Herald February 2018 by Henry Butcher Malaysia

FEBRUARY 2018

KDN PP18893/11/2015(034373)

by Henry Butcher Malaysia

MUCH ADO ABOUT IPOH PLUS

Kuala Lumpur

New Launches 2017 vs 2016 More New Launches Despite Softer Market Sentiments

Being about his fatherâ&#x20AC;&#x2122;s bussiness

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Property Outlook 2018 What Does the Year of the Earth Dog Hold for Marketing Agent: Malaysia’s Property

25 Jalan Yap Ah Shak, 50300 Kuala Lumpur, Malaysia. Email: thaiproperty@henrybutcher.com.my Tel no. +603-2693 8380 / 81 | Fax no. +603-2602 1842

FEBRUARY 2018

by Henry Butcher Malaysia

Publisher Henry Butcher Malaysia Sdn Bhd 25, Jalan Yap Ah Shak, Off Jalan Dang Wangi, 50300 Kuala Lumpur.

Editor’s Note

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The Henry Butcher Malaysia (Perak) office, based in Ipoh has been around for 10 years, and one of the youngest state offices in Henry Butcher Malaysia. Our office is based in Greentown, the commercial hub where telecommunications and banking offices congregate.

Currently, Ipoh is facing an oversupply in terms of shop offices, due to numerous launches in the recent past, and high launch prices can reach RM1 million for a triple-storey unit. However, the rental yield (about RM4,000) cannot sustain or cover that pricing. When your entry price is too high and the business isn't generating The property market in Ipoh is unlike KL - enough to cover that instalment, it's hard. generally speaking, it doesn't move as fast. The same thing applies to the commercial For bigger areas like Bandar Sri Botani and market as well. Bandar Meru, development is more vibrant, but there is still an oversupply of Before we set up our operations here, shop offices. Part of the oversupply is this: property prices were stable for the past 20 When someone in Ipoh starts something, years - single-storey terrace houses were everybody else follows suit. RM60,000. After we came in, we started observing slow growth of pricing - that Overall, though pricing has eased slightly, same house was priced at RM70,000. Then, the current market is slow and stable and in the fifth year of our operation, prices we’re expecting this trend to continue shot up - you can read more in this month’s throughout 2018. feature - because of the (then) ready availability of financing options.

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PAST EDITIONS

2017

Jan 2017

Feb 2017

Mar 2017

Apr 2017

Sunway's recent undertakings are a good example: semi-detached clusters with an area 2,100 sq ft were priced at RM250,000 a decade ago, it's now at RM500,000. Bungalows now can fetch up to RM3 million.

Khaw Eng Leng

Director, Henry Butcher Malaysia (Perak) Sdn Bhd

Though there have been more apartments lately, they are not the current focus, as Ipoh still has a lot of land.

May 2017

Jun 2017

Jul 2017

Aug 2017

Sept 2017

Oct 2017

Nov 2017

Dec 2017

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Percetakan CL Wong Sdn Bhd AS-84, Jalan Hang Tuah 4, Taman Salak Selatan, 57100 Cheras, Kuala Lumpur.

3 / HERALD FEBRUARY 2018

Upcoming infrastructure projects are set to realise Kelantan's potential.

Ipoh (and by extension, Perak) is known for its better quality of life.

MUCH ADO ABOUT IPOH Slow and stable present an opportunity to buy.

Note: This article has been updated for clarification purposes, and will differ from the printed copy of Herald. Like most of Malaysia during 2016 and 2017, the state of Perak - or more specifically Ipoh - has had a slow year in terms of property market activity. According to Khaw Eng Leng, Director of Henry Butcher Malaysia (Perak) Sdn. Bhd., developers are adapting towards the current market, adjusting their pricing to make for more palatable purchases.

Khaw also remarks, “What you can see in 2017 is that developers are now going for medium-cost apartments. A few years back, you wouldn't be able to see an apartment with a launch price of RM150,000; that's not the case now. In a way, I think developers sense the current market sentiment, and are adjusting accordingly.”

“We can still see prices dipping slightly, in order to attract people into buying. I would say that it's because the launching prices were high, and people weren't buying them. Nowadays. the focus is more towards affordable housing, with initiatives like PPA1M and PR1MA.”

A slow and stable market also presents an opportunity to buy with worrying about sudden pricing fluctuations, as we’ll see later.

He provides an example: pricing for studios and serviced apartments in one project were around RM500 per sq ft during its launch. However, prices have currently stabilised to around RM300 per sq ft. “Now, launch activity has slowed down for serviced apartments, and the prices are a sign of developers easing out. Current economic conditions - the tightening on financing criteria and regulations are also part of the slowdown and stabilisation.”

4 / HERALD FEBRUARY 2018

Affordable Retirement Mainly known for its food, Ipoh is also known for its better quality of life - in fact, it has become an ideal destination for retirees, with a slower pace of life couple with easy traffic on the roads and affordable property prices. Recent efforts by the state government and developers to gear towards eco-tourism help bolster its reputation as well. Based on that, Khaw comments that a lot of buyers purchase residential properties in Ipoh in preparation for their retirement.

“A lot of the buyers are also from other states. Even good areas like Canning Garden are very affordable (about RM250,000). In a way, people will buy for their retirement. There's no hassle with traffic congestion.” Higher wages with comparatively lower property prices incentivise buyers to look at Ipoh as well. “For Ipoh, wages are slightly lower than Penang and KL, so they usually travel to these areas or Singapore to work. When they come back, they will probably buy a unit here for their future, as it's too pricey to buy in KL, Penang or Singapore. In KL, if you can't get a semi-detached house, you can get one here… It's a good place to stay, with better air and water quality, and it's not as congested.” Opportunity Cost Khaw takes us through memory lane, recalling a price surge in the years before the current slowdown started. “For the past 3 or 4 years, prices went up a lot. A two-and-a-half-storey semi-detached unit used to fetch RM300,000; and then went up to RM550,000, and new units are priced at RM600,000 to RM700,000. Bungalows a decade ago were less than RM1 million; now they're RM1.8 to RM2 million.” Then, the economic slowdown came, and recent banking regulations further slowed down market activity, causing buyers to pause and thoroughly weigh their options before purchasing, with some deferring or changing their decision to purchase. This helped to rein in the rapid price increases and in fact resulted in a drop in the prices of some of the high rise apartments “Terraced houses are still the most popular residential property for buyers, because of their relative affordability. Apartments are also popular, but again, there's an opportunity cost attached - do you buy an apartment, or opt for a landed property in the subsale market?” Tourists’ Haven With its slant towards eco-tourism, it goes without saying that tourism is also booming in Ipoh. “The state government doesn't want the state to be heavy on industry, rather it wants to focus on tourism, or other sectors that do not cause as much pollution. Hence, the development of the animation park (MAPS - Movie Animation Park Studios),” Khaw comments. The reasoning behind the focus is simple - logistics. “It's hard to compete with Penang and Selangor, with their existing ports and infrastructure. That's why Perak is leaning more towards eco-tourism as well, with Sunway being a big player in this.” Khaw compares the offerings of Sunway Berhad - a big player in the state capital - in Ipoh and Klang Valley. “The environment [in Ipoh] is good, with a lot of greenery. A lot people from KL like to come to Ipoh during the weekends and spend half a day here… Whereas Sunway's attractions in Klang Valley feature a lot of rides, their attractions in Ipoh are less on rides, and more on enjoying their surroundings. You'd think that there would be nothing much, but it's done very well!”

With a focus in tourism comes an increase in accommodation, as Khaw points out.

As for the rest of the year, Khaw isn’t expecting any major shakedowns.

“Hotel projects have mushroomed over the past 4 or 5 years, whether it be boutique or budget. All in all, we observed about 20 such projects.”

“I'm not expecting things to be easy, considering the stringent financing requirements. The market is expected to be slow for the time being. If your cash flow is good, then any time is a good time to buy. If it was me, I'd go for the subsale market, as prices are lower than new launches. Just be mindful that your returns won't be as bountiful. If you're looking for high returns, stick to KL; if you're buying for retirement, start here.

Ipoh is home to several attractions, the aforementioned MAPS being one of them. Positioned as Asia’s first animation theme park, MAPS features 23 attractions and 15 rides. Spanning 52 acres of land, local and global animation icons are the theme park’s pull factor, living up to its name. Aside from MAPS, local conglomerate Sunway Group is also thinking big in Ipoh, fully capitalising on the tourism angle, as well as Ipoh’s natural hot springs. Currently, there are two key attractions from the group: Lost World of Tambun, and The Banjaran Hotsprings Retreat. The former is a combination of a theme park, hotel and spa, catering to families, while the latter is marketed as Malaysia’s first luxury natural hot springs wellness retreat, targeted at the affluent tourist. With Sunway Group’s eye on Ipoh - the tourist attractions and an Ipoh campus of Sunway College, perhaps the conglomerate is seeing the bigger picture of elevating the state; an attempt to bring Bandar Sunway to Ipoh would not be out of the equation. Industry Talk Ipoh's exports are mainly natural resources (specifically calcium carbonate, used in toothpaste), derived from quarries.

Rather than focusing on heavy industry, Perak’s focus lies on eco-tourism.

“For the industrial market, prices have not moved significantly, unlike the residential and commercial market. However, land prices have improved, from RM3 to RM4 per sq ft 4 to 5 years back to RM7 to RM8 currently. It's not very active, but it has shown improvement,” Khaw observes. Infrastructure plays a part in industry and logistics, and Ipoh’s isn’t as comprehensive as Kuala Lumpur or Penang. “For industrial players, logistics and transport play a part in making purchasing decisions. In Ipoh, the nearest port is quite far away - an hour's drive if you're using a normal vehicle, longer if it's a lorry. Perak is comprised of many separate small townships, which only came together, infrastructure-wise, recently. When infrastructure improves, delivery times improve as well, which translates to potential. That's why you see movement in the industrial market.”

Old town charm in Ipoh is a main draw for tourists for a quick getaway.

That said, upcoming developments could improve infrastructure significantly. “The West Coast Expressway, expected to be completed by 2019, is perhaps the most significant update in infrastructure. The much-hyped HSR is also another thing to look out for.” Market Challenges “The main problem with the oversupply is sustainability - in Kuala Lumpur, say you build a township of 200 houses, you would build around 10 shop offices, with the shop offices relying on the demand of the neighbourhood to sustain itself. For Ipoh, there is a higher concentration of shop offices in

The Ipoh Railway Station has a majestic appeal that is rather captivating.

5 / HERALD FEBRUARY 2018

Selangor New Launches For First Three Quarters of 2017

KUALA LUMPUR More new launches despite softer market sentiments.

SETAPAK SETAPAK

KEPONG KEPONG

RM370RM370 RM850RM850 psf psf PROJECTS PROJECTS

SENTUL SENTUL

High-riseHigh-rise

RM700RM700 RM800RM800 psf psf PROJECTPROJECT

32 PROJECTS

PROJECTS

Strata

11 11 11

JLN TUN JLNRAZAK TUN RAZAK

Landed

RM1100RM1100 RM1600 RM1600 psf psf PROJECTPROJECT

1 1 1 1 22

KLCC KLCC High-riseHigh-rise High-riseHighRM900 RM900 High-riseHigh-rise RM1800 RM18 RM1400 RM1400 RM1000 RM1000 RM2500 RM25 psf psf PROJECTPROJECT RM1600 RM1600 psf psf PROJECTS PROJECTS psf psf PROJECTPROJECT

JLN SULTAN JLN SULTAN ISMAIL ISMAIL

High-riseHigh-rise

Strata

Landed

RM550RM550 RM800RM800 psf psf PROJECTPROJECT

DUTAMAS DUTAMAS High-riseHigh-rise DESA PARKCITY DESA PARKCITY RM1200 RM1200 High-riseHigh-rise RM600RM600 RM1300 RM1300 -PROJECTPROJECT psf psf RM700RM700 psf psf PROJECTPROJECT SRI HARTAMAS SRI HARTAMAS

2017

KL SENTRAL KL SENTRAL

High-riseHigh-rise

RM1200 RM1200 SEPUTEH SEPUTEH RM1400 RM1400 High-riseHigh-rise psf psf RM1000 RM1000 PROJECTSPROJECTS RM1100RM1100 psf psf PROJECTPROJECT

31,788

23,805

UNITS

09 7 %%

Strata

Landed

11 11

Landed

High-riseHigh-rise

Feb

3 4 5

Mar Apr

Types of Projects Launched

Sept

Oct

Dec

BUKIT BUKIT JALIL JALIL

2 2

Jul

Nov

11 33

High-riseHigh-rise

RM270RM270 RM300RM300 psf psf PROJECTPROJECT High-riseHigh-rise

4 3

7 2

2 2 2

High-riseHigh-r

RM350RM35 High-riseHigh-rise RM400RM40 RM400RM400 psf psf - PROJECTPROJECT RM650RM650 psf psf PROJECTS PROJECTS

RM500RM500 RM1250 RM1250 psf psf PROJECTS PROJECTS

Jun

Aug

May

1 1 22 KUCHAI KUCHAI LAMA LAMA

TAMANTAMAN DESA DESA

RM800RM800 - JLN KLANG JLN KLANG LAMA LAMA RM900RM900 High-riseHigh-rise psf psf PROJECTPROJECT RM650RM650 RM750RM750 psf psf PROJECTPROJECT

1 0

SALAKSALAK SELATAN SELATA

BANGSAR BANGSAR SOUTHSOUTH

Total Launches by Month Jan

High-riseHigh-rise

RM500RM500 RM1000 RM1000 psf psf PROJECTS PROJECTS

High-riseHigh-rise

2016

BDR MENJALARA BDR MENJALARA

RM370RM370 RM400RM400 psf psf PROJECTPROJECT

KAMPUNG KAMPUNG BARU BARU

SEGAMBUT SEGAMBUT

RM700RM700 RM800RM800 psf psf PROJECTPROJECT

High-riseHigh-rise

by Henry Butcher Research

3 4

6 / HERALD FEBRUARY 2018

0 2

Apartment / Flat

Soho / Sofo / Sovo / Soso

Serviced Residence /

21 Serviced Apartment

Condominium

SUNGAI SUNGAI BESI BESI

High-riseHigh-rise

RM500RM500 RM1000 RM1000 psf psf PROJECTS PROJECTS

WANGSA WANGSA MAJU MAJU

High-riseHigh-rise

RM500RM500 RM750RM750 psf psf ROJECTS PROJECTS

SETIAWANGSA SETIAWANGSA

11 22 11

High-riseHigh-rise

RM600RM600 RM800RM800 psf psf PROJECTPROJECT SEMARAK SEMARAK

High-riseHigh-rise

RM300RM300 RM1200 RM1200 psf psf ROJECTS PROJECTS AMPANG AMPANG High-riseHigh-rise

RM700RM700 RM800RM800 psf psf PROJECTPROJECT

2017 appeared to be a busy year for property developers in Kuala Lumpur, as launch activity showed a marked increase over that of 2016. All in all, there were a total of 43 new projects launched in 2017 compared to only 32 in 2016 - a difference of 11 projects or an increase of 34%. With limited and expensive land bank in the city, all these new developments - both in 2016 and 2017 - are understandably, of strata properties.

Overall, projects in 2017 are priced higher of the 43 projects, 21 (49%) offered units priced between RM801,000 to RM1 million; and 21 offering units exceeding RM1 million. This is followed by 20 projects offering units priced between RM401,000 to RM600,000, and 18 projects with units between RM601,000 to RM800,000. There were 11 projects which have units priced below RM400,000. A similar trend was recorded in 2016, where we observed that The 43 new launches in 2017 have translat- there were more projects (20 of 32) ed to an addition of 31,788 units to Kuala offering units exceeding RM1 million. Lumpurâ&#x20AC;&#x2122;s residential property pool, up from the 23,805 units added in 2016 - a 33% The core pricing bracket for new launches increase. Serviced apartments and in KL remained at RM500 to RM750 per sq residences seem to be the developments of ft, with 17 projects (33%) offering units choice for property developers in Kuala within this price range, echoing that in 2016 Lumpur, with 21 developments (out of 43) in (14 of 32 projects, or 37%). This is followed 2017 and 20 (out of 32) in 2016. Condomini- by the below RM500 per sq ft tier and the ums followed suit, with 17 projects, then RM750 to RM1,000 per sq ft range, with 11 apartments or flats (3) and small projects each. There were only 4 projects office-type projects (2). (approximately 8%) offering units exceeding RM1,500 per sq ft. This trend contrasts August and September 2017 appeared to with 2016, where there were 12 projects be the most active months, with 6 launches with prices exceeding that mark. in September and 5 in August, closely matching that of March 2016. However, the Geographically, the attention has moved best performing month for both years is away from dense hotspots like the city October, with 7 launches. Based on our centre and Mont Kiara, instead focusing on data, 2017 saw consistent activity, with at areas like Kepong with 7 developments in least 2 new projects launched per month. 2017, in addition to 3 in 2016. Other areas of interest include Bukit Jalil and Cheras. Looking at unit sizes, we note that units Established areas like KL Sentral and with built-up areas of between 801 to 1,000 Wangsa Maju are also seeing some movesq ft and 1,001 to 1,200 sq ft prove to be the ments in 2017 with two launches respecmost popular configuration, as most of the tively; while a trend of steady developments projects (27 of 43) in 2017 feature units with can be observed, judging from the amount these sizes. This is then followed by the of single development launches in various smaller 601 to 800 sq ft range, with 24 townships and localities in Kuala Lumpur projects offering such units. This is a slight (Sentul, Bangsar South, Taman Desa and departure from 2016. Even smaller units Desa ParkCity, to name a few). (below 600 sq ft) got a bigger share of the pie - whereas 2016 only recorded 1 project Based on our data, Taman Desa marks the offering this size, 2017 saw 5 projects. location of the most affordable new devel-

Unit Sizes by Projects* < 600sf

RM300RM300 RM800RM800 psf psf ROJECTS PROJECTS

Price Per Square Feet*

< RM500

12%

21%

RM401,000 - RM600,000

22%

28%

2017 would seem to suggest an increase sense of urgency amongst developers, as suggested by the increased number of new project launches despite the softer market sentiments. The developers may be worried about further slowdown in the market and are pressed to launch their projects before the market slows down further. Nevertheless, the developers, recognising the lower demand for higher priced properties, have shifted their attention to projects with smaller sized and cheaper properties. However, as pointed out by recent statistics released by Napic, the new launches have resulted in an increase in the stock of unsold houses in Kuala Lumpur. This is a reflection of the overall weaker market conditions but the success notched by some of the projects launched would seem to suggest that the market, although readjusting itself to the current market situation, is not in any danger of an imminent collapse.

< RM400,000

18%

801sf - 1,000sf

CHERAS CHERAS High-riseHigh-rise

20%

Developments that are priced at the higher end of the spectrum are located at well-established and well-connected areas - Jalan Sultan Ismail (1 project, RM1,400 to RM1,600 per sq ft), KL Sentral (2 projects, RM1,200 to RM1,400 per sq ft) and Sri Hartamas (1 project, RM1,100 to RM1,600 per sq ft).

Pricing by Projects*

601sf - 800sf

22%

opment in Kuala Lumpur with a price range of RM270 to RM300 per sq ft. This is then followed by Salak Selatan (1 project, RM350 to RM400 per sq ft) and Setapak (1 project, RM370 to RM400 per sq ft). Projects in Kepong - 7 altogether - are priced between RM370 to RM850 per sq ft. These projects are well within reach of young working urbanites or young families looking for a home that offers them convenient access to the capital.

RM601,000 - RM800,000

RM501 - RM750

37%

33%

RM751 - RM1,000

1,001sf - 1,200sf

22%

18%

21%

20%

13%

21%

1,201sf - 1,500sf

13%

15% 1,501sf - 1,800sf

RM801,000 - RM1,000,000

19%

23%

10%

35%

32%

23%

Above 2,000sf

17%

Above RM1,500 Above RM1,000,000

1,801sf - 2,000sf

RM1,001 - RM1,500

Disclaimer & Caveat Please note that the data collected and analysed are based on information that are publicly available and have been compiled to the best of our ability. We do not by any means claim it to be comprehensive. You should not rely solely on our data for your investment decisions and are strongly advised to conduct your own investigations and research before taking any actions.

* Based on total number of projects launched.

7 / HERALD FEBRUARY 2018

BEING ABOUT HIS FATHER’S BUSINESS Mention “mapping” in the property scene and one brand almost always comes up in people’s minds. From its humble beginnings, Ho Chin Soon Research has grown to be a prominent presence in the real estate fraternity, its maps providing valuable insight to developers and agents. We speak to its current CEO, Ishmael Ho, on taking over the mantle from Ho Chin Soon, the founder and his father, his plans for the business, and what to expect in 2018.

8 / HERALD FEBRUARY 2018

Ishmael, what were you doing prior to Ho Chin Soon Research? I graduated from my studies in law about five years back. While my classmates were practising lawyers, I took a different path and delved into property, becoming an intern in firms like Chur Associates, looking into property from a legal perspective; and I also joined Cushman & Wakefield. I was also part of the research house at Sunrise Berhad (now UEM Sunrise). I first joined Ho Chin Soon Research as its Special Project Manager. Why did you decide to enter this niche sector in the property field? This has to do with my upbringing. Whether you consider it a curse or blessing - I'll let you decide both my parents are property valuers. Not practising, but they are in a unique line, which is property mapping. The property mapping that Ho Chin Soon Research does is one-of-a-kind in Malaysia no other company is doing what we do. In terms of succession planning, it turned out that I fit nicely. Why did you enter Ho Chin Soon Research, rather than strike out on your own or work somewhere else? As I mentioned earlier, I graduated five years ago. If I pursued being a lawyer, it would take a couple more years. Taking that time would mean that my father would be in his sixties by then. As a son, I thought that maybe I should try to help him out, that he can relax and not worry about the company. What were the challenges that you faced when you took over as CEO? Coming in to a company like Ho Chin Soon Research is different from a startup, with its legacy issues and the presence of senior staff. But I'm glad of the support that people have given, that I am able to learn the tricks of the trade fast. It's not a big business - we only have about 20 people - but we've been in the business for almost 30 years. A lot of our staff have been with us for 10, 15 years. Company culture is also a challenge - it's easier to change your mindset than say, change the mindset of all the staff. Another challenge is to work on successful products and how we improve on our offerings. If we don't innovate, we die.

What are the key locations that Ho Chin Soon Research maps out? Currently at Ho Chin Soon Research, we are selective in our mapping. We only map a few key areas - Greater KL, Klang Valley, Iskandar Malaysia and the state of Penang. Recently, we added Seremban and Port Dickson, and even some areas like Kedah and Perak, which we customise for our clients. We have extended our product list,which the property developers and agents are very happy about. We aren't just a research house; we see a potential product, we develop it, we market it, and we service it. How has mapping technology differed when the company first started and currently? If you want to go all the way back to Day 1 of Ho Chin Soon Research, mapping was done by drawing with tracing paper and stationery. As you put more information on it, it gets more valuable. The business has also changed.

the past, in the present, and in the future. We have a lot of aerial shots of Kuala Lumpur in our archives, when areas like Bangsar South and KL Sentral were still non-existent. Speaking on hotspots of the future, if KLCC is currently the city centre, then it's safe to assume that TRX (the Tun Razak Exchange) will be the CBD (central business district); an icon. It's exciting to see KL's transformation! What are your plans for expanding the business? Over the course of our business, we've had enquiries and requests to do mapping beyond local and regional shores. One of my plans is to expand Ho Chin Soon Research globally. One of the steps towards that is our recent expansion to Johor, to service our clients there. For 2018, our focus is on strengthening our presence in Johor. For what's next, if it's not Penang, then another country perhaps.

We started using drones about four years ago. However, strictly speaking, the drones are an additional tool that helps us out. We can still do our mapping work effectively without the drones. When we started using drones, we went to the industry and encouraged agents, developers and valuers that they should get their own drones. Aside from drones, what other technologies are you employing in the business? We are recently exploring technologies like AR (augmented reality) and VR (virtual reality) to project more information on the maps. We also provide such ancillary services to our clients. I co-own a technology company, and we use those skills to provide these services. A few years back, we started with a map which, when paired with an app, will show you extra information. We haven't fully tapped into AR and VR yet in the industry. Ho Chin Soon Research has also published multiple books in recent years. Any upcoming books people can look forward to? We are now looking to print our next book. Our previous book was on this big idea of a high speed rail connecting Kunming, Iskandar and Jakarta. Our next book - which we are targeting to publish before March - is on Kuala Lumpur's hotspots in

What do you think should be the current priorities for people at this time? In our previous book, I mentioned that Mandarin is the language of wealth. If there's anything we want to get across to our readers, it's to get equip yourself with Mandarin. I can't read and write for the time being, but I can converse in Mandarin. Those who do not have Mandarin in their skillset should be nervous, even if you don't feel it now. Aside from that, a lot of young adults have yet to buy their own house; these people should start looking into it and take action. On a lighter note, what’s your New Year’s resolution? I would like to get fitter!

Old Isn’t Necessary Gold?

We also managed to spend some time with founder Ho Chin Soon. Here’s what he had to say on the origins of the business, its growth, and the next generation… Any wise words for the younger generation? Never advise young adults. Who are we to tell the younger generation how to live their lives? If I told Ishmael that the business must be conducted like how I operated, there won't be a Ho Chin Soon Research this big and this famous! Young people What was the main challenge during those early are capable adults, able to make their own decisions. Don't ask the older generation - they days? The main challenge was definitely 'who are you?' give bad advice. Nobody knew who we were, and what we do, so you have to go out and knock on doors. I operated from the house; I took the bus to meet customers. The company was very small, even to the day I passed it to Ishmael - we were only half of what the current workforce is now. What a transformation!

Why did you start Ho Chin Soon Research? I found that the [property valuation] scene was a bit crowded, but I found that if I find information and put them in a map, it's useful, straight-to-the-point, and marketable. If people weren't paying money for it, then I could always just go back to work as a valuer… before I knew it, it's already 30 years, and I've now passed the business to my boss (current CEO Ishmael Ho).

What do you think of Ishmael’s leadership? He showed his potential within his first two years. If you pass the business to someone who is not capable, the business will fail; but look at what he's done - he doubled the workforce, as well as expanded and brought the business to a higher level which I am not capable of, because I'm not Gen-Y! Knowing that it's in good hands, why should I continue and hang on here? I might as well go and enjoy myself!

9 / HERALD FEBRUARY 2018

1. A sneak peek into one of the showrooms. 2. The various VIPs present during the balloting day. 3. Henry Butcher Malaysia members attending to buyers' registration. 4. Keen buyers contemplating on which unit they are planning to get.

BUYERS TURN UP IN FULL FORCE IN PUTRAJAYA

Antara Residence, a new service apartment development in Putrajaya undertaken by Nadi Cergas Development Sdn Bhd, received an overwhelming response, with an over 70% take-up rate recorded in just ﬁve hours during a pre-launch preview and balloting exercise held recently for registrants at the project’s sales gallery.

Built on 1.32 acres of land, Antara Residence stands at 29 storeys tall, with a total of 458 units of living spaces nestled within. Unit layouts are thoughtfully crafted, with loft options available for those who would like to make use of the abundant vertical space - up to 3.5m ceilings - in their units. The project features generous pocket parks spread throughout the site, ensuring homes are located near green areas to encourage an active lifestyle. In close proximity to a 125-acre town park, Antara Residence features a vast array of facilities within the project in addition to safety and security features with its single entry and exit points. Located along Jalan P5 in Precinct 5, Antara Residence shares its space with Putrajaya’s sights and sounds - more speciﬁcally, residents stand to enjoy an unobstructed view of Putrajaya’s standout landmark - Putrajaya Lake. Antara Residence is also

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located just 1km away from Heriot-Watt University, one of UK’s top universities for business and industry. Further improvements and developments in the pipeline for Precinct 5 include the ambitious “Football City” concept, where Antara Residence is just next door to the Asean Football Federation (AFF) and Football Association of Malaysia (FAM) headquarters, as well as the Asian Football Confederation’s (AFC) centre of excellence, an academy slated for completion by 2019.

Targeting young couples and growing families, Antara Residence which is slated for completion in 2021, melds affordability with ample space to accommodate this group. Unit sizes start at 583 sq ft - currently the only such offering in Putrajaya - and can go up to a maximum of 1,006 sq ft. Combined with the additional loft space offered by some unit conﬁgurations, residents stand to enjoy much from Antara Residence. Offering freehold ownership, prices for Antara Residence start from RM316,000 - one of the most affordable serviced apartment offerings in Putrajaya.

Henry Butcher Malaysia provided sales and administrative support on the day of the preview and staff were present to assist buyers in the unit selection, booking and conﬁrmation process, as well as to answer any enquiries that were put forth by the buyers. Although there was a huge turnout, the crowd was orderly and the balloting and unit selection process went on smoothly. All in all, it was indeed a fruitful day for both buyers as well as the developer in Putrajaya.

For more information please contact: Faridzul +6016 3085 825 Muhaimin +6017 4610 067

NOW OPEN FOR R E G I S T R AT I O N • Sky Garden On Each Floor • High Ceiling With Loft • 3-Tier Security • Semi Furnished • Putrajaya Lake View • Government Staff Incentives • Easy Entry Package *Terms and conditions apply.

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Faridzul +6016 3085 825 Muhaimin +6017 4610 067 Marketing Agent:

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Fre e ho l d S k y b ri d ge on Le v e l 3 4 3 m i nu t e s wa l k i n g d i s t a nc e t o K L C C

5 - S t a r Lu x u r y Fa c i l i t i e s Pri t z k e r Arc hi t e c t u r e Pri z e La u re a t e , Je a n N o u v e l Actual site photo taken from Le Nouvel KLCC Le Nouvel KLCC sits along the prestigious Jalan Ampang, a stone’s throw from Petronas Twin Towers and KLCC. The premium estate is the epitome of luxurious living that rivals 5-star hotels. Located in the heart of Kuala Lumpur’s business and lifestyle districts, it offers a world of convenience with an integrated transport network. A dual-tower residence at 49 storeys (Tower 1) and 43 storeys (Tower 2) tall, Le Nouvel KLCC is articulately designed with refined interiors and unique details such as the bespoke silk-screen windows panels. It is a stunning sight to behold, made of glass and greenery. The 34th storey is reserved for fine dining with a view - its Sky Lounge, Sky Kitchen and Sky Dining are one-of-a-kind exclusive offerings within a residence, along with the Cigar Lounge and Wine Cellar. Elegant and magnificent all at once, you’ll find light naturally flowing into the open spaces, amplifying every meticulous detail from white marble flooring, Poggenpohl kitchen, Miele appliances to Lema wardrobes… it is a resident’s dream come true.

Every suite and penthouse is innovation in motion with only 195 exclusive units available, from 1,700 sq ft to 5,700 sq ft. Live your every desire here at Le Nouvel KLCC and expect only the very best of this architectural masterpiece by Pritzker Prize Laureate, Jean Nouvel. Jean Nouvel - Principal Architect Pritzker Architecture Prize Laureate, Jean Nouvel, has won nearly every notable accolade in architecture. In 2013 he also won a competition to design the National Art Museum of China, emerging victorious over architects, Frank Gehry and Zaha Hadid. The Beijing-based museum, which has already begun construction, is just as inventive and enigmatic as his other works including the Louvre Museum in Abu Dhabi and the Tour De Verre in New York.

Actual site photo taken from Le Nouvel KLCC

Considered among the world’s most innovative architects, his approach to architecture for each project is unique, original and one-of-a-kind. His work transforms the varying landscapes while echoing a specific style which demonstrates his keen perception for the intricacies of light, shadow, transparency and opacity.

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