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ISSUE 9, SEP/OCT 2013

BUDGET 2014: HOW BADLY AFFECTED WILL BE THE PROPERTY MARKET

SUBURBS - THE NEW CITIES?

BUKIT BINTANG STILL THE DOMINANT SHOPPING HUB OF KUALA LUMPUR

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focus: post budget 2014...

BUDGET 2014:

HOW BADLY AFFECTED WILL BE THE PROPERTY MARKET Home ownership is a universal aspiration and Malaysians are no different. The desire to own the roof over one’s head has become a national fixation and strong emotions are aroused when one finds that that his dream of buying his coveted dream home has moved out of his reach. Elections may even be lost over this issue. The significant price increases registered by the residential property market since 2008 has created a lot of unhappiness and there have been calls by various quarters for the government to step in to rein in the galloping price increases. The authorities have responded and have implemented various measures in the hope that they will be sufficient to cool down the market, arrest the price increases and prevent an asset bubble from forming. The measures that have been taken over the past few years include reinstating the RPGT (which was exempted in 2007 as part of the government’s efforts to boost the then stagnant property market) and gradually increasing the top tier tax rate to 10% and then 15%, introducing a 70% cap on the LTV ratio for those taking their third property loan onwards and requiring financial institutions to use the borrower’s net income to calculate his loan eligibility. Although these measures had some measure of success, they were deemed not sufficient to arrest the rapid price increases. The government introduced further cooling measures in the recently unveiled Budget 2014. The key policies announced in Budget 2014 which were related to the property market are summarised in the next following pages: 2

HB HERALD. SEP/OCT 2013


Real Property Gains Tax (RPGT) The Budget announced a significant increase in the RPGT tax rates. A comparison of the old and new tax rates is shown in Table 1 and 2. Minimum price threshold for foreigners The minimum price of property that can be purchased by foreigners will be raised from the current RM 500,000 to RM 1 million. Developer Interest Bearing Schemes (DIBS)

Table 1: New RPGT, effective Jan 2014

Disposal

RPGT rates (%) Companies

Individual (citizens/PRs)

Individual (non-citizens)

Within first 3 years

30

30

30

In the 4th year

20

20

30

In the 5th year

15

15

30

In the 6th & subsequent years

5

0

5

Table 2: Old RPGT, from Budget 2013

Disposal

RPGT rates (%) Companies

Individual (citizens/PRs)

Individual (non-citizens)

Within first 2 years

15

15

15

In the 3th year

10

10

10

In the 4th year

10

10

10

In the 5th year

10

10

10

In the 6th & subsequent years

0

0

0

Effective January 1st 2014, developers will be prohibited from incorporating DIBS schemes into their projects and financial institutions are prohibited from providing end financing for projects involved in such schemes. Together with this measure, developers are now required to provide a breakdown to show the value of the incentives and freebies offered and the actual selling price of the house. DIBS is a joint promotional package put in place by developers and banks to boost property sales and has become a popular easy entry package for property buyers. Under this scheme, the developer picks up the mortgage interest payments incurred on the buyers’ loans during the construction of a project and the buyer only has to pay the down payment (usually about 5-10% of the purchase price) and nothing else until completion. DIBS minimizes the upfront payment that buyers need to fork out thus making it very easy and attractive to buy properties launched by developers. Affordable housing a) An estimated 223,000 units of new houses will be built by the government and the private sector in 2014 to further increase access to home ownership at affordable prices. b) The Government will allocate a sum of RM578 million to the National Housing Department (JPN) for the building of 16,473 low cost housing units.

Effective January 1st 2014, developers will be prohibited from incorporating DIBS schemes into their projects and financial institutions are prohibited from providing end financing for projects involved in such schemes. c) The Government will allocate a sum of RM 1 billion under the affordable housing scheme to supply 80,000 housing units. The sales price of the houses will be 20% lower than market prices. d) The Government aims to introduce the Private Affordable Ownership Housing Scheme (MyHome) to encourage the private sector to build more low and medium-cost houses. The scheme will provide a subsidy of RM30,000 to the private developers for each unit built. Preference will be given to developers who build low and medium-cost houses in areas with high demand and limited to 10,000 units in 2014. The scheme is for housing projects approved effective from 1 January 2014 with an allocation of RM300 million. HB HERALD. SEP/OCT 2013 3


Additional allocations for maintenance & rehabilitation of abandoned projects a) RM100 million will be provided to the 1Malaysia Maintenance Fund under the Ministry of Urban Well-being, Housing and Local Government. b) The Government will also allocate RM82 million to rehabilitate 20 abandoned housing projects involving 8,197 houses. Goods & Service Tax (GST) a) The Budget announced that GST will be introduced in April 2015 with an introductory tax rate of 6%. b) Certain basic necessities like essential food items, electricity (up to 200 kWh) and water consumption for domestic users, public transport, private education services, financial services, life insurance, private healthcare and land and state or federal government services will be included in a list of zero rated items or tax exempt supplies exempted from GST to lighten the burden on the lower and middle income groups c) The sale, purchase and rental of residential properties will also be exempted from GST Impact of Budget 2014 on the property market Whilst REHDA (Real Estate and Housing Developers’ Association), as expected, expressed disappointment over the increase in RPGT rates and the removal of DIBS schemes, the industry breathed a sigh of relief as other measures which were bandied about and championed by the HBA (House Buyers Association) in the period leading up to the Budget were not included as part of the measures to cool down the market. This included the proposal to increase the stamp duty rates which will have a huge impact as the cost is incurred at the point of purchase of the property as compared to RPGT which is only incurred upon disposal of the property. The fear of the LTV ratio being lowered further also did not materialise and this can be viewed as a positive move as it could otherwise have made it more burdensome and less attractive for investors to continue investing in 4

HB HERALD. SEP/OCT 2013

properties. We believe that the removal of DIBS will probably slow down property sales for a period of time but should not affect the market in a big way. Based on a research paper published by Maybank Investment Bank in mid-2013 it was revealed that loans from projects that offer DIBS constituted less than 5% of the total residential loans given out by the Big 6 banks and it is their view that the withdrawal of DIBS may not have a very detrimental impact on loan growth in the banking sector. Nevertheless, the total amount of residential loans would include loans for financing the purchase of properties on the secondary market and although the removal of DIBS may not have a very big impact on the banks, it would have a much more significant impact on developers as a good number of projects launched over the past few years are packaged together with DIBS. We expect property sales to be affected as developers and banks stop offering DIBS packages and the market digests the situation. Nevertheless, we can always trust developers to come up with other innovative packages to help them to sell their houses and we believe that the removal of DIBS will be replaced with other forms of incentives or rebates by the developers although this is made a bit harder by the requirement to disclose the nett selling price and value of all freebies given by the developers. Together with the removal of DIBS, the Budget also now requires developers to disclose the net price of the property together with the value of the freebies / incentives / rebates given to the buyers. This new requirement poses some headaches for developers as the valuers on the end financiers’ panel would value the property based on the net price of the property as they will take out the freebies / incentives / rebates in arriving at the valuation for the property. This will result in a value which is lower than the selling price in the sale & purchase agreement which is usually the developer’s gross selling price and in effect, the purchaser will end up getting a lower loan quantum. Developers and banks cannot avoid this as Bank Negara has just issued a circular to tell the banks to give out loans based on net selling prices. The objective of increasing the RPGT rates is to discourage people from buying and selling properties for quick profit and based on this


reasoning, will help to promote long-term investment among investors instead of just for short term gains. RPGT is also another source of revenue for the government. RPGT was exempted in 2007 by the government to provide a boost to the property market which was very soft at that time in the aftermath of the global financial crisis. The exemption helped to revive the market which then went into a high growth trajectory. When RPGT was then reinstated at 5% in 2010 and subsequently raised to 10% and then 15%, it was observed that there was no significant impact on property sales and prices continued to rise during that period. However, the rate of increase can be considered to be quite minimal and did not cause too much concern to investors especially in a market which was still buoyant. We believe the new tax rates as announced in Budget 2014 which is quite a big jump, will result in some hesitation amongst investors and will cause speculators to re-think. Foreigners in particular will find Malaysian properties less attractive as most have a short term investment horizon. Coupled with the new minimum price threshold of RM1 million, the investors will then compare with opportunities available in other countries. There are currently no capital gains tax on gains made on disposal of properties in Singapore and Hong Kong and based on a comparison of capital appreciation for residential properties over a ten year period made by Global Property Guide, these countries enjoy a much higher rate of capital appreciation compared to Malaysia (Table 3). Inevitably, some of the foreign investors will put their money elsewhere instead of into Malaysian real estate. Nevertheless, Malaysian property prices are still amongst the cheapest in the region and there are relatively little restrictions to foreigners owning property in Malaysia. In any case, foreigners buying a property in neighbouring Singapore, has to pay an additional buyers stamp duty (ABSD) of 15% which instantly puts them at a disadvantage to the locals so after a period of getting adjusted to the new conditions, a good proportion of the foreign investors will return to the Malaysian market. In the interim period, the increase in RPGT will lead to an immediate slowdown in sales as the market tries to digest the new development but in the next six months to a year, the market should recover its footing when investors come to grips with the new

Table 3: House Price Changes, 10 Years (%) - Malaysia Compared to Continent. Source: GlobalPropertyGuide House Price Changes, 10 Years (%) Hong Kong

160.3

Taiwan

87.75

Singapore

77.74

Philippines

75.38

Malaysia

53.97

South Korea

53.35

Thailand

24.2

tax rates. The raising of the minimum price threshold for foreigners from RM 500,000 to RM 1 million may discourage some foreign investors from purchasing properties in Malaysia but by and large, those who buy properties here invest mainly in the main markets of Kuala Lumpur city centre, Georgetown and Iskandar Malaysia where one can hardly find any prime investment grade residential properties below RM 1 million. As such, we do not think that the raising of the minimum price threshold will have much of an impact on the market except perhaps for Iskandar where Singaporean buyers are understood to be keen buyers in the RM 500,000 to RM 1 million segment and in Melaka where property prices are generally lower than the other major cities. In any case, property transactions involving foreigners make up less than 3% of total transactions in the country and even in the hotspots of Kuala Lumpur, Penang and Johor, the foreign buyers’ share is around or slightly above the 10% mark. In this regard, even if the increase in the minimum price threshold does lead to a reduction in foreign interest, we do not see it as having a very big impact on the overall market. Iskandar which attracts a lot of foreign money (especially Singaporean) into its real estate market will probably bear the brunt of these new measures. If the Johor government goes ahead with its proposal to increase the processing fees for foreigners from the current flat rate of RM 10,000 to 4% to 5% of the property value, the property market will receive a double whammy and interest from foreigners could take a huge dive. This is something that the relevant authorities must bear in mind so that they do not kill the goose which lays the golden eggs. Interestingly Medini in HB HERALD. SEP/OCT 2013 5


Iskandar enjoys exemption from the minimum Federal price threshold for foreigners and as the Budget did not specify the imposition of the minimum price threshold on Medini, developers with projects there could actually stand to gain as foreigners who wish to invest in properties priced below RM 1 million could be diverted there. Further, as part of the incentives offered by the government for Medini, foreign knowledge workers who work and stay in Medini are exempted from RPGT when they dispose of their properties and as the Budget announcements did not refer to Medini, the foreign property owners would presumably continue to enjoy this privilege. Budget 2014 could indeed turn out to be a boon for Medini. Other major cities which see significant foreign investment in their property market will be less likely affected by the increase in the minimum price threshold. In the Klang Valley, areas which are popular with foreigners are the prime areas where one can hardly find any properties below RM1 million in the first place. The Penang state government has in fact jumped the gun by raising the minimum price threshold a while back to RM1 million for high rise residences and RM 2 million for landed properties. In addition, the Penang State Government has proposed an additional step to curb foreign speculation by imposing a 3% levy on the transacted prices of properties bought by foreigners starting from 2014. The proposed levy on foreigners shall only apply to residential, commercial and agricultural units. However, the foreign buyers can appeal to waive this levy if they are working in Penang for an extended period, contribute towards industrial development or the State’s efforts to be one of the 31 Business Process Outsourcing hubs in the world and if they possess a unique set of skills required by the country and Penang. We understand that the State Government will be seeking feedback from the public before the actual implementation of this proposal. If this proposal is indeed implemented by the Penang state government, we foresee that foreigners will find Penang properties not so attractive and their interest could then be diverted elsewhere. The focus on providing affordable housing for the lower to middle income groups is a positive 6

HB HERALD. SEP/OCT 2013

move as middle income earners have in recent years been priced out of the market and find it almost impossible to own their own homes. The allocation of funds and subsidies and the publicprivate sector initiatives to deliver more affordable homes will help to ease the pain and anguish of this segment of society. However as the saying goes, the devil is in the details and implementation. If the agencies entrusted to undertake these initiatives do not perform as expected, the Rakyat’s dreams will forever remain just that. In this regard, PEPS, (Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia) have put up a proposal for the Government to set up a National Housing Council to work alongside with PR1MA, the Federal and state governments and other authorities to ensure that the targets to build the required number of affordable homes are met. Overall the proposals in Budget 2014 are not deemed to be too detrimental to the property market. Along with other measures taken by Bank Negara to help rein in the too rapid price increases witnessed over the past few years, a stronger and more resilient market will emerge which is supported by solid fundamentals and not driven by excessive speculation. This will be for the long term good of the market as a property bubble if left unattended will cause more harm when it does finally burst. In conclusion, our take on Budget 2014 is that next year could see a slight slowdown in overall residential property transactions especially in the high cost segment as well as for properties targeted at investors such as sohos, sofos and sovos but the impact would be mitigated to a certain extent by the sustained economic growth projected by the government. The affordable homes segment will be boosted by the various programmes being implemented by the government as well as the incentives offered to private developers for building homes in this price category. Lastly we believe that property values will hold and will unlikely go south although the high octane gallop of the past few years will slow down to a more leisurely trot which is not really a bad thing for the property market in the long term. HB Written by Mr. Tang Chee Meng, COO, HB Marketing.


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Henry Butcher Real Estate Sdn Bhd (236461-W) No. 25, Jalan Yap Ah Shak, 50300 Kuala Lumpur t:+03-2694 3688 f:+03-26942699 e: thaiproperty@henrybutcher.com.my w:www.henrybutcher.com.my

All information contained herein including specifications, facilities, plans, measurements and illustrations are subject to amendments without notifications as may be required7 by the HB HERALD. SEP/OCT 2013 authorities or developer’s consultants and is not intended to form and cannot form part of an offer to contract. All measurements are approximate and images and illustrations are artist’s impressions only. Developer: Siralai Co., Ltd. (0105555035488) Type of Property: 3 High Rise, 3 Low Rise freehold condominiums.


post event: aragreens residence final tower launch...

From left: Henry Butcher Marketing Sdn. Bhd. COO Tang Chee Meng, acting group Star Publications CEO Datuk Seri Wong Chun Wai, HSB Chairman Dr. Lim Yin Chow and HSB Development CEO Dr. Seth Lim, at the ribbon cutting ceremony held at AraGreens sales gallery.

FINAL TOWER C AT ARAGREENS RESIDENCES RECEIVES STRONG RESPONSE AT LAUNCH The AraGreens Sales Gallery in Ara Damansara has been in a flurry of activities since the long awaited units in Tower C were opened for sales recently. From the time of the official launch of AraGreens Residences in July last year, over 70% of the units in Tower A, B, D, E and F have been snapped up, by mostly local buyers. Tower C has 118 units that are priced between RM700k and RM3.2 million with built-up areas of between 684 and 2,238 square feet. There are also six units of penthouses and two units of garden villas available for sale. There were activities and talks besides light refreshments lined up in the month of October to promote the project in conjunction with HSB’s 8

HB HERALD. SEP/OCT 2013

partnership with the Star which was chosen as AraGreens’s exclusive media partner for the event. Some of the incentives that were given to home buyers who booked their units during these weekends include one year’s free The Star E- subscription, HSC executive health screening packages, free legal fees on SPA and an 8% rebate. Green sustainability. Multi generational and harmonious. Health and wellness. These are the basic pillars of AraGreens, a 7.5-acre, freehold residential development that features six blocks of 15-storey serviced apartments with 4.76 acres of community space and greenery (approx. 63.4% of land area - one of the highest in the market).


There are 26 clubhouse facilities provided within the development that caters to the needs of all age grous: children’s pool, splash zone, playground, indoor playground for young children; soccer/ futsal court, basketball court, multi-purpose hall, extreme-sports facilities such as skate park and rock climbing wall for active teenagers and adults; 50m Olympic sized pool, putting green, tennis court, badminton court, squash court, golf simulator, gym for adults and senior citizens; herb garden, eco pond, meditation pool, exercise zones for older generations; as well as barbeque areas, poolside dining, reading room, game room, karaoke and 1.4m network of jogging path that are suitable for get-together and family events. Another signature feature of AraGreens Residences is the “dual-key” concept which is designed for a family with three generations to stay together under one roof but separately. “A typical dual-key home will have an ancillary unit annexed to the primary unit with separate entrances,” explained HSB Development CEO Dr. Seth Lim during his welcome speech at the press conference of the AraGreens Property Spotlight recently, witnessed by Datuk Seri Wong Chun Wai, the acting group CEO of Star Publlications. The development is also enhanced with the inclusion of Medihome with each unit, a pioneer proprietary software system that enables residents to access and monitor their health status within the comfort of their homes. AraGreens will be developed into a mini selfcontained township with support services and amenities provided by the adjacent commercial project, AraGreens Village which will feature restaurants, sidewalk alfresco cafes, bistros, shopping gallery, spas, wellness and medical center as well as a day-care center for children. A neighbouring hypermarket Tesco is currently under construction, which is only a 5 minutes’ walk from AraGreens. AraGreens Residences is located in a strategic high-growth location within Ara Damansara. Sandwiched between the popular Tropicana and Saujana golf courses, it is easily accessible from Kuala Lumpur, Petaling Jaya, Subang Jaya and Shah Alam via well-connected main expressways.

For more information about AraGreens, please contact +603-7843 6188 or visit www.aragreens.com. HB

Written by Mr. Jason Ti, Marketing Executive, HBM.

HB HERALD. SEP/OCT 2013 9


focus: bukit bintang market research...

BUKIT BINTANG – STILL THE DOMINANT SHOPPING HUB OF KUALA LUMPUR Bukit Bintang, which is literally translated as “Star Hill” is synonymous with shopping, entertainment, al-fresco dining, bars and night life. Bukit Bintang is in located right in the heart of Kuala Lumpur’s Golden Triangle which by general consensus though not by any law, is roughly bounded by Jalan Raja Chulan, Jalan Sultan Ismail, Jalan Ampang and part of Jalan Imbi and Jalan Tun Razak. This 24/7 hive of activity is a popular hangout among tourists and locals, especially the youths, who are attracted to its contemporary chic yet historical charms that dates back to the 1970s and being part of the Golden Triangle, most offices are just a few short minutes away making it ideal for business and holiday travellers alike.

Bukit Bintang has become a tourist magnet with different streets offering different attractions: Jalan Bukit Bintang Jalan Bukit Bintang is separated into 2 stretches by Jalan Sultan Ismail. The first stretch is famous for its big malls and active shopping activities and is the local equivalent to Singapore’s “Orchard Road”, Tokyo’s “Ginza”, Beijing’s “Wangfujing Road” and Shanghai’s “Nanjing East Road”. Modern shopping 10 HB HERALD. SEP/OCT 2013

centres like Pavilion KL, Lot 10, Fahrenheit 88 and Starhill Gallery can be found here offering world class shopping whilst five star international hotels like JW Marriot and Westin provide top notch accommodation. The second section is crowded with 2, 3 and 4 star hotels, massage and reflexology shops and localized malls like Sungai Wang Plaza (a great spot to shop for mobile phones, cameras and watches) and Low Yat Plaza (Malaysia’s largest IT lifestyle mall).


Bintang Walk This title has been given to the stretch along the Jalan Bukit Bintang shopping strip and has a row of street-side cafes, restaurants and pubs. At night, it comes alive, when live jazz music is played and the whole place is beautifully lit-up. Changkat Bukit Bintang Changkat Bukit Bintang features a myriad of popular street-side cafes, restaurants and pubs/ lounges and features amongst other popular hangouts, Finnegan’s Irish Pub and Restaurant, Frangipani Bar and Restaurant, Le Bouchon Restaurant and Havana. Jalan Alor

Jalan Bukit Bintang is the local equivalent to Singapore’s “Orchard Road”, Tokyo’s “Ginza”, Beijing’s “Wangfujing Road” and Shanghai’s “Nanjing East Road”.

Jalan Alor is a unique food destination in the heart of Kuala Lumpur. During the day, there is not much activity but when the sun goes down, the street will be hustling and bustling with a sea of people and much activity. Coffee shops with a myriad of hawker stalls selling a wide range of famous Malaysian street food line up both sides of the road, interspersed with stalls selling fruits, local delicacies and tourist souvenirs. Here you can try not only the best of Kuala Lumpur’s street food but also well-known Penang favourites such as Char Koay Teow, Hokkien prawn mee and lobak. Jalan Tong Shin/ Tengkat Tong Shin This stretch has been transformed into accommodation hubs for budget travellers and backpackers as well as eateries. Many beautiful colonial era buildings have been turned into hotels, guest houses and restaurants e.g. 8ight Guesthouse and Restaurant Muar.

Jalan Alor offers not only the best of Kuala Lumpur’s street food but also well-known Penang favourites such as Char Koay Teow, Hokkien prawn mee and lobak.

Ain Arabia Ain Arabia, commonly known as the Arab Street of Kuala Lumpur is located at Jalan Berangan. The whole idea of having Ain Arabia is to make tourists from the Middle East who visit Malaysia to feel more at home. Ain Arabia is also a haven for Middle Eastern food lovers. There are various restaurants which serve authentic and mouthwatering Arabian dishes such as the Sahara Tent Restaurant (located inside Hotel Fortuna KL).

Once can find many beautiful colonial era buildings that have been turned into hotels, guest houses and restaurants like 8ight Guesthouse.

HB HERALD. SEP/OCT 2013 11


Surrounding locality Besides tourist attractions, the Bukit Bintang area is surrounded by developments comprising luxury condominiums, service apartments, hotels and office buildings. Prominent condominiums located nearby include Seri Bukit Ceylon, One Residency, 38 Bidara, Seri Raja Chulan Condominium, Down Town Condominium, Menara Bukit Ceylon, City Gardens Condominium, Angkasa Impian 1 & 2 Condominium and Mutiara Villa Apartment. Apart from high rise residential buildings, there are various office buildings situated nearby including Menara PMI, Plaza MCB, Menara Aik Hua, Plaza See Hoy Chan, Bangunan KWSP, Menara Maplelee, Bangunan AmBank Group and Wisma MPL. Menara KL (Kuala Lumpur Tower), a prominent landmark and tourist attraction which incidentally was featured in one of the Amazing Race Asia segments as a pit stop, is located to the north west of Bukit Bintang. The tower is a telecommunications tower which is open to the public and features a viewing gallery and a revolving restaurant.

Besides tourist attractions, the Bukit Bintang area is surrounded by developments comprising luxury condominiums, service apartments, hotels and office buildings.

Public transport Due to its central location, it is fairly easy to get to Bukit Bintang from anywhere in Kuala Lumpur via public transport. Buses and taxis are aplenty in this area. There is also the KL Hop-on Hop-off City tour buses that offer unlimited day trips in the city. At the intersection of Jalan Sultan Ismail and Jalan Bukit Bintang, tourists can easily board the monorail via Bukit Bintang Monorail Station. Access to Bukit Bintang will be further enhanced under the My Rapid Transit MRT project which is scheduled to start operating in January 2016. There will be a station located at Bintang Walk under the Sungai Buloh-Kajang Line, namely the Bukit Bintang Central station. Upcoming developments within the locality Bukit Bintang Plaza (famously known as BB Plaza) has been around for almost four decades and caters to Malay businesses. Most of the Chinese businessmen run companies at the adjoining Sungei Wang Plaza and nearby shophouses. BB Plaza will soon be demolished for the construction 12 HB HERALD. SEP/OCT 2013

Access to Bukit Bintang will be further enhanced under the My Rapid Transit MRT project which is scheduled to start operating in January 2016.

of the underground My Rapid Transit (MRT) station and redeveloped. The redevelopment is estimated to cost between RM700 million and RM800million. Another redevelopment project within the locality is the former MAS building. PNB bought over the MAS building and is proposing to upgrade it to a 100-storey office and a 5-star to 6-star luxury hotel. This building is located at Jalan Sultan Ismail and is only a 5 minutes walk to Raja Chulan monorail station. One of the most significant projects that will be coming up is the Bukit Bintang City Centre (BBCC) at the site of the former Pudu Jail located along Jalan Pudu. Pudu Jail, built in 1895, was


The place for the present and future

The old site of Pudu Jail will be converted into a mixed development project at an estimated GDV of over RM6 billion.

turned into a museum following the completion of the Sungai Buloh prison, which began operations as a federal prison in 1996. The 19-acre site will be converted into a mixed development project consisting of commercial and residential buildings, office towers, a hotel and a shopping complex, based on plans drawn up by the developer, UDA Holdings. The Pudu Jail project is estimated to have a gross development value of over RM6 billion. Not too far away sandwiched between Jalan Bukit Bintang and Jalan Tun Razak, modern skyscrapers will be built to house leading international finance industry players under the Tun Razak Exchange (TRX) project which is being developed into the new financial hub of Kuala Lumpur.

Bukit Bintang has all the right elements to maintain its popularity as the shopping haven and entertainment zone in the city of Kuala Lumpur: public transportation is easily accessible, there is an abundance of amenities and shopping malls within the vicinity and tourists are spoilt for choice when it comes to night life and local delicacies. It is also a very commercial site surrounded with commercial buildings like hotels, service apartments, offices and also restaurants. Major projects in the south of Kuala Lumpur’s Golden Triangle and south of Bukit Bintang will help to further boost commercial and tourism activities in Bukit Bintang, enhance the popularity and ensure its longevity as the shopping and entertainment hub of Kuala Lumpur. HB

Written by Ms. Yeo Chin Ni, Valuation Manager, HBM.

HB HERALD. SEP/OCT 2013 13


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press release: nov 3 art auction results...

HENRY BUTCHER MALAYSIAN & SOUTHEAST ASIAN ART AUCTION STANDS STRONG AT RM3.5 MILLION On 3 November 2013, Henry Butcher’s Malaysian & Southeast Asian Art Auction realised a strong total of RM 3,514,140, well above the pre-sale estimates of RM2.1 to RM3.0 million. A staggering success rate of 97% by lot was achieved and 70% soared beyond their higher estimates. More excitingly, auction debuts for 30 new names saw most artists performed exceedingly well. Top three lots of the sale were Ibrahim Hussein’s Blue Nude created in 1980 - in pastel hues of blue with tinges of pink, green and purple, a sensual cloud suggestive of a morphing nude figure emerges as the central motif radiating a sense of bliss - hailed from a distinguished private collection in the United Kingdom, sold at RM319,000; Chang Fee Ming’s effortless illustration

16 HB HERALD. SEP/OCT 2013

of a set of three pillows, a bolster and two blankets resting over a kampung window titled Monsoon Has Gone fetched RM209,000, an auction record for the artist in Malaysia; and H.H. Lim whose first appearance at auction performed astonishingly well with Flying Image in Blue Project – a stunning rendition of the Cessna 120/140 - realising RM121,000.


Chang Fee Ming’s effortless illustration of a set of three pillows, a bolster and two blankets resting over a kampung window titled Monsoon Has Gone fetched RM209,000, an auction record for the artist in Malaysia.

Ibrahim Hussein’s Blue Nude created in 1980 - in pastel hues of blue with tinges of pink, green and purple, a sensual cloud suggestive of a morphing nude figure emerges as the central motif radiating a sense of bliss - hailed from a distinguished private collection in the United Kingdom, was sold at RM319,000.

“We are proud to see progressive growth in interest for Malaysian and Southeast Asian art from both seasoned collectors and new bidders participating in this sale. An astounding total of 73% of auction debuts are sold above their higher estimates in this sale,” comments Datuk Vincent Sim, Director of Henry Butcher Art Auctioneers. H.H. Lim whose first appearance at auction performed astonishingly well with Flying Image in Blue Project – a stunning rendition of the Cessna 120/140 - was realised at RM121,000.

HB HERALD. SEP/OCT 2013 17


Among the fresh-to-the-market names in this sale that performed triumphantly are Southeast Asian superstars Eko Nugroho’s modest-sized diptych work on paper was sold for RM4,400 (estimate RM600 – RM1,000); Natee Utarit, whose pair of Study for Classical Project: Titian both estimated at RM2,000 to RM4,000 raised RM17,600 and RM20,900 respectively as room bidders competed fiercely with nine telephone bidders; and Ronald Ventura’s sculpture of a Doberman head raking in RM17,600 (estimate RM6,000 – RM9,000). Yeoh Jin Leng’s Reductionism piece titled Paddy Field (estimate RM5,000 – RM8,000) was realised at an astounding RM14,300; Eric Chan’s visual interpretation of a distant memory proved to be one of the favourites during the auction. Estimated at RM12,000 to RM16,000, It’s There, It’s Still There was sold for RM25,300. Cover lot Garden of Bliss III by distinguished artist and art educator Sulaiman Esa excelled in this sale attaining RM55,000, surpassing its higher estimate value of RM40,000. An all-time auction record was established for Khoo Sui Hoe with an oil painting titled Around the Moon. Dated 1972, its price soared above the ceiling to RM93,500 attributed to the spirited bidding across the saleroom. Estimated at RM18,000 to RM30,000, this harmonious piece 18 HB HERALD. SEP/OCT 2013

has been in a private collection in Australia for over three decades and has now returned home for the very first time. Nanyang pioneer artists like Chia Yu Chian performed exceedingly well when Tourist Centre – Selangor Mansion Quarter, a vibrant post-Impressionist style oil painting fetched RM55,000 (estimate RM18,000 – RM25,000); Lee Cheng Yong’s abstract piece titled Colour Scheme (estimate RM16,000 – RM25,000) was sold for RM35,200; and Kuo Ju Ping’s Pitt Street, Penang fetched RM30,800 against its lower estimate of RM20,000. Chinese ink paintings remain competitive with auction stars Chen Wen Hsi’s Egrets with Flowers which fetched RM55,000 and Huang Yao’s Welcoming Friends with Tea was sold for RM35,200. A selection of seven artworks offered in a special tribute to Tew Nai Tong was 100% sold with six pieces selling above the higher estimates. Intense bidding across the saleroom for the late artist’s early piece titled Fishing Village dated 1962 saw its price soar from its lower estimate of RM7,000 to a smashing RM19,800. Ceremony in Bali, an illustration of five ladies carrying baskets of offerings in a daily Balinese ritual captured in Tew Nai Tong’s signature style was sold for RM24,200 exceeding its higher estimate of RM12,000 whilst Golden Time 12 was sold for RM77,000 making it the top lot in this segment.


A first time collaborative segment with regional auction house One East Larasati which brought 19 remarkable Malaysian and Southeast Asian works sold out totaling RM394,350. Featuring at auction in Malaysia for the first time, Agus Suwage’s I Want to Live Another Thousand Years (estimate RM27,000 – RM35,000) sparked immense interest among bidders when it fetched RM42,900. Chan Kok Hooi’s Young Mammary Mother & Child from his provocative Old Photo Series: Sexual Organ dated 2007 was sold at RM14,300. Dullah’s 1976 sultry oil painting titled Portrait of a Woman (estimate RM9,000 – RM12,000) gained competitive interest among bidders as it fetched a buoyant RM25,300 Mr. Lim Eng Chong, Director of Henry Butcher Art Auctioneers commented: “When we first presented Southeast Asian art into the local market last April, we were extremely delighted with the optimistic results. Our collaboration with One East Larasati this time around proved to be an exciting venture with all 19 works sold remarkably well. Cross-cultural buying is also apparent in this sale with telephone bidding from Singapore, Indonesia, the Philippines and the United Kingdom.”

Henry Butcher Art Auctioneers continue to pursue its objectives of fostering sustainable growth for the Malaysian art industry as well as to encourage art collection and investment in Malaysia while providing a transparent and competitive platform for collectors to buy and sell artworks. There are more representations of Malaysian art in the regional and international auction houses which marks the beginning of a new journey to build a global platform for Asian art. For full results please visit our website www.hbart.com.my We are now accepting consignment for our next sale in April/May 2014. For more information, kindly contact Mr. Christopher Tay at +6016 298 0852 or email chris@hbart.com.my. HB

Written by Mr. Christopher Tay, General Manager, HB Art Auctioneers.

HB HERALD. SEP/OCT 2013 19


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A PR I ME I NVE S TM E N T IN THE MILLIONAIRE’S ROW OF MALACCA

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15 min from Malacca town Spectacular view from Straits of Malacca 3 majestic 26-storey towers 2, 3 bedroom & duplex penthouses units 5 designs, size range 1,033-3,509 sq. ft. Comprehensive facilities Strata title issued

Price from RM 247,000

Developer retained units now released for sale! Mr. Ricky Leo +6012-352 1015 Mr. Han +6012-339 1616 Ms. Serena +6012-607 1323

kwleo.hb@gmail.com han1616@hotmail.com suawahlee@yahoo.com HB HERALD. SEP/OCT 2013 21

HENRY BUTCHER REAL ESTATE SDN BHD (236461-w)


focus: market update on suburbs...

SUBURBS – THE NEW CITIES?

The lack of land, increase in population and changing lifestyles, has put pressure on developments to move out of towns and city centres.

Tropicana Metropark at the fringe of Subang Jaya, Tropicana Garden in Kota Damansara and Canary Garden in Klang. These three projects are introducing the city to the suburbs.

As for the Klang Vallley, especially Kuala Lumpur, Petaling Jaya, Klang and Shah Alam, owners of prime development lands are raising their prices even higher as they are well aware that demand for properties is very high in urban areas. Developers who do not have historical land banks and have to purchase development land at today’s prices are hard pressed to obtain reasonable returns on conventional “landed” residential developments.

Tropicana Metropark, Subang Jaya

Given these constraints, developers have moved out of the urban or city centre to suburban locations* to provide residential properties at reasonable prices. However, to attract everdemanding buyers, developers have come up with innovative mixed use (residential and commercial) projects as an exciting alternative to the traditional row housing or condominium tower blocks.

Tropicana Garden, Kota Damansara

It appears that the more the developer provides in the project in the form of greens and water, retail, office, hotel and institutional uses the project becomes an exciting proposition for some house buyers. Today’s buyers are able to receive the concept of living in the midst of commercial and other uses in one environ. Three projects that have come on the radar are 22 HB HERALD. SEP/OCT 2013

Tropicana Metropark is an 88-acre mixed development by the Tropicana Corporation Bhd with a 9.2-acre central park straddling the middle of the development. The development comprises service apartments, townhouses, shop-offices, Soho units, retail units, a shopping complex, office towers, a medical centre and an education centre.

Tropicana Garden is a mixed commercial development serviced by an MRT station (Dataran Sunway) next to it. This 17-acre development in the heart of Kota Damansara has a main road fronting the busy Jalan Kewajipan. The mix is anchored by a 5-storey shopping centre, 4 blocks of service apartment towers (35 and 42 storeys), 9 blocks of 5-storey semi-detached offices, 4 blocks of 5-storey offices, a 7-storey Soho building and a 12-storey hotel. Canary Garden, Klang Canary Garden by KSL Holdings Bhd is a 448-acre township development located at the outskirts of Klang town. It will have a 90-acre commercial


centre which houses a shopping avenue with a large retail mall (KSL City 2), seven office towers, Soho, service apartments, and plans for a private clubhouse, institutions and a medical centre. The township will have a 52-acre linear park with river frontage. The first phase comprising 384 units of 2 and 3-storey semi-detached houses priced between RM 967,800 to RM2.02 million was launched in May 2012 and are fully sold. The second phase launch of semi-detached houses starts from RM1.7 million. It can be seen that the concept of mix use and mixed commercial developments is fast gaining popularity in the Klang Valley and is not confined to just the urban and town centres but also in the suburbs as well. HB Tropicana Metropark, Subang Jaya by Tropicana Corporation Bhd.

We asked a few colleagues at HB about living in the suburbs and these are their feedback: “Having a property in the city area, though nearer to where I work, is out of my financial means due to the ever increasing price of properties as well as the rising cost of living. I’d rather consider buying a house in the sub-urban areas, provided the price is affordable and is located in a good environment,” Danielle, 29, Senior Executive.

Tropicana Garden, Kota Damansara by Tropicana Corporation Group and PKNS.

“I love the suburbs and plan to live there in the future. Reasons? Suburbs offer a more peaceful and quite environment with more privacy, less traffic, bigger yard, more space to move around, generally cheaper cost of living and most importantly, I can be close to nature and get to enjoy the smell of the freshly cut grass and birds chirping! I don’t really enjoy living in the city - life is fast-paced, with too much going on,” Salina, 36, Agency Coordinator *Note: For the purpose of this article, suburbs are referred to as areas that are located outside the town and city centres namely Kuala Lumpur, Petaling Jaya, Shah Alam and Klang city centre.

Canary Garden, Bandar Bestari, Klang by KSL Holdings Bhd.

This report is submitted by the Research Division of HBM.

HB HERALD. SEP/OCT 2013 23


post event: property management seminar...

DEVELOPERS, BANKERS & BUILDING CMTE. MEMBERS GAIN INSIGHTS ON THE LATEST STRATA DEVELOPMENT & MANAGEMENT

HBM Building Solutions Sdn. Bhd organized its inaugural public seminar on 31 July 2013 at Double Tree By Hilton Kuala Lumpur by inviting Mr. Tan Kean Onn to share his experience and expertise on legal and practice issues involving stratified properties under the application of the proposed Strata Titles (Amendment) Act 2013 and Strata Management Act 2013 and how to find ways to administer strata developments effectively. More than 60 participants representing the developers, bankers and building committees attended the one seminar that comes with tea breaks, lunch and seminar materials. Some of the important topics that were covered by the speaker included: legal issues arising out of the management of common property and maintenance of common facilities during the initial period as envisaged under Strata Management Act 2013 and the Deed of Mutual Covenants and the eventual handing over the management to the Management Corporation; the roles, duties and function of the Joint Management Body 24 HB HERALD. SEP/OCT 2013

(JMB), the office bearers of the Joint Management Corporation (JMC) and the Commissioner of Building under the 2013 Act; the capacity to sue and be sued by the JMB/JMC; the importance of the Deed of Mutual Covenants for both landed/ gated and strata developments and to what extent it is binding on existing owners and sub-sale purchasers; how to resolve disputes under the proposed Strata Management Tribunal; issues related to collection and recovery of arrears of service/maintenance charges and many more. Mr. Tan is a practicing advocate and solicitor with 29 years of experience in issues arising out of housing development, strata titles and conveyancing. For more seminar and events, visit www.henrybutcher.com.my or call +603-2694 3688. HB Written by Ms. Callie Poh, Public Relations, HB Asset Management.


post event: cimb talk & exhibition...

DEMAND FOR LONDON AND MELBOURNE PROPERTY STILL GOING STRONG Henry Butcher Malaysia was invited by CIMB Preferred to share some knowledge and insights covering topics on the property market in the UK and Australia on 14th September, 2013 at Le Meridien Kuala Lumpur. The event was the 81st Financial Advisory Series organised for their 200 over CIMB premium customers. “There are more than a million Malaysians living and working overseas, namely in Singapore, Australia, Brunei, Britain, Canada and the United States. Besides immigration and children’s education purposes, Malaysians are buying property abroad to diversify their investment, to take advantage of the favourable foreign currency exchange rates and also to avoid the political uncertainty at home,” said Director of Henry Butcher Malaysia Mr. Lim Eng Chong during his presentation on the topic, “London and Melbourne Property Market: What’s Going On Now?”. “London property remains at the top of the list for investors who believed in the city’s track record of consistent returns and unique lifestyle. In fact, overseas buyers accounted for more than 80% of new-build sales in the city’s prime central,” added Lim. On Melbourne property investment, Lim recommended properties that are located within 25km from Melbourne CBD namely Abbotsford/ Collingwood, Brunswick/Coburg/Coburg North, Elwood, North Melbourne, Prahran, St Kilda East, Thornbury and Windsor. There were two other speakers representing CIMB during the event; they were Head of Interest Rate and Foreign Exchange Strategy Mr. Suresh K. Ramanathan who spoke on the topic, “Interest Rate and Currency Outlook for the UK and Australia” and Head of Overseas Mortgage Financing Mdm. Wong Sheue Ling who enlightened the audience

about the features and benefits of CIMB’s overseas mortgage financing which include allowing Malaysian investors to finance their properties in Sydney and Melbourne in ringgit, and properties in London Zone 1 and 2 in ringgit or pound. In conjunction with Henry Butcher Malaysia, CIMB Preferred International Property Showcase presented one project from London, Providence Tower and two projects from Australia, Coburg Hill and The Aviary. For more information, please visit www.hbinternational.com.my or call +6017-877 7489. HB Written by Mr. Jason Ti, Marketing Executive, HBM.

HB HERALD. SEP/OCT 2013 25


HENRY BUTCHER MALAYSIA

For enquiries, please contact our Headquarters:

PENINSULAR MALAYSIA

HENRY BUTCHER MALAYSIA Sdn Bhd (160636-P) 25, Jalan Yap Ah Shak, 50300 Kuala Lumpur, Malaysia T : +603-2694 2212 F: +603-2694 5543 E: admin@henrybutcher.com.my www.henrybutcher.com.my

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Valuation Mr. Long Tian Chek, hbmalaysia@henrybutcher.com.my Mr. Gary Liew, hbmalaysia@henrybutcher.com.my

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Project Marketing Mr. Tang Chee Meng, tang.cm@henrybutcher.com.my Ms. Linda Ooi, lindaooi@henrybutcher.com.my Ms. Lenna Liew, lennaliew@gmail.com Agency & Investment Mr. Tang Chee Meng, tang.cm@henrybutcher.com.my Ms. Lenna Liew, lennaliew@gmail.com Mr. Low Weng Soon, wengsoonlow@gmail.com International Marketing Ms. Jazmine Goh, jazgsh@henrybutcher.com.my Research Consultancy Pn. Fahariah Abdul Wahab, hbampang@henrybutcher.com.my Retail Consultancy Mr. Tan Hai Hsin, tanhaihsin@yahoo.com Asset Management Mr. Low Hon Keong, secretarypropmgt@henrybutcher.com.my Auctions Mr. Tang Chee Meng, tang.cm@henrybutcher.com.my Mr. Tan Peen Yeow, hbaamalaysia@gmail.com Plant & Machinery Mr. Gary Liew, hbmalaysia@henrybutcher.com.my Art Consultancy Mr. Christopher Tay, chris@hbart.com.my MM2H Ms. Suyi Chong, suyi@henrybutcher.com.my DISCLAIMER Disclaimer Policy: We make no warranties or representations as to its accuracy and we specifically disclaim any liability or responsibility for any errors or omissions in the content. We specifically disclaim any liability direct or indirect, incidental, consequential, consequential or special damages arising out of or in any way connected with the access or use of the information in this newsletter. The property information provided in this newsletter is for information only and does not constitute a basis for any actions or decisions. No part of this document may be construed as a statement or representation of fact based on which a contract is created. Copyright Policy: All material in this newsletter including all graphics and writings may not be copied, published, broadcast, rewritten, or redistributed in part or in whole without the written consent from Henry Butcher Malaysia Sdn. Bhd., its authors and contributors of articles. If consent is given, consent will be subject to the requirement that the copyright owner’s name and interest in the material be acknowledged when the material is reproduced or quoted, in whole or in part.

Petaling Jaya T • +603-7873 3888 F • +603-7873 7288 E • hbpj@tm.net.my Subang Jaya T • +603-5631 5555 F • +603-5632 7155 E • selangor@henrybutcher.com.my

Northern Region Alor Setar T • +604-731 5525 F • +604-731 5699 E • hb_kedah@yahoo.com.my

Muar T • +606-955 5968 F • +606-955 5967 E • muar@henrybutcher.com.my Pontian T • +607-686 3060 F • +607-688 2060 E • hbpontian@yahoo.com

Ipoh T • +605-253 9933 F • +605-254 9933 E • hbmperak@streamyx.com

EAST MALAYSIA

Kulim T • +604-491 2999 F • +604-491 2311 E • hbmkulim@gmail.com

Sabah Kota Kinabalu T • +6088-255 000 F • +6088-257 333 E • hbsabah@gmail.com

Pulau Pinang T • +604-229 8999 F • +604-229 8666 E • hbpenang@hbmpg.com

Sandakan T • +6089-223 833 F • +6089-223 822 E • skanhbll@streamyx.com

Seberang Perai T • +604-397 5888 F • +604-398 8777 E • hbmperai@henrybutcher.net

Tawau T • +6089-779 380 F • +6089-779 381 E • hbsabah@gmail.com

Central Region Melaka T • +606-281 2188 F • +606-281 2189 E • hbmalacca@yahoo.com Seremban T • +606-761 8681 F • +606-761 8687 E • hbns@henrybutcher.com.my

CAMBODIA

These terms and conditions shall be governed by and construed in accordance with the laws of Malaysia.

Phnom Penh T • +855 23 72 3212 F • +855 23 72 3213 E • hbccambodia@gmail.com

26 HB HERALD. SEP/OCT 2013

Kluang T • +607-775 1500 F • +607-775 1501 E • henrybutcherkluang@yahoo.com

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All rights reserved.

FOR INTERNAL & CLIENT CIRCULATION ONLY

Southern Region Johor Bahru T • +607-236 8060 F • +607-235 3060 E • henrybutcherjohor@gmail.com

Sarawak Kuching T • +6082-423 300 F • +6082-231 036 E • hbswak@gmail.com Miri T • +6085-442 800 F • +6085-429 699 E • hbmalmiri@yahoo.com


HB Herald. Issue 9. Sep/Oct 2013