Volume and value of property transactions fall in January – September 2016 Registration

Deputy Finance Minister Datuk Lee Chee Leong said the volume of transactions in the residential, commercial, industrial and agriculture property segments declined 12% to 240,000 compared with the corresponding period last year.

He said in terms of value, the transactions decreased 16% to RM95.37 billion during the period under review from a year ago.

“Overall, the housing market has indeed softened since the Government introduced a slew of cooling measures to curb speculations and rein in the rapid rise in house prices,” he said when opening the International Real Estate Federation (FIABCI) Malaysia’s Premium Property Showcase 2016 in Petaling Jaya on Friday.

On residential property transactions, he said the National Property Information Centre (NAPIC) recorded nearly 152,000 residential transactions worth RM48.36 billion in the first 9 months of this year.

He said the volume and value of transactions declined 14% and 11%, respectively.

The drop cuts across areas such as Kuala Lumpur, Selangor, Johor and Penang, which shrank between 14% and 21%, he added.

On the price range, he said affordable house prices remained below RM500,000 and the sales accounted for about 80% of the total residential transactions.

“With housing loans for the civil to be increased to RM750,000, (unveiled in Budget 2017), I believe this would benefit both civil servants and housing developers,” he added.

The 5-day property showcase, which began on Wednesday, exhibits 53 property projects in the Klang Valley, Seremban, Penang, Genting and Johor.

Organised by the FIABCI Asia Pacific Regional Secretariat, it also features talks on property auctions, updates and development.

 

News Source: Bernama

China to build and finance RM55 billion Malaysia’s 620km East Coast Rail Link Registration

Finance ministry secretary-general Dr Mohd Irwan Serigar Abdullah told the Malaysian media that the engineering, procurement, construction and commissioning contract has been awarded to China Communication Construction Company (CCCC).

The financing agreement will be handled by the Export-Import Bank of China, he said upon arrival in Beijing as part of the Malaysian delegation accompanying Mr Najib.

Both agreements will be among 14 business agreements to be signed between the two countries during Mr Najib’s six-day visit to China to strengthen bilateral ties.

“Looking forward to a fruitful visit to further strengthen Malaysia-China cooperation. Malaysia has enjoyed a strong bond with China and we are committed to further strengthening our ties and friendship,” Mr Najib posted on his Facebook page on Monday upon arriving in the Chinese capital.

Mr Najib will meet with his counterpart Li Keqiang on Tuesday after attending an official welcoming ceremony at the Great Hall of the People.

Both leaders will witness the signing of memorandums of understanding covering the areas of defence, economy, agriculture, education, finance and construction.

Last week, news broke that among the deals to be signed is one which will see Malaysia buy four littoral mission ships (LMS) from China. The purchase will be the first significant defence deal between the two countries. It is the first time Malaysia is procuring a defence asset from China.

The 620-km ECRL project will link the port town of Port Klang in Selangor to the east coast state of Kelantan. It will connect smaller towns such as Mentakab in Pahang, Dungun (Terengganu) and Tumpat in Kelantan and aimed at unlocking the economic potential of these towns as well as uplifting the livelihood of the people who live along the rail line.

“The Chinese investment in Malaysia will open up smaller towns like Mentakab, Dungun, and going up to Tumpat,” the New Straits Times (NST) quoted Dr Mohd Irwan as saying.

The rail project is part of the East Coast Economic Region (ECER) corridor launched in 2007 to develop Malaysia’s east coast. Construction is expected to start early next year.

Dr Mohd Irwan said the decision to seek financing from China was due to attractive terms offered.

“If you borrow in the international market you will not get the low interest rate that we will get. We haven’t finalised (the details) but we will get very competitive (rate) and the repayment period we expect to be 20 years,” he was further quoted as saying.

Mr Najib’s trip to China — his third since 2009 — will also see him meeting Internet giant Alibaba Group founder Jack Ma, as well as having a discussion with 30 top Chinese businessmen.

The premier is expected to discuss with Mr Ma Malaysia’s plans to develop its digital economy — identified in the recent 2017 Budget as one of its key pillars of growth — and Mr Mohd Irwan said on Monday the Chinese billionaire may be offered an advisory post to help the South-east Asian country to achieve its objective.

“We will discuss with him about bringing his ideas, and there’s also talk about appointing him to the digital councils in Malaysia, to get his ideas,” the New Straits Times quoted Mr Mohd Irwan as saying.

He said as digital economy will be an “in thing” for the next two decades, any cooperation with China will benefit Malaysia as part of its plan to accelerate economic growth and human capital development.

According to the 2015 Forbes Rich List, Mr Ma, 51, has a net worth of US$21.8 billion. His Alibaba Group raised US$25 billion in Sept 2014, in what is billed as the world’s largest-ever initial public offering (IPO).

Najib had witnessed the exchange of 14 business arrangements with proposed invesments estimated at RM143.64 billion held at the Malaysia-China Business Forum in the Chinese capital.

“My official visit to China this time has brought very encouraging results and this achievement brings the bilateral relations between Malaysia and China to a higher level, a new high,” he told Malaysian journalists.

On Tuesday, Najib announced that the construction of the four LMS bought from China will be a joint venture between Boustead Naval Shipyard Sdn Bhd and China Shipbuilding and Offshore International Co Ltd.

Defence Minister Datuk Seri Hishammuddin Tun Hussein said the construction would be monitored by his ministry and China’s State Administration for Science, Technology and Industry for National Defence.

 

*** *** ***

The agreements and memoranda of understanding comprise:

  • 1. Engineering, Procurement, Construction and Commissioning Agreement between Malaysia Rail Link Sdn Bhd, China Communications Construction Company Limited (CCCC) and China Communications Construction Company (M) Sdn Bhd (CCCCM).
  • 2. Memorandum of Agreement for Investment, Development and Construction of Malacca Gateway Project (KAJ Development and Power China).
  • 3. Heads of Agreement between Bandar Malaysia Sdn Bhd and Greenland Holdings Group Overseas Investment Company Ltd in respect of the Proposed Purchase of Land and Development thereon in Bandar Malaysia.
  • 4. Heads of Agreement between Selat PD Sdn Bhd and CCCC Dredging (Group) Co Ltd.
  • 5. Framework Cooperation Agreement between the State Government of Sarawak, Hebei Xinwuan Steel Group and MCC Overseas Limited on the Proposed Development of Steel Plant in Sarawak.
  • 6. Memorandum of Agreement between KAJ Development Sdn Bhd, Power China, Shenzhen Yantian Port and Rizhao Port for partnership collaboration on Malacca Gateway Port.
  • 7. Heads of Agreement for the Bandar Malaysia Financial Scheme between IWH CREC Sdn Bhd and Industrial and Commercial Bank of China (ICBC).
  • 8. Memorandum of Understanding between East Coast Economic Region Development Council (ECERDC) and Wuxi Suntech Power Co Ltd for Production of Crystalline Silicon Solar Cells and Module within the Malaysia-China Kuantan Industrial Park (MCKIP).
  • 9. Memorandum of Agreement between BHS Industries Bhd and China Nuclear Huaxing Construction Co Ltd for Green Technology Park in Pekan, Pahang, Malaysia.
  • 10. China Construction Bank (Malaysia) Bhd was granted a banking licence by the Minister of Finance under the Financial Services Act 2013. With an initial paid-up capital of US$200 million, China Construction Bank will be able to provide infrastructure financing to support Malaysia’s infrastructure development.
  • 11. Memorandum of Understanding between Yanming Resources Sdn Bhd and Fuzhou Xin Zibu Culture Communication Co Ltd for the Growth and Development of Bird’s Nest Market in China.
  • 12. Memorandum of Understanding between Malaysia External Trade Development Corp (Matrade) and Alibaba.com.
  • 13. Research and Development Collaboration Agreement between Royal Bird’s Nest, Walet Company-International Private Limited Company and Peking University on Standardisation of Edible Bird’s Nest Extract and Medical Properties for Pharmaceutical Drug Discovery.
  • 14. Memorandum of Understanding between Aladdin Group Sdn Bhd and Suzhou Lian Cheng Yihao Information Technology Co Ltd.

 

News Source: Various

Mah Sing plans for two new launches in Klang Valley by this year end Registration

The two launches are Phase 2 of Caspia at M Residence 2 in Rawang and Cerrado Residential Suites Tower C and Tower D in Southville City @ KL South.

Phase 2 of Caspia at M Residence 2 offers 140 two-storey semi-detached homes with built-ups starting at 2,205 sq ft with an indicative price starting at RM743,800; and Cerrado Residential Suites Tower C and Tower D will have 404 units in each tower with built-ups starting at 656 sq ft.

Meanwhile, the final block of D’sara Sentral in Sungai Buloh will be launched next year with a total of 197 units with built-ups starting at 781 sq ft.

Speaking to The Edge City & Country, Ho believes next year will continue to be challenging, saying the market would improve if Bank Negara Malaysia relaxed the conditions of lending.

“Based on our experience, it is difficult to get a loan now. The rejection rate is 60% and the applicants are mostly first-time homebuyers.

“The lending requirements are strict now because the household debt to GDP ratio is rising and is now 90%, though many debts are not property related,” he explained.

Ho added that he is looking to take Mah Sing to the “next level”, with emphasis on delivering a structured organisation and improving operational efficiency.

He also sees the future of digital platforms — which will replace some of the conventional methods of doing things. For instance, he predicts the possibility of 3D printing for buildings in the future.

“In China, 3D printing has been done in buildings, even though it’s not a very big scale. It also means a lot of study on the material itself, so material science is a big thing globally,” he said.

 

News Source: The Edge Property, 29 October 2016

SkyWorld plans RM900 million launches by this year end, mulls Bursa listing Registration

Though SkyWorld founder and group managing director Datuk Ng Thien Phing acknowledged that the property market will “still be challenging” next year, he said the group remains confident of its upcoming launches as its past projects have all achieved strong take-up rates.

He cited the Ascenda Residence at SkyArena residential project in Setapak, which recorded more than 95% take-up rate, and the Bennington Residences Phase 1 (Tower B), also in the same vicinity and launched early this year now has a 90% take-up rate, as examples.

“So, we will be launching Bennington Residences Phase 2 (Tower A) on November 5 this year, and SkyLuxe On The Park in Bukit Jalil in the coming months.

“On top of that, we still have 100 acres of land located across the Klang Valley to be developed. These lands could potentially generate up to RM10 billion in GDV,” said Ng, adding that this would keep the group busy for the next few years.

He was speaking to reporters after the topping-off ceremony of the Ascenda Residence at SkyArena project in Setapak, Kuala Lumpur yesterday.

Ng said the group is also committed to building affordable housing to address the home ownership problem faced by first-time homebuyers.

The group is now building almost 2,000 units of affordable housing within its SkyAwani mixed development in Sentul here, he shared.

“We have launched 1,226 units of affordable housing (located at Jalan Sentul Pasar) earlier and it has been fully taken up,” said Ng, adding that the remaining 708 units will be introduced under the second phase of the SkyAwani development, to be known as SkyAwani Residence II (located at Kampung Batu Muda, off Jalan Ipoh).

He said the group plans to build another 4,000 units of affordable houing within the Klang Valley, though the location for the units has yet to be determined. In the next few years, SkyWorld will be one of the largest developer for the Federal Territory Affordable Housing Project known as RUMAWIP.

Hence, he urged the government to extend the new end-financing scheme for the 1Malaysia People’s Housing (PR1MA) programme, under the PR1MA Corporation Malaysia, to include other affordable housing projects tied with the local authorities and/or state governments.

In Budget 2017 tabled last Friday, Prime Minister Datuk Seri Najib Razak said homebuyers could get loans of up to 90% and 100%, with loan rejection rates to be reduced drastically.

“These projects (affordable housing introduced by local authorities or state governments) are also affordable housing projects by the governments,” Ng said, adding that the relevant ministry could work together with banks to formulate a solution.

The scheme is a collaboration among the government, Bank Negara Malaysia, the Employees Provident Fund (EPF) and four local banks, namely Malayan Banking Bhd (Maybank), CIMB Group Holdings Bhd, RHB Bank Bhd and AMMB Holdings Bhd (AmBank).

On a separate note, Ng said SkyWorld will only seriously look into floating its shares in the equities market in the next two or three years.

“We are considering an initial public offering (IPO), but (it will not happen) in the immediate term,” he said, citing the current deteriorating economic situation.

As a relatively new property development player, according to Ng, the group should be fulfilling the earnings requirement for a listing soon, which is a minimum three consecutive years of profit.

It achieved a net profit of RM8.12 million in the financial year ended 31 March 2015 (FY2015), and RM11.8 million in FY2016.

“We project our bottomline to grow to RM40 million in FY17,” he said.

Also present at the ceremony were Setiawangsa member of parliament Datuk Ahmad Fauzi Zahari, Kuala Lumpur City Hall executive director for planning Datuk Mohd Najib Mohd and SkyWorld deputy group managing director Lam Soo Keong.

Ahmad Fauzi said road infrastructure in the SkyArena area will be upgraded soon, with a flyover to be built to connect Jalan Genting Klang to Jalan Ayer Jerneh to improve traffic flow.

“Apart from that, SkyWorld, under its corporate social responsibility (CSR) programme, will be allocating RM30 million to widen Jalan Ayer Jerneh to 100 feet (30.48m),” he added. The road will become a four-lane carriageway.

“With the upgrading and expansion plan, this will definitely improve traffic flow and provide the Setapak community easier access to the DUKE Highway,” said Datuk Mohd Najib.

Ascenda Residence, the first residential segment in SkyArena, comprises 650 units housed in two residential-titled condominium blocks and spread across 3.35 acres. Unit sizes start from 903 sq ft to 1,239 sq ft. It comes with full condominium facilities, intercom system and 4-tier security.

Bennington Residences is the second residential segment in SkyArena. It comprises 580 units housed in two 37-storey residential-titled condominium blocks and spread across 2.69 acres. Its unit sizes begin from 1,092 sq ft to 1,570 sq ft, including 4 bedder dual-key units. It has a 2-acre rainforest-themed sky park with a total of 42 facilities, including the first triplex sky gym in Malaysia.

The last and third residential segment in SkyArena is tentatively known as Curvo Residences and will be unveiled in 2018. The commercial segment will comprise of a lifestyle retail complex, shop-offices, a hotel tower, a SoHo tower and office blocks.

Under the development, there will also be a 9.4-acre SkyArena Sports Complex featuring multi-level state-of-the-art facilities such as an Olympic-sized swimming pool, board and scuba diving pools, indoor rock climbing, badminton court, basketball court, squash court, tennis court, futsal, fitness centre, dancing room, a full-sized football field with a 400m running track, pro shops, child care centre and a sports medical centre.

Other upcoming SkyWorld projects in 2017 and 2018 include SkySierra in Setiawangsa, SkyMeridien in Sentul East, SkyVogue in Taman Danau Desa and a low-density luxury project in Bukit Tunku.

 

Sunway Velocity Mall set to open December 8 with Malaysia’s first AEON MaxValu Prime Registration

“To date, we have achieved 90% sign-up. When we open in December, we should be achieving an 80% shop opening rate,” Chan told TheEdgeProperty.com.

Sunway Velocity Mall is part of the 23-acre Sunway Velocity integrated development comprising residential, commercial, healthcare and retail components. The RM4.5 billion development is located near Cheras, about 3km away from the Kuala Lumpur city centre.

The mall has a gross floor area (GFA) of 1.5 million sq ft and a net lettable area (NLA) of 1 million sq ft.

According to Chan, there will be 12 key tenants occupying 40% of the NLA of which three are anchor tenants and nine are mini anchor tenants.

The mall’s key partners include:

  • Parkson,
  • AEON MaxValu Prime,
  • TGV Cinemas (with IMAX),
  • Uniqlo,
  • Padini Concept Store,
  • JD Sports,
  • Harvey Norman,
  • CHi-X Fitness,
  • Home’s Harmony,
  • Popular Bookstore,
  • Toys “R” US, and
  • Grand Imperial Restaurant.

“AEON MaxValu Prime will be a new concept store by AEON and the one at Sunway Velocity Mall will be the third in the world after Japan and Hong Kong.

“On top of that, TGV Cinemas will be opening its fifth IMAX cinema, offering what is expected to be the biggest IMAX screen in Peninsular Malaysia. The third CHi-X Fitness, a sister brand to the existing CHi Fitness clubs — a leading home-grown fitness chain in Malaysia, will also be here,” said Chan.

“There are many high-end supermarkets but we differentiate ourselves by embodying the AEON DNA, bringing in in-house brands and imported Japanese-made products,” AEON MaxValu general manager Toshiniro Ozawa told TheEdgeProperty.com, adding that the group expects 2,000 paying customers daily which is 10% of the projected shopping mall’s crowd.

Ozawa added that AEON MaxValu’s expansion plan is to open three new stores next year and it has identified a few other prime locations within the Klang Valley.

Meanwhile, CHi-X Fitness Sunway Velocity Club general manager Low Kang Sheng highlighted that their latest addition at Sunway Velocity will feature upgraded versions of their existing CHi-X Nexus Bangsar South and CHi-X Da:Men USJ’s GRID functional training zones and Power House main studios.

“We expect a great response from the local community just as our CHi-X Nexus Bangsar South did and I believe existing fitness goers as well as newcomers will find our CHi-X experience fun, refreshing and affordable,” Low added.

Sunway has invested some RM500 million to improve the infrastructure surrounding the development as well as to build more than 6,500 car park bays.

On whether there are too many malls being developed, Chan noted there will be enough demand by Malaysians for the new tenants and shops in Sunway Velocity Mall.

“If you look at the Cheras market today, there is a void in terms of a world-class mall, carefully integrated developments and a mass cluster of retail brand offerings covering fashion, leisure and entertainment, and food and beverage. There are easily more than 100 tamans in Cheras itself and I think Cheras is underserved despite the largely affluent urbane market,” said Chan.

Chan stressed that Sunway is not just a shopping mall developer but a lifestyle community developer.

“You know, when I first started out in this industry some 33 years back, the F&B section constituted less than 5% of a mall. Today, they take up more than 30% of space in the mall. Not only that, the leisure and entertainment section has hit more than half of the mall space. So, I wouldn’t call it a shopping mall anymore. It is a lifestyle mall, whereby people are coming for the experience and that is what we want to give them,” said Chan.

“What is important in this current market is that we continue to meet the needs of our customers. It is not about what Sunway wants, but what the market wants today. We also want to make sure our tenants continue to trade profitably and sustainably,” Chan concluded.

Chan, who is also adviser to the Malaysia Shopping Malls Association, said existing malls in Cheras, such as AEON Maluri Shopping Centre and Cheras Leisure Mall, are still operating successfully after all these years.

Sunway Velocity Mall is a joint venture between Sunway City Sdn Bhd and Fawanis Sdn Bhd.

Property developer Sunway Bhd has introduced Sunway Velocity in Cheras as the first integrated development in its vicinity, dubbed “The City of Endless Possibilities”.

When completed, the entire development will be equipped with residences, offices and shops, hotel, medical centre and shopping mall, with sprawling public spaces.

Around 47% of the total gross development value (GDV) of the entire RM4 billion development will be owned and operated by Sunway Bhd, making Sunway Bhd the largest investor in Sunway Velocity.

First launched in 2011, Phase 1 of the residences was fully sold and completed in December 2014 and handed over to buyers. The remaining commercial and residential components are expected to be completed in phases by 2018.

The initial portion of the shop and office units was completed and fully sold in September 2014.

According to several news reports, about 50 malls would be entering the market in greater Kuala Lumpur by 2020, of which a dozen would have an NLA of 1 million sq ft.

One of its closest competitors will be MyTOWN Shopping Centre. With a net lettable area of 1.1 million sq ft and just 800 m away, this shopping centre will be opening its doors next year.

Despite concerns that the Klang Valley is facing oversupply issues, especially in retail space, Chan said Sunway Velocity Mall would not only compete, but also complement its soon-to-be-launched rival, MyTOWN Shopping Centre.

“Competition is healthy, but in the longer term, we will complement each other. Just look at the Bukit Bintang area and the number of malls there. It’s thriving because it gives consumers choice.”

In time, Chan said the collection of retail space comprising Sunway Velocity Mall, MyTOWN Shopping Centre, IKEA Cheras, AEON Maluri Shopping Centre and the Tun Razak Exchange (TRX) Lifestyle Quarter development would turn Cheras into another vibrant shopping haven – just like Bukit Bintang.

“All of the malls in Cheras, by the time they are completed, will have retail space of close to four million sq feet. In the coming years, it will be a new shopping precinct.”

 

News Source: The Edge Property, 23 October 2016

Sogo KL plans new stores and Malaysia’s first Seibu store in TRX Lifestyle Quarter Registration

Earlier this month, the company entered into an agreement with TRX City Sdn Bhd, a wholly-owned subsidiary of the Ministry of Finance, to bring the first Seibu departmental store in Malaysia to the 17-acre (6.88ha) Tun Razak Exchange (TRX) Lifestyle Quarter.

“We have signed on as an anchor tenant in a shopping centre there, taking up 250,000 sq ft of retail space. I believe TRX City will be the next centre of commercial office and residence (for Kuala Lumpur), just like KLCC was in the mid-1990s to mid-2000s.

“And since Pavilion Kuala Lumpur opened (in Jalan Bukit Bintang), the area has been the centre of the city from mid-2000s until now,” said Datuk Alfred Cheng Yoong Choong, the former group managing director of Singapore-listed Parkson Retail Asia Ltd and Hong Kong-listed Parkson Retail Group Ltd.

SKLDS will also open a Sogo departmental store in the Central i-City shopping centre in Shah Alam, Selangor, via a joint-venture with Central Pattana Public Co Ltd of Thailand. The mall is set to open in October 2018.

SKLDS intends to spend about RM40 million to RM50 million over the next 3 years to give Sogo Kuala Lumpur a posher look, which opened its doors 22 years ago. Sogo Kuala Lumpur currently occupies a leased premises owned by the Employees Provident Fund, which expires in 2035.

“I envisage future department stores will be bigger and better. Bigger means our minimum [retail] floor size will be about 200,000 sq ft to 300,000 sq ft per store as opposed to the current existing department stores operated by some of our competitors, which typically measure between 100,000 sq ft and 150,000 sq ft,” Cheng added.

Other future Sogo stores will be located at Paragon @ KL Northgate in Selayang, Selangor; the Mayang Mall in Kuala Terengganu and Prai Mall on the Penang mainland, which is touted to be the largest shopping mall in the northern region by Belleview Group.

“There are three other sites we are working on, but I am not at liberty to disclose them as yet as they are currently being finalised.

“We don’t foresee opening too many Seibu department stores in Malaysia. We might eventually have two or three of them, and 12 to 15 Sogo stores. But for the next 5 years, we have earmarked nine stores, out of which eight will be Sogo stores and one Seibu,” he said.

Under a trademark licence agreement, Japan’s Seven & I Holdings Co has granted SKLDS an exclusive licence to use the “Sogo” trade name in Malaysia.

Apart from Seibu, Cheng said the Japanese retail group also operates other speciality franchises such as Loft and Parco, which SKLDS plans to bring into the country.

In June last year, Cheng — through his family-controlled Singapore-listed investment vehicle LTC Corp Ltd — acquired a 50% stake in USP Equity Sdn Bhd from Datuk Andrew Lim Tatt Keong’s private vehicle USP Resources Sdn Bhd for RM70.14 million cash.

USP Resources has been holding a 90% stake in SKLDS since 10 November 2002. The remaining 10% is held by Tradewinds Resources Sdn Bhd, a company controlled by tycoon Tan Sri Syed Mokhtar Al-Bukhary.

 

The original article was first published in The Edge Financial Daily, 17 October 2016 with article title “Turning passion into business” written by Kang Siew Li.

DBKL: Kuala Lumpur will introduce Road Pricing system after MRT 1 starts Registration

DBKL is looking into the details, but the pricing for each vehicle has yet to be finalised, said Nik Mastura Diyana Nik Mohamad, senior deputy director at DBKL’s Urban Planning Department.

“We will implement (road pricing). That will be the last initiative to reduce congestion in the city,” she told The Edge Financial Daily on the sidelines of the European Smart Cities Exchange Forum yesterday.

“We are still looking into the details. We have done a few engagements with the people not only on pricing, but more on how to transform our public transportation in Kuala Lumpur,” said said.

The first phase of MRT Line 1, between Sungai Buloh and the Semantan station in Damansara Heights, is scheduled to begin operations in December, while phase two between the Semantan Station and Kajang will be operational in July 2017.

Speaking at the forum earlier, Nik Mastura Diyana said the road pricing plan has been included in the Kuala Lumpur Structure Plan 2020, to encourage people to use public transport.

“We can’t implement it now as there is no alternative for the people,” she explained.

The authorities, she said, had been planning to implement a policy to restrain traffic in the city centre as far back as the 1980s.

Nik Mastura Diyana said the policy is to discourage people from using private cars in the city centre to reduce traffic congestion.

“This is like what Singapore does. If you go into the city centre at a certain time, (which) causes congestion, you have to pay,” she added.

According to the Singapore Land Authority, the first road-pricing scheme, known as the Area Licensing Scheme (ALS), was introduced in the restricted zone in 1975. The scheme was subsequently extended to major expressways with the Road Pricing Scheme.

In 1998, the Electronic Road Pricing replaced the previously manual ALS for restricted zones and Road Pricing Scheme for expressways.

 

News Source: The Edge Financial Daily, 5 October 2016

Beverly Group launches Lexa Residence at Quartz Wangsa Maju this weekend Registration

Beverly Group sales and marketing executive director Wendy Tang said the 2.69-acre Lexa Residence is the first phase development of Quartz WM — a 16.484-acre freehold mixed-use development — which carries a gross development value (GDV) of RM260 million.

“The selling price averages RM650 psf. We have achieved 70% take-up since the project was previewed early this year,” she told TheEdgeProperty.com.

Lexa Residence offers 438 serviced apartment units housed in two 21- and 23-storey towers, with seven types of layouts and built-ups ranging from 662 sq ft to 919 sq ft.

Apart from the residential component, there will be six storeys of parking bays and three levels of retail spaces offering 38 retail units, all of which will be managed by the developer.

Lexa Residence is expected to be completed by June 2020.

On the pricing, Tang noted that most of the similar projects in the surrounding areas have starting prices from around RM600,000 for two-bedroom units, and RM1.2 million to RM1.8 million for four-bedroom units.

“We have priced Lexa Residence very competitively in all aspects given its freehold tenure, the partially fitted interior and prices ranging between RM420,000 and RM650,000 for the 2-bedroom and 4-bedroom units,” she explained.

Tang noted that in the first quarter of 2017, the company will be launching Fera Residence at Quartz WM located adjacent to Lexa Residence.

Fera Residence comprises 386-serviced apartment units and 18 retail units.

Quartz WM has a GDV of RM1.5 billion in total, comprising a central park and five projects, she explained.

The 16.5-acre site of Quartz WM is divided into 5 pieces of land with a central park. The first two plots will have mixed-use developments comprising serviced apartments and retail, while future plots are still in the planning stages.

Tang said Quartz WM is 4.6km away from KLCC and 3.5km away from the world’s largest natural quartz dyke — Klang Gates Quartz Ridge.

“Strategically located at the fringe of Wangsa Maju and Setiawangsa and with road expansions and improvements, this estate enjoys both convenience and accessibility,” she added.

Besides the Quartz WM development, Beverly Group also plans to launch a mixed-use development made up of serviced apartments, SOHO and retail units at Equine Park, in the first quarter of next year. The project will be called Equine Residence.

The company is currently developing 28 BLVD in Pandan Perdana.

 

Artist’s impression of Lexa Residence by Beverly Group.

 

 

News Source: The Edge Property, 30 September 2016

Aset Kayamas acquires Desa Water Park’s lakeside land for RM7 billion mixed development Registration

The family theme park located at Jalan Desa in Taman Danau Desa, near Jalan Klang Lama in Kuala Lumpur, will close its doors after 16 years of entertaining more than four million visitors from all over the country.

The family-favourite Thunderbolt, one of Asia’s longest uphill water coaster, will come to a permanent halt after today.

The wave pool – a children’s delight – and the surf shack, a tropical-themed structure featuring multi-level platforms integrated with pipes, vales, pulleys, buckets and waterslides – will fall silent.

 

Land sold to highest bidder

Now the question is what will it be replaced with?

According to Kuala Lumpur City Hall (DBKL), who had owned the 16.99ha land (total: 42 acres including surrounding areas, the theme park itself is built on 12.6 acres) that hosted the theme park and a restaurant, a mixed development consisting of high-end bungalows, multi-storey towers and condominiums as well Federal Territories Affordable Housing (RUMAWIP) scheme will be built on the land.

The site is next to the 50-acre Desa Lake.

“DBKL has sold it (the land) to the highest bidder,” said Kuala Lumpur mayor Datuk Seri Mohd Amin Nordin Abd Aziz.

While the mayor did not share any other details pertaining to the project, StarMetro learnt that it was an outright sale and DBKL would not have any further ties to the land.

“It was sold on condition that the developer agreed to build affordable homes at the site,” said a DBKL source.

It is also learnt that Berjaya Corp, which operated the Desa Water Park and rented out one of the buildings to the management of the Dragon Hut Restaurant, were given notice to vacate the premises by 30 September by DBKL.

DBKL had leased the land to Berjaya Corp. When contacted, a staff from the Berjaya Corp corporate communication department said they were no longer associated with Desa Water Park and hence did not want to comment further.

 

London’s River Thames cruise?

StarMetro managed to contact the new owners of the land, Aset Kayamas Sdn Bhd, who confirmed that they had recently acquired the land from DBKL.

“Yes, we acquired the land about two months ago. Our plans for the area is still at the design and planning stage,” said executive director Michael Chai.

“It is going to be a mixed development with a gross development value of RM6 billion to RM7 billion.

“We are certainly taking into account the need for affordable homes, as well as leveraging on the lake area,” he said.

“We appreciate the fact that Desa Water Park has been an iconic establishment in this area for many years.

“Which is why we are planning something to give back to the community,” he added.

When asked to elaborate on the plans, Chai said: “Well, we have been visiting London’s River Thames and we have something in mind along those lines.

“All I can say for now is that it is going to be special for the community as a whole.”

 

Privatisation of lands

Of late, DBKL has been selling off its prime land in the city.

Two years ago, DBKL sold a huge chunk of its land in Jalan Air Jerneh in Setapak, for a mixed development project.

In 2014, Cheras MP Tan Kok Wai highlighted that DBKL had been disposing prime plots through joint venture deals that were not benefitting city folk. He said the deals were not made through open tender and there were existing facilities on the land.

Tan cited the velodrome in Cheras, DBKL’s Health, Engineering and Mechanical departments in Jalan Cheras and another plot in Jalan Pinang as examples.

He said other plots of land had been sold recently in similar fashion.

 

Aset Kayamas’ growing portfolio

The proposed Desa Water Park project will mark Aset Kayamas’ entry into multi-billion integrated mixed development, comprising both residential and commercial elements.

Aset Kayamas’ first project in Bukit Jalil is Parkhill Residence, launched in 2014 and scheduled for completion by October 2018.

The project on 5.65 acres offers 1,062 units in two 45-storey towers, with facilities that include an infinity pool, a lazy pool, a floating gym, badminton court, sauna, putting green, multipurpose hall and playground. The take-up rate is more than 98%.

The developer is also building the first Rumah Mampu Milik Wilayah Persekutuan (RUMAWIP) in Kuala Lumpur called Residensi Pandanmas in Kampung Pandan, which is slated for handover in April next year.

Since 2014, Aset Kayamas has launched more than 10 projects with majority of them sold out within a short period of time. The developer moved to a new corporate headquarters in Old Klang Road in June this year.

The developer is currently planning more than 5 new projects. All of its past and current projects are built within the jurisdiction of Federal Territory of Kuala Lumpur, such as the following:

 

Unrestricted Homes
————————

Parkhill Residence @ Bukit Jalil (Jan 2015) – 1,052 units

The Holmes @ Bandar Tun Razak (May 2015) – 604 units

The Henge @ Kepong Metropolitan Park – Crest & Dawn (Aug 2015) – 736 units

The Henge @ Kepong Metropolitan Park – Eden & Folio (Apr 2016) – 736 units

The Haute @ Gurney KL (Jun 2016) – 274 units

[COMING SOON] —- The Hamilton @ Wangsa Maju – 435 units

[COMING SOON] —- Bandar Tun Razak, Cheras – 1,015 units

[COMING SOON] —- Penchala, off Jalan Damansara – 435 units

 

RUMAWIP Affordable Homes Scheme
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Residensi Pandanmas (Aug 2014) – 700 units

Residensi Pandanmas 2 (Oct 2014) – 2,220 units

PPA1M Bukit Jalil (Apr 2015) – 1,050 units

Residensi Sentulmas (Jul 2015) – 351 units

Residensi Razakmas (Sep 2015) – 604 units

Residensi Puchongmas (Oct 2015) – 524 units

Residensi Kepongmas (Oct 2015) – 1,514 units

Residensi Gurneymas (Feb 2016) – 274 units

 

This article has been adapted with additional information. The original article was first published in today’s The StarMetro with article title “The end of Desa Water Park” written by Bavani M.