Wednesday, 17 October 2012


Vistaria Residence, Puchong Jaya

 | October 15, 2012 | 0 Comments
Vistaria Residence Puchong Jaya
~located 230ft above the sea level,offering you a majestic view just like a palace.
~Majestic Feel hilltop residential, with ID designer internal design and luxury living condition.
Condition:
~Moved in condition, most of the furnitures and fittings is come along with the house
~Excellent place to serve your luxury guest and put on a party/BBQ session
Living Area:
~With a spacious and special living area which with Chinese modern design and great conceptual fittings
~2nd living area is transfer to a convenient in house office area where you can make your important decision without going out from house
Master bedroom:
~Majestic feel and relaxing bedroom with nice chandelier and exotic lighting
~With massage chair which is included
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Neocyber Biz Avenue II, Cyberjaya, Selangor

 | October 15, 2012 | 0 Comments
Fully furnished office unit for rent at Biz Avenue II @ NeoCeyber, Cyberjaya
Subject property is first floor and near to Domain I and Domain II
~Fully furnished with chairs, office desk, conference table able to fit 10-15 person.
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Saturday, 22 September 2012


High expectations on Battersea project

 | September 23, 2012 | 0 Comments
SEPT 5 a cocktail party is in progress in a tent at the Battersea Power Station to introduce the new owners of the site.
Right after Minister in the Prime Minister’s Department Datuk Seri Idris Jala and London mayor Boris Johnson complete their speeches, a man goes up to the London mayor. Both him and his wife are informally dressed, and they stand out among the guests who are formally attired. His wife stands a little distance away.
He tells the mayor: “We have attended such parties three to four times. Nothing happens after the party is over. Can you please promise us, assure us, that this time something will happen? We have been living here more than 35 years and we want this place to be developed,” the man says.
During the last three years, over 300 presentations and meetings with the local community groups and community forum were held. Several past owners have tried to develop the 39-acre iconic site. The last one to try to do so was Real Estate Opportunities but the Irish developer became a victim of the global financial crisis.

Battersea Power Station comes under the Wandsworth local council. If there is such a thing as being located at the wrong side of the bridge, this must be it. Because across the Chelsea Bridge, a mere 15-20 minute walk away, is one of London’s most sought after address both in terms of retail and residential Sloan Square and Chelsea. Here, the people look different, the air smells different.
But there are two huge plus factors over at the Battersea site. One is the 200-acre Battersea Park. The other is the power station itself, one was built in the 1930s and the adjoining one in the 1950s. Both became non-operational in 1983. Since 1985, for 27 years, one developer after another tried to redevelop the site.
“It would have been great if the Irish had pulled it off,” says Savills London director Edward Lewis.
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Monday, 17 September 2012


Becoming a property millionaire

 | September 17, 2012 | 0 Comments
Question:
Dear Peter,
I am 35 years old and I have three properties. I would like to accumulate more till I have assets worth at least RM1mil. That is, excluding the value of my own terraced house. But I am facing a dilemma that prevents me from going ahead.
1. I purchased an apartment in Taman Miharja (Cheras, Kuala Lumpur) over two years ago. It was my first property investment and I was inexperienced. I only found out later that this apartment doesn’t come with a title because the developer had declared bankruptcy. Till today, I am still waiting for the lawyer representing the seller or developer to allow the title transfer. Which means, in the meantime, I could not rent it out. Am I able to sell it during this process?
Actually, I quite like this unit since it is located in a good area with the Jusco departmental store and the LRT station nearby. It is also not far from the city centre. Recently, it was announced that the Tun Razak Exchange (TRX) will be developed. Will it have any effect on the market value of property in Taman Miharja in terms of price appreciation? This is a leasehold unit. Should I keep the apartment?
2. I am interested in a condominium unit at Bukit Pandan in Pandan Perdana as it is freehold. It is not easy to find freehold property in or near the KL city centre. It is well located and I have been monitoring the selling price of the condo...
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London mansion for sale for record £300 mn

 | September 17, 2012 | 0 Comments
A mansion overlooking London’s Hyde Park that belonged to late Lebanese prime minister Rafiq Hariri is on sale for a British record £300 million ($484 million, 372 million euros), a report said Thursday.
If it meets its asking price the seven-storey, 45-bedroom home would more than double the previous British house price record of £140 million, the Financial Times said.
The 60,000-square-foot property includes a large swimming pool, underground parking and several lifts, and is thought to have had its windows bullet-proofed by Hariri, who owned the house until he was assassinated in Beirut in 2005.

It was then given to Hariri’s business associate Sultan bin Abdulaziz, crown prince of Saudi Arabia, the report said. Abdulaziz died in October.
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Tun Razak Exchange set to bag international green development certification

 | September 17, 2012 | 0 Comments
KUALA LUMPUR: The Tun Razak Exchange (TRX) is set to bag an acclaimed international certification for sustainable green development.
The TRX masterplan underwent a rigorous evaluation by the prestigious US-based Green Building Council (USGBC) on its overall impact beyond individual buildings.
The council examined the buildings’ locations, the way they relate to each other and qualities of the public spaces that knit them together.
“Sustainability has been foremost in our plans every step of the way. We want to push the envelope in green development in Malaysia. This world-class recognition reflects our commitment to a green future,” 1MDB Real Estate Sdn Bhd Chief Executive Officer Datuk Azmar Talib said in a statement.
The council has granted TRX a Leadership in Energy and Environmental Design (LEED) for Neighbourhood Development (LEED-ND) Plan Gold Level Conditional Approval.
This puts TRX on the penultimate stage of being pre-certified.
LEED is an internationally recognised green building certification programme with a rating system for designing and constructing the world’s greenest, most energy efficient and high performing buildings
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Sunday, 9 September 2012


Oversupply of residential property due to speculation may slow down market

 | September 10, 2012 | 0 Comments
PETALING JAYA: The secondary residential property market could face a slowdown in transactions within the next six to 12 months due to oversupply of properties caused by speculative buyers.
Malaysian Institute of Estate Agents (MIEA) deputy president Siva Shanker said “secondary properties in secondary locations,” namely apartments within the RM150,000 to RM300,000 price range, could be difficult to sell as an oversupply situation has resulted.
“A lot of these properties were sold in the last two to three years and developers made a roaring business out of it. However, they’re now struggling a bit,” he told StarBiz in an interview.
“A lot of people in the past would have bought these properties for speculation,” said Siva.
He said many people bought these properties with the sole intention of selling them immediately once the development was completed.
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Saturday, 1 September 2012


EPF buying RRI land for RM2.28bil for Kwasa Damansara township

 | September 2, 2012 | 0 Comments
PETALING JAYA: Employees Provident Fund’s (EPF) wholly-owned subsidiary Kwasa Land Sdn Bhd is acquiring the 2,330 acres of Rubber Research Institute (RRI) land in Sungai Buloh from the Malaysian Rubber Board for RM2.28bil or RM22.50 per sq ft, thus confirming reports that the land will cost more than RM2bil.
The land, to be known as Kwasa Damansara, would have a development period spanning 10 to 15 years and would be transformed into a township with a mix of residential and commercial properties, infrastructure and public amenities for an expected population of 150,000.
Kwasa Land’s chairman Tan Sri Samsudin Osman said in a statement that the township would “incorporate plans that are befitting of a city replete with infrastructure and modern facilities both residential and commercial that aim to serve the entire Damansara region, if not the Klang Valley.”
Kwasa Land, tasked as the master developer, would be calling for a process to pre-qualify developers for projects in the township. Earlier reports quoting sources had said that this would likely involve tendering out parcels of between 100 acres and 500 acres.
“We will soon be calling for the pre-qualification of developers to participate in the creation and building of an iconic township that will be the toast of the town in the coming years,” Samsudin said.
He said the master plan was now in an advanced stage and was being finalised for submission to the Selangor State Planning Committee for approval as development is expected to commence next year.
Sources have also said the pre-qualification process would start soon but this, according to observers, would take time as EPF and Kwasa Land must still come up with a master plan acceptable to the local authority, which hopefully would include provisions to accommodate changes in the future.
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Kwasa Damansara to be a hive of activity for developers soon

 | September 2, 2012 | 0 Comments
PROPERTY developers and construction firms will be looking forward to the details of the pre-qualification process for the Rubber Research Institute (RRI) land in Sungai Buloh, following the finalisation of the sale of this real estate to the Employees Provident Fund’s (EPF) subsidiaryKwasa Land Sdn Bhd.
Kwasa Land, the master developer, acquired 2,330 acres out of the approximately 3,000 acres of RRI land from the Malaysian Rubber Board for RM2.28bil or RM22.50 per sq ft, confirming speculation of recent months that the land will be acquired for more than RM2bil.
This land will be turned into the township of Kwasa Damansara, which will have a development period of up to 15 years and include a mix of residential and commercial properties, infrastructure and public amenities for an expected population of 150,000.
StarBizWeek understands that the terms and conditions of the pre-qualification process will be announced next week.
Who will be developing the township?
There was a lot of buzz when Prime Minister Datuk Seri Najib Tun Razakproposed during Budget 2009 about the development or redevelopment of strategic parcels of government-owned land in and around the Klang Valley, including in Kuala Lumpur, as part of several mega-projects aimed at boosting the economy.
The land, which falls under the jurisdiction of the Petaling Jaya and Shah Alam city councils, has a mixture of both freehold and leasehold parcels with the southern portion being the most valuable as it adjoins the upmarket Tropicana Golf & Country Resort.
Property valuers say that any premium to the tender price will depend on a number of factors including, as KGV-Lambert Smith Hampton (M) Sdn Bhd executive director (valuation) Anthony Chua points out, whether the land is parcelled out as converted or unconverted land.
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I&P sees another good year

 | September 2, 2012 | 0 Comments
Property developer I&P Group Sdn Bhd is on track to launch properties with a combined gross development value (GDV) of RM3bil this year, says its group managing director Datuk Jamaludin Osman.
He tells StarBizWeek that sales in 2012 will be driven by new property launches in Bandar
The group is a wholly-owned subsidiary of Permodalan Nasional Bhd (PNB). Kinrara, Alam Damai, Alam Impian, Alam Sari, Temasya Glenmarie and Bandar Baru Seri Petaling in the Klang Valley as well as Taman Pelangi Indah, Taman Rinting and Taman Perling in Johor.
Jamaludin says in 2012, the group hopes to do better than the RM1.4bil in revenue it recorded last year.
“We are on track. Our 2012 turnover has crossed the halfway mark (of last year’s revenue) to date,” says Jamaludin.
In the final quarter of this year, the group is planning to launch three-storey terrace houses and apartments at its freehold 200-acre Temasya Glenmarie mixed development in Shah Alam.
“The exclusive apartments with limited units has a view of the golf course.
“They will be competitively priced and be value for money”, says Jamaludin.
It should be noted that at Temasya Glenmarie, I&P has recorded impressive take-up rates for its launch of 154 units of Citra double-storey superlink and 60 units of Anggun double-storey semi-detached homes in March this year.
Observers have described the buying response to the launch as “overwhelming”, with a few thousand people turning up to enter the ballot for the units, which were priced from RM975,888 to RM3.55mil.
In September, the group will offer additional three and four-storey shop offices in Bandar Baru Seri Petaling.
The three and four-storey shop offices, with built-ups ranging from 4,498 sq ft to 11,673 sq ft, will have price tags starting from RM3mil.
Jamaludin is expecting a strong response to the Zone J8 shop offices launch, based on the success of past launches of the group’s commercial units in Bandar Baru Seri Petaling.

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Dijaya Upcoming developments

 | September 2, 2012 | 0 Comments
THE year 2013 is pretty much a busy one for Dijaya Corp Bhd as it is planning some 12 launches spread over the Klang Valley, Penang and Johor. One of the more imminent ones include The W Hotel & The Residences, which deputy managing director of Dijaya Dickson Tan is personally spearheading.
Situated on 1.28 acres of freehold commercial land along Jalan Ampang, The W Hotels & The Residences will have 150 rooms while the residences will have 353 units.
In early 2011, Dijaya announced its partnership with Starwood Hotels & Resorts Worldwide, to develop a W Hotel in Kuala Lumpur.
Designed by Skidmore, Owings & Merrill LLP from New York, The W Hotel & Residences will be located within the Golden Triangle and is situated along Jalan Ampang, across the Petronas Twin Towers. It is about 500 metres from the Kuala Lumpur Convention Centre.
“The W Hotel will truly mark resort living in the city. You will forget that you are in the middle of a bustling city,” says Tan.
Another mixed development to be launched which is likely to garner interest in the 88 acre Tropicana Hills in Subang, which is a mixed development of condos, retail lots, offices and a shopping mall.
“I think what people want today is affordability. There is strong demand for properties below RM800,000. The trend is now moving away from landed properties because of the affordability factor,” says Tan.
Meanwhile, some of the properties being injected into Dijaya which are ready for development are in pretty prime spots. For example, in the Klang Valley, Dijaya will get its hands on pockets of land on Jalan Kia Peng and Jalan Bukit Bintang which are located in the city centre. In Penang, it has land along Jalan Macalister, while in Sabah it has land on Jalan Bundusan.
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The next stage of evolution for Dijaya

 | September 2, 2012 | 0 Comments
THERE are moments in a company that its direction and fortunes take a turn for the better. For Tan Sri Danny Tan Chee Sing and Dijaya Corp Bhd, its first metamorphosis took place over two decades ago.
Tan, a budding developer with his company Dijaya back then, had the good fortune to come across the opportunity to buy 1,000 acres of rubber land on the fringes of the upmarket Bandar Utama for a meagre RM2 per sq ft.
The nondescript land was slowly landscaped into undulating slopes with sprawling mansions called Tropicana Golf & Country Resort, creating a desirable address in Klang Valley that can rival the more famous and older Kenny Hills and Damansara Heights.
“I always believe in being flexible. With the Tropicana Golf & Country Club, I tell my people to always be flexible and try to understand our housebuyers’ needs. They spent so much money building their houses here. Let them build their 3- and 4-storey houses. If we can do something for them, let us do it,” says Tan, the CEO of Dijaya Corp.
In the process of having exclusive homes that are manned by help most consider a luxury, the value of the once rubber estate has grown dramatically.
Today, the land is said to be worth RM350 per sq ft.
“In those days, nobody wanted the Tropicana Golf & Country Club land. I bought it for RM2 per sq ft and today it is worth RM350 per sq ft. I should have kept it for myself!” laughs Tan.
But like most land that reach that sort of valuation, it is a signal of maturity.
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Wednesday, 22 August 2012


More Chinese cities record new home price increases

 | August 22, 2012 | 0 Comments
New home prices in more Chinese cities rose in July than in the previous month, the government said Saturday, amid cautious optimism the country’s property market may be bottoming out.
Prices in 50 out of the 70 Chinese cities tracked by the government increased in July from June, the National Bureau of Statistics said in a statement.
That represented a doubling from 25 in June.China has been taking steps to tighten its housing market for more than two years.
Measures have included prohibitions on buying second homes, raising minimum down-payments and imposing property taxes in certain areas.
The government, however, has also recently taken steps to boost the country’s slowing economy by cutting interest rates twice in quick succession and encouraging lending by reducing reserve requirements at banks.
Cutting interest rates reduces the cost of taking out a mortgage and can stimulate buying.Prices of new homes in another 11 cities were unchanged in July compared with 24 in June, statistics bureau said.
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Plans not in accordance with Town and Country Planning Act

 | August 22, 2012 | 0 Comments
BUKIT Antarabangsa resident Dr Mohamed Rafick Khan Abdul Rahman is against the proposed Sungai Besi-Ulu Kelang Expressway (SUKE) as he says plans were not drawn in accordance with the Town and Country Planning Act 1976.
He added that procedures were not followed, including getting feedback in a set period of time followed by a public hearing.
“It is very clear they did not follow specifications in the Act. The highway isn’t even included in the Ampang Jaya Municipal Council masterplan but we were told the Selangor Economic Action Council (MTES) has approved it.
“The purpose of building this highway is to reduce the congestion on the Middle Ring Road 2 (MRR2) and this can only be achieved if they correct the malalignment of the exit and entry routes. Right now the problem lies near the Flamingo Hotel near Jalan Ampang.
“The Public Works Department spent RM20mil near Pandan Indah and the situation there has changed. Instead of building a highway, they can opt to build an elevated route or even a tunnel.
“We cannot keep building more highways simply because these are supposed to improve the public transportation system,” he said.

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Predictions of housing collapse in Australia get old

 | August 22, 2012 | 0 Comments
SYDNEY: Argument over whether Australian housing is in a bubble has dragged on for over a decade.
A Google search on the subject draws 600,000 returns. It even has its own Wikipedia page.
Three years after the global financial crisis hammered prices in the United States and Britain, Australian home values are just 5% below their lifetime highs. Recently, prices have begun to tick up again thanks to lower interest rates and a sound banking system still able and willing to lend.
Yet mortgage arrears are negligible, household debt has stabilised, savings are up sharply and unemployment is low, suggesting the housing market represents a modest threat to the economy.
The head of the country’s central bank certainly wonders what all the fuss is about.
“It has to be said that the housing market bubble, if that’s what it is, seems to be taking quite a long time to pop if that’s what it is going to do,” observed Reserve Bank of Australia (RBA) governor Glenn Stevens.
“The ingredients we would look for as signalling an imminent crash seem, if anything, less in evidence now than five years ago.”
And the RBA is no defender of rising home prices. As long ago as 1995 the then governor Ian Macfarlane was preaching that ever higher home costs was a social ill that made some people better off “at the expense of their children.”
In 2002 and 2003 the bank ran a verbal campaign against an overheating housing market that played a big part in restraining prices for a couple of years.
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Iskandar Malaysia: Developers face tougher times with global uncertainties and price hikes

 | August 22, 2012 | 0 Comments
JOHOR BARU: Property developers in Johor must be ready to face tougher times within the next six to 12 months in view of the uncertainties in the global economic growth.
Johor Real Estate and Housing Developers Association (Rehda) branch chairman Koh Moo Hing said they should be optimistically cautious as the outlook was not expected to be rosy.
“Hopefully, our members are well prepared to brace the hard times and avoid from being overly ambitious,” he told StarBiz.
Koh said property price in Johor, especially in Iskandar Malaysia, would also be increased by at least 5% in months to come as the hike was unavoidable.
He said with the prices of building materials, especially cement, likely to go up and shortage of workers, developers would have not much choice but to pass the cost to consumers.
Koh advised developers to carefully plan when launching a project this year and next and go for products that could still sell in an unfavourable property market.
“Although there will be a hike in prices of properties in Iskandar Malaysia, it is still not as high as those in the Klang Valley and Penang,” he said, adding that developers could expect demand for properties in Iskandar Malaysia to remain “positive” especially from time house buyers and upgraders.
He said they would not want to delay their purchase as many of them had anticipated that prices of residential properties would continue to increase.
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Saturday, 11 August 2012


Are developers really making too much?

 | August 12, 2012 | 0 Comments
LATELY, there have been many ongoing discussions on the topic of high property prices. It made me ponder on the various causes that might have contributed to the situation, including the question of whether developers are making too much.
As I took a sip of tea, many thoughts came to mind which I found interesting and worth sharing before we dwell further into the real factors of rising property prices.
Based on annual reports (see chart) of three major property developers in Malaysia, namely SP Setia, UEM Land Holdings and Mah Sing Group, they are generating an average of 18% profit margin from their projects, and at the same time incurring a staff cost of about 7% of their total revenue.
These companies are major developers in mass residential properties which have high sales turnover, and therefore a good reflection of the average developers’ profit margin in the residential market.
These findings may contrast with people’s perception of the profitability of the property development industry.
Though it may sound like a fantasy, assuming I could convince these three property developers to give back their entire profit to their customers, it would mean an average of 18% discount on property prices for the year in question.
This would seem like a fantastic bonanza for the buyers of the properties in question. But would a 18% discount really make these properties affordable? I would imagine that people will still find these properties expensive.
Let’s take an example of a terrace house that costs RM700,000 in Petaling Jaya......
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Developing RRI land

 | August 12, 2012 | 0 Comments
AS a person who was born and spent his childhood years in the Rubber Research Institute of Malaysia (RRI), Sungei Buloh, it is with some nostalgia that I read about plans to develop the area.
That piece of land now straddling a bustling area near Kota Damansara, Subang Airport and the rapidly developing area of Subang, houses the RRI’s research facilities and rubber estates.
For those who lived there a long time ago, it was a tranquil and idyllic area with swimming and paddling in the streams, sports of all sorts in the evenings, hunting, biking and excursions into the jungle nearby. Tigers were said to have been sighted and someone even shot a leopard once.
But the area around it is virtually unrecognisable now and the RRI land stands like an oasis in a desert of poorly planned development. But it will fall to development too as the land has been sold, reported for RM2bil to the Employees Provident Fund (EPF). RRI will get to retain 216ha for its research facilities.
EPF’s wholly-owned subsidiary Kwasa Land Sdn Bhd will undertake a master plan of the entire area, the area for development will be split up into smaller parcels and the private sector will be invited to tender for their development.
There are plans to have an MRT station too in the area and the whole development is expected to take 10 to 15 years.
No doubt, EPF was chosen by the Government to get the RRI land because it is a provident fund whose members comprise most of the workers in the country and it would therefore be seen as a more neutral and independent party to develop the land.
It is necessary that it gets expertise to both produce the master plan as well as to see how it can maximise the value of the land for itself.
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