JANUARY - MARCH 2014
MARTINIQUE VILLAS BY-THE-SEA® WINS FIABCI MALAYSIA AWARD
SOUTHEAST ASIA’S REAL ESTATE PERSONALITY OF THE YEAR ANNOUNCED A JOYOUS AFFAIR The E&O Gallery Singapore officially opens at upscale One Raffles Link The award-winning Martinique Villa By-The-Sea® at Seri Tanjung Pinang, Penang
SPOTLIGHT:
WHAT YOU SHOULD KNOW ABOUT THE RECENT PROPERTY MEASURES IN MALAYSIA A newsletter of E&O Property (Singapore) Pte. Ltd. Copyright 2014. Eastern & Oriental Berhad. All rights reserved. 1 Raffles Link #01-01 North Tower, Singapore 039393 | T: +65 6337 1680 | E: eospore@easternandoriental.com
START THE NEW YEAR WITH E&O MOMENTS Enjoy a 3D/2N package at the Lone Pine Hotel in Penang and daily specials at Delicious Scotts Square in Singapore www.easternandoriental.com
SPOTLIGHT
OPINION EDITORIAL:
WHAT YOU SHOULD KNOW ABOUT the recent property measures in Malaysia by Aileen Han
The newly completed residents-only 4.5-acre waterpark at Andaman at Quayside, Seri Tanjung Pinang, Penang
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n increase in Real Property Gains Tax (RPGT). Authorities announcing ‘surprise’ property tax hikes. Removal of the Developer Interest Bearing Scheme (DIBS). Reining in foreign buyers with a proposed property tax. Change in observance of weekends in Johor.
The common perception seems to be one that Malaysia is dishing out unfriendly policies that are hurting its growth chances and eroding investors’
As an observer, I found a few things require further explanation and clarification and would like to the opportunity to express some thoughts that would hopefully allay some common concerns and offer a balanced perspective.
Look at the big picture and you will see that there are many positive factors that make Malaysian properties a viable investment option.
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Of late, several announcements by the Malaysian authorities that have become a cause of concern for some of my Singaporean friends planning to invest in property in Malaysia. With a slew of such announcements released in just a few months, understandably several Singaporean buyers and Singapore-based residents are spooked by recent developments in Malaysia. But this purported “perfect storm” is anything but.
growing confidence in the Iskandar region, which is hard-won and the result of concerted bilateral ties.
SPOTLIGHT
First of all, it does appear that cooling measures are here to stay. While many have decried the trinity of RPGT, DIBS and proposed property taxes in Malaysia, these bona fide measures come at a time when the authorities need to protect the market from overheating. It is worth noting that the RPGT is a gradual increment from 20% to 30% (and not from zero). As for the plans in reviewing property taxes, valuations have not followed the significant changes in property values over the years. Therefore, it was anticipated. Indeed, cooling measures appear to be de rigueur. This new normal might be unsettling but if it is any consolation, even Britain is mulling new taxes for foreign property investors (simply because twothirds of new London homes are being purchased by Southeast Asian buyers!). One thing is for certain, countries around the world are trying to strike a balance between helping their own citizens own their own homes and welcoming foreigners who can make an economic contribution to their respective countries. It is also important to note that as a rule of thumb, property investment should not be seen
Malaysia’s foreigner-friendly property investment policies remain, allowing foreigners to own freehold properties.
as a very short-term transaction. While macro policies and incremental measures are clearly moves to curb speculation in the short-term, they do not hurt real demand and the market continues to stay robust. Those seeking to upgrade or owning a holiday home, second home or retirement home, do not be deterred! Look at the big picture and you will see that there are many positive factors that make Malaysian properties a viable investment option:
Price-wise - properties in Malaysia are generally more affordable compared to their regional counterparts. In fact, the Malaysian property market is an “unpolished gem” with upside potential. Neighbouring countries have
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Anchored on the concept of Wellness, Avira Medini in Iskandar Malaysia is a stone’s throw from Singapore
SPOTLIGHT
experienced vast increment in value over the last few years but property prices in Malaysia have remained relatively more realistic but no less attractive
Malaysia’s foreigner-friendly property investment policies remain, allowing foreigners to own freehold properties. The government’s Malaysia My Second Home (MM2H) programme is also another integral factor that drives foreign ownership of properties. Under this programme, foreigners can gain easy entry and hassle-free residence in Malaysia via a renewable Social Visit Pass, with a multipleentry visa that is valid for 10 years Malaysian banks offer friendly lending terms, which are also extended to foreigners Malaysia is a highly liveable place, especially in the major cities of Kuala Lumpur and Penang. Both cities were listed in the Top 10 Most Liveable Cities 2011 in Asia as rated by EAC International (an agency that rates living conditions in major cities for expatriates), ahead of its neighbours, Bangkok and Jakarta
Malaysia’s marketability to foreigners also rests on its highly affordable cost of living, widespread use of English in commerce and communication, as well as availability of quality education and healthcare
These soft factors are hard to beat. Therefore, I believe that the appeal of the Malaysian property market to Singaporeans and Singapore-based residents will endure beyond these transient effects and that the long-term value and prospects of owning a home in Malaysia will continue to sustain the interest of genuine buyers, who are unlikely to be swayed by such changes in the framework. Interestingly, many of my friends continue to lament how they missed the boat on this-andthat. So if you see a good thing, don’t let it get away! About the writer Aileen Han is the country manager for E&O Property (Singapore) Pte. Ltd, part of the E&O Group. Opinions expressed here are entirely her own.
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The Mews, Kuala Lumpur, offers a living space of luscious, understated simplicity complete with wellness elements and fragrant floral gardens in the heart of the city
E&O HIGHLIGHTS
MARTINIQUE VILLAS BY-THE-SEA® WINS FIABCI MALAYSIA PROPERTY AWARD 2013
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tripartite joint-venture development between E&O, CIMBMapletree and Al Salam Bank, Martinique Villas By-The-Sea® was recently announced the winner of the Residential (Low Rise) Category in the FIABCI Malaysia Property Award 2013. Regarded as the crème de la crème of E&O’s 240-acre Seri Tanjung Pinang masterplanned seafront development in Penang, Martinique is inspired and styled after the grand plantation manors of the Caribbean. The villas are aptly named after one of the islands in that region.
E&O Deputy Managing Director Eric Chan said, “We are honoured that the Martinique Villas By-The-Sea® has managed to clinch this year’s award after successfully meeting FIABCI’s stringent criteria. This will motivate us to do even better in line with our goal of designing and building properties that cater to people’s aspirational lifestyle needs.”
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As with all E&O properties, these exceptional residences are thoughtfully-designed to offer well-defined public spaces for entertaining and private areas for a much-needed quiet retreat. Each Martinique villa boasts its own tension-edged private lap pool set within its garden lawn with direct access to a private seafront promenade.
NEWS CLIPPINGS The Edge, Singapore (21 October 2013)
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NEWS CLIPPINGS
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NEWS CLIPPINGS
Property Report, Singapore (18 October 2013)
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FLASHBACK
A JOYOUS AFFAIR The E&O Gallery Singapore opens in style and celebration
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he new E&O Gallery Singapore at upscale One Raffles Link opened its doors officially to the cheer and well wishes of some 70 prominent industry partners and associates at a private event on 10 October 2013. Live music by a jazz trio played as guests mingled delightedly over bubbly and hors d'oeuvres to celebrate the joyous occasion. “The opening of this new gallery is timely,” notes Eric Chan, E&O Deputy Managing Director. “Singapore is a gateway to the rest of Asia, which enables us to reach a wider regional and global audience. It allows us to showcase the E&O brand to Singapore and the region.”
From top:
Officially opened! The E&O Property Gallery at One Raffles Link, Singapore (L-R: Eric Chan, Deputy Managing Director, E&O Berhad; Lyn Chai, Director – Group Corporate Strategy, E&O Berhad; and Michael Saxon, Director – Group Hospitality & Lifestyle, E&O Berhad).
L-R: Wong Jen Lai, Chief Investment Officer, CapitaLand Residential Singapore Pte. Ltd.; Eric Chan, Deputy Managing Director, E&O Berhad; Roslina Arbak, General Manager, Pulau Indah Ventures Sdn. Bhd.; and Phun Shieh Yee, Senior Finance Manager, Pulau Indah Ventures Sdn Bhd.
Spanning 4,118 square feet, the E&O Gallery showcases the latest collection of luxury lifestyle properties.
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More photo highlights on the next page
FLASHBACK
Surrounded by iconic landmarks such as Raffles City, The Esplanade — Theatres on the Bay, Marina Square and Suntec City, the new E&O Gallery caters to discerning clients, welcoming them with its signature Palissandro Blue Italian natural marble columns. Chan adds: “We want to ensure our clients are able to immediately relate to and be inspired by E&O’s values of refinement, elegance and grace the moment they step into our gallery.”
Clockwise:
L-R: Mitsuru Umemura, Senior Manager, Mitsui Fudosan (Asia) Pte. Ltd.; Tatsuro Irino, Project Manager, Mitsui Fudosan Residential Co. Ltd.; Lyn Chai, Director – Group Corporate Strategy, E&O Berhad; Tomoo Nakamura, Executive Director, Mitsui Fudosan (Asia) Pte. Ltd.; Eric Chan, Deputy Managing Director, E&O Berhad; Daisuke Monden, General Manager, Mitsui Fudosan (Asia) Pte. Ltd.; and Shigeki Komi, Senior Manager, Mitsui Fudosan (Asia) Pte. Ltd.
Guests listening as E&O Deputy Managing Director Eric Chan delivers the opening speech.
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More photo highlights on the next page
FLASHBACK
L-R: Mitsuru Umemura, Senior Manager, Mitsui Fudosan (Asia) Pte. Ltd.; Gabriel Tan, Associate Director, UBS AG; Nicole Teng, Marketing & Sales, E&O Property (Singapore); and Daisuke Monden, General Manager, Mitsui Fudosan (Asia) Pte. Ltd. The Acoustic Jazz Trio L-R: Carolyn Peh, Asst. General Manager, Branding (Property), E&O Berhad and Christina Lau, Head of Marketing & Sales, E&O Penang L-R: Marilyn Tan, Asst. Manager, Residential Project Sales, Jones Lang LaSalle Property Consultants Pte. Ltd.; Nancy Hawkes, Senior Group Division Head, Jones Lang LaSalle Residential Pte. Ltd.; Joyce Kang, Head of Sales & Marketing, E&O Johor; Mr Samuel Eyo, Director, Prestige Homes, Savills (Singapore) Pte. Ltd. L-R: Aileen Han, Country Manager, E&O Singapore; Oiwah Tham, Managing Director, Interiors International; Yip Kum Hoong, Managing Director, Hoong Thye Furniture & Renovation Pte. Ltd.; Katie Yip, Hoong Thye Furniture & Renovation Pte. Ltd.; and Chooi Shek Ying, Interiors International The E&O Team
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From top, left to right:
E&O MOMENTS
RESTORED, REJUVENATED, ENHANCED Time stands still when one is lounging in one of the tepees with a book beside the pool or stretched out on a hammock under the trees at the Lone Pine Hotel in Penang
T
he oldest hotel along the famous Batu Ferringhi stretch of beaches, the Lone Pine Hotel today has gained all the crispness of being contemporary and upbeat, and yet has retained its signature warm hospitality of colonial-style luxury. To ensure guests are happy and rested, all 90 rooms face the sea. This way, everyone can enjoy the beautiful view, the soothing murmurs of the lapping waves and the sea breezes from the Andaman Sea. If there is a time to visit or revisit Batu Ferringhi’s most charming hotel, it is now:
(quote promotion code: LRP)
The Lone Pine Experience
Welcome drink and cold towel upon arrival Personalised check-in Daily buffet breakfast for two at The Bungalow One complimentary set dinner for two at Matsu Japanese Restaurant (per room per stay) Daily local fruits
shuttle services from Lone Pine > Straits Quay > E&O Hotel (return)
Need room for one more? A third person may be accommodated at RM120++ per night (includes extra bed, breakfast and one set dinner at Matsu Japanese Restaurant per stay). Valid from 5 January - 30 June 2014 (not applicable: 30 January - 9 February 2014) | 10% service charge & 6% government tax apply | Minimum 2 nights’ stay is required to enjoy this package | Package is limited to guests residing in Singapore, Malaysia or Brunei | Reservations are subject to room availability | Lone Pine Hotel reserves the right to amend or terminate this package without prior notice or reasons | Package may not be combined with other promotions or loyalty programmes.
LONE PINE HOTEL, PENANG 97, Batu Ferringhi 11100, Penang For reservations and enquiries: phone | email |
+604 886 8686 style@lonepinehotel.com
www.lonepinehotel.com
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3D/2N PACKAGE FOR E&O PASSIONS READERS Deluxe Room at RM520++ per room per night, inclusive of breakfast and dinner for two
Complimentary Internet access (WiFi / cable) Complimentary soft drinks replenished daily Explore Penang with our complimentary daily
E&O MOMENTS