects had been completed on time and in strict adherence to specifications.

“In fact, about 50% of our projects are completed ahead of schedule. That is why we provide a 24- month warranty period for our developments, compared to the 12 months provided by most developers. When we say that we are a developer of quality, we mean what we say.

“However, we don’t want to be merely a good developer.

“We also want to be a good corporate citizen. Naim has always taken into consideration the interests of communities in which it operates and as such, we have very strong outreach programmes, through which we connect with the less fortunate members of the society,” he said.

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Sungai Ara project gets good response

A GSD Land (M) Sdn Bhd staffer (foreground, third left) explaining the layout of the project to potential buyers during the Chinese New Year open house at Bayan Lepas.

GSD Land (M) Sdn Bhd’s Chinese New Year open house saw the launch of Skycube Residence’s Tower B in Sungai Ara, Penang.

The project’s Tower A, which was launched during Christmas last year, has recorded sales of more than 80%. Tower A boasts of 205 units.

Tower B also features the same number of units.

GSD Land Business Development and Strategic Planning general manager Jace Cheng said both the towers feature a range of unique layouts with expansive built-up areas to suit individual lifestyles.

“Our project’s selling point is attributed to the attractive pricing and stunning contemporary designs for urban living,” said Cheng, adding that customers who purchased any GSD projects during the Chinese New Year (CNY) will enjoy a special CNY deal.

“The construction of both blocks is underway and due for completion in 2017,” she said yesterday.

Skycube Residence comprises of two blocks of 30-storey luxurious condominiums and exquisite three-storey semi-detached houses (3,800sq ft).

There are only eight units of condominiums on each floor, with each having a built-up area ranging from 1,153sq ft to 1,275sq ft.

The project also offers full resort-style facilities covering a total of 0.6ha, which includes a beach-inspired swimming pool, children’s waterpark pool, sun-rich decking area, waterfront gymnasium, kitchenette and a BBQ area, therapeutic reflexology paths, scenic jogging trails, fun kids zone, lush tree-lined recreational garden, expansive open spaces for a multitude of purposes and a designer landscaped playground with exercise equipment.

At the open house held at the GSD Sales Gallery, company managing director Phuah Cheng Peng handed over a RM5,000 mock cheque to SJK (C) Min Sin headmaster Yao Ping Yoon.

“It is part of our company’s corporate social responsibility,” he said.

Prior to the presentation, a lion dance performance kick started the celebration, followed by a traditional Chinese musical instruments presentation.

A preview of the Skycube Residence show unit is available at the GSD Sales Gallery at Lot 30, Persiaran
Relau, Bayan Lepas on weekdays from 9am to 6pm and on Saturday from 9am to 5pm.

For more details, call 1700818932, fax to 04-6467932, email info@gsdland.com.my or check out GSD Land’s Facebook page at www.facebook.com/gsd.land.

  

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Home hunters out in force

Visitors checking out the show unit in Summer Tower, All Seasons Park.

THE newly completed show unit at the Summer Tower of All Seasons Park in Bandar Baru Air Itam, Penang, was abuzz with visitors and potential house buyers this Chinese New Year.

Belleview Group sales department representative Melissa Ang said the response was overwhelming during the Chinese New Year open house held in conjunction with the show unit’s opening to the public.

“The buyers who are here to view the units are happy with the price and quality.

“This is the first show unit for Summer Tower at All Seasons Park.

“After the completion of the Autumn and Winter Towers, there will be three more show units at the Autumn Tower in April or May,” she said at the event on Sunday.

The celebration also saw lion dance, dragon dance and Chinese 24 Seasons Drums performances, and a special appearance by the God of Wealth.

Visitors were also given mandarin oranges and enjoyed a meal.

All Seasons Park, in Lebuhraya Thean Teik, is made up of four residential towers — Spring, Summer, Autumn and Winter — consisting of 808 condominium units with clubhouse facilities and three levels of a podium strip mall called All Seasons Place.

All Seasons Place, whose anchor tenant is Giant Superstore, has 120 shoplots over three levels of retail floors.

Ang said the Spring and Summer Towers were completed in December last year while Autumn and Winter are expected to be completed in March.

She also said that 95% of the units in the four towers were already sold.

There are seven apartment layouts with built-ups ranging from 856sq ft to 1,359sq ft and five penthouse designs, both single level and duplexes, featuring generous living spaces of 1,600sq ft to 2,333sq ft.

With an average price of RM600,000, there are only seven or eight units on each floor to ensure the residents’ optimal comfort and privacy.

Round-the-clock security provides for a safe and secure living environment.

The show unit at Summer Tower is available for viewing every day from 10am to 5pm.

Potential buyers can also check out the Chinese New Year Sales Package which is offered until Feb 14.

Enjoy a renovation subsidy of up to RM80,000, free legal fees on the Sale and Purchase Agreement and a CNY Ang Pow lucky draw worth up to RM12,888.

For details, call 04-8286999.

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Office design a big part of setting up shop

Looking forward: Dhanalakxmi said offices now had to be playful, colourful and people-friendly.

SMALL and medium enterprises should also look at office design when setting up shop to create a conducive and productive working environment.

Odil Design Sdn Bhd design director T. Dhanalakxmi said office space quickly becomes a second home for most people and it is important for employers to make them feel comfortable.

“It has to be playful, people friendly and colourful. Open concepts and a less stressful discussion area are a must,” she said.

She added that the modern office concept became mainstream following Google’s popularity and Google’s concept has become a benchmark for startups and entrepreneurs.

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Kinta Lake District project beginning by year-end

New development: Dr Zambry explaining the ‘green’ township project. With him is ( from left) Mentri Besar Inc CEO Aminudin Hashim and State Local Government Committee chairman Datuk Saarani Mohamad.

THE Perak Government has announced a RM2.18bil “green” township project to be developed near Tronoh in Batu Gajah.

Mentri Besar Datuk Seri Dr Zambry Abd Kadir said the mix development project would be eco-friendly promoting the use of sustainable resources and materials and incorporating the concept of green buildings for modern living.

Themed “Kinta Lake District” project, Dr Zambry said it would be developed on a 106.8ha piece of land near the Ipoh-Lumut road during the memorandum of understanding between Mentri Besar Inc (MB Inc) and Ipoh City Development Sdn Bhd, a subsidiary of Putrajaya Perdana Bhd at the state secretariat building recently.

“With the development, it will add another landmark in the state.

“The project is also an effort to develop ex-mining land, to ensure these would not be left idle,” he said.

“We will also preserve some of the lakes and former mining pools, which have become a sanctuary for flora and fauna,” he said.

“The project will also be developed within a 15-year span, which includes housing estates, commercial units, education centres and recreational parks,” he added.

Dr Zambry said the project had been in planning in the last few years.

He said it was part of the Perak Amanjaya development blueprint, that was intended to steer the social, economic and regional development of the state to become fully developed.

Putrajaya Perdana Bhd executive chairman Datuk Rosman Abdullah said the project was still being planned out and hoped that it could begin before year-end.

“The first phase of the project will include 4,500 units of houses, including bungalows, terrace and semi-detached homes.

“Of the 4,500 homes, about 1,000 units would consist of affordable homes,” he said.

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High-end homes near park

Simply marvellous: Exclusive semi-detached houses next to Bukit Dumbar Recreational Park.

MARVELLOUS Land Sdn Bhd will launch RM51mil worth of high-end residential property next to Bukit 

 Dumbar Recreational Park over the next 12 months.

They are the RM15mil Quattro Primera 6, comprising six three-storey semi-detached houses, and the RM46mil Quattro Light with 76 condominiums, located in Jalan Bukit Dumbar and Jalan Faraday respectively.

Marvellous director Yeow Jing Hooi said Quattro Primera 6 would be launched in March.

Priced from RM2.5mil each, the semi-detached units have a 3,600sq ft built-up area and a 3,500sq ft land area.

”All the units are equipped with a lift and jacuzzi.

”Quattro Primera 6 is a private sanctuary located in a quaint enclave.

“Residents will enjoy the pleasant tranquillity and still live conveniently close to surrounding amenities such as the Tesco hypermarket at MetroEast in Jalan Udini, and a mixed-development scheme that includes the well-known retail-cum-office complex, e-Gate.

“The Penang International Badminton Hall and Nicol David Squash Centre in Bukit Dumbar Recreational Park are just a stone’s throw away,” she said.

“Quattro Primera 6 homes are designed with tall windows for optimum illumination and natural light into the home, creating a cosy and invigorating living atmosphere.

“To ensure excellent air circulation, we provide cross-ventilation.

“The units have spacious built-up areas for ample privacy.

“All the units have a timeless design which will remain relevant for future generations,” she said.

Quattro Primera 6 can be previewed today at Marvellous Land office at 8, Jalan Mas, from 10am.

The 24-storey Quattro Light project comprises condominiums with built-up areas of 1,000sq ft and 1,400sq ft.

“The key attraction is its low-density feature, as there are only five units on each floor.

“We plan to launch the scheme early next year,” she said.

Marvellous Land, which was established in 2008, has developed 52 units of high-end landed residential property on prime land on the island.

“The company will continue to source for new land on the island to launch more high-end homes, as they are still very much in demand,” Yeow said.

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Ken plans RM2bil projects

Artist’s impression of KEN TTDI, a platinum grade corporate office project in Taman Tun Dr Ismail, Kuala Lumpur.

PETALING JAYA: Ken Holdings Bhd has lined up four hotels and an office project, all with a gross development value of RM2bil, over the next two years to boost its earnings.

Group managing director Sam Tan said the hotels would be located in Genting Highlands, Johor Baru, Kota Baru and Shah Alam, while the office project would be in Kuala Lumpur.

In line with his vision of steering Ken Holdings towards building more environmentally sustainable projects, Tan said the development would be green-rated.

“We intend to introduce a top-level brand for the hotels in Genting Highlands and in KEN JBCC in Johor Baru, and a boutique business hotel concept in Kota Baru, Kelantan, and in KEN RIMBA, Shah Alam,” Tan told StarBiz.

The properties are both for sale and recurring income.

Tan said the group’s long-term strategy was to build a strong recurring income.

Its platinum grade corporate office, KEN TTDI, which has incurred some RM150mil in investment, is due for completion by the first quarter of 2015, while KEN Kota Baru and KEN JBCC are earmarked for launch this year.

Located in Jalan Burhanuddin Helmi in Kuala Lumpur’s Taman Tun Dr Ismail, the MSC-status and double platinum award winning (LEED Platinum and GreenMark Platinum) KEN TTDI houses a performing arts theatre, facilities for meetings, incentives, convention and exhibition, a rooftop pool, gymnasium, and F&B outlets.

For the KEN JBCC project in Johor Baru, Tan said Ken Holdings was a strategic partner to the Iskandar Regional Development Authority, adding that it would be the first green integrated city in Iskandar Malaysia.

Located near the Woodlands checkpoint, he said the project would have retail space, hotels, serviced suites, offices and medical centres.

Meanwhile, its Kota Baru project, located next to the KB Mall, will also feature a green-compliant hotel and serviced suites.

“Hailed as the equivalent of the iconic KLCC, it aims to introduce a new standard of green living for the professionals and returning Kelantanese,” Tan said.

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City & Country: Cover Story - ‘No such thing as a slow period’

SOMETHING is brewing at Berjaya Land Bhd, but it is not another land deal. The property development arm of conglomerate Berjaya Corp Bhd has in recent years become better known for its costly and controversial land deals in Malaysia instead of its new projects. Lim Ching Choy, who joined Berjaya Land as executive director in November, feels that it is time for a change. “That’s why I was brought in [because Berjaya Land is quiet locally]. I know it’s a tall order but I plan to achieve sales in all our immediate projects by April 2015, which is the end of our financial year,” he tells City & Country. The group has projects worth more than RM2.5 billion lined up over the next year and Lim plans to sell all of these properties by 2015. In the financial year ended April 30, 2014, its property development segment saw revenue of RM201.9 million and net profit of RM2.6 million. Lim took over the group’s local projects from CEO Datuk Francis Ng, who now looks after Berjaya Land’s projects abroad — Jeju Airest City in South Korea (183.7 acres, gross development value of US$3.2 billion), The Four Seasons Place in Kyoto, Japan (five acres, RM1 billion), The Great Mall of China on the outskirts of Beijing (18.5 million sq ft built-up, RM7.5 billion), and two projects in Vietnam. Lim is no stranger to the real estate industry, having spent the last 12 years as the CEO of HCK Capital Sdn Bhd, group managing director of Ho Hup Construction Co Bhd, CEO of Magna Prima Bhd and CEO of Mah Sing Group Bhd. Before joining the real estate industry, his career in the banking sector spanned almost 20 years. Can he achieve his ambitious goal? He believes it is possible through sheer hard work. I think if you have a plan, a target, you have to work even if it’s the holidays … that’s why sometimes it’s good to launch during the holiday season, because you’ll have less competitors” — Lim “My philosophy is to work 365 days a year. I work during Chinese New Year, I work during Hari Raya. There is no such thing as a slow period because it depends on your marketing and how you position yourself. That’s why I will launch Jesselton Villa [in Penang] on the fourth to eighth day of Chinese New Year at Plaza Gurney. I think if you have a plan, a target, you have to work even if it’s the holidays … that’s why sometimes it’s good to launch during the holiday season, because you’ll have less competitors. Because they are resting, I am working.” He lists three immediate launches that will keep the group occupied over the next year, including its Ritz-Carlton Residences at Berjaya Central Park. The entire development was announced in 2009. However, the project took a while to launch, prompting some quarters to assume that the project had been abandoned. Why launch it now? “We revised the plans a lot to be in line with market requirements. For example, our Ritz-Carlton Residences was revised to have smaller units to suit demand and it is already near completion. Not many developers launch their projects now but we are almost ready to sell our project,” he explains. Developed to sell The group will continue to market its Menara Bangkok Bank at Berjaya Central Park, a 2.7-acre freehold mixed-use development on Jalan Ampang, Kuala Lumpur. The 48-storey building is named after Bangkok Bank, which bought the top eight floors (105,000 sq ft) in 2011 for RM100 million. Meanwhile, Berjaya Sompo Insurance Bhd, an associate of the Berjaya group, took up six floors or 78,000 sq ft , bringing the tower’s total sales to RM315 million. The group is putting 15 storeys on the market with an estimated value of over RM200 million. The offices will come with en suite executive bathrooms with showers, low-e glass, variable refrigerant volume system, carbon dioxide level monitoring on all floors including the seven floors of parking bays, and a high-efficiency lift system with destination control system. The building also comes with lots earmarked for commercial use and food and beverage outlets. While Berjaya Land is selling the offices on a per floor basis, the offices will be issued strata titles upon vacant possession and completion of payment. This means the owners will be able to sell the offices individually on the secondary market, says Lim. He adds that the offices are targeted at investors, multinational corporations and companies that wish to own office space in Kuala Lumpur’s central business district. “We are targeting to sell 5 to 10 floors in the next three months. In fact, we are already negotiating with several parties. We are looking at not just local companies, but also foreign buyers who are keen to invest in Malaysia, especially the office sector. For Singaporeans, it is cheap because it amounts to around S$600 per sq ft and we are targeting yields of 7% net so that is very attractive,” he says. “We are in talks with two foreign companies now, while a number of local companies have expressed interest in our project. They are keen to buy some floors as they get to keep the units and enjoy capital appreciation while paying less in instalment than what they would pay in rent. “Assuming you get an 80% loan to finance your purchase, you end up paying only RM5.80 psf over the next 30 years. This beats paying RM8.50 to RM12 psf for a building of the same standards.” However, despite the building’s apparently good prospects, Berjaya Land is not interested in keeping the building. “We are a developer, not an investment holding company, so it makes more sense for us to sell the building,” he explains. Next up is the Ritz-Carlton Residences, which will feature 48 storeys of fully-furnished serviced apartments. About 70% of the units will offer a view of the Petronas Twin Towers and KL Tower, and a premium will be placed on these units.   “We are looking at late February or early March to officially launch the residences. Today, all 16 units of the penthouses have already been reserved while 40 typical units have been reserved,” he says. Some facilities exclusive to the residences include concierge service and pools. “The office tenants have the right to look at the pool, but not swim in it,” he jokes. Lim is banking on the fact that the development is strata titled, and has facilities for individual units, green credentials and a Golden Triangle address to attract buyers. He hopes this product will sell despite the oversupply of office space in Kuala Lumpur, coupled with competition from decentralised areas with depressed rents. “That the office market is depressed is misleading. Valuers describe the office market as depressed in general, but there is still interest in green and MSC-certified office buildings,” he says. YY Lau, director of YY Property Solutions Sdn Bhd, concurs: “New office buildings that are at strategic locations and equipped with MSC Status and green building certifications are expected to be in a better position to secure tenants if the landlords offer reasonably higher rental rates than the buildings without these two features,” she tells City & Country. Outside of Kuala Lumpur, the group will proceed with The Link 2, its Bukit Jalil mixed-use development next to its Bukit Jalil Golf & Country Resort. The Link 2 will comprise condominiums and shopoffices. Phase one will comprise “affordable” serviced apartments and 4- and 6-storey shopoffices. Over half of the shopoffices have already been sold, while the serviced apartments are not yet available for sale. “We haven’t decided on the price yet but the new launches nearby are selling at around RM770 psf, so we definitely cannot sell below that price,” says Lim. Bukit Jalil has seen a slew of new condominium launches in recent years but he is banking on Berjaya Land’s history in the area to push the project through the market. Some of the group’s previous projects in the area are Covillea, Savanna 1 and 2, Arena Green Apartments, Greenfields Apartments, The Link, KM1 and Green Avenue Condominiums. The group has around 14 acres left in Bukit Jalil. This includes the second phase of The Link 2, which will be launched at a date to be determined later. See Kok Loong, principal of Metro Homes Sdn Bhd, observes that most buyers are investors who took advantage of rebates and the now-defunct developer interest bearing schemes. “Most the buyers are investors because of developer interest bearing scheme (DIBS) and rebates. There is also a small group of end-users that prefer to stay in prime locations with easy access to KL, Puchong and PJ. Usually, they are from nearby areas like Puchong and Serdang,” says See. According to him, gross yields of condos in the area are around 5% to 6%. Most investors prefer to sell their units immediately instead of holding onto them as it firstly costs around RM20,000 to RM30,000 to furnish the units for tenants, and secondly, capital appreciation of new condos over the past three years range from 10% to 20% per year. Over in Penang, the group will launch its Jesselton Villas development, which is adjacent to the Penang Turf Club and the exclusive Jesselton Heights enclave. So far, about 50% of the lots have been reserved by investors from Penang, Kuala Lumpur, Singapore, Hong Kong, Thailand and Indonesia, he says. The project will comprise vacant bungalow lots instead of the bungalows, semi-detached homes and low-rise condominiums previously planned. While Berjaya Land is only offering vacant lots within the gated and guarded project, it will offer design and build services to the buyers in the future. However, the designs and prices of the bungalows have yet to be firmed up. Lim is undeterred by what many players and observers say will be a challenging period ahead. “There have been sales in the past two months and so far the response has been positive. The regulations and policy changes in the industry have not actually had an impact on these projects because these are very good locations. “I think buyers in niche and high-end projects are less sensitive to all these. I think if you are an owner and mid-term investor, you will not be affected. As an investor, my personal view is that if you want to make money from properties, your holding period has to exceed five years to reap good returns. I think that differentiates the speculators from the long-term investors,” he says. This article first appeared in The Edge Malaysia Weekly, on January 20, 2014. For more information on Building and Construction seminars, please visit www.asiapacificevents.com