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*Price is GST included


Intersection of 4 highways: SKVE, SILK, North-South Hwy & Sg Besi Hwy Ready student population of more than 20,000 within 2-3km radius Total population of 70,000 within 10 minutes An MRT station (Uniten Station) to be built on Line 2 nearby Major hotels, 14 universities/colleges and 5 hospitals within 20 minutes Lifestyle mall at De Centrum Located in De Centrum city (100 acres of freehold development)

Your neo-urban lifestyle comes with a truly self-contained neighbourhood, where if you so choose to, you won’t need to drive out for almost anything. Daily shopping couldn’t get more convenient at the De Centrum Mall & Retail Shops. With lifestyle stores spread over more than 160,000 sq. ft. catering to your needs, you couldn’t be more spoilt for choice, with all literally beneath your feet.


PUBLISHER’S MESSAGE Publisher KK Chua kkchua@propertyinsight.com.my Editor Syamil Zahari editor@propertyinsight.com.my Sales & Marketing Janet Loh 012-2050 911 janet@propertyinsight.com.my Andy Fam 012-6019938 andy.fam@propertyinsight.com.my Chong Wei Yeen 012-627 2863 weiyeen@propertyinsight.com.my FOR ENQUIRIES: enquiries@propertyinsight.com.my

Publisher Armani Media Sdn Bhd (1032085-H) No. 32-3, Jalan Pekaka 8/4 Sec 8, Kota Damansara 47810 Petaling Jaya, Selangor Tel : +603 6156 3366 Fax : +603 6156 3399 Printer KHL Printing Co Sdn Bhd (235060-A) Lot 10 & 12, Jalan Modal 23/2 Seksyen 23 Kawasan Miel Phase 8 40300 Shah Alam, Selangor, Malaysia

n our efforts to recognise Malaysia’s best developers and properties, Property Insight holds its very first inaugural award, Property Insight Inaugural Prestigious Developer Awards 2015. The Awards event brings together the best minds and people behind the property development industry of Malaysia. It also creates a precious opportunities to network with the giants and crème de la crème of the field at a Gala Dinner in Kuala Lumpur. This grand event is among the efforts by Armani Media to foster growth in industry sector, along with our many other events such as expos, showcases, exclusive private events, study tours and PRISM - Property Investment Summit & Expo in Malaysia - the largest property summit and expo in the country. With the awards being presented by our esteemed Minister of Tourism and Culture YB Dato’ Seri Mohamed Nazri Abdul Aziz to those who had played their significant role in fostering Malaysia’s property growth, the Awards event acknowledges and highlights quality development of some of Malaysia’s best and their landmark projects that shape the landscape of Malaysia’s nation building and development progress which push Malaysia towards our vision of becoming a First World Nation by 2020. I quote a saying: “The will to win, the desire to succeed, the urge to reach your full potential - these are the keys that will unlock the door to personal excellence.” - Confucius

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Congratulations to all the winners!

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Although every reasonable care has been taken to ensure the accuracy of the information contained in this publication, neither the publisher, editors, writers nor employees and agents can be held liable for any errors, inaccuracies and/or omissions. The contents of this publication do not constitute investment advice. It is intended only to inform and illustrate. No reader should act on any information contained personal circumstances. We shall not be responsible for any loss or damage, whether directly or indirectly, incidentally or consequentially arising from or in connection with the contents of this publication and shall not accept any liability in relation thereto. The views by our contributors expressed here are their personal company, organisation, person, investment strategy or technique mentioned in this publication unless expressedly stated otherwise. The publisher does not endorse any advertisements or special advertising features in this publication, nor does the publisher endorse any advertiser(s) or their products/services unless expressedly stated to the contrary. All rights reserved. No part of this publication may be reproduced in any form or by any means, including photocopying and imaging without the prior written permission of the publisher.

KK Chua Publisher Armani Media Sdn Bhd


Content 10 20

FEATURE Subdued But Resilient Commercial property market remain bouyed by business conditions and positive investors’ expectations

SPECIAL FEATURE

14

Cautiously Optimistic Economic signs portend headwind ahead but positive sentiments remain

Hammering on Auction Properties

One homeowner’s default is another investor’s gold

50 56

PERSONALITY OF THE MONTH All Things for All People PKNS Managing Director Haji Azlan Md Alifiah’s insight on assets management and property outlook

LEGAL

Why Does It Takes So Long For Lawyers To Complete A Property Transaction?

65 STRATEGY

Personal Traits Of Debt-free People

26 38

AREA FOCUS North Kiara - Rebranding Is The New Buzz Word It used to be just about location, but now rebranding and redevelopment are taking centre stage

INTERNATIONAL MARKET Delve Into The Appeal of Spain and Portugal Markets Law firm Antonio Vinal & Co. Abogados shares with Property Insight about the benefits of investing in the Iberian Penisula real estate.

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PROPERTY FEATURE Pearls of a Township

Pampering brought to a new level

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STRATEGY Bad Haircuts


Property Insight Malaysia

2015 EXPO & SHOWCASE CALENDAR April

22 May

18

PI Bumiputera Property Showcase 2015 Venue : Mesra Mall,Terengganu Date : 22- 26 April 2015 (Wed - Sun) Duration : 5 Days

Property Insight & Home+ Showcase 2015 Venue : IPC Shopping Centre, Mutiara Damansara Date : 18- 24 May 2015 (Mon - Sun) Duration : 7 Days

June

17 July

3 August

7

November

19

PI Property Showcase 2015 Venue : Paradigm Mall Kelana Jaya Date : 17-21 June 2015 (Wed - Sun) Duration : 5 Days

Investors’ Top Pick Property EXPO 2015 Venue : Mid Valley Exhibition Centre, Mid Valley Date : 3-5 July 2015 (Fri - Sun) Duration : 3 Days

PI Property Showcase 2015 Venue : Tropicana City Mall, P.J. Section 16 Date : 7- 16 August 2015 (Fri - Sun) Duration : 10 Days

PRISM 2015 Venue : Sunway Convention Centre, Sunway Pyramid Date : 14- 15 November 2015 (Sat - Sun) Duration : 2 Days

BOOK NOW!

+6013 745 2195 Call us at +6012 378 8683


NEWS & EVENTS

DISCOVER THE BEST OF CYBERJAYA he Cyberjaya Premier Property Showcase 2015 (CPPS 2015) made its exciting return for the 4th consecutive year at Cyberview Resort & Spa recently. The 2-day weekend event, which has been the much anticipated property showcase in Cyberjaya over the years, will be jointly organized by six established property developers who have collectively won an impressive 20 FIABCI property awards between them. The participating developers are Setia Haruman, SP Setia, MCT Consortium Berhad, UEM Sunrise Berhad, Paramount Property and Areca Holdings Sdn Bhd, who are all geared

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up to provide property buyers and investors an irresistible opportunity to shop for their dream homes and commercial investment, in this one-stop platform of Cyberjaya’s finest properties. Spearheaded by Setia Haruman, the Master Developer of Cyberjaya, CPPS 2015 continues to feed the increasing demand of homebuyers and property investors with a collection of elegant, contemporary and investment-worthy properties. Also with each passing year, Cyberjaya continues its emergence as an intelligent city that offers a holistic experience for everyone, and now with even more exciting leisure and

From left: MCT Consortium Berhad general manager Teoh Eng Poh, Paramount Property CEO Beh Chun Chong, Setia Haruman Sdn Bhd executive director Lao Chok Keang, UEM Sunrise Bhd acting CMO Zadil Hanief Mohamad Zaidi, Areca Holdings Sdn Bhd general manager of Sales & Marketing Jennifer Chow, and SP Setia deputy general manager of Project Implementation Goh Tzen Sernz

entertainment elements. “We are here to share that Cyberjaya is now ready to go, even more so next year, when most developments are completed, with more

residents moving in as well as businesses continue to open and flourish,” said Lao Chok Keang,executive director of Setia Haruman Sdn Bhd. “The success of the

TROTTING INTO THE YEAR OF THE WOOD GOAT WITH THE FENG SHUI & ASTROLOGY LIVE SEMINAR ffective personal actions and decisions are key to seize whatever opportunities coming your way,” said Dato’ Joey Yap who empowered the crowd of more than 6,000 people in the Feng Shui & Astrology (FSA) 2015 seminar at the Plenary Hall, Kuala Lumpur Convention Centre recently. The internationally renowned author, consultant and educator of Chinese Metaphysics and Astrology, explained the sophisticated notions of Qi Men Dun Jia, Feng Shui and BaZi to the audience, as basis to understand the outlook of 2015. In addition to the analysis of the 12 Animal

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Signs and the Flying Stars sectors for the year ahead, the audience had also benefited significantly from the economic analysis of 2015. He kicked off the full-day seminar with the Twelve Animal Signs analysis and the crowd was eager to learn what the Wood Goat has to offer especially in terms of professional outlook, investment and business. On those aspects, he explained that career success can be enjoyed for those born in the year of the Dog, Rabbit, Tiger, Dragon and Monkey. Dato’ Joey also indicated that a slow or stagnant growth can be expected for property investment in

APRIL 2015 | www.propertyinsight.com.my

2015 and had encouraged the crowd to opt for longer term investments for better return. In this regard, he had also noted that the Qi flow of 2015 favours properties located in the areas of North, Southwest and Centre, in relative to the city of Kuala Lumpur. Among the key observations on the outlook

2015: • The outlook on property investment is largely dependent on the way we invest. Generally, long term investors will have more to gain in 2015. • Share market in general is not reflecting the true value of the company. Most of the shares will be undervalued. Therefore this might be


Cyberjaya Premier Property Showcase over the years have proven that there is a sizeable increase in demand from buyers who intend to take up residence at this exclusive address. Each annual showcase allows us to update the media and the public of the latest happenings and developments in Cyberjaya,” he added. “It is also a unique platform for these top notch developers to work together to elevate Cyberjaya into a premium real estate location.” Visitors of this year’s showcase will also be treated to a series of exclusive talks by speakers on property related topics, who will be providing valuable insights into the latest developments and happenings in Cyberjaya and the property industry.

GEARING UP FOR A CHALLENGING ECONOMIC ENVIRONMENT

Datuk Seri Michael Yam delivering his keynote address during the Conference on Regional Outlook 2015

a good year to acquire stocks. • South East Asia: Sluggish economic growth in the region can be expected this year. Since its debut in 2004, the Feng Shui & Astrology (FSA) seminar has been a hit for a wide range of audiences as it enabled them to obtain first-hand information to help prepare for the opportunities the upcoming year has to offer. Every year, the seminar will take centre stage locally in Malaysia and in other major cities around the globe such as Singapore, Frankfurt, San Francisco, Las Vegas, New York, Toronto, Vancouver, London, Melbourne, Sydney, Perth, Ljubljana, Florence, Bangkok, Jakarta and Manila.

alaysia Property Incorporated (MPI), a Government initiative set up under the Economic Planning Unit to drive investments in real estates into Malaysia, sought to help developers, bankers and investors alike to gain deeper insights, take stock of the past performance of the property market and plan for 2015 with forecasts by experts in their own fields and respective countries in its annual corporate outlook seminar entitled ‘Regional Corporate Outlook: Gearing Up for a Challenging Economic Environment’. For the first time, MPI collaborated with Real Estate housing and Developers Association

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(REHDA) to bring together the event, held recently at Wisma REHDA, Kelana Jaya. “The seminar focused on the impact of falling oil price and the depreciation of the Ringgit on Malaysian economy and the property industry,” the organiser said. “The softer global economy, declining oil and commodity prices and the weakening of the Malaysian ringgit may affect the Malaysian economy and, in turn, the property market. Thus, mitigation and problem solving measures may be called forth by the Government to counter balance the property sector during the economic downturn while developers, bankers and investors may need to plan and strategise

on the best course of action for 2015.” REHDA Institute Seminar Series will continue with another important upcoming event for investors and especially first-time home buyers. The Home Ownership Forum, organised by REHDA Institute, will be held on Saturday 18 April, 2015, for 10:00 a.m. to 4:00 p.m. at Wisma REHDA. Topics will include ‘How to be a savvy investor/home buyer’, ‘Financing for 1st time home buyers’, ‘Alternative Purchase - Auction Property’ and ‘Changing Housing Landscape’. Registration Fee is RM50.00 (inclusive of GST) and more information is available at www.rehdainstitute.com.

www.propertyinsight.com.my | APRIL 2015

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EXPERT COMMENT

SHOULD INVESTORS DIVERSIFY THEIR PORTFOLIO INTO COMMERCIAL PROPERTY?

Jeffery Lam Marketer, Investor, Consultant

Ishmael Ho CEO of Ho Chin Soon Research Sdn Bhd

Rachel Lim Co-Founder of CORE

Kevin Neoh Licensed Financial Planner

Investors Need To Have Holding Power

Many Benefits In Commercial Property Investment

Don’t Ignore Exit Plan

Managing Portfolio by Setting Aside Required Capital

Investors who want to diversify their property portfolio in the commercial sector need to consider the 6% GST that will be imposed on commercial property starting April 1. Unlike residential property, depending on the location, it may take a longer time to mature, therefore Investors who want to invest in the commercial sector need to have a “deeper pocket” or holding power. There were completed shoplot units in some areas within Puchong that have not been fully occupied. Thus it is vital for commercial property investors to be creative so that their investment will stand out from the rest.

Commercial properties include shoplots, office space and even shopping complex. It is tricky to invest in shoplots, some shoplots with road frontage can be very successful whilst the ones at the back can be as good as dead. At the same time, different shoplots with road frontage perform worse than those at the back. One of the benefits of investing in commercial property is dealing with a tenant that has a business entity. They are often prompt and professional with their rental payment. Often for offices, renting out a bare unit is the norm. You don’t need to do a lot of renovation because your tenant will be doing their own touch up to suit their need and taste.

Investor can buy a commercial property either from the secondary market or off-plan development. Commercial property definitely can make bigger money from high capital appreciation and better cashflow from good tenant if you have the right property, at the right price and location. However, compare to residential property, different type of commercial property require different set of knowledge and capital: initial capital, money management, targeted tenant requirement & management, vacancy period holding period and so on. From my observation, many investors fail because they only think about making money and ignore the exit plan.

I would support the notion that investors should have the aim of venturing into commercial properties. Do not look at it as a Residential vs Commercial debate but rather a story of your portfolio co-starring residential + commercial property. Usually, rental for commercial property will be ideal sweetener to your income and you may be able to increase it according to the economic activity n state of economy as opposed to residential property which may somehow has a stagnated limit. Perhaps the biggest barrier to enter into the field of commercial property is the large sum of capital needed or possible lower financing help. In this case we may also explore into REITs (Real Estate Investment Trust) which will allow scalability in terms of capital.

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MARCH 2015 | www.propertyinsight.com.my


FEATURE

SUBDUED BUT RESILIENT

Commercial property market remain bouyed by business conditions and positive investors’ expectations

THE OFFICE SEGMENT WILL CONTINUE TO BE A TENANT’S MARKET IN 2014 AS INCOMING SUPPLY WILL KEEP THE OFFICE RENTAL MARKET COMPETITIVE. — FOO

emand for commercial space in Klang Valley likely saw modest growth in 2014 given that external demand will be robust whilst domestic spending stays stable throughout the year, reported CH Williams Talhar & Wong’s (WTW) in its recently released Property Market 2014 report. In the Klang Valley office sector office supply grew by 3.6 million sqft in 2013 which is similar to the average annual supply growth of about 3.7 million sqft during the period from 2008 to 2012, according to WTW managing director Foo Gee Jen. “The main driver for the decentralization has been due to scarcity of land in Central Kuala Lumpur (CKL) for new office developments. Recently the trend has seen a renewed focus at the heart of the city,” Foo told the media during a briefing.

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10 APRIL 2015 | www.propertyinsight.com.my

A number of proposed prime office developments, most notably the Tun Razak Exchange and Warisan Merdeka are being planned in the city centre especially in areas close to the on-going Klang Valley Mass Rapid Transit Station projects, the report said. Year 2014 saw a subdued growth in office stock – an estimated 6.6 million sqft (or 7.1% of existing stock) of new office space is expected to be completed within the year. Growth in office space demand is expected to remain robust in 2014 given that employment figures and business conditions remain upbeat, Foo noted. “In 2013, an estimated net absorption of 3.3 million sqft of office space was registered – 0.9 million sqft in CKL, 2.09 million sqft in Metro KL (MKL); and 0.48 million sqft in Greater KL GKL) – or a 20% increase in net absorption compared to 2012

which gained 4% compared to 2011. Vacancy rates decrease in 2013 to 14% from 16.2% recorded in 2012 or 15.7% recorded in 2011,” Foo said. Offices in CKL enjoyed the lowest vacancy rates at 10% whilst GKL offices had the highest vacancy rates on average at 19%, leaving the middle position to MKL offices which had a 17% vacancy rate on average, according to the report. Prime gross rental grew steadily at 4.6% in 2013 to RM6.80 psf per month compared to RM6.50 psf per month in 2012. Forecast gross prime office rent in 2014 is estimated to improve or be stable supported by favourable business conditions and a further moderation in new supply over the next 12 months. “Business conditions are likely to remain supportive of the office space market in 2014. New supply in 2014 is not nearly as high as foreboded in early 2013. Moderating new construction starts is anticipated to bring supply growth to a more sustainable level. The office segment will continue to be a tenant’s market in 2014 as in-coming supply will keep the office rental market competitive,” the WTW report said.


Source: CH Williams Talhar & Wong

CH Williams Talhar & Wong managing director Foo Gee Jen (center) briefing the press during his presentation of WTW Property Market Report 2014 www.propertyinsight.com.my | APRIL 2015

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FEATURE

“THE TAKE-UP RATE IS STILL HEALTHY. KUALA LUMPUR OFFICES HAVE AN OCCUPANCY RATE OF ABOUT 85%, NOT TOO FAR OFF FROM SINGAPORE, BANGKOK AND JAKARTA WHICH HAVE IT AROUND 90%. — FOO

“The take-up rate is still healthy. Kuala Lumpur offices have an occupancy rate of about 85%, not too far off from Singapore, Bangkok and Jakarta which have it around 90%,” Foo said. He expects Kuala Lumpur to see an additional availability of 100 million sqft of office space by the end of 2015, a major milestone for a city, surpassing other business hotspots like Singapore, Bangkok and Jakarta. In retail sector, cumulative supply in the Klang Valley recorded a marginal growth of 0.5% in 2013 y-o-y compared to the historical five year average of 2% annually. Moving forward, retail space is expected to increase by 6.4 million sqft or 14.5% in 2014 – 1.61 million sqft in CKL, 2.51 million sqft in MKL and 2.25 million sqft in GKL. This is expected to mount significant pressure on existing shopping centres to keep existing tenants. A spate of new supply in 2014 will likely see vacancy rates rise compared to the previous year. CKL shopping centres will continue to enjoy a low average vacancy in 2014; MKL and GKL retail centres will see vacancy rise further as new supply enters into the market. In terms of demand in retail sector, the Retail Group Malaysia estimated in August 2013 that the retail sector grew by 6.4% in national retail sales in 2013, higher compared to 5.5% in 2012 and on par with 6.5% in 2011, WTW report noted. “After two years of above average net take up rates

12 APRIL 2015 | www.propertyinsight.com.my

in 2011 and 2012, net retail space absorption slowed significantly in 2013,” it said. The Klang Valley recorded a positive 810,000 sqft net take up in 2013 – CKL experienced a negative net absorption of 400,000 sqft due to the closures of PIKOM ICT Mall, CapSquare and Sunway Putra Mall whilst MKL and GKL registered a net take-up of 440,000 sqft and 780,000 sqft of retail space, respectively. Average prime retail rents maintained the steady growth trend with a 10% increase y-o-y in 2013 to RM22 psf compared to RM20 psf in 2012. The prospect for retail rents accretion for secondary malls however is coming under increasing pressure from an increasing number of incoming retail centres over the coming years. “An analysis of REIT-owned malls in the Klang Valley revealed that prime shopping mall net yields have continued to be compressed to the 4.4%-6.2% range whilst gross rents yields ranged between 6.2%-9.4%. The increasing affluence of the urban population and growing middle - income population in Klang Valley will continue to support domestic spending,” Foo said. In contrast, the rising nominal inflation and a burgeoning household debt threatens to weigh down on domestic demand, he observed. “Retail space, especially in lifestyle malls, will become increasingly competitive as numerous new mixed use developments have incorporated retail centres as key components; many of them are expected to enter the market in the next 3-5 years,” he added.

SURVEY SAYS In another report, leading independent global property consultancy Knight Frank Malaysia released results on its inaugural survey of insights and preferences of key players, namely fund managers, developers and lenders in the commercial sector for the year 2015.

Knight Frank’s ‘Malaysia Commercial Real Estate Investment Sentiment Survey 2015’ reported that more than 40% of respondent opted not to invest/lend or develop commercial real estate in 2014 cited poor yield/return as the main reason. “30% attributed their inactivity to global economic uncertainty and lack of good stock and the remaining 22% due to high price expectations,” the report said. For the year 2014, about half of the respondents (52%) believed that the commercial real estate market had performed below expectation in terms of yield, margin and return, while 44% were of the opinion that the commercial property market had performed as expected. Only a small minority (4%) felt the market performed better than expected. For the current year, more than 80% of the respondents feel less optimistic about the overall economic scenario in 2015, while the rest believe that the market will remain unchanged from 2014. “This same is reflected when asked about the investment outlook for commercial property for 2015, with 78% being less optimistic and the rest of the opinion that 2014 trends will continue. A key finding is that no respondents believe that the market will improve in 2015 citing rising interest rates and the implementation of the Goods and Service Tax (GST) in April 2015 as the significant reasons for this sentiment,” Knight Frank said. Up to 64% of the respondents are of the opinion that the hotel/leisure sector will see no change in yields in 2015 while 56% and 44% of the respondents are of the same opinion about the logistics/industrial and retail sectors respectively. “A rise in yields for the Office sector is a key prediction with 40% of the respondents. Overall commercial yields are predicted to be stable however office yields may trend upwards whilst healthcare/institutional yields may trend downwards,” the survey results noted. As far as rents are concerned, 48% of the respondents believe rental value of the retail sector is expected to remain unchanged in 2015 while


Source: Knight Frank

Source: Knight Frank

“OPPORTUNITIES WILL ABOUND TOWARDS THE END OF THE YEAR WHEN WE ARE LIKELY TO SEE SOME PRESSURED SALES WHERE PRICES BECOME MORE REALISTIC, DRIVING YIELDS TO BE ATTRACTIVE. — SUBRAMANIAM

another 30% believe that it will increase. The rental value of the office sector however is expected to decrease according to 48% of the respondents, with 35% saying no change. The opinion on the rental value for the logistics/industrial sector is mostly about 57% expecting it to remain unchanged while another 30% feel that it would increase in 2015. With regards to Bank Lending Rates, 62% of the respondents expect Bank Lending Rates to increase in 2015 while 38% expect no change, indicating a significant rift in the overall sentiment. In addition, the reported noted, “Our analysis of the responses gathered has shown that the KL Central Business District (CBD) and Golden Triangle is still the most attractive region in Malaysia for commercial real estate investment

for 2015. Up to 57% of the respondents ranked the KL CBD/ Golden Triangle as their prime choice followed by 30% opting for the KL Fringe/Klang Valley instead, making it the second most attractive region for commercial investment. Kota Kinabalu and Johor/Iskandar had poorer responses with 87% and 61% marking them as their fourth and fifth preference.” Sarkunan Subramaniam, managing director of Knight Frank Malaysia, said, “It is predicted that at least for the first ten months of this year, the commercial investment market will see a softer subdued climate, as it will be grappling with rising cost of capital, selective lending and the implementation of the Goods & Services Tax. Opportunities will abound towards the end of the year when we are likely to see some pressured sales where prices become more realistic, driving yields to be attractive.” He added, “The healthcare/ institutional and hotel/leisure sectors are likely to be more resilient whilst the office sector seems likely to see some strain. The retail sector will have a slightly poorer year but certainly better than offices. The logistics/industrial sector may actually turn up a good surprise to investors. But do remember whilst sentiments do drive the market, hard facts determine said sentiments.” www.propertyinsight.com.my | APRIL 2015

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SPECIAL FEATURE

CAUTIOUSLY OPTIMISTIC

14 APRIL 2015 | www.propertyinsight.com.my


Economic signs portend headwind ahead but positive sentiments remain eak buyers’ sentiment and property cooling measures introduced since 2013 will affect the demand for residential property in Malaysia in 2015, said ratings agency Moody’s. Demand for residential property in Malaysia is set to slow further in 2015, Moody’s has forecast in its recent report. “We expect the anticipation of higher mortgage rates in 2015 and the implementation of a 6 per cent goods and service tax in April to dampen sales in 2015 as buyers take a wait-and-see approach,” Moody’s Investor Service assistant vice-president and analyst Jacintha Poh said. “But the magnitude of the sales impact will depend on Malaysian property developers’ target segment of project launches and pricing,” she added. Moody’s analysis is contained in its latest edition of Inside ASEAN, a quarterly publication looking at major credit trends prevalent in the Southeast Asian region. Moody’s expects developers focusing on residential projects located in popular cities, such as Johor, Kuala Lumpur, Selangor and Penang, to face the greatest challenge in achieving their sales targets. “Properties in these cities are typically priced above RM1 million and are aimed at high-income households or foreign investors. Nonetheless, Moody’s expects demand for owneroccupied homes priced in the middleincome range to remain resilient,” added Poh. Malaysia’s average home prices from 2001 to 2013 increased at a compounded annual growth rate of

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7.3%, which is faster than the 6.3% for the gross national income per labour. Additionally, Moody’s singled out five largest listed property developers in Malaysia – based on their total revenues – to remain resilient in 2015 despite a slowdown in their sales volumes which include: Sunway Group Berhad, SP Setia Berhad, UEM Sunrise Berhad, IJM Land Berhad and Mah Sing Group Berhad. The agency reported that Malaysia’s property sector risks remain manageable for banks and developers, and both groups of stakeholders are still resilient to possible shifts in sentiment and falling property prices. “After several years of rapid gains in residential property prices, macroeconomic conditions in Malaysia are turning less positive for the property market. Nevertheless, we anticipate a soft landing for property prices, supported by robust, albeit decelerating GDP growth, and stable housing demand from middle-income households. In such a scenario, Malaysian developers and banks should be resilient to downward property price pressures,” said Moody’s senior vice president Stephen Schwartz. According to the agency, Malaysia (A3 positive) has seen a rapid rise in residential property prices, of more than 40% in real terms since early 2009, against a backdrop of increased urbanization, rising living standards and a long period of low interest rates. Such a price increase has generally outpaced that of Malaysia’s neighbours. Commodity price weakness and China’s ongoing economic slowdown are creating economic headwinds, said Moody’s, and the agency expects Malaysia’s GDP growth to

decelerate to a still-solid 4.5%-5.0% in 2015, from 5.8% in 2014. However, previously implemented cooling measures, a forthcoming new goods and services tax, and tighter lending conditions, will all add to downward pressure on housing prices. “While delinquencies on mortgages and construction-related loans will likely increase from their current multi-year lows, Malaysian banks have robust capital buffers and healthy pre-provision profitability. Also, the credit quality of property-related loans is generally good, supported by prudent loan-to-value ratios and low unemployment rates. As such, Malaysian banks are well positioned to weather a soft landing in property prices. However, mortgages with high loan-to-value ratios and loans to overleveraged households and developers are at greater risk of payment slippage,” added Moody’s vice president Senior Credit Officer Eugene Tarzimanov, co-author of the report. Middle-income households will also be key to Malaysia’s largest listed property developers’ resilience as property price growth slows. While sales volumes will moderate, they will remain supported by developers’ product offerings that are targeted at middle-income households. Overseas projects will also buffer developers from the domestic deceleration in price growth, said Moody’s.

HOLDING STEADY Global property consultancy Knight Frank Malaysia also recently unveiled its report that looked into the market performance across the various property mix – Residential, Office, Retail and Industry – and highlighted the trends and outlook in the four key

www.propertyinsight.com.my | APRIL 2015

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SPECIAL FEATURE markets in Malaysia, including Kuala Lumpur, Klang Valley, Penang, Johor Bahru and Kota Kinabalu. The “Knight Frank Malaysia Real Estate Highlights 2H2014” pointed out to several market drivers impacting the real estate sector. The recent plunge in crude oil prices and lower trade surplus could undermine Malaysia’s economy and its property market especially if they are prolonged, the report said. Knight Frank Malaysia executive director for Research and Consultancy Judy Ong said, “Amid the gloomy economic outlook and plummeting crude oil prices, the slowdown in the Malaysian property market continues. Buyers’ and investors’ sentiments have turned cautious with many adopting the ‘wait-and-see’ approach while more developers are turning their focus on the affordable housing segment.” She added, “Selected property sub-sectors (and locations) may undergo a period of consolidation in terms of slower market activities, pricing and rentals.” Among the highlights in 2H2014, Knight Frank Malaysia noted that the series of macro-prudential measures have succeeded in cooling the residential property market and there is a marked slowdown in residential property market with noticeably fewer launches across the board. In Kuala Lumpur high end condominium market, for instance, Knight Frank Malaysia reported that with most launches in 2H2014 unveiled post Budget 2015, “the response in terms of bookings translating into sales remained to be seen due to the high rejection rates for loan applications. In the secondary market, there were also noticeably less activities and enquiries as potential buyers hold back on their purchases amid softening in the property market. Prices, however, continued to hold steady.” It added, “Going forward, with a high supply pipeline of existing and incoming projects, the rental market will continue to face further pressure in selected locations where there are weak occupational demand and high project completions. Yields will continue to be compressed in line with the lagging rental market.” In the office market, despite mismatch in supply and demand, the Kuala Lumpur office market remains resilient with both rental and occupancy rates holding firm, the

report said. In retail, prime and established shopping centres in Klang Valley and Penang continue to enjoy high occupancy in excess of 90%, and more than 80% occupancy in Johor Bahru and Kota Kinabalu. Malaysia continues to be on the radar of overseas retailers, and sees more new entrants especially in the F&B segment as well as rapid store expansion of existing brands and outlets, both local and international, the report noted. Especially in Kota Kinabalu, a very exciting time is expected for the retail sector with the impending completion of several retail properties in 1H2015, the firm said. “The pool of well-heeled local buyers and the untapped foreign investor market will be critical to the successes of new launches [in Kota Kinabalu] in 2015.” Knight Frank Malaysia’s 2015 market outlook reported that with the Government having revised its deficit target and GDP growth following the recent sharp decline in oil prices and pro-active measures to sustain development and economic growth include free visa for tourists from China amongst others and increased frequency and duration of mega sales nationwide, the company projected more developers launching their projects ahead of the GST, slated for implementation in April 2015, while widening their target catchment by marketing overseas. Continuous efforts by government authorities / agencies such as MIDA and InvestKL are expected to produce positive results and cushion the impact of a slowing economy and property market, Knight Frank Malaysia said. Office Occupancy and Rental Trends

Source: Knight Frank Research

* Excludes Binjai On The Park ** Includes Twins @ Damansara Heights *** Excludes Verve Suites which comprise mainly fully furnnished small units Source: Knight Frank Research 16 APRIL 2015 | www.propertyinsight.com.my


MORE OPPORTUNITIES Malaysian Institute of Economic Research (MIER) meanwhile concurred with general sentiments of experts that the year 2015 will be a very challenging year for the Malaysian economy. “Real GDP growth is projected to moderate, depending on the magnitude of fluctuations in crude oil prices and also movements of the ringgit exchange rate against currencies of Malaysia major trading partners. Commodity terms of trade (CTOT) shock, ringgit depreciation and anticipated higher interest rates environment are expected to adversely affect Malaysia’s domestic macroeconomic fundamentals, particularly in the short-term,” it said. However, “Looking from macro perspective, there are clearly less risks, but in fact more opportunities, especially with lower energy prices, which is quite a rare phenomenon, moving forward,” MIER added. According to MIER’s recent report, inflationary pressures remained strong for the twelve months of 2014, averaging 3.2% (2013: 2.1%). Inflation rate moderated in September 2014 (2.6%), but edged up slightly to 2.7% in December 2014, after registering moderately high rate of 3.0% in November 2014 (October: 2.8%), on account of pass-through effect of a cut in fuel subsidy on 2 October 2014. “The scheduled implementation of GST in April 2015, together with mandated review of the minimum wage policy and rising demand for higher wages and benefits will provide sparks for a new round of higher inflation expectations,” MIER said. “Fortunately, falling crude oil prices and lower energy costs will help to offset domestic cost-push factors, especially for transport charges, but that depend on degree of passthrough effects and price stickiness. Additionally, low inflation environment in key advanced economies and less than full pass-through effects from ringgit depreciation will also see that inflation remains under control

MIER’s SECTORAL INDICES

Source: MIER

(Inflation 2015: 3.5%, 2016: 3.0%),” it added. The ringgit continued its depreciating trend in January 2015, which started in September 2014, as US dollar gained strength on the back of an improving US economy and expectation of US monetary policy normalization. However, depreciating ringgit exchange rates which are almost across-the-board will likely cause higher import bills and add sparks to domestic cost-push factors, especially with the oncoming GST implementation in April 2015, MIER reported. “Fortunately, growth is estimated to be exceptionally strong at 5.9% in 2014 (2013: 4.7%), which is very much close to the required growth of 6.0% per annum for Malaysia to escape the prevailing ‘middle-income trap’,” it said. Additionally, MIER observed, there was a strong contribution from external sector in 2014, although moderating aggregate domestic demand continued to be the key engine of economic growth. Of greater significance, overall unemployment rate remained below the threshold of 4%, suggesting full employment situation in the country, while consumer inflation rate increased moderately by 3.2% last year. “As such, moving forward, initial economic conditions are strong, as domestic economic fundamentals remain generally good and most importantly, confident and belief function about good management of macro economy still intact, especially among domestic households and firms and other economic agents as well as society at large,” the institute said.

RESIDENTIAL PROPERTY INDEX (RPI)

Source: MIER

“WE NEED TO BE VIGILANT AND MOST IMPORTANTLY, MUST BE ABLE TO WITHSTAND AND ADJUST SUCCESSFULLY TO THESE NEGATIVE SHOCKS WITH ALL AVAILABLE TOOLKITS. — MIER

“Looking at medium-term economic and social development, the Eleventh Malaysia Plan (20162020) is scheduled to be unveiled in the Parliament in May 2015. While Malaysia aspires to join the four Asian tigers, its country classification remains as one of the emerging market economies (EMEs) in Southeast Asia with an upper middle-income status.” Economic shocks come in a variety of forms, such as productivity slowdown, terms of trade and interest rate shocks and mark-up in prices and wages, according to MIER. “As such, we need to be vigilant and most importantly, must be able to withstand and adjust successfully to these negative shocks with all available toolkits,” it added. “Most importantly, we must work together, stay calm and maintain our much-needed patience, as we are not in an economic crisis yet, just a temporary setbacks,” MIER concluded.

www.propertyinsight.com.my | APRIL 2015

17


FEATURE

HAMMERING ON AUCTION PROPERTIES One Homeowner’s Default is Another Investor’s Gold

By: Benignus Cheah

omebuyers and investors who are seeking property purchases from both primary and secondary market may wish look into properties made available via the property auction channel. Despite the many myths and misconceptions, investing in auction properties presents several advantages that may put knowledgeable investors at the front edge. Unlike sub-sale or buying from the primary market, investment in the property auction market requires due diligence to be done on the part of investors in a short duration of time. These due diligences includes not just visiting the area where the identified property is located but also to investigate the surrounding areas, obtaining the services of lawyers and

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20 APRIL 2015 | www.propertyinsight.com.my

real estate agents in order to acquire documents from various sources pertaining to the property in order to fully understand the terms and conditions of both the property and the auction location as well as the auction time.

RISKS Though auction may seem to be straight forward, it is in no way a simple process. The reason is that there are many risks which investors and homebuyers need to take into account before they bid to acquire their own properties from the auction market. According to property investor Hazel Leong who specialises in auction properties, there are a number of things in which auctioned properties differ from sub-sale properties. With regards to the timeframe, for instance, the transfer of funds must be done

within 90 to 120 days from the day of confirmed deal or else investors would risk losing all of their down payment made. Furthermore, Leong said, “Auction unit comes as is. New owner will have to settle all outstanding debts of the property such as maintenance, assessment, utility bills, etc. These outstanding debts can often range from a few thousands to more than RM100,000. All these would have to be settled via cash and it is very important to check for any outstanding payments prior to the purchase.” Bidding process may also attract syndicates who will demand to be paid off or else they will bid up the price, according to Leong. “Other bidders will influence the prices as well. There is no fixed pricing except on the day of the bidding itself for the winning bid,” cautioned Leong. She also adds that it is the duty of the new owner to not only remove caveats placed by third party interest but also to evict the previous owners of the property. “There is the danger of the ex-owner refusing to move out or them damaging the property severely prior to moving out. Sometimes threats and intimidation would be directed at the new buyers as well.” Additionally, Leong shared, “A common mistake for most investors buying auction is the assumption that they can get it ‘cheap’. Generally we can only get the good ones at slightly below bank valuation rates.” She continued, “Another very common and fatal mistake is not allocating enough funds to see the process through. There are many factors that can delay the financing process and it’s always


investors could get the chance to view the interior of an auctioned property. Rizal Properties manager and senior real estate negotiator of Evonne Lee, who deals mostly in auction properties, shared, “Only selected ones such as the most recent property being auctioned, Sunway Palazzio, that the banks have the keys. That’s why we can allow viewing. But this is a very rare case, maybe 0.001% where you can get the keys.”

“BE FEARFUL IS EVERYONE IS GREEDY; BE GREEDY WHEN THE APPEAL OF AUCTION The question that investors often ask EVERYONE IS FEARFUL. by now would be that if there were — POON so many drawbacks to investing in

prudent to have the full sum of the property being bid on.” In case of delays, buyers will have to pay the full sum first, and then solve the issues before getting the loans, according to Leong. “Most auction novices lose their entire deposit and all associated costs when they run into problems and cannot afford to meet the payment dateline,” she said. The reason that investors should always have the full sum, according to Leong, is that not all banks finances auction properties due it its strict timeline. Leong also adds that investors should “have the full sum available. Nothing is more important and that cash reserve for emergencies.” These emergencies, as explain above by Leong, would serve as a cushion for investors should additional costs arise and were identified such as caveats placed or outstanding payments that are due. Another disadvantage is that, unlike sub-sale properties where investors can take a look at both the exterior and interior of a property, buyers may not do the same with auctioned properties. This puts the investor at a risk of obtaining a property with its interior being in a very bad condition and the contract of purchasing the unit is non-negotiable. In this regard, there are certain instances, albeit rare, that potential

auctioned properties, why would we want to even start going into it? Property investor cum real estate agent Joel Lee shares that the reason he went into auction is because the chances in getting better deals in auction is better. “Because the requirement for skill, knowledge and courage are higher, you need a higher level [of nerve]. So because of this, there’re not many people who have this kind of readiness, so the prices will be better,” he said. Common people and new investors always shy away from auction property. “Cannot see, don’t know how, will get cheated or not,” are reasons Lee often hear. “All these concerns will come in; and because of that, the level of experience, the level of courage and the level of skill required are turning away a lot of people. That’s why we get a lot of chances of getting better in terms of price.” Lee also shared that with different types of auctions being done, there are varying percentages of down payment required when investors win their bids. “For high court and land office, it is very normal, 10%. For LACA auction as in assignment auction, those conducted by banks in hotel ballroom or auctioneers’ office, you have to get their POS, it will indicate if it is 5% or 10%; but for CIMB, it’s a very standard 5%.”

MYTHBUSTING Having said that, investing in auction

properties isn’t all doom and gloom. To start it off, investors need to realise that there are a number of myths when it comes to auctioned properties. Alan Poon, seasoned property investor and principal strategist of Superior Wealth Mastery, shares and debunks the some myths of auction properties. “A lot people do not want to go into auction property. ‘Difficult to get, not worth my time, all very run down, auction property very far, troublesome, don’t know how, not good buy’ but most important is that a lot of people out there have fear,” Poon said. “There’re top three myths that people like to associate with auction property, reason number one is ‘Looks cheap, sounds cheap but not cheap.’ By the time you keep bidding, the price is already very high when people are fighting for it,” Poon said. “I’ve met many people during seminars who told me, ‘Alan, I know auction is good, but every time I go, I can’t win and feel very rejected and failed so many times already.’ But is this the truth? Sometime last year, there were a lot of properties with the price sold and the reserve price are the same. The reserve price is the price being offered as the starting bid, and if the price sold is the same, it means that no one bid for it and that you have won,” he explained. “When I went for my first auction property, I went in there and waited but there was nobody,” Poon recalled. “My agent said to me, ‘Alan, why are you wasting time? I want to go already.” I said, ‘But it hasn’t started yet.’ So my agent said, ‘Never mind that it hasn’t

“BECAUSE THE REQUIREMENT FOR SKILL, KNOWLEDGE AND COURAGE ARE HIGHER, YOU NEED A HIGHER LEVEL [OF NERVE]. SO BECAUSE OF THIS, THERE’RE NOT MANY PEOPLE WHO HAVE THIS KIND OF READINESS. — JOEL LEE www.propertyinsight.com.my | APRIL 2015

21


FEATURE

“ONLY SELECTED ONES SUCH AS THE MOST RECENT PROPERTY BEING AUCTIONED, SUNWAY PALAZZIO THE BANKS HAVE THE KEYS, THAT’S WHY WE CAN ALLOW VIEWING; BUT NORMAL ONES WE ACTUALLY DON’T HAVE THE KEYS FOR VIEWING. BUT THIS IS A VERY RARE CASE, MAYBE 0.001% WHERE YOU CAN GET THE KEYS. — EVONNE LEE

started yet, you go and hit the thing yourself.’ I won and that was how I got my first property. So it is not so true that auction properties are hard to get.” The second myth, according to Poon, is that auction process is very tedious and hidden, i.e. you can’t see the interior, you can’t figure the cost or whether people have paid for it or if there are any debts. Poon clarified, “In auction properties, you can obtain the Proclamation of Sales (POS). This is like a copy of your S&P (Sales and Purchase), and is a document that tells you very clearly whether some of the payment that you need to pay and if you can claim back. So it is not so hidden after all.” Having listed those two, Poon goes on to share the most believed myth of auction, that which is associated with both the supernatural and Feng Shui. “The number one myth which a lot of people say is that it is ‘dirty’ and is filled with bad energy, and that few years down the road you would also be bankrupt if you stay there. But is it true? Last year, there was an auction for a high class property in the Swiss Garden Residence by a Chinese citizen. Auction property doesn’t mean it is not good, and you have to get rid of the mind-set.”

22 APRIL 2015 | www.propertyinsight.com.my

CATEGORIES OF AUCTIONS Before diving into any fields of investment, investors ought to know the basics of the field so as to give them the advantage to tread cautiously and yet be able to gain the rewards they aimed for. To begin, investors need know the many types and categories of property auctions made available in the market. Poon shared that there exists two main categories of property auction conducted here in Malaysia, “One is called strata title or with individual title that is auctioned by the high court or land office due to existing caveats or some restrictions. The other more commonly known type is the Lone Agreement Cum Assignment (LACA) type, which have not gotten the title and auctioned by auctioneers or banks.” He added, “For these two categories, there are four types and the first is public auction whereby people default in payment and the property is assigned to the banks. The second type is the high court auction which is the same as public auction but with titles.” The third type of auction here in Malaysia, Poon explained, are those being auctioned by the Land Offices, which happens very rarely and even so, most people would not opt for it. The reason for that is often the confusion in the location of where the property is situated at and the Land Office which is auctioning it off. “For example, property in Subang is not in Subang’s land office but in Shah Alam’s Land Office.” Therefore if investors know the way to find out about it, then they can actually get some properties from this type of auction.

“The last type is the open market auction or some call it the private auction,” Poon said. “A few years back, someone had invited me to a big bungalow house somewhere in Damansara Heights. The place was very big and can park more than 12 cars, with an Olympic size pool. Food was served, and after the meal, everyone were invited into a very nice and big living room. The host said, ‘Do you like this house and feel that it is nice? Good, this house will be auctioned off tonight.’ I didn’t even know that I was invited to a private auction.” Poon hastened to add, however, that this type of auction “is more for non-distressed owners, people who want to know the fair value of the market so they invite many individuals who are related as stakeholders to come in.”

FATAL FLAWS Being a seasoned auctioned property investor himself, Poon explained that there are mainly five fatal flaws when investing in auctioned properties that would cause investors to fail in their bidding, even after all the efforts placed in to researching the property. • “You don’t do due diligence and all the things I mentioned just now. That is the biggest mistake,” Poon said. • Being late for the auction. “Like I said, 10.30am, you think you are early for being there at 9.30am? Sorry.” • Talk too much, ask too much. “When you go to auction, people will ask which property you’re buying, and suddenly you will see that they are your competitors.” • All the technicalities were not verified and double checked such as the spelling. • Over bidding. Leong meanwhile concurred that being late for the auction is among the most common of mistakes made and she advised that investors should read the POS and check the location in order to get there on time. She also added that another mistake made by investors when they are unable to


secure a loan after successfully bidding and buying the property, resulting in them losing their deposits and she advises that investors should check their loans with banks beforehand if they are unsure. In view of Poon’s point that talking too much is a fatal flaw, Lee on the other hand also shared that there are cases when syndicates present at the auction location goes around to ask and trap new investors. “New buyers may be afraid of them, but since I’ve done auction for a very long time, I know them and they know who I am. As long as you don’t tell them which property you’re buying, they won’t come. But some buyer like first timer who go on their own and didn’t go through an agent, those syndicates can actually recognise who’s the first timer, the fresh face, and they will start to pressure and pester you and then they will say, ‘I’ll buy the same property as well. Pay me some money and I will let you buy reserve price.’” All in all, the auction property market, even with its drawbacks and debunked myths, provides an opportunity for investors new and veteran alike, to invest and gain profit from it so long as they are willing to brave the market. Should investors ever wonder when is the best time for them to start their journey into the auctioned property market, Poon placed his advice to them as such: “You don’t go into auction when everyone is talking about auction. Be fearful is everyone is greedy; be greedy when everyone is fearful.”

THE DO’S AND THE DON’TS Just like any other investments, there are certain things which investors who would like to go into the auction market should be aware of and these guidelines would eventually become the lifeline to raising the chances in winning a bid in auction. Poon put it as such: “Auction property is the fastest, cost effective and time effective way to acquire property. You don’t have to wait two or three years to complete a new project if you’re buying from a developer and sub-sale you don’t have to waste time for negotiation. You go there, either you win or you lose; the question is that can you increase your chances of winning?” To help investors regardless as to whether they are seasoned investors of new bloods going into the field of property investment, Poon stated a list of guidelines to help give them a fighting chance to achieve and win the bid for a property. “If you want to know more about auction, these are the seven things you need to know and if you can’t remember then just remember the word AUCTION,” he explained. A stand for Area Analysis. Poon explained, “You look at the bigger picture, the location relative to a place. Most importantly, do you know where it is or not? If you do not know where it is then forget about it. Then you look at the micro view and if it is easy to access or not.” Understand the property. “You need to know how the property is like. Though a lot of people would say that you can’t go in and the door is lock, you can still check with the neighbours,” he said. Curate the information. There’s so many information out there such as the listings, the POS and COS (Condition of Sale). “Basically when you go for auction property, it is as-is when-is basis, which means that what you see is what you get, and it is without vacant possession, which means that the property is still tenanted. You also need to do legality checking before going for bidding not forgetting assessment and quit rent, which is the tax that must be paid by the Land owner to the State Authority through the Land Office. If you don’t pay all the outstanding payment, you cannot own the property depending on the terms and conditions of the POS.”

“THERE ARE MANY FACTORS THAT CAN DELAY THE FINANCING PROCESS AND IT’S ALWAYS PRUDENT TO HAVE THE FULL SUM OF THE PROPERTY BEING BID ON.

Timeliness. It is very important and one of the most crucial part of auction, according to Poon. “In auction, you only have 90 days and some 120 days. If you do your transaction beyond this, you will either get penalty or you would lose your deposit.” Initiate bidding. “Know what to do when you start bidding, and that it is ok to stop bidding. When it is the day of bidding, make sure that you arrive early at the location. For example, if the bidding is at 10:30 a.m., submission will be closed at 9.30 a.m. So you will have to be there at 8.30 a.m. and have submitted all your documents by 9 a.m. You also need to check that all of your documents and spellings are accurate.”

6

Never lose focus on your goal. “This is easier said than done and most people would lose focus. After two, three times, they would give up. One rejection or bidding that you lose doesn’t mean it is the end of the world. Know why you go into auction in the first place and that is the most important thing to succeed in the auction property.”

Leong www.propertyinsight.com.my | APRIL 2015

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3/18/15 10:46 AM


AREA FOCUS

North Kiara

REBRANDING IS THE NEW BUZZ WORD It used to be just about location, but now rebranding and redevelopment are taking centre stage By: Daniel Sim

ebranding and redevelopments are two words that can clearly define North Kiara with many developers are starting to create their mark there in recent years. “Developers have branded the more developed area of Segambut as North Kiara. A lot of condominiums have been built in this area starting from Changkat Kiara all the way to the French School,” global real estate services provider Savills (formerly CBRE) director Sr Paul Khong told Property Insight. “The crucial point about where you are staying in a particular location is branding. The first impression or perception of the location is important. What would you say if someone told you that he or she is staying in Damansara Height? Your first impression is that the location is good in the sense that the perception about the area would be of somewhat upper class,” enthused Khong. Khong stated that it would not be a workable formula for developers to build and market their high-end products in a low-end area; therefore to rebrand North Kiara, developers would need to redevelop the area. There is no firm boundary delineating the location of North Kiara. To many investors, this area can be generally construes as the Segambut vicinity. According to executive director Sr Susie Tiong of Burgess Rawson, a professional firm providing services in property valuation, management, consultancy and real estate agency in Malaysia, the North Kiara is an area covering parts of Segambut (Bukit Segambut, Segambut, etc.) and

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26 APRIL 2015 | www.propertyinsight.com.my

areas surrounding Matrade Exhibition and Convention area. Kepong, Desa Park City and Seri Sinar are all nearby the Segambut area. “Basically as you drive along Mont Kiara area, you will see many condominiums being built there but you will see a vast difference in terms of the surrounding property developments as you cross into Jalan Segambut from Jalan Kiara 3, where the surrounding Segambut areas consist of villages and squatter homes,” she said. In Khong’s view, meanwhile, Mont Kiara is a slightly superior neighbourhood to the extent that he nicknamed this area as a condominium city, but because of the Malay reserves land status quo, where the property develop can only be sold to Malays, the projects will usually be 30% to 50% lower than the normal open market. The hilly terrain also resulted in land scarcity. Many of the developers will have limited option to build their properties in Mont Kiara unless they move outside of this prestigious area. In this case, the developers chose to move northward to the northern side of Kiara. “There is a strong element of redevelopment in this area. Little by little, the more established villages were being redeveloped. One of the reasons is the strategic location, and because of this more and more developers started creeping into this area. This was also partly due to the present of International school such as the ‘Lycee Francais De Kuala Lumpur’ or the French school of KL which currently is located a stone throw away from Concerto Kiara, one of the developments in North Kiara,” mentioned Khong.


“THE CRUCIAL POINT ABOUT WHERE YOU ARE STAYING IN A PARTICULAR LOCATION IS BRANDING, THE FIRST IMPRESSION OR PERCEPTION OF THE LOCATION IS IMPORTANT. -KHONG He further stated that at the moment only a small part of North Kiara is being redeveloped and it will take some time for an existing mid-low development to be transformed into a landscape with high-end development. Therefore he estimated it will be unlikely for the majority of the property projects to be priced higher than the condos built in Mont Kiara. Buyers who want to buy condos in the area of North Kiara will have many options as prices do not usually go very high until the whole neighbourhood matures. These condominium prices will be further pressured by the current competitive transactional prices in Mont Kiara. Prices for newer products in North Kiara ranges between RM500-RM600 per square foot and the older ones would be ranging from 400 per square foot. Comparatively, prices for products in Mont Kiara range between RM600-RM700 per square foot. THE LANDSCAPE OF NORTH KIARA Mont Kiara can be viewed as a natural extension of the Bangsar Damansara Height belt and developments are spilling into Segambut Dalam where land is cheaper than those in Bukit Kiara proper. Tiong said that the spill-over effect of Mont Kiara such as the pricing for both the property and the land that caused North Kiara to be developed. She believed that in time there will definitely going to be more and more

development surfacing in this area, with developers still focusing on predominantly residential units specifically in the condominium section with some pockets of landed properties. According to land and data map maker Ho Chin Soon’s book “LOCATION, TIMING & BRANDING”, there were just two existing projects and three under constructions in 1994. There were over 50 projects in Mont Kiara alone in year 2010. According to CEO of Ho Chin Soon Research, Ishmael Ho, the success of North Kiara will be depending on what is happening in Month Kiara. Ishmael however cautioned that the Mont Kiara market in itself is a little bit strange. He believed that the people in this area have the purchasing power, and therefore there is a tenancy trend whereby tenants will shift to newer places while leaving the old place empty. Whether this will affect the prices in North Kiara is yet to be seen. Ishmael added, “Unlike Mont Kiara which already has an office component, I do not foresee developers building property products that are for commercial usage in North Kiara. This is because if they do, the entire commercial property will be in a decentralise area. North Kiara is not located in a Central Business District area where all the offices are concentrated. Another usual practice in the industry is that when you want to do a development, you want to do the same components that complement each other.” “There are actually still lands available in Mont Kiara despite of the hilly terrain and the Malay Reserve Land,” Ishmael said, “So why are developers still choose to move up north?” Ishmael explained that even though there are still lands available for development in Mont Kiara, developers later realised that these lands belong to individual plot owners. “But when you really do a more thorough research into these plots of land and their landowners, you would realise that they will all link back to one mega property developer UEM Sunrise. With the land bank in Mont Kiara, UEM Sunrise is taking their own sweet time to develop these plots of land, but it will be one of the main property development players in this area for many years to come,” explained Ishmael. Ishmael advised developers who want to develop North Kiara to create the right product with the right pricing as buyers in this area are very price sensitive, a little movement upwards or downwards might trigger unexpected results. “There is no dedicated bus lane going into North Kiara for the time being and there is also no confirmed MRT lines scheduled to be constructed that will link directly into this area,” said Ishmael. However, property developments built adjacent to Jalan Segambut will have a direct link to both the North South highway and also the Duta Ulu Klang highway (DUKE). In addition, there is also the Segambut KTM station. Besides the French International School, this area is also nearby to Garden International School and the America Mont Kiara International School which would attract foreign investors. This area is also nearby to Publika and 1Mont Kiara shopping malls.

www.propertyinsight.com.my |APRIL 2015 27


AREA FOCUS REBRANDING “As our population expands and developments press on within the confines of a limited space, it is interesting to see the phenomenon of an ‘urban sprawl’. This basically means the uncontrolled expansion of urban areas,” said Hartamas Real Estate (Malaysia) Sdn Bhd associate director Christopher Chan. “The consequence of this is that certain portions of the populace gets pushed out to the outer-lying areas due to reasons such as the scarcity of land and that the prices in the existing areas are priced out of their reach,” he said. “We can witness this in a number of places like the population from the center of Greater Kuala Lumpur moving up north to places like Rawang which was formerly a quiet town and towards the South East to as far as Semenyih,” he noted. “We can see this phenomenon happening in North Kiara too. The area has undergone subtle but significant changes over the past years. Though the location may not be in high demand at the present time, it sure will be in the near future.” According to Chan, the reason is that, with the ever expanding population in existing Mont Kiara over a small area, the inevitable is happening and will continue to happen: the population of Mont Kiara of approx. 15,000 will spill over to the nearby areas such as North Kiara. The existing prices in Mont Kiara are high and comparable to prices of new developments in the city, Chan said. “The new developments such as Arcoris, Pavilion Hilltop and Residensi 22 were sold at RM 900 psf onwards. It is interesting to see how steep prices come about through time. Five years ago, there were hovering at about RM 400 psf. This means that this was out of reach for some people and they would then have to look into the nearby areas like North Kiara where prices are more affordable.” With improvement in connectivity and accessibility, according to Chan, it will augur well for North Kiara. “With the new 1.4 km two-lane carriageway from Segambut to Mont Kiara; Phase One of the RM 48 million project connecting Segambut to Mont Kiara (which includes a 182.5m-long

“I DO NOT FORESEE DEVELOPERS BUILDING PROPERTY PRODUCTS THAT ARE FOR COMMERCIAL USAGE IN NORTH KIARA. THIS IS BECAUSE IF THEY DO, THE ENTIRE COMMERCIAL PROPERTY WILL BE IN A DECENTRALISE AREA. - ISHMAEL flyover above Jalan Segambut) and Phase Two which involves the construction of a flyover from Jalan Segambut to Jalan Lang Emas in Segambut, this would all be good for North Kiara.” Scarcity of existing land in Mont Kiara has caused developments to spread towards the North Kiara area. This has benefitted North Kiara and will continue to do so. The name of ‘Kiara’ has a different sound and meaning to it, as compared to ‘Segambut Dalam’, Chan said. “Branding which takes on the name of the existing prestigious and successful neighbourhoods has done remarkably well for many spots like Bangsar South (formerly known as ‘Kampung Kerinchi’) and Subang West (which is actually located in Shah Alam). Branding it seems has now totally transformed the real estate landscape. I must give due credit to the property developers for being so ever creative in this respect,” he ended.

“THE AREA HAS UNDERGONE SUBTLE BUT SIGNIFICANT CHANGES OVER THE PAST YEARS. THOUGH THE LOCATION MAY NOT BE IN HIGH DEMAND AT THE PRESENT TIME, IT SURE WILL BE IN THE NEAR FUTURE. – CHAN 28 APRIL 2015 | www.propertyinsight.com.my


PRICES FOR THREE STOREY SHOP

Price Unit (RM)

Type

Location

Avg Land Area (m2)

Avg Floor Area(m2)

Avg Price Change (%)

2012

2013

Three storey Shop

Taman Sri Sinar

130

362

NA

978,000 -1,000,000

ND

Source: JPPH

RENTALS OF COMMERCIAL PROPERTIES Type

Location

Five storey shop Four and a half storey shop

Publika , Solaris Dutamas Publika, Solaris Dutamas

Price Unit (RM)

Avg Floor Area(m2)

2012

2013

Avg Price Change (%)

139

4,050 – 5,250

4,050 – 5,250

stable

116

N.A.

6,500 -9,000

ND

Source: JPPH

PRICES FOR RESIDENTIAL PROPERTIES Type

Location

Sample Size

Avg Floor Area(m2)

Price Unit (RM)

Avg Price Change (%)

2012

2013 280,000320,000

23.8

Apartment

Prima Tiara

4

86

210,000 -263,000

Condominium

Duta Ria

6

120

348,000430,000

400,000500,000

16.6

Condominium

Prima Duta

6

140

420,000538,000

450,000568,000

8.0

Condominium

Rosvilla

2

111

490,000538,000

545,000553,000

7.1

Condominium

Changkat View

16

102

232,750545,000

415,000600,000

15.3

Condominium

Sutramas

6

127

450,000580,000

545,000650,000

18.5

Source: JPPH

PRICES FOR DOUBLE STOREY

Type Double Storey Shop

Location Taman Segambut SPPK

Sample Size

Price Unit (RM)

Avg Land Area (m2)

Avg Floor Area(m2)

2012

2013

149

257

N.A.

700,000

Avg Price Change (%) ND

www.propertyinsight.com.my |APRIL 2015 29


AREA FOCUS

ON-GOING DEVELOPMENT (UNDER CONSTRUCTION) Development

Developer

Size (sqft)

Selling Price

Price psf (RM)

Concerto Kiara

BCB Berhad

1,700 - 2,100

RM1,300,000 - RM1,600,000

762-765

28 Dutamas

BT Homestead Develoment

1,250 - 2,600

RM700,000 - RM1,600,000

560-615

Verdana North Kiara

BRDB Development Sdn Bhd

1,400 - 3,000

RM700,000 - RM1,500,000

500

Anjali North Kiara – Condo & Villa

TAGO

1,300 - 1,850

RM950,000 - RM6,200,000

731-3,351

Source: Savills

HIGH-RISE TRANSACTION (EXISTING CONDOS) Scheme

Built-Up Average (sqft)

Selling Price (RM)

Price psf (RM)

Changkat View Condo

1,100 - 1,150

470,000 - RM650,000

427-565

Solaris Dutamas

700 - 1,800

750,000 - RM1,200,000

667-1,071

Sutramas

1,350 - 3,400

560,000 - RM650,000

191-415

Villa Makmur

1,100 - 1,300

400,000 - RM550,000

364-423

Prima Duta

1,500 - 1,650

450,000 - RM650,000

300-394

Prima Ria

1,100 - 1,250

400,000 - RM500,000

364-400

Source: Savills

RESIDENTIAL LANDED PROPERTIES Scheme

Land Area (sqft)

Built-up Area (sqft)

Selling Price

Price psf (RM)

Kensington Park, Dutamas

1,400 - 1,600

2,450 - 3,400

RM1,500,000 - RM1,700,000

500-612

Changkat Kiara

2,700 - 4,000

3,500 - 4,000

RM2,750,000 - RM3,300,000

786-825

Mesra Terrace, Dutamas

1,200 – 1,800

3,700 - 5,000

RM1,700,000 - RM2,500,000

459-500

Source: Savills

30 APRIL 2015 | www.propertyinsight.com.my


BUMIPUTERA

PROPERTY EXPO

22-26 April 2015

(Wednesday to Sunday)

MESRA MALL KERTEH, TERENGGANU

For more information call +6 012 407 0629 or visit www.propertyinsight.com.my


INTERNATIONAL MARKET

DELVE INTO THE APPEAL OF

SPAIN AND PORTUGAL MARKETS Law firm Antonio Viñal & Co. Abogados shares with Property Insight about the benefits of investing in the Iberian Peninsula real estate By: Fara Aisyah Firdaus Petial

urope’s real estate industry is expected to be more active and profitable in 2015. Despite concerns over weak fundamentals and economic conditions, countries in Europe have started to be progressing in the property sector. Antonio Viñal & Co. Abogados is one of the organisations that encourage property investment in Europe, especially on Spain and Portugal. It claims that there are a lot of benefits of investing in both of the countries. According to Antonio Viñal & Co. Abogados, falling euro and heavily discounted prices are the benefits of investment in these countries. Professional property and investment writer Roxanne James recently analysed, “The pound has opened the year with considerable strength against the euro resulting in a surge of investor interest in Eurozone property, particularly in Spain.” James also stated, “The pound now goes 5% further in Spain since April last year, with spending power increasing by 12% over that time.” Real estate prices have bottomed out and are just slightly starting to go up again, according to Antonio Viñal & Co. Abogados. “In Spain, residential units at present offer yields between 5% to 6% while commercial units can reach near to 7%. In Portugal the situation is quite similar, with residential units offering yields around 6% and commercial units between 6% to 6.5%,” it noted. In addition, “Banks are back to lending at attractive rates and mortgage concessions are on the rise,” reported Antonio Viñal & Co. Abogados.

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Barcelona

“IN SPAIN, RESIDENTIAL UNITS AT PRESENT OFFER YIELDS BETWEEN 5% TO 6% WHILE COMMERCIAL UNITS CAN REACH NEAR TO 7%. IN PORTUGAL THE SITUATION IS QUITE SIMILAR, WITH RESIDENTIAL UNITS OFFERING YIELDS AROUND 6% AND COMMERCIAL UNITS BETWEEN 6% TO 6.5% In late January 2015, the European Central Bank (ECB) has announced its own version of quantitative easing (QE) that will support Spain’s property market with easier conditions. “This move is expected to lead to lower interest rates for bonds in most Eurozone countries, and to a considerable increase in their banks’ liquidity and lending potential,” commented Gonzalo Bernados, a real estate expert and professor at Barcelona University. Bernados also foresaw that the banks will start to reduce their spread (the difference between BR and ELR) to 0.75%, and extend term to 35 years. He also added that the outstanding mortgage lending will increase 8% this year, having fallen 4.2% in 2013 and 3.5% last year. For example, according to him, “For most banks, these [good clients] will be families whose monthly income exceeds €3,000, with some banks reducing this to €2,500. This means that those families who don’t reach this figure will have serious difficulties getting a mortgage.” The Spanish commercial bank Bankinter also noted in a report that the market cycle has turned. “The growth

Lisbon www.propertyinsight.com.my | APRIL 2015 39


INTERNATIONAL MARKET of the economy, higher levels of confidence, and the improvement in access to loans, will consolidate an increase in demand for property with a rise of over 15% in the number of transactions,” it said. Bankinter forecast that the resale market will drive a total demand for homes in Spain. The total will grow to approximately 400,000 properties this year, and 450,000 in 2016. On the other hand, the sales for new homes are predicted to rise to around 100,000 units in 2016. Furthermore, Bankinter also stated that Spain’s rate of GDP growth is forecast to increase to 2.2% in 2015, creating more jobs. Although a significant number of these new jobs will be temporary, the improvement in the job market will still be the essential for the housing market recovery. These higher economic growth and employment in Spain will be the main driver of demand in the industry. Apart from that, Antonio Viñal & Co. Abogados highlighted that the attractive tax regimes in both countries for non-residents are also one of the factors that encourage foreign investment. “There are no specific rules as such other than obtaining a tax ID number,” it explained. “Any foreign investor can acquire property in

both countries without restrictions. There is, however, an added bonus for investors who buy property of at least €500,000 in either country, as they are eligible for the Golden Visa Program. This program qualifies investors for a fast-track visa allowing them to take up residence. In Spain, one visit is enough; in Portugal a minimum stay of seven days per year is mandatory,” the firm said. “The Golden Visa gives its holder access to the Schengen area which comprises Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland. Holders of the visa can travel freely in the Schengen area for 90 days in every 180,” it added. Besides that, Spain also has an interesting tax regime for Spanish’s Real Estate Investment Trust (REIT), under the name of Sociedades Anónimas Cotizadas de Inversión en el Mercado Inmobiliario (SOCIMI). Since revisions made in 2012, SOCIMI are liable to zero taxation under Corporate Income Tax, hence putting them on equivalent balance with the officially existing administrations for REIT abroad.

NEW RESIDENTIAL MORTGAGE LOANS PER YEAR

Source: Notaries

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According to the current article by the global leader in assurance, tax, transaction and advisory service, Ernst & Young Global Limited (EY), the tax regime applicable to a SOCIMI relies partly on the shift of taxation from the SOCIMI to the investors. Nonetheless, certain investment structures have been developed effectively reducing to almost nil the overall level of taxation on the return from the Spanish property. “In a recent ruling (V3308-14, published in February 2015), the Spanish Tax Authorities clarify how to comply with the minimum level of taxation required to be paid on the dividends distributed by the SOCIMI to certain of its shareholders (those holding at least 5% of the share capital), in order to benefit from the 0% corporate income tax rate at the level of the SOCIMI,” it added. EY elaborates more on SOCIMI by explaining how to determine whether the dividends are taxed at a minimum 10% tax rate. The situations are as such: • The dividends received by shareholders holding at least 5% of the share capital of the SOCIMI are subject to (and not exempt from) a minimum 10% tax, but the Law does not clarify whether this is a 10% nominal taxation or a 10% effective taxation test.

“ANY FOREIGN INVESTOR CAN ACQUIRE PROPERTY IN BOTH COUNTRIES WITHOUT RESTRICTIONS. THERE IS, HOWEVER, AN ADDED BONUS FOR INVESTORS WHO BUY PROPERTY OF AT LEAST €500,000 IN EITHER COUNTRY, AS THEY ARE ELIGIBLE FOR THE GOLDEN VISA PROGRAM


SPANISH HOME SALES Annual Change

Source: Notaries

AVG PRICE OF DWELLINGS, REGIONAL (€/sq.m.)

AM Lisboa

Algarve

Portugal Centro

Alentejo Norte

Source: Notaries

(€)

Source: Instituto Nacional de Estatistica ( INE)

www.propertyinsight.com.my | APRIL 2015 41


INTERNATIONAL MARKET

Porto

• The dividends must be subject to an effective 10% taxation (rather than to a nominal 10% taxation). • The focus must be placed on the tax treatment of the dividend income itself, individually considered and regardless of the tax treatment applied to other items of income also earned by that shareholder, but taking into account those expenses incurred by the latter which are directly linked to the dividend income, e.g., (a) service fees paid in relation to the management of the stake in the SOCIMI distributing the dividends, or (b) most notably, financial expenses (i.e., interest) accrued under the financing obtained to fund the acquisition of the shares of the SOCIMI distributing the dividends. Investment in European properties, especially in Spain and Portugal, is also encouraged by Antonio Viñal & Co. Abogados because the cities in these countries are well connected, as well as the world-class infrastructures allow easy travelling for those passionate investors. In Antonio Viñal & Co. Abogados’s opinion, “Both countries attract investors for sheer variety of assets (residential, commercial, shopping centres, hotels, logistics facilities) and the potential for their value to increase. Spain is also a world-class tourism powerhouse, receiving 65 42

APRIL 2015 | www.propertyinsight.com.my

million tourists last year and breaking its record for the second consecutive year. Other regions to watch out for are the Balearic and Canary Islands, the Mediterranean coast and Andalusia, in the South.” It also stated that in Spain, two cities often appear in any major real estate report: Madrid and Barcelona. The latest PriceWaterhouseCoopers(PWC)/Urban Land Institute report titled ‘Emerging Trends in Real Estate’ rated Madrid as the third city in Europe with the most favourable investment prospects, just below Berlin and Dublin, and Barcelona was rated at 13th. As for Portugal, according to Antonio Viñal & Co. Abogados, investment hotspots are the two main cities Lisbon and Porto, and two large regions: the Greater Lisbon area (which comprises the glamorous resorts of Cascais, Estoril and Sintra) and the Algarve region at the South. PWC’s report ranked Lisbon at 9th, above London and Milan, and there is strong demand for Lisbon’s residential and commercial assets as well as hotels. 2014 was also a record-breaking year for Portugal in number of tourists and tourism revenue. “Special attention must be given to the hotel industry,” said Antonio Viñal & Co. Abogados. According to the latest study of the foremost provider of

global hotel data STR Global, Spain and Portugal achieved a growth in revenue per available room of 10.4% and 12.5% respectively. Average daily rates have grown in the Balearic and Canary Islands and Andalusia between 9.3% and 11.4% and a whopping 17.4% in the Algarve. “The best measure of how these markets are performing can be found in the investor’s response,” added Antonio Viñal & Co. Abogados. “Spain is attracting people and companies like Warren Buffet, Bill Gates, Blackstone and the Wanda Group. The latter has recently bought one of Madrid’s signature buildings for €265 million, with plans to create a luxury hotel, 300 homes and retail space. It is also negotiating with the local and central governments to create a macro-complex on the site of the old barracks in Campamento (Madrid). The projected investment for the macrocomplex is over €3 billion. First time investment funds are also pouring into Spain from places like Singapore and Alaska. In Portugal interest is coming from institutional investors (Swiss, American, German and British), and private international investors, Chinese (mainly for Golden Visa purposes), Middle East and Brazilian family offices.” As recently reported by the South China Morning Post, “Chinese investors have been buying up European property


“THE ECONOMY IS SHOWING STRONG SIGNS OF RECOVERY, WITH SPAIN EXPECTED TO GROW 2.5% DURING 2015, THE THIRD FASTEST GROWING ECONOMY IN THE EU, WHILE PORTUGAL HAS CLEANLY EXITED FROM ITS BAILOUT AND IS EXPECTED TO GROW AT 1.5% DURING 2015

over the past few years, especially after an economic slump prompted nations such as Portugal and Spain to offer residency to foreigners willing to invest specified minimum amounts.” Zhang Kesong, a Beijing-based agent who helps mainlanders buy into the European property market, commented in the publication, “The falling euro has significantly slashed the cost of travelling to and investing in Europe, and more people are tempted to invest there. For example, a €500,000 property in Spain that cost about 4.1 million Yuan (HK$5.2 million) in May would have cost only 3.5 million Yuan last month [January].” As a law firm that prioritises and caters to the need of the clients, Antonio Viñal & Co. Abogados highlighted its top ten legal tips for the Malaysian investors who want to invest in Spain and Portugal: 1. There are no restrictions for foreign investors; 2. Get the conveyancing work done: make sure you get what you buy; 3. When it comes to taxes plan ahead: transfer tax and stamp duty vary among Spanish regions; 4. Analyse the tax implications of being a non-resident vs. resident; 5. Structure your investment. Consider different corporate vehicles; 6. A notary is always mandatory

in Spain. In Portugal, property can be transferred by private agreement, but it’s best to play it safe and have a notary draw the deed; 7. Don’t forget the added bonus of a Golden Visa. An investment of €500,000 is enough to qualify; 8. Golden Visa gives you access to the Schengen area and the possibility to reunite qualifying family members; 9. If you’d like to apply for a Golden Visa make sure the application is filed timely; 10. If your investment comes with tenants, you will have to check out the terms of the lease first. Despite all of these benefits, there are also investment concerns in Spain and Portugal to keep an eye on, with shortcomings such as high level of private debt, and also high current account deficit, according to Antonio Viñal & Co. Abogados. Other than that, the statistics of unemployment is still at a high level, although the rate has started to decrease slowly. Savills explained that the rise in new debt is because of the increase in the size of the property investment market. “The total value of investment transactions in Europe increased 32% last year to reach 218,000 million euros. Furthermore, there has been an increase over the last year, particularly in Spain, of high risk investors using leverage to boost their returns.” However, Antonio Viñal & Co. Abogados assured investors, “The economy is showing strong signs of recovery, with Spain expected to grow

2.5% during 2015, the third fastest growing economy in the EU, while Portugal has cleanly exited from its bailout and is expected to grow at 1.5% during 2015.” One of the interesting findings in the PWC report is that 83% of those surveyed believe capital flows from Asia-Pacific into European real estate will increase in 2015. As a matter of fact, commercial investment in Spain surged 85% last year, stated in a report from financial services company and bank BNP Paribas. With the many benefits mentioned by Antonio Viñal & Co. Abogados, now is the time to consider buying and investing in properties in both Spain and Portugal. The firm urges Malaysian investors to start,saying “It is definitely a time of opportunity as evidenced by some of our clients who are putting prime property on the market that they wouldn’t have a few years ago.” The rules and regulations in Spain and Portugal are quite simpler than other international markets. Additionally, the economic growth in the two countries is at a good pace and with the progress of the tourism industry also, investing in these countries indeed is profiting the investors. Please contact Antonio Viñal & Co. Abogados for any legal and tax questions on property investment in Spain and Portugal. Visit www.avinalabogados.com for more details.

www.propertyinsight.com.my | APRIL 2015 43


FEATURED PROPERTY

PEARLS OF A TOWNSHIP Pampering brought to a new level By: Benignus Cheah & Daniel Sim

Kinrara Niaga 3

et another highly sought after developments by leading developer I&P Group Sdn Berhad are those situated within Bandar Kinrara in Puchong, one of the prime location for property growth in Greater Klang Valley. Kinrara Niaga 3 is one such development by I&P Group. A three-storey, freehold strata shop office built on two acres of land with build-ups ranging from 1,412 sqft to 2,595 sqft, the ‘Modern Contemporary’ design concept by this development features state-of-the-art multi-level street mall offering a new concept of shopping and office. Furthermore the wide corridors of the development, found on every floor, provides ample walkways and suits for al-frescos dining while acting as deep overhangs from glaring sunlight, promoting natural ventilation and enlivening the generous communal space to all floors. The spacious open plan concept of the shops provides maximum visibility and accessibility while the maximum usage of glazing to create a visual linkage will act as a glass box at night, promoting a livelier mall concept. The development is expected to be completed in August 2017. Qaseh 2 is an I&P’s double storey semi-detached development amongst the many residential developments made available in Bandar Kinrara. Covering an area of 6.38 acres, this freehold property comes with build-ups that range between 4,091 sqft to 4,379 sqft and will impress owners and guests alike with its stylish contemporary tropical designs and modern characteristics homes. Complementing the designs, all living areas have three sides which open to the outside, taking advantage of the view and natural lighting while promoting cross ventilation, while tall massive windows and openings to all main living

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areas allow fresh breeze to flow through, creating a cosy, relaxing ambience for the comfort of its tenants. Seamless flow of space between the formal and informal dining areas affords owners the flexibility of the layout’s usage, while living and dining areas open out to the attached terrace and garden wrapping around each unit, thereby extending one’s space far beyond the confines of those living areas. Homeowners are spoilt with ample space as the bright, airy, spacious and well-appointed Master Bedrooms come complete with equally generous en-suite, providing a balance of comfort and luxury with every room each having an en-suite bathroom, all thoughtfully designed to provide ample amounts of space. A stylish Powder Room, separate from guest suite and bathroom, also offers privacy to stayin guests. Home buyers may be able to start moving in upon its completion in July 2016. Located on 3.11 acres of land in this matured township is Irama 2 by I&P Group, where 61 units of double storey terrace will be built. Tenants can choose from a range of 27 types of design that are not only modern contemporary in concept but also stylish in looks. The lavish space together with its outstanding outlook is definitely an ideal choice catered for growing families. Each double storey terrace comes with a built-up area of 2,257 sqft to 3,242 sqft and will have three appointed bedrooms with a dedicated guest room adjacent to the living and dining area. The Master Bedroom is articulated to maximise space, having a huge window overlooking the lush green of linear park. A staircase ascends to the sleeping quarters of three luxuriously proportioned bedrooms. The living areas are spacious with ample working space


and storage. The flexible floor plan comprises of spacious living and dining area leading through the stylish kitchen, enhanced high ceilings and generous concrete-paved porch area with front yard landscaping and rear lane driveway that can accommodate up to two cars. The development is expected to be completed by August 2016. Lastly but most certainly not the least, Kinrara Anggun comes comprised of 52 units of double storey semidetached development on a 6.6-acre of land. Home buyers are pampered with 10 different type of modern tropical design with spacious built-up areas starting from 2,7783,106 sqft. The Kinrara Anggun design is so special in a way that it will give you a sense of arrival at your own unit at the entry foyer before and after the front door. This double storey semi-detached unit are designed with an open plan concept with spacious space, bath en-suites in all bedrooms, with centralised hot water system and mixer shower fittings to all bathrooms. The guest room on the ground floor has a good size that will draw plenty natural lighting, suitable for the elderly.

Irama 2

Qaseh 2

The units also come with spacious bedrooms size that fit at least a queen size bed while the Master Bedrooms come with wardrobe space. Tenants will be able to enjoy generous light and natural ventilation as there will be large window opening sizes to all bedrooms. Tenants also will have maximum view towards the Side garden, with tenants staying in corner and end lots having larger than conventional Side garden. Other unique features of these Anggun units are the 2-bay parking porch for standard type, and a wide 1.2m staircase, a green feature such as rainwater harvesting tank for external use. I&P Groups’ Kinrara Anggun development is expected to be completed in January 2017. With Bandar Kinrara being a well-established township, accessibility to all these developments are but a breeze with easy access via various highways such as KESAS highway, Lebuhraya Damansara-Puchong (LDP) and Bukit Jalil Highway. Guests and tenants may also choose to access the township via public transportation through the Ampang LRT extension line while Bandar Kinrara will have its own LRT station in the near future. The amenities within the township will also impress visitors with not only an 18-hole golf course with a driving range and club house but also an international cricket pitch to add to the list. There is also the Kinrara Resort in the vicinity to top it all off. In addition, families in Bandar Kinrara are also provided with an array of choices of primary and secondary schools to send their children to while mosque, petrol stations, community hall and recreational areas as well as all around convenience of hypermarket, supermarkets and neighbourhood shops are made readily available.

Kinrara Anggun

www.propertyinsight.com.my | APRIL 2015

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PERSONALITY OF THE MONTH

ALL THINGS FOR ALL PEOPLE

PKNS Managing Director Haji Azlan Md Alifiah’s insight on assets management and property outlook By: Fara Aisyah Firdaus Petial

oming from the accountancy background with proven expertise in assets management, Haji Azlan Md Alifiah is now getting busy in the property industry as the General Manager of Perbadanan Kemajuan Negeri Selangor (PKNS). His accumulated wealth of experience started in 1992 when he worked at Petronas, Celcom, A&W, TDM Berhad, Malaysia National Insurance Berhad (MNIB), PruBSN Takaful Berhad and Kumpulan Darul Ehsan Berhad (KDEB). “So basically I have a varied experience in terms of industries, ranging from oil and gas to healthcare to the fast food business, to telecommunication,” he reminisces in an exclusive interview with Property Insight. “Telecommunication has a direct bearing with what I’m doing now in PKNS because I was the head of infrastructure group,” Haji Azlan relates. “We were managing close to about RM5bil worth of assets, capex yearly close about 1.5bil, and opex close about RM900m to RM1bil…so I’m quite familiar with civil, mechanical, works, project management. I was also doing project management, project accounting, so I’m quite familiar in regards to managing project and also dealing with technical matters and also with engineers and consultants.”

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Regardless of the different industries he has been involved in, Haji Azlan views them through the same lens. “If you look at the context where you must analyse where the revenue comes, what are its assets, and what are the cost components,” he says. “Because I’m a chartered accountant by background, cost management is one of my specialisation.” At KDEB, Haji Azlan as the CFO was tasked to turn around the company and addressed the lack of performance of KDEB’s property subsidiary Kumpulan Hartanah, which Haji Azlan saw the need for the company to take private some of the undervalued assets due the markets not pricing it correctly. “So I was the one entrusted to take Kumpulan Hartanah private, and we managed to do that in the late 2013,” he says. “We have done the listing, we have now got 95% of the shareholdings with the state, or with KDEB, and now we are finalising to take the remainder of 5% so it would become 100% on our own within the next few months. So that creation of value I think would have, created about additional RM500mil or RM600mil of value.”


PROPERTY INDUSTRY “By doing the turnaround in Kumpulan Hartanah, taking it private, looking at the pitfalls and the problem we had, that really piqued my interest in the property business,” Haji Azlan says. He adds, “Property, if you compared to other type of business, is something that is a need of everyone. There are three things that you need: the clothes that you wear, the food that you eat, and also the roof for your head. So property is very close to people’s heart,” he said. “And when we look at the property business, there are things that we can bring in. I’ve been in the financial industry, I’ve been in the civil, mechanical, electrical industry, and I find that there is always an element where we can use the best in all these industries to bring to PKNS as a property developer.” Haji Azlan manages PKNS by not looking at the company as a property player per se, but rather as an asset manager instead. “Assets have certain maturity, some have longer term durations, some medium term, some shorter term, and some have different complexity,” but while some constraints are different, the goal remains. “When we are assets manager we have to make sure that our assets perform accordingly,” Haji Azlan says. “For example, in telcos, six months to one year after you roll up the network, immediately you can get the income,” he explains. “Whereas in the property business, it’s only slightly different. You have the planning stage, you can take one year. And then the constructions stage, you’ll take three years; and you can only start billing when 60% have been built.” In addition, PKNS business model appeals to Haji Azlan because it is a property development company that is not looking for profits only but also at its social responsibilities. “I’m at a certain age where I do believe that everybody needs to return something to the public, to the people at large. And when you look at PKNS, since day one when we have embarked in 1964, we have close to about 150,000 units of property houses built. And close to about 85% of those houses are in the affordable housing and medium cost housing range.” In Haji Azlan’s belief, PKNS’s reason of existence is also to ensure it provides the necessary housing for the people of Selangor, more necessarily so for the middle to lower income group. He himself has grown to love PKNS because of this aspect. “Because we do have this social obligation, and this social obligation at the end of the day gives benefits to the whole strata of people of the state of Selangor,” he adds. “There are also other developers around, but they are mostly concentrating on the middle or upper classes of the public. So there is a need for developer that will be able to reach into those urban poor or middle income groups. This is where PKNS comes in. So we have created township in Keramat, Ampang Ulu Kelang, Bangi, Shah Alam, and so on… These gave a very good quality of living for the people living in our townships. That’s PKNS,” he emphasises. PKNS is transforming to be more effective and efficient, according to Haji Azlan, but the company will never forget its root. “We’re still going to go forward. The make-up of our development will still be 85% low to affordable housing and

“I’M AT A CERTAIN AGE WHERE I DO BELIEVE THAT EVERYBODY NEEDS TO RETURN SOMETHING TO THE PUBLIC, TO THE PEOPLE AT LARGE. AND WHEN YOU LOOK AT PKNS, WE HAVE EMBARKED SINCE DAY 1 IN 1964; WE HAVE CLOSED ABOUT 150K UNITS OF PROPERTY HOUSES THAT WE HAVE BUILT. AND CLOSE ABOUT 85% OF THOSE HOUSES ARE IN THE AFFORDABLE HOUSING AND MEDIUM COST HOUSING RANGE.

Selangor Science Park 2

middle income housing,” he says. “That’s still our target. We’ll deliver the expectation of the public.”

IN SEARCH OF EXCELLENCE The vision Haji Azlan has for PKNS is to create a sustainable organisation. He wants PKNS to be a sustainable company, sustainable developer, and sustainable group of companies. Hence, he aims to nuture a company that has good recurring income, and be sustainable for at least another 50 years. “If you look at historical data, close to about 90% of the companies were not able to sustain more than 50 or 60 years,” he says. A renewal process is hence needed, according to Haji Azlan, for a company to remain competitive. “You always need to do renewal – of the people, of the way you do business. By doing that, you can renew the organisation, and you can push forward. Clear new ground, www.propertyinsight.com.my | APRIL 2015 51


PERSONALITY OF THE MONTH get new directions, achieve new targets and design it to go beyond certain terminal life,” he says. Another mantra of his in managing a company is to always believe in the S curve. According to Haji Azlan, “When the curves are high, typically there are not many changes there, and everybody is very happy,” he notes, “but when you are declining, you need to put it to the right trajectory again. So this is where transformation and reformation needs to be done.”

PKNS’S DEVELOPMENT PROJECTS PKNS is targeting to develop within the next five years of 750k 7,500 units of affordable housings within five years starting this year, and the projects are in northern region, central region, and some in the southern region. “For example, our affordable housings that we are targeted to construct next year is in Selangor Science Park 2 (in Cyberjaya) with 500 units,” he says. In 2017, according to Haji Azlan, PKNS aims to build about 1,000 units and ultimately it would have 2,000 units of affordable housings in Selangor Science Park 2. Other than PKNS itself, it subsidiary companies like Worldwide Holdings Bhd (Worldwide WHB) and Selaman Sdn Bhd (Selaman) are also developing affordable housings. “Worldwide is also developing between 200-300 units of affordable housing in Puncak Bestari, and this year Selaman is also undertaking affordable housing in Padang Jawa.” Apart from that, PKNS is also focusing on the high-end development. However, Haji Azlan stresses, “What highend brings to the picture is actually profits for us to do the affordable housings.” In developing affordable housings, he explains PKNS has to subsidise the cost of the affordable housings to the tune of between RM30k to RM100k per house. “So in total, from now until 2021 2030, we’re looking between RM1bil to RM3bil, depending on the make-up of our units. So it is very difficult if you do not make profits from the high-end one to do that.” Haji Azlan notes that it is very seldom for other developers to be able to do what PKNS is doing for its social agenda. “This is something that I hope people understand: we have to make profit because we have to subsidise affordable housings.”

PKNS LANDBANKS PKNS has two big landbanks, especially in Selangor Science Park 2 in Cyberjaya that is nearly 130 1,500 acres which it is targeting to start major development by this year. The company is now in detail discussion to ink a joint venture agreement with Raudhah City. “Our idea is actually to create a catalyst,” he says. “We’re looking to develop about 500 acres, and the concept is on the educational side – having an educational centre from the pre-school to the primary and secondary and going forward to tertiary, and that would allow us to be able to attract the necessary community.” The rest of the land in Cyberjaya that is nearly 700 acres is going to be developed by PKNS itself, a departure from its ‘zero-landbank’ strategy that previously focused more on JVs. The planning of Selangor Science Park 2 is 52

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Datum Jelatek


“WORLDWIDE OUR FULLY OWNED SUBSIDIARY IS ALSO DEVELOPING BETWEEN CLOSE TO 200-300 UNITS OF AFFORDABLE HOUSING IN PUNCAK BESTARI. AND THIS YEAR WE’LL BE LAUNCHING, CONSTRUCTION WILL BE STARTING PROBABLY EARLY NEXT YEAR, ONE OF OUR SUBSIDIARIES, SELAMAN IS ALSO UNDERTAKING AFFORDABLE HOUSING IN PADANG JAWA.

interesting, according to Haji Azlan, as the company is set to build its new Selatan office there, along with shopping malls, 2,000 units of affordable housings, and also three plots of interconnected lakes. Its second landbank is PKNS land in Bernam Jaya, what Haji Azlan describes as the “higher hanging fruit,” which he thinks is going to mature within the next five to 15 years. According to him, aside from residential properties to be built there, PKNS is also focusing on creating more avenues for business in Bernam Jaya. “This is where we are in discussion with PLUS Malaysia Berhad one of the largest highway concessionaries to create a big R&R area which will bring business opportunities ultimately, we are looking at developing universities, and potential MRO (maintenance, repair and operations). So if you want to extend there to become an airport or MRO facilities, it’s possible,” he explains. Transportation-wise, Bernam Jaya has the North-South Expressway and komuter train already running across the development. According to Haji Azlan, “We are in discussion within the next few years to build a station there. This will allow for the population in Bernam Jaya, whether they work in Proton City, or whether they work in KL, to use that kind of transportation.” He adds, “This is already in the pipeline. We are just waiting for the right moment to be able to do it. But, like I said, I’m an asset manager and when I look at assets, I have to put it into their maturity profile and also their yielding profile. “As far as we are concern, these landbanks can last us for another 20 years. Therefore, on our strategy, we also need to look further at our landbanks, and we are actively in discussion with the state and also with private land owners to acquire or to buy land. Even our biggest subsidiary company Worldwide is also in the midst of getting more landbanks. So this is our strategy to become sustainable developer, to be able to sustain and give recurring income to the state.”

URBAN REGENERATION Urban regeneration project is also one of the areas that PKNS has been embarking upon, and one of them is Datum Jelatek. It is “part and parcel of social obligation” to the people, according to Haji Azlan, “because most of the time, in certain matured neighbourhood, industry should not be there any longer. It should be moved to new area because those areas are now full of neighbourhood of people. Urban regeneration is something that needs to be done. Otherwise you create ghettos social problems and also decays.” DatumCorp International (DCI) a fully owned subsidiary of PKNS will be in charged on all Datum series projects. DCI also has other Datum series that it is working on, and one of them is Datum In City whose Phase One is already under construction and set to be delivered by end of 2016, and it is among the biggest project in Petaling Jaya with a GDV close to RM3.5bil. “We also have other Datum series in Bangi, in Shah Alam, in Kota Damansara. So we’re looking at developing all of these in phases. We do have a lot in our plate so we are www.propertyinsight.com.my | APRIL 2015 53


PERSONALITY OF THE MONTH

“SO IF YOU LOOK AT THAT PERSPECTIVE, PKNS IS HOLDING THE WEALTH FOR THE PEOPLE IN THAT CONTEXT, AND WE ARE THEN ABLE TO DELIVER FOR FUTURE GENERATION. SO AS FAR AS PKNS IS CONCERNED, IT HAS BEEN DESIGNED THAT WAY. AND WHAT WE’RE TRYING TO DO NOW IS TRYING TO REAP THIS, IN AN ORDERLY MANNER, IN A SUSTAINABLE MANNER. actively looking at adding new landbanks for sure, but we are very much attune to the market and market outlook. Most definitely, especially on the residential projects developments, we are progressing,” he says. “We’ll be looking closely at the market whether market condition is improving,” Haji Azlan says. “So we’re looking the next nine months to give us the signals, especially on our Datum series. But our high-end development that we are embarking without stopping now is actually PJ Sentral. That one is going to be the iconic development in PJ, it would be the highest tower in PJ at 57-storey high, and would be the main entrance to the PJ Sentral project. So these are some of the things we are embarking upon, something we are waiting for the main developer to complete the infrastructure. Once that’s done, we will take over and build our towers there. We are basically now in the planning stage for that.” Another strategy of PKNS is that it is designed to not only reap profits, but returns it back to the public. “As far as the financial goes, since day one, we managed to create a value of close to about RM5bil NTA (net tangible assets), as of 31st Dec 2014, and this NTA is created from the returns we get from the project, and basically close to about 70% of this return, we cycle back into acquiring land like Selangor Science Park 2, and also Bernam Jaya. Selangor Science Park 2 and Bernam Jaya have close to about 730k 9,500 acres in total which were bought not only from the state but other land owners at market price. So close to about 70% of the fund we created was used to create wealth for the state,” Haji Azlan justifies. He furthers his point by adding, “If you look at that perspective, PKNS is holding the wealth for the people in that context, and we are then able to deliver for future generation. So as far as PKNS is concerned, it has been designed that way. And what we’re trying to do now is trying to reap this, in an orderly manner, in a sustainable manner.” PKNS is also known for its industrial zones, and one of the 54

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PKNS’S 11 SUCCESSFUL MODERN TOWNSHIPS:

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Shah Alam (10,000 acres)

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2

Petaling Jaya (6,000 acres)

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Bandar Baru Bangi (7,000 acres)

Ampang Ulu Klang

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Bandar Sultan Suleiman (3,000 acres)

Kota Damansara (2,900 acres)

Kota Puteri (2,000 acres)

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Bernam Jaya (8,000 acres)

Selangor Science Park 2 (1,500 acres)

Antara Gapi (960 acres)

(1,500 acres)

Kelana Jaya (600 acres)

ways PKNS is competing differently with other developers is that it also attracts investment into industries. Haji Azlan exemplifies, “We attract that kind of manufacturing concerns: they will need the workers. So when they need the workers, then the migration happens. I don’t think we compete so much on the same arena, because on one side, we also do the high-end development, we also do affordable developments, we also do industrial developments, and we attract the industrial developments in the most developed state in Malaysia. One of the key criteria we look at, when we design our master plan for development, is that we design it in such a way it has a balance. It has the opportunity for people to live, work, play, exercise, enjoy. Because we like to create community and we have this motto: ‘Building communities, enriching life, realizing dream’.”

MARKET OUTLOOK “The market outlook in terms of the offering is actually slowing down except for landed properties,” says Haji Azlan. He also thinks that there will be a situation of oversupply for

the commercial units. Nonetheless, he views that Malaysian property outlook as being cautious. For the affordable level, he says, “between RM160k RM250k, or slightly higher to RM300k, the rejection rate on the borrowing, the lending to this group of people of the population, is close to about 70% being rejected. So on one part, the monetary policy has managed to reduce certain level of this speculation.” Haji Azlan’s personal opinion is that this situation has to be relooked by Bank Negara, to encourage “the population, especially the newly graduate and the newlyweds to buy their first house.” He adds, “I do understand that the data in regards to household debts is very scary, close to 84% our household debt to GDP ratio, but we have to find ways. This is something we are always in discussion with the state; to find ways how to be able to fulfil the needs. What we are afraid of, when the borrowing is too restrictive, then it is this market that will face the consequences, not the people who have it.” PKNS is currently being circumspect regarding the market outlook for Malaysian property. Although some of PKNS’s future developments are already in its pipeline, it has plans to curtail some of these investments and wait for the upside. According to Haji Azlan, PKNS as a property player in the market is keeping its radar on but, regardless of obstacles, PKNS will move forward and continue in their responsibility to develop properties for the people. “So this is where, come our 50th anniversary last year something that we need to be able to articulate, able to plan, able to execute, so that we are able to sustain ourselves beyond the next 10, 15, or 50 years. So this is where we also want to create new business. Like I said, I’m not a property man per se from background, but I’m an asset manager, when I look at asset, I need to be able to make it more efficient, more effective, lengthening the life of those assets,” he said. “That’s what I’m doing.”

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LEGAL

WHY DOES IT TAKE SO LONG

FOR LAWYERS TO COMPLETE A PROPERTY TRANSACTION?

his question is not only asked by the purchaser of a property transaction but is also asked by the seller who sells the property to get money out of it. Most seller and purchaser expect a property transaction to be completed within a month or two. That is not the case as there are various factors to be taken into consideration and various parties involved other than the seller and the purchaser. A lawyer is involved in a property transaction as a facilitator. A lawyer manages the various parties involved in the property transaction which include: 1) The seller, 2) The purchaser, 3) The lawyer representing the seller (if the lawyer is acting for the purchaser) and vice versa, 4) The housing developer (which can be the seller or is involved in the transaction as the property is not issued with an individual title yet), 5) The land office (where the property is registered as proof of ownership), 6) The State authority (which is actually represented by the land office but the State authority is involved if he property requires a consent to transfer or consent to charge - usually leasehold property),

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7) Local authorities (to pay for any assessment notice arrears), 8) Bank (or banks, depending whether the purchaser purchase the property by taking a housing loan and if the seller still owes the bank any money which needs to be paid first). The duration of a property transaction, from the time that the Sale & Purchase Agreement is signed to the time that the purchaser can say that he is the new owner of the property, fluctuates according to the type of property being transacted. The easiest type of property to transfer will be a piece of land but this type of property also has pitfalls which can drag the transaction into many months. If the property is a house, the package that it comes in will be the key to the process. A house can be built on a piece of land and sold as a terrace house, a bungalow or a semi-D. A house can also be an apartment, a

condominium and a penthouse. Agreements governing the sale of the house built on land and the one sold as a strata property are different. When you buy from a property developer, the sale of a house on land will use the agreement provided for in Schedule G under the Housing Development (Control and Licensing) Act 1966 which is the sale of building and land. The time frame provided for the property to be completely built and delivered to the purchaser is two years. Within the two years, the housing developers at their own pace must built the structure of the house, get all the infrastructures within the housing development ready, deal with authorities and finally deliver the key to the house buyer. The sale of strata property will use the agreement provided for in Schedule H of the Housing Development (Control and Licensing) Act 1966 which is the sale of building or land which will be subdivided into parcel. As for strata property, the timeframe is increased to three years as there are a lot more complications in building a property with many units within it. As housing developers have their own capability in building their housing


“JUST IMAGINE THE INTRICACIES THAT ARE INVOLVED AS YOUR LAWYERS HAVE TO COMMUNICATE WITH YOUR FINANCIER, WITH THE VENDOR’S LAWYER, WITH THE VENDOR’S BANK AND IN CERTAIN MATTERS, THE VENDOR HIMSELF, IN TRYING TO GET THE PROPERTY UNENCUMBERED. project, you cannot actually say they are not delivering because you do not see any construction taking place at the place where your new house is supposed to be. As much as housing developers are said to have a reputation as businessmen who don’t deliver what they have promised, they can set the schedule of building the houses according to their own time frame. If they are serious businessmen, they will want more purchasers to purchase their housing projects and keep them in business. Only when there are no progress in the housing development for more than one year should you worry about the fate of your house, if you buy the property from a housing developer. However, if you are buying a property from another individual, the timeframe for the completion of the transaction can fluctuate between three months to more than a year (or even more), depending on the type of property that you are buying and how you intend to finance your purchase. If the property that you are buying is not charged to any financial institution and the property does not require to be approved by the State authority to be transferred, whether the property has been issued a title or not, the time for it to be transferred can be a short time of two or three months. This is a very rare occurrence in this day and age as most properties are purchased by the vendors in the first instance using financial institutions. If the property is charged to a financial institution, the time for the transfer will be determined by the efficiency of bank which has put a charge on the property before it is sold. The bank will only release the property from its control once it has receives the

full amount of payment due from the purchaser’s financier. Just imagine the intricacies that are involved as your lawyers have to communicate with your financier, with the vendor’s lawyer, with the vendor’s bank and in certain matters, the vendor himself, in trying to get the property unencumbered. Once payments are made, the lawyer who handles the finance side of your purchase will have to secure the interest of the financial institution that you have chosen to finance your property transaction. That will take another duration which will depend on the efficiency of your lawyer and, to some extent, your financier. One of the timeframe which usually delays the completion of a property transaction is when consent to transfer need to be acquired from the State authority. ‘Application for Consent to Transfer’, as it is called, usually takes between three months or more especially if the transfer is from a bumiputra seller to a non-bumiputra purchaser. Surprisingly, once consent to transfer is obtained, a consent to charge will only require a maximum of two weeks to be obtained from the same department. If the property is still not issued with an individual title, the housing developer which had built the property needs to be involved in the equation. Although Section 22D of the Housing Development (Control and Licensing) Act 1966 has specifically stated a housing developer should not withhold

confirmation of any arrears and can only charge RM50 for issuing an undertaking to the lawyer(s) handling the transaction, things get complicated if there are arrears, if Joint Management Body decided to be tough, or if the property is under receivership, to quote a few ‘complications.’ Add between two weeks to three months for your lawyer to resolve this. Another delay will usually happen when the property needs to be redeemed from the seller’s financier. As the seller’s financier is in the process of losing a customer, the department that handles the issuance of redemption statement and handling the redemption itself usually takes time to do as such. Another factor is the security documents are usually kept by a storage company and takes some reasonable time to be located. Add in another one or two month to the equation. These are just some examples which can crop up when a property transaction is being conducted by your lawyer. A good advice for novice or even seasoned seller or purchaser of property is to follow closely your lawyer who conducts your property transaction and help them facilitate the transaction wherever you could.

ABOUT THE CONTRIBUTOR Khairul Anuar Shaharudin is a lawyer and author of ‘40 Questions You Should Ask Your Lawyer Before Buying A Residential Property in Malaysia’ under the Ask the Lawyer series. He can be contacted at www.Facebook.com/AsktheLawyer.

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STRATEGY

POST GST ERA: IMPACT ON FINANCING How does GST affect your everyday banking? f it is not already known, Goods and Services tax (GST) is defined by the Ministry of Finance as “a broad based consumption tax covering all sectors of the economy i.e. all goods and services made in Malaysia including imports except specific goods and services which are categorized under zero rated supply and exempt supply orders as determined by the Minister of Finance and published in the Gazette.” Let’s face it, MONEY is involved in every action we take. GST will now play a vital part in all our money making decisions. To state the obvious, the banking industry is a service industry and as such, banking services are not spared. Malaysia is one of the few countries where GST is imposed on banking services. Some examples of countries where GST are not imposed on banking services are Australia and Canada. Meanwhile back in Malaysia, in December 2014, the various media has confirmed this with many headlines and many viewpoints. Some sound assuring, some even made the mass consumer even more confused. Here is what some of the media have stated: ‘Minimal Impact & Too many Services Fees’, ‘Customers Will Have To Pay Extra For Certain Banking Services,’ and ‘Be Prepared To Pay GST On Banking Services’.

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So how does this impact banks and most importantly, how does it impact you? When you got your pay cheque on a monthly basis and banked into your savings account, the first thing you will notice that the funds banked into your savings account may have been taxed (Personal Income Tax). Subsequently, you performed your regular fund transfers, which is a service rendered by banks, and at this point, this service you seek from the bank to provide will incur a fee and this fee will attract GST from 1st April 2015 onwards. Knowledge and awareness are the keys, because it is important in strategizing the way we use banking services after implementation. Not forgetting to state the obvious, your Fixed Deposit interest rate today is lower than the GST rate. If full payment of service tax is made before GST appointed date for taxable services spanning GST appointed date, no GST on service provided. As a consumer, you will not be double taxed. What happens comes 1st April 2015? The banking system is a complex system. Complexity comes when there is so many services provided by banks and within a general service alone, there are many other

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sub-services. Some of these services are regular services and charged upon usage, some fees are paid for services which spread out a longer period throughout the year, Therefore, when it comes to GST on banking services, it is not as straightforward as adding 6% on total fee because there are several services performed by the bank where it covers a period before and after 1st April 2015. In addition, what if the fees are incurred at various rates? How are all these being impacted? Generally, where any taxable supply of services is made before 1st April 2015 but ends post 1st April 2015, the portion of supply attributed to period on or after 1st April 2015 shall be chargeable for GST. How GST flows in a bank Like all GST process, the GST process in the bank is the same where GST has two portions, namely the input and output tax. This tax basically is a stream of flow where GST is incurred at each stage of the supply chain from the original supplier down to consumers. The final GST amount received by the Customs is based on the final consumed amount by the consumer (who is at the end of chain). Banks must charge GST at a standard rate of 6% for relevant fees determined as standard rated. This GST that they charge and collect is known as Output Tax, which has to be paid to the Customs. GST incurred on banks purchases and expenses (for example, a vendor engaged to perform certain activities for the bank) are known as Input Tax. This credit mechanism ensures that only the value added is taxed at each stage of a supply chain. As a consumer, Input Tax will not have any impact on you because these are taxes between the bank (or suppliers) and their respective vendors who provide services or goods. Are all banking fees and charges impacted by GST? We will be focusing on three key products – Mortgages, Deposits and Credit Cards – because they generally have correlation to your property investment journey. GST on bank services is divided into three types: 1. Standard Rated Tax: GST of 6% will be charged on you for using the banking services. The common list of fees generally charged for banking products for mortgages, deposits & Credit Cards is shown as in Figure 1.

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As per Figure 1, there are two key items where banks have agreed to build in the 6% standard rated GST into the current fees. This basically means that as a consumer, you will be paying the same amount for the fees, but the GST will form part of the fees at the same priced charged to the customer (for example, online banking interbank transfer Fee + GST = RM0.10). 2. Exempted Tax: The list of services where the banks have gotten exemption from Customs from being charged a GST, is stated in Figure 2. However, they are exempted as off now but may be revised from time to time. 3. Fees which are Out of Scope: The list of charges which you pay as a consumer today where they are not within the purview of GST and as such do not draw any GST, can be referred to Figure 3 Generally Fees which incurred as a result of a penalty for not complying with the contract will not be charged with GST. GST Treatment on Islamic Banking With regards to general Islamic banking on Mortgages, Credit Cards and Deposits, Islamic banking products are subjected to same GST treatment as conventional products equivalent in order to ensure neutrality. GST Treatment on Insurance Services for Banking Products a) Mortgages - You may have taken up a MRTA/MLTA post 1st April 2015. As both of this relates to life insurance, they are exempted from GST. b) Credit Card Protection Insurance - For Insurance which related to protection on life, it is also exempted from GST. If you have taken up insurance which protects the product (non-life related) then GST is standard rated. Having said that, despite Life Insurance premiums being

exempted from GST, services relating to the management of the account such as statement request are standard rated. Tax Invoices for banking services Every registered person who makes taxable supply of goods and services is required to issue a tax invoice for standardrated supplies. This is the same for banks. Generally, banks issue statements on a regular basis (either monthly, quarterly, half yearly or yearly). Tax invoices are generally incorporated into the current statement. As such, these statements will now double up as a tax invoice, All fees and charges which are standard rated will now be split by the fees portion and its GST portion. Through this, as a consumer, you will know exactly how much is being paid as a banking fee and how much the bank is actually collecting to be remitted back to customs. In the event of any adjustment of fees due to disputes/ waivers, a credit/debit note of GST will be reflective too. Where fees/charges are in foreign currency, the MYR equivalent is ascertained and GST of 6% is imposed on the MYR equivalent. Tax invoices are used in the event you need to claim input tax which is mainly applicable to businesses (or GST registrant). With all these in mind, our take is that as consumers before engaging any banking services, you should either: 1. Refer to the banks website under Fees and charges 2. Refer to your banker/branch officer for clarification on the charges amount and if it incurs GST 3. Fees and charges are also documented for reference in all bank branches. After reading these, how GST impacts banking services, we hope it helps you in your property investment journey and planning in the way you deal with your banks.

The COMMON LIST OF FEES GENERALLY CHARGED FOR BANKING PRODUCTS FOR MORTGAGES, DEPOSITS & CREDIT CARDS Common Standard-Rated Fees Charged by banks

Remarks

Mortgage Account maintenance fee (e.g. RM10 monthly charged on the Mortgage Flexi account)

Standard Rated 6% Charged of fees

Loan processing fee - Varies

Standard Rated 6% Charged of fees

Mortgage Redemption Fee (from RM30 onwards)

Standard Rated 6% Charged of fees

Request of duplicate for Mortgage security documents (from RM10)

Standard Rated 6% Charged of fees

ATM Withdrawal/transfer fee: a) Transact from your Local to another local/foreign Bank - Withdrawal by ATM (RM1 fee) b) Transact from your foreign to another local bank Withdrawal by ATM (RM4 fee) c) Transact from your foreign to another foreign Withdrawal by ATM – RM1 d) ATM Withdrawal from Own Bank - From RM1

- Standard Rated 6% Charged of fees - Generally, GST is inclusive into the RM1 ATM withdrawal fees

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Over The Counter Withdrawal/transfer fee: a) Interbank Giro Transfer (RM1) b) Cash Withdrawal on Same Bank - From RM1 (Depending on the type of account/bank practices) c) RENTAS (RM5) d) Telegraphic Transfer - From RM30

Standard Rated 6% Charged of fees

Online Transactions: a) Interbank Giro Transfer (RM0.10) b) Telegraphic Transfer Fee (from RM15)

- GST is inclusive into the Interbank Giro of RM0.10. As a customer, you do not get charged on top of it. - Standard Rated 6% Charged of Telegraphic Transfer

ATM cards and savings account books Issuance charges fee (from RM6)

Standard Rated 6% Charged of fees GST is not charged for replacement

Cheque charges (RM0.50)

Standard Rated 6% Charged of fees

Credit cards annual fee/charges: a) Classic Card (from RM80) b) Gold Card (from RM150)

Standard Rated 6% Charged of fees

Figure 1

THE LIST OF SERVICES WHERE THE BANKS HAVE GOTTEN EXEMPTION FROM CUSTOMS FROM BEING CHARGED A GST

Common Bank Fees which are exempted Interest on your deposits on loans/credit Cards Additional credit card interest on top of the foreign exchange rate incurred when you spend on your credit card overseas

Exchange of currency or traveller’s cheques Penalties Imposed or Late Payment Charges

Figure 2 THE LIST OF CHARGES WHICH YOU PAY AS A CONSUMER TODAY WHERE THEY ARE NOT WITHIN THE PURVIEW OF GST General Out of Scope Fees Installment payments for your Mortgage financing or any interest which you are paying for Salary/wages/bonus/allowance/EPF/SOCSO Late Charges Cheque returned due to insufficient funds (penalty) Early Settlement Penalty

Figure 3

ABOUT THE CONTRIBUTOR Smart Financing Co. was founded by a team of season investorsand with banking experince and the primary objective is to help consumers to stay abreast on the latest banking policies especially towards Mortgage Financing and to educate consumers on various banking practices.

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www.propertylaunch.com.my

PROPERTY LAUNCH

FOR THE BEST PROPERTY DEALS IN TOWN!


STRATEGY

PERSONAL TRAITS OF DEBT-FREE PEOPLE

n a yearly basis, we come up with many resolutions: to quit any particular bad habit, to lose weight, to save more money, to buy that car you’ve been dreaming about, etc. One of the most beneficial resolutions one can aim to achieve is being debt-free. After all, we all know that we could use the additional money from our income instead of using it to pay off a debt. Now, you may be wondering how to go about it? These are some common personal traits of debt-free people:

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1) THEY ARE DETAIL-ORIENTED AND VERY ORGANISED Debt-free people pay close attention to where they are spending their money and have an efficient budget to track where their money is going. Debt-free people will not miss the opportunity to look through every bill carefully on a monthly basis - you will not notice a recurring fee if you do not scrutinise your credit card bills. So start paying close attention to where your money is being spent and organise your bills. 2) THEY SAVE Every time a debt-free individual receives a sum of money, he/she will think of paying himself/herself first. They have adequate emergency and retirement funds. 3) THEY OPERATE WITHIN A STRICT BUDGET It is unlikely that a debt-free individual will go shopping haphazardly. If they

can afford it, they will spend the money. Otherwise, they will forego the purchase or wait until they can afford to buy it. 4) THEY ARE WELL INFORMED Debt-free individuals know financial products well. They are aware of the charges incurred, due dates, and other technicalities of taking on a loan. By doing this research, debtfree individuals can gauge if a loan is necessary for a particular big ticket purchase. 5) THEY ARE PATIENT Instant gratification is one of the reasons why people may face debts. Making impulsive and impatient purchases are debt’s best friends. Debt-free individuals are patient, because they know that those purchases can wait.

6) THEY ARE RESPONSIBLE Getting out of debt takes a sense of responsibility and maturity— two traits that match up well with patience. And maturity has nothing to do with age. Some 50-year-olds still treat money the same way they did when they were 20. Debt-free individuals are responsible. They want to get out of debt as fast as possible so they can begin saving, investing, and paying off their debts early.

“DEBT-FREE INDIVIDUALS KNOW FINANCIAL PRODUCTS WELL. THEY ARE AWARE OF THE CHARGES INCURRED, DUE DATES, AND OTHER TECHNICALITIES OF TAKING ON A LOAN. 7) THEY ARE NOT MATERIALISTIC Debt-free individuals are not gadget freaks, petrol heads or avid toy collectors. Debt-free people might like nice, shiny toys but they don’t define themselves by their possessions. They realise that materialism can affect any of us and choose to ensure they are spending their money right. 8) THEY ARE CONFIDENT People who are getting out of debt don’t care what others think. Getting out of debt can require drastic lifestyle changes, which means you’ll never succeed if you aren’t mentally prepared and confident in your decision to find financial peace.

ABOUT THE CONTRIBUTOR Agensi Kaunseling Dan Pengurusan Kredit (AKPK), is a wholly subsidary of Bank Negara Malaysia. Its inception stemmed from the need to ensure that the public is able to manage their finances prudently. AKPK’s primary role is to educate people from all levels of income to ensure all Malaysians are equipped with sound personal financial management skills. For more information, downloaded a guide http://www.akpk.org.my/services/debt-management/ self-help-guide,log on to www.akpk.org.my or call the toll free number 1-800-88-2575 www.propertyinsight.com.my | APRIL 2015

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STRATEGY

BAD HAIRCUTS

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once read a comment in social media that said, ‘A bad property deal is like a bad haircut – in time, it always grows out.’ That pretty much sums up property investment. Mistakes happen, but given enough time, they grow out. That doesn’t mean to say that the investments were right or that you don’t have to work as hard, but it’s comforting to know that in the end (if you can hang on that long!) most investment errors even out. It’s also fortunate because most people, no matter how careful they are, will at some point make a mistake in their property investment career. Mistakes can vary in terms of scale and size – they can be anything from buying the wrong house in the wrong street,

“Unless a property has become completely unmanageable, or is bleeding funds so heavily, the best thing to do on a bad buy that is set to lose you money is to wait for the market to return. to buying the wrong property for the wrong type of tenant you want to attract, listening to the wrong advice by the socalled expert, to paying too much for a property in the first place. These mistakes may sound easy to avoid but the truth is areas evolve, your objectives change and the property you bought that used to be very tenantable becomes the opposite. This is one of the risks of property investment: you only have so much control. Your property, and how you present it and tenant it, is within your scope of control. However, who lives next door (unless you own it) will very much be beyond your control. The same is true for the rest of the street or the surrounding area. This is why sometimes properties that initially seemed a good purchase can, over time, appear to have been a mistake. What is always important to remember is the market is cyclical. Prices go up and down, move fast and slow, and much will depend upon the local and wider property market. However usually, if you can wait long enough, the cycle will move around again to favour you once more. Moreover, given the demand for housing and people’s

basic need for shelter, a property does not become worthless; it may not be worth as much as you paid for or what you had hoped, but it always retains some value. Unless a property has become completely unmanageable, or is bleeding funds so heavily, the best thing to do on a bad buy that is set to lose you money is to wait for the market to return. The ‘recovery’ model of asset management means looking at potential alternative uses for the property such as renting it out by room, or perhaps even taking a major rent reduction to ensure occupation until an eventual sale. This method can buy you time rather than realizing your capital losses. On the other hand, if you have any equity in a property, it is worthwhile considering if those funds could be put to better use in an alternative investment. Losses are never welcomed. However, they should not be at the expense of a potential profit elsewhere. Bad haircuts, in time, grow out- but they need to be given patience and maybe a little bit of styling to get them back on track. Bad property deals are often the same. They just tend to need a few more years to grow out!

ABOUT THE CONTRIBUTOR KK Chua is the publisher of Property Insight magazine. He is also a registered real estate agent and an investor with more than 10 years of experience in the industry. He can be contacted at kkchua@propertyinsight.com.my

www.propertyinsight.com.my | MARCH 2015

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BEST SELF-SUSTAINED DEVELOPMENT Paramount Utropolis by Paramount Property Development Sdn Bhd

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BEST LUXURY LIFESTYLE DEVELOPMENT Fields of Gold by Primarc Development Sdn Bhd

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BEST URBAN LIFESTYLE DEVELOPMENT KL Gateway by Suez Domain Sdn Bhd

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BEST FAMILY LIVING DEVELOPMENT Lake Club Park Home by DA Land Sdn Bhd

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BEST LEISURE LIVING DEVELOPMENT Opus @ Lake Vicinity Cyberjaya by Crystalville Group

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BEST HI-RISE DEVELOPMENT H20 @ Ara Damansara by Titijaya Land Berhad

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BEST LUXURY LANDED DEVELOPMENT The Apex by United Malayan Land Berhad

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BEST HILL-TOP DEVELOPMENT Puncak 7 by Prinsiptek Corporation Berhad

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BEST TOWNSHIP DEVELOPMENT Horizon Hills by Gamuda Land Sdn Bhd

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BEST AFFORDABLE ECO-URBAN DEVELOPMENT Sutera Pines @ Sg Long by Smart Niche Sdn Bhd

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BEST INTEGRATED DEVELOPMENT The Two by DA Land Sdn Bhd

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BEST MIXED DEVELOPMENT De Centrum by De Centrum Development Sdn Bhd

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BEST COMMERCIAL DEVELOPMENT

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20 Rivertree

TOP 10 DEVELOPERS MKH Berhad

by Rivertree Group

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Ipoh South Precinct by Team Keris Berhad

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Sejati Residences

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BEST WELLNESS DEVELOPMENT

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The Mines Wellness by Country Heights Holdings Berhad

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BEST THEMED RESORT

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TOP 10 DEVELOPERS UEM Sunrise Berhad UOA Development Berhad

by MB Group

OUTSTANDING DEVELOPER - NORTHERN

TOP 10 DEVELOPERS Sunway Berhad Tropicana Corporation Berhad

Sungai Pulai Wellness Resort

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TOP 10 DEVELOPERS IJM Land Berhad Mah Sing Group Berhad Sime Darby Property Berhad

BEST MEDICAL TOURISM DEVELOPMENT The Mines Wellness by Country Heights Holdings Berhad

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TOP 10 DEVELOPERS Glomac Berhad

BEST BOUTIQUE DEVELOPMENT by Paramount Property Development Sdn Bhd

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TOP 10 DEVELOPERS Gamuda Land Sdn Bhd

BEST LANDED DEVELOPMENT

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PERSONALITY OF THE YEAR YBHG. DATO’ IR. JAMALUDIN OSMAN

Team Keris Berhad

by I&P Group

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OUTSTANDING DEVELOPER - SOUTHERN Hatten Group Sdn Bhd

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OUTSTANDING DEVELOPER - EAST COAST

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OUTSTANDING DEVELOPER - EAST MALAYSIA

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BEST EMERGING DEVELOPER

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MOST INNOVATIVE FINANCIER Malaysia Building Society Berhad (MBSB)

Prestimega Sdn Bhd

Naim Holdings Berhad

Suez Capital Sdn Bhd

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BEST AFFORDABLE HOUSING DEVELOPER Perbadanan Kemajuan Negeri Selangor

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BEST SELF-SUSTAINED DEVELOPMENT

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Live-and-learn. Work-and-play.

At Glenmarie’s only university metropolisTM.

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Paramount Utropolis is a visionary integrated development spanning 21.7 acres of freehold land in Glenmarie, Shah Alam. Anchored by the 10-acre flagship KDU University College campus, this development is based on the concept of a university metropolis, designed to empower and enrich minds, and inspire learning.

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1. 2. 3. 4.

Live-and-learn, work-and-play self-contained township anchored by KDU University Metropolis The 12,000 sqft Utropolis Marketplace retail centre adds to the overall value of the address Dual-key apartments in Paramount Utropolis provide an attractive residential option for the community of KDU and Utropolis Complete facilities for residents of Paramount Utropolis

Commercial, retail and residential components sit within Paramount Utropolis, making it a self-contained live-and-learn, work-and-play environment with direct interaction between the campus and external communities. Serviced apartments feature functional and practical layouts, with thoughtful amenities designed to create a relaxing and conducive

environment. A select number of Dual Key Access units allow homeowners the privacy of their own space, in tandem with the opportunity for rental income. There are also lifestyle suites designed for those who want to live and work within the Utropolis community. Paramount Utropolis is highly accessible through several highways – ELITE Highway, Federal Highway, Guthrie Corridor and North Klang Valley Expressway – as well as public transportation links across Klang Valley, including trains and the Light Rail Transit. Another prestigious develoment by:

PROPERTY TYPE: LIFESTYLE SUITES AND SERVICED APARTMENTS ACRES OF DEVELOPMENT: 21.7 ACRES CONCEPT: A UNIVERSITY METROPOLIS TENURE: FREEHOLD BUILT UP SIZE: 447 SQFT (LIFESTYLE SUITES), 797-1,202 SQFT (SERVICED APARTMENTS) GROSS DEVELOPMENT VALUE (GDV): RM900 MILLION (EST) DEVELOPER NAME: PARAMOUNT PROPERTY (GLENMARIE) SDN BHD WEBSITE: WWW.PARAMOUNTPROPERTY.MY PHONE NO: 03-5123 6022

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BEST LUXURY LIFESTYLE DEVELOPMENT

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FOUR SEASONS OF GOLD

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Fields of Gold is a place where you can find a 1.5-acre four seasons-themed park nestling in between 53 units of designer boutique villas. With sizes ranging from 4,324sqft to 4,579sqft, each of these four-storey villas is equipped with a commercial grade lift, a swimming pool and a private garage. This exclusive development is strategically located in the new township of Rawang – being only a mere three kilometers away from the Rawang exit of the North South Expressway (NSE). It is also within walking

distance to nearby amenities such as AEON Rawang, the upcoming Anggun City as well as a proposed international school. At Fields of Gold, security is held at utmost importance where homes are fully gated and guarded via perimeter walls with tall trees, CCTV surveillance and an integrated residential software system. A wide range of facilities will be spread across the park including a 500m jogging and cycling track, multiple cooking stations, a bicycle sharing system, a pavilion and a treehouse just to name a few. Another prestigious development by:

6 1. A bridge running across the bubbling stream 2. The sunken BBQ pit with gas-operated stoves and a pizza oven 3. The pavilion amongst beautiful cherry blossom trees 4. Intermediate Extended-Garden Units overlooking Australian Salix Willow trees 5. Hidden walkways for those who prefer more privacy 6. The relationship between the homes and the Four Seasons Park – exclusive in Fields of Gold

PROPERTY TYPE: DESIGNER LINK VILLAS ACRES OF DEVELOPMENT: 7 ACRES CONCEPT: RESORT PARK HOMES TENURE: FREEHOLD LOT SIZE/LAND SIZE: 4,324 SQFT TO 4,579 SQFT GROSS DEVELOPMENT VALUE (GDV): RM120 MILLION DEVELOPER NAME: PRIMARC DEVELOPMENT (M) SDN BHD WEBSITE: WWW.FIELDSOFGOLD.COM.MY PHONE NO: 03-7932 2993

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BEST URBAN LIFESTYLE DEVELOPMENT

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GATEWAY TO THE FINEST SIDE OF LIFE KL Gateway is a Green Vertical Integrated Development nestled in a heart of bustling city and centred between Kuala Lumpur, Petaling Jaya and Bangsar. Surrounded by the conveniences of contemporary urban living, this integrated development encompasses corporate office towers, residences, retail, an array of F&B outlets and has direct access to the Federal Highway, Kerinchi Link, NPE expressway as well as a 100-metre covered link bridge to the LRT Universiti Station

Within only a few minutes’ drive from KL Gateway, there are various of amenities and facilities including educational institutions, commercial hubs, premier healthcare centres, hotels and many more. KL Gateway spans across 5.28 acres and features a green central park, 24-hour security and a child educare centre. Whether it is for work, shop, dine, or play, KL Gateway has everything you need; making it all “So Close to You”. 1. Perfect location of KL Gateway 2. Night view of KL Gateway from Federal Highway 3. KL Gateway takes pride for being an urban lifestyle development that provides everything under one roof

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PROPERTY TYPE: INTEGRATED DEVELOPMENT ACRES OF DEVELOPMENT: 5.28 ACRES CONCEPT: GREEN VERTICAL INTERGRATED DEVELOPMENT COMPONENT: CORPORATE OFFICE TOWERS, RESIDENCES AND SHOPPING MALL DEVELOPER NAME: SUEZ CAPITAL SDN BHD WEBSITE: WWW.KLGATEWAY.COM.MY PHONE NO: 1800 88 8280


BEST FAMILY LIVING DEVELOPMENT

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BRINGING FAMILIES TOGETHER

Lake Club Park Home is the first-of-its-kind resort home with 11-acre central and linear park along with 5 star club house, within the community in Rawang city centre. The development features stylish residences nestled beside a charming central park which spreads across the centre of it, indulging in the serenity of the lake and clubhouse. It is perfect for relaxation and play for both young and old.

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Club Park Home also promises safety and security to its residents, by engaging with the security consultant GDSS Systems Sdn Bhd in its development plan.

High speed internet broadband is prepared for Lake Club Park Home development, making it the first fibre optic modern home in Rawang. The amenities in Lake Club Park Home are ready with nearby schools, hosThe development is catered pitals, as well as transportation for three generations; the home hub within 5 minutes drive. is designed with individual lift Another prestigious development by: and the internal layout design is practical for everyone. Lake

1. Linear Park 2. Club house with infinity swimming pool 3. Interior design is practical for everyone 4. Tai chi zone

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PROPERTY TYPE: RESIDENTIAL ACRES OF DEVELOPMENT: 63 ACRES CONCEPT: WAKE UP BY THE LAKE, PLAY BY THE CLUBHOUSE, LIVE BY THE PARK, VENTURE BY THE CITY TENURE: LEASEHOLD BUILD UP SIZE: 2511 SQFT-3570 SQFT LOT SIZE: 22 FT x 75 FT GROSS DEVELOPMENT VALUE (GDV): RM500 MILLION DEVELOPER NAME: HYPE PARK CITY SDN BHD PARENT DEVELOPER NAME: DA LAND SDN BHD WEBSITE: WWW.DALAND.COM.MY PHONE NO: 03-6093 7188

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BEST LEISURE LIVING DEVELOPMENT

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WHERE RECREATION AND LIVING COME TOGETHER

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Located in one of Cyberjaya’s prestigious residential address at Perdana Lakeview East and within the vicinity of Putrajaya lake is Opus @Lake Vicinity Cyberjaya.

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The development is a guarded low-density semidetached development. Opus @ Lake City Cyberjaya provides 24hour security patrol and double guarded entry and exit points as the safety and the security of its

residents are of upmost priority of this development. Residents of Opus can enjoy clubhouse facilities that are equipped with a pool, gym and also a multi-purpose hall. The development is accessible via major highways such as Maju Expressway (MEX), North South Central Link (ELITE), SILK highway, LDP and NKVE.

Another prestigious development by Cyberlake Sdn Bhd, a member of:

1. 2. 3. 4. 5.

Opus Type A Blues Opus Clubhouse Opus Type B Evergreen Overall development Security entrance

DEVELOPMENT TYPE: 2-STOREY SEMI-DETACHED ACRES OF DEVELOPMENT: 9.03 ACRES CONCEPT: COMMUNAL LIVING AT PRESTIGIOUS ADDRESS WITH OPEN SPACE AND MINIMAL PARTITIONS TENURE: FREEHOLD COMPONENT: CONDOMINIUMS, LINK HOUSES, CLUSTER HOMES, SEMI-DETACHED, BUNGALOWS BUILD UP SIZE: 3,000 SQFT (EVERGREEN) AND 3,200 SQFT (BLUES) GROSS DEVELOPMENT VALUE (GDV): RM100 MILLION DEVELOPER NAME: CRYSTALVILLE GROUP WEBSITE: WWW.CRYSTALVILLEGROUP.COM PHONE NO: 03-6201 8680 / 03-8320 5868

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BEST HI-RISE DEVELOPMENT

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AN AQUATIC SPLENDOUR 1. 2. 3. 4.

With a unique design inspired by the simple beauty of water and situated in Ara Damansara, H2O is comprised of 1357 units of serviced apartments built within four blocks, accompanied by 4 acres of aquatic greenery which includes their very own aquatic gym, swimming pool with marine life display.

with a touch of modern living, H2O comes with more than 20 facilities within a well planned landscape.

Being a mere 10 minutes’ drive away from the Subang Airport, H2O makes it convenient for their residence with two link bridges which is connected to TESCO and other shops nearby With a build-up ranging from made available. 750 sqft to 1,500 sqft along Another prestigious development by:

Overview of H2O Residence H2O Clubhouse Podium Level of H2O with its modern & practical facilities Panoramic pool & garden view from the unit

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PROPERTY TYPE: SERVICE APARTMENT & SOHO ACRES OF DEVELOPMENT: 6.05 ACRES CONCEPT: MODERN LIVING TENURE: FREEHOLD LOT SIZE/LAND SIZE: 750 SQFT TO 1,500 SQFT GROSS DEVELOPMENT VALUE (GDV): RM750 MIL WEBSITE: : WWW.TITIJAYA.COM.MY PARENT DEVELOPER NAME: TITIJAYA LAND BERHAD DEVELOPER NAME: EPOCH PROPERTY SDN BHD PHONE NO: 019-587 6888 / 017-382 1117 / 012-293 1033


BEST LUXURY LANDED DEVELOPMENT

PUTRA H I LL R E S I D E NCY

@

BAN DAR

SE R I

PUTRA

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A SYMPHONY OF ART AND NATURE

Located within Putra Hill Residency, an existing sanctuary of upscale homes in Bandar Seri Putra, The Apex is the latest edition of upscale homes added to the upmarket sanctuary.

1. Aerial view - parcel 1 2. Aster East 3. Main entrance to The Apex 4. Dalia East- aerial view

Within the development lies a built environment that is specially made to complement exquisite lifestyle. The guarded neighbourhood feature homes with spacious built-up area from 4,188 to 6,413 sqft complete with car porch that can accommodate three cars, high ceiling that reaches 3.6 metres of height

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on the Ground Floor, and a high speed broadband (HSBB) of 5Mbps ready. All units are equipped with Smart Homes Solutions (Samsung features) which include a monitoring system at strategic areas, remote controlling of some air-conditioning units, lighting points and a digital lock set within the building and away from the building - all the controlling is easily done within a local network via Wi-Fi connection or through internet access. Another prestigious project by:

PROPERTY TYPE: BUNGALOW HOMES ACRES OF DEVELOPMENT: 34.52 ACRES CONCEPT: MODERN LIVING IN A DISTINCTIVE WAY TENURE: FREEHOLD LOT SIZE /LAND SIZE: 7,912 SQFT TO 19,461 SQFT GROSS DEVELOPMENT VALUE (GDV): RM289 MIL DEVELOPER NAME: BANGI HEIGHTS DEVELOPMENT SDN BHD PARENT DEVELOPER NAME: UNITED MALAYAN LAND BHD (UMLAND) WEBSITE: WWW.PUTRAHILL.COM.MY WWW.UMLAND.COM.MY PHONE NO: O3-8927 1611

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BEST HILL-TOP DEVELOPMENT

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TOWERING COMFORT

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Situated upon a township that’s rich in its own history, Puncak 7 condominium and terrace superlink houses are set amongst luxury. This hill top development, set on the well-established and prime location of Seksyen 7 in Shah Alam, consists of 211 units for the condominium with every unit build as a corner unit, and 17 units for the terrace superlink houses, built unto 4.5 acres of land.

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1. Facade 2. Living room 3. Master bedroom 4. Child bedroom

Puncak 7 Terrace Superlink keeps exclusivity in mind as 17 units are made to cater to the distinguished few who truly appreciate modern living lifestyles in timeless Shah Alam. Fitted with multi-storey lifts, maintaining the

true value of convenience and a total of 4+1 bedrooms and 5 bathrooms, living comfortably is made essential for all. Accompanied by surrounding landmarks such as University Teknologi Mara (UiTM), KPJ & DEMC Specialist Hospital, I-City, SACC Mall, Shah Alam Lake Gardens and the Agricultural Park Malaysia, Puncak 7 can be easily accessed via the Federal Highway, Guthrie Corridor Expressway, North Klang Valley Expressway (NKVE), KESAS Highway and the New Pantai Expressway (NPE), to name a few. Another prestigious development by:

PROPERTY TYPE: CONDOMINIUM AND TERRACE SUPERLINK ACRES OF DEVELOPMENT: 4.5 ACRES CONCEPT: THE SERENITY OF NATURE IN THE BACKDROP INFUSED WITH CONTEMPERORY LIVING TENURE: LEASEHOLD GROSS DEVELOPMENT VALUE (GDV): RM150,000,000 DEVELOPER NAME: NBL LAND DEVELOPMENT SDN BHD (A WHOLLY OWNED SUBSIDIARY OF PRINSIPTEK CORPORATION BERHAD) WEBSITE: WWW.PUNCAK7.COM PHONE NO: 016-203 6688/016-205 6688

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BEST TOWNSHIP DEVELOPMENT

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HORIZON HILLS: A TOWNSHIP NURTURING FOR THE FUTURE 1. 2. 3. 4.

Horizon Hills is a luxury development which combines the best in architectural innovation, master planning and landscape design, showcasing 11 residential precincts with unique identity and characteristics.

features to ensure privacy and safety. Creative precinct design concepts include lush pockets of greenery enveloped by matured trees and landscaping, along with signature resort club house, thematic gardens, lakes, slope park, wetlands, playgrounds, This gated and guarded gazebos, and more. development across 1,200 acres of freehold land features The development caters for Nusajaya’s only residential golf long term growth and creates course – a world class 18-hole, value for generations with a par 72 golf course designed by sustainable master plan and renowned golf course designer innovative solution where natureRoss Watson. The homes themed neighbourhood, world are built in small clusters to class facilities, safe and secured encourage community interac- environment coexist. tion, with traffic slowing Strategic Partnership:

Aerial view of Horizon Hills in Nusajaya, Iskandar Malaysia Green lung to promote healthy living International standard par 72, 18-hole designer golf-course Award winning Horizon Hills’ golf and country clubhouse

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DEVELOPMENT TYPE: TOWNSHIP ACRES OF DEVELOPMENT: 1,200 ACRES CONCEPT: SELF-CONTAINED TOWNSHIP IN AN EXCLUSIVE AND LUSH GREEN, GATED ENVIRONMENT WITH LOW DENSITY AND PRIVATE WORLD CLASS GOLF COURSE TENURE: FREEHOLD COMPONENT: CONDOMINIUMS, LINK HOUSES, CLUSTER HOMES, SEMI-DETACHED, BUNGALOWS GROSS DEVELOPMENT VALUE (GDV): RM7.2 BILLION DEVELOPER NAME: HORIZON HILLS DEVELOPMENT SDN BHD PARENT DEVELOPER NAME: GAMUDA LAND & UEM SUNRISE WEBSITE: WWW.HORIZONHILLS.COM.MY PHONE NO: +607-2323 433


BEST AFFORDABLE EC0-URBAN DEVELOPMENT

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WHERE NATURE LIES WITHIN YOUR DOORSTEP

Situated within the catch-ment of Sungai Long, Mahkota Cheras and a consolidation of UTAR, Sutera Pines is comprised of 424 freehold units build within two blocks of condominium. Build on 6 acres of land, residence of Sutera Pines may yet again be one with nature as they enjoy 1.5 acres of nature park build within their doorsteps.

1. Overall view of Sutera Pines 2. Main entrance 3. Shoplex 4. Nature park

East Klang valley Expressway (EKVE), this development features units with build-up ranging from 1,045 sqft up to 1,538 sqft along with 8 units of shophouses called shoplex with dedicated entrance and 120 car parking bays for visitors.

The development is also situated a mere 5km away from the proposed Bukit Dukung Easily accessible via various MRT station that is expected to highways such as Silk Highway, be completed in 2017. Grand saga and the Proposed Another prestigious development by:

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PROPERTY TYPE: CONDOMINIUM ACRES OF DEVELOPMENT: APPROXIMATELY 6 ACRES TENURE: FREEHOLD LOT SIZE/LAND SIZE: 1,045 SQFT - 1,538 SQFT GROSS DEVELOPMENT VALUE (GDV): RM245 MILLION DEVELOPER NAME: SMART NICHE SDN BHD WEBSITE: WWW.SUTERAPINES.COM PHONE NO: 03-9082 9272

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BEST INTEGRATED DEVELOPMENT

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EXCITEMENT DOUBLED UP

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The TWO is the latest commercial development by DA Land to capture a huge flow of tourists and Malaysia customers. It is the first tourist hub that features food and beverages center, famous and normal brand outlets, wholesale city, hotels, showroom office, entertainment hotspot, as well as convention centre.

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connecting north and south. The TWO is close proximity to Kuala Lumpur and Petaling Jaya, where the highest average income population concentrate. 3.5 million residents are living within its 30km radius, making it the centre of attraction for every generation.

It will be providing a unique family entertainment focus for The development is located local and international tourists, along the most important and and is expected to be completed busiest highway in Malaysia, in 2019. Another prestigious development by:

1. Overall view of The Two along North South Highway 2. Night view of centre boulevard 3. Intergrated Shopping Mall and Theme Park 4. Water Theme Park 5. Whole Sale Retail 6. Day view of centre boulevard

PROPERTY TYPE: COMMERCIAL ACRES OF DEVELOPMENT: 51.06 ACRES CONCEPT: CAPITALISE MALAYSIA TOURISM BOOM TENURE: FREEHOLD LOT SIZE: 171 SQFT - 407 SQFT GROSS DEVELOPMENT VALUE (GDV): RM5 BILLION DEVELOPER NAME: DA LAND SDN BHD WEBSITE: WWW.DALAND.COM.MY PHONE NO: 03-6093 7188

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BEST MIXED DEVELOPMENT

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VIBRANCY OF NEW URBANISM

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This lively master planned urban city in the Southern growth corridor of Greater Kuala Lumpur sits at the intersection of four highways of SKVE, SILK, North-South Expressway and Sg Besi Highway, with ready student population of more than 20,000 within 2-3km radius and total population of 70,000 within 10 minutes driving distance.

Centrum Mall along with stateof-the-art work-live-play at De Centrum Residences and Soho towers. Major hotels, 14 universities/colleges and five hospitals are within 20-minute drive, and an MRT station (Uniten Station) is slated to be built nearby on Line 2. De Centrum is exclusively designed for those who appreciate modern urban living, great connectivity and Located in De Centrum easy access to city centre, world City with 100 acres of freehold class amenities and expansive masterplan, the development green areas. offers a lifestyle mall at De Another prestigious development by:

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1. 2. 3. 4. 5. 6.

De Centrum Mall Interior mall Street mall boulevard De Centrum Residences living room Soho lower floor Soho duplex

PROPERTY TYPE: MIXED–MALL, SHOPS, SOHO & SERVICED APARTMENTS ACRES OF DEVELOPMENT: 100 ACRES CONCEPT: PLACE TO BE TENURE: FREEHOLD GROSS DEVELOPMENT VALUE (GDV): RM274 MILLION WEBSITE: WWW.DECENTRUM.COM.MY PARENT DEVELOPER NAME: PROTASCO BERHAD DEVELOPER NAME: DE CENTRUM DEVELOPMENT SDN BHD PHONE NO: 03-8738 3388

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BEST COMMERCIAL DEVELOPMENT

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A NEW LANDMARK IS BORN

20 RIVERTREEE is the latest retail shop office development strategically located in Taman Serdang Pedana, fronting Persiaran Serdang Perdana and it is easily accessible from the Kuala Lumpur city centre via Jalan Tun Razak, Jalan Sungai Besi and BERSRAYA. Up close within the vicinity is The Mines Resort City,

landmark. The ground floor unit is showroom concept designed that comes with a 21-feet high ceiling with mezzanine floor structure ready. While the 13-feet ceiling height in the first and second floor makes it almost feels like a window looking out onto the much larger world. 20 RIVERTREE is expected to be completed in April 2016.

20 RIVERTREE is designed with a modern lifestyle concept. It offers a column free walkway and the glass and aluminum faรงade is to create the ideal modern

It is developed by The Rivertree Group whose signature project is Rivertree Noble Residences and past project is The Rivertree Designer Bungalows. Another prestigious development by:

PROPERTY TYPE: RETAIL SHOP OFFICE ACRES OF DEVELOPMENT: 1.93 ACRES CONCEPT: MODERN LIFESTYLE DESIGN TENURE: LEASEHOLD INDIVIDUAL TITLE LOT SIZE/LAND SIZE: 3,960 SQFT - 5,251 SQFT GROSS DEVELOPMENT VALUE (GDV): RM 60,000,000.00 DEVELOPER NAME: RIVERTREE MILLENNIUM SDN. BHD. PARENT DEVELOPER NAME: THE RIVERTREE GROUP WEBSITE: WWW.RIVERTREEGROUP.COM.MY PHONE NO: 03-7982 8100

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BEST LANDED DEVELOPMENT

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ALL IN ONE ADDRESS

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Ipoh South Precinct is a prestigious township development by Team Keris Berhad, located on Jalan Sultan Nazrin Shah (Jalan Gopeng), Ipoh. The project consists of a shopping mall, shop offices, and luxury residential properties for every lifestyle. Residents have the options of gated and guarded condominiums for those whom enjoy clubhouse facilities at their doorstep or landed, guarded and fenced 3 storey basement

concept superlink, cluster and semi-d residences providing ultimate spacious lifestyles for the entire family. Business owners at the shop offices will also enjoy the 2,100 ft main road frontage and proximity to the upcoming 175,000 sqft shopping mall which is equivalent to 125 units of shops, all located within walking distance to the established 280,000 population in Ipoh South. Another prestigious development by:

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TEAM KERIS BERHAD

(Co. No. 702437-W)

1. An integrated township development consisting of landed residential properties, condominium, shop offices and shopping mall 2. Green recreational facilities within the guarded and fenced landed residential community 3. Modern 3 storey basement concept superlink terraces. Allows for parking of up to 6 cars. 4. Shop offices to cater to the established surrounding population 5. A majestic guardhouse to welcome home the residents of Ipoh South Precinct Residences

PROPERTY TYPE: INTEGRATED TOWNSHIP DEVELOPMENT ACRES OF DEVELOPMENT: 80 ACRES CONCEPT:AN INTEGRATED TOWNSHIP DEVELOPMENT WITH ALL PROPERTY NEEDS IN ONE ADDRESS TENURE: FREEHOLD LOT SIZE /LAND SIZE: VARIOUS SIZES ACCORDING TO COMPONENTS GROSS DEVELOPMENT VALUE (GDV): RM521 MILLION DEVELOPER NAME: GOPENG ROAD DEVELOPMENT CO. SDN. BHD (A MEMBER OF TEAM KERIS BERHAD) WEBSITE: WWW.TEAMKERIS.COM.MY PHONE NO: 05-242 7000

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BEST BOUTIQUE DEVELOPMENT

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SEJATI RESIDENCES: INVITING THE OUTDOORS IN

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Set on 50 acres of freehold land in fast-growing Cyberjaya, Sejati Residences is about spacious, expansive living in a natural environment, centering around the concept of “Inviting the outdoors in”, with eco-friendly features, full lifestyle amenities and the peace of mind of world-class security designed by the renowned GDSS Security Consultants.

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clubhouse made from 200-year-old chengal wood.

Environmentally friendly and sustainable concepts are built into Sejati Residences, such as high energy-saving centralised DC hot water systems, water-saving aerated taps, dual-flush systems and rain-water harvesting systems, to help conserve the environment and allow for cost savings in the An open-plan layout features future. floor-to-ceiling windows and wide Just 20 minutes from KL City sliding doors, melding the indoors Centre, Sejati Residences offers with the outdoors. A linear park a luxurious escape from city with 1,200 mature trees meanders life, and is accessible to several around the homes, while the highways including the NorthGarden of 5 Senses awakens and South Expressway Central Link, refreshes the mind, body and soul, Damansara-Puchong Expressway and an 8km jogging track rounds and Maju Expressway. the perimeter. Adding charm and Another prestigious development by: character is its iconic Chengal House, a fully equipped 11,000 sqft A prestigious development by:

1. Spacious expansive living in a natural environment 2. Chengal House – A 11,000sqft clubhouse made from 200-year-old recycled chengal hardwood 3. Garden of Five Senses promises peace of mind for the residents 4. Amelia VI, Semi-detached

PROPERTY TYPE: SUPERLINK, SEMI-DETACHED, BUNGALOWS ACRES OF DEVELOPMENT: 50 ACRES CONCEPT: INVITING THE OUTDOORS IN TENURE: FREEHOLD LOT SIZE/LAND SIZE: 3,805 SQFT TO 5,890 SQFT GROSS DEVELOPMENT VALUE (GDV): RM1B (EST) DEVELOPER NAME: PARAMOUNT PROPERTY (CJAYA) SDN BHD WEBSITE: WWW.PARAMOUNTPROPERTY.MY PHONE NO: 03-5123 6022

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BEST MEDICAL TOURISM DEVELOPMENT

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INTEGRATED HEALTHCARE SOLUTIONS 1. 2. 3. 4. 5. 6.

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It is also aiming to network all these health and wellness focused development by Country providers and solutions to create Heights Holdings Berhad. MINES a Preventive Medical Tourism Wellness City core aim is to create a hub for wellness and health specialised checks, screening, related solution companies a therapies and recommendations centralised platform with various to all who uses this hub, locally taxation perks and investment and internationally. advantages. Motivated by its founder’s Within MWC, there are vision and mission of providing currently services which Healthy and Quality Lifestyle, we emphasise on Integrated are dedicated and committed in Healthcare Solutions namely GHHS Healthcare, combining medical treatments for early great Eastern medical detection in a relaxing and Over philosophies and the marvels of conducive environment. modern medicine and technology 800,000 health check-ups has incorporate with tourism and been performed within GHHS hospitality such as Palace of the Healthcare facility since its Golden Horses MINES Wellness establishment. Hotel and Borneo Highland Another prestigious development by: Resort. These combination provide an ideal destination for medical and tourism. MINES Wellness City (MWC) is

TCM Centre - registration HS Centre - Architect TCM Centre - pulse reading MINES Wellness Hotel Palace of the Golden Horses Borneo Highland Resort - Golf

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PROPERTY TYPE: WELLNESS CITY ACRES OF DEVELOPMENT: 1,000 ACRES CONCEPT: MEDICAL TOURISM INTEGRATED HEALTHCARE SOLUTIONS GROSS DEVELOPMENT VALUE (GDV): RM14 BILLION DEVELOPER NAME: COUNTRY HEIGHTS HOLDINGS BHD WEBSITE: WWW.MINESWELLNESSCITY.COM/WWW.GHHS.COM.MY PHONE NO: 03-8941 5833


BEST WELLNESS DEVELOPMENT

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CATALYST FOR GROWTH 1. Mines Waterfront - suites 2. Palace residence suites 3. Floating Pavillion

MINES Wellness City (MWC) foot to be built that will cater to hospitals, specialist clinics, facilities, health Health and Wellness Hub and aged-care South East Asia’s premier health screening centre, residential tourism destination, providing the perfect platform for businesses shops and community mall, and networks who hold the same and is supported by matured convenient vision for a healthier future to communities, connect in one single destination. infrastructure frameworks. Strategically located The Malaysia Government between Kuala Lumpur city and Putrajaya, with population of through special tax incentives over 2.1 million people within the supports this MWC development catchment area of 5-20 minutes’ plan. Developers, operators, managers and promoters that development exercise gives provide healthcare and wellness focus and recognition to the related facilities or services in increasingly important healthcare MWC are entitled to tax incentives for a period of up to ten years, and wellness industry. making MWC is the ideal place MWC’s development area for healthcare businesses to spans across 120 acres and is congregate. poised for new 36 million square

PROPERTY TYPE: WELLNESS CITY ACRES OF DEVELOPMENT: 1,000 ACRES CONCEPT: TAX HAVEN FOR HEALTH AND WELLNESS TENURE: 10 YEARS LOT SIZE/LAND SIZE: 120 ACRES GROSS DEVELOPMENT VALUE (GDV): RM14 BILLION DEVELOPER NAME: COUNTRY HEIGHTS HOLDINGS BHD WEBSITE: WWW.MINESWELLNESSCITY.COM PHONE NO: 03-8943 8811/019-600 0891/019-600 1669 Another prestigious development by:

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BEST THEMED RESORT

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WELLNESS IN PARADISE

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A holistic, integrative and complementary wellness living concept, the first of its kind in Malaysia, the 75-acre Sungai Pulai Wellness Resort is a selfsustaining and self-contained riverine development with the convergence of nature, greens, wellness, and family-friendly architectural design. Situated at the edge of Sungai Pulai Ramsar Wetlands, this wellness resort is in close proximity to the Tuas Checkpoint, EduCity, shopping and leisure destinations as well as the airport and other education and healthcare facilities.

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1. Wellness clubhouse - overall view 2. Living room 3. Master bedroom 4. Canopus Residence - grand entrance 5. Wellness clubhouse - outdoor pool 6. Canopus Residence - facility podium

Sungai Pulai Wellness Resort comprises of 1,351 apartment units and landed properties, a proposed eco-park, a wellness clubhouse and a renowned international brand hotel. With the aim of bringing medical tourism in Malaysia to the next level, the 160,000 sq. ft. wellness clubhouse

offers non-invasive, integrated and complementary wellness therapies that incorporate the notion of Seven Dimensions of Wellness. It is also complemented with Concierge Medical Services (CMS) which can recommend and link residents to specialist physicians as well as hospitals locally and internationally. With ecotourism as a booming trend, the vast eco-park within the development offers various eco-recreational activities such as organic farming, mangrove planting, bird watching, cycling, and boardwalks. Specially designed to embrace both concept of living and wellness, Sungai Pulai Wellness Resort has all ideal proponents for quality multigenerational living. Another prestigious development by:

PROPERTY TYPE: APARTMENT, SEMI-DETACHED & BUNGALOW ACRES OF DEVELOPMENT: 74.46 ACRES CONCEPT: NATURE, GREENS, WELLNESS AND FAMILY-FRIENDLY ARCHITECTURAL DESIGN TENURE: FREEHOLD GROSS DEVELOPMENT VALUE (GDV): RM2.3 BILLION DEVELOPER NAME: DIMENSI PANORAMA SDN BHD (MEMBER OF MB GROUP) WEBSITE: WWW.SPWR.COM.MY PHONE NO: +6010-7703 163

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OUTSTANDING DEVELOPER NORTHERN

TEAM KERIS BERHAD

(Co. No. 702437-W)

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WONDERS NEVER CEASE 1. Times Square Ipoh, an integrated city centre development comprising residences, retail, office blocks, medical and education centres 2. Ipoh South Precinct, an integrated development in Ipoh South with guarded and fenced residentials, condominium, shop offices and a shopping mall 3. The Suites, Times Square Ipoh- The 2nd launch within the iconic Times Square Ipoh city centre development

With 24 years of development expertise driving Team Keris Berhad, the Group continues to contribute to the metamorphosis of the Silver State. From its roots as a revival developer – breathing new life into stranded projects left behind by previous developers, Team Keris Berhad has grown into a corporation known for its innovative concepts and landmark developments. 2

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Experienced in a wide range of development disciplines aside from residential, commercial and industrial properties including

shopping malls, hypermarkets, hotels, petrol stations, drivethrus and bus & taxi terminals the resounding success of Ipoh South Precinct received over Chinese New Year is a testament to the Group’s ability to judge and address the needs of an ever changing market. Moving forward, the Group continues to set its sights further afield into markets including Penang, the Federal Territory, Selangor and Johor – bringing its unique brand of development to a wider audience.

SIGNATURE PROJECTS: THE SUITES, TIMES SQUARE IPOH, IPOH SOUTH PRECINCT, STATION 18 UPCOMING LAUNCHES: MANOR BORN @ THE DALES, LE GRAND STAND TOTAL GDV IN 2014: RM2.12 BILLION WEBSITE: WWW.TEAMKERIS.COM.MY PHONE NO: 05-242 7000


OUTSTANDING DEVELOPER SOUTHERN REGION

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BUILDING TOMORROW TOGETHER

With 40 global awards won to date, Hatten Group is one of the fastest rising property developers in the real estate industry with a bold vision to be one of the top ten premier property developers by the year 2020, with over 5,000 hotel rooms and 5 million sq. ft. of nett lettable retail space in Malaysia alone.

1. Hatten City 2. Capital City 3. Dataran Pahlawan Melaka Megamall 4. Harbour City

Being the front-runner in Malaysia’s property development, asset management and investment industry, Hatten Group’s hallmark of quality innovation has captured the attention of the world and continues to surpass industry standards by delivering quality, functionality, aesthetics and services as evidenced in its signature projects such as Dataran Pahlawan Melaka Megamall and Hatten Hotel Melaka.

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A trusted developer with consistent track record of successfully completed projects, Hatten Group continues to pave the way in property development, with new diversification strategies such as extending its portfolio to include educational as well as health and wellness facilities. With more than 14 million foreign arrivals to Melaka in 2014 alone, Hatten City’s strategic project location fronting the Straits of Melaka takes advantage of the nearby RM40b Melaka Gateway Project as well as Hatten Group’s own 66-acre Trade Hub in the pipeline with exciting projects such as Harbour City, further setting the standards in property development - all bearing the Hatten trademark of excellence.

SIGNATURE PROJECTS: DATARAN PAHLAWAN MELAKA MEGAMALL, HATTEN HOTEL MELAKA, HATTEN CITY UPCOMING LAUNCHES: CAPITAL CITY – SOHO, KLEBANG POINT, SUMMER NODE (AYER KEROH) TOTAL GDV IN 2014: RM5 BILLION (TO DATE) WEBSITE: WWW.HATTENGRP.COM PHONE NUMBER: 06-282 1828

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OUTSTANDING DEVELOPER EAST COAST PRESTIMEGA SDN BHD

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LIVE, INVEST, CONCEPT A leading developer in the East Coast region, pioneering the very first guarded community development in Kemaman, Tereng-ganu, Prestimega Sdn Bhd truly stands out amongst its peers in the region.

1. Bandar Putra @ Kemaman 2. Playground 3. East Coast Park 1- entrance 4. D’ MOZART- Double Storey Semi Detached 5. D’ SCHUMANN - Single Storey Semi Detached 6. D’ VIVALDI - Double Storey Garden Terrace

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Since its establishment in 2002, Prestimega has held “LIVE, INVEST, CONCEPT” as the main three pillars to the company’s philosophy as this distinctive vision enables distinctive products ranges not just according to basic

requirements of human living but also fulfil lifestyle & concepts needs. This philosophy has sprung comprehensive range of products that cater to the different needs of the market, with introduction of different types of residential and commercial developments by creative and award winning design personnel, innovative, customer-centric marketing team, and committed level of management.

SIGNATURE PROJECTS: EAST COAST PARK, BANDAR PUTRA PHASE 2 UPCOMING LAUNCHES: SKYVILLE, BANDAR PUTRA, KEMAMAN PAST PROJECTS: TAMAN BANGGOL PERMAI TOTAL GDV IN 2014: RM20 MILLION WEBSITE: WWW.BANDARPUTRAKEMAMAN.COM PHONE NUMBER: 09-858 5229 / 230


OUTSTANDING DEVELOPER EAST MALAYSIA

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THE JEWEL OF SARAWAK 1. Bintulu Paragon - Sarawak’s largest integrated development 2. The Peak condo @Bintulu Paragon - Sarawak’s tallest condo tower 3. SouthLake Permyjaya Club - Sarawak’s first Luxury Lakeside Living, featuring a clubhouse for residents 4. Sapphire On The Park @Kuching Paragon - Kuching’s iconic affluent living 5. Street Mall @Bintulu Paragon - Revolutionising Sarawak’s retail experience

As one of Malaysia’s leading developers and contractors, Naim is the leading integrated property developer in Sarawak, with flagship developments in Kuching, Miri and Bintulu. It is also the largest Class A Contractor in East Malaysia in terms of market capitalisation, with projects within Malaysia and overseas. To date, Naim has built more than 16,000 units of properties for the Sarawak community. Quality and innovation are central in all aspects of Naim’s operations – all quality activities are fully integrated with its safety, health and environment activities, and its operational units

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are ISO 9001, ISO 14001 and OHSAS 18001 certified. This has resulted in a total of 22 awards being won to date, comprising industry, environment, corporate social responsibility, corporate governance and shareholders value. Naim endeavours to integrate its role as a corporate citizen with its daily operations – guided by the belief that building a strong business and creating a better world are essential ingredients for long-term success, Naim remains committed to its Triple Bottom Line – PEOPLE, PLANET, PROFIT.

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SIGNATURE PROJECTS: KUCHING PARAGON INTEGRATED DEVELOPMENT, BINTULU PARAGON INTEGRATED DEVELOPMENT & SOUTHLAKE PERMYJAYA (MIRI) DEVELOPMENT WEBSITE: WWW.NAIM.COM.MY/WWW.BINTULUPARAGON.COM.MY / WWW.KUCHINGPARAGON.COM.MY / WWW.SOUTHLAKE.COM.MY PHONE NO: +6082-41 1667 (CORPORATE) +6082-416 288 (KUCHING SALES GALLERY) +6086-339 666 (BINTULU SALES GALLERY) +6085-491 000 (MIRI SALES GALLERY)

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BEST EMERGING DEVELOPER

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BUILDER OF THRIVING COMMUNITIES

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Suez Capital Sdn Bhd is a group of companies that was established in the early 1990s. With over 20 years of collective experience in property development, management and investment, Suez Capital’s goals are to enhance the living standards of the residents within its developments, build innovative and urbanised communities and shape today’s neighbourhood

by playing a positive role in the society. Over the years, Suez Capital has completed an array of successful projects; one of these is the large-scale integrated development called KL Gateway, which is strategically located along the Federal Highway. This project is targeted to be completed in mid-2016.

1. An integrated development of KL Gateway that comprises corporate office towers, residences and retail 2. A spectrum of facilities are available in KL Gateway, ranging from swimming pool, gymnasium and many others 3. KL Gateway Mall is a place that serves the needs of the surrounding neighborhoods with its wide range of offerings

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SIGNATURE PROJECTS: KL GATEWAY UPCOMING LAUNCHES: MANAGED SERVICED SUITE AT KL GATEWAY WEBSITE: WWW.SUEZCAP.COM PHONE NO: 03-6141 7275


BEST AFFORDABLE HOUSING DEVELOPER

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FOR FUTURE GENERATIONS

Perbadanan Kemajuan Negeri Selangor (PKNS) was established in 1 August 1964 under the Selangor State Development Enactment 1964, as state development agency by providing and spurring socio economic growth in Selangor.

1. Apartment Damai Residensi, Seksyen 3 Bandar Baru Bangi 2. Rumah Idaman PKNS Kota Puteri, Ijok 3. Rumah Idaman PKNS Antara Gapi, Serendah 4. Rumah Idaman PKNS Taman Sekarang Mutiara, Selayang

Since its inception 51 years ago, PKNS has developed 73,384 low cost housing units, 60,298 medium cost housing units, and 23,097 high cost units which are mostly located in Shah Alam, Petaling Jaya, Bangi, Ampang Ulu Klang, and Kota Damansara. In serving the Selangor state government’s

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programme in realising its “people-based economy”, PKNS properties are priced at 10% to 15% below market price, along with additional discounts for Bumiputera allocated units. PKNS is targeting to complete 7,500 more units of affordable housings by 2020. These affordable housings projects are branded as the Rumah Idaman PKNS. While maintaining to develop traditional and established areas in Selangor, it will also continue its longstanding efforts to bring more development to areas outside the Klang Valley.

SIGNATURE PROJECT: AQUAVILLA @ SEK 7, SHAH ALAM UPCOMING LAUNCHES: OPAL RESIDENSI @ SEK 7, SHAH ALAM, CASSIA @ ANTARA GAPI, ANGGUN KIRANA @ ALAM NUSANTARA, SETIA ALAM PAST PROJECTS: CITRINA @ BERNAM JAYA, PUTERI DAFFINA @ KOTA PUTERI, LILY @ ANTARA GAPI TOTAL PROFIT IN YEAR 2013: RM387 MILLION (AUDITED) WEBSITE: WWW.PKNS.GOV.MY PHONE NUMBER: 03-5520 1234

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TOP 10 DEVELOPERS

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THREE DECADES MASTERY OF INNOVATIVE CONCEPTS AND QUALITY LIVING MKH has earned a distinguished reputation in improving quality of lives by building affordable and quality homes for the communities.

1. MKH World 2. Hillpark @ Shah Alam North 3. Pelangi Heights 4. Kajang East

Riding on three decades of success, the Group has successfully delivered a distinction in Kajang, making it one of the fastest growing townships in Malaysia. Venturing into Greater Kuala Lumpur, MKH has transformed into a metropolitan developer and offers a mix of affordable to premium

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residential as well as commercial properties focusing on innovative concepts and quality living. MKH looks beyond its industry and ad-hoc CSR activities to a holistic approach by engaging stakeholders in education, environment, and social issues for long term sustainability. What matters most to the Group is the communities’ planning where people’s life can be changed for the better in relevant and meaningful ways.

SIGNATURE PROJECTS: KAJANG 2, SAVILLE @ THE PARK BANGSAR, KAJANG EAST, PELANGI SEMENYIH 2 UPCOMING LAUNCHES: HILLPARK @ SHAH ALAM NORTH, SAVILLE @ CHERAS, SAVILLE @ PUCHONG, MKH WORLD, MKH CITY TOTAL GDV IN 2014: RM1.3 BILLION PHONE NO: 03-8737 8228 WEBSITE: www.mkhberhad.com


TOP 10 DEVELOPERS

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ENRICHING COMMUNITIES THROUGH INNOVATION

Established in 1995, Gamuda Land is the property development arm of Gamuda Berhad to conceptualise and create quality homes to communities. Its goal is to design unrivalled living environments therefore it undergoes stringent workmanship assessments to benchmark its homes against the highest standards in structural integrity and craftsmanship.

1. Kota Kemuning’s first township designed to provide balance living between nature and life 2. The Village Square is one of the expatriates’ favoured spot designed for partake 3. Horizon Hills’ multiple award winning world-class golf course regarded as the crown jewel of Iskandar 4. The Robertson’s a landmark perched at the heart of the city is easily accessible and surrounded by multitude of transport links

Its ultimate vision burgeons with one of the core aspects of property development in quality design by adopting the strict

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Construction Quality Assessment System (CONQUAS). To date, Gamuda Land has a total of 7,968 acre of land bank to optimise its development. From designating homes on natural terrain to building smart canals that are invigorated into all-purpose natural lakes, Gamuda Land’s townships are all concurrently benchmarked in designs and value which solidifies our constant efforts to harmoniously integrate nature into the future to create value for you and generations to come.

SIGNATURE PROJECTS: KOTA KEMUNING, VALENCIA, BANDAR BOTANIC, HORIZON HILLS, JADE HILLS, MADGE MANSIONS, GAMUDA WALK UPCOMING LAUNCHES: THE ROBERTSON, HIGH PARK SUITES TOTAL GDV IN 2014: RM1.8 BILLION FY 14 WEBSITE: WWW.GAMUDALAND.COM.MY PHONE NO: 03-7491 3200

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TOP 10 DEVELOPERS

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BUILDING THE VISION 1. 2. 3. 4.

Glomac Berhad was listed on the Main Board of Bursa Malaysia Securities Berhad on 13 June 2000, and to date, the company comprises more than 55 subsidiaries with involvement in every face of the real estate business encompassing property development, property investment, construction, property management and car park management.

Glomac Damansara – Modern Genesis of Business and Pleasure Suria Stonor, KLCC – New Heights in Luxury Living The Clubhouse at Lakeside Residences Lakeside Residences – Live Leisurely, Live Lakeside

It started with the mixed development of Taman Jasa Utama in Selayang, Selangor and the company’s turning point came in Kelana Jaya when assisting this undeveloped area in Petaling Jaya, into a bustling city it is today. Since then, it

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continues to affirm its reputation as a responsible and visionary property developer with its record of developing townships, residential, commercial and mixed development properties. Glomac now has more than 10 on-going projects including well received townships Saujana Utama in Sungai Buloh, Saujana Rawang in Rawang and various residential and commercial developments focused in Greater Kuala Lumpur. Glo Damansara – Glomac’s first lifestyle shopping mall, will mark the Group’s foray into retail development and set to welcome shoppers in the second quarter of year 2015.

SIGNATURE PROJECTS: GLOMAC DAMANSARA, LAKESIDE RESIDENCES, SURIA STONOR UPCOMING LAUNCHES: CENTRO V, SAUJANA KLIA PAST PROJECT: AMAN SURIA, GLOMAC CYBERJAYA, SAUJANA UTAMA TOTAL GDV IN 2014: RM676,661,153 WEBSITE: WWW.GLOMAC.COM.MY PHONE NO: 03-7723 9000


TOP 10 DEVELOPERS A LEADER IN BUILDING SUSTAINABLE COMMUNITIES IJM Land Berhad, the property development arm of IJM Corporation Berhad, has garnered a reputation as one of Malaysia’s premier property developers. Through the years, IJM Land has had the pleasure of helping shape Malaysia’s property landscape and build thriving communities that are well into the future.

Artist’s Impression of Overall Pantai Sentral Park Development

The Company’s vast portfolio includes townships, sustainable developments, iconic waterfront community, luxury homes, landed and high-rise residences, offices and commercial properties in prime areas of Penang, the Greater Kuala Lumpur, Seremban, Johor, Sabah and Sarawak. Its global footprint extends to Vietnam, China and the United Kingdom.

WEBSITE: WWW.IJMLAND.COM PHONE NO: 03 – 7985 8288

PREMIER LIFESTYLE DEVELOPER Mah Sing has a strong track record of developing and completing prime residential and commercial projects with grade A buildings, integrated business parks and mixed commercial developments

across Malaysia. Currently, the group has 48 projects across greater Kuala Lumpur, Klang Valley, Johor Bahru (Iskandar Malaysia), Penang and Kota Kinabalu, Sabah.

WEBSITE: WWW.MAHSING.COM.MY PHONE NO: 03 – 9221 8888

Mah Sing’ Icon City in Petaling Jaya

A LEADER IN BUILDING SUSTAINABLE COMUNITIES The Sime Darby Property Berhad is an integrated property player involved in property development, asset management, hospitality and leisure. To achieve its vision as Malaysia’s premier community developer, it seeks to combine the best of residential, commercial and retail concepts,

Clusia @Elmina Garden

whilst providing higher standards of convenience, security and quality to its customers. Currently, Sime Darby Property Berhad has a significant presence in the Asia-Pacific region with projects in Malaysia, Singapore, Australia and Vietnam.

WEBSITE: WWW.SIMEDARBY.COM PHONE NO: 03 – 2691 4122

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TOP 10 DEVELOPERS A MASTER COMMUNITY DEVELOPER Sunway Property constantly delivers products and services of unrivalled quality and value to its customers. This helps solidify its status as a leading community master developer with a high growth property development segment and a stable base of income

Sunway Velocity

from high yielding property investment segment. To date it has an enviable portfolio with successful and internationally acclaimed properties in Malaysia and abroad, including China, India, Cambodia, Vietnam, and Singapore.

WEBSITE:WWW.SUNWAYPROPERTY.COM PHONE NO: 1300 – 88 – 0011

THE ICONIC ‘T’ BRANDING After more than two decades in the industry, Tropicana Corporation Berhad established a DNA that focuses on accessibility, connectivity, innovative concepts and designs, generous open spaces, amenities, facilities, multi-tiered security and quality. With emphasis on

Tropicana Metropark - an integrated mix development in Subang Jaya

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its customers’ needs, it has been innovating and redefining the art of living through the creation of its integrated developments by incorporating residential and commercial components to create thriving townships that are strategically connected.

WEBSITE: WWW.TROPICANACORP.COM.MY PHONE NO: 03 – 7710 1018


TOP 10 DEVELOPERS RISING ABOVE THE INDUSTRY UEM Sunrise Berhad (UEM Sunrise), a publiclisted company and one of Malaysia’s leading property developers, is the flagship company for the real estate investment and property development businesses of UEM Group. The Company is currently undertaking the development of Nusajaya, one of the five flagship zones and key

Arcoris Mont Kiara

driver of Iskandar Malaysia into a regional city like no other. Upon completion, Nusajaya will become the largest fully integrated urban development in Southeast Asia that will provide significant investment, financial and business opportunities to the economic growth and development of the region.

WEBSITE: WWW.UEM.COM.MY PHONE NO: 03 – 2727 6868

QUALITY PROPERTY DEVELOPER UOA Development Bhd is one of the most respected and reputable property investment and development groups in Kuala Lumpur that has successfully delivered many prime commercial and residential properties with an outstanding track record of quality properties completed ahead of schedule.

By leading the way in engineering excellence and exceptional build integrity, UOA strives to continuously create sustainable developments of high quality standards that serve to enrich and add value to the lives of its customers.

WEBSITE: WWW.UOA.COM.MY PHONE NO: 03 – 2282 9993 Bangsar South - UOA’s award winning 60-acre flagship integrated city development

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PERSONALITY OF THE YEAR

YBHG. DATO’ IR. JAMALUDIN OSMAN GROUP MANAGING DIRECTOR, I&P GROUP Dato’ Ir. Jamaludin Osman is a registered professional engineer with the Board of Engineers Malaysia and a member of the Institute of Engineers Malaysia. Following a rationalisation exercise by PNB in 2004, involving the acquisition of SPPK, Golden Hope Development Sdn Bhd and Golden Hope Properties Sdn Bhd by a listed entity, Dato Ir Jamaludin rose to the position of Group Managing Director of the listed entity, Island & Peninsular Berhad. Dato Ir. Jamaludin subsequently led in the formation of I&P Group Sdn Bhd after a second rationalization exercise by PNB involving the merging of the former Island & Peninsular Berhad, Petaling Garden and Pelangi Sdn

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Bhd and held his current position as the Group Managing Director since 2009. With his diverse functional and industry background over a period that spans more than three decades, Dato’ Ir. Jamaludin continues to helm the new entity as its Group Managing Director, with full accountability across the areas of operational excellence, financial controls, strategic planning and human resource development with an excellent track record in providing leadership to the I&P Group. Dato Ir. Jamaludin was named CEO of the Year 2014 by FIABCI Malaysia for his stewardships of I&P Group and long contribution to the property industry in Malaysia.


MOST INNOVATIVE FINANCIER

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BUILDING THE VISION 1. MBSB’s new Penang branch, located at Wisma Penang Garden, Jalan Sultan Ahmad Shah, Georgetown. 2 & 3 Our variable mortgage and home financing packages also cater for the purchase of first homes, residential and commercial properties with the option of both Conventional and Islamic facilities. College Heights in Kubang Pasu, Kedah (Photo 2) and IDCC Mall Shah Alam (Photo 3). 4. MBSB has financed several key property developments and recently became increasingly involved in the financing of the Government’s private finance initiative (PFI) projects including the financing of the development of education hubs and campuses in Seremban and Rembau in Negeri Sembilan, Puncak Alam in Selangor and in Raub, Pahang. Below is the photo of Universiti Teknologi MARA (UiTM) Puncak Alam.

Malaysia Building Society Berhad (MBSB), a subsidiary of the EPF, has evolved from being the first property financier to a financial provider that offers a spectrum of innovative products and services. The company has achieved another stellar set of results as pre-tax profit for FY2014 exceeded the RM1.1 billion seen in 2013. MBSB sets in

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motion a five-year business plan by adopting a three-pronged strategy which will ensure a strong collection model, keep costs low and grow the business on the corporate side. One of the ways is to build up more fee-based services like wealth management and financing of plantation, property and industrial equipment.

Amongst key property developments financed by MBSB.

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Name of Developer / Contractor /Customer

Name of Project / Contract

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Fuyuu Ventures Sdn Bhd

Project known as “Imperio @ Hatten City” comprising 949 units of service apartment (Imperio Residence) and 802 units of retail lots (Imperio Mall) in Melaka

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NCT United Development Sdn Bhd

Financed the revival and rehabilitation of Bandar Salak Perdana (formerly known as Taman Kenanga) in Dengkil, Selangor

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Yayasan Universiti Malaysia Sabah

Financed the following property: ·21-storey building designated as Block C2 of Kolej Kediaman Yayasan UMS in Kota Kinabalu, Sabah. ·4 condo blocks for UMS Student Housing needs.

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China Railway Engineering Corporation (Malaysia) Sdn Bhd

Partly financed the construction of D’ Rapport Residence, a mixed development consist of high end residential condominium and retail outlets with facilities.

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Project Lintasan Damansara – Shah Alam Sdn Bhd (“PLDASH”)

To part finance the design, construction, finance, manage, operation, maintenance, demand, collect and retain toll for Damansara – Shah Alam Expressway (“DASH”)

WEBSITE: WWW.MBSB.COM.MY PHONE NO: 03-2096 3000

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Property Insight April 2015  

Property Insight is a monthly property investing magazine. Issue 22.

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