EP 2 FRIDAY MARCH 2, 2018 • THEEDGE FINANCIAL DAILY

NEWS HIGHLIGHTS from www.EdgeProp.my

Hua Yang unveils SP Setia sets RM5 new ː agship billion sales target development in for FY18 Klang Valley S P Setia Bhd has set a sales target of RM5 billion for its 2018 fi nancial year (FY18) ending Dec 31. Largest nationwide housing The developer surpassed its sales target of RM4 billion in FY17 expo to kick off in March with a total sales of RM4.06 billion. With the completion of its acquisi- The largest nationwide housing expo- Alias urged the public to check out tion of I&P Group Sdn Bhd on Dec 1 sition has kicked off starting with the the aff ordable projects at the expo last year, the group achieved a total Ipoh Convention Centre in Perak from that suit their income level and to combined sales of RM4.92 billion. March 1 to 5. gather information on property own- Hua Yang Bhd has unveiled Aviary The “Ekspo Jualan Perumahan — ership as strategic partners such as Residence, the first phase of its Ke Arah Sejuta lmpian, Alami Gaya Agensi Kaunseling & Pengurusan Puchong Horizon fl agship develop- Hidup Sejahtera” nationwide expo Kredit, and fi nancial institutions in- ment in the Klang Valley on Tuesday. is a joint initiative between the Ur- cluding Maybank, CIMB, RHB and The Edge Property Sdn Bhd (1091814-P) The 6.14-acre leasehold Aviary ban Wellbeing, Housing and Local AmBank will also be present at the Level 3, Menara KLK, Residence has an estimated GDV of Government Ministry, the National expo. No 1 Jalan PJU 7/6, Mutiara RM505.2 million and comprises 902 Housing Department, Perbadanan The whole expo will run from Damansara, 47810 Petaling Jaya, Selangor, Malaysia serviced apartment units across two PR1MA Malaysia, Syarikat Peruma- March 1 to April 30, with the first towers of 36 and 37 storeys each. han Negara Bhd, 1Malaysia Housing one to take place in Perak, followed EdgeProp.my The unit built-ups range from Projects for Civil Servants, and state by Sabah, and Selan- 753.5 sq ft to 1,076.4 sq ft, with pric- government agencies. gor, Johor, Pahang, Negeri Sembilan, “We are launching projects Managing Director/Editor-in-chief Au Foong Yee es starting from RM450,800. PR1MA CEO Datuk Abdul Mutalib Melaka, Kelantan, Sarawak and Perlis. worth RM7.07 billion this year. Aviary Residence marks Hua Yang’s “On the international front, we EDITORIAL fi rst launch in 2018. The developer has are planning to launch two new pro- Executive Editor Sharon Kam Editor Lam Jian Wyn identifi ed the Klang Valley as one of Matrix Concepts profi t for the nine months ended Dec jects — UNO Melbourne located Deputy Chief Copy Editor its key regions and also currently one achieves record net 31 period was RM167.94 million, a 13% in the central business district of James Chong of the largest contributors to its to- y-o-y increase from RM148.84 million. Melbourne with a GDV of RM1.14 bil- Copy Editor proˎ t Geraldine Tan tal revenue, accounting for 24% as of In a statement on Wednesday, the lion and Daintree Residence at Toh Senior Writer Rachel Chew 3QFY18, said Hua Yang chief fi nancial Matrix Concepts Holdings Bhd’s third group said its revenue from residential Tuck Road, Singapore with a GDV of Writers Natalie Khoo, officer Joe Tan. The developer has quarter net profi t jumped 40% y-o-y sales leapt 42% to RM168.4 million, RM1.45 billion,” said S P Setia pres- Shawn Ng, Lum Ka Kay Art Director Sharon Khoh another ongoing development in the to a record high of RM70.56 million while revenue from sales of commer- ident and CEO Datuk Khor Chap Jen Design Team Klang Valley — Astetica Residences from RM50.45 million a year ago, as cial properties rose 15% to RM25.2 at a media conference on Tuesday. Jun Kit, Rajita Sivan in Seri Kembangan. it registered higher revenue from all million. Its revenue from sales of in- However, Khor added that 80%

For New Launches/Events/ A soft launch for Aviary Res- its developments. dustrial properties grew 29% to RM63.6 of the sales are expected to come Press Releases/News Tips idence will be held this weekend Quarterly revenue for the three million, while revenue from investment from local projects. Among them email: [email protected] (March 3 and 4) at the Puchong months ended Dec 31, 2017 (3QFY18) properties — comprising Matrix Global would be the launch of its maid- Tel: 03-7721 8211 Fax: 03-7721 8280 Horizon sales gallery, ahead of its rose 34% y-o-y to RM266.17 million, Schools and d’Tempat Country Club — en township in Bertam, mainland ADVERTISING & MARKETING offi cial launch in April. from RM198 million. The group’s net grew 8% to RM9 million. Penang in the second half of the year. Associate Account Director, Advertising & Marketing Heidee Ahmad (019) 388 1880 Senior Account Manager Ian Leong (012) 359 1668 trending How do I get past issues of this weekly pullout? Account Managers Khairul Amilin Ismail (019) 426 5101 Go to www.EdgeProp.my to download for free. Joane Tan (012) 377 2885 now Maddox Wong (012) 342 2707 Joyceline Tan (012) 693 5826

Marketing Support & Ad Trafˎ c If you have any real estate-related events, email us at [email protected]. Madeline Tan (03) 7721 8218 LAUNCHES + EVENTS Events listed here will also appear on www.EdgeProp.my. email: [email protected]

NEGOTIATOR & CUSTOMER Glomac Open Day In the mood for spring with lion dance performances ADVISORY SERVICE Date: March 3 and 4 (Sat and Sun) Date: March 3 and 4 (Sat and Sun) and refreshments at Renai Senior Manager Elizabeth Lay Senior Associate Stannly Tan Time: 10am to 3pm Time: 11am to 5pm Jelutong, a project by WCT Venue: Property Gallery, Venue: ALYA International Sales Land. Enjoy festive RM8,888 For enquiries and listings Level 1, Menara Glomac, Gallery, 2A, Jalan 1, red packets when you purchase email: [email protected] GL: (03) 7721 8175/ 8172 Glomac Damansara, Jalan Bukit Kiara, Kuala Lumpur a Renai property or fi nd out Damansara, Kuala Lumpur Contact: (03) 2080 9022 how you can invest to own with EdgeProp.my pullout is published Contact: (03) 7723 9101 Sime Darby Property is organising Renai’s rent-to-own scheme. by The Edge Property Sdn Bhd. It is available with The Edge Financial Glomac Bhd’s Food Fit Fun a Chinese New Year celebration Daily every Friday. The pullout campaign runs from January to this weekend. The family- Felcra Properties is also distributed at more than March. The Open Day is one of the friendly event will be fi lled with Time: 6pm to 10pm CNY celebration 200 ofˎ ces, shopping complexes, condos, medical centres, F&B outlets fi nal events of the campaign. There activities such as a lion dance, Venue: Setia Eco Glades Sales Date: March 3 (Sat) and LRT stations in the Klang Valley. will be freebies, lucky draws and healthy home remedies talk by Gallery, Persiaran Setia Eco Time: 3.30pm to 5pm You can also download it for free at Venue: www.EdgeProp.my light refreshments served. For new Amanda Teh and a Feng Shui Glades, Cyber 1, Cyberjaya The Gallery by Felcra, property purchasers, there will prosperity talk by Prof Joe Choo. Contact: (03) 8008 2228 Lot 291, Jalan , be discounts up to 15% and free Join S P Setia Bhd at its 2018 Seksyen 87A, Kuala Lumpur Gong Hei Big Fun Day Contact: Th e Edge Malaysia smartphones upon signing of the Lunar New Year celebrations. (03) 4145 5051 sale and purchase agreement. Date: March 4 (Sun) Enjoy exciting fi reworks and fi re Felcra Properties Sdn Bhd will Publisher and Group CEO Time: 10am to 5pm diabolo shows for the whole be hosting a CNY Durian Festival Ho Kay Tat A date with master Venue: Bandar Rimbayu, Telok family. The developer will also which is open to the public. Mak Ling Ling EDITORIAL Panglima Garang, Selangor be giving out limited door gifts. Editor-in-Chief Azam Aris Date: March 3 and 4 (Sat and Sun) Contact: (1800) 22 8686 CNY Celebration at CORPORATE Time: 3pm (Sat); 12pm (Sun) Enjoy the Lunar New Year festivities CNY open house @ Renai Genting Indahpura, Kulai Chief Operating Ofˎ cer Venue: Jelutong Residences Date: Lim Shiew Yuin Tropicana Corp, Level at IJM Land’s township Bandar March 3 (Sat) ADVERTISING & MARKETING 10, Tropicana City Offi ce Tower, Rimbayu. The kid-friendly event Date: March 4 (Sun) Time: 11am to 5pm Chief Commercial Ofˎ cer Petaling Jaya, Selangor will kick off with an acrobatic lion Time: 10am to 6pm Venue: Sales Offi ce, 1213- Sharon Teh (012) 313 9056 Contact: (03) 7710 1018 dance, an auspicious lou sang, Venue: Renai Jelutong 1215, Jalan Kasturi 36/45, General Manager Kingston Low (012) 278 5540 Tropicana Corp Bhd invites all CNY delights and refreshment Residences, 1, Jalan Bazar Indahpura, Kulai, Johor Senior Sales Managers to spend a day with Hong Kong and a calligraphy competition. A U8/100, Seksyen U8, Shah Alam, Contact: (07) 663 1188 Fong Lai Kuan (012) 386 2831 celebrity Feng Shui master Mak Shanghai-style decorated street Selangor Celebrate the Lunar New Gregory Thu (012) 376 0614 Contact: Creative Marketing Ling Ling to fi nd out what awaits carnival and charity event will Year with Genting Property Chris Wong (016) 687 6577 you in 2018. Seats are limited also be held throughout the day. (016) 207 and enjoy activities such as Head of Marketing Support and attendees stand a chance 2400 lion dance and qian qiu drum & Ad Trafˎ c to walk away with a signed New spring parade Celebrate performances, Feng Shui Lorraine Chan (03) 7721 8001 copy of her book. The talk will at Setia Eco Glades the Lunar talk and lucky draw. Light be conducted in Cantonese. Date: March 3 (Sat) New Year refreshments will be served.

EP 4 FRIDAY MARCH 2, 2018 • THEEDGE FINANCIAL DAILY NEWS GuocoLand to offer condos in ˎ rst phase launch of Emerald Hills

LOW YEN YEING | EdgeProp.my BY LUM KA KAY

KUALA LUMPUR: After a hiatus, GuocoLand (M) Bhd is gearing up for new launches this year with hopes of surpassing its sales target of RM1 billion. First up is Emerald Hills @ Alam Damai, Cheras, targeting a 50% take-up rate for its fi rst phase by year-end. According to GuocoLand group managing director Datuk Edmund Kong, ever since the new Emerald Hills sales gallery opened two weeks before its offi cial opening tomorrow, interest among potential homebuyers has spiked by at least 50%. “So, we expect the fi rst phase of Emer- ald Hills to be 50% taken-up by the end of this year. Th e fi rst phase will comprise two blocks of lakefront condominiums. We will have a soft launch for the fi rst phase by end- March,” said Kong at the media preview of Emerald Hills yesterday. (From left) Kong, GuocoLand chief ˎ nancial ofˎ cer Justin Quek, GuocoLand executive director Lee Wee Kee, GuocoLand general manager Following that, terraced homes will be for marketing and sales Tan Zijin, and project general manager Wee Pang Siang with the scale model of Emerald Hills. launched by the end of the year, he added. Located on one of the highest points of “Cheras is a very mature area. We are living environment that is safe and perfect He noted that the property market re- Alam Damai, Cheras, Emerald Hills spans looking to attract owner-occupiers. Many for all in the family,” he added. mains challenging but he believes good 47.4 acres of freehold land and boasts an homebuyers are looking for a serene envi- Apart from Emerald Hills, the developer products will continue to attract buyers. estimated GDV of RM963 million. Th e devel- ronment and you can get it here at Emerald is also looking to launch Emerald 9 Cheras Currently, GuocoLand has an undeveloped opment will comprise 1,378 condominium Hills,” off ered Kong. and Emerald Rawang this year. Emerald 9 landbank of between 6,000 and 7,000 acres, units in four blocks and 181 terraced homes Emerald Hills will have 21 acres of open Cheras will be a 10.74-acre transport-orient- including in Jasin, Melaka. Over 400 acres of in total. space, with a central park and lake that are ed development and is 350m away from the its total landbank are located in the Greater Pricing for the lakefront condos start from surrounded by a 1.7km jogging and cycling Taman Suntex MRT Station. It has an esti- Klang Valley. Th e estimated GDV for the lands RM500,000 while the terraced homes are priced track. mated GDV of RM1.5 billion while Emerald in the launching pipeline is about RM5 billion. from RM1.2 million. Th e built-ups for the con- “We are building homes that are not only Rawang has a GDV of about RM2.5 billion. Kong added that GuocoLand is always dos will range from 840 sq ft to 1,195 sq ft, while modern and off er maximum privacy with With the three launches lined up for 2018, on the lookout for more land in the Klang the terraced homes will be 22ft by 75ft. Each generous open space in a pleasant green set- it aims to surpass its RM1 billion sales tar- Valley but is also eyeing land from other condo unit will come with two car park bays. ting, but also provide a practical and healthy get, said Kong. states such as Penang.

UEM Sunrise to develop ‘next Mont’Kiara’ in Klang Valley in 2018

LOW YEN YEING | EdgeProp.my BY SHAWN NG mainly comprising mid-market products. First up would be an aff ordable hous- KUALA LUMPUR: UEM Sunrise Bhd is on ing project called Kondominium Kiara a mission to develop “the next Mont’Kiara” Kasih in Mont’Kiara and two new phases in in the Klang Valley, off ering more aff orda- Serimbun, Iskandar Puteri, Johor. ble properties than the high-end enclave in Kondominium Kiara Kasih is the first Kuala Lumpur, said its managing director RUMAWIP project by UEM Sunrise in and CEO Anwar Syahrin Abdul Ajib. Mont’Kiara, which is expected to be un- Th e initial launch at this new Mont’Kiara veiled on March 20. will be a mixed development worth RM205 With a GDV of RM217.5 million, the pro- million this year, in the central region, he ject will off er apartment units with built-ups told reporters at a media briefi ng on the from 850 sq ft and priced from RM300,000. company’s corporate updates on Tuesday. Meanwhile, also to be launched in the Th e mixed development is expected to near term are phases 1A and 1B of Serimbun, have seven components similar to the com- which consist of 2-storey terraced homes ponents at the 18.8-acre Solaris Parq devel- with a combined GDV of RM139.3 million. opment in Dutamas, Kuala Lumpur, which Th e subsequent launch will be 2-storey consists of two towers of residential suites, terraced homes in phase 3 of Iris Residences serviced apartments, retail shops and offi ce Anwar (left) and UEM Sunrise chief ˎ nancial ofˎ cer Mohamed Rastam Shahrom. in Gerbang Nusajaya, which is expected to suites, he added. have a GDV of RM69.3 million. Th e launch “I can’t disclose in detail, but conceptu- Mont’Kiara and how we dealt with the de- which 20 acres are located in Kuala Lum- will be in 2Q18. This will be followed by ally, that is what we want to do. We want velopments,” he added. pur. In the southern region, it owns some similar homes in phase 4 worth RM66 mil- to be able to give people the quality of the UEM Sunrise is also scouting around for 10,000 acres of land. lion, phase 1D1 of Serene Heights in Bangi, lifestyle in Mont’Kiara but at a more af- sizeable plots that will enable the company In line with its strategy of “rebalancing” Selangor (RM53 million) and a high-rise fordable price range,” Anwar said, adding to build something like Mont’Kiara. its land portfolio, Anwar said the company development called MK27 in KL (RM249.9 that the affordable price in Kuala Lumpur “I think there are opportunities in Kuala will continue to seek opportunities to dis- million) in 3Q18. would be around the range from RM500,000 Lumpur. Hopefully we will be able to have pose of non-strategic land while looking to Anwar noted that the company’s sales to RM1 million. some announcements in terms of landbank- expand its landbank in the central region. target remains at RM1.2 billion for 2018. In “We need to be very careful with the prod- ing in the near future,” he said. Besides “the next Mont’Kiara” project, 2017, the developer has launched projects ucts that come into the market. Hence, we Currently, the developer has a landbank UEM Sunrise also aims to roll out other new worth RM2 billion, exceeding the initial tar- want to use the experience that we have in of about 500 acres in the Klang Valley, of projects worth RM1 billion in GDV in 2018, get of RM1.7 billion.

EP 6 FRIDAY MARCH 2, 2018 • THEEDGE FINANCIAL DAILY NEWS Opportunity for Malaysians to co-create their ideal home

ALL PICTURES BY LOW YEN YEING | EdgeProp.my BY THE EDGEPROP.MY TEAM

SEMENYIH: Always wanted to give your in- put on your ideal home but never had the opportunity to do so? Now is your chance to share what you have in mind as Lafarge Malaysia and EdgeProp.my have teamed up for the Lafarge-EdgeProp MYHOME in- itiative, which aims to off er Malaysians the opportunity to co-create their ideal home. Th rough a set of 28 carefully crafted ques- tions, the nationwide survey aims to gauge what Malaysians want in a home. Th e initiative kicked off on Feb 28 at the Setia Ecohill Welcome Centre @ Club 360° in the Setia Ecohill township in Semenyih, Selangor. Th e survey results, which will be collat- ed and analysed, will be used as the basis for the design of homes that would be built by Malaysia’s award-winning developer S P Setia Bhd. At the event, Lafarge, EdgeProp.my and S P Setia also held a memorandum of agree- ment signing ceremony to mark the launch of the initiative. Th e fi rst-of-its-kind initiative in the coun- try is supported by Nippon Paint Malaysia, Panasonic Malaysia, Feruni and Lightcraft. Lafarge-EdgeProp MYHOME was inspired by the EdgeProp-Lafarge Happiness in the (From left) S P Setia Bhd Group executive vice president Datuk Tan Hon Lim, deputy president and chief operating ofˎ cer Datuk Wong City Index 2017 (HITC), which showed that Tuck Wai, Au, Khor and Legrand watching the lion dance performance on the patio of Setia Ecohill Welcome Centre @ Club 360°. homes are integral to Malaysians’ happiness, with the quality of life and aff ordable hous- “Our home is where ing being key concerns for the urbanites. Whilst HITC raised debate on what can we invest our time, be done to make urbanites happier living in the city, Lafarge-EdgeProp MYHOME energy and passion aims to see the realisation of Malaysians’ to make it a haven ideal home. In his speech, Lafarge Malaysia CEO for our loved ones. Th ierry Legrand said Lafarge aspires to help build better homes through this initiative. With your input, “Our home is the single biggest fi nancial we can shape investment in our lifetime for the majority of us. More importantly, it is where we invest the landscape of our time, energy and passion to make it a haven for our loved ones. With your input, we the future where can shape the landscape of the future where homes are well homes are well built, connected, accessible and aff ordable. We are excited to see what built, connected, we come up with,” Legrand noted. accessible and Meanwhile, EdgeProp.my managing di- rector and editor-in-chief Au Foong Yee in her affordable.” — speech pointed out that Lafarge-EdgeProp MYHOME is a game-changing proposi- Legrand tion for the homeownership landscape in (From left) Au, Legrand and Khor giving the thumbs up after the launch gambit of the Malaysia. MYHOME logo. “For the fi rst time ever, Malaysians get to co-create their ideal home. Th is home “Th ere are a lot of unsold units in the evolving needs of homeowners. will be a reality as it will be built and put on “The questions market because of mismatch — whether it “We will look at the results and start by the market for sale. While some develop- asked in this is the pricing, concept or location. Th e input building a prototype or showhouse and fur- ers poll the preferences of their customers, from this survey will be from the end-user ther engage with the buyers. We will then the Lafarge-EdgeProp MYHOME initiative survey have been to the top, so what we are trying to do is to launch the fi rst phase of homes and if the goes beyond that. Th e questions asked in minimise the gap,” she explained in the press response is good, we will continue to build this survey have been carefully crafted to carefully crafted to conference at the launch. more,” he added. draw out from the respondents their needs draw out from the As the main partner of this initiative, Th e end result is expected to be complet- and wants in an ideal home — not house. S P Setia president and CEO Datuk Khor Chap ed by this year with the houses to be built Elements such as pricing, security and am- respondents their Jen said it is an excellent platform to off er a in Semenyih. S P Setia currently has a total bience, for example, are among the areas needs and wants in unique value proposition to homeowners. of six parcels of land with a total acreage of examined,” she said. “Th is initiative will give an entirely dif- 3,300 acres in Semenyih. “All information and data collated will an ideal home — not ferent and fresh approach for homeowners Take the survey of 28 simple questions be analysed and serve as an input for the to share their needs and ideas without the at www.edgeprop.my/myhome. building of Malaysia’s ideal home. Th ere is no house.” — Au usual conventional solutions, which are Th e survey runs until March 31, 2018. preconceived notion of what the ideal home constrained by regulations and perceived will be because for each person it’s diff erent. rules. Our partnership in this initiative will For more pictures, videos and information We know that at the end of the day, the re- showcase our strength and versatility in on Lafarge-EdgeProp MYHOME, head to sults will not meet everyone’s expectations. off ering innovative products that meet the www.EdgeProp.my. FRIDAY MARCH 2, 2018 • THEEDGE FINANCIAL DAILY EP 7 NEWS

Lafarge-EdgeProp MYHOME receives strong support

Guests enjoying the lion dance performance at the launch.

(From left) Ngei, Sua, EdgeProp.my managing director and editor-in-chief Au Foong Yee, Lafarge Malaysia CEO Thierry Legrand, S P Setia president and CEO Datuk Khor Chap Jen, Wong and Tan giving a thumbs up after the survey was ofˎ cially launched.

SEMENYIH: Lafarge-EdgeProp MYHOME feedback to be collected from consumers by Malaysians for Malaysians has received directly. strong support from leading industry players. “With the feedback, we get to understand Co-owned by Lafarge and EdgeProp.my, what they are actually looking for in a dream the MYHOME initiative enables Malaysians home. Nippon Paint Malaysia is proud to be to actively co-create an ideal home. Th eir part of the initiative and work together with input — to be collated via a nationwide other players in the real estate industry to cre- survey for a month from Feb 28 — will be ate homes that Malaysians want,” said Wong. used as a basis for the design of homes that She added that the initiative is also in line would be built by Malaysia’s award-winning with the business direction of Nippon Paint. developer S P Setia Bhd. “We love innovative ideas and we con- Th e launch ceremony for the fi rst-of-its- stantly want to listen to our consumers so kind initiative in the country was held at Club that we can add value. Lafarge-EdgeProp The Lafarge Malaysia team taking a group photo at the launch. 360° at Setia Ecohill in Semenyih on Feb 28. MYHOME by Malaysians for Malaysians Th e initiative has received support from is another innovative project that Nippon Nippon Paint Malaysia, Panasonic Malaysia, Paint wants to be a part of to give back to Feruni and Lightcraft. the industry,” Wong noted. Panasonic Malaysia strategic B2B devel- Meanwhile, Feruni managing director opment general manager Tan Chee Hon Datuk Ngei Chee Chau said it is important said the company is very excited about the to know what exactly the consumer wants initiative as it involves public participation. in a new home. “Rather than ideas coming from our side, “I think it is important to get to know what we are actually gathering input from the exactly the homebuyers want in designing public on what Malaysians truly want in a and equipping a home. We are excited to dream home. Th is is very interesting given help in building and furnishing the ideal that the composition of partners involved house for Malaysians,” he said. in this initiative are specialists in their own Also praising the eff ort was Lightcraft respective fi elds. managing director Sua Kim Seng. “It is a “For Panasonic Malaysia, we are very fantastic collaboration for people like us happy to work with them. I think it’s a very who have been in the industry long enough good mix and hopefully we can analyse, to contribute some ideas to make the initi- innovate and translate the results from the ative work. survey to come out with a good showcase “It’s about time that consumers take the of what an ideal home should be,” he said. lead in the design of our homes.” Nippon Paint Malaysia head of project Th e survey runs from Feb 28 till March marketing Datin Wong Meng Lee also ap- 31. Take the survey at www.edgeprop.my/ preciates the fact that the initiative allows myhome. (From right) Setia EcoHill general manager S M Koh, Panasonic Malaysia strategic B2B development general manager Tan Chee Hon and Panasonic Malaysia team members.

ORGANISERS PARTNER SUPPORTERS EP 8 FRIDAY MARCH 2, 2018 • THEEDGE FINANCIAL DAILY COVER STORY ABANDONED, SAVED AND THRIVING

BY RACHEL CHEW

bandoned projects are property

buyers’ worst nightmares. All their EdgeProp.my hard-earned money and home- ownership dreams would have seemingly gone down the drain. Like a damsel in distress, the only Ahope for such buyers is a white knight, and some of these abandoned projects are fortunate to have been rescued by one. According to news reports, as of November 2017, the government had registered 253 abandoned pri- YEN YEING PICTURES BY LOW | vate housing projects in Peninsular Malaysia, with the highest number in Selangor. Of that figure, Urban Wellbeing, Housing and Local Government Minister Tan Sri Noh Omar noted that 190 had been revived and completed between 2009 and October 2017. Ever wondered how these revived projects are doing today? Would its black mark taint its value appreciation? Here are five high-rise residential projects in Kuala Lumpur that were once left in the lurch, but thanks to their redeemers, were assumed and com- pleted at least five years ago. They are Sentul Utama Condominium, Desarina Condominium, MasKiara Condominium, Pelangi Indah Condominium and Sri Impian Condominium. Most of these projects have gained fairly stable price appreciations in the past few years. However, in the pervading dismal market, three of them have seen declines of between 10% and 20% in 2017 while the other two have continued to prevail against the gloom. Overall, these regenerated projects have fared well despite their unpropitious past, which goes to show that the salvaging effort can be worth it. The freehold project was launched during the Asian financial crisis in 1997 Sri Impian and subsequently abandoned in 2000. In 2005, AMFinance Bhd and Ferrier Hodgson MH Sdn Bhd announced that they would complete the project, Condominium, which was realised two years thereafter, according to previous reports. Brickˎ elds The project is strategically located near KL Sentral, the first transit-ori- ented development in Kuala Lumpur, hence transaction prices have been stable except for a minor dip in 2016. Average transacted price psf Sri Impian Condominium units’ average transacted price gained 13.7% Price psf (RM ‘000) over the past five years, albeit lower than the overall price growth of 21.6% 600 for similar properties in . Sri Impian Condominium 573 574 564 The current asking prices on EdgeProp.my listings range from RM535.48 556 psf to RM590.58 psf. Asking monthly rents are from RM1.75 psf to RM1.81 psf. 550 559 555 Location Jalan Ang Seng, Brickfi elds 536 488 Component Several towers, 27-storey condominium 500 507 Original developer Li-Foong Housing Development Sdn Bhd 472 Non-landed residences, Brickfields Abandoned in 2000 450 '13 '14 '15 '16 '17 Taken over by AMFinance Bhd and Ferrier Hodgson MH Sdn Bhd Completed in 2007

Built-up sizes 1,464 sq ft to 3,141 sq ft

Tenure Freehold

Facilities Cafe, multipurpose hall, swimming pool, Jacuzzi, mini market, gym, squash court, sauna and playground FRIDAY MARCH 2, 2018 • THEEDGE FINANCIAL DAILY EP 9 COVER STORY

Desarina Condominium, According to news reports, the freehold development was already 80% completed when the developer and main contractor faced problems during the height of the Asian finan- cial crisis. The project was rescued by Syarikat Perumahan Negara Bhd and delivered to buyers after more than a decade from the time the project was abandoned. Transacted prices at the low-density project have been fairly stable since it was com- pleted, peaking in 2015. No transaction was recorded in 2017. The average transacted price was up 11.8% to RM461 psf in 2015 from RM412 psf in 2013 but dropped to RM373 psf in 2016. When compared against the overall price trend of non-landed residential properties in the Taman Desa neighbourhood, the average transacted price of units at Desarina Condominium is lower. Listings of Desarina Condominium units on EdgeProp.my showed average asking prices ranging from RM424.83 psf to RM483.31 psf. Meanwhile, the asking monthly rents range from RM1.21 psf to RM1.99 psf, giving an indicative rental yield of 5.05%.

Location Jalan Desa Utama, Average transacted price psf Taman Desa Price psf (RM ‘000) 600 Component One high-rise and two Non-landed residences, Taman Desa low-rise blocks 520

Original Mega Sakti Sdn Bhd 500 developer 461 437 Abandoned in 1997 412 458 Taken over by Syarikat Perumahan 400 Negara Bhd 412 407

Completed in 2011 373 Desarina Condominium Built-up sizes 400 sq ft to 2,500 sq ft 300 '13 '14 '15 '16 Tenure Freehold

Facilities Barbecue area, mini market, gym, swimming pool, tennis and squash courts, sauna and jogging track

Sentul Utama Condominium, Sentul Sentul Utama Condominium is part of the Bandar Sentul Utama development by Sentul Murni Sdn Bhd. It was the second phase of the township development. The developer abandoned the entire township development in 1994, when Sentul Utama Condominium was only partly completed. In 2006, Melati Ehsan Holdings Bhd took over the condominium project. It was completed and handed over in 2009, based on previous reports. According to data from EdgeProp.my, the average transacted price for 2017 was RM360 psf, a slight 10% rise from RM326 psf in 2013. However, the average transacted price had moved up 24% to a high of RM404 psf in 2015 at the peak of the property market upcy- cle before moderating to the current levels, in line with the overall market slowdown. In fact, Sentul Utama Condominium units have been transacted at above-average market price of Sentul’s high-rise residential properties since 2013, except in 2017. As of Feb 2, units in this project listed for sale on EdgeProp.my were asking from RM381.98 psf to RM467.50 psf. The average asking rent was RM1.63 psf per month, of- fering an indicative rental yield of 5.5%.

Location Jalan Datuk Senu 26, Average transacted price psf Sentul Price psf (RM ‘000) 450 Component A 4-block 17-storey Sentul Utama Condominium condominium 401 405 404 400 Original Sentul Murni Sdn Bhd developer 358 350 375 Abandoned in 1994 326 360 351 Taken over by Melati Ehsan Holdings 313 Bhd 300 289 Completed in 2009 Non-landed residences, Sentul 250 Built-up sizes 678 sq ft to 1,033 sq ft '13 '14 '15 '16 '17 Tenure Leasehold

Facilities Swimming pool, playground, nursery, mini market, surau and gym CONTINUES NEXT PAGE EP 10 FRIDAY MARCH 2, 2018 • THEEDGE FINANCIAL DAILY COVER STORY

SAM FONG/THE EDGE

FROM PAGE 9 Pelangi Indah Condominium, Jalan Ipoh There are very limited previous reports about Pelangi Indah Condominium, a project located a stone’s throw from Kuala Lumpur city centre. However, the project was among those listed under the National House Buyers Association’s Abandoned, Stalled and Re- vived Projects. According to previous reports, the project was abandoned in 2000 and then revived by Syarikat Perumahan Negara Bhd. The project has experienced impressive price growth over the past five years. It gained a whopping 57% growth from RM205 psf in 2013 to RM322 in 2017. Hence, it is the top performer among these five projects. The price uptrend was in line with the overall price performance of high-rise residential properties in Jalan Ipoh. Listings on EdgeProp.my showed that the asking prices for Pelangi Indah Condomin- ium units ranged from RM272.88 psf to RM395.51 psf as of Feb 2. There was only one rental listing on the portal as of Feb 2, asking for RM1.08 psf per month. The indicative rental yield is 4.99%.

Location Off Batu 4 1/2, Average transacted price psf Jalan Ipoh Price psf (RM ‘000) 500 Component A 2-tower 20-storey Non-landed residences, Jalan Ipoh condominium 409 418 391 Original MBF Property Sdn Bhd 400 363 developer 345 322 Abandoned in 2000 309 318 Taken over by Syarikat Perumahan 300 Negara Bhd 272 205 Completed in 2003 Pelangi Indah Condominium 200 Built-up sizes 870 sq ft to 2,084 sq ft '13 '14 '15 '16 '17 Tenure Freehold

Facilities Cafeteria, swimming and wading pool, landscaped garden, mini market and playground

MasKiara Residences, TTDI Sitting on Malay reserved land in a strategic location on the border of and Taman (TTDI), the project was also impacted by the 1997/98 Asian financial crisis. Previous reports stated that it was more than a decade before Intan Permata Properties Sdn Bhd emerged to take over the project. It was completed in mid-2010. The average transacted price peaked in 2015/16, hovering at RM516 psf to RM519 psf while there was only one transaction in 2017 at RM465 psf. The five-year price appreci- ation from 2013 to 2017 was 6.4%. In comparison, prices of non-landed homes in TTDI generally dipped in 2016 but bounced back in 2017. Looking at listings on EdgeProp.my, as of Feb 2, the highest asking price for a unit in this project was RM585.48 psf, while the lowest was RM529.73 psf. The indicative rental yield was around 4.67%, based on asking monthly rents ranging from RM1.79 psf to RM2.20 psf.

Location Off Jalan Datuk Average transacted price psf Sulaiman, Taman Tun Dr Price psf (RM ‘000) Ismail 800 Non-landed residences, TTDI Component A 2-tower 16-storey 710 702 condominium 700

Original Pinggir Kiara Sdn Bhd 611 developer 600 624 546 Abandoned in 1998 516 519 465 (only one Taken over by Intan Permata 500 transaction) Properties Sdn Bhd 437 442

Completed in 2010 MasKiara Residences 400 Built-up sizes 1,259 sq ft to 1,518 sq ft '13 '14 '15 '16 '17

Tenure Freehold

Facilities Barbecue area, gym, swimming pool, tennis courts and playground

EP 12 FRIDAY MARCH 2, 2018 • THEEDGE FINANCIAL DAILY FEATURE Cracks, leaks and what else?

BY RACHEL CHEW

etting the keys to your new home is prob- ably the most exciting part of the home- ownership process, especially after having to wait several years for the completion of the project. “Th e developer will usu- LOW YEN YEING | EdgeProp.my Gally hand you the keys and show you the t unit at the same time. Th ey will also hand checklist you the defects reporting form as you tour your unit for the fi rst time,” says Canaan Kang: You have Building Inspection Sdn Bhd project direc- two years to tor Joshua Kang. check through “Always remember, you have two years to your unit, mark check through your unit, mark the defects the defects and and rectify them. Th is means you do not rectify them. This need to rush to submit the defects report at means you do your fi rst inspection,” he stresses. Indeed, he not need to rush adds, this is one of the most common mis- to submit the takes made by new homeowners. defects report It is important for homeowners to know at your ˎ rst their rights and what to do when receiving inspection. their new units from the developer. “Many owners do not inspect their units. Common mistakes And when they do, many of them don’t by homeowners know what to do when the developer does you step into your new unit? According not respond to their defects claim. Th ey of- to Kang, water and power connectivity is • Submitting the defects report in a hurry ten just allow the developer to escape from the fi rst thing to check, to ensure the wa- • Start renovation or refurbishment works before their responsibility,” says Kang. ter taps or power points are functioning. defects in the unit are rectifi ed. The developer could If a developer does not reply to your complaints within Th e developer is responsible in arranging for the water argue that the damage is caused by your contractor 30 days after submitting the defects report, you can carry and power application for all homeowners. However, if a and not the developer. out the rectifi cation works fi rst and claim the rectifi cation homeowner does not respond to the application notice • Compromise the defects and move in before cost from the developer. or refuses to pay for the application fees, the developer rectifi cation works But before that, what is the fi rst thing to check for when will not take responsibility for that. • Miss out details such as hollowness behind a tile, an uneven wall or fl oor, a faulty switch, power point or tap CANAAN BUILDING INSPECTION • Give up on the claims for rectifi cation works when the developer fails to respond or solve the problem

Do-it-yourself home What to do if the developer inspection does not respond to defects report? Step 1: Make sure the defects report has been submitted for more 1 Flooring than 30 days and no acknowledgement and updates have • Consistent colour tone; no stain marks; no cracks and been received from the developer. damage; no hollow sound when tapped • Joints between fl oor fi nishes must be consistent, neat Step 2: and aligned Get quotations for rectifi cation of defects from at least two to three reputable contractors. 2 Wall Step 3: • Consistent colour tone; no stain marks; no cracks and Write a letter of intention with the quotations attached to damage; and no hollow sound when tapped 5 Window notify the developer that rectifying works will be carried • No sign of delamination (such as wallpaper peeling off ) • No visible gap between window frame and wall out by the homeowner if there is no news from the • Edges of walls must be straight, aligned and consistent • No stain marks and visible damage on window frame or developer within two weeks from the date of the letter of glazing; no sign of rain water seepage intention. Also send a copy of the letter and quotations to • Ease in opening, closing and locking; no squeaky sound the lawyer who holds the last 2.5% of payment for the unit 3 Ceiling • Accessories with good fi t and no stains until the defect liability period ends. • Consistent colour tone; no stain marks; no cracks and no damage Step 4: • Ceiling surface to be smooth, even, and not wavy and Fixtures (items that are permanently fi xed in the unit, If there is no news from the developer after two weeks, the sagging 6 such as the toilet and cabinet) homeowner can fi le a complaint to the housing tribunal • Ceiling manhole to be fl ush to the ceiling • Neat and consistent joints surrounding the fi xture to verify the defects and quotation of costs of rectifi cation • Paintwork with good opacity and no brush marks • Welding joints need to be rounded and fl ushed works. This is to prevent the developer from arguing that • Level and aligned, no stain marks and visible damages the quotations made are unfair. • To be securely fi xed, functional and safe 4 Door • No visible gap between door and wall; only consistent Step 5: gap of no more than 5mm between door leaf and frame Mechanical and electrical fi ttings (such as power Carry out the is allowed points, switches, intercom and air-conditioner) CLAIM 7 1. Defects more than 30days rectifi cation works and 2. Quotations for defects • Aligned and level with wall • Joints properly sealed and marked; no visible gaps from 2-3 contractors claim the cost from 3. Write a letter of intention • No rattling sound when the door is closed; ease in • Aligned, levelled and straight with the quotations attached the developer. Also to notify the developer opening, closing and locking • Securely fi xed, functional and safe; no leakage at joints 4 ...... attach the claim and • Door accessories with good fi t and no stains • No sign of missing or defective accessories 5 ...... letter to the lawyer. 6 ......

FRIDAY MARCH 2, 2018 • THEEDGE FINANCIAL DAILY EP 13 SPOTLIGHT

Check out more recently concluded deals at www.EdgeProp.my To real estate agents — have you just concluded an interesting deal? We would love to hear from you! Contact us at [email protected]. Done deals SOLD FOR SOLD FOR RM1.734 million RM6 million (RM1,200 psf) 2.5-storey bungalow, The Greens condominium, TTDI, KL , KL Concluded by: Brandon Ann (REN 19897) of Concluded by: Shawn Fernandez (E 2445) MIP Properties (012-215 6317) of Fernstate Sdn Bhd (016-288 1251) When: August 2017 When: September 2017

Completed at end-2015, The Greens is a luxury condomin- “The seller is an investor who was previously renting the unit Noteworthy ium development by Bellworth Developments Sdn Bhd, a Noteworthy to an expatriate working in Shell for RM13,500 per month subsidiary of LGB Group. while the buyer acquired this home for his family and will • Freehold Situated along Jalan Wan Kadir at Taman Tun Dr Ismail • Freehold be staying in it,” said Shawn Fernandez of Fernstate Sdn • Built-up: 1,445 sq ft (TTDI), the low-density development consists of two 27-sto- • Built-up: 6,000 sq ft Bhd who concluded the deal. • 2+1 bedrooms and 2 rey towers that house 163 units with built-ups ranging from • Land area: 10,000 sq ft Located on Lorong Damansara Endah, Damansara bathrooms 1,445 to 3,832 sq ft. • 5+1 bedrooms and 6 Heights, it is an attractive area to both locals and • Partially furnished According to Brandon Ann of MIP Properties, who bathrooms expatriates because it is highly accessible via highways and with built-in wardrobe, co-brokered the deal, the 1,445 sq ft unit sold at RM1.734 • Partially furnished with roads such as Jalan Semantan, Jalan Damansara, Sprint curtains, lights and million is a record-breaking deal for such units at The appliances, curtains, Highway and the Penchala Link. It is also close to plenty of ceiling fans Greens as the transaction price surpassed the previous high blinds, and air-condi- amenities such as the Shopping Centre, Bangsar • Two car park bays of RM1.68 million. tioning units Village I and II and Damansara City Mall. • Facilities: 50m inˎ nity Previously leased out, the unit was sold on the day the Shawn also noted that there was a transaction of a pool, children’s pool, tenant moved out. Notably, the seller stood ˎ rm on the 3-storey bungalow with a built-up of 6,017 sq ft and land splash pool, Jacuzzi, asking price. area of 11,800 sq ft at Lorong Jarak, Damansara Heights. It reː exology garden, “My co-negotiator happened to have a buyer who was was sold for RM12 million in July last year. landscaped garden, eager to buy a unit in The Greens. The buyer had previously Another transaction which took place earlier this year cascading water viewed a unit at the development, but did not buy it as he was a 2.5-storey bungalow located on Persiaran Bruas, features, sun deck, spa wasn’t satisˎ ed with the view from the unit and deemed Damansara Heights. The property with a built-up area of bath, gymnasium, yoga that the price was not right,” Ann told EdgeProp.my. 3,132 sq ft and a land area of 5,513 sq ft was sold for RM4.55 room, nursery, function Therefore, when the buyer saw this unit — which offered million. room and alfresco a beautiful view of TTDI — he immediately made the offer of According to data from EdgeProp.my, the average dining pavilion RM1,200 psf and paid a booking fee on the spot, he added. transacted price of a detached home in Damansara Endah According to data collated by EdgeProp.my, there were is RM3.95 million as at 1Q17. There were no transactions 18 transactions at The Greens from the second quarter of recorded after this period. 2016 (2Q16) to 2Q17, with average transactions ranging from Meanwhile, the average asking price of a typical RM916 psf to RM1,150 psf. detached home in the same area is RM8 million while the As of Jan 3 this year, the monthly asking rent is RM7,421 or average asking rental is RM15,000 as at 4Q17. RM3.06 psf, with an indicative asking rental yield of 3.88%.

SOLD FOR SOLD FOR

RM1.38 million (RM560 psf) RM660,000 (RM692.54 psf) Kiaramas Cendana Southbank Residence, condominium, Mont’Kiara, KL Old Klang Road, KL Concluded by: Jerro Loh (E2417) Concluded by: Danny Cheah (REN 21467) and Esther Chan (REN 08489) of J Maison from Hartamas Real Estate (OUG) Sdn Bhd Realtor (012-281 2078; 017-664 6709) (014-228 8865) When: September 2017 When: September 2017

Located at the highest point of Mont’Kiara, Kuala Lumpur According to Danny Cheah of Hartamas Real Estate (OUG), Noteworthy and surrounded by lush greenery, Kiaramas Cendana is a Noteworthy who concluded the deal, the sellers of the unit at South- low-density development housing only 184 condominium bank Residence, Old Klang Road were investors. • Freehold units within a 29-storey block. • Freehold “They bought this serviced apartment unit with a special • Built-up: 2,465 sq ft According to the principal of J Maison Realty Jerro Loh, • 953 sq ft early-bird discount. However, they did not make any proˎ t, • 16th ː oor, facing west who concluded the deal with Esther Chan, the seller is • 3 bedrooms and 2 but just broke even, because they wanted to sell it as soon as with swimming pool a Bangladesh national who owned the unit as a holiday bathrooms possible to fund another investment,” he told EdgeProp.my. and forest view home. • Bare mid-ː oor unit Meanwhile, the buyer, who is working near the Mid • 4+1 bedrooms and 4 Meanwhile, the buyer is a Malaysian residing in Australia facing west Valley area, was desperate to buy the unit as she was then bathrooms who is purchasing the unit for her mother and grandmoth- • Features tight security, living very far away from her workplace. • Partially furnished er to live in. lap pool, cafe, barbecue “The buyer knows this project very well. In fact, she wit- with built-in wardrobe, “The mother and grandmother love the unit because pits, gazebo, Jacuzzi and nessed its construction progress from day one to completion kitchen cabinets, sofa, it has a very practical and functional layout — four de- greenery garden as she passed the site every day on her way to work,” he said. dining tables and beds cent-sized bedrooms, one formal living hall, informal living • 3km from Mid Valley The buyer called Cheah immediately once the unit was • Facilities: swimming area, dry and wet kitchens, and separate dining areas — all Megamall, Pearl Suria listed. The deal was swiftly concluded with a RM20,000 pool, gymnasium, in a 2,465 sq ft unit, which is quite difˎ cult to ˎ nd nowadays Shopping Gallery, Scott discount from the asking price. tennis court, badminton in a new development. Garden and Taman Desa This unit was sold at market price. However, of late, court, squash court and “They also like the unit because it comes with a lot of Medical Centre asking prices have stagnated at around RM700,000 as the playground natural lighting and good ventilation,” said Loh. • 5km from KL Sentral project’s 674 units have come on stream. He noted that the transacted price of this unit at RM1.38 While the subsale market for Southbank Residence has million is within the fair market value. slowed, its rental market is sizzling hot, said Cheah. Based on data from EdgeProp.my, units at the condo- “A unit with very simple furnishing can fetch rental minium were sold at an average price of RM569 psf, with of around RM1,800 to RM2,200 per month. Many buyers the highest average transacted price of RM751 psf recorded choose to rent their units out while waiting for the price to in 2Q16. appreciate.” Current listings on EdgeProp.my showed that the aver- According to EdgeProp.my listings as at Jan 29, 2018, age asking price for Kiaramas Cendana is RM1.73 million or average rental per month ranges from RM1.53 psf to RM2.72 RM685 psf while the average asking rental is RM6,061 per psf, while the asking price ranges from RM682.07 psf to month or RM2.47 psf, with an indicative asking rental yield RM857.14 psf. of 5.2%.