HB Herald Issue 4
In This Issue:
ü What Holds For The Residential Property Market In The Klang Valley In 2013?
ü Damansara Perdana – A Lifestyle Township For The Young & Trendy
ü Purpose-Built Office (PBO) In Kuala Lumpur ü World Record Prices Achieved At Henry Butcher 4th Auction Of Malaysian Art ü Launch Of Abell & Cleland, Westminster, London
December 2012
HB HERALD
Issue 4
The uncertain global economic situation with the U.S. trying to avoid the fiscal cliff and Europe still mired in its debts, could drag down growth in Asia, Malaysia included and investors are naturally more cautious about committing more investments in the property market. Projects in good locations and with interesting new concepts will be able to generate strong interest whilst sales of projects with large units (above 2,500 sq ft and priced at RM 2 million and above) are expected to be more sluggish because of the higher absolute selling prices.
WHAT HOLDS FOR THE RESIDENTIAL PROPERTY MARKET IN THE KLANG VALLEY IN 2013? By Tang Chee Meng
The buoyant residential property market of the last two years has continued into 2012, although the gallop has now slowed down to a more leisurely trot. Alarmed by the hefty increases in prices and worried that it could lead to an asset bubble, the Government stepped in and introduced several measures to cool down the market. These included introducing a 70% cap on the LTV ratio for those taking their third property loan onwards, increasing the top RPGT rate to 10% and changing the basis of loan eligibility computation from gross to net income. By the end of the year, a more cautious attitude has set in although long term investors and those buying for their own occupation continued to support more reasonably priced, well located and designed projects, resulting in these projects putting up “sold out� signs within a short period of being launched. The landed homes sub-sector has generally performed better than the high rise strata residences sub-sector but purchasers have become more price-sensitive and landed homes which are deemed to be over-priced are experiencing slower sales take-up rates and are still not fully sold even upon completion. We also noted that the new phase of a few projects which have sold very well in the past are advertising more often and are offering more incentives in order to sell the units.
It is also noted that price increases have been at a more moderate pace compared to 2010 and 2011. Projects with smaller sized units in good locations continue to attract strong interest. We have also seen a higher rate of withdrawals by purchasers after they found that they could only qualify for a lower loan quantum due to the implementation of the nett income rule in computing loan eligibility. This has resulted in a slower sales take-up rate of new projects which are priced above RM 1 million. The impending GE as well as the global economic uncertainties have also caused some investors to adopt a wait and see attitude. Generally, the primary market (new projects launched by developers) appears to be more active than the secondary market. With the country’s economy projected to grow at a healthy pace of between 4.5% and 5% in 2013 and a number of key infrastructure projects being implemented under the ETP, we expect the residential property market in Malaysia to remain stable going into 2013, although sales takeup rates may be at a slower pace due to the more stringent vetting process adopted by banks and the implementation of the various measures by the government to avoid an asset bubble.
Although prices of homes will continue to increase, the rate of increase will be at a more gradual and sustainable pace of 5 to 10%. For investors, investing in locations which possess strong growth potential due to the impending implementation of high impact infrastructure or development projects will be a good strategy as properties in such locations could undergo a re-rating of its value once the infrastructure/development projects are completed. Projects/properties located at or near the new LRT (from Kelana Jaya to Subang Jaya, USJ & Putra Heights as well as Sri Petaling to Kinrara, Puchong & Putra Heights) and MRT stations (from Sungai Buloh to Kajang) as well as those which are located in the vicinity of new growth centres like TRX and the old Sungai Besi Airport will be worth considering. Historical trends in Singapore and Hong Kong show that properties located along the MRT lines enjoy better appreciation. However, as the overall cost of car ownership in Malaysia (taking into account petrol costs, parking charges, road tax and other associated costs) is lower than that in these countries, the impact of the MRT line may not be as significant as these countries where more people use and prefer the more efficient public transportation.
Residents of areas where the extended Ampang and Kelana Jaya lines will pass through are set to benefit from the LRT system
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HB HERALD
Issue 4
DAMANSARA PERDANA – A LIFESTYLE TOWNSHIP FOR THE YOUNG AND TRENDY Damansara Perdana is an integrated township located right in the much soughtafter Golden Triangle of Petaling Jaya which encompasses the neighbouring landmark townships of Bandar Utama, Mutiara Damansara, Kota Damansara and Taman Tun Dr. Ismail (TTDI). It is one of the youngest townships in this prime location and resided by welleducated young executives. It is a township development by MK Land Holdings. It’s proximity from TTDI and Bandar Utama gives the location an exclusivity, with a positive effect on the property prices in this enclave – the prices are fast catching up with the surrounding townships.
Amenities Within 15 Minutes Driving Time Radius Damansara Perdana provides a dazzling wide array of upscale amenities - shopping, dining, leisure, sports and every other kind of facility for the good life. Within 10 minutes drive, one can find Bandar Utama Shopping Center, Mutiara Damansara Shopping and Leisure Hub (which houses The Curve, IKEA, Tesco Mutiara Damansara, Ikano Power Center and Kidzania), Centrepoint Bandar Utama and Sunway Giza Mall.
Accessibility Penchala Link would be the fastest route to reach the city center via Mont’ Kiara and Jalan Duta. NKVE can be utilised to assess to Ara Damansara and Shah Alam, whereas the adjacent LDP is the route to reach Kepong, Kelana Jaya, Sunway, Subang and Puchong. The North-South Expressway links the North and South of the country. The proposed MRT station is located at The Curve, which is only 5 minutes drive away and is undoubtedly good news for the local residents.
Being surrounded by multinational and well-known companies (KPMG, IBM, TV3, etc.), luxury car showroom (Lexus), lifestyle restaurants, stylish retail outlets, PJ Trade Centre and other Grade A corporate offices, this township has been attracting well-educated young elites. Well-established colleges can be found within a 10 minutes drive, including KBU International Colleage, Twintech International University College of Technology, KDU University College Malaysia and SEGI University College. The nearby international schools, such as The British International School of Kuala Lumpur and SRI KDU International School are serving the growing number of expatriates.
IKEA, part of Leisure Hub in Mutiara Damansara KBU International College
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HB HERALD
Issue 4
This lifestyle property concept may sound like a desirable investment and people may be queueing up to purchase a unit there. However, the commercial purpose properties – corporate office, office suites and retail outlets may expect stiff competition. Growing supply of offices in Klang Valley have resulted in stagnant rental return in office properties. Point 92 Grade A corporate office tower may be one of the major competitors of Empire City. Multinational and large companies are becoming conservative due to the deteriorating global economic conditions. On the other hand, the 2 – 3 storey retail podium may need to compete with the nearby outlet stores and shopping mall, including Mutiara Damansara Commercial Hub, and even Neo Damansara. It is observed that the occupancy rate of retail outlets in Neo Damansara is low due to the nearby Mutiara Damansara Commercial Hub. This situation may be different if the corporate offices and office suites are capable of attracting big companies to relocate there. Grade A corporate offices in PJ Trade Centre
Properties Damansara Perdana comprises mostly condominums, shops and offices. Condominiums that are within this enclave include Perdana Exclusive, Perdana Emerald, Metropolitan Square, Ritze Perdana 1, Ritz Perdana 2, etc. There are around 11 condominiums or serviced apartments in this enclave, providing more than 8,000 residential units. The number of units will continue to grow with the future completion of Empire City and Empire Damansara in 2013. Currently, there is only one landed residential project in this township (Rafflesia). Foresthill, a new landed guarded residential project with zero lot bungalows, bungalows and semi detached houses was soft launched recently and the sales take-up rate is understood to be very good .
One of the highlights in the property landscape in Damansara Perdana is the upcoming Empire City, which is an integrated development comprising office suites, corporate office, service apartments, SOHO and retail outlets. This is a new urban city modelled after Mid Valley City, KL Eco City, Icon City and One South. This ‘self-contained mini township’ concept has become popular in Malaysia and is widely accepted, particularly by the young elites. Residents can work, live, shop and relax within the development itself. This new development concept has not only changed the current property landscape, but also people’s lifestyle. Residents no longer need to commute to work, they can either work from home or walk to work. Demand for transporation would be lower and consequently ease the congested traffic conditions in Malaysia.
Damansara Perdana is growing to be a lifestyle and vibrant township given its accessibility, proximity to amenities and influx of young executives. This can be gauged by the availability of many banks including international banks (Citibank, Scotiabank, Hong Leong Bank, Public Bank) and restaurants serving a multitude of international cuisines in the township (La Gomera Spanish Buffet restaurant, Deutsches Gasthaus, Umai Ya Japanese Restaurant, Maiu Japanese Restaurant, Maria’s Restaurant & cafe, Mum’s Place and Bianco).
Transacted Price Trends of Condominium (2010 – April 2012) La Gomera, a highly recommended Spanish restaurant in Neo Damansara
The transacted prices of high-rise residential properties in Damansara Perdana have grown healthily over the past two years and the trend is shown in this chart.
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All information contained in the EDM, including visuals, illustration, furniture & fittings outfit and project name are subject to change as may be required by the relevant authorities or developer’s architect and without notification to you and shall not be taken as the identical representation of the actual unit that is to be or being purchase by you or part of an offer or contract. Please refer to the Sale and Purchase Agreement of the actual unit for specification and description approved by the authorities and the actual unit shall be constructed accordingly. All images are computer-generated artist impressions.
HB HERALD
Issue 4
PURPOSE-BUILT OFFICE (PBO) IN KUALA LUMPUR Existing Purpose-Built Office (PBO) In 2011, there was 74.915 million sq.ft. of existing supply of PBOs in Kuala Lumpur. There will be an additional 12.479 million sq.ft. of incoming supply in Kuala Lumpur according to NAPIC. This incoming supply are offices under construction where the majority, 46% are buildings in the city centre, 16% in the GT, 14% in the CBD and 24% in the suburbs. Kuala Lumpur will also have an additional 5.140 million sq.ft. space of planned supply of PBOs spread out into various locations; 46% located within city centre, 24% in suburban locations, 14% in CBD and 16% in the GT.
PBO: Existing Supply, Incoming Supply and Planned Supply in Kuala Lumpur 2008
2009
2010
2011
66,957,927
70,206,192
73,309,371
74,915,700
3%
5%
4%
2%
10,297,489
9,502,123
11,955,216
12,479,655
-10%
-8%
26%
4%
12,726,956
9,033,851
65,694,23
5,140,882
-27%
-22%
Existing Supply Space (Sq.Ft.) Growth Incoming Supply Space (Sq.Ft.) Growth Planned Supply th
KL Tower, the world’s 6 tallest tower PBO is used to denote buildings that are built with office as a dominant use. Dominant use means office use not less than 75% of the net lettable area according to NAPIC’s (Pusat Maklumat Harta Tanah Negara) definition.
Space (Sq.Ft.)
Growth -4% -29% Source: Property Market Reports, Ministry of Finance
Trend in Supply 2006 – 2011 The PBO market in Kuala Lumpur has grown from 62.6 million sq ft in 2005 to 74.9 million sq ft in 2011 which is a 16% growth in supply. This is an average of 2.0 million sq ft growth annually over 6 years.
PBO by location in KL Kuala Lumpur according to NAPIC is divided into 4 regions as below: i. ii.
iii.
iv.
KL City Centre/Golden Triangle (KLCC-GT); this is the city centre and the most prime address. CBD: This is the older parts of the city centre and generally a secondary address for commercial properties. Within City Centre (WCC); Areas still considered a city address such as Jalan Kuching, Sentul, Setapak, Dato Keramat, Bangsar, Jalan Cheras etc. Suburban; Kuala Lumpur’s suburban location.
Growth in Supply of PBO in KL Over 5 Years YEAR
TOTAL SPACE (SQ. FT.)
INCREMENTAL (%)
2011
74,915,699
2.3%
2010
73,165,414
4.2%
2009
70,206,192
3.5%
2008
67,840,017
4.7%
2007
64,774,114
1.6%
2006
63,731,792
1.7%
2005 62,678,803 Property Market Reports: Ministry of Finance
-
In 2005, the GT accounted for 15% of PBO in Kuala Lumpur whilst the CBD was at 20%. By 2011 the GT’s market share increased to 29% whilst the CBD eroded to 19%. The bulk of new supply is in the WCC areas – locations outside of the city such as KL Sentral, Bangsar, Brickfields, Mid Valley, Damansara and suburban addresses.
PBO’s generally are in 2 main locations in the city centre - the Golden Triangle and the Central Business District.
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HB HERALD
Issue 4
Total Space PBO in KL Total Space PBO in KL
76,000,000 74,000,000 72,000,000 70,000,000 68,000,000 66,000,000 64,000,000 62,000,000 60,000,000 58,000,000 2011
2010
2009
2008
2007
2006
Property Market Reports: Ministry of Finance
Carigali Tower (Lot C, KLCC)
Occupancy Rates Average occupancies of PBO’s have registered a downward trend compounded with additional supply and weak demand from the business sector. The average occupancy have hovered around 80% since 2005 (82% in 2005, 80% in 2011) against a growth in supply of 16% between 2005 and 2011.
Average Occupancy Rate Over 5 Years YEAR
TOTAL SPACE (SQ. FT.)
OCCUPANCY RATE (%)
2011
74,915,699
80.4
2010
73,165,414
81.9
2009
70,206,192
83.3
2008
67,840,017
82.5
2007
64,774,114
82.6
2006
63,731,792
81.4
2005 62,678,803 Property Market Reports: Ministry of Finance
82.3
Menara Bank Islam
Based on the above table the absorption rates of PBO ranges from a low of 260,000-310,000 sq ft per annum (in 2006 and 2011) to a high of 2.4 million sq ft – 2.5 million sq ft (in 2008 and 2009). This is an average of 1.4 million sq ft per annum absorption over the last 6 years from 2005 to 2011.
Occupancy Rates of PBO in KL Location
Existing Space (Sq.Ft.)
Occupancy Rates
Golden Triangle
22,065,543
83%
CBD
14,161,687
84%
Within City Centre
23,117,843
77%
Suburban 15,570,627 Source: Property Market Reports, Ministry of Finance
78%
Generally the better classes of PBO’s and those in good locations have been able to register high occupancies ranging from 90% to 100%. Also noted that older PBO’s have been undergoing refurbishments either because they have changed ownership or to keep up with the newer office developments.
Menara Felda Platinum Park
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HB HERALD
Issue 4
Rental Rates The highest rent brackets commence at RM8.00 psf (lower end) to the highest starting rent of RM15.00 psf. These rents were achieved for the better PBOs including the iconic Petronas Twin Towers. The next lower level rents in the GT generally ranged from RM 6.00 psf to RM 8.00 psf. The lowest rents registered are for the older dated buildings in the GT which range from RM 3.00 psf to RM 6.00 psf,
Summary of GT and CBD Rents Locations GT Area
CBD Area
Levels
Rents (RM/psf)
High
RM8.00 - RM15.00psf
Middle
RM6.00psf – RM 8.00psf
Low
RM3.00 – RM6.00psf
Middle
RM6.00psf – RM 8.50psf
Low Source: Henry Butcher Malaysia Solutions
Integra Tower @ The Intermark
RM 3.00psf – RM 5.00psf
In spite of the high rents (compared to other locations) the GT office buildings can still manage to deliver good occupancies. The CBD is now catching up in terms of new supply and getting quality tenants.
Fahrenheit 88
Future Supply of Offices
In 2011 some 3.968 million sq ft of PBO was completed of which 55% was in the GT and the balance in the CBD. There will be an additional 2.00 million sq ft of PBO due for completion in 2012 /2013.
Completed PBO in 2011, 2012 in the GT & CBD Name of Project
Location
Area
Year of Completion
Carigali Tower (Lot C, KLCC) Menara Bank Islam
KLCC
GT
2011
310,000
Jalan Perak
GT
2011
362,800
Menara Binjai
Jalan Binjai
GT
2011
333,000
Menara Glomac
Jalan P Ramlee
GT
2011
500,000
Cap Square North & South Tower
Jalan Mushi Abdullah
CBD
2011
300,000
Cap Square Office Tower 2
Jalan Mushi Abdullah
CBD
2011
600,000
Cap Square North & South Tower
Jalan Munshi Abdullah
CBD
2011
300,000
The Crest
Jalan Sultan Ismail
CBD
2011
259,000
Wisma UOA II
Jalan Pinang
GT
2011
703,481
Fahrenheit 88 Tower
Jalan Bukit Bintang
CBD
2011
300,000
Total NLA
NLA (Sq. Ft.)
3,968,281
Integra Tower @ The Intermark
Jalan Ampang / Jalan Tun Razak
GT
2012
760,000
Naza Tower
Jalan Binjai
GT
2012/2013
689,000
Menara Felda
Jalan Binjai
GT
2012/2013
559,000
Total NLA Source: Henry Butcher Malaysia Solutions
2,008,000
WCC areas are providing large scale mix commercial developments which include PBO’s. These integrated mixed commercial developments offer modern, intelligent and ‘green’ office buildings. They provide variety of office space from purpose-built office towers, to smaller boutique offices, strata offices as well as service apartments, hotels and retail centre. The majority of new supplies in the city centre (2013 to 2018) are large office towers of more than 300,000 sq ft (95% of the offices are more than 300,000 sq ft). Competition in the purpose-built office sector is expected to remain stiff (except for buildings anchored by the owner) as the future supply is well in excess of demand.
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HB HERALD
Issue 4
Supply under Construction in GT and CBD Buildings
Locations
Completion Date
NLA (sq ft)
GT Area DiJaya Trade Centre
KLCC
2013
555,000
The Ritz Corporate Suite
Jalan Sultan Ismail
2016
373,446
Public Mutual Tower
Jalan Raja Chulan
2013
396,820
Hap Seng Tower @ St. Mary
Jalan P. Ramlee
2013
355,000
Trillion Kuala Lumpur
Jalan Tun Razak
2014
400,000
Public Mutual Tower
Jalan Raja Chulan
2014
400,000
Quill Vision City
Jalan Sultan Ismail
2015
500,000
Menara Mulpha
Jalan Sultan Ismail
2015
360,000
Jalan Travers
2012
1,439,468
WCC area Bank Rakyat Twin Tower
4,779,734 WCC area Menara CIMB Q Sentral Menara Shell (North & South Office Wing) Lot G – Office Towers Perdana Sentral Horizon Phase 2 @ Bangsar South
KL Sentral KL Sentral KL Sentral KL Sentral KL Sentral Bangsar South
2012 2014 2012 2012 2012 2011
834,000 (GFA) 580,000 ( net est ) 1,400,000 (GFA) 980,000 ( net est ) 538,617 (NLA) 840,000 (GFA) 580,000 ( net est ) 641,000 (GFA) 450,000 ( net est ) 1,439,468 4,568,085
TOTAL Source: Henry Butcher Malaysia Solutions
9,347,819
Various development of office towers in KL Sentral
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HB HERALD
Issue 4
WORLD RECORD PRICES ACHIEVED AT HENRY BUTCHER 4TH AUCTION OF MALAYSIAN ART KUALA LUMPUR, OCTOBER 2012: Launching the bi-annual sale of Malaysian Art for the first time, Henry Butcher Art Auctioneers attracted a full house of over 300 participants at the Sime Darby Convention Centre; among them include some artists whose works were represented in the sale. The sale realised a staggering amount of RM3.75mil with 95% of lots sold and 60% of the lots were sold well exceeding the higher estimates. Commenting on the sale, Lim Eng Chong, Director of Henry Butcher Art Auctioneers said: “We had a great response with the turnout and are excited with the increase of many new clients from all across Malaysia and Singapore. The strong participation from local bidders is also very encouraging. We hope to welcome a bigger turnout and continue to deliver more quality artworks in our next sale.”
Paris, 1959 by Chia Yu Chian
The highlight of the auction was an abstract painting, Samarkhand 3, 1994 by renowned Malaysian modern master Abdul Latiff Mohidin. Samarkhand named after the UNESCO Heritage historical jewel in Islamic Central Asia, sees as avalanche of expressive strokes in yellow glow, fiery red and darkened hues. This rare work in huge dimension attracted significant attention and was sold after a fierce bidding by 2 phone bidders and 4 room bidders to achieve its world record price of RM605,000, which more than doubled its higher estimate of RM250,000, by far the highest amount paid in auction for the living artist. Another gem on offer by the artist, which also doubled the higher estimate of RM180,000 was an abstract dated 1991, New Landscape, 1991 believed to belong to the early flushes of Rimba series, had strong outlines and bold compositional streaks of yellow and red warm tones balanced with cool blues and green hues, well exceeded estimation of RM374,000. Datuk Ibrahim Hussein’s Untitled 2001 garnered substantial bidding in the room and on the phone and eventually sold for RM264,000. Another piece by Ib, Untitled 1973 was sold post auction at RM170,000. The sale also broke the previous auction record of a batik work in June 2011 auction with Bathing Baby, 1992 being sold at RM176,000 by the Father of Batik, Dato’ Chuah Thean Teng. This three by three feet painting was a quintessential representation of the mother and child theme the artist is widely known for.
Samarkhand 3, 1994 by Abdul Latiff Mohidin
Another highlight which drew an intense bidding war in the room and on the phone was Chia Yu Chian’s Paris 1959, setting a record for highest price achieved at auction by the artist. The work from his highly sought after Paris Series, coupled with a bold composition and vibrant palatte, which records the artist’s transition and combination of the raw Nanyang influence and academic training in his oeuvre of works, was finally sold to a bidder in the room at RM77,000. Leading contemporary artist, Hamir Soib @Mohamed, captivated many with his skilled manipulation of bitumen in The Eruption of Desire, 2009 doubled its lower estimate and was sold at RM57,200 after a fierce bidding war in the room, the five by five and a half feet canvas work portraying an eruption of volcanic fumes concealing a country scene on a background. The immense interest continued onto the following lot Rambutan Tok Deris, 2000 by Jalaini Abu Hassan, a classic representation of his works containing local elements with mixed media. The work which has travelled to New York and Singapore is now back in the country and was sold for RM46,200. This affirms the growing acceptance for edgy contemporary works which was also reflected in the first time appearance of Wong Hoy Cheong’s photographic work which reenacted the final meal of the notorious Malaysian criminal, Botak Chin, who was also reputed to be a modern-day Robin Hood. Chronicals of Crime: Last Supper, 2006 was sold at RM18,700. The stellar feature of the Chinese Ink section was Gibbons Looking for Fish, Undated by Nanyang pioneer Chen Wen Hsi which was sold at RM126,500 to a phone bidder after an intense bidding war against 5 phone bidders. Wen Hsi studied the postures and characteristics of gibbons closely later as a pet owner, and was dubbed “Gibbon King” for his detailed and adept rendering of the creature. Another piece by this artist, Ducks, Undated was sold for RM62,700, two times its lower estimate.
Intense bidding going on at the Sime Darby Convention Centre
Auctioneer going on full swing
For full results please visit our website www.hbart.com.my.
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HB HERALD
Issue 4
LAUNCH OF ABELL & CLELAND, WESTMINSTER, LONDON
Luxury Chopard gifts to purchaser
MANDARIN ORIENTAL KUALA LUMPUR, AUG 2012: Henry Butcher Malaysia was once again appointed as the exclusive marketing agent in Malaysia for the latest product by Berkeley Homes in Westminster. This exclusive world premier launch in Kuala Lumpur was jointly collaborated with Chopard Malaysia which showcases both the luxurious products that fully compliments the class and elegance reflecting the sophistication of living within a Westminster address. To take the event up another notch, Chopard Gifts up to RM 100,000, were given upon purchase at the premier address.
A stylish touch screen display system that is updated “live” globally on the apartment availability was used at the launch to present the product. Operated by Henry Butcher’s dedicated International Real Estate team, the system displays the exact location of the property on Googlemap, the surrounding landmarks as well as the apartment overview with detailed specification of the product. For more information of overseas projects, please contact +6012 399 7379 or email us at international@henrybutcher.com.my.
Mr. Paul Vallone, Managing Director of Berkeley Homes
Guests enjoying the buffet spread in celebration of the Ramadhan month
As the launch falls within the Ramadhan period, we arranged a five star traditional Malay feast and joint our Muslim guests for “buka puasa”. Indulged in a lovely spiced filled spread, the launch commenced with unveiling the presentation of Abell & Cleland via a sensational video mirroring an Oscar winning production. A recital of “Under the Westminster Bridge” by William Wordsworth sets the ambience of the night by comparing what Westminster is today to Wordsworth’s version in 1802. The opening speech was done by the President of Henry Butcher Malaysia, Mr. Lim Eng Chong – thanking valued clients, Berkeley Homes as well as Chopard for participating in this premier launch. This was followed by an introduction of Berkeley Group by the charismatic Managing Director of Berkeley (Urban Renaissance), Mr. Paul Vallone.
Guests were given a “live” project tour on the latest touch screen display system
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COMING SOON
REGISTER NOW FOR YOUR EXCLUSIVE PRIVATE APPOINTMENT TO DISCUSS THIS EARGERLY ANTICIPATED LANDMARK DEVELOPMENT
JAZMINE GOH Henry Butcher International Real Estate +6012-399 7379 / +603-7118 3800 jazgsh@henrybutcher.com.my
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HB HERALD
Issue 4
DISCLAIMER Disclaimer Policy: We make no warranties or representations as to its accuracy and we specifically disclaim any liability or responsibility for any errors or omissions in the content. We specifically disclaim any liability direct or indirect, incidental, consequential, consequential or special damages arising out of or in any way connected with the access or use of the information in this newsletter. The property information provided in this newsletter is for information only and does not constitute a basis for any actions or decisions. No part of this document may be construed as a statement or representation of fact based on which a contract is created. Copyright Policy: All material in this newsletter including all graphics and writings may not be copied, published, broadcast, rewritten, or redistributed in part or in whole without the written consent from Henry Butcher Malaysia Sdn. Bhd., its authors and contributors of articles. If consent is given, consent will be subject to the requirement that the copyright owner’s name and interest in the material be acknowledged when the material is reproduced or quoted, in whole or in part. All rights reserved. These terms and conditions shall be governed by and construed in accordance with the laws of Malaysia. HENRY BUTCHER MALAYSIA Sdn Bhd (160636-P) 25, Jalan Yap Ah Shak, 50300 Kuala Lumpur, Malaysia T : +603-2694 2212 F: +603-2694 5543 E: admin@henrybutcher.com.my www.henrybutcher.com.my
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