FRIDAY JUNE 5, 2015 ISSUE 1975/2015

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ep11 LEGAL ep12 DEALMAKERS ep14 FEATURE ep15 HOME IDEAS Th e 10 legal Johor international Sinkeh Hotel is In the bloom of life: commandments zones will reduce ‘Building of the Year’ Ikebana artist Kariyazaki of home buying (Part 1) market speculation on the spirit of fl owers The sun rises in the SOUTH of Th ere is growing interest among property developers and investors in the Kerinchi and Pantai area, south of Bangsar in . Data by theedgeproperty.com shows that the average price psf for non-landed residences eased slightly in the third quarter of 2014, but real estate consultants expect strong market demand to drive growth in the near future. Th ey see the gentrifi cation of Kampung Kerinchi as positive for the value of its real estate. See story on pages ep8 & 9.

Check out a video of this hot spot at www.theedgeproperty.com and see current listings for this area on Market Watch EP10.

SUHAIMI YUSUF/THE EDGE PROPERTY EP2 FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY FRI

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ON NEWS ROUNDUP For more news go to theedgeproperty.com

DA Land to develop RM5 bil ment be waived for knowledge work- pan, Tanjung Belungkor and Ladang at www.theedgeproperty.com leisure project in Rawang ers from other states. — Th e Malay- Siang, Desaru span 8,000ha, and are DA Land Sdn Bhd launched Th e sian Insider located about 30km from the Refi n- Two integrated development pro- ery and Petrochemical Integrated ject on June 1. It has a gross devel- Paramount bids for RM2 bil Development (Rapid) project. opment value (GDV) of RM5 billion property projects, targets “Kulim is re-exploring property and is positioned “as a holiday, RM600 mil sales investment as there’s stable demand leisure and shopping destination Paramount Corp Bhd is on track to for properties in strategic areas that in ,” said DA achieve its RM600 million property would give a huge impact considering Land chairman Tan Sri Mohd Radzi of the country’s fi rst elevated BRT sales target within the next three that Rapid is currently being devel- Sheikh Ahmad. system on May 31. years by capitalising on existing oped,” he said on June 2. — Bernama Th e Two sits on a 51-acre land par- He said additional funds were projects and RM2 billion worth cel a minute’s drive from the Rawang needed to construct the elevated of bids, said group chief executive Five joint-venture townships The rise of the exit on the North-South Expressway. covered walkways, car park and offi cer Jeff rey Chew Sun Teong. worth RM10 bil planned areas south It will feature indoor and outdoor safety features to enhance acces- Paramount has six on-going pro- for Selangor theme parks, a “wholesale city”, a mall, sibility and connectivity. jects. Chew said the developer has Selangor’s newly incorporated sov- of Bangsar four blocks of hotels and an arena hall a tender book of some RM2 billion, ereign wealth fund, Darul Ehsan with more than 8,500 seats. New housing category which includes a bid under the Investment Group Sdn Bhd (DEIG), Th e theme parks are designed introduced for talented and Employees Provident Fund’s Kwasa will be developing fi ve townships by the Sanderson Group, which has skilled applicants in Penang Damansara project in Sungai Bu- in Selangor with a total gross de- worked on parks such as Disneyland Th e Penang government has cre- loh, Selangor. velopment value (GDV) of RM10 in Tokyo, Japan; Warner Brothers’ ated a new category of housing “We are very much on track and billion, according to a report in Movie World in Gold Coast, Austral- applicants for aff ordable homes – hope to achieve RM600 million of Th e Edge Financial Daily on June 1. ia; and Universal Studios in Sentosa the “talented and skilled”. property sales within the next two Th ey will be jointly developed Island, Singapore, said Mohd Radzi. State exco member for hous- to three years. Th is will be achieved with partners from the private sector, According to DA Land CEO ing Jagdeep Singh Deo said the as four of Paramount’s property including public-listed developers, Derek Chew, the 600,000 sq ft in- new category was for knowledge projects will come on board in the that will be identifi ed by year-end. Evergreen door theme park will be the largest workers who were employed and coming years,” Chew said on June 3. Th e projects, which are current- Bangsar in Asia when the project is com- voting in Penang. According to notes accompany- ly being planned, will be in Shah pleted in four years. Non-Penangites are also eligible ing Paramount’s latest fi nancials, the Alam (GDV: RM5 billion), Gombak if they can show proof that they company had achieved new proper- (GDV: RM1 billion), Section 14, Sunway contributes have been staying and working in ty sales of RM157 million in the fi rst Petaling Jaya (GDV: RM1 billion) RM123 mil for BRT-Sunway the state for the last fi ve years and quarter ended March 31, 2015. Th e and two other projects in Bukit Line construction are registered as voters there. company said the new sales would Beruntung that are still in the pre- Sunway Bhd has contributed He said the proposal for the new boost “lock-in sales brought forward”. liminary stages. RM123 million to construct the category was by state investment Chew said Paramount expected Menteri Besar Inc of Selangor elevated Bus Rapid Transit (BRT) authority InvestPenang, which had to register some RM400 million of group chief operating offi cer Sof- Sunway Line which costs a total of conducted a survey that showed unbilled property sales in FY2015 fan Affendi Aminudin said the RM634 million, said Sunway Group Penang would need to fi ll 13,088 from FY2014. joint-venture (JV) structure will founder and chairman Tan Sri Dr new jobs in engineering, account- be based on share of GDV and not The Edge Communications Sdn Bhd Jeff rey Cheah. ancy and technology in the private Kulim plans mixed-use by equity. (266980-X) BRT-Sunway Line is implement- sector by 2017. property project in Pengerang Selangor Menteri Besar Mo- Level 3, Menara KLK, No 1 Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, ed under the public-private part- To qualify, applicants should Kulim (Malaysia) Bhd plans to de- hamed Azmin Ali had earlier told Selangor, Malaysia nership between Prasarana Malay- either have a diploma and a mini- velop mixed-use property projects Th e Edge weekly that the state gov- sia Bhd and Sunway Bhd. mum of two years work experience, on two of its oil palm plantations in ernment plans to develop some “We contributed a total of RM123 or a bachelor’s degree recognised Pengerang, Kota Tinggi, in Johor. 5,000 acres of land over the next Publisher and Group CEO Ho Kay Tat million even though it was RM90 by the government. Its chairman Datuk Kamaruz- three to fi ve years to make property million in the original contract,” InvestPenang has also proposed zaman Abu Kassim said the oil palm development the main contributor Editorial For News Tips/Press Releases Cheah said at the offi cial launch that the fi ve-year residency require- plantations at Ladang Sungai Pa- to state revenue. Tel: 03-7721 8219 Fax: 03-7721 8038 Email: [email protected]

Senior Managing Editor Azam Aris Contributing Editor Sharon Kam If you have any real estate-related events, email us at [email protected]. Editor Rosalynn Poh LAUNCHES & EVENTS Events listed here will also appear on theedgeproperty.com. Deputy Editors E Jacqui Chan, Wong King Wai, Llew-Ann Phang Assistant Editor Lam Jian Wyn Writers Zatil Husna Wan Fauzi, Offi cial launch of Fairfi eld in the country held over three days panoramic views of Melbourne. Elena Tunku Sherie, Villas @ Yarra Park this weekend. It will feature talks The development consists of 249 Chai Yee Hoong, Lim Kian Wei, by property industry experts. stylishly designed apartments, four Rachel Chew, Hannah Rafee, townhouses and six shops, with Carmel Dominic Tropicana Metropark hotel-style amenities. Selling prices Art Director Sharon Khoh Family Activity start at A$395,000 (RM1.13 million). Design Team Cheryl Loh, Date: June 6 and 7 Valerie Chin, Aaron Boudville, Venue: Tropicana Metropark sauna, multipurpose hall, and Exhibition launch of Aminullah Abdul Karim, Yong Yik Sheng, Tun Mohd Zafi an Property Gallery, Subang Jaya entrance card access. The units Kensington Gardens @ Mohd Za’abah Date: June 6 Time: 10am to 6pm have a built-up area of between Vancouver, Canada Venue: Yarra Park Sales Gallery Contact: (03) 5636 6888 1,227 sq ft and 2,486 sq ft. Selling Date: June 6 and 7 Corporate @ Sungai Petani, Kedah Tropicana Metropark invites prices start at RM599,395. Venue: Level 6, Hilton Kuala Lumpur Managing Director Au Foong Yee Deputy Managing Director Time: 10am the public to join its “Family Time: 10am to 7pm Lim Shiew Yuin Contact: (04) 425 1818 Bonding over Cravings” event Exhibition launch of Nest Contact: (017) 317 2326/(012) 908 Fairfi eld Villas at Yarra Park this weekend. Guests will delight at the Hill @ Melbourne, 6318 Advertising & Marketing by OSK Property Holdings Bhd in the variety of bites from food Australia Kensington To advertise contact GL: (03) 7721 8000 consists of 122 units of 2-storey trucks and food stalls and fi nd out Gardens is Fax: (03) 7721 8288 bungalows, with a built-up area more about the sales packages an integrated Chief Marketing Offi cer of 3,500 sq ft and land size of available for a limited time only. urban Sharon Teh (012) 313 9056 5,400 sq ft. Selling prices start at community Senior Sales Managers Geetha Perumal (016) 250 8640 RM821,800. Yarra Park is a “green Opal Residensi offi cial launch comprised Fong Lai Kuan (012) 386 2831 township development project”. Date: June 6 of three Shereen Wong (016) 233 7388 Venue: Sales Gallery, Kompleks residential Peter Hoe (019) 221 5351 Malaysian Secondary PKNS, Shah Alam Date: June 6 and 7 towers, a Gregory Thu (012) 376 0614 Ad-Traffi c Manager Property Exhibition Time: 10am to 5pm Venue: Hibiscus and Iris collection of Vigneswary Krishnan (03) 7721 8005 (Maspex 2015) Contact: (013) 332 5511 / (017) room, One World Hotel, PJ townhouses Ad Traffi c Asst Manager Date: June 5 to 7 250 1723 / (013) 392 9804 Time: 10am to 7pm and Roger Lee (03) 7721 8004 Venue: Level 3, Sutera Opal Residensi is strategically Contact: (012) 304 6887/ residential podium, all linked by an Email: [email protected] Mall, Skudai, Johor located in Section 7, Shah Alam. (016) 208 0718 elevated landscaped courtyard, a Time: 10.30am to 10.30pm The development has a “Green Nest at the Hill is a freehold new park, lane and plaza. Selling The Edge Property is published and Contact: (07) 352 2228 Living concept to amplify comfort development located on the highest prices start at C$350,000 (RM1.04 distributed with The Edge Financial Maspex 2015 is the largest and convenience”. Facilities point of Doncaster Hill, adjacent million), with up to 8% annual Daily every Friday. For more property data, listings and news, go showcase of secondary properties include swimming pool, gym, to Westfi eld shopping centre, with rental yield for the fi rst three years. to theedgeproperty.com. FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY EP5 FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY EP6 PROPERTY | NEWS

Top Ryde City Living named OSK Property launches its ‘Best Australian Outdoor Project’ second township in Kedah BY RACHEL CHEW

SYDNEY: Top Ryde City Living was named “Best Australian Outdoor Project” at the Yarra Park, with a gross development value of RM1.3 billion, will cover 430 acres 2015 Housing Industry Association (HI- A)-CSR Australian Housing Awards cere- mony held at the Gold Coast Convention BY RACHEL CHEW & Exhibition Centre last Friday. Th e project is by Australia-based prop- KUALA LUMPUR: OSK Property Holdings erty developer Crown Group Holdings. Bhd will offi cially launch the fi rst precinct in The HIA-CSR Australian Housing its second township project in Sungai Petani, Awards commends outstanding homes, Kedah, called Yarra Park this weekend. kitchens and bathrooms designed and Th e precinct is dubbed Fairfi eld Villas built by HIA members. Winners are se- and will off er 122 two-storey bungalows. lected from state-based fi nalists. It has “We had soft launched Fairfi eld Villas 21 categories of awards. three weeks ago and the response was great,” Crown Group’s Top Ryde City Living, shared OSK Properties Sdn Bhd’s head of completed in August 2014, is a seven-tow- branch, Paul Tan with Th e Edge Property. er 653-apartment development that com- He added that those who came to look prises studios, one, two and 3-bedroom at the show unit were made up of locals units and penthouses. from Sungai Petani and Alor Setar as well Its common facilities include a music as those from Penang. room, library, media theatre, and indoor Yarra Park, with a gross development and outdoor function areas. value of RM1.3 billion, will cover 430 acres. There are also a 25m infinity pool, Once completed it will have eight precincts extension landscaped gardens, water and extensive landscaping that includes Artist’s impression of the homes in Fairfi eld Villas, Yarra Park. Photo by OSK Property features, a children’s playground, and 18 acres of lakes and greenery, added Tan. barbecue zones set among about 6,000 OSK Property’s fi rst township develop- sq m of outdoor space. ment in Kedah is the 2,582 acre Bandar local business owners and professionals, for completion in two years. “Top Ryde City Living showcased as Puteri Jaya that took off in 1999. It consists as well as those from the northern states, Th ere will be a club house with facilities the Best Outdoor Project in the country is of three phases with a gross development especially Penang buyers who are looking such as an Olympic-size swimming pool, a testament to Crown Group’s signature value of RM3.8 billion. for a larger house. gymnasium, multi-purpose hall as well resort-style living,” said Crown Group “We are in the midst of constructing our He said Sungai Petani is the fastest grow- as a nature park with cycling and jogging project and commercial sales director fi nal phase which was launched two years ing town in Kedah and the demand for tracks, amongst others. Roy Marcellus in a statement. ago. It comprises 2,300 residential units. quality residential products has increased There will also be a one million sq ft Th e whole township should be completed signifi cantly in recent years. shopping mall by OSK Property to cater by 2019 and there will be more than 10,000 Fairfi eld Villas’ bungalows have 3,460 to the residents of the township. “Th e new homes upon completion,” said Tan. sq ft of gross fl oor area while the total land shopping mall is just opposite the township, “We have seen Sungai Petani experi- size is 5,400 sq ft. Th ere are two diff erent which will be off ering a myriad of retail and encing rapid development in the past few facades, both have double volume living F&B options,” Tan said. years and more bungalow projects are being area, 5 bedrooms and 4+1 bathrooms. Th e Yarra Park is a 10-minute drive from launched here. Buyers who are interested in selling price starts from RM821,800. Sungai Petani town and a 30-minute drive Fairfi eld Villas either wish to upgrade their The units are equipped with home from the Penang Bridge. It also has easy ac- lifestyles or are looking for a spacious home,” alarm systems and UniFi will be ready cessibility via Jalan Kuala Ketil and Eastern Tan noted, adding that target buyers were upon occupancy. The development is due Bypass Expressway. JB secondary housing growth stagnant More than 600 residents now occupy Top Ryde City Living. Photo by Crown Group BY LAM JIAN WYN Average price and volume for Condominium/Apartment/Serviced residence in Johor Baru Th e development has landscaped ar- KUALA LUMPUR: Johor Baru’s residential eas and resort-style amenities, including market showed no growth in values and views of the Sydney Harbour Bridge from transactions in the fi rst quarter of this year the viewing platforms. Th e Blue Moun- (1Q2015), according to the latest edition of tains and North Shore are also visible. Th e Edge-KGV International Property Con- More than 600 residents now occu- sultants Johor Baru housing monitor. py Top Ryde City Living, positioned on Values of many secondary market homes the vantage point above Top Ryde City in locations covered by the monitor – in- Shopping Centre. cluding popular landed housing schemes in Th e development is designed by ar- areas such as Taman Mount Austin, Taman chitects Robertson+Marks with its fi nal Bukit Indah, and Taman Sutera Utama, as stage — Viva by Crown — featuring inte- well as apartments such as Molek Pine Tow- riors by Japanese-Australian fi rm Koichi er 2 and Petri Condominium – were fl at for Takada Architects. at least six months. Top Ryde City Living’s previous acco- KGV International Property Consultants lades include the International Property (Johor) Sdn Bhd director Samuel Tan says *Data from theedgeproperty.com as at June 1 Award for Best Residential Development the poor quarter-on-quarter market perfor- (Australia) 2014, the Urban Development mance could be due to “the cautious stance recovered slightly, with minor fl uctuations, acres in Frasers Estate, Kulai for 500 acres in Institute of Australia (UDIA) High Den- taken by buyers careful not to overprice over the next few quarters. Gerbang Nusajaya, and Sunway Construction sity Development Award 2013, the UDIA their purchases”. As at 4Q2014, transactions fell to 33, but Sdn Bhd’s RM170-million contract to design NSW President’s Award 2013 and the Meanwhile, data collated by theedgeprop- average prices psf rose to RM320 – the high- and build the Coastal Highway Southern Master Builders Association Excellence erty.com as at June 1 showed that transac- est since 3Q2013. Link that will connect its Sunway Iskandar in Housing Award 2013. tions of high-rise homes fell drastically from Tan says there were also fewer new township in Medini to the Second Link. Crown Group, co-founded in 1994 4Q2013 onwards, right after transactions launches and previews in 1Q2015 for land- Th e Johor Baru housing market in 1Q2015 by architect Iwan Sunito and engineer and average prices psf peaked at 249 and ed homes and high-rises. is analysed in-depth in Th e Edge-KGV Inter- Paul Sathio, is a property group spe- RM370 psf in 3Q2013. A few notable developments during the national Property Consultants Johor Baru cialising in property development, Th e drop in transactions followed the quarter include UEM Sunrise Bhd’s launch Housing property monitor 1Q2015 that ap- investment and serviced apartments. announcement of further cooling meas- of the 4,000-acre Gerbang Nusajaya, Kuala pears in the June 8 issue of City & Country, The company has offices in Australia, ures in Budget 2014. However, prices then Lumpur Bhd’s land swap of 2,000 the property pullout of Th e Edge Malaysia. Indonesia and Singapore. FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY NEWS | PROPERTY EP7

World Class Sustainable Cities 2015 draws regional Straits International School to participation open at Taman Sari, Rawang BY HANNAH RAFEE

PETALING JAYA: The seventh inter- national conference of World Class First private international school for the area opens in 2016 Sustainable Cities (WCSC) 2015 to be held in September this year has drawn participation from Southeast Asian BY WONG KING WAI countries, it was announced yesterday. Th e theme for this year’s conference KUALA LUMPUR: Th e Straits Internation- is “Urban Regeneration Th rough Smart al Education Group Sdn Bhd (SIEG) will Partnerships”. be opening its second Straits International WCSC 2015 organising chairman School in Malaysia at the 245-acre Taman Datuk NK Tong said foreign partici- Sari township in Rawang by BRDB Devel- pants will fi nd the conference format opments Sdn Bhd. unique. It will see “city offi cials, industry Th is was announced on June 4 at a sign- professionals and city dwellers come ing ceremony between BRDB Developments together in a collaborative approach to and Straits International Education Group envision the future of our cities.” for the purchase of a 3-acre plot by the latter Honorary secretary of the Malaysian for the school. Institute of Architects (PAM) Sarizal It will have a 140,000 sq ft campus and will Yusman Yusoff said, “WCSC is a great open in September, 2016. Th e fi rst Straits In- opportunity for Kuala Lumpur to show- ternational School opened in 2012 in Bayan case and lead the way in urban regen- Lepas, Penang. eration in Asean.” According to BRDB Developments acting WCSC 2015 will feature a line-up of CEO Edwin Yang (pic), Straits International distinguished international speakers School will be the fi rst of its kind in Rawang. that include Stephen Luoni, director It will be located near the entrance of (From left) Grayhurst, chairman of SIEG Roslan A Ghaff ar, director of SIEG Ong Kian Seng, BRDB CFO of the University of Arkansas Com- Taman Sari, a freehold township develop- Christopher Manivannan and Ng after the signing ceremony. Photo by Haris Hassan/The Edge Property munity Design Center, Arkansas, US; ment 5km from Rawang town centre and Sascha Haselmayer, chief executive a three-minute drive from the North Klang riculum from nursery to A-Levels. in May and is almost fully sold. offi cer of CityMart, Barcelona, Spain; Valley Expressway (NKVE). Meanwhile, BRDB Develop- It comprises 117 units of 3-sto- and Catarina Rolfsdotter-Jansson, jour- Th e school’s cost of construction is esti- ments will launch the second rey terraced houses priced from nalist, moderator and innovator from mated at RM20 million. phase of Taman Sari in Septem- RM895,000. Malmo, Sweden. According to founding principal of SIEG ber. It has an estimated gross de- Taman Sari will accommodate Th e annual conference is co-organ- Charlie Grayhurst, Taman Sari Rawang res- velopment value of RM170 mil- about 10,000 residents when fully ised by the Real Estate & Housing De- idents will enjoy priority status at the new lion and comprises 149 superlink developed in 10 to 12 years. Th e velopers’ Association Malaysia Wilayah campus. houses. gated township will have a club- Persekutuan Kuala Lumpur, the Ma- Th e school can accommodate 1,000 stu- The project’s first phase, house, commercial facilities and laysian Institue of Planners and PAM. dents and will off er the British Cambridge Cur- called Amaryllis, was launched other amenities.

PERDANA PARKCITY Singaporean billionaire invests in theedgeproperty.com

SINGAPORE: Singaporean billionaire Pe- ter Lim (pic) has taken a 20% stake in new property portal — theedgeproperty.com, for an undisclosed consideration. theedgeproperty.com is owned by Th e Edge Media Group, publisher of Th e Edge The crowd lining Singapore, Th e Edge Malaysia, Th e Edge up to buy a unit Review, The Edge Financial Daily and at Westside III. theedgemarkets.com Th is represents Lim’s fi rst foray into the technology sector. His major investments besides the football club Valencia include Th ompson Hospital, FJ Westside III condo in Benjamin and McLaren. “Th is unique internet technology enables and helps existing shareholders strengthen their business. Th e business model is not Desa ParkCity hits 60% sales disruptive and it is aligned to the interests of the property agents, de- velopers, banks and public users,” said Lim in a statement yesterday. “Th e growth prospects are good because it’s scalable and reve- BY LIM KIAN WEI existing 191.42 ha Desa ParkCity township. nue generation is immediate,” he said. Th e units have a built-up area of between 1,077 sq theedgeproperty.com is a fully-inclusive property platform. KUALA LUMPUR: Perdana ParkCity Sdn Bhd’s ft and 1,927 sq ft. Th e partly furnished units are priced Among the special features of the site are: Th e Edge Fair Value, an Westside III condominium in Desa ParkCity, Kua- from RM636 psf, with a maintenance fee of 36 sen psf. algorithm generated indicative value based on the most recent real la Lumpur, saw a 59% take-up rate after its priority Th ere are three diff erent layouts: 2-bedroom + transacted prices; advanced analytics by area and property type on launch event on May 30. 2-bathroom; 3-bedroom + 2-bathroom; and 3-bed- price per square foot, absolute price, historical price and transaction “To date, we have sold 276 units or approximately room + 4-bathroom. volume; advance analytics based on projects — sale transactions, 59% of 469 units of Westside III Condominium at Desa Facilities include a gym, jacuzzi, swimming and asking rental, surrounding amenities and comparison with nearby ParkCity. Th e interest shown is indeed remarkable giv- wading pools, multipurpose hall, barbeque area, projects; hot-spot tracker that tells you what is trending; proprietary en the current market sentiment,” Perdana ParkCity jogging track, tennis court, playground and outdoor news and research; Feng Shui consultation; and free property listings. group CEO Lee Liam Chye told Th e Edge Property. water amusement park. Th e project is scheduled Th e site made a successful debut in Malaysia on May 7, while He said there were over 100 people queuing in front for completion in May, 2019. the offi cial launch in Singapore will take place on July 25 this year. of the sales gallery on May 30 at 6.30am. Some, buyers Desa ParkCity is accessible via several highways, Datuk Tong Kooi Ong is the executive chairman of Th e Edge Media he added, have been camping there since May 26. He including the Damansara-Puchong Expressway, Group. He started out as a fi nancial analyst who went on to build a noted that the majority of the buyers were owner-oc- Guthrie Corridor Expressway and Middle Ring successful universal bank in the 1990s. He is also a pioneer techno- cupiers. Th e developer is targeting 70% sales by July. Road 2. It is located adjacent to . preneur who fi rst introduced an integrated online, mobile, equity Th e RM505 million condominium project is the Th e award-winning master-planned township trading and e-commerce banking platform in the 1990s. developer’s largest condominium project and fea- has a highly sucessful track record of attracting tures 469 units on 1.73 ha of freehold land within its strong sales. FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY FRI EP8 PROPERTY | COVER STORY

PHOTOS BY SUHAIMI YUSUF/THE EDGE PROPERTY

The overview of today’s Kerinchi Th

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Rak Non-landed properties expected to enjoy steady ert ma capital appreciation with further gentrifi cation fl at Taman Bukit Angkasa Flats un

don BY RACHEL CHEW in Bukit Pantai and . New South, it was found that the fl ats in Taman Jaya and and is bet projects in this area are being marketed as Bukit Angkasa completed decades ago en- therefore very centrally and conveniently ing he Kerinchi and Pantai area lo- an extension of Bangsar, the most obvious joyed a 21.1% average price psf growth to located. (14 cated south of Bangsar in Kuala being Bangsar South. RM195 in the 12 months leading to the third “Current asking prices [for the Taman of Lumpur is a growing property Real estate agents and consultants expect quarter of 2014 (3Q2014). It is also the highest Bukit Angkasa Flats] are around RM275 mi hotspot. The area has benefitted demand for properties here to rise due to its price psf growth in the area. (See Chart 1) to RM282 psf. Rental yields are quite good from the on-going 60-acre inte- excellent location and accessibility, espe- Taman Bukit Angkasa Flats is located on and can be as high as 7% to 8%. Such at- pri grated development of Bangsar cially with the Federal Highway and Jalan Bukit Angkasa, off Jalan Kerinchi in tractive yields entice investors and the act TSouth by UOA Holdings Bhd, which ac- two light rail transit (LRT) sta- . It is a low-cost development market outlook should be positive. How- to quired a portion of Kampung Kerinchi tions (Universiti and Kerinchi) consisting of 21 blocks on leasehold land, ever, if the flat is not properly maintained, in for redevelopment in 2005. The area at its doorstep. Mid Valley accessible via Jalan Kerinchi that connects this will restrict growth prospects in the gro that was once mainly a settlement of Megamall is just down the to the Federal Highway and the New Pantai future,” says Tang. in 3 urban pioneers, has become a cat- road and Kuala Lumpur city Expressway (NPE). Th e KTM alyst for the development of other centre is theoretically mere station is within walking distance. Steady capital appreciation Bh property projects there. minutes away. COO of Henry Butcher Marketing Sdn Bhd Generally, Tang says the price psf of older is f Th e property mix here is varied: Th e gentrifi cation of the Tang Chee Meng says it is no surprise prop- non-landed residences in the vicinity should see there is low to medium-cost housing area has boosted the values of erty values for Taman Bukit Angkasa Flats enjoy steady capital appreciation due to res such as the Taman Bukit Angkasa fl ats; some older properties as well. have gone up because of its strategic location. their central location. Low-medium and to t not-so-old, mid to high-end apartments In theedgeproperty. “Kerinchi is halfway between Petaling medium-cost properties in the area have such as those in Pantai Hillpark; and com’s analysis of new high-end condos such as those transactions in the Kerinchi/ Tang: These (new) projects will Pantai area, Check out a video of this hotspot at theedgeproperty.com and see Ch help to lift the area further and including property listings for this area on Market Watch EP10 ar gradually push up property values. Bangsar de FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY COVER STORY | PROPERTY EP 9

ERTY Source: theedgeproperty.com

Chart 1: Kerinchi/Pantai Top 5 condominiums/apartments by average price annual growth

Source: theedgeproperty.com

Chart 2: Kerinchi/Pantai non-landed residential average price

The Park Residences

more upside potential although their appre- ple, is one of the most sought-after properties large number of transactions of lower-end ciation would be at a slower rate to that of in the area. Th e transacted price has increased fl ats during that quarter. In comparison, higher-value properties, due to the limited as much as 50% over the past four years,” she prices in the preceding year had grown How it all began number of buyers and lack of maintenance. says, adding that a unit with a built-up area of 22.7% year-on-year. Data by theedgeproperty.com shows that 1,485 sq ft was transacted at RM1.2 million re- Th e outlook for the area remains posi- LOCATED beside the Federal Highway non-landed residences in the RM100,001 cently. Th e freehold development was among tive, says Henry Butcher’s Tang. He believes near Universiti Malaya, Kampung Ker- to RM200,000 price range (mostly low-cost the top fi ve projects with the highest year-on- transaction activity and average price psf inchi is thought to have been founded fl ats) accounted for the largest market share year average price growth psf in 3Q2014, ac- will pick up in the near future because of the by a group of Sumatrans hailing from of transactions (21.3%) in the 12 months to cording to theedgeproperty.com data. many new mid to high-end condominium a place called Kerinchi in Indonesia 3Q2014. “The current price psf of non-landed projects to be launched in the area, such in the 1890s. CBD Properties (KD) Sdn Bhd executive homes near Bangsar South is between RM850 as Nova Pantai by Malton Bhd and Secoya Th ey had fi rst set foot in director Daphne Chan believes the fi ndings and RM900. One unit could easily be rent- Residences @ Pantai Sentral Park by IJM and as early as the 1850s indicate that old non-landed properties in ed out at RM4,500 to RM5,000 per month,” Land Bhd. and later settled in Kampung Kerinchi, the same area have been undervalued com- says Chong. Th e 58-acre Pantai Sentral Park is the larg- where they cultivated the land. pared with newer projects. Chong believes the estimated 60:40 ratio est new mixed-use development project, with While the Kerinchi area has since “Flats in Taman Bukit Angkasa and Kondo of locals to foreign tenants is supporting the a gross development value of RM2.5 billion, grown as an urban hamlet halfway Rakyat are in hot demand. Th ese old prop- price growth. “South of Bangsar is so close while Secoya Residences is in its second phase between Kuala Lumpur city centre erties are still undervalued while rental de- to KL city centre and it is accessible by all of development. (Its fi rst phase, Inwood Res- and the satellite town Petaling Jaya, mand is huge,” Chan says. She adds that the kinds of public transport. Foreign expats idences, was launched in mid-2014.) the village itself is shrinking and little fl ats have a wide tenant mix of local families, from Japan, China, India and Dubai are of- Other soon-to-be-completed mid to high- of what it used to be is left, apart from university students and foreign workers. ten looking out for a unit here, because it is end condominium projects in the area in- large blocks of public housing near Th e mid-end property segment has also convenient and peaceful to stay here and clude Saville @ Th e Park by MKH Bhd (July, the Kerinchi LRT station. A significant done well, with sales of non-landed homes work in KL,” says Chong. 2015) and South View Serviced Apartments portion has been redeveloped into d is between RM500,001 to RM600,000 account- Despite the price growth recorded by the by UOA Holdings, which was 90% sold be- the integrated property development ntly ing for the area’s second-largest market share properties mentioned above, non-landed fore its offi cial launch (2016). “Th ese projects project called Bangsar South, among (14%). Th is was followed by transactions residences in Kerinchi/Pantai saw a 16% will help to lift the area further and gradually others. Bangsar South features several an of homes between RM1 million to RM1.5 overall drop in average price psf to RM421 in push up property values,” says Tang. modern office towers, mid to high-end 275 million (5.6%). 3Q2014 from RM501 a year ago (see, Chart He thinks there isn’t an oversupply sit- condominiums, as well as retail and od Notably, Pantai Hillpark 5 enjoyed strong 2). However, theedgeproperty.com notes uation in the area yet. “Th ere are still small commercial spaces. at- price appreciation, with the average trans- that the price fall was due to an unusually parcels of vacant land available for develop- Prior to construction, the develop- he acted price growing 20.2% year-on-year ment. Generally, I believe residential land er had carried out upgrading works in w- to RM429 psf while Th e Park Residences of around three to fi ve acres in a good Kampung Kerinchi in 2007, which saw ed, in Bangsar South saw average price psf location would probably be priced at the widening of the main access road, the grow 16.4% year-on-year to RM726 psf RM200 and above psf.” new pedestrian walkways and land- in 3Q2014. All the non-landed residences here scaping works, in an eff ort to make the Hartamas Real Estate (OUG) Sdn have appreciated in value due to the area appealing to potential buyers. Road Bhd team manager Janet Chong, who transformation of the area from an ur- improvement works continue today. der is familiar with properties in the area, ban pioneer settlement into a middle Landmarks in the Kerinchi/Pantai uld sees great potential in its non-landed to high-income neighbourhood. Th ey vicinity include the Angkasapuri build- to residences, especially those located close also benefi t from a central location. ing, Universiti Malaya, Pantai Hospital, nd to the commercial area. “With the continued development and the Universiti and Kerinchi LRT ave “Th e Park Residences, for exam- and upgrading of the Kerinchi area, stations. properties here can be expected to Existing residential projects in the appreciate in value,” says Tang. immediate vicinity of Kampung Ker- inchi consist of aff ordable apartments Chan: Old properties [in Kerinchi] Chong: The current price psf of non- and fl ats such as Vista Angkasa Apart- are still undervalued while rental landed homes near Bangsar South is ments and Sri Angkasa fl ats. demand is huge. between RM850 to RM900. FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY EP10 PROPERTY | MARKET WATCH Go to theedgeproperty.com for more listings

FOR SALE [in Kerinchi/Pantai, Kuala Lumpur] FOR RENT [in Kerinchi/Pantai]

to appreciate. Price negotiable. Built-up area: 638 sq ft Saville @ The Park with air-conditioning, cooker Agent/negotiator: Vivien Choy Bedrooms: 1 Type: Condominium/ hob, hood, intercom and water of City Real Properties Bathrooms: 1 serviced residence heater. Available immediately. Tel: (012) 234 2333 Description: Mid-fl oor unit with Tenure: Freehold Agent/negotiator: Bernard Email: [email protected] pool view. Fully furnished with Asking rent: RM3,000 Khuan of Bernard Realty air-conditioning, kitchen cabinets, Built-up area: 1,180 sq ft Tel: (012) 222 8933 built-in TV stand and wardrobes. Bedrooms: 3 Email: [email protected] Tenanted. Minutes away from Mid Bathrooms: 2 Valley, Petaling Jaya and Bangsar. Description: Comes with Centrio Pantai Hillpark Agent/negotiator: Janet Chong balcony, air-conditioning, Type: Soho Centrio Pantai Hill Park of Hartamas Real Estate Sdn Bhd water heater and a city view. Tenure: Leasehold Type: Soho Tel: (012) 318 8099 Agent/negotiator: Jo Lee of Asking rent: RM2,500 Tenure: Leasehold Email: [email protected] Ecg Affi rm Properties Affi rm Built-up area: 873 sq ft Asking price: RM700,000 Tel: (012) 688 9838 Bathrooms: 2 Built-up area: 705 sq ft Email: jorentalproperties@ Description: Tastefully furnished Bedroom: 1 gmail.com Block A unit facing futsal Bathrooms: 2 Camellia Serviced Suites, court. Good quality wooden Description: Duplex unit on Bangsar South Pantai Panorama fl ooring, air-conditioners, blinds, high fl oor. Furnished, with Type: Condominium/ Type: Condominium/ kitchen cabinet, wardrobe and air-conditioning, cooker hob, serviced residence serviced residence lighting. One parking bay. hood and water heater. Balcony Tenure: Leasehold Tenure: Freehold Agent/negotiator: Janelle with a pool view. Tenanted. Asking price: RM638,000 Asking rent: RM2,500 Tan Ace Realty Agent/negotiator: Jaclyn Yee Built-up area: 638 sq ft The Park Residences, Built-up area: 1,250 sq ft Tel: (012) 329 3143 of Carey Real Estate Sdn Bhd Bedroom: 1 Bangsar South Bedrooms: 3 Email: [email protected] Tel: (012) 202 4990 Bathroom: 1 Type: Condominium/ Bathrooms: 2 Email: [email protected] Description: Partly furnished, with serviced residence Agent/negotiator: Jo Lee of Pantai HillPark Phase 2 full set of good quality built-in kitchen Tenure: Leasehold Ecg Affi rm Properties Affi rm Type: Condominium/ cabinets, built-in wardrobe, built-in Asking price: RM1,580,000 Tel: (012) 688 9838 serviced residence tall shoe cabinet and air-conditioning; Built-up area: 1,910 sq ft Email: [email protected] Asking rent: RM2,500 has a balcony. Bedrooms: 3+1 Built-up area: 813 sq ft Condo off ers tight security, infi nity Bathrooms: 3 Zehn Bukit Pantai Bedrooms: 3 pool, shuttle bus service, cafés, Description: Tastefully, fully Type: Condominium/ Bathrooms: 2 restaurants and clubhouse. Nearby furnished unit. Faces quiet serviced residence Description: Fully furnished, amenities include The Sphere side of the development. Ten- Tenure: Leasehold high-fl oor unit with nice view. shopping mall, , minute walk to LRT station. Asking rent: RM6,500 Well-kept and in move-in Universiti LRT station, banks, and retail Amenities and eateries nearby. Built-up area: 1,905 sq ft condition. For families or stores. Accessible via Federal Highway, Facilities: barbecue area, Bedrooms: 3 professionals. Available now. Pantai Hillpark 3 NPE, LDP and Sprint Highway. covered parking, gym, jacuzzi, Bathrooms: 2 Agent/negotiator: Catherine Type: Condominium/ Agent/negotiator: Evonne Yen playground, sauna, swimming Description: Located just one of Reapfi eld Properties serviced residence of CBD Properties () pool and 24-hour security. fl oor below penthouse. Enjoys (Shah Alam) Sdn Bhd Tenure: Leasehold Tel: (019) 211 3882 Agent/negotiator: Lucas Lim fantastic breeze from balcony. Tel: (012) 388 5445 Asking price: RM750,000 Email: [email protected] of Property Hub Sdn Bhd Three parking bays. Comes Email: cdorall@reapfi eld.com Built-up area: 1,325 sq ft Tel: (016) 442 3039 Bedrooms: 3 Email: [email protected] Bathrooms: 2 Description: Low-rise corner unit SOLD [in Kerinchi/Pantai] facing garden/park, with balcony. Furnished, with bathtub, walk-in wardrobes, air-conditioning, cooker Contract date: 5 Aug 14 Address: Jalan Pantai Dalam hob and hood, hair dryer and Project name: Zehn Bukit Pantai Area (sq ft): 689 water heater. Good accessibility via Address: Jalan Bukit Pantai Price (RM): 140,000 , Federal The Park Residences, Area (sq ft): 3,358 Price (RM psf): 203 Highway and Sprint Highway. Bangsar South Price (RM): 2,600,000 LRT station within 2km. Bangsar Type: Condominium/ Price (RM psf): 774 Contract date: 2 July 14 Village, BSC, Mid Valley Megamall, serviced residence Project name: Centrio Amcorp Mall, Jaya Shopping Tenure: Leasehold Contract date: 4 Aug 14 SoHo @ Pantai Hillpark Centre eight minutes’ drive away. Asking price: RM1,330,000 Project name: Zehn Bukit Pantai Address: Jalan Pantai Murni Agent/negotiator: SK Yeo Built-up area: 1,485 sq ft Address: Jalan Bukit Pantai Area (sq ft): 936 of Reapfi eld Properties Bedrooms: 3 The Park Residences, Area (sq ft): 2,519 Price (RM): 700,000 (State) Sdn Bhd Bathrooms: 2 Bangsar South Price (RM): 1,840,000 Price (RM psf): 747 Tel: (012) 302 8238 Description: Mid-fl oor unit with Type: Condominium/ Price (RM psf): 730 Email: [email protected] balcony and city view. Renovated. serviced residence Contract date: 12 June 14 Fully furnished with walk-in- Tenure: Leasehold Contract date: 13 Oct 14 Project name: Centrio wardrobe, air-conditioning, cooker Asking price: RM1,230,000 Project name: Camellia SoHo @ Pantai Hillpark hob, hood, bathtub, intercom, water Built-up area: 1,485 sq ft service suites Address: Jalan Pantai Murni heater, etc. Near Bangsar, Midvalley Maintenance fee: RM372 Address: Camellia Service Suite Area (sq ft): 797 Megamall, PJ and University Malaya. Bedrooms: 3 Area (sq ft): 635 Price (RM): 690,000 Amenities include a swimming pool, Bathrooms: 2 Price (RM): 540,000 Price (RM psf): 866 mini market, cyber cafe and ATM. Description: Mid-fl oor unit, fully Price (RM psf): 850 Agent/negotiator: Steve Wong furnished, swimming pool view. Contract date: 30 Sept 14 of LaurelCap Sdn Bhd Spacious living and dining area. Contract date: 12 Sept 14 Project name: Pantai Hillpark 3 Tel: (019) 511 8018 Master bedroom with en suite Project name: Camellia Address: Phase 3 Email: [email protected] bathroom, built-in wardrobe; service suites Area (sq ft): 1,346 or [email protected] second bedroom also has built- Address: Camellia Service Suite Price (RM): 660,000 in wardrobe. Air-conditioning, Area (sq ft): 635 Price (RM psf): 491 bathtub, cooker hob, hood and Price (RM): 570,000 water heater. All bedrooms Price (RM psf): 898 Contract date: 3 July 14 Zehn Bukit Pantai illuminated by natural sunlight Project name: Pantai Hillpark 3 Type: Condominium/ and have good ventilation. Contract date: 9 Sept 14 Address: Jalan Pantai Dalam serviced residence Tenanted at RM4,500 until Project name: Flat Taman Area (sq ft): 1,335 Tenure: Leasehold January, 2016. Vendor keen to Bukit Angkasa Price (RM): 630,000 Asking price: RM2,350,000 dispose of unit with tenancy. Address: Off Jalan Pantai Dalam Price (RM psf): 472 Built-up area: 2,928 sq ft Easily accessible via Area (sq ft): 743 Bedrooms: 3 +1 Camellia Serviced Suites, Federal Highway and NPE. Price (RM): 150,000 Contract date: 28 Aug 14 Bathrooms: 4 Bangsar South Three-tier security. Price (RM psf): 202 Project name: Pantai Hillpark 2 Description: Block B unit, nicely Type: Condominium/ Agent/negotiator: Eva Loh of Address: Jalan Pantai Dalam renovated, partly furnished. Comes serviced residence Full Homes Realty Sdn Bhd Contract date: 8 Sept 14 Area (sq ft): 1,044 with two parking bays. Very well- Tenure: Leasehold Tel: (012) 228 8890 Project name: Flat Taman Price (RM): 430,000 kept and hardly lived in. Must view Asking price: RM620,000 Email: [email protected] Bukit Angkasa Price (RM psf): 412 FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY LEGAL | PROPERTY EP11 11 Th e10 legal commandments of home buying (Part 1)

Th ou shalt observe the 10 legal commandments of home buying for the smooth purchase of thy greatest investment of thy life. In the eyes of the law, thou art equal notwithstanding race, religion or age and subject to the laws and principles governing the territory of thy habitation.

Chris Tan is a lawyer, author, speaker and keen observer of If you have questions that you would like to ask Tan, please go to the real estate locally and abroad. He is founder and managing Tips section of theedgeproperty.com. BY CHRIS TAN partner of Chur Associates. Disclaimer: Th e information here does not constitute legal advice. Please seek professional help for your specifi c needs.

1 2345 Thou shalt Thou shalt Thou shalt not Remember the Honor thy have no not make take possession timelines and rights and thy more doubts conditions in a rush keep them holy obligations

before signing of the property IN the excitement of receiving IN most contracts, you shall THE SPA is a document setting the keys to your newly bought not miss to observe that “time down your rights and obliga- the legal at delivery unto property as part of the final is of the essence”. Th ere is al- tions in written form in relation stages of the SPA, be sure to ways a time frame for the dis- to the seller. Upon your sign- documents assumptions use the inventory list to check charge of all obligations in the ing of the document, the rights on the condition of the prop- SPA. Taking the above, for ex- and obligations are binding on of norm erty (locks, hinges, ceiling, wall ample, the date of delivery of you and you shall honour the THERE are numerous legal doc- paint, windows, taps, etc) the vacant possession, the period same or you will be in breach uments in a sale and purchase fi rst thing you enter your new of the defect liability period of the agreement and may be transaction. However, many dis- THERE was once a purchas- home. Th is is particularly im- starts from date of delivery of penalised by termination of putes relating to a sale and pur- er who so fell in love with the portant when you are purchas- vacant possession. Th e eff ect agreement, forfeiture of de- chase agreement (“SPA”) are in decorations of a house that ing from a developer, as the of the term shall make it man- posit, liquidated damages or the vein of “I did not know what he bought it. Th e catalyst for residential property is subject datory for you to observe the late payment interest charg- was in the SPA and I signed only”. his swift decision was a mag- to a 24-month defect liability timeframe or you shall be in es, for example. Conversely, if Th e lawyers are then blamed for nificent chandelier hanging period. Th e developer has an breach of the SPA. Important the opposite party is in breach, not advising their clients prop- at the entrance hall. Howev- obligation to make good de- time frames include the peri- you can use the signed and erly. Do note that the lawyer is er, he was devastated to fi nd fects within 30 days from the od to secure a loan and date stamped document to enforce not the person who signs the out the chandelier had been date of notice, or you may hire of progressive payments, and your rights in the civil courts SPA and he or she may not be removed before he took pos- professionals to address the is- the payment of the balance to obtain a remedy under the able to advise you properly if session of the house, and that sue and forward the bill to the purchase price. agreement. you do not raise concerns about he had no remedy under the developer upon expiry of the specifi c matters. SPA because the chandelier 30 days. For a purchase made Additionally, the law deems was not mentioned anywhere on the secondary market, the that you have read and fully in it. Th us, when purchasing buyer has no such luxury of Look out for Part Two next Friday understood the SPA when you property, whether from a de- time but a site inspection when sign on the dotted line. Th us, veloper or on the secondary taking vacant possession would it is always advisable to read property market, make sure do the trick. through the SPA at least once the fixtures and fittings you and ask your lawyer about the are entitled to are document- points that concern you, prior ed in the SPA to avoid disap- to executing the SPA, because pointment when you receive there is no turning back after the keys to your newly bought you’ve signed it and when a home. Th e same applies to any dispute arises. repair job to be performed by Meanwhile, your lawyer will the seller on the property prior also advise you on your risks to delivery. Remember, proper upon conducting the due dili- documentation eliminates all gence on the property such as false assumptions. land search, bankruptcy search or company search. In short, you shall understand the impact of the various legal documents in the process of purchasing real estate, even if you are told they are “standard clauses”. FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY EP12 PROPERTY | DEALMAKERS

Johor international zones will reduce market speculation

Proposal will help protect the interests of locals in the housing market, say agents

BY LIM KIAN WEI helped to promote the project. Th e Edge Singapore reported on March he proposed implementation 23 that the 400 residential units released of “international zones” for the were fully sold at an average of RM1,380 psf. purchase of residential property Th e units have a built-up area of between by foreigners in Johor is likely 678 sq ft for a 1+1 bedroom unit and 3,918 to dampen demand for luxury sq ft for a penthouse unit. properties outside of them that As for other property types, Aw is confi - Tare priced above RM1 million, real estate dent that values for landed homes, shop- agents familiar with the Johor market tell houses and factories in prime locations in The Edge Property. the Iskandar region will appreciate in the “There should be less speculation in the long term. secondary market due to restricted foreign Aw: Residential properties priced Toh Sen: New apartments or Roy Liew: Restrictions on foreigners Roy says demand for landed proper- ownership and more genuine homebuy- above RM1 million outside these condominiums, particularly around purchasing properties outside these ties priced below RM600,000 will remain ers looking to purchase properties for zones will be aff ected by the Danga bay area, are severely zones may reduce demand for strong, and that for aff ordable homes is still [themselves],” says Malaysian Institute of disqualifi cation of foreign buyers aff ected due to supply in large high-end strata properties in gated on the uptrend. Estate Agents (MIEA) Johor Youth chair- from their market. quantity over a short time frame. developments. “Landed properties priced below man Roy Liew. RM600,000 are still considered afforda- He adds that restrictions on foreigners designated zones or be charged a fee if they high-rise residential properties in Johor ble. Iskandar Malaysia’s fi ve fl agship zones purchasing properties outside these zones want to do so. Baru may peak between 2017 and 2018, are still viable to foreign purchasers [or] may reduce demand for high-end strata Aw says residential properties priced with the completion of a number of de- investors due to the cost advantages and properties in gated developments. Th is “will above RM1 million outside these zones will velopments. incentives on off er compared with other cause a price adjustment of these proper- be aff ected by the disqualifi cation of foreign Toh Sen concurs, saying that “new apart- countries. ties on the secondary market, especially for buyers from their market. ments or condominiums [still under con- “Commercial and industrial proper- properties worth more than RM1 million”. MIEA Johor state chairman Liew Toh Sen struction], particularly around Danga Bay ties will remain strong. We foresee mul- In recent news reports, Johor state hous- agrees that there will be possible price ad- area, are severely affected due to supply tinational companies and small-medium ing and local government committee chair- justments for luxury properties outside the in large quantity over a short time frame.” enterprises setting up regional offices or man Datuk Abdul Latif Bandi has said the proposed zones if foreigners are unable buy However, he adds that some high-rise relocating their factories [to Iskandar] proposed international zones will help properties outside of them. projects sold well last year despite the from other countries.” protect the interests of locals in the hous- Toh Sen estimates that foreign buyers in oversupply situation. All those interviewed by Th e Edge Prop- ing market. Th e locations of these zones the Iskandar region in Johor comprise fewer “Puteri Cove Residences & Quayside erty expect the upcoming high-speed rail will be announced between July and Au- than 20% of the primary market, and fewer (developed by Pacific Star Group and DB2 between Kuala Lumpur and Singapore to gust, he says. than 5% of the secondary market. Group) in Puteri Harbour, [saw] 400 units of spur real estate growth in Johor, especially Roy expects more foreign investment to Roy and Aw expect high-end condomin- luxury residences sold last year. There were in Nusajaya, Batu Pahat and Muar, where fl ow into the state if foreigners are incentiv- iums and serviced apartments priced above claims that 80% of the units released for stations have been proposed to be built. ised to buy properties in these zones. RM1 million to fall within the proposed sale was sold to foreigners,” Toh Sen says. Th e planned Singapore Rail Transit System Real Estate Finders (MY) Sdn Bhd Nusa- zones. He attributes the high take-up rate to (RTS) extension is expected to double the jaya branch associate director Alston Aw the project’s close proximity to Puteri volume of commuters between Johor and concurs. He adds that foreigners could be Long-term outlook positive Harbour and the new state administra- Singapore. Th e RTS extension will report- banned from buying properties outside the Aw believes the current oversupply of tion offices. The state government also edly be completed by 2018. FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY EP13 FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY EP14 PROPERTY | FEATURE

01. The design of the building’s interior using raw materials gives it an industrial touch.

02 The entrance of Sinkeh Hotel at 105, Malay Street.

03. The hotel blends heritage and contemporary design.

04. The use of glass walls in guest bathrooms ensures guestrooms receive daylight.

05. Chee: I wanted a building that would function both as an art space and a small hotel.

06. Tay: The project aims to bring together past, present, old and new. Photos by Kenny Yap

01 Sinkeh Hotel is ‘Building of the Year’ 02

Veritas Design Group project blends the old and new

BY CHAI YEE HOONG

t first blush, the building lo- cated at 105, Malay Street (Lebuh Melayu) looks like one of the many faded pre- war shophouses in George Town, Penang, that has seen betterA days. But its unassuming facade be- lies beauty within. In recognition of its design conserva- tion and adaptive reuse from 19th-century shophouse into art space and hotel, Sinkeh Hotel was named “Building of the Year” at the PAM Awards 2015 held on May 23. It also won “Gold” under the “Alteration & Addition” category. Th e PAM Awards for 05 06 03 architecture are organised by the Malaysian Institute of Architects. modest project,” Tay said at a press confer- says Tay. Safety regulations for fi re exits and Th e Sinkeh Hotel project was undertak- ence on May 27. stairways also require the original structure en by Veritas Design Group, led by partner This was the first time the award had of the old building to be altered. Lillian Tay. been given since its introduction last year. A unique feature of the hotel is a gap on “We are delightfully surprised to receive Sinkeh Hotel is located in the Unesco one side of the building, which had been the ‘Building of the Year’ award for such a World Heritage site buff er zone of George closed up but has now been uncovered. Town. It sits on 230.12 sq m of land and of- Th e architect took advantage of this unu- fers rooms 16 sq m in size. sual feature to allow more daylight into the JURY’S CITATION FOR According to Tay, the project had the aim interior and to locate a fi sh pond at one end SINKEH HOTEL of bringing together past, present, old and of the hotel. new, as well as heritage and contemporary Th e building’s features include the use design, by inserting a new 3-storey steel pa- of natural ventilation and light and a tradi- AN exceptionally bold intervention which vilion at the back of the 33m-long shophouse tional open courtyard. A rooftop terrace and is very sympathetic and sensitive to the cul- and by preserving its 1920s Straits Chinese two more fl oors were added to the original tural and urban context of its surroundings. shophouse façade and timber fl oor structure. structure. It is a brilliant juxtaposition between the “Th e back of the house was previously Sinkeh Hotel owner Chee Sek Th im, who old and the new highlighted by the metic- used as a warehouse and had deteriorated, bought the building in 2009, wanted the place 04 ulous and extensive steps taken to ensure so we decided to do a complete rebuild. Th e to be used as both an art space and a small that the two differing aspects of modernity timber from the demolition of the back sec- hotel that would support the arts. is well-known for its work globally. Among and tradition are combined harmoniously tion was salvaged and recycled to replace Twenty sen out of every ringgit from the the buildings it has designed in Malaysia are together. This dichotomy between old and the timber structures at the front section proceeds of the hotel go towards supporting Menara Binjai, the DiGi Corporate Head- new is further accentuated by the apt appli- that were worn down,” Tay said. the arts community. quarters and Sentral One offi ce tower. cation of perceptive and well-thought out One of the challenges faced in the pro- Sinkeh also stages performances, and details which culminates in a remarkable ject was the strict Unesco requirements for organises arts and culture events in George amount of spatial character and ambience. heritage building projects which leave lit- Town. Read more about Sinkeh Hotel in the June/ tle opportunity for contemporary design, Veritas has won numerous awards and July 2015 issue of haven FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY HOME IDEAS | PROPERTY EP15

01. A fl oral arrangement on display at a Japanese restaurant in Pavilion.

02. Kariyazaki ensures not a petal is out of place.

03. An otherworldly creation straight out of the ether.

04. Space and fl owers complement each other. Photos by Haris Hassan

01 02 In the bloom of life

Th e artistic practice of Ikebana provides insight into our relationship with fl owers and nature

BY CARMEL DOMINIC that fl owers have the ability to change your mood, just sit by one and admire its beauty. In that brief lowers are more than just pretty things. exchange, you will notice your mood improve tre- Like us, they are living, breathing forms mendously because it is in the nature of a fl ower to of life. Renowned Ikebana artist Shogo live in an environment that is happy — and it will Kariyazaki believes that when a flower create that environment if allowed. arrangement is placed in a home, the Interestingly, he also believes that placing a blossoms transform negative energy yellow fl ower on the west side of a home will en- Finto positive and lift the spirits of those in it. courage good fortune for its inhabitants. Red and 03 Ikebana is a discipline in which nature and hu- yellow fl owers allow one to feel empowered, but manity intertwine, and also a form of artistic ex- to give your space a more relaxed feel, blue and pression, says Kariyazaki. purple fl owers are recommended. “Flowers are a thing of beauty. An arrangement of Kariyazaki advises that different locations in a fresh fl owers, especially, satisfi es the senses. It pleas- home require unique flower arrangements. Each es and soothes the eyes, its scent fi lls up the air. We has to suit the mood and colour of the space. For ex- breathe it in, and its soft and sometimes satin-like ample, in a room of earthy colours, a green-themed petals feel good when we touch [them]. But more arrangement is the best match. He emphasises the than that, it has life and thrives on its surroundings,” need for colour contrast for a balance of moods. If says Kariyazaki, who was in Kuala Lumpur recently. a room has vertical lines, vining plants such as a He says fl oral arrangements are sensitive to the money plant can be used to add texture to it. In a prevailing energies in an environment. Like hu- space that is spare, branches can help occupy space. mans, a plant is aff ected by the emotions of others Th e next time you pick fl owers for your home and can feel neglect and aff ection, for example. or a gift bouquet, bear in mind that the colours Hence, fl owers are more likely to stay vibrant in you choose refl ect your mood and feelings at that the presence of admirers and not when they are point in time. Choose wisely, and it doesn’t hurt to seen as just part of the furniture. make another person’s day brighter even if you’re Kariyazaki says that if you allow and believe not having the best of days. Th ink happy thoughts!

04 EP16 FRIDAY JUNE 5, 2015 • THEEDGE FINANCIAL DAILY

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