MAKE BETTER DECISIONS

FRIDAY JANUARY 29, 2016 ISSUE 2096/2016

A PULLOUT EVERY FRIDAY WITH

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

ep3 NEWS ep7 FEATURE ep8 HOME IDEAS Mixed views on Budget Silicon Valley North fuels Canada Simply red & a touch of gold! 2016 revisions condo boom as Google moves in mainland SeberangSeberang PPeraierai sstilltill hhasas some way to go catching up butbut iitsts ppotentialotential aass a ppropertyr investment spot lookslooks promising.promising. SSeeee sstoryt on pages ep4 & 5.

A view of Penang Second Bridge taken in 2014. Photo by Bernama FRIDAY JANUARY 29, 2016 • THEEDGE FINANCIAL DAILY EP2 PROPERTY | NEWS

Go to TheEdgeProperty.com for more property news MOST READ ON NEWS ROUNDUP TheEdgeProperty.com KWAP buys KL land with lion lower than the market price for approval of construction of with a built-up area of between potential GDV of RM780 mil of RM72.3 million, based on a projects. 1,036 sq ft and 1,424 sq ft, at an The national retirement fund, valuation by Raine & Horne Inter- “We are now anticipating a re- average of RM750 psf. Kumpulan Wang Persaraan (Diper- national Zaki + Partners Sdn Bhd. duction of approval days from one The development is located Government badankan) (KWAP), has acquired a year to only 60 days. Th is is in line in Jelutong and is accessible via restricts sale parcel of land in Persiaran Stonor, Foreign investors on the with our goal to attract more mul- Jalan Masjid Negri, Jalan , of houses up to Kuala Lumpur from the federal sidelines until ringgit tinational companies to invest in Jalan Free School and the Jelu- RM300,000 to fi rst government for RM140 million slides further, says the Greater KL area by building a tong Expressway, group general house owners, or RM2,578 per sq ft (psf). In a realtor safer, more liveable city with bet- manager Ng Han Seong told re- says Najib statement on Jan 28, KWAP chief Singapore and Hong Kong inves- ter investment opportunities,” he porters on Jan 26. executive officer Wan Kamaru- tors, who largely drive sales in said at a joint press conference Th e Isle of Palm project com- zaman Wan Ahmad said the land Kuala Lumpur’s city centre, are with the Special Task Force to Fa- prises 30 units, each with a built- has a projected gross development waiting for the ringgit to depre- cilitate Business (Pemudah) and up area of 2,155 sq ft between value (GDV) of RM780 million. ciate further before making pur- InvestKL. 3,795 sq ft, he added. — Bernama Spanning 5,048 sq m, the du- chases, said City Crest Realtors Meanwhile, the fi rst phase of al-frontage land is located within principal Darren Khor. He expects the RM4 billion River of Life project Council to upgrade Ipoh old walking distance of Kuala Lum- the market in 1H2016 is expect- was expected to be completed by town to lure more tourists Stagnant market pur city centre, LRT stations and ed to be muted, on poor investor 2018, while the tender process for The Ipoh City Council (MBI) is in Penang keeps future MRT stations. It is also lo- sentiment. the second phase would be com- planning to upgrade the area price growth cated close to the Prince Court Khor believes properties on the pleted by the end of the year, said around Ipoh old town (pic) to at- minimal in 3Q Medical Centre. primary market to continue to sell Amin. — Th e Malaysian Insider tract more tourists to the city in KWAP said the acquisition well if they are located close to the current economic downturn. Upcoming previews of S P IGB REIT declares marks its second purchase of land public transport, shopping malls “The city of Ipoh will not be and its third property in the coun- and offi ces. Setia’s Penang projects exempted from the economic distribution of try. Th e latest addition brings the “Th e property market may sta- Property developer S P Setia Bhd downturn. As such, we must do 3.72 sen per unit number of properties owned and bilise in 2H2016 once the ringgit will launch a preview sale of two something to help generate eco- co-owned by KWAP to 13. KWAP shows no sign of further depreci- new Penang housing projects, Isle nomic growth,” said Mayor Datuk PJ residents currently has seven properties in ation and after careful considera- of Palm Setia Pearl Island in Bayan Zamri Man. want time to Australia and three each in the UK tion by investors on which prop- Lepas and Solok Slim in Jelutong, “Th is city experienced the fall in digest transport and . erties would yield good capital in March and May, respectively. the price of tin in the 1970s. But the master plan appreciation and rents,” he said Th e Solok Slim project com- historical value and the identity Selangor Dredging buys on Jan 27 at a briefi ng by Th eEdge- prises two blocks of 33-storey con- of tin ore have a huge potential to USM researchers land in Ulu Klang for Property.com. “When there is con- dominiums. Th e company said it boost the tourism sector,” he told RM450m project invent cementless nectivity and convenience, inves- plans to sell the 550 units, each reporters on Jan 27. — Bernama concrete Selangor Dredging Bhd (SDB) is tors will be more than happy to proposing to develop 588 units of invest in these projects,” he said. residential properties with a GDV of RM450 million on two parcels of KL development approval land it is acquiring in Ulu Klang, process simplifi ed Selangor. Kuala Lumpur City Hall an- The Edge Communications Sdn Bhd In a fi ling with Bursa Malay- nounced on Jan 27 a simplifi ed (266980-X) sia on Jan 26, SDB said its wholly process for obtaining develop- Level 3, Menara KLK, No 1 Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, owned subsidiary SDB Properties ment approvals in the Greater Selangor, Malaysia Sdn Bhd had signed an agreement Kuala Lumpur area. with Alam Palma Development It covers procedures for small- Sdn Bhd to acquire the two parcels scale and non-residential projects. Publisher and Group CEO Ho Kay Tat of freehold agricultural land total- Mayor Datuk Mhd Amin Nordin ling 4.097 ha for RM67.5 million. Abdul Aziz said the new process Editorial For News Tips/Press Releases Th e purchase price is RM4.8 mil- would reduce the time required Tel: 03-7721 8219 Fax: 03-7721 8038 Email: [email protected]

Senior Managing Editor Azam Aris Contributing Editor Sharon Kam If you have any real estate-related events, email us at [email protected]. Editor Rosalynn Poh LAUNCHES & EVENTS Events listed here will also appear on TheEdgeProperty.com. Deputy Editors E Jacqui Chan, Wong King Wai Assistant Editor Lam Jian Wyn Senior Writer Racheal Lee Mah Sing CNY Party Date: Feb 13 to Mar 6 Time: 2pm to 5.30pm and how to get started with the Writers Chai Yee Hoong, Date: Jan 30 (Sat) Time: 9am to 9pm Venue: MIEA Secretariat, Unit transition. Registration fee applies. Rachel Chew, Hannah Rafee, Time: 3pm to 6pm Venue: No. 1, Lingkaran C-27-05, Dataran 3 Dua, No.2 Jalan Tan Ai Leng, Natalie Khoo, Ewe Shufei Venue: Garden Boulevard Eco Majestic, Eco Majestic, 19/1, Petaling Jaya, Selangor IOI Properties CNY Art Director Sharon Khoh Sales Gallery, Cyberjaya Semenyih, Selangor Contact: (03) 7960 2577 Celebrations Design Team Cheryl Loh, Contact: (012) 211 7554 Contact: (03) 8723 2255 Chartered Financial Consultant KP Valerie Chin, Aaron Boudville, Organizer: Mah Sing Group Eco World Development Group Bhd’s Bose Dasan will provide an insight Aminullah Abdul Karim, Start your Chinese New Year Eco Majestic opens its doors to its into taxation matters related to Yong Yik Sheng, Tun Mohd Zafi an Mohd Za’abah, Noorain Duasa celebration early with Mah Season’s Flower Show. There will be Limited Liability Partnership. The Sing Group in Cyberjaya with beautiful fl ower beds and a series seminar is open to real estate Corporate a fortune feast and enjoy the of fun activities for all in the family. agents and interested members Managing Director Au Foong Yee double lion dance performance. of the public. This is part of the Deputy Managing Director Lim Shiew Yuin FIABCI Morning Talk 2016: Real Estate Professional Seminars Season’s Flower Show by International Property organised by the Malaysian Advertising & Marketing Eco Majestic Measurement Standards Institute of Estate Agents. To advertise contact Date: Feb 3 (Wed) Participants will need to register GL: (03) 7721 8000 Fax: (03) 7721 8288 Time: 8am to 10.30am online and pay a registration fee. Chief Marketing Offi cer Venue: Dewan Berjaya, Bukit Sharon Teh (012) 313 9056 Kiara Equestrian & Country The ISO 9001:2015 – General Manager, Digital Media Resort, Kuala Lumpur Enhancing customer Kingston Low (012) 278 5540 Senior Sales Managers Contact: (03) 6203 5090 satisfaction and quality Geetha Perumal (016) 250 8640 The talk will be given by performance Fong Lai Kuan (012) 386 2831 Professor Dr Ting Kien Hwa, Date: Feb 4 (Thurs) Date: Jan 30 (Sat) Peter Hoe (019) 221 5351 head of Universiti Teknologi Time: 9am to 5pm Time: 11am to 4pm Gregory Thu (012) 376 0614 Creative Marketing MARA’s Centre for Real Estate Venue: Wisma REHDA, No. Venue: IOI Galleria @ IOI Chris Wong (016) 687 6577 Research. Industry players are 2C, Jalan SS5D/6, Kelana Resort City, Putrajaya Head of Marketing Support & Ad Traffi c encouraged to participate. There is Jaya, Petaling Jaya Contact: (03) 8947 8899 Lorraine Chan (03) 7721 8001 a registration fee for this seminar. Contact: (03) 7803 6006 Participate in a clay workshop Email: [email protected] Speaker Datuk Ir. K. Laxana Naidu, to make your own zodiac animal Limited Liability Partnership: principal consultant and director and a Chinese calligraphy art The Edge Property is published and The tax and fi nancial of Sysnovate Solutions Sdn Bhd, workshop as well, while lion dance distributed with The Edge Financial implications will explain the changes and new and ‘prosperity monkey king’ Daily every Friday. For more property data, listings and news, Date: Feb 19 (Fri) requirements in the ISO 9001:2015 performances cheer up your day. go to TheEdgeProperty.com. FRIDAY JANUARY 29, 2016 • THEEDGE FINANCIAL DAILY NEWS | PROPERTY EP3

Realtors say buyers can ride Mixed views on the property market upcycle

Budget 2016 revisions BY NATALIE KHOO PETALING JAYA: The property market slowdown might represent an invest- Govt to reserve homes of RM300,000 and below for fi rst-time buyers ment opportunity for when the market improves, said Chester Properties head of projects, Matthew Kuan, at a briefing BY TAN AI LENG & LAM JIAN WYN lauded the measure as one that would by TheEdgeProperty.com yesterday. boost home ownership. He noted that most investors are KUALA LUMPUR: Th e revisions to Budget On the optional 3% reduction in Employ- now non-committal in view of the 2016 pertaining to the property market have ee Provident Fund (EPF) contribution for poor market sentiment, but this might drawn mixed responses from the industry. Th e employees, Soam said it would “put some cause them to overlook potential op- move to immediately limit sales of new homes money back into the pockets of the rakyat”. portunities. priced up to RM300,000 to fi rst-time home- “It’s a consumer sentiment booster. Peo- “Developers are also adjusting and buyers has drawn especially strong reactions. ple who are concerned about not being able lowering launch prices to cater to cur- Real Estate and Housing Developers Asso- to make their monthly repayments should rent market demand,” said Kuan. ciation (Rehda) deputy president Datuk Soam feel less worried,” he said. “If you can afford to buy a property Heng Choon said this move has varied impli- Leong said the option for employees to now, don’t hold back. Take the oppor- cations for the market, depending on locality. reduce their EPF contribution and the special tunity of the bad market and make the “Maybe in Kuala Lumpur this is okay, tax relief of RM2,000 for individual taxpayers best out of it,” he added. especially for lower-income earners, but with a monthly income of up to RM8,000 will Over 30 agents from Chester Prop- not for other states. For example, in smaller boost domestic demand and have a multi- erties, which has 12 branches nation- towns or rural areas, houses may be priced plier eff ect on the economy. wide, turned up at The Edge Media below RM300,000. It will not be possible Other measures under the revised Budget Group’s head office here for the brief- for a person to upgrade [to a new home] if 2016 tabled by Prime Minister Najib Razak ing on the TheEdgeProperty.com’s they have already bought a home,” he said. Soam: Implications depend on locality. yesterday include the off ering of over 100,000 free suite of powerful analytical tools. Rehda is in the midst of collating more The Edge fi le photo homes by the National Housing Depart- information from its state branches before ment (JPN), 1Malaysia People's Housing it issues a statement, said Soam. MKH off ers aff ordable housing but these (PR1MA), Syarikat Perumahan Negara Bhd However, MKH Bhd group deputy prop- sell for above RM300,000, so the company will (SPNB), 1Malaysia Government Employees erty director Datuk Kenneth Chen said the not be aff ected by the new measure, said Chen. Housing Programme (PPA1M), government restriction will not have a signifi cant impact “Investors are looking for properties with and private agencies. on the market, as current house prices in good potential for capital appreciation or For the units in the People's Housing many places have exceeded RM300,000. rental yield in prime areas. Location is more Project costing RM35,000 each, Najib said “Th e impact to developers is minimal as important than price,” he added. the government would off er fi nancing at the in most places, homebuyers can hardly fi nd Chen suggested that the government rate of 4% per annum eff ective March 1 this properties in this price range, unless it’s a should also consider reintroducing the De- year from an allocation of RM444 million. very small unit. But it also depends on local- veloper Interest Bearing Scheme (DIBS) for Th e participating banks are Bank Simpanan ity; some areas may have properties selling fi rst-time homebuyers to reduce their burden. Nasional and Bank Rakyat, for under RM300,000, and developers there Meanwhile, Mah Sing Group Bhd man- “This initiative will benefit more than might be aff ected,” he added. aging director Tan Sri Leong Hoy Kum 10,000 house owners,” he said. L&G to launch RM1.67 bil worth of projects in 2016 Chew: You never really lose out when you own a property. Photo by Kenny Yap/ BY RACHEL CHEW The Edge Property

KUALA LUMPUR: Despite the forecast of further slowdown in the property market Artist impression of Astoria. Chester Properties’ marketing di- this year, Land & General Bhd (L&G) plans Photo by Land & General rector Jei Chew said it is still better to to launch three developments with an esti- buy than to rent properties despite mated total gross development value (GDV) the slow market. of RM1.67 billion. This applies especially to those “Th e softening property market will off er still in doubt about the large finan- L&G an opportunity to increase our land bank cial commitment required to purchase as land prices will be more realistic. Th ere will property. be opportunities for joint ventures with smaller “You never really lose out when developers or land owners with choice land as you own property. Eventually, you will the cost of entry into this industry increases. need to stay in a house. It is better to “L&G will be on the lookout for opportu- own your own property than to rent nities as we have the fi nancial strength to sit it from others,” said Chew. out the slower market and wait for a better He commented that agents and ne- outlook in the future,” L&G managing direc- gotiators will benefit from TheEdge- tor Low Gay Teck told Th e Edge Property via Property.com’s website because of the email recently. user-friendly tools, market data and Th e launches are the Astoria serviced wide-ranging news. apartments in Ampang (GDV: RM860 mil- “It also provides useful informa- lion); the fi rst phase of landed development, tion to agents who want to know more Taman Sena, in Seremban (GDV: RM280 about a property’s indicative rental million); and Phase 2 of the Damansara velopment launched in 2012. the property market to see consolidation; yield or average transacted price. That’s Foresta serviced apartments in Bandar Sri Low says one of the biggest challenges smaller developers with weak balance sheets why we’re here, to learn more about Damansara (GDV: RM530 million). for the overall property market this year is will have to merge or fi nd partners to meet these tools,” said Chew. Astoria Ampang sits on a 5.7-acre land weak buying sentiment. the challenges of a slowing market; better Chester Properties is responding to parcel just off Jalan Ampang. Th e four-tower “Th e expectation of further economic informed buyers; and tighter profi t margins. current market conditions by providing development consists of 253 units of between slowdown will aff ect property buyers. Th ey “Th e year 2016 will be a good opportu- its agents better incentives, such as in 560 sq ft and 1,505 sq ft in built-up area, priced will be extremely cautious in buying or in- nity for developers like us to continue to commission rates, holiday packages between RM495,000 and RM1.8 million. vesting in any property.” build on our brand as smaller players exit and gadgets for achieving their sales Damansara Foresta is a four-phase de- Faced with more headwinds, Low expects the market,” Low said. targets, he said. FRIDAY JANUARY 29, 2016 • THEEDGE FINANCIAL DAILY FRI EP4 PROPERTY | COVER STORY

PHOTOS BY PPC INTERNATIONAL (PENANG) SDN BHD

Th e other Penang poised to soar With the Penang Transport Master Plan now being implemented, the areas on mainland Penang closest to the island stand to benefi t from major new developments

Ha

Fo at st Aspen Vision City will have a IKEA mall and is expected to stimulate the local market. ber

Pro BY TAN AI LENG the transit point for public transport con- pri necting the mainland to the island, and to Seb and scarcity and sky-rocketing other cities on the peninsula. in property prices on has changed a lot over cre have driven developers and in- the years as robust industrial activity has low vestors towards the mainland in stimulated the development of housing, PA in t recent years. Although the main- International Property Consultants (Penang) land property scene continues to Sdn Bhd executive director Michael Loo tells 12 Lplay second fiddle to the island’s, growth in Th eEdgeProperty.com. to the Seberang Perai area is now accelerating “For instance, Butterworth, where I was and poised to soar higher. born and brought up, has seen residential Ch Seberang Perai, formerly known as Prov- development move from landed homes to att ince Wellesley, is a narrow hinterland lo- high-rises. Th ere are also increasingly more C H cated opposite Penang Island separated by gated developments in Butterworth, some- Lee the Penang Straits. With its proximity to the thing we hardly saw a few years ago,” he says. fro island and ample land resource, the main- He claims that 20 years ago, the popula- Seb land is becoming an attractive investment tion ratio of Penang island to the mainland tha destination. was about 55%, but as connectivity between ins Th e island has seen rapid growth as a port the two parts of Penang improved, the pop- city and tourism destination while only a ulation of the mainland now outnumbers is i few towns on the mainland, such as Butter- that of the island by around 53%. rise worth, Simpang Ampat and Seberang Jaya, According to data available as at 2012 stil are hubs of business activity. Butterworth is from the Department of Statistics, the island Woodsbury Suites has set a new price benchmark in mainland Penang. buy the principal town of Seberang Perai, and had a population of around 738,500 people and and the mainland, 872,600. pop Associate director of Henry Butcher Ma- housing development,” Fook says. and Butterworth, a monorail line from Raja wo laysia for Seberang Perai, Fook Tone Huat, Loo of PA International concurs. He says Uda to Alma, a Bus Rapid Transit (BRT) line says major town centres here, such as Batu most developers in Seberang Perai were lo- from Permatang Tinggi to Batu Kawan, and exe Kawan, Simpang Ampat, Bukit Mertajam cal companies such as Tambun Indah Land the Penang Undersea Tunnel, the mainland inv and Seberang Jaya, have seen signifi cant Bhd, DNP Land Sdn Bhd, IJM Land Bhd and property market will become an increasingly be urbanisation. Th eir new townships are draw- Asas Dunia Bhd, until around the year 2000. viable alternative to more expensive prop- pro ing more property buyers and people to More recently, more developers from other erties on the island. her Loo: Over the live there. states have moved in. In the past fi ve years, Loo says the sell- past fi ve years, Developers from other states have ex- “Over the past fi ve years, property pric- ing price for high-rise residential develop- lan prices in some panded their footprint to the mainland, es in places such as Butterworth, Batu Ka- ments on the mainland have ranged between the areas have including PJ Development Holdings Bhd, wan and Simpang Ampat have seen at least RM300 psf and RM400 psf, with some pro- so grown at least Eco World Development Group Bhd, Hua 50% capital appreciation. Even though the jects selling above RM400 psf. po 50%. Yang Bhd and Titijaya Land Bhd. implementation of the Goods and Service For instance, Woodsbury Suites by PJD “We do see some developers from the Tax (GST) has impacted market sentiment, Property is selling at RM550 psf. It off ers Sec Klang Valley, Penang island and Ipoh moving property prices continue to grow, but at a 420 serviced suites of between 550 sq ft and tivi to the mainland, looking for development slower pace,” he remarks. 1,250 sq ft in built-up area. rea land of good potential in Jalan Baru, Bukit With numerous public transport and in- A 1,089 sq ft unit in Signature Condomin- ern Mertajam, Batu Kawan and Simpang Am- frastructure projects planned such as a light ium by Excel Focus Properties Sdn Bhd was pat, including lands suitable for aff ordable rail transit (LRT) line linking George Town listed on Th eEdgeProperty.com last Novem- see FRIDAY JANUARY 29, 2016 • THEEDGE FINANCIAL DAILY COVER STORY | PROPERTY EP 5

BHD PHOTOS BY PA INTERNATIONAL (PENANG) SDN BHD Table 1: High-rise residential prices in Seberang Perai based on transactions in 2015

PROJECT AVERAGE SELLING PRICE (PSF) LOCATION Harbour Place RM330 to RM450 Butterworth Cassia condominium RM320 to RM350 Raja Uda Tanjung Heights RM280 to RM340 Raja Uda Pangsapuri Pinang Laguna RM280 to RM330 Jalan Baru, and Palma Laguna Butterworth Pangsapuri Ria RM190 to RM260 Butterworth Source: Henry Butcher Malaysia

Source: TheEdgeProperty.com

Chart 1: Penang Mainland non-landed residential average price

Harbour Place in Butterworth.

Source: TheEdgeProperty.com

Chart 2: Top 5 condominiums/apartments in Penang Mainland with highest indicative asking rental yield

Fook: Mainland Penang has Lee: The residential high-rise Saw: Good public transport will attracted developers from other market is still in the early attract more islanders to live states. growth stage. here.

ber for RM498,000, or around RM457 psf. a number of developments there. An analysis of transactions by Th eEdge- “Batu Kawan is a greenfi eld site so we Property.com shows the average transacted should see strong capital appreciation of price of non-landed residential property in properties there over the next five years Seberang Perai hit a new high of RM192 psf once the planned developments are com- in 1Q2015, an outstanding 23.4% y-o-y in- pleted,” he says. crease from RM155 psf previously. Th is fol- In Batu Kawan, Eco World will develop lowed an already robust 9.7% y-o-y growth the RM10 billion Eco Marina township on in the preceding year. 300 acres of land. Mainland residents are However, total transaction volume for the also looking forward to the RM8.4 billion 12 months to 1Q2015 declined 16.8% y-o-y Aspen Vision City that will include an IKEA to 1,203 units from 1,446 units. mall. Th ere is also a RM1 billion mixed-use development that boasts a mall with premium Cheaper pricing drawing buyers’ boutiques. Meanwhile, Paramount Property attention plans to build a university metropolis, com- C H Williams Talhar & Wong director Tony prising commercial, residential and retail Lee Eng Kow concurs there is rising interest elements anchored by the new KDU campus. from property buyers as property prices in Outside Batu Kawan, major developments Seberang Perai are relatively more aff ordable include Pearl City by Tambun Indah Land than on the island, where landed homes, for Bhd, a 1,140-acre township in Simpang Am- transport hub will improve links between the island and the mainland. instance, are mostly beyond the mass market. pat comprising landed properties, serviced Although buyer interest from the island residences, commercial hub, international is increasing, Lee notes that the strata high- school and mall. Fook expects mainland property prices like Tasek Gelugor,” Saw adds. rise residential market in Seberang Perai is and rental yields to remain fl at in 2016 due Fook notes some other catalysts that still in the early growth stage. Besides, most Pressure on rental yields to the weak overall economic conditions, the could help boost other areas on the main- buyers from the island prefer landed homes As new developments are completed, high- impact of GST and strict lending criteria, but land, including the proposed Penang-But- and shop offi ces for investment. Th e areas rise residential supply is expected to increase expects the situation to improve after 2017. terworth Undersea Tunnel that will link popular with property investors are Butter- in the near future. PPC’s Saw anticipates “Th is year will be a buyer’s market. I would Gurney Drive on the island to Bagan Ajam aja worth and Bukit Mertajam. rental yield growth to face pressure given advise investors to look for good buys now, in Butterworth. ine PPC International Penang Sdn Bhd the increased choice for tenants. especially auction properties below market “Th is project could help boost property nd executive director Mark Saw says more Research by Th eEdgeProperty.com shows price,” says Fook. demand in Butterworth and its surrounding nd investors from around the country would that indicative annual rental yields based on areas of Sungai Puyu, Teluk Air Tawar and gly be interested in buying Penang mainland asking rentals observed as at June 2015 range Improved accessibility bringing more Bagan Lalang,” he explains. op- property if the transport infrastructure between 4.0% and 7.5%. Th e highest indica- opportunities Fook says Simpang Ampat, located in here was improved. tive asking rental yields can be found at Pantai Despite the property market slowdown of Seberang Perai, will benefi t from the Penang ell- “Th ere are people who move to the main- Apartment (7.5%) on the coast of Butterworth. the last two years, Saw believes there are Second Bridge. op- land from the island for its aff ordability but Saw says the popular high-rise residenc- positive signs. For one, developers are look- Loo from PA International says the Penang een the majority [property buyers] will only do es for renters are located near established ing for opportunities to increase their land Transport Master Plan will strongly catalyse ro- so if there is an improvement in the trans- areas, such as the Chain Ferry area. bank on the mainland. mainland development. With better accessi- portation Infrastructure,” he adds. Fook of Henry Butcher says those renting “I believe more developers will consider bility, people who work in Bayan Lepas will PJD He notes that the opening of the Penang houses in Seberang Perai are mainly middle areas with good opportunities, especially if have the option of moving to the mainland ers Second Bridge has stimulated economic ac- and higher-income professionals, managers, they see good infrastructure projects such as and commute to work daily. nd tivity in Juru and Tambun as they are easily factory engineers and businessmen with com- rail links, bus routes and roads being planned. reached by Penangites staying on the south- panies in the northern parts of the country. “If there is improvement in holistic in- ern part of the island. “Th e main considerations of tenants are public transport in all areas, including in See property listings for this area on was In terms of capital appreciation, Saw location, public amenities, building facilities the north of Butterworth, we will see more Market Watch ep6 m- sees potential in Batu Kawan because of and services,” he adds. opportunities [for development] in areas FRIDAY JANUARY 29, 2016 • THEEDGE FINANCIAL DAILY EP6 PROPERTY | MARKET WATCH Go to TheEdgeProperty.com for more listings

FOR SALE [on Penang Mainland] FOR RENT [on Penang Mainland]

Sea View Tower Wellesley Residences Asking price: RM200,000 Pantai Apartment & Associates Realty (REN 08363) Built-up area: 784 sq ft Type: Condominium/ Tel: (013) 481 7777 Bedroom(s): 3 serviced residence Bathroom(s): 2 Tenure: Freehold The Signature, off Jalan Baru, Description: Nice, furnished unit Asking rent: RM1,350 Perai with grilles, lights, fans, fridge Built-up area: 940 sq ft Type: Condominium/ and washing machine. Ideal for Bedroom(s): 3 serviced residence own stay and investment. Near Bathroom(s): 3 Tenure: Freehold Prai and Bukit Minyak industrial Description: Prime location off Asking rent: RM2,000 areas and . Jalan Kampung Gajah beside Wisma Built-up area: 1,195 sq ft Type: Condominium/ Type: Condominium/ Maintenance fee only RM78. Pantai. Fully renovated corner unit. Bedroom(s): 3 serviced residence serviced residence Agent/negotiator: Seah of Agent/negotiator: Frankie Soon Bathroom(s): 2 Tenure: Freehold Tenure: Freehold Rina Properties (REN 13677) of Vivahomes Realty (REN 05375) Description: New luxury Asking price: RM380,000 Asking price: RM400,000 Tel: (019) 481 1888 Tel: (012) 473 6818 condo located about 2km from Built-up area: 1,000 sq ft Built-up area: 900 sq ft Politeknik Seberang Perai and Bedroom(s): 3 Bedroom(s): 2 Ria Apartment Sea View Tower less than 5km from Penang Bathroom(s): 2 Bathroom(s): 2 Type: Condominium/ Bridge. Fully furnished corner Description: Sea View Tower @ Description: Located at Harbour serviced residence unit with two car park bays and Harbour Place, Butterworth. Place, Butterworth, this corner Tenure: Freehold store room for bicycle, etc. Agent/negotiator: Calvin Hng unit has a pool view and full Asking rent: RM1,350 Agent/negotiator: Ann of of ON Realty (REN 02888) condominium facilities. Built-up area: 940 sq ft Reapfi eld Properties (Penang) Tel: (010) 403 9133 Agent/negotiator: Serene Ng Description: Located beside Sdn Bhd (PEA 1373) of Inland Housing (E 2231) Park View Condo and Ocean Tel: (019) 400 2532 Ocean View Residence Tel: (019) 313 4336 View Residences. Near Econsave Type: Condominium/ Butterworth, Butterworth jetty Sea View Tower serviced residence Palma Laguna Type: Condominium/apartment terminal and Penang Bridge. Type: Condominium/ Tenure: Freehold Type: Condominium/ Tenure: Freehold Agent/negotiator: Jonathan Lee serviced residence Asking price: RM450,000 serviced residence Asking price: RM328,000 of GS Realty Sdn Bhd (REN 12584) Tenure: Freehold Built-up area: 1,100 sq ft Tenure: Freehold Built-up area: 1,000 sq ft Tel: (012) 728 6068 Asking rent: RM2,800 Bedroom(s): 3 Asking price: RM325,000 Bedroom(s): 3 Built-up area: 1,800 sq ft Bathroom(s): 2 Built-up area: 1,100 sq ft Bathroom(s): 2 Wellesley Residences Bedroom(s): 4 Description: Faces Penang Bridge. Bedroom(s): 3 Description: Located in Lebuh Type: Condominium/ Bathroom(s): 3 Brand new unit with private pool. Bathroom(s): 2 Kampung Benggali, Butterworth. serviced residence Description: Fully renovated Agent/negotiator: Sky Ooi of Description: Brand new condo on Facilities include a food court, Tenure: Freehold and furnished unit in move-in Dynasty Home Realty (REN 08757) Jalan Baru Perai with easy access badminton hall, basketball, Asking rent: RM2,000 condition. Comes with two car Tel: (013) 984 2506 to Penang Bridge, Butterworth and sepak takraw and tennis courts, Built-up area: 1,100 sq ft park bays. All rooms except one Bukit Mertajam. There is a water playground, club house, swimming Bedroom(s): 2 have air-conditioning. Facilities: Ocean View Residences theme park beside the condo. pool and 24-hour security. Bathroom(s): 2 gym, jacuzzi, nursery, playground, Agent/negotiator: Margaret Fully furnished corner unit with Description: Renovated and sauna, squash court, swimming Beh of Reapfi eld Properties two covered car park bays. furnished unit near Econsave pool, 24-hour security, etc. Short (Penang) Sdn Bhd (REN 06168) Agent/ negotiator: Kelvin Tan hypermarket and ferry drive to Econsave hypermarket Tel: (012) 400 9111 of Popular Realty (REN 09826) terminal, Penang Bridge and and ferry terminal, and to Tel: (016) 457 7766 North-South Highway. Penang Bridge. Surrounded by Pinang Laguna Water Park Condo Agent/negotiator: Angeline See amentiies, including Sunway Seri Emas Apartment Thoe of Inland Housing (REN 02924) Carnival Mall 10 minutes away. Type: Condominium/ apartment Tel: (012) 523 7389 Agent/ negotiator: Sam Kam of Tenure: Freehold Reapfi eld Properties (Penang) Type: Condominium/ Asking price: RM350,000 Ocean View Residences, Sdn Bhd (REN 09422) serviced residence Built-up area: 1,159 sq ft Harbour Place Tel: (012) 408 0861 Tenure: Freehold Bedroom(s): 3 Type: Condominium/ Asking price: RM420,000 Bathroom(s): 2 serviced residence Ria Apartment Built-up area: 935 sq ft Description: Seri Emas Apartment Tenure: Freehold Type: Condominium/ apartment Bedroom(s): 3 or Deland Mark Apartment @ Asking rent: RM2,000 Tenure: Freehold Bathroom(s): 2 Type: Condominium/ Limau Manis, Bukit Mertajam. 24- Built-up area: 938 sq ft Asking rent: RM980 Description: Ocean View serviced residence hour security. Two car park bays. Bedroom(s): 3 Built-up area: 800 sq ft Residences is part of the Harbour Tenure: Freehold Agent/negotiator: Chris Huah Bathroom(s): 2 Bedroom(s): 3 Place integrated development in Asking price: RM410,000 of ON Realty (REN 09683) Description: Fully furnished unit Bathroom(s): 2 Butterworth. The unit faces the Built-up area: 1,010 sq ft Tel: (014) 308 8578 Agent/negotiator: YC Tang of Description: Top-fl oor unit swimming pool and has a sea Bedroom(s): 4 IQI Realty Sdn Bhd (REN 12101) with nice view. Newly renovated view. Near Econsave hypermarket Bathroom(s): 2 Tel: (019) 449 9725 and repainted. New furniture and ferry terminal, Penang Description: Fully renovated and electrical appliances, Bridge and Prai industrial area. and furnished unit, very close Pinang Laguna Water Park including two queen beds and Agent/negotiator: Adele See to the North-South Highway Condo mattresses; two air-conditioners; Thoe of ON Realty (REN 02921) and Penang Bridge. Type: Condominium/ stove; fridge; heater; washing Tel: (012) 543 3526 Agent/negotiator: Calvin Hng serviced residence machine; dining table; sofa of ON Realty (REN 02888) Tenure: Freehold and 32” LED TV with cabinet. Dahlia Park Condominium Tel: (010) 403 9133 Asking rent: RM1,300 Agent/negotiator: YC Tang of Built-up area: 1,000 sq ft IQI Realty Sdn Bhd (REN 12101) Ria Apartment Ruby Tower Bedroom(s): 4 Tel: (019) 449 9725 Type: Condominium/ Bathroom(s): 2 serviced residence Description: Fully furnished Tenure: Freehold unit. Available April onwards. Asking price: RM240,000 Near Penang Bridge, Kulim Built-up area: 780 sq ft Highway and amenities. Bedroom(s): 3 Agent/negotiator: Eric Lim of Type: Condominium/ Bathroom(s): 2 Rina Properties (REN 14154) serviced residence Description: Furnished unit. Walking Tel: (012) 564 4503 Tenure: Freehold distance to Billion supermarket Asking price: RM460,000 and Chung Hwa School 2. Close Vista Bay Built-up area: 1,495 sq ft to Raja Uda commercial centre, Type: Condominium/ Bedroom(s): 3 Penang Bridge, jetty terminal serviced residence Bathroom(s): 2 and North-South Highway. Tenure: Freehold Description: Near amenities such Agent/negotiator: Angeline See Asking rent: RM1,500 as a wet market, primary school, Thoe (REN 02924) of Inland Housing Built-up area: 1,200 sq ft Raja Uda commercial centre Tel: (012) 523 7389 Bedroom(s): 3 and Sunway Carnival Mall. Bathroom(s): 2 Agent/negotiator: Eric Lim of Delima Intan Apartment Description: Unit with nice sea Rina Properties (REN 14154) Type: Condominium/apartment view, near jetty and market. Tel: (012) 564 4503 Tenure: Freehold Agent/negotiator: Miki Lim of Khoo FRIDAY JANUARY 29, 2016 • THEEDGE FINANCIAL DAILY FEATURE | PROPERTY EP7 Silicon Valley North fuels Canada condo boom as Google moves in

Waterloo, an Ontario university town, is attracting dozens of startups and a tech mammoth

TORONTO: In a banquet hall in north To- An employee talks on a mobile phone ronto, a condominium sales event is gener- at Google Canada’s engineering ating the kind of frenzy more often seen on headquarters in Waterloo, Ontario, a trading room fl oor. Canada, on Friday, Jan. 22, 2016. The Michael Wekerle former Bay Street trader, 185,000-square-foot facility currently technology investor, business reality show houses over 350 employees from judge and now real estate mogul, steps up Google’s Canadian development to a podium in front of about 1,600 people to team. Photo by Bloomberg make his pitch. Waterloo, an Ontario town that revolves around two universities and a burgeoning technology sector that’s attracted Area blossoms companies such as Google Inc and dozens NKL Properties Inc, the closely held develop- of startups, is booming, he says. er of District Condos, guarantees the inves- “It’s a land grab,” Wekerle, 52, dressed in tor as much as C$1,930 per month on units a light grey three-piece suit and trademark for the fi rst two years. Units in the building sunglasses, tells the rapt crowd “Th ere were range in price from C$270,000 one-bed- zero cranes when I fi rst showed up there and room suites to two-bedroom units for about there are 15 cranes in the sky now.” C$340,000. Toronto-based FirstService Corp, He fi nishes his speech. Th en all hell breaks the sharesof which have risen 90% over the loose. Prospective real estate investors surge past 12 months, will manage the property. to the back of the room, submitting pa- Nora Gharib, who recently graduated perwork for off ers on one or more units as from the University of Waterloo’s pharmacy agents in suits shout and gesture to clients, programme and now lives in Toronto, is con- who anxiously pace the aisles. Th ree hours sidering buying a unit in the District build- later, the 250-unit, C$85 million (RM254 ing. “I regret not investing in a condo there million) District Condos project is sold out when I was in school,” said the 28-year-old, and 170 people are added to a waiting list. who remembers driving 10 minutes to get a coff ee at one of the only Starbucks cafes in ‘Safe investment’ town. Today, there are a dozen in the area. Th e fervent demand for property in Water- “You couldn’t walk there at night before loo, about 110km west of Toronto, highlights — not even because it was dangerous but the city’s coming of age as an investment because it was just dark and there wasn’t destination: fi rst by technology companies anything there,” she said, while looking at A member of The Edge Media Group, THEEDGEPROPERTY.com and now real estate fi rms looking to gain a unit layout at the event. “Th en buildings is Malaysia’s fastest growing and most relevant property portal. from the city’s metamorphosis. Real estate went up and more young people moved in. investors at the event, including families, It was like watching an area blossom. It’s the Come join the team! seasoned individuals and couples, were new Waterloo.” looking for higher returns than in Toronto, Th e vacancy rate on a bachelor unit in where homes are sold for almost double the Kitchener-Waterloo region was 1.5% in PROPERTY ANALYST what they are in Waterloo. October 2015, a 13-year low, according to “It’s what that fellow was talking about,” data from Canada Mortgage & Housing Corp. DO YOU SUSPECT THAT CEMENT said Bill Ring, head of operations for a prop- Th at compares with 1.9% for the same type erty management company, referring to of unit in Toronto. District is one of 14 condo IS FLOWING IN YOUR BLOOD? Wekerle. “Students are coming in and need towers under construction or planned in the a place to live, tech companies are opening. region over the next few years, according to ARE YOU EXCITED BY It’ll all drive the value up.” Ring drove two real estate data tracker BuzzBuzzHome.com. WHAT THE DATA IS TRYING TO TELL YOU? hours to attend the event and buy a one-bed- General housing market activity has also room unit. It’s his fi rst condo investment, been buoyant with average prices rising 23% IN LOVE WITH PROPERTY? which he intends to fl ip to another buyer to C$346,150 in the last fi ve years to August, ARE YOU before it’s completed, taking advantage of according to the Canadian Real Estate Associa- If it is a firm ‘Yes’ to all the above, the advertised 40% return. “I don’t want to tion. Th at’s behind the 42% growth in Toronto, invest in stocks because they’re crazy and where the average home price is C$573,500. we would love to have a chat with you. real estate is a solid, safe investment.” Th e rise in prices and condo develop- BEFORE THAT, WHO WOULD YOU BE? With a population of about 140,000 peo- ment, against a record ratio of Canadian ple, a third of them students and 20% work- household debt to disposable income, has WELL, YOU WOULD: ing in the technology industry, Waterloo raised concerns of a real estate bust brewing • Have a strong knowledge of the property market has been billed as Canada’s Silicon Valley. across the country. • Boast indepth research and analytical skills Home to BlackBerry Ltd, Open Text Corp, • Churn out analysis reports with ease and dozens of startups, Waterloo and its Oversupply potential • Spot story ideas in the data and turn them into reports twin city Kitchener are so in-demand that Deep Sachdev, a mortgage agent in Toronto, • Turned on by deadlines condo development is surging. decided against buying a unit in the District • A team player who can work with minimal supervision Wekerle, who made millions trading Ca- project at the event. He and his wife, who nadian oil and mining stocks before turn- already own seven units across Kitchen- Of course, you would command excellent communication and writing skills. ing to tech, recently bought six buildings er-Waterloo and a handful in other cities, there formerly owned by smartphone maker said prices for pre-construction units are Salary will commensurate with experience and last drawn salary BlackBerry. He’s currently negotiating the rising at about 10% each year, making the (if applicable) to be stated in résumé. purchase of another three buildings in the returns less compelling. region. “Th e time to get in was two years ago,” Please send in your résumé to: “It’s like lightning in a bottle — you could Sachdev said. “Th ere’s the potential for over- The Manager try this in a hundred diff erent places and supply if they keep building at this pace, Human Resource Department never achieve the same type of community which won’t help rents or prices.” Level 3, Menara KLK, No 1 Jalan PJU 7/6 as what has been created in Kitchener-Wa- Construction on the District tower, a few Mutiara Damansara, 47810 Petaling Jaya terloo,” Sam Sebastian, country manager for minutes’ walk from Wilfrid Laurier University Email : [email protected] Google Canada, said in statement Jan 14 after as well as the University of Waterloo, and which Fax : 603-7721 8008 opening a new building that will be home will include a yoga studio and coff ee bar, starts to more than 350 engineers as the company later this year and is slated for occupancy at Only shortlisted candidates will be notified expands in the country. the start of the 2018 school year. — Bloomberg FRIDAY JANUARY 29, 2016 • THEEDGE FINANCIAL DAILY EP8 PROPERTY | HOME IDEAS

PHOTOS BY RAYMOND LEE 01 01. Bold striped wallpaper and carefully selected artworks make a dining room space special. Wallpaper from a selection at Janine, K Tribe pendant light by FLOS.

02. Modern take on tradition at Royal Selangor adds a punch to any home and is one to add to your collection.

03. Colourful cushions are an easy fi x and will brighten your arm chair or sofa instantly. These are from Bits & Pieces.

04. Luxurious silk cushions and mini foot stools in a vibrant Oriental-style fabric by Designers Guild at Janine.

05. This elegant “metallic” Epoca fl oor lamp(from Studio 216 Gardens) is sure to brighten any corner of your abode.

02

Simply Red & 03 a touch of Gold! Quick fi xes and easy-to-execute ideas for this Chinese New Year

into a space is with the use of wallpaper. It can bright on the eve. No corners were left dark be the main focus of the room in itself or the and unattended, especially at the entrance 04 BY RAYMOND LEE background canvas that allows you to feature of the abode. a nice piece of art. Browsing around town recently, I was de- I recently decorated this condominium in lighted to discover some truly ‘sparkling’ op- the enclave of Mont’Kiara and was able to turn tions of fl oor and table lamps that are both he Chinese New Year of the Mon- a small dining corner into a stand out space by functional and beautifully designed. Several of key is almost upon us and a sense choosing a bold wallpaper. Th e highlight of the them are in a shiny, metallic, gold fi nish while of excitement and renewal is in room was certainly the dramatic original paint- others are shaped like lively fi shes. Fish signi- the air for the Chinese commu- ing by Malaysian painter Ismadi Sallehudin. In fi es prosperity among the Chinese. nity here and the world over. contrast, the dining table was a round vintage On the home front, I’ve been marble top, art deco, teak wood table from the Art is all it takes Tbusy trying to refresh my little apartment 1930s. It exudes quiet elegance but provides A dull corner is instantly transformed with and have relied on tried and tested makeo- practicality for the family of six in this home. the right artwork. And it does not need to be ver ideas for new looks appropriate for the a hefty investment either. For instance, an in- celebrations. Accessorise expensive painting of an elegant chandelier I Here are some tips I’d like to share with Bring life and colour to a tired sofa or arm- found recently could be just the perfect piece you. Some are relevant for their signifi cance chair with colourful cushions. Gorgeous trop- that adds drama and elegance to a dining area, during Chinese New Year while others are a ical-themed ones featuring exotic birds with making that family reunion dinner all the more more modern take on tradition. Let’s ush- colourful plumage will add a spring to your special. Aff ordable, easy-to-hang artwork can 05 er in the new year and welcome spring into step. Cushion covers with bold graphic prints be found at Bits & Pieces. our homes! or cute motifs (such as of your favourite pet) Th e new limited edition monkey sculpture would also certainly get the nod of approval recently introduced at Royal Selangor is mod- Add colour and texture with rugs from grandma. Th ese cushion covers certain- ern and yet relevant for the season. It’s one of One easy way to add colour and texture is to ly add a lot of punch to any room at very little my favourite pieces of this festive season and use rugs. Th ey’re a great way to bring new life cost. I found some inexpensive ones at Bits & would make a great addition to any Chinese to any space. Whatever style or pattern of rug Pieces (Gardens Mall and Publika). New Year decor. you choose, make sure it goes with the décor of For a more contemporary touch, the gold Last but not least, don’t forget to add bunch- the space. A brightly coloured rug would surely metallic fruit bowls by Tom Dixon and the red es of colourful fresh fl owers all over your home add a big impact to the room. Go for modern glass vases by LSA at Gudang (BSC and Great to mark the advent of spring and another new and graphic or bold and Oriental. You will fi nd Eastern Mall) are also very appropriate for the year! Gong Xi Fa Cai! a large variety of rugs at Artefl oor (Gardens festive celebration. Mall), Janine (BSC and Great Eastern Mall) or even at Ikea (Mutiara Damansara and Cheras). Light and bright Raymond Lee is an interior designer and founder I always remember what my late grandmoth- of Xceptional Interiors. He can be contacted Wallpaper panache er told us — that we should usher in the new at Email: [email protected] One sure way of injecting the ‘wow’ factor year by making sure that the house is light and or check out www.xceptional-interiors.com

Published by The Edge Communications Sdn Bhd (266980-X) Level 3, Menara KLK No.1 Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, Selangor, Malaysia Printed by KHL Printing Co Sdn Bhd (235060-A) Lot 10&12, Jalan Modal 23/2, Seksyen 23 Kawasan Miel Phase 8, 40000 Shah Alam, Selangor, Malaysia