Tuesday, 29 April 2014

Suntrack to launch Cyberjaya SoHos by end May

CYBERJAYA: Suntrack Development Sdn Bhd and Prima Avenue Property Sdn Bhd plan to launch their new Kanvas SoHo joint venture in Cyberjaya by end-May, said Suntrack project director James Tan.

The SoHos, which are now open for registration and said to be “quite affordable”, are targeted at first-time property buyers, entrepreneurs, singles and couples working in Cyberjaya, he told reporters at a project briefing recently.

“There is potential for yields of up to 6% based on our surveys of comparable properties in the area,” said Tan.

He said the population of Cyberjaya, who are employees of companies primarily in the IT and service industries, is currently 52,000, but it is set to double by 2020.

He added the project has attracted much interest from the public.

The freehold Kanvas SoHo has a gross development value of RM201 million and comprises 646 SoHos housed in two 30-storey towers and 16 retail lots on a 3.4-acre site (1.37ha) on Jalan Teknokrat 6.

Priced from RM260,000 to RM322,000, the SoHos offer built-ups of 484 sq ft and 485 sq ft and come partly furnished with built-in kitchen cabinets, branded hoods and hobs, two air conditioners, a water heater tank, fridge and parking bay.

Maintenance fees are RM180 per month.

Other facilities include a 25m infinity pool, dipping pool with jacuzzi and gymnasium, as well as meeting rooms, storage cubicles for rent and two sky lounges atop the SoHo towers.

Access to the SoHos will be controlled by security cards that limit residents’ access to only common areas, including the sky lounges, and their own floors.

About 150 parking spaces will be allocated to the shops.

“Ideally, we’re looking at four restaurants, a supermarket and launderette,” he said of the potential retail tenant mix.

The project is aiming for green certification from the Real Estate and Housing Developer’s Association.

Some of its green features include cross ventilation, a predominantly north-south orientation and rainwater harvesting for use in common areas.

Kanvas SoHo is due to be completed by June 2017.



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Monday, 28 April 2014

Construction begins on Freeport A’Famosa Outlet Village

MELAKA: The Freeport A’Famosa Outlet Village in Alor Gajah has commenced construction after Tun Mohd Khalil Yaakob, the Yang di-Pertua Negeri of Melaka, broke ground in a ceremony last month.

The development, a partnership between A’Famosa Group’s wholly-owned subsidiary Langkah Realiti Sdn Bhd and Freeport Retail, a European developer, will have an estimated gross development value of RM190 million and a gross land area (GLA) of 310,000 sq ft (28,800  sq m).

Chris Milliken, the commercial director of Freeport Retail, said he is looking forward to bringing the Freeport outlet shopping experience to central Malaysia.

“We will offer premier designer fashion brands, casual wear, accessories and sports brands at low prices ... [with the development having] the added footfall benefit and synergy of two popular leisure and tourist destinations on its doorstep,” he said.

The Freeport A’Famosa Outlet Village will be next to A’Famosa Resort, a 520ha golf and leisure resort. Phase 1 will cover a GLA of 175,000 sq ft and feature more than 80 retail units, 1,200 parking bays as well as an exhibition and event hall. It is slated to open in April, 2015.

Julian Lau, director of Langkah Realiti, said that the joint venture with Freeport Retail is a major step forward for the retail industry in the region with long-term positive contributions to the state and local economy.

The project, which is expected to generate jobs for over 600 people, will be developed over three phases with Phase 2 spanning 62,000 sq ft of GLA and Phase 3, 73,000 sq ft. Freeport A’Famosa Outlet Village, with its strategic location and merchandise from international brands with savings of between 30% and 70%, is expected to be a major shopping destination.

The outlet will be designed as a single-level, village-style development with a Dutch colonial theme to reflect Melaka’s image as a historical town. The project will emphasise customer care with a VIP lounge, valet parking, gift wrapping and other personal shopping services.

The development will have a spillover from A’Famosa Resort’s two million visitors annually, a catchment of 9.3 million people from the Klang Valley, Negeri Sembilan and Melaka, as well as from the 14 million visitors who visit Melaka annually.

The site is accessible via the North-South Expressway and the Alor Gajah-Simpang Ampat interchange and is a 55 minute-drive from Kuala Lumpur.

A’Famosa Resort is a one-stop centre for business and pleasure. It offers an international championship golf course, a water theme park, animal safari, cowboy town, and hotels and villas.


This article first appeared in The Edge Financial Daily, on March 07, 2014.


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Sunday, 27 April 2014

MRT to generate GNI of between RM3b and RM4b

KUALA LUMPUR: Malaysia’s Mass Rapid Transit (MRT) project looks to generate a gross national income (GNI) of between RM3 billion and RM4 billion per year, said Datuk Sri Sufri Mohd Zin in his speech at the 41st Master Builders Association Malaysia (MBAM) and International Federation of Asian & Western Pacific Contractors’ Association (IFAWPCA) convention from March 2 to 5 in Jakarta, Indonesia.

“The new MRT line is expected to raise property values by an estimated RM300 million in gross development value, broaden house buyers’ choices, expand developers’ projects to new areas, increase pedestrian accessibility and improve amenities [among others],” he added.

The MRT line will significantly improve rail-based public transport in the Klang Valley, and create more than 130,000 jobs in its construction.

The MRT project, one of the largest under the 10th Malaysian Plan, is scheduled for completion by 2017. It will cover 51km and will have 31 stations and three provisional stations for future development.

Sufri, who is MBAM vice-president and IFAWPCA chief delegate said: “Superior and well maintained infrastructure [will] attract the best talent as well as dynamic businesses seeking reliable connectivity and a high [standard] of living for its employees.”

He also urged the government to quickly consider implementing other planned mega infrastructure projects such as the High Speed Rail line to Singapore, and the second and third lines of the MRT to ensure optimum and efficient use of resources.

Sufri advised delegates to disseminate the knowledge gained from the convention to improve service delivery in the construction value chain.

IFAWPCA promotes international fellowship and cooperation, better relationships between governments and contractors in the region, and improved working arrangements in the construction industry.

Among the delegates that attended the convention were senior general manager of the Construction Industry Development Board Malaysia, Megat Kamil Azmi Megat Rus Kamarani, MBAM honorary life president, Tan Sri Dr Yeoh Tiong Lay, president of Persatuan Kontraktor Melayu Malaysia, Datuk Haji Mokhtar Samad and president of Sabah Builders Association Choo Kim Min.


This article first appeared in The Edge Financial Daily, on March 07, 2014.

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Thursday, 24 April 2014

UK apartments to be launched in Kuala Lumpur

KUALA LUMPUR: UK developer English Rose Estate Ltd will be selling its latest premium residential product called Rupert Street to the Malaysian market over this weekend in Kuala Lumpur.

“Rupert Street will appeal to [Malaysian] investors looking for prime, central London Zone 1 locations with the highest specifications and designs,” said Ockert Van Den Berg, the chief executive officer of English Rose Estate.

Rupert Street is in Soho, one of London’s most sought-after locations, and comprises two leasehold buildings offering 11 studio flats, 19 one-bedroom flats and four two-bedroom flats with built-ups of between 118 sq ft and 649 sq ft. Selected apartments offered to the Malaysian public start from £527,100 (RM2.8 million).

All apartments will have fully fitted kitchens with integrated appliances. They will be near public amenities such as world-class restaurants, shopping facilities and lifestyle centres.

They are also near Trafalgar Square, Piccadilly Circus and Leicester Square’s underground station, as well as the University of Central London, the London School of Economics and King’s College. The apartments offer Malaysians a rare opportunity to invest in London property, especially one in Soho, a central location within the city.

Rupert Street is expected to be completed in the first quarter of 2015.

English Rose Estate was established in 2001 and specialises in urban and brownfield regeneration for residential, commercial and mixed-use development and investment schemes. Its assets are in Mayfair, Marylebone and Fitzrovia.

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Wednesday, 23 April 2014

Seaview sets its sights on Iskandar Malaysia, Rapid

JOHOR BARU: Fresh from acquiring 51% of Damansara Realty Bhd, Johor-based Seaview Holdings Sdn Bhd has set its sights on the opportunities present in Iskandar Malaysia and Pengerang.

Its chairman Datuk Daing Abdul Malek Daing Abdul Rahaman said, Seaview was vying to be actively involved in the fast-developing southern economic corridor and the Refinery and Petrochemical Integrated Development (Rapid) in Pengerang.

National oil company, Petroliam Nasional Bhd (Petronas) has committed RM60 billion to develop Rapid.

“Seaview plans to rejuvenate Damansara Realty’s property and construction divisions,” he said in a statement issued after the share sale agreement (SSA) between Seaview and Johor Corp (JCorp) here, yesterday. JCorp was the owner of Damansara Realty before selling its stake to Seaview for RM79 million.

According to Daing Malek, the immediate plan is to further develop the businesses of Damansara, namely the parking business (Metro Parking (M) Sdn Bhd), facilities management (TMR Urusharta (M) Sdn Bhd), hospital consultancy (Healthcare Technical Services Sdn Bhd), and industrial cleaning.

“I strongly believe Damansara Realty has untapped potential for growth and value increment for its shareholders,” he said.

The acquisitions of Damansara Realty shares will trigger a mandatory general offer (MGO), where both parties expect the conditions set out in the SSA to be satisfied within a month, said Damansara Realty in the statement.

“It is the intention of Seaview to maintain listing Damansara Realty upon completion of the MGO and to enhance the value proposition of its investment,” it said. — Bernama


This article first appeared in The Edge Financial Daily, on March 07, 2014.


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Tuesday, 22 April 2014

LBS Bina sticks to affordable, middle-range homes

KUALA LUMPUR: Property developer LBS Bina Group Bhd will continue to focus on the affordable and middle-range residential market this year and in 2015, said managing director Datuk Seri Lim Hock San.

“There is a growing demand from home-occupied buyers and LBS Bina will continue to support the government’s efforts to provide more options for the middle income bracket,” he said in a statement yesterday.

Lim said although the group has expanded into the high-end property sector with its flagship D’Island Residence in Puchong, Selangor, it continues to build affordable homes in the country.

LBS Bina was named “Best Company for Leadership of Property Development” at the 2014 International Alternative Investment Review (IAIR) Awards in Hong Kong recently.

“We take pride in receiving the acclaimed 2014 Best Company for Leadership in the Property Development category for Malaysia. Our aim is to be an internationally recognised developer and we regard this award as a testament from the market that we are on the right track,” said Lim.

He attributed the group’s success to its value proposition in “building inspiring lifestyle spaces that enhance community living”.

“We are not merely building homes, we are building communities,” said Lim.

The IAIR Awards recognise Asian companies based on eight judging criteria. They are sustainability, business results, leaderships in the field, strategic development, high quality of service, innovation in the field, education and green initiatives.

Award recipients were selected by over 50,000 IAIR readers, international teams of journalists and industry leaders through independent nomination questionnaires.

This article first appeared in The Edge Financial Daily, on March 07, 2014.
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Monday, 21 April 2014

City & Country: Big market for building of resorts in Malaysia

MALAYSIA has always been marketed as a travel destination famous for its islands and beaches. Even the government’s Visit Malaysia Year 2014 campaign is promoting them as one of the attractions.

According to Philippe Villeroux, the founder and director of Tropical Area Resort Consultants (TARC), Malaysia is not building resorts fast enough, considering it has a lot more to offer. TARC is a resort design consultancy.

“There are very few resort projects in Malaysia now,” says the Frenchman. “The resort industry is quite slow here.”
He says there are probably many reasons why the resort industry in the east coast is not thriving as much as it should.

“It’s probably due to the monsoon season.” However, he says it isn’t really a major issue.

“I think it’s a mistake because at the end of the day, you still have a nice place to visit and beautiful things to see.

“People generally say it’s going to be seasonal. Look at Koh Samui in Thailand, it has the same climate and season, and people still go there all year round. It’s a shame though, because Redang and Perhentian islands are so much better than Koh Samui.”

The problem, he says, is that Langkawi and other islands in Malaysia rely too much on transfer by boat.

“When you build a resort, you must provide the services as well. That means, if the sea is rough, there must be a way for visitors to reach the islands by other means.”


Building a reputation
Villeroux has 13 years of experience designing resorts in places like Sepang in Malaysia, the Maldives and French Polynesia, and used to work and live in Tahiti.

He was at the REKA Conference in October last year where he shared his knowledge and experience on resort designs in more than 40 remote locations.

He has done design work with Club Med when working at Eric Raffy & Associates. Then, he joined Tropical Architecture, a leading architecture firm in French Polynesia, where he gained extensive knowledge about overwater resorts.

When Tropical Architecture was hit by the global financial crisis in 1998, Villeroux was forced to move back to Tahiti. In 2001, he came back to Malaysia and set up Tropical Area Sdn Bhd, concentrating on resorts in the Maldives, French Polynesia and Southeast Asia.
“I came to Malaysia in the early 1990s to work on a Club Med Cherating renovation project. I was working in French Polynesia at the time. Tahiti is a beautiful place, but it was too far for doing business.”

Villeroux says he fell in love with Malaysia during his journey to Cherating, Pahang, from Kuala Lumpur.

“At the time, there was no highway and the trip just made me fall in love with the rainforest between Pahang and Kuala Lumpur. It’s difficult to explain.”

He has worked on a host of projects in Malaysia, including Sepang Gold Coast in Sepang, Selangor, and Club Med Cherating, Pahang, as well as a few others in Langkawi, Ipoh and Kuala Lumpur.

According to him, his company has 75 projects in Malaysia, both completed and ongoing.

“It’s starting to be a good business for us because we have built a reputation. And it’s purely by word of mouth.”

Villeroux says a resort is the location and the environment, not the buildings.

“People don’t come for the buildings. You go to a resort because of the location, the beaches, the forests and the views.

“Something I learnt while working with Six Senses Hotels Resorts Spas in the Maldives is that the ideal resort is one without buildings. If you have a beautiful island, you only need a building, just a nice place to sleep.”

Today, almost half of TARC’s clients come to them with a parcel of land earmarked for a resort. “We have clients who have land but don’t know what to do with it,” he says.

Despite the good demand for his services, Villeroux never takes on more than four projects at a time.

“My strategy is to stay small. It’s pretty easy to grow the company, but all I want is to maintain a small team of not more than 20 people. We are focusing on quality rather than quantity.”

According to him, TARC wants to improve its products and services. “It’s smaller, so the quality is better. The turnover will grow with the quality of our projects.”

This strategy is also a safety measure in terms of being able to withstand the ups and downs of the market since there are a lot of challenges in this industry, he says.

“We had a project in Lahad Datu that was affected by the intrusion of Sulu gunmen, while a kidnap and murder case happened at another project on Pom Pom island in Sabah. This means that the projects are often halted. We have to be conservative.”

He says most of his projects take eight to 10 years to complete, particularly if there are issues with land rights and design.

Moving ahead
He adds that 2014 is going to be a year of continuity for several of his projects.

“We are in the process of designing two projects in Sabah. We’re also starting the physical work at Ritz Carlton in Langkawi and a project each in the Maldives and Bali.”

In Sabah, Villeroux is looking at smaller projects. Besides the two in hand, Villeroux is expecting to take on another six to seven equally smaller projects. “One of our projects is on Pulau Gaya. The first phase will be a sort of kelong floating around the island, never staying at one spot for more than six months. It’s for people who don’t like making reservations. So we are trying to work with the villagers on the island to sell their produce to the tourists.”

He adds that the kelong project will take a long time to complete as it will have to go through several phases, from design to construction.

However, he says, the state authorities are very helpful. “It’s a matter of explaining and making them understand. Most of the time it’s just respecting the locals and taking into account their needs. This is the balance you have to strike.”

On the challenges he faces in the industry, Villeroux says the time it takes to complete a project is one of them.

“Our projects are usually developed over five to 10 years. During this period, there will be bursts of intense work and long waits. It is quite difficult to have the same focus on the project while having to organise our activities with flexibility.”

TARC also experiences some financial difficulties. According to him, the contract fees may seem promising initially, but will look very small after six years of work, with another two years to go.

“So, you really need to focus on the project and its achievement instead of the financial gain.”

Another challenge is the members of his team. Villeroux says it is difficult to find professionals with long-term commitment and the ability to adapt to different environments.

“Our projects usually seem simple to young architects. However, designing small buildings in natural settings is not as appealing to them as designing a 100-storey tower. In fact, this requires a lot of knowledge, culture and sensitivity.”

Villeroux’s solution to this is to have a small team of key people. Some of his staff have been with him since the establishment of the company.

However, his greatest challenge is aborted projects. “As we usually intervene at the early stages of development, clients sometimes don’t know what they want to do with their investment, so many projects are never completed.”

He says for every project completed, five are stopped at different stages of design. He adds that one client said he would rather spend RM10 million in abortive studies than lose RM50 million in a failed resort.

“It is very difficult to have dreamed of a resort that you always believe will be the best only to realise that it will never happen.

“The ideas we come up with for a particular project are never applied to another. We design based on the site and the type of holiday the resort will provide, so a lot of the solutions are unique. It hurts to see that some of them will never be used.”


This article first appeared in The Edge Malaysia Weekly, on February 14, 2014.


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