The skating rink is among a series of some 15 venues, divided into three clusters, for the 405 competitions from 38 sporting events.
Mammoth Empire Holdings Sdn Bhd (MEH) group executive director Datuk Danny J.Y. Cheah said the Olympic-size rink, an investment of about RM30 million, will “be ready as early as next month” for what may be a series of pre-SEA Games events before it hosts the actual SEA Games winter events between 19 August and 30 August.
“The pre-Games events are part and parcel of their training, to ensure things run smoothly when the actual event takes place, and to test the rink and other systems,” said Cheah.
The skating rink, to sit 500 spectators, will be located inside the Empire City mall, which is still work-in-progress, but members of the public will be able to view the events, he said.
Cheah said the Basement Two carpark level of Empire City mall has about 2,000 car parking bays which have been ready since last year.
“Stakeholders, residents and officials who have any business to be there are parking there now,” Cheah said.
As for the Empire City mall, which had its opening postponed a couple of times, Cheah said this too will be ready by November or December this year.
PTLM Research was earlier informed by retailers that a pre-opening of the Empire City mall main area was set on 7 December. It was said that the mall will open gradually stage by stage.
He told StarBiz the mall is 75% tenanted and will be opened in stages.
“It will not be fully tenanted but we are getting there,” he said, adding that a press conference will be held to unveil the rink and the developments there. The development will also have a virtual reality theme park which is expected to open in the first quarter of next year.
The successful hosting of two out of 38 sports under the SEA Games will offer some degree of redeeming grace to the MEH group as it has not been short of negative publicity.
The mall was delayed a couple of times and there were some issues with regards to some of the commercial developments there.
The pre-SEA Games events in July, about a month before the actual Games, will be a sort of curtain-raiser for the MEH group and the 28-acre mixed integrated project.
This will be the first time winter events comprising figure skating, short track speed skating and ice hockey are being introduced in the SEA Games.
A SEA Games secretariat official said the training for figure skating, short track speed skating and ice hockey events have been confirmed beginning 20 August. Each of the three events will have different or overlapping training dates.
The SEA Games secretariat official said there have been “constant visits and constant progress” so far.
“The pre-Games event will help us to practise the whole system, that is, the displays, how things flow and the officials involved and other logistics issues. The objective is to make the pre-Games events as similar to the actual event as possible,” he said.
“Although it is a semi-construction site, it will be accessible to the public,” the official said.
According to the MEH website, the 28-acre Empire City mixed integrated development which fronts Lebuhraya Damansara-Puchong, will have a mall with a net nettable area (NLA) of 2.5 million sq ft spread over four levels.
For comparison, Bandar Utama’s 1 Utama second retail wing has a net lettable area of 1.2 million sq ft.
The 2.7-acre leasehold development has an estimated gross development value (GDV) of RM500 million and is located in Taman Pudu Ulu, overseeing the 60-acre Pudu Ulu Recreational Park.
Targeting a wide range of homebuyers, the developer is looking to launch Parc 3 by Q4 2017. According to Beh, Parc 3 will provide those who are looking to dwell in Cheras a different housing option as most homes in Cheras are landed ones, which may not be affordable to young professionals.
“We are not only offering a product based on pricing but also providing more options for homebuyers.
“With the current market condition, Parc 3 gives a good balance between yield and liveability. Previously, we were targeting people who want to live there with their extended families. Now we are targeting smaller families and people who are looking to move to Cheras.
“One of the main aims of the redesign has been to increase the number of smaller size units to cater to a broader segment of the market and also in recognition of changed market conditions which has made buyers more discerning and price-conscious,” he told TheEdgeproperty.com.
However, the developer declined to disclose the price range for Parc 3, only saying that the pricing “will be very competitive in the Cheras area considering the design and facilities offered”.
“It will be designed around a park concept as there will be three interior parks in the building to (complement) the large Taman Pudu Ulu recreation park that is adjacent to the project. The quality of the architectural design, facilities and unit features will remain high,” said Beh.
Previously, The Weave consists of 361 units housed in a 41-storey block. As per PTLM Research‘s check, the Parc 3 now consist of a 47-storey block with 793 units.
The developer will also launch its updated sustainability strategy called Sustainability Plus, during the upcoming launch of Parc 3.
“Sustainability Plus is not a marketing gimmick. We believe in taking a long-term view of the industry, so sustainability has to be taken in a wider context.
“This means going the extra mile to come up with good designs that will enhance liveability. We always talk about green buildings, but have you ever thought about who will change your property’s solar panels after five years?
“Thus, we focus a lot on passive design where not much maintenance is required. Creativity or innovation isn’t about how much money you have to spend (in developing a property),” said Beh.
Meanwhile, the Kedah-based developer’s maiden project in KL, Novum in South Bangsar, has seen good take-up rates since it was launched a year ago. The condominium project has achieved about 90% take-up to date.
“I don’t want to be overly optimistic as the market changes every day but the good take-up rate of Novum has certainly boosted our confidence,” said Beh, adding that Novum is slated for completion by May 2019.
The freehold Novum South Bangsar is being jointly developed with Asthetik Property Group. It comprises 729 units across three towers. The three-acre project faces the Federal Highway and is less than 3km away from Mid Valley City.
The project has a GDV of RM555 million. Prices for the units with built-ups from 647 sq ft to 1,441 sq ft range from RM720,000 to RM1.73 million, or RM900 psf.
Facilities of at Novum include an Olympic-sized swimming pool, playground, floating gym, outdoor lounge, a business centre, a private celebrity kitchen, and a new application dubbed by the developer as the “New Digital Life app” which will help facilitate dealings between residents and the building management.
The celebrity kitchen will incorporate professional cooking facilities, allowing residents or their designated chefs to prepare meals. It will be linked to a dining area that can host small to medium-sized gatherings.
For 2017, Eupe is looking to launch a total of RM600 million worth of projects in both KL and Kedah. It still has a landbank of about 400 acres in Kedah.
“Kedah houses are definitely a lot cheaper, easily 20% to 25% cheaper (than houses in major cities). But you should not generalise housing prices in Kedah because prices are different across towns. For example, houses in Baling are more expensive than the ones in Sungai Petani.
“But during a boom market, Kedah will never have the same kind of upside potential as KL. (Hence) we know that we cannot put all of our eggs in one basket.
“(Having said that) our forte still lies in township developments, where we have the upper-hand of having developed townships in smaller cities in Malaysia. So when the market slows down, we have these areas (such as Kedah) to help us hold the fort. We don’t think we would forgo whatever we have in Kedah,” he said.
Among its ongoing projects in Sungai Petani are The Somerset, Cinta Sayang Resort Villas and Astana Parkhomes with GDVs of RM80 million, RM160 million and RM430 million, respectively. New phases for these projects will be launched in stages this year.
On its earlier plans to expand into China, Beh said those plans are now off due to slow market conditions.
“For now, we want to consolidate and do our jobs here (in Malaysia) over the next few years but should there be any good opportunities overseas, we will definitely look at it,” said Beh.
Eupe’s director for strategic projects Paul Chang said the Chinese market is not as simple as it seems.
“China isn’t a single market. It is made up of multiple markets in different cities. In terms of overhang, there isn’t much in cities like Shanghai and Beijing but it is completely different in third-tier cities. So for us to go into this kind of market, we will have to compete with the big boys and if we cannot get the resources we need, it won’t work (for us),” he noted.
If the acquisition is realised, S P Setia will become the third largest property developer by landbank in Malaysia, just behind Sime Darby Property (28,000 acres) and UEM Sunrise Bhd (13,000 acres), S P Setia president and CEO Datuk Khor Chap Jen told reporters after the signing ceremony yesterday.
The indicative price for the acquisition of the entire equity interest in I&P Group from its substantial shareholder PNB is estimated to be between RM3.5 billion to RM3.75 billion. This price represents between 35% and 38% of S P Setia’s current market capitalisation of about RM10 billion.
Both companies belong to PNB’s stable of property companies.
However, the final purchase price will only be determined and agreed upon taking into consideration the necessary due diligence results, the audited net asset value of I&P Group which as at end-2016 was RM3.16 billion, and the market value of all the landbank, on-going projects and investment properties of I&P Group as appraised by the independent property valuers to be appointed by S P Setia.
The signing ceremony was witnessed by PNB group chairman Tan Sri Abdul Wahid Omar and president and group chief executive Datuk Abdul Rahman Ahmad. Abdul Rahman said the merger of the two companies will create one of the largest property companies in Malaysia. I&P has an undeveloped landbank of 4,263 acres.
The combined landbank of S P Setia and I&P Group will be around 9,481 acres with an estimated combined gross development value (GDV) of about RM122 billion.
The enlarged group will also be poised to have a revenue of about RM5 billion, with S P Setia and I&P Group currently generating RM4 billion and RM1 billion in revenue, respectively.
Tan Sri Abdul Wahid Omar said: “This will require finance and funding. We are evaluating how best to finance it. It is still early (days) but PNB will stand by to support this to make sure the transaction is successful.” He says the acquisition process will be transparently done, and that PNB will not vote on it and will be careful and mindful of minority shareholders of S P Setia.
Khor said S P Setia has been on the lookout for land for some time now as it has used up most of its landbank. For township development, S P Setia has around 700 acres in the Klang Valley and a similar sized landbank in Johor. Hence the acquisition of I&P will help solve S P Setia’s search.
Khor said the consolidation period for S P Setia is over and the property developer has set a five-year strategic plan to boost its current market capitalization of about RM10 billion to RM18 billion by 2021 and become one of the component stocks in the FTSE Bursa Malaysia KLCI Index.
“Acquiring I&P Group is more than just landbanking. We see a lot more synergistic opportunities with the company as it owns more than 4,200 of prime lands in the Klang Valley and Johor,” he said.
Some of the lands under I&P Group are located in places where S P Setia currently has no presence in so it could give the latter an opportunity to venture into new markets, such as Kinrara and the Southern parts of Klang, Khor explained.
In addition, I&P Group has a light balance sheet with very low debt level, so it will be an excellent platform to support S P Setia’s future financing for growth, he said.
“We have 1,800 staff now but it is not enough for us to carry out our plans and advance into a higher level, so I&P Group will also provide immediate access to a ready talent pool for our expansion plan.” Khor noted.
Yesterday’s signing ceremony also included a deal in which S P Setia will buy 342.5 acres in Bangi from Seriemas Development Sdn Bhd for RM447.6 million, or about RM30 per sq ft, plus a share of the future audited profit before tax from its development, up to a maximum of RM3 per sq ft. Seriemas is a subsidiary of PNB Development Sdn Bhd.
According to KAF Research, this conditional profit sharing component of 20% effectively raises the acquisition cost from RM30 per sq ft (psf) to RM33 psf.
For comparison, Mah Sing Group Bhd’s successful Southville City, a 408-acre mixed township development in Bangi, was acquired for RM18.56 psf back in May 2012. Nonetheless, “we note that land prices has been rising since then due to the scarcity of choice development land suitable for township development in the vicinity,” says KAF.
The land is located within the 5km radius from SP Setia’s existing township developments – Setia EcoHill and Setia EcoHill 2 in the southern corridor of the Klang Valley.
While analysts and bankers work out the numbers the days ahead, the two events created much excitement for S P Setia staff. Said an S P Setia source: “This is good news. When something like this comes along, we have to work even harder. It also shows that PNB believes we can cope with this. There is an underlying reason why SP Setia staff are bullish about the deal.”
In 2011/2012, PNB, then under Tun Ahmad Sarji Abdul Hamid, triggered a hostile takeover of S P Setia. The encounter created a fair bit of uncertainty. On 1 August 2016, Tan Sri Abdul Wahid Omar was appointed chairman, replacing Ahmad Sarji who had 19 years with PNB.
As one S P Setia source stressed, the new guy is “easy to connect with. Hopefully, today will be the beginning of a new chapter in the PNB-S P Setia relationship,” he says. I&P Group, a wholly-owned subsidiary of PNB, was formed in 2009 after the mergers of three property companies, namely Island & Peninsular Sdn Bhd, Petaling Garden Sdn Bhd and Pelangi Sdn Bhd.
Tan Sri Abdul Wahid Omar said: “We believe in leveraging on the strengths of the two organisations, the position of S P Setia and with that of I&P.” It is believed that they will compliment each other in terms of landbank, skills and other resources.
S P Setia’s financial year 2017 sales target of RM4 billion already makes the property giant one of Malaysia’s top developer in terms of sales. Even without the acquisition, S P Setia had already lined up RM5.4 billion worth of new launches for 2017.
For Q4 2016, S P Setia reported more than three times quarter-on-quarter jump of net profit to RM424.8 million, due to handover of London’s Battersea Power Station Phase 1 units and from its Parque project in Melbourne, Australia. The developer locked in new sales of RM1.8 billion in the last quarter of 2016, bringing full year sales to RM3.8 billion, which exceeded management’s sales projection of RM3.5 billion.
For the financial year 2016, S P Setia’s revenue totalled RM4.96 billion, compared to RM6.75 billion a year ago which accounted for 14 months financial results.
A key question will be management and drivers of the new entity. A source says the current S P Setia management team will continue to manage the enlarged entity. Yuslina Mohd Yunus, who has been with I&P for 26 years, has also been designated group managing director effective 1 May 2017, replacing Datuk Jamaludin Osman who retires on 30 April.
The unit built-up sizes are Type A/A1: 945 sq ft (2 CP); Type A2/A3: 1,127 sq ft (3 CP); and Type A4: 1,272 sq ft (4 CP).
Majority of units are of Type A/A1, which is a 3 bedroom 2 bath, with each unit given 2 side-by-side parking bay, except for units at Level 8 to 11 which are tandem parking. The nett price, which is after 5% rebates, starts from RM358,000 (KLCC View: RM375,000 onwards) and free legal fees for SPA and loan agreement.
Built on 1.87-acre of land (total: 3.1 acres), the 40-storey single-block leasehold development, inclusive of a 8-storey carpark podium, has a residential title (HDA compliance) and has a total of 479 units. Total gross development value (GDV) is RM200 million.
There will be another RUMAWIP (mampu milik) block with separated entrance and common areas next to it with 463 units.
There are 16 units per floor served by 5 lifts, offering 21 lifestyle facilities and a 4-tier security. Facilities include a “mini forest”, a multipurpose hall, gymnasium, half Olympic-sized infinity pool, wading pool, children’s playground and others.
The Hamstead is approximately 6-minute walking distance away to Bandar Tasik Selatan’s Terminal Bersepadu Selatan (TBS) which integrates LRT, KTM and ERL train services as well as buses and taxis. The site is also just 8 minutes away from Taman Midah and Taman Connaught and 10 minutes away from Mid Valley City and Sri Petaling. It is also accessible via the Middle Ring Road 2 and East-West Link Expressway.
The developer is Ujana Mutiara Sdn Bhd, a member of the Aset Kayamas group of companies. According to Aset Kayamas executive director Michael Chai, The Hamstead is the second project launched by Aset Kayamas in 2017.
The launch of The Hamilton condominium in Wangsa Maju, Setapak in January had seen all 435 units snapped up in less than four hours.
Chai added that Aset Kayamas’ first project Pandanmas 1, which is a Rumawip (Federal Territories Affordable Housing) development, is scheduled for handover this 25 April.
This is the first Aset Kayamas project to be handed over and we will invite the Prime Minister Datuk Seri Najib Razak to attend the handover ceremony,” he added.
On its high-end condominium project known as The Haute, Chai said the take-up rate for the project is about 70% since its launch last October.
The project has a GDV of about RM350 million and sits on a 4-acre leasehold site. Located 3km away from Kuala Lumpur City Centre, it comprises 274 condo units with built-ups of between 1,003 sq ft and 1,046 sq ft. Each unit was priced at more than RM600 psf.
The group is planning upcoming and future launches in Taman Desa, Kuchai Lama, Kepong Baru, Bandar Tun Razak and Segambut.
Crowds gather as early as 6am.
Scale model of The Hamstead at Desa Tun Razak, Cheras, KL
Aset Kayamas’ Ongoing Unrestricted Housing Projects
Parkhill Residence @ Bukit Jalil / Jan 2015 – Q1 2019 / 1,052 units / RM735 mil
The Holmes @ Bandar Tun Razak / May 2015 – Q3 2019 / 604 units / RM259 mil
The Henge @ Taman Metropolitan Kepong / Aug 2015 and Apr 2016 – Q1 2020 / 1,472 units / RM800 mil
The Haute @ Gurney KL / Jun 2016 – Q4 2019 / 274 units / RM181 mil
The Havre @ Bukit Jalil / Oct 2016 – Q2 2020 / 1,052 units / RM667 mil
The Hamilton @ Wangsa Maju / Jan 2017 – Q2 2020 / 435 units / RM247 mil
The Hamstead @ Desa Tun Razak / Apr 2017 launching now / 479 units / RM200 mil
Aset Kayamas’ Ongoing Affordable Home Projects
Residensi Pandanmas / Aug 2014 – Q1 2018 / 700 units / RM210 mil
Residensi Pandanmas 2 / Oct 2014 – Q1 2019 / 1,920 units + 300 units / RM576 mil
PPA1M Bukit Jalil / Apr 2015 – Q2 2019 / 1,050 units / RM178 mil
Residensi Sentulmas / Jul 2015 – Q4 2020 / 351 units / RM105 mil
Residensi Razakmas / Sep 2015 – Q3 2019 / 604 units / RM79 mil
Residensi Puchongmas / Oct 2015 – Q3 2019 / 524 units / RM136 mil
Residensi Kepongmas / Oct 2015 – Q1 2020 / 1,514 units / RM155 mil
Residensi Gurneymas / Feb 2016 – Q4 2019 / 274 units / RM82 mil
Residensi Jalilmas / Nov 2016 – Q4 2020 / 1,050 units / RM208 mil
Residensi Wangsamas / Nov 2016 – Q4 2020 / 441 units / RM87 mil
Residenai Desamas / Nov 2016 – Q4 2020 / 323 units / RM97 mil
The Heart of Modernity. Affordable SoHo units from only RM238,800*.
KIP Sentral at Sepang is a freehold 39-acre commercial development within the Kota Warisan township. It is approximately 10 minutes away from KLIA and is near to several renowned universities such as Xiamen University Malaysia Campus, INTI International University, Nilai University and University Sains Islam Malaysia.
Great visibility is achieved as most of KIP Sentral fronts the Pintasan Dengkil Bypass which is the main access to Kota Warisan. The dual-carriageway is busy and has a direct interchange to Warisan Puteri township next to KIP Sentral.
KIP Sentral comprises Core Avenue, a 76-unit retail shop-offices; KiP Mall (opening soon), and the upcoming Core SoHo Suites and KiP Hotel. Next to KIP Sentral is an existing McDonald’s drive-thru outlet and a Shell petro station that are frequently busy with customers.
Within the KIP Sentral vicinity, there are also two types of modern designed shoplots which was launched and fully sold:-
1. 104 units of 2- and 3-storey terrace shoplots measuring from 22’ x 75’ to 43’ x 75’, and
2. 28 units of 3-storey semi-d shoplots measuring 38’ x 75’.
Xiamen University Malaysia Campus is the first university from Mainland China to open an overseas branch. It is a mere 5-minute drive from KIP Sentral. This commercial development will serve the basic, lifestyle and entertainment needs of the surrounding residents, passerby to KLIA airport and the growing student population.
The 3.2-acre Core SoHo Suites has a gross development value (GDV) of RM140 million. The small-office, home-office development comprises two blocks — Block A with 288 units and Block B with 178 units. Block B was launched on 16 September 2016 with a take-up rate of over 80%. The unit built-up size is 450 sq ft while the minimum selling price in Tower B starts from RM238,800 or an average of RM530 per square foot.
The second tower of Core SoHo Suites, Tower A, is now open for sale.
Potential and affordable with great student catchment.
LOCATION, VISIBILITY AND SURROUNDING ENVIRONMENT
Core SoHo Suites is strategically located in the nucleus of Kota Warisan, a fast developing township in Sepang earmarked as an international lifestyle destination. This township in the southern region of Klang Valley enjoys easy access to 11 major highways like Maju Expressway (MEX), ELITE Expressway, Putrajaya-Cyberjaya Expressway, KLIA Expressway, SKVE, LDP, SILK, North-South Expressway, Jalan Nilai-KLIA, Jalan Bangi-Dengkil and Jalan Banting-Dengkil.
It also has easy access to LRT and KTM lines via the nearby Express Rail Link (ERL) Salak Tinggi station.
Being adjacent to Cyberjaya and Putrajaya puts Core SoHo Suites within range of government administrative offices and several top multinational companies such as NTT, T-Systems, Dell, DHL, HP Campus, HSBC, OCBC, IBM, Shell, and many more.
Core SoHo Suites’ most immediate visibility shall be derived from its 2km proximity to the current Xiamen University, a top ranked university in China. This huge growing campus currently houses 1,300 students and the numbers is expected to increase to 10,000 by the completion of its 2nd phase.
Core SoHo Suites is the first SoHo development in Sepang. It has practical open concept and is equipped with lifestyle facilities (swimming pool, gymnasium, multi-purpose hall).
And Kota Warisan township’s visibility will continue to grow exponentially. Its close proximity to KLIA and KLIA 2 places it within the booming path of the 24,700 acre KLIA Aeropolis project and also Alibaba Group’s first e-hub outside of China, in the form of a regional distribution hub to be established in Malaysia under the Electronic World Trade Platform (eWTP) and Malaysia Digital Economy Corporation (MDEC) joint initiative.
Artist’s impression of Core SoHo Suites Tower B.
Artist’s impression of Core SoHo Suites Tower A (left) and Tower B (right).
Artist’s impression – front view of Core SoHo Suites.
The environment and ambiance around Core SoHo Suites is serene and peaceful with many pockets of lush greeneries. The surrounding developments are also well spread out and are of low density, mainly consisting of residential houses and low-rise apartments.
Persiaran Warisan and Evira double-storey terrace link house within Warisan Puteri Sepang township next to KIP Sentral.
DISTANCE TO KEY LOCATIONS AND GROWTH VALUE OF AN ADDRESS
Situated in the fast growing southern region of Klang Valley, Core SoHo Suites is only a short distance to a wide array of key localities and landmarks such as:
KLIA 2 (13.5km)
Mitsui Outlet Park KLIA (11km)
Xiamen University Malaysia Campus (2km)
Horizon Village Outlets (3km)
Sepang F1 Circuit (12km)
ERL Salak Tinggi (3km)
IOI Resort City (27km)
Sunsuria City (upcoming, 1.6km)
Core SoHo Suites comprised of 2 towers totaling 466 SoHo units. Details of the towers are as follows:
Land Size : 3.25 acres
Land Tenure : Freehold
Property Type : SoHo
Total Units : 466 (Tower A & B)
No. of Retail Shops : 76 retail units
Total Carpark : 778 parking lots (4 storey)
Tower A Total Floor : 15 floors (Tower A / 288 units / 33 units per floor)
Tower B Total Floor : 13 floors (Tower B / 178 units / 23 units per floor)
DEVELOPER AND BRANDING
KIP Group has since its incorporation in 1993 been noted for its reputation as a dependable property developer in delivering value added and quality products. The innovative and receptive approach adopted by the Management allows the Company to produce products that the customers look for in their property.
On 6 February 2017, KIP Real Estate Investment Trust (KIP REIT) celebrated their debut on the Bursa Malaysia. Since its initial public offering on the exchange, KIP REIT has successfully raised RM234.2 million.
SURROUNDING COMMERCIAL, INFRASTRUCTURE, AMENITIES, DISTANCE AND ACCESSIBILITY
Presently, the locality is self-sustainable with several ready basic amenities such as Affin Bank, McDonald’s complete with drive through facilities, 7-Eleven, Domino’s Pizza, 99 Speedmart (on the other side), Shell petrol station, mini-markets, local restaurants, budget hotels and cafes.
ORANGE Boutique Hotel, one of the earliest budget hotel operating at KIP Sentral shoplot, next to it is Domino’s Pizza.
Presence of bank, F&Bs, convenience stores, budget hotels, tyre shops and others operating at KIP Sentral shoplots.
Drive-thru McDonald’s at Kota Warisan next to KIP Sentral.
Moreover, the adjacent KIP Mall is nearing completion and is ready to be opened soo, and according to the developer, its proposed tenants are Secret Recipe, KFC, MBG, Subway, Watsons, Econsave, Mr D.I.Y. and many more. Upon completion, Core SoHo Suites will also be served by 76 units of by its own retail podium – Core Avenue retail shops.
Core Avenue retail shops layout plan.
Interior impression of Core Avenue retail shops.
Interior impression of Core Avenue retail shops.
Nearing completion KIP Mall @ Kota Warisan, Sepang.
Some of the proposed tenants at KIP Mall.
Should one decide to take a short drive away, several existing notable malls and hypermarkets are within a few minutes reach:
14km to Tesco Bandar Baru Nilai
15km to Mitsui Outlet Park KLIA
17km to D’Pulze Shopping Centre, Cyberjaya
18km to Tamarind Square, Cyberjaya (upcoming)
18km to Gem in Mall, Mutiara Ville Cyberjaya
24km to Alamanda Putrajaya
27km to IOI City Mall at IOI Resort City (megamall status with an upcoming extension wing)
In terms of educational infrastructure, just within a short driving radius are:
Universities and Colleges
Xiamen University Malaysia Campus within Kota Warisan itself
Limkokwing University of Creative Technology, Cyberjaya
Multimedia University (MMU), Cyberjaya
Heriot-Watt University Malaysia Campus, Putrajaya
Cyberjaya University College Of Medical Sciences
Universiti Teknologi Mara (UiTM), Dengkil Campus
Universiti Tenaga Nasional (UNITEN)
Infrastructure University of Kuala Lumpur (IUKL)
University Malaysia of Computer Science & Engineering, Putrajaya
INTI International University Nilai Campus
Universiti Sains Islam Malaysia, Bandar Baru Nilai
Kirby International College, Cyberjaya
FTMS Global College, Cyberjaya
Schools and International Schools
SJK(C) Union Lakefront Cyberjaya (upcoming)
Sekolah Sultan Alam Shah
Nexus International School, Putrajaya
ELC International School, Cyberjaya
Alice Smith School – Secondary Campus, Equine Park
Rafflesia International School, 16 Sierra, Puchong South
Accessibility to Public Transport
Core SoHo Suites is situated only a mere 2km away from the ERL Salak Tinggi station which boasts a unique twin snail-like architecture. From this station, city centre access is made easy to all major integrated transportation hubs:
1 station away to KLIA (highly potential to capture airport and airline workers).
2 stations away to Terminal Bersepadu Selatan (TBS) rail-bus interchange station.
3 stations away to KL Sentral transportation hub (linked to Monorail, LRT, MRT Line 1, ETS or KTM Intercity, KTM Komuter, RapidKL buses).
ERL Salak Tinggi station and the fares of ERL Transit Service, ie. RM12.50 one-way ticket to KL Sentral from Salak Tinggi.
Accessibility via/to major Highways
Core SoHo Suites will have easy access to 11 major highways like Maju Expressway (MEX), ELITE Expressway, Putrajaya-Cyberjaya Expressway, KLIA Expressway, SKVE, LDP, SILK, North-South Expressway, Jalan Nilai-KLIA, Jalan Bangi-Dengkil and Jalan Banting-Dengkil.
In addition, the upcoming ELITE Highway Salak Tinggi Interchange (E609), which is approximately 2.5km away, will open up convenient access to this highway artery enroute to Nilai North Interchange and the North-South Expressway thereafter.
E609 is a trumpet-interchange and it will serve as the main access to Dengkil and Ampar Tenang, and more importantly the growing Kota Warisan next to the interchange.
The Kota Warisan locality is currently at the early stage of its large blossoming development such as Sunsuria City by Sunsuria Bhd and Serenia City by Sime Darby Property Bhd. Presently its locality population mainly consists of civil servants, university students and employees of the nearby factories, laboratory, tourist-on-transit, airport ground staff, airline crews and lecturers which are made up of middle to middle upper income earners. Kota Warisan is the home to KFC Hatchery, a latex glove factory owned by Wembley Rubber Products, Veterinary Public Health Laboratory of the Departmen of Veterinary Services Malaysia and the National Metrology Laboratory.
Its neighbouring Cyberjaya and Putrajaya largely consist of administrative employees from the Federal Government, multi-national corporations (MNCs), small-medium enterprise communities as well as higher learning institution communities with semi-moderate purchasing power. Meanwhile, the total student population in Cyberjaya, Putrajaya, Bangi and Nilai is estimated to be over 32,000.
IOI Properties Bhd’s Warisan Puteri development will anchor 200 acres of land in the heart of Kota Warisan. The first two phases – Evira and Avista – are now almost ready for occupancy, which according to the developer staff, they mainly consists of own-stayers and upgraders property owners.
PRESENCE OF FUTURE CATALYSTIC PROJECTS
The coming future catalysts that will drive the development boom around Core SoHo Suites.
Xiamen University Malaysia Campus – 2km
Xiamen University or better known as “Xia Da” is a prestigious university in China which is currently being ranked 11th spot among other 2,000 higher learning institutions in China and ranked 275th spot globally. Since its founding, in 1921, Xiamen University has produced more than 200,000 undergraduates and graduates. Over 60 academicians of the Chinese Academy of Sciences (CAS) and the Chinese Academy of Engineering (CAE) have studied or worked at Xiamen University. In China, it has 27 schools containing 76 departments and 10 research institutes.
The Malaysian campus is a first overseas branch campus of a China university. Built on 148 acres (60 hectares) of land, the RM1.3 billion university campus with full campus facilities will be able to accommodate up to 20,000 students once it is fully developed. The university website proudly mentioned that:
The establishment of Xiaman University Malaysia (XMU) sets new heights in the areas of cooperation and exchange in education between China and Malaysia. XMU is driven to build the campus into one of Malaysia’s best, enriching Malaysia’s tertiary education landscape to produce high-quality talents with international competitiveness.
The first enrollment of 500 students was completed in September 2015 with the student numbers rising to 1,300 now. This will grow to 5,000 in 2020; and eventually reach more than 10,000 students. Most of the students come from Malaysia, China, and other ASEAN countries. The teaching staff comprises distinguished professors of Xiamen University and excellent teachers are being recruited from around the globe. The ratio of students to teachers is set to be 15:1.
The establishment of XMU has generated great interest among Malaysians and Chinese, and has triggered pledges of financial contributions for its success. These have been led by Malaysia’s richest man, Robert Kuok, who has generously contributed RMB 200 million for the construction of the university’s main building – the library building; Board Chairman of China Garden and Forest Group Corporation, You Yuhan, with RMB 50 million for the construction of the No.4 Building of the main building complex of the campus; and IOI Group Executive Chairman Tan Sri Lee Shin Cheng with a contribution of RMB 30 million for the construction of the No.1 Building of the main building complex of the campus.
PTLM Team visited the campus recently and checked that the progress of Phase 2 main administrative and academic buildings are nearing completion.
Horizon Village Outlets – 3km
Just 3km to the north lies the HVO which holds 400,000 sq ft of outlet shopping experience on a 30 acres of land. Designed by an international team of architects from Ross Adams USA, the structures of HVO will resembles the alphabet L with a centre court. It is positioned as a luxury outlet offering global brands and a unique experience.
Artist’s impression of Horizon Village Outlets.
HVO plans to sign up more than 150 well-established luxury and casual fashion brand retailers and well known F&B operators where the F&B outlets will be located at each end of the structure. Jointly developed by Michigan-based Horizon Group Properties and Mainstay Holdings Sdn Bhd, HVO features an outdoor environment with 100% covered walkways for customer convenience and comfort. There will be 2,000 carpark bays underground.
The upscale design and materials are consistent with the image of luxury retail brands. HVO will also have elegant common area features which will include water elements and sculptures designed to create a sense of place and enhance customers experience.
Weather-proof and luxury ambience combined with colonial charm are among differentiating features compared to its nearest competitor Mitsui Outlet Park KLIA.
KLIA Aeropolis – 8km
The total 404.7 hectares of land around the KLIA is primed to emerge as a significant airport city in Asia over the next 5 to 10 years. The KLIA Aeropolis is expected to attract RM30 billion of gross domestic product (GDP) contribution over a 15 year period and create 56,000 jobs in doing so.
Artist’s impression of KLIA Aeropolis, a true world-class airport city.
Alibaba’s Regional E-Fulfillment and Logistic Hub – 8km
China e-commerce giant Alibaba Group under the leadership of Jack Ma is setting up a trade and logistics hub in Malaysia’s new Digital Free Trade Zone (DFTZ) within KLIA Aeropolis. To commence in 2019, this e-fulfillment hub in Malaysia will be Alibaba’s first such hub outside of China. It has the potential to double the growth rate of local Malaysian SME’s goods exports by 2025 and create 60,000 jobs.
The first phase of the DFTZ involves developing a regional e-commerce and logistics hub at the former LCCT Terminal, near KLIA. This hub will function as a centralized customs clearance, warehousing and fulfillment facility for Malaysia and the surrounding region, greatly speeding up the clearance process for imports and exports and boost the e-commerce boom.
Alibaba Group will work together with MDEC in the development of the hub, which will see the introduction of Alibaba One Touch platform that will link Malaysia directly to Hangzhou’s cross-border e-commerce pilot zone to enable SMEs and businesses to trade conveniently and efficiently between the two countries.
Besides Core SoHo Suites and the KIP Mall, there will be 76 units of the Core Avenue retail shops at its podium and KIP Hotel to enhance the overall development further as well as the convenient lifestyle experience that comes with it.
The entire KIP Sentral including Core SoHo Suites is a freehold development.
PRACTICAL UNIT LAYOUT DESIGN
Core SoHo Suites consists of 447 Standard SoHo units of 450 sq ft and 19 Cabana Units of 566 sq ft. The efficiency of the unit layout is simplified and optimized for overall space utilization. Each unit is typically 4.1m wide and 10.2m long. The bathroom is located at the exterior end of the unit for appropriate natural ventilation.
Core SoHo Suites’ standard unit layout plan and artist’s impression of its internal layout design.
Tower A SOHO units face a North-South orientation while Tower B is of East West orientation.
The north facing units of Tower A will be overlooking KIP Mall towards Xiamen University Malaysia Campus and the Horizon Village Outlets. The pool-facing south oriented units of Tower A will face towards KLIA and the Sepang F1 Circuit. Meanwhile, west facing Tower B units will be overlooking a sea of greens in Salak Tinggi while the east and pool-facing units will overlook Nilai in the horizon.
Core SoHo Suites’ typical floor layout plan from Level 8 to 13. Cabana units are available on Level 7 facility floor.
Core SoHo Suites’ Level 7 facilities layout plan.
GPS Coordinate: 2.822024,101.695842
Core SoHo Suites seen from Persiaran Warisan.
Accessibility, Amenities & Infrastructure
14km to Kuala Lumpur International Airport
15km to Putrajaya
16km to Cyberjaya
29km to Puchong
46km to KLCC
2.0km to ERL Salak Tinggi Station
18 km to Putrajaya Sentral Bus Station
18 km to Upcoming MRT Putrajaya Station (MRT Line 2)
18 km to Upcoming MRT Putrajaya Station (MRT Line 2)
Fibre optic backbone
Standard area backbone
13 km to Melati Square Putra Nilai
17 km to Shaftbury Square Cyberjaya
18 km to Malaysia Digital Economy Corporation (MDEC)
20 km to Federal Government Administrative Centres Putrajaya
23 km to Selangor Science Park Cyberjaya
27 km to IOI Resort City Putrajaya
0.2km to KIP Mart Kota Warisan
15 km to Mitsui Outlet Park
17 km to Dpulze Shopping Centre Cyberjaya
18 km Gem in Mall Cyberjaya
24 km to Alamanda Putrajaya Shopping Centre
27 km to IOI City Mall
School & International School:
1.1km to SK Kota Warisan
10 km to SMK Bandar Baru Salak Tinggi
10 km to SMK Seri Sepang
17 km to ELC International School Cyberjaya
20 km to Epsom College Malaysia
26 km to Nexus International School Putajaya
University & College:
2.2km to Xiamen University Malaysia
12 km to Inti International University Nilai Campus
15 km to Heriot-Watt University Malaysia
18 km to Multimedia University Cyberjaya Campus
21 km to Limkokweng University of Creative Technology Cyberjaya Campus
IOI Resort City is connected with highways including South Klang Valley Expressway (SKVE) as the main entry and exit route, SILK Highway, Lebuhraya Damansara-Puchong (LDP), Maju Expressway, North-South Highway and Besraya Highway.
The Gems at IOI Resort City will be developed by IOI Properties Group (“IOIPG”), one of Malaysia’s Top Ten leading developer and Mitsubishi Jisho Residence (“MJR”), a wholly-owned subsidiary of Mitsubishi Estate Co., Ltd (“MEC”), which is a leading Japanese real estate developer in a diverse spectrum in the real estate industry including residential, office, retail and hotel businesses in both local and international scene.
The project is undertaken by Pine Properties Sdn Bhd (“PPSB”), a 99.8%-owned subsidiary of IOI Properties Group Berhad (“IOIPG”) and MJR Investment Pte Ltd (“MJRI”).
The land in which The Gems is to be developed is a freehold land measuring approximately 9.6 acres in IOI Resort City, Putrajaya.
The Gems, will see eight blocks of residential units with sizes ranging from 1,250 sq ft to 1,750 sq ft within a high-end development.
It will provide an affluent lifestyle to discerning home owners with a serene resort environment in a well-guarded enclave of lush greens and tranquil surroundings.
It is within close proximity of world class and award winning facilities such as 5-star branded hotels, award winning shopping mall and golf club and GBI-certified office towers. The Gems will offer a healthy and active lifestyle complemented by the various exclusive clubhouse, dining and entertaining facilities and amenities within its contemporary architectural design.
The development is scheduled to commence in FY2017; and is expected to be completed over the course of 4 years.
“Our collaboration with MJR is highly valued as its impressive track record and a brand renowned for its quality excellence resonates with the IOIPG drive to strive for the same in its property businesses covering property development, investment and leisure as well as hospitality.”
“We believe our IOIPG venture with MJR well known for its strong track record in providing high-quality residences will enhance the value of The Gems and IOI Resort City.
“The Gems will be an ideal property choice awaiting to be discovered by discerning home owners who will be buying into the mature well-planned lush-landscaped, integrated and sustainable development of IOI Resort City,” said Lee Yeow Seng, chief executive officer of IOIPG at a media conference on 29 March recently.
IOI Resort City is one of IOIPG’s sustainable township developments, with a well-conceptualized resort-style ambience; lifestyle conveniences of shopping, entertainment and recreation; with offices and residences within a lush green environment which includes Puteri Palma Condo, GBI-Certified IOI City Towers, world-class hotels ie Putrajaya Marriott Hotel, Le Méridien Putrajaya, the biggest mall in Southern Klang Valley namely IOI City Mall and an 18-hole championship golf course, Palm Garden Golf Club.
Lee added, “We are positive that this development will be yet another timeless gem in this mega-city development of IOI Resort City.” he added.
According to TRX City Sdn Bhd chief executive officer Datuk Azmar Talib, there are two reasons to hold off the sale of the remaining land in the development.
The first is to allow fast and easy access to facilitate infrastructure construction within the development, and the second is to unlock the value of the real estate at a higher premium later.
“We want to keep the remaining available land in TRX to facilitate infrastructure development,” Azmar said.
TRX City is the master developer of the project that is now under the ambit of the Ministry of Finance Inc (MoF), which has taken over from 1Malaysia Development Bhd (1MDB) following a corporate restructuring.
“We don’t want to unlock everything upfront, especially when we have not yet completed building the infrastructure for the project. We believe when the infrastructure is ready, we will be able to fetch a much higher premium for the land,” he said.
To date, 60% of the 70-acre TRX land has either been sold or marked for development. The project has 28 acres, or 40%, left for future sale and development.
Speaking to reporters during a recent media familiarisation trip to Lendlease’s urban regeneration projects in Australia, Azmar said TRX City has allocated about RM3 billion for infrastructure works on the development to enhance its connectivity, sustainability and security.
The move is to make TRX the “best financial centre” in Kuala Lumpur.
Australia property group Lendlease is TRX City’s partner in the development of the 17-acre Lifestyle Quarter within the TRX.
Comprising a retail mall, six residential towers, a luxury hotel and park, the TRX Lifestyle Quarter will be developed in stages through a joint venture, with Lendlease owning 60%, and TRX City, 40%, of the partnership.
Lendlease will also be the development and construction manager for the TRX Lifestyle Quarter project that comes with an estimated gross development value of RM8 billion.
The development of the project is expected to be financed through a combination of equity and debt.
Lendlease first signed a conditional agreement for the development of the TRX Lifestyle Quarter project in a joint venture with TRX City in June 2014.
TRX City was known as 1MDB Real Estate Sdn Bhd then, and it was a wholly-owned unit of the controversial sovereign investment fund.
Two weeks ago, Lendlease firmed up plans to undertake the development of the TRX Lifestyle Quarter.
It is learnt that the Australian developer has put off its plans pending the transfer of the TRX development to the MoF. This is because the negative news surrounding the 1MDB have had an impact on the perception of the TRX development.
“The transfer of TRX City and Bandar Malaysia from 1MDB to MoF came into effect recently. Under the new structure, MoF owns TRX which in turn holds a 40% stake in Bandar Malaysia,” said a source.
According to an industry source, the completion of the transfer, which disentangled TRX City from 1MDB, is one of the conditions required for the group’s joint-venture agreement with Lendlease.
Lendlease’s joint-venture agreement with TRX City turned unconditional in the middle of last month, making way for the construction of the TRX Lifestyle Quarter to pick up pace.
Excavation for the basements of the development, encompassing The Exchange TRX retail mall, TRX Residences tower and a luxury hotel, has already completed.
Piling works are set to commence for The Exchange TRX in the coming weeks.
While critics contend that the deal took too long to finalise, Lendlease CEO for Asia Tony Lombardo felt that the duration taken was not unusual.
“Our deal on the Barangaroo urban regeneration project in Sydney took about 36 months to finalise before construction works began; the deal for the TRX Lifestyle Quarter project took about the same time, so that’s nothing out of the ordinary from our point of view,” Lombardo said.
The TRX Lifestyle Quarter is one of 12 large-scale urban regeneration projects that Lendlease is currently undertaking in major cities around the world.
Lombardo pointed out that most of Lendlease’s projects are done in partnership with governments.
“We believe the best large projects in the world always happen in partnerships, and they are always in alignment with the Government’s vision for the city,” he explained.
Lendlease is expected to launch The Exchange TRX in the second half of this year.
This will be followed by the launch of two of the six TRX Residences towers in the first half of 2018.
The Exchange TRX, which is scheduled for completion in 2020, has secured 25% of net lettable area (NLA) with tenants, including Japanese departmental store Seibu.
The TRX Residences, which will be completed in phases from 2021, will feature 40 to 57-storey towers offering a total of 2,400 apartment units.
Lendlease is the biggest joint venture partner to develop the TRX.
Meanwhile, other developers such as the Mulia Group of Indonesia has already started work.
It is developing a 92-storey (exclude basement levels) office block, named Signature Tower, in TRX.
As of end-March 2017, a total of 45 floors (from basement) of the Signature Tower has been built.
Azmar pointed out that Kuala Lumpur has not had any significant development since the development of the Kuala Lumpur City Centre (KLCC).
Just as the development of KLCC had elevated Kuala Lumpur’s profile when it was completed about 20 years ago, Azmar expected the development of TRX to provide a fresh impetus for the nation’s capital.
The entire 70-acre TRX comes with an average plot ratio of 6.8 times, although pockets of land in the development have received approval for as high as 15 times gross floor area.
While the average plot ratio of TRX is relatively low compared with other developments in the vicinity, Azmar stressed the project was more about quality than quantity.
TRX City has awarded RM1 billion worth of infrastructure jobs, including road improvements and tunnelling projects, to various contractors.
The remaining RM2 billion worth of infrastructure jobs would be awarded in phases to meet the project’s targeted completion in 2020.
Companies that own parcels of land in TRX included Affin Bank Bhd, which bought a 1.25-acre plot in 2015 for RM255 million, or RM4,699 per sq ft, with a plot ratio of 15.2 times; and Lembaga Tabung Haji, which acquired a 1.6-acre plot in the same year for RM188.5 million, or RM2,780 per sq ft, with a plot ratio of 10.47 times.
WCT Bhd has a deal with TRX City to settle part of the RM754.8mil worth of construction works in TRX with 1.7 acres of residential land valued at RM233 million.