Berkeley Homes launches 250 City Road, London, EC1

The first phase of a new community at the heart of a landmark regeneration area

CGI of 250 City Road

BERKELEY Homes North East London is set to launch the first phase of 250 City Road. This is set to be the most talked-about London residential destination of 2015.

Designed by Foster + Partners, one of the most innovative and acclaimed architectural practices of the decade, 250 City Road delivers the optimum place to live and work.

Situated in the heart of one of London’s most vibrant areas and very close to the city and the capital’s tech and creative quarters, this landmark scheme lays the foundation for an enduring new community. Upon completion, the scheme will comprise 930 homes, expertly built by Berkeley Homes, a 190-bedroom 4-star hotel, office and retail space – all set amid breath-taking architecture conceived to complement the existing surroundings.

Overlooking the city skyline, the development incorporates almost two acres of beautifully landscaped gardens and courtyards, all of which are fully Wi-Fi enabled. The intelligently devised studios, one-, two- and three-bedroom apartments and penthouses are arranged across eight buildings, including two landmark towers reaching up to 42 floors that blend effortlessly with the streetscape.

The first phase of 263 apartments features the tallest building on the development, a 42-storey tower and the delivery of the 190-bedroom, 4-star hotel. A second, 36-storey tower will follow at a later phase. Rising above its surroundings in an iconic cluster, the podium towers are each located at an angle to optimise far reaching panoramas across the city and further out facing London’s periphery, with views becoming more dramatic the further up you go.

Whether north-west towards Angel or south-east to Old Street, the development’s inherent interrelation with the city continues at street level. New pedestrian avenues lead onto a wide central plaza and public gardens which will provide a new urban oasis for residents and the local community to enjoy.

Fulfilling the needs and exceeding the expectations of contemporary luxury living, all apartments are fully fitted with the finest materials including Siemens integrated appliances, underfloor heating, comfort cooling and luxurious bathrooms. An exclusive collection of Platinum residences offers the ultimate in artful elegance: Finishing touches include fitted surround sound systems and natural stone worktops. Each apartment feature balconies, terraces and/or winter gardens.

Berkeley Homes are working with a panel of expert interior designers – Darling Associates, Scott Brownrigg and Goddard Littlefair to create spacious and elegant apartments with a selection of design palettes. As well as facilitating unparalleled views, the angled apartments have also been developed strategically to fill the interior living accommodation with natural light throughout the day.
 

CGI of 250 City Road

Residents will have access to a rooftop gym and terrace, linked with the residents’ lounge that will offer panoramic views of the city. A 20m (65.6 ft) indoor pool and spa as well as 24-hour concierge services, complete the offering. The development benefits from secure underground parking and round-the-clock security.
Externally, outside space assumes a new dimension at 250 City Road. Extending to almost two acres (0.8 ha) of peaceful and enclosed green spaces complemented by mature trees, water features and wildflower beds, the public realm provides respite from the confines and pressures of city life. In addition, buyers will enjoy a private, residents-only courtyard which emulates a shady woodland copse.

An expansive retail offering, new cafes, restaurants, shops, Grade A office and studio space allocated for start-up companies surrounding a new central plaza will help cement 250 City Road’s arrival as a principal new quarter in this rejuvenated part of town.

Piers Clanford, managing director at Berkeley Homes (North East London) Ltd, comments: “250 City Road will form the centrepiece of this vibrant area, virtually unrivalled in terms of proximity to the capital’s most dynamic employment hubs and creative districts.

“It also comes with the bonus of being located in one of the capital’s most established residential postcodes located within a short distance from popular neighbourhoods including Hoxton and Shoreditch. Providing all the conveniences of luxury living combined with impressive public realm and world-class amenities, Berkeley

Homes’ investment in the infrastructure will not only add to the area’s current offering but will help further establish City Road’s position as a residential destination.”

Located in Zone 1, 250 City Road will be located a short walk from some of London’s most buoyant employment markets including Silicon Roundabout and the Square Mile as well as the fashionable neighbourhoods of Islington and Shoreditch. Those travelling by tube can reach King’s Cross St Pancras in four minutes, London Bridge in five minutes, Canary Wharf in 17 minutes and Bond Street in 29minutes.

From 2018,Crossrail trains from neighbouring Farringdon will transport residents non-stop to Heathrow Airport in 32 minutes.


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KL office market vacancy rate drops due to higher domestic demand

KUALA LUMPUR: The average office market vacancy rate in Kuala Lumpur was at 12.8% in the fourth quarter of 2014 (4Q14), a decrease from 15.6% year-on-year (y-o-y) due to higher domestic demand, according to Jones Lang Lasalle Property Services Malaysia Sdn Bhd’s (JLL Malaysia) property market monitor for January 2015.

“[As for the office] rental market, the average rental rate is stable as most of the supply comes after 2Q15, vacancy is expected to marginally increase due to more office lettable area supply,” JLL Malaysia country head YY Lau told The Edge Financial Daily.

In 4Q14, the average gross asking rents for prime office buildings within Kuala Lumpur increased to RM6.20 per sq ft, a 3.5% rise y-o-y from RM5.99.
According to JLL Malaysia, a total of two million sq ft of Grade A office space is expected to be completed by 2015 within Kuala Lumpur.

Some of the developments include Naza Tower @ Platinum Park by Naza TTDI Sdn Bhd offering 506,000 sq ft of net lettable area (NLA), which is targeted to be ready by April this year; Ilham Baru Tower by IB

Tower Sdn Bhd offering 394,000 sq ft of NLA; and Summer Suites and Versatile Office Suites by UEM Sunrise Bhd offering 540,000 sq ft of NLA.
All the developments are located within the Kuala Lumpur City Centre vicinity.



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Singaporean investors turn towards London

SINGAPORE: Singaporean investors are now looking at property investments in London as they seek opportunities away from the cooling local residential market, said London-based independent property buying agency Black Brick Property Solutions LLP. Singapore’s Budget 2015, tabled on Monday, acknowledged that the property market in the city-state is cooling and while this is good news for first-time domestic buyers, seasoned buyers are looking at options overseas, said the agency in a statement on Wednesday. “Although Singapore’s property market is cooling, its economy is not. Singaporeans are already among Black Brick’s biggest spenders [from East Asia with an average deal size of S$8.5 million (RM22.6 million)] and with the budget forecasting a growth rate of 2% to 4% in 2015, Singaporeans will be wealthier and likely to invest more,” said Black Brick managing partner Camilla Dell. “Our clients are seeing consistently high and growing returns. Buy-to-let landlords can expect to achieve up to a 4% yield in some areas of London and with forecasts predicting between 20% and 25% capital appreciation over the next five years for many of our international clients, London remains an attractive asset class,” she added. The attraction of London comes as no surprise with Singapore’s Temasek Holdings reportedly a major investor in Pinnacle, which will be London’s tallest skyscraper once it is completed, said the agency. This article first appeared in The Edge Financial Daily, on February 27, 2015.

UCTS gets highest rating in Green Building Index

Highest award: The outside view of University college of Technology Sarawak.

SIBU: University College of Technology Sarawak (UCTS) has become the first university in the world to be platinum-rated for the Green Building Index (GBI) award.
Its vice-chancellor Prof Datuk Dr Abdul Hakim Juri said the university which started operations on April 1, 2013, had scored 87 points, one more than the minimum 86 which is required for the award.
“UCTS is the first university in the world to receive the highest rating for a green building,” he said, adding that it would be presented with the award next month.
The GBI rating system is regulated by the GBI Accreditation Panel which is an independent committee consisting of PAM (Malaysian Architect Organisation) and Association of Consulting Engineers Malaysian professionals.
In revealing this during a visit by state Welfare, Women and Family Development Minister Datuk Fatimah Abdullah yesterday, Dr Abdul Hakim said UCTS fulfilled a lot of conditions, mainly on energy conservation, that needed to be met to achieve the rating.

Hence, he said, green technologies had been incorporated into the buildings to preserve energy and the environment.
“We are now using 50% less energy than any normal building as our buildings have double glazing glass to conserve energy.
“Our buildings are also fitted with Light Emitting Diodes (LEDs) to reduce energy consumption. With motion sensors, lights would automatically switch on and off when a person walks under it,” he said.
The university is also harvesting rain water and storing them in the pond in front of the university. The water collected will be recycled for air conditioning and flushing of toilets while the water from the toilets will again be recycled for gardening use.
UCTS is built on a 44.08ha of land. Prime Minister Datuk Seri Najib Tun Razak officiated the ground breaking ceremony on Sept 16, 2012.
Currently, UCTS has a total of 685 students and will be able to accommodate up to 5,000 students when the campus is fully completed in the next two to three years.


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Transforming the heart of PJ

A reflection of Petaling Jaya’s growing air of sophistication, PJ Midtown promises an all-in-one lifestyle experience that is not to be missed.

An artist’s impression of the overall development with its three-in-one lifestyle promise.

ONCE a rustic residential township, Petaling Jaya’s rapid urbanisation has seen a significant number of sophisticated commercial and residential developments feature in its landscape.

One such project is PJ Midtown, an integrated project comprising retail units and trendy serviced suites located across 5.5acres (2.22ha) of land that offers a myriad of lifestyle, leisure and recreational facilities.

Situated in the heart of Section 13, Petaling Jaya, PJ Midtown is at the epicentre of the city’s commercial hub complemented by a wide array of lifestyle centres, corporate offices, leisure and entertainment facilities as well as an abundance of public amenities within convenient distance.
It enjoys excellent connectivity via major road networks and commuting options such as the upcoming MRT (mass rapid transit) services and the existing Putra LRT (light rail transit) line.

The grand entrance statement to the development.

In line with meeting the eco-friendly building standards encouraged by the government of Malaysia, the project is a Green Building Index (GBI) gold-compliant development that will utilise a state-of-the-art energy management system to optimise energy efficiency as well as a rainwater harvesting system to reduce portable water consumption.

The specially designed façade with shading features reduces heat penetration and offers a cooling and comfortable home environment. The development’s single loading concept also allows ample natural ventilation and sunlight into the living spaces.

The development offers an unparalleled experience in city living amidst green vistas and elegantly manicured landscaping. One of its highlights is the bright and airy centre courtyard which will be located in the heart of the development and will serve as an excellent meeting point and for social gatherings.

Bask in the lap of luxury with PJ Midtown’s comprehensive range of facilities spread across 25,000sq ft of space which include a barbecue station, fully equipped gymnasium, jogging tracks, playground, swimming pool, wading pool, tennis court, sauna rooms and a spacious multipurpose hall.

A closer look at the development.

Unwind from the busy pace of city living under the shade of the gazebo or stretch out on the sun deck and enjoy a leisurely evening. Undoubtedly, the jewel of the development is the sky terrace which will boast a spectacular panoramic view of Petaling Jaya and Kuala Lumpur city skyline.

PJ Midtown offers 758 units of contemporary serviced suites with three design options, mainly Type A (three bedrooms – 1,227sq ft), Type B (two bedrooms – 915sq ft) and Type C (one bedroom – 613sq ft).

The homes feature spacious interiors and an elegant blend of earthy tones to set the mood for practical yet stylish living.

Additionally, certain units will be able to enjoy direct access to the car park and private garden spaces that encapsulate a holistic high-end living concept.

A view overlooking the swimming pool.

Each unit will be furnished with modern appliances, built-in cabinets, exclusive fittings and finishing.

Addressing the need for reliable security features, the development will be equipped with 24-hour security surveillance, card access system, a digital lockset at the entrance door of the unit, intercom facilities and panic buttons.

Scheduled for completion in 2018, PJ Midtown is the result of a strategic and collaborative alliance between IOI Properties Group Bhd and Sime Darby Brunsfield Holding Sdn Bhd, forming a world-class partnership that blends the expertise and experience of three well-established and award-winning developers synonymously known for delivering superior quality, innovation and value in their developments.

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Developer to launch series of projects on mainland and island

Landed property: An artist’s impression of the terraced houses in the Senjayu project to be launched later this year in Jawi.

IJM Land will open the first phase of its Senjayu project in Jawi, south Seberang Prai for registration over the four-day StarProperty.my Fair 2015 to be held at Sunway Carnival Mall and Sunway Carnival Convention Centre in Seberang Jaya.

Its general manager (North) Datuk Toh Chin Leong said the Senjayu project comprised double-storey terraced, semi-detached, and condominium properties, which would be launched in three phases.

The first phase called Senjayu Terrace, with a RM143mil gross development value (GDV), comprises 298 double-storey terraced units which are priced from RM480,000 onwards, to be launched in the fourth quarter of 2015.

“The second phase Senjayu Residences, with a RM98mil GDV, comprises 156 semi-detached properties priced from RM620,000, which will be launched in 2016.

“Senjayu Skyhomes is the third phase of the project, with RM147mil GDV, comprising 392 condominium units and it will be launched also in 2016.

“There is also a fourth phase called Senjayu Residences II comprising 85 double-storey semi-detached properties with a RM53mil GDV being planned for launch in 2017,” Toh said.

IJM Land will also promote the second phase of Permatang Sanctuary in Permatang Tinggi, central Seberang Prai and The Address in Bukit Jambul on the island, at the fair.

“The second phase of the RM108.6mil Permatang Sanctuary project comprises 130 double-storey bungalow properties, which we have sold more than 60 units.

“The pricing starts from RM833,000 and RM855,000 onwards,” Toh said.

The Permatang Sanctuary project is close to Bukit Mertajam, AutoCity in Juru, and Batu Kawan Industrial Park.

“As for the RM143mil The Address, we have sold 92% of the units, comprising 124 boutique condominiums and 24 duplex lofts, leaving only 8%,” Toh added.

The StarProperty.my Fair 2015 from March 12 to March 15, will see over 20 exhibitors showcasing their projects.

The fair will be opened from 10am to 10pm.

To add to the excitement, there will be a Spin & Win Contest during the four days of the fair.

More than RM50,000 worth of prizes are up for grabs.

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Kuala Lumpur – A future city of towers

THE landscape of Kuala Lumpur is set to take on a dramatic change in the next five to 10 years with more ambitious projects in the pipeline.

Kuala Lumpur mayor Datuk Seri Ahmad Phesal Talib has described these as Towers of Excellence.
The structures, with a collective gross development value of billions of ringgit, will be built at various locations in the city centre and are set to change the city’s skyline in the most dramatic way possible.

Towers of Excellence

Areas identified for several towering skyscrapers are near the Kuala Lumpur City Centre (KLCC), the Bukit Bintang City Centre (BBCC), Jalan Ampang, Kampung Baru, Jalan Kuching, Brickfields, and Bangsar.

Ahmad Phesal said the high-rise towers, between 60 and 65 storeys high, have been approved in Jalan Stonor and Jalan Conlay near the Petronas Twin Towers.

Vertical growth ahead: A view of Kuala Lumpur across the Klang River. more developments will take place around the river corridor. — Photo by CHAN TAK KONG

Other areas mentioned are Jalan Ampang, where a 60-storey tower has been approved at the location where the former mansion Bok House used to stand.

Over in Bangsar, Ahmad Phesal said apart from the redevelopment of the Sri Pahang flats, a 40-storey tower had been planned near the Bangsar LRT station.

He also confirms receiving a submission from TNB for a mixed development project to develop Lot 61 near Bangsar. This is where the former Unilever building was located.
In the Bukit Bintang area near Pavilion Mall, there will be several developments by Berjaya and YTL, including the upcoming Tradewinds Centre comprising several high-rise towers.

The most dramatic transformation is anticipated in Kampung Baru. At least seven super structures are expected to be built in the Malay enclave encompassing an area of over 8.3million sq m. This, Ahmad Phesal said, was three times the size of KLCC.

The projects under construction include a 40-storey tower with offices for the Federal Territory Islamic Religious Council (Mawip), mixed development, hotel and serviced apartments, the Raja Bot market and Masjid Jamek which are carried out by the Kuala Lumpur City Hall (DBKL), Uda Holdings and Safuan Group Bhd.

Apart from putting Kuala Lumpur on the world map, the developments, he said, would create job opportunities for thousands of people in the future.

Ahmad Phesal: Because of land scarcity in the city, future developments have to grow vertically.

Ahmad Phesal said that because of land scarcity in the city, future developments had to grow vertically. The more expensive the land, the higher the tower.

“We are currently processing the submissions for some of these developments and if there are no objections, construction of some of the projects will start as early as June,’’ he said.

Seamless connection

“Having said that, I would like to stress that we will not compromise on plot ratio and infrastructure.

“While we move ahead towards the future with new developments, we are trying to balance that without compromising on the quality of life of KL residents,’’ Ahmad Phesal said.

He added that talks were under way with developers to ensure that buildings were well planned to create more open spaces and for better infrastructure such as pedestrian walkways.

“We want buildings to be connected to each other, more trees and greenery, and walkways that link to public transportation systems such as the monorail, LRT and MRT,’’ he added.

Ahmad Phesal said they were negotiating with the developers to ensure future buildings in Kuala Lumpur are linked to each other, and are connected to the public transportation system to spur business and add value to the development in the future.

Maintaining green policy

Dispelling talk that more open space would be sacrificed, Ahmad Phesal reiterated that DBKL would not compromise on its green policy and that special incentives would be given to developers who promote green living.

He explained that DBKL imposed guidelines on developers to ensure that 10% of their total area was set aside for green space.

“We won’t sacrifice our green policy. Developers must provide a minimum of 10%, for green space at ground level, and if it’s not possible on the ground, they have to ensure that space is allocated inside or at the podium level.

On the possibility of having developments that incorporate rooftop and vertical gardens such as those in Singapore and Europe, Ahmad Phesal said there were several proposals to incorporate them as part of the Government’s initiative for more green belts within the city centre.

More to be built: A view of brickfields, one of the areas identified for the development of skyscrapers. — filepic

He added that the draft Kuala Lumpur City Plan 2020 laid out a series of goals and policies to achieve environmental, social and economic development simultaneously for Kuala Lumpur, therefore enhancing green network and blue corridor where parks, green space, and rivers will benefit cities tremendously.

“The River of Life (RoL) project is coming along well. Ekovest (Properties Sdn Bhd) will develop 5.9ha of land within Precinct 1 under the RoL.

“Here the land along the river near Setapak and Gombak will be transformed into a vibrant recreation area,’’ he said.

“We will leverage on our rivers and parks to create a socially, economically and environmentally-friendly city.

“My vision is to see a network of high quality, accessible parks and green spaces that promote recreation, health, education and economic regeneration, to make Kuala Lumpur a significantly more attractive city in which to live and work,’’ he said.

Protecting heritage buildings

Another crucial element that cannot be ignored is heritage. Ahmad Phesal acknowledged that the colonial and heritage buildings in Kuala Lumpur were unique and special and were an asset to the country.

“As we are striving to reach the top 20 liveable cities of the world, we recognise the importance of protecting places with significant cultural heritage as a way to enhance the city’s sense of identity and preserve our history for future generations,’’ he said.

 Site for development: Bok House (pic), a neo-Classical mansion in Kuala Lumpur, was demolished in 2006. A 60-storey tower has been approved at the location where the former mansion used to stand. — filepic

“We appreciate buildings such as the Vivekananda Ashram and old buildings such as Sultan Abdul Samad, which is why we have now started an inventory identifying old buildings with heritage value.

“Currently we have indentified Jalan Raja, Jalan Tunku Abdul Rahman, Leboh Pasar, and Lebuh Ampang as heritage zones.
Ahmad Phesal elaborated that DBKL was talking to the building owners in Lebuh Ampang and Jalan TAR on maintaining the spirit and ambience as well as the heritage elements of the respective areas when doing upgrading work.

“We have told them that they can only develop until the 14th floor, but must retain the ambience of the place,’’ he said, adding that DBKL would spend between RM10 and RM20mil to conserve old buildings in Sungai Besi.


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Mah Sing still a top pick

RM60bil projects will keep it busy for the next eight to 10 years

People viewing Southville City@KL South model at Mah Sing’s sales gallery in Bangi. Mah Sing’s unbilled sales as at Dec 31, 2014 stood at RM5.26bil.

PETALING JAYA: Mah Sing Group Bhd, which had chalked up sales totalling RM3.43bil in its financial year ended Dec 31, 2014, has ongoing projects that can sustain the company for at least another decade.

According to Hong Leong Investment Bank (HLIB) Research, the group has projects with a gross development value (GDV) of almost RM60bil.

“Unbilled sales (as at Dec 31, 2014) stood at RM5.26bil, representing two times the group’s 2014 property revenue.

“Coupled with the remaining GDV of RM59.8bil, the total RM65.1bil is sufficient to sustain the group for the next eight to 10 years,” HLIB Research said in a report.

The research house noted that new phases of launches for the current financial year would be from properties in Southville City, M Residence 2, Lakeville Residence, D’Sara Sentral, Feringghi Residence 2, Meridin Bayvue@Sierra Perdana and Sutera Avenue.

“Mah Sing’s balance sheet continues to remain strong with net gearing at 0.36 times, allowing the group good land acquisition room of another RM300mil going forward, before hitting the 0.5 times net gearing theoretical benchmark,” HLIB Research added.

Mah Sing registered a net profit of RM84.55mil for its fourth quarter ended Dec 31, 2014, a 20% increase from the RM70.70mil it had registered in the previous corresponding period.

Revenue surged to RM843.95mil from RM570.21mil in the previous corresponding period. Profit for the full year increased 21% to RM339.25mil from RM280.62mil in the previous corresponding period, while revenue increased to RM2.90bil from RM2.0bil a year earlier.

Analysts said the earnings were within expectations.

 “Fourth-quarter net profit increased 20% year-on-year, driven by the progressive recognition of profits from key projects in Petaling Jaya, Cyberjaya, Ampang and Rawang,” noted CIMB Research in its report.

“Mah Sing remains an ‘add’ and one of our top picks, with strong earnings growth, new sales and landbanking as potential re-rating catalysts,” it said.

RHB Research also concurred that earnings were in line with expectations.

“Mah Sing clocked in RM980mil new sales in the fourth quarter of 2014, bringing the full-year total to RM3.43bil. Although this was lower than management’s target of RM3.6bil, the amount is among the highest in the industry.

“We make minimal changes to our earnings forecasts,” it said.

Credit Suisse, which also said Mah Sing’s earnings were within expectations, is maintaining an “outperform” call for the group.

“Mah Sing is our only outperform in the sector, as we believe its projects are concentrated in the most resilient sectors – the Klang Valley and affordable properties (less than RM1mil),” it added.

Meanwhile, Mah Sing announced that its rights issue exercise had received an oversubscription for the rights issue with warrants, with an excess application of 11.67%.

The rights shares with warrants are expected to be listed on the Main Market of Bursa Malaysia on Feb 26.

The rights issue has raised about RM629mil, of which up to RM530mil will be primarily used for land acquisition and property development activities, and the balance for general working capital of the group as well as payment for expenses in relation to the rights issue.

About RM370mil has been earmarked as part payment for the acquisition of land in Puchong (Festival Lakecity) and Seremban, both parcels of which are being prepared for preview this year, with expected revenue contributions to commence from 2016.

AmResearch in its report said it was maintaining its “buy” call on Mah Sing and has adjusted its fair value to RM3 per share (15% discount to the net asset value) to account for its rights issue plus warrants.

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Sydney by Crown achieves 95% sales at launch

KUALA LUMPUR: Australian property developer Crown Group achieved total sales of A$173.1 million (RM501.6 million) or 95% of its 220-unit Sydney by Crown apartments during its same-day local and overseas sales launch on Nov 22. The success of the launch reflects the growing demand for high-end properties in Sydney, said Crown Group chief executive officer Iwan Sunito. This development is the only new apartment building in the central business district to be launched before the end of 2014. “Many of our buyers were past purchasers of Crown Group apartments,” said Sunito. Over 500 people turned up at the Sydney by Crown’s display suite at 1 Market Street, Sydney, on the morning of the launch. The Sydney launch was followed by its Singapore and Jakarta launches. The residential development commands A$250 million in gross development value and covers a gross floor area of 17,446 sq m. Located at the landmark 161 Clarence Street building, the development features one- and two-bedroom apartments, as well as penthouses on the 27th floor. The apartments are not fully furnished but come with kitchen appliances, as well as built-in wardrobes and bathroom cabinets. The apartments’ interiors are designed by Koichi Takada Architects. The apartments are priced from A$826,650 for the one-bedroom apartment. Sydney by Crown will feature resort-style living facilities such as a rooftop terrace with landscaping and oasis water feature, swimming pool, gymnasium and concierge facilities. The 25-storey building’s design was selected from an international design competition. It features heritage-inspired lower levels that transition to a modern glass-and-steel tower, capped with dozens of steels arches over the tower’s rooftop bar and garden. The lower levels will feature an eight-storey cathedral-like atrium that rises 20m above street level over a new public laneway between Kent and Clarence Streets that is next to the historic Skittle Lane. The development will be within walking distance to Sydney’s new waterfront precinct at Barangaroo, the new Sydney Convention and Exhibition Centre, Wynyard station and Darling Harbour. Construction will begin in early 2015 and is slated for completion in late 2017. The group plans to open for sale the Crown Suites in late 2016. It will come fully furnished and offers five-star services. The project is part of a A$1 billion portfolio of luxury suites across Sydney. The group launched its Skye by Crown in North Sydney last year. Over 100 apartments worth over A$100 million were sold within a week. This article first appeared in The Edge Financial Daily, on December 5, 2014.

Affordable homes

Affordable homesDevelopers in Penang plan RM4.7b worth of houses in next 3 years
By DAVID TAN davidtan@thestar.com.my

Artist’s impression of Ivory’s mixed-development project in Tanjung Tokong.

GEORGE TOWN: The Penang property scene, which has seen prices soaring to new levels in the last two years, will see new affordable properties with a gross development value (GDV) of RM4.7bil entering the market in prime locations over the next three years.

Besides the pricing, which ranges between RM300,000 and RM650,000 depending on location, other attractions of these properties are their size, which ranges between 850 sq ft and 1,000 sq ft, and the facilities provided.

Raine & Horne director Michael Geh said the pricing was in response to the slower pace of property market impacted by the high rejection rate of housing loans.

Developers planning such new properties include Eastern & Oriental Bhd (E&O), Boon Siew Group (BSG), Tambun Indah Land Bhd and Ideal Property Group, which owns Ideal United Bintang Bhd and Ideal Sun City Bhd.

Ideal accounts for about 68% or RM3.2bil GDV of such projects that are slated for launch next year. The projects of the other three developers make up the remaining GDV.

Ideal is developing 6,508 condominium units in different locations over the next three years.
There are two categories – those priced between RM300,000 and RM400,000 and those priced at RM450,000, according to executive chairman Datuk Alex Ooi.

Condominium projects are currently priced at RM550 per sq ft onwards in Bayan Baru and Bayan Lepas, and RM1,300 per sq ft onwards for those in Gurney Drive and Tanjung Tokong.

Ooi said the attractive pricing would ensure that quality homes with decent built-up areas and facilities in prime and strategic areas fell within the disposable income range of house buyers.

“In Tanjung Tokong, we plan to launch, on a 9.9-acre leasehold site, 900 sq ft condominiums priced at RM450,000 in 2015 or 2016.

“We provide facilities such as pools, indoor and outdoor gymnasiums, a rest pavilion, a dining pavilion, a barbecue corner, a jogging track and a reflexology path,” he said.

New condominiums in the Tanjung Tokong area are priced between RM700 and RM1,300 per sq ft.
Ideal’s other projects are in Bayan Lepas, Sungai Ara and Balik Pulau.

Ooi said the group would kick off with the One Foresta project in Bayan Lepas next year.

 “Subsequently, we will launch two more projects, in Bayan Lepas and Balik Pulau, over the next three years.

“The condominiums are priced between RM300,000 and RM400,000 and are equipped with a wide range of facilities.

“The units have built-up areas of 900 sq ft and 1,000 sq ft,” he said.
In Seri Tanjung Pinang in Tanjung Tokong, E&O is registering interested buyers for its Tamarind high-rise project, aimed at young professionals.

Located within the Seri Tanjung Pinang development, it is learnt that the Tamarind project will be competitively priced.
Each of the 1,042 sq ft units will have three bedrooms and two bathrooms. E&O’s condominium projects in Seri Tanjung Pinang are currently priced at RM1,100 to RM1,300 per sq ft.

BSG plans to launch 1,000 condominium units with 850 sq ft built-up in Tanjung Bungah in mid-2015.
The indicative pricing per unit is below RM400 per sq ft, according to a BSG spokesperson.

In Seberang Prai, Tambun Indah will launch 1,106 units of landed and high-rise properties with a GDV of
RM469.6mil in its Pearl City mixed-development scheme next year.

The residential properties comprise double-storey terrace, townhouse, double-storey semi-detached and bungalow units.

Tambun Indah executive director Teh Theng Theng said that to ensure the properties were within reach of house buyers, the pricing would be lower than that of a similar range of properties in the other strategic locations of Seberang Prai.

Ivory Properties Group Bhd executive chairman Datuk Low Eng Hock said the group was now working towards providing affordable homes to cater to young adults and newly-wed couples by providing smaller units to suit their budget.

“Currently, we are in the planning stage of offering such units in the Batu Ferringhi area.

“Our current projects such as The Wave and Penang WorldCity are still affordably priced from RM700 and RM800 per sq ft onwards, respectively,” Low added.

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GreenAcres Phase 1 sees 30% confirmed bookings

IPOH: TI Homes Sdn Bhd launched the first phase of its RM100 million retirement village GreenAcres this week, situated in Bandar Meru Raya, Ipoh. It currently has confirmed bookings of 30%. There are 170 villas and low-rise apartments within a gated community which are not for sale. Occupants sign a lifetime lease. “The units are not for investment because you cannot buy them,” said executive director John Chong. “What we are doing is providing our tenants a lifetime lease. In ensuring continuous quality throughout the lease, we retain control of the development and its environment.” To lease a unit, potential residents would pay a lifetime lease deposit of between RM300,000 and RM452,000 for units in Phase 1. The built-ups range from 734 sq ft to 1,105 sq ft. A monthly maintenance charge and contributions to a sinking fund range from RM350 to RM527. GreenAcres’ first phase will cover 10 acres (4.04ha) of freehold land and will also feature a clubhouse. The completion date for the first phase is 2016. Once it is completed, the entire GreenAcres development will cover 13 acres. “GreenAcres will be Malaysia’s premier retirement village, a purpose-built community that provides a superior lifestyle for citizens entering the golden years of their lives. It is a place where senior citizens can enjoy good quality living while remaining active and independent, where they can age gracefully and with full dignity,” Chong said. The remaining three acres of land are earmarked for Phase 2 with an aged care residence component that caters for residents who become less independent in future. The aged care residence will provide more individual attention care and is expected to be completed by year 2019. “The units are designed with elder-friendly features like grab bars in the shower, wider doorways and minimal kerbs — to anticipate a day when your mobility and strength might not be what it once was,” he said. “There is an active, 24-hour emergency call system so you can summon help in the event of any emergency. This gives you and your family the peace of mind of knowing that help is at hand should it be needed.” TI Homes has over 400 acres of land bank for future development and is currently in the planning stages on what to develop. This article first appeared in The Edge Financial Daily, on November 28, 2014.

 

GreenAcres Phase 1 sees 30% confirmed bookings

IPOH: TI Homes Sdn Bhd launched the first phase of its RM100 million retirement village GreenAcres this week, situated in Bandar Meru Raya, Ipoh. It currently has confirmed bookings of 30%. There are 170 villas and low-rise apartments within a gated community which are not for sale. Occupants sign a lifetime lease. “The units are not for investment because you cannot buy them,” said executive director John Chong. “What we are doing is providing our tenants a lifetime lease. In ensuring continuous quality throughout the lease, we retain control of the development and its environment.” To lease a unit, potential residents would pay a lifetime lease deposit of between RM300,000 and RM452,000 for units in Phase 1. The built-ups range from 734 sq ft to 1,105 sq ft. A monthly maintenance charge and contributions to a sinking fund range from RM350 to RM527. GreenAcres’ first phase will cover 10 acres (4.04ha) of freehold land and will also feature a clubhouse. The completion date for the first phase is 2016. Once it is completed, the entire GreenAcres development will cover 13 acres. “GreenAcres will be Malaysia’s premier retirement village, a purpose-built community that provides a superior lifestyle for citizens entering the golden years of their lives. It is a place where senior citizens can enjoy good quality living while remaining active and independent, where they can age gracefully and with full dignity,” Chong said. The remaining three acres of land are earmarked for Phase 2 with an aged care residence component that caters for residents who become less independent in future. The aged care residence will provide more individual attention care and is expected to be completed by year 2019. “The units are designed with elder-friendly features like grab bars in the shower, wider doorways and minimal kerbs — to anticipate a day when your mobility and strength might not be what it once was,” he said. “There is an active, 24-hour emergency call system so you can summon help in the event of any emergency. This gives you and your family the peace of mind of knowing that help is at hand should it be needed.” TI Homes has over 400 acres of land bank for future development and is currently in the planning stages on what to develop. This article first appeared in The Edge Financial Daily, on November 28, 2014.

Tune Hotels to invest over RM1b in the UK

KUALA LUMPUR: Tune Hotels aims to have 25 hotels across the UK in the next five years, at an investment to the tune of more than £200 million (RM1.05 billion), revealed group chief executive officer Mark Lankester. “When we first entered the UK in 2009 and 2010, we entered into a strategic partnership for London which would result in 10 to 15 hotels amounting to approximately £120 million to £150 million,” he said. “We’ve progressed that further with new partnerships that will result in a further 25 hotels equating to approximately £200 million worth of investments across the UK.” Tune Hotels has opened its latest hotel in the UK in Newcastle, its sixth hotel in the country. “Newcastle is a vibrant city and full of eclectic people and places, perfect for Tune Hotel’s newest location,” Lankester said. The five-floor hotel comprises 104 rooms and is situated in the city centre near the Quayside. The approximately £8 million development capitalises on Newcastle’s growing tourism market. From £25 per night, visitors will enjoy five-star-quality hotel beds and 24-hour security. The building is 600 metres away from the Newcastle Central railway station and easily accessible to Newcastle University and St James Park. Room sizes range between 12 sq m and 15 sq m for double and twin rooms. “As an entrepreneurial company, it is not about being the biggest ... we are an urban fun brand, ideally suited to city centres where guests want to get out and about to explore or need a central location, whether on business or leisure, that won’t break the bank,” Lankester said. “We will be targeting the major business cities across the UK such as London, Manchester, Birmingham and Leeds, as well as looking at key university cities where our concept has proved very popular.” To date, there are also four Tune Hotels in London and one in Edinburgh, Scotland. Tune Hotels have earmarked another hotel in Canary Wharf, London. “Canary Wharf is rapidly becoming the new financial centre of London and in line with that we’ve targeted the opening after the long Christmas and New Year break in January,” he said. This article first appeared in The Edge Financial Daily, on November 28, 2014. For more information on Building and Construction event, please visit www.asiapacificevents.com

Setia Sky Vista with young family concept to open for sale next month

GEORGE TOWN: Phase two of S P Setia Bhd’s Setia Vista development, the RM320 million Setia Sky Vista high-rise in Relau, will be opened for sale on Dec 6. Newly appointed northern region general manager Ng Han Seong said at a press conference that the 426-unit two-tower project will have units priced between RM552,000 and RM800,000. The development is expected to be completed in 2019. “The project has two towers — Tower A with 27 storeys and Tower B with 32 storeys. This is our final development in the Setia Vista development that began in 2008.” The units comprise two- or three-bedrooms with bungalow and semi-detached layouts and designed as starter homes for young couples. The built-ups are 910 sq ft and 1,479 sq ft. “While the first phase comprises 178 two-storey terraced homes, the [Setia Sky Vista], which sits on 6.15 acres (2.49ha) of land, will feature units with 11 layout plans. Earthworks began about three months ago,” Ng said. He said the design of the layout is such that the entrance of each home does not face the opposite unit, while the bedrooms and living room are built in front with a view of the city or hill. The unique feature of Setia Sky Vista is the 60m sky bridge connecting the towers. “Setia Sky Vista’s twin towers are linked by a sky bridge on Level 18, connecting the towers’ viewing decks, and are enhanced by landscaped gardens,” he said. Buyers will have two or three parking  bays each, depending on the cost of their units, Ng said. Though S P Setia is continuously looking for land, it will concentrate on the island, where it presently owns 15 parcels of land of about 150 acres (60ha). “Most of our land parcels are in the southern part of the island. We have land in Balik Pulau, Jelutong, Sungai Nibong and Tanjung Bungah,” Ng said. He said the group would launch its 535-unit Wave project, part of the Setia Pearl Island condominium development, with prices ranging from RM300,000 to RM750,000, next year. This article first appeared in The Edge Financial Daily, on November 28, 2014. For more information on Building and Construction event, please visit www.asiapacificevents.com

IOI City Mall aims for two million visitors per month

KUALA LUMPUR: The newly-opened IOI City Mall is aiming for two million visitors per month. It targets to have 85% of the mall leased out by December and to lease out the remaining 15% by Chinese New Year, the mall’s general complex manager Chris Chong told The Edge Financial Daily. The mall, which officially opened on Sunday, has a gross floor area of 2.2 million sq ft and a net lettable area of 1.35 million sq ft. Positioned as a mid-upper-class mall, IOI City Mall will draw visitors from a catchment of about 1.8 million people from the southern corridor of Putrajaya, Cyberjaya, Kajang, Bangi, Seri Kembangan, Serdang, Puchong, Bukit Jalil and Subang Jaya. Tenants include Parkson, Tesco, Index Living Mall, H&M, Monki, Uniqlo and the first HomePro home improvement outlet outside of its native Thailand. The mall’s other unique facilities are an Olympic-sized ice-skating rink and a 70,000 sq ft indoor recreational park called District21. IOI City Mall is part of a 320-acre (129.5ha) development known as IOI Resort City, which will also include two office blocks and a five-star hotel. The Grade-A, Green Building Index-certified office blocks will consist of 29 storeys with a gross floor area of 700,000 sq ft. The towers will be MSC-compliant and connected to IOI City Mall. They are scheduled for completion in 2015. The five-star hotel is named Le Meridien Putrajaya and is intended as a business hotel targeting interstate business travellers. It consists of 21 storeys with 363 rooms and is scheduled for opening in 2016 or 2017. This article first appeared in The Edge Financial Daily, on November 28, 2014. For more information on Building and Construction event, please visit www.asiapacificevents.com

Zerin, Saffron present London’s Royal Dockside

KUALA LUMPUR: This weekend local real estate investment house Zerin Properties Sdn Bhd and London luxury property agent Saffron International will be showcasing the London project Royal Dockside at Docklands. The event will be held at Saffron KL, 73 Jalan Maarof, Bangsar, Kuala Lumpur.

Developed by London developer One Housing Group, the project comprises a series of luxury apartments and penthouses near the upcoming Asian Business Port and London City Airport.
Zerin Properties chief executive officer Previndran Singhe said the development is set to be the next big thing because of its prime location.

“The airport is most [important to] this development, apart from [the development] being a regeneration project,” he said. “People [nowadays] fly in and out for work. Here, the airport is just minutes away. I [believe] investors can expect high capital appreciation of about 30% in the next five years.”

“We liked the Chinese factor, the fact that the Chinese Business Park is literally on your doorstep (400m away) apart from being close to the University of East London and the Docklands Light Railway,” added Saffron director Monty Nawaz.

The Asian Business Port is the result of a deal involving London Mayor Boris Johnson, Chinese developer Advanced Business Park Holding Group and British developer Stanhope plc.
The site is to be redeveloped for an office complex, homes and shops owned mainly by Chinese companies.

The £34 million (RM183.67 million) Royal Dockside will feature 76 units with one- to four-bedroom homes. Prices are from £270,000.
Previndran and Monty said that while the year may start off slower compared with last year, they are optimistic it will gradually pick up with a 4% to 5% increase in London property prices.

The development is already 57% taken up from its previous launches last year in March (Hong Kong) and May (Kuala Lumpur). However, these were prior to the port’s approval.
The development will sit on 1.11 acres (0.44ha) of leasehold land and is due to be completed in the first quarter of 2016.

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Best Western hotel opens in Shah Alam

SHAH ALAM: Best Western International, one of the world’s largest hotel chains with 4,000 hotels in over 100 countries, has opened its first hotel in Shah Alam.
Best Western i-City Shah Alam is in the 72-acre (29ha) i-City next to i-City Waterworld. i-City is developed by I-Bhd.

“As Selangor’s capital, Shah Alam is a key economic hub in Malaysia. Located just 25km from Kuala Lumpur and 30km from the Kuala Lumpur International Airport, the city is at the heart of the country’s development and provides an ideal setting for Best Western’s new generation of contemporary hotels,” said
Best Western International senior vice-president of brand management and development, Ron Pohl.

The RM50 million development features an 18-storey building with 214 guest rooms and suites comprising 144 superior rooms (priced at RM450 nett), 58 deluxe rooms (RM500 nett) and 12 suites (RM700 nett). The rooms range from 19 sq m to 35 sq m in size.

“Malaysia is an incredibly exciting market for Best Western International. With five hotels already open [in Kuala Lumpur, Ipoh, Kota Kinabalu and Sandakan], and eight more in the pipeline, we look forward to serving the needs of our guests,” Pohl said.
This article first appeared in The Edge Financial Daily, on January 9, 2015.

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