The Locus @ KLCV, Jalan Cheras Registration

The Definitive New Pulse of Living
Stylish urban living.

Nestled in the pulsating heart of Jalan Cheras, The Locus @ KLCV embodies the best of both worlds – vibrant metropolitan living coupled with sky high exclusivity. Here, the all-encompassing lifestyle unfolds through chic retail and leisure avenues interspersed with refreshing greenscapes and elegant residential spaces. Truly, a new focal point for the modern cosmopolitan.

The Locus @ KLCV is neighbour to some of the city’s most eminent landmarks and transit infrastructure. Embrace life within the central pulse, fronted by captivating daily vista of the cityscape, convenience all within 5 kilometres. Getting around is a breeze as its strategic location has excellent accessibility with major city artery roads, interlink highways and infrastructure.

Immerse into a lifestyle of health and relaxation at the rooftop facilities deck overlooking the gorgeous city view. From an invigorating workout at the sky gym, to a soothing dip in the sky pool or a leisurely stroll along the serene atrium garden, life’s best moments await.

Bask in the natural daylight and enjoy everyday living fronted by the picturesque Kuala Lumpur skyline. Indulge in the sheer cosiness of a home, complete with classy interiors and sleek finishes. Semi-furnishing of contemporary residence accentuates the open concept spaces catered for versatile inspiration.

 

Now Open For Sale

Overall Development Concepts

 

  • The development concept is to offer an exclusive low density lifestyle service apartments in the vibrant city living
  • This development provides the convenience of city living with well connected roads and highways 
  • Residents will find everything that a city can offer at their doorstep
  • Served by 2 MRT stations within 1km radius from the development
  • Comes with own retail podium which will be self-managed by the developer that provides maximum convenience to the residents
  • The development also comes with landscapes garden together with sky pool and gym facilities.

 

Residential Concepts

  • A single residential tower at the height of 26 storeys that comes with only 160 units
  • There are 10 units per floor that comes 2 passenger lifts and one service lift and the design of the lift core at the middle cut off the long corridor effects
  • All the units comes with full height glass facade which allow maximum natural sunlights into the units as well as allow the residents to enjoy unblock view from inside the units

 

Property Details

Name :   The Locus @ KLCV Phase :   – Developer :   Warisan Tradisi Sdn Bhd      (a joint venture between DBKL and       Brunsfield International Group) Location :   Jalan Cheras, Kuala Lumpur Property Type :   Service Apartment Sch. H of HDA :   Yes Tenure :   Leasehold 99 years Land Area :   approx. 1 acre No. of Blocks :   One block of 26 storeys including 8     levels of carpark podium and Ground     Floor showroom retail space No. of Units :   160 units No. of Lifts :   2 passenger and 1 service lifts Unit Types :   Type A: 1,033 sf (Dual-key)     Type B: 962 sf (Dual-key)      Type C: 831 sf (Dual-key)      Type D: 552 sf (Studio)     Type E: 552 sf (Studio)     Type F: 669 sf (1-bedder)     Type G: 804 sf (2-bedder)     Type H: 805 sf (2-bedder)     Type I: 801 sf (2-bedder)     Type J: 802 sf (2-bedder) Car Parking Bay :   Provided and allocated per unit     Units below 1,000 sf: 1 carpark bay     Units above 1,000 sf: 2 carpark bays     Total of XX carpark bays Green Rating :   – Price Range :   From RM,000 onwards Price Per Sq Ft :   From RM psf onwards Maintenance :   RM0.33 psf, inclusive sinking fund Completion :   Q3 2018

 

Specifications & Features

Corridor :   Natural ventilation Refuse Chamber :   Refuse chute Ceiling Height :   Floor to floor height – 3.05m (10 ft) Security Tier :   At least 3-tier security provided:     (1) At ground level carpark checkpoint     (2) Entrance to lift lobby      (3) Lift access to resident’s unit floor Structure :   Reinforced concrete Wall :   RC wall/brickwork Windows :   Aluminium glass window Entrance Door :   Timber door Wall Finishes :   Plaster and paint     Wall tiles full height for all bathrooms Floor Finishes :   – Homogeneous tiles for living, dining, dry        and wet kitchen, balcony, all bathrooms,        utility/maid room and foyer     – Vinyl flooring provided for all bedrooms         and study room Sanitary :   Water closet, wash basin with fittings,     accessories for all bathrooms and rain     showerhead provided

 

Unit Provisions

Kitchen :   Kitchen cabinet with hob and hood Air Conditioning :   Air-conditioning units provided for     living, dining and all bedrooms, except     utility/maid room Water Heater :   Hot water system provided for all     bathrooms with shower Bathroom :   Shower screen and vanity top provided     for all bathrooms with shower

Contact Developer

Sales Gallery :   The Locus Sales Office     No. 2, Jalan 4/93A,     Warisan Cityview,      Jalan Cheras     Kuala Lumpur  Tel / Hotline :   +603-9281 9898 Project Website :   www.thelocusklcv.com

 

Now Open For Sale

 

Events & Happenings

 

A Classical CNY Celebration

Date: Sat-Sun, 20-21 Feb 2016

Venue: The Locus Sales Office

 

 

Facilities

Overlooking the city skyline.

Immerse into a lifestyle of health and relaxation at the rooftop facilities deck overlooking the gorgeous city view. From an invigorating work out at the sky gym, to a soothing dip in the infinity sky pool or a leisurely stroll along the serene atrium garden, life’s best moments await.

 

 

Level 6: Podium Deck

  • Playground
  • BBQ area
  • Gazebo

 

 

Level 25: Rooftop Facilities

  • Sky infinity pool (25m)
  • Pool deck
  • Sky gym
  • Sauna room
  • Multi-purpose hall

 

 

 

 

The Developer

Brundsfield International Group is a premier global property development, engineering and construction, real estate investment and management group. It is recognised as a progressive and innovative industry leader with a portfolio of catalyst buildings and sustainable world class community development.  It’s strength is in their diversified ability to operate as an integrated value chain enterprise that continue to deliver real value added solutions and services to ensure the sustainable success of its clients and stakeholders. Brundsfield International Group is committed to the greatest innovation and creation of the best built environment at work, at home and in the community where people can experience an exceptional quality lifestyle and enjoy the harmony of high quality design technology and eco-friendly sustainable, scalable and replicable environment.    The track records of developments by Brundsfield International Group include Kenny Hills Residence @ Bukit Tunku, Brundsfield Residence @ U-Thant, Brundsfield Embassyview, @ Jalan Ampang, Oasis Square @ Oasis Damansara, Brundsfiled Cityview @ Jalan Cheras and also oversea developments such as Serenity Cove @ Gold Coast and Brunsfield North Loop @ Minneapolis, Minnesota. 

.

.

.

 

View Full Profile

 

The Architect

 

.

.

 

View Full Profile

Location Map

GPS Coordinate: 3.127431,101.722033

 

Street View

The Locus’s hoarded site seen along Jalan Cheras, Kuala Lumpur.

Accessibility, Amenities & Infrastructure

Distance:

  • 2.3km to Jalan Sungai Besi
  • 4.7km to Bukit Bintang
  • 7.2km to KLCC

 

Accessibility:

  • Jalan Tun Razak
  • Jalan Loke Yew
  • Jalan Sungai Besi
  • Jalan Chan Sow Lin
  • Jalan Pudu
  • SMART Highway
  • KL-Seremban Expressway
  • Middle Ring Road 2 (MRR2)
  • East-West Link Expressway (Salak Expressway)
  • Maju Expressway (MEX)
  • Besraya Eastern Extension Highway (BEE)

 

Public Transportation:

  • 1km to Maluri LRT Station
  • 1.4km to Chan Sow Lin LRT Station
  • 5km to Hentian Puduraya

 

Future Infrastructure:

  • 500m to Cochrane MRT Station, walk across to Sunway Velocity thereafter 100m elevated covered walkway to MRT Station
  • 800m to Maluri MRT Station, walk across to Sunway Velocity Mall thereafter 220m elevated covered walkway to MRT Station
  • 1 station away to Tun Razak Exchange (TRX), from Cochrane
  • 2 stations away to Bukit Bintang, from Cochrane
  • 3 stations away to Merdeka, from Cochrane
  • 4 stations away to Pasar Seni, from Cochrane
  • 5 stations away to KL Sentral, from Cochrane
  • At KL Sentral transit hub interchange, take the Express Rail Link (ERL) train 28 minutes to KL International Airport

 

Telecommunication:

  • Standard area backbone

 

Business Park:

  • Cyberjaya is Malaysia’s designated “Silicon Valley”.
  • Working population of over 35,000 IT workers. 
  • 443 MSC-status companies, including 257 MNCs. 
  • Several data and call centres positioning Cyberjaya as Malaysia’s leading BPO centre.

 

Shopping Centre:

  • Walking distance to regional shopping centre IOI City Mall, Putrajaya.
  • Conezión’s retail boulevard contains an array of retail mix.
  • D’Pulze Shopping Centre in Cyberjaya
  • AEON Taman Equine Shopping Centre

 

School & International School:

  • SJK(C) Union (Opening 2017)
  • Nexus International School Putrajaya Campus
  • ELC International School Cyberjaya Campus
  • Australian International School @ The Mines
  • Tanarata International School @ Kajang
  • Taylor’s International School @ Puchong
  • Rafflesia Private and International Schools @ 16 Sierra
  • SMK Cyberjaya

 

University & College:

  • Student population of over 43,000 students
  • Universiti Putra Malaysia (UPM), one of the nation’s apex university
  • Universiti Tenaga Nasional (UNITEN)
  • Perdana University and PU-Royal College of Surgeons in Ireland School of Medicine
  • Heriot-Watt University Malaysia Campus in Putrajaya
  • Limkokwing University of Creative Technology
  • Multimedia University
  • Kirkby International College
  • Cyberjaya University College of Medical Sciences (CUCMS)
  • Infrastructure University Kuala Lumpur (IUKL)
  • Another 4 universities being planned, including Open University Malaysia and SEGi University

 

Healthcare:

  • Hospital Serdang
  • Hospital Putrajaya
  • National Cancer Institute Putrajaya

 

Leisure & Recreational:

  • Next to Palm Garden Golf Club & Resort
  • 5mins to Cyberjaya Lake Gardens
  • 5mins to Putrajaya Lake
  • 10mins to Taman Botani Putrajaya
  • 10mins to Wetlands Park Putrajaya

 

Nearby Landmarks:

  • 5mins to Institut Latihan Sultan Ahmad Shah, Kajang
  • 10mins to Institut Penilaian Negara, Kajang
  • 15mins to Petronas Leadership Centre, Bangi

The Locus @ KLCV

View the embedded image gallery online at:
http://ptlm.com.my/index.php/the-locus-klcv-jalan-cheras#sigProIdfd9663be89

Development Plans

xxx

Construction Progress

xxx

PTLM Guide is a general guideline that could be used by an investor to gauge the concepts and sustainability of any development. The key points are outlined here for easy reference. This enables an investor to evaluate his strategy of investment based on systematic set of criterias.

In this page, we do not publish specific scores achieved by this project for any of these criterias.

 

A. The Entry Facts

  • Location, visibility and environment

The Locus @ KLCV is a standalone low density development located along Jalan Cheras, strategically located just right at the fringe of Kuala Lumpur City Centre. In fact, The Locus is so near to the City Centre that in addition to that, it is only 3.3km away from the hustle and bustle of Bukit Bintang, Malaysia’s main tourist attraction area, 5km away from Petronas Twin Towers and the Golden Triangle which comprised of major offices that housed major multi-national companies in Malaysia.

To add on to that, The Locus is merely 2.8km away from the Tun Razak Exchange (TRX), an upcoming 70-acre holistic integrated development which aims to become Malaysia’s largest financial hub. One will not miss The Locus if you travel along Jalan Cheras as this development is located right beside the main road and the opposite it is Sunway Velocity, an integrated mixed-use development that comes with a shopping mall and a medical centre. It is also easily accessible to other parts of town such as Sungai Besi, Pudu, Cheras and Ampang as The Locus is well connected with major access roads.

Currently, the surrounding environment of The Locus mainly consists of residential housing area and with a mixture of several business complexes and retail shops that serve the needs of the local residents. The majority demographic in this area consists of local Malaysians who had live here since the early days before this area was developed. However, the landscape and environment of The Locus is set to change with the upcoming developments such as Sunway Velocity, myTOWN and IKEA Cheras, which are all a stone throw away. Finally, there will be two upcoming MRT stations, the Cochrane and Maluri MRT stations, both of which are located within a 10-minute walk from The Locus – basically, right in the middle between both stations!

  • Distance to key locations and growth value of an address

Being located in a matured neighbourhood right next to the ever vibrant Kuala Lumpur City Centre, The Locus @ KLCV is well-served by a wide variety of existing amenities and infrastructures that are easily accessible from its location. For Instance, The Locus @ KLCV is just 1.1km from Aeon Maluri, 1.2km from Ikea Cheras, 2.8km from Berjaya Time Square, 3km away from Royal Selangor Golf Club and Prince Court Medical Centre, One of Malaysia’s most advanced Medical Center in term of equipments and facilities, 3.3km from Pavilion Regional Mall, One of the largest and tourist favored mall in Malaysia, and 5km away from Petronas Twin Towers.

  • Concepts, architectural and practicality aspects

The Locus @ KLCV is the latest addition to the 12.9 Acres Kuala Lumpur Cityview development and it is also the only High-End low density lifestyle service apartment within the Kuala Lumpur Cityview development. Designed with the concept of redefining the urban, The Locus @ KLCV offer its proud residents a vibrant metropolitan living together with refreshing greenscapes and elegant residential spaces.    Exclusivity and Lifestyle is what the developer would like to offer to its buyers. With only 160 units in a single 26 storey tower, all units are naturally ventilated with linear lanai spaces designed for the unblocked city skyline view. With the built up sizes ranging between 550 sq ft to 1,033 sq ft , the buyers have the option to choose from chic studio unit to a practical 2 bedrooms units or one can also have the option to purchase the unique 2 bedrooms dual keys unit. All units also comes with quality fittings such as built-n kitchen cabinets, quality hob & hood, Built-in wardrobe in the bedrooms as well as air conditional units in the living area and bedrooms.     The residents are also being spoilt by the wide range of facilities being offered by The Locus @ KLCV. Comes with 2 facilities decks, the residents can choose to chill and relax on level 6 which comes with landscaped garden, BBQ area, children’s playground, Gazebo and water features or work out in the sky gym or take a dip in the 25 meter sky pool located on level 25 which provide the breathtaking unblock KL City Skyline View ! Besides that, The Locus @ KLCV also comes with a retail podium which will be solely owned and managed by the developer. The developer plans to bring in the right tenant mix such as convenient store, cafe, laundry and others which can provide more convenience and add more value to its residents. The security of the residents of The Locus @ KLCV can be assured as the development comes with state of the art security system which includes 24 hours CCTV surveillance, card access with advanced centralize alarm system, intercom and the panic button. 

  • Density of development

There are only 160 of residential units in a single 26 storey tower in The Locus @ KLCV. We noted that there are a total of 10 units per floor which in our opinion the floor density is high. The units will be served by 2 high speed passenger lifts and 1 service lift and the waiting time for the lifts are calculated to be acceptable and above the minimum guideline. We like the fact that the lift lobby is located at the central part of each floor which cut off the long corridor effect by breaking it up at the lift core.

  • Developer and branding

Brundsfield International Group is a premier global property development, engineering and construction, real estate investment and management group. It is recognised as a progressive and innovative industry leader with a portfolio of catalyst buildings and sustainable world class community development.  It’s strength is in their diversified ability to operate as an integrated value chain enterprise that continue to deliver real value added solutions and services to ensure the sustainable success of its clients and stakeholders. Brundsfield International Group is committed to the greatest innovation and creation of the best built environment at work, at home and in the community where people can experience an exceptional quality lifestyle and enjoy the harmony of high quality design technology and eco-friendly sustainable, scalable and replicable environment.    The track records of developments by Brundsfield International Group include Kenny Hills Residence @ Bukit Tunku, Brundsfield Residence @ U-Thant, Brundsfield Embassyview, @ Jalan Ampang, Oasis Square @ Oasis Damansara, Brundsfiled Cityview @ Jalan Cheras and also oversea developments such as Serenity Cove @ Gold Coast and Brunsfield North Loop @ Minneapolis, Minnesota. 

  • Price level and price comparison

As of April 2016, The Locus @ KLCV has an averaged published gross price range of RM980psf to RM1,100psf. Majority of its units are priced below the RM700K mark. In conjunction of the soft launch of The Locus @ KLCV, the developer is offering the following marketing strategy:   – A low booking fee of RM5,000 per unit    – An attractive up-front rebates   – Free SPA and Loan Agreement Legal Fees   – Free built-in kitchen cabinets, kitchen hob & hood, built-in wardrobe and air-conditional units 

  • Surrounding commercial, infrastructure, amenities, distance and accessibility

The Locus @ KLCV is located within the district of Cheras surrounded by matured amenities and township which has approximately 120,000 residential properties and approximately 170,000 commercial properties which mainly consist of 2, 3 and 4 storey commercial shops. Within the close vicinity of The Locus @ KLCV, the current notable shopping malls include Ikea Cheras, Aeon Maluri, VivaHomes, Leisure Mall, Berjaya Time Square and Pavillion Shopping Mall. In terms of existing infrastructures and accessibility, The Locus @ KLCV is well served by major roads and highways such as Middle Ring Road 2 (MRR2), Jalan Tun Razak, Jalan Pudu, Jalan Loke Yew, Jalan Chan Show Lin, the Storm Water Management and Road Tunnel (SMART) highway, Kuala Lumpur-Seremban Expressway, New Pantai Expressway and Maju Expressway.

  • Existing demographics

The Locus @ KLCV is located in a matured neighborhood of Cheras with the community consist of many middle to middle-high income earners working professionals and business owners. Majority of the people living in Cheras are local Malaysian and are more family oriented.   However, we foresee that Cheras will attract more foreigners who are working in the City Center to stay there in near future once the MRT line 1 is completed and starts operation as Cheras will provide a more affordable accommodation options for the foreigners to stay compared to City Center and to get to the City Center is just a few stations away !        

  • Presence of future catalystic projects

There are a few up coming catalystic developments nearby The Locus @ KLCV which we think will change the economic landscaped and its surrounding environment significantly. Some of the future catalystic are :    Sunway Velocity Located right across The Locus @ KLCV, Sunway Velocity will be a self contained integrated mixed development. Sitting on a 23 acres of prime freehold land, Sunway Velocity comes with 1.4 million sq ft of 7 storey lifestyle shopping mall, hotel, medical centre, residences, boulevard shops, office towers and a 2 acre central park where one can shop, dine, work and unwind.      MyTown Shopping Centre Located approximately 1.2km away from The Locus @ KLCV, MyTown Shopping Centre is sitting on 18 Acres of prime freehold land with approximately 1.1 million sq ft of net lettable area to offer. This 5 levels lifestyle shopping centre has about 460 retail stores, approximately 6,500 car parking bays and it also comes with landscaped park and sunken garden. MyTown Shopping Centre is estimated to have a catchment of over 5 millions visitors from places within 30 minutes drive time.    Tun Razak Exchange Located just 2.8 away from The Locus @ KLCV, Tun Razak Exchange, one of the strategic enabler of the Malaysian Government’s Economic Transformation Programme (ETP) is one of the exciting catalystic project that everyone is lloking forward to. Spamming over 70 Acres of prime land strategically located at the southern gateway to Kuala Lumpur City Centre, Tun Razak Exchange is set to be Malaysia’s leading financial hub with an estimated Gross Development Value (GDV) of RM40 Billion which offers over 21 million sq ft of total Building Gross Floor Area (GFA) spread across Grade A Office Building, residential, hotel, retail, F&B and cultural offerings.    Corchrane MRT Station & Maluri MRT Station The Locus @ KLCV is withing walking distance to 2 upcoming MRT Stations being the Corchrane MRT station which is just 600 meters away and Maluri MRT station which is 800 meters away.    With the completion of MRT Line 1, it will surely enhanced the connectivity of surrounding area of The Locus @ KLCV as the Cochrane MRT station is just 1 station away from Malaysia future financial hub (Tun Razak Exchange), 2 stations away from the ever vibrant tourist favored Bukit Bintang and 5 stations away from Malaysia’s largest integrated transportation hub, KL Sentral !

  • Continuity development

The Locus @ KLCV is the final phase of the Kuala Lumpur City View Development.

  • Land tenure

Leasehold with the lease expiring in year 2115

  • Transit oriented development (if applicable)

The Locus @ KLCV is not a transit oriented development. However, The Locus @ KLCV is only 600 meters away from Cochrance MRT Station and 800 meters away from Maluri MRT Station.

  • Integrated retail concept (if applicable)

The Locus @ KLCV is a lifestyle development where it has a retail podium under the service apartment. The retail units are fully retained by the developer as they have a plan to qualify, and select the best tenant mix to best suits its residents.    Besides that, directly right opposite The Locus @ KLCV is a huge integrated mix development that consists of approximately 1 million sq ft of Net Lettable Area of retail, entertainment, dining and leisure space over 7 levels.    In addition to that, MyTown Shopping Centre and Ikea Cheras with aproximately 1.1 million sq ft of lifestyle shopping space are just 1.2km away. With estimated catchment of more than 5 million potential shoppers from areas within 30 minutes drive time away, MyTown Shopping Centre aim to inject new life and economic activity into the communities of Cheras, Ampang and beyond. Some of the highlights of MyTown Shopping Centre are there will have 13 cinema halls, bowling hub, landscaped park and sunken garden whereas the confirmed tenants are Ikea, Parkson, Golden Screen Cinemas, Village Grocer, Best, Zara, Uniqlo, Mango, Spotlight, Celebrity Fitness, F.O.S, Food Junction, Kids e World, Al-Ikhsan and MPH Bookstore.  

  • Competitor risk – peer-to-peer product comparison against its vicinity

.

.

 

B. Product Design Buy Factors

  • Practical unit layout design

In The Locus, the residential units consist of 10 layouts which are:

  • Type A-01: 1,033 sf (2-bedder/dual-key);
  • Type B-02: 962 sf (2-bedder/dual-key);
  • Type C-03: 831 sf (2-bedder/dual-key);
  • Type D-03A: 552 sf (studio);
  • Type E-05: 552 sf (studio);
  • Type F-06: 669 sf (1-bedder);
  • Type G-07: 804 sf (2-bedder);
  • Type H-08: 805 sf (2-bedder);
  • Type I-09: 801 sf (2-bedder); and
  • Type J-10: 802 sf (2 bedder).

The uniqueness of the layout choices are that sizes more than 831 sf will offer dual-key layouts, which can be useful for dual tenancies or extended family living. Besides that, all the sizes offer lanai-styled extended living area with outside view.

  • Unit orientation

All residential unit’s rooms and living area are positioned to maximise the outside view. Type A and B face Sunway Velocity/Jalan Cheras with Type A having the desirable KLCC/Golden Triangle and Royal Selangor Golf Club views plus the future TRX view. Type C, D, E and F face south-east, which is the AEON Taman Maluri Shopping Centre and Taman Shamelin Perkasa views; while Type G and H face south-west, which is the Viva Home Shopping Mall, Chan Sow Lin and the Maju Expressway views. Type I and J face north-west, which is the Fraser Business Park and inner Pudu views.

In our opinion, the KLCC view for Type A will be most breathtaking however, the units including those on the northern side will face traffic noises on Jalan Cheras. Due to its relatively shorter building, there is a possibility that the future developments in myTOWN area will dominate the nearest skyline hence obstructing some views of KLCC. The view for Type D, E and F will be closest to a Hindu worship place called the Cheras Sri Thohaiyadi Vinayagar Temple.

  • Fittings and furnishings (if applicable)

The Locus is being sold as partially-furnished unit with quality built-in fittings and fixtures. The following items are provided:

  • Kitchen cabinet including hob and hood;
  • Split-unit air-conditioning units for living and all bedrooms;
  • Full height wardrobes for all bedrooms; and
  • Security alarm system with panic buttons and direct intercom.
  • Sufficiency of parking bay and carpark allocation

The Locus has 160 units only and every unit is allocated with at least 1 carpark bay for unit sizes below 1,000 sf and 2 carpark bays for unit sizes above 1,000 sf. There are a total of 7 levels of carpark from Level 1 to Level 8, with a direct ramp from the Ground to Level 1 at the rear of the retail space area. The retail space area will be used as a standalone automobile showroom hence it will not be designed to bring crowd to the development. Overall, the development adequately fulfills its carpark requirements despite its small footprint.

  • Design of corridor, corridor spaces and ventilation

The residential corridors are naturally-ventilated. There are 10 units per floor, with all 10 units lined up in a circular form with the single long air-well void located at the northern side of the building. The centre core of the building will contain the three lifts and an emergency staircase. We noted that the centre core will be enclosed with two doors and therefore it will be mechanical-ventilated or air-conditioned. There will be a corridor break between Type B and C, and between Type E and F to allow ventilation and natural sunlight to punch through. In total, there are two emergency staircases.

  • Availability of proper refuse area

The refuse chute is located with inward facing at the corridor break next to Type J. We noted that the rubbish disposal will need to be brought into the enclosed lift area. Service crew will perform rubbish collection and maintain the cleanliness of the refuse chute as well as the service lift at all times. 

  • Variety of facilities, green and open spaces
    – Example: For families, children-friendly facilities are to be considered

There are two facilities deck at The Locus, one on Level 6 and another at sky rooftop on Level 25. The children’s playground, BBQ area, a water fountain and a relaxation cabana and gazebo will cater to passive activities at the rooftop of the carpark podium on Level 6. The sky rooftop will offer a 25m infinity lap pool that overlooks the KLCC skyline. Alongside the pool will be a sky gymnasium, a sky garden, a male and female sauna room and a multi-purpose hall for community gathering.

  • Reasonability of maintenance fees based on offered facilities over density

The proposed maintenance charge for The Locus is RM0.33 psf, inclusive of sinking fund. This amount is fairly reasonable for a service apartment development close to the city centre vicinity (now mostly more than RM0.40 psf) and when completed in 3 years time. The maintenance fee is inclusive of all in-house amenities for residents. Likewise in most service apartments, the future management body has the discretion to decide on the usage of room-based facilities and/or whether they will be separately charged.

  • Impressive and modern façade

The Locus has a rather conventional façade as all its units come with a balcony or lanai area. Type A units feature a full height quarter-sphere glass curtain wall to maximise its views towards KLCC/Golden Triangle, the Royal Selangor Golf Club and the future TRX. Its carpark levels will feature strips of green wall bringing it a resort-like soothing feeling. Its rooftop comprise of a large crown roof enhanced with triple height columns that support the roof. The roof will be lighted at night and form a beacon-like statement to this development. Besides that, all its units will feature full-height glass windows and glass slide doors that open up to the lanai area. The lanai area for the units on the northern side will feature tampered glass barrier while the units on the southern side will feature traditional brick balcony.

  • Entrance statement, guardhouse, drop-off area and lift lobby

There will be a dedicated drop-off lobby with covered roof protruding to the road. It is located next to the retail space serving the residential block. Vehicles will be able to drop-off conveniently as vehicle traffic is a circular flow around the building and is separated from the retail space main entrance. The main entrance will be located off Jalan Cheras to prevent traffic from building up on the main road. The entrance statement is greeted by a water fountain at the retail space main entrance and since the main entrance is a dual traffic flow, residents could turn to drop-off lobby or go up the ramp directly entering Level 1 carpark.

  • Security features and privacy design

Despite being a service apartment development, a full 3-tier security will be provided to all residents based on keycard access system: (1) Ground level boom gate for vehicles; and (2) Keycard access to entrance of lift lobby; and (3) Lift requiring keycard access to resident’s unit floor. Associated security features include: (1) 24/7 guarding and patrol; (2) Security alarm system for every unit with panic button; (3) Direct intercom and CCTV surveillance.

  • Other unique features (if applicable)

There is a private atrium garden for selected units at the lowest residential floor – Level 9. This is where the central air-well void rises upwards. Besides that, a Brunsfield signature water fountain is located at Level 6 reflecting a lifestyle statement.

  • Green rating or greening features (if applicable)

No GBI rating applicable. However, The Locus is designed with adequate landscaping at both its facility levels and at the ground main entrance area along Jalan Cheras.

 

C. Strategic Investment Process

  • Equip with property market and personal finance knowledge.
  • Identify your niche by studying close-by competing, similar and future products.
  • Benchmark against competing product prices on PSF basis.
  • Study potential commercial viability and retail catchment (for mixed development).
  • Survey the level of occupancy in the neighbourhood.
  • Survey existing demographic and resident profile in the vicinity.
    Example: Close proximity to education hub may bring new demand year after year.
  • Survey the current rental and subsale price from nearest comparison today.
  • Forecasting by making estimated future rental assumption.

 

D. The Exit Strategy

  • Ensuring personal finance capability to maintain the property for minimum of 5 years.
  • Ensuring personal finance capability for renovation and value-added activities that will help to mitigate risk factors.
  • Perform calculation of estimated rental yield for first year of occupancy.
  • Forecasting by making estimated future subsale price.
  • Determine profit from investment after settling outstanding loan amount.

]]>

The true state of the Malaysia property market: Imbalances in certain segments Registration

The 10-page article underscores the serious issues facing the residential, office and retail markets, which, if left unchecked, could impact the overall economy.

It dealt with the crux of the issues, their challenges and made suggestions. Some of these resolutions are not entirely new, they have been brought up by different quarters over the years, but have yet to be seriously studied by the relevant parties, much less acted on.

Against the broad issues facing the local property market today, experiences from other economies and how Malaysia may benefit from these were highlighted. The report delved at length on key locations like Kuala Lumpur, Selangor, Johor and Penang.

The key takeaway is demand exceeding supply in the residential market, with acute shortage of affordable housing in urban areas, pricing out low- and middle-income urban households.

In contrast, there is overbuilding of office space and retail malls, particularly in major cities, which could potentially adversely impact the real estate market and have potential spillover impact on other sectors.

Against this backdrop, the market must be underpinned by macro-prudential and fiscal measures. The prohibition of developers interest-bearing scheme (DIBS) and higher real property gains tax remain instrumental in maintaining the long-term market sustainability and mitigating potential risks to financial stability.

 

The access to quality affordable housing falls on both the government and private sector, the report says. There is a need to consolidate multiple providers of affordable housing at both federal and state government levels and agencies like Syarikat Perumahan Negara Bhd and Perumahan Rakyat 1Malaysia (PR1MA).

Establishing a single entity focused on affordable housing alleviated the demand/supply mismatch in other countries. South Korea’s Land and Housing Corp and Singapore’s Housing and Development Board (HDB) spearheaded and centralised national and state initiatives.

Consolidating various affordable housing entities under one agency resulted in effective resource planning and lowered development costs through economies of scale.

Singapore also reduced its overall construction costs when it adopted the use of industrialised building systems (IBS) in public housing. IBS is a modern construction process that utilises techniques, products, prefabricated components and on-site installation.

The use of IBS in about 80% of HDB buildings resulted in labour cost savings of more than 45% compared to conventional methods, with a significant drop in construction time and improved quality of buildings.

But building more public housing is only part of the solution. An equal focus on the rental market is needed. Switzerland, Germany and Australia have vibrant private rental markets. This has helped to ensure sufficient housing supply to meet diverse income levels, preferences and shifting demographics.

The conversion and re-purposing of under-utilised commercial space should also be part of that overall strategy, with the cost being borne by property owners rather than tax payers.

More than 17 million sq ft of commercial buildings constructed before 1975 in Lower Manhattan, New York City were converted into residential rentals, hotels and restaurants, underpinned by tax incentives to developers.

Office occupancy improved with a more diverse tenant base, a transition from its traditional pool of financial, insurance and real estate companies to media, technology and non-profit and education sectors. Commercial to residential property conversions were implemented in London, Toronto, Tokyo and Sydney.

There are reasons for Bank Negara’s concern. A sharp increase in commercial vacancies may result in tighter cash-flow among developers, who are typically owners of these properties. This may adversely affect other sub-sectors within the construction sector and other industries, impacting employment and households to service their loans.

The disorderly unravelling of commercial property booms in Sweden, Finland, Norway and Japan in the early 1990s resulted in considerable bank loan losses. During the 2008/2009 global financial crisis, commercial property was a major driver of loan losses in Australia, France, Ireland and New Zealand, although this sub-segment accounted for a smaller share of banks’ loan books compared to housing.

A comprehensive and carefully-designed national planning policy is needed for the property market and will help support the government’s aim to deliver more housing, while managing oversupply of commercial properties, the report concludes.

 

Housing stock

Malaysia’s housing stock increased by 35% since 2005. Despite this substantial growth, a shortage persists at the national level.

The gap between the number of houses and the number of households widened to 2.5 million units in 2015 from 2.1 million units in 2005. A mismatch exists between the pace of growth in new housing supply and the net increase in households, especially in the last five years.

Between 2005 and 2008, an average 166,876 units of new houses were completed annually versus a 117,250 rise in households, implying a surplus of 49,626 houses a year.

Between 2011 and 2015, however, the number of houses completed declined by more than half to 80,089 units, far below the 166,000 average net rise in the number of households annually. This suggests an average shortfall of 85,911 housing units a year between 2011 and 2015.

This shortage is acute for affordable houses in 2014, when half of Malaysian households earned a monthly income of RM4,585 and below.

According to the “Median Multiple” methodology developed by Demographia International, recommended by the World Bank and the United Nations to evaluate urban housing markets, a house is affordable if a household can finance it with less than three times its annual household income. Houses priced up to RM165,060 are affordable to a median Malaysian household earning RM4,585 (4,585x12x3=165,060).

However, only 21% of new house launches were priced below RM250,000 in 2014.

There is, however, an oversupply of higher-end properties (evident in key states and in selected sub-segments like luxury condominiums) priced above RM500,000. Property launches in this price category account for 36% of total new launches in Malaysia but are only within reach of 5.4% of the population.

While the federal and state governments, Syarikat Perumahan Negara and PR1MA have some affordable housing initiatives, the current level of house-building is insufficient to meet demand. Nonetheless, these initiatives are currently under various stages of construction.

This demand/supply imbalance, particularly in the affordable housing segment, has contributed to the rapid rise in prices. Other contributing factors include low real property gains tax and marketing tools like DIBS which artificially inflated prices and encouraged speculators with small outlays.

These factors compounded affordability issues, particularly among the low- and middle-income population.

Average annual growth rate of house prices rose by 7.9% between 2009 and 2014, exceeding average household income growth of 7.3% over the same period, a sharp contrast between 2004 and 2007 when incomes rose more than house prices.

 

 

A measure of the health of commercial properties is vacancy rate. Klang Valley recorded a vacancy rate of 20.4% in 2015, a contrast to the regional average of 6.6% and the national 16.3% level. In tandem with high vacancies, monthly rentals are the lowest among regional cities, at US$2.60 per sq ft (psf).

Despite the low rentals, recently completed top grade offices in Kuala Lumpur have not achieved satisfactory occupancy rates. Quoting Savills Research: May 2015 Property Market Overview Report, the central bank says several top grade office buildings completed between 2011 and 2014 recorded occupancy rates of between 50% and 75%.

Over the next few years, the significant incoming supply of large projects could aggravate over supply in the Klang Valley. According Jones Lang Wootton, 63 new buildings are scheduled to be completed in the Klang Valley over the next three years, adding an average 4.9 million sq ft of new space to the market each year. This is significantly higher than the historical average of 2.8 million sq ft added annually between 2001 and 2015.

The oil and gas sector is the largest private sector office-occupier, filling up to 16% of total Klang Valley office space (Jones Lang Wootton, 2015). A prolonged period of low global prices would dampen demand further.

 

 

 

Retail segment

Signs of oversupply are emerging in Penang, Johor and the Klang Valley. Although the vacancy rates in some of these areas have been improving in recent years, the vacancy rates of between 12.4% in the Klang Valley and 28.2% in Penang are relatively higher than regional economies. The high vacancy is symptomatic of a mismatch between demand and supply.

Johor Baru, Penang and the Klang Valley have among the lowest household income and population levels compared to these regional cities but prime space per capita in Malaysia is notably higher than more populous Shanghai and Beijing, and higher-income Singapore and Hong Kong.

National Property Information Centre (NAPIC) data shows there are now 55 malls under construction in Malaysia, with 35 in the Klang Valley, Penang and Johor. An additional 30.9 million sq ft will be completed between 2016 and 2018, equivalent to about 40% of existing space.

By 2018, prime retail space per capital in the Klang Valley and Johor Baru is projected to increase by about 43% and 119% respectively from their already high levels. The emergence of new malls means competition for tenants, high vacancies, lower rentals and increased risk of dilapidation.

Retailers’ ability to attract mall visitors and to spend could become more challenging amid weak consumer sentiments.

 

News Source: The Star BizWeek, 26 March 2016

Phase 1 of BBCC previews this Saturday, indicative price of RM1,600 psf (Updated) Registration

Eco World Development Group Bhd, which is part of the JV with a 40% stake, said on Monday: “With an estimated gross development cost (GDC) of RM1.6 billion, the mall will transform the retail landscape in Kuala Lumpur, catering to all shopping needs with the introduction of popular home grown and new-to-market international brands”.

The other JV partners of BBCC to develop the 19.4 acres of into a mixed residential and commercial development include landowner, UDA Holdings Bhd with a 40% stake, and the Employees Provident Fund (EPF) with the remaining 20% stake.

BBCC Development signed the Head of Terms Agreements with Mitsui Fudosan and Zepp Hall Network as well as a Memorandum of Understanding (MoU) with Singapore-headquartered The Ascott Limited.

The signing of the two partnerships and an MoU brings BBCC closer to realising its visionary masterplan.

The masterplan is designed by US-based The Jerde Partnership who pioneered the global concept of ‘placemaking’, and it is envisioned to be a world-class, first-tier iconic development in the heart of Kuala Lumpur’s shopping district of Bukit Bintang. GDP Architects is the local partnering architect.

“The signing with three distinctive world-renowned partners will see the creation of the best retail, entertainment and hospitality brands for the BBCC development,” said Eco World.

The agreement also sets out the key commercial terms for the entry into a JV between Mitsui Fudosan Asia and the shareholders of BBCC for the development, ownership and operation of the retail mall through the establishment of a JV company (Mall JVCo).

Mitsui Fudosan will jointly develop a lifestyle shopping mall in BBCC with a gross floor area (GFA) of 1,349,950 sq ft and with a total GDC of RM1.6 billion, while Zepp Hall is investing in a live concert and event hall, the first-of-its-kind outside Japan, with a GDC of RM400 million.

These projects are expected to start work in the third quarter of this year and the entire BBCC development masterplan will be developed over 8 to 10 years.

The Mall JVCo is proposed to be 50% owned by Mitsui Fudosan Asia with the remaining 50% owned by the shareholders of BBCC.

“This substantial investment by Mitsui Fudosan Asia represents the largest retail investment to-date by the Mitsui Fudosan Group outside Japan,” it said.

“The signing of the Head of Terms Agreements and MoU goes beyond BBCC. Mitsui Fudosan’s investment in the Mall JVCo will be its largest retail investment outside Japan. This signifies its confidence in the continued growth of the Malaysian economy. It is also a testament that Malaysia remains an attractive destination for international foreign direct investment and reaffirms the fact that there is a positive future outlook for the country,” said Tan Sri Liew Kee Sin, chairman of Eco World.

“Despite the slowdown of China’s economy and the weakened ringgit, we believe that the personal consumption of Malaysians is still very high with the higher number of young people,” Mitsui Fudosan Asia managing director Takehito Fukui told TheEdgeProperty.com on the sidelines of the event.

“2015 saw a 5% growth rate in Malaysia’s gross domestic product (GDP), and we foresee a higher economic growth in Malaysia in the near future,” he added.

According to Takehito, the Group also believes Malaysia is the right place to invest due to its great location and the encouraging response to its factory outlet mall, Mitsui Outlet Park, near Kuala Lumpur International Airport (KLIA) in Sepang.

Eco World said Mitsui Fudosan, with its vast experience in mall design, management and operation skills as well as its relationship with a large network of Japanese and international retailers, would help BBCC realise the best mall design with the best tenant mix and management standards.

Mitsui Fudosan Asia and BBCC plan to develop the shopping mall under the Mitsui Shopping Park LaLaport brand which is a regional mall concept first conceived by Mitsui Fudosan slightly over 35 years ago.

The LaLaport concept has evolved over the years from a “place where people gather” to “a place where people interact,” in response to the diverse needs of the communities, it is a part of and the broad array of lifestyles in the cities where the malls are located.

According to a news report, Mitsui Fudosan plans to draw about 300 businesses to the new facility, among them restaurants, household goods stores and fashion retailers. Tenants focusing on middle-income consumers, including Japanese businesses gaining popularity in Malaysia, will be solicited.

The BBCC mall will have a total of 9 levels of retail, as it boast 5 above-ground floors and 4 underground floors. A majority area of the mall is targeted to complete before the end of 2021.

Its retail space will likely be close to the major Mitsui Shopping Park LaLaport Tokyo-Bay in Chiba Prefecture. It has tenants such as Akachan Honpo, American Eagle Outfitters, Anna Sui, B:Ming Life Store by Beams, Beauty & Youth United Arrows, Ciaopanic, Coach, Coen General Store, FANCL, Forever 21, GAP, Gostar de Fuga, H&M, Hollister, Lacoste, Lowrys Farm, Mango, Michael Kors, Muji, Nano Universe, Orihica, Share Park, Stradivarius, Takeo Kikuchi, The Suit Company, Tokyu Hands, Uniqlo, Urban Research Store, Zara and Zara Home.

Last year, in a collaboration with Malaysia Airports Holdings Bhd, Mitsui Fudosan opened Southeast Asia’s first Mitsui Outlet Park in Sepang where tenants catering to middle-income consumers have fared well, and sales have beaten initial expectations. An expansion is now planned, driven by popular demand.

Mitsui Fudosan Group is a Japanese real estate conglomerate involved in the development of housing properties, office buildings, shopping centres, hotels, sport and leisure facilities and resort facilities.

The Group’s retail estate division currently manages 110 retail properties in Japan and abroad with a combined floor space of over 48.4 million sq ft covering various retail concepts, notably Mitsui Shopping Parks under the LaLaport brand, Mitsui Shopping Park Urban and Mitsui Outlet Parks amongst others.

Eco World said the Heads of Terms Agreements provided for an exclusivity period of four months plus one month from 28 March 2016 or such extended period as may be agreed to by the parties for the entry into the definitive agreements.

As for the agreement with Zepp Hall, this will see the development of a live concert and event hall in BBCC which can hold over 2,700 audience.

Zepp Hall is a subsidiary of music powerhouse Sony Music Entertainment (Japan) Inc. and its core business is venue operations.

Zepp currently has 6 concert halls spread across Japan. A unified ‘Zepp’ standard in audio and visual technology ensures high sound quality and lighting effects that delivers unforgettable concert experiences.

This concert hall located within the Entertainment Block in BBCC is next to the retail mall and is expected to be a top entertainment venue in the Southeast Asia region.

The MoU with Ascott, a member of Singapore’s CapitaLand Limited, one of the Asia’s largest property developer and real estate owners, will also bring a global award-winning brand to BBCC. Subject to further details, it is believed that Ascott will manage a business-class hotel-cum-branded residences under one single block.

Ascott is the largest international serviced residence owner-operator in the world with experience in managing over 45,000 units in 290 properties, spanning 100 cities in 27 countries across the Americas, Asia Pacific, Europe and the Gulf Region.

*** *** ***

Besides the mall, the event hall and the hotel residences, Phase 1 of BBCC will also consist of a 45-storey block of strata offices and two blocks of serviced residences. Physical works for the entire Phase 1 are expected to start by the third quarter of this year.

BBCC Development held its private preview for The Stride Strata Office over the weekend. Housed in a sleek 45-storey tower located next to the hotel residence, the approximately 350 units of strata offices have sizes starting from 917 sq ft to 1,152 sq ft, with an indicative pricing of RM1,400 to RM1,600 psf.

The offices are catering to small business owners, entrepreneurs and SMEs who need medium size individual office suites that comes with premium ‘Grade A’ facilities such as grand lobby, shared meetings and conference facilities and security features.

The two blocks of serviced residences comprised of 680 units of entry level apartments with sizes starting from 450 sq ft to 850 sq ft. On a typical floor, there will be a total of 10 units per floor served by 4 passenger high-speed lifts and one service lift.

These smaller units are ideal for singles and young urbanite families who prefer a vibrant city lifestyle with conveniences such as public transport connectivity, work, shopping and entertainment right at their doorsteps.

Both blocks will be linked at the rooftop of the lower block to the midway-level of the higher block, offering stunning views of KLCC/Golden Triangle and the Bukit Bintang district.

The official launch of the Phase 1 serviced residences are slated for June or July.

According to a personnel from BBCC Development, the Phase 1 serviced residences will be priced indicatively at RM1,650 psf.

Prospective buyers may register their interest at BBCC’s sales gallery at Jalan Hang Tuah.

*** *** ***

Built on the former Pudu Jalil site, the total gross development value (GDV) for the 19.4-acre BBCC development is estimated at RM8.7 billion and the entire project will have a total gross build-up area of 6.7 million sq ft.

The planning approval for this project which was obtained in August 2015 comprises 6 blocks of serviced residences, a retail and entertainment block, a 4-star hotel with branded residences, a strata office and an 80 storey 3-in-1 signature tower housing a 5-star international luxury hotel, signature luxury residences and corporate offices.

A new transit hub will provide direct access to the existing Hang Tuah LRT and Monorail stations and the upcoming nearby MRT station at Merdeka PNB 118.

 

Bukit Bintang City Centre

Total Phases :   2 Developer :   BBCC Development Sdn Bhd      (a joint-venture between UDA Holdings Bhd,       Eco World Development Group Bhd, and       the Employees Provident Fund) Location :   Jalan Hang Tuah Masterplan :   Integrated Mixed Development Components :   Phase 1:-     (1) Shopping Mall and Entertainment Hub          – Jointly developed and managed by Japan’s            Mitsui Fudosan          – Zepp Hall Kuala Lumpur, a Live Concert Hall            to be operated by Sony Music          – 10-hall cineplex complex          – Banquet hall of 2,000-capacity          – A unique ‘Malaysia Grand Bazaar’ and alfresco            ‘Lifestyle Street’ with outdoor shopping          – Rooftop Park and gardens above the mall          – ‘Transit Hub’ for public transport (LRT/Monorail),            pedestrian connectors and bridge to Merdeka            MRT Station     (2) ‘Grade-A’ Strata-titled Commercial          – The Stride Strata Office (45 storeys)     (3) 4-star Hotel and Branded Residences          – The Ascott Bukit Bintang City Centre (36 storeys)     (4) 2 blocks of Service Apartment          – Tower 1 (53 storeys / 394 units)          – Tower 2 (40 storeys / 274 units)     Phase 2:-     (5) 4 blocks of Service Apartment     (6) An 80-storey mixed use Signature Tower           – 4 levels of Retail and Restaurants           – 24 levels of Corporate Office           – 18 levels of 5-star International Hotel           – 33 levels of Signature Residences Land Area :   19.4 acres Tenure :   Leasehold 99 years Commencement :   Q3 2016 Completion :   2021

 

View the embedded image gallery online at:
http://www.ptlm.com.my/index.php/about-us/insider/phase-1-of-bukit-bintang-city-centre-previews-this-saturday-indicative-price-of-rm1-600-psf#sigProIdd176af3834

Images courtesy of BBCC Development Sdn Bhd.

Massive commercial space glut by 2018 could trigger economic downturn Registration

“By 2018, we might have an oversupply in the commercial space,” he said in his keynote addresses at a conference organised by the Malaysian Economic Association here.

For the office and retail space market, there is a risk of oversupply particularly in the major cities, with a report by Jones Lang Wootton foreseeing an average of 4.9 million square feet of new office space being added to the market each year over the next three years.

This, Dr Sukhdave said, is significantly higher than the historical average of 2.8 million square feet of new office space added to the market annually between 2001 and 2015.

He noted that such a trend caused market complications in other countries.

“If we look at other countries, it is such [oversupply] that precipitated an economic downturn,” he added.

For the retail segment, BNM said there are signs of oversupply, particularly in Penang, Johor and the Klang Valley, despite the vacancy rates in some of these areas improving in recent years.

“By 2018, prime retail space per capita in the Klang Valley and Johor Bahru is projected to increase by about 43% and 119% respectively from their already relatively high levels.

“The emergence of more new shopping malls is likely to increase competition for tenants, resulting in higher vacancy rates, lower rentals and increased risk of dilapidation,” it added.

 

News Source: The Malay Mail Online, 24 March 2016

China Railway Group to invest US$2 billion in Bandar Malaysia Registration

This comes three months after it won the bid with joint-venture partner Iskandar Waterfront Holdings (IWH) to acquire 60% of equity in Bandar Malaysia for RM7.41 billion from 1MDB Real Estate Sdn Bhd (1MDB-RE). The announcement was made in the presence of Prime Minister Datuk Seri Najib Razak earlier on Monday.

The US$2 billion is for the development of an integrated complex in Bandar Malaysia.

It was reported that CREC is one of the front-runners of the High Speed Rail project from KL to Singapore which will which include Bandar Malaysia as its main hub.

CREC is one of the world’s largest engineering and construction firms, and also has businesses, among others, in industrial manufacturing, real estate development, and resources and mineral products. As of 2015, it is ranked number 71 in the Fortune 500, with a turnover exceeding US$100 billion per annum.

 

*** *** ***

To recap, 1Malaysia Development Bhd (1MDB)’s wholly-owned subsidiary 1MDB-RE will be selling 60% of wholly-owned Bandar Malaysia Sdn Bhd to a Consortium comprising Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC) for RM7.41 billion

Bandar Malaysia is a master-planned urban redevelopment of Malaysia’s first airport in Sungai Besi. The township is the country’s strategic real estate development leveraged to capture high multiplier effects and to spur a vibrant economy.

It will be developed over a 15 to 25-year period at a projected gross development value (GDV) of RM150 billion. The development is designed to become Malaysia’s new international landmark when completed.

The Bandar Malaysia development received planning approval from Dewan Bandaraya Kuala Lumpur (KL City Hall) on 26 October 2015. The “approval-in-principle”, granted based on Bandar Malaysia’s masterplan, is for a mixed-use development with an average gross plot ratio of 4.05, across the entire 486 acres site.

The development, located about 7km from Kuala Lumpur City Centre (KLCC) and just a little over 1km from 1MDB’s high-profile Tun Razak Exchange (TRX), is expected to serve as a catalyst for the transformation of Greater Kuala Lumpur, as it is aimed to be the city’s gateway for the proposed High Speed Rail (HSR) project between Kuala Lumpur and Singapore, and possibly up to Bangkok in the future.

Tan Sri Lim said that the development should attract MNCs due to its efficient transportation between Singapore and Bangkok.

“It gives us the best opportunity to build something that can attract foreign businesses here. Once the HSR is done, its only an hour to Singapore. And if we have a connection to Bangkok, it is another two hours. This will open up a destination for them as their regional office in Bandar Malaysia.”

“We need to bring that kind of tourism. With the spillover effect, it will help stop Malaysia’s brain drain of talents as well,” he said.

Bandar Malaysia will be the country’s future leading transport-oriented development (TOD) as it becomes a central transport hub in the city via Mass Rapid Transit (MRT) Line 2 and Line 3, KTM Komuter and the Express Rail Link (ERL).

There are also advanced plans by the government to improve and provide new highway connections to 12 other highways from the city centre to the south that will seamlessly link Bandar Malaysia to other areas within Greater Kuala Lumpur.

According to Bandar Malaysia’s website, it aims to become a beacon for international businesses seeking to establish a footprint in Malaysia and the ASEAN region. Its masterplan includes a blueprint for creating quality city living, establishing a global business and financial centre, and creative enterprise hub, and becoming a retail, lifestyle and tourism destination.

The main feature of Bandar Malaysia is that it will host an integrated underground city modelled after Montreal’s Underground City in Canada, which is the largest underground complex in the world.

A massive 32km tunnel-network of pedestrian walkways spread over more than 12km squared, the city beneath downtown Montreal in Canada intersects with seven metro stations, two commuter train stations and a regional bus terminal. The passageways allows approximately half-a-million people daily to reach some 2,000 shops and restaurants, 10 major hotels, museums, theatres and universities.

“Everything will be in the basement except for commercial buildings such as our towers and the landscape park, which will be above the city. Bandar Malaysia will be five times bigger than KLCC and its park, which is about 100 acres altogether,” said Tan Sri Lim.

The underground city in Bandar Malaysia will become the world’s second largest and will completely shelter its inhabitants from tropical weather conditions.

Bandar Malaysia will be home to a Global Business District, an international financial centre and managed business park with features including smart offices, robust digital infrastructure, future-proofed work spaces, a comprehensive security masterplan and more.

Supporting these will be a One-Stop Government Service Centre whose aim is to facilitate commerce and enterprise, and the Executive Learning Institutions that aims to produce talent required to support leadership development of the nation.

Its Retail Lifestyle Cluster will introduce a new shopping experience. Experiential shopping concepts will be combined with ground-breaking architecture to create a vibrant shopping experience which would capture both global and local fashion designers, artisans and traders, hence emerging as an entrepreneurial centre for trendsetting ideas.

The public realm of Bandar Malaysia will be leveraged upon to create a memorable shopping experience, with landscaped retail boulevards with wide pedestrianized corridor that can double up as fashion runways and parade grounds for events and festivals.

The Creative Enterprise Hub in Bandar Malaysia will be a natural home for companies operating in the high-end services industries – arts and culture, science & technology, multimedia, fashion and design. This is made possible by Bandar Malaysia’s strategically planned commercial, office, R&D centres and incubator spaces.

There is more to a thriving creative hub than just workspaces. The people working here will have an outlet for their creativity, with its strong cultural offerings in the form of theatres, cultural museums and studios, turning the hub into a magnet for talent, both local and foreign.

Bandar Malaysia’s GLEW Tourism Hub encapsulates its ambition to target specific sectors of the tourism industry: the Gastronomy, Leisure, Entertainment and Wellness tourism markets. Each of these segments will have its own respective requirements, from vibrant retail clusters and magnificent food courts showcasing Malaysia’s diverse gastronomic and culinary culture, to serene parklands and amenities promoting health, wellness and community congregation.

The Affordable Living Enclave will be Bandar Malaysia’s answer to providing the supporting workforce with quality homes, safe and secure environment, eco-friendly lifestyle and sustainable living. This enclave will offer an immediate population catchment to meet the needs of the entire development.

 

*** *** ***

1MDB further clarified that whilst the Government of Malaysia has designated Bandar Malaysia as the terminus for the HSR project, the sale of equity in the Bandar Malaysia project is not in any way linked to the eventual award of the HSR project, nor has 1MDB or the Government of Malaysia made any representations or agreements to that effect.

1MDB and the Consortium both confirmed that HSR is an entirely separate project, whose award will ultimately be determined jointly by the Governments of Malaysia and Singapore, per a separate process, that is and will not be linked or be contingent on, in any way, to the sale of 1MDB equity in the Bandar Malaysia project.

 

View the embedded image gallery online at:
http://www.ptlm.com.my/index.php/component/k2/11-insider/china-railway-group-to-invest-us-2-billion-in-bandar-malaysia#sigProIdee72465580

All images courtesy of Bandar Malaysia Website.

 

Is technology a threat to Malaysian real estate agents? Registration

Make a few taps on your mobile device and you would have access to thousands of property listings around the world.

Make a few more taps and you could, if you wanted to, put down a deposit on a property or rent one.

For the consumer, the benefits are obvious — the easier, quicker and cheaper the process, the better.

For real estate agents, technology is a double-edged sword. You could use it to your advantage or lose out if you can’t deal with the competition.

The main concern would be, one would presume, that technology could easily cut off the services of an agent.

For instance, Asia Capital Management, the creator of Speedrent, a mobile application that offers a platform for landlords to find tenants and vice versa, has also introduced its first tenancy agreement mobile signing app, Speedsign, which allows landlords and tenants to sign the tenancy agreement online.

The Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA) is taking note of such developments.

BOVAEA estate agency practice committee member K Soma Sundram told TheEdgeProperty.com that there is no harm in using websites or applications to promote a product for advertising purposes, but if transactions are made and commissions are received, then it means the law has been broken.

“I have been in the industry for about 30 years. In the old days, the only marketing tool and source of property information was the newspaper.

Today, the buyers have so many avenues to source for information. Social media also plays an important role,” he said.

He concurred that the emergence of property websites and web application technology has transformed the industry, making the transaction process faster and easier as buyers can now get the desired information through the Internet and on mobile devices.

For real estate agents, there are more avenues for them to promote their properties.

However, Soma stressed that buyers have to be cautious when using new media technologies. For instance, although there are some parties offering online services to help developers sell their projects, buyers must bear in mind that these providers are not registered real estate agents who could provide them with quality services to them.

Only registered real estate agents as specified in section 22C of the Valuers, Appraisers and Estate Agents Act can act as agents in selling, purchasing or letting any property,” he added.

The Malaysian Institute of Estate Agents (MIEA) president Erick Kho told TheEdgeProperty.com that the changing rules of the game may form a threat to real estate agents but he believes they attract only a specific group of customers.

“I have spoken with MIEA members on this issue. Most of them say they are not affected by online property marketing portals or mobile apps as they too use existing mobile applications such as WhatsApp, Line or Wechat or social media platforms such as Facebook to promote themselves and their listings to potential customers,” he remarked.

Although some agents feel threatened by these new media players, they believe that good service is still the key to sustaining their business.

“The critical quality that homebuyers or tenants look for, and this is something that online portals or mobile apps cannot give easily, is service,” Kho said.

Globally, there is a wider range of websites that offers innovative services that are changing the way a deal is closed.

For instance, feeDuck in Canada is an online service that allows real estate agents to bid for new listings by lowering their commission rates, thus providing property owners and landlords a platform to select the agents that suit their requirements.

Meanwhile, Hello Real Estate of Australia, marketing itself as the Uber of real estate, charges a fixed fee for selling properties. It also offers independent home valuations, and conveyancing and legal services to see the sale through to the end.

 

If you can’t beat them, join them

MIEA recently decided to invest in upgrading the organisation’s website to include more services to its members.

“We [real estate agents] know that almost 80% to 90% of property seekers look for potential investments through the Internet or mobile apps. So instead of seeing this trend as a threat, we should turn it into an opportunity,” Kho remarked.

MIEA plans to invest RM1 million in the next two to three years to revamp the website, adding more functions, such as property listings and accounting or calculation apps, thus making the website a platform for agents to expand their business.

Kho hopes these additional services and online tools will encourage more real estate agents to join MIEA as members.

“Currently, the association has 2,000 members, but there are about 20,000 real estate negotiators (REN) and real estate agents (REA) in the industry and we look forward to seeing them join MIEA,” he said.

MIEA is the registered professional body serving the needs of real estate agents and negotiators in Malaysia.

 

Targeting different segments

Meanwhile, Asia Capital Management founder and CEO Wong Whei Meng said real estate agents and related technology services could co-exist as they target different segments of customers.

“There are three types of landlords:-

1. People who are too busy and too rich,

2. Pople who want to do it themselves, and

3. People who just want to rent out their property as soon as possible,” he said.

The first group (the rich and busy) will definitely engage with agents to take care of their renting process. It is the second group – who want to do things themselves – will try to find other ways .

“It is the third group that we will have direct competition with,” Wong commented.

Speedrent allows landlords to put up the listing themselves while potential tenants can choose the preferred houses based on their budget, location or property type.

No fee is imposed on the landlord, but the landlord is required to give a 50% discount on the first month’s rent.

“We are not targeting those looking to rent a room or commercial properties,” Wong remarked.

Speedsign is a mobile app that complements Speedrent. It allows the tenancy agreement to be signed on the spot, saving time and money for both parties.

“Since launching Speedsign in November last year, we have received overwhelming response from the public. Currently, we have 500 users for this online agreement service,” he added.

 

Is it legal?

Chur Associates Sdn Bhd managing partner Chris Tan said there is a need for technology in agreement signing to cater for the needs of the IT society.

People nowadays cannot do without their mobile phones and they tend to access everything through the Internet or designed applications.

“Technology can help to enhance and improve the transaction process and even raise the number of transactions. Technology that allows buyers and sellers to deal directly with each other means that lawyers will have more opportunities in finalising and concluding agreements.

“The usage of technology also removes the boundaries of communication, especially at the international level where the respective parties need not be present physically to sign the agreement,” Tan said.

He noted that signing the agreement digitally or online saves time because obtaining signatures in person is so cumbersome when people are on the go or in a rush. Furthermore, it helps to save postage and courier cost and promotes a much greener solution.

However, there are certain drawbacks.

Although online agreement signings constitute a valid contract under the Digital Act 1997, there may be problems in stamping the agreement as required under the Stamp Act 1949 — as the Act requires a hard copy of the tenancy agreement to be submitted for stamping.

“Furthermore, there could be problems such as a forged digital signature, or complications which may arise when there are amendments to be made to the clauses in the agreement after signing, or the possibility of the online application or system being hacked,” Tan said.

He noted that in property transactions, if the buyer takes a loan, the bank will require the purchaser and borrower to initial on each page of the physical original copies of the SPA and loan documents for security reasons. This means that there is still a need for the physical agreement.

To make online agreement signing viable, Tan emphasised that confidentiality issues need to be addressed, such as in controlling the disclosure of information. “Although the firewall or software can be strengthened or improved to lower the chances of information leakage, undeniably, the possibility still exists.”

 

This article was adapted from:
Technology: A threat to real estate agents?” written by Tan Ai Leng on The Edge Property, 20 March 2016.

Wow, 26% of the richest Malaysians are considering leaving Malaysia! Registration

About 26% of Malaysian ultra high net worth individuals (UHNWIs) are considering changing domiciles – the second highest rate in the world after China, at slightly over 30%, said Knight Frank Malaysia managing director Sarkunan Subramaniam.

He said the lack of opportunities in business and education could contribute to this figure, despite the government trying hard to improve these areas, he said at the launch of “The Wealth Report 2016” today.

“This trend will continue as Malaysians have become more and more international. Sometimes, it is possibly due to lack of opportunities here. Of course, our government is trying to improve [this situation] and this could be one of the push factors [to encourage Malaysians to remain in the country],” Sarkunan said.

He said if Malaysia continues to be not as liberal – in terms of doing business – as it used to be, it could result in more Malaysians moving to other more liberal countries in the future.

Ample business and education opportunities were available in cities such as London and New York. These were considered as pull factors that were luring wealthy Malaysians to leave their home country for greener pastures abroad.

In 2015, 2,206 EPF members took out a total of RM154.6 million before leaving the country, EPF chief executive officer Datuk Shahril Ridza Ridzuan was reported as saying last month.

This number was 23% more than the previous year, when there were 1,787 withdrawals totalling RM99 million.

More than 2 million Malaysians are estimated to have emigrated since independence in 1957.

*** *** ***

Knight Frank Malaysia highlighted that property remained a hugely important element of Malaysian UHNWIs investment portfolios despite the sharp decrease in the number of Malaysian UHNWIs last year.

“There are 35% of (Malaysian UHNWIs’ investment) portfolio allocated to property. We know that property is extremely important for Asians, especially to Malaysian UHNWIs. 

Malaysian (UHNWIs) always have more property than (other) Asian countries,” said Knight Frank Asia Pacific head of research Nicholas Holt.

However, 65% of Malaysian UHWNIs have increased their asset allocation to residential property in the past 10 years, and 65% of them are ready to increase their allocation in the next 10 years.

“In fact, 39% of Malaysian UHNWIs are considering a residential purchase in 2016, while only an average of 29% of UHNWIs worldwide are considering that,” Holt noted, adding that Malaysian UHNWIs own more properties on average.

The report showed Malaysian UHNWIs own 4.7 properties on average, while the global average is 3.7 and Asia’s average is 3.92.

Sarkunan said Malaysians continue to put more faith in brick-and-mortar because property has given them very good returns over the last decade.

“We believe property will continue to do so (giving good returns) in the next 10 years. Property has consistently outperformed many other asset classes in Malaysia,” Sarkunan reckoned.

*** *** ***

Sarkunan noted that Malaysian UHNWIs have a growing appetite for properties abroad, particularly in London, United Kingdom and Melbourne, Australia.

Concurring this is Knight Frank Malaysia international project marketing senior manager Dominic Heaton-Watson who said that London and Melbourne both are the favourite property investment cities for Malaysian UHNWIs.

“They love London and Melbourne for their higher education standard, business environment, geography strength and it is a safe haven. Generally, this trend has not changed over the years,” said Heaton-Watson.

“Malaysians have become much more international today. Malaysian developers are also developing property projects overseas, so this is one of the reasons why Malaysians are buying property overseas (from local developers with projects abroad and to move out from Malaysia),” Sarkunan added.

“However, I don’t think 26% of them seeking to change domicile is very significant in the global market.”

As at last year, there were 993 UHNWIs in Malaysia, down by 15% from a year ago, which is the most among the 14 surveyed countries.

The report defined a UHNWI as someone with a personal net worth of over US$30 million (RM124.3 million), excluding their primary residence.

Besides residential properties, Knight Frank Malaysia capital markets executive director James Buckley said Malaysian UHNWIs are also eyeing overseas commercial property, while it is also one of the preferred commercial property investment targets for global UHNWIs.

“Kuala Lumpur (itself) is seeing rising new supply of commercial properties in 2015 and 2016, and we do see a gradual increase in interest from ultra-wealthy Malaysians in commercial properties, mainly targeting Malaysia, the UK and Australia,” he said.

 

News Source: The Edge Property, 15 March 2016

Selangor freezes approval of new service apartments, SoHos and SoVos for 6 months Registration

The Real Estate and Housing Developers’ Association Malaysia (REHDA), in a letter dated 7 March 2016, informed its Selangor members of this development after receiving a notice from the Selangor Housing and Property Board (LPHS).

“LPHS issued a letter informing that the state has decided to freeze the approval for all applications of service apartments, SoHos and SoVos submitted after 1 January 2016 for a period of 6 months, pending the issuance of new planning guidelines for such developments,” said REHDA Selangor chairman Datuk Khor Chap Jen in the letter.

When contacted by SunBiz, REHDA confirmed that the letter had been sent out to its members in Selangor. However, the association was unable to immediately respond to queries raised as it will only hold a meeting tomorrow to discuss the issue.

Freezing of property development projects is not new in Malaysia. The Johor government in December 2014 rejected applications for serviced apartments due to oversupply. A few SoHo projects in Penang were frozen due to their unclear status – whether they were commercial or residential properties.

Property experts lauded the Selangor government’s move to halt such developments in view of the current challenging times in the property sector.

Malaysian Institute of Estate Agents (MIEA) immediate past president Siva Shanker even opined that the state government should have done this two years ago.

“In the last few years, there have been a lot of apartments and condominiums being built and sold. That sector of the market is clearly oversupplied and the market started to feel the pinch last year.

“All those units will come into the market about the same time and it is going to create a glut, especially during a market downturn, the glut will be a double whammy,” he said.

Siva said the SoHo and SoVo segments are most severely affected by the oversupply and it will have the most effect during an economic downturn.

“The quantum of this segment is large enough and it has the power to drag other things down,” he noted.

According to statistics compiled by the National Property Information Centre (NAPIC) Selangor had 25,811 units of serviced apartments yet to be sold in the third quarter of 2015, with an incoming supply of 32,866 units. Figures for SoHos and SoVos were not immediately available.

UPDATE: Selangor had 4,302 units of service apartment yet to be sold in the fourth quarter of 2015, with an incoming supply of 33,647 units. As for SoHo, Selangor had 2,731 units unsold with an incoming supply of 9,623 units in 4Q15. Planned supply (projects with building plan approval but yet to be constructed) for serviced apartment and SoHo stood at 7,692 units and 3,446 units respectively.

A property analyst who declined to be quoted, however, said the ban should not be applied across the board as the supply and demand dynamic won’t be the same for different areas.

“Normally SoHos, SoVos and service apartments attract more investors, that could be one of the reasons for the state government to impose such a measure. But certain segments of service apartments are really needed. If you constrain the supply further, when the demand returns, you’ll push prices up,” he said.

Meanwhile, Siva pointed out that most of the service apartments in the country are not up to industry standard.

“Many of these units have been sold and marketed as serviced apartments because of the commercial title. Many of them don’t really have service. Serviced apartments are equivalent to hotels, you should have services like a lobby, concierge and room service,” he said.

 

News Source: SunBiz, The Sun Daily, 11 March 2016

Property prices from RM500,001 to RM700,000 have highest loan rejection rate Registration

About 30% of respondents agreed that properties priced from RM500,001 to RM700,000 faced the highest rejection rates, while 28% of respondents said properties priced from RM250,001 to RM500,000 faced the highest rejection rates, whereas 16% of respondents said properties from RM700,001 to RM1 million were most likely to experience financing issues.

“Currently, the RM200,001 to RM500,000 priced residential houses are still the most launched in the market for six states in the second half of 2015 – Kedah, Kelantan, Pahang, Perak, Melaka and Terengganu.

Subsequently, the most launched houses priced in the RM500,001 to RM1 million segment for the second half of 2015 are for the states of Negeri Sembilan, Selangor, Penang, Johor and Wilayah Perseketuan,” said REHDA president Datuk Seri Fateh Iskandar Mohamed Mansor who presented the survey findings to the media this morning.

According to him, the high loan rejection rate will really impact aspiring homebuyers, especially those who are buying for the first time.

“We note that first-time homebuyers have increased from 36% in the first half of 2015 to 47% in the second half of 2015 while investors have decreased from 23% in the first half of 2015 to 13% in the second half of 2015. The survey also noted that 62% of buyers say they buy for their own stay, so most of the buyers are really purchasing for self-dwelling and not for speculation,” he noted.

There were also fewer new launches in 2H2015 compared with 1H2015.

The survey, which was held from July to December last year, was carried out by REHDA to assess the property market performance for 2H2015, the property market outlook for 1H2016 and the sentiment of developers on 2H2016.

He said there is no denying that there are speculators, but their numbers are very minimal.

“The figures are really insignificant and they do not impact the property market at all,” he said.

Datuk Seri Fateh Iskandar, said REHDA’s survey found that loan rejection was the number one obstacle for developers in the second half of 2015, with more than 68% of respondents saying having more than 30% unsold units.

“Most of the unsold units were affordable houses, and that strict mortgage lending conditions were denying aspiring owners their first homes. The rejection rate for affordable housing loan applications was above 50%, and that strict lending rules were hurting the property market,” he said.

But despite banks being cautious with lending, REHDA said the take-up rate for new homes was still relatively good. As an example, in the affordable segment, units sold increased in the second half of 2015.

Sales of apartments or condominiums, the preferred housing for most young families in the country’s major cities, rose by 120% from 779 in the first half to 1,844 in the second.

For the same period, single storey terrace houses sales doubled from 300 to 616 while low cost or flats units sales rose close to 170 from 466 in the first half.

But he said the property market was still in a slowdown. In the second half of 2015, more than 46% of houses in the RM500,000 range, mainly in primary areas in Selangor and Johor, were unsold.

“Gone were the days where people were queueing up when there is a launch. Before 2014 when there is lauch properties would be sold out in just a week.

“Now it can take up to six months to reach the 60% target. So things are not the same as before,” the Rehda president said, adding that this is despite house prices stabilising.

Property prices have more or less remained the same in most states, with developers focusing more on affordable housing launches for 2015, and the trend looks set to continue this year.

Commenting on whether the high household debt is the reason for the rejection, he noted that approximately 30% of it comprise mortgages, 20% automobile loans and while the rest is made up of credit cards and personal loans.

“As compared to other countries such as Australia, their current household debt is standing at approximately 82%, with mortgages constituting almost 70%, so our country’s figure is little as compared to theirs,” he noted.

He cited that Malaysia’s household debt currently stands at 87.9% of gross domestic product (GDP) according to Bank Negara Malaysia’s latest figures.

According to the survey, 62% of the respondents agreed that the Developers Interest-Bearing Scheme (DIBS) should be reinstated for properties below RM500,000 for first-time homebuyers, with 65% of them expressing that DIBS will help to improve their sales performance.

“We are not asking for DIBS to be given to all homebuyers, but for those who genuinely want to own their own house for the first time. This will ensure that there is no speculation in property prices, yet the right people will benefit from them,” he said.

The REHDA president said most developers remain pessimistic about 2016’s outlook and expect sluggish growth in the property market throughout the year.

Despite rising costs of production, REHDA said property prices are expected to remain the same for 2016 as developers would likely absorb costs to boost sales.

Meanwhile, in another property forum entitled “Property Market 2016: What to Expect?” held today, the moderator of the forum, REHDA deputy president Datuk Soam Heng Choon noted that the slowdown in new launches could augur well for the future as it means that the property players are trying to balance up market supply and demand.

“The performance of the second half of 2016 is more or less dependent on the performance and sentiment level of the first half. We are hoping things will be better and cautiously optimistic about the industry’s performance this year,” Soam remarked.

 

News Source: The Malay Mail Online and The Edge Property, 9 March 2016

Subang Jaya’s latest ss15 Courtyard shopping mall hits 80% occupancy rate Registration

“ss15 Courtyard has over 80% occupancy, with retail and F&B outlets and many more brands to be added to this distinctive and upscale mall soon,” said mall management director Woo May Foong.

Owned by Titijaya Asset Sdn Bhd, the shopping mall with 300,000 sq ft gross built-up area had its official opening in December last year.

It consists of three levels of retail and one basement level. There are four levels of elevated car park and one level of basement car park, providing a total of 600 car park bays.

ss15 Courtyard is located in SS15 Subang Jaya. It features 50 specialty stores and F&B outlets, with notable tenants including Loud Speaker, Pet Lovers Centre, Thinker House, Body Tone Studio, Rakuzen, Naj & Belle, Naughty Nuri’s, Putien Restaurant, and Jibby Chow.

Since the opening of the First Subang development, a Giant supermarket operated at the lower ground floor, which had ceased operation on 29 February recently. The mall management will be replacing it with a potential supermarket or grocer tenant, which has not been revealed.

“ss15 Courtyard was designed to be a contemporary lifestyle destination for the neighbourhood community in Subang Jaya. We are committed to serving the different lifestyles, aspirations and recreational needs of our shoppers and visitors,” said Woo.

She also added that the mall does not only cater to the growing needs and demands of a more affluent and sophisticated community but also serves to reinvigorate and redefine the overall neighbourhood shopping and dining experience.

 

News Source: The Edge Property, 7 March 2016

 

View the embedded image gallery online at:
http://www.ptlm.com.my/index.php/component/k2/25-malls-and-malls/subang-jaya-s-latest-ss15-courtyard-shopping-mall-hits-80-occupancy-rate#sigProIdbf74533ff0