Property Hunter Magazine

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Knowing Base Rate

Find out how the new Base Rate works and how it affects your loan package

COVER STORY

Continuing the Hap Seng Brand of Excellence

ISSUE

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SHAREDA Property Hunter Expo Tawau 2015 -Tawau: Bringing A Town Back To Life Cycle of Property: Where are we now?

Women In Property

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CONTENT ISSUE 68

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Exclusive Coverage SHAREDA Property Hunter Expo Tawau 2015

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Cover Story Hap Seng Properties Development Sdn Bhd: Continuing The Hap Seng Brand Of Excellence

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Feature Property Showcase Seri Manis Condominium: A Modern Living Space Inspired By Artistic And Cultural Nuances

Photography Contributors

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Feature Property Event Bay 21: Spearheading Sustainable Development In Sabah

Contributing Writers

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East Malaysia Property News

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Feature Property Event PH Expo Kuching 2015

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Hot Topic Cycle Of Property: Where Are We Now?

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Feature Property Event PH Expo Miri 2015

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Interviews Women In Property

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Feature Property Event Asian Pac: The Loft Unveils Its Show Unit And Activity Deck

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West Malaysia Property News

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Contributor: Dr Daniele Gambero What Is Affordable For Me Might Not Be For You: Perception Versus The Reality Of Affordable Homes

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Contributor: Miichael Yeoh Knowing Base Rate

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EXCLUSIVE COVERAGE | SHAREDA Property Hunter Expo Tawau 2015

SHAREDA Property Hunter Expo Tawau 2015

SHAREDA Property Hunter Expo Tawau 2015

Guest Of Honour

Message from The Guest of Honour

Y.B. DATUK HJ. TAWFIQ DATUK SERI PANGLIMA HJ. ABU BAKAR TITINGAN Minister Of Youth And Sports, Sabah.

Message From

Y.B. DATUK HJ. TAWFIQ DATUK SERI PANGLIMA HJ. ABU BAKAR TITINGAN Minister Of Youth And Sports, Sabah.

First and foremost, I would like to thank the President and Council Members of Sabah Housing and Real Estate Developers Association (SHAREDA) and Maxx Media (S) Sdn Bhd or Property Hunter (PH) for inviting me to officiate the Opening Ceremony of this expo. I strongly believe that this expo held in Tawau will form a good platform to promote local property developments and simultaneously to give the potential property investors and homebuyers here and nearby towns, the opportunity to preview and explore the array of projects exhibited by property developers not only from Sabah but also from all over Malaysia and overseas, especially on the ever growing demand in premium properties.

I am pleased to note that the 11th Malaysia Plan unveiled by our YAB Prime Minister Datuk Seri Najib Tun Razak is crucial as it determined the capability of Malaysia to achieve its target of being a well-developed country with a higher income by the year 2020. Under the 11th Malaysia Plan, carrying the theme ‘Anchoring Growth on People’, various projects have been planned to drive the capability of the people economy, by ensuring that urban and rural development complements each other.

We are thankful that the said Plan will take into account a huge allocation and planning to develop Sabah and the well-being of its rakyat, from the aspect of education, health, infrastructure developments, as well for the rural areas. People of Sabah will foresee and benefit from increased investment, improved infrastructure as well as talent skills development, not forgetting, economic growth in these areas.

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Again, I would like to take this opportunity to urge all developers, including SHAREDA members to work hand-in-hand with the government to be part of a master plan and together to ensure the re-engineering of economic growth for greater prosperity.

Developers have always played an important role in a country’s growth, its modernisation and sustainability for the future generations.

I applaud the efforts by the organisers to bring in property development projects from all over Malaysia and overseas to be showcased to the people of Tawau. This is also a good platform to promote local property projects developed by our local developers in Sabah.Housing Development Industry is the anchor that sustains a multitude of businesses.

Congratulations to the 2nd edition of this collaboration to stage an expo here in Tawau and may I wish you continued success in your endeavours. Thank you.

YB Datuk Hj. Tawfiq Datuk Seri Panglima Hj. Abu Bakar Titingan

Minister Of Youth And Sports, Sabah.

Message From

Message From

PRESIDENT (2015-2017) Sabah Housing And Real Estate Developers Association (SHAREDA)

Joint Organising Chairperson SHAREDA Council Member (2015-2017)

DATUK FRANCIS GOH FAH SHUN

It is my pleasure to welcome all exhibitors and visitors to the SHAREDA Property Hunter Expo 2015 Tawau, an iconic property showcase jointly organised by the Sabah Housing And Real Estate Developers Association (SHAREDA) and Maxx Media (S) Sdn Bhd. On behalf of the SHAREDA Council Members and the Organising Committee, I would like to extend our sincere gratitude to the Guest of Honour, Y.B. Datuk Haji TawfiqDatuk Seri Panglima Hj. Abu Bakar Titingan, Minister of Youth And Sports Sabah, for gracing and officiating the Opening Ceremony of SHAREDA PH Expo Tawau2015.

In the recent speech of our Prime Minister, YAB Dato’ Seri Najib, affirmed that the 11th Malaysia Plan is a leap or final round before entering the arena,inbecoming economically high income advance country. To materialise this vision, YAB Prime Minister has urged his officers to practice and implement government policies that will help to escalatethe growth of the country into greater rate.

Today, our society is progressing and the younger generations or ‘Generation-Y’, is incredibly sophisticated, technology wise, immune to most traditional marketing and sales pitch as they not only grew with it all, they have seen it and been exposed to it too since early childhood.

Hence, it is our responsibility as property developers to be committed to raise our standards up and meet the expectation of our potential buyers and investors. We, developers of SHAREDA willcontinue to work hand-in-hand with relevant authorities/government andto develop the market trends in order to guarantee the success of property industry in line with our country’s vision to move towards a developed nation status by year 2020.

With these notes, on behalf of SHAREDA, I wish to thank Maxx Media (S) Sdn Bhd once again to work in close collaboration with SHAREDA and its members to showcase their properties during Tawau Expo.

Wishing everyone a fruitful visit to SHAREDA Property Hunter Expo Tawau 2015!

Thank you.

Datuk Francis Goh

PRESIDENT (2015-2017) Sabah Housing And Real Estate Developers Association (SHAREDA)

JOHN TAN DUO ZER

On behalf of the Organising Committee, I would like to welcome all exhibitors and visitors to the SHAREDA Property Hunter Expo 2015 Tawau on 3rd to 5th July 2015 at Yayasan Lau Gek Poh Tawau from 10:00 a.m. to 9:00 p.m. This will be the 2nd edition with Property Hunter (PH) in a row taken place.

The SHAREDA Property Hunter Expo aims to showcase the vibrant property developments in Malaysia and beyond. We hope that the local residents in Tawau and surrounding towns would benefit greatly for the property ownership and investment opportunity taking place in their hometown.

In the past five years, our country has performed an excellent economic performance, even though Malaysia has to endure global economic slowdown. This is true when our country was listed among one of the highest recorded Gross Domestic Product (GDP) in the region. Thus, in line with 11th Malaysia Plan, the rakyat will be the cord and priorities in all the critical development efforts in becoming inclusive and sustainable developed country.

the development, despite the increasing challenging business environment.

Members of SHAREDA are committed towards ensuring houses remain affordable to the majority of the public. After all, we are building more than houses made up of bricks and mortar, it is home that we are building for the people of our country.

Hence, SHAREDA members including property developers have to work closely with the government to be part of a master plan creation and ensure that we all continue to progress for the benefits of generations to come. Developers have an important role to play in the modernisation of Tawau’s property market scene to make it sustainable for future generations to enjoy the benefits of a well-planned and developed city.

We hope that events such as the SHAREDA Property Hunter Expo will continue to excel to greater heights and create more awareness on what Tawau has to offer as well as to give the local investors the opportunity to explore other options beyond the city of Tawau.

In order to progress in accord with the country, developers have a big part to play in building the nation. The wellbeing of a country starts from the homes of the people, therefore, property developers have a vital role to play in delivering quality affordable homes.

On this note, on behalf of SHAREDA, I would like to thank all of you for being here and participating in this exciting event. Your continuous support is invaluable in making this event a success and I wish all exhibitors and visitors a fruitful outing at the SHAREDA

With the ever increasing cost of construction and operation, we the developers need to go the extra miles to find the balance of sustainability in the industry. The welfare and benefits for the homebuyers must always be the top priority in every stage of

John Tan

Property Hunter Expo Tawau 2015.

Joint Organising Chairperson SHAREDA Council Member (2015-2017)

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EXCLUSIVE COVERAGE | SHAREDA Property Hunter Expo Tawau 2015

Tawau

Bringing A Town Back To Life

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ying on the south-eastern coast of Sabah is Tawau, the third-largest town in Sabah, after Kota Kinabalu and Sandakan. The land which covers an area of 612,500 hectares has had an interesting history of being under the reign of the Brunei Empire in the 1500s before being ceded to the Sultanate of Sulu in the 1600s.

municipality of Tawau has recorded a population of 397,673 people.

The British administration, under the British North Borneo Chartered Company and later as a crown colony, lasted from the late 1800s to the onset of the Second World War. The population and economy of Tawau did not grow significantly during these years as it was far removed from the centre of administration in Kota Kinabalu (then Jesselton). The decades following the end of the Second World War however saw a renewed economic turn largely due to its timber and agriculture industries, giving rise to a more dynamic economy and population growth. As of 2010, the

The agriculture sector has played a pivotal role in Tawau’s economy. Its surrounding rich volcanic soil was planted with cocoa, its first major cash crop, before declining prices in the international market caused a shift to oil palm in the 1970s. This was the golden crop that became the economic backbone not only for Tawau but Sabah and Malaysia as well. Small, medium and large scale oil palm estates were evenly distributed throughout Tawau with a more widespread wealth distribution among the industry players.

Oil Palm

Catching up on development

The agricultural and aquaculture activities as we know will always become the pulse to ensure the continuity of economic development in Tawau. A shrimp cultivation company in Tawau, Pegagau Aquaculture Sdn Bhd, is one of the four integrated implementers of the projects through the Blue Ocean Strategy and Blue Economy approach.

After the infamous Sulu intrusion in Lahad Datu two years ago prompted the forming of the Eastern Sabah Security Command (EssCom) to mitigate the threat of further intrusions, the economy in Tawau was reported to be negatively affected by the newly implemented policy.

Tawau would be one of the contributors to the estimated RM3 billion worth of white shrimp when the four main prawn farms are fully operational by 2020.

The main town area is divided into four sections namely Sabindo, Fajar and Tawau Lama or Old Tawau and Ba Zhong Commercial Centre. Sabindo is a plaza, Fajar is a commercial area while Tawau Lama is the original part of Tawau. Almost 70 percent of the area surrounding Tawau is either high hills or mountainous.

The operation was deemed as ‘business unfriendly’ by several opposing parties that were concerned it would stifle the economic growth of Tawau.

Nonetheless, the dark chapter which disrupted daily life of the people

Bandar Seri Indah there did not stop Tawau from growing rapidly.

A new township taking shape in Tawau is the commercial-residential development, Bandar Sri Indah developed by Hap Seng Properties Development Sdn Bhd. The 1,368 acre project is the largest township development in Sabah to date and is reported to be three times the size of the existing Tawau town centre.

Built on reclaimed land and former oil palm estates, the housing and commercial project will indeed be able to cater to the needs of the growing population in Tawau.

The housing development trend in Tawau is still very much towards affordable housing and townships with property investors more inclined to look at hot spots such as Kota Kinabalu, and even Peninsular Malaysia and overseas for their investments.

A master planning project for a new town center which emphasizes on commercial and tourism development in Tawau has also been laid out. The proposed development

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will eventually consist of a convention center, hotel, service apartments, shopping center, shop offices and a passenger ferry terminal.

The future development, which is partly to be built on reclaimed land, would definitely rejuvenate the look of Tawau and invigorate the tourism sector to further spur the town’s economic growth.

Food producing capital

Tawau still has so much to give, especially if the proposal to turn Tawau into a free trade zone comes to fruition. The district is a gateway to two cities of two neighbouring countries, Kalimantan in Indonesia and South Philippines. Thus, it is a suitable and strategic site to .be turned into a free trade zone in view of its strategic position for international trade.

When the free trade zone is implemented, many industries will come to Tawau and this will spur the growth of the district to a larger dimension. Every industry including the hospitability and food business will benefit from a free trade zone.

There is also a proposed site for gold mining at Mt Wulldersdorf, Balung.

The proposed gold mining site covers a parcel of land about 948 hectares in the Mt Wullersdorf area, about 30km northwest and 17.5km north of Tawau town.

A preliminary study has shown that about 108,730 million tonnes of ore could be mined for up to 35 years.

The ore metal content is estimated to be 30,118,713 grammes of gold, 18,916,027 grammes of silver and 118,855 million tonnes of copper.

Having survived many challenges with true grit, Tawau has proven itself to be strong and capable to deal with whatever else it might face in the future. Its natural resources have supported much of its economic development and will continue to encourage new activities and property development to cater to its economic progress and population growth.

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FEATURE COVER STORY PROPERTY | Continuing SHOWCASE the Hap Seng Brand of Excellence

Continuing the Hap Seng Brand of Excellence

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n the 1990s, Kota Kinabalu was a thriving metropolis of trade and tourism.

Businesses were springing up in the city centre with offices, hotels and shopping centres to feed into its growing economy.

Housing which became a rising necessity to accommodate its corresponding population growth, provided the opportunity for Hap Seng Properties Development to set itself up as a major player in the residential property development industry.

Taman Aman, Taman Ria, Kingfisher 2 and Kingfisher Sulaman, all located within easy access of the city centre and existing residential and commercial hubs.

The Kingfisher projects were central to Hap Seng Properties Development establishing its brand presence in Sabah’s west coast. The projects’ signature superior design and construction quality has left a lasting impression on the property market, anchored firmly by the developer’s perceptive foresight to deliver what the people wants.

Among its early development projects were Taman Friendship,

After an extended absence to focus on its development projects in the east coast and Peninsular Malaysia, Hap Seng Properties Development is making a comeback in Kota Kinabalu with two upcoming projects in the northern and southern corridors of the city.

Artist Impression of Club House

Artist Impression of Pool

Artist Impression of Kingfisher Inanam

This will be an exciting transition from landed property to condominium that will raise the quality standard of residential property development in Kota Kinabalu reminiscent of its glorious entry with the Kingfisher projects a decade ago.

Raising The Bar In The North The northern side of Kota Kinabalu is going through a noticeable change in its development landscape with a handful of new residential areas taking shape. Condominiums, which were once a rarity, have become an increasingly visible feature in its housing evolution. Several condominium projects have already been developed in the Inanam area due to its positive population catchment and industrial background which is the core of its encouraging economic growth.

Inanam has emerged as one of the most progressive residential and commercials hubs in Kota Kinabalu with its matured property market and flourishing business sector.

The demand for condominium units continues to remain strong despite the property market slowdown in the last couple of years compounded by buyers’ more cautious attitude. It is however more apparent for buyers to choose the right location, property,

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Artist Impression of Living Room and more importantly, the right developer to invest in.

Buyers are now more aware and educated about the finer points of property investment and are more concerned about placing their trust in a developer that has a proven track record to deliver on time.

When faced with a definitive choice, it is only natural for buyers to opt for a developer that is financially sound and capable of producing a

product of superior quality. Hap Seng Properties Development fulfils these expectations and has consistently delivered on its promises in good and bad times over the last 30 years.

Hap Seng Properties Development is now poised to deliver a new surprise for buyers in Inanam with its flagship Kingfisher Inanam condominium project, and to set a new level of property investment value that is both affordable and top-quality.

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Cover Story | Continuing the Hap Seng Brand of Excellence

Artist Impression Kingfisher Putatan

Soaring To Greater Heights In The South The southern section of Kota Kinabalu has undergone an evolution of its own to establish itself as a transportation and commercial hub for the city. Its population expansion since the late 19th century had traditionally spread outward along the historic railway track from Tanjung Aru south to Papar with old trading posts on its route transforming into townships over the years.

One of these townships is Putatan which has seen a significant growth in its commercial and residential property sectors to meet the changing lifestyle of its ever growing population.

As a transportation hub, Putatan enjoys easy accessibility to the Kota Kinabalu International Airport with direct regional and international air links, and the

proposed Pan Borneo highway that will ease travel between the cities of Kota Kinabalu and Kuching in Sarawak. Upgraded road networks connecting Putatan to the city centre and surrounding population centres have made it a major attraction for new property developments.

The large population catchment in the area is predominantly bumiputra with housing development mainly focused on landed property. Kingfisher Putatan condominium by Hap Seng Properties Development will be a turning point in the transformation of Putatan into a more trendy and diverse residential neighbourhood in line with its expanding role as a modern transportation and commercial hub.

19th Floor, Menara Hap Seng, Jalan P. Ramlee, 50250 Kuala Lumpur, Malaysia.

+6088 433 711 www.hapsengland.com

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FeatureD Property Showcase| Elegant Borneo Sdn Bhd

Seri Manis Condominium

(Left Cover Photo) Seri Manis Condominium Exterior View Seri Manis Condominium is gated and guarded to provide fundamental security and peace of mind for its residents. Parking bays are all on street level with one lot reserved for each unit below 2,000 sqft and two lots for units above 2,000 sqft in size.

A modern living space inspired by artistic and cultural nuances

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estled within low lying hills just a short 10 minutes out of the city centre is Seri Manis Condominium, the latest development by Elegant Borneo Sdn Bhd, part of the Eco Evergreen group.This 8-storey low-density condominium is located on a one acre piece of land along Jalan Lintas with only 6 – 8 units on each floor serviced by two lifts. Unit size ranges from approximately 1,200 sqft to 2,100 sqft and each comes with a balcony overlooking the surrounding green hills and residential areas. The facility floor occupies the top most

level and comes equipped with children’s playground, gym, sauna, function rooms, BBQ and alfresco sitting areas for social gatherings with neighbours, family and friends.

Well-positioned within one of the most rapidly developing residential and commercial centres in Kota Kinabalu, Seri Manis Condominium is an address unrivalled for its convenience and connectivity to every essential daily necessity such as schools, clinics and specialist hospitals, shopping malls, restaurants, entertainment, sports and recreation hubs.

02 Hallway An eclectic blend of retro furniture and art deco give the hallways a unique quality of charm and sophistication 03 Lobby Warm lighting and mirrors in the lobby provide a touch of style a for grand entrance to the condominium 02

04 Gymnasium For the health and exercise buff, the fully equipped gymnasium and sauna provide the perfect place to burn off calories, de-stress and revitalize both body and mind 05 Children’s Playground A children’s playground on the facility floor offer ample space and fresh air for the young ones to get their daily dose of fun and activity

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06 BBQ And Alfresco Dining Area The BBQ and dining area is the perfect place to chill out and get together with family and friends over a casual outdoor meal

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FeatureD Property Showcase| Elegant Borneo Sdn Bhd

Two access roads leading to the condominium offer unparalleled accessibility and ease of travel to the city centre and surrounding facilities.

07 Wall And Deco Walls and partitions edged with rich wooden paneling and hints of Oriental décor exude a sense of cultural elegance

Seri Manis Condominium was launched in 2013 and with its completion ahead of schedule, is now ready for occupation. This is the second development by Elegant Borneo Sdn Bhd in Sabah after its equally successful Taman Seri Manis project in 2008, a residential property with 85 units of terrace and semi-detached houses located in the same neighbourhood.

08 Game Room A private room with comfortable seating that is perfect for a movie night, karaoke session or games with friends and family

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09 Function Room Function rooms on the facility floor offer privacy for an evening of casual entertaining or celebration amidst an ambience of elegant simplicity.

Confidence in Elegant Borneo Sdn Bhd is fully warranted for its clear direction

and forward planning in building homes for families in the most conducive environment and for investors to capitalize on their investment. Capital appreciation for Taman Seri Manis has since doubled from its starting price of RM400,000 per unit due to its excellent location and accessibility, with many buyers returning to invest in Seri Manis Condominium when it was launched for the same reason.

With more to offer such as its gated and guarded security, impressive lobby to greet residents and guests, and an eclectic range of interior décor to create a unique ambience for each space in the building, Seri Manis Condominium

has raised the bar for excellence in construction, quality, delivery and value for home buyers and investors.

As a boutique development company, the Eco Evergreen group endeavours to push the boundaries of residential living in Sabah. “At the core of our DNA is a passionate desire to create lifestyle and lead by design and functionality.

In doing so, we focus on delivering environments and spaces that residents feel proud and welcome coming home to. Capital appreciation is purely a biproduct of us ensuring we meet the discerning expectations of the market” says Mr. Lee Cheng Chim, one of the directors of Elegant Borneo Sdn Bhd.

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Elegant Borneo Sdn Bhd

088 431 888 09

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FEATURED PROPERTY EVENT| Bay 21

Bay 21 Show Units

Bay 21

Spearheading Sustainable Development in Sabah

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emajaya gave guests an impressive first look at its iconic Bay 21 condominiums at Likas Bay during its Soft Opening Launch on 12 June 2015.

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Deputy Chief Minister cum Minister of Industrial Development Datuk Raymond Tan Shu Kiah

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Guests mingling at the spacious Club House deck which opens up to spectacular sea views

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Managing director of Remajaya Sdn Bhd cum SHAREDA Secretary General Sr. Datuk Chua Soon Ping

growth in urban population, there is a need to emphasize on sustainable built environment through the efficient use of resources and a low carbon lifestyle.

In his speech, Managing Director Sr. Datuk Chua Soon Ping said that Remajaya’s core business is to provide a sustainable living and working environment by using stateof-the-art green technology in its building design and construction.

“Under the 11th Malaysia Plan, Kota Kinabalu has been chosen as one of four major cities in the country to have enhanced livability as well as to stimulate economic growth. We strongly believe that sustainability to be a part of life and it is an important responsibility to create a successful business that supports quality of life,” he adds.

Deputy Chief Minister cum Minister of Industrial Development Datuk Raymond Tan Shu Kiah, representing Chief Minister YAB Datuk Seri Panglima Musa Haji Aman, was guest of honour to officially launch the soft opening and viewing of the condominium show units.

In reading out the Chief Minister’s speech, Datuk Raymond said that with the

He commended Ramajaya for its due diligence in leading the way by making Bay 21 the first GreenRE silver rated building in Sabah. GreenRE is a green building and carbon rating tool established by the Real Estate Housing Development Association of Malaysia (REHDA) and is intended for the building industry to act in a more responsible manner by building and creating a sustainable and living environment. He added that it was not easy to get a rating for a building and developers have to earn the merit of such certification by being committed to the philosophy of green building technology.

The event was held on the 8th floor Bay 21 Club House which offered spectacular vistas across Likas Bay and offshore islands. Guests were given the opportunity to tour the bare show units which highlighted the many features that earned Bay 21 its green concept design accolade, and a fully furnished unit to illustrate how a modern chic interior can transform a modest living space into one of comfort, style and luxury.

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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 East Malaysia

20 Buildings Damaged After 5.9 Earthquake

Sri Datuk Muhyiddin Yassin has announced during his visit earlier that the mosque will have to be rebuilt,” he said.

He said several other buildings, such as hospital quarters, police quarters, district library, the federal house office and sport complex are still being checked.

“We need to conduct a thorough investigation on these buildings first before we declare it as unsafe.”

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Quake affected building in Ranau bout 20 buildings were damaged immediately after a 5.9 magnitude earthquake struck Ranau on 5 June.

When asked about the cracks on residential homes in the district, Lau explained that JKR only deals and inspects government buildings, “we cannot deal with them yet at this moment… they need to seek assistance from private engineers.”

The New Sabah Times quoted Ranau District Engineer under the Public Works Department (JKR), Edward Lau saying that nine were state-owned buildings while the rest were schools.He said the most affected buildings were the mosque and teachers’ quarters of SMK Ranau.

He admitted that shopping malls, such as Milimewa Superstore and Sabindo Supermarket did seek assistance from them, however, due to lack of manpower, JKR has advised them to seek help from the private engineering firms as well.

“The mosque in Pekan Ranau is not safe and apparently Deputy Prime Minister Tan

Lau did not disclose the cost of total damages as he said more time is needed to evaluate the total cost of the damages.

Market Stagnating In Sarawak

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he recently released Property Market Report 2014 by the National Property Information Centre (NAPIC) paints a sombre picture for the once-vibrant Sarawak property landscape.

NAPIC figures revealed that the market in the East Malaysian state was relatively stagnant in 2014. While there were 27,538 transactions recorded last year (valued at RM5.97 billion), the overall volume declined by 3% and the value increased 6.6%.

Market watchers say property prices in Sarawak are at an all-time high, which explains the current slow market performance. Additionally, buyers have been fearful of the GST impact.

Market activity in all sub-sectors recorded slower movement in 2014. Industrial, agricultural, commercial, development land and residential sub-sectors declined by 6.4%, 5.5%, 2.5%, 1.6% and 0.4% respectively.

Kuching, Sarawak

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EAST MALAYSIA PROPERTY NEWS

Miri Upbeat About Future As A Vibrant Resort City

Naim Offers ‘Buyer-Gets-Buyer’ Promotion

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he introduction of the special ‘Buyer-Gets-Buyer’ (BGB) promotion would allow members of the public to be involved in helping Naim Group introduce and promote its Bintulu Paragon units to new customers.

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eing a northern gateway to Sarawak, Miri will continue thriving hard to become a truly vibrant resort city, said a report by The Borneo Post.

Minister of Local Government and Community Development Dato Sri Wong Soon Koh said after 10 years of being declared a city, it had achieved much to become what it is today.

“Based on its very good foundation, Miri will be a vibrant resort city and a more prosperous city, more commercial city, sustainable environmental city, city of culture and grace, city for all seasons, a people city and practically a friendlier city,” he stated in his address during the Miri City Day’s 10th anniversary concert at Miri City Fan recently.

On tourism, Wong pointed there was a need to provide more tourism infrastructure to meet visitors’ and tourists’ expectations.

Miri, Sarawak were yet to be truly developed and further exploited.

Thus, he hoped these assets would be fully exploited to make Miri a truly resort city.

“We must also make sure Miri City is a business city where infrastructure must be as good if not better than other major cities. Miri must keep its development phase not only just physical development but also technology and telecommunication development,” he said.

“The regional centres for business must be further developed so the people no longer need to be in downtown to reduce travelling time and ease congestion,” he added.

With its diverse community, he said there was much for the city to offer in terms of the uniqueness of ethnic culture.

He felt regional centres such as Taman Tunku, PermyJaya, Pujut, Senadin, Marina and Waterfront must be further developed to cater for business and commercial activities.

The large hinterlands including Beluru, Niah, Bekenu, Mulu, Marudi, Long Lama and many others, he added, were blessed with a wide range of natural pristine eco-tourism products that

At the same time, Wong said Miri must also aim to have excellent public health service with clean, hygienic and healthy environment.

Naim sales manager Joey Ho said for the commercial properties, those who had successfully introduced and closed sales of between one and three units could gain RM1,500.

“They could pocket RM2,000 for every sale of between four and six commercial units, RM2,500 for every seven and 10 units; and RM3,000 for more than 10 units.

“For residential properties, those who have closed sales between one and three units could bag RM1,000; between four and six units, RM1,400; seven and 10 units, RM1,600; and more than 10 units, RM2,000,” he said during a briefing on the BGB promotion at Naim Sales Gallery recently.

However, he said the incentives would only be valid for sales closed within the promotional period from April 15 to July 14 this year.

“On the other hand, the promotional period for 10 per cent rebate on Street Mall (Block C and E) is between May 9 and May 31, 2015, alongside the two-per cent rebate for SoVo units,” Ho said.

Meanwhile Naim Land Sdn Bhd assistant manager of sales and marketing Felix Wong Chee Seng said Bintulu Paragon – being the largest integrated development in the state thus far – would bring in business and population into one location here soon after its completion.

He said with the upward mobility of many businessmen and young people these days, they would certainly need somewhere to stay – a place that could cater to their needs and come equipped with all basic facilities.

“As far as Bintulu Paragon is concerned, it will not only have a business hotel, offices and spacious condominium units, but will also house the ‘Street Mall’ – a great shopping centre,” he said.

According to Wong, the Street Mall is expected to be ready by next year by which time, it should be able to accommodate up to 2,000 visitors at one time.

“Apart from that, the SoVo units (Small Office-Versatile Office) for Block A and B on the 10th floor would provide occupants with a wonderfully panoramic view of Bintulu town and the sea.

“Bintulu Paragon will offer up to 1,400 parking spaces, 24-hour security, a guaranteed period of 24 months and a 99-year lease to investors.”

Naim showcasing at Property Hunter Expo 2015 Kuching Edition

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Congratulations TO MR SHIA YANG

PH Expo Kuching 2015

Winner - 8D6N Tour Package to Shanghai for two persons

Property Hunter makes its expo debut in Kuching with one of its biggest gathering of local and international exhibitors.

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he first in a series of three property expos organized by Property Hunter in Sarawak this year was held in Kuching from 1 – 3 May at CityONE Megamall Exhibition Hall. Exhibitors from Sarawak, Sabah, Peninsular Malaysia, Australia, the UK and New Zealand showcased their top drawer properties during the three day event to open up opportunities for investment locally and abroad.

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The Property Talk series on the second and third day was a big hit with a panel of expert speakers giving free talks on various topics covering the legal, financial and practical aspects of property investment. Among the speakers were Enoch Khoo, Richard Oon, Faizul Ridzuan, Dr Daniele Gambero and Datuk Francis Goh. Other fun and exciting activities included a children’s coloring competition, photo taking with popular superheroes Ironman and Bumblebee of Transformer fame, and a lucky draw for buyers during the 3-day event. The winner Shia Yang took home an attractive 8D6N Tour Package to Shanghai for two persons as the winner of the lucky draw Grand Prize.

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2.

Speakers invited to give free property talks at the expo (from second left) Richard Oon, Enoch Khoo and Datuk Francis Goh

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The property talks were a great crowd puller at the expo

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Winner of the PH Facebook Photo Contest in Kuching.

Team from Lumi Tropicana (Mulpha Land)

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Children’s colouring competition in progress

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Digi booth

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Getting more information on the showcased properties

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Registration counter on opening day

10. Tee Land giving the expo a thumbs up

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Photo session for the magazine Front Cover competition

11. Posing with her favourite superhero

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Getting excited to start the event

12. Bumblebee mascot was a bit hit with the kids

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Photos by All4One Productions

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EAST MALAYSIA PROPERTY NEWS

SHEDA Held A Seminar On GST Implementation In JV Development

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any property developers and land owners are still confused over the Goods and Services Tax (GST) treatment for joint venture property developments.

In a report by The Borneo Post, this led the Sarawak Housing and Real Estate Developers’ Association (SHEDA) Kuching Branch in collaboration with IFCA MSC Bhd (IFCA), to hold a special one-day seminar on this topic recently This is the fourth GST seminar organised by SHEDA Kuching Branch in collaboration with IFCA. According to SHEDA Kuching Branch’s organising chairman and branch treasurer Dr Richard Tan Yoke Seng, after the implementation of GST in April this year, JV arrangements remain a common issue which a lot of developers and land owners having been very much confused and uncertain about regarding its GST treatment.

He noted that this seminar was a special request by some of the past GST seminar participants. Hence, SHEDA Kuching Branch organised this seminar to address and clarify the issue of JV arrangements.

“This GST seminar focuses on the recent switch to deemed development services, changes in rules on deemed carrying on a business by land owner and recent development introduced on GST treatment on joint venture arrangements which are critical in decision making to the current trend of JV property development,” Tan said.

He added that it was a good turnout with close to 120 participants attending the GST seminar.

The speaker for the GST seminar, Daniel Chow, is a chartered accountant and has vast experience in GST from overseas.

Moreover, Chow is a GST certified professional by Royal Malaysian Custom. Chow has helped SHEDA conduct four GST seminars to date.

Topics covered by Chow at the GST seminar included the three common models of GST treatment for JV arrangement in Malaysia, value of supply selected in JV arrangement, effect on changes in JV to supply given relief, and many more.

Financing Scheme To Help Low Income Sarawakians To Buy A House

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arawak will introduce a special financing scheme to help low-income group to purchase and own houses starting June, said an article by Property Guru.

According to the State Housing Minister Datuk Amar Abang Johari Tun Abang Openg, the financing scheme would be managed by Mutiara Mortgage & Credit Sdn Bhd, a wholly-owned subsidiary of the Sarawak Housing Development Corporation (HDC).

“Through this scheme, applicants rejected by banks can have the option to own or buy houses,” he said during the launch of a housing project in Kampung Datu Baru recently.

Moreover, the state government had also taken measures to address

Abolished Asean Bridge Toll Spurs Greater Growth

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Chief Minister of Sarawak Tan Sri Adenan Satem

ffective June 1, Malaysianregistered vehicles will enjoy a smooth ride crossing the Asean bridge as the RM10 toll will be abolished.

A talk held at SHEDA Expo 2014

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rising house prices, which include introducing a price-control policy for low and medium-cost houses built by private developers to ensure the lower and middle income groups could afford to buy them.

Chief Minister Tan Sri Adenan Satem, in announcing the abolishment of the toll, hoped it would reduce the burden of motorists who had to cross the bridge linking Malaysia and Brunei.

House Price Is Determined by Demand, Says Asisstant Minister

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egardless of Goods and Services Tax (GST), prices of houses still very much depend on demand, said Sarawak Assistant Minister of Housing Datuk Abdul Karim Rahman Hamzah.

The state government has set the ceiling for low-cost houses with intermediate units at RM50,400, corner units (RM59,220), while medium-cost, with intermediate units (RM80,000) and corner units (RM100,000),” he said.

Abang Johari added that in order to increase the supply of houses, various housing projects including public housing schemes and affordable had been launched with the participation of the private sector.

“I would like to thank Shin Yang Group of Companies for their cooperation in abolishing the toll for the benefit of Malaysian motorists,” he said at the 10th Miri City anniversary celebrations recently.

Officially opened on August 30, 2003, the RM178 million bridge is the vital link for those driving from Miri to Brunei, Limbang and Kota Kinabalu with a toll of RM10 for a one-way trip.

This is the second toll waiver with the first being for the Lanang bridge in Sibu when Adenan announced the abolition of toll of 50 sen for motorcycles, RM3 (car), RM5 (van and four-wheel-drive) and RM10 (lorry and bus) which came into effect on May 25.

prices of houses has happened in Australia and may happen to us,” he said.

attended a ceremony to mark the end of toll collection at Lanang Bridge near here.

Meanwhile, he is also supportive of the state government’s absorption of GST on services provided by local councils and government agencies.

Present were Works Minister Datuk Seri Fadillah Yusof, State Assembly Speaker Datuk Awang Asfia Awang Nasar and State Second Finance Minister Datuk Seri Wong Soon Koh, who is also in-charge of the local government and community development portfolios.

Three other states – Johor, Penang and Terengganu – had done this, he said.

Sarawak State Housing Minister Datuk Amar Abang Johari Tun Abang Openg He pointed out based on the trend of the past one to five years, prices of houses increase at 10 percent per annum, reported an article by The Borneo Post.

Though they had been on an uphill trend, he said there was a probability that prices might go down this year, as the demand might slow down due to the implementation of GST on April 1.

“The demand might go down this year as people may put owning a home on the backburner to level out the burden of GST. The drop in

Sarawak Government To Absorb GST Imposed On Municipal Services

“This may impact the GST collection as the government will be paying the GST for the people, but at the same time, it will smooth out the administration and management and help reduce the burden of the people. If this move shows a positive impact, then the government may do away with GST for local councils and government agencies in the future.”

Sarawak has implemented the GST absorption as done by the three said states.

Sarawak Chief Minister Tan Sri Adenan Satem hief Minister Tan Sri Adenan Satem announced that the Goods and Services Tax (GST) imposed by local authorities will be absorbed by the state government.

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The move, Adenan said, was part of the initiatives undertaken by the state government to lessen the burden of the people dealing with the rise in the cost of living.

“There will be no tax (GST) imposed on municipal services. The state government will pay it on behalf of the people,” he said when he

With this announcement, Sarawak became fourth state administration in the country to absorb GST after Johor, Terengganu and Penang.

MJC City To Launch One Residency Soon

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JC City Development Sdn Bhd is launching the premium phase of its One Residency terrace homes soon, reported Star Property.

With only 31 units available, the new phase consists of double-storey link homes and three-storey town villas located next to the residents’ clubhouse.

Condominium units in the latest block of MJC City’s SkyVilla Residence are also available, priced from RM385 per sq ft.

MJC City One Residency Show Village Dubbed Bella, the 16-floor block has eight units on each floor to maximise privacy and comfort.

Every unit has a semi-detached layout with 12-ft high ceilings and natural lighting.

The built-up area of the units range from 1,001 sq ft to 1,377 sq ft.

Facilities for residents include a clubhouse, mini-theatre, rooftop garden, swimming pool, outdoor jacuzzi, playground, gym and barbeque pits.

food and lifestyle stores across two floors connected by escalators.

SkyVilla Residence is located on a 4.45ha site next to MJC Batu Kawah New Township, surrounded by green landscaping.

Ground floor commercial units in Papillon are available now at RM768,888 onwards and investors stand to enjoy guaranteed rental returns in two years upon completion.

Another investment opportunity is the Papillon Street Mall, the final phase of MJC New Township’s commercial hub.

Papillon is designed to offer a new shopping experience with fashion,

It will have a total retail space of 86,880 sq ft.

It is also stated that for those who are interested can register now for limited early benefits and to be updated with the latest information.

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EAST MALAYSIA PROPERTY NEWS

Goh Donated RM100 000 To SMK Datuk Peter Mojuntin

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he ‘Bapa Angkat’ (adoptive father) of SMK Datuk Peter Mojuntin, Datuk Francis Goh, has pledged to help students of the school who do not do well academically in pursuing higher education, reported The Borneo Post.

The Chief Executive Officer of Kinsabina Group said 50 students from the school who did not score well in their SPM examination would be awarded scholarships to pursue higher education at Optopreneur College in Kuala Lumpur.

Speaking at SMK Datuk Peter Mojuntin Teachers’ Day and Pesta Kaamatan celebration in the school recently, Francis pointed out that students who did well in their examination usually find it easier to enter higher learning institutions.

“But those whose results are not too good find it difficult to enter higher learning institutes while those who do, find that the fees are expensive,” he said, adding that those who did not get the opportunity to continue studying after SPM ended up jobless.

According to him, the 50 students will receive full scholarship to study at Optopreneur College and they will be offered jobs after graduating.

According to Francis, who is also SHAREDA president and MCA Penampang deputy chief, the students will also be paid an incentive of between RM700 and RM1,500 to work and study at the college.

“This approach will somewhat reduce unemployment among youths,” he stressed.

Meanwhile, the ParentTeacher Association of SMK Datuk Peter Mojuntin received a RM100,000 donation from Kinsabina Sdn Bhd which will be used to construct a covered walkway in the school.

Francis added that MCA Penampang also has the responsibility to assist the community in any way it can.

Also present yesterday were MCA Penampang chief Datuk Paul Kong, founder and CEO of the Optopreneur College Prof Datuk Dr Chin See Keat, SMK Datuk Peter Mojuntin principal Nuraini Fauziah Derin, the PTA head and other invited guests.

Constuction Industry In Sabah Expected To Have Strong Growth

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ore than RM10 billion worth of construction projects were recorded in Sabah for the year 2014 and the Construction Industry Development Board of Malaysia (CIDB) is confident there will be more projects in the future, as reported in New Sabah Times.

A member of the CIDB board of directors, Datuk Awang Buhtamam Awang Mahmum said even between January to April this year, there were already RM529 million worth of projects in Sabah out of RM20.32 billion nationwide.

Last year, there were a total of 7,180 construction projects worth RM149 billion recorded in the country, of which 1,558 projects worth RM21 billion were by the public sector and 5,622 projects were by the private sector worth RM127 billion.

Awang Buhtamam was speaking when opening a seminar on Strengthening the Role of the Client in the Development of the Construction Industry Series 4, at Shangri-La’s Tanjung Aru Resort recently.

The seminar was attended by 150 participants from various ministries and government departments, government-linked companies (GLCs), local authorities, developers, manufacturers of building materials and other players in the construction industry.

He said until March 2015, there were 67,800 registered contractors in CIDB, of which 14.67 per cent or 10,000 contractors were registered in Sabah.

SMK Datuk Peter Mojuntin (Photo Credit: www.smktdhlestari.blogspot.com)

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“Growth this year is supported by both the non-residential and residential sub-sectors. Therefore, we hope that the initiatives taken by the government to construct affordable housing such as PRIMA and PP1M in Sabah will continue and more houses will be built in Sabah,” he said.

On-going construction site Meanwhile, on the Amended Act 520 (2011), Awang Buhtaman said CIDB was prepared to implement it by the second half of this year.

The CIDB Act 520 (Amended) 2011 contained 33 articles and CIDB is currently preparing the construction industry to implement the act.

“There are two categories of amendment which are the new amendments and amendments on improvement. Under this new amendment, more functions and existing jurisdiction have been added.

The amendments on improvement restructure the existing provisions in the act,” he said.

CIDB will be conducting six more series of seminars for clients across the country to ensure the amendments are clearly explained.

The seminars enable the participants to get information directly and in greater detail on the amended act while expressing ideas and views on the construction industry.

Compared with other economic sectors, Awang Buhtamam believes construction is expected to enjoy strong growth this year despite a slight decline in the world economy.

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HOT TOPIC| Cycle of Property: Where are we now?

•

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Slowing market: Generally, this is the scenario in Johor and Iskandar Malaysia in particular, and more acute in the high-rise residential sector Rising market: Industrial and landed residential properties seem to attract potential end-users, relocation from Singapore SMEs. New global

Market forces influencing the current property environment are largely due to: •

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Tightened lending conditions enforced by Bank Negara and financial institutions which has led to fewer loan approvals Implementation of GST

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Stock Oversupply

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Peak

Prices Rise

Boom

Decline

PROPERTY MEDIA CYCLE UpswingD

Stock Levels Tightening

ownturn

Falling Construction Prices

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Valuations Rise

Abundance of Tradespeople

Bottom

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In Johor there are mixed scenarios for different sectors of the property market.

Sabah is in a stagnant but rising cycle. There have been 5 years of significant growth in Sabah, predominantly in the capital Kota Kinabalu. 2014 till this year to date has seen fewer transactions and new launches which have stagnated the market, however values across all sectors have remained stable throughout the period. There is pent up demand and limited supply of new inventory which has also ensured that values have not diminished.

EDIA SENTIME ED M NT MIX

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E D M E DIA S E N TI M E

Rentals Increase

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Johor

Sabah

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SLO W

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Experiencing a slowing market due to: • Too much supply for strata properties/too many players.

Landed properties which are smaller to medium priced and reasonably located with good concepts/masterplan still in good demand • Prices have gone up significantly vis-a-vis income levels • Cooling measures and tightening of credit

Shortage of Tradespeople

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Selangor

Buying is more cautious and purchasers targeting selected areas.

Media Hype More Buyers than Sellers

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Knight Frank LLP, an independent global residential and commercial property consultancy, took a look at the property market in Penang, Selangor, Johor and Sabah for a brief analysis of where they are now.

The market situation in Penang is also slowing due to: • Prices have been pushed to a very high level, above the affordability of many • Effects of cooling measures sinking in • Poor sentiments regarding the national economy • Lack of confidence in the sustainability of the property markets in the “hot areas”

SELLER’S MARKET

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The recovery phase is always much shorter than the slump or boom phases. Rent and cash flow

So where are we now?

Penang

Nevertheless, within Iskandar Malaysia, there are “special zones” which enjoy special incentives including tax exemption e.g. RPGT, no foreign quota on property ownership and no price–cap on property acquisitions among some.

Tay Tam, Executive Director, (Penang Branch),Ricky Lee, Executive Director (Johor Branch),Ginn Lai, Associate Director, (Sabah Branch), Herbert Leong, Associate Director, Project Marketing.

INVESTMENT CYCLE

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Some of the indicators of a slump are increased vacancies in rental properties, reduced cash flow for investors, property finance is more difficult to obtain, property price growth stagnates or property values fall, and the length of time to sell a property increases markedly.

There will also be more “doom and gloom” opinions in the media about property values being too high. The slump phase is usually the longest period within the cycle of property.

The cycle of property can be at different stages depending on the location, population demographics and economic state-of-affairs in that part of the country.

The rest of 2015 is expected to be very challenging for the Selangor property market.

Comments are compiled from Knight Frank Malaysia:

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The slump phase is not as easy to identify as it slowly creeps up on you. The more astute investor would probably see the changing trends much earlier but the majority might not realize it until the impacts become more evidenced in the property market. And contrary to popular opinion, property values may not necessarily fall drastically during a slump but simply remain stagnant for a period of time.

Are Malaysia’s property hotspots on the rise, in the doldrums or recovering?

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industrial players from the US, Russia and China are actively looking for new sites in Iskandar Malaysia.

Booming market: International– class hotels, retail and office buildings are achieving good occupancy rates, reaching new rental levels and setting new benchmarks, especially in Zones 1 and 2 of Iskandar Malaysia

Office rents will remain stable as vacancy rates are projected to be sub 10% and limited supply of new office stock is added to existing market inventory. The outlook on retail will very much depend on tourism arrivals and consumer spending habits going forward.

The additions of Oceanus mall and Imago mall have significantly increased retail shopping centre space in Kota Kinabalu and it is yet to be seen whether this will be sustainable.

Until lending conditions improve we continue to hold our position that the Kota Kinabalu property market will remain stagnant. It is anticipated that developers at the old Jesselton Port area will launch new mixed-use product within the second half of this year. Take-up rates among high net worth domestic investors and regional foreign investors should ensure some sales momentum given the waterfront location and growing appeal of prime properties to offshore

IV E ME DIA S E N TI

As the recovery phase progresses, confidence in the property market grows and the cycle continues.

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Weakening of general economy Effect of GST has caused residential property prices to increase and buyers of commercial properties have to pay GST Poor overall general sentiment of the political and economic climate

Our outlook on the Kota Kinabalu market is still optimistic in the medium to long term. The consolidation and lull in the market is being felt regionally, however we expect a strong rebound as investment conditions improve.

GAT

During the boom phase, rent and property prices rise, property finance is easy to obtain with new lending products making borrowing easier, properties sell briskly soon after being listed and there are fewer mortgage/forced sales.

• •

buyers. The weakened ringgit will attract more foreign investors for the right type of properties as well as development land.

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increases, the length of time to sell a property reduces, property prices begin to increase and many potential property buyers tend to delay buying as they had witnessed the slow market in the preceding slump.

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DIA SENTIM VE ME ENT SITI O P

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he property market is subject to a cyclical motion of rise and fall.

It’s a predictable cycle with three recurring phases of boom, slump and recovery.

Political sentiment nationwide Security issues on the east coast of Sabah Removal of Developer Interest Bearing Scheme (DIBS)

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Cycle of Property: Where are we now?

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Valuations Fall

More Sellers than Buyers

BUYER’S MARKET

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EAST MALAYSIA PROPERTY NEWS

Kota Kinabalu Establishes Relations With Wuhan City

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ota Kinabalu City Hall has formally established relations with the Wuhan City Municipal Government in Wuhan, China as reported by local media, The Borneo Post.

Mayor Datuk Abidin Madingkir and Vice Mayor of Wuhan, Lu Shaye, signed the Memorandum of Understanding (MoU) on Establishment of Friendly and Cooperative Relationship between City of Kota Kinabalu and City of Wuhan on May recently.

The historic occasion was witnessed

by State Tourism, Culture and Environment Minister Datuk Seri Masidi Manjun, his Assistant Minister Datuk Pang Nyuk Ming, Sabah Tourism Board (STB) General Manager Datuk Irene Benggon Charuruks, Institute for Development Studies (IDS) Sabah Chairman Datuk Seri Clarence

knowledge and experiences and cooperation in the field of economy, trade, culture, tourism, education, sports and others.

Both parties also agreed to develop contacts and communication among organisations and communities of youth, women and labour between the two cities, as well as personnel exchanges.

In his address, Madingkir thanked the Wuhan Municipal Government, especially Mayor Wan Yong, who was represented by Vice Mayor, Lu Shaye, for inviting him and the Kota Kinabalu delegation to their city.

He also thanked his counterpart for initiating the friendly and cooperative relations between Kota Kinabalu and Wuhan, through the visit by Deputy Mayor, Zhang Xue Mang, who visited him in Kota Kinabalu in January this year.

Wuhan officials that although the population of Kota Kinabalu is not big with only some half a million population, the eco-tourism of Kota Kinabalu is indeed very strong, as the city is situated near the sea.

Most importantly, Madingkir said the people of Kota Kinabalu are very friendly, with most of them able to speak in Chinese, and that it is famous for its good seafood.

According to him, the materialisation of the MoU between the city of Wuhan and Kota Kinabalu would benefit both parties especially in the areas of tourism, culture and education.

Madingkir concluded his introduction by inviting the people of Wuhan to visit Kota Kinabalu.

In reply, Lu Shaye said from Madingkir’s introduction, it leaves them an impression that Kota Kinabalu is a beautiful city with strong tourism, ecology and good food.

Kota Kinabalu, according to him, it is a city that they are eager to visit as it is a famous tourism destination.

According to Lu, Malaysia is a ‘hot’ destination for the Chinese people being ranked eighth by Wuhan, in terms of its outbound tourism.

Mayor Datuk Abidin Madingkir and Vice Mayor of Wuhan, Lu Shaye, signed the Memorandum of Understanding (MoU) on Establishment of Friendly and Cooperative Relationship between City of Kota Kinabalu and City of Wuhan Bongkos Malakun, senior officials from the Wuhan Municipal Government and delegation members from Kota Kinabalu.

By entering into the agreement, the cities of Kota Kinabalu and Wuhan agreed to enhance mutual exchange and friendly cooperation to promote the exchange of

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Madingkir said he is confident that it would improve bilateral ties between the two cities and be another opportunity to promote exchanges especially in the field of tourism and culture that would benefit both cities.

In his introduction of Kota Kinabalu, among others, he told the

Lu said the difference in the populations of both cities, Wuhan with 11 million people and Kota Kinabalu with half a million people, is indeed an attraction for both cities.

He said Wuhan is an industrial city with its auto industry playing a very important part. The auto industry, according to him, is capable to produce one million vehicles per year and targets to improve its production to three million in five years. The other pillar industries of Wuhan, he explained, are iron

and steel, energy, chemical and manufacturing.

Wuhan is the capital of Hubei Province and is the most populous city in Central China. It is situated in the eastern Jianghan Plain at the intersection of the middle reaches of the Yangtze and Han rivers.

Arising out of the conglomeration of three cities, Wuchang, Hankou and Hanyang, Wuhan is a major transportation hub, with dozens of railways, roads and expressways passing through the city.

Meanwhile, on the same day, the Kota Kinabalu delegation headed by Masidi also witnessed the Charter Flights Memorandum of Understanding Signing Ceremony between: 1.

Hunan Hua Tian International Travel Services and Airworld Travel and Tours Sdn Bhd.

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Nanjing Wanxiang International Travel Services Agency Co. Ltd and Airworld Travel and Tours Sdn Bhd.

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Chengdu Merchant International Travel Services and Times Holidays Travel & Tours Sdn Bhd.

The four-day working visit by Madingkir also saw the signing of the MoU between two universities.

Assistant Minister Datuk Pang Nyuk Ming witnessed the signing of MoU between the Sabah Institute of Arts by its CEO, Professor Dato’ Dr Wilson Yong, and the China Normal University Faculty of Art China.

Also signed was an MoU between a Sabah-based company, Borneo Teakwood Sdn Bhd General Manager Ceasar Mandela Malakun and a construction company in Wuhan on possible leisure, commercial and industrial development projects in Sabah.

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Congratulations WONG TECK KIENG

Winner - 8D6N Tour Package to Shanghai for two persons

PH Expo Miri 2015

Second outing for Property Hunter in Miri shows continued support for property investment market

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his is the second year Property Hunter has organized its popular expo series in Miri after its successful inaugural outing in the city last year. More than 40 developers with up to 70 booths were at the expo to showcase their latest residential and commercial projects to residents of Miri as well as neighbouring Labuan and Brunei to the many new investment opportunities in the local and international property markets.

Exhibitors offered a diverse range of investment grade projects from within Malaysia as well as overseas countries such as Australia, the UK, New Zealand, Thailand and the Philippines during the expo which is the biggest so far organized by Property Hunter in Miri. A special Coffee Bean Lounge gave out free coffees to visitors as they browsed the booths to pick out the property of their choice.

Visitors who made a purchase during the expo were also given the chance to win an 8D6N Shanghai Tour Package for two persons in the buyers’ lucky draw with the Grand Prize eventually going to Wong Teck Kieng.

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Winner of the PH Facebook Photo Contest in Miri. Team from Kua Property

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All set for another great expo experience

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Coffee Bean Lounge

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An early start at the registration counter

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Exhibitors giving visitors their best sales pitch

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Spacious and well-organised expo layout

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Getting more information on a choice property

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Fusion promoting their Australian property

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Digi, official telco for the expo

Photos by All4One Productions

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EAST MALAYSIA PROPERTY NEWS

Sandakan Condo Buyers Disappointed With Developer

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news release made in New Sabah Times reported more than a year after buyers were given the green light to move in, shoddy workmanship and ineffective repairs continue to plague owners of the condominium in Sandakan.

Some of the buyers still cannot occupy their units because rectifications have not been properly done by the developer.

“Frustrated owners have complained to me that their units still suffer from leaking pipes and window seals, loose tiles, peeling

faced by the purchasers. After all, we are their clients who have put our trust in them to provide us with the quality homes that they have promised and constantly publicised in their sales brochures and advertisements,” Taren Sunil said.

He also said that the affected owners were told to pay their monthly maintenance fees even though their units were not fully fit to be occupied.

They were told by the developer that legal action would be taken against them if they failed to pay up, Taren Sunil said.

Sandakan, Sabah plastering/paintwork and other defects,” said Sabah Malaysian Indian Congress (MIC) Youth chief Taren Sunil Manoharan.

One owner who purchased three units of the condominiums told me that he is unable to move into his units because defects like leaking pipes and window seals have not been effectively rectified. He and other purchasers have lodged their complaints to the developer since last year but the problems remain unresolved, he said in a statement to the media.

“It is about time that this nationallyestablished developer showed some concern towards the issues

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The affected owners are in a quandary. They can’t use their units but at the same time must pay the maintenance fees. It is like rubbing salt into the wound, said the MIC Sabah Youth Chief who had previously also been affected by delays in rectifying his own residential units.

No Strata Title Even After 30 Years In Sabah, Says Activist

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ormer president of the Council of Sabah Senior Citizen Association (COSCA), Robert Foo has expressed his concern and disappointment over non-issuance of strata titles to apartment and condo owners in the state for so many years, reported The Borneo Post.

In some cases, Foo claimed, it stretched up to 30 years and some owners did not live to receive their documents.

Foo, a social activist, recently confirmed that he raised the issue during the SUHAKAM Round Table Discussion (RTD) on the International Covenant on Economic, Social and Cultural Rights (ICESCR) held at Promenade Hotel, recently.

“I hope that the government authorities including the Ministry of Local Government and Housing and the Land Survey Department will be much more proactive in solving the dilemma faced by many senior owners,” he said.

According to him, the Housing Development, Control and Licensing (Enactment 1978) empowers the Housing Controller to proceed legal action against any defaulting developers for any violations.

He felt that a timeline should be set for the issuance of all types of title to the land or property owners as time is precious.

The SUHAKAM Round Table Dsicussion was chaired by its chairman Tan Sri Hasmy Agam.

Also present were its vice chairman Datuk Dr Khoo Lake Tee, Commissioner Nordin Kasim Madating, former State Secretary Tan Sri Simon Sipaun, activist Datuk Patrick Sindu, Professor Datuk Dr Aishah Bidin and Francis Johen Adam as well as Esscom Corporate Communication head, Newmond Tibin.

To help resolve the plight of the owners, Taren Sunil has formed an informal grouping of over 60 unit owners to jointly ask the developer to act swiftly on their complaints.

Ministry of Local Government and Housing He stressed that it is about time that property buyers banded together to defend their legal rights.

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FEATURE INTERVIEWS PROPERTY | Women SHOWCASE In Properties

It was very overwhelming but I learned a lot from my Dad who was very forgiving and patient with me.

WOMEN in

PROPERTY

Photos By Louis Pang Studio

Taking on personal and professional challenges to succeed in the careerof their choice, these women have successfully carved a niche for themselves in the local property market through sheer grit, determination and passion.

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hey may have gotten their feet wet in the industry from different perspectives but the one thing that ties them together is the passion they have for their job.

Emily Chewwanted to be a lawyer and never considered property as a career choice; Caroline Yong worked in a legal firm before switching careers and Mary Yu used her natural talent to sell property to eventually set up her own real estate business.

Whether by fate or design, their decision to enter into the property industry has left an indelible mark on themselves

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personally and professionally.

The represent women who have the strength, confidence, maturity and wisdom to know what they want out of life and went about achieving it.

The property industry is a tough masterand demands a high premium on your time but Emily, Caroline and Mary have managed to find a balance between work and family with equal success. The men in their lives, whether husband, father or mentor, have been instrumental in giving them the room to grow and the freedom to continue chasing their dreams.

Her father, Chew Sang Hai, was a chartered builder who had built a career for himself in the property industry in Sabah and when the time came to start on his latest project, he chose Emily over more experience candidates to helm the project.

Having spent most of her growing up years being exposed to the property industry, taking up the offer was the furthest thing on her mind.

Brought up to be independent and self-reliant, Emily joined an NGO after high-school to motivate secondary school students to find their way back to learning and getting an education. Spending a month in Kota Marudu where life was a day to day struggle helped her discover herself and clarify her goals for the future.

“We in Malaysia are fortunate because we have access to education which in other parts of the world, especially for women, they don’t have the same opportunity,” she says of her eye-opening experience.

Emily graduated from Australia National University with a Bachelor in Commerce majoring in accounting and management.

She wanted to learn the human side of commerce and when it came to taking up jobs during university, she made a conscious decision to work for small scale entrepreneurs to get an insight into how they built up and operate their businesses.

The hours were long and took up almost all her weekends but she came out of that experience with a greater appreciation for those, including her father, who had to work hard to make it in the business world.

When she eventually decided to work with him, she did it with an open mind and sincerity to learn and understand the business.

“I was project coordinator when we first started the Grand Merdeka project and had to take care of everything to help build up the foundation of the company. I made a lot of mistakes along the way but my Dad was very patient with me,” says Emily.

Working with family can be difficult if only for the expectations placed on your shoulders. Although Emily describes herself as being passionate, determined and creative, it cannot be denied that she also has an incredible reserve of inner strength to take on responsibilities beyond her experience and come out with her fighting spirit still intact.

She is now fully commited to the property industry and wants to pursue it as a long-term career.

As just 30 years old, Emily has already achieved more than most and it would be interesting to see where her career path will lead her in the future.

Emily Chew Fei Sean Property Development Manager Grand Merdeka Development Sdn Bhd www.PropertyHunter.com.my

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Interviews | Women In Properties

I saw how it was easier for those who had studied abroad to gain their valuer qualification and I wanted the same for myself.

If you wake up thinking that going to work is torture, you had better change your job.

Caroline Yong is one person who would not shy away from a challenge. In fact, she thrives on it.

Her first job in the property industry was with Tokojaya Group of Companies who in the 1990s developed the city’s first resort condominium.

“I worked in sales and marketing under a very demanding boss which was good for me as it helped establish my strong character,” she remembers.

“At that time the share market was at its peak and people were buying up the condominium units because it was something new and they liked the returns.

Then when the recession hit in 1996-7 and the market slumped, we had to do a lot of re-strategizing and rebuilding from the bottom up. That was the time I learned about perseverance and making it through the ups and downs of the property market.”

Knowing what you want and working hard for it is a philosophy that has guided Caroline on her career path since the early days.

After taking a career break to start a family, she rejoined the industry with Hap Seng Properties Development and within 8 years, she progressed from sales and marketing executive to leading the entire sales and marketing department in Sabah.Equally important to her success is her firm belief in having, and maintaining a set of core values in your life.

Back in the late 1990s, Mary Yu was a woman on a mission. She started working in real estate in 1988 and as she became more familiar with the industry, she realized that she needed to equip herself with more knowledge to advance in her career.

“Having core values is very important,” she stresses. “I keep reminding my team that you have to have integrity, teamwork and the right mindset. These are the good core values that will help you succeed.”

The next 10 years would see Mary juggling a full-time job and studying part-time to earn her real estate license. There were no courses available in Sabah at that time so she had to go to Kuala Lumpur regularly to clock up her study credits and sit for the required exams. There were only 10 people in her course and she was the only one from Sabah.

The property industry is a multifaceted industry and Caroline thinks women can thrive if given the right incentive and motivation.

“Women should be more involved because we are more careful and detailed in giving out information,” she opines.

To prove her point, most of her top sales people are women and she actively works to impress upon her team the importance of being firm, making strong instead of emotional decisions and having good composure.

“Back in those days, I did not have sufficient funds to study overseas but I saw how much easier it was for those who did to obtain their real estate license,” remembers Mary.

Not wanting to rest on her own laurels, Caroline feels that there is still a way to go for her to be considered truly successful.

“I was envious of them and I had to find a way to get myself qualified too even though I did not have the same level of education. I believed that that was the only way for my clients to have full confidence and trust in me as a professional.”

“I don’t consider myself a success yet. Success to me is when you really manage the areas assigned to you and I feel that there are still one or two areas that can be done better.”

Now with almost 28 years of experience under her belt, Mary has proven herself to be more than just qualified but also a dedicated and skillful real estate agent. Her strong technical skills in property negotiations and good customer relationships are the cornerstones of MARICO Realty, a company she set up with her husband, to build on a career that she is truly passionate about.

After 20 years working in the industry, Caroline plans to continue her studies and get her masters. Fitting in study to her already full work schedule and raising two children will be yet another challenge that she intends to meet head on – with strength, perseverance and passion.

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Caroline Yong

Senior Sales and Marketing Manager – Sabah Hap Seng Properties Development Sdn Bhd

Her positive outlook and attitude towards hardships is an inspiration for those who are considering going into a business that is subject to unfettered economic ups and downs. When asked how she coped with the global financial crisis in 1997 and 2008, her response was a matterof-fact “during hard times, people still have to buy, sell or rent”.

“You have to overcome your fears and persevere, continue to do sales and look on the bright side.

With a good attitude and hard work, it will eventually pay off.”

Enthusiasm is the consummate characteristic of who Mary is as a person and a professional.

She is regularly involved in property community activities and helps in promoting quality agent services as a committee member of MIEA (Malaysian Institute of Estate Agents).

Mary’s success has been a motivational force for her two daughters to excel with the eldest Belinda now studying for her Bachelor Degree in Property Economics in Australia, and Isabella who will be sitting for her SPM exams this year.

Mary continues to educate herself about property management and development and hopes to push her company to greater heights of success locally and internationally.

Mary Yu

Registered Estate Agent MARICO Realty

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FEATURED PROPERTY EVENT| Asian Pac

The Loft Unveils Its Show Unit And Activity Packed Eco Deck

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he Loft at KK Times Square has unveiled its 3.5 acre Eco Deck which is packed with activity zones for the whole family with facilities including a gymnasium, jogging track, swimming pool, basketball court, playground and rest areas.

This is the largest activity floor for any residence within the city and its superb location fronting the South China Sea offers the advantage of spectacular sea and sunset views in the evenings. The mountain range on the opposite side is equally picturesque and complements the entire outdoor ambiance of the Eco Deck.

The grand unveiling was held on 13 June 2015 with an exciting programme to highlight the

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versatility of the Eco Deck to host a range of activities by the residents of The Loft.

Visitors to the event were also invited for an exclusive preview of The Loft C residence, which is expected to receive its occupation certificate by end of this year, and is now opened for public viewing.

Loft C has more than 11 unit types for its total of 110 units with a built up area ranging from 704 sqft to 2,369 sqft.

Public viewing of the Eco Deck and Loft C residences can be arranged at the Asian Pac Sales Gallery at KK Times Square.

For more info please visit: www.asianpac.com.my

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WEST MALAYSIA PROPERTY NEWS

Eco World Ballymore Officially Launches London City Island In London, Kuala Lumpur And Singapore position as a property developer with an ambition and commitment to create truly exceptional places to live, work and visit.

John Mulryan, UK Managing Director of Ballymore Group said: “We are delighted to launch this partnership with ENB which cements London City Island’s position as one of the most exciting new developments in London. It is befitting of the vibrant, dynamic new neighbourhood being created that we are partnering with one of the country’s most outstanding artistic institutions.”

WEST MALAYSIA PROPERTY NEWS

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

L-R: Datuk Richard Ong, Executive Vice President, Strategic Planning of Eco World Development Group Berhad; Dato’ Chang Khim Wah, President & CEO of Eco World Development Group Berhad; Ms Norhayati Subali, Divisional General Manager, Sales & Marketing of Eco World International Berhad; Dato’ Voon Tin Yow, Director of Eco World Ballymore & Mr Tan Cheng Yong, Head, Technical, Planning & Design of Eco World International Berhad

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co World Ballymore has launched London City Island officially in the UK, Malaysia and Singapore, marking the debut of the EcoWorld brand internationally through its jointventure with Ballymore and formation of the company Eco World Ballymore.

MAS To Adopt Assest-Light Strategy

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hen it comes to owning properties, the new MAS Bhd plans to adopt an asset-light strategy.

In fact, it is looking at disposing some properties worth over RM500

million and be left with just two buildings near the KL International Airport (KLIA) “Some of the assets will be disposed by the old company Malaysia Airlines (MAS),” said chief executive officer Christoph Mueller in his first

media briefing at the airline’s new headquarters.

maintenance, repair and overhaul (MRO) division.

“There is enormous demand for what we own and it is not just property but also the businesses,” he said, adding that the exercise may take around one to three years.

“There have been many partners calling me to do business, but we have to first repair the shop, create value and then look at those possibilities.”

Notably, some of the company’s properties are located in mature areas in Penang, Subang and London.

Mueller, who considers MAS as ‘technically bankrupt’ even before last year’s twin air disaster, was hired to turn the airline into profitability.

Mueller noted that the entire operations in Subang will be vacated in due time although Firefly will continue to operate from Subang.

Malaysia Airlines 40th Anniversary Boeing 737-800 series

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Aside from real estate assets, he revealed that some quarters had expressed interest in entering into partnership with MAS in several business units including the

He said he needed three years in order to rebuild the company, with the growth phase beginning in 2017 or 2018.

“Based on current projections we have a fair chance to break even in 2018.”

Chairman of Eco World Ballymore Tan Sri Liew Kee Sin said that the JV partners were delighted to launch London City Island in the three global cities. “We are very excited to present the vibrant new creative island metropolis and envision London City Island to be a destination which combines the best of the arts, culture and contemporary living.”

Chairman of Ballymore Group, Sean Mulryan added: “Ballymore pride itself on being part of some of the most significant regeneration projects in the capital, we have the local knowledge and the management of Eco World has an international track record in delivering major residential projects.

Together as Eco World Ballymore we will deliver London City Island plus two further riverside developments

in the capital: Wardian London near Canary Wharf and phase two of Embassy Gardens, in Nine Elms on the South Bank.”

The launch is the second phase of London City Island and comprises 417 new homes ranging from suites to 1, 2, 3 and 4 bed units across two blocks.

Designed by British firm Glenn Howells Architects, London City Island draws inspiration from the world cities of Chicago, Tokyo and Manhattan. Bright seafaring-inspired hues have been used throughout the development, with a striking colour chosen in the glossy brickwork for each building.

The apartments themselves are designed with a warehouse aesthetic, with generous open plan living spaces and loft style features that draw design inspiration from the creative energy of East London.

Spread over 12 acres, London City Island will include independent artisan restaurants, shops, and al fresco spaces used to show public art, design installations and host

ad-hoc creative performances.

Residents will have exclusive access to The City Island Arts Club, a private resident’s club with screening room, gym, concierge service and a striking swimming pool which is vibrant red in colour.

Set against an iconic backdrop of The O2, Canary Wharf and the City, London City Island has been coined as the ‘mini Manhattan’ of London.

The project boasts a 260ft iconic red bridge linking the island to Canning Town station, making it one of the best connected developments in the city with fast access to Canary Wharf (4 minutes), the West End (Bond Street in 20 minutes) and the City (London Bridge in 11 minutes).

The new and exciting development has recently announced a groundbreaking partnership with English National Ballet that will see one of UK’s most treasured artistic institutions make a landmark move to London City Island. This partnership with English National Ballet signifies the meeting point between creative excellence and commercial innovation, further underpinning Eco World Ballymore’s

Eco World Ballymore today further confirmed that it has raised a significant financing package of £1.1 billion for the development of the three projects which the JV Partners will be developing together. The financing will be provided by two Malaysian banks, CIMB Bank Berhad and Maybank Investment Bank Berhad.

Liew said: “It is a significant achievement for the jointventure to have obtained such strong support from our bankers, CIMB Bank and Maybank for the development of these three prime London sites. This is indeed a strong testament to their faith in the execution and delivery capabilities of both Eco World and Ballymore. It also signifies their confidence in the London property market and its continued bright prospects as the top global destination for international real estate investment.”

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WEST MALAYSIA PROPERTY NEWS

Work Begins On RM200 Million Genting Premium Outlets

165 Abandoned Project Revived Since 2009

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ome 76.4 percent or 165 out of the 216 abandoned private housing projects nationwide have been recovered by the government from 2009 until last April 30.

(From left) Yong Chee Kong, President & Chief Operating Officer of Genting Plantations; Datuk Abdul Ghani Abdullah, Director of Genting Plantations; Hui Lim, Executive Director & Chief Information Officer of Genting Group; Datuk Seri Jebasingam Isaace John, CEO East Coast Economic Region Development Council; Jean Marie Pin Harry, General Manager of Genting Simon Sdn Bhd; Dr Sarinder Kumari Director of NKEA Tourism at PEMANDU and Ching Yew Chye, Director of Genting Plantations

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he Sun Daily has reported that Genting Simon Sdn Bhd, a joint venture (JV) of Genting Group and Simon Property Group has started construction work on the RM200 million Genting Premium Outlets, to be completed by the fourth quarter of 2016.

The first South East Asia’s hilltop Premium Outlet Centre that is situated at Genting Highlands Resort within the East Coast Economic Region will be operated by Genting Simon.

Genting Simon is a wholly owned subsidiary of Simon Genting Ltd, a 50:50 JV between Genting Plantations Bhd and Premium Outlets, the outlet division of Simon Group.

Lim Kok Thay, chairman and chief executive of Genting Group said in a statement recently.

“We hope to further cement Malaysia’s position as South East Asia’s shopping heaven and a preferred investment destination for retail and real estate that has the potential of generating high growth,” he added.

The 85th Premium Outlet Centre in the Premium Outlets’ portfolio, will offer a gross leaseable area of approximately 300,000 sq ft that will house 150 designer and brand name stores and 4,000 parking bays for cars and buses.

Simon Group is engaged in retail real estate ownership, management and development across North America, Europe and Asia.

Genting Premium Outlets is a key component of the Genting Integrated Tourism Plan, a 10-year development, expansion, enhancement, refurbishment and infrastructure master plan; an illustration of private sector participation under the Economic Transformation Programme.

“Its strategic location within Genting Highlands will allow Genting Premium Outlets to leverage and also further enhance Genting Highlands’ attraction as a major tourist and holiday destination that draws about 20 million visitations annually,” Tan Sri

Genting Premium Outlets is well connected to the capital city, with approximately 45 minutes drive from Kuala Lumpur and within 1.5 to 2 hours drive from Ipoh, Kuantan and Seremban via the North-South Expressway and Karak Expressway.

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Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan said another 22 projects were being recovered while 29 projects were in the planning stage for recovery process.

“From the 165 projects, it involves 45,206 units of houses and 29,903 house buyers,” he said when replying to a supplementary question from Hee Loy Sian (PKRPetaling Jaya Selatan) at the Dewan Rakyat recently.

He wanted the ministry to elaborate on the increasing number of abandoned houses nationwide and the measures being taken by the government to overcome it.

Elaborating further, Abdul Rahman said from the statistics, it clearly showed the government had a good record in recovering abandoned houses nationwide and denied allegations that the government was slow in taking action on the matter.

On Nee’s query on the ‘build and sell’ regulation for house developers, Abdul Rahman said at present it has not been cancelled but deferred for the time being to strike a balance between house offers and growing demand.

“If the regulation proceeds, we fear the developers will not have any solid finances to construct houses, so house offers will drop compared to the demand while the cost of houses will be higher.

“Our priority now is we want the price of houses to stablise first, and we will impose the regulation again when the time is right for the good of the industry,” he added.

Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan

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WEST MALAYSIA PROPERTY NEWS

Mah Sing Sweeps Two Asia Pacific Property Award

Savvy Investors Appear In Mulpha Land

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as Mulpha Land’s group managing director in 2013.

ah Sing Group Bhd celebrated a double win at the Asia Pacific Property Awards 20152016 last month for its projects D’Sara Sentral and The Loft@ Southbay City, reported by Star Property.

The other new shareholders are director Datuk Low Keng Siong and Datuk Fakhri Yassin Mahiaddin.

Low and Ghazie are shareholders of Pasukan Sehati Sdn Bhd, which, in turn, owns 8.6 percent of Mulpha Land.

The company received awards in the Commercial High-Rise Architecture category for D’Sara Sentral, and in the Leisure Development category for The Loft @ Southbay City.

The company describes The Loft @ Southbay City in Penang as being a “private gateway to an enchanting sea”. Part of the integrated township of Southbay City, the development measures 1.5ha and has a gross development value of RM290 million.

Located on the Penang seafront, it is home to 156 luxurious serviced suites housed in two tower blocks.

With only 78 units in each tower, this equates to only three per floor serviced by two private lifts, ensuring each with a panoramic view of the waterfront with breathtaking vistas all around.

The Loft is in Bayan Lepas, one of Penang’s most sought-after vicinities, which is within 1km from the Second Penang Bridge and 7km from the Penang International Airport. George Town and the Penang Bridge are located within a five to 10-minute drive from the development.

Fakhri, the son of Deputy Prime Minister Tan Sri Muhyiddin Yassin, is the ultimate controlling shareholder of Teladan Kuasa Sdn Bhd. In March Teladan Kuasa had launched a takeover offer for all the remaining shares in Mulpha Land that it did not already own for a cash consideration of 49.7 sen per share.

Mah Sing wins best high-rise architecture at Asia-Pacific Property Awards

The 2.65ha D’sara Sentral project is to be a transitoriented development.

Mah Sing says its goal is to “establish a high-rise centre for residential and commercial purposes that becomes a prominent landmark in an area of low-rise buildings.”

Located in the vibrant hub of Sungai Buloh, the integrated development has a gross development value of RM938 million. D’sara Sentral comprises retail shops; one block of Smart Office Versatile Office (SOVO) and four blocks of serviced residences.

“At Mah Sing’s D’Sara Sentral, we aim to create convenience for our residents. The development is located across the Kampung Baru Sungai Buloh MRT Station, the second station on the Sungai BulohKajang MRT line with a covered

walkway linking the development to

percent for the retail shops that

the MRT station.

chief executive officer Ng Chai Yong.

will complement the serviced residences; while a total of 322 units of SOVO with built-ups starting from 46.82sq m priced from RM388,000 have seen more than 70 percent sold.

Mah Sing’s D’sara Sentral Serviced Residences comprises four blocks, with the first two block offering 494 units with built-up starting from 75.16sq m priced from RM538,000 open for sale.

International Property Awards president Stuart Shield said, “Entries for the Asia Pacific region were up yet again this year with 25 different countries competing strongly across each and every category.

Take-up has been very encouraging with over 80% of its first tower sold.

About 60% of its second tower were sold in three weeks after its official launch in March.

“It is immensely gratifying to be presented with such levels of excellence and be in a position to reward and promote winning companies not only regionally but also internationally.”

“This will bring travelling time to Kuala Lumpur to about 30 minutes,” said Mah Sing executive director and

Mah Sing will open its final two blocks of serviced residences for registration of interest, featuring 444 units with built-up starting from 69.86sq m priced from RM600,000.

Currently, the project has seen a strong take-up rate of 80

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avvy investors Chua Sai Men and Brahmal Vasudevan have emerged as shareholders of property company Mulpha Land Bhd, according to the company’s justreleased 2014 annual report.

Sai Men, who is the eldest son of veteran investor Tan Sri Chua Ma Yu, owns 3.41 million shares or 1.49 percent stake in Mulpha Land, while Brahmal owns 1.35 million shares or 0.59 percent stake in the company.

Sai Men was a cornerstone investor in some of the major initial public offerings last year. He also makes investments in selected companies such as Cypark Resources Bhd and a few oil and gas companies.

Brahmal, who is private-equity firm Creador’s founder and chief executive officer, has created a name for himself as an investor with the “golden touch”. He is seen as savvy and being able to offer value to the company.

While Creador the fund has taken stakes in Masterskill Education

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Mulpha Land website Group Bhd, Oldtown Bhd and Bonia Corp Bhd, Brahmal has personally taken up stakes in SRMT Holdings Bhd, Scicom (MSC) Bhd, MyEG Services Bhd and GHL Systems Bhd.

Mulpha Land, which has been undergoing a transformation of sorts, has seen its share price rise 134 percent on a yearto-date basis to 92.5 sen, following a restructuring exercise and a takeover offer that did not happen.

Since Mulpha Land announced plans to raise RM18.7 million through a private placement exercise on May 13, investor interest has propelled the shares up further.

On May 13, the property developer told Bursa Malaysia that it would undertake a private placement exercise of up to 10 percent of its issued share capital to finance a land acquisition, repay borrowings and as working capital.

The acquisition would be under its joint-venture entity, Mayfair Ventures Sdn Bhd. It said that based on the indicative issue price of 82 sen per placement share, the proposed exercise is expected to raise gross proceeds of up to RM18.7 million.

For the first quarter to March 31, Mulpha Land’s net loss widened to RM3.1 millionfrom RM2.26 million previously. This was mainly due to the recognition of advertising and promotional expenses incurred for its Tropicana project.

Revenue dropped 74.27 percent to RM1.37 million on the back of lower sales recognised for its development project in Nibong Tebal, Penang.

Mulpha Land is now controlled by a new group of shareholders, who collectively own 50.38 percent of the company.

The GO was triggered after Mulpha International Bhd had entered into a call option agreement with Teladan Kuasa to acquire 75 million shares that represented up to a 32.85 percent stake in Mulpha Land.

Mulpha Land currently has projects in the Klang Valley, Penang and Kedah, with an estimated gross development value of RM1.2 billion. These projects will keep it busy until 2018.

In the Klang Valley, projects under its belt include the redevelopment of two acres at the old Mulpha headquarters at Section 13, Petaling Jaya; 6 Kenny Hills; Enclave Bangsar and Tropicana. Other projects in its portfolio are Taman Bukit Punchor, Bukit Punchor Industrial Park and Taman Seri Bayu in Penang, coupled with the mixed-development township Taman Desa Aman near the Kulim High Tech Park in Kedah.

These individuals include Ghazie Yeoh Abdullah, who was appointed

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WEST MALAYSIA PROPERTY NEWS

RM2.5 Billion To Revitalize Danga River

DCA’s Approval Needed To Operate Drone

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he flying of unauthorised drones or unmanned aerial vehicles (UAV) especially in high-risk zones could pose a threat to public safety, aviation safety and national security.

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Launching of River City’s ground-breaking ceremony by, Johor Menteri Besar, Mohamed Khaled Nordin

river in Johor Baru will be cleaned up and revitalised in a RM2.5 billion project to turn it into a tourist destination with riverfront cafes, heritage shows and apartments.

According to an article by Reme Ahmad published in The Strait Times, the River City @ Danga Bay project involves 6km of the 15-km-long Danga River.

The polluted river flows into the bigger Sekudai River, whose mouth is across the Sungei Buloh Wetland Reserve in Lim Chu Kang.

The Danga River plan will be the second most-expensive cleanup of a waterway river after the Malaysian government’s RM4 billion multi-year project to clean up the meandering Klang River in Kuala Lumpur and Selangor.

The project’s launch came amid concerns raised by the Singapore government this week about the looming glut of residential properties in the Iskandar Malaysia development zone in southern Johor that includes Danga Bay. But the developers said they are undeterred by the oversupply worries, as the property players will stagger their projects over a 15 to 20-year period.

During the ground breaking ceremony, Johor Menteri Besar Mohamed Khaled Nordin said, “We will make Danga River come alive

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with river cruises, boardwalks, street sculptures, lifestyle malls, food, entertainment and other water sports facilities.”

He said the 21ha project will be a boon for tourism and a playground for local youths, while the deepened river will be used for internationalclass water activities.

The project will be carried out by a subsidiary of property developer Iskandar Waterfront Holdings (IWH). Reflecting the River City’s ambitions are the names of the four components of the revitalised areas along the river.

The Venice will be its entertainment and shopping area, The Gateway the “new downtown” with hotels and offices, The Rivera its residential hub with apartments, and Fisherman’s Wharf for festivals and street parties.

Meanwhile, the Monetary Authority of Singapore board member Lawrence Wong told Singaporean Parliament that nearly 336,000 private residential units are in the pipeline in Johor, more than all the private homes currently standing in Singapore. Most of these units are coming up in Iskandar.

“There is indeed a real concern about future oversupply in the property market there and hence the potential decline in value of homes,” Mr Wong said.

Department of Civil Aviation (DCA) director-general Datuk Azharuddin Abdul Rahman said it could also infringe personal liberty and the right to privacy.

The DCA had issued a warning prohibiting the flying of unauthorised drones or UAV in the vicinity of airports.

The immediate step was taken after purported aerial drone photographs of aircraft approaching the KL International Airport (KLIA) went viral on social media sites, raising fear among netizens that it could lead to another aviation disaster.

“We were very concerned that the drone might carry a camera or unwanted goods and fly at prohibited areas, or in the vicinity of the government facilities that could eventually threaten public safety and security,” he said.

Azharuddin said the misuse of drones could also lead to infringement of privacy if it was used to take photos or shoot videos without permission.

He said DCA required that anyone wanting to fly a drone must seek permission so that it could be monitored and would not pose any problem to the airspace.

“If the drone flies in public areas and has some problem causing it to crash, it would certainly worsen the situation. This will enable us to monitor the flight of the drones,” he said.

However, he did not dismiss the advantages gained from the use of remote-controlled aircraft which were now readily available at reasonable prices.

“There are many advantages of using drones for example during massive flooding that hit several states recently, the drones were used to fly to the areas cut off to deliver the aid,” said Azharuddin.

Hence, in order to raise awareness among the drone owners and enthusiasts, the DCA will hold a special briefing in the near future which would give detailed rules and restrictions on the use and operation of drones and UAV flight.

He said the DCA was also currently reviewing the renewal of the Aeronautical Information Circular (AIC) 4/2008, which would be added with a new regulation on the use of drones.

“Actually drones cannot be flown not only at the vicinity of airports, but also at public places without DCA’s permission,” he said.

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WEST MALAYSIA PROPERTY NEWS

Penang Introduced New Housing Category For Talented And Skilled Applicants Jagdeep said the proposal to create this new category came from state investment authority investPenang, which had conducted a survey that showed Penang would be needing knowledge workers to fill in 13,088 new jobs in engineering, accountancy and technology in the private sector by 2017.

State Housing, Town and Country Planning committee chairman Jagdeep Singh Deo

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he Penang government has created a new category of housing applicants for affordable homes – the talented and skilled, in a report by The Malaysian Insider.

State housing exco Jagdeep Singh Deo said the new category was for knowledge workers who were employed and voting in Penang.

Non-Penangites are also eligible if they can show proof that they have been staying and working in the state for the last five years and have registered as voters there.

InvestPenang has proposed that the state also look into catering housing for those with talent and skill, who are knowledge workers with either a diploma with a minimum two years work experience or a minimum bachelor degree recognised by the government.

InvestPenang also proposed that the five year requirement be waived for knowledge workers coming from other states, and priority be given to applications for affordable homes close to their workplaces.

“The proposal has its merits and is in line with the state government’s aspiration to be an international intelligent city. We welcome

individuals with talents and skills to Penang as they will contribute to making this aspiration a reality.

“The Selection Process Enhancement Committee (SPEC) has agreed to adopt this proposal, subject to all other eligibility criterion being met.

But to avoid this new category from being abused, applicants must stay in Penang for a minimum of five years from the date of the handover of keys of the said affordable housing unit,” he told a press conference at Komtar recently.

All applications, Jagdeep said, are to be sent to investPenang for vetting before the shortlisted applicants will be considered by SPEC, which oversees the entire mechanism of selection and make recommendations as to how to enhance its efficacy and ensure only the targeted actual needy and deserving applicant is allocated such a housing unit, may it be a low-cost, low-medium cost or affordable home.

The two-tiered selection process was necessary, as it remains to be the state’s priority to first allocate homes to the more needy and deserving applicants such as single mothers, the infirmed, the disabled and those displaced due to development.

“We are not reserving a certain percentage of projects for this new category but we will consider the applications on a case to case basis, as we also have to cater to the already existing applicants on the housing waiting list,” he said.

Jagdeep said in defining talent and skill, the state also recognised that an applicant’s abilities may not fall into the three categories chosen by investPenang.

He said applicants with talents and skills in various other fields can also apply to be considered for affordable housing by sending their applications to investPenang

Bina Puri Embarks On First Foray To Iskandar Malaysia is to continue to position itself to play an active part and carve a stake in this economic corridor,” he said.

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ernama has reported that property division of Bina Puri Holdings Berhad will embark on a joint-venture to develop a residential project in LakeHill Resort City, a fast-developing township near Masai in Johor.

Bina Puri Properties Sdn Bhd has signed a joint development agreement with LakeHill Resort Development Sdn Bhd, a whollyowned subsidiary of Malaysia Pacific Corporation Berhad, to build 412 units of double-story terrace houses with a GDV of RM204 million.

Bina Puri Properties is the developer while LakeHill Resort Development the landowner which is entitled to payment of the land cost of RM21.26 million and twenty percent (20 percent) of the project profit.

Bina Puri board of directors The project is Phase 1A1 of Taman Nusa Damai, Masai, Johor, with built-up sizes ranging from 1,700sq ft to 1,800sq ft. The development area covers 24.41 acres and it is on freehold land.

Bina Puri Holding Bhd Group Executive Director Matthew Tee said this joint development is a modest investment that will herald in a bigger role the Group will play in property development in this region that is a stone’s throw from Singapore.

“Iskandar Malaysia is fast becoming the economic powerhouse of the country. The Group’s long term plan

Phase 2 Of The Light Waterfront Penang To Be Completed by 2022 scale integrated mixed-used development. We expect the project to start next year and be completed by 2022,” he told reporters after the official joint-venture signing ceremony between IJM Land and PREH recently.

Toh added that the total development cost for the project is estimated to be over RM3 billion with a majority of it being up for sale.

Light Waterfront Penang

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JM Land Bhd expects the phase two development of The Light Waterfront Penang project to be completed by 2022, reported Property Guru.

According to IJM Land northern region Senior General Manager Datuk Toh Chin Leong, the group

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and Singapore-based Perennial Real Estate Holdings Ltd (PREH) have teamed up to acquire and develop the freehold waterfront project with a gross development value of RM4 billion.

“The 13.26-hectare site in Gelugor will be developed into a large-

“The development will boost Penang’s tourism and transform the state’s waterfront landscape to the forefront among investors and tourists,” he added.

Meanwhile, PREH Chief Executive Officer Pua Seck Guan said the prime sizeable development also

presents a unique opportunity to establish a one-stop retail-cumlifestyle destination, imbued with the life and spirit of Penang’s cultural heritage.

“The joint-venture in Penang also marks our first foray into a new market, which will augment our existing business in the core markets of China and Singapore, and diversify our investment portfolio to generate sustainable returns over the longer term,” he added.

The project is described as Penang’s first mega integrated waterfront icon with retail, entertainment, recreational, residential, business, hospitality and Meetings, Incentives, Conventions and Exhibitions components.

Taman Nusa Damai, being part of the master planning of The LakeHill Resort City, is conceived as the utmost refined testimonial of a “Resort Lifestyle” integrated with the convenience of “City Living”.

LakeHill Resort City is a flagship development in Iskandar Malaysia economic corridor. LakeHill Resort City’s connectivity is obvious; it is flanked by Jalan Tebrau on the east, the Senai-Desaru Highway in the north that affords an easy access to the Senai International Airport and the Pasir Gudang Highway in the south that leads to the Pasir Gudang Port. This highway leads to the Second Link into Singapore at its other end.

News reports have it that both the Malaysia and Singapore Government are talking about a third link - a new bridge - between Johor and Singapore. The proposed bridge will link the eastern side of Johor, from Desaru and Pengerang, to Changi in Singapore.

If it becomes a reality, it will be the third link between the countries, after the Causeway and the Tanjung Kupang-Tuas Second Link. Both the causeway and bridge are clogged with heavy traffic flow.

“Capital appreciation in LakeHill Resort City would rise as the massive RM60-billion Pengerang Integrated Petroleum Complex (PIPC) is located nearby,” Tee said after the signing ceremony between Bina Puri Properties Sdn Bhd and LakeHill Resort Development Sdn Bhd at Wisma Bina Puri in Selayang.

Bina Puri was represented by its Group Managing Director Tan Sri Datuk Tee Hock Seng while LakeHill Resort Sdn Bhd by its Chief Executive Officer and Executive Director Charles Ch’ng Soon Sen. The JV is not expected to have any material impact on Bina Puri Group’s earnings and net assets for the financial year ending 31 December 2015. However, it is expected to contribute positively to the future earnings and net assets of the group.

Johor To Ensure No Over Supply Of Serviced Apartments Malaysia Property Action (Impact) programme through the Iskandar Regional Development Authority.

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he Johor government has come up with a comprehensive action plan to overcome the oversupply of serviced apartments.

In an article by Star Property, the state government said it would be outlining more stringent conditions for construction of such apartments

Johor Bahru causeway and determine their locations to ensure suitability.

Johor Mentri Besar Datuk Mohamed Khaled Nordin said, “We will give developers 12 months from the approval of their planning permission application to start construction.”

“If they fail to start and no further application is forwarded, we will not allow for a renewal application on that plan,” he told Dr Zaini Abu Bakar (BN-Nusajaya) at the state assembly recently.

Mohamed Khaled said the state government had also taken the initiative to create the Iskandar

“The programme was set up to gather the relevant property sector parties, including government agencies, private and professional bodies under one platform,” he said, adding that current issues relating to property would be inclusively and professionally analysed by Impact.

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CONTRIBUTORS | Dr Daniele Gambero

State

Population as at 2013

Per capita average income 2013 (RM)

Assumed HH monthly income 20131 (RM)

35% HH monthly income for mortgage (RM)

Average affordable value per state 20132 (RM)

Kuala Lumpur

1,730,000

79,752.00

10,633.60

3,721.76

815,000

Selangor

5,870,000

37,851.00

5,046.80

1,766.38

390,000

Johor

3,530,000

25,305.00

3,373.60

1,180.76

260,000

Penang

1,660,000

38,356.00

5,114.13

1,789.95

390,000

Perak

2,460,000

21,250.00

2,833.33

991.67

215,000

Negeri Sembilan

1,080,000

33,033.00

4,404.40

1,541.54

340,000

Malacca

860,000

34,109.00

4,547.87

1,591.75

345,000

Kedah

2,060,000

16,316.00

2,175.47

761.41

170,000

Pahang

1,580,000

26,759.00

3,567.87

1,248.75

280,000 240,000

Terengganu

1,120,000

23,285.00

3,104.67

1,086.63

Kelantan

1,710,000

10,677.00

1,423.60

498.26

105,000

Perlis

240,000

18,519.00

2,469.20

864.22

190,000

Sabah

3,540,000

18,603.00

2,480.40

868.14

190,000

Sarawak

2,630,000

41,115.00

5,482.00

1,918.70

420,000

1. Assumption that one of the two income earner is 60% of the main one.

2. For the house value it has been assumed: 30 years tenure and 4.5% interest Per capita income source: Department of Statistics

What is affordable for me might not be for you:

Perception versus the reality of affordable homes

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E will soon know how the 11th Malaysian Plan which spans five years from 2016 to 2020 would bring Malaysia closer to achieving the status of a fully developed country.

This is in line with the tagline titled “Closing the Gap”, in addressing the Malaysian housing affordability issue.

Expectations are quite high but unfortunately, I have the feeling that not many doable solutions will be materialised.

Recently, I had the honour of jointly organising the First National

Affordable Housing Summit 2015 with ASLI (Asian Strategic Leadership Institute) during which representatives from different government agencies, private industry and professionals alike discussed the possible solutions to this critical issue to complete the transformation of Malaysia into a fully developed country.

During the entire forum, private and public representatives have kept on discharging responsibilities to each other without really coming up with new ideas and innovative solutions.

In my opinion, when we talk about affordable housing, we should find a proper definition for this rather

misused word as what is affordable in Selangor might not be affordable in other parts of Malaysia.

Even more importantly, we should look at what generating affordability is all about. The first root of this issue is the wealth distribution which somehow defines the “property purchasing power” of the public. REI Group of Companies has recently carried out a survey on the real level of income per household throughout Malaysia.

By looking at the outcome of the study, it appears quite clear that the social housing problem of low-cost houses which is supposed to affect

Dr Daniele Gambero He is the CEO and co-founder of strategic marketing consultancy firm REI Group of Companies. With his vast experience in strategic marketing consultancies, investment studies, research, property market reports and business valuation globally, REI Group of Companies has been helping Malaysian developers with business solutions for their residential, commercial and industrial projects since 2007.

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more or less six million Malaysians or, based on an average of 3.5 members per household, 1.7 million Malaysian families, remain an issue.

The low-cost housing issue, however, affects only the bottom 20% of the population while the middle-class made up of 60% of the total 30 million population count or 18 million Malaysians to be precise, still face huge problems in finding appropriate shelter at reasonable prices.

I have recently written an article about the Southern Push that middleearners are subject to and explained how we will witness a massive southern expansion of the Klang Valley due to the hunt for affordable housing. Land cost is one of the main issues causing the high price of properties in the Klang Valley but, in the southern region of Selangor, land is still being transacted at very reasonable values.

Both landed and high-rise residential units are rapidly mushrooming in South Puchong, Kajang, Bangi, Dengkil and Semenyih, with highly competitive and very affordable values recorded per sq ft.

Thus, families will be able to purchase their dream homes, all at liveable sizes ranging between 900 sq ft and 1,300 sq ft for less than RM500,000. The Government is currently constructing and planning to construct new infrastructure that will allow connectivity to be established as a strategic component of the Southern Push factor.

MRT (mass rapid transit) Line 1 and 2, LRT (light rail transit) Line 3 and several proposed BRT (bus rapid transit) lines will further generate positive and sustainable growth in the Southern Corridor.

Infrastructure is not only limited to highways and public transportation systems but also other social benefits that the city has to offer that are still lacking in the southern region, such as hospitals, schools and educational institutions, kindergartens, retail areas and so on.

All of these considerations make up the extremely important components in creating a sustainable and smart environment where families will be able to enjoy living in a safe place.

This expansion will surely also attract the interest of investors and unfortunately, speculators. Hopefully, developers will dedicate less effort and passion in responding to this unhealthy demand and concentrate more on genuine buyers and longterm investors instead.

REI Group of Companies CEO and co-founder Dr Daniele Gambero gives presentations on the property market and welcomes feedback at

daniele.g@reigroup.com.my

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65

INTERNATIONAL PROPERTY NEWS

Perth’s Most Popular Real Estate Investment Suburbs

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ictoria Park and surrounding suburbs has been named Perth’s most popular suburb when it comes to looking for an investment property, new data reveals.

The suburb has recorded the most searches online on realestate.com. au/invest, according to realestate. com.au.

INTERNATIONAL PROPERTY NEWS

The list also revealed a trend towards Perth’s north-east suburbs with Bayswater, Maylands and Mount Lawley also featuring in second, fifth and eighth spots, wrote Annabel Hennessy in Perth Now.

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

South of the river suburbs South Perth and Como took out third and sixth place, while outer southern suburbs Baldivis and Canning Vale rounded out the top 10.

Australia’s Tallest Building Is Coming To Sydney’s West

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ydney’s western business hub looks set to host Australia’s tallest building after the New South Wales government agreed to remove building height limits, paving the way for the 90-storey, 336-metre high skyscraper.

Aspire Tower is part of a six-stage redevelopment of three hectares of land in Parramatta, 25km west of Sydney’s CBD, dubbed Parramatta Square, by the city’s council, which sought removal of the height restrictions.

NSW planning minister Rob Stokes said the removal of any height limit “will herald the creation of a modern architectural skyline, defining Parramatta’s role as Western Sydney’s capital”.

Designed by Grimshaw Architects, who are responsible for 333 George Street in Sydney and the Melbourne Metro, as well as being joint-venture architects on Southern Cross Station, Aspire Tower will house 700 residential apartments, a 150-room hotel, bars, restaurants and retail, as well as a viewing deck on the top two floors at 300m. It’s the council’s preferred design for the site.

Grimshaw says the design “consciously orientates itself to the wind and to sunlight”.

Aspire Tower, Parramatta

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“The highly adaptable facades accommodate all of the various planning arrangements of apartment type into a modular

system. The tower’s striking sculptural form twists upwards from its Church Street alignment to maximise the capture of the sun, the breeze and northern views for its residents.”

The building’s roof line is at 306m, making it eclipse the current record holder, Melbourne’s 92-storey Eureka Tower at 297m, while Australia’s tallest building is Q1 on the Gold Coast at 322.5m, with a roof height of 245m. Aspire Tower’s spires will climb another 30m to 336m, making it Australia’s tallest building.

Parramatta City Council is looking to appoint a developer for the site shortly and approval for a final design will involve negotiations with the Civil Aviation Safety Authority about the height of the building.

Here’s the council’s take on how it views the residential development.

The investment hot spots show a demonstrated preference for “aspirational suburbs” according to Momentum Wealth managing director Damian Collins.

He said several factors made those suburbs desirable from an investor perspective.

“An aspirational suburb is considered an upper end middle suburb,” Mr Collins said.

“These suburbs, such as Victoria Park and Bayswater, might not be considered premium but are still desirable for their proximity to metropolitan and local amenities.

“People living further out of the city look to them as realistic suburbs to aspire to.”

with some properties that are still considered affordable, tend to represent good opportunities,” he said.

With more than 50 percent of properties in Victoria Park being rented for a median price of $505 for houses and $383 for units local agents said its high rental demand made it an investor favourite.

Bellecourt property group sales agent Scott Ellwood said Victoria Park had undergone a transformation from a blue-collar suburb to a sought-after area.

Grange Property Group director Kim Findlay said he was seeing “50 percent of demand” in Victoria Park coming from investors.

“The new cafe strip there is earning a similar popularity and buzz among young people as Leederville, which investors have noticed,” Mr Findlay said.

Mr Collins said overall confidence from investors was “still a mixed bag”, given current market conditions.

“Investors with job security concerns are sitting on their hands a little bit,” Mr Collins said.

“But then there are others who are seeing low interest rates and high stock levels as an opportunity to shop around and potentially buy at a better price.”

through potentially subdividing and adding additional properties.

“The view is towards long term growth, not what will be happening in the next 12 months.”

Experts noted Bayswater’s larger block sizes, as well as new apartment development in South Perth, Maylands and Scarborough, and proximity to amenities that made these areas popular.

Long-term Victoria Park investor Jay Rogers doesn’t need any convincing of the suburb’s performance over time.

Mr Rogers lives in the suburb, owns two car yards and also holds an investment property in the area.

The businessman bought a Victoria Park home on a 1000sq m block back in 1983 for $52,000.

More than 30 years later the land alone is worth over $1 million.

“The change has been gradual, but in the last few years we’ve really seen Vic Park come into its own and start attracting more younger people,” Mr Rogers, who lives with his wife Sue and three adult children, said.

Working the two car yards, Rogers Motor Co and Parkway Auto, Mr Rogers had seen the suburb develop into a cultural hub.

“Back when I first opened the car yard Albany Highway was known as

the ‘mile of cars’,” Mr Rogers said.

“Now it’s home to more restaurants and cafes, and the car yards are gradually being bought up by apartment developers.”

Mr Rogers said the area’s benefits came from its location.

“It’s central to the city and the local universities, my three kids are all under 23 and they love living here,” he said.

“There are lots of restaurants and its beginning to develop a similar feel to Beaufort St. “There are still a few of the ‘old timer’ residents still here, but there’s been a big demographic change over the years. It’s more multicultural and there are younger families moving in.”

Mr Rogers said when he first invested in Victoria Park in the ‘80s it was more about “luck” than investor savvy. “I think now with all the development we’ll see it continue to progress,” he said.

THE TOP TEN SUBURBS 1.

Victoria Park

2.

Bayswater

3.

South Perth

4.

Scarborough

5.

Maylands

6.

Como

7.

Baldivis

8.

Mount Lawley

9.

Canning Vale

10. Wembley

Mr Collins said investors were also looking towards properties with long term capital growth and were wary of putting themselves in too much debt.

Mr Collins said suburbs with a wide variety of stock were also trending on the list.

“Some are applying a $500,000 price barrier on purchases,” he said.

“As an investor, suburbs that are (within) 5-8 kilometres of the city

“They’re also looking towards properties where they can add value

Investors inspecting a property in Bayswater during a Perth property investment tour hosted by Property Hub and Laurelcap real estate agency in Sabah

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INTERNATIONAL PROPERTY NEWS

Overnight Millionaire: Record Penthouse Deal Net 26-Year-Old Property Agent $1.5 Million to give it a try. I thought, if I couldn’t make it in a year, then I will go for a degree.”

Ms Seng joined HSR International Realtors for four months before moving to ERA Realty, where she stayed for four years.

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property agent who went into real estate against the wishes of her family has become an overnight millionaire after selling a penthouse at the Le Nouvel Ardmore for a record $51 million last April.

The deal would have reaped PropNex agent Shirley Seng a commission of about $1.5 million.

Ms Seng, 26, was reluctant to disclose details of the sale at the 43unit freehold condo but confirmed that the transaction was completed last month after negotiations started in March.

The huge sale price - it is believed to be a record for a local penthouse - was paid by Mr Sun Tongyu, the co-founder of e-commerce giant Alibaba.

Mr Sun is a Singapore permanent resident.

While it looks like a life-changing transaction deal for Ms Seng, a Nanyang Polytechnic graduate, she is determined to carry on as before.

“This deal is good money, like hitting the jackpot. But this is my lifelong career; if I go for a long holiday now, I may lose my clients when I return,” she said.

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PropNex agent Shirley Seng “I still sleep in the living room of a terraced house in Serangoon where I live with my parents, grandparents, two sisters, four other relatives and one maid.

“I bought a seven-seater Volkswagen MPV so that my grandparents can travel in comfort. They have been supporting my family all these years as my dad has been sick and unable to work. My mum is a housewife.”

Ms Seng has not slowed down either, submitting around 16 transactions last month, with another seven this month. She is said to have made about $1.7 million in commission in 53 deals - mostly struck in the rental market since she joined PropNex in January.

Quite a record for someone with less than five years of experience in the job, one her family was against her taking as they felt she was “young and has no contacts” on which to base a real estate career.

“They told me how their friends didn’t make it and advised me to get a job with a stable income. My grandpa then offered to support me in a degree programme with Singapore Management University,” said Ms Seng, who holds a diploma in multimedia and infocomm technology. “But I was determined

“I often get people asking me if it is money that drives me. I would tell them that many people are motivated by money, especially when they come from a poor family background.

“I work hard to give my family a good life.”

She said she penetrated the network of wealthy people by helping to rent out their apartments, especially those in Marina Bay and the Orchard area.

Mr Sun was a referral from a client she had previously served at Marina Bay Residences.

“I only knew that he is someone of high net worth.

And like any high-net-worth clients, they usually know what they want. And I am there to help to execute their plans,” said Ms Seng.

And if there is one tip she could give in dealing with wealthy clients, Ms Seng advises: “Speed is crucial. I always try to get back to them within one to two hours. I want to let them know that they are my priority.”

Ms Seng, who zips around town in a white, three-year-old Audi A4, said she also goes the extra mile for clients, such as picking them up in her car and dropping them off wherever they want to go.

Sometimes she also helps them run errands.

“Times are tough, unlike 10 or 20 years ago. Today’s agents need to do more for their clients. But you need to do it with your heart, so they can feel your sincerity,” she said.

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BANKING AND INVESTMENT NEWS

$₤

Banks Too Strict In Approving Home Loan Under Johor’s affordable housing project, each low-cost home would be sold at around RM40,000 while affordable homes cost up to RM150,000 each, he said.

€ BANKING & $

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anks should look at loan approvals on a case-bycase basis and not on a blanket approval system, said Johor State Secretary Datuk Ismail Karim.

INVESTMENT

NEWS

According to him, Johor authorities have received complaints from rejected first-time home buyers who were financially qualified to acquire affordable homes within the state.

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

‘Next Market High’ For Property Seen In 2018 “From our marketing activities and road shows so far, it (transactions) has reduced compared with last year. There’s a bit of hesitation.”

She added that the central bank’s tighter lending rules has had an impact on transactions.

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combination of pent-up demand, improved buyer sentiment and overall business environment is expected to spur the local property market to its “next market high” in 2018.

PPC International Sdn Bhd chief executive officer Siva Shanker said conditions have been improving albeit slowly, with the implementation of the goods and services tax (GST) not really having much of an impact as originally expected.

“GST came and went and everyone is still carrying on. But the general perception is that business is slow.

When things are slow, the first thing that suffers will be property, because it is a big-ticket item.”

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Siva said property transactions, not prices, have been spiralling since 2012.

“But we believe things (transactions) are improving already and we expect 2018 to be the next market high,” he said.

SK Brothers Realty Sdn Bhd general manager Chan Ai Cheng believes the market would bounce back as soon as the Government decides to “boost the sector,” namely, measures promoting the industry.

“We hope the market will return within the next two years,” she said.

Chan admitted that property transactions this year have been a little slower compared with the same period in 2014.

“Year-to-date bookings have been about the same as last year, but conversions into sales are not the same.”

condominiums are oversupplied within the Klang Valley.

“With that, owners will have problems selling. The landed (residential), industrial and commercial sectors, I believe, will be alright.”

He said the office subsector was also oversupplied - but added that it wasn’t a worrying situation.

An AmResearch report reaffirmed an “overweight” outlook for the local property sector.

“In the short-to-medium term, the oversupply will be absorbed. This is normal. Not every building will be fully taken up - it usually takes a while to get tenants anyway.”

“While we expect residential prices to continue moving sideways in 2015, a return of pent-up demand towards end-2015 – barring external shocks – is possible as the market is still awash with liquidity.

In terms of pricing, Siva said secondary property prices were between 20% and 40% cheaper than new launches.

“Besides that, property cooling measures and post GST impact appears to have already been priced-in, given the steep 52% discount that property stocks within our coverage currently trade at vis-àvis their respective net asset value.”

Commercial Banks Denied Being Too Strict In Home Loan Approval

“It’s the secondary market that’s doing better now. But the focus should be on affordable homes, namely those below the RM500,000-range.

“Landed property within this price range is grossly undersupplied,” he said.

“The Government is pushing for homeownership for all Malaysians especially first time buyers but banks are not playing their role,” said Ismail after the launch of the Johor Malaysian Property Expo 2015 which was held recently.

He revealed the state government had asked central bank officials to look into the matter, and called on the central bank to relax its rules on

The state government raised the monthly household income to RM8,000 from RM6,000 in order to allow more firsttime house buyers to own homes.

Meanwhile, the state government will earmark Forest City, Danga Bay Waterfront development and R&F Tanjung Puteri as international zones with no restrictions on foreign ownership, said Ismail.

Outside these zones, foreigners will only be allowed to acquire 10 percent of the project’s developed properties at a minimum price of RM1 million each, down from the previous foreign ownership quota of 20 percent.

disbursing loans.

borrowers and lenders adjusting better to the affordability assessments,” he added.

C

ommercial banks in Malaysia have come out in full support of the government’s initiatives to assist households from low and middle-income groups to buy their own homes, says The Association of Banks Malaysia (ABM).

In an article by The Star, the association added that it is untrue that there are tougher credit checks on potential buyers.

While keeping the household debt under control, ABM executive director Chuah Mei Lin said its member banks that have participated in government schemes such as ‘PR1MA’ and ‘Skim Rumah Pertamaku’, are frequently reviewing their strategies to boost home ownership in the country.

Chuah noted that consumers must make sound decisions of their own affordability according to their financial circumstances.

Moreover, AMB said consumers are encouraged to disclose information on their financial position so that its member banks that are offering several housing loan packages can provide to the needs of its consumers.

“Commercial banks are committed to playing their role in this process and will continue to provide loans to eligible applicants,” it added.

“The rejection rate for housing loans have been on a declining trend from 25 percent in 2012 to 18 percent in 2014 reflecting

Do Your Own CTOS Self-Check Now

P

reviously, prospect loan borrowers need to depend on the financial provider or legal firm to check their CTOS status, or either they are being sued by other parties.

However, due to public complaints on the efficiency of the company in updating their system, you can now do your own status-checking simply

by visiting; http://www. ctos.com.my/CTOSHOME/ selfcheck.html Once you have registered your CTOS User ID, you will be given few options of self-check, namely via SMS, Smartphone application and online checking. You can also walk-in to any CTOS Service Centre to do in person status-checking.

For a company selfcheck, there will be form to be downloaded and completed before submitting them with the required documents.

Individuals and companies are urged to check their CTOS credit report regularly to ensure their credit reports are accurate and up-to-date to ensure quick and efficient processing of their applications.

The company can be contacted at 03 27228833 or e-mail sarus@ctos.com.my.

CTOS Website

In terms of property subsegments, Siva feels that high-end www.PropertyHunter.com.my

71

CONTRIBUTORS | Miichael Yeoh

Knowing Base Rate

I

t has been months since the new Base Rate (BR) taking over from Base Lending Rate (BLR) came into effect in January 2015. I have received many enquiries and interviews on this so I think it is time I update all of you on BR.

Why BR? According to Bank Negara (BN), BLR has already been around since the 1983. It lacks of transparency and the new BR is more relevant and promotes competition among banks.

How “BR” is determined?

Loan borrowers must be aware how BR is calculated. According to Bank Negara (BN) it is determined by the following factors: Benchmark cost of funds and Statutory Reserve Requirement (SRR).

SRR means that if Bank Negara (BN) increases the reserve by the banks, you will expect the cost of funds to increase and ultimately increase the BR. There is a strong link between BR, market rates and overnight policy rates.

How the “Spread” is determined?

Interest Rate will not be completed if you don’t have the spread.

Do not expect the spread to be negative but positive. According to BN, the spread will be determined by borrowers credit risk, liquidity risk, operating cost and profit margin.

In order to sum it up you take Base Rate + Spread Effective Lending Rate

=

How to choose the package then?

Unlike last time during the BLR where the interest rate is more stable, BR is more volatile. You can view the latest BR at http://www.bnm.gov.my/ documents/2015/base_ rates/20150102_base_rates.pdf Different banks apply different BR and the difference can be a big gap. It can be as low as 2.96% to as high as above 4%. So how?

Don’t just look at BR alone but also the spread. Look at the overall effective lending rate.

Is BR for all types of loans?

I did a loan on a commercial

property this year, and guess what? It was still on BLR. This prompted me to check with my banker friends, and most of the packages for commercial properties are still on BLR. According to BN, BR is applicable for individuals only. You can read about it at http://www.bnm.gov.my/ guidelines/01_banking/04_ prudential_stds/Consumer%20 Guide%20on%20RRF_Eng.pdf Please check before you submit for the loan.

How can I get the lowest rate?

I have been asked this question at almost all my seminars. My answer is always the same. Do you think the lowest interest rate will serve your purpose? It always comes with “Terms and Conditions”. If you are an investor looking to flip the property within 2 years, do you look for the lowest interest rate or no lock in and penalty packages?

Remember this, all of us are different and we earn differently.

Get your goals right before you borrow.

Now comes the interesting part.

In the banks a lot of the thingscan be negotiated. When you ask the banker, they always say their

interest spread is “board Rate”.

Do you know that this can be negotiated lower if you got a low credit risk and the right loan amount? Since BR is in effect I know there are banks who determine your spread using your credit risk. The higher the chance of default in the loan, the higher your interest spread.

Will interest rate increase in future?

Predictions, predictions and predictions. This is what I like about the work I do. I am allowed to make predictions. Looking at the current scenario, I expect the interest ratewill rise in the next quarter if we take inflation, the depreciating of our ringgit, goods services tax among others into consideration.

That is why I encourage all loan borrowers to plan first before borrowing. We have to hedge against the eventual rise in interest rate.

I hope that after reading my articleyou now have a better idea about BR. To read more on my articles go to www.michaelyeoh.com.my.

Miichael Yeoh He has over 15 years of experience in the mortgage and investment industry and having worked for prominent companies such as Standard Chartered Bank, Hong Leong Bank, HSBC and Hwang DBS Unit Trust, Miichael has helped thousands of loan borrowers by providing comprehensive mortgage advice and solutions. He regularly conducts mortgage course and speaks regularly at property exhibitions and seminars. You can get in touch with him at www.michaelyeoh.com.my

72

www.PropertyHunter.com.my

www.PropertyHunter.com.my

73

PROPERTY LISTING |SABAH

APARTMENT FOR SALE

74

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

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

75

PROPERTY LISTING |SABAH

CONDOMINIUM FOR SALE

76

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

www.PropertyHunter.com.my

77

PROPERTY LISTING |SABAH

CONDOMINIUM FOR SALE

78

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

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

79

PROPERTY LISTING |SABAH

TERRACE / LINK HOUSE FOR SALE

80

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

www.PropertyHunter.com.my

81

PROPERTY LISTING |SABAH

BUNGALOW / VILLA FOR SALE

82

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

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

83

PROPERTY LISTING |SABAH

SEMI - DETACHED HOUSE FOR SALE

84

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

COMMERCIAL 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

85

PROPERTY LISTING |SABAH

AGRICULTURAL LAND FOR SALE

86

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 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

87

PROPERTY LISTING |SABAH

APARTMENT FOR RENT

88

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

www.PropertyHunter.com.my

89

PROPERTY LISTING |SABAH

CONDOMINIUM FOR RENT

90

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

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 www.PropertyHunter.com.my

91

PROPERTY LISTING |SABAH

COMMERCIAL FOR RENT

SUBSCRIBE NOW!

Extracted from PropertyHunter.com.my

Subscribe With Us Today And Receive Free Notifications To Developer Launchings / Events & Property Hunter Events And News Updates Property Hunter - Sabah’s leading property magazine is packed with indepth property industry news, fresh perspectives, exclusive interviews, development progress, contribution from leaders of the industry, property launches, events and more from Sabah, Malaysia and around the region.

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All you need to do is fill up the details to subscribe at the all-inclusive rates stated herein. Pay by cheque or cash and fax in your banking slip to (6088) 728 387 . Alternatively, you may walk-in to our business address.

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Enclosed a cheque made to Maxx Media (S) Sdn Bhd In Person: Lot 4, 1st & 2nd Floor, Block A, Heritage Plaza, Jln Lintas, 88300 Kota Kinabalu, Sabah, Malaysia

PLEASE MAIL SUBSCRIPTION FORM TO: Maxx Media (S) Sdn Bhd Lot 4, 1st & 2nd Floor, Block A, Heritage Plaza, Jalan Lintas, 88300 Kota Kinabalu, Sabah, Malaysia

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process will take up to 10 working days. 3. Delivery of subscription will be made on the second week of the month. 4. If you wish to cancel your subscription, unfulfilled subscription will be forfeited.

Sarawak

精英

92

*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

SMART BOOKSHOP

www.PropertyHunter.com.my

93

PROPERTY LISTING |SABAH

SEMI - DETACHED HOUSE FOR RENT

Extracted from PropertyHunter.com.my

OFFICE SPACE FOR RENT

Extracted from PropertyHunter.com.my

EAST MALAYSIA’S LEADING PROPERTY PORTAL, MAGAZINE & EXPO

94

*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

www.PropertyHunter.com.my

95

PROPERTY LISTING |SARAWAK

APARTMENT FOR SALE

Extracted from PropertyHunter.com.my

CONDOMINIUM FOR SALE

Extracted from PropertyHunter.com.my

TERRACE / LINK HOUSE FOR SALE

Extracted from PropertyHunter.com.my

96

*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

www.PropertyHunter.com.my

97

PROPERTY LISTING |SARAWAK

SEMI - DETACHED HOUSE FOR SALE

Extracted from PropertyHunter.com.my

APARTMENT FOR RENT

Extracted from PropertyHunter.com.my

CONDOMINIUM FOR RENT

Extracted from PropertyHunter.com.my

COMMERCIAL FOR RENT

Extracted from PropertyHunter.com.my

TERRACE / LINK HOUSE FOR RENT

Extracted from PropertyHunter.com.my

98

*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

www.PropertyHunter.com.my

99

100

www.PropertyHunter.com.my