23 JANUARY 2019 WEDNESDAY
Showcasing the heart of Kuala Lumpur and its aspiring surroundings
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orn & Bred Eat, play and live in the Golden Triangle > 04
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XPLORE Uber-cool metropolis in old world charm > 08
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TORY From tin town to sleek city > 05
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RANSACTION KL address at a premium > 06-07
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Featured Development
GOLDEN TRIANGLE 23 JANUARY2019 WEDNESDAY
Towering above the city skyline is a sanctuary that caters to the well-being of its residents.
DWELL IN THE ELEGANCE OF CHAMBERS KL
Attractive pricing and strategic location boost investment value of project by Matrix Concepts
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ITH its tagline “A Different Kind Of Dwelling”, Chambers Kuala Lumpur captures the imagination by providing the best of old world charm and metropolis vibrance. This freehold serviced apartment development by Matrix Concepts is strategically located along Jalan Ipoh Kecil, off Jalan Putra, and towers above the city skyline. The 509 units, priced from RM429,000 to RM1.05mil each, sit on one acre of commercial land. The price per sq ft of RM1,000 is highly attractive for a development located in the heart of the city. Aside from its location, the project comes with semi-furnished units of 450sf to 908sf in three designs.
The furnishing includes fully-fitted kitchen with cabinets, hood and hob, refrigerator and microwave oven, as well as washing machine, air conditioners and water heaters. Chambers Kuala Lumpur exudes opulence and elegance while offering warmth and comfort. In this city refuge, residents get to enjoy various facilities including a swimming pool, BBQ area, gymnasium, lounge area, open deck, games room, children’s playground, function room and prayer room.
Convenient and accessible The project presents itself as a relaxing nook for those wishing to escape the hustle and bustle of the city. Situated right smack in the centre
Step into the common areas to escape from the bustling city.
of Kuala Lumpur, Chambers Kuala Lumpur is close to countless cafes, services and transportation options. It’s a mere 210m to an LRT station, 350m to a shopping mall, 650m to a convention centre, and 700m to a hospital – offering convenience and accessibility. Living spaces in Chambers Kuala Lumpur are designed to optimise functionality and promote individuality. The layout is carefully planned to make the units feel twice as big as the size may suggest, creating a spacious environment for residents.
Opportunity to reap returns Being a rapidly developing metropolis, Greater KL is attracting commercial interests and talents. The
Top-notch facilities at Chambers Kuala Lumpur make it highly appealing to first-time home buyers, upgraders and investors.
importance given to its environment, liveability and people’s welfare acts as an added advantage for the city in the eyes of the world. The location of Chambers KL provides a great opportunity for investors to reap the returns offered by the city. As a first home, an upgrade or an investment, Chambers KL is versatile enough to cater to the needs and wants of buyers. For more info, visit www.chambersresidence.com.my/.
The project is scheduled for completion in 2022.
Living spaces are designed to optimise functionality and promote individuality.
Wednesday 23 January 2019
Starproperty.my
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orn&Bred
GOLDEN TRIANGLE 23 JANUARY2019 WEDNESDAY
EAT, PLAY AND LIVE IN THE GOLDEN TRIANGLE
with tangy lemon ice-cream and kaya sauce. Other dishes include Cow Food, South China Sea, Butter Chicken Pasta, Rose Honey Milk and Mimi’s Handcrafted Tea.
Opor Rusuk (pictured), Ayam Masak Kuzi, Sotong Hitam Manis, Masak Lemak Ikan Kurau dengan Pisang Kapas, Pucuk Paku Goreng Tahi Minyak, and Pandan Pudding.
Late-night indulgence at Jalan Alor
Dining with panoramic views
By Viktor Chong, Hakim Hassan and Kevin Eichenberger
Recharge at Out and about Perdana Botanical on car-free day Time: The first and third Sunday of Garden
The Perdana Botanical Garden is a green oasis in the bustling metropolis of Kuala Lumpur. Within the 91.6 hectares are attractions such as a deer park, bird park, a sunken garden as well as a orchid and hibiscus garden. It’s the perfect escape for city dwellers and their families.
every month Besides reducing the carbon footprint in KL, the car-free day provides a safe zone for people to play and relax. Participants and the general public can enjoy cycling, jogging, walking or even skating along major streets of the Golden Triangle.
Volume up at KL Street Jam Time: First Saturday of every month
Tech up at Low Yat Plaza
If you can’t find it there, you won’t find it elsewhere! That’s the promise from Plaza Low Yat, reputedly one of the oldest specialised shopping centres (for IT and electronic products) in Malaysia. From handphones, gizmos, and computers to software and cameras, almost anything tech- related can be found under one roof. This is the ultimate hideout for computer geeks, and therefore the place to find tech experts who will happily fix your gadgets at a reasonable price.
Local celebrities and musicians get together to put on a show at Medan Pasar. The event is usually complemented by an array of food trucks that indulge visitors. Organised by DBKL and Karyawan, the street jam offers food for the heart and soul.
Malay cuisine with a modern twist Proudly serving patrons for the past 15 years, Bijan Bar & Restaurant offers the foodie who craves for authentic Malay dishes. Common folk, royalty and foreign dignitaries have all walked through its doors. In the menu are such dishes as
ABOVE The car-free day provides a safe zone for people to play and relax.
A fabulous view of the cityscape can act as a catalyst to build an appetite. Roofino provides all the ingredients necessary for this to happen, and more. The menu includes the Frutti de Mare (pictured), aptly named as it overflows with the fruits of the sea – octopus, prawns and an assortment of shellfish. Other sumptuous dishes served are Black Angus Beef Tenderloin with Torched Signature Butter on Angel Hair Pasta, Mango Mirror cake, and Classical Crêpe Suzette.
EAT, DRINK, PLAY, LEARN AND BOND AT Immerse in GOLDEN heritage vibes TRIANGLE Surrounded by pre-war colonial What locals say about the Golden Triangle
Ken Ho Kok Hoong
buildings, the Merchant’s Lane Cafe is more than just a place for fine dining. It also stands as a lesson in history. The Kalau Aku Kaya by Merchant’s Lane is a dish composed of fried brioche-style bread balls served
Age: 37 Occupation: Cafe owner Length of stay: 23 years Likes: Conducive place for young professionals. Dislikes: Traffic jam.
Waqas Noor
Age: 30 Occupation: IT technician Length of stay: 9 years Likes: Extensive network of public transportation, incredible food choices Dislikes: Traffic jam, lack of cleanliness in certain parts of the city.
Most street foodies are familiar with Jalan Alor, and for good reason. Chinese, Thai or Vietnamese cuisine, the crowd is spoilt for choice. The variety of street food covers ice-cream, sea food, dim-sum, juices, fried noodles and more. Nearby shoplots sell merchandise such as white coffee, durian biscuits, icecream potong and other authentic Chinese kuih.
Satisfy your street food cravings
Sometimes, the best fares are not found in glitzy restaurants with leather-bound menus. Bazaar Baru Chow Kit is defined by its narrow streets and pot-holed walkways that would turn many refined diners away. However, behind its shady appearance is a heaven for local Malay cuisines. At the bazaar, you will enjoy the food and atmosphere as an inextricable bundle, and the dishes are authentic and cheap.
Nadhyrah Rosenita Noordin
Age: 33 Occupation: Administrative officer Length of stay: 10 years Likes: Great job opportunities and the variety of food. Dislikes: Too many shopping complexes, very few libraries.
Zharif Zaini
Age: 26 Occupation: Public relations officer Length of stay: 26 years Likes: Ease of connectivity in terms of public transportation and road networks, diversity of the dwellers. Dislikes: Crawling traffic, high cost of living.
tory
GOLDEN TRIANGLE 23 JANUARY2019 WEDNESDAY
With its sleek buildings and bustling metropolitan vibes, it is easy to forget that the federal capital began as a tin mining town back in 1857.
FROM TIN TOWN TO SLEEK CITY
Master David Koh
KL and its Golden Triangle have grown at a rapid pace
Shamir Rajadurai By Aisyah Suwardi aisyahs@thestar.com.my
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HE city of Kuala Lumpur is perceived differently by different people; it’s a gold mine of opportunities for migrants, a tourist hub for globetrotters, and home for those born and bred here.
With its sleek buildings and bustling metropolitan vibes, it is easy to forget that the federal capital began as a tin mining town back in 1857 when a group of Chinese miners found the metal in abundance at the confluence of the Klang and Gombak rivers (where Masjid Jamek is located). The town eventually became a British administrative centre with the completion of the Sultan Abdul Samad building in 1897. Traces of the colonial era can be seen in several other buildings nearby such as the KL Railway Station and Central Market. Today, this sprawling area is at the heart of Kuala Lumpur and aptly called the Golden Triangle, a commercial, shopping and entertainment hub of 2.2km in radius that includes KLCC. The name originates from the three roads that form a triangle embracing the central business district (CBD) at Bukit Bintang, namely Jalan Imbi, Jalan Sultan Ismail and Jalan Raja Chulan.
Since being granted city status on Feb 1, 1972, Kuala Lumpur has been growing at a rapid pace -- both in buildings and population. As the biggest city in Malaysia, KL currently holds a population of 1.79 million people and is expected to reach 2.2 million by 2020. “Our goal is to become a worldclass city by 2020. To achieve that, we need to address some of the issues that the city has been facing,” said KL City Hall (DBKL) city planning department senior deputy director Nik Mastura Diyana Nik Mohamad. “Traffic congestion is a problem that we have yet to solve. We will propose to have more public transport, especially buses that can go to the catchment areas. Hopefully, when people use more public transport, we can ease the problem,” she said. On top of that, DBKL aims to reduce the city’s carbon footprint by 70% by 2030 as well as improve the quality of life for its citizens.
Golden flow of energy Professor of Environology (Feng Shui) Master David Koh attributes Kuala Lumpur’s prosperity to its natural landform of mountains and rivers. Located within a valley
Dr Neil Khor
Refurbishing old areas and preserving their heritage value will contribute to a city’s sustainable growth.
formed by branches of the Main Range (Banjaran Titiwangsa), it is embraced by the two rivers. The confluence of the Gombak and Klang rivers is considered the most affluent location due to the pool of harmonious energy being reflected from both rivers. The effect is spread throughout the location (from Masjid Jamek up to the Chow Kit area) which, according to Master Koh, is an excellent place to live or do business because of the energy flowing through. As for the Bukit Bintang and KLCC area, its good fortune can be attributed to the positive energy from the Klang River flowing on the west side. And like a flowing river, cars create the same effect on the road. Hence, a location embraced by busy roads will become robust. A prime example is Pavillion Kuala Lumpur which is surrounded by Jalan Raja Chulan, Jalan Bukit Bintang and Jalan Sultan Ismail. The three roads form an oyster shape with a pearl of harmonious energy in the middle where Pavillion is located. Master Koh noted that the
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River of Life (RoL) project to clean and revive the Klang and Gombak rivers will bring greater fortune because of better energy flowing through the location.
Secure and safe triangle As a main shopping and nightlife district, the Golden Triangle attracts locals and tourists in droves. It is easily accessible by various forms of public transport including the MRT, LRT and Rapid KL buses. Wide walkways in the area encourage lots of foot traffic, which in turn lures pickpockets, snatch thieves, and muggers. Crime safety specialist Shamir Rajadurai said the police and DBKL have worked together to help curb petty crimes. Static and mobile police kiosks have been placed at several locations, while tourist police are stationed at hotspots. DBKL has identified a few back lanes in the Golden Triangle that will be refurbished with vibrant murals to make these areas safer for residents. This is a way to encourage more people to live in the city centre and get tourists to visit older parts of the capital, said Shamir.
BREATHING NEW LIFE INTO OLD CITY PARTS REFURBISHING old areas and preserving their heritage value will contribute to a city’s sustainable growth. DBKL and Think City, through The Laneway Improvement Programme launched in 2018, will redevelop nine back lanes that have a rich historical link to Kuala Lumpur: l Lorong Bandar 13 l Lorong Lebuh Ampang l Lorong Hang Lekiu l Lorong Tun HS Lee South l Lorong Tun HS Lee North l Lorong Yap Ah Loy l Lorong Pudu l Lorong Tun Tan Cheng Lock l Lorong Hang Kasturi South According to Dr Neil Khor, Think City programme director for Kuala Lumpur and Johor Baru, key objectives of the project are to: 1. Set up a process of public consultation with stakeholders; 2. Work with DBKL to address underlying issues involving
drainage, waste management and safety at the back lanes; and 3. Collaborate with private property owners and businesses to ensure a positive economic and social outcome, making the city more resilient and inclusive. “We believe that cities become more resilient if there is citizen support. Besides ensuring longterm sustainability, it is also our aim to get more people behind the urban regeneration process,” said Dr Khor. “Urban development is happening at a rapid pace and it is expected that by 2020, 80% of Malaysian will be living in urban areas. As pressure on our existing cities increases, it is essential to focus on urban regeneration because we cannot continue to build new cities while neglecting existing ones,” he added. Next on the urban regeneration agenda is for Think City to work with DBKL and the Ministry of Tourism, Arts and Culture to develop a strategic master plan for a cultural and creative district in downtown KL. Other efforts include redeveloping the Sultan Abdul Samad Building complex as a creative hub and expanding the conservation of historic shophouses from the current 20 to 50 by 2020.
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GOLDEN TRIANGLE
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23 JANUARY2019 WEDNESDAY
KL ADDRESS AT A PREMIUM Golden Triangle has performed well as a business and lifestyle hub
By Ng Pau Ling pauline@thestar.com.my
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MACK in the middle of modern Kuala Lumpur is the Golden Triangle, a prime commercial, entertainment and shopping locality with grade-A offices and high-end residences. This most valuable address in Malaysia’s capital is a triangular area bounded by three roads: Jalan Pudu, Jalan Ampang and Jalan Tun Razak. The Kuala Lumpur of old was originally established in the mid-1800s in an area covering Masjid Jamek, Lebuh Ampang, Jalan Petaling and Jalan Tun Perak. It was a business district built on the confluence of the Klang and Gombak rivers. “Over the years, the old town became saturated with developments. To meet the demand of a growing population and for more development, the Golden Triangle emerged as the new focus of commercial activities in the city,” said Savills Malaysia managing director Datuk Paul Khong. Some of the early developments in the Golden Triangle include Sungei Wang Plaza (1977), Bukit Bintang Plaza (1979), Lot 10 (1991) and Berjaya Times Square (2003); as well as Hilton Hotel,
Regent Hotel, the demolished Equatorial Hotel, and the soon-to-be-demolished Concorde Hotel in Jalan Sultan Ismail. “Three major developments contributed tremendously to the area’s growth: Bintang Walk by YTL Corporation Bhd (in the 1990s), the Kuala Lumpur City Centre (KLCC) Petronas Twin Towers (1999) and Berjaya Times Square by Berjaya Group (2003),” said Landserve Sdn Bhd managing director Chen King Hoaw. The Golden Triangle has since performed well as a business and lifestyle hub, thanks in part to being wellconnected by public transport including the LRT, Monorail and MRT SBK lines. “The Sungai Buloh-Kajang MRT line goes directly into the heart of the Golden Triangle with a station just outside the KL Pavilion Elite. Besides that, the KL Monorail has a stop in front of Sungei Wang Plaza and Lot 10,” said Khong. The on-going MRT 2 also has stations in the Golden Triangle, such as Ampang Park and KLCC East. Apart from the rail system, the Go KL free city bus service is available in the KLCC, Bukit Bintang and Chinatown areas and stops at various tourist attractions and business sites. Together, the public transport network not only disperses traffic to improve public mobility but also provides better connectivity between the city and suburbs.
Record high land prices Urbanisation, investment opportunities and new infrastructure have given the Golden Triangle a boost, and subsequently land prices have increased substantially. Currently, city centre land values are up to RM4,000psf or more for prime parcels depending on location, planning control and approval. “The highest land price in the Golden Triangle involved a 29,127 sq ft piece of land located between Grand Millenium KL Hotel and Pavilion KL. It was transacted for RM7,200psf in 2010,” noted Khong. “There is a ‘special purchaser’ element in this deal, whereby the purchaser wanted to realise the ‘marriage value’ of the site via a transfer of plot ratio from the neighbouring Pavilion KL. This site is now occupied by Pavilion Elite,” he added.
According to Chen, the highest land sale in the Golden Triangle in the last two years was a 3.46-acre freehold plot in Jalan Raja Chulan that sold for RM325.5mil. “In terms of per square foot, the highest transaction was the 48,673sf at Tun Razak Exchange – a deal that closed at RM307mil or RM6,307psf,” he said.
Wave of redevelopment As one of the earliest developed locations in Kuala Lumpur, the Golden Triangle is rich with old and new buildings including pre-World War Two structures. But there is a limited amount of landed properties concentrated off Jalan Imbi. Many of these terraced, semi-detached and detached houses have been converted to commercial usage. “For some time now, the older low-rise buildings sited on sizeable plots have been targeted for redevelopment especially when the market was on the upswing,” said Khong. Chen concurred, adding that historical shophouses are generally refurbished into budget hotels
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GOLDEN TRIANGLE 23 JANUARY2019 WEDNESDAY
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Residential properties in the Golden Triangle
Notable land sales in the last two years (Golden Triangle)
Project
Type
Built-up (sf)
Price (RM)
Rental (RM)
Location/ land size
Transacted price
Psf price
Binjai Residency
Serviced apartment
2,174 - 2,207
1.7mil - 2.3mil
6,000 - 8,000
Persiaran Stonor/ 24,756sf
RM103mil
RM4,160
The Troika
Serviced apartment
967 - 7,556
1.3mil - 10.5mil
6,000 - 13,000
Jalan Kia Peng/ 43,852sf
RM180mil
RN4,104
3 Kia Peng
2,906 - 3,305
2.6mil - 3.0mil
7,000 - 9,500
Tun Razak Exchange/ 48,673sf
RM307mil
RM6,307
Serviced apartment
Pavilion Residences
Serviced apartment
1,307 - 2,405
2.07mil - 4.1mil
6,500 - 12,000
Berjaya Times Square
Serviced apartment
581 - 1,097
650k - 700k
2,500 - 5,500
Vipod Suite
Serviced apartment
657 - 807
1.07mil - 1.5mil
3,000 - 6,000
Dua Residency
Condo
2,066 - 2,282
1.6mil - 1.87mil
5,000 - 8,000
Source: Landserve Sdn Bhd
Source: Landserve Sdn Bhd
to cater to tourism. For landed properties, the common practice is to demolish and rebuild in order to unlock the land value. “Landed properties in the Golden Triangle are much sought after by developers and investors. A small plot of land can fetch up to RM4,000psf,” said Chen, adding that some developers bought several plots in a row to use for a big project. Notable on-going and completed redevelopment projects include KLCC (formerly the Turf Club), Equatorial Plaza (formerly Hotel Equatorial), the 70-acre Tun Razak Exchange (TRX) with the 106-storey The Exchange Tower (formerly the old government quarters), the Bukit Bintang City Centre (formerly the Pudu Jail site), and the 118-storey PNB Tower (formerly Stadium Merdeka).
Buyers seek rental returns Currently, major residential projects in the Golden Triangle comprise highrise apartments, condominiums and serviced apartments. Based on Landserve’s data, residential unit prices are from RM650,000 to RM10.5mil. Luxurious properties such as Oxley Tower sell for RM2,200psf to RM2,500psf. Chen said owners of newer highrise residential projects in the Golden Triangle are mainly from the medium to high-income groups, and a large number of foreigners. Most of the buyers are seeking rental returns and long-term capital growth. “Property prices and rental in the Golden Triangle are holding up well, but there are downward pressures as buyers remain cautious about investment policies,” he said. He noticed that previously the Golden Triangle had a balanced mix
of foreign buyers from various parts of the world, but in recent years the buyers have been mostly Asians, particularly from China. “Hopefully, the demand from these countries will continue because we need foreign investors and tenants for a healthy property market – no matter residential, commercial or office space,” said Chen.
Landserve Sdn Bhd managing director Chen King Hoaw
Challenges and opportunities Khong foresees a slow property market in 2019 following the introduction of the “entry and exit” taxes, such as the increase of stamp duty to 4% for properties worth more than RM1mil and the higher RPGT tax by 5% across the board after five years. While Chen expects the property market to remain subdued in 2019. “However there are freebies and promotion packages available, and the market now allows for price
Savills Malaysia managing director Datuk Paul Khong
negotiation. So it would be the best opportunity for upgraders and first- time home buyers to enter the property market,” said Chen, adding that investors who are looking for office and industry premises can also find great deals in the current market. As for retail malls in the Golden Triangle, Khong reckons that competitive mega suburban malls such as Mid Valley and Gardens Mall, One Utama, and Sunway Pyramid will face significant challenges. Moreover, online retailing will also impact this business sector. Despite the current market conditions, Khong believes that the Golden Triangle will remain a prime shopping hub and the best commercial address in Kuala Lumpur. “It is the heart of the city; foreign investors and the high-net-worth individual will always seek out the best location for property investment. The KL Golden Triangle will always be in their sights,” he added.
Added value makes Central KL attractive By Hakim Hassan hakim@thestar.com.my
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ENTRAL Kuala Lumpur is not only a tourism hotspot but also a viable investment zone. According to Full Homes Realty Sdn Bhd group director CY Hon, the area has attracted foreign investment into the country due to competitive pricing for luxury properties when compared to other South-East Asia cities. “For example, the RitzCarlton Residence in KL is selling for about RM2,500psf compared with Ritz-Carlton Residence in Singapore which is priced at S$3,500psf,” he said. “It is a foreigners’ market. Investors buy and sell for foreigners. Many of those living in the KLCC area are expatriates employed by
oil and gas companies or working in embassies. “Most of the tenants (70% to 80%) are expatriates who can afford to pay more than RM10,000 a month for a condo unit. “The Central KL property market is very sensitive to the ups and downs of the economy. Take the case of the oil and gas industry; when the oil price rises, companies here hire more expatriates. This creates demand for rental. When there is demand, occupancy rate is high and, of course, the price will increase,” said Hon. “Locals buying to stay in this area will look for bigger space but at a lower per square foot price. Foreigners will go for luxury properties priced above RM2,500psf,” he added. Another reason why Central KL has been
attracting foreign investment is the added value given to buyers. Jacky Han, Affirm+ Properties head of project sales, explains that in terms of price psf and living expenses, foreigners consider Malaysia affordable. “Although we can’t get a fully furnished home, we are getting good facilities here compared to other countries where they don’t have that much. In China, for instance, the property may not come with proper toilet fixtures. “But the price is higher than in KL, around five to 10 times more like in Hong Kong. Han said that renovation costs in China could take up to 50% of the total unit price. “That means when you buy a house for RM1mil, you have to fork out at least RM500,000 for renovations. So you need a lot more money to buy a house overseas,” he added.
Assistant General Manager ERNEST TOWLE ernest@thestar.com.my
EDITORIAL
editor@starproperty.my Contributing Editor DAVID YEOH Acting Head of Content THARMINI KENAS tharmini@thestar.com.my
Full Homes Realty Sdn Bhd group director CY Hon
Content NG PAU LING VIKTOR CHONG AISYAH SUWARDI HAKIM HASSAN Video Producer ALAN KHAW alankhaw@thestar.com.my Designers KWONG CHEE OON QUEENY YONG NURUL AIDA TAJUDIN
Affirm+ Properties head of project sales Jacky Han
MARKETING & SALES Head of Customer Engagement & Support IVY LEONG ivyleong@thestar.com.my Agent Business Head of Sales KENT THEW kentthew@thestar.com.my Marketing Manager FAYE TAN fayetan@thestar.com.my
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GOLDEN TRIANGLE 23 JANUARY2019 WEDNESDAY
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