TA Corp wins land tender with S$113.9m bid

SINGAPORE: TA Corp, a property construction and development firm, has bought a 400,100 sq ft plot in Tuas South Street with plans to build a workers’ dormitory, The Straits Times reported yesterday. In a “strategic expansion” to grow its recurring income, the firm won the parcel from the Jurong Town Corporation with a bid of S$113.9 million (RM292.41 million), it said in a statement yesterday. TA Corp, the parent company of Tiong Aik Construction, beat eight other contenders for the 20-year leasehold site. The facility will be one of the largest dormitories for workers here when completed, and will be able to house 9,200 beds. This article first appeared in The Edge Financial Daily, on May 22, 2014. For more information on Building and Construction seminars, please visit www.asiapacificevents.com

PKNS secures 70% occupancy rate for Menara Worldwide

KUALA LUMPUR: Menara Worldwide, a 25-storey office block in Kuala Lumpur owned by the Selangor State Development Corp (PKNS), has secured an occupancy rate of about 70%.

In a statement yesterday, PKNS said Menara Worldwide functions as a corporate tower, whose tenants include a number of companies such as international insurance group AIG, Lazada and Zalora.

Among the facilities available at the building are a cafeteria on the fourth floor and a showroom at the podium.

Menara Worldwide was built in 2008 by Worldwide Holdings Bhd, a wholly-owned subsidiary of PKNS, and completed in 2011 at a cost of RM150 million.

The building, which started operations in 2012, has received MSC Malaysia status from the government and is accredited with the Green Building Index.

PKNS said Menara Worldwide is fully owned and managed by its wholly-owned subsidiary, PKNS Real Estate, which also manages five other assets — Kompleks PKNS Shah Alam, Kompleks PKNS Bangi, SACC Mall, Menara PKNS in Petaling Jaya and Wisma Yakin in Kuala Lumpur.

It added that the Sultan of Selangor Sultan Sharafuddin Idris Shah is expected to officially open Menara Worldwide on June 5.


This article first appeared in The Edge Financial Daily, on June 3, 2014.



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Frasers Centrepoint makes S$3b bid for Australian developer

Singapore’s Frasers Centrepoint makes takeover bid of A$4.48 a share for Australand Property Group, pipping an offer by rival developer Stockland Corp.

SINGAPORE: Property developer Frasers Centrepoint said on Wednesday (June 4) that it has submitted a A$2.6 billion (S$3.03 billion) takeover bid for Australia's Australand Property Group.

Frasers Centrepoint has proposed a cash offer of A$4.48 per share, topping a A$4.43 offer made by Australand stakeholder Stockland Corp, Australia’s second-largest property group.

Australand’s board intends to recommend Frasers Centrepoint's offer “in the absence of a superior proposal and subject to receipt of an independent expert opinion”, the Singapore-listed developer said in a statement.

“The proposal will catapult Frasers Centrepoint to being one of Australia’s leading real estate companies with a portfolio of scale and quality. We already have an established platform and good brand recognition in Australia, but real estate is a business where scale and depth matters,” said Group CEO Lim Ee Seng.

“This proposal will be the catalyst that will help Frasers Centrepoint to deepen our roots and accelerate our growth in a market that we believe will continue to offer long-term growth prospects."


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Good variety of offerings at property fair

Value for money: Halimah, accompanied by Star Publications group managing director/CEO Datuk Seri Wong Chun Wai (left) and Yam (second from left), visiting the Mah Sing booth after launching StarProperty Fair 2014 at Setia City Convention Centre.

SHAH ALAM: Potential house buyers are spoilt for choice with the variety of properties on display at the popular StarProperty Fair 2014.

The three-day event features the country’s top property developers and their latest projects, suitable for both first-time buyers or investors.

Mah Sing Group Bhd corporate communications general manager Lyanna Tew said the company had seven projects at the fair with a good variety of offerings to meet different market needs.

The spotlight, however, is on a mixed ­development project called Lakeville Residence in Taman Wahyu, which is currently open for registration. The project boasts a spectacular lake view, mountain view and Kuala Lumpur city view and comes partially furnished with two car parks.

Other Mah Sing projects available at the fair include four landed residential projects in Rawang and Cyberjaya as well as two high-rise projects in Mont Kiara and Jalan Ampang.

Even though it is the new kid on the block, Eco World Development Sdn Bhd does not fall behind its veteran peers as it has eight projects on display at the fair.

“We are showcasing projects from Penang, the Klang Valley and Johor,” said Yuen Chee Meng, EcoWorld’s senior manager for corporate marketing.

The fair, featuring 28 exhibitors, ends this Sunday at Setia City Convention Centre. It opens from 11am to 7pm.

Visitors stand a chance to win 50 units of Sam­sung Galaxy Tab 3 Lite as part of a lucky draw contest in partnership with CIMB Property Mart.

StarProperty Fair 2014 is organised by StarProperty.my.

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Visitors attracted by OSK’s design

Busy browsing: Visitors looking for potential properties on the last day of the Star Property Fair at Setia City Convention Centre.

SHAH ALAM: Innovative design is the highlight of OSK Property developments at the StarProperty Fair 2014.

Landed properties were the main attraction among visitors and OSK’s The Vale II and Almira, located at Sutera Damansara, garnered a fair share of attention.

“The lifestyle concept and unique design features of our properties is the reason many were interested in our booth and our products,” an OSK representative said in an interview.

She said OSK’s projects were well known for its outstanding quality and modern design, evident in its fully furnished Eclipse apartments, which is a high-rise development in Cyberjaya.

OSK has also introduced minimalist developments, focusing on spacious living spaces, with practicability and flexibility in mind.

She added that accessibility and convenience were core values that attracted customers.

“Accessibility is very important for us, and for our residents. Emira Residences in Shah Alam is just walking distance from the upcoming AEON,” she said.

Prices of OSK apartments begin at RM365,000. The Vale II and Almira landed properties start at RM980,000.

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Greater Kuala Lumpur the ideal South-East Asian base for expats

Davison carves out time from his busy scheldule to spend quality time with his daughter Angelina, 4, and son Michael, 11, who enjoy computer games at their home in Section 17, Petaling Jaya.

PETALING JAYA: Greater Kuala Lumpur and Malaysia made a big impression on J Andrew Davison of The Expat Group when it came to taking the entrepreneurial plunge after spending 25 years working in many countries for American Express.

Each country had their own attractions and charms, but when grouped together, Davison decided that Greater Kuala Lumpur and Malaysia, after travelling extensively in this region, had the best package when he decided to leave his well-paying job to start his own business nearly two decades ago.

He and a Malaysian friend started The Expat magazine in 1996 and that business has gradually expanded to multiple publications and websites targeting the international community.

“It is a country where English is widely spoken, which given my poor linguistic skills was important.

“Not only that it seemed to be making real economic progress and I recalled how much I had enjoyed living here when I was running the Malaysian operations of American Express,” said Davison on Malaysia’s plus points.

According to the World Bank, the Malaysian economy grew on average 7.3% between 1985 and 1995. After the Asian financial crisis of 1997/1998, Malaysia continued to post solid growth rates, averaging 5.5% per year from 2000 to 2008. Growth was accompanied by a dramatic reduction in poverty from 49.3% in 1970 to 1.7% in 2012.

In its latest East Asia Pacific Economic Update, The World Bank expects the Malaysian economy to grow 4.9% in 2014, in line with Bank Negara’s estimates 4.5% to 5.5% growth predictions. The country’s GDP already hit 6.2% in the first quarter of 2014. As the infrastructure in Greater Kuala Lumpur improves each year, the proposition to expatriates to call Greater Kuala Lumpur home becomes increasingly tempting (as of 2010, the World Bank reports 32,583 expatriates in West Malaysia).

Malaysia’s cost competitiveness has been noted by Mercer’s Global Cost of Living Survey, which ranked Malaysia number 102 in 2012, with number 1 being most expensive. In line with the Government’s efforts to promote Malaysia as an education hub, the country now boasts 99 international schools with an additional 23 licenses granted by the Education Ministry.

Add to that the relative ease of traffic compared with Bangkok and Jakarta, and Davison opines that if more regional headquarters currently based in other cities in South-East Asia better understood what Greater Kuala Lumpur has to offer, they would seriously think about relocating here.

“Malaysia offers good value for money [the ratio of operating costs to infrastructural development] and the government’s investment in infrastructure has kept pace with rising costs so it still represents excellent value for the foreign investor, particularly companies looking for a regional operating centre where costs are critical factor,” he said.

“The government’s dedication to making Malaysia a business friendly location has borne fruit, with the international community appreciating the ease of doing business in the country, as validated by the World Bank in its recent Ease of Doing Business Report (which saw Malaysia jump to 6th place internationally).

National efforts in facilitating the setting up of new businesses and building an efficient ecosystem for investors and business to operate in and from have not gone unnoticed – with InvestKL and Mida leading the charge in attracting foreign businesses to Greater Kuala Lumpur,” Davison continued.

As a result of such efforts, based on the 2014 World Competitiveness Yearbook Ranking by global business school IMD, Malaysia has emerged as the 12th most competitive country.

The IMD also noted that in terms of the countries’ image abroad that encourages business development, Malaysia came in at the 15th spot with a score 7.61 (scores range from 0 as most negative to 10 as most positive).

The study said: “In general, there is a strong correlation between a country’s overall competitiveness ranking and its international image as a place to do business.”

Davison concurs, stating that The Expat Group’s success was also due to the fact that they “were able to capitalise on the steady increase in Malaysia by the international community.

In the last 20 years Malaysia’s international profile has both increased and improved and this has generated more interest by people wishing to invest, visit or settle here. This has meant our target audience has been steadily increasing.”

For prospective expatriates deciding on staying in South-East Asia, Davison noticed Malaysians are a lot friendlier to expats than several other Asian countries where he had worked. Another plus was the smorgasbord of attractive destinations that feed his passion for driving.

“Since I moved back here the city has gone from strength to strength. There has been a massive investment in infrastructure and the city has transformed in front of my eyes,” he said.

New buildings, roads, malls and entertainment outlets add to the buzz of excitement a city offers as it transforms and grows.

The Government’s investment in infrastructure improvement has seen the opening of klia2 to add to the 1,990 flights weekly to 103 cities, and work is currently being done on the improving the Light Rail Transit system and developing a Mass Rapid Transit (MRT) system for Greater Kuala Lumpur.

Work on the first line of the MRT is underway, with an additional two lines to be developed as part of a federal push towards building an integrated urban public transport system.

The River of Life project identified under the Economic Transformation Programme aims to add to the city’s economic and liveability appeal, just as in Vancouver, Melbourne, Auckland, Geneva and Seoul, with the government planning to transform the Klang River into a vibrant waterfront of high economic value.

For expatriates like Davison, the proliferation of new, well designed high rise apartments and gated communities offering many excellent facilities was equally important to the growing community of expatriates that are thinking of planting roots in Greater Kuala Lumpur.

“Greater Kuala Lumpur is an exciting place to live. There are always things happening and witnessing the transformation of the city and country has been a truly wonderful experience,” said Davison.

“We have seen a growing number of expats who enjoy life in Malaysia so much that they choose to stay on here. They are willing to take local packages and the liberalising of the work permit regulations makes them a viable source of skilled labour,” he said.

HSBC’s 2013 Expat Survey ranks Malaysia as having the second best work culture.

“I have no hesitation in recommending people live or invest in Greater Kuala Lumpur. I know of several companies who have found InvestKL’s services invaluable in helping them set up their businesses in this country,” he said. “Their dedicated team looking out for corporations who are interested to invest in this market through facilitation of the investment process ensure that it is smooth and hassle-free.”

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No compromise on quality of affordable housing project

Important agreement: Murly (second left) exchanging documents with Zaini after the signing ceremony between MBSB and Aspen Group. With them are Nazir (left) and Abdul Halim.

ASPEN Group Holdings Sdn Bhd’s RM400mil Tri Pinnacle project will be the first affordable housing scheme on Penang island with a high quality ambience.

Its chief executive officer Datuk Manokharan Murly said the project, located on a 4ha site in Mount Erskine in Tanjung Tokong, was open to first-time house buyers registered with the state government.

It will be launched in the fourth quarter of 2014.

Tri Pinnacle will have 390 units of 650sq ft low medium-cost (LMC) apartments priced at RM72,500 and 859 units of 800sq ft affordable condominiums priced at RM299,000.

Murly was speaking to reporters after signing a RM95.5mil Islamic loan facility with Malaysia Building Society Bhd (MBSB).

Also present were MBSB President and chief executive officer Datuk Zaini Othman, MBSB chairman Tan Sri Abdul Halim Ali and Aspen Group chairman Datuk Seri Nazir Ariff.

Murly added that the state government would expedite the approval process of genuine applicants to buy the condominiums.

The MBSB loan facility will be used to defray the cost of the freehold site for the Tri Pinnacle project, according to Murly.

“We are here to dispel the common negative perception associated with LMC and medium cost (MC) developments which usually suffer from shoddy architectural design and quality, lack of facilities and security,” said Murly.

“Tri Pinnacle will stand out as an attractive spot to work and live.

“Landscaping, designed with vertical gardens, plays a prominent part in the scheme.

“It will create a natural buffer between the adjoining roads and car park podiums, and mitigate the heat effect,” he said.

Murly said the project would be designed with a 24-hour two-tier security access system.

There will be an elevated garden, a swimming pool, a basketball court, gymnasium, BBQ pits and children’s playground.

Meanwhile, Zaini said the collaboration enabled the company to be part of a vibrant project that would contribute to Penang’s property development sector.

“Other than providing financing facilities to Aspen Group, we will also extend an attractive financing package to its home buyers.

“MBSB is managing several property development projects on the island through contract financing, bridging projects as well as structured financing initiatives,” he said.

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