Andaman targets RM1bil, planning 3,000 Soho units in Johor Baru

Tiew with a model of one of his projects in Perak.

PETALING JAYA: Andaman Property Management Sdn Bhd is eyeing property sales of at least RM1bil next year, according to managing director Datuk Seri Dr Vincent Tiew.
“We hope to achieve the sales from our projects with various launches lined up in every quarter. The market is picking up but it is only for selected products and market segments.
“The products are important to ensure sales are generated,” Tiew told StarBiz yesterday.
“Even though the base lending rate has increased which means an increase in the cost of funds, we see that people are still buying properties,” Tiew said.
Apart from the headline sales figures that it is targeting, the company is also more concerned about the conversion into actual sales from these figures.
“It is not only about being able to sell but also whether we can convert them into actual sales, after the loan procedures are approved.

“The successful industry conversion rate is only around 60%, based on what I know,” he said.
“This means that for every 10 units sold, four buyers would not be able to secure loans. So we will have to find four new buyers,” Tiew added.
The second half of the year had seen Andaman launching its Evo Soho Suites in Bandar Baru Bangi which had secured more than 90% sales and about 75% of the buyers have secured loans to-date.
“We launched this project in the third quarter of the year. And the total gross development value is about RM230mil for the Evo Soho alone.
“We are very happy with the results and the response of the buyers – and it is a good sign for developers that we are ready to go full swing,” Tiew said.
Andaman will launch its Upper East at Tiger Lane in Ipoh, Perak, in the fourth quarter of 2014 with a gross development value (GDV) of RM330mil for 529 units.
In the first quarter of 2015, the company is planning to launch more than 3,000 Soho units in Johor Baru with a GDV of about RM600mil.
The second quarter of 2015 will see Andaman launching the RM600mil Soho units at Ampang, Selangor.


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Signature inks land deal

PETALING JAYA: Signature International Bhd’s wholly owned subsidiary Signature Realty Sdn Bhd has entered into a conditional sale and purchase agreement (SPA) for the proposed acquisition of five parcels of land for about RM50.78mil.

The SPA was with Lembaga Tabung Haji and THP Enstek Development Sdn Bhd. The five parcels, measuring 38.86 acres, are located in Negri Sembilan.

The land is meant for a new manufacturing facility that is intended to be larger and more comprehensive than Signature’s existing facility.

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Zelan receives payment

PETALING JAYA: Zelan Bhd has received 121.63 million dirhams (RM104.97mil) from Meena Holdings LLC, owner of Meena Plaza mixed-use development project in Abu Dhabi, United Arab Emirates.

In a filing with Bursa Malaysia, Zelan said the payment made on Monday was in with the terms and conditions of the second supplementary agreement (SSA). It said it would continue with the Meena Plaza project on October 1 and required 15 months to complete it, as provided under the SSA.

In April, Zelan and Meena Holdings had entered into the SSA to resolve the dispute between both parties from the contract termination about two years ago on the project.

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Live green and around nature

Kayangan Heights offers an excellent opportunity to own an exclusive bungalow that is well within the Klang Valley but away from the bustling city.

WELCOME to Kayangan Heights, a truly awe-inspiring place to set up an exquisite home. It is located away from the frenetic life of the city, yet within easy reach of modern daily necessities.
Your next home could well be surrounded by plush natural greenery and magnificent vistas of tropical forest at this upscale, gated and guarded residential enclave. Kayangan Heights is the result of meticulous planning to maximise the “green effect experience” of the tropical forest within. It is the brainchild of the developer, Amcorp Prima Realty Sdn Bhd, to preserve the best that nature has to offer. Hence, the development concept: “Inspired by the beauty of nature.”
Quality living amid awe-inspiring natural setting is the cornerstone of Kayangan Heights. The bungalows here differ strikingly from most of those that we see in the city today, which are rather cramped due to space constraints and somewhat devoid of natural flora and fauna.
There are two types of bungalows still available, Begonia Crescent and Kenanga Woods, with a minimum built-up area of 4,000sq ft. All six bedrooms have attached bathrooms.
These are completed bungalows with CF (Certificate Of Fitness) and that means you can move into your exclusive bungalow almost immediately without ado. In fact, you can see the actual units and get a first-hand feel of the awesome environment and decide which unit feels right for you and your family.
Thus, “what you see is what you get” with this “built and sell” concept without having to wait for years and paying upfront before you eventually get to move into your dream home.

With two prestigious awards – Malaysian Landscape Architecture Award (MLAA) – to its credit, Kayangan Heights embodies all that are desirable for a luxurious and tranquil living in an address of distinction. The awards bear testimony of the developer’s unrelenting efforts in developing a sustainable, eco-friendly environment.

Kayangan Heights is the epitome of quality living.

Within a 25km radius, there are several major shopping malls (Ikano Power Centre, Ikea, 1 Utama, The Curve, Sunway Pyramid, Empire Subang, Summit Subang) and modern amenities (golf clubs, hospitals, schools, colleges, universities, restaurants, cafes, workshops, petrol stations).
Here is where ancient trees and gentle streams form a picture-perfect backdrop of the 166.74ha of tropical rainforest within the residential confines.
Exclusive residential neighbourhoods, the world over, are usually located in the suburbs where there is less or no congestion. It is perhaps a compulsion of mankind to live as close as possible to a natural and healthy environment, away from all pollution. Kayangan Heights is the epitome of quality living, complete with a parkland, playground, gym, tennis court and natural lake amongst other facilities and amenities.
Residents of Kayangan Heights and their registered guests can enjoy the facilities at the dedicated clubhouse that is located within walking distance from the bungalows. Accessible via several major highways (North Klang Valley Expressway, Guthrie Corridor Expressway, Federal Highway) and with the proposed DASH expressway in the pipeline, Kayangan Heights is merely 25 minutes cruising speed away from the heart of Kuala Lumpur.
Do drop by for an exclusive tour of Kayangan Heights and view the completed bungalows of your choice. The site sales office is open daily from 10am to 5pm, including Sundays.


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High-end ‘micro-flats’ latest trend for Hong Kong home buyers

AT a glitzy show stall for a new residential development in Hong Kong, property agents with loudspeakers are promoting the latest trend in the overcrowded city — high-end “micro-flats” which still come with an eye-watering price tag. Hong Kong’s poorest residents are used to making their homes in cramped accommodation, but now developers are touting minuscule upmarket apartments to reel in young middle-class buyers. Although they are part of swish modern complexes, some of the newly-built studio flats measure as little as 177 sq feet and are on sale for HK$1.5 million (RM620,938). Single entrepreneur Mike Ko is typical of the buyers developers are targeting: aspiring homeowners who are priced out of the overheated Hong Kong housing market. Ko currently lives with his parents in public housing and has been saving to buy, but says that current price tags mean he can only afford tiny properties. Agents are selling the pint-sized flats on the basis that the market boom will only continue. “You want to buy now because prices will just go up,” said one agent at the new Mont Vert development in the suburban neighbourhood of Tai Po. “You are saving, in a sense.” Mont Vert boasts a clubhouse, sea views and surrounding greenery — but at 172 sq ft, its smallest units are only three times larger than cells in Hong Kong’s most populous prison. The main space doubles as both bedroom and living room, with a kitchen and bathroom tucked away. Developer Cheung Kong says 10% of the 1,000 apartments on offer are studios, but could not confirm how many of those had been sold. The development is not yet completed, and — despite being a massive investment for potential buyers — there were no show flats, models, or pictures of the interiors of the studio units immediately available. While some prospective buyers are desperate enough to snap up the tiny flats, there are those who are outraged by the conditions Hong Kong residents are having to bear. “They are not only small, it is repressive. You are paying that much to be living there, it’s ridiculous,” Kenneth Tong, a spokesman for local NGO “No Flat Slaves” told AFP. The organisation believes the government is to blame for a lack of affordable homes and being slow to build more public rental housing. There is a “surging need” for cheaper homes in the city, vice-chairman of Hong Kong’s pro-democracy Labour Party Fernando Cheung told AFP. “As a result, you see these very small flats that I think could be described as inhumane if you compare [them] ... with units that would be used to house refugees, or even earthquake victims, in other places,” Cheung said. With many larger and pricier flats bought by wealthy mainland Chinese buyers, the smaller homes are targeted at young professionals, university graduates and newly married couples, among others, who are seeking to live independently from their parents and are looking for more reasonable prices, he said. “It’s really mind-boggling to see how the private residential market in Hong Kong has developed to such an extent,” Cheung said. The overcrowded southern Chinese city suffers from a serious housing shortage, with property prices doubling since 2009. Half of the apartments in a quiet neighbourhood to the east of Hong Kong Island measure less than 300 sq ft and are priced around HK$5 million. But developers say they will attract single “yuppies” and young families. “A lot of people who have studied overseas and return love this kind of lifestyle,” said David Fong, managing director of the new Le Riviera tower project, private developer Hip Shing Hong. “In London, even in metropolitan New York, the flat size is both small and old. We are small but beautiful.” he said. “It’s a compromise. Everyone would love to live in much bigger flats if they could afford it,” he said. But campaigner Tong says the demand for tiny apartments is “twisted”, a product of the city’s entrenched desire for home ownership. — AFP This article first appeared in The Edge Financial Daily, on August 11, 2014. For more information on Building and Construction seminars, please visit www.asiapacificevents.com

 

Luxury hotels do fine despite fewer tourists

SINGAPORE: The hotel industry is experiencing some softness this year, in line with the sluggish growth in tourist arrivals, but luxury hotels are bucking the trend and pulling off strong growth, according to the Business Times.

A slump in visitor arrivals from Singapore’s second-biggest source market, China, is dragging down overall tourist numbers while increased competition from new hotels is contributing to a challenging environment for the hotel industry. — Reuters


This article first appeared in The Edge Financial Daily, on August 12, 2014

Tropicana records higher second-quarter net profit but revenue dips

KUALA LUMPUR: Property developer Tropicana Corp Bhd saw its second quarter ended June 30, 2014 net profit come in 133.4% higher at RM89.6 million, but revenue dipped 1.73% to RM355.88 million. In a note to Bursa Malaysia yesterday, the group attributed the higher profit to gains of RM69.9 million arising from the disposals of investment properties and a subsidiary of a jointly controlled entity (JCE). As for the six-month period ended June 30 (1HFY14), Tropicana registered a net profit of RM97.28 million, an increase of 18.44% from RM82.14 million in the corresponding period last year, while revenue declined 1.85% to RM655 million from RM667.38 million. Tropicana said in a press statement yesterday that ongoing development projects, such as Tropicana Gardens and Tropicana Metropark in the Klang Valley as well as Tropicana Danga Bay in Iskandar Malaysia in Johor, contributed to development profits in 1HFY14. The group also achieved sales of RM935 million in 1HFY14, while unbilled sales stood at RM2.7 billion. “At present, the property market in Malaysia is more subdued as a result of various cooling measures introduced by the government in the 2014 Budget.” It said the group is preparing to launch new phases consisting of terrace houses in Tropicana Heights, Kajang, and the third serviced apartment block in Tropicana Gardens, which is a mixed residential development located in Kota Damansara. The property player intends to focus more on development activities within the central region, where it has more than 1,000 acres (404.7ha) of development land, with a potential gross development value (GDV) of RM24.5 billion. It includes the 863-acre Tropicana Aman in Canal City, which has been earmarked for an integrated township with a potential GDV of RM13 billion for which the maiden launch is expected by the end of this year. Based on its ongoing projects, the group expects to deliver a satisfactory performance in 2014. This article first appeared in The Edge Financial Daily, on August 29, 2014. For more information on Building and Construction seminars, please visit www.asiapacificevents.com