Property Hunter Magazine Issue 56 by Victor

/// FEATURE PROPERTY SHOWCASE

ISKANDAR WATERFRONT HOLDINGS

Unveils New Luxury Waterfront Living Properties

/// FEATURE PROPERTY SHOWCASE CITY POINT COMPLEX 沙巴州中华大厦 The Meeting Point For Everything Business And Leisure

/// HOT TOPIC ON THE MOVE Kota Kinabalu Southern Corridor

/// CONTRIBUTOR Will Base Lending Rate Increment Affect You?

/// HOT TOPIC Is It Time For Kota Kinabalu To Have LRT?

JULY 2014

ISSUE 56 RM8.90

• • • • •

The Residences, Sutera Avenue Will Base Lending Rate Increment Affect You? On The Move: Kota Kinabalu Southern Corridor PacifiCity Welcomes Shopping Mall Anchor Tenants Tan Brothers Launches First Property Development T1@Bundusan

06  07 | Cover Story /// Contents

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What’s inside... 08

Feature Property Showcase Iskandar Waterfront Holdings Unveils New Luxury Waterfront Living Properties

Feature Property Showcase City Point Complex 沙巴州中华大厦 SUCCC And USCCA Ink Profitable Joint Venture Deal With City Point Complex

Hot Topic On The Move: Kota Kinabalu Southern Corridor

Feature Property Event The Residences, Sutera Avenue

Feature Property Event Tan Brothers Launches First Property Development T1@Bundusan

Exclusive Interview Mak Thur Pei - Sabah’s Aspiring Young Architect

Feature Property Event PacifiCity Welcomes Shopping Mall Anchor Tenants

Special Feature Development Milestones: Projects Nearing Completion

Hot Topic Is It Time For Kota Kinabalu To Have LRT?

Feature Property Event Kota Kinabalu to Have First Solar Taxi Stand in Malaysia

Contributor: Chris Tan Trending Up Legally in View of The Property Boom in Malaysia (Part 3)

Contributor: Michael Yeoh Will Base Lending Rate Increment Affect You?

Contributor: Dr Daniele Gambero Kota Kinabalu, The Pearl Of South China Sea: A City Poised For Adventure, Tourism Growth And Property Investment

Property Listing

08 ISKANDAR WATERFRONT HOLDINGS Unveils New Luxury Waterfront Living Properties

Iskandar Waterfront Holdings Sdn Bhd (IWH) is a government-linked company specifically incorporated to be the Master Developer of 4,300 acres of premium waterfront land on the eastern and western sides of the Johor Causeway within Flagship A of Iskandar Malaysia, the nation’s most ...

14 CITY POINT COMPLEX 沙巴州中华大厦 SUCCC And USCCA Ink Profitable Joint Venture Deal With City Point Complex

A new landmark will take shape in Kota Kinabalu following the official sealed joint venture project between land owners, the Sabah United Chamber of Commerce (SUCCC) and United Sabah Chinese Communities Association of Kota Kinabalu (USCCA), and Arah Permai Sdn Bhd, the developer ...

Sneak Peek of August Issue

22 Investment Into Car Park Spaces Hot Topic

What To Expect From Kota Kinabalu Northern Corridor In The Near Future

Hot Topic

First of Four Project Showcase by Hua Yang Berhad

On The Move : Kota Kinabalu Southern Corridor

Being one of the most picturesque waterfront cities in Malaysia comes with a price. But is the price too high to pay ? ...

38 Is It Time For Kota Kinabalu To Have LRT?

One of the many factors that have contributed to the urbanisation of Sabah’s towns is its network ...

/// Feature Property Showcase

Iskandar Waterfront Holdings

/// FEATURE PROPERTY SHOWCASE

Unveils New Luxury Waterfront Living Properties

skandar Waterfront Holdings (IWH) is a governmentlinked company specifically incorporated to be the Master Developer of 4,300 acres of premium waterfront land on the eastern and western sides of the Johor Causeway within Flagship A of Iskandar Malaysia, the nation’s most booming economic region. It is one of the largest integrated urban development projects in Malaysia and the benchmark is continuously being raised with each new project launch to demonstrate its commitment to excellence in architectural design, lifestyle concept and exclusivity. It has added two more names onto its already impressive list of luxury lifestyle developments in Iskandar Malaysia, Johor which will be showcased at the Kota Kinabalu

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and Kuching road shows. EkoCheras, the maiden project by Ekovest Bhd in Kuala Lumpur, will also be featured in the same events.

Master Developer of Iskandar Malaysia Flagship A

The masterplan for Johor is anchored in marina development comprising of eight ‘growth centres’ with iconic projects that includes luxury serviced apartments, retail and fine dining outlets, themed waterfront developments, hi-tech business and office complexes catering to domestic and international companies, an international yacht club and a luxury hotel. IWH officially announced that it has teamed up with Singaporean firm Hao Yuan Investment Pte Ltd to

create a niche development on 15 acres of land in Danga Bay. MCC Land Pte Ltd, which was involved in the building of several notable landmarks in Singapore and across the globe such as Universal Studios at Resorts World Sentosa and Keppel Distripark, has been appointed as the project manager. Danga Bay, a new waterfront city, is listed as part of the region’s Flagship Zone A and will be one of the largest integrated waterfront urban development project in the country with excellent road, air and sea connectivity as well as direct access to Singapore via the Causeway. AQUAINT DANGA RESIDENSI @ DANGA BAY The Crown of the Oceanfront Aquaint Danga Residensi (ADR) is a 4.19 acre mixed development

located in this exciting and rapidly expanding region within Johor Bahru where there has been an influx of Singaporeans purchasing residential properties. The freehold development comprises 12 double storey retail shop units as well as two 42-storey and two 43-storey residential towers totalling 818 seafacing units spread across the four towers. The high-end residence units are the epitome of luxury, offering up to 270-degree unobstructed waterfront views. Para Impiana Sdn Bhd, a joint venture project between IWH and Aquaint Property Pte Ltd (a subsidiary of the public-listed Aquaint Capital Holdings Ltd) is the developer for Aquaint Danga Residensi. The well-known and established DP Architect designed ADR so that residents can enjoy a 270-degree

shoreline view by swimming through the end of the Infinity Pool. Other acknowledged projects by DP Architect such as Singapore’s Resorts World Sentosa and Esplanade. This is a low-density development compared to surrounding projects with each floor hosting only four to seven units. Each of the towers will also feature a variety of layout to suit the various preferences of purchasers. Spacious enjoyment areas and utilities are separated in order to better enhance the space available. At Ease of Mind The gated and guarded residences are fully fitted with top range fittings and the development is packed with unique features including observation lift in all towers and home automation system. The developer will even include a panic button in all units. This security feature is amplified by a multi-tiered security which includes lift access card and CCTV surveillance.

Aquaint Danga Residensi

Flagship A of Iskandar Malaysia, the nation’s most booming economic region

Location Map

Units face either North or South and range from 543 sq ft to 2006 sq ft in size for a typical unit. They are available in one-bedroom, two-bedroom and three-bedroom variations of Duplexes and Dual Keys configurations. Selected corner units come with special designs featuring 270-degree balconies, while exclusive limited units in the form of the London Apartments and Sky Bungalows which guarantee high-end luxury waterfront living lifestyles are also available. Exclusive Facilities and Amenities A list of first-class lifestyle facilities has been provided for families and individual residents to enjoy and get

the best out of their living experience. Among the indulgences is an Aqua Gym where exercise can be done in a safe and low-impact environment, a connecting walkway along the Straits, a gourmet kitchen for all your party and event needs, a barbeque area for casual socializing, miniature golf course, playground, tennis court, gym room and outdoor wireless coverage to keep you connected wherever you are within the development. Stay Connected Accessibility is a great advantage as residents can get to the North and Second Link Expressway through Jalan Skudai and the Coastal Highway, and to the South and Johor BahruSingapore Causeway via the Coastal Highway and EDL (Eastern Dispersal Link) Highway. ADR is also just seven minutes’ drive to the CIQ (Customs, Immigration and Quarantine) Complex. The Iskandar region also looks set to benefit from the implementation of its Transportation Blueprint. The plans include a regional rail transit commuter system, inner-city lines, proposed rail transit system (RTS) linking Johor Bahru and Singapore, and the high-speed rail (HSR) connecting Kuala Lumpur and Singapore. With these developments, and many more to come, it is inevitable that housing prices have jumped upwards, more than 20% in 2013, double of the national average. Aquaint Danga Residensi will be launched in July 2014, and overall project completion is expected to be in 2019, in tandem with the completion of the Rapid Transit System (RTS) and High Speed Rail (HSR) in 2020.

Actual site of Aquaint Danga Residensi

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/// Feature Property Showcase

KUALA LUMPUR: DIVINE CONVENIENCE ABOVE THE SKY AT EKOCHERAS Ekovest Berhad reached a stunning new milestone when its wholly owned subsidiary Ekovest Capital Sdn Bhd (formerly known as Prompt Capital Sdn Bhd) pre-launched its maiden property development EkoCheras located in its name sake town of Cheras, Kuala Lumpur. EkoCheras is a state-of-the-art eco-friendly mixed development project on 11.50 acres of land consisting of a shopping mall (approximately 1 million square feet), serviced apartments, office tower and a hotel. The project will cater for all your retail and business needs. Whether you want to do some serious shopping, or sample a range of cuisines, the shopping mall will allow you to do just that. In fact, the office tower allows you to carry out your business, do your shopping and live all in one community. Landmark Your first introduction to EkoCheras will be as you drive into the impressive Central Court which leads onto our Central Boulevard. As you walk down the modern boulevard, our Street Mall will allow you to consider your shopping or dining options until you arrive in our South Court which provides an open, natural place with trees and water for the whole community to enjoy. Accessibility & Connectivity With the pedestrian ramp incorporated into the building, you wonâ&#x20AC;&#x2122;t even need to leave

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EkoCheras to go to Greater KL. The new Cheras MRT is literally at your doorstep making business and leisure travel into the city a breeze. Road connectivity via Jalan Cheras, Middle Ring Road II, East-West Link, Grand Saga Highway and the SILK Highway ensures convenient access to the city centre for its residents. The project is also well-connected to the HSR (High Speed Rail), opening up access to more farflung areas such as Singapore. The accessibility to public transport makes EkoCheras the perfect place for young professionals who work in the city, but want to live surrounded by greenery. For Business, Lifestyle and Living A Sky Bridge connects the two SOHO Duplex Towers, the tallest twin-towers in Cheras at 183.5m with a Sky Lounge, Roof Garden, Gym and Pool on the rooftop offering magnificent views of the Kuala Lumpur skyline. Sky Gardens are located at various levels of each tower, keeping the building green and helping to maintain a balanced and healthy lifestyle while enjoying breathtaking views from the peak of Cheras. A Linear Park running parallel to Jalan Cheras is lined with greenery, presenting a lush and pleasing facade to the development. Big open courtyards at the commercial areas with its greenery and water features bring in copious

amounts of natural light and ventilation. This Park will ensure that whatever your purpose in EkoCheras, you are surrounded by nature to relax you. Residents are assured of their safety at all times with a three-tier security system that includes access cards, a CCTV surveillance system in important areas and also parking specifically for single ladies. EkoCheras is a definitive address for a premium and sophisticated lifestyle that will change your perception of metropolitan living with all the indulgences of nature inspired design and amenities.

TOWER J (left) and TOWER H (right) stand as the tallest towers in Cheras. These iconic towers are also connected with a SKY BRIDGE spanning across the top floors, where you will find an exclucive SKY LOUNGE that overlooks the KL Skyline

For Living

For Lifestyle - Street Mall

Developer : Prompt Capital Sdn Bhd Land Area : 11.98 Acres Types of Development : Mixed Development consists Shop Offices, retail lots and serviced apartments Location : Cheras, Kuala Lumpur

Peninsular Exclusive

PROPERTIES ROADSHOW

New Heights of Luxury Urban Living KOTA KINABALU

The Magellan Sutera Resort Meeting Room 6, Level 1 July 5 – 6, 2014 | 10am – 8pm KUCHING

Four Points by Sheraton

Executive Lounge, Ground Floor July 12 – 13, 2014 | 10am – 8pm For more information on any of any these exclusive projects, please call:

KJ Lai Jessey Asyidah Adrian

012-738 6918 012-738 3599 012-787 3310 012-738 3865

A Prestigious Project by

603 4032 1881 www.ecocheras.com

Developer’s License No : 13176-1/09-0215/0571 (L) | Validity Period : 10/09/2013 - 09/09/2015 | Advertising & Sales Permit No : 13176-1/09-2015/0571 (P) | Approving Authority : Dewan Bandaraya Kuala Lumpur | Building Plan Reference No : BP S2 OSC 2013 0077 |Land Tenure : Freehold | Total Units : Block E-362 (Service Apartment); Block H&J-1, 162 (Soho);Block N-316 | Expected Date of Completion : Dec 2017 | Selling Price : RM 457,000 (minimum)- RM 1,069,750 (maximum) | Land Encumbrances : AmBank | Bumiputra Discount : 5%

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/// Feature Property Showcase

/// FEATURE PROPERTY SHOWCASE

SUCCC And USCCA Ink Profitable Joint Venture Deal With City Point Complex

new landmark will take shape in Kota Kinabalu following the official sealed joint venture project between land owners, the Sabah United Chinese Chambers of Commerce (SUCCC) and United Sabah Chinese Communities Association of Kota Kinabalu (USCCA), and Arah Permai Sdn Bhd, the developer engaged to complete the project.

City Point Complex is a 16-storey development spread over 2.7 acres of land in Karamunsing with a Gross Development Value (GDV) of RM300 million. The project will consist of 318 units of 5-star hotel suites, four levels of branded retail outlets, a banquet hall that can accommodate up to 200 tables, a 5-storey carpark with 1,000 parking spaces and offices for SUCCC and USCCA.

City Point Hotel Lobby Artistâ&#x20AC;&#x2122;s Impression

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/// Feature Property Showcase

City Point Complex Branded Outlets Artist’s Impression The project proposal has been endorsed by the Sabah Chief Minister with the blueprint approved in April 2014. Construction is expected to start in September 2014 and to be completed within 42 months. SUCCC president Datuk Seri Panglima Gan Sau Wah has acknowledged the support of the State Government and Chief Minister for the plan to develop the project which will not only enable the associations to own a ‘home’ but also to generate steady income for both SUCCC and USCCA to channel culture, welfare and education funds to various Chinese organisations statewide. Chief Minister Datuk Seri Musa Aman’s contribution towards the well-being of the Chinese communities in the state by approving the development plan speedily was lauded by both associations. In appreciation for his support, he will be invited as guest of honour to officiate the ground breaking ceremony of City Point Complex and Hotel Suites concurrently with SUCCC’s 60th anniversary celebration on the same day. Datuk Gan also expressed his gratitude to the developer Arah Permai Sdn Bhd managing director Francis Goh for his strong support by agreeing to contribute RM2.5 million to the said joint-venture project, of which SUCCC and USCCA will each get a million ringgit. The remaining half million ringgit will be spent to pay for the building’s architecture and engineering plan and to be used for expenses for organising the ground breaking ceremony on 28 June 2014 in Sutera Harbour, Kota Kinabalu, Sabah.

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From left: Chief MInister of Sabah, YAB Datuk Seri Panglima Musa Haji Aman, Mr Francis Goh (Managing Director of Arah Permai Sdn Bhd), Datuk Ling Tiong Chai (Secretary General of SUCCC), Datuk Seri Panglima Gan Sau Wah (President of SUCCC) present at the endorsement of City Point Complex USCCA president John Lim Yu Sin was also credited for his tireless effort in obtaining the necessary approval and documents to proceed with the project. A number of prominent leaders in the state have played a significant role in helping the two organisations acquire this land, either directly or indirectly. These leaders include former Chief Minister Tan Sri Joseph Pairin Kitingan, former Deputy Chief Minister Datuk Chau Tet On and Datuk Yong Teck Lee and both the organisationsâ&#x20AC;&#x2122; past president, chairman and secretary. Arah Permai Sdn Bhd itself is a joint venture between Sabah-based Kinsabina Group and Sarawak-based Hock Lee Holdings Sdn Bhd whose impressive credentials and perceptive approach to the project earned them the award to develop City Point Complex and Hotel Suites. Kinsabina managing director and present chairman of SHAREDA, Francis Goh is a reputable developer in Sabah with multiple housing and shopoffice projects under his belt. Francis has been a steadfast proponent of the housing and property development industry in Sabah through his leadership in SHAREDA and this is one of the most meaningful projects he has undertaken as it will benefit the local community through the two associations.

Hock Lee Group of Companies managing director Yek Siew Liong has enormous experience in constructing retail malls and hotels with his most recent completed project being the Plaza Grand Merdeka in Kuching. He has three listed companies on the KLSE and continues to manage the 360 Urban Resort in Hock Lee Center which is adjacent to a retail mall. Arah Permai Sdn Bhd is technically competent and is financially sound with the developer bearing total responsibility to finance the project on their own till completion. From the onset, Arah Permai had intended to build a hotel and not a mixed development with condominiums as this would require it to allocate parking lots to the unit owners and limit the associationsâ&#x20AC;&#x2122; ability to earn revenue from the carpark rental. As part of the City Point Complex joint venture agreement, SUCCC and USCCA will have a combined 40 per cent profit sharing from the revenue obtained from the parking lots to generate a sustainable income for both organisations. Revenue from the carpark rental is estimated at RM500,000 per month which gives the association an expected monthly income of RM200,000. Another source of revenue for the associations to run its social, welfare and educational programmes would come from rental of the Grand Ballroom. This will guarantee that the associations continue to get returns from its land ownership which is valued at RM40 million.

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/// Feature Property Showcase

City Point Hotel Grand Ballroom (Multi Purpose Function Hall) Artistâ&#x20AC;&#x2122;s Impression

The Grand Ballroom The 3270 sq m Grand Ballroom at City Point Complex will be the biggest in Kota Kinabalu with the capacity to accommodate up to 200 tables once completed. It will be fitted with quality and elegant fittings, furnishings and equipment to cater to a wide range of functions from weddings to MICE events. The double volume Grand Ballroom will be rented out to the hotel for their use whereas the associations will have free access to the venue for their annual general meetings, seminars, convention and assemblies. A huge pre-function hall will greet guests at the entrance of the ballroom and provide them with the comfort of space as they socialise and enjoy the evening. Adjacent to the ballroom will be 10 offices which will be used by the associations as their management office. The construction and interior design cost of RM56 million for this magnificent ballroom is offset against the original land cost of RM40 million. Ownership of the Grand Ballroom will remain with the SUCCC and USCCA who will obtain revenue from its lease back to the hotel operator for 30 years.

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City Point Hotel Grand Ballroom (Multi Purpose Function Hall) Floor Plan

City Point Hotel Superior Suite Artistâ&#x20AC;&#x2122;s Impression

The Hotel City Point Complex and Hotel Suites will play a pivotal role in addressing the lack of rooms especially in the 5-star category to cater to tourist arrivals in the state which has surpassed the 3 million mark in 2013. There are two hotel blocks from the 9th to 16th floor consisting of 318 units superior suites. Each block will have its own full-serviced kitchen and restaurant at the open sky roof terrace offering magnificent sea and city views. A well-known hotel operator will be engaged to manage the 5-star hotel to provide first-class amenities and service to the tourism industry. The airconditioned and alfresco restaurants at the sky roof will be managed by the hotel and will have the distinction of being the highest sky terrace in the city. The 4-storey retail mall from the basement to second floor will have lots for sale with a total of 55 per cent reserved for developer ownership. There will be 130 retail lots of various specifications with two major anchor tenants. Price of the lots range from RM1,800 to RM2,800 per sq ft.

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/// East Malaysia Property News

EAST MALAYSIA

PROPERTY NEWS

Keep track of the latest property and real estate news plus reviews in the property market in Sabah and Sarawak

RM1.8 Billion Project to Transform KK a vital addition to supplement the proposed Kinabalu international Cruise Terminal under the State’s Tourism Blueprint. It will also open the path for a ‘Greater KK’ as outlined under “The Corridor and Cities Transformation Programme” of the Sabah Development Corridor (SDC).

Artist’s impression of Jesselton Quay, Kota Kinabalu

The rapid evolution of Kota Kinbalu’s waterfront is set to record another milestone with yet another mega development project to commence soon. The latest edition to the city’s iconic skyline will be the Jesselton Quay which is expected to kick-off sometime this year following the successful loan signing agreement between the developer and RHB Bank.

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The RM1.8 billion mixed development project on a 16.25 acre area of what was previously the site of the Kota Kinabalu Port container operations will be developed by SBC Corporation Berhad (SBC) in partnership with landowner Suria Capital Holdings Berhad (SCHB). Jesselton Quay, or in short JQ, has an estimated 8-year development period but once completed this new waterfront development equipped with its own cruise terminal will be

Suria Capital Holdings Berhad chairman, Datuk Faisal Datuk Yusof who witnessed the signing between SBC and RHB said the loan approval signified the viability and confidence of the banking sector in the jointventure project. He is confident that SBC is able to deliver on this highly anticipated project as the company is a long established leader in the property sector with an excellent track record. The development of JQ will be the maiden involvement in the property sector for SCHB which has always been focused on port businesses. “Our main aim is to make this entry with a unique preposition. Leveraging on its strategic and exclusive location facing the scenic South China Sea, Jesselton Quay is poised to become an iconic landmark of Kota Kinabalu’s new waterfront and premier tourism destination, complete with its own

cruise terminal and marina,’ adds Datuk Faisal. Meanwhile, SBC managing director Sia Teong Heng said the project was in tune with Kota Kinabalu’s development trend where the city is increasingly embracing its waterfront development in competing with other cities in the region, especially in attracting sea loving tourists. The close partnership between the state and federal governments, particularly in the funding of projects, was the key factor in the rapid development of Kota Kinabalu and the JQ project would not have been possible if not for the strong support from both.

The RM1.8 billion mixed development project on a 16.25 acre area of what was previously the site of the Kota Kinabalu Port container operations

Miri’s Property Outlook Remains Buoyant

76 Property Buyers Conned

A company, claiming to be a property developer has allegedly conned 76 unsuspecting buyers of RM1.56 million by selling non-existent property products. Booming of landed residences in Miri, Sarawak

Demand for residential houses in Miri has increased sharply over the years with the annual take-up rate rising to more than 1,000 units currently, including low-cost houses. The strong growth is a far cry from less than 100 houses completed a year in the 1970s, according to leading property consultant CH Williams, Talhar, Wong & Yeo Sdn Bhd’s (WTWY) managing director Robert Ting. “Price of houses had increased at least 60 per cent over the last decade, and in some cases, even doubled or tripled over the past 10 to 15 years,” he said in an interview in conjunction with Miri City Day. The demand for housing is in tandem with population growth, he added. Based on figures compiled by WTWY Research, Miri division’s population would reach close to 440,000 in 2020 and hit 530,600 by 2030 from 364,500 in 2010. The increased demand for residential housing and consequently modern conveniences has led to various township developments. Bandar Baru Permyjaya launched in November 1995 is by far the largest integrated

township to be developed in a single location in Miri and when fully developed, the new township is expected to have more than 20,000 houses, 1,000 shops and 800 units of industrial buildings, said Ting.

“Miri is one of the major towns directly having an impact in the palm oil industry as more than 60 per cent of oil palm estates in Sarawak are located within the middle belt of Bintulu-Miri zone.

“Miri’s overall property market in 2013 was stable as shown by encouraging transaction activities despite an increase in house price, stricter housing loan requirements implemented by Bank Negara and the declining real purchasing power of households.”

“Currently there are about 1.16 million hectares of oil palm estates. This will continue to grow as there are potentially another 1.5 million to two million hectares of land to be opened up for oil palm cultivation in Sarawak,” said Ting.

‘Shop offices’ transaction volume and prices were up due to higher demand and corresponding increased supply. Buyers also find shop offices attractive investments on an after-tax basis. “Industrial transaction volume and prices are also up as there is currently a limited supply of industrial units,” added Ting. He said demand remained stable this year. The oil and gas industry had been one of the driving forces behind property development in Miri with other catalysts boosting property sales include the thriving timber and oil palm industries.

In addition, Ting also said that property developers would face many challenges, such as regulatory policies, securing land banks, rising land and development costs. “Therefore, developers who look into research and development to keep costs at reasonable level, maintain quality of their products and having large land banks would be in a strong bargaining position to have a competitive edge in times to come,” he concluded.

Sabah State police commercial crime chief Superintendent Saiman Kasran said the police had received 83 reports against the company and raided its office here on April 24 this year. The police also nabbed a 47-year-old man and a 48-yearold woman who were believed to be selling non-existent bungalow lots and property projects in Sabah. The woman was the managing director of the company while the man was her assistant. Three computers, bank account books, mobile phones and documents believed to be used in the duo’s fraudulent activities, were seized as well. In a press statement issued yesterday, Saiman said police investigation found that the company had no licence for development and collecting deposits. The duo allegedly carried out the fraud by advertising in local papers on development projects and sale of bungalow lots in Sabah at a cheap price. Interested customers were required to pay a 20 per cent deposit of

the property price. In addition, the company also promised agents a 10 per cent commission from the deposit paid by customers. A total of 76 victims had paid their deposits amounting to RM1.56 million but there was no signing of Sales and Purchase Agreements (SPA) or handing over of keys as promised by the company, he said. The duo were charged in the Sessions Court yesterday under Section 420 of the Penal Code for cheating and dishonestly inducing delivery of property, which carries a punishment of imprisonment for a term not less than a year and not more than 10 years and with whipping, as well as be liable to a fine. The duo have pleaded not guilty and were released on RM12,000 bail for each charge with two local sureties. Their passports were also compounded. The public is urged to be cautious when purchasing land or residential units and should refer to legal firms or relevant agencies if they had any doubts on the purchase.

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/// Hot Topic

/// HOT TOPIC

On The Move KOTA KINABALU SOUTHERN CORRIDOR

Imaginary superimposed version of Kota Kinabalu city

eing one of the most picturesque waterfront cities in Malaysia comes with a price. But is the price getting too high to pay? Kota Kinabalu has the distinct advantage of having expansive and often spectacular views of the South China Sea that has held it in good stead in its fast-paced development from humble fishing village to cosmopolitan city. Undoubtedly the view has played a big part in the city’s growth

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of residential and commercial buildings. Nearly half of the city centre sits on reclaimed land with each subsequent development inching further and further out to sea to position itself in the most advantageous sea facing location. With whatever available land being used or earmarked for future development, the city centre is being squeezed into a chokehold that is not showing any signs of relenting. Two more prominent projects, the multi-million ringgit Jesselton Quay and KK Waterfront, are in the

pipeline and this will once again alter the city’s landscape with the addition of new luxury hotels, highend condominiums, office towers, lifestyle malls and a cruise terminal . Urbanites who are feeling the financial pinch of living and working in the city centre are also looking for ways to unshackle themselves from the inconveniences of big city problems like traffic congestion, air pollution, lack of space and high parking fees. This goal to enhance their living space and urban lifestyle has shifted the city’s gravitational

centre towards a less pressurised location. Cities grow in a circular fashion but Kota Kinabalu is hemmed in by the sea to the west and highlands to the east leaving it very little choice now but to expand northward and southward. “The overall centre of gravity for Kota Kinabalu remains at the CBD – Central Business District,” explains Ho Chin Soon, renown local property analyst and author.

Seven main developments along the southern corridor However when we talk about the Locational Centre of Gravity for the CBD, it is going south, more like south-west to be more precise. The commercial pattern is heading south because Signal Hill is a constraint to commercial growth and the north portion is used for port facilities.” With its abundance of land, easy accessibility and flourishing businesses, the Southern Corridor of Kota Kinabalu is ready to set a new direction in sustainable growth for the Greater KK area. The Southern Corridor is primed to accommodate much of the city’s population, housing and employment growth over the next decade. Already a number of mixeduse developments have emerged along the highways and link roads radiating south out of the city centre. Developments that are within eyeball distance of the city centre

will remain the most sought after and lucrative as they have the added benefit of access to the city’s business, tourism and entertainment hubs. These developments include Sutera Avenue and Riverson which sit just at the southern boundary of the city centre. Collectively these properties represent a significant change in the way urbanites in Kota Kinabalu view

Kota Kinabalu has the distinct advantage of having expansive and often spectacular views of the South China Sea that has held it in good stead in its fast-paced development from humble fishing village to cosmopolitan city.

city living for the future where space and quality of life are at a premium. Sutera Avenue is poised to be a standout landmark as it seamlessly integrates its Love-Work-Play concept into a series of distinctive features and amenities. Its sleek and contemporary architecture will provide a vibrant backdrop for its contemporary serviced apartments and modern shop-offices with clear frontage of the Coastal Highway. The property will have all the conveniences of a modern lifestyle such as alfresco cafes and gourmet dining, quaint boutiques at its oneof-a-kind Festive Lifestyle Mall and a trendy boutique hotel for discerning business and leisure travellers. Adjacent to this property is the distinctive Riverson, a mixed development that uniquely incorporates retail and commercial units with Asia’s largest medical chain, the Gleneagles Kota Kinabalu Medical Centre. Access to high quality health services with every

convenience right at your doorstep will be an attraction Sabah can capitalise on in venturing into the medical tourism market. Riverson’s themed boutique retail shops and artistic use of lighting and art displays in its interior space will set a new standard in retail therapy experience. Perhaps the biggest project that will intensify the city’s gravitational shift to the south is the Aeropod@ Tanjung Aru. Developed by S P Setia Bhd Group, this mixed development project spread over approximately 60 acres of prime land along Jalan Kepayan Tanjung Aru encompasses the Sabah State Railway Station and is within close proximity of the KK International Airport Terminal 1 & 2. When completed, the integrated project will feature facilities and amenities such as boutique retails and offices, SOVO, retail lots, a shopping and entertainment mall, F&B outlets, high-rise residential towers and hotels.

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/// Hot Topic

Sutera Avenue New job opportunities and an all-inclusive contemporary living environment will be able to support a steady flow of people from as far as Kepayan, Penampang and Papar along the existing highways and link roads. The need for people to travel into the city for work will be lesser as the shift in population concentration slowly moves towards a more convenient and favourable centre. The build up of this population will provide the necessary market for southward residential projects such as Taman Laman Hijau in Kepayan that will appeal to those seeking a more laid-back lifestyle yet close enough to all the essential facilities such as schools, shops, clinics, banks, restaurants and sports and recreational areas. This low density residential development is sprawled across 6.21 acres with just 36 units of spacious semi-detached houses. The living experience of its residents

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will be heightened with landscaped greeneries, recreational facilities, 24-hours security surveillance and access to nearby shopping centres, university, airport, hospitals and restaurants. A small diversion to the south east along the Penampang bypass is the International Technology & Commercial Centre (ITCC Penampang). Located some 10 minutes from the Kota Kinabalu International Airport and 15 minutes from the city centre, this is one of the most ambitious plans to position Penampang as a premier destination for MICE and technology related businesses. It will be an important development catalyst in the Southern Corridor of Kota Kinabalu with a project built-up area of 1.68 million sq ft boasting a four-storey shopping mall, a 330-room business hotel and 295 condominium units or hotel suites

Riverson and a 16-storey office block. Both these projects, and more in the pipeline, will be a precursor for future developments in the bordering Penampang and Kepayan areas. Improved road linkages between these two areas will also

speed up the process of unifying the residential and commercial landscape of the Southern Corridor and open up more opportunities for people to live, work and play outside of the city centre.

ITCC Penampang

Kristal Condominium

City Point Complex

Taman Laman Hijau Aeropod

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/// Featured Property

Sutera Avenue - The Residences

The Residences, Sutera Avenue

uxury residential developments by some of the biggest names in the Malaysian property industry are making their mark in Sabah. One of the latest to join in this list is The Residences, Sutera Avenue by Mah Sing Group Berhad. Capitol Avenue Development Sdn. Bhd., a wholly-owned subsidiary of Mah Sing Group, is Malaysia’s leading property developer at the forefront of building quality homes and prime commercial projects in strategic locations. Currently the Group has 46 projects spread throughout Malaysia’s property hotspots, namely Kuala Lumpur and the Klang Valley, Johor Bahru (Iskandar Malaysia), Penang (Northern Corridor Economic Region) and Kota Kinabalu, Sabah. Staying true to its commitment to quality and form, every Mah Sing project carries the hallmark of innovative design and quality finishes, majestic grand entrances, security, extensive landscaping and green street concept. Emphasis is also placed on exemplary customer service that is essential

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/// FEATURED PROPERTY

in the creation of a conducive and safe living environment. The Latest City Lifestyle Hotspot Standing out with its sleek and contemporary architecture, Sutera Avenue is set to be an exceptionally captivating landmark in Kota Kinabalu. Its strategic location along the Coastal Highway, and only 3.9km from the Kota Kinabalu International Airport, gives Sutera Avenue the upper-hand in providing a lifestyle that is luxurious and exclusive yet so accessible. Sutera Avenue, with a gross development value (GDV) of RM502 million includes The Residences which has a total of 320 units of serviced apartments in three towers, namely Tower 1 (100 units), Tower 2 (120 units) and Tower 3 (100 units). The 10-storey Tower 2 offers a choice of Type A (1+1 rooms) with floor space ranging from 726 – 758 sq ft or Type B (2 rooms) covering a generous range from 972 – 995 sq ft. Prices for both types

start from RM605,000 onwards. The Residences is the epitome of luxury lifestyle with a host of top-notch facilities for residents to enjoy such as infinity pool, sky garden, gymnasium and a rooftop playground. Panoramic views of the cityscape and surroundings add to the indulgent sense of exclusivity. Security is one of the priorities too, with 24- hour security, card access to car park, closed circuit television (CCTV) at the lift lobby and card access to lifts and secured reception lobby. The serviced apartments also come with ground floor reception which provides hotel style services and will entertain most of the residents’ requests and needs. The Residences sit atop of the two-storey Festive Avenue Retail which offers a one-of-its-kind retail street concept with a 50-feet wide pedestrian boulevard on the ground floor, and wide frontage units served by escalator access to each floor.

Sutera Avenue - Festive Avenue Retail

The mall is built to pamper you with a sophisticated and relaxing shopping experience. The 16 units of double storey lots offer retail space from 2,616 â&#x20AC;&#x201C; 3,692 sq ft and is packed with boutique retail shops and exceptional cuisine at myriad alfresco cafĂŠs and gourmet restaurants. Price per unit starts from RM3.68 million and above. Residents can enjoy the convenience of dining and shopping for their daily needs right at their doorstep. Sleek, Stylish And Safe The selection of new luxury residential properties is growing by the day and it can be a daunting task for potential homebuyers to make the perfect choice. Quality is an important consideration that Sutera Avenue does not compromise on. The Residences has adopted the CONQUAS (Construction Quality Assessment System) to ensure it is met to the highest degree. The CONQUAS is a standardized method of quality assessment where the developer is able to set targets for contractors to achieve and also assess the quality of the finished building. The CONQUAS was introduced in Singapore in 1989 and has served as a standard assessment system on the quality of building projects.

Sutera Avenue - The Residences Infinity Pool

Today, it is widely recognised and accepted internationally as a benchmarking tool for quality. It is now a registered trademark in Singapore, Malaysia, China, Hong Kong SAR, United Kingdom, Australia, South Africa and India. A Lifestyle Investment The quest to create the most iconic residence with all the ease and convenience to live, work and play has produced one of the most exciting integrated commercial projects to take shape in Kota Kinabalu. Response from individuals and the business sector has been overwhelming and continues to grow. The 10-storey shop-offices at Block A adjacent to the serviced apartments are already sold out while the 16-unit Festive Avenue Retail at Block B has reached 70 per cent in sales. An impressive take up of 50 per cent for the Tower 2 serviced apartments launched in January 2014 has demonstrated the positive investment potential of the project.

The Residences is the epitome of luxury lifestyle with a host of top-notch facilities for residents to enjoy such as infinity pool, sky garden, gymnasium and a rooftop playground. Panoramic views of the cityscape and surroundings add to the indulgent sense of exclusivity.

Confidence in the property developer to deliver on a dream to live a premium lifestyle of exceptional quality will make The Residences, Sutera Avenue one of the most sought after neighbourhoods in the city.

For more information, please call

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/// Feature Property Event

/// FEATURE PROPERTY EVENT

Tan Brothers Launches First Property Development T1@Bundusan

Directors of TBMC Development officiating the launching of T1 @ Bundusan. (L-R) Matthew Tan (TBMC Project Director), Anthony Tan (TBMC Director), Datuk Aloysius Tan (Chairman), Liew Teck Kheng (Director) and Clement Tan (Assistant Project Director)

an Brothers Machinery Company (TBMC) made its maiden entry into the property development industry in grand fashion with the launch of T1@Bundusan.

T1@Bundusan comprises of 12 four-storey blocks of commercial shop office, 12 units of dual-volume sky F&B outlets on level 5, a six-storey boutique hotel and a singlestorey basement car park which sits on just 1.94 acres of land along Jalan Bundusan. The project is expected to be completed by 2017. TBMC project director Matthew Tan Yaw Tzuu described the iconic building as a remarkable piece of art that is set to transform Sabah’s typology. “There is no doubt that this building shows a distinct impression at every angle and will be a benchmark for the commercial designs in the near future,” said Tan. He said that the project was a milestone for TBMC which it achieved through the pioneering collaboration with Mak

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The first buyer of T1 @ Bundusan, Ar. Mak Chee Chong (centre)

Arkitek Konsult’s Mak Thur Pei, a young architect who won the inaugural Tan Sri Chan Sau Lai Architecture Award by the Malaysian Institute of Architect for fresh and innovative design. Tan said that the building has been designed with quality in mind and meticulously crafted for those who appreciate the finer things in life. “Upon its completion, it will redefine the business landscape as it will be built with up-to-date infrastructure and IT facilities,” he adds. Meanwhile, Mak Thur Pei gave a detailed outline of the various features that sets the project apart from other commercial buildings of the day. “It has an entirely new kind of typology which we believe is taking the definition of commercial shop office to a whole new level and this is something that we hope will set a new benchmark for our local developments in the future,” she said. She explained that they have adopted the cluster typology for the development where each block is made of four units connected side by side and back to back. This configuration means that every unit will be a corner lot where 50 percent of the unit perimeter is a frontage. Another highlight of the project is the sky terrace on level 5. “This level is basically a duplicate of another ground floor but it is suspended in the air. On the outside, the sky terrace will create a spectacular visual impact to its surroundings when it is lit up at night,” she explained. “It will resemble a hanging lantern in the air and this is something that we hope will be a new landmark along Jalan Bundusan.” Prices for the sky food and beverage outlets on the fifth floor starts at RM600,000 while the commercial lots start at RM2.6 million onwards. The launch also witnessed the Management Agreement signing between TBMC Development Sdn Bhd and WTW Property Services (Sabah) Sdn Bhd who has been appointed as the Management and Service Company to maintain the facilities at T1@Bundusan. Mak Chee Chong was announced as the first buyer with the official signing of the sales and purchase agreement. TBMC Development Sdn Bhd chairman Datuk Aloysius Tan mentioned during a press conference at the launch that feedback for the project has been very positive with most interest coming from local buyers.

For more information on T1 @ Bundusan please contact: +6088 386 979

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/// East Malaysia Property News

More Malls to Give Retail Business Extra Boost

Local-based PE Land Sdn Bhd (PE Land), the management and operator of tHe Spring Shopping Mall in Kuching is embarking on an expansion plan to develop more shopping malls in the coming years to further grow its retail business. Fresh from opening its newly refurbished food court on the first floor of tHe Spring Shopping Mall earlier this month, the company will be developing an outlet mall in mainland Penang known as Penang Designer Village (PDV) in the second half of this year. Apart from that, PE Land is also going to develop another shopping mall in Bintulu this year located near to the town’s waterfront, and another shopping mall in Miri next year. However, with the ever changing retail environment, it might be challenging as the economy braces

for a tighter budget, stricter lending policies, rising cost of living, more competition and impending goods and services tax (GST) set to put a dent in spending habits. “We have a long term view for our malls as it must be maintained properly to ensure that it is clean, safe and comfortable for shoppers as such re-investing to improve our facilities is a must,” said PE Land managing director Ling in an interview with The Borneo Post. “We are committed to bringing in a new experience to the people of Sarawak and tourists alike because we ourselves demand it,” he added. With its recent win from the Ministry of Tourism and Culture declaring tHe Spring Kuching as the Best Shopping Mall for Sabah and Sarawak, it seems befitting for all its effort.

“I am optimistic that this is part and parcel of a cyclical economy of which it will eventually stabilise over time. “What is more important is that the government understands what it needs to do so that we will have a stronger more competitive economy,” said Ling. He continues to highlight rising costs as one of the factors pushing PE Land towards expanding its portfolio of assets, “otherwise it may be too expensive to enter the market later when the market booms,” Ling added. PE Land’s strong strategic partnerships have positioned it well to capitalise on its expansion plans in the future. One of those developments is in Bandar Cassia, Batu Kawan, Penang where it will build a 400,000 square feet premium outlet concept known as Penang

Designer Village and hotel with a gross development value (GDV) of over RM300 million and is expected to open by late 2016. The land is spread over 40 acres with a possible future phasing of development to include high rise residential properties. “We are very excited this year as there are a lot going on for us,” Ling said, referring to the multitude of events and new global tenants set to make its entry into Kuching starting with the opening of COACH New York on June 1 and the yearly community The Spring Live Active Run on June 15 to promote a healthy lifestyle and sportsmanship.

Naim Holdings Net Profit Soars to RM95.8 Million group said it continues to seek opportunities to acquire strategic land banks within Malaysia to further strengthen the segment in terms of sales, profit and market share. However, it remains cautious in view of the mixed outlook of property market in Sarawak for the year ahead. Naim Holdings Bhd’s net profit for its quarter ended March 31, 2014 more than doubled to RM95.81 million from RM41.16 million a year ago. The Sarawak-based property company told Bursa Malaysia that the increase was due to

substantial gain of RM61.7 million arising from disposal of partial interests in an associate. Meanwhile, its revenue was up 19.5% to RM154.05 million from RM128.9 million a year ago contributed by its construction segment, on

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account of higher progress of existing construction projects. Earnings per share for the period stood at 40.44 sen against 17.37 sen a year ago. Commenting on its property segment’s prospects, the

“Product planning and pricing as well as tightening of costs control strategies are amongst the key measurements to be implemented in order to sustain the performance in our property segment,” it said.

At the same time, the group said it will progressively divert its existing construction resources to the property division which has consistently contributed good margin and growth in performance. “A number of sizeable construction tenders has been submitted and we are cautiously optimistic to secure some to replenish our order book which currently stands above RM1 billion,” it said.

Prime Minister Gives Sarawak High Hopes for Increased Royalty extension of their usual 15 or 20 years term.

Facilities for Disabled a Must for Building Plan Approval

“It is not fair for oil-producing states to get nothing except royalties,” he said during a press conference recently. See added that the state’s participation in the downstream industries was only about five per cent through Petronas Carigali Sdn Bhd. The promise by Prime Minister Datuk Seri Najib Tun Razak that the federal government will give utmost consideration to Sarawak’s request for higher gas and oil royalty has received all round approval from both sides of the political divide in the state. Parti Rakyat Sarawak (PRS) president Tan Sri Datuk Amar Dr James Jemut Masing hoped that the federal government would meet the appeal brought up by Chief Minister Tan Sri Datuk Amar Adenan Satem in his speech during the Malaysia Gawai Open House in Miri. Masing added Sarawak needed that extra fund as many areas in the state were still in dire need of development. “I am very happy to note that the federal government is willing to consider Sarawak’s request for a 15 per cent increase in oil and gas royalty. “I must congratulate the Chief Minister for being able to bring all the state’s elected representatives, from both political divide, to request for the royalty to be increased to 20 per cent,” he said when contacted recently.

“Sarawak is a big state and needs bigger funds to develop it comprehensively.”

“Therefore, we call on the government to reveal the number of PSCs signed between Petronas and PSC contractors in Sarawak, the total value of PSCs affecting Sarawak, the equity holdings of Sarawak in these PSCs at present, the value of entitlements of Sarawak in the profits of these PSCs, the equity holdings of Sarawak in PSC downstream industries as well as the value of entitlements of Sarawak in the profits of these PSC downstream industries.”

“Our hope is that it (royalty increment) could be made a reality soon.”

See was wary of the royalty being paid in the form of development funds.

Meanwhile State PKR vice chairman See Chee How said it was not enough for the federal government to just consider increasing the oil and gas royalty to 20 per cent for the state. It must set a deadline for discussion on the payment.

“In principle, we should not agree to the payment of the royalty in the form of development grants. The federal and state governments must be clear with the distinction of these two.

“Political differences among YBs (elected representatives) must be put aside, and Sarawak’s interests to the front.” Meanwhile, Balai Ringin assemblyman Snowdan Lawan was also thankful to Najib for his positive response to the state’s request.

He added that the state should look beyond royalty as it should also ask for its share of ownership through sovereign wealth fund in downstream industries such as contracts for infrastructure facilities and all forms of maintenance support.

Masing praised Adenan for making the request as oil royalty had been a long standing issue between the state and federal government.

He added that Sarawak must demand for equity shares and direct participation in the Production Sharing Contracts (PSCs) involving exploitation and production of oil and gas and related products in the state.

“It hasn’t been done before. May this be the start of what is to come. Together we should stand as one when Sarawak’s interests are at stake.

“We call on the state government to demand for such equity holdings through state-owned sovereign wealth fund when the PSCs are up for negotiation for

The royalty is the state’s entitlement of rights, while development grants are typical handouts from the federal government.” If the state government were to agree with the federal government to make the royalty payment in the form of development grants, the Sarawak State Legislative Assembly must be shown audited accounts of such payments and be ensured that the additional payment of oil and gas royalty are over and above the present development grants allocated to the state, he said.

High standards of car park planning and implementation found in Kuching

Property developers have to take into account universal design and disabled persons’ (OKU) facilities in order for their development plans and building plans to be approved by Kota Kinabalu City Hall (KKCH). Mayor Datuk Abidin Madingkir said KKCH required property developers to provide facilities for the OKU community in new buildings such as parking spaces, toilets, ramp and lifts. “This is one of the conditions that must be met for development plans and building plans to be approve. This is in line with the government’s effort to plan and create facilities and environment that meet the accessibility needs of all, including children, elderly folks, pregnant women and OKU,” he said when closing the Access Audit Workshop in the Built Environment 2014 held at KKCH’s Learning Centre recently. The two-day event was jointly organised by KKCH’s Human Resource Management Department, KKCH’s City Planning Department in collaboration with KAED Universal Design Unit (KUDU), Universiti Alam Antarabangsa, Department of Standards Malaysia and Sabah Social Welfare Department. This was the second workshop of its kind organised with the first one held in 2012. Abidin said that he hoped the two-day workshop would increase awareness of the public, particularly professionals such as architects, engineers, landscape engineers, academicians, students, rehabilitation medical experts, local authority (PBT) representatives and individuals who fought for the rights and freedom of OKU on this issue. “The relevant parties, especially those involved in the building industry, should be exposed and trained on OKU facilities so that their knowledge could be applied and incorporated into all aspects of development, including schools, housing, business premises, religious premises ad offices.”

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/// Exclusive Interview

/// EXCLUSIVE INTERVIEW

MAK THUR PEI Sabah’s Aspiring Young Architect

uiet and unassuming, Mak Thur Pei allowed fleeting displays of light-heartedness cross her determined features as we talked about her impressive debut into the world of architectural design, her inspirations and hope for the future. She was born in Penang and moved with her family to Kota Kinabalu when she was one year old. School life was remarkably normal with a steady progression from KK Chung Hwa Primary School to Kian Kok Middle School, Institute Sinaran for her ‘A’ levels and finally to the University of Western Australia in Perth. Her father, Ar. Mak Chee Chong started his own architecture company more than 20 years ago and was determined that she followed in his footsteps. Despite some early resistance, Thur Pei finally connected with her father’s passion for architecture in her second year and things began to fall into place. Right off the bat, Thur Pei started helping out with architectural designs at her father’s company during school holidays to get a feel of the work. There was no shortage of creative ideas either from her father or other well-known architects like German Mies van der Rohe, whose minimalist approach to architecture design and often quoted slogan “less is more” was to be the fundamental driving force behind her work throughout university. A major milestone in Thur Pei’s maturing talent as an architect to be reckoned with is designing her very first professional project, Neutron Riverside while still at university. This spurred her to enter the inaugural PAM-Tan Sri Ar Chan Sau Lai Architecture Award in 2012 where she emerged the winner among a total of 32 entries. Her submission “Four Square House Design Problem” was her third year university project which focused on the concepts of connection and contiguity with emphasis on green spaces and interconnecting footpaths to encourage social interactions. “Mak exhibited imagination, creativity

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and a maturity of thinking towards realism while creating her inspirational proposal and it is by encouraging the talented local architects of Malaysia such as our inaugural winner that makes this award instantly worthwhile,” said Tan Sri Chan Sau Lai, the award’s namesake and cobenefactor. Blending nature with our built environment and living spaces, as well as promoting family and social interactions were important elements in Thur Pei’s design. She laments that these issues are not always properly addressed in a lot of residential developments these days. Her design for Four Square House Design Problem was her way of moving away from the cookie-cutter terraced house design that is akin to a barracks with little or no interaction among the inhabitants. “I would like to change the typology of residential units by using a different approach to build not just the infrastructure but also to create a unique living experience,” she says. Winning the award was a confidence booster not only for Thur Pei but also her clients as she now works full-time with her father in Mak Arkitek Konsult. The stakes are also much higher for Thur Pei to constantly hit the high marks with each new project. In an interview with The Edge after winning the award, she said, “With all these expectations, I know I have to keep up my standard and not fail anyone. I will always strive to create better architecture and to change the living environment and improve our living standard. I also hope one day I will have the chance to bring Malaysian architecture to the international stage.” Thur Pei has a staunch supporter in her father who has mentored and guided her on her course to transform the architectural landscape of Sabah. It is a huge task for one so young but Thur Pei has built a firm foundation to keep her focused. She credits much of this to her late mother, who was unwavering in her support and motivated her to achieve the best in all her endeavours.

“My family is very proud of my achievements especially my parents. I owe a lot to my mother particularly for her upbringing which has made me who I am today” she says. Her brother Mak Thur Jia, an architecture student, has started helping out in his father’s firm much as Thur Pei had done while still studying. This close-knit family unit with a shared passion is giving Thur Pei the support and encouragement she needs as she continues to improve with each design. Her motivation now is to pioneer the use of cluster typology in commercial developments that emphasises on ease of flow, productive use of space and integration with the environment. In a nutshell, the cluster typology puts together four units into a cluster with each unit connected side by side and back to back. This gives each unit a maximum of fifty percent frontage which can be used to enhance the entrance to make it more open. This approach works well with small areas as it maximises open spaces that can be used for recreational and socialising purposes. Employing a certain kind of typology into every design is not as simple as it seems as there are other elements to consider. According to Thur Pei, “Architecture is something that has to be designed to fit into the site, the landform, the local context, climate and historical features if any.” She has had to make modifications to her designs to accommodate space limitations, unusual land shapes, clients’ requirements and economical factors but this is what challenges Thur Pei to think out of the box and come up with innovative designs to overcome these limitations and change the way people use the buildings. Her father’s resolve to always be different and to be a leader instead of a follower has certainly rubbed off on Thur Pei. She says that developers in Sabah are now more appreciative of architectural design and how it can enhance their projects. The improved working relationship between developers and architects in recent

years has brought about some very impressive building designs that are making people stand up and take notice. Individuals are also finding consulting an architect to create a unique building design as a good investment. Thur Pei says, “If you want to have a building that is different from everybody else’s, you can. It all depends on how you do it. The most important elements to consider are the planning and composition. This is what makes the structure unique, not the expensive materials that you use.” Materials are of course an important element in any construction especially if you want it to complement the surrounding natural and built environment. But blending in with nature does not mean that your materials have to be made of natural materials as well like timber. “Timber is very expensive now and it will start to warp and change form over time. I prefer to use durable materials that can achieve the same effect as natural materials through its composition, colour and texture,” she says. “I prefer porcelain tiles over granite tiles because granite is more porous, for example. Also, mineral boards that haves the look and feel of timber. These materials are less expensive but more practical and durable.” Although Thur Pei is quick to point out that she does not have an immediately recognisable signature style like Zaha Hadid, an architect she admires for her very distinctive fluid and futuristic creations, she likes to describe her work as simple and minimalistic. While some might consider her new to the local architecture scene, Thur Pei has acquired quite an impressive clientele list of new and established property developers seeking her expertise. Her tenacity to see new and innovative designs come to the fore is refreshing and we look forward to seeing more of her and her ideas in the future.

Mak Thur Pei, flanked by her father Mak Chee Chong (left) and her brother Mak Thur Jia

Photo by Louis Pang Studio

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/// Feature Property Event

PacifiCity Welcomes Shopping Mall Anchor Tenants

Executive Director of PacifiCity Holdings, Kwok Khoon Ping addressing the audience during the event

acifiCity welcomed its two anchor tenants for the lifestyle shopping mall which is set to open in 2015.

The two tenants, Everrise Supermarkets represented by chief executive officer Jeffrey Sia and TGV Cinemas represented by chief executive officer Gerald V Dibbayawan attended the signing ceremony at the PacifiCity Sales Gallery today (June 11). Also present at the ceremony was director general of Kota Kinabalu City Hall, Datuk Yeo Boon Hai, and executive director Kuok Khoon Ping and managing director Jonathan Wheeler of the project developer Pacific Sanctuary Holdings Sdn Bhd. PacifiCity is a premier lifestyle hub offering fullyfurnished sea and mountain-view residences, international standard offices, luxury hotels and an entertainment rich shopping mall spread over 25-acres of land in Likas Bay. The shopping mall will be the first phase of the project to be completed.

/// FEATURE PROPERTY EVENT

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Everrise Supermarkets and TGV Cinemas represented by their respective chief executive officer Jeffrey Sia and Gerald V Dibbayawan at the signing ceremony at the PacifiCity Sales Gallery witnessed by director general of Kota Kinabalu City Hall, Datuk Yeo Boon Hai, and executive director Kuok Khoon Ping and managing director Jonathan Wheeler of the project developer Pacific Sanctuary Holdings Sdn Bhd

Jonathan Wheeler presenting to guests and panel of invited guests

PacifiCity represents a new focal point for Kota Kinabalu teeming with a rich mix of local businesses, community centres, top schools and a large catchment of local and expatriate residents which has contributed to its family friendly positioning and tenancy mix of the shopping mall. “Reflecting our community centric vision, we have placed a lot of emphasis on creating a family friendly, safe and professionally managed shopping centre. Through dialogue with our target patrons and experienced retail planners, we are crafting a shopping mall that will serve the wants, needs and whims of KK’s population,” says Jonathan Wheeler. He adds that the two anchor tenants will be bringing exciting new retail and entertainment concepts to Sabah. Everrise Supermarket, one of the largest and fastest growing supermarkets in Sarawak, opened its first store in 1993 and today offers complete onestop grocery shopping for all household needs, combined with a valuefor-money retail experience across 20 stores to serve a lifestyle oriented customer. The new 25,000 sq ft Everrise Supermarket in PacifiCity aims to create a new lifestyle and consumer-centric supermarket environment by introducing new lines of products and services and featuring new store design that appeals to the local community. The project’s 8-screen 50,000 sq ft Cineplex will be TGV Cinemas’ first establishment in Sabah. TGV Cinemas is one of Malaysia’s oldest and largest multiplex cinema operators with 22 cineplexes and close to 180 screens across the country. Their strategic partnership with IMAX has transformed an ordinary trip to the cinema into a totally immersive movie experience. The IMAX screen is four storeys high, allowing a picture that is bigger, higher and wider than your field of vision, fully immersing the viewer in the movie. The experience is intensified by a laser-aligned 12,000 watt sound system and a custom designed seating layout to ensure moviegoers are always in the centre of the action. The design of PacifiCity’s 450,000 sq ft shopping centre draws inspiration from Sabah’s natural beauty, quite literally ‘bringing the outside inside’ with features such as the Kinabatangan River Village, a 90-meter long indoor river spanned by quaint little boutiques and cafes, to a cavernous signature atrium filled with green walls, natural timbers and light wells. Site progress continues on track with the topping out of the retail podium expected by early next year.

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/// Special Feature

Development Milestones

/// SPECIAL FEATURE

Projects Nearing Completion

Kota Kinabalu - Imago Mall & The Loft

by Asian Pac Holdings Berhad

Sandakan - Utama South Condominium, Bandar Utama by

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IJM Land

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/// Hot Topic

Is It Time For Kota Kinabalu To Have LRT?

/// HOT TOPIC

An imaginary superimposed LRT system in Kota Kinabalu city

ne of the many factors that have contributed to the urbanisation of Sabah’s towns is its network of roads. Kota Kinabalu is of course the main beneficiary of this progress with all roads leading into the city having undergone a series of upgrades. Today we have four- and six-lane dual carriageways, flyovers and link roads to connect the city to highly populated residential areas, business districts and industrial centres that provide the manpower and resources to drive the city’s economy. Having to move all these people on a daily basis from their homes to their workplace has created

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the inevitable problem of traffic congestion. Yet, whenever a new stretch of road is constructed to relieve the pressure, more cars would appear to fill up these roads again. The city development authorities have been stuck with this persistent thorn in the side for years and frustration is building among road uses to put an end to this daily grind. The most used public transport in the city is the bus system which unfortunately does not rate very high on the efficiency and reliability scale among the commuting public. Wear and tear is evident on many of the buses; they don’t run on a

schedule, the drivers’ road etiquette is sometimes questionable and unaccommodating routes has made public transport undesirable although it is the cheapest option. Despite its many shortcomings, the bus system has managed to play its intended role as a transport provider. City planners are now being challenged to upgrade this system or to find an alternative to provide the public with a reliable public transport system that is in tandem with the city’s infrastructural and population growth. Several quarters have made assertions that Kota Kinabalu is ready for the implementation of a Light Rail Transit (LRT) system to

ease traffic congestion. However, there is that pressing issue as to whether Kota Kinabalu has the necessary population to warrant such a massive undertaking like the LRT, both physically and financially. Stanley Chong who heads the City Hall’s City Planning Department says that population size and preference are pertinent issues that they have to address before making a final decision as to which alternative would be most suitable to counter the city’s escalating traffic problem. “Implementing the LRT or MRT system in Kota Kinabalu is going to be very expensive and we would need to gather vital data such as

A sample of possible Rapid Bus Transit, LRT or MRT routes

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/// Hot Topic

population size, what percentage of this population uses public transport and are they willing to pay for the LRT service. There must also be an efficient feeder bus system from the LRT stations to the surrounding residential and commercial areas.” “If we cannot generate usage and revenue from the users, we won’t be able to convince the investors to finance a project of this scale,” stressed Stanley. The Kualau Lumpur LRT and monorail system which began operation n 1998 was built at the cost of RM1.18 billion. Almost 20 years later, it has integrated its transportation network that transports approximately 4.8 million passengers every week with 1092 buses and 60 rail stations operating daily. The 8.6km KL monorail runs across 11 stations and is the intercity public transit system that links key destinations within Kuala Lumpur and serves its central commercial, employment and shopping district. Yet despite these figures, only a fraction of the city’s population uses public transport today and this situation is mirrored throughout Malaysia. A research article on Mode Choice between Private and Public Transport in Klang Valley, Malaysia by University of Malaya published in 2014 stated that in 2010, only 17% of the population in Klang Valley used public transportation compared to usage in more populated cities such as Singapore (64%), Hong Kong (74%), and London (90%).

Monorail in Kota Kinabalu city - artist’s impression

Opponents to the system also counter that the LRT system provides little of the benefits of reducing pollution and traffic congestion because Malaysians still choose to buy a car, pay higher fuel prices, taxes and maintenance for the sense of independence and convenience a personal vehicle gives them. If drivers do not choose public transport over personal vehicles, the cost of building an LRT system would far outweigh the perceived benefits. We can argue that money or more specifically the availability of money will tip the scale to realising the dream of implementing a LRT in Kota Kinabalu. Sabah after all has the resources to generate funds for this.

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Imaginary monorail in Kota Kinabalu city- artist’s impression

Jeffrey Kitingan who once headed the Institute for Development Studies which did a study on the city’s transportation needs opines that the Sabah government should not be afraid to demand development funds for the LRT project since the state would be contributing an additional RM8.70 billion in oil and gas revenue to Petronas and the federal government in 2014. “A monorail public transport system is a proven system. If not, there is no reason for the federal government to invest RM36 billion to build the Greater Klang Valley Monorail Transit System,” he said. “And if Putrajaya can finance RM36 billion for the Greater Klang Valley Monorail Transit, there is no reason for the federal government not to finance up to RM12 to RM15 billion to build the Kota Kinabalu Monorail,” he adds.

Kota Kinabalu City elevated bus station - artist’s impression

But is spending all that money on implementing a LRT system really worth it? According to Mayor Datuk Abidin Madingkir, “It is not timely for us to provide a LRT system in the city because the present population cannot sustain the proposed facility.” “The most suitable measure would be to put up a Bus Rapid Transport (BRT) system that could reduce traffic congestion in the city and provide for better flow of traffic.” The BRT is a project under the City Hall Public Transport Master Plan (KKPTMP) which includes the building of two new bus terminals in Kepayan (Southern Bus Terminal) and Penampang (Eastern Bus Terminal) to complement the existing Northern Bus Terminal in Inanam which will be upgraded. The Wawasan Plaza terminal which is under construction in the city will act as the transit point for city buses and shuttle buses between the terminals. The completion date for the other terminals is projected to be beyond 2015. There are many success stories about the implementation of the BRT in over-populated cities with one of them being the TransMilenio in Bogota, Colombia. Before this system was implemented, the inhabitants of Bogota would travel on thousands of independently

Elevated bus station - source wikipedia

operated and uncoordinated mini buses. TransMilenio is made up of several interconnected BRT lines and was opened to public in 2000 when Bogota’s population stood at around 6.3 million. Two lanes on busy highways were dedicated as bus lanes, one for express buses and one for local buses that stop at every station. The stations are elevated platforms where the bus floor is the same level as the platform, making it easier for the elderly and handicapped to get on and off the bus. Feeder buses would transfer people from surrounding residential areas to the main terminals but if you ride your bicycle to the terminal, you can park it there for free and take the bus to your intended destination. This feature was designed to reduce the number of feeder buses on the roads. Several different companies own and operate the buses themselves

but a central traffic control room would monitor movement of the buses, communicate with the drivers and ensure that the buses are kept on schedule much like an air-traffic control centre.

the residents there,” he said.

Can Kota Kinabalu replicate this success story with its own BRT system to combat traffic congestion? Or is the LRT still the best option?

Having an LRT system in Kota Kinabalu may or may not be practical given the circumstances of the city’s geographical features, existing roads system and public perception of public transport. We are in agreement however that something must be done to alleviate the worsening traffic congestion problem and we hope the answer will not be too far away.

Stanley suggests that we should take a more persuasive approach to wean the public off driving private cars and using public transportation, particularly when travelling into the city.

“If they have everything they need close by, they would not have to travel into the city and this will lessen the traffic congestion.”

“What we try to do is to encourage mixed use developments along all the major roads so that the residents there would have access to all the necessary facilities and amenities such as schools, clinics, banks, restaurants, shops, markets, and recreational areas. New commercial developments would also provide job opportunities for

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/// East Malaysia Property News

DC Residency Makes an Impact on Luxury Lifestyle and Living

Tanjung Aru Beach and Park Will Not Be Closed to Public He said the two sites would be maintained as public recreation grounds and would undergo further upgrading and expansion. The allegations arose after the City Hall showed the 2020 Kota Kinabalu Local Plan to the public as the plan indicated that the area in question has been zoned for tourism development. He added that what was exhibited did not show the intricate details of the plan.

A photo of the Kota Kinabalu Local Plan 2020 draft taken at the public consultation

One of the most impressive projects previewed at the recently concluded SHAREDA PH Expo Tawau held from 16 – 18 May in Tawau was DC Residency by Guocoland Malaysia. DC Residency is the developer’s flagship project and will be the first integrated development project in the exclusive Damansara Heights enclave. The iconic landmark will include two luxury condominium blocks (DC Residency by Clermont), two corporate office towers, a lifestyle mall and an international class hotel (Clermont Kuala Lumpur). The integrated project, located adjacent to the Damansara town centre, will be developed on a prime freehold site of 8.5 acres with a total development area of about 2.2 million sq ft.

Mayor Datuk Abidin Madingkir has denied the allegation by a non-government organisation (NGO) that the Prince Philip Park and Tanjung Aru Beach would be closed to implement the Tanjung Aru Eco Development or TAED.

One of the most impressive projects previewed at the recently concluded SHAREDA PH Expo Tawau

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“The allegation that it would be closed is untrue,” he said. Abidin explained that they haven’t finalised the detailed plan yet as it requires public consultation and they will submit

Once the central board gives its nod to the plan, it will be submitted to the State Government for consideration, he said. Meanwhile, a total of 144 rejection forms have been received by the City Hall since the plan was unveiled on May 8. “But not all of the forms are focused on objecting the plan. There are also proposals and feedback,” he said. Deadline for the exhibition ends on May 22, but City Hall would continue to be open to ideas, comments and objections as it wants to hear from the public. “Every matter that is raised will be evaluated to improve the 2020 Kota Kinabalu Local Plan,” he said.

Kota Kinabalu to Have One-Way Traffic in the City traffic will flow in one direction from the Wawasan Plaza roundabout to the roundabout entering Jalan Tunku Abdul Rahman (behind Wisma Merdeka). The opposite route will be from Jalan Tun Abdul Razak (in front of Wisma Merkeda) back to Wawasan Plaza.

DC Residency features luxury service apartments targeted at a diverse group of house owners and investors with the option of one-bedroom units up to 3+1 bedrooms that are perfectly suited for young professionals, couples or families. A private preview for DC Residency was held in Kota Kinabalu on 24 May to give investors on the west coast of Sabah their first look at this exclusive property.

Abidin maintains that Tanjung Aru Beach and the Prince Philip Park will remain as public domain and would not be closed to the public.

the plan to the central board for its consideration once the consultation has been done.

Besides reducing traffic congestion, the rerouting plan also aims to provide more room for road users and pedestrians by removing road dividers and expanding the pedestrian walkways in the city. Kota Kinabalu City Hall plans to introduce a one-way traffic system to ease the perennial traffic congestion in the heart of the city. Mayor Datuk Abidin Madingkir said the implementation, which comes under City Hall’s Traffic Management Plan, would be along the Jalan Tun Fuad Stephens stretch. According to Kelvin Leaw, Head of Public Transport and Traffic Division,

Abidin also said that the Federal-funded bus terminal at the Wawasan Bus Terminal Complex is now almost 90 percent completed while the second terminal, which is City Hall funded, will only be completed sometime in 2016. When both terminals are done, they will be the final pick up and drop off point for the mini bus service. Mini buses will no longer be allowed into the city centre and commuters will have to continue

their journey into the city centre on the City Bus shuttle service. Mini buses will continue operating from terminals serving the Southbound, Northbound and Eastbound routes located in Kepayan, Inanam and Penampang respectively. Abidin made these comments during the ground breaking ceremony of the first green solar taxi stand project by the Kota Kinabalu Teo Chew Association in Kampung Air. With reference to the objective of the green event, Abidin said that fifty-five bus stops around the city centre are now equipped with green technology and it is being planned to eventually convert all the other existing bus stops with the same technology. “The people should be convinced that going green is not just following a trend or seeking publicity, but to pursue sustainability practices in everything we do is us protecting our environment for our future generation,” he said.

Unregistered Property Negotiators Double the Licensed Registration fee is RM450 and those who are interested can call MIEA Sabah branch treasurer Mary Yu Yen Tshin at 019-8218798. The seminar will feature two speakers, namely MIEA president Siva Shanker and past president K. Soma Sundram from Peninsular Malaysia.

Property Expert, Ahyat Ishak sharing his tips to registered estate agents how to ultilise great marketing tools with Property Hunter

There are between 50 and 60 licensed real estate agents in Sabah employing up to 600 registered negotiators, said Malaysian Institute of Estate Agents (MIEA) Sabah branch chairman Victor T.K. Wong. However, the number of unregistered negotiators in the state is estimated to be close to double the figure of their registered counterparts. This was revealed by Wong in a press conference to announce the coming Negotiators Registration Seminar organized by MIEA Sabah. “We estimate there are between 800 and 1,000 unregistered negotiators in Sabah.” Hence, he urged unregistered negotiators to attend the seminar at Sabah Golf and Country Club here on May 26, from 8.30am to 6pm. The event is organized by MIEA on behalf of the Board of Valuers, Appraisers and Estate Agents (Bovaea) under the purview of the Ministry of Finance.

This is the third Negotiators Registration Seminar organized by MIEA Sabah; the first was held last December and the second in January which were attended by 288 negotiators in total. “We expect between 50 and 60 participants to turn up for this coming event and we hope negotiators who have yet to register will come forward.” Wong pointed out that negotiators who registered themselves at the seminar would still have to work under a licensed real estate agent, meaning they were still not allowed to operate a real estate agency. To become a licensed real estate agent, one must have passed estate agents examinations, worked full time with a licensed real estate agency for two years, submitted two task papers to Bovaea and finally passed an interview with Bovaea. A licensed real estate agent can employ up to 20 real estate negotiators to assist them in carrying out their business. Under Section 30 of the Valuers, Appraisers

Draft KK Local Plan 2020 Still Open for Debate

and Estate Agents Act 1981, real estate agents found operating without a licence will face a fine not exceeding RM300,000 or imprisonment not exceeding three years, or both, upon conviction. In relation to the 76 unsuspecting buyers who were conned a total of RM1.56 million by a company claiming to be a property developer recently, Wong said this could have been avoided if the victims had consulted a licensed estate agent. MIEA has advised house buyers not to deal with unregistered estate agents as they could not be held accountable if something went wrong. “If anything goes wrong along the line, they (unregistered agents) will say they are merely introducers,” says Wong. On the contrary, Wong said licensed estate agents have to be responsible for the whole transaction process until the buyers have moved into their properties. He added that registered agents would not have asked for 10 percent commission as offered by the company to property agents who successfully sold its products. “We are governed by the law that our maximum (commission) is three percent,” says Wong.

The rush to comment and view the Kota Kinabalu Local Plan 2020 on May 22

Kota Kinabalu Mayor Abidin Madingkir has announced that viewing and public consultation of the Draft KK Local Plan 2020 which was supposed to end on May 22 has been extended to June 6. This was in response to complaints from local NGOs, environmental advocates and the public that the time frame it was given was not sufficient for a thorough examination of the draft and to address issues related to its implementation. Concerns were raised by those present at City Hall on May 22 that there was a lack of transparency in the drafting of the plan. A suggestion was made for the previous plans to be viewed so a comparison can be made with the new draft and requested City Hall to hold a forum on the topic. Madingkir however said that he will consider whether there is a need for a forum as the second exhibition was done in response to the first draft. He maintained that Tanjung Aru beach will be restored to its original form where work will include beach widening, drainage improvement and sand dredging. Local NGO, Save Open Spaces (SOS) Coordinator SM Muthu expressed his worries over the latest development of the plan, pointing out the re-zoning of the Tanjung Beach to hotel and resort through the Tanjung Aru Eco Development Plan by the State Government as a major concern.

He said there are enough hotels and golf courses and if there is a need for more, the government can take it to other areas where the people would not be affected negatively. “What Tanjung Aru needs is the commitment from the State Government to allocate enough funds to maintain the area and turn it into a green lung of the city.” SOS has drafted a list of recommendations for City Hall to consider which include an upgrade of the whole coastline of Tanjung Aru Beach with similar or better facilities than Likas Bay, setting up of training centres and grounds for the public, and conservation of existing buildings and structures that have heritage value. Tanjung Aru beach is one of the most iconic landmarks of Kota Kinabalu city and its future will continue to be a contentious issue hotly debated by everyone with a vested interest.

What Tanjung Aru needs is the commitment from the State Government to allocate enough funds to maintain the area and turn it into a green lung of the city.

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/// Feature Property Event

Kota Kinabalu to Have First Solar Taxi Stand in Malaysia

/// FEATURE PROPERTY EVENT

Guest of Honour and VIP Guests at Kampung Air Ground Breaking Ceremony

he Kota Kinabalu Teo Chew Association in collaboration with City Hall will be building the first solar taxi stand in the country at Kampung Air. Mayor Datuk Abidin Madingkir officiated at the ground breaking ceremony this morning which was attended by Sustainable Energy Development Authority Malaysia (SEDA) chairman Datuk Dr Yee Moh Chai, association president Chua Soon Ping and other invited guests.

“This product is imported from the United States and is the same material used by NASA for its satellites and spaceships,” he adds. The project will also focus on making the taxi stand more user friendly with facilities for the disabled and covered roofing for rainy days. Abidin said that much is still needed to be done to spread awareness on sustainable development and lifestyle in Kota Kinabalu city.

The idea to turn the existing Kampung Air stand into a functional model of green technology use was mooted two years ago and received full support from City Hall and the public. The upgrading project is estimated to cost around RM200,000 with funds generated from a list of corporate sponsors who are eager to participate and support this greening of the city initiative.

“I have been made to understand that among Malaysian states, Sabah is the most suited for the harnessing of solar power. As technologies improve, I hope that there will be more individuals, companies and NGOs who will come forward and emulate Mr Chua and the members of this association to put action behind our sworn love for our environment,” he adds.

According to Chua Soon Ping, this will be the first taxi stand in the country to use a new light-weight and flexible solar panel which can be installed either horizontally or vertically to maximize its effectiveness.

The solar green taxi stand project is part of the association’s Corporate Social Responsibility (CSR) initiative to promote the use of sustainable energy in Sabah.

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Presentation of momento; Mayor Datuk Abidin Madingkir and Sr. Chua Soon Ping

/// West Malaysia Property News

WEST MALAYSIA PROPERTY NEWS

Sharing news and information about various issues related to the property industry from Peninsular Malaysia.

Errant Developers Face Jail and RM500,000 Fine Chang added that other laws are being reviewed to further streamline the construction industry such as those pertaining to housing developers regulations, sale and purchase agreements under Schedule (G,H,I,J), Strata Management Act, Strata Title and Strata Tribunal Act.

House buyers are now being given more legal safeguards against errant housing developers who abandon their projects. Under the amendments to the National Housing Development (Control and Licensing) Act 1966, developers of abandoned project may be fined RM500,000 and jailed for up to three years. House buyers will also be able to terminate sale and purchase agreements with developers if there was no progress for six consecutive months or more and seek a refund of deposits within 30 days. Deputy Urban Wellbeing, Housing and Local Government Minister Datuk

Halimah Mohd Sadique announced to the Dewan Rakyat on April 3 that the amendments to the Housing Development (Control and Licensing) would come into effect on June 1. According to House Buyers Association secretarygeneral Chang Kim Loong, these changes reflect the government’s concern for house buyers’ rights and are a move to ensure that developers kept to their obligation of completing projects. “The new laws also enforce liquidators, as de-facto developers, to abide by the Act,” he said.

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“Since all these laws relate to the welfare of house buyers and cross-reference each other, they should be launched simultaneously to avoid potential conflicting legal views,” he said. The drafting process involving the amendments is nearing completion and the changes are expected to be announced by the ministry. From 2009 to Feb 28 this year, the ministry had classified 206 housing projects as abandoned. Out of these, 149 had since been revived with 22,868 homes built.

Chinese Developers Flood Johor Market With Housing Projects

A mega scale model of Country Garden in Danga Bay, a top developer from China

Johor Real Estate and Housing Developers Association (REHDA) Chairman Koh Moo Hing warns that Iskandar Malaysia is at risk of becoming unsustainable due to a flood of housing projects by developers, particularly Chinese developers. This comment comes on the heels of a string of new project launches which, according to the latest data from the National Property Information Centre, has resulted in about 300,000 homes being

constructed or in the planning stage since Q3 2013. This accounts for almost 42% of the house stock in Johor. New launches planned by Iskandar Waterfront Holdings is expected to add a further 4,000 units to the total. “We welcome foreign developers including those from China, but flooding the market with massive supply of properties could create property overhang,” said Koh.

Prime Minister to Table 2015 Budget on October 10 income nation by 2020,” said Najib, who is also Finance Minister, before chairing the 2015 Budget consultation meeting.

The 2015 Budget is scheduled to be tabled in Parliament on October 10, said Prime Minister Datuk Seri Najib Tun Razak. He said that this is a crucial budget as it will be the final budget under the 10th Malaysia Plan, which will provide allocations for the remaining programmes and projects under the plan. “It will also help to ensure a smooth transition to the 11th Malaysia Plan which will provide the final push in transforming the country into an advanced and high-

country, has met several times since its inception in June 2013.

The theme for this year’s budget consultation is “Accelerating Growth, Ensuring Fiscal Sustainability and Prospering the Rakyat”.

“The FPC has extensively deliberated on several fiscal measures, which includes the implementation of the Goods and Services Tax and subsidy rationalisation,” he added.

“While we are increasing efforts to ensure that the economy continues to grow, we are also committed to see that our agenda for fiscal reforms does not get side-tracked.

Najib also said that the government is paying serious attention to the Auditor-General’s recommendation on improving government spending.

“I will continue to be expansionary but not at the expense of our deficit.

“In this regard, we are taking a holistic approach in order to ensure prudent financial management.

“We expect to reduce the fiscal deficit to 3.5 per cent this year and achieve a balanced budget by 2020,” said the prime minister. Najib also said the Fiscal Policy Committee, which would oversee all aspects of fiscal management in the

“Any malpractice and shortcomings in government administration will also be addressed effectively, “the prime minister added.

Additional Condition to Housing Policy to Curb Speculative Activities the buyer with the ministry,” said the ministry’s deputy minister, Datuk Halimah Mohamed Sadique. “It is hoped that with these measures, the Government will be able to curb speculative activities, which is one of the main causes of the rapid increase in house prices,” she added commenting on the additional condition that has taken effect immediately. The fair saw the participation of approximately 30 exhibitors who showcased their latest property developments to visitors.

The Ministry of Urban Wellbeing, Housing and Local Government of Malaysia has announced that the “registration on bulk purchases of residential units” as an additional condition in the advertisement and sales permit for housing development at the launch of a property fair at the Setia City Convention Centre in Selangor recently. “Any developer who sells more than four units of houses to one buyer must register

Among the participating exhibitors were some of the nation’s top developers such as Mah Sing Group Bhd, Eco World Development Sdn Bhd, Tropicana Corporation Bhd, Sime Darby Property Bhd, OSK Property Holdings Bhd and Gamuda Land Sdn Bhd. The fair’s opening launch was also graced by Real Estate and Housing Developers’ Association (REHDA) president Datuk Seri Michael Yam.

Eco World Unveils RM20.8 Billion Projects

Eco World Development Group Bhd recently previewed its three new development projects in the Klang Valley and Iskandar Malaysia and its first business park in Iskandar with a total gross development value (GDV) of RM20.8 billion. The group’s first township in the Klang Valley is called EcoMajestic in Semenyih spanning some 1,089 acres with a GDV of RM11.14 billion while in the Tebrau corridor, the developer launched Eco Spring and Eco Summer, a 613.8-acre mixed development with a combined GDV of RM5.87 billion. The developer also previewed its first Business Park called Eco Business Pak I, which is designed to take the concept of green fullserviced business parks to another level. Two projects launched earlier, namely the EcoBotanic in Nusajaya, Johor and EcoSky in Kuala Lumpur, were well received and provided the impetus for the developer to venture into its new phase of property development.

Eco World president and CEO Datuk Chang Khim Wah explained that the ability of a property developer to deliver a strong and sustained growth was dependent on several factors which included the size, location and quality of its land bank, diversity of product offerings as well as its execution capability. “For our first two projects, we received overwhelming response from local purchasers given that our initial launch products were targeted at the enduser market. In Iskandar Malaysia we have an increasing number of Singaporean customers and our business park will cater to the tremendous interest from SMEs and MNCs seeking to establish business here. We expect this trend to continue with demand growing at both the local and international level as the Eco World brand becomes more established in Malaysia and regionally,” he added.

For our first two projects, we received overwhelming response from local purchasers given that our initial launch products were targeted at the end-user market

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/// Contributor

Chris Tan

Lawyer Specialising in Real Estate Chris Tan is the founder and now Managing Partner of Chur Associates, a boutique legal practice that thrives in delivering business friendly solutions for its clients and having a niche positioning of ‘Everything Real Estate’ serving the entire value chain from the upstream to the downstream. Chur Associates is a boutique legal firm founded in 2004, specialising in designing legal solutions catered to our clients’ needs. Chur Associates’s brand promise is “We Deliver!” To that end, they offer clientsthe necessary means and methods to ensure their requirements are met. You can get in touch with him at Facebook: Chur Associates Email: consult@churassociates.com

Trending Up Legally in view of the Property Boom in Malaysia (Part 3)

wenty years back, we have familiarized ourselves with options for residences such as flat, apartment, condominium, terrace, semi-detached house and bungalow. With the evolution in the real estate world, our previous concepts of residence have now further developed into new variety of jargons whereby the commonly identifiable examples nowadays are SoHo, serviced residences and serviced apartments. Most of the time, the idea behind these jargons are because these “residences” are built upon commercial development land.

While the author makes reasonable efforts to present information which he believes to be reliable, the author makes no representation that the information or opinions contained in this article is accurate and complete. Readers are advised to seek specific professional advice before acting on the views.

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Many may have realized that residential land is strictly for residential purpose only; on the other hand, commercial land is not restricted for commercial purpose per se and can be used for residential development as well. Prior to HDA Amendment Act 2007 coming into operation on 12 April 2007, the residential properties built on commercial development land did not come within the purview of the Housing Development (Control and Licensing) Act 1966 (“HDA”). Thus, Developers are keen into building the latter as the sales and purchase agreement does not need to adhere with the prescribed sale and purchase agreement under the HDA which is view to offer more protection and/or advantages to the homebuyers rather than the Developers. This explains the birth of these creative jargons in the real estate sector. Nonetheless, the legislation has acknowledged such loopholes and made amendments to the HDA in 2007 in view to tighten the floodgates by amending the definition of “housing accommodation” to cover such residential properties.

However, have it cross over your mind on the implications of these residential properties build on commercial development land?

Trend No. 3: Building residential on commercial development land The effort of the legislation to protect the homebuyers did not halt the development of residential properties on commercial lands as there is demand for these sort of properties. The concern for homebuyers nowadays are more focus on the convenience, connectivity and facilities such as having eateries, shops and public transportation right beneath or within stone throw distance from their place of stay. Not to mention the location for such commercial development land are usually more strategic if compare to residential land. However, have it cross over your mind on the implications of these residential properties build on commercial development land? Despite the effort of the legislation to circumvent such situation, the Developer may present to the authorities that the development is for commercial usage such as office, SoHo, SoVo and SoFo notwithstanding presentations made to the homebuyer that the property is fit for residential. These include scenarios such as the Developer is selling the units of the development as offices, the homebuyer may buy and use the unit as residential purposes without restriction. Thus it is worth to note that the sales and purchase agreement under these scenarios are drafted by the solicitors for the Developer which naturally the terms are in favour to the Developer. The delivery of vacant possession may exceed 36 months period, the defect liability period may be lesser than 24 months period, the forfeiture of deposit amount upon any default may be much above 10% or 20%, the payment of quit rent and assessment may not be from the delivery of vacant possession and the list goes on whereby the purchaser has minimal bargaining power if he is to buy the property. Meanwhile, while anticipating the implementation of GST on 1 April 2015, it is worth to take note that there will be no GST charged on residential properties per se but the same shall be imposed on commercial properties, ie. SoHo. SoVo, and SoFo are categorized as standard-rated supplies whereby GST will be imposed. Homebuyers will also need to check if the Developer is GST registered if GST is being charged for the progressive payments. Subsequently, when the homebuyer intends to sell the property into the secondary market, he/she will have to be also GST-registered in order to sell with GST. On the contrary, even though it is stated that GST will not be imposed for residential properties, there is no clear indications that GST will not be charged for labour and material during the construction stage. Rationally, developer will not be willing to absorb the cost for GST and will pass on this burden in the selling price. Thus, in any event the homebuyer still remains the one absorbing the impact of the GST in both residential and commercial development. One may realize that the occupancy in a residential area is lesser than those within a commercial development. This is due to the units of the residential premise in a residential development is measured by the density whereas for commercial property is calculated based on gross floor area (GFA). Thus, in a commercial development, the Developer may build massive amount of units with smaller floor area per unit as long as it is within the GFA permitted by the local authority and homebuyer may purchase a smaller size unit with an abundance of neighbours. Furtherance to the above, the area for designated parking for each unit may also be added into the floor area of the residential unit on commercial land. Notwithstanding the above, there are still benefits of connectivity, convenience, infrastructure and/or facilities that are offered by developers in such development which may balance with the implications and homebuyer should be clear of and understand the type of property that they are seeking to purchase.

This is a series of articles that examine the latest trends and issues in real estate investment. Stay tuned. NOTES

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/// West Malaysia Property News

Construction Sector Output to Surpass Last Year’s RM93 Billion, Says MBAM

Hap Seng Plans Projects Worth RM1 Billion in Klang Valley “Our Horizon and Nadi Bangsar high-end residences continue to receive strong uptake despite the various cooling measures introduced under Budget 2014,” he told reporters after the firm’s AGM recently. Lee said the group plan to launch a high-end residential project opposite the Japanese Embassy with RM900 million GDV this year.

The construction sector’s output this year looks set to surpass last year’s RM93 billion, fuelled by ongoing and new public sector projects. The sector has seen a year-on-year growth of 20% for the first quarter, boding well for the entire year’s prospects, Master Builders Association Malaysia (MBAM) president Matthew Tee said. Despite the sector unlikely to surpass the historical high of RM120 billion in 2012, the outlook for the next five to six years looks rosy thanks to the projects being undertaken by the government to bolster the economy and improve infrastructure, he added. The implementation of the ongoing Economic Transformation Programme, Pan Borneo Highway in Sabah and Sarawak, as well as public transport projects such as the light rail transit, mass rapid transit and high-speed rail link between Kuala Lumpur and Singapore are expected to translate into healthy growth for the sector. Tee was speaking to reporters after the launch of MBAM’s coffee table book by Deputy Works Minister Datuk Rosnah Abdul Rashid Shirlin to commemorate the association’s 60th anniversary this year.

Hap Seng Consolidated Bhd is beefing up its property unit and aims to launch several property projects, mainly in prime locations in the Klang Valley, with total gross development value (GDV) worth more than RM1 billion within the next two years. Group managing director Datuk Edward Lee Ming Foo said the group is optimistic to further grow its property arm, especially in the high-end residence market despite challenges posed by the cooling measures introduced last year. “We aim to increase our current landbank, mainly in prime locations of the Klang Valley,” he said, adding that Hap Seng’s current landbank currently stood at 2,350 acres, with 235 acres in the Klang Valley.

Lee said the group may consider to spin-off its property unit to a separate listed entity “At the moment we do not have a concrete plan to list any of our core businesses, but we are always looking at the option. “As for now we are concentrating to grow our businesses,” he said.

“This division is well-set to tap into the growing demand of the burgeoning mega infrastructure projects and construction activities,” he added. “We also want our quarry and building materials unit to complement our expansion in the property sector.” Hap Seng recorded a 22% jump in net profit to RM125.4 million in the first quarter ended March 31, 2014, from RM102.8 million previously.

Hap Seng has allocated RM300 million in capital expenditure for the group operations this year.

The campaign also attracted buyers from overseas.

Tropicana Corp Bhd secured a whopping RM600 million in new sales during a six week campaign period that ended May 31.

“The government shouldn’t implement all the projects at one go, but to carry them out periodically. This will prevent the construction sector from overheating and help contain escalating raw material prices,” Tee said.

The success of the sales campaign, the company said, was underpinned by strong demand at its exclusive projects across the prime hotspots of Penang, Klang Valley, Iskandar Malaysia and Kota Kinabalu.

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Its property arm is the group’s largest profit contributor, accounting for more that 50% of its total operating profit in 2013.

As for the Hap Seng quarry and building materials unit, Lee said the group plans to further expand it by adding one quarry in Sabah and two in Peninsular Malaysia this year, on top of its existing 10 operating quarries.

Tropicana Nets RM600 Million From 6-Week Sales Campaign

However, MBAM cautioned against the possibility of the construction sector overheating.

He said the group is expecting its 30-storey Menara Hap Seng 2 to be completed by July this year, and the first tenant to move in by September. The office tower has 326,000 sq ft of nett lettable area.

On its plantation business, Lee expects the unit to perform better this year with the improvements in crude palm oil prices and government biodiesel initiatives. A Cimb Research report however says it expects Hap Seng Plantations to post lower earnings in the second quarter of this year due to lower CPO sales volume.

“We are very pleased as the results has demonstrated that we have not only delivered on customers’ demands, but also kept true to the Tropicana development DNA that is built on the cornerstones of accessibility, connectivity, innovative concepts and designs, generous open spaces, amenities, facilities, multi-tiered security and quality,’’ Tropicana CEO Datuk Yau Kok Seng said. “We are dedicated to continue our progress forward, improve where need to and build momentum where we are already succeeding,” he added. The group said it would introduce new developments in the coming months, namely for Tropicana

Gardens at Kota Damansara, Tropicana Aman at Kota Kemuning and Tropicana Heights at Kajang. With its current yet to be developed landbank of over 2,000 acres with potential new gross development value of more than RM70 billion across high growth areas, Tropicana is well positioned on its transformation journey to becoming a premier property developer in Malaysia.

Ports Operator Suria Plans to Diversify Into Property Development

Artist’s impression of Jesselton Quay, Kota Kinabalu

Sabah ports operator Suria Capital Holdings Bhd is contemplating a move into property development, as it strategises to further diversify its businesses. Suria Group started out as a financial institution before diversifying into port operations and related businesses. Its core businesses include bunkering services, contract and engineering. The group currently has a property subsidiary, Suria Bumiria Sdn Bhd, which oversees a joint-venture project, Jesselton Quay, with Kuala Lumpur-based developer SBC Corp Bhd. An executive from the group said the property arm only managed the group’s asset, the Jesselton Point ferry terminal. The facilities it manages include the passenger terminal for boating services to the Tunku Abdul Rahman Park, some retail food and beverages outlets and an indoor futsal centre. When Jesselton Quay is completed, Suria Bumiria will also manage the development with SBC and other facility partners in the waterfront mixed development.

“Yes, we have plans to manage the completed properties in Jesselton Quay with our partners in the future, but we are also looking to go into property development by ourselves,” the executive told StarBiz after the loan-signing ceremony between SBC and RHB Bank Bhd. The executive said Suria currently owned two parcels of land to be redeveloped – the 16.25-acre land etched out for Jesselton Quay and another seven acres adjacent to it where the Jesselton Point ferry terminal sits. The group has earmarked the seven-acre land to be developed into Suria’s office headquarters and turn the ferry terminal into a water-transportation hub offering ferry, boating services and water taxis. However, Suria has not confirmed if it is developing this seven acres on its own. “This will be the first watertransportation hub in Malaysia that offers water taxi, connecting locals and visitors to nearby places of interest like Tanjung Aru, the city centre and Likas Bay,” the executive added. SBC launched a new masterplan last Friday, which it said was essentially modelled after waterfront developments such as

Victoria & Alfred Waterfront in South Africa, Marina Bay in Singapore and Xintiandi in Shanghai. The first phase of the project is estimated to be unveiled by July. Under the Jesselton Quay JV, Suria is the landowner and will facilitate the development of the waterfront project. SBC has the exclusive rights to develop the entire project. RHB Research Institute transportation analyst Jerry Lee said in a report that based on net saleable value of RM1.8 billion, the Jesselton Quay project would provide a minimum guaranteed return to Suria of at least RM324 million, a guaranteed 18% of NSV, that will be paid in cash or in kind in eight tranches for the next eight years. SBC obtained a RM240 million loan from RHB Bank Bhd for working capital and bridging loan for the RM1.8 billion gross development value JV with Suria, which went unconditional on the same day. With the JV signed, SBC’s total GDV will leapfrog from RM3 billion currently to RM4.8 billion. Suria also said it had obtained the land title as stipulated under the port privatisation agreement.

RM2 Million Ceiling Price Proposed for Johor

The state government has welcomed the address by the Sultan of Johor Sultan Ibrahim Sultan Iskandar proposing the ceiling price for foreign buyers for landed properties in the state to be set at RM2 million. Johor housing and local government executive committee chairman Datuk Abd Latif Bandi said the proposed ceiling price would enable the state government to control the sale of landed properties to foreigners. “This, in turn, will protect the interests of local buyers as they will not have to compete with foreigners. I also agree that the ceiling price should be higher

in Johor because of its proximity with Singapore.” He said the ceiling price should be based on the situation in the state. “In Johor, we have to take into account that the price of land is higher and our proximity to Singapore means the demand for landed properties is also high. Local buyers also prefer to buy landed properties, so we must give priority to them.” Sultan Ibrahim said the Federal Government’s proposal for the ceiling price of properties for foreign buyers to be set at RM1 million was unsuitable for Johor.

Johor housing and local government executive committee chairman Datuk Abd Latif Bandi said the proposed ceiling price would enable the state government to control the sale of landed properties to foreigners.

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/// Contributor

Michael Yeoh The Mortgage Expert

With over 15 years of experience in the mortgage and investment industry and working with prominent companies such as Standard Chartered Bank, Hong Leong Bank, HSBC and Hwang DBS Unit Trust, Michael has helped thousands of loan borrowers by providing comprehensive mortgage advisory and solutions. Michael regularly conducts mortgage courses and has produced many graduates. He is also a regular columnist and also has being featured in New Straits Times Press, The Star, Property Guru and also Property Hunter magazine. He speaks regularly in Property Exhibitions, Seminars and also for developers. You can get in touch with him at Website: www.michaelyeoh.com.my

Will Base Lending Rate Increment Affect You? Will Base Lending Rate increase? What happens if it does? If you have read recent write ups in the newspapers and magazines the last couple of months, you would have noticed many predictions from analysts saying that Base Lending Rate (BLR) will increase in July. Many existing and new loan borrowers are very concerned about the potential hike. Well, in this article I would like to shed some light on this subject matter based on my experience. Firstly, let’s look at the events that will lead to the increase of BLR. In September last year the government announced the reduction of fuel subsidy which in turn caused the spike in fuel price for Ron95 by 20 cents. This will cause bandwagon effect on prices of other goods and services. This was followed by other increments as well. During the Budget 2014 announcement, it was announced that sugar subsidy will be reduced by 34 cents per kilo. Then we had increments in electricity tariff and insurance premium this year. What about the GST implementation in April 2015? It seems that everything will go up in price. With these price hikes, the next thing that will have to go up as well is inflation. Before the hike in fuel price, inflation was at below 2%. According to the latest figures by Bank Negara, inflation has increased to 3.5% as of March 2014. This is what we call cost push inflation. When the price of goods goes up, it will push inflation up.

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Inflation goes up. What’s next? Let’s look at the past. In June 1998 during the Asian financial crisis, inflation rose to 6.2% and at the same time BLR increased to its highest level at 12.27%. As per our latest figures, inflation has reached 3.5% and our BLR is still holding strong at 6.6% since May 2011. BLR cannot stay at this rate forever and it will definitely have to go up due to inflationary pressure. Now everyone is anxiously waiting for Bank Negara to announce whether there will be any increase in Overnight Policy Rate (OPR) in July. OPR is correlated to BLR. Some analysts predict an increase of OPR by 50 basis points which in turn will increase BLR by 0.5%. As I have mentioned in my seminars, I am predicting an increase of between 25 and 40 basis point. The first increment will not be much but there might be further increments in future. Now that I predict BLR will increase, what happens next? What will be the impact on new property purchasers and even investors? My advice to everyone, do not panic and continue to read this article.

During the Budget 2014 announcement sugar subsidy will be reduced by 34 cents p/kilo. Then we have increment in electric tariff and insurance premium this year. What about GST implementation in April 2015 ?

Existing Loan Borrowers When there is an increase in BLR, most borrowers will be worried that their monthly installment will increase. I had a call from one of my loan borrowers many years back when BLR adjusted upwards, and these are her exact words. “Miichael, Miichael, the bank made a mistake, BLR increase but I am still paying the same loan installment. I am not going to tell the bank. Ha Ha Ha”. What actually happened here? The first thing that will happen when BLR increases is the banks’ computer system will automatically adjust and lengthen the loan tenure. That is why my loan borrower still pays the same monthly installment. That is why many borrowers complain why after 5 or 10 years of repayment the loan principal amount did not reduce much. If you have the extra money to pay for the additional installment you can always go to your bank, sign a form to increase installment and maintain loan tenure.

New property purchasers and investors I have received many messages recently asking me whether to borrow now or wait as BLR is expected to increase. They are worried that monthly installment will rise. Now let’s look back to the year 2009 when BLR was at the lowest 5.55%. At that time the interest spread was around minus 1.3%. You will get a net interest of 4.25%. Today our current BLR stays at 6.6% but look at the spread in which the banks are offering at an average of minus 2.3% in which we still get an average net interest of 4.25%. Is there any difference between the two?

NOTES

Simple explanation. Banks are in competition to grab more loans; as such they compete to lower down the interest spread which works to our advantage. I hope after the next round of BLR increase, the market will adjust quickly.

I am still worried about BLR increase. So how? Well, if you are still worried you can opt to wait until January 2nd 2015 when the new interest rate which is called Base Rate will take effect as announced by Bank Negara. Base rate will replace the old and outdated BLR in future. According to Bank Negara, Base Rate is supposed to be more transparent and reflect the actual interest rate. The base rate will be determined by the bank’s cost of funds and the statutory reserve requirement. The interest spread will depend on the borrower’s credit risk, operating cost and the bank’s profit margin. Well, how much the base rate will be we have to wait until January 2015. I am not an analyst or economist but I think the base rate will be very close to klibor rates and the spread will be plus instead of minus. In Singapore banks use Sibor rates to determine the banks’ interest rate. There should not be significant difference between the current net interest rate and the future net interest rate on January 2015 onwards. For loans taken before 2015, the loan interest rate will still be based on BLR. So from next year onwards there will be two rates which will be announced. I hope my article has shed some light to those who are worried about the increment of BLR. Whether you take the loan now or next year, the market forces will adjust by themselves. Remember, interest rate is not the only criteria for choosing your loan. You must consider other aspects as well. Take a loan package which suits you best and not necessarily the one with the lowest interest rate.

I hope my article will shed some light to those who are worried about the increment of BLR. Whether you take the loan now or next year the market forces will adjust by itself. Remember, interest rate is not the only indicator of choosing your loan. You must also consider other aspects as well. Take a loan package which suits you best and not necessary the lowest interest rate.

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/// West Malaysia Property News

Malaysia’s Newest Billionaire Mints Money From Reclaiming Land and Selling Dreams a new waterfront lifestyle hub, Malaysia’s first. Lim ranked No. 18 on Forbes’ list of Malaysia’s 50 richest in February this year, with a net worth estimated at $975 million. Since then, a rise in the stock price of civil engineering firm Ekovest Berhad, of which he owns about 33%, and a slight strengthening of the Malaysian ringgit have lifted Lim’s fortune just over $1 billion.

(Second left) Lee Hsien Loong (Prime Minister of Singapore), (middle) Datuk Seri Najib Razak (Prime Minister of Malaysia) and (Second right) Tan Sri Lim Kang Hoo viewing Danga Bay architectural model

The man of the moment in Malaysia is newly minted billionaire Lim Kang Hoo, whose Iskandar property play and an investment in construction firm Ekovest, has catapulted him to a berth in the billionaires’ club. Lim Kang Who? That’s the reaction most Malaysians, even in the business media, would have to the man who is a rank outsider in the world of movers and shakers. “Fifteen years ago, no one wanted to lend me a dollar and people used to laugh at me when I showed the concept of creating JB (Johor Bahru) into a waterfront city like Hong Kong-Shenzhen. They thought I was crazy,” he said in an interview for StarBizweek, a local financial weekly, in 2012. Then last year, he shared the stage with both the prime minister of Singapore, Lee Hsien Loong, and

prime minister of Malaysia, Najib Razak, for launching a new township in collaboration with marquee names like CapitaLand and Temasek . His smile did little to hide the smugness of a man who gets the last laugh. Lim Kang Hoo owns 4,000 acres in the Iskandar region, one of the hottest property destinations in Asia. Other investors there include billionaires of all shades, from Robert Quok to Peter Lim and Jeffery Cheah, as well as some of the best names in property development in China and Australia, and sovereign funds in Singapore and Malaysia wanting a stake. The land Lim bought for MYR1.5 – RM 3 ($0.47- $0.95) a square foot in 1997 is now selling between MYR 350-500 ($110-170). And he also owns the right to reclaim many more acres to build

Ironically, Lim’s foray into Iskandar began during the depths of the Asian financial crisis in 1997 when he assumed RM 200 million ($62 million) debt in state investment agency Kumpulan Praserana Rakyat Johor (KPRJ) and received land reclamation rights in exchange. (KPRJ is now a partner in his Iskandar Water Front Holdings with a 40% stake). Since then, he has been investing and working on reclaiming land, building shoreline protection, deepening existing rivers and relentlessly working to convince all of the potential of Johor Bahru, a once sleepy town across the border from Singapore with a population of 1.4 million, now a part of the expanding Iskandar population. Lim has a grand makeover plan for Johor and Iskandar. He has been buying abandoned shops and plots occupied by squatters, often tracing owners who had migrated in order to consolidate his holdings in the Johor Central District and plans to make it a world-class heritage city. It will have a China Town, Little

India, Malay Street and nightlife attractions. Both the state and central government are funding this. On the west side of Iskandar, Lim has plans to make Danga Bay into a premier waterfront destination with cruise terminals, marina, fisherman’s wharf and tower to house residences, offices, hotels and convention centers. Here he has sold land to China Garden, one of the top developers in China, but most of the current projects are being developed in a joint venture with his Iskandar Waterfront Holdings, in which he holds 60%. Forbes estimates his stake in Iskander Waterfront Holdings to be worth roughly $925 million. In the eastern corridor, Tebaru coast will replicate the Gold Coast mode of lifestyle developments as he reclaims more land to attract expatriates who will work at the oil and gas hub in neighboring Pengerang. To detractors, Lim’s plans are too ambitious and they warn of a glut with too many players and too high a cost of reclaiming land in the region. But Lim has been selling land in stages. He says he is looking at decades for full realization of his dream and wants to work with developers from China, India, Europe, Australia, Indonesia and Singapore to de-risk his investments and not put all his eggs in one basket. This patient man is unlikely to kill his golden goose.

Malaysian House Prices Up 8 Percent in First Quarter among 54 countries. Dubai topped the annual rankings for the fourth consecutive quarter, having grown 27.7 per cent up to end March, Knight Frank said in a research note.

Malaysian house prices rose 8 per cent in the first quarter of 2014 compared with the same quarter last year.

According to the Knight Frank Global House Price Index released today, the rise in Malaysian house prices was 15th highest

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countries recorded a decline in house prices year-onyear. Twelve of these were in Europe, with Singapore and Japan the only nonEuropean countries.

second quarter. All eyes will remain on central banks, in particular the Federal Reserve, the Bank of England and the European Central Bank.

However, prices rose by 3.4 per cent in the first three months of 2014, as the doubling of transfer fees and mortgage cap had an impact on the Emirates property market.

“Cooling measures and tighter mortgage lending conditions have halted price growth in Singapore, while in Japan, ‘Abenomics’ has yet to push house price growth into positive territory,” he said.

“The issue is not when interest rates rise but the speed and extent to which they do.”

Knight Frank head of research for the Asia Pacific, Nicholas Holt, said 14

He added: “We expect to see the index’s performance strengthen again in the

Overall, the Global House Price Index has risen for eight consecutive quarters but the rate of price growth slowed in the first three months of 2014.

IOI Group: Property Prices to Move Sideways After Cooling Measures The IOI Group of Companies expects property prices to move sideways in the near term due to tighter loan borrowings by banks, said group executive chairman Tan Sri Lee Shin Cheng. However, he said property prices were expected to start moving upwards once the cooling measures introduced by the government took place in time to come. Last year, as an effort to control the property prices, the government, in tabling Budget 2014, raised the real property gains tax to 30 per cent for properties disposed of within three years. “After the cooling measures, we expect the price will go up. The next hike will be higher than the last hike,” Lee told reporters after IOI Properties Group Bhd (IOI) presentation in conjunction with Invest Malaysia 2014. On the company’s future plan, Lee said that IOI was planning to launch a few property development projects this year despite the slowdown in property sales. IOI Group executive chairman Tan Sri Lee Shin Cheng

Asked on the property sizes nowadays, he said they were getting smaller due to the slower demand, and the group was also expected to launch smaller units of houses or reduce the number of house units. “But for this year, we will launch more varieties (of houses) and we are looking into affordable houses,” he said. Meanwhile, commenting on the group’s landbank, IOI Corporation Bhd chief executive officer Datuk Lee Yeow Chor said the company had no plans to acquire land at the moment, however it was looking for brownfield sites in Southeast Asia. On the El Nino effects on palm oil production, he said the effects of the prolonged dry weather on the crops was not immediate, as the company would only see the effects on palm oil production after two months. “There is a significant impact on the production and the price of palm oil will be boosted but it is not so immediate,” he added.

Young Population Key to Property Sector Resilience group, implying a positive household formation trend. “We believe individuals in this age band are potential home-buyers, with those in their twenties looking to purchase first homes and those in the thirties and forties likely to upgrade to accommodate larger families, or buy a second home as an investment.” UBS Securities also said more young people are migrating to larger cities/states such as Kuala Lumpur, Selangor, Penang and Johor.

“Average household incomes are at four to 4.5 times mortgage payments or put differently, mortgage payments represent 22% to 25% of total household income. We believe this has been facilitated by the longer repayment tenures of up to 35 years from 25 years a decade ago.” The research house has maintained “buy” ratings on Mah Sing Group Bhd and S P Setia Bhd and downgraded UEM Sunrise Bhd from “buy” to “neutral.”

“In turn, property developers are focusing on the more urbanised states.” The research firm pointed out that Malaysia’s unemployment levels have been low, with unemployment rates rarely exceeding 4% of the total labour force over the past 16 years.

The Malaysian property sector is expected to remain resilient this year despite the Government’s various cooling measures.

“The highest point was 4.5% during the financial crisis in 1998. As the broader economy is performing well, with first quarter 2014 gross domestic product (6.2%) coming in ahead of expectations, we expect unemployment levels to remain at the current benign level.

UBS Securities in its report said the local property sector will be driven by favourable demographics, rising urbanisation, low unemployment, and reasonably low interest rates.

“In line with the low unemployment rates, we have observed a declining trend in mortgages as a percentage of impaired loans. We expect this to help maintain a sustainable level of demand in the property sector.”

“We believe one of the key drivers of the Malaysian property sector is the relatively young population. Around 34% of the 29 million total population fall within the 20 to 40-year-old age

UBS Securities added that although home prices have been on a steep upward trajectory over the past few years, affordability levels have, however, remained at reasonable levels.

We believe individuals in this age band are potential homebuyers, with those in their twenties looking to purchase first homes and those in the thirties and forties likely to upgrade to accommodate larger families, or buy a second home as an investment

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/// Contributor

Dr. Daniele Gambero

CEO and co-founder of REI Group of Companies Dr. Daniele Gambero is the CEO of strategic marketing consultancy firm REI Group of Companies. He holds an MBA from L. Bocconi University in Milan-Italy, Master in Communication from the University of Michigan Ann Arbour MI â&#x20AC;&#x201C; USA, Ph.D in Marketing Strategies and Communication from L. Bocconi University and University of Michigan. With his vast experience in strategic marketing consultancies, investment studies, researches, property market reports and business valuation globally, the REI Group of Companies helps Malaysian developers with business solutions relating to design, concept, strategic marketing and pricing, advertising and marketing and sale procedures for their residential, commercial and industrial projects since 2007. Dr. Gamberoâ&#x20AC;&#x2122;s lectures attract large crowds due to his lively presentation of serious topics with deep insight into the Malaysian Property market since 2011.

Kota Kinabalu, The Pearl of South China Sea: A city poised for Adventure, Tourism Growth and Property Investment Emilio Salgari and Sabah: a bit of history

L While the author makes reasonable efforts to present information which he believes to be reliable, the author makes no representation that the information or opinions contained in this article is accurate and complete. Readers are advised to seek specific professional advice before acting on the views.

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ocated along the northwest coast of Borneo and facing the South China Sea, Kota Kinabalu was already famous at the end of the eighteen century thanks to the work of a famous Italian writer: Emilio Salgari (1862-1911). For over a century, his novels were mandatory reading for generations of youth eager for exotic adventures. In Italy, his extensive body of work was more widely read than that of Dante Alighieri (the father of modern Italian language). Today he is still among the 40 most translated Italian authors and many of his most popular novels have been adapted as comics, animated series and feature films. He is considered the father of Italian adventure fiction and Italian pop culture.During those years of exploration and discovery Salgaribrought Malaysia, East Malaysia and the city that today is known as Sabah capital, Kota Kinabalu, to the eyes of the Europeans first and the Americans later. His adventure books action packed with Pirates, Corsairs, invaluable treasures, the British Empire, duels and naval battles inspired many to leave and come over to discover the secrets of the Far East Pearl.

Tourism is one of the best “by mean of mouth” form of advertisement and till now Kota Kinabaluin East Malaysia has been smart enough to profit out of it. Kota Kinabalu and the Modern Times In other words it is very clear how the Touristic Industry, when properly developed, becomes a strategic and multiple layers economic driver. It is surely interesting to compare the trend of tourist arrivals between 1998 and 2012 with their “quantitative spending” habits to fully understand the high potential of a flourishing touristic industry.

Nowadays modernity allows us to plan a scuba diving holiday in Rome on Friday, catch a flight on Saturday and enjoy the pleasure of warm tropical waters with unequable colors and wild submarine life since Sunday for as long as our wallet will enable us. Kota Kinabalu and Sabah have so much to offer in terms of natural touristic attractions that is no surprise how many people can they attract every year out of the almost 26 million visitors who are landing to Malaysia every year. Kota Kinabalu and Penang have spread the name of Malaysia everywhere around the globe assince several years Penang has been one of the preferred touristic destinations in Malaysia and has gained the 8th ranking on a world basis as preferred place for retiring while Kota Kinabalu has been since many years one of the best destination for diving and water sports attracting millions of tourists every year.

Just to mention two out of the many touristic spots that Malaysia offers to connect and understand how both these touristic paradises have also been gaining a top ranking position as Hot Property Investment Locations. The last 6-8 years have seen property values there multiplied two or even three times. The Federal Government has set 2014 as the Visit Malaysia Year and this will further contribute to spread the fame of these two touristic/property hot spots worldwide dragging a targeted 30 million tourist to hit the Malaysian shores and keep on maintaining the Malaysian Tourism as third earner of foreign exchange and the Tourism industry to contribute for and estimate 12.5% to the Nation GDP.

The growing pace of tourist arrivals with a YoY average up-trend of 10.55% has generate a touristic spending which shows a YoY rise of almost 14%. Flourishing touristic industry is surely a strong driver for further development of the State and Country Economies as it allows further expansion of many correlated sectors with Real Estate following as a logic consequence and not as main cause. Tourism, when properly promoted, gets the world and multinational corporations’ attention to focus on the Country and this, in the middle term, will result in FDI inflow. Tourism is one of the best “by mean of mouth” form of advertisement and till now Kota Kinabaluin East Malaysia has been smart enough to profit out of it. Changes in the “holiday habits” worldwide and a different way of looking at retirement in the western countries have been the booster for our local Property Market as we have seen it growing in the last few years. Nowadays tourists are looking more for short term rental of private houses where they can have the much liked “I’m living here” feeling compared to the “all included hotel packages”.

How Property relates to Tourism Compared to Europe, US and Australia, Malaysia is a country where a foreigner can afford a high standard of life-style at very affordable dollar and cents with the added value of all the appealing places and attractions available to satisfy the most demanding ones while guaranteeing attractive ROI (more than double if compared to long term rental rates) for those smart investors that have listed their house/s in one of the existing circuit for short term rental. Last minute booking and smart travelling websites and apps where one can register as house owner and offer his property/ies for short term rental are easily available to everybody and once listed the only thing one will need to do is to check the balance of his bank account at the end of each month and feeling very happy. If we give a look at how much has changed the “skyline” of Kota Kinabaluin the last 10 years thanks to high-raise eye-catching buildings we can fully understand the positive impact of tourism on property developments. Outlook wise, the estimate of arrivals during the Visit Malaysia Year 2014 is very positive and optimistic and, not to be forgotten, next year will be The year of festival all around Malaysia…..up to the Tourism Board in Kota Kinabalu to do its best and promote Sabah and all the great localities there.

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/// Contributor

Sustainable Future

Investors have been keep on asking me if there might be a forthcoming property bubble in Kota Kinabaluas it looks like sky is not the limit for Property Values there. My personal take, looking atthe current and estimate touristic achievements for the next few years, is that we are still in quite safe waters and there is still a lot that can be done to increase the foreigners inflow by becoming more a worldwide recognized touristic destination instead of a mostly regional one.

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As a matter of fact less than 10% of the total tourist arrivals in 2012 and 2013 in Malaysia have been from countries outside the SEA region. By looking at these numbers through the eyes of the “Visit Malaysia Year 2014” and the “2015 Year of Festivals” that the Federal Government through its Ministry of Tourism is promoting worldwide since the end of the last year we can surely see the long term sustainability of the Tourism centered economic cluster and related Real Estate market.

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/// International Property News

INTERNATIONAL PROPERTY NEWS

Catch up on the latest property and real estate news, views and analysis from across the globe featured

Rising Homelessness as Taiwan Property Prices Soar partly driven by the relocation of manufacturing industries to cheaper foreign countries such as China and Vietnam, resulting in the loss of tens of thousands of blue collar jobs.

Rising of towers and homeless nation

The sight of homeless people holding placards advertising elite properties at street corners is becoming increasingly common in Taiwan’s capital, providing a harsh illustration of the island’s gap between the haves and the have nots. One of them is 51-year-old former taxi driver, Liao Chin-chang who became homeless a decade ago and is among the growing number of victims of a struggling economy, many of whom have been forced out of their homes after losing their jobs.

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While the luxury apartment Liao advertises is expected to sell for more than NT$100 million (RM11 million), property prices in general are beyond reach for many regular salary-earners with an average monthly income of less than NT$40,000. For the likes of Liao, even renting a room is out of the question. In recent years, the gap between the rich and poor has widened rapidly, reaching a record level in 2011 as the wealthiest families earned 96 times more than the poorest. It has coincided with a slowing economy,

Professor Lin Wan-i at National Taiwan University’s Department of Social Work cites limited retraining opportunities, low minimum wage and low taxes which benefit the wealthy while limiting the amount of revenue available for the government to spend on social security as contributing factors to Taiwan’s growing homeless population. Social workers say the chances of Taiwan’s homeless getting back on their feet are slim, given the competition for long-hour, low-paying temporary jobs. There is even competition for temporary jobs such as placard-holding among the young people or housewives. Taiwan has made efforts to address wealth inequality, while initiating plans to reign in soaring property prices and hike taxes for the wealthy, which has helped narrow the gap between the rich and poor since the 2011 record. But the plight of the underclass is becoming an increasingly frequent theme in the media with observers citing

the wealth gap as a factor driving recent anti-government protests that occupied the parliament’s main chamber earlier this year. Taiwan has moved on to levy a so-called “rich man’s tax” on nearly 10,000 of the island’s wealthiest people in a bid to narrow the income gap and ease growing public anger. The proposal passed an initial screening in parliament earlier this year but it is possible that income disparity will widen even further. “The gap will continue as the next generations inherit wealth while the poor have little chance to turn their situations around with less money for their children,” says Professor Lin. The private Grace Home Church currently runs 27 centres across Taiwan serving two free meals a day for six days a week to up to 2,000 homeless and disadvantaged people daily, according to Pastor David Lee. This is a far cry from a decade ago when the church ran only one facility serving just 80 people. It now plans to open 30 new centres to meet growing demand.

Najib Visits China to Mark 40 Years of Bilateral Ties but also accords a private dinner. That is very, very significant,” Najib said ahead of the visit. Najib is scheduled to meet Jinping on Friday (May 30) in Beijing, after which they will attend the private dinner.

China’s President Xi Jinping shaking hands with Malaysia’s Prime Minister Najib Razak

A visit full of significant occasions befitting the 40th anniversary of MalaysiaChina ties awaits Datuk Seri Najib Tun Razak when he makes his six-day official trip to China. For one, the Chinese government is willing to oblige a Malaysian request that the celebration marking the occasion be held on May 31, a public holiday in China, which happens to be the day Kuala LumpurBeijing ties were formalised in 1974.

The close relationship between the two nations would be further emphasised when Chinese President Xi Jinping sets aside normal protocol by hosting a private dinner for Najib. “Usually Chinese presidents don’t give a private dinner. Usually they just attend the bilateral meeting (with a visiting dignitary) and dinner is given by the prime minister. “But this time around, he is not only receiving me

The decision by Najib’s father, Malaysia’s second prime minister Tun Abdul Razak Hussein to establish ties with Communist China in 1974 was seen as a bold move at that time, with Malaysia being the first Southeast Asian country to do so. Najib described his visit to the economic powerhouse as ‘momentous and historic in the present context’. He had visited China on numerous occasions, as Malaysia’s defence minister, education minister, deputy prime minister and even as the prime minister.

defence and people-topeople ties. The strategic cooperation was elevated to a comprehensive strategic partnership when Jinping visited Putrajaya last year. A Malaysian government official said Najib would likely push the Kuala LumpurBeijing trade agenda, eyeing the volume to be more than US$100 billion recorded last year. A government official hinted that the trade volume with China could hit US$160 billion annually as underlined in the fiveyear economic and trade cooperation programme between the two countries. China has been Malaysia’s largest trading partner since 2009 while Malaysia is China’s eighth largest trading partner globally.

Observers said Najib had further nurtured the strong bonds established by his late father with China across a wide spectrum of activities, from trade and investment to education, agriculture,

The official said Najib’s visit was expected to change the flow of investment which saw Malaysia’s cumulative foreign direct investment (FDI) into China at US$6.3 billion as at 2012, while the

More than S$2 billion was estimated to have been pumped into overseas property investments from Singapore last year – a 43 percent rise on the 2012 amount.

Property Show, which will be held at Marina Bay Sands on June 7th and June 8th, will feature more than 15 developers and a dedicated Penang Pavillion.

investment cross-flow from China into Malaysia was merely a fraction of that. “In the first half of 2013, FDI data showed that Malaysia received US$72 million while Malaysia’s investment in China was recorded at US$318 million,” said the official. Malaysia, he said, wanted to attract a portion of the projected outbound Chinese investment of US$500 billion over the next five years. The possibility of establishing a clearing bank may also feature on Najib’s agenda, as part of the trade between the two countries was conducted using their respective currencies, the official said. The official said the China visit may also provide an opportunity for Najib to woo back Chinese tourists following a drop in the number of Chinese visitors to Malaysia after the disappearance of a Malaysian jetliner on March 8 with a large number of China nationals aboard.

Malaysia Top for Singapore Buyers

Experts have suggested a rise in interest in Iskandar investments contributed to the rise in Malaysia property and real estate investments, yet it remains Directors of Property Hunter with International Group Managing Director of to be seen whether the PropertyGuru Group, James Sandrum (third left) recent introduction of new foreign buying regulations in Malaysia was the most The country was responsible the country will lead to any popular overseas property for just over half all overseas reduction in interest. buying destination for property investments, Singapore investors according to the Monetary The biggest ever Malaysia during 2013, according to Authority of Singapore, with property exhibition estimates from the central the United Kingdom and in Singapore is set to bank in the city-state. Australia ranked second and take place next month. third. PropertyGuru’s Malaysia

Over 20 projects from key Malaysian cities such as Klang Valley, Penang, Iskandar (Johor) and Malacca will be showcased with exclusive talks by industry leaders on what to expect in the future of Malaysia property market. New additions to this year’s Malaysia Property Show is the Penang Pavillion focusing on key projects in Penang which brings in high investment returns, presentations by Medini Iskandar Malaysia Sdn

Bhd and industry leaders highlighting topics such as growth plans for the next 5 – 10 years and how these will influence property capital appreciation and an open forum by industry speakers on the secrets of property investment in Malaysia. Among the prominent speakers and panelists expected to highlight the event are ST Kalithasan of Medini Iskandar, Ryan Khoo of Alpha Marketing & Malaysian Investors in Singapore, Jonathan Lee of GMAC Realtors, Faizul Ridzuan, best-selling author of “WTF 28 Properties by30), Dr Tan Thai Soon of TST Consulting Group and Ishmael Ho of HCS Research.

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/// International Property News

Is China’s Housing Bubble Beginning to Burst?

Are the Boom Years Over for China’s Property Market? “Real estate is nearly 20 per cent of GDP (gross domestic product) in China so if that sector has a problem you definitely have a problem,” Joerg Wuttke, president of the European Union Chamber of Commerce in China, told AFP. “Definitely a real estate bubble bursting is bad news.”

Earlier this month, financial analysts from Japan-based Nomura Group issued a grim report on China’s housing market: “To us, it is no longer a question of ‘if’ but rather ‘how severe’ the property market correction will be,” the report read. Nomura—which has historically been bearish on China, as the Wall Street Journal observes—predicted that a downturn in the housing market, caused by oversupply and shrinking developer financing, could sharply impact China’s economy, perhaps even driving GDP growth to less than 6 percent in 2014. China’s economy is vulnerable because property investment accounts for anywhere from 16 percent to 20 percent of gross domestic product, according to varying analyses. Data released on Sunday by China’s National Bureau of Statistics show that an increasing number of major Chinese cities surveyed experienced month-onmonth housing declines in April (eight cities) compared with March (four). Hangzhou, the capital of eastern Zhejiang province, saw the steepest decline, with new-home prices dropping 0.7 percent in April. The other seven cities surveyed that reported declines were Ningbo, Wuxi, Wenzhou, Jinhua, Anqing, Ganzhou, and Huizhou.

After years of boom that have seen prices rocket, the prospect of a bust is looming over China’s vast property sector, with authorities hoping to avoid a meltdown that could send shock waves through the world’s second-biggest economy. Housing was doled out by the state when Communist-style collectivism dominated economic management. But in the past two decades that has given way to market-oriented principles as China’s economy has opened. New home prices have soared, more than quadrupling in Beijing and Shanghai since 2003, and more than doubling in the country as a whole, according to a report by Jeremy Stevens, Beijing-based Asia economist at South Africa’s Standard Bank. The increases have been a key source of wealth for China’s rising middle classes, and a major driver of the economy. Now some — including individuals who have made fortunes — foresee imminent disaster. “I think Chinese property is the Titanic about to crash into the iceberg right in front of it,” Pan Shiyi, billionaire chairman of commercial developer SOHO China, said at a forum, China Business News reported last week. At the same time, surging prices have driven homes beyond the reach of many ordinary Chinese, stoking resentment and inequality. The People’s Bank of China, the central bank, last month asked domestic lenders to give first-time home buyers priority in mortgage lending, which analysts saw as aimed at boosting home purchases amid oversupply. Observers and analysts concur that problems are rife and cannot be ignored by authorities, lest economic growth take a hit.

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NEGATIVE OUTLOOK Home prices in major Chinese cities posted their first monthly decline in nearly two years in May, an independent survey showed Saturday, providing new evidence the once red—hot market is losing steam. The average price of a new home in 100 major cities declined by 0.32 percent from April to C¥10,978 yuan (RM5,654) per square metre, according to the China Index Academy (CIA), the first fall since June 2012. Year on year, new home cost growth slowed for a fifth straight month, rising 7.84 per cent, though prices fell in 31 of the 100 cities. The results mask huge variety, however, as some of the country’s largest cities are still maintaining double-digit gains. Beijing prices rose 22.39 per cent year-on-year in May. Barclays economist Chang Jian said in a report that “the risks of a disorderly adjustment are real and rising”, given factors including expectations of falling prices, financial trouble among developers, heavily-indebted local governments and a weak financial system. Moody’s Investors Service downgraded its outlook for Chinese property to “negative” from “stable”, citing an expected “significant slowdown” in residential property sales growth, high inventories and weaker liquidity over the next year, along with lower expectations for the economy. GHOST CITIES There is so far little concern a domestic real-estate meltdown could trigger panic in the broader global economy and banking system such as during the sub-prime crisis in the United States, as China’s heavily regulated financial system and property market remain relatively isolated.

The housing trouble, however, comes at a sensitive time as China’s leaders want to shift the country’s growth model to one where private spending, rather than public-sponsored investment, drives expansion. Wang Tao, a Hong Kong-based economist at UBS, said the government “still has many levers to pull to stabilise construction and support economic growth”. “We do not expect a sudden collapse of property prices or a financial or balance-of-payment crisis, as seen often in emerging economies,” she wrote in a report. But the consequences of a property bust could still be painful. Standard Bank’s Stevens said that over the last three years the vast majority of China’s middle class wealth increase has come from their home values, meaning they are now “more vulnerable to a price correction”. China’s government has been trying to contain property values through measures such as restrictions on purchases of second and third homes, higher minimum down-payments and taxes in some cities on multiple and non-locally owned homes. But it is a fine line to tread, as local authorities make much of their income from land sales to developers, so curbing property development can slow economic growth in China’s regions. The downside to unhindered development can be seen in China’s so-called ghost cities, urban areas scattered throughout the country and characterised by new and largely empty apartment blocks. “Unfortunately, housing is one of the few sectors that the Chinese government has not mastered its control over,” Societe Generale economist Yao Wei said in a report. “Adding everything together, the aggregate exposure of China’s financial system to the property market is likely to be as much as 80 percent of GDP,” she added. “This is not a sector that can go terribly wrong if China wants to avoid a hard landing.”

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/// Banking and Investment News

$₤ € BANKING & $ INVESTMENT

NEWS

The banking and investment industry has a crucial role to play when it comes to property. Read about the most recent news and trends in this trade

Tougher Policies From Bank Negara? “While it was noted that the DSR has slowed to below 40% for new loans, the low-income group remained overstretched with a leverage position of up to seven times their income in 2013,” said MARC.

In an effort to keep financial imbalances in check, Bank Negara Malaysia (BNM) is expected to consider tougher policies through a tighter monetary stance, which could lead to an increase in its policy rate, opined Malaysian Rating Corp Bhd (MARC). The rating agency said in a research note that BNM is expected to introduce more “macroprudential” measures to scale back the overleveraged position of the household sector. MARC cautioned that the household debt-service ratio (DSR) has risen to about 43.5% in 2013 from the cyclical low of 39.1% in 2006, suggesting an increasing burden on Malaysian households.

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It said the issue of rising household debt was also amplified by the resilient pace of growth in private consumption (+7.1% year-on-year) in the first quarter of 2014, which partly fuelled the overall economic growth to a robust 6.2%. It said the monetary policy committee statement by BNM on May 8 was related to the need to further address rising household debt, which continued to accelerate to 86.8% of GDP as at end-2013 following strong loan growth in certain segments of the economy, “although various macroprudential measures introduced by BNM have somewhat moderated the increase in household indebtedness.” Meanwhile, MARC noted that in Singapore and Malaysia, creditto-gross domestic product (CTG) climbed from 101.7% and 109.9% respectively in 2009 to 155.2% and 124.5% respectively in 2013.

However, MARC cited BNM’s view that although CTG has surpassed its long-term trend, the trend does not imply signs of credit excessiveness. In Malaysia, both loan applications and approvals in the banking system have rebounded since mid-2013, thanks to the improving prospects of the global and domestic economy, said MARC. “Breaking it down, on a six-month moving average basis, growth of loan applications rebounded from -7.5% in March 2013 to 11.7% in March 2014 while growth of loan approvals improved from -6.4% in December 2012 to 4.2% in March 2014.” The improvements were primarily attributed to the sharp rebound in the applications and approvals of loans for the purchase of residential properties. MARC also noted that the stable labour market, rising income level and the relatively accommodative monetary stance have partly contributed to rising household debt. Malaysia’s trade performance since the second half of 2013 will likely

push up the headline growth rate in 2014 more than expected, said MARC, adding that household financial assets will likely rise in tandem with a stronger pace of nominal gross domestic products growth this year. “The positive aspect of Malaysia’s household debt is that it is mainly backed by strong assets as they are largely comprised of residential property loans. And the positive outlook of the property market helps mitigate some of the risks.”

In Malaysia, both loan applications and approvals in the banking system have rebounded since mid-2013, thanks to the improving prospects of the global and domestic economy, said MARC.

Tips on Investing in Overseas Property

Perth, Western Australia is a familiar location for many East Malaysians

The world of international real estate investing is fair game for anybody. You’re probably well-versed in navigating your way through the local property market, but perhaps you’re thinking of venturing into purchasing overseas property. To give you a jumpstart into what you need to know, here are some tips. Armed with these tenets, the world, which now has much to offer, can be your property oyster. 1. Diversify: Don’t put your eggs in one basket The economy of tomorrow is not set in stone – anything can happen.

As national market growth is independent of other international market growth, take advantage of foreign markets whose economy is performing relatively better than our local scene. Investing overseas allows you to ride on the highs of the different markets, increase your portfolio, expand your horizon of opportunities while it lowers your risks of losing – everything. Furthermore, diversifying your investments in different markets will help tremendously with forward planning. Save the hassle and an exorbitant amount of money if you have plans to further your children’s education overseas.

Instead of paying rental for your child’s stay, pay off the installment and the likely capital appreciation will rise upon selling the property.

locally or overseas.

2. Build your nest in another currency

Malaysia practices the progressive built scheme where payments are required to be made in progressive installments until the project is completed.

Investing in a property overseas gives you the opportunity to build your nest in a different currency. Rather than solely investing in your own country, seizing the moment to hedge on othe properties in foreign countries that are undergoing a good economic run may bring forth a promising return. Also, surround yourself with the additional benefits of earning in stable currencies (i.e. AUD, Pound Sterling, etc.), through rental yields. In addition, investing in property in more than one country (i.e. foreign currencies) will potentially protect and secure you financially if one market faces an unexpected downturn. 3. Lower upfront commitment Malaysian investors have options – be it investing

There are benefits of a lower upfront commitment by investing overseas.

This also enables foreign investors to join the bandwagon in picking up property while awaiting the potential capital appreciation. 5. Stability

Australia, New Zealand and the United Kingdom on the other hand, practice the 10/90 payment scheme where buyers are required to put down 10% of the property price upfront while the balance is required only when the project is completed. This may take two to three years, allowing investors to consider other investments in the meantime. 4. Ride on the boom of developed markets Developed countries like the United Kingdom, Australia and Singapore are currently having a good run with their economy. Thus, the population will experience an increase in purchasing power subsequently leading to a rise in demand of assets, including property.

Many believe that stock investing is still viable. Although stock investing is a dynamic and fluid asset that can bring in instant results and gratification, it is also a fickle platform for anyone to invest in wholly. At any day and time, the stock market might face a disastrous crash, and in a blink of an eye, so could your investments. Property investments however, are a relatively solid platform for investments with a high capital appreciation assurance due to inflation. Consider the fluctuating property prices; it will be steady and gradual as compared to the fluctuation of the stock market which can be unprecedented and volatile.

Personal Loans Putting Potential House Buyers at Risk Then you ask yourself, “Why can’t I get a housing loan in which I have an asset pledge to the bank but banks are offering personal loans which are clean loans?” Definitely housing loans are more secure. If I default on my payment, the bank can easily auction off my house. No brainer right?

Nowadays you can see more and more banks are offering personal loans to Malaysians.

Well, if you look from the business perspective, your personal loan’s interest is much higher than your housing loan. It ranges from 8% to 13% per annum depending on which bank you apply from. Then we talk about non performing loans (NPL) in which the risk in personal loans is much higher. Yes, the risk is higher but banks have already calculated their business risk

and evidently even with the high possibility of borrowers defaulting on their loans, they can still make more money in Personal Loans. With the recent tightening by Bank Negara on home loans, this serves as an alternative for the banks to turn a profit. An employee can get a personal loan of between 3 to 8 times his income if he meets the bank’s approval criteria. This is one of the reasons you see more and more people from this low income group applying for these loans. The ease of getting their loans approved makes them an easy target. What happens next is when they want to buy a house but their loan application is rejected because of high debt ratio.

It does not stop here. Credit card holders are getting calls from their banks offering them credit card loans and the best thing is this does not even need approval. It’s already pre-approved. We have reasons to be alarmed as household debt against our GDP has reached a staggering 87%. If this is not managed well, you will see in future more and more bankruptcy cases and more house buyers getting their loan applications rejected because of high debt ratio.

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More Curbs on Property Speculation The spokesman said that to further ensure transparency between developers and buyers, all developers must display in detail the selling price, which includes all free offers of goods, services and payments. In a move to further curb property speculation, developers who sell more than four residential units to a single person or a company must now register the purchaser with the housing controller within 14 days of the sale-and-purchase (S&P) agreement being signed. This new requirement is expected to improve transparency in the housing industry and to keep the prices of houses stable. A National Housing Department spokesman told theSun the regulation, which was enforced from mid-May, is provided for under the Housing Development (Control and Licensing) Act 1989. (The housing controller comes under the National Housing Department of the Urban Wellbeing, Housing and Local Government Ministry.)

“In this way, should a buyer decide not to accept the offers, the developer has to deduct the amount of the value of the special offers from the sales price,” he added. The spokesman said developers who fail to comply with this regulation would be liable to face court action. The offence provides for a fine of up to RM20,000 or imprisonment of up to five years or both upon conviction. He also revealed that as of endApril, 117 developers were on the Urban Wellbeing, Housing and Local Government Ministry’s blacklist for abandoning their projects. Once blacklisted, the developers and their board members cannot apply for new housing developer’s licences or advertisement and sale permits. Following amendments to the

Housing Development (Control and Licensing) Act 1966 (Act 118), which would come into effect by the end of this year, licensed developers will be charged if they purposely abandon their projects. They will be liable to a fine of between RM250,000 and RM500,000 or imprisonment of up to three years, or both if convicted, he added. However, of the 206 private housing projects declared abandoned between 2009 and April 30 this year, 151 had been successfully revived to benefit 23,942 house buyers while 29 projects are in the planning stage for revival while 26 others are in various stages of recovery. To help prevent developers from abandoning their projects, he said the department will increase the housing developer’s deposit from RM200,000 to 3% of the estimated cost of construction. “This will help ensure that only developers with strong financial positions are involved in housing development and there will be sufficient funds to revive a housing project if it is abandoned,” he added.

Meanwhile, the spokesman said as of end-May, the department was also monitoring 209 “sick or ailing” projects. These are projects whose completion dates were more than 30% behind schedule or homes that have not been handed over to the buyers by the dates stipulated in their S&P agreements. To reduce the number of “sick” or ailing projects, he said the department’s private housing monitoring division would act as a mediator or facilitator for problematic projects. This will be done by: 1. coordinating with the relevant parties to resolve the problems; 2. conducting regular checks at project sites; 3. strict enforcement through fines and blacklisting of errant developers; and 4. close monitoring of the housing development accounts. He said the department had issued 349 compound notices and collected RM2.3 million in fines from errant developers so far this year.

Analysts Bullish About Plantation, Banking, Construction and Property Stocks Due to the earnings disappointments, the research firm has cut its 2014 earnings per share growth to 8.2% from 10.4% three months ago. “The 2014 EPS growth will be anchored by the plantation and banking sectors, while the chemicals and O&G sectors will provide the upside,” it said. Sectors that will lead the earnings outperformance this year will be plantation, banking, construction and property, said analysts, following a “disappointing” first-quarter 2014 earnings season. Despite the strong first-quarter gross domestic product growth of 6.2%, the March results season was another disappointment with earnings misses coming from across the board including telecommunications, oil and gas (O&G) and banking sectors, said CIMB Research in a report recently.

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Of the companies under CIMB Research’s coverage, 19% missed expectations and those that met expectations jumped to 73% from 54%, while companies that beat expectations fell to 8% from 17% previously. It is maintaining its end-2014 FBM KLCI target of 2,030 points, with preference for the Economic Transformation Programme (ETP) winners remaining, which is the O&G, construction and property sectors. “We also believe smaller cap stocks will continue to outperform,” it added.

RHB Research Institute Sdn Bhd deemed the March quarter reporting season as “unexciting”, downgrading its earnings estimates to a growth of 3.7% and 8.7% for 2014 and 2015 respectively. It is reiterating its end-2014 KLCI target of 1,940 points, adding that it continues to like plantation, banking, construction, property and Sarawak Corridor of Renewable Energy plays. “We expect downside to the market to be limited, given the high liquidity in the market and corrections will likely be shallow. We expect rangebound trading in the near term, with market upside in line with earnings growth,” RHB Research said. For HLIB Research, first-quarter 2014 reporting season was the 13th consecutive quarter of disappointment and has cut its EPS growth for 2014 to 6.6% from 7.7% previously. “The number of sectors that disappointed increased to nine

(automotive, banks, brewery, conglomerates, construction, gaming, gloves, O&G and transport) from seven,” it said. “Given the lack of fresh catalyst(s), commencement of the month-long World Cup on June 12 (when the market traditionally drifts lower with subdued activities), heightened geopolitical risks and continued disappointing reporting season, we continue to expect the market to remain lacklustre with some downside risk, albeit limited,” said HLIB Research. It is maintaining its year-end KLCI target at 1,910 points, or 16 times 2015 earnings, preferring stockspecific bargain hunt on weakness with focus on beneficiaries of the budget, Visit Malaysia Year and reforms, as well as growth and values.

The Future of Property Market : Where Do We Go From Here?

Prices of GST-Exempt Items Likely to Rise Too

The prices of items that are exempted from the impending Goods and Services Tax (GST) will also go up, according to the Customs Department.

Property Investment isn’t a straight line; you wouldn’t know where you are heading to until you played the game and the winner has been announced. Any game in fact, needs you to follow strategies closely in order to succeed. Property investment is no different; all you need is a solid investment strategy. Every property investor has their respective investment profile. It is crucial to identify the correct strategies that suit their profile and the right time to carry out the strategies. Otherwise it could end in you losing money to the drain. There are also plenty of instances where certain strategies don’t work due to market constraints. For example, Buy & Flip is not exactly the best strategy now following the implementation of RPGTcooling measure introduced by Malaysian government. Similarly, some other strategies will no longer work in the future when GST implementation starts next year. Organized by Wealth Mastery Academy (WMA), Property Investment Convention 2014 (PIC 2014) is the perfect ground for property investors, home buyers, developers to further understand the latest trend of the property market. Market experts from various fields will come together and share their impeccable insights and information on what’s hot and what’s not in the property

world. This year, participant can expect new strategies and unveil hidden opportunities that a few years ago were believed “not fashionable enough” to pay attention to.

Tan HwaChuan (Director of BIG Group of Companies & Land Development Advisor) and more speakers will join this impressive line-up once WMA has worked through all the fine print.

This year’s theme for PIC 2014 is “The Future of Property Market- Where Do We Go from Here?” Strategies that were so popular couple of years back, may not work as well today due to the differences in government policies and economic issues. Hence, investors who made tremendous profit from a set of strategies before are no longer receiving the same returns now.

If you have no clear direction or idea on where your investment direction should head to, PIC 2014 is where you should go to. A perfect platform which provides fantastic investment strategies that you can immediately apply and make tremendous profit.

In addition to learning from the speakers, participants can also check out the Exclusive Property Exhibition from carefully selected developers. Visitorswill find very attractive deals from the exhibitors that are exclusively put together for this convention only. Property Investment Convention 2014 (PIC 2014) Date : 12th July – 13th July 2014 Venue : Sunway Pyramid Convention Centre (SPCC) Time : 9am to 6:30pm The line-up of illustrious speakers include, Milan Doshi (Property Guru & Bestselling Author), Prudence Wong (Property Entrepreneur), VeenaLoh (General Manager of Malaysia Property Incorporated), Vincent Wong (Bestselling Author & Lease Option Mentor), John Lee (International Speaker & Mentor),

Visiting the various booths of exhibitors in the exclusive property exhibition is free, however only those with valid tickets are allowed to enter the conference hall to learn from the speakers. At the moment, WMA is running special promotion for PIC and ticket prices will increase as the date of the event draws nearer. Investors who want to attend this event are advised to secure their seat early to avoid disappointment. For more details on the convention, kindly contact 03- 2202 1178 or visit the official convention website at http:// wma.my/pic2014.

According to Customs Department Senior Assistant Director Chin Jek Bin the increase would be a result of suppliers passing on their costs to the consumers instead of absorbing it themselves. This is because GST-exempt items will still be taxed at the supply level but retailers cannot charge the tax to customers. “So when it comes to services and goods which belong to this category, may I remind everybody that there will be some increase in price,” said Chin in a talk for small and medium business owners at the Customs complex here. “For the simple reason… the supplier himself pays GST. But the government says that you cannot claim back because [for] your service, you don’t have to charge GST.” Among items which will be exempted from GST are residential properties, financial services, education, childcare, healthcare, and public transportation. The prime minister said last month that Putrajaya is looking into adding more items into the GST-exempt list. In addition to the exempted items, there are those categorised as “zero-rated supply”, which refers to items that are liable for GST, but are charged a nil rate at the point of purchase. The controversial GST Bill was passed in April in Dewan Rakyat, the lower house of parliament, with 119 votes for and 81 votes against. The Bill also went through the committee stage reading with no amendments, ensuring that the consumption tax starts at a flat rate of six per cent beginning April 1 next year.

www.PropertyHunter.com.my

/// Property Listing

APARTMENT FOR SALE

Extracted from PropertyHunter.com.my

*Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my

www.PropertyHunter.com.my

/// Property Listing

*Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my

www.PropertyHunter.com.my

/// Property Listing

TERRACE / LINK HOUSE FOR SALE

Extracted from PropertyHunter.com.my

*Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my

www.PropertyHunter.com.my

*Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my www.PropertyHunter.com.my

/// Property Listing

SEMI- DETACHED HOUSE FOR SALE

Extracted from PropertyHunter.com.my

*Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my

www.PropertyHunter.com.my

/// Property Listing

CONDOMINIUM FOR SALE

Extracted from PropertyHunter.com.my

*Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my

www.PropertyHunter.com.my

/// Property Listing

*Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my

www.PropertyHunter.com.my

BUNGALOW / VILLA FOR SALE

Extracted from PropertyHunter.com.my

RETAIL SPACE FOR SALE

Extracted from PropertyHunter.com.my

*Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my www.PropertyHunter.com.my

/// Property Listing

APARTMENT FOR RENT

Extracted from PropertyHunter.com.my

TERRACE / LINK HOUSE FOR RENT

Extracted from PropertyHunter.com.my

*Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my

www.PropertyHunter.com.my

OFFICE SPACE FOR RENT

Extracted from PropertyHunter.com.my

BUNGALOW / VILLA FOR RENT

Extracted from PropertyHunter.com.my

RETAIL SPACE FOR RENT

Extracted from PropertyHunter.com.my

WAREHOUSE FOR RENT

Extracted from PropertyHunter.com.my

INDUSTRIAL FOR RENT

Extracted from PropertyHunter.com.my

*Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my www.PropertyHunter.com.my

/// Property Listing

CONDOMINIUM FOR RENT

Extracted from PropertyHunter.com.my

*Listing are accurate at the time of print. Kindly contact the respective agents for updates. For more real estate listings, please visit www.propertyhunter.com.my