Commercial Properties

LISTINGS . NEW LAUNCHES . NEWS . DATA . ANALYTICS A PULLOUT EVERY FRIDAY WITH Th eEdgeProperty.com FRIDAY, MARCH 17, 2017 . ISSUE 2371/2017 . PP19055/06/2016(034530) ONLINE + OFFLINE

TheEdgeProperty.com Symposium on Property % Management 2017: Is your investment tep4 NEWS Maju Holdings obtains tep10 FEATURE a time bomb? approval for new Should you tep15 HOME IDEAS KTM train station reﬁ nance your How to make your 9am, April 8, 2017, at Maju KL property? home kid-friendly One World Hotel, Petaling jaya

Th e old shoplots in KL’s Little India may not look very attractive but they are sure worth a lot of money. See Pages 8 and 9.

online + available oﬄ ine where do i get a copy of this weekly pullout? go to TheEdgeProperty.com to download for free TEP 2 FRIDAY MARCH 17, 2017 • THEEDGE FINANCIAL DAILY NEWS Dear homeowners, please Th eEdgeProperty.com The Edge Property take care of your property SYMPOSIUM ON Malaysia PROPERTY TheEdgeProperty.com TheEdgeProperty.com MANAGEMENT BY LUM KA KAY 2017

PETALING JAYA: You think the property you’re residing in is safe? Are you IS YOUR sure? According to Anthony Lee Tee, Architect Centre accredited building Lee said INVESTMENT inspector and trainer, homeowners unsafe Publisher and Group CEO should equip themselves with more buildings Ho Kay Tat information and knowledge to en- can expose Lim: a Time sure the safety of their own homes. stakeholders Residential ? “Owners should get involved to injury risk properties with their own properties. We fi nd and property are the most bomb that many people are apathetic and loss. in demand... [have this] ‘tidak apa’ (could not care Saturday,SaS turday ApAprilril 88, 2017 The Edge Property Sdn Bhd (1091814-P) less) attitude towards running and 9AM SHARP — 1PM Level 3, Menara KLK, No 1 Jalan Citrine Ballroom, One PJU 7/6, Mutiara Damansara, 47810 caring for their homes. Th e symposium is presented by porean investors would also look Petaling Jaya, Selangor, Malaysia “Statistics from Suruhanjaya Th eEdgeProperty.com, with partners for income growth, capital gains, World Hotel, Tenaga (Energy Commission) show Nippon Paint Malaysia and Panason- and ease of sale in future. Petaling Jaya that many people are injured or have ic Malaysia. It is supported by Th e “Residential properties are the Th eEdgeProperty.com lost their lives due to shoddy electri- Edge Malaysia while the supporting most in demand as they are not just Managing Director/Editor-in-Chief cal wiring at home and at work. [It sponsor is Gamuda Land. for investment purpose but also as Au Foong Yee is crucial to] engage qualifi ed elec- “The common denominator ‘holiday homes’ or for purchasers’ EDITORIAL tricians for such things. of where we live, learn, work and own stay,” he said, adding that Ma- FREE! Editor Lam Jian Wyn “Also, unseen contaminants from play are buildings and it is a given laysian properties are “relatively First-come, Contributing Editor Sharon Kam formaldehydes found in cupboards assumption that these buildings less expensive” — which could ﬁ rst-served Deputy Chief Copy Editor James Chong and wardrobes can have long-term should’ve have been assigned, con- range from 10% to about 40% — basis Senior Copy Editor health impact while mould or spores structed, operated and maintained compared with similar property Shanthi Murugiah from unresolved water leaks or hu- in a proper way,” he said, adding types in Singapore. Writers Rachel Chew, Tan Ai Leng, Natalie Khoo, Shawn Ng, Lum Ka Kay midity are also a bio-health hazard that he will be sharing some real-life Th e symposium will also feature Art Director Sharon Khoh for children and aged residents,” he stories on how unsafe buildings can Chur Associates managing part- PRESENTED BY Design Team Edra, Henry Lee told Th eEdgeProperty.com. expose stakeholders to injury risk ner Chris Tan, DN Homeowners Architect Centre is a joint venture and property loss. Bhd chairman Andy Khoo, Build- Th eEdgeProperty.com For New Launches/Events/ Press Releases/News Tips between the Malaysian Institute of Also scheduled to speak at the ing Management Association Ma- email: [email protected] Architects (PAM) and Australian symposium is Singapore Association laysia (BMAM) president Tan Sri PARTNERS Tel: 03-7721 8211 Fax: 03-7721 8280 service provider Archicentre Ltd. It of Property and Facility Managers Eddy Chen, Malaysian Institute of Email: [email protected] provides property inspection and president Dr Lim Lan Yuan who will Professional Property Managers ADVERTISING & MARKETING building advisory services. share his views on how Malaysian (MIPPM) president Sarkunan Sub- Head of Marketing and Sales Lee will share more about the property management is bench- ramaniam as well as Th eEdgeProp- Sharon Chew (012) 316 5628 important aspects of building marked in the eyes of Singaporean erty.com managing director and ed- Senior Account Managers Cecilia Too (012) 319 7666 maintenance in his talk titled “So and other foreign investors as well itor-in-chief Au Foong Yee, who will SUPPORTING SPONSOR Jayne Law (016) 929 3309 your building is safe. Really?” at as their demands and expectations be moderating a panel discussion. Account Managers the upcoming Th eEdgeProperty. of Malaysian property. Jayremy Sim (011) 1669 6039 com Symposium on Property Man- According to Lim, well-designed Jocelyn Poo (012) 611 5626 SUPPORTED BY Marketing Support & Ad Traﬃ c agement 2017 that is themed “Is and well-managed Malaysian prop- Go to www.theedgeproperty.com Madeline Tan (03) 7721 8218 your investment a time bomb?” Th e erties in good locations would be to register for free. For details, email: [email protected] call 03 7721 8248 or email to Email : [email protected] symposium will be held on April 8, in demand among Singaporean 9am to 1pm at One World Hotel, investors. [email protected]. NEGOTIATOR ADVISORY SERVICE Petaling Jaya. “Like any other investors, Singa- Senior Manager Elizabeth Lay Senior Associate Stannly Tan Associate Karen Wong How do I get past issues of this weekly pullout?

For enquiries and listings trending Go to TheEdgeProperty.com email: [email protected] to download for free GL: (03) 7721 8175/ 8172 now Email: [email protected]

TheEdgeProperty.com pullout is If you have any real estate-related events, email us at [email protected]. published by The Edge Property Sdn LAUNCHES + EVENTS Events listed here will also appear on TheEdgeProperty.com. Bhd. It is available with The Edge Financial Daily every Friday. The pullout is also distributed at more UMLand Property Carnival than 200 offi ces, shopping complexes, Seri Kembangan, Selangor demo at Eco Grandeur’s condos, medical centres, F&B outlets Date: March 16 to 19 (Thurs to Sun) Contact: (03) 8964 9992 sales gallery this weekend. and LRT stations in the Klang Valley. Time: 10am to 10pm Hap Seng Land is unveiling its Join the cooking session You can also download it for free at Venue: Komtar JBCC, Bandar latest residential project, Akasa, while getting to know more www.TheEdgeProperty.com Johor Bahru, Johor this weekend. Radio/TV producer about the development. Contact: (03) 2036 8188 Chui Ling will be the special UMLand welcomes all to its guest on March 19. Those who Offi cial launch of Th e Edge Malaysia Astetica Residences Roadshow UMLand Property Carnival to purchase properties during The Estate EDITORIAL Date: March 20 to 26 learn more about its existing the weekend can participate Date: March 19 (Sun) Editor-in-Chief Azam Aris (Mon to Sun) and upcoming projects. in a grand lucky draw. Time: 6pm to 10pm CORPORATE Time: 10am to 10pm The event will feature Venue: Bon Estate Gallery, Chief Operating Offi cer Lim Shiew Yuin Venue: The Mines Shopping investment and feng shui EcoWorld’s Wan Fine Day event No 57, Jalan Penaga, ADVERTISING & MARKETING Chief Commercial Offi cer Mall, Jalan Dulang, Seri talks, lucky draw and fun Date: March 19 (Sun) Bangsar, Kuala Lumpur Sharon Teh (012) 313 9056 Kembangan, Selangor activities for kids including Time: 2pm to 5pm Contact: (012) 466 6683 General Manager Contact: (03) 8958 5766 a cotton candy station. Venue: EcoWorld Gallery @ Eco Bon Estates is launching Kingston Low (012) 278 5540 Senior Sales Managers Hua Yang Bhd invites all to the Grandeur, Lot 6232, Persiaran its flagship project, The Fong Lai Kuan (012) 386 2831 week-long Astetica Residences Offi cial launch of Akasa Mokhtar Dahari, Eco Grandeur, Estate @ Bangsar, this Gregory Thu (012) 376 0614 Roadshow event. The two-block Date: March 18 and 19 Bandar Puncak Alam, Selangor weekend. Besides premium Kamalesan Parama (012) 394 4855 Michael Tan (012) 213 0252 mixed development consists (Sat and Sun) Contact: (03) 3270 2525 lucky draw prizes worth Creative Marketing of serviced apartments, studio Time: 10am onwards Malaysia’s celebrity chef, RM50,000, there will also Chris Wong (016) 687 6577 units and retail components. It is Venue: Balakong Akasa Sales Chef Wan, has been invited by be performances by DJ Injoo Head of Marketing Support & Ad Traffi c located opposite of The Mines. Gallery, No 1, Jalan Balakong, EcoWorld to perform a cooking Wie and singer Talitha Tan. Lorraine Chan (03) 7721 8001 Email: [email protected]

TEP 4 FRIDAY MARCH 17, 2017 • THEEDGE FINANCIAL DAILY NEWS Maju Holdings obtains approval for new KTM train station at Maju KL

MAJU HOLDINGS BY SHAWN NG ing point. Th e transit-oriented de- target market — the millennials and velopment will also be linked to young buyers. Th is is a comprehen- PETALING JAYA: Maju Holdings the upcoming Sungai Besi MRT sive scheme that helps them own Sdn Bhd has obtained the green (mass rapid transit) station on the a home,” said Faiq. light from the relevant authorities Sungai Buloh-Serdang-Putrajaya Th e scheme was introduced in to build a KTM train station which MRT Line. conjunction with the launch of Sky will be connected to its shopping Faiq said that the company will Five tower at the Maju KL develop- mall at the Maju Kuala Lumpur start building the KTM station when ment. Sky Five consists of 618 loft development in Sungai Besi, KL. the shopping mall is completed, and apartment units. It has been 30% “We just got our approval on the station will be completed to- to 40% sold since it was launched March 14. We will be building the gether with the entire development. on March 2, he noted. station at our own cost,” Group “Currently, we are still doing the Each 882 sq ft loft apartment unit managing director Mohd Faiq Abu substructure works, so once the comes with three bedrooms and Sahid told Th eEdgeProperty.com. retail podium is up, then we will two bathrooms. Selling prices range Once completed, the KTM sta- start building the station, which from RM590,000 to RM617,000. tion will be located between the will be connected to the third fl oor “We are targeting a take-up Serdang and Bandar Tasik Selatan of the podium with a link bridge,” rate of 90% to 95% for Sky Five in KTM stations. he added. the next two months, then we will Located on a 14-acre leasehold move on to the other fi ve remaining site, Maju KL is a mixed develop- towers, Sky Seven, Four, Th ree, Two ment by ASM Development (KL) Maju KL is a transit-oriented development in Sungai Besi with linkages to the and One,” he said, adding that the Sdn Bhd, a subsidiary of Maju Asset upcoming KTM station and the MRT station. “Own It Now” scheme will be of- Sdn Bhd, which in turn is a whol- fered to buyers of the other towers ly-owned subsidiary of Maju Hold- As a successor to his father, Maju old has come up with the “Own It as well. Meanwhile, Sky Six, which ings, and has a gross development Holdings’ founder and group exec- Now” home ownership programme. was launched in March last year, value (GDV) of RM4.5 billion. It utive chairman Tan Sri Abu Sahid Under the scheme, buyers can is about 90% sold to date. comprises a nine-storey shopping Mohamed, Faiq wants to inject new immediately sign the Sale and Pur- Looking ahead, Faiq said Maju mall and seven 29-storey residen- and creative ideas into the compa- chase Agreement (SPA) and be- Holdings has 15 acres of land in tial sky towers which will house a ny. He had joined the family busi- come the owner of a fully furnished Salak South, KL. Th e initial pro- total of 4,200 loft apartment units. ness as a director after graduating loft apartment unit at Maju KL for posal is to build 6,000 residential Th e entire development is sched- from Curtin University, Australia RM2,000 and apply for a loan later. units on top of an international uled for completion by end-2021. with a Bachelor of Commerce in The 10% down payment is to school. Th ere will also be some Th e KTM train station with link- International Business. He was ap- be paid on a monthly basis spread offi ce components. “Everything age to the mall will be a major sell- pointed group managing director over 42 months and is interest free is still in the preliminary planning in March last year. — buyers only need to apply for a stage,” he added. The company Faiq: The company will start In a bold move to attract home- home loan three years from the also has 1,000 acres of land in Ulu building the KTM station when buyers for its projects in a tight date of the SPA. Tiram, Johor Bahru, but its focus the shopping mall is completed. lending environment, the 30-year- “Th e scheme is able to help our is on Maju KL for now. LOW YEN YEING | TheEdgeProperty.com

EcoWorld records RM955 mil sales in ﬁ rst four months of 2017, targets to launch three projects in 2H2017

MOHD SHAHRIN YAHYA | TheEdgeProperty.com BY LUM KA KAY (From left) EcoWorld executive director Eco Majestic’s terraced homes will Liew Tian Xiong, Chang and EcoWorld be handed over in April. SEMENYIH: Eco World Development executive director and chief ﬁ nancial On the international front, Eco Group Bhd (EcoWorld) has achieved oﬃ cer Datuk Heah Kok Boon at the press World International Bhd (EWI) re- RM955 million sales in the fi rst four conference after the AGM. corded cumulative sales of RM6.488 months of fi nancial year 2017, 57% billion for the fi rst quarter ended higher than the RM607.8 million to reach out to and serve the needs Jan 31 based on exchange rates as recorded in the fi rst four months of of a wide and diversifi ed pool of at Jan 31 versus RM5.29 billion as fi nancial year 2016 (FY2016). property purchasers,” Chang told at Oct 31, 2016. Profi t after tax as According to EcoWorld presi- reporters after EcoWorld’s annual at Jan 31 stood at RM116.2 million. dent and CEO Chang Khim Wah, general meeting (AGM) yesterday. “FY2017 is shaping up to be a RM797 million was contributed by “Over the next few quarters, we very good year for the group. With projects in the Klang Valley while expect interest and sales momen- the Employees Provident Fund as the remaining RM158 million came tum in these three projects to pick a 40% shareholder to jointly de- from projects in Iskandar Malaysia, up further,” added Chang. velop another four projects — Eco Johor and Penang. For the fi rst quarter of FY2017 Grandeur, Eco Business Park V, Eco “Th e signifi cantly higher sales (1QFY17), the group recorded rev- Th ey are Eco Horizon and Eco Sun properties by end-FY2017 (October Horizon and Eco Sun, the comple- numbers achieved this year is the enue of RM592.7 million, which in Batu Kawan, Penang, Eco Busi- 2017). In Iskandar Malaysia, Eco tion of our 25% private placement result of the strong follow-through is 27.9% higher than the RM463.5 ness Park V in Puncak Alam as well Botanic has handed over its fi rst and the strong 1QFY17 profi ts will momentum from our mega launch- million reported for 1QFY16. as Eco Forest in Selangor. phase of semi-dees and is looking strengthen our balance sheet and es in the fi nal quarter of FY2016. Chang said the strong sales Th e 492.7-acre Eco Forest town- to hand over Eco Boulevard — the help us better manage our gearing “We are delighted with the contin- performance in 1QFY17 was also ship is located about 5km from Eco commercial segment — to further position going forward. ued strong response to our latest pro- boosted by the launch of Eco Sanc- Majestic and has a gross develop- activate the township. “We are confi dent that we are on jects — Eco Grandeur, Eco Ardence tuary’s (in Selangor) final land- ment value (GDV) of RM3.5 billion. Th e developer said this will be track to achieve our sales target of as well as BBCC (Bukit Bintang City ed, gated-and-guarded precinct Th e 374.6-acre Eco Sun and Eco followed by handovers of homes RM4 billion sales in Malaysia and Centre). Th ese three developments known as Grandezza followed by Horizon have a combined GDV of at Eco Spring, Eco Summer and once we complete our subscription are uniquely diff erentiated to cater the opening of a new show village RM7.762 billion while the 518-acre Eco Tropics within the next one to for the 27% stake in EWI, we will be to very separate target markets. in February 2017. Eco Business Park V has a GDV of two quarters. In the Klang Valley, entitled to recognise a proportion- “Furthermore, they are located Meanwhile, the developer is RM2.747 billion. Eco Sky has recently delivered its ate share of EWI’s sales for FY2017, in three distinct property hotspots looking to launch three projects Apart from that, EcoWorld is set retail shopoffices to buyers last which will add on to our pipeline in the Klang Valley, which enable us by the second half of 2017 (2H2017). to hand over about 4,700 units of December while the fi rst phase of of future earnings,” said Chang. FRIDAY MARCH 17, 2017 • THEEDGE FINANCIAL DAILY TEP 5 NEWS Aspen Group to soft launch second commercial phase of Aspen Vision City

ASPEN VISION CITY KENNY YAP | TheEdgeProperty.com BY NATALIE KHOO

PENANG: Aspen Vision City Sdn Bhd is set to soft launch the second phase of its commercial component, the Vittoria Financial Centre, at Aspen Vision City in Bandar Cas- sia, Batu Kawan in Penang this weekend (March 18). Th e launch is in conjunction with the opening of Aspen Group’s new Concept Gallery for the central region located in Glenmarie, Shah Alam this weekend to al- low potential purchasers in the Klang Valley to learn more about the group’s projects in the northern region. Vittoria Financial Centre sits on a 5.81- acre freehold site with a gross development value of RM237.6 million. It comprises fi ve blocks of eight-storey corporate offi ces and Murly: Our target markets for these offi ce units are one nine-storey executive tower. Th ere are start-ups, fi nancial institutions, telco companies, a total of 231 office units with built-ups private organisations and multinational shared ranging from 610 sq ft to 1,415 sq ft. On level services. nine of the executive tower, there will be a gymnasium and swimming pool for the us- hub, medical centre, international school age of all occupants. Unit prices start from and a range of amenities. Th e northern re- about RM600,000. gion’s fi rst IKEA furniture store will also be “Our target markets for these offi ce units located there. are start-ups, financial institutions, tel- Th e group is also gearing up for other co companies, private organisations and There are a total of 231 offi ce units with built-ups ranging from 610 sq ft to 1,415 sq ft. upcoming launches including its ViLuxe multinational shared services,” Aspen bungalows at Aspen Vision City in June and Group CEO Datuk Murly Manokharan told ban environment with smart technology to Centre. Th e project is targeted for comple- a high-end residential development in Tan- Th eEdgeProperty.com. provide a positive diff erence to the people tion in 2021. jung Bungah on Penang Island in 4Q2017. “Th e unique selling point of our offi ce and businesses. We have committed to in- Th e fi rst commercial component of the “We are currently constructing the Vi- units is their versatile layouts, which are vest RM100 million in order to make this 245-acre Aspen Vision City is the Vervéa Luxe show bungalows on the site and we fl exible to suit various business and offi ce vision a reality. We are now reaching out Commercial Precinct — a gated-and-guard- will share more details closer to the launch endeavours. Th ere will also be high-speed with innovative approaches, by infusing ed precinct comprising 441 units of three date. For our project in Tanjung Bungah, it fi bre-optics Internet, e-concierge service, intelligence through innovative services, and four-storey shopoffi ces with built-ups will be a mixed development comprising virtual secretarial services and an IBM com- smart solutions and technologies in all our starting from 3,300 sq ft. It is slated for com- residential and retail [components] and a prehensive cloud platform. Th e offi ce is also developments in line with the global trend. pletion this year. hotel,” Murly said. integrated to the Columbia Asia Medical “We foresee this as a need and a future “We have achieved 95% sales to date Th e group achieved RM1.06 billion in Centre,” said Murly. trend and we want to be the fi rst to pen- for Vervéa,” said Murly. Aspen Vision City sales for FY2016 and is expecting an increase He added that the developer is partnering etrate the market with this approach and is a collaboration between Aspen Group of 20% in sales for FY2017. Th e group has with Telekom Malaysia and IBM Malaysia integrate day-to-day services for end us- and Ikano Pte Ltd and is one of the biggest two pieces of land in the Klang Valley and is to equip its projects with smart building ers,” said Murly. mixed developments in Penang off ering a also exploring opportunities with Ikano for technology. To date, the developer has received 5,000 combination of condominiums, shopoffi ces, their IKEA store expansion and mixed de- “We have the vision of shaping the ur- registrations of interest for Vittoria Financial serviced suites, hotels, offi ce tower, fi nancial velopments in Bangkok and the Philippines.

Targeting extended stay residents, Element KL to debut in April 2017

SUHAIMI YUSUF | TheEdgeProperty.com ELEMENT KUALA LUMPUR BY LUM KA KAY Element KL is located within the 275m-tall Ilham Tower on KUALA LUMPUR: Element Kuala Lumpur, Jalan Binjai in KLCC. the fi rst hotel in Southeast Asia under Ele- ment Hotels by Marriott International Inc, Ramesh: Element Park LRT and the Petronas Twin Towers. is slated to open for business in April 2017. KL is a very Ramesh added that Element KL is a very Th e hotel will consist of 252 rooms, rang- eco-conscious eco-conscious brand, which is something ing from studio units to 3-bedroom suites, brand, which is that sets the brand apart from other hotels meeting rooms, a restaurant and a bar. something that in the KL city centre area. Targeting travellers who are looking for sets the brand “We think the KL market is ready for extended stays, its general manager Ramesh apart from other this. Th ere are a lot of eco-conscious-mind- Ganeson said 65% of Element KL will be hotels. ed people and we see a lot of [eco-con- made up of the usual hotel rooms while scious-related] activities happening here the rest will consist of extended stay suites. Th e hotel is located within the 275m-tall in KL.” “I think the concept of Element KL is Ilham Tower on Jalan Binjai in KLCC — the According to Ramesh, room rates will diff erent from the hotels around this area fi fth tallest building in Malaysia, occupy- start from RM375 per night. because we are targeting those who are ing the 39th to 53rd fl oors of the building, Th e hotel features a fully equipped 24/7 looking for extended stays. So the con- making Element KL the tallest hotel in fi tness centre, complimentary bikes for cept of Element KL is that of a hotel with Malaysia. guests to borrow, a spa, indoor swimming extended stay facilities. Th e hotel is Green Building Index cer- pool and 1,744 sq ft of versatile meeting “The extended stay suites are some- tifi ed and is part of a mixed development rooms. thing like serviced residences where the which also houses the Ilham Gallery, a After KL, the next location that the Mar- rooms or suites come equipped with a public art space, as well as commercial iott group is looking at for further expan- dishwasher and kitchenette,” he told Th - units and restaurants. It is also situated sion of its Element Hotels is Ubud, Bali, eEdgeProperty.com. within walking distance from the Ampang Indonesia.

TEP 8 FRIDAY MARCH 17, 2017 • THEEDGE FINANCIAL DAILY COVER STORY

BUKIT BANGSAR BRICKFIELDS’ Jalan Bangsar commercial property market shines on BY RACHEL CHEW

olourful textile shops, aromatic Indian cuisine and the Indian cultural street decorations along Jalan Tun Samban- than make Brickfields a vastly different Roja: Brickfi elds is world from its upmarket neighbours, very accessible as it Jalan Syed Putra KL Sentral and Bangsar, and just a little is located next to KL TAMAN Cbit farther away, Kuala Lumpur City Centre and Sentral, Malaysia’s Bangsar South. largest transit hub. PERSIARAN Located at the fringe of central Kuala Lumpur, the DESA area was once the home of brick-making fi elds back in the late 18th century, hence its name Brickfi elds. It is now better known as KL’s Little India, a tourist destination, a transit hub, as well as one of the oldest commercial areas in KL. “Brickfi elds is very accessible as it is located next Chia: Buyers to KL Sentral, Malaysia’s largest transit hub. Th e Nu of Brickfi elds’ Transacted price of Brickfi elds’ shophouses Sentral Mall has internally connected the monorail commercial station to the light rail transit station,” says Zerin properties are often On Jalan Tun Sambanthan Properties head of research and consultancy Roja those from the Rani Applanaidu. hotel or restaurant YEAR NO. OF TRANSACTION LAND AREA PRICE PSF (RM) She adds that the pre-war shophouses here are business. STOREYS PRICE (RM) (SQ FT) (BY LAND AREA) “most probably the oldest commercial developments within Brickfi elds”, which would have been 2012 4.5 6 mil 1,744 3,441 built to serve the needs of the residents and work- 4.5 6.7 mil 2,271 2,950 ers back then. “Besides brick-making, Brickfi elds used to be the 4.5 6.6 mil 1,744 3,785 main depot for the Malayan Railways. Sri Lankan Ruben: Brickfi elds’ 2013 4.5 4.2 mil 2,830 1,484 and Indian workers were brought in to work on the commercial property railways. Th ese workers were housed in housing prices will continue to 2 6 mil 1,500 4,000 quarters which became known as the ‘Hundred grow, tapping on KL No transaction in 2014, 2015 and 2016 Quarters’ built in 1915 along Jalan Rozario and Jalan Sentral’s reputation Chan Ah Tong,” says City Valuers & Consultants as the most mature Jalan Tun Sambanthan and Jalan Rakyat (current market Sdn Bhd head of real estate services and business TOD in the country. development Ruben Kelvin. price: RM4 mil to RM7 mil) Th e “Hundred Quarters” has now been replaced with the 43-storey Sentral Suites, currently under construction. Developed by Malaysian Resources Corp Bhd, Sentral Suites is the latest component Bhd concurs. He says commercial property prices Tun Sambanthan, Jalan Rakyat and Jalan Th am- of the transit-oriented development (TOD) of KL in Brickfi elds saw “a signifi cant jump” about eight bipillay are all high value properties due to their Sentral. It off ers 1,434 serviced apartment units slat- to 10 years ago. limited supply and their locations just across the ed for completion by 2020. Th e project has a gross “Eight years ago, a 20-year-old, 4,000 sq ft dou- road from KL Sentral,” he explains, adding that on development value of RM1.5 billion. ble-storey shoplot was valued at RM1 million. Eight average, old shoplots on these streets are asking for “Th e main transformation in Brickfi elds, in my years later, I closed a deal for a unit with a similar more than RM1,000 psf now (based on built-up), opinion, is due to the development of KL Sentral. condition at RM4.1 million. And that was already at depending on the location of the unit. Values will Th e TOD covers 72 acres. A TOD of this size will have a discount. Th e price has grown four times in eight generally decrease the farther away the units are an overwhelming eff ect on the commercial property years, or over 300%. I don’t see such property price from the main road. market in terms of prices and demand, especially appreciation anywhere else in KL,” declares Chia, “Do not forget that these two-storey old shophous- when supply is limited,” Ruben says. noting that the mentioned deal was not the excep- es were fi rst sold at around RM40,000 to RM50,000 Brickfi elds specialist real estate negotiator Des- tion in Brickfi elds. over 20 years ago. Today, they are selling at RM4 mond Chia from Hartamas Real Estate (OUG) Sdn “In fact, the old shoplots along Brickfi elds’ Jalan million and above,” he says. Did you know... The pros and cons of investing in

Brickﬁ elds used to be the site of the main depot for Keretapi Tanah Melayu (KTM). Brickﬁ elds old shoplots

Workers from Sri Lanka and India were brought in to work for Malayan Old buildings Railway and housed in the railway quarters located here. Good in value hence high renovation cost Brickfi elds was inaugurated as Little India on October 2010. Spill over eff ect Limited supply One of the oldest (115-year) Hindu temples, Sri Kandaswamy Temple, from KL Sentral and expensive is located here. Great connectivity Brickfi elds was ranked 3rd in Airbnb’s list of top trending destinations in 2016. and accessibility Traffi c congestion (KL Sentral transit hub) Double-storey shoplots with built-up sizes of 4,000 sq ft were once sold for around RM40,000 to RM50,000 decades ago. Today, they go Unique tourist for around RM4 million, an appreciation of 7,900% to 9,900%! destination Limited parking space FRIDAY MARCH 17, 2017 • THEEDGE FINANCIAL DAILY TEP 9 COVER STORY

SOURCE: CITY VALUERS & CONSULTANTS SDN BHD

The most expensive commercial Transacted price of Brickﬁ elds’ shophouses property streets in Brickﬁ elds On Jalan Thambipillay

YEAR NO. OF TRANSACTION LAND AREA PRICE PSF (RM) KKL SENTRAL STOREYS PRICE (RM) (SQ FT) (BY LAND AREA) 2012 4 6.3 mil 2,594 2,429 2013 4.5 4.9 mil 1,744 2,810 2014 2 4.3 mil 2,000 2,150 2015 4.5 5 mil 1,733 2,885 2016 3 4 mil 2,000 2,000 2 4.1 mil 2,000 2,050

BRICCKFKFIELDS Jalan Thambipillay (current market price: RM4 mil to RM6 mil)

Transacted price of Brickﬁ elds’ shophouses On Jalan Tun Sambanthan 3

YEAR NO. OF TRANSACTION LAND AREA PRICE PSF (RM) STOREYS PRICE (RM) (SQ FT) (BY LAND AREA) 2012 4.5 4.5 mil 1,991 2,235 2013 4.5 4.8 mil 2,024 2,372 2014 4.5 4.6 mil 2,056 2,237 No transaction in 2015 and 2016

On Jalan Tun Sambanthan 4 Brickﬁ elds’ Jalan Tun Sambanthan is always busy.

YEAR NO. OF TRANSACTION LAND AREA PRICE PSF (RM) STOREYS PRICE (RM) (SQ FT) (BY LAND AREA) 2012 3 2.3 mil 2,455 937 3 3 mil 3,198 938 2013 4.5 4.5 mil 1,851 2,431 No transaction in 2014, 2015 and 2016

Jalan Tun Sambanthan 3 and 4, Jalan Padang Belia and Jalan Sultan Abdul Samad (current market price: RM2 mil to RM5 mil)

PICTURES BY LOW YEN YEING | TheEdgeProperty.com

Old but gold to the needs of the corporate and multinational (Above) Shophouses in old shoplots, demand never seems to wane. When- According to Zerin Properties’ Roja, the trans- tenants in KL Sentral,” she notes. Brickfi elds are mostly ever I release a new listing, I’ll easily receive seven or action prices for the commercial shopoffices According to Hartamas’ Chia, commercial prop- tenanted by business eight calls in just half a day,” Chia shares. in Brickfields between March 2015 and Febru- erty prices and rentals in the area have appreciated operators comprising He cites a deal that he closed recently. “Th e bank ary 2017 ranged between RM508,000 and RM5 signifi cantly as KL Sentral matures, and as the area grocery outlets, restaurants, valued the unit at RM4.5 million, but it was sold million, or RM605 psf and RM1,300 psf (based continues to undergo gentrifi cation and upgrading hotels, textile shops, at RM4.1 million due to the slow property market on built-up), depending on size, location and of its infrastructure and streetscape. goldsmiths, printing shops, and because the sellers wanted to cash out as fast condition. Chia says buyers of Brickfi elds’ commercial prop- fl ower stalls and clinics. as they could. Th is means prices have not reached “Given the location, the shophouses in Brick- erties are often those from the hotel or restaurant the ceiling or peak yet.” fields are mostly tenanted by business operators business, especially budget hoteliers. City Valuers’ Ruben wholly agrees that Brick- comprising grocery outlets, restaurants, hotels, “When visiting Malaysia, the fi rst stop in the fi elds’ commercial property prices will continue textile shops, goldsmiths, printing shops, flower country for many international travellers, includ- to grow, tapping on KL Sentral’s reputation as the stalls, clinics and others. They not only serve the ing budget travellers, would usually be KL Sentral most mature TOD in the country and as a popular residents but also travellers and tourists from and Brickfi elds. Most of Brickfi elds’ shop units business hub. around the world, students from the schools that I had transacted were sold to budget hotel- “We feel that old shoplots along Jalan Tun and colleges nearby, as well as corporate work- iers. Some of them even take their own initiative Sambanthan and Jalan Rakyat could go as high ers in the offices in KL Sentral across the road,” to talk to owners even when their properties are as RM4,000 psf (based on land area) or higher in Roja says. not on sale,” Chia notes. future as they have KL Sentral at their doorstep “Moving forward, KL Sentral’s integration with Besides the location, commercial properties in which is an irreplaceable position at the moment,” the MRT (mass rapid transit) Line 1 (Sungai Bu- Brickfi elds are also attractive to investors because Ruben notes. loh-Kajang) will further enhance KL Sentral’s po- there are few renovation restrictions imposed. Although more TODs are under construction, sition as a key transportation hub which is already “Most of the shopoffi ces were built at least 20 including Tun Razak Exchange @ Jalan Tun Razak, a multi-modal interchange for the LRT (light rail years ago but the government does not have many Bandar Malaysia @ Sungai Besi, KL Metropolis @ transit), KTM (Keretapi Tanah Melayu), monorail restrictions when it comes to renovations. Th e Jalan Duta and Subang Jaya City Centre @ Subang KLIA Transit and the KLIA Express Rail Link. Th is is only restrictions are that they can only be rebuilt Jaya, Ruben feels KL Sentral will be able to hold its expected to bring even higher traffi c to Brickfi elds to a maximum of fi ve levels, while no extension is stead for some time yet, and with that, Brickfi elds and should encourage more business activities in allowed for the few units located next to the mon- will continue to enjoy basking in its light. the area,” Roja reckons. orail station,” Chia says. “Th e re-branding of ‘Little India’ has promoted She believes the commercial properties here tourism as well. It was recently ranked as third in will continue to experience the spillover eff ect Irreplaceable Airbnb’s list of top trending destinations of 2016. from KL Sentral. Chia is confi dent that the prices of shopoffi ces Given such a strong position, I think Brickfi elds’ “Th e gentrifi cation and the commercial business in Brickfi elds still have room for further growth. commercial property market will shine on,” he mix in Brickfi elds are essential to capture and cater “Although we don’t see many transactions of these concludes. TEP 10 FRIDAY MARCH 17, 2017 • THEEDGE FINANCIAL DAILY FEATURE Should you refi nance your property?

BY SHAWN NG

f you need a loan to finance your property purchase, or for business investment or children’s education, you may be put off by the current tight lending environment. However, if you have a property under Ia mortgage for some years, you can actually make use of the property’s increased market value to apply for a new loan from banks. Called mortgage refinancing, the new mortgage will be used to pay off or redeem SAM FONG | TheEdgeProperty.com KENNY YAP | TheEdgeProperty.com the existing mortgage in the process, us- if the borrower has good repayment capa- ing the property as collateral, explains RHB bility,” Liew adds. Banking Group head of group retail banking U Chen Hock. The advantages For example, let’s say a borrower’s exist- Besides helping you get some cash, mortgage ing mortgage has been with Bank A for 10 refi nancing can result in lower instalments years, with a remaining tenure of 15 years. and better loan management. Th e original loan amount of RM300,000 has Th e most common reason for refi nancing been paid down to RM200,000. Th e borrow- is to enjoy lower interest rates, says Liew, er could consider refi nancing the mortgage adding that the current low interest rate by taking a new mortgage from Bank B for environment off ers good opportunities to the remaining RM200,000. Th e new loan of refi nance loans. RM200,000 will be used to pay off the origi- “Th e lower interest rate can be enjoyed nal loan with Bank A. while maintaining the remaining tenure of The maximum loan tenure of the new the original loan. Th is will reduce the month- mortgage could be up to 35 years, or when the ly instalment compared with the original borrower is 70 years old, whichever is earlier. one,” he explains. If there is a need for extra cash, the bor- Meanwhile, U notes that one of the ben- rower could actually seek a higher refi nancing efits of mortgage refinancing is that the amount, subject to meeting the new fi nanci- U: One benefi t of mortgage refi nancing is that the Liew does not encourage borrowers to refi nance process can be used to consolidate mul- er’s margin of fi nancing requirement, U adds. process can be used to consolidate multiple loans their loans if the original loan has a remaining tiple loans into one to suit the borrower’s “Th is is based on two conditions. First, the into one. tenure of less than 10 years. repayment capacity. amount of principal that you have paid down “Mortgage products have evolved over over the years, which is, using the above ex- example: “Let’s say you got a property The cash-out amount can be used as the years and you can refinance to take ample, the RM100,000. Second, the appre- loan of RM500,000 20 years ago. The loan business capital, house renovation cost, advantage of the latest mortgage feature, ciation in the value of your property, or both has been paid down to RM200,000 today children’s education fund, or even to buy namely the fl exi feature which allows you factors,” U elaborates. and the value of the property has gone another property, he says. to prepay at any time with the objective of up to RM800,000. So now you can use the “It should be noted that the repayment interest savings, and re-draw the prepaid How does it work? property as collateral to apply for a new tenure of the cash-out amount is capped at amount in case of need,” he adds. Financial service provider Ausscar mortgage from another bank to settle the 10 years, according to the guidelines issued Financial Group wealth adviser head RM200,000 balance and obtain a cash-out by Bank Negara Malaysia, but some banks The other side of the coin (mortgage division) Ken Liew cites an amount of up to RM600,000.” will approve tenures of more than 10 years, However, Liew does not encourage borrowers to refi nance their loans if the original loan has a remaining tenure of less than 10 years or the diff erence between the interest rates is minor. “Mortgage refi nancing involves a lot of Steps to mortgage Costs involved in cost, such as bank processing fees, stamp refi nancing mortgage refi nancing duty, valuation fees and legal fees, so it is not worth doing it if the original loan is almost at the end of its tenure and the new interest rate 1 Contact banks or 5 A Letter of Off er will be is only less than 1% of the original,” he says. financial providers issued if the application U also reminds borrowers of a possible about their refi nancing is approved. Bank processing fees Loan’s lock-in period penalty charge. “If your original loan has a packages. exit penalty (if any) lock-in period, the redemption of the loan 6 Appoint a lawyer to Stamp duty could lead to an exit penalty as stated in the 2 Review the terms and handle the subsequent A new Mortgage original Letter of Off er. Th is is a common conditions, especially requirements, including Legal fees Reducing Term oversight when considering mortgage refi - the interest rate and settling the original loan Assurance or Mortgage nancing,” he points out. monthly repayment. and redeeming your Property valuation fees Level Term Assurance In addition, there is a risk of costlier property (takes about insurance premium for Mortgage Reduc- 3 If you are satisfi ed with one month). ing Term Assurance (MRTA), or running the scheme, submit Common mistakes the risk of a rejection of coverage by the your application with 7 You will be notifi ed once insurance operator as the borrower will relevant documents the redemption of your when refi nancing need to apply for a new MRTA for the new such as EPF statement, property is done. mortgage, he says. proof of salary, details U also notes the common misconception of property, etc. 8 Now you have a new Overlooking the Overestimating the about mortgage refi nancing. For instance, mortgage. prevailing lock-in market value of the borrowers often assume that their new mort- 4 The bank or fi nancial period which leads to property. gage will be automatically approved if they provider will process exit penalty. have maintained good repayment behaviour the application within Assuming that good of the existing mortgage. seven working days Underestimating the repayment record However, this is not always true. A respon- and assign a valuer to % costs involved. of original loan will sible bank will, in addition to the applicant’s inspect your house. guarantee a new loan. track record, assess his or her repayment capability for the new loan facility to ensure it will not be overly burdening.

TEP 12 FRIDAY MARCH 17, 2017 • THEEDGE FINANCIAL DAILY FEATURE Invest in property now or wait?

HARIS HASSAN | TheEdgeProperty.com KENNY YAP | TheEdgeProperty.com enanga Investment Bank Bhd believes the property sector is bottoming out but still lacks strong catalysts. The bank is advising investors to be selective in their investments, says head of equity Kresearch Sarah Lim. “We reckon rebound or laggard plays with decent sales trajectory are worthwhile, such Tan: as IOI Properties Group Bhd.Most other de- Property velopers are expected to be range-bound,” Lim says the market she says. S P Setia and Matrix Concepts property will remain Holdings Bhd are among those that off er sector still resilient in HAVE WE yield plays of more than 5%. lacks strong the longer UOA Development Bhd, which has a catalysts. term. HIT ROCK “market perform” call, is also an option for BOTTOM? yields. Sunsuria Bhd, with its strong sales evaluation is based on a cut-off date of Dec retail segments have received positive re- and earnings growth, commencement of 22, 2016. sponse, and sales have been encouraging WWHAT’SHAT’S dividends as well as upcoming joint ven- Another speaker, deputy managing di- from investors and owner-occupiers despite tures, is worth considering for an alpha play. rector of Sunway Bhd (property division the sluggish market in 2016. Lim will give a talk on “Property stocks: for Malaysia and Singapore) Tan Wee Bee, “Sunway Property was able to achieve NNEXTEXT Bottoming out?” at Th e Edge Malaysia In- will share insights in his talk “A challenging our targeted sales of RM1.1 billion last year. vestment Forum on Real Estate 2017. She year — buy now or wait?” For example, Sunway Mont Residences and will off er more insights into property stocks He expects market sentiments to improve Sunway Gandaria achieved over 90% take- SATURDAY, MARCH 25, in Malaysia. in the second half of 2017 after the volatility up rate at their respective launches last 2017 | 9AM SHARP - 1PM To be held at Sunway Putra Hotel in Kua- of the ringgit has stabilised. year. Th e Klang Valley, Iskandar Malaysia SUNWAY PUTRA HOTEL, la Lumpur on March 25, the forum’s theme “Th e property market will remain resil- and Penang remain the top three popular is “Have we hit rock bottom? What’s next?” ient in the longer term. Buyers can also ex- locations,” he says. KUALA LUMPUR Th ere will be seven speakers. pect to see more products that off er better Other speakers at the forum are Previn- Lim notes that upward sector call revi- sustainability, not just environmentally, dran Singhe of Zerin Properties, Samuel Tan PRESENTED BY sions are more likely if there are meaningful but also economically and socially. Th ese of KGV International Property Consultants, catalysts, which include banking sector in- products will be introduced in the next two Michael Geh of Raine & Horne Internation- dicators and property policies that directly years,” he adds. al Zaki + Partners, Rajesh Kumar Th arma- impact the sector. “Buyers are more cautious about their lingam of Area Management, Tan Wee Bee

She has a “neutral” call on property coun- purchases and this has kept developers on of Sunway Bhd and Chris Tan from Chur ORGANISED BY ters. their toes. It has prompted developers to dig Asssociates. In 4Q2016, the Kuala Lumpur Property deeper to deliver well-rounded products and Th e free forum is exclusively for readers Index (KLPRP) saw a quarter-on-quarter off er good value packages. Developers are of The Edge. Tickets were available on a drop of 5.8% — worse than the FTSE Bursa also becoming more innovative to increase fi rst-come, fi rst-served basis. SUPPORTED BY Malaysia KLCI (FBMKLCI) -0.7% drop. It is competitiveness. Overall, this is benefi cial the second consecutive year the KLPRP has to buyers and the industry.” This article first appeared in the March 13 issue Th eEdgeProperty.com fared worse than the FBMKLCI. Th e 4Q2016 According to Tan, both residential and of The Edge City & Country pullout.

NEWS Airbnb nears approval in room-starved Japan with tighter rules

BY PAVEL ALPEYEV AND TAKAKO TANIGUCHI prepares to host the World Rugby Cup in 2019 to a survey by the Japan Association of New legislation would require a landlord’s per- and the Olympic games the following year. Economy last year. mission and an operating license. irbnb Inc is finally getting the “What’s important is that there will now Airbnb, like its ride-sharing counter- Th e regulations are already giving pause green light to do business in Ja- be clear rules governing home-sharing,” said part Uber Technologies Inc, has faced re- to Mark Chao, who rents out seven listings in pan after years of operating in Mika Yamamoto, public policy manager for sistance from local authorities. Still, Japan’s Tokyo and Kyoto via Airbnb. Th e 39-year-old grey areas of the law. Airbnb in Japan. “Th e impact on people will home-sharing limits are relatively lenient, entrepreneur with a full-time job in IT owns Prime Minister Shinzo Abe’s vary depending on their position.” compared with 90 days in London and 60 days about 40% of his properties and leases the (pictured) cabinet approved rules Th e new legislation, which still needs to in Amsterdam. Still, for some hosts in Tokyo, rest. Chao said he is putting on hold plans Arecently that limits home-sharing by private pass Japan’s Diet, distinguishes between the new rules may force them to choose be- to buy a resort property in Hokkaido, to see citizens to 180 days a year, according to the fi - those who share their own dwellings and tween giving up a second source of income how the rules play out. nal draft of the legislation. Th e bill, which also absentee landlords, anticipating that and committing to becoming a full-time “It really depends on how strictly they leaves room for local authorities to impose their the latter are more likely to be the rental property operator. intend to enforce it, because I can think of own restrictions, is now submitted for delib- source of friction in neighbour- Until now, high occupancy rates several ways around the restrictions,” Chao eration and approval by Japan’s parliament. hoods. While Airbnb doesn’t break in popular neighbourhoods such said. “But if you follow the rules, the rental Airbnb, which just closed a US$1 billion down its 48,000 listings in Japan as Shibuya and Asakusa made it model is basically dead.” (RM4.43 billion) funding round that valued by type, a search on its site shows possible to make a profi t on rented For those hosts that decide to stick with it, the company at US$31 billion, has found a hundreds of houses available for apartments, prompting people to the good news is that demand will only con- more receptive audience in Japan, compared rent, as opposed to rooms in take a second or third lease. Th e tinue to grow. More than 24 million overseas with the clashes it had with municipal govern- occupied homes. About tourists visited Japan in 2016, topping the ments in New York, Barcelona and its home 90% of hosts that aren’t Abe’s cabinet approved record for a fourth straight year, according town of San Francisco. A tourism boom has present on the premis- rules recently that limits to the nation’s tourism organisation. Airbnb cut into the supply of available hotel rooms es said the 180-day re- home-sharing by private accommodated 3.7 million of those visitors, and helped make the archipelago Airbnb’s striction would make citizens to 180 days a year, according to the company. Th e number will fastest-growing market. Overseas visitors their businesses un- according to the fi nal draft hit 35 million by 2020, Goldman Sachs Group will probably continue to set records as Japan feasible, according of the legislation. Inc. estimates. — Bloomberg BLOOMBERG FRIDAY MARCH 17, 2017 • THEEDGE FINANCIAL DAILY TEP 13 FEATURE Domestic demand to be key driver in Asia Pacifi c offi ce markets

BY LUM KA KAY the economic and trade uncertainty. Prime oﬃ ce rental cycle “Across the region, internation- n its latest Asia Pacific Prime al companies are taking a cautious Office Rental Index for approach to mitigate the negative 4Q2016, global property con- eff ects of an uncertain global econ- sultancy Knight Frank found omy. Increasingly, markets with Perth Melbourne that 12 cities out of 19 sur- robust absorption and sustained Sydney veyed in the Asia-Pacific re- demand from a diverse group of lo- Beijing Singapore Guangzhou Igion have registered positive rent- cal fi rms will continue to experience Bengaluru al growth in 4Q2016, up from eight growth,” said Knight Frank Asia Pa- Brisbane Mumbai in the previous quarter. As a re- cifi c head of research Nicholas Holt. Jakarta Hong Kong sult, the rental index has increased Based on the index, Bangkok New Delhi Phnom Penh Tokyo Shanghai Kuala Lumpur 1.3% quarter-on-quarter (q-o-q) was the strongest-performing of- Seoul and 2% year-on-year (y-o-y). fi ce market across major Asia Pa- Taipei Knight Frank expects rents in cifi c cities last quarter registering a these 12 cities to remain steady or strong growth of 5% q-o-q and 8.7% to increase further. y-o-y. Rents have been on the rise in Despite the overall positive rent- Bangkok since 3Q2014 due to lim- Bangkok al growth recorded in major cities ited high-grade offi ce supply in the in the region, international offi ce central business district where de- RentalRental Decline - – Slowing Slowing Rental Rental Growth Growth -– AcceleratingAccelerating Rental Rental Growth - –Slowing Slowing Rental Rental Decline - – Accelerating Accelerating occupier demand for offi ce space mand is expected to remain strong. continues to be dampened by a com- Despite global uncertainties, *The diagram does not constitute a forecast and is intended only as an indicative guide to bination of softer external demand Indian cities occupying second, current rental levels. and tightening of global fi nancial third and fourth places, respective- **Rents may not necessarily move through all stages of the cycle chronologically. conditions. As such, the importance ly, on the rental index were Mum- KNIGHT FRANK RESEARCH of domestic demand is rising amid bai (4.8%), New Delhi (4.3%) and

KNIGHT FRANK SAM FONG | TheEdgeProperty.com Bengaluru (3.1%) where supply are in the pipelines in all three cit- 0.2% during 4Q2016 although it is struggled to catch up with robust ies in 2017, the subdued demand expected to dip further in the near demand coming from various sec- will likely exert further downward term,” Teh added. tors especially technology fi rms. pressure on rental and occupancy Over in China, cities like Beijing, In Cambodia’s capital of Phnom levels, said the consultancy. Guangzhou and Shanghai have seen Penh, offi ce rents rose by 2.9% y-o-y According to the report, the rental their offi ce vacancy rates increase. while vacancy rates continued to index of KL, Jakarta and Singapore However, it was counterbalanced by decline. have decreased by 0.2%, 5.3% and strong domestic demand, causing 1.5%, respectively, in 4Q2016. Jakarta rental movement to remain mini- Pressure on KL, Jakarta and was the weakest performer register- mal in 4Q2016. Singapore offi ce rents ing a -5.3% change q-o-q. Th e report noted that Shanghai On the other hand, the offi ce mar- Despite the growing mismatch in and Beijing will see close to 2.9 mil- kets in Kuala Lumpur, Jakarta and offi ce supply and weaker occupier lion sq m and 0.6 million sq m of Singapore remained subdued in demand from the oil and gas sector, prime space coming into the market 4Q2016. As large incoming supply the KL offi ce market has remained in 2017, respectively. resilient, said Knight Frank Malay- In Hong Kong, prime offi ce rents sia executive director of corporate have grown for the eighth consecu- Holt: Across the region, international Teh: Despite the growing mismatch services Teh Young Khean. tive quarter, with a growth of 2.8% companies are taking a cautious in offi ce supply and weaker occupier “Th e rental index decreased only in 4Q2016. approach to mitigate the negative eff ects demand from the oil and gas sector, the “Looking ahead, the uptrend for of an uncertain global economy. KL offi ce market has remained resilient. offi ce rents on Hong Kong Island KNIGHT FRANK RESEARCH / *SANKO ESTATE is likely to continue in 2017, with Central set to outperform the wider market, given the tight availability of Asia-Pacifi c prime offi ce rents space,” noted the report. Elsewhere in East Asia, office CITY SUBMARKET(S) PRIME NET LOCAL 12-MONTH 3-MONTH USD/ GROSS FORECAST NEXT markets remained stable where HEADLINE MEASUREMENT^ % CHANGE % CHANGE SQM/ EFFECTIVE RENT** 12 MTHS rents in Taipei slid slightly by 0.4% RENT MTH USD/SQ M/MTH while rents in Tokyo remained fl at. In Seoul, prime rents dipped mar- Brisbane CBD 564.0 AUD/sq m/annum 1.0 0.5 35.2 28.1 Increase ginally q-o-q to a level similar to a Melbourne CBD 537.0 AUD/sq m/annum 7.0 2.5 33.5 32.7 Increase year ago. Perth CBD 570.0 AUD/sq m/annum (1.6) (1.0) 36.3 28.7 Decrease Meanwhile, rents continued to Sydney CBD 927.9 AUD/sq m/annum 10.1 2.2 59.0 52.0 Increase rise in Australia except for Perth, Phnom Penh City Centre 22.9 USD/sq m/month 2.9 1.6 22.9 30.0 No change where vacancies and incentive levels Beijing Various 373.0 CNY/sq m/month 1.9 (0.3) 54.6 80.2 Decrease were close to the bottom. Guangzhou CBD 177.7 CNY/sq m/month 1.1 0.4 26.0 44.2 Increase On a y-o-y basis, Melbourne and Shanghai Puxi, Pudong 298.1 CNY/sq m/month 4.5 0.1 43.6 66.2 Decrease Sydney witnessed rental increases Hong Kong Central 144.6 HKD/sq ft/month 6.1 2.8 200.7 199.4 Increase of 7% and 10.1%, respectively, while Bengaluru CBD 1,212.0 INR/sq ft/annum 5.2 3.1 16.1 26.5 Increase in 4Q2016, the rental index of the Mumbai BKC 3,300.0 INR/sq ft/annum 4.8 4.8 43.9 72.1 Increase former and latter had increased by New Delhi Connaught Place 3,720.0 INR/sq ft/annum 4.3 4.3 49.5 81.3 No change 2.5% and 2.2%, respectively. Jakarta CBD 4,980,578.1 IDR/sq m/annum (18.2) (5.3) 31.3 39.7 Decrease “With falling vacancy rates, land- Tokyo* Central 5 Wards 33,785.0 JPY/Tsubo/month 2.8 0.2 93.6 92.2 No change lords are off ering less incentives in Kuala Lumpur City Centre 5.3 MYR/sq ft/month (0.9) (0.2) 13.3 16.2 Decrease these cities. Rents in Brisbane have Singapore Raffl es Place, Marina Bay 8.0 SGD/sq ft/month (11.9) (1.5) 61.0 72.5 Decrease not declined since 2Q2015, signal- Seoul CBD, GBD, YBD 31,745.3 KRW/sq m/month (0.2) (1.6) 27.3 73.1 Increase ling a possible recovery. Taipei Downtown 2,587.0 TWD/ping/month (0.7) (0.4) 25.1 38.3 Decrease “Th e services sector, including Bangkok CBD 916.0 THB/sq m/month 8.7 5.0 25.8 31.3 Increase technology and creative industries, will continue to drive leasing ac- ^Based on net fl oor areas except for China, India, South Korea, Taiwan, Thailand (gross) and Indonesia (semi-gross) tivity in Australia in 2017,” said **Inclusive of incentive, service charges and taxes. Based on net fl oor areas. Knight Frank. TEP 14 FRIDAY MARCH 17, 2017 • THEEDGE FINANCIAL DAILY FEATURE

PICTURES BY AFP

Workers pushing wheelbarrows on the top of Istanbul’s iconic marketplace, the Grand Bazaar, during its renovation in Istanbul.

BY FULYA OZERKAN Up on the roof, revamping top Istanbul’s iconic Grand Bazaar — the scene of a high- speed motorbike chase in the 2012 James Bond film Skyfall Istanbul’s Grand Bazaar — a full force drive to revamp it has begun. ATh e centuries-old marketplace has already undergone a security upgrade after but when you now take a look at the Grand a spate of terror attacks in Istanbul. For the Bazaar, there are no bricks that are not bro- bazaar’s traders, the primary concern now ken,” he said. is not the restoration but lack of tourists. Round-the-clock workers on the roof take ‘Security doubled’ the cats’ path to renovate the bazaar, which A slew of attacks blamed on Kurdish mili- topped the list of the world’s most visited tants and Islamic State jihadists over the last destinations in 2014. year have dealt a blow to tourism in Istanbul, Th e roof renovation is estimated to cost where top destinations such as Sultanahmet 10 million Turkish lira (RM12 million). Work were targeted. began on July 14 last year — only one day Turkish authorities say the Grand Bazaar before a coup attempt to oust the govern- Oﬂ az: The Grand could be a possible target and so they have ment, but the work went on. Bazaar is a “doubled security measures compared to Th e restoration of the entire bazaar is historical place. the past”, said Ofl az. likely to cost 200 million Turkish lira and is It’s not possible Detector gates, X-ray scanning as well expected to take four years to complete, but to complete the as the deployment of additional police offi cials add that there will always be work restoration from provided by the governor’s office around needed at the Grand Bazaar because of its today to tomorrow. the historic neighbourhood are aimed historic identity. at keeping it “away from a terror threat,” “Th e Grand Bazaar is a historical place. — home to the Sultanahmet mosque and tem will be established for the winter after he said. It’s not possible to complete the restoration Hagia Sophia — the Grand Bazaar plays host the work is done,” he said. But more than the renovation, shop own- from today to tomorrow,” said Okan Erhan to around 3,000 shops where over 30,000 Omer, 48, who sells embroidered pil- ers and sales people are primarily concerned Ofl az, deputy mayor of the Fatih municipal- people work. low cases, complained that he has seen no with getting back to business, longing for ity where it is located. improvement, although shop owners pay the good old days when tourists fl ocked to One of the largest and oldest covered mar- Shop owners wait a monthly fee of about 75 euros (RM354). the bazaar. kets in the world, the Grand Bazaar was a Authorities say the bazaar is currently earth- “We give money but there’s nothing hap- “I’ve been at the Grand Bazaar for 35 trade hub during the Ottoman Empire which quake resistant but what makes it vulnera- pening. We clean here in the evening and years. At that time, it was good, there were dominated swathes of the Middle East and ble is the modifi cations done by property in the morning all in dirt. When it rains, it’s tourists, Europeans,” Omer said. North Africa for more than six centuries owners changing its structuring. afl oat,” he said. But now “things are getting worse. People until it collapsed at the end of World War I. Over its long history the structure has “Th e roof needs to be fi xed. It’s much barely pay their rents,” he added. Construction of the marketplace began suff ered quake and fi re damage. Today it worse in the winter. They are insulating Ofl az admitted there has been a decline in 1455, two years after the Ottomans seized is in dire need of a facelift, with shop own- (the roof) but we don’t know how it will be.” in the number of visitors to the bazaar from Istanbul then known as Constantinople from ers lamenting roof leaks and bad air con- And the Grand Bazaar saw damage to over 90 million in 2014 — though offi cials the Byzantines, under the reign of Sultan ditioning. its structure when it hosted the motorcycle have given no specifi c numbers. Mehmet II — Fatih the Conqueror. Numan, who owns a souvenir shop selling chase scene in the Agent 007 fi lm Skyfall. Th e bazaar is an “army in itself” with its With the rise of the empire, the bazaar traditional pots and plates, said he believes But Ofl az said the damage caused “by the 30,000 sales people, said Ofl az. thrived and by the 17th century it had tak- the renovation will be a plus. friends in Hollywood” was almost nothing And not only tourists visit, locals do too. en on its current shape, giving the bazaar its “I think it will have a positive impact on compared to the wear and tear on the mar- “Th e Grand Bazaar is not that much alone. Turkish name Kapalicarsi (Covered Market). the bazaar because there will be air condi- ket over the years. It is a place where many people stop by all Situated in Istanbul’s historic peninsula tioning for the summer and a heating sys- “A few bricks might have been broken the time,” he said. — AFP FRIDAY MARCH 17, 2017 • THEEDGE FINANCIAL DAILY TEP 15 HOME IDEAS

PICTURES BY TOMATO KIDZ

It’s crucial for parents to learn about How to make your the dangers posed by furniture, which is one of the factors that causes home kid-friendly children injuries and deaths.

BY SHAWN NG meet safety requirements and must not be smaller than 7mm, or must he recent video that be between 12mm and 25mm, or went viral about two- between 60mm and 75mm or big- year-old twins Brock ger than 200mm. Furniture with and Bowdy Shoff, who gaps that do not meet those meas- narrowly escaped urements are considered unsafe. grave injury when a Tcabinet they were climbing on fell 2) Ensure all furniture are on them, has highlighted the need well-anchored for child-friendly furniture. Ensure that your chests or cabinets Th e fact, is not everyone is as are securely attached to the walls lucky to dodge the bullet. Accord- with anti-tip and anti-slip devic- ing to the US Consumer Product es. A lot of deaths among three to Safety Commission, one child dies fi ve-year-olds have been caused every two weeks because of furni- by furniture falling on top of them. ture tip-over. In the US, free-standing clothing Back in Malaysia, a journal issued storage units, such as chests, door by Universiti Kebangsaan Malaysia chests and dressers above 30 inch- (UKM) showed that furniture used at es in height should have anti-tip home is one of the main factors that devices installed. contribute to home injuries involv- ing toddlers and children between 3) Cover sharp edges and the ages of fi ve and nine. However, corners many parents are still unaware of the According to US safety products dangers posed by furniture. supplier SafetyED.org, furniture Children furniture manufacturer edge protectors are especially and online store business operator important for babies who are just TOMATO KidZ director Catherine learning to crawl as they are ex- Liew have lined up a few things to tremely curious, and often want to think about when fi tting out a home explore every inch of their homes, with its young occupants in mind. thus exposing them to risks of injury with sharp corners. install. Th ey can be found at most dehyde standard (E1) or the Cali- kids. Parents should try to cre- 1) Beware of strangulation Furniture edge protectors also retail and department stores. fornia Air Resources Board Phase ate a personal space for their and entrapment hazards protect a child’s head if he or she 2 emission standard (CARB-P2). kids and the planning should Look for furniture with a simple happens to fall. Th ey prevent the 4) Check the material used Products with E1 formaldehyde be based on their age, with and fuss-free design. Furniture sharp edge or corner of a piece of for furniture standard has a formaldehyde emis- allocations for a study area, with cords and strings may cause furniture from catching a baby’s Some materials used for furniture sion limit of 0.12 mg per cubic me- play area and others. strangulation while gaps on a piece delicate head or skin, or causing such as particle boards or chip tre, while CARB-P2 has a limit of ii) The furniture for children of furniture may become a “trap” damage to their eyes. boards and medium-density fi- 0.05 to 0.11 parts per million (ppm). should feature easy-to-clean instead. For example, the gaps on Th ese protectors are very cheap, breboards (MDF) are harmful to Other grades such as CARB-P1 and and water-resistant surfaces. the guard rail of a kid’s bed need to and they’re very easy to use and children. E2 may have dangerously high lev- iii) Meanwhile, décor items Particle boards and MDF con- els of formaldehyde. should be placed beyond the tain formaldehyde which is released Parents should also look out child’s reach until the child Parents should into the air. Exposure to formal- for “Bisphenol A (BPA) Free” baby grows older and is more mind- create a personal dehyde has been shown to cause and children’s products. Th e US ful. space for their cancer in laboratory test animals. National Toxicology Program has iv) Hide-away designs are also kids to use as a Exposure to relatively high some concern over BPA’s eff ects on good options as they will study area, play amounts of formaldehydes in med- the brain, behaviour, and prostate help store your belongings, area and others. ical and occupational settings has gland in foetuses, infants and chil- especially the children’s toys, been linked to some types of cancer dren at current exposure levels. clothes and shoes, neatly hid- in humans, but the eff ect of expo- den away. sure to small amounts is less clear. 5) Have a comprehensive v) Getting your kids involved in As such, if particle boards and home design plan the interior decoration of your MDF are unavoidable, parents can i) First, identify the space you home might be a good idea as check the safe formaldehyde levels have and how much space this will help them appreciate such as the European E1 formal- needs to be catered for the it more.

FOR A SAFER HOME The gaps on the guard rail of a for your kids kid’s bed need to meet safety requirement to avoid entrapment 1 Avoid furniture with cords and strings hazards. 2 Anchor the furniture with anti-tip and 3 Avoid furniture with sharp edges and anti-slip devices corners — use edge protectors

4 Avoid furniture that exudes toxic materials such as formaldehyde; look for furniture with safety standards TEP 16 FRIDAY MARCH 17, 2017 • THEEDGE FINANCIAL DAILY GARDEN

Five plants with multiple uses

BY RACHEL CHEW

here are multi-func- 3. Cestrum Nocturnum or lady of the night tional furniture, mul- Cestrum Nocturnum is also commonly called night-blooming jasmine, ti-functional cookers, lady of the night and queen of the night. It is a slim and elegant plant and all sorts of oth- found that students demonstrate rates and blood pressure, experi- that has sweet-smelling fl owers that bloom only at night. er multi-function- 70% greater attentiveness in class- ence less fatigue and anxiety, as al items being intro- rooms that contain plants. In the well as recover and get discharged Uses: Tduced into the market lately. So, same study, attendance was also from hospitals sooner. i. Th e smell emitted by the fl owers are “unpleasant” to many insects why not have multi-functional higher for lectures given in class- Besides all the above bene- including mosquitoes. plants for your garden as well? rooms with plants. fi ts, some home plants also have ii. It is one of the world’s most fragrant fl owers when in full bloom. Th e Generally, having plants at Most of all, indoor plants im- multiple abilities and functions sweet smell of this plant is also a good alternative for your chemical home has several benefi ts, which prove health. In a research car- — they repel insects, are edible, air freshener. include increasing the oxygen lev- ried out by the Texas Kansas State emit fragrances that could calm iii. Th e Chinese belief that the leaves of this plant can relieve pain from el indoors. It also helps to purify University, compared to patients your mind as well beautifying a a wound. Soak the leaves in hot boiling water, turn it into a paste the air. in rooms without plants, patients living space. and apply onto the wound. A study at Th e Royal College of in rooms with plants request less Here are fi ve multi-functional Agriculture in Cirencester, England pain medication, have lower heart plants to add in your home: 4. Lime Lime is one of the most common plants in Malaysian homes. Th e 1. Lavender been proven in aroma ther- tree is often seen during the Lunar New Year as it is believed that Th e fl owering bush with purple apy to help one relax and re- the evergreen tree with its orange green fruit is a symbol of abun- fl owers is often commercially lieve tension, treat anxiety, dance and good fortune. It loves grown for its essential oils but insomnia, depression and a warm, moist environment. many homes in the West often restlessness. have a lavender bush in their iii. Do you know that just 10ml Uses: gardens. Lavender will grow just of homemade essential oil i. Both the fl esh and the skin about anywhere, but you have to of lavender is worth RM30? of the lime can be eaten. Th e create a micro-climate. Th ere- A 30ml bottle of organic lav- skin is often sun-dried and fore, planting lavender outdoors ender extract is worth RM60. used in traditional Chinese is easier than indoors. If you And do you know you only medicine, preserved as a plant it indoors, remember not need a glass jar, vodka, and snack or added to tea. to place it under direct sunlight dried lavender flowers to ii. As mentioned, the green leafy and keep the soil moist. make a glass of lavender ex- tree is one of the most popu- tract? lar decorative plants for the Uses: iv. Th e natural fragrance from Lunar New Year and one can i. It is an edible herb that can and used in place of rose- lavender can repel mosqui- adorn it with red packets to be added into your favourite mary in savoury recipes. toes, fl ies, fl eas and other un- add to the festive spirit. cup of tea or coff ee, dessert ii. The smell of lavender has welcome insects. iii. Th e aroma of fresh lime skin could relief nausea and motion sickness. Rub the skin of the fruit with your fi ngers and sniff in its fresh citrus fragrance before and during a journey.

5. Pandan leaves Th e pandan is another common plant in Malaysia. Although it is more suitable to be planted outdoors, planting them indoors is not impos- 2. Sage sible if you prune the plant to suit the size of the planter or pot it is in. Th is leafy shrub may look ordi- nary but it is a very functional Uses: plant to have at home. It has i. Pandan leaves provide a fragrant aroma to many traditional desserts various health and diet bene- as well as savoury dishes such as nasi lemak and even chicken rice. fi ts. It grows easily indoors and ii. Th e juice from pandan leaves is also commonly used as a natural does not need much water and food colouring. sun light. All the plant needs iii. Besides its use as a food ingredient, pandan leaves are also used is well-drained, sandy and as a traditional remedy that can help eliminate dandruff prob- loamy soil. Th e recent super lems. Pound some fresh pan- food Chia seeds come from a dan leaves until smooth and plant that belongs to the same mix with some water. Apply the family as the sage. mixture throughout the scalp and let it stand for 30 minutes Uses: before rinsing. i. Sage has a sweet savoury iv. Pandan leaves are also often fl avour that goes well with used as a natural form of cock- tomato sauce-based foods, serving with honey as a rem- roach and mosquito repellent. baked chicken or fi sh, as well edy for sore throats and upset Just tie a few leaves together as in salads. stomachs. and place it anywhere you ii. Sage leaf is good for soothing iii. Burning sage is one of the old- do not want cockroaches or sore throats and digestion. est and purest methods of ritu- mosquitoes to be. You can mix Put some dried sage leaves al cleansing both for people some pandan juice extract with into water and bring to a boil. and space, commonly prac- water and spray it in areas these Infuse for 15 minutes before tised by the Native Americans. pests are most likely to appear.

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