MAKE BETTER DECISIONS

FRIDAY JANUARY 22, 2016 ISSUE 2092/2016

A PULLOUT EVERY FRIDAY WITH

Read this copy online @ TheEdgeProperty.com MAKE BETTER DECISIONS PP 9974/08/2013 (032820)

ep3 NEWS ep4 NEWS ep5 DEALMAKERS Property prices to Property-related For love consolidate further, industries to see slow and money says economist but steady growth

Go to TheEdgeProperty.com to download this and past issues of The Edge Property pullout. WATERFRONT property lure island’s non-landed seafront homes lead the market in terms of value. See story on pages ep6 & 7.

CONTINUES ON EP6

THE EDGE FILE PHOTO FRIDAY JANUARY 22, 2016 • THEEDGE FINANCIAL DAILY EP2 PROPERTY | NEWS

Go to TheEdgeProperty.com for more property news MOST READ ON NEWS ROUNDUP TheEdgeProperty.com Felda and Encorp to jointly sition of Yuten Development Sdn dram, noted that there is no harm develop township in Melaka Bhd, which is party to a joint-ven- in using websites or apps to pro- ture agreement to develop 128 high- mote a product for advertising pur- end residential units on 1.2 acres poses, but if transactions are made of land on Jalan U-Th ant. and commissions received, then it In a filing with Bursa Malay- means that the law has been broken. sia on Jan 19, the garment maker- Faizan said only registered real turned-property developer said it, estate agents as specifi ed in Section and Yuten vendors (Sia Chien Vui, 22C of the Valuers, Appraisers and Datuk Seri Lee Ee Hoe and PTS Estate Agents Act can act as agents Shrinking review application fi led by the lot Properties Sdn Bhd) had agreed in selling, purchasing, letting or shopping crowds owners of the Ampang Park Shop- to mutually terminate the Yuten renting any property. a challenge for ping Centre, according to Th e Ma- share sale agreement. London-themed Hyde retail REITs The Federal Land Development laysian Insider. Th is follows the conditional ap- Authority (Felda) and Encorp Bhd Th e owners had fi led for a judi- proval letter from the Kuala Lumpur Tower to be unveiled in entered into a memorandum of cial review of the federal govern- City Council for the project, which i-City next month DONE DEAL: Unit agreement on Jan 20 to develop an ment’s approval of the acquisition stipulates a lower density than that I-Berhad, the master developer at 10 Mont’Kiara integrated township in Melaka with of the site of shopping mall for the of the condition precedent to the of i-City in Shah Alam, will unveil condominium, a gross development value (GDV) construction of the Ampang Mass Yuten share sale agreement. Hyde Tower, a residential block with Mont’Kiara, KL of RM3.2 billion. Rapid Transit station. a view over the CentralPlaza@i-City Encorp subsidiary, Encorp Bukit Lawyer for the plaintiff s, Jason Internet and social Shopping Mall, in February. Katil Sdn Bhd, will be the master Ng, said the High Court had also media used to market Hyde Tower will have 43 sto- Johor to see developer of the township. granted an interim stay against the properties illegally reys of apartment units of between ‘good buys’ in Th e township will be on a 640.98- land administrators from possess- Illegal property brokers and mar- 465 sq ft and 769 sq ft in built-up 2H2016 acre leasehold tract in Bukit Katil, ing the land or dealing with it. keting companies are turning to area, fully fi tted and furnished in Ayer Keroh, close to the Ayer Keroh He said it was unclear how long websites and apps to encourage a contemporary London-themed toll plaza and Bandar Hilir Melaka. the interim stay would apply, but landlords to use their services in- interior design. Klang Valley Construction of the three-phase would be asking for an extension stead of real estate agents, said the In a statement on Jan 18, I-Ber- offi ce rental development will start in 1Q2017 during case management on Feb 29. Board of Valuers, Appraisers, and had said Hyde Tower will have growth to be and is expected to be completed At least 62 land owners had Estate Agents (Bovaea). 1-bedroom and 2-bedroom units under pressure in 14 years. sought the judicial review on Jan 8. BOVAEA president, Faizan Ab- as well as a choice of standard and over next Th e project comprises a 307.67- At least 100 shop owners and dul Rahman said at a press confer- duplex layouts. It is also the only acre residential development, and tenants are protesting the MRT ence on Jan 19 that this trend has development on this parcel to off er two years a 76.92-acre commercial devel- pedestrian walkway scheduled to increased in view of the current dual-key units on selected fl oors. opment of shop offi ces, commer- be built by MRT Corp underneath challenging market. Meanwhile, I-Berhad Group’s cial plots and petrol kiosks, among the 42-year-old mall. Th is new threat was discovered joint-venture company, Central others. Th e underground walkway re- during a six-month campaign Plaza i-City Real Estate Sdn Bhd, Th e remaining 256.39 acres are quires that the mall be demolished. dubbed C.A.M.P (Cheating, Ab- will commence work on its 1.5-mil- reserved for public amenities, such MRT Corp had given Ampang sconding, Misinterpretation and lion sq ft CentralPlaza@i-City shop- as schools, a hospital, mosque and Park owners two options: sign a Profi teering), the four main methods ping mall. The Edge Communications Sdn Bhd police station. mutual agreement with the project used by illegal brokers. C.A.M.P was Th e development is a 60:40 join (266980-X) Present at the signing ceremony owner or acquiesce to the land ac- launched last August by BOVAEA. venture between leading Th ai retail Level 3, Menara KLK, No 1 Jalan PJU 7/6, were Felda and Encorp chairman quisition process. “We have even discovered one property developer, Central Pattana Mutiara Damansara, 47810 Petaling Jaya, Selangor, Malaysia Tan Sri Mohd Isa, Felda director highly recognised public-listed Pcl (CPN) and I-Berhad. Datuk Hanapi Suhada and Encorp Yong Tai aborts plans for company in the information tech- Central Plaza i-City Real Estate executive committee chairman RM168 mil condo project nology industry that had started has awarded Pintaras Jaya Bhd Publisher and Group CEO Ho Kay Tat Datuk Zakaria Nordin. Yong Tai Bhd has aborted a joint a property portal to promote and wholly owned subsidiary, Pintaras venture to develop a luxury ser- sell a developer’s product, and re- Geotechnics Sdn Bhd, the piling Editorial For News Tips/Press Releases MRT acquisition of viced apartment project on Jalan ceived fees for the transactions,” and basement structural works Tel: 03-7721 8219 Fax: 03-7721 8038 Ampang Park land subject U-Th ant in Kuala Lumpur with a said Bovaea chairman, Eric Lim, for the mall. Email: [email protected] to judicial review GDV of RM168 million. at the press conference. With an estimated GDV of Th e Kuala Lumpur High Court on Th is follows its decision not to Bovaea committee member for RM850 million, the shopping mall Senior Managing Editor Azam Aris Contributing Editor Sharon Kam Jan 20 granted leave for a judicial proceed with the proposed acqui- estate agency practice, K Soma Sun- is expected to open in August 2018. Editor Rosalynn Poh Deputy Editors E Jacqui Chan, Wong King Wai Assistant Editor Lam Jian Wyn Senior Writer Racheal Lee If you have any real estate-related events, email us at [email protected]. Writers Chai Yee Hoong, LAUNCHES & EVENTS Events listed here will also appear on TheEdgeProperty.com. Rachel Chew, Hannah Rafee, Tan Ai Leng, Natalie Khoo, Ewe Shufei

Art Director Sharon Khoh Nusa Sentral Lunar New Year The Base Park East — Sukhumvit property investment, and explain Design Team Cheryl Loh, Night Bazaar 77. The 27-storey condominium how the Fire Monkey Year will Valerie Chin, Aaron Boudville, Date: Jan 15 to Feb 5 off er units of between 26 sq aff ect an individual based on Aminullah Abdul Karim, Venue: Jalan Sentral m and 48.5 sq m in built-up the BaZi astrology chart. Yong Yik Sheng, Tun Mohd Zafi an Mohd Za’abah, Noorain Duasa 28, Taman Nusa Sentral, area, priced at THB2,924,000 Bandar Nusajaya, Johor (RM352,971) to THB6,364,000. Australia, Melbourne CBD Corporate Time: 6pm to 10pm Property Exhibition Managing Director Au Foong Yee Contact: (07) 223 6799 Datuk Joey Yap’s Feng Shui Date: Jan 23 and 24 (Sat and Sun) Deputy Managing Director Lim Shiew Yuin Organised by Country View Bhd, and Astrology 2016 Venue: Ixora room, Level 10 expect street art, dragon dance, DoubleTree Hotel KL, The Advertising & Marketing Teo Chew Opera, Cantonese Intermark, Kuala Lumpur To advertise contact Opera, Chinese Orchestra, Chinese Time: 10am to 7pm One World Hotel, Petaling Jaya GL: (03) 7721 8000 Fax: (03) 7721 8288 Mask Changing Show, magic Contact: (012) 779 2008/ Time: 10am to 7pm Chief Marketing Offi cer show, live band, lucky draw, (012) 208 1693 Contact: (016) 228 9150/ Sharon Teh (012) 313 9056 Facebook photo contest and the Jalin Realty launches The Peak (016) 228 8691 General Manager, Digital Media arrival of the God of Fortune. apartments in Melbourne. Cornerstone International Kingston Low (012) 278 5540 Senior Sales Managers Located adjacent to RMIT, Properties introduces new UK Geetha Perumal (016) 250 8640 Sansiri Bangkok Property Melbourne Central and State project Discovery Quay. Located Fong Lai Kuan (012) 386 2831 Showcase Library, The Peak is a short in the bustling Salford Quays Peter Hoe (019) 221 5351 Date: Jan 23 and 24 (Sat and Sun) walk to Queen Victoria market, area of Manchester, this student Gregory Thu (012) 376 0614 Creative Marketing Venue: Sunfl ower Room Chinatown, Carlton Gardens and accommodation development has Chris Wong (016) 687 6577 (Level C), One World Hotel, Date: Jan 24 (Sun) Emporium. The Peak has 177 excellent transport links and is Head of Marketing Support & Ad Traffi c Petaling Jaya, Selangor Venue: Penang Equatorial Hotel units in total, with a maximum walking distance to supermarkets, Lorraine Chan (03) 7721 8001 Time: 11am to 3pm Time: 10am to 5pm of fi ve units on each fl oor. Prices universities and MediaCityUK, home Email: [email protected] Contact: (012) 211 6954; Contact: (03) 2284 8080 start at A$762 (RM2,285) psf. of BBC and ITV. Discovery Quay [email protected] Register online and purchase a comprises fully furnished studio The Edge Property is published and Organised by CBD Properties, this ticket to this full-day seminar. New UK Property Launch and penthouse studio units with distributed with The Edge Financial is a showcase of Thai developer Yap will analyse the fi nancial Date: Jan 23 and 24 (Sat and Sun) facilities such as a cinema room, Daily every Friday. For more property data, listings and news, Sansiri PCL’s Bangkok project, outlook for 2016, including Venue: Iris & Hibiscus Room, games area and fully equipped gym. go to TheEdgeProperty.com. FRIDAY JANUARY 22, 2016 • THEEDGE FINANCIAL DAILY NEWS | PROPERTY EP3

Property prices to consolidate further, says economist

Government urged to reintroduce DIBS for fi rst-time homebuyers

BY RACHEAL LEE Meanwhile, VPC Alliance (Malaysia) Sdn Bhd managing director and organis- KUALA LUMPUR: Property prices are ex- ing chairman of the seminar James Wong Property pected to consolidate further this year, and concurred that DIBS should be made avail- Market conform to the 15-year, long-term average able to first-time homebuyers of afforda- growth of 5.6% under the National House ble homes. Outlook Price Index (HPI). He also expects non-performing housing This was forecast by economist Lee loans (NPLs) to increase this year, albeit for Heng Guie at the 9th Malaysian Property not to the levels of the Asian financial cri- Summit 2016 (9MPS) here on Jan 20. sis. He noted, the higher number of auc- 2016 Lee explained that the forecast is sup- tioned properties during the last quarter. ported by reasonable economic growth, “NPLs are expected to increase but it improved income and reasonable credit won’t be as bad as the previous recession conditions. The forecast is based on the where it reached double digits. Bank Ne- period 2000 to 2014. gara (Malaysia) is more prepared now,” “Consolidation, to me, is good. It is Wong said. healthy, no point to keep growing rapid- He attributed the increase in NPLs to ly. I don’t think it (HPI) will go to negative higher unemployment and more payments unless there is fire sale,” said Lee. will begin this year on properties financed He noted that the annual growth rate under DIBS. of the HPI eased to 5.4% in 3Q2015, mak- “We suspect a lot of DIBS buyers are ing it the slowest quarterly increase since speculators and they may not be able to 4Q2009. The HPI rose by an average of 9.9% Lee: DIBS should be considered for fi rst-time complete the loan. They have to unload annually from 2010 to 2014. Comparatively, homebuyers. the properties on the market and prices ORGANISED BY 2Q2015 saw annual growth of 7.5%. will come down.” To maintain a sustainable property sec- The 9MPS 2016 was organised by the tor, he encouraged the reintroduction of the lend to eligible borrowers. Fiscal incentives Association of Valuers, Property Manag- developer interest-bearing scheme, better such as stamp duty relief and DIBS should ers, Estate Agents and Property Consult- known as DIBS, for first-time homebuyers. be considered for first-time homebuyers ants in the private sector (PEPS). The Edge “Bank Negara Malaysia should ensure and for properties priced below RM1 mil- Malaysia and TheEdgeProperty.com were that the banking institutions continue to lion,” Lee said. media partners of the event.

Go to TheEdgeProperty.com for more stories for the Malaysian Property Summit 2016. Sansiri PCL opens its doors to Malaysian investors

BY EWE SHUFEI

PETALING JAYA: Th ai developer Sansiri PCL will launch its condominium project Th e Base Park East this weekend in Bandar Utama. “Th ough not as popular as the United Kingdom or Australia, Th ailand is an emerg- ing market or nation with great potential and sustainable economic growth. Th ailand is only second to Singapore in terms of for- eign direct investment among the Asean nations,” said Sansiri PCL spokesperson, Garaget Iampongpaitoon. Th e project is located in the 16.2-acre integrated development, T77 at Sukhumvit 77, which has a gross development value of THB14 billion (RM1.69 billion). Th e 0.97- acre Base Park East comprises a 27-storey building housing 504 units. Th ese have a built-up area of between 26 sq m and 37.5 sq m for one-bedroom units, and 48.5 sq m for the two-bedroom units. Tentative prices are between THB3 million and THB6.4 million. “Rental yields have been averaging be- T77 projects in Bangkok, Thailand. tween 6% to 7% per annum, particularly in Bangkok,” Iampongpaitoon said. Th e development’s facilities include a Base Park West, Bloc 77, Hasu Haus 1, Th e projects. Demand for homes close to the According to Iampongpaitoon, there is swimming pool, exercise room, garden and Base Sukhumvit 77, and the 34-unit high-end mass-transit system is growing strong. More a decentralising trend downwards from outdoor recreation area, shops, 24-hour secu- condominium, Garden Square. Also located consumers will express interest in develop- the BTS to On Nut from Bangkok’s cen- rity and CCTV monitoring. Nearby amenities in the integrated township are a 10,000 sq m ments towards the city’s fringes, especially tral business district, encouraged by rail- include a mall, On Nut Bangkok SkyTrain community mall, Habito, and the Bangkok In- locations close to Bangkok transit system way double-tracking, motorways, and new station, an international school, kindergar- ternational Preparatory and Secondary School. (BTS) stations for commuting convenience mass-transit routes as part of an offi cial eff ort ten, hypermarket, hospital and park. “Bangkok is the economic centre for the and relatively predictable commute times,” to make Th ailand the Southeast Asian hub of T77’s other condominium blocks are Th e country’s investment and development Iampongpaitoon said. the One Belt One Road initiative by China. FRIDAY JANUARY 22, 2016 • THEEDGE FINANCIAL DAILY EP4 PROPERTY | NEWS Property-related industries to see slow but steady growth

Metal and Water industries to see opportunities Feng Shui tips on TheEdgeProperty.com despite challenges Dato’ Joey Yap contributes a regular Feng also activate the most favourable sector of Shui column in The Edge Property and your unit in order to maximise the Qi fl ow BY LAM JIAN WYN provides Feng Shui advice on Th eEdge- to mitigate the adverse eff ects. For example, Property.com. you may activate the Northeast 3 sector [in KUALA LUMPUR: Industries categorised Here are some feng shui questions posed 2015] which contains the Dragon Virtue under the Earth element are expected to see by readers to Yap on Th eEdgeProperty. star on an auspicious day to help counter slower growth, said Chinese Metaphysics com, and his replies: any negative eff ect due to the renovations. consultant Dato’ Joey Yap. He was speaking at Joey Yap's Feng Shui & Astrology 2016 I live in a nice condominium that is a My sister moved offi ce recently to a high- seminar here two weeks ago. property hot spot; it has attracted many rise building and her new seating posi- Th e weak Earth element this year will new owners who bought from previous tion has her back against the window see the likes of the property, construction, owners cashing out. Th e new owners are (fl oor to ceiling type). Is this bad feng insurance, mining and escrow industries now renovating like crazy, left, right, shui? And what can she do to minimise faring less well than industries that are cat- above and below. Will this aff ect the feng the negative eff ects? egorised under other elements. element, such as automobile and manufac- shui of my apartment? Please tell me how Attracting good or bad feng shui greatly de- While the Earth element contains Metal, turing, legal services, military forces, and I can mitigate any adverse eff ects of this. pends on the external environment (natural the wealth element of the year, indicating po- fi nance and banking are expected to see Or maximise the positive ones! landforms such as mountains and bodies tential earnings for Earth-related industries, competition and confl ict. However, there Your neighbours’ constant renovations could of water, such as lakes and ponds). How- Earth-related industries may want for the right will also be collaborations and positive fi - aff ect your property’s feng shui in certain ever, if it is located on an island-like land products or market opportunities, Yap said. nancial outcomes. ways. For example, if your neighbour’s unit form, for example at Mid Valley [Megamall], Industries such as energy, oil and gas, Likewise, industries categorised under is located in the West sector of your unit, then sitting with your back to the glass aviation, media, food & hospitality, phar- the Water element, which include tourism, their renovations could unintention- windows is fi ne. Th is is because the maceutical, electronics and telecommuni- fast-moving consumer goods, beverage ally activate the Yellow 5 Star re- environment supports the feng shui cations, are expected to face greater com- and logistics, will be competitive but with siding in this sector. However, you of the offi ce. Since your sister is just petition and problems with liquidity. opportunities as well. can rest easy because this activa- an employee, she would not be able On the other hand, industries categorised Th e Edge Property and Th eEdgeProper- tion is only temporary. You could to choose her workstation. Th ere- under the Wood element, such as agriculture, ty.com are the media partners for the Joey fore, we would recommend that she agricultural commodities and education, Yap’s Feng Shui and Astrology 2016 Semi- Yap: Earth-related industries may uses the Facing Direction formula will see sluggish growth and challenges re- nars in Malaysia. want for the right products or to determine her Kua number and lated to legal matters and excessive rainfall. Th e next seminar will be held at Penang market opportunities. face her Sheng Qi, Tian Yi, Fu Industries categorised under the Metal Equatorial Hotel on Jan 24. Photo by Kenny Yap Wei or Yan Nian direction. Acacia Park phase 3A fully sold

BY NATALIE KHOO

PETALING JAYA: The third phase (Phase 3A) of Acacia 2-storey terraced houses in Acacia Park, Bandar Tasik Puteri, Rawang, Selangor, is now fully sold after its launch last November. The 2,670-acre township is developed by Rawang Lakes Sdn Bhd, a member of the Low Yat Group. “Our first phase and second phase, which constitute 224 units and 215 units, have also been sold out,” Low Yat group project director for Bandar Tasik Puteri, Lee Kok Wah told The Edge Property. Acacia Park will be developed in four phases and sits on a 64-acre leasehold parcel. Phase 3A has a gross development value of RM56 million and comprises 109 houses with a standard built-up area of 01 1,818 sq ft each. Prices start at RM504,880. Amenities include the 32-acre Puteri 01. Acacia Park sits on a Central Park, SMK Bandar Tasik Puteri, 64-acre leasehold parcel. SK Bandar Batu Arang, SJKC Kuang, ELC Photos by Low Yat Group International School and IGB Internation- al School. There is also the 27-hole golf 02. An artist’s impression of course, Tasik Puteri Golf and Country Club. Acacia Park. “There are also hypermarkets such as AEON, Giant and Tesco for the conveni- ence of the residents to do their grocery shopping and daily marketing,” Lee said. He added that the township is easily Guthrie Corridor Expressway. accessible via several road networks such Half of Bandar Tasik Puteri has already as the new Latar (Kuala Lumpur-Kuala been developed. Acacia Park Phase 3B is Selangor Expressway) highway inter- now open for registration and there will change, expected to be completed in 2017. be a special preview of a high-rise resi- The township also has easy accessibili- dence in the township in the first quarter ty to the North-South Expressway and of this year. 02 FRIDAY JANUARY 22, 2016 • THEEDGE FINANCIAL DAILY DEALMAKERS | PROPERTY EP5 For love and money

Chong Chia Yew took a few detours to fulfi ll his mum’s dream before driving into real estate

BY RACHEL CHEW do not know what to buy,” shares Chong. Chong believes agents He believes agents who are well prepared n one corner of the office are trophies who are well prepared with wide-ranging knowledge such as on bearing his name: 2007 Top Rookie of with wide-ranging national policies, the economy, market the Year, 2011 Top Sales, 2012 Top Lead- knowledge are usually the trends, banking and some familiarity with er, 2013 Nationwide Top Leader of the ones who survive. the law are usually the ones who survive Year, among others. It makes one won- Photo by Suhaimi Yusuf/ in the industry. der: What has this man been through The Edge Property “Customers expect you to tell them what Ito achieve all that? the best buy is now, and why. Th ey pay us a Settling down to the interview at his offi ce, commission for our professional services and Chong Chia Yew, Vivahomes Realty branch consultancy, not to just bring them for unit manager for Kepong, tells Th e Edge Property viewing. Customers will appreciate it if you his salutary tale. tell them something that they do not know, “I was a high-school dropout. Nothing help them to fi nd out what suits them best and to be ashamed about, because it is my past identify the value buy,” off ers Chong. that has shaped who I am today,” Chong “Clients will come to you when the market says in the Cantonese that perfectly conveys is good. When times are bad, your professional his meaning. knowledge and analytical skills can help you When he was just three months old, his survive, like in the current market,” he says. mother, single and living in Kepong, Kuala Chong foresees another challenging year Lumpur, decided he would be better off being for the property industry. “I believe the overall brought up by his grandparents in Taiping. market will remain slow in 2016, but the sub- “I spent my childhood in the kampung. make the change then, then when?” market. One of the most significant was sale segment shouldn’t be impacted as much Growing up there, I found it diffi cult to get On March 1, 2007, Chong started work buyer behaviour. as the primary segment. From my observation, along with people. I took a while to make as a real estate negotiator. It would turn out “Ten years ago, a buyer was clear about secondhand property is often the fi rst choice friends,” Chong recalls. to be one of the best years for the proper- what he or she wanted to buy, and acted for many buyers for reasons of location and He moved back to Kepong after primary ty industry and he closed his fi rst deal just fast because of limited supply. Ten years the short waiting time to move in.” school, relishing the freedom he had living seven days later. later, buyers are spoiled for choice; they Chong’s team has achieved higher sales with his single working mother. “I am thankful that it was a good market that take their time to search. It is not that every year since 2011. He’s not letting a mar- “We were not well-to-do but I did not have time. It was really encouraging and pushed they’re not in a hurry to buy, they also ket slowdown stop them now. to work part-time or anything like that while me to put more time, hard work and faith in growing up. But to my mother’s disappoint- this industry,” Chong says. ment, I was never a good student. I was kicked out of secondary school half-a-year before I A wrong turn could graduate because I was skipping too Chong earned his fi rst “bucket of gold” as many classes. I don’t even have a school cer- he puts it, in less than a year of becoming a tifi cate,” says Chong. negotiator. He was urged to look for a skilled job, not But just as everyone thought he would being given a chance to complete his schooling. make the real estate industry his calling, he His mother had wanted him to earn a living made an unexpected decision. by taking up a vocational skill. “I quit real estate. By then, I had enough The Edge Property Sdn Bhd is an exciting and growing company under The “I chose to become a car mechanic. Th at money to open a car workshop, and I did that Edge Media Group. We believe in consistently providing essential insight, was in 2000. I had a very small salary because in early 2008. Th is was my mother’s dream. analysis and understanding to enable and enrich our readers. We are looking for an enthusiastic, independent and hard working individual to join our team I was just an apprentice. I did not have a plan She had always wanted me to have my own . for my future. My mother’s plan was for me to business so I did that just to make her hap- save enough money to open my own work- py.” Th e workshop closed down within a year. BUSINESS DEVELOPMENT EXECUTIVE shop one day. I guess that sort of became my “I was only 27 that year, I did not have any plan as well.” business experience. You need spare funds to JOB DESCRIPTION Th at goal changed during Chinese New support the business, but I had quit real estate; • Promote and market company’s product or services Year’s eve in 2007. “I will never forget that my only income source was from the work- • Develop, follow-up and maintain a good relationship with clients day [when] my boss had given me only a shop,” he says now, knowingly. Not only did • Support daily operations, attend to queries and to resolve problems half-month bonus on my meagre salary. I he lose the workshop, there was also a huge encountered by clients rushed back home to my mother, who had amount of debt to be paid off . • Assist with presentations, training sessions, seminar and marketing activities been waiting for my bonus to do some last “I had no time to get depressed. I picked up minute shopping for the new year cele- real estate again by joining Vivahomes Real- QUALIFICATION/SKILLS brations. Th e money was only enough for ty and worked extra hard. Th is time, I had no • Must possess at least SPM qualifi cations with customer support the simplest celebration,” says Chong, who thoughts of changing my career again. Did I experience could not even aff ord new clothes for the ever regret spending money and time on the • Have interpersonal or people skills new year, in the Chinese tradition. workshop business? Never! It was worth it • Good communication skills in English, Bahasa Malaysia and Th at incident impressed upon him the because it told me once and for all where my Chinese. Knowledge of Mandarin is an added advantage worth of money, especially when his moth- future lies,” Chong declares. • Have initiative, self-motivated, resourceful and can work er was getting old. “Before that day, I spent From then on, he put in as many extra independently or in a team • Persuasive, hardworking, fl exible and presentable whatever I earned. I never realised the need to hours as he could, met up with all kinds of • Computer literate and know how to use Microsoft Offi ce applications earn enough to take care of my mother. What clients and closed as many deals as possible. I earned at that time was far from enough for “I worked from 8am to 2am almost every day, Other requirements both of us,” he recalls. for a very long time. My record was closing 15 • Able to work overtime or on weekends/public holidays deals in a month.” • Preferable if the candidate can start immediately A meeting with an old mate He cleared all his debts. He bought a new • Willing to travel, possess own transportation and holder of a valid By chance, he bumped into a former school- car. He became the agency’s top salesperson driving licence mate who had become a property agent not in 2011 and was handed the responsibility of long after. “He was earning two to three times leading the Kepong sales team. By 2012, he Salary will commensurate with experience and last drawn salary (if what I did. I asked myself, if my friend can earn had bought his own house, another new car applicable) to be stated in resumé. more, why can’t I?” and gotten hitched. Please send in your resumé to: Th at one thought — and the wish for a better “Th e real estate industry is a very fair indus- The Manager life — propelled him to try his hand at being try. It does not give you a basic salary but it pays Human Resource Department a real estate negotiator over the objections of you based on how much you have invested Level 3 Menara KLK, No 1 Jalan PJU 7/6 his mother, who held on to the dream of her in it. If you work hard, the industry will never son having a car repair shop to call his own. pay you less than what you deserve,” he says. Mutiara Damansara, 47810 Petaling Jaya “My mother thought I should not change Email : [email protected] my career path after spending eight years as a How to help your client decide Fax : 603-7721 8008 car mechanic,” Chong remembers. “She said Over the past few years, Chong has noticed Only shortlisted candidates will be notifi ed it was risky. However, I thought, if I did not some changes in the Malaysian property FRIDAY JANUARY 22, 2016 • THEEDGE FINANCIAL DAILY FRI EP6 PROPERTY | COVER STORY

THE EDGE FILE PHOTOS

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giv wo for oth Sin Buy now or lose out? opi Bh red Pen Non-landed residential prices on Penang Island continue to rise unabated Are ter Co BY NATALIE KHOO typically transacted for RM450 psf onwards tre while the upmarket ones can go up to RM1,300 ood, glorious food! Assam laksa, psf, says Peh. wit putu mayam, char kuey teow! The Prices of apartments and condominium aqu Pearl of the Orient’s stunningly de- units have generally been rising, particularly Lep licious local palate is undeniably in the past fi ve years, taking the cue from the the inspired by its cosmopolitan ori- many new projects with better specifi cation in S gins and draws visitors near and far. than previous ones in recent years, Peh adds. dra FTh e state of Penang has two main regions: According to Landserve Penang execu- als the island and the mainland, linked by the tive director, Ooi Choon Seong, prices of new Bay Penang Bridge, the Penang Second Bridge and launches have been increasing at a conserva- by a short ferry ride. Th e island is divided into tive estimate of 10-15% annually. “Depending int two main districts: Northeast Penang which on the furnishings and location, the fi gure may tran spans from Batu Feringghi and Tanjung Bun- be even higher than that,” he says. at T gah to the north and and Bh to the south; and Southeast Penang, which Ph covers , Bandar , Peh: Mid-market, , and all parts of the west coast. non-landed units are No Th e non-landed residential property land- Lan scape in each of these districts is distinct from typically transacted for The bustling street of Penang island. dev one another. “Most of the upmarket and luxury RM450 psf onwards while condominiums on the island are located in the the upmarket ones can Place (RM660 psf), Gold Coast Resort Con- Home programme. Anyone would rather Northeast region, whereas the more mid-mar- dominium (RM575 psf), Villa Emas (RM556 wake up to a calm and relaxing view than a ket ones are in the Southwest region,” says C H go up to RM1,300 psf. psf) and Putra Marine Resort Condomini- noisy and hectic one,” he says. Williams Talhar and Wong Sdn Bhd director, um (RM533 psf). Th ese upmarket seafront However, the experts agree that home- Peh Seng Yee. properties were completed by Techware buyers in Penang are mostly still lo- Based on TheEdgeProperty.com’s anal- Enterprise Sdn Bhd between 1999 and cals. “Expatriates buying homes ysis of transactions, the average transacted According to Th eEdgeProperty.com’s anal- 2006. One reason these projects have in Penang have been relatively price of non-landed residences on the island ysis, on an average psf price basis, the most retained their value could be due to small in number, and thus, the has steadily increased since 2013. Th e aver- expensive condominiums are also among their location close to the upcom- local property market has not age transacted price in Northeast Penang hit the newest. In Northeast Penang, they are led ing Penang World City in Bayan changed much over the years,” a new high of RM432 psf in 1Q2015 on the by Quayside Seafront Resort Condominiums Mutiara that is being jointly devel- says Peh. back of new completions. Th is represents an (RM979 psf) followed by Suites at Straits Quay oped by Ivory Properties Group 18.7% y-o-y appreciation from RM364 psf in (RM906 psf). Th ese luxury properties are part and Tropicana Bhd. Catalysing the island 1Q2014, following a 10% y-o-y growth in the of the township developed According to Reapfi eld Prop- Landserve’s Ooi notes that preceding year. by Eastern and Oriental Bhd. Both are locat- erties head of sales, Sam Kam, the development is more rapid in Meanwhile, in Southwest Penang, the av- ed along the waterfront, and off er expansive sea view off ered by Penang projects Northeast Penang, but believes erage transacted price of non-landed homes views over the sea. Th e Suites @ Straits Quay is their main draw. “Th is has at- hit a new high of RM408 psf in 1Q2015. Th is has the added convenience of being located tracted expatriates looking represents a whopping 29.4% y-o-y appreci- atop Straits Quay Mall. for holiday or retire- Kam: The sea view ation from RM315 psf in 1Q2014, following a Over at Southwest Penang, the most ex- ment homes un- off ered by Penang mere 5.6% y-o-y growth in the preceding year. pensive condominiums are found within the der the Malay- projects is their Today, mid-market, non-landed units are Bayan Indah enclave. Th ey are led by Putra sia My Second main draw. FRIDAY JANUARY 22, 2016 • THEEDGE FINANCIAL DAILY COVER STORY | PROPERTY EP 7

OTOS Source: TheEdgeProperty.com

Chart 1: Northeast Penang non-landed residential average price

Aerial view of some of the non-landed residences in Penang. Source: TheEdgeProperty.com

things will pick up soon in the Southwest, According to Peh, due to the scarcity in Chart 2: Southwest Penang non-landed residential average price which has several major catalysts in the land on Penang island, reclamation has to form of infrastructure projects. “Although take place. “In order to create a major land- the Penang Second Bridge has opened, it is bank, reclamation of land has been and is still taking some time for the developments being conducted along the eastern fore- there to pick up. Th is is because there is still shore of Penang island. As such, waterfront traffi c congestion day in and day out near developments have been established and the bridge,” he off ers. the trend will continue with more ongoing One of the area’s future catalysts is a reclamation works,” he says. RM1.3 billion joint venture between Penang He notes that the market has general- Development Corporation (PDC), and Te- ly been receptive to waterfront develop- masek and the Economic Development ments that off er unobstructed sea views, as Innovation Singapore (EDIS), says Ooi. Th e observed from encouraging sales of these project involves the development of a BPO products. (Business Process Outsourcing) Prime Pro- In terms of price growth, analysis by the ject on a 6.8 acre land parcel in Bayan Baru. Th eEdgeProperty.com shows that in the 12 Th e project will boost the rental market months to 1Q2015, average prices of most given that the increase in the number of projects in Northeast Penang have either held workers in the area will prompt the need steady or appreciated. Th e highest growth current economic situation. “Cooling measures Th e Pan Island Link highway project from Gur- for housing, he notes. Among the fi gures can be observed among mid- by the central bank combined with escalating ney Drive to Bayan Lepas is also expected to other developers here are Mah cost apartments due to their lower property prices mean that renting has become alleviate traffi c congestion. Sing Group Bhd, which is devel- base prices. an option for those who cannot aff ord to buy Th e weakening ringgit and cooling meas- oping Southbay City, and S P Setia See current Th ey are led by Taman property. Th e state government has also been ures mean a poor short-term outlook for the Bhd which has undertaken the listings Flat (+49.6% to RM350 psf), Pang- more involved in providing aff ordable housing property market in 1Q2016, says Ooi. redevelopment of the former for this area sapuri Pelangi in George Town for the younger generation. One such project However, Reapfi eld’s Kam, citing the ex- Penang International Sports on Market (+47.4% to RM253 psf), Villa Kejo- is I-Santorini by Ideal Property Group in Tan- ample of Hong Kong, notes that the value of Arena (Pisa), now called Sub- ra in Relau (+45.2% to RM412 psf) jung Tokong. Although it is high-density with Penang properties is not likely to drop due terranean Penang International Watch EP8. and Puncak Erskine in Tanjung small built-ups, [units are] aff ordably priced to the scarcity of land on the island. Accord- Convention and Exhibition Cen- Tokong (+45.2% to RM213 psf). below RM550,000,” he says. ing to Kam, buyers who can aff ord to buy tre (Spice). In Southwest Penang, the high- Ooi says the Penang Transport Master property now but do not do so will lose out. Th is will be an integrated business hub est average price growth was at Saujana Plan (PTMP) will bring in more developers to “Penang is still developing; it may not look at with a convention centre, indoor stadium, Permai Flats (+32.6%) and Saujana Damai Penang. “Developers would be award- all glamorous now and this may deter aquatic club and business hotel. In Bayan Apartments (+31.8%). Prices at these neigh- ed land for reclamation by the state investors from investing. However, Lepas, Ideal Property Group will embark on bouring projects in Taman Tunas Damai government, so we will see more by the time it is fully developed, the Ideal Vision Park mixed-use development in Bayan Lepas may have been infl uenced developments in the future,” says property prices may have escalat- in . Ooi says Spice is expected to by the upcoming Ideal Vision Park project Ooi. He is positive the PTMP will ed many times over from today. draw more traffi c to the Southwest. There is across the road. The 25-acre mixed-use reduce traffi c congestion and re- Th ere may also be an oversupply also the RM10 billion Penang World City in development will include up to 1,945 new duce commuting time. of properties now such as in the Bayan Mutiara. condominium units. Among the PTMP’s proposals southern region, but the market Elsewhere, in the Northeast, numerous Indicative annual rental yields based on are an integrated railway scheme will pick up again, so I would re- integrated schemes, land reclamation and asking rentals as at June, 2015, ranged be- that includes the Bayan Lepas ally advise those who are keen to transport projects have been proposed. Over tween 2.4% and 6.5% in the Northeast, led LRT line from Gurney Drive to invest to do it now,” he says. at , Eastern and Oriental by Puncak Erskine (6.5%), an apartment on and ; the Bhd is set to begin reclamation works on the hillside of Tanjung Tokong. In the South- Ayer Itam monorail; and the Tan- Phase 2 of its Seri Tanjung Pinang township. west, rental yields ranged between and 2.6% jung Tokong monorail. Th e Ooi: Development is more Another major on-going project in the to 5.5%, led by Summerton Condominiums network will connect to rapid in Northeast Northeast is Th e Light Waterfront by IJM in Pantai Jerejak, Bayan Indah. the mainland via the Penang, but things Land Bhd in , which has a gross Ooi says the rental market has weakened in Georgetown-But- will pick up soon in development value (GDV) of RM6.5 billion. the past two years but this may change in the terworth LRT line. the Southwest.

her n a One of the iconic landmark in me- Penang is the lo- Penang Bridge. mes ely the not rs,”

hat d in ves FRIDAY JANUARY 22, 2016 • THEEDGE FINANCIAL DAILY EP8 PROPERTY | MARKET WATCH Go to TheEdgeProperty.com for more listings

FOR SALE [on Penang Island] FOR RENT [on Penang Island]

Infi nity Beachfront Bedroom(s): 3 Agent/negotiator: Alvin Goh Puncak Erskine serviced residence Condominium, Tanjung Bathroom(s): 3 of Mega Realty (REN 00574) Type: Flat Tenure: Leasehold Bungah Description: New low-rise Tel: (012) 444 6077 Tenure: Freehold Asking rent: RM1,300 condo at The Light Waterfront, Asking rent: RM900 Built-up area: 850 sq ft the fi rst integrated, residential, Acres Ville Built-up area: 650 sq ft Bedroom(s): 3 recreational, commercial/hotel Type: Condominium/ Bedroom(s): 3 Bathroom(s): 2 waterfront precinct in Penang. serviced residence Bathroom(s): 2 Description: Located in Penang’s Agent/Negotiator: E B Yeoh of Tenure: Freehold Description: Fully furnished, south-eastern growth corridor, Popular Realty (REN 09782) Asking price: RM365,000 fully renovated, mid-fl oor unit. connected to Georgetown via Tel: (019) 516 3838 Built-up area: 700 sq ft Comes with one car park bay. the Jelutong Expressway and Bedroom(s): 3 Agent/negotiator: Kenneth Bayan Lepas Expressway. Near Mutiara Perdana Bathroom(s): 2 Ng of Metroworld Realty airport, golf courses, educational Type: Condominium/ Type: Condominium/ Description: Fully renovated Sdn Bhd (REN 16190) institutions, industrial zone and serviced residence serviced residence and fully furnished. Comes Tel: (016) 553 0769 shopping centres. Unit is located Tenure: Freehold Tenure: Freehold with one car park bay. Nice near the guardhouse, with views of Asking price: RM6,880,000 Asking price: RM325,000 location, near airport and Putra Marine, Bayan Lepas Penang Bridge and Bukit Jambul. Built-up area: 8,917 sq ft Built-up area: 1,000 sq ft industrial zone. Walking Type: Condominium/ Comes with kitchen cabinet and one Bedroom(s): 6+1 Bedroom(s): 3 distance to hawker centre. serviced residence car park bay. Full condo facilities. Bathroom(s): 8 Bathroom(s): 2 Agent/negotiator: KK Tenure: Leasehold Agent/negotiator: Boon Description: Beachfront duplex Description: Duplex unit on Lian of Metroworld Realty Asking rent: RM4,800 Siew of Sinouis Realty penthouse on a high fl oor with second fl oor in Block Seroja. Sdn Bhd (REN 16209) Built-up area: 2,380 sq ft Sdn. Bhd. (REN 12754) nice view. Fully furnished and Near Setia Pearl Island with easy Tel: (016) 411 0133 Bedroom(s): 4 Tel: (016) 401 6776 renovated, it has two kitchens, three access to airport, Free Trade Zone Bathroom(s): 4 living rooms and three balconies. and Second Penang Bridge. Platino Description: Private and exclusive Sri York Comes with walk-in wardrobe, Agent/negotiator: Sunny TCY of Type: Condominium/ property near Queensbay Mall with Type: Condominium/ air-conditioning, jacuzzi, private Elite Properties (REN 01982) serviced residence landscaped garden and sea view. serviced residence pool and fi ve covered carpark bays. Tel: (016) 421 6100 Tenure: Freehold Balcony faces Jerejak Island, with Tenure: Freehold Agent/negotiator: Felix Lim of Asking price: RM1,200,000 panoramic view of Penang Bridge. Asking rent: RM3,000 Today Properties (REN 14808) Desa Bayan Built-up area: 1,076 sq ft Full condo facilities, including squash Built-up area: 2,400 sq ft Tel: (016) 448 2922 Type: Condominium/ Description: This luxury condo is court, tennis court, billiard and jacuzzi. Bedroom(s): 5 serviced residence located in Gelugor within walking Well-managed, with tight security. Bathroom(s): 3 The Light Collection 1, Tenure: Freehold distance of Tesco. This mid-fl oor, Agent/negotiator: Albert Khoo of Description: Duplex penthouse The Light Waterfront Asking price: RM280,000 studio unit in Block B comes fully Raine & Horne International Zaki unit; furnished. Located off Type: Condominium/ Built-up area: 700 sq ft furnished with interior design, sea Partners (P) Sdn Bhd (REN 05351) Scotland Road, within walking serviced residence Bedroom(s): 3 view and one covered car park bay. Tel: (012) 212 8869 distance of Union High School. Tenure: Freehold Bathroom(s): 2 Agent/negotiator: Kelvin Tan Agent/negotiator: Jeff rey Ooi of Asking price: RM1,550,000 Description: Fully renovated and of Popular Realty (REN 09826) Villa Emas, Bayan Lepas Daiwa Housing Agency (E1692) Built-up area: 1,582 sq ft fully furnished unit on a high fl oor. Tel: (016) 457 7766 Type: Condominium/ Tel: (016) 433 6767

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