PROPERTY developer Malaysia Land Properties Sdn Bhd (Mayland) seems to have the "Midas touch" as all projects developed by it have appreciated in value and in some cases, by threefold.
Mayland, whose projects include the integrated Plaza Damas development in Sri Hartamas, Kuala Lumpur, is confident that this trend will continue for the remaining projects planned at the site.
The entire Plaza Damas project, which started in 1998, is located on a 5.95ha site with Phase 1 and Phase 2 taking up 3.54ha.
Mayland is now developing its RM800 million Plaza Damas 3 that will include serviced apartments and possibly a hotel.
"Our track record has spoken for itself. We do not know of anyone who has bought from Mayland and did not make money. We want our customers to make money," its director Winnie Chiu told Business Times in an interview.
She quoted the examples of its Parklane block of shop offices where 91 units were sold from RM880,000 each in 1998 and today their value has appreciated to RM2.5 million.
Its Waldorf and Windsor apartments in Phase 1, which were sold in December 2007 have appreciated in value to RM240,000 from RM141,000 for the 480 sq ft unit, in less than two years.
Chiu expects the same kind of results for its new launches.
In fact, Mayland's projects are so popular, they are snapped up even before they are advertised. And 50 per cent of its purchasers are repeat customers.
"We sold our 72 units of shop offices in Phase 3 within half a day. It was even before we sent out our advertisement for print," she said, adding that each unit costs RM2.3 million.
According to Chiu, Mayland saw a dip in sales in November 2008, which continued until March this year. However, she is no longer worried as she believes that confidence in the market has returned.
"We are seeing a huge pick-up in sales," she said.
Mayland still has available some 5 per cent of 185 units of serviced apartments in Carlton@Sri Hartamas and 30 per cent of its 230-unit Chelsea@Sri Hartamas for sale.
The pricing for a fully furnished unit starts from about RM820 psf for units measuring 500 sq ft to 955 sq ft.
As part of its plan to make Plaza Damas an integrated development, it is also looking at the possibility of having a hotel in Plaza Damas 3.
Plaza Damas 3 will then be linked by an overhead bridge to Hartamas Shopping Centre and Plaza Damas 1 and 2 within two years.
Source from btimes.com.my
DIJAYA Corp Bhd's (5401) development at the 250ha Tropicana Golf & Country Resort in Petaling Jaya, Selangor, is almost reaching the tail end, with the scheduled December launch of the RM745 million Tropicana Grande and Tropicana Avenue project.
The two are are among the final three or four developments left in Tropicana.
According to managing director Datuk Tong Kien Onn, there is only 3 per cent or 7.5ha of land to develop in Tropicana. Tropicana Grande and Tropicana Avenue will use 2.08ha and 2.3ha each.
The remaining land will be used to construct purpose-built office towers for investors, Tong told Business Times in an interview in Petaling Jaya.
Tong said Tropicana Grande is the last residential development in Tropicana and he is expecting brisk sales at the launch as it has ready buyers.
Tropicana Grande will featuring four crystalline blocks. It will offer 300 units, priced from RM600 per sq ft, Tong said.
"We are optimistic of sales. The market is improving and there is demand for properties overlooking a golf course. Our pricing is less than half of what is being offered at the KLCC area," Tong said.
Dijaya is targeting existing Tropicana home buyers, and investors from Singapore, Dubai, Hong Kong, South Korea and Japan.
To accelerate sales from foreigner property buyers, Dijaya will launch Tropicana Grande in Singapore in December, Tong said.
Tropicana Avenue, a lifestyle commercial development, will comprise three blocks of nine and 11 storey offices, worth RM205 million.
There will be 359 shop offices and 38 loft offices parked in seven to nine floors, that will seat on top of 50 retail lots in two floors.
"At the moment, we are looking to lease the retail units to control the mix so we can create a lifestyle for our buyers. We will be selling the office suites at RM350 per sq ft," Tong said.
Tong said he expects Dijaya to surpass its 2009 revenue target of RM260 million this year, attributed by sales from the new properties.
Over the past seven months, Dijaya has achieved RM215 million in sales, or 70 per cent of its target.
For the financial year ended December 31 2008, Dijaya posted RM244 million in sales.
Source from btimes.com.my
TH PROPERTIES Sdn Bhd, the property arm of Lembaga Tabung Haji, will launch RM50 million worth of shoplots at its Bandar Enstek township in Nilai, Negeri Sembilan, next month.
Its chief executive officer Zaharuddin Saidon said this would be the first time it launches commercial units within the development.
Bandar Enstek is developed by TH-NSTC Sdn Bhd, a 70:30 joint venture between TH Properties and the Negeri Sembilan State Development Corp.
So far 30 per cent of the 2,046ha township has been developed with 1,200 units of single and double-storey terraced houses, bungalows and semi-detached houses built and occupied.
The whole development, comprising residential, industrial, commercial and institutional components will be completed by 2025 with an estimated gross development value of RM9.2 billion.
"Developments are moving on as scheduled. We feel it's time to add some shoplots to cater for the existing homes. We are positive on the take-up as there is a long wait list," Zaharuddin said.
Zaharuddin was speaking to Business Times in Kuala Lumpur yesterday, after inking an agreement with Hiraki Timur Sdn Bhd.
Hiraki is the operator of Kolej Teknologi Timur (KTT) and it plans to set-up a campus on 3.2ha in Bandar Enstek, for RM25 million to RM30 million.
The event was witnessed by Deputy Minister of Higher Education Datuk Saifuddin Abdullah.
Hiraki Timur will move its current main campus in Bandar Baru Salak Tinggi, Sepang to Bandar Enstek when the new facility is ready by early 2012.
Zaharuddin said TH-NSTC has, since 2002, received investments of over RM1 billion from the government and private sectors to set up universities and colleges.
The Education Ministry and Higher Education Ministry bought 400ha to set up nine colleges and institutions such as Tunku Kursiah College, Aminuddin Baki Institute, Maktab Perguruan Teknik and Pusat Latihan Bahasa Inggeris.
The properties are under construction and will be ready between 2012 and 2013.
Kuala Lumpur Education City Sdn Bhd, led by Tan Sri Dr Kamal Salleh, is planning Kuala Lumpur Education City, which will feature five foreign and two local universities on 200ha.
Cempaka Group of Schools is also setting up an international secondary boarding school for RM95 million.
"Our focus plan for the township is a knowledge-based development and we are heading there," Zaharuddin said.
Source from btimes.com.my
TH Properties and the developers will build super size luxury bungalows, each standing on 0.4ha, marketed under Malaysia My Second Home.
TH Properties Sdn Bhd will launch by mid-2010, two luxury housing projects worth RM1 billion at its 2,046ha freehold Bandar Enstek development in Nilai, Negri Sembilan, in a joint venture with developers from India.
Chief executive officer Zaharuddin Saidon, who declined to reveal the developers, said each developer will be given 40ha of land to develop under the joint-venture agreement
Zaharuddin told Business Times that they will build super size luxury bungalows, each standing on 0.4ha, marketed under Malaysia My Second Home.
He added that the bungalows would be sold to high networth individuals from India, the Middle East and Singapore.
It is learnt that each bungalow will sell for around RM5 million.
"We can't reveal more details as the agreement is still being finalised. We hope to sign it next month. The developers are preparing the master plan for approval," Zaharuddin said.
"In terms of development value, the Indian partnership will be our biggest investment from overseas into Bandar Enstek."
Zaharuddin said TH-NSTC Sdn Bhd, the developer for Bandar Enstek had been approached by the developers at the start of the current year and initial talks have led to the signing of a memorandum of understanding in March.
He said TH-NSTC is open to similar JVs with local and foreign developers but they should be able to add value to the township and bring in their own market catchment.
"We will consider allocating land to them to develop but we will be cautious in our approach. We rather do it ourselves while we can," Zaharuddin said.
TH-NSTC is a 70:30 venture between TH Properties, the property development arm of Lembaga Tabung Haji, and the Negeri Sembilan State Development Corporation, respectively.
The project is 30 per cent developed with 1,200 units of single and double-storey terraced hou-ses, bungalows and semi-detach-ed houses built and occupied.
The entire development will feature residential, industrial, commercial and institutional components with properties worth RM9.2 billion.
The project is scheduled to be completed in 2025.
Source from btimes.com.my
Niecon Development aim to sell the remaining units of 'The Oracle' to high networth individuals in Malaysia within the next three months
NIECON Development aims to sell about a fifth of its A$850 million (RM2.4 billion) luxury twin-tower apartment project in Australia's Gold Coast, dubbed "The Oracle", to Malaysian investors.
The 515-apartment project, located on Broadbeach, Gold Coast, is 83 per cent sold with prices averaging A$1.4 million per unit (RM4.11 million).
The bulk of the buyers are Australians and the rest from Malaysia, Singapore, China, Russia and the UK.
Chief executive officer of Jalin Realty International Pte Ltd, the exclusive marketing agent for Niecon in Malaysia, Ian T.K. Chen, said although the apartments are expensive and the market is soft, the units were sold in six months from its launch.
The Oracle is one of the most prestigious projects in Australia and interest is strong as it is close to Jupiter's casino and the Gold Coast Convention Centre.
Launched in early 2008, it features 510 units of 1-3 bedroom apartments ranging from 850 sq ft to 3,000 sq ft, worth A$690,000 to A$3 million (RM2.2 million to RM8.8 million).
The two duplexes are worth up to A$5 million (RM14.7 million) each, and three penthouses for over A$9 million (RM26.46 million) apiece.
Chen said one penthouse was recently sold for A$9.6 million (RM28.22 million), smashing the Gold Coast record for highest penthouse value transacted.
"Australians are relatively wealthy and people are buying into The Oracle because it is an iconic building with beach frontage," Chen said in an interview in Kuala Lumpur yesterday.
The Oracle is being developed on 8,000 sq m of offices and 4,500 sq m of retail space, making its appeal more attractive to buyers. The whole development, which will be completed by end-2010, is worth A$1 billion (RM2.94 billion).
Chen added that Gold Coast is the fastest growing regional city in Australia currently.
He said since The Oracle was launched, the value of the apartments have appreciated by 10 per cent and he expects the trend to continue year-on-year, as it has for other properties in the region.
"We aim to sell the remaining 77 units of the 1-3-bedroom apartments to high networth individuals in Malaysia within the next three months. We have a long list of potential buyers," Chen said.
The units will be launched tomorrow at Mandarin Oriental Hotel in Kuala Lumpur.
According to the Australian Bureau of Statistics, Malaysia ranked 10th in terms of top investors in Queensland in 2008.
"Malaysians spent A$22 million (RM64.68 million) to buy residential properties, a bulk of which are in Gold Coast. So we are confident of sales here," Chen said
Property developers should be cautious and not overbuild just because the property market appears to have bottomed out in the second quarter, said Real Estate and Housing Developers Association (Rehda) president Datuk Ng Seing Liong.
Developers were optimistic of a stronger uptake of properties in the second half of the year as the property market appeared to be recovering, he said.
“But they should remain cautious and not overbuild,” he told reporters at the 20th National Real Estate Convention themed Recalibrating the Fundamentals in the Malaysian Real Estate Market yesterday.
Ng noted that many developers were still worried about clearing their inventory and reducing property overhang.
“Their concerns include completing on-going projects in time, softening property prices and high marketing expenses,” he said.
At the end of the first quarter, the housing property market recorded 544,926 units of incoming supply against 669,554 units of planned supply, Rehda figures showed.
The number of completions and starts of residential projects increased in the first quarter, but new building plan approvals had dwindled, compared with the fourth quarter last year, according to Rehda.
“With the property market improving, developers need to be innovative, creative and focus on what the market demands. It’s good to see some developers embracing the green concept in the construction of buildings,” Ng said.
A Rehda survey in May on 105 developers from peninsular Malaysia showed that 32% respondents launched new projects in first half of the year while 68% did not.
The survey said 30% of the 105 developers experienced “static performance” in their launches, while 38% reported worsening sales with a majority stating that they had experienced a 30% or more reduction in sales.
Source from thestar.com.my
The only commercial development in Pantai Hillpark taking shape; show unit now open for viewing
Ahead of its completion in early 2010, YTL Land & Development’s CENTRIO is once again set to create a surge of interest amongst property buyers, when it opens its first-ever SOHO (small office/home office) show unit for public viewing. As the only commercial hub in the highly popular Pantai Hillpark address, CENTRIO features an eclectic mix of duplex SOHO suites, boutique offices and trendy retail stores, to serve the community’s needs in the 90-acre urban renewal development. 
Designed with a difference while staying true to Pantai Hillpark’s signature Mediterranean theme, CENTRIO pulls together modern spaces to deliver a new age of working and living. Cozy office suites that open out to garden views, spacious and stylish SOHO suites that offer open sundecks and tranquil private gardens are just some of CENTRIO’s unique offerings.
The introduction of CENTRIO came to be following YTL Land’s research that revealed an increasing number of young people were looking for living space that offered unlimited flexibility to do whatever they wanted; with many of them wanting to work from home. Its debut back in December 2006 proved to be a hit for this low-rise boutique development with 70% of the development sold in three days.
“CENTRIO’s launch in 2006, clearly demonstrates a rising trend of property buyers who are thinking differently about the way they want to live and work, appreciating the flexibility that our duplex SOHO suites and boutique offices have to offer,” said Dato’ Yeoh Seok Kian, Executive Director of YTL Land & Development Berhad.
“We are confident that the development will continue to attract new buyers and set new benchmarks for SOHO living in Malaysia, as more and more investors realize the investment potential of CENTRIO’s unique designs, features and strategic location,” he added.
In conjunction with the opening of the show unit, YTL Land also announced a new financial package that would give buyers, savings of up to RM150,000. This offer is only for limited time period only.
SOHO suites come in eight varieties, offering buyers varied options in terms of space and design at a starting price of RM550 per square foot. CENTRIO’s more recent offerings include the pool-view SOHO suites that offer residents the convenience of being situated closest to common facilities like meetings rooms, a yoga studio and gym. Spacious and stylish, the one-of-a-kind boutique garden offices are stunning duplexes that come with dual garden entrances, dual views, and large picture windows. With security and privacy a top priority in the development’s design, there will be completely separate access points for residential, office and retail spaces.
CENTRIO’s appeal and value was recognised recently when it clinched four awards at CNBC Asia Pacific Property Awards 2009, for ‘Best Mixed Development’ and ‘The Architecture Award’ under the Commercial category and ‘Best Architecture’ and ‘Best Property Marketing’ in the Residential category.
About CENTRIO at Pantai Hillpark
CENTRIO features an eclectic mixed development of exclusive habitats (SOHOs), boutique offices and trendy retail stores that pull together modern spaces for people to live, work and play in. It is also the only commercial development within Pantai Hillpark, which is developed by YTL Land & Development Berhad.
Individuality and uniqueness are the key promise of CENTRIO, with its SOHO suites (small office/home office) reflecting homeowners' demand for clean open spaces that can be interpreted with a distinctly personal touch. They come with unique features like double volume space, stunning floor-to-ceiling or windows, spacious rooftop gardens, illuminating skylights as well as open sundecks above units, all of which are unheard of in other comparably sized SOHO developments in the market.
To add to its one-of-a-kind nature, CENTRIO’s SOHO suites comes with a host of amenities like a lap pool, a fully equipped business centre and shared conference rooms, which make the work/home experience seamless and enjoyable. Furthermore, the lush modern landscaping by renowned landscape architect SekSan serves to enhance the overall development’s value, while making a distinct aesthetic statement.
CENTRIO’s location in the highly strategic Pantai area also add to its strong commercial appeal, being situated between KL’s central business district and PJ’s fast emerging commercial hub. Bearing in mind the mixed nature of the development, security was a top priority in the development’s design, ensuring that residential, office and retail spaces have completely separate access points in order to ensure the safety and total privacy of residents.
Source from ytlcommunity.com
GUOCOLAND (Malaysia) Bhd is targeting to launch an integrated high-end development in Damansara Heights, Kuala Lumpur, by the end of this year.
As the property arm of the Hong Leong Group, the project known as Damansara City will be worth about RM2 billion.
The 3.4ha project will comprise two landmark office towers, two blocks of luxury condominiums, a five-star boutique hotel that will be managed by the UK-based Thistle Group, and a 300,000 sq ft retail mall with four levels, the first in Damansara Heights.
Damansara City was due for launch in June 2008 but was held back as GuocoLand had wanted to fine-tune the design and layout for each of the components.
"We hope the building plans would be approved soon so we could launch the project by December and commence work on the basement and super structures. The foundation is ready," GuocoLand executive director Chan Chee Meng said.
Chan said that GuocoLand will launch the office towers first, and sell them en-bloc.
He added that GuocoLand has been approached by Malaysian as well as overseas buyers.
"The market for high-end condominiums at the KLCC area has been soft since last year but we reckon that office buildings in prime locations will be much sought after, especially in Damansara. Therefore, we will launch the office space first.
"We were approached by interested parties for the office blocks because of the prominence of the project. Talks are on-going but we are not committed yet," Chan said.
On whether the condominiums will go en-bloc, Chan said GuocoLand will look at selling the units individually, or in bulks.
"This is one of the last prime pieces of land left in Damansara Heights so there will be demand for luxury condominiums. We will look at the market situation before launching," Chan said.
On the hotel, Chan said it will be called Gouman.
Thistle Group owns two brands namely Gouman, which is the name for five-star hotels, and Thistle for four-star properties.
Source from btimes.com.my
DIJAYA Corp Bhd (5401) is targeting to launch Tropicana Residences, its first foreign housing project worth almost RM1 billion in Hyderabad, India, in the second half of next year.
Selangor-based Dijaya, renowned for its flagship 250ha Tropicana Golf & Country Resort in Petaling Jaya, will develop the project on a joint venture (JV) basis with India's Telangana Spinning & Weaving Mills Ltd (TSWML).
Dijaya had signed a development agreement with TSWML in late 2006.
A JV company, known as Dijaya-Malind JV (Mauritius) Ltd was formed to develop the 10.2ha of land owned by TSWML, in Balanagar in Hyderabad.
Dijaya holds majority of Dijaya-Malind.
Managing director Datuk Tong Kien Onn said the JV was slow in launching the development due to 'road blocks' along the way especially during the planning stages.
"We are still waiting for certain approvals. We have applied to increase the height of the buildings. The layout approvals are also pending. We are not pushing for it as the market in India is soft at the moment," Tong said.
Tropicana Residences will feature 17 blocks of 10-storey and 18-storey apartments, with a total of 2,500 units.
There will also be 500,000 sq ft of commercial space for shopoffices and a retail mall.
Tong said the development will take 5-6 years to complete, depending on market conditions.
"We expect the project to contribute positively to our earnings. We will look at India as a long-term market. We will monitor the progress of Tropicana Residences before expanding further," Tong told Business Times.
Dijaya has, since the 1990s, harboured intentions to develop properties abroad. It was exploring countries such as Myanmar, China and Vietnam but halted plans when the economy slowed.
Tong added that Dijaya will consider exploring Vietnam and China when the market improves.
"When we go overseas, we prefer to do middle to middle-upper developments, specifically residential with some commercial elements," Tong said.
Tong said Dijaya will raise new funds or borrow, for overseas developments.
Locally, Dijaya's projects are centred in Petaling Jaya. Besides the Tropicana Resort development, its projects are Damansara Indah Resort Homes, Damansara e-Business Park and Tropicana City.
Source from btimes.com.my
Hap Seng Consolidated Bhd on Fridaytoday signed an agreement with CapitaLand Limited and Amsteel Corporation Bhd to acquire their entire shareholding in Inverfin Sdn Bhd.
The acquired shares represent a 50 percent stake in Inverfin, which in turn owns Menara Citibank, a 50-storey office building in the Kuala Lumpur City Centre.
Hap Seng's group managing director Datuk Edward Lee Ming Foo said the acquisition will be funded by new bank borrowings and internally generated funds.
The group has proposed to obtain bank borrowings for up to RM200 million to finance the proposed acquisition, he said in a statement today.
The acquisition consideration of the Inverfin shares from CapitaLand and Amsteel is based on 50 percent of the net asset value of Inverfin as at June 30, 2009, taking into consideration the agreed property value of Menara which is fixed at RM607,448,952.
With the acquisition, the gearing ratio of Hap Seng is expected to increase marginally from 1.06 to 1.14 based on its audited accounts as at Dec 31, 2008.
According to Lee, the demand for prestigious office space in the heart of the Golden Triangle has not waned despite the global economic downturn.
"Based on our experience in the market, we expect demand to remain robust, if not improve, while supply is naturally kept limited in super-prime areas such as these," he said.
Menara Citibank sits on a parcel of freehold land measuring 12,700 square metres and has a net rentable area of 68,000 square metres.
"The unique propositions of Menara Citibank offer both the potential for rental growth as well as capital appreciation," Lee said.
"This will bode well for our group in terms of sustained recurring income and long-term value for our property holding and development division," he said.
-- Bernama
The second phase of the mixed development project dubbed 'The Atmosphere' will be launched on Saturday.
EXPORT-ORIENTED plywood producer Eksons Corp Bhd (9016) expects its maiden property project in Seri Kembangan, Selangor, to be close to RM1 billion in gross development value (GDV) over five years.
Eksons, listed on Bursa Malaysia's main market and records about RM300 million revenue per year, owns 60 per cent of the mixed development project dubbed "The Atmosphere".
Tempo Properties Sdn Bhd, a Seremban-based boutique property developer, holds the remaining 40 per cent of the project sprawling some 20.23ha, its location considered as "the heart of the Golden Triangle of southern Klang Valley".
"We are scouting for more (property) projects with Tempo," Eksons director Tang Seng Fatt told a news briefing yesterday on The Atmosphere's second phase that will be launched on Saturday.
Eksons specialises in the manufacturing of tropical thin plywood and operates two factories in Sibu and Tawau, with a combined capacity of 285,000 tonnes per year.
Over 90 per cent of the company's output is exported mainly to the US, the Middle East, North America, North Africa, Taiwan and South Korea.
Tempo, meanwhile, has been involved in property development for more than 10 years. Its projects include Taman Cengal Utama, Taman Prima Tropika and Medan Suria in the Klang Valley.
Tempo chief executive officer Khoo Boo Hian said the second phase of The Atmosphere is expected to generate a GDV of RM300 million and will be ready in two years.
Its third phase, due to kick off in 2011 or 2012, is expected to churn out RM600 million in GDV.
Eksons and Tempo Properties have secured RM23.5 million from the sale of its first phase covering 3.64ha that will entirely be occupied by the Giant hypermarket.
(Location map - click on it to see larger image)
The Atmosphere is marketed as the premier lifestyle commercial development.
"It will be a hub for culture, nature, lifestyle and community for people from different walks of life," Khoo said.
Phase Two is divided into five themed segments with a total of 136 units of shopoffice, designer SOHO (small office home office) suites, boulevard shops and retail outlets.
The units are priced from RM860,000 onwards.
MALAYSIAN property group Sunway City may revive a US$860 million plan to float its property assets via a REIT next year when market conditions recover, a top company executive said today.
“We will certainly go forward with the REIT. The only question is the right timing,” said Ngeow Voon Yean, managing director for property investment at Sunway City.
The listing plan will see Sunway City, Malaysia’s sixth-largest developer by market value, injecting its retail property assets such as shopping malls, hotels and theme parks into an investment trust.
The listing plan was stalled earlier this year after the global financial crisis, triggered by the U.S. subprime mortgage crisis, caused sharp falls in world stock markets.
“These few months will be a good signal to see where we are heading but frankly, whatever we are looking at will be next year,” Ngeow told Reuters in an interview.
Sunway may also revive a project worth “a few hundred million ringgit” to build an office tower later this year, to tap low interest rates and falling building material prices, Ngeow said.
Source from bernama.com.my
UEM Land Holdings Bhd expects growth for its Nusajaya township to start gathering momentum from 2011 as more infrastructure and other projects near completion.
Managing director Wan Abdullah Wan Ibrahim said the year would mark the starting point for many large-scale projects in Nusajaya.
At the same time, work on other major projects would also be done by then.
Among the projects that would be completed by 2011 are the coastal highway linking Johor Baru, quarters for state government staff and the federal government agency complexes.
The Legoland theme park would also be in its finishing stage.
"The tipping point for growth to spurt in Nusajaya would be in 2011. That is when a new pace of development begins and the environment in Nusajaya and Iskandar Malaysia would pick up pace," said Wan Abdullah during a question-and-answer session after a briefing on projects under Iskandar Malaysia.
Housing and Local Government Minister Datuk Kong Ho Cha, who was on his first visit to Nusajaya with his deputy Datuk Lajim Ukin were among those at the briefing in Nusajaya, near Gelang Patah, Johor.
Also present were Iskandar Regional Development Authority chief executive officer Harun Johari and Iskandar Investment Bhd managing director Arlida Ariff.
Wan Abdullah said Nusajaya already has the volume in terms of residents as 11,000 houses in the township were already occupied.
Foreigners also make up almost two thirds of high-end homes such as the East Ledang project.
When asked about a public housing project which would cater to people working in the area, Wan Abdullah said the efforts would be made to ensure only qualified tenants would get the houses.
UEM Land Holdings is the developer of Nusajaya's main features such as the state administration complexes of Kota Iskandar, Puteri Harbour, Southern Industrial and Logistics Clusters and Alfiat Healthpark and residences.
Source from btimes.com.my
Some RM400 million worth of luxury properties are expected to be sold by the end of the three-day iProperty.com Expo "Luxury Collection", which features high-end properties locally and abroad.
About US$2 billion (RM7.08 billion) worth of luxury properties, award-wining townships and developments are being showcased by top local and foreign developers at the expo.
iProperty.com chairman Patrick Grove said two properties have already been sold by a local developer in the morning the expo started.
While Malaysia's property sector is not shielded from the global recession, he said, investors still see Malaysia as one of the cheapest in Asia to buy property.
"This is a testament of the strong Malaysian property market and is also indicative that luxury real estate everywhere is still, undoubtedly, a hot commodity," he said at the launch of the expo by Housing and Local Government Minister Datuk Seri Kong Cho Ha in Kuala Lumpur yesterday.
Also present was iProperty.com Group chief executive officer Ken Tsurumaru.
The luxury property exhibition, which ends tomorrow, is organised by iProperty.com, a subsidiary of the iProperty.com Group, which owns and operates property and real estate website and property magazine.
Grove said property prices in Malaysia's luxury segment have dropped between 10 per cent and 20 per cent since the start of the global economic crisis, while prices in the mass market have maintained or increased a little.
"But there are some indications since last month that prices are picking up.
"Traffic at our website shows that people are window-shopping but they have not made purchases yet," he said.
Last month, the company's website, iProperty.com Malaysia, registered the highest traffic of one million, up from 900 in May and 800 in April.
The average number of online visitors to its website last year was 750.
"This indicates that people's confidence is returning," he said.
This is the fifth year iProperty.com is organising the expo, which serves as an avenue for buyers and investors to expand their financial portfolio.
Grove said some 15,000 high net-worth individuals and institutional buyers from local and internati onal markets are expected to visit this year's expo, which showcases award-winning properties and luxury townships by Malaysia's top developers in high-growth areas such as Kuala Lumpur, Putrajaya, Petaling Jaya, Penang and Johor.
Luxury properties from key cities around the world including London, Sydney, Melbourne, Gold Coast, Brisbane, Perth and Singapore are also available.
The event, which is participated by 80 local and international developers and investment organisations, also features property and investment seminars covering various topics.
Source from btimes.com.my
Guocoland (Malaysia) Bhd (1503), the property arm of the Hong Leong group, will roll out the remaining properties, worth RM1.7 billion, at its Emerald Rawang township in Selangor over the next six to seven years.
The 400ha Emerald Rawang, divided into Emerald East and Emerald West, is a 50:50 joint venture (JV) between Guocoland and Hong Bee Land Sdn Bhd (HBL).
HBL is part of the diversified Hong Bee group, controlled by the low-profile Gan family.
Since the project started in 2001, some RM400 million of properties, comprising 1,300 double-storey link, semi-detached and detached houses, have been built and sold.
Guocoland executive director Chan Chee Meng said the joint-venture company has been busy developing the infrastructure, a nine-hole golf course, and clearing hills in the past 12 months.
“We are investing RM100 million to do that and works are nearing completion. We will speed up development of the properties after this, in line with demand,” Chan said at the launch of the Emerald sales gallery in Rawang, Selangor, yesterday.
The project offers double-storey link, semi-detached, detached and cluster homes, totalling 3,700 units.
From now until December, the joint-venture company will launch two phases each in Emerald East and Emerald West, with houses worth more than RM100 million, Chan said.
There will also be a Chinese school and shoplots, which will be ready by 2011 or 2012.
HBL is also forming a joint venture with the Jusco group to set up a departmental store and hypermarket at Emerald Rawang, which will open at around the same time.
“We are optimistic of positive sales. The economy is recovering, interest rates are low and there is high demand for gated and guarded housing. Our project has key attributes such as freehold status, modern designs and the golf course.
“Our houses are also affordable. A semi-detached house at the township is worth around RM500,000, while the same product in Klang, Subang or Puchong could cost around RM1 million,” Chan said.
He added that depending on demand, the joint-venture company may buy pockets
of land nearby to develop the township further.
Source from btimes.com.my
The slew of property launches and speedy take-up rates lately are signs that the local (property) sector is on a quick rebound from the global economic downturn.
In its latest report, HwangDBS Vickers Research said the local high-end property sector had been on an uptrend, with developers raking in quick profits from project launches.
Among them were DNP Bhd’s Verticas condominiums in Bukit Ceylon, Kuala Lumpur, which saw 60% of the 50 units soft launched being taken up.
En bloc buyers also snapped up 93% of non-bumiputra units launched (last month) at IJM Land Bhd’s Light Linear project in Penang.
“We see demand for high-end units returning, which could re-rate the sector,” said HwangDBS.
It also highlighted Eastern & Oriental Bhd’s St Mary serviced apartments in Kuala Lumpur (launched in June, 80% take-up in five days) and SP Setia Bhd’s Sky Residences condominiums in KL (previewed in September 2008, with an average 70% take-up so far).
“Developers are more confident now to resume launches, which should lead to faster earnings recovery. Selling prices may soon be raised and incentives gradually pulled back, resulting in margin expansion for developers,” HwangDBS said.
An analyst from a local bank-backed brokerage said the take-up rates were not surprising, given the developers’ good reputation.
“These developers aren’t your fly-by-night type of developers. They have very good reputation and solid track record. The average investor or house-buyer is more likely to park his money with a well-known developer, knowing that his money would be safe,” he said.
Another analyst said the property sector was making a comeback in the region. In the last few months, Hong Kong, Singapore and China had seen strong surges in property demand, she said.
“There’s so much liquidity with nowhere to go. This is one of the safest ways to fight inflation. Putting your money in the bank basically means being eaten up alive by inflation.
“Malaysian property is generally still very affordable. If you don’t buy one now, it will be even more difficult to afford it next time. The 2% interest you get from banks is nothing,” she noted.
HwangDBS also highlighted the Malaysia Property Inc, a joint public-private sector initiative aimed to attract foreign investments worth RM20bil in the domestic real estate sector over the next 10 years.
“The recent liberalisation measures (abolishment of local equity ownership requirement for mergers and acquisitions and Foreign Investment Committee approvals) should help boost both foreign and local demand for Malaysian properties.
“Previous policy changes (waiver of real property gains tax and monthly EPF withdrawals) introduced just before the financial crisis have yet to be fully felt and could be strong catalysts during a recovery,” it said.
Source from thestar.com.my
