70% of Eco Somerset shops with prices from RM1.8 million snapped up in a day Registration

Eco Sanctuary general manager Ho Kwee Hong told TheEdgeProperty.com around 200 interested buyers had attended the launching and balloting event held at the Eco Sanctuary sales gallery yesterday.

“The balloting started at 10am, and 70% of the units were chosen by buyers who had dropped their cheques into the balloting box,” she said.

Eco Somerset comprises 88 units of 2-storey and 3-storey shop offices with built-up sizes between 3,000 sq ft and 6,000 sq ft.

In this balloting event, only 65 units were put up for sale as 23 units were allocated for the company’s associates and staff.

The shop offices with selling prices starting from RM1.8 million, which averages RM600 psf, are designed to cater to the daily needs of residents and will include retail, F&B and other services such as laundry service.

Ho noted that the 3-storey corner units – which are selling for RM3.6 million – are the most popular type, with most of the units taken up. However, she didn’t disclose the number of units sold.

“Some buyers are business owners who plan to start their business here, some of them are buying for investment purposes. The ratio of is about 50:50,” she added.

Currently, there are about 20 units left.

Eco Somerset is also the first phase of the Eco Sanctuary City development, the commercial component of the township by Eco World Development Group Bhd (EcoWorld).

Ho said the company is now planning the second phase of Eco Somerset, which consists of 68 units of shop offices with a similar concept and layout, and expects to launch the project by year-end.

“Registration has started. Buyers can register their interest with us or grab a chance to own limited units from phase one,” she added.

Ho noted that for investors, the company will also provide free-of-charge match-making services to help owners find tenants to occupy their ground floor.

Besides this, in order to encourage owners to bring in good quality tenants, Eco Sanctuary will evaluate and offer incentives, either by subsidising the franchisee fees or 3% of the property purchasing price, to owners who secure a deal with good franchise brands.

 

News Source: The Edge Property. 25 April 2016

Over 1,200 units snapped up at balloting event for PPA1M Metropolitan Kepong Registration

According to the salesperson of developer JL99 Holdings Sdn Bhd, all 1,230 units of the said project has been fully sold.

The development consists of two blocks of affordable apartments opened for civil servants only. It is built on 8.2-acre leasehold land directly next to the Middle Ring Road 2 (MRR2) highway and Kepong Metropolitan Park.

PPA1M Metropolitan Kepong offers 4 built-up sizes which are 850 sq ft (3-bedder), 1,000 sq ft (3-bedder), 1,200 sq ft (3-bedder) and 1,500 sq ft (4-bedder).

Likewise affordable homes concept, prices for all similar sizes are fixed at a flat price regardless of floor. They are priced RM90,000, RM150,000, RM240,000 and RM300,000 according to the sizes respectively.

All units come with yard, balcony and an additional utility room for built-up of 1,000 sq ft onwards.

The smallest size is strictly reserved for civil servant who earned a monthly income of RM1,200 and below.

JL99 Holdings’ ongoing projects include The Reach @ Titiwangsa, LakePark Residence @ KL North in Selayang and the redevelopment of 1Razak Mansion in Sungai Besi.

The company has plans to launch Plot 2 Non-Affordable Housing Category of the Kepong Metropolitan Park to the public later this year and an upcoming project in Taman Sri Sinar in Segambut.

Property market to pick-up again in 1-2 years time, says iProperty’s CEO Registration

He said although it was a buyers’ market now, purchasers were still holding back on new acquisitions due to their inability to raise adequate loans, weaker ringgit and reluctance over the Goods and Services Tax (GST).

“A continued slowdown is expected and higher loan rejection rates point to a challenging year for the property sector,” he told reporters when disclosing the findings of a market sentiment survey for the first half of 2016.

Chmiel said although Malaysians were concerned of rising house prices and affordability, properties were still viewed as the most attractive investment choice.

The survey also revealed that property purchases was not only the most preferred investment option for the respondents, due to capital growth appreciation, but also more stable compared with other assets.

“Based on the survey done by iProperty Group, 79 per cent of Malaysians were still interested to purchase properties within the next six months,” he said.

Chmiel said despite government efforts to provide more affordable housing, 66 per cent of the respondents, especially Kuala Lumpur-based home buyers, felt that there was inadequate affordable houses.

He said the weakening ringgit had also attracted more Singaporeans to invest in Malaysia especially in Iskandar Malaysia.

The survey polled almost 13,000 respondents from Malaysia, Indonesia Singapore and Hong Kong with 40 per cent of them coming from Malaysia.

Seventy one per cent of the Malaysian respondents were aged between 20 and 40 years old and 58 per cent were married.

 

News Source: Malaysian Digest Business, 29 March 2016

Both the Malaysian property market transaction volume and value fell in 2015 Registration

The report also indicated that the overall property market transaction value has declined by 8% to RM149.9 billion in 2015 from RM162.9 billion in 2014.

This was the first decline in transaction value in six years as the last decline noticed was in the year 2009 when transaction value declined 8.3%.

In conjunction with the release of the report today, Deputy Finance Minister Datuk Chua Tee Yong told reporters that the soft property market scenario is expected to continue in 2016.

“Residential sub-sector remain the strength in the property market (in 2015) and capable to drive the industry due to emphasis given by the 11th Malaysia Plan and Budget 2016,” he said.

Residential sub-sector continued to lead overall property market in 2015, constituted 65.2% of total transacted volume, followed by agricultural (18.4%), commercial (8.8%), development land (5.7%), and industrial (1.9%).

The residential sub-sector transacted volume dropped 4.6% in 2015, while all of the other sub-sectors also fell in the range of 2.4% to 13%.

In terms of value, except for agricultural and development land, which posted growth of 2.9% and 14.9% respectively, all other sub-sectors recorded declines in the range of 10.5% to 17.6%.

Chua pointed out that the Malaysian Housing Price Index (MHPI) had moderated as at the fourth quarter of 2015, registering 227.5 points (at base year 2000), up by 5.8% on an annual basis, which is significantly lower than the 5-year average growth of 9.6%.

Among the key states, the slowest on-year growth was recorded in Johor (+5.6%) and Penang (+5.8%).

“This is the first time since 2011 that the index saw a decline of 0.8% on a quarter-on-quarter basis, resulted from various cooling measures to contain housing prices,” he added.

Kuala Lumpur HPI growth was better at +6.4% year-on-year followed by Selangor’s +6.2% year-on-year.

“We believe that the outlook for property price is better in Greater Kuala Lumpur (Klang Valley: Selangor and KL) due to the support from urbanisation factor. On a quarterly sequential basis, HPI declined for the first time since the fourth quarter in 2008,” Chua said.

Chua also said that the increase in offerings through housing programmes announced in Budget 2015 and 2016 is expected to inject more affordable housing for Malaysian citizens with moderate income.

“Overall new launches are expected to be slow (in 2016), allowing the property market to absorb completed unsold units from time to time,” he said.

“In view of more than 50% of new launches in 2015 [falling] under the price range of RM500,000 and below, 2016 market pattern is expected to continue (to) be dominated by affordable housing,” he added.

Meanwhile, he also foresees that the performance for office market is estimated to be flat in 2016 followed by additional new spaces to be added into the market.

“Pressure will be expected to continue on office space rental, especially buildings with tenants related to the oil and gas industry,” he explained.

Nevertheless, he stressed that various incentives and activities in building infrastructure and public transport network will help to support the long-term growth of the property sector.

Latest Bank Negara statistics show that “Applied Loan for Purchase of Property” fell 4% year-on-year in February 2016 to RM17.83 billion. Although this is a slight improvement from the 12% drop in January 2015, it is still lower on-year.

On a monthly basis, the data was 18% lower due to seasonally lesser property loan in February in view of festival celebrations.

Kuala Lumpur-based research house MIDF Research opines that consumer appetite on big ticket items such as property and car remains low due to record high household debt coupled with elevated cost of living.

The latest publication from Malaysian Institute of Economic Research (MIER) shows that the Consumer Sentiment Index (CSI) is at all-time low of 63.8 as at the fourth quarter of 2015, significantly lower than the aftermath years of the 2007-2008 Global Financial Crisis.

As a relative comparison, consumer confidence in Malaysia averaged 103.32 from 2005 until 2015, reaching an all time high of 124.10 in the first quarter of 2007.

Caroline Russell, CEO of Malaysia’s homegrown tea maker Boh Plantations, told CNBC in an interview with “Managing Asia” in October last year: “Malaysians are beginning to feel the pinch after what has been a difficult year for Malaysians, especially with the introduction of the goods and services tax (GST) in April.”

Russell was referring to the implementation of the 6% GST in April last year, with the aim of reducing the country’s budget deficit.

MIDF Research believes consumers are likely to continue deferring big item purchases in the near term.

 

One Maxim has received more than 70% reservations over the weekend Registration

The developer’s latest project, One Maxim @ Sentul KL, is a 39-storey apartment located along Jalan Sentul Pasar in Taman Pelangi.

To be undertaken by subsidiary company C&G Maxim Sdn Bhd, the mixed-use project is built on a vacant 99-year leasehold land at the corner between Jalan Sentul Pasar and Jalan Pelangi 2.

The project consists of 420 apartment units built above a 8-storey podium consisting of residents’ carpark bays and 8 blocks of 3-storey stratified retail shop-offices.

The shop-offices are not open for public sale for now.

The rooftop of the podium will house the apartment facilities such as a swimming pool, wading pool and gymnasium.

One Maxim features four sizes which are Type A/A1: 650 sq ft (2-bedder); Type B/B1: 819 sq ft (3-bedder); Type C/C1: 844 sq ft (3-bedder plus a balcony); and Type D: 819 sq ft (3-bedder corner unit).

The floor plan is designed to be “L-shaped” allowing 10 units per floor a spectacular KLCC or KL City view whereas another 6 units on the same floor face the swimming pool view.

Each floor is served by three passenger and one service lifts. Every unit comes with 1 carpark bay while selected units come with 2 carpark bays for a premium of RM25,000.

Prices start from RM323,950 or RM498 per sq ft.

This is one of the lowest per-square-foot-wise for a new launch property in the Sentul and Setapak districts, excluding Sky Awani Residensi, an award-winning RUMAWIP affordable home scheme.

Maxim Holdings will offer attractive rebates to ease the downpayment and additional rebates for purchasers who are able to sign SPA within 14 days of the official launch.

Interested prospects were asked to register and make non-obligatory reservation for the unit they are keen to purchase.

The developer is confident of converting a majority of the reservations it received since Friday into actual sales when the project is officially launched in June or July.

As of Sunday afternoon, the company has received reservations for approximately 80% of the units offered, at the point of writing.

According to various postings on the Internet, a proposed commercial centre including a shopping centre or hypermarket is expected to be built adjacent to the One Maxim site.

Maxim Holdings will be completing the adjacent Maxim Citylights mixed development (under Meridian Maxim Sdn Bhd) by the end of this year while Maxim Residences @ Cheras KL (under Trillion Maxim Sdn Bhd) in Taman Len Seng is on schedule to be completed by July 2017.

Later this year, the developer will be launching a new mixed development project consisting of 2,136 apartment units and commercial shop-offices in Taman Connaught, Cheras.

 

Scale model of One Maxim.

 

Units layout of One Maxim.

 

One Maxim is a 39-storey apartment located along Jalan Sentul Pasar in Taman Pelangi.

 

Japanese convenience chain FamilyMart ventures into Malaysia Registration

The company plans to open 300 outlets within five years, or 60 stores per year, with the first to be operational by end-2016. The location of the first outlet has not been decided.

In a filing with Bursa Malaysia today, QL Resources said its wholly-owned subsidiary Maxincome Resources Sdn Bhd earlier in the day signed the area franchise agreement for the development and operation of Japan-based FamilyMart convenience stores in Malaysia.

The 20-year agreement is renewable for subsequent periods of 20 years each at Maxincome’s option and becomes conditional once the company successfully registers as a franchisee with Ministry of Domestic Trade, Co-operatives and Consumerism, the filling said.

In a separate statement, QL Resources said the Japan-based FamilyMart provides a strategic downstream expansion of QL Resources’ existing food and manufacturing distribution businesses.

The convenience store chain is known for its wide range of quality, ready-to-eat food and beverage offerings besides convenience items.

“FamilyMart’s philosophy and values resonate with QL Resources’ mission of providing nourishing agro-based products for the benefit of all. Their emphasis of delivering quality food is also a value that QL Resources, as a food company, values and sees synergy in,” said QL Resources in the statement.

“In addition to this synergistic effect, this expansion is a long-term investment which also opens up bigger growth opportunities in the consumer market for the group. It fits into our strategy of strengthening and expanding integration of the group’s value chain,” it added.

QL Resources said that FamilyMart’s brand could be favoured as consumer lifestyle increasingly demands convenience with a comfortable and enjoyable experience.

“Among the factors weighing in their (FamilyMart) favour are the increasing urbanisation and per capita consumption, young population demographic, and a growing trend of proximity and convenience retail,” it said.

FamilyMart meanwhile said it has an exciting opportunity in Malaysia, where the economy is growing and consumer spending is on the increase.

“This expansion into Malaysia is in line with our growth strategy and in QL Resources, we have found a partner who has the capability and integrity to develop the brand with us in this country,” it added.

It said that this venture is one that will have a long gestation period, and thus, will not have a material financial effect for its financial year ending 31 March 2017 (FY17).

In October 2013, FamilyMart opened its 10,000th store in Japan. As of March this year, FamilyMart operates a total of 17,540 stores in Japan and across 6 other Asian countries including 2,952 stores in Taiwan and 1,306 stores in Mainland China.

Malaysia’s convenience store industry, which makes up just a fraction of the country’s grocery retail market, is still dominated by 7-Eleven Malaysia Holdings Bhd, where 82% of stores in the category were of the group’s as at March 2014.

On 18 June 2014, 7-Eleven opened its 1,600th store in Solaris Dutamas featuring a new concept look and feel. It has 1,944 stores in the country as of the end of December 2015 and it plans to open 200 stores per year.

Recently listed Bison Consolidated Bhd, the operator of 255 outlets comprising brands such as myNEWS.com, Newsplus, MagBit, The Front Page and WH Smith (in airports), is considered the second largest retail convenience network in Malaysia after 7-Eleven. It plans to open 115 new stores by end of 2017.

QL Resources shares closed four sen or 0.91% higher at RM4.44 apiece today, bringing its market capitalisation to RM5.57 billion. The counter had a trading volume of 824,400. Shares of 7-Eleven, however, closed flat at RM1.41 today, with a mere 36,600 shares changing hands.

 

Adapted from original news article entitled “QL Resources diversifies into convenience store business“, The Edge Markets, 11 April 2016.

Phase 2 of The Henge sees overwhelming response despite market slowdown Registration

“This [volume game] is our company’s strategy to focus on the affordable segment. Our properties are generally priced 20% to 30% lower than the market price,” its managing director Tan Sri Chai Kin Kong told reporters after a loan agreement signing ceremony between Aset Karyamas and Malayan Banking Bhd (Maybank) yesterday.

“We don’t earn high profit margins from our projects, as we go after the volume of sales. For instance, our The Henge residential project in Kepong here is a high-rise, high-density project, which will partially offset the lower margins,” he said.

Aset Kayamas is scheduled to launch the second phase of The Henge in Kepong tomorrow (Saturday), which features two 45-storey condominium blocks housing 736 units with built-ups ranging from 1,100 sq ft to 1,300 sq ft.

Prices start from RM530,000 or RM430 per sq ft.

The price is 6.4% higher compared with Phase 1’s RM445,000 or RM404 per sq ft.

Phase 1, which also featured two 45-storey condominium blocks comprising 736 units, was fully sold out within two days of its launch in August last year.

Chai is confident that all the units in its second phase will also be taken up within a week of the launch.

“Since Phase 2 was opened for pre-registration in mid-March, we have received more than 1,100 applications,” he said, adding that the entire project is expected to be completed in the second quarter of 2019.

Chai added that the company spent RM10 million to build a new sales gallery, as well as for the marketing campaign in the run-up to the launch.

Earlier, Aset Kayamas secured a RM629 million loan facility from Maybank, comprising RM229 million bridging loans and end financing of RM400 million. The proceeds will be used to fund The Henge development.

Going forward, Chai said the group has lined up another residential project called The Haute in Datuk Keramat here for launch next month, which has an estimated gross development value of RM350 million to RM400 million.

The project, which sits on four acres (1.62ha) of land, is targeted at the premium market.

 

Opening of Show Gallery & Unit Selection 9-10 March 2016

View the embedded image gallery online at:
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Development Concept

View the embedded image gallery online at:
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Future Developments Around The Vicinity

 

Future projects being planned surrounding Taman Metropolitan Kepong.

 

 

Total :   9,348 highrise units being planned Breakdown :   Service Apartment: 1,038 units     Resi. Condominium: 1,896 units     RUMAWIP and PPA1M: 6,414 units Remarks :   The Henge’s 1,472 units contribute the     biggest number of residential condos     in the vicinity. The development is      segregated from the RUMAWIP     component called Residensi      Kepongmas, which does not allow      sale and rental for 10 years.

 

The Henge Residence

Name :   The Henge Phase :   2 Developer :   Sinerjuta Sdn Bhd      (sister company of Aset Kayamas) Location :   Jalan Metro Perdana Barat,     Taman Metropolitan Kepong,     Kuala Lumpur Property Type :   Residential Condominium Sch. H of HDA :   Yes Tenure :   Leasehold 99 years Land Area :   6.144 acres No. of Blocks :   Four blocks of 45 storeys including 8     levels of carpark podium and 1 level     of basement and 35 units of shops No. of Units :   1,472 units     Phase 1:     – Crest: 368 units (sold out)     – Dawn: 368 units (sold out)     Phase 2:     – Eden: 368 units      – Folio: 368 units No. of Lifts :   4 passenger and service lifts Unit Types :   Type A1: 1,300 sf (3+1 BR / 2 Bath)*     * Showunit type.     Type B: 1,100 sf (3 BR / 2 Bath)      – All types come with balcony and yard.     – All are sold as bare unit with standard        specs and points provided. Facilities :   – 48 facilities on Level 7 Facility Deck        including a 12,000 sf pool     – Viewing deck across the lake     – Entrance statement, water feature,         strip walkway and trek, mini skate        plaza and pocket park at Ground     – The Henge Boulevard consists of 35 shops Car Parking Bay :   2 carpark bays for every unit     – Majority of bays are side-by-side.     – Car wash area provided. Green Rating :   – Price Range :   Phase 2 from RM530,000 onwards Price Per Sq Ft :   Phase 2 from RM430 psf onwards Maintenance :   RM0.27 psf, inclusive sinking fund Completion :   54 months from SPA Date Selling points :   1. One of the most affordable PSF new         launch property with KL address.         2. Home-sized units suitable for families.     3. A residential-based development with         negligible commercial component for sale.     4. Scenic view of the park, lake and northern         FRIM/mountains.     5. Walking distance to the 289-acre Kepong         Metropolitan Park.     6. 5-minute drive to three MRT Line 2 stations.     7. Proposed new direct road ingress and         and egress with MRR2.     8. A variety of matured amenities within         short driving distance.     9. Low upfront package with Easy Payment         Finance (choice of 12 or 24 months) and         a low booking fee of RM5,000.     10. High confidence with Phase 1 sold out 
          within a weekend plus.

Specifications & Features

Corridor :   Natural ventilation Refuse Chamber :   Refuse chamber at every floor Ceiling Height :   High ceiling – 3.1m (10.5 ft) Security Tier :   4-tier security provided:     (1) At ground level guard house     (2) Card access at residential carpark     (3) Card access at lift lobby     (4) Card access to unit floor     CCTV will be available at common areas. 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 :   – Quality ceramic tiles for foyer, living, dining,        study room, kitchen, yard, balcony and all        bathrooms     – Timber laminate provided for all bedrooms  Sanitary :   Water closet, wash basin with fittings,     accessories for all bathrooms and rain     showerhead provided

 

 

Telco Wars: Could Webe be Malaysia’s next big thing? Registration

The plan is expected to offer a promotional postpaid plan at RM10 per month for new subscribers without need of phone, which could possibly come with 20GB data, 1,000 voice minutes and 1,000 SMS.

The RM8 per month price tag will be offered to existing P1 customers who choose to pick up a phone plus the plan and RM9 per month if without the phone.

In terms of network coverage, it should mimic Celcom’s 3G coverage due to domestic roaming network agreement signed in January 2016 between Celcom Axiata Bhd and TM.

Over the past year, P1 and TM have been working together to launch its new 4G LTE network which operates at the frequency of 850Mhz and 2.6Ghz.

Part of the new 4G LTE network is already up and running and it is being offered as TMgo (850Mhz). The 2.6Ghz network is currently being configured and tested by P1.

In the future, P1 would migrate all its WiMAX customers to its new 4G LTE network.

According to The Star news report quoting an analyst at MIDF Research covering the telecommunication sector, it was believed that the new mobile service would first be made available to TM’s existing broadband customers which stand at 2.34 million customers as at end of the fourth quarter ended 31 December 2015.

According to the management of TM, the rollout of the new mobile service is primarily to complement its ‘quad-play’ ambitions – the fourth offering being internet mobility. It currently offers ‘triple-play’ services with its UniFi high speed broadband service.

Subsequently, MIDF believes the plan would be extended to non-TM customers as well.

The potential offering of the RM10 postpaid plan would further intensified competition among the existing mobile network operators.

The research house views the potential RM10 postpaid plan as much more competitive compared with the incumbents’ offerings.

“The move would entice TM’s existing customers to port away from their existing mobile services. In addition, we believe that the offer is viable as TM is the provider of bandwidth connectivity via TM Next-Gen Backhaul services,” it said on Friday.

A rough estimate of the potential revenue contribution for P1 would be RM23.4 million. This is based on a few assumptions namely, postpaid plan of RM10; TM’s existing customer base of 2.34 million; and full take-up rate.

For TM, the potential topline contribution from P1 would amount to RM17.1 million as it currently owns 72.9% of the latter.

Although the contribution would be “negligible” at this stage, MIDF said the revenue contribution from the new mobile service would be more meaningful once the promotional postpaid plan price has been lifted; and the service is made available to non-TM customers.

It leaves its earnings estimates unchanged pending further information on the development. It revised its target price on TM to RM8.14 per share from RM7.01 per share previously. MIDF upgrades its call on TM to Buy as the offering of the new mobile service would complement its existing triple play proposition.

“We view that the ‘quad-play’ offering would further strengthen TM’s position in the telecommunication industry. Telecommunication users will be more inclined to subscribe to TM’s telecommunication services which are made available through the subscription of an umbrella package,” it added.

TM own about 55.3% of P1, and the remaining 44.7% is shared between Green Packet Bhd (31.1%) and South Korea’s SK Telecom Co., Ltd (13.6%). Meanwhile, Celcom Axiata is a subsidiary of Axiata Group Bhd.

 

A comparison of selected telco plans. (Right click to open image in new tab for larger image)

 

 

Adapted from original news article: The StarBiz, 8 April 2016

Preview: Ben’s Independent Grocer latest outlet in GLO Damansara Mall Registration

The BIG Group makes you shop more.

Ben’s Independent Grocer (B.I.G.)’s third outlet has opened at GLO Damansara Mall in Taman Tun Dr. Ismail (TTDI).

The purveyor of quality produce from Malaysia and around the world has finally decided on an exciting expansion plan.

As The BIG Group ventures out from its sole grocer outlet in Publika Shopping Gallery in Dutamas, the group would continue its aim to be the perfect one-stop avenue to Eat, Drink and Shop for all in the family.

The BIG Group opened its second outlet in Plaza Batai, Damansara Heights in September last year.

 

Grab fresh-off the chopping board meat cuts at Barn Butchery. Stop at Malaya Kitchen for your favourite locally made products. For organic food enthusiasts, B.Organic houses a wide selection of organic products that would please the healthy heart.

 

As with other B.I.G. stores, visitors will be able to enjoy thhe full in retail dining experience. Stop over Plan B Roasters and refuel with a cup of joe to-go as you stock up on your groceries. Follow the scumpious smell of fresh bread baking straight to the store bakery B.read.

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Titijaya partners Ascott for RM4.1 billion serviced residence developments Registration

At the signing ceremony today, Titijaya group deputy managing director Lim Poh Yit said the collaboration will serve as a valuable avenue for the property developer to enter the international market.

“We will be able to benefit from Ascott’s global platform, professional management and marketing roadmap set out for Titijaya’s anticipated developments,” he told pressmen today.

The term of agreement is for a period of 10 years, whereby both parties will have the option to extend the agreement for an additional five years, on the condition of a mutual agreement from both companies.

Throughout the term, Titijaya will remain as the rightful owner of the land, property and facilities.

Located on the south-east of Penang Island, Lim said this serviced residence project, which has a GDV of RM2.6 billion, will consist of 200 units, ranging from studio to two-bedroom apartments.

For the Shah Alam project, which has a GDV of RM1.5 billion, Lim said the 250-unit serviced residence in Glenmarie will be located at the intersection of the major highways — Elite Highway, Guthrie Corridor and New Klang Valley Expressway.

“The property will be part of a mixed-use development that houses offices and one of the largest shopping malls in that vicinity,” he said.

Titijaya expects to launch both projects by 2017, and will offer guests a choice of studios, one- and two-bedroom apartments with facilities, such as a gymnasium, swimming pool, launderette and residents’ lounge.

Lim said the partnership will deliver synergistic benefits to both parties by leveraging on Ascott’s global presence and Titijaya’s development expertise.

“Ascott’s core competency has been in the extended stay market, which has put them in a very resilient position and given them a strong competitive edge, with an excellent occupancy rate track record,” he said.

Titijaya group managing director Tan Sri Lim Soon Peng, on the other hand, said the partnership will elevate Titijaya’s project portfolio as well as provide quality serviced apartments to the Malaysian market.

“Ascott’s world class management and support system, and extensive network will be key in attracting a diversified stream of tenants to the development,” he said.

 

News Source: The Edge Property, 6 April 2016