StarProperty.my Edition 20 Sept 2015

SUNDAY 20 SEPTEMBER 2015

LIFE’S A BREEZE AT TAMAN NADAYU Nadayu Properties Bhd’s exclusively elegant homes at Melawati are near to amenities and the KL city centre, yet are close to nature’s beauty. > P18

IVORY LEVERAGES ON INTEGRATED THE LURE OF THE EAST PUBLIC TRANSPORTATION HUBS

INSIDE THIS ISSUE

aMid a Tough ecoNoMic eNviroNMeNT, ivory uNderTaKes New projecTs iN liNe wiTh loNg TerM prospecTs of peNaNg’s properTy MarKeT.

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New iNfrasTrucTure coNNecTiviTy aNd Kl address opeN up New opporTuNiTies iN Kl easT.

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FINALLY AN HONEST ADMISSION – HOUSE PRICES IN MALAYSIA ARE UNAFFORDABLE The NaTioNal house Buyers associaTioN says “affordaBle properTy” should Be priced BeTweeN rM150,000 aNd rM300,000 wiTh MiNiMuM BuilT-up of 800 sq fT To 1,000 sq fT.

P22 www.starproperty.my

www.facebook.com/starproperty.my

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

02

NEWS

ProPerty Fair in JB a success T

Event ends on high note attracting a lot of visitors. he StarProperty.my Fair 2015, organised by StarProperty.my in collaboration with premium partners IJM Land Bhd, Tropicana Corp Bhd and Matrix Concepts holdings Bhd, was held at Johor Bahru City Square, Johor Baru, last month.

The event saw a large crowd of property hunters exploring various property projects by numerous reputable developers.

Among the exhibitors at the fair were I&P Group, United Malaysian Land Bhd (UMLand) and Belleview Group of Companies. For overseas projects, Oriental International Property Sdn Bhd introduced properties in the UK and Japan.

Also exhibiting at the fair were developers from China, namely R&F Development Sdn Bhd, Macrolink International Land Sdn Bhd and Country Garden Danga Bay Sdn Bhd. R&F Development promoted its project R&F Princess Cove in Johor Baru where Phase 1 is located on a 12.2 acres site and will consist of 1,400 condominium units in seven tower blocks.

With built-up of between 469 sq ft and 1,386 sq ft, Phase 1 is expected to be ready in mid-2018.

“We are marketing our R&F Princess Cove in Tanjung Puteri, Johor Baru, to our foreign buyers as a project north of Singapore as most of them do not know where Johor Baru is.

“The strategy works well for us as the

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eAL estate negotiators (ReNs) and real estate agents (ReAs) who took the time to attend the recent Propwall.my Agent Day at Menara Star were in for a treat. Two experts in the property and financial markets, AJ Land chief executive officer Alex J. Gomez and VKA Wealth Planners Sdn Bhd head of corporate advisory Louis Loh respectively, were on hand to present talks.

The talks kicked off with 'how to be a good real estate negotiator' by Gomez, who included some of his own personal experiences and anecdotes. he explained to the crowd what the Board of Valuers, Appraisers and estate Agents Malaysia (BOVAeA) is about, in addition to their role in protecting everyone involved in the real estate market. he then shared an inspiring quote from Robert Kiyosaki, the author of the bestselling book 'Rich Dad, Poor Dad': "Change your focus, from making money to serving more people. Serving more people makes the money come in." It advised people to provide the kind of services that the public would be happy to use and will keep coming back for more, or better yet, spread the word.

Gomez emphasised how important

take-up rate is encouraging with buyers from China, Indonesia, Singapore and Taiwan,” says R&F Development Sdn Bhd head of sales and marketing Johnny Chan.

Property-related talks at the fair were by four real estate experts – Khalil Adis, Master Sandy Paw, Dr Daniele Gambero and Ryan Khoo.

Sales of RM50mil were recorded at the fair from mainly Malaysians and Singaporeans.

At the end of the three-day fair, RM33,000 worth of Senheng cash vouchers were given to 14 lucky winners. Three participants won the RM5,888 cash voucher, another three won the RM2,888 cash voucher, and eight won the RM888 cash voucher.

Out of the 14 winners, eight purchased from Mah Sing Group, four purchased from Galeri Tropika Sdn Bhd, one from Khoo Soon Lee Realty Sdn Bhd and one from horizon hills.

Six Samsung Galaxy Tab 3 Lite tablets and 30 one-year subscription of The Star ePaper worth RM350 were handed out to lucky participants who completed a short StarProperty.my survey.

The next two property fairs will be held at Queensbay Mall, Penang, from Oct 1 to 4, and Tropicana Mall, Petaling Jaya, from Oct 22 to 25.

For more information on StarProperty.my Fair, visit fair.starproperty.my

1 Attractive Senheng cash vouchers await lucky property buyers at StarProperty.my Fair 2015.

2 The property fair drew in the crowd with a host of reputable developers and their flagship developments, and insightful talks.

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Monthly education series draws in the crowd

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Insightful talks held during Propwall.my's Agent Day provided real estate negotiators and agents with valuable information.

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it was to cultivate a healthy level of trust between ReNs and their clients since that will encourage more potential buyers or owners to use their services. The BOVAeA is helping ReNs and ReAs achieve this through specialised identity cards that can only be received when one registers with the BOVAeA board.

"These identification cards come with all the necessary security features to calm any fears your clients may have. It contains the board's logo, your name and IC number, your company's name, ReN number as well as a QR code that when scanned will redirect to your profile in the board's

1 RENs and REAs getting more information on the website and its packages from the Propwall.my representatives.

2 Alex Gomez receiving a certificate of appreciation from Ernest Towle.

3 Propwall.my is one of the leading property portals for agents to advertise their listings for subsales and rentals.

website," Gomez explains.

The second talk by Loh was titled 'Financial planning tips for ReNs' and he started off by telling the crowd to ask themselves what it is that they would really like to achieve in life. The talk covered three main components: the objectives, the financial conditions and the type of financier or bank to look for.

"A smart investor's objective needs to follow the 'S.M.A.R.T' rule. each letter stands for a word which will help to guide them in their decisions. An objective needs to be Specific, Measurable, Attainable, Relevant and Time-bound," Low shares.

Low provided some statistics from AKPK (Credit Counseling and Debt

Management Agency) which showed some of the main reasons people faced difficulties in servicing their debts. Among other things, he also explained about base lending rate (BLR), which was replaced on Jan 1 2015 by base rate (BR).

Real estate negotiators and agents can look forward to more seminars featuring industry experts in the near future as Propwall.my organises them once every month.

"We decided to have the Propwall. my Agent Day on a monthly basis as we aim to use this platform to share valuable information to help ReNs and ReAs to succeed," says Propwall.my general manager ernest Towle.

Sunday 20 September 2015

Starproperty.my

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STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

04

VIEWPOINT

Caution prevails T Sluggish sentiment weighs down property market.

By

ANGIE NG angie@ thestar.com.my

Angie Ng is the content editor of StarProperty.my.

HE local property market has come under the weight of sluggish buying sentiment and the outlook for the final quarter of this year is likely to remain sluggish given the lacklustre mood, unless some workable measures are taken to address the situation.

The convergence of a number of factors that include rising cost of living, weakening ringgit and oil prices, lack of confidence and uncertainties in the external economic front have sapped buying sentiment.

At this juncture, the mood to commit to buy big ticket items like a property will be thwarted, unless one has savings reserve or high disposable income to tap into.

To make matter worse, house prices have escalated by a number of folds over the past three to five years, rendering Malaysia’s housing market “seriously unaffordable”, as attested by a recent research by Khazanah Research Institute.

In the report released on Aug 24, average house prices in the country are found to be more than four times the median income of Malaysians, making them “seriously unaffordable”.

Cash is King Sarkunan says the current political and economic uncertainties coupled with a bearish stock market and the weak ringgit continue to weigh down on buying sentiments and confidence, with local buyers and investors having a cautious outlook and adopting a waitand-see approach.

The slowing economy with the country’s GDP having moderated to 4.9% in the second quarter of this year compared with 5.6% in the first quarter has also dampened market sentiments, Sarkunan adds.

"Unless there is closure to the current political debacle, the property market will be sluggish and much the same between now and the final quarter of 2015 as consumer sentiments and business confidence levels continue to remain low," Sarkunan concedes.

He expects speculators with limited holding power, particularly those who bought properties (mainly condominiums or apartments) under the Developer Interest Bearing Schemes (DIBS) a few years ago, may have to off load their newly completed or soon-to-be completed units to minimise or cut losses.

Savills Malaysia deputy managing director Paul Khong also has a cautious

outlook on the property market, noting that the outlook for 2015 will be “rather flat” barring any unforeseen events in the local scene.

He says there is no clarity on the outlook for the final quarter of 2015, “and if all remains well, the market will continue to drag on slowly.”

“At this juncture, anything could go wrong.

Take up rates will be slow as liquidity in the market is diminishing and bank loans are difficult to come by.

“With the cancellation of DIBS in the market in the last few years, property sales have slowed down and developers are now consciously changing their products to suit the big demand of the actual house owners or first-time house buyers.

“Many developers have gone back to basics to the landed segment and themed developments with strong emphasis on security that features gated and guarded and lifestyle projects. Location that is further is tolerable as long as it has direct access from an expressway to the project at affordable premium pricing.

We are seeing this type of developments performing well in the Klang Valley,” Khong says.

Many later phases in various developments are being held back and most

The report titled “Making Housing Affordable” revealed that Kuala Lumpur, with house prices 5.4 times higher than the median income in the capital city, and Penang at 5.2 times, are “severely unaffordable”.

According to Brian Koh, head of research and consultancy at DTZ Malaysia, the outlook for the property market now and in the final quarter of 2015 is grim, and developers are more cautious and are reviewing the risks of new launches.

“I think there will be a drop of 15% to 20% by volume with a negative outlook in the next six months,” Koh says, and he believes most developers are experiencing a 20% to 30% decline in take-up rate compared to two years ago.

The Goods and Services Tax (GST) that came into force on April 1 has contributed to the downcast sentiment in the property market as purchasing power has been dented by the higher prices of goods and services.

Meanwhile, the falling crude oil and commodity prices also have flow through negative impact on household income, either directly or indirectly.

“I heard there are attrition rates for those employed in the oil and gas sector, and expatriates are in the first line of fire. Commodity prices affect mainly the property markets in semi urban areas in smaller towns, and in states such as Sabah and Sarawak where there are substantial smallholders,” Koh says.

National House Buyers Association (HBA) honorary secretary-general Chang Kim Loong says the housing market is expected to remain weak for the rest of 2015 and also possibly even for the entire 2016, “unless there is some positive or uplifting news for the local and/or the global economy.”

“Consumer sentiments are very low at the moment given the decline of the local currency and global oil prices,’’ Chang observes.

He says with rising prices of goods and services while income remains the same, the disposable income of most households has been reduced.

As a result, consumers’ buying capacity and appetite would be lowered. This is further compounded by the current weak

sentiments which would make many aspiring house buyers more cautious before committing their life-long investments to buy big ticket item like property.

“We expect the stronger developers will either hold on to further launches until the economy shows signs of recovery or launch in smaller phases so as not to over commit their financial resources. Developers always want to sell at a higher price compared to their earlier launch and it would be difficult to launch a big project with higher prices in a weak market,” Chang points out.

Knight Frank Malaysia managing director Sarkunan Subramaniam echoes Koh’s views, observing that falling crude oil and commodity prices that have contributed to the ringgit becoming the worst performing currency in Asia to date, has also negatively impacted the property market with lesser market activities and lower volume of transactions.

With the rising cost of living and lower purchasing power, prospective house buyers may defer their purchases and instead consider short- to medium-term rentals as they try to balance their finances.

During times of uncertainties, consumers are stashing up on their cash.

DTZ Malaysia head of research and consultancy Brian Koh.

N IME C E SP

developers are quickly clearing stock in the existing phases.

He expects to see some numbers of completions in the local market from earlier high-rise condo projects and this will add to the supply numbers. With many of these new completions, earlier purchasers will now be looking at resale and it would be a strong tenant’s and buyer’s market. The evergreen principle of “Cash is King” will now rule.

“Investors are more selective with their purchase and all the property investor clubs have since disappeared.

Many are still reeling over their earlier purchases from

National House Buyers Association (HBA) honorary secretary-general Chang Kim Loong.

these investor club schemes as the projects start to head for completion under current market conditions,” Khong observes.

Hall Chadwick Sdn Bhd chairman Kumar Tharmalingam is of the opinion that those who want to own their own property will buy no matter what the circumstances, but if necessary they will move to a cheaper area.

“As for investors who buy to sell for profit, they will find it difficult to get traction in this market with no support from banks.

The positive side is that values will recover and the

upside will reap benefits for the investors. As we are a middle-class economy those who already own their own homes will stay. Those who are heavily invested in investment real estate may have to rationalise as income will remain the same as costs rise.”

Kumar expects some properties to come on the market in the last quarter as distressed real estate.

“A lot will depend on interest rates. If Bank Negara ups interest to protect the outflow of funds we can expect more real estate pain for both the developers and investors,” he cautions.

Knight Frank Malaysia managing director Sarkunan Subramaniam.

Savills Malaysia deputy managing director Paul Khong.

Hall Chadwick Sdn Bhd chairman Kumar Tharmalingam.

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

05FEATURED DEVELOPMENT

Ivory LEvErAGES oN INtEGrAtEd pubLIc trANSportAtIoN hubS

Amid a tough economic environment, Ivory undertakes new projects in line with long-term prospects of the property market in Penang.

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By DAVID TAN

“This is why the units tend to sell better, especially if the commercial project is within an integrated scheme,” he says.

Because commercial properties are still popular, Low says Ivory is planning for The Wave and The Central service suite projects in the RM2bil PTS mixed-development scheme, which will have a mall, a cineplex and other lifestyle amenities.

“About 80% of The Wave have been sold with units priced from RM1.3mil.

“The project bagged the Asia Pacific Property Awards under the Highly Commended for Best Residential HighRise Architecture Malaysia category in 2014 for its extraordinary exterior, where elegant sun protection stripes sync rhythmically and aesthetically over the glazed glass façade creating the impression that waves are riding over the building,” Low explains.

The Central is being planned with resort-style amenities and facilities that reflect the luxury-meets-business concept, featuring the finest finishes and fittings as well as unforgettable view.

“It is set to become a new landmark in George Town with its sleek architecture and design.

“With different local attractions, including a necklace of nearby heritage sites, it certainly makes an ideal residence for those who yearn for modern living that is also steep in the riches of yesterday’s history,” Low notes.

Ivory offers well-planned development in strategic locations to suit the needs of different segments of buyers.

“PTS is in the central business district,

davidtan@thestar.com.my

I

VORY Properties Bhd is undertaking over RM2bil worth of residential and commercial projects this year, in view of the long-term prospects of the property market on the island.

These projects are the first phase of Penang WorldCity (PWC) called Tropicana Bay Residences (RM933.4mil in GDV), The Central (RM670.9mil) and The Wave (RM611mil).

The Tropicana Bay Residences comprises 1,343 upmarket condominiums, expected to be ready in 2018.

The Wave, comprising 312 service suites, is located at the RM2bil Penang Times Square mixed-development scheme which will have a mall, a cineplex and other lifestyle amenities.

The Central, which is the fourth phase of Penang Times Square (PTS) comprising service suites, mall and hotel, is being planned now and is expected to be launched at the end of this year.

Upon completion, the mall spanning from Phase 1 to Phase 4 of PTS with over a million sq ft space will become one of the biggest malls in the heart of George Town.

Group chief executive officer Datuk Low Eng Hock says commercial properties in an integrated scheme can always be leased out to generate long-term recurring income, especially if the integrated project is in a strategic and prime location, in proximity to well-connected public transportation services and facilities.

7 1 Artist's impression of Tropicana Bay Residences at night.

2 View of the pool side from above.

3 Artist impression of The Central.

4 Bask in The Central's facilities.

5 Artist impression of The Wave project at Penang Times Square.

6 A residence at The Wave.

7 Ivory CEO Datuk Low Eng Hock.

which is suitable for those who yearn for fast-paced city life.

“It is close to government and private offices, schools, financial institutions, retail outlets, tourist spots and also the renowned George Town Unesco World Heritage Site,” he adds.

With emphasis on the importance of location, Low points out that the PWC in Bayan Mutiara is poised to be an international township offering numerous amenities similar to that of a central business district.

“Executives staying at Tropicana Bay Residences would only need to travel a short distance to the Free Industrial Zone and the nearby factories to work; not forgetting the Penang International Airport nearby.

“There are also shopping malls and supermarkets a stone’s throw away.

Another attraction of the project would be the convenience of connectivity with the Penang Bridge as well as the Sultan Abdul Halim Mu’adzam Shah Bridge.

“There are also in the vicinity public and international schools such as Fairview International School, SJK (C) Kwang Hwa Sungai Nibong and Sekolah Kebangsaan Sungai Nibong, to name a few,” Low says.

The Tropicana Bay Residences units are designed with a variety of sizes to suit individual and family dwellings.

As a bonus to the strategic location of these projects, Low believes the integrated transport system outlined in the Penang Transport Master Plan should benefit PTS and the Penang WorldCity projects as they

will have easy access to the various proposed transportation components for George Town and Bayan Lepas.

“As the LRT line is planned to run to Bayan Lepas, Tropicana Bay Residences will stand to benefit as the project is located close to the airport, the Penang Bridge, and the Second Penang Bridge,” he adds.

The units have built-up ranging from 455 sq ft to 1,945 sq ft and are priced from RM453,900 to RM1,663,900.

Due to its strategic location and attractive pricing, almost 90% of its 1,343 units have been sold.

Low is confident of the long-term prospects of the property market in Penang due to the state government’s commitment to implement the light rail transit (LRT) system in the PTMP. “Given that land is scarce on the island, we are confident that the value of properties on the island will remain stable in the long term.

“Penang is still an interesting place as one of the preferred locations for buyers and investors for its heritage charm, the upcoming transport plan and several infrastructure projects,” he adds.

Ivory has built over 5,000 homes and commercial units in Penang. Its principal activities are investment holding and provision of management and marketing services while its subsidiaries are principally involved in property development and related supporting services, tenancy management and operations of food and beverage outlets.

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

06

FEATURED DEVELOPMENT

The ZiZZ - The fuTure hearTbeaT of Damansara norTh

Jaya Megah infuses positive vibes into the project for a more vibrant and contemporary living.

excellent accessibility 5

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2 6 1 The facilities podium at The Zizz will be the perfect hangout spot for families and friends.

2 The two-storey retail podium located below Aura and Bora offers a wide range of shops.

3 The show unit of one of the duplex units offers a spacious living area for its residents.

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4 The show unit of one of the service apartments shows the stunning view from the living room.

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BY NURUL ASMUI MD AZMI asmui@ocision.com

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MERGING in the north of Damansara is The Zizz by Jaya Megah Building & Engineering Sdn Bhd, a member of Shayher

Group.

The word “Zizz” connotes an energetic buzz, where the tone and thrill inspired the tagline – “The New Heartbeat of Damansara North”. The Zizz promotes the concept of a true modern home in the neighbourhood of Damansara Damai, which is one of the semi-elite areas in Damansara.

Staying true to its tagline, The Zizz hopes to offer positive, active and happening lifestyle for the young executives, modern families and those young at heart.

Preserving the greenery

This future heartbeat of Damansara North sprawled across 9.59 acres of land will consists of three phases of developments with a total GDV of RM600mil. The majestic project is slated for completion in July 2019.

Responding to the needs of green living and a vision to offer a better future for the younger generation, The Zizz will be a selfsustainable development crafted with vibrant design and atmosphere, and vast greenery and landscaping.

“The developer has given priority to balance and try to maximise the green areas of the development instead of maximising the plot ratio for profit, hence a big part of

the area is preserved for greenery,” says Kim Realty marketing and business development project marketing division manager Liew Yew Ming.

The residential development will also be complemented with 66 units of twostorey lifestyle shops and boutiques that offer a vibrant retail atmosphere.

unveiling Phase 1: expanded aura and bora facilities

Jaya Megah recently launched the first phase of The Zizz, two 26-storey residential blocks, namely Aura and Bora.

Both towers feature service apartment units as well as duplex garden terraces priced from RM366,300 to RM870,000.

“We hope to cater to young people who are looking to own an affordable property in a convenient location.

That is why we designed The Zizz to have compact, yet practical units with an average price of not more than RM500,000,” says Shayher Group director Lee Tuan Khoon.

Based on terrace-like concept, the duplex units offer low density environment with vast landscape and hardscape designs.

There are seven types of duplex layouts ranging from 1,138 sq ft to 1,774 sq ft built-up consisting of 3+1 bedrooms.

The units offer choices of 2+1, 3+1 and 4+1-bedrooms units with built-up ranging between 751 sq ft and 1,228 sq ft. All units have rooms and a living hall that are designed with individual views, good ventilation and natural lighting.

The additional room in each unit has flexible design, in which the room can be converted to a store room, maid room or guest room.

A host of facilities will be available to inspire and complement the lifestyle of the younger generation at The Zizz, and at the same time occupy the children with an active, creative and exciting environment.

The residents can enjoy resort living with 11 resort-inspired facilities such as aquarius infinity swimming pool, kid’s pool and pool lounge, Boom Boom games room, Z-Max fitness gymnasium, mini amphitheatre and banquet rooms.

There will also be four themed Skyparks for the adventurous residents, which include areas for climbing wall, sky jacuzzi, moon light cinema, party lounge, sky bar, rooftop kitchen, giant hammock and swing garden.

Safety is a priority to the development of The Zizz. Thus, Jaya Megah is providing multi-tiered security features to ensure that all residents and tenants will have peace of mind.

The security features include more than 100 CCTV points, boom gate to residents’ and visitors' car park, panic button at the car park, lift lobby with card access, lift with card access, 24-hour security, guard patrol with mechanical clocking and intercom system.

5 Shayher Group director Lee hopes to see more young people buying property.

6 Kim Realty manager of marketing and business development project marketing division Liew is delighted to be part of The Zizz development.

7 The dazzling facade of The Zizz.

Strategically situated in Damansara Damai, The Zizz is well connected to several highways, such as Middle Ring Road 2 (MRR2), New Klang Valley Expressway (NKVE), Damansara-Puchong Expressway (LDP) and Penchala Link. It takes 9km drive to get to 1 Utama Shopping Centre and 21km drive to KLCC and Mid Valley Megamall.

The Zizz will also benefit from its proximity to existing Keretapi Tanah Melayu Berhad (KTM) Sungai Buloh and Mass Rapid Transit (MRT) stations as it will have direct access to two major upcoming MRT lines – the MRT Line 1 Sungai Buloh-Kajang, which is currently under construction and the proposed MRT Line 2 Sungai Buloh-Serdang-Putrajaya.

upcoming phase

The second phase of The Zizz is expected to be launched by year end. Slightly different from Phase 1, Phase 2 will consist of 490 service apartments designed with six different contemporary layouts. The built-up range from 695 sq ft to 1,008 sq ft with the choice of 2+1 bedrooms to 4+1 bedrooms.

There will also be a landscape podium of more than three acres that showcases a clubhouse with multiple core facilities and four activities zones, such as water area for water featured activities; green area to cater to different thematic gardens; active zone with multi-purpose courts for active sportsman; and passive zone for residents to chill and relax.

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Jaya Megah Building & Engineering Sdn Bhd, a member of Shayher Group, has undertaken numerous developments across the Klang Valley. Some of the projects include 30 Laman Villa @ Klang, Selaseh 36 @ Batu Caves and 28 @ Old Klang Road.

Shayher Group is a company based in Taiwan that provides commercial and residential development services.

Operating as a subsidiary of Pau Jar Group, Shayher Group has developed more than 10,000 units of property in Taiwan.

With 15 years of experience in the property industry, the company has also ventured to China, Vietnam and Australia.

The developer is in the midst of negotiating for new land banks, mainly in the Klang Valley area, and joint ventures for their upcoming development plans.

Sunday 20 September 2015

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STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

08

SPECIAL FOCUS

THE LURE OF THE EAST

New infrastructure connectivity and KL address open up new opportunities in KL East.

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UALA Lumpur is one of the most robust growth centres in the country given its status as the country’s capital city and being the business and financial hub, but the pace of development and progress in the various corridors differs based on the distance to the city centre, demographics and infrastructure connectivity, among other considerations.

While the southern and western corridors are making leapfrog progress in terms of the sprouting up of new growth centres and infrastructure developments, the eastern corridor, dubbed KL East, is also catching up given that a number of new infrastructure projects especially highways, roads and rail connectivity are underway and will act as catalyst of progress to spearhead more rapid growth in KL East.

Fringing the city centre, KL East covers quite a big swathe of land stretching from Wangsa Maju, Gombak, Ulu Klang, Ampang, Rampai, Setiawangsa to Maluri.

Infrastructure connectivity such as DutaUlu Klang Expressway (DUKE), AmpangKuala Lumpur Elevated Highway (AKLEH), Kuala Lumpur Middle Ring Road 1 and 2 (MRR1 and MRR2), and LRT services with stations in Masjid Jamek – KLCC to Jelatek, Sri Rampai, Setiawangsa, Wangsa Maju and Gombak as well as Masjid Jamek – KLCC to Maluri and Pandan Jaya, have promoted growth in this corridor.

Future growth will be spurred by new infrastructure developments that are underway, including new proposed highways such as Sungai Besi – Ulu Klang Elevated Expressway that will link up Sungai Besi, Alam Damai and Ampang – Kuala Lumpur Elevated Highway, and East Klang Valley Expressway from Sungai Pusu in Gombak to Bandar Sungai Long in Kajang that will become part of the Kuala Lumpur Outer Ring Road (KLORR).

According to Ho Chin Soon Research Sdn Bhd, KL East is located in close proximity to the city centre and most of the addresses there are in the first tier location in Ho Chin Soon’s Locational Centre of Gravity for Greater KL, which is within 20km away from Kuala Lumpur city centre.

“These are all mature areas. Gombak still has plenty of villages and Malay reserve land, and the pockets of development here are generally a bit cheaper compared to areas like Wangsa Maju, Ampang and Sri Rampai. Wangsa Maju has a growing number of affluent Malays in the area. As it is already mature, you have pockets of high-rise development which are not cheap.

Nevertheless, the location is strategic,” the research house observes.

For property players, there are still pockets of small holding land that hold potential for development. Except for Gombak, most of the other areas are targeted at the upper middle class segment.

It says although high-rise projects offer lesser capital appreciation opportunity compared to landed houses, given that they are in mature areas, it shouldn’t go wrong in terms of location.

Ho Chin Soon Research says the ongoing infrastructure projects will enhance the accessibility and raise the profile of KL East.

By

ANGIE NG angie@ thestar.com.my

Angie Ng is the content editor of StarProperty.my.

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1 Aerial view of Kuala Lumpur facing the Gombak River.

2 A bird's eye view of the congested residential area in Wangsa Maju.

3 A tourist feeding pigeons at Batu Caves.

4 Hindu devotees climb 272 steps up to the temple at the Batu Caves during the Thaipusam celebration.

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For example, the East Klang Valley Expressway is slated for completion in 2018 and will be an alternative to the existing MRR2 during peak hours.

It says among the high-rise residential developments that are underway in Ampang are M City, Astoria and Arte+, while in Gombak, KL Traders Square is coming up and The Parc Tower in Sri Rampai. In Wangsa Maju and Setiwangsa area, Wangsa 9 Residency, Irama Wangsa and Seasons Garden Residences are underway, in Ulu Klang area there is Nadayu 62 and Selayang Star City in Selayang.

Property consultancy VPC Alliance (KL) Sdn Bhd managing director James Wong says KL East is considered a mature area with only small parcels of land for development and its population consists of all types of income group from lower to upper income groups.

Besides new highway linkages, there are also road widening of a few main roads, new private hospital like Columbia Asia in Setapak, a sports complex

development which comprises swimming pool, boxing arena, rock climbing area, futsal centre, a library along Jalan Ayer Jerneh in Setapak, and Maluri MRT Station Line.

Wong says there is also the revitalisation of the Gombak River into a heritage and commercial centre to look forward to.

“We believe there is a need to enhance the current access road system by widening the other smaller roads and opening up more accessibility to other major highways. Besides that, another way to promote growth in this corridor is by having LRT extension lines in locations such as Sri Gombak (along Jalan Genting Klang/Jalan Gombak), Desa Pandan and Desa Melawati.

“DBKL also plans to upgrade drainage in most major places in KL East. With the better accessibility and better facilities, evidently more developers have been attracted to develop projects in KL East, particularly affordable housing schemes,” Wong says.

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STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

09SPECIAL FOCUS

Growth catalysts

Although KL East is an active zone with an increasing number of development projects underway, particularly in areas near to the Kuala Lumpur city centre like Wangsa Maju, Gombak and Setapak, Wong says one advantage enjoyed by the locality is that it is less crowded compared to the other corridors in the Klang Valley, which makes traffic movement in the area quite smooth.

He points out that in some parts of Gombak, there are Malay reserve land which is hampering redevelopment.

“Under DBKL’s new planning land use development draft 'Cadangan Guna Tanah DGP Kampung Traditional', they have restricted certain areas in Gombak by reducing the density and plot ratio in these places,” he adds.

Savills Malaysia deputy managing director Paul Khong concurs that the infrastructure linkages have markedly improved the accessibility to the KL East corridor.

“The eastern corridor has been quite well opened up by the DUKE Highway, which now connects MRR2 on the east to the western neighbourhood (that avoids the city centre and all its traffic jams) and to the New Klang Valley Expressway. Many new projects have now been refocused towards this highway as a marketing point for easy accessibility,” Khong explains.

The addressess in this corridor are located within mature neighbourhoods in Kuala Lumpur and there are still some pockets of land available for development further away from the city.

Khong says many of the older industrial areas in the vicinity have also outlived their economic life and may be ripe for redevelopment moving forward, while areas such as Wangsa Maju, Setiawangsa and Ampang are now much more accessible to the west end.

“With land prices escalating around the city, it may be timely for redevelopment of some of these areas, especially those which are located within the city limits. Towards the eastern side, the Hulu Langat Forest Reserve wraps around this corridor, thus limiting the growth of the city eastwards.

“There are a lot of potential for new projects within this eastern neighbourhood and many higher-end projects are being undertaken by big developers on sizeable parcels of land like Sunway Montana and KL East. There are also the new SUKE and the KLORR highways networking through this entire stretch.”

Land parcels in the city centre are becoming scarce and have risen in value especially in the last three years. When prices reach a certain level, it makes sense to redevelop these areas as many older uses on prominent sites may have outlived their economic life.

Khong points out that the main problem is that it is rather tedious or virtually impossible to amalgamate individual lots or strata lots into a sizeable plot for a meaningful redevelopment exercise and there is still no proper legislation to govern this. This is different from Singapore’s clear guideline that as long as there is an 80% consensus, an area or old building can be redeveloped.

Some viable ideas for development of new townships and infrastructure projects in KL East include projects that provide lots of green lung and promote nature living themes, better security features within gated and guarded concepts, well-planned and

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Savills Malaysia deputy managing director Paul Khong.

VPC Alliance (KL) Sdn Bhd managing director James Wong.

5 Ho Chin Soon’s Locational Centre of Gravity for Greater KL map shows KL East is being spiced up by new infrastructure projects.

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6 A view of the traffic free Ampang-Kuala Lumpur Elevated Highway leading out to Jalan Tun Razak (North Bound).

7 The junction near Flamingo Hotel where Ampang – Kuala Lumpur Elevated Highway (AKLEH) and eastbound of MRR2 merge.

8 The Duta-Ulu Klang Expressway (DUKE) is smooth sailing as far as the eye could see, with picturesque sceneries.

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self-contained townships with full amenities, sizeable township projects that offer better access to shopping, education, entertainment and healthcare facilities in a single location, and good infrastructure and proximity to MRT stations.

On how the location’s proximity to KL’s Golden Triangle will promote growth in the corridor, Khong says: “Ultimately, most city dwellers would like to stay as close to the city centre as possible. This reduces travelling time and generally property values are higher

when distance is shorter.”

But the main issue is that land gets more expensive as they get closer to the city, he says, adding that Kuala Lumpur’s skyline has become pretty much well built and the best parcels are heading towards RM4,000 per sq ft.

“At these prices, the plot ratio will exceed 10 and the end product is also extremely pricey. Due to the scarcity of land in the Golden Triangle, many developers are looking towards the fringe neighbourhoods as the next best location for development.

Lying closer to the city guarantees easier accessibility and the travelling time is shorter.

“As land price in the city has gone too expensive, many purchasers will now opt for the second tier locations as the next best alternative, and this is where places like KL East will be sought after,” Kwong concludes.

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

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SPECIAL FOCUS

THE AWAKENING OF KL EAST

New projects will spruce up the fringes of the city centre.

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HE eastern corridor of Kuala Lumpur (KL East) is an area popular among those looking for a suburban lifestyle close to the city. This expanse holds popular towns which include Wangsa Maju, Setiawangsa, Ampang as well as Ulu Kelang. Of late this location has attracted a number of new developments that are set to change the property landscapes here.

For many Malaysians, owning a property close to the city is something to look forward to. KL East makes this possible for property buyers as property prices here are affordable compared to those in the Kuala Lumpur city centre, despite being just a short drive away.

A popular township to the east of Kuala Lumpur is by Sime Darby Property Bhd, christened Taman Melawati. This township spans across 900 acres and is located 15 minutes from the city centre. It has matured after 40 years of development by Sime Darby, yet the innovative and blossoming township has much to offer to future buyers.

Four catalyst developments within the Melawati Urban Centre are currently under various stages of development, which upon completion will change the township’s urban landscape. Efforts to revitalise the township kicked off in 2014 with Sime Darby launching Serini Melawati – the first highrise development for the Melawati locale.

Alongside the launch of the service apartments, the developer also launched the Melawati Corporate Centre as well as a long-awaited lifestyle component of the township named the Melawati Mall. The plan for the Melawati Mall is a 10-storey shopping lifestyle centre that will soon spark the “urbanisation” of the township.

The mall is jointly developed by Sime Darby Property and CapitaLand Mall Asia Ltd and will be in close proximity to the Islamic International University Asia Hospital, Columbia Asia Hospital, Great Eastern Mall and Alpha Angle Aeon as well

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By

viknesh ashleY

vikneshashley@ thestar.com.my

1 Taman Melawati's updated look once its future components are completed.

2 Taman Melawati offers a balance of resort-living while being well connected to the city.

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as more than 20 banking facilities.

Sime Darby Property acting managing director Datuk Jauhari Hamidi explains, “The net lettable area (NLA) for the mall is 620,000 sq ft with a tenancy mix that is expected to include gourmet supermarkets, a cinema operator and other prominent retail outlets.”

Jauhari adds, “We plan to have F&B outlets, entertainment facilities, a supermarket, fitness centre and cinema.

We also plan to include a three-acre park featuring immaculately designed green spaces, water features as well as activity parcels.”

Property buyers can also look out for an upcoming service apartment project that is planned for launch in 2016 that will be located next to the Melawati Mall.

Taman Melawati is easily accessible via various connecting highways including the Kuala Lumpur Middle Ring Road 2 (MRR2), Duta-Ulu Klang Expressway (DUKE), Ampang-Kuala Lumpur Elevated Highway (AKLEH), Kuala Lumpur-Karak Expressway, as well as future highways such as the Kuala Lumpur Outer Ring Road (KLORR) and the Sungai Besi-Ulu Kelang Elevated Expressway (SUKE).

Those scouting for a luxury and landed

property can look toward Verge32, located in Melawati. This property is a good bet, offering six exclusive bungalows and 26 semi-detached houses that are close to several elite residential communities.

The enclave by KCC Development (M) Sdn Bhd is located in Kemensah, among majestic hills. Unit sizes offered range between 3,375 sq ft and 4,190 sq ft and are sold from RM1.5mil. Each unit comes with several enhancements allowing future home owners to move in with ease.

Some of the extras provided include plaster ceilings in living and dining areas as well as in the bedrooms, centralised

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

11SPECIAL FOCUS

3 3 The facilities deck of KL Traders Square is impressive yet buyers can own this property due to its affordable price point.

4 Residents can keep fit, jogging along the 1km path within the KL Traders Square development.

5 The five-block KL Traders Square residences will stand above its commercial component.

6 KL Traders Square will soon change the skyline of booming Gombak.

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solar heater system, rain water harvesting system, intercom with a display linked to the guardhouse, home alarm system with a panic button, stainless steel and tempered glass for staircase handrails, air-conditioning points with piping and quality sanitary fittings.

Some of the amenities enjoyed by this gated and guarded development include close proximity to the Wangsa Maju and Taman Melati LRT station and to established educational institutions, including the International School of Kuala Lumpur, International University of Islam, University of Tunku Abdul Rahman, Tunku Abdul Rahman College and Fairview International School.

The locale is also located close to the Columbia Asia Medical Hospital, Gleneagles Intan Medical Centre and Ampang Puteri Specialist Hospital, while residents can shop at AEON, Giant and Wangsa walk.

Titiwangsa Lake Garden is a popular recreational spot, frequented by many recreation lovers to enjoy an array of exciting activities offered at the park, including horseback riding, canoeing, boating, aqua biking, kite flying and jogging. Living close to this park would be a dream for recreation enthusiasts.

JL99 Holdings Sdn Bhd has recently turned this dream into a reality, having launched The Reach at Titiwangsa, a luxury condominium project with 528

residences with built-up of 1,368 sq ft to 2,685 sq ft. The project will stand tall at 41 storeys accompanied by two 35-storey blocks and is set for completion in the fourth quarter of 2017.

Catering to a varied target group are eight different layouts, suited to the individual lifestyles of those buying into the property which include Type A, B and F units that each holds three-plusone bedrooms with three bathrooms while

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Types C, D and E will offer three bedrooms and three bathrooms. Type G and H units are suited for larger families holding fourplus-one and four bathrooms each.

The Reach offers a wide variety of facilities distributed across six floors within the property including a tennis court, gym, lap pool, children’s playground, badminton court, half-basketball court, squash courts, a viewing gallery, sitting lounge, an infinity sky pool, ionizer pool, aqua gym, sauna, yoga zone, a wet deck, a pool lounge, cabanas, a hammock garden as well as a sky gym. There are 600 parking bays, a management office, multipurpose hall and a grand reception lobby.

When it comes to amenities, this project does not fall short. The list includes primary schools as well as high schools, colleges and universities, healthcare centres and banks, a wide variety of eateries and restaurants and shop lots. Near the project one can also find many gas stations as well as retail options, for example the Kuala Lumpur Festival

City Mall and Aeon Wangsa Maju.

For those looking for a more affordable property option, they can count on KL Traders Square by SCP Group in booming Gombak. The mixed-development will be on 16.8 acres offering a total of 1,170 units of service apartments, distributed across five 30-storey towers.

The residential units will be available in two designs – a 842 sq ft three-bedroom unit as well as a larger three-plus-onebedroom unit sized generously at 940 sq ft. Units are sold at RM530 per sq ft (psf) starting at RM408,000. The RM1.6bil development will additionally offer 97 threestorey showroom-styled shop offices.

A range of facilities can be found in this project by including a sky park, an Olympicsized pool, a multipurpose hall and three-tier security access card system.

The development enjoys close proximity to the city, via the AKLEH, MRR2, DUKE as well as the Mahameru Highway. The development is targeted for completion by 2022.

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

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SPECIAL FOCUS

Look to the east

While the hype is still concentrated on the city centre, there is more interest being focused towards the east of KL, with plenty of new developments to look forward to.

M

ANY people who are planning for a quick getaway or are looking to purchase a property would think of the city centre as the dream destination. The attractions linked to the Klang Valley's "Golden Triangle" are aplenty, and it's no surprise that these areas are always major attraction for tourists, both local and foreign. But if one were to head over to the eastern side of Kuala Lumpur, very few are aware that there are hidden gems to be discovered there as well.

Some of the areas which KL East encompasses include Wangsa Maju, Ampang, Setiawangsa and Setapak.

These are places which usually fall under the radar when it comes to exploring all that the vibrant city has to offer. However, where once these places used to be considered quiet towns and underdeveloped, they are now thriving and slowly establishing a name for themselves in the eyes of the public.

We took a trip to some of those places to see what they have to offer and were pleasantly surprised by the amount of upcoming developments and various existing amenities.

We began our trip by covering the perennial favourite topic of any Malaysian: food. Being in close proximity to institutions of higher learning, these areas find themselves chock-a-block with diverse food and beverage options. What a wonderful sight for our hungry bellies it was!

At Wangsa Maju, many of the good eateries are still in the old-fashioned shoplots serving up hearty fares.

However, to keep up with the changing times, cafes such as Cafe Lapis and Pop's Eatery have sprouted up to cater to the younger generation.

Setapak and Setiawangsa have similar trends where a blend of historical and modern elements come together to provide the good people from all walks of life delicious dishes at any time of the day. From Chinese cuisine to Malay meals and Indian delicacies, there’s something for every palate. As for the modern cuisine, there are eateries the likes of Saba, Le Geo Art, and plenty of other options (Six Inch, M.A.D and Delle Cafe) over in PV128.

When we stopped by in Ampang, two quaint and picturesque outlets caught our attention: Green Tomato Cafe and Greenhouse by Muir. The former was slightly difficult to find, as it was enveloped in luxuriant flora and had only a small sign to point it out. It houses not only a cafe, but a batik workshop, crafts area and a souvenir shop. The latter is a large standalone complex with floor-toceiling windows, allowing for plenty of natural light to bathe its patrons.

With a prevalently nautical theme,

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this establishment was named as a nod to the preservation philosophies of naturalist John Muir.

City folks will have plenty of recreational spots to look forward to when needing to get away from the stresses of daily life. The Danau Kota Recreational Park and the Ampang Hilir Lake Gardens are just two such examples of verdant greenery and well-maintained landscapes within easy access, allowing for families to gather and bond in the 1

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midst of natural beauty.

The public will even have the option to visit a true hidden gem: a charming orang asli museum hidden in the hills of Gombak. Free of charge, this museum would require one to drive quite a distance, but it is an eye-opener as it allows visitors to take a detailed look 4 into the indigenous inhabitants of the land's rich history, customs and traditions.

As a testament to the growing popularity of these areas to potential homeowners, we saw plenty of new developments throughout, all of which bring a breath of fresh air to the property market with their contemporary and refined facades. Case in point would be Picasso Residences located at Ampang, a masterpiece development that is a gorgeous tribute with its faceted facade to one of the most famous painters in history.

Wangsa Maju has also its fair share of upcoming developments, such as Infiniti Residences (three residential towers with 523 units and a resort living concept), Wangsa 9 Residency (565 condominium units spread over three blocks) and Seri Riana Residence (peaceful living environment of 680 units nestled in the lap of nature). Even in the sleepy town of Gombak, the public can anticipate the completion of KL Traders Square, a mixed

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development comprising residential and commercial elements.

A few other notable mentions include Bennington Residences @ Sky Arena, Setapak (an overall integrated development dedicated to total wellness) as well as Novo Ampang (a 38-storey luxurious condominium project that is the new icon of Ampang with its facade illuminated by atmospheric ambient lights).

Such rapid development and increasing interest in the area of KL East will attract investors who are looking for new opportunities. This will have both positive and negative impacts on the area, but with proper planning, necessary infrastructure upgrades and community events, KL East will soon be a new hub for living, working, learning and playing.

By

CAITLYN NG LI YUIN liyuin@ ocision.com

1 The front entrance of Greenhouse by Muir is filled with the scent and welcoming sight of freshly cut blooms, thanks to the in-house florist.

2 Don't be deceived by the Green Tomato Cafe's name, it's not just a pet-friendly cafe (albeit one serving yummy fresh food). There is also a batik workshop, crafts area and souvenir shop; plenty of activities for the whole family.

3 A hidden gem awaits discovery in the form of a well-maintained 'orang asli' museum that allows locals and tourists alike to discover the rich history, customs and traditions of the aboriginal people.

4 Dataran Jelatek houses a variety of F&B options in addition to a minimart that provides for the needs of the residences in the area.

5 The Ampang Hilir Lake Gardens is certainly a sight to feast the eyes, with its landscaped grounds and tranquil lake. Here, people from all walks of life will be able to carry out activities and bond, surrounded by natural beauty.

6 Dataran Jelatek houses a variety of food&beverage options in addition to a minimart that provides for the needs of the residences in the area.

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

By

NURUL ASMUI MD AZMI asmui@ ocision.com

13SPECIAL FOCUS

WORDS On the StReet: Living in KL eaSt

Residents were interviewed on why they have chosen to live there and how the area has impacted their lives.

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ROPERTY developments in KL East are on the rise due to its strategic location and the bountiful amenities available. KL East, which encompasses Wangsa Maju, Gombak, Ulu Klang, Ampang, Rampai, Setiawangsa and Setapak, is one of the latest regions of Kuala Lumpur is seeing more developments coming up.

Although each area has its own uniqueness, it still has its upsides and downsides, so what do the residents and tenants living in KL East have to say about their neighbourhood? Here are some of their feedback.

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Siti Mutiaah haji Jol Jublee

(Putra Villa Condo, Gombak)

“Studying at UniKL British Malaysian Institute, Gombak has brought me to Putra Villa Condo. As an international student in the country, I did a thorough research on the areas near my university and found that this condo gave me the best connectivity to public transportation. It is only five minutes’ walk to the Gombak LRT station, and I can get to other major areas of KL East in less than 20 minutes, or even KLCC in 35 minutes.

“I have no plan of moving to another area since it is already very convenient here. Even the security at my condo is superb. The condo is secured by the guards, and the entrance gate is equipped with card access system.”

Luke Rayan

(Taman Setapak Indah, Setapak)

“After four years of renting in Taman Setapak Indah, I cannot deny that it is situated in a very strategic location. I can reach Kuala Lumpur within 15 minutes’ drive with no traffic and Taman Melati LRT station is within walking distance from my house. There are an abundance of outlets for groceries and foods so I don’t have to worry about getting the essentials.

“However, come night time, from Wednesday to Sunday every week, there is an uptown night market that will cause a major traffic disruption due to erratic parking by the visitors. I really hope that the night market can be relocated to a more appropriate area so the traffic won’t get worse when the new developments around are completed.”

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Dr ibrahim Mohamad ali

(Gaia Apartment, Taman Melawati)

“I am quite new to the area, but I chose to rent in Taman Melawati because it has the type of property that I was looking for. The studio that I am living in now is really suitable for me, and I enjoy the environment that Gaia Apartment has to offer.

“So far, I am very satisfied living here, but just like most of the residents in Taman Melawati, the congested traffic can really be a nuisance, especially when travelling to work in the morning.

I hope something will be done to ease the traffic flow. Even so, I still find that Taman Melawati is an ideal location for me as it situated near to the city centre and my workplace.”

Catherine ei hwee teng

Dr hafiz Basarudin

(Platinum Victory,Taman Melati)

“I moved to Platinum Victory in 2008, but I have been living in Taman Melati since 2000. Living here for almost 15 years, I have witnessed how Taman Melati has transformed from a backwater area into a developing township. What used to be a quiet neighbourhood is now bustling with people and numerous new developments.

“I somehow miss the old peaceful environment. It is too chaotic now, especially with so many cars moving in and out of Taman Melati. Nonetheless, I believe that there is potential for capital appreciation here because of the countless amenities and convenient connectivity. I just wish that the road planning can be improved to ease the traffic.”

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(Section 10, Wangsa Maju)

“I chose to rent an apartment in Section 10 because it is within an affordable price range for an undergraduate like me. Also, since I do freelance job as an actor, emcee and youth motivational speaker, it is really useful to have easy access to public transportation to go places.

“Life here has been satisfactory, especially with a myriad of facilities available near my apartment, but I hope to see proper management for the cleanliness and security surrounding my neighbourhood. With all the newer developments coming to Wangsa Maju, it’ll be great to see some improvements made for a more exclusive living.”

Dr Suraya Mohammad (PV12, Setapak)

“I bought a unit at PV12 in 2010 due to the fact that Setapak is very convenient for me and my family. My workplace is only 20 minutes’ drive away, and there are many amenities nearby. There are a lot of options for eateries and in less than 10 minutes’ drive, I’ll reach the KL Festival City Mall.

“My only concern about Setapak is crime, especially in less frequented areas. Security and surveillance should be increased throughout the suburb so the crime rate can be reduced.

Nevertheless, the security system at my condo has been well implemented, and there are also several other property developments in Setapak that ensure a safe living environment with multi-tiered security.”

Surendran arumugan

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(Taman Baru Muda, Gombak)

“I have lived in Taman Baru Muda for 17 years. The neighbourhood is really peaceful, and I must say that public transportation is highly accessible. The community is great here as the neighbours are friendly, and we look out for each other to make sure that everyone is living harmoniously.

“The security is also great. Guards are available 24/7 and CCTVs are installed in vital areas. However, I would really love to see more exclusive condos being built in my area, and maybe a grand shopping complex as well.”

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Jessie Loh (PV16, Setapak)

“The main reason I am staying at PV16 is because it is near to my college, Tunku Abdul Rahman University College. I can either use the free shuttle bus service provided by the college, or take the RapidKL bus.

“I also find it convenient because there are many food outlets available just opposite PV16. It is also situated just next to PV128, where well known restaurants and cafes like M.A.D, Chatime, Six Inch and many more are located. Apart from that, Columbia Asia Hospital is only about five minutes’ walk so seeking medical attention is not a problem.”

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

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FEATURED DEVELOPMENT

ECo-CEntriC EstablishmEnt for Kl north

Ekovest brings to Titiwangsa a first-of-its-kind, riverfront promenade and integrated retail mall.

BY Viknesh AshleY

vikneshashley@thestar.com.my

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KOVEST Bhd hopes to revitalise the Jalan Pahang area with a revolutionary eco-development fit for patrons of all ages. The development will stand next to a riverfront promenade, a rare feature for most neighbouring buildings in the locale. The development, dubbed EkoRiver Centre, will be the first commercial development in Malaysia under the Kuala Lumpur River City (KLRC) master plan.

The EkoRiver Centre project is a 600,000 sq ft retail component spread over six floors, complete with a total of 3,000 basement and elevated car parks, with one of the mall’s floors solely dedicated as a convention facility.

The total net lettable area (NLA) of the retail mall stands at 400,000 sq ft while the convention centre reserves 130,000 sq ft.

All 600,000 sq ft NLA of the commercial components will be held as assets to lease for recurring income. According to Ekovest, the tenancy mix is yet to be finalised.

The retail mall is scheduled for completion by 2018 and will be accessible via a grid located at Jalan Pahang and optionally from DUKE 2, which is set to complete by 2016. The parcel stands on a 7-acre plinth of freehold land.

Above the EkoRiver Centre will be an iconic 68-storey tower that will house corporate offices, a hotel offering hotel suites as well as VIP suites totalling up to 390 rooms. The establishment will also hold a 190,000 sq ft convention centre located at the highest floor of the retail mall, while the roof top of the mall will be a public park, accessed directly from the riverfront promenade via designated escalators.

The river promenade featured at EkoRiver Centre will be made accessible to the public via water taxis from Kuala Lumpur as well as river tours along this revived section of Sungai Gombak. Some planned water activities for the promenade include stage performances, cultural and tourist promotions and al fresco dining.

Additionally, the river front is also fully accessible to the public.

One would wonder as to the inspiration that brought about such a magnificent concept for the future of this locale in north Kuala Lumpur. To this, Ekovest managing director Lim Keng Cheng explains, “The seamless integration of the KLRC master plan with urban transportation offered via the DUKE and the upcoming MRT2 line will rejuvenate this part of KL north, turning the area into a destination of choice."

Lim adds, “The availability of leisure spaces, modern office suites and tourist attractions to showcase the diversity of Malaysian culture and shopping amenities located just minutes away from the city centre, will make this project popular as it mirrors existing projects, including the San Antonio Riverwalk (USA), the

1 1 The futuristic exterior of EkoRiver Centre, incorporating the elements of nature and modern lifestyle.

2 Artist’s impression of what the riverside promenade may look like, teeming with watercraft as well as people.

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Cheonggyecheon River Restoration (South Korea), the Battersea Power Station (UK) as well as the UK Galleria in Hatfield.”

The architecture of the EkoRiver Centre is commendable, given the intertwining futuristic and natural accents painted across the development, thanks to Arkitek KDI Sdn Bhd (KDI) which is responsible for the EkoRiver Centre brainchild.

The company is also the appointed architect for Ekovest’s flagship 12-acre integrated commercial project known as EkoCheras at Jalan Cheras and other Ekovest’s key developments such as EkoAvenue, EkoQuay and EkoGateway in the capital city.

KDI holds a track record that speaks for itself, having completed major commercial mixed developments locally as well as abroad, including The Robertson (KL),

Meena Plaza, C15 City of Light (Abu Dhabi) and Danga Bay (Johor).

The architect’s design for EkoRiver Centre reflects a rational approach, with a futuristic, iconic and integrated complex, bringing people from various locales to gather at a vibrant commercial and recreational hub to live, work and play.

The design will also help to promote the KL River Centre as a tourist and shopping destination to relax and unwind.

In terms of safety, patrons can be rest assured as EkoRiver Centre will be equipped with state-of-the-art security system comprising entry and exit checkpoint barriers, CCTV systems, round the clock guard patrol with a central command station and latest card access system for authorised access to the respective components of the centre, including the car parking facility.

“ The availability of leisure spaces, modern office suites and tourist attractions to showcase the diversity of Malaysian culture and shopping amenities located just minutes away from the city centre, will make this project popular as it mirrors existing projects, including the San Antonio Riverwalk (USA), and Cheonggyecheon River Restoration (South Korea).

For those looking to call EkoRiver Centre home, the idea is not far-fetched as in June this year, one of Ekovest’s three EkoTitiwangsa towers was launched, enjoying up to 90% in sales as of now. Units are sold from RM800 per sq ft feet for a typical 825 sq ft unit.

“The units sold at EkoTitiwangsa reflect the current pricing regime in the area for residential service apartments and looking at the entire master plan, this is a low entry price to own a property in an upcoming area in KL north,” Lim says.

The EkoTitiwangsa service apartments commenced in July 2015 and are expected for completion in early 2019.

Sunday 20 September 2015

Starproperty.my

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STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

16

FEATURED DEVELOPMENT

KL EAST - DEFINING LIVEABILITY AND SUSTAINABILITY IN THE CAPITAL

Sime Darby's township gives a new uplift to KL East.

BY Viknesh AshleY

vikneshashley@thestar.com.my

S

IME Darby Property Bhd, which is responsible for the mammoth 900acre Taman Melawati township, hopes to replicate its feat with KL East, a 153-acre development offering 2,000 residential units, a retail mall, SoHo units as well as a hotel.

KL East is an integrated Transit Adjacent Development (TAD) within city limits, just 15 minutes' away from Kuala Lumpur city centre with the world’s longest quartz ridge as its backdrop – the only integrated development that can make such a claim.

The development enjoys a transit to the Gombak LRT station located 800m from KL East. Optionally residents can take a 10 minutes' walk to the LRT station via a covered pedestrian walkway and cycle lane.

KL East is a development that focuses on sustainability, with 83 acres of green open spaces including a 53-acre Rainforest Quartz Park dedicated to promote sustainable living through tropical forest appreciation.

This hip development focuses on the Gen-Y group, including first-time homebuyers, young professionals, upgraders as well as investors, offering them a suitable environment as well as a getaway for the eco-conscious seeking a modern and urban lifestyle close to the hustle and bustle of the city.

The KL East development is inspired by lush green areas providing a peaceful and communal environment, privacy as well as a serene sanctuary for its residents. The community-centric project provides a sense of belonging and a homely feel, offering tranquillity from the moment residents step into the township, right up to their doorstep.

KL East is designed and planned to raise the bar with regards to liveability in the capital city, complete with comfortable and indulgent high-rise residences, natural rainforest parks and manicured gardens. This nature-featured development

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3 1 Bright lighting and modern interiors are some of the design cues of KL East.

2 Residents can utilize the green areas within KL East for activities such as yoga and Tai Chi. 3 Sime Darby Property acting managing director, Datuk Jauhari Hamidi.

4 Overview of the KL East project, once complete, showcasing cutting-edge architecture as well as an urban zest.

also places importance on welcoming intuitive social spaces with an emphasis on encouraging the expression of both modern and traditional arts and culture, allowing it to grow and shine.

Sime Darby Property acting managing director Datuk Jauhari Hamidi says, “KL East is green outdoor space-rich, creating an 'urban forest' landscape for its residents.

The Forest Park, for instance, is designed within the natural state of the forest, and has been incorporated as one of the destinations in the KL East Tourism Master Plan 20152025. This approach augurs well for Sime Darby Property’s sustainable way of optimising land value and its usage.”

Jauhari adds, “KL East’s main leverage is its balance of being strategically located as well as having its own rainforest park that will be dedicated to promoting sustainable living via nature-centric activities, which include hiking and mountain biking.”

Sime Darby Property has employed a number of renowned architects for the designing of its first few components of the KL East township, including 3D Reid, SA Architects and Partners and GDP Architects. These architects currently handle individual projects by Sime Darby Property in KL East due to the developer’s credential of selecting architects on a project needs basis.

3D Reid is a London-based award-

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winning architect firm responsible for the impressive glass façade of the Véo, while SA Architects has won several awards and will design Quarza, an upcoming service apartment in the township.

The architect firm selected to design KL East’s future resort living condominium is GDP Architects, chosen due to its vast experience in the designing field as well as recognition achieved for its contribution in design quality.

The pioneer launch of the KL East development is the Véo that comprises two blocks on a 4.25-acre plinth of freehold land. It comprises 350 residential units ranging from studios to duplexes with built-up ranging between 745 sq ft and 3,245 sq ft. A typical unit will have two bedrooms as well as two bathrooms.

“The Véo is earmarked for its green certifications and designed to stand as a benchmark for the upcoming sustainable, cutting-edge and residential components in KL East.

“All residential components in KL

East are green-certified buildings, in tandem with Sime Darby’s sustainable ethos. This development is envisioned as an eco-friendly hillside community enclave where the entire development is designed to respond positively to the natural topography to minimise the carbon footprint, while providing the community the needed facilities and amenities to maintain an urban as well as modern lifestyle.

“KL East has much to offer in the near future, with the upcoming launch of Quarza, a 508-unit two-tower service apartments providing residences with layout ranging from 650 sq ft to 865 sq ft, and a retail mall and resort living condominiums will be launched later,” says Jauhari.

Property buyers that choose to call KL East their home, as the proposed streetscape design focuses on the safety of pedestrians and cyclists. Adding to that the township is also equipped with CCTV surveillance installed in strategic locations while safety features are implemented as a part of the design element of KL East’s landscape.

Within KL East, one will find an international school, a football academy run by the Kuala Lumpur Football Association (KLFA) and a retail mall. The Islamic International University Malaysia, TAR University College, Columbia Asia Hospital, Great Eastern Mall, Alpha Angle or Aeon and more than 20 conventional as well as Islamic banks can also be found nearby.

The township is well connected via a number of popular highways including the Kuala Lumpur Middle Ring Road 2 (MRR2), Duta-Ulu Klang Expressway (DUKE), Ampang-Kuala Lumpur Elevated Highway (AKLEH), Kuala Lumpur-Karak Expressway, as well as future highways such as the Kuala Lumpur Outer Ring Road (KLORR) and the Sungai Besi-Ulu Kelang Elevated Expressway (SUKE).

Sunday 20 September 2015

Starproperty.my

17

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

18

FEATURED DEVELOPMENT

Life's a breeze, with home a heartbeat away

Exclusively elegant homes that are near to amenities and the KL city centre, yet remaining close to nature's beauty, will now no longer be a dream.

By CAITLYN NG LI YUIN

liyuin@ocision.com

L

AND prices in Kuala Lumpur are steadily increasing, despite the current uncertain economic situation, due to its status as the national capital as well as the cultural, financial and economic centre of Malaysia.

With a rapidly growing population, it's only a matter of time before the developable land around the city centre is completely used up.

For now there are still pockets of land cradled in verdant greenery, offering a sanctuary away from the monotony of daily life, just waiting to be discovered. Nadayu Properties Bhd, a company with over 35 years of experience in the commercial and residential development market, is looking to create that perfect neighbourhood where priceless memories are created and a legacy is left behind for generations to enjoy.

Nestled in a valley and hidden from the prying eyes of the public, lies an established guarded township that has already captured the hearts of residents and visitors alike.

Taman Nadayu at Melawati derives its name from the combination of two Bahasa Malaysia words: “nada” and “bayu”, which mean “rhythm of the breeze”. This development is aptly named as it is blessed to be right in Mother Nature’s lap; enclosed on one side by a scenic quartz ridge and enveloped in lush greenery throughout.

This is an 80-acre master plan with an estimated gross development value of RM1.2bil that is located at the foothills of Bukit Tabur, a popular hiking spot, and the Kemensah Forest Reserve backing the other side. Residents will be able to enjoy the breathtaking scenery on all sides from the comforts of their homes, built on the gently rolling terrain with elevated grounds.

Taman Nadayu is truly a hidden gem, with a location that enjoys enviable proximity to the foothills of the quartz ridge, ensuring that no other upcoming development will disturb the allure of its pristine surroundings. Even the tropical forest provides residents with plenty of cool, crisp air, especially after a rainy morning or evening.

“Our vision for Taman Nadayu is to have a neighbourhood that is peaceful, safe and well-planned to enable residents the full enjoyment of its natural beauty and fresh air. It will be planned in such a way so that we maintain a level of exclusivity, all while having common lifestyle facilities and retail activities that will encourage harmonious integration among the neighbours,” Nadayu Properties general manager of sales and marketing Vincent Eyu explains.

Indeed, tucked away in its own quiet and secure enclave, it is well-known for its array of high quality upmarket residential properties. So much so that many celebrities and prominent public figures have called this township their home. Sited amongst

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4 1 Artist's impression of the garden and cabana in Nadayu63.

2 Taman Nadayu lake view.

3 Nadayu63 studio show unit.

4 Nadayu63 threebedroom show unit.

5 The main driveway leading to Taman Nadayu.

6 The well-thought out master plan of Taman Nadayu.

7 Nadayu63 facade and surrounding natural beauty.

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the more affluent community of Melawati, many of Malaysia’s wealthy and elite have fondly dubbed Taman Nadayu the “Hollywood of Malaysia”.

There are very few areas that can boast of such a serene environment, especially one that is so close to the city centre, but Taman Nadayu is where people and nature can truly become one. These idyllic homes can trace their roots back to the very first phase of development, when 21 awardwinning luxurious bungalows called Nadayu Melawati were completed in 2012. It was to become the developer’s mark of capability in building durable yet elegant properties.

These capacious bungalows command some

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of the most magnificent views, including that of the two-acre man-made lake.

Then there is the first highrise development in the township, Nadayu62, a condominium block housing 182 semi-furnished units launched in June 2014. Sitting on a two-acre plot of land, this riverfront development has an estimated gross development value of RM91mil, with units priced from RM612,000. With unit built-up beginning from 950 sq ft, it computes to an average of RM579 per sq ft, which is still lower than the price of RM600 per sq ft from the surrounding developments.

Nadayu63 is one of the latest projects in Taman Nadayu to look out for. A trendy integrated development, it will have a mix of 296 stylish service apartments and vibrant boutique retail outlets at the ground floor of the tower.

The semi-furnished residences are from 557 sq ft to 1,126 sq ft, featuring practical layouts that are designed to create a feeling of openness without compromising on privacy.

With an estimated gross development value of RM240mil, this development is expected to be completed in 2019.

With no expense spared on providing excellent accessibility to residents and visitors alike, about RM70mil has been spent on the infrastructure around Taman Nadayu.

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Instead of having to navigate narrow winding roads, a dual carriageway has been built that links to the Middle Ring Road 2 (MRR2), Duta-Ulu Klang Expressway (DUKE) and Ampang-Kuala Lumpur Elevated Highway (AKLEH). Renowned international and local schools, shopping destinations and healthcare facilities are all easily within reach, and the city centre is just 15 minutes' drive away.

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

19SPACE DESIGN

1

ONE SPACE, MULTIPLE FUNCTIONS

Most Gen-Yers seem to prefer the flexible work-and-play lifestyle enabled by SoHo (Small office Home office) units as opposed to standard homes or conventional office units.

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By MELVIN CHOW

feedback@starproperty.my

G

IVEN the changing work, live and leisure habits of an increasingly young workforce who prefer a flexible lifestyle arrangement, SoHo (Small office Home office) units are now an increasingly viable option among Gen-Yers.

SoHo developments, usually defined as strata-titled properties located on commercial land, are identified as units that come with flexible designs that enable occupants to use the space both as a home and workplace.

SoHo units usually come with ample facilities and amenities within mixed-use developments. They offer convenience, being located within walking distance to food and beverage (F&B) outlets, cafes and shopping malls for Gen-Yers to hang out at.

Essentially, advances in technology have made it such that enterprising individuals, especially those among the younger workforce, can now work from the comfort of their SoHo units.

A recent rising trend is seeing even professionals, including lawyers and others such as real estate agents and surveyors, working from SoHo units.

SoHo units seem to be growing in popularity based on the fact that many GenYers now favour a flexible working and living arrangement as opposed to the restricted confines of a nine-to-five day and beyond, spent working in an office building.

It may indeed be the case that the Millennial generation prefers less structured working hours, opting for a more flexible approach compared to the older Gen X generation and Baby Boomers in general,

who may be accustomed to working fixed hours.

Mixing business with family

Urbanify Sdn Bhd business strategist Mubashar Aftab shares on how his business has expanded since he left his previous job in favour of working from a SoHo unit.

“SoHo allows one the convenience of working and living at the same place while maintaining a certain measure of privacy. Working from home gives me more opportunities to spend time with my family.

“Oftentimes, people perceive that when you are the boss of your own company, you can leave your office any time to head home.

But that is not true,” he says.

To him, having a workplace and home under one roof allows for greater flexibility as he can switch his attention from work to his family without sacrificing travel time in between. Furthermore, his time spent on work is not confined to the typical nine-tofive office hours.

“Sometimes, I develop and design software or applications as well as websites with my team members here, working till past midnight. The home-like ambience of a SoHo unit is more relaxing and enables them to feel more comfortable.

“We tend to describe our company as a ‘software house’ rather than a ‘software office’,” he muses.

SoHo workplaces do not require dress codes or uniforms. Thus, it is a great motivational factor as workers and business entrepreneurs can wear anything they like.

A great deal can be saved on not having to purchase suits, corporate clothing or having to pay for dry cleaning services.

Cheaper start-up

SoHos, unlike conventional offices, are not bound to the 70% loan-to-value (LTV) ratio as specified by Bank Negara.

“SoHos are technically termed semiresidential units. When I applied for a bank loan, I could get up to 85% LTV ratio. This is healthier for my finances as I have more capital to finance my advertising business,” Mubashar opines. Getting a SoHo unit also requires a relatively low capital outlay as one would need to fork out less cash as opposed to renting a conventional office unit which is oftentimes larger in size, resulting in a higher price range. Mubashar bought his SoHo unit at Avenue Crest, Shah Alam in Selangor for approximately RM380,880. The unit that comes with a built-up area of about 614 sq ft translates to roughly RM620 per sq ft.

The security features provided by Crest Builder Holdings Bhd, the developer of this project, is comprehensive. These features include an access card system at the lobby, round-the-clock security patrol personnel, closed-circuit television (CCTV) surveillance cameras as well as a concierge and floor cleaning services.

A rising trend

CBD Properties Sdn Bhd head of project marketing Timothy Low believes that SoHo properties are indeed a rising trend among the younger workforce.

“Recurring costs such as electricity and

3 1 Work-and-play lifestyle takes on new meaning in the flexibility of the SoHo unit. - Photo

by MELVIN CHOW. 2 Mubashar at work in his SoHo unit.

- Photo by MELVIN CHOW. 3 CBD Properties' Low says that SoHo is a rising trend among the younger working generation given its low capital outlay.

water bills as well as assessment fees for SoHo and SoFo (Small office Flexible office) properties are charged under commercial tariffs, hence the public perception about recurring costs for SoHos being expensive,” says this real estate agent who is optimistic about SoHo units.

“Look at it this way, with such a small built-up area of between 400 sq ft and 800 sq ft, how much electricity can you use?

Even at 33 sen per sq ft for the maintenance cost, it is actually still quite affordable.”

Faced with escalating property prices, Gen-Yers can consider staying at SoHo units as an alternative choice as opposed to settling for larger, conventional apartment units.

The same is true in neighbouring countries such as Thailand, Taiwan, China and Singapore where the younger workforce cannot afford to buy a home due to the higher per sq ft prices.

“This is why SoHo units are trending among young entrepreneurs and fresh graduates. Hence, several developers are answering the increasing demand by building more SoHo and SoFo units to cater to the needs of the younger workforce,” he concludes.

"A recent rising trend is seeing even professionals, including lawyers and others such as real estate agents and surveyors working from SoHo units.

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

20

VIEWPOINT

AN OPINION DATUK STEWART LABROOY

Datuk Stewart LaBrooy is the Chairman of Malaysian REIT Managers Association.

KL EAST : THE FORGOTTEN CORRIDOR

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.” ― Winston S. Churchill

T

he journey along the Karak highway is a visually exciting one. Rarely can one be confronted by a vista of towering mountains and lush forests just minutes out of Kuala Lumpur while navigating one of our twistiest highways ever built. The Karak highway is a marvel of engineering, which took decades to complete, but resolved the dangers faced by motorists as they journeyed from Kuala Lumpur to Kuantan and beyond.

Bentong town centre.

The Karak Highway.

Eastern promise

When one talks about KL east, one has to look beyond Gombak and Ampang as those areas are technically still Kuala Lumpur. Let us instead explore the route the Karak highway takes and examine what lies beyond the Titiwangsa mountain range that nestles next to the eastern boundary of Kuala Lumpur.

Yes, what I am referring to are the towns of Bentong and Karak, that lie about 60km or an hour by car from Kuala Lumpur. At present, the traffic along this highway is light by KL standards, unless we are referring to the weekend crowds making their way to Genting highlands for a flutter at the gaming tables or to relax and have a respite from the heat at the Bukit Tinggi Resort.

From a real estate perspective, what lies beyond that exit to Genting highlands is about as different to Greater KL as it gets. It reminds one of the Klang Valley 40 years ago as you travel through towns where time has all but stood still. These properties are renowned for their durian orchards and eco resorts and where the air is unpolluted and the water from the rivers and streams remain crystal-clear. As options in Greater Kuala Lumpur run thin, developers could well be looking to this eastern corridor to be the “next big thing”.

Bentong durian orchard.

So what developments should one be looking at when examining the potential of these areas? In my view, it does require some in-depth research, as the impact of large township developments could totally destroy the ecosystem that makes it so unique. Neither will the integrated lifestyle developments of highly dense condominiums work as those require better public transport systems with access to the city centre and I don’t see an MRT coming over (or through) the mountains anytime soon.

So the mountains seem to be a barrier to a development. Or are they?

Some ideas

I recently visited a friend at the Selesa hillhomes and Golf Resort at the foothills of Genting and was surprised at how quickly I got there. After all it is a scant 43km from KLCC. If there ever was a case for a development in the area it would be for high-end bungalows or developments catering for aged care and retirement homes – a market segment that is growing exponentially.

density model to a sustainable one. hopefully, the land is still affordable and the only drawback I can see is that the only mode of transport would have to be by bus or car as options for connectivity by rail is non-existent. however, when you consider that people are flocking to buy properties in Seremban or Rawang and beyond and still work in KL, it begs the question – does a mountain range and 30 to 45-minute commute sound that negative? In fact, one could make a case for affordable homes in KL east and presume that the journey would be any less painful if they lived in Seremban or Rawang.

Genting Highlands A missed opportunity?

The spur road that branches off the Karak highway to Genting highlands Resort is seeing a surge in interest as developers turn their attention to a location that lends itself to tourismrelated developments. A recent announcement by the Genting Group that come 2016, Resorts World Genting will open its doors to the much anticipated 20th Century Fox World outdoor theme park, the first such facility to be developed

by Genting, sparks interest. The theme park will feature characters, rides and activities centred around 20th Century Fox’s most popular and loved movies, from epic and Rio to Planet of the Apes and Alien vs Predator .

Genting Premium Outlet at Genting Highlands.

The ghost in the story

20th Century Fox World outdoor theme park.

Selesa Hillhomes Golf Resort.

Pressing further east, the District of Bentong and the town of Karak beckon, which could lead to possible township developments with an eco theme that could offer some respite to the hustle and bustle of living in KL. After all, it is 63km from KLCC and about the same distance from KLCC to Seremban. Bringing development to the area would also create new jobs and industries to support it.

We are not short of architects who can develop such sustainable projects. however, developers have to look at changing their mindset from a

In addition, Genting Simon Sdn Bhd (GSSB) is developing and operating the Genting Premium Outlets mall (GPO) on a 600,000 sq ft piece of land near the Awana Resort. GPO is projected to cost RM200mil and will be South east Asia’s first hilltop premium outlet centre and will serve the central eastern Malaysian market. It will open its doors by end-2016.

The first development to capitalise on these new investments is the Ion D’elemen, a sixtower residential development that will house Best Western's latest hotel. Also to benefit from this surge in investments will be Gohtong Jaya, which till today has not received much interest as a township development. Sentiment could change quite rapidly next year once Genting's new attractions open their doors.

The Karak highway is the central theme of this article as it is the main road that connects Kuala Lumpur to Genting highlands and the east coast. It was built in 1970 and opened to the public in 1977 and finally upgraded to a six-lane highway in 1997. Till today it remains one of the creepiest highways in Malaysia with its dark, long, windy and accident-prone roads having attracted a host of ghost stories that sends shivers down the spine of motorists who drive by. One has just to google the term "Karak highway" and you will be entertained with many stories of ghosts and ghouls sighted on the road.

To be fair, much of its reputation was a result of its early development when it was poorly lit and accidents were commonplace. Its safety record has improved considerably since becoming a fullfledged toll highway in 1997.

So despite the many ghost stories, the eastern corridor from KL does hold real promise for a new area of visionary development in the coming years. It may turn out to be very different from the developments we are used to seeing today, but let’s hope that we will be pleasantly surprised when they do materialise.

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

21AGENCY

A rising reAl estAte Agency

Full Homes reAlty celebrAtes 10 wonderFul yeArs

F

ULL Homes Realty Sdn Bhd (1068610-K) is a well-established real estate agency founded by Sean Eng, who is also the current principal and one of the main directors.

The agency marks its 10th year of successful journey and lucrative business this year.

Starting from a humble beginning in July 2005, with only one office in Bandar Manjalara, Kepong, it has expanded to seven additional offices to become one of the leading real estate agencies in the Klang Valley.

The Full Homes Realty Sdn Bhd branches and the year they were opened are as follows: Kepong (HQ) Sri Hartamas Puchong Kota Damansara Kota Kemuning Johor Baru Bukit Jalil

2005 2010 2011 2012 2013 2014 2015

our management team

Full Homes Realty is managed by a team of experienced and committed professionals delivers valuable services without compromising on ethical standards, honesty and integrity.

The dedicated management team include Sean Eng, Scott Peng, Ken Yap, Lynnette Seet, Harry Low, Fannye Ho, Danny Luo, William Chin, Michelle Foong, Eugene Ong and Jacelyn Tan. We are proud to announce that we recently received two awards from iProperty.com Agents Advertising Awards 2015 under the following categories: Most Dynamic Real Estate Agency and Star Real Estate Agency. With these awards, we hope to prove and present our proficient expertise to the rest of Malaysia.

our people, the Full Homers

our responsibility our clients We thank our clients for their continued to society support and for sharing the 10 wonderful

Our specialisation lies in the sale and lease of residential, commercial and industrial, land, sale of new development projects, as well as property management.

Full Homes Realty now has 300 registered REN negotiators who are carefully selected and fully trained to offer the highest standard of customer service to ensure that dealing with Full Homers is always a breeze and an experience to remember.

Full Homers enjoy their career choice and take pride in their capabilities. To ensure outstanding service by Full Homers, we provide one of the best working environments and great leadership from all the directors at Full Homes Realty. We stand

by Eng’s motivational motto: “We build the people, then the people will build the business.”

Full Homers understand the role of being a responsible and compassionate citizen. Thus, we have made donations and organised numerous charity events at several charitable organisations that received less attention from society. We believe that we can and will do more to help the less fortunate.

1 Eng is more than just a passionate start-up founder, he encouraged longterm career with Full Homes Realty Sdn Bhd, and provides valuable support in the administration of the agency.

At Full Homes Realty, we have a familybond culture among Full Homers and our clients. We are committed to provide professional negotiators that are down to earth and hard working. Our office is where some of the best deals have been inked, and it is also a hub where negotiators can rest and recharge after a long strenuous day.

We are a strong believer of “happy people produce positive results”.

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our responsibility to our industry

Full Homers take pride in creating exceptional work experiences and being involved with our clients. With 300 registered REN negotiators and more to come, we are responsible in ensuring that the highest level of professionalism are practised and maintained in our industry for the benefit of everyone.

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NEW PROJECT LAUNCH DIVISION (Malaysia / International)

- Marketing - Sales

SECONDARY MARKET DIVISION We are constantly expanding since 2005 and always looking for the right person with strong passion & highly ambitious to join us. Not only do we train and share with you what real estate is all about and how to be an effective Negotiator, we also lead and build your career path too.

WE’RE RECRUITING

our future

Targeting to be within the top five agency across Malaysia by 2017, we are working towards a realistic expansion. We have 50 strong and competent Full Homers currently undertaking new projects launched by developers, and we plan to expand to Penang in the near future, and is looking for a suitable partner to expand the Full Homes Realty branding to Sabah and Sarawak.

At Full Homes Realty, we recognise the importance of delivering sustainable results and do the right thing for our clients and our team. So don’t hesitate to contact us today for the best assistance and negotiation from our experts.

2 The management team: (top row, L-R) Low, Ong, Luo, Eng, Chin, Peng, Yap and (bottom row, L-R) Fong, Tan, Seet, Ho.

our culture

years with us. Full Homers will continue to improve and we look forward to build a strong partnership with our clients for many years to come.

Our clients are the reason we are here today!

If you are ready and dare to take up the challenge together with us in this property industry, do not hesitate to contact us:

LAND DIVISION

- Agri culture land - Commercial land - Industrial land - Residential land

- Residential - Commercial - Industrial

Kepong - 03 62773344 Hannah Sri Hartamas - 03 23829688 Wendy Puchong - 03 80715314 Meena

Kota Damansara - 012 2325335 Ivy/Molly Kota Kemuning - 016 2222552 Harry Low Johor Bahru - 012 6169225 Danny

Bukit Jalil - 03 89949277 Kavita, 010 7847997 William Project Launch (1) - 012 6060993 Andrew Project Launch (2) - 017 2244106 Ms Tan

STARPROPERTY.MY SUNDAY 20 SEPTEMBER 2015

22

VIEWPOINT

Finally an Honest admission –

House Prices in malaysia are unaFFordable T

he National house Buyers Association (hBA) is glad that the research report by Khazanah Research Institute (Khazanah Research) released on Aug 24, 2015 titled “Making housing Affordable” shows that average house prices in Malaysia are more than four times the median income, which makes such properties to be considered as “seriously unaffordable”. hBA has been raising alarm bells for many years that prices of property in Malaysia have risen beyond the reach of the majority of the rakyat, both in the lower and middle income segments and unless serious measures are taken by the Government, an entire "homeless Generation" comprising mainly the lower and middle income and the younger generation will not be able to afford to buy their own homes and this can bring about social problems for the country.

For too long, the Government has listened to the advice from business groups with vested interest; that there is no problem with the housing sector in Malaysia and prospective house buyers are still able to buy their dream homes. These business groups have openly touted that property prices of up to RM500,000 are deemed affordable for first-time house buyers and for house buyers who are upgrading their existing property, the price that is deemed affordable is up to RM1mil.

This report also confirms what hBA has been saying in the past that the issue of housing affordability is only a recent phenomenon as there were much less complaints about property affordability compared to say 10 years ago in 2004.

According to Khazanah Research, the Malaysian all-house price had grown at a compounded annual growth rate (CAGR) of 3.1% from 2000 until 2009. however, between 2009 and 2014, it grew at a CAGR of 10.1%, which was almost three times more than the growth from 2000 to 2009.

The Government must conduct an in-depth analysis and investigation as to what caused the sudden spike in property prices during this short period.

There is a direct relationship between prices of completed properties (secondary market) and prices of new properties launched by developers. Whenever there is an increase in the secondary market, developers will launch new properties at a premium to the prices offered in the secondary market. Conversely, whenever developers launch new projects at premiums compared to the secondary market, the prices of the secondary market will be further pushed up and this creates a vicious cycle.

Price increase in one area can spillover to the surrounding areas and cause the prices of such nearby locations to be pushed up. Thus an increase in property prices in central Kuala Lumpur can push up prices in say Cheras, which can push up prices of properties as far as Kajang and beyond. As a result of the sudden spike in property prices

Housing Matters By National House Buyers Association

The National House Buyers Association (HBA) is a non-profit, non-governmental organisation manned purely by volunteers with the motto: Striving for the rights and interest of house buyers.

HBA can be reached at info@hba.org.my or its website www.hba.org.my.

Chart 1

between 2009 and 2014, the lower and middle income groups find it very difficult to buy their own homes in many locations, not just in urban Kuala Lumpur.

The Government should also define what constitutes "affordable property" and the type of property. Affordability should be benchmarked against the annual household income of the respective buyers. The international accepted ratings of “Affordability Rating” used by various reputable bodies such as World Bank, United Nations and even Khazanah Research are as follows: Affordability Rating

Median Multiple of Property Price over Annual Household Income

Severely Unaffordable

5.1 & Over

Seriously Unaffordable

4.1 to 5.0

Moderately Unaffordable

3.1 to 4.0

Affordable

3.0 & Under

hBA recommends that "affordable property" be priced between RM150,000 and RM300,000 with minimum built-up of 800 sq ft (with two bedrooms ) to 1,000 sq ft (with three bedrooms). This is in stark contrast with what housing developers have been touting as affordable, which ranges from RM400,000 (for first-time house buyers) and up to RM1mil (for upgraders). Whilst there are new properties launched below RM500,000, most of these properties are one-room studio units with built-up of 450 sq ft to 600 sq ft and are not suitable for house buyers who wish to start a family or those with existing family.

The household Income and Basic Amenities Survey 2014 by the Department of Statistics revealed that Median Monthly household Income for 2014 in Kuala Lumpur and Selangor was RM7,620 and RM6,214 respectively. Annualised, this translates to RM 91,440 for Kuala Lumpur and RM74,568 for Selangor. The Annual Median Household Income

Property Price at RM150,000

Affordability Rating for property priced between RM150,000 and up to RM1mil benchmarked against the said median annual household income is outlined in Chart 1.

What the developers claimed to be affordable is definitely not affordable. even hBA’s recommendation for properties costing up to RM300,000 slipped to the category of "moderately unaffordable" to "seriously unaffordable", albeit slightly. hence there is a pressing need for affordable properties to be priced at between RM150,000 and RM300,000 to cater to the larger needs of the rakyat, which fall in the lower and medium income groups.

After the main reasons for properties becoming unaffordable has been identified and affordability range determined, the Government must implement concrete, holistic and sustainable measures to resolve this problem. Khazanah Research made the following preliminary recommendations to resolve this issue of property affordability: (i) Develop measures to improve the efficacy of the construction industry’s delivery system to supply housing at

Property Price at RM300,000

Property Price at RM500,000

Property Price at RM1mil

Property Price as multiple of Annual Median Household Income And Affordability Rating thereof Kuala Lumpur

RM91,440

1.64 times Affordable

3.28 times 5.46 times 10.94 times Moderately Severely Severely Unaffordable Unaffordable Unaffordable

Selangor

RM74,568

2.01 times Affordable

4.03 times 6.70 times 13.41 times Seriously Severely Severely Unaffordable Unaffordable Unaffordable

affordable prices.

This involves improving the efficiency and efficacy of the property developers so that it is more cost-efficient and profitable to build affordable properties. (ii) Developing measures to reduce pressures leading to rapid house-price escalation.

This involves imposing a moratorium period whereby house buyers cannot sell their affordable properties within the first five years of ownership. (iii) Developing measures to plan for a steady supply of housing at affordable prices.

This is to ensure that the right numbers are built at the right places at the right time.

In order to match this steady supply to demand efficiently, detailed information of demand and supply of housing at specific locations will be required.

We understand that the "Making housing Affordable" report represents the first of a series of reports which aims to investigate and resolve the issue of housing affordability and more recommendations will be put forth by Khazanah Research. hence we shall refrain from commenting on the proposed measures until we see a more complete picture.

In conclusion, although this honest assessment of the current situation is a few years late, it is never too late and represents a good start. After all, it is said that the first step towards solving any problem is to firstly admit that there is a problem that needs to be fixed rather than suffer the denial syndrome. It is hoped that more recommendations will be put forth and the Government will have the will power and courage to do what it takes to tackle this problem.

Sunday 20 September 2015

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Sunday 20 September 2015