JS VAL UE RS PR OP ER TY CO NS ULT AN TS

Re vi ew of Ma la ys ia n Pr op er ty Ma rk et (0 8/ 09 )

CONTENT REVIEWOFMALAYSIANECONOMY

Review of Malaysian 1 Gross Domestic Products (GDP) % change (yoy) Economy 9% The Malaysian economic growth for 3Q08 8% 2009 Budget Review 3 moderated to 4.7%, after recording strong 7% 6% growths of 7.4% and 6.7% in 1Q08 and RM7b stimulation 5 5% 2Q08, respectively. The lower growth was 4% package attributed to the rising inflation, triggered by 3% 2% Review of Malaysian 7 the 40% increase in the petrol price, from 1% Property Market RM1.92 per liter to RM2.70 effective June 0% 8 8 8 8 8 8 8 8 8 8 8 0 0 0 0 0 0 0 0 0 0 - 0 ------r l g t b r n p n y v a u c

2008. a e p a u u e J o J J F S O A A M N Impact of the fuel 10 M price increase and The bankruptcy filing by Lehman Brothers in Consumer Price Index global financial crisis September 2008 heightened the beginning of low USD40 per barrel in early 2009 from the the global financial crisis, which has led US peak of USD146 per barrel in July 2008. Cor- Property Market Out- 11 and Europe governments to initiate multi respondingly, crude palm oil prices and the look billion bailout packages to rescue the finan- costs of construction materials have also de- cial institutions. The financial crisis has 13 clined. Major Market Activi- prompted global economic slowdown with ties in 2008 several countries facing potential economic recession. Major Corporate 31 Interest rates Deals GDP (RM million) Growth (%) In February 2009, Bank Negara 140,000 8%

7% (BNM) reduced the Overnight Policy Rate 135,000 6% (OPR) by 75 basis points to 2.5% to promote 130,000 5% economic growth amid the downside risks to 125,000 4% economic growth. As a results, most financial 3% 120,000 institutions have reduced the Base Lending 2% 115,000 Rate (BLR) to between 5.95% and 6%. The “The Malaysian 1% reduction was the second reduction after a economic growth for 110,000 0% 07-1Q 07-2Q 07-3Q 07-4Q 08-1Q 08-2Q 08-3Q 25-basis point cut in November 2008. 3Q08 moderated to GDP (RM mil) Growth (%) 4.7%, after BNM has also reduced the Statutory Reserve Ratio (SRR) to 2% from 3.5%, effective 1st recording strong February 2009. The reduction will inject growths of 6.7% and Inflation more liquidity in the banking system, allow- ing banks to lend more to finance economic The escalating global fuel prices since 2007 7.4% in 2Q08 and activities. 1Q08, respectively” have continued to push the country’s infla- tion. Effective June 2008, the country’s fuel Interest rate price has been pegged against the global fuel 8% price, which has prompted the country’s fuel 7% price to increase by about 40%, has pushed 6% 5% up the country inflation to 7.7% in June and 4% about 8.5% in July and August 2008. 3% 2% The inflationary pressures eased towards the 1% 0% 8 8 8 8 8 8 8 8 8 8 8 9 9 8 0 0 0 0 0 0 0 0 0 0

end of 2008 (to 4.4% in December 2008), 0 0 0 0 ------l r r g t c n b n p v n b y u c a e a p u e e a e a u J o J J F J S O F M A A N D

encouraged by the declining global fuel M

prices. The global fuel price declined to be- BLR 12-month fixed deposit Review of Malaysian Property Market (08/09) Page 2

REVIEWOFTHEMALAYSIANECONOMY

As a result of the reduction, the deposit rates, continues to decline. Unemployment rate is including the fixed deposit rates are expected expected to increase to about 4%. Multina- to reduce. As at December 2008, the interest tional companies that have announced clo- rates for 1-month and 12-month fixed depos- sures or restructuring of their manufacturing “No significant its were 3% and 3.5%, respectively. plants in Malaysia include Intel, Sony Corp improvement is and Panasonic. anticipated, Most companies, particularly public listed especially in the first Global economy companies are expected to report “lower than forecasted” financial results in 2009 in view half of 2009. The The bankruptcy filing by Lehman Brothers of the poor market condition. As a result, the Holdings Inc in September 2008, marked the economic stock market is not expected to perform fa- beginning of the global financial crisis in US progression will vourably in 2009, especially during the first and Europe. The financial crisis is the conse- half. depend greatly on quential effect of the US sub-prime crisis, the containment of which erupted in the middle of 2007. The With the inflationary pressure eases to about financial crisis has caused the global share 3% to 4%, the government is expected to the financial crisis markets to plummet. adopt and implement measures to promote and effectiveness of economic growth within the country. The failing of major financial institutions in Amongst the measures announced include the stimulation US and Europe has prompted governments lowering of the BLR, expansionary 2009 packages” worldwide to introduce various bail-out and Budget and RM7 billion stimulation package. economic stimulation packages to revive the banking systems and economic progression in With low inflation rate, Bank Negara Malay- their countries. In spite of these packages, the sia (BNM) is expected to reduce the over- negative impact is expected to trigger a slow night policy rate (OPR) again in 2009 to down in the global economy in 2009. stimulate the country’s economy. The cut will reduce the BLR further from the current The recent military attacks by Israel on Pales- 5.95%. The reduction also corresponds with tine has not only created global market uncer- the interest rate cuts by other countries. tainties, global fuel prices have also signaling an upward trend. The crude oil future was While most countries have undertaken vari- trading at USD47 per barrel from below ous measures to stimulate their economies, USD40 per barrel. The increase created fear however, no significant improvement is an- “Despite the that the crude oil price may increase again. ticipated, especially during the first half of depressing economic 2009. The economic recovery will depend The impact of the financial crisis on the greatly on the containment of the crisis and outlook, the global economy is imminent. The economic effectiveness of the stimulation packages. growth for Singapore slowed to 1.5% in 2008 government compared with 7.7% growth in 2007. In Ministry of Finance has revised downward its maintained its 2009, Singapore’s economic growth is fore- economic growth forecasts for 2008 and 2009 growth forecast of casted to be between –2% and 1%, down to 5% and 3.5% from earlier 5.7% and 5.4%, from the earlier forecast of 1% to 2% made in respectively. The government promises addi- 3.5%, promising November 2008. tional stimulation packages in the event that additional the country’s economy worsens. stimulation Private analysts such as Malaysian Institute Malaysian Economic Outlook packages to of Economic Research (MIER) and Citi In- stimulate the With the anticipated reduced demand for in- vestment Research have forecasted lower dustrial products, the country’s industrial GDP growths of 1.3% and 0.5%, respectively economy if output is expected to reduce. In view of this, for 2009. Both analysts expects Malaysian necessary” companies may resort to retrenchment to re- economy to enter into a technical recession duce their operational costs if the demand during the first half of 2009. Review of Malaysian Property Market (08/09) Page 3

2009 BUDGET REVIEW

The 2009 Budget is focused on enhancing the Various measures have been proposed to help well being of all Malaysians, e.g. which was the Malaysians, such as increase of tax rebate themed ‘A Caring Government’. Overall, the from RM350 to RM400 per head, reduction budget will focus on three specific strategies: of the highest tax rate for individuals from “The Budget 2009 is 28% to 27%, reduction of import duties on focused on  Ensuring the well being of Malaysians selected consumer products, tax exemption  Developing Quality Human Capital on interest income and many others. enhancing the well  Strengthening the Nation’s Resilience being of all Amongst the measures proposed to encourage house ownership are as follows: Malaysians, The budget deficit for 2008 is expected to specifically to expand to 4.8% of the Malaysian GDP, which  For purchase of medium cost houses up is higher than the original 3.1% target. The to RM250,000, the 50% stamp duty ex- counter the government expects the fiscal deficit to re- emption is extended to loan agreements inflationary threats duce to 3.6% in 2009. Overall, the govern- ment allocated RM207.9 billion for the 2009 affecting the people”  The fund under the Housing Credit Guar- Budget, which is 5.1% higher than the re- antee Scheme (SJKP) will be increased vised allocation for 2008. to RM100 million from RM50 million. The scheme has been rolled out to all local financial institutions Other indirect taxes 13.1%  To provide low cost housing, Syarikat Borrowings and Perumahan Negara Berhad will construct use of gov assets Income taxes 33,000 low cost houses and a sum of 14.4% 43.0% RM330 million is provided to Jabatan

Export duties Perumahan Negara to complete 6,500 1.5% units under Program Perumahan Rakyat

Import duties 1.1%  The government will upgrade the terms Non-tax revenue & of housing loans for the civil servants ot her taxes 26.9% In view of the increasing fuel prices, there ^ Estimated Income has been pressing needs to improve the public transportation. Hence, the following has been proposed under the 2009 Budget:

General “One of the key Security administration  The services of RapidKL and Rapid- 2.0% 1.0% measures announced Social services Emolument to be improved 8.6% 18.4% under the 2009 Budget

Economic Debt service  RM35 billion will be expended during is to improve the services charges 13.5% 6.5% the 2009 to 2014 to enhance the capacity public transportations, of existing rail services, build new rail which include Supplies & tracks, increase the number of buses, as Other services extension and new expenditures 12.9% well as better infrastructure facilities 14.7% LRT lines in Pensions and gratuities Valley” Subsidies Grants & 3.5%  The existing LRT system in the Klang 16.4% transfers to state govt Valley will be extended by 30 km, which 2.4% is 15 km each for the and Ampang lines. The extension is sched- ^ Proposed Expenditures uled for completion in 2011 (cont…) Review of Malaysian Property Market (08/09) Page 4

2009 BUDGET REVIEW

 Increasing the train capacity. 35 train ditional allocation of RM300 million is pro- carriages for the Kelana Jaya line has vided under the Strategic Investment Fund to “The government is been procured and will be fully opera- finance the implementation of private-public tional by early 2010 partnership projects. committed to promote growths within the five To promote tourism development, new in-  A new LRT line will be built along 42 vestments by 4-star and 5-star hotel operators economic corridors in km route from to in and will be given Pioneer Malaysia, which are Cheras. This line is scheduled for com- Status with 100% income tax exemption or , pletion in 2014 Investment Tax Allowance of 100% for 5 Northern Corridor years. The government will also allocate Economic Region  Improvement of the KL Monorail RM50 million for conservation works of heri- tage sites in Melaka and Pulau Pinang. (NCER), East Coast  Improvement of KTM Komuter services, Economic Region Under the 2009 Budget, various measures which includes rehabilitation works on (ECER), Sarawak were also introduced to enhance the human the existing 20 Electric Multiple Units capital development, ensuring public safety, Corridor of Renewable (EMU) and additional 13 EMUs will be promoting growth in the Venture Capital Energy (SCORE) and acquired and operational by 2011. companies, maritime sector, SMEs and many Sabah Development others.  A 7.5 km Sentul- line is un- Corridor (SDC)” der construction and is expected to be completed by 2010. Impacts of 2009 Budget on Malaysian Property Market  Double tracking Electric Rail for Serem- ban-Gemas and Ipoh-Padang Besar are Most of the measures introduced under 2009 expected to be completed in 2012 and Budget are to counter the negative effects on 2013, respectively the Malaysians as a result of the high infla- tion rate and fuel prices. Specific emphasis  An integrated transport terminal is being has been placed on improving the spending built in Bandar Tasik Selatan, to provide power of the people, reducing the prices of facilities for inter-urban taxis and buses consumer products as well as to improve the and will provide connectivity to the Am- public transportation system. pang line, ERL and KTM Komuter. The terminal is expected to be operational in The low to medium income population as 2011 well as government servants will benefit from the partial exemption on the stamp duty, more attractive government housing loans as The government has also allocated about well as the Housing Credit Guarantee RM8.4 billion to improve the public ameni- Scheme to promote house ownership by the ties in the country, which large proportions of poor. about RM6.6 billion being allocated to Sabah and Sarawak, each state receives about The proposed new and extension of LRT RM3.3 billion. lines will create demand for properties around the new LRT lines. While the alignment of The government is also committed to pro- the LRT lines has yet to be finalized, several mote growths within the five economic corri- locations such as , , dors, which are Iskandar Malaysia, Northern Kota Damansara, , Cheras and Corridor Economic Region (NCER), East the surrounding areas have been identified as Coast Economic Region (ECER), Sarawak the potential locations of the new LRT sta- Corridor of Renewable Energy (SCORE) and tions. Sabah Development Corridor (SDC). An ad- (cont…) Review of Malaysian Property Market (08/09) Page 5

2009 BUDGET REVIEW

Generally, there are a number of infrastruc- financial crisis. ture projects being introduced under the 2009 “The proposed new Budget, particularly the new LRT lines, KTM Generally, 2009 Budget is not expected to and extension of LRT favourably improve the country’s property double tracking, integrated bus terminal and lines will create market outlook in the short term. The high public amenities that could promote property demand for properties developments and opportunities in the sur- impact infrastructure projects, which will rounding areas. Notwithstanding this, the only be completed after 2010, will only pro- around the new LRT government may postpone several infrastruc- mote demand for properties sited around the stations, in view of the ture projects in view of the prevailing global projects and not the market as a whole. growing importance of public transportation resulted from the RM7 BILLION STIMULATION PACKAGES increasing fuel prices” Amid the global financial crisis, the govern-  RM200 million to assist non public ment has announced a RM7 billion fund in schools November 2008 to stimulate the country’s economy. The stimulation package will be  RM300 million to set up funds for voca- financed by the savings from the fuel subsidy tional training and is not expected to increase the Budget “After the upsurge of deficit.  RM1.5 billion to set up an investment the global financial fund crisis, the government Amongst the key measures announced are: introduced a RM7  RM400 million to speed up high speed billion stimulation  RM1.2 billion to build 25,000 units of broadband project development low and medium cost houses package to promote economic growth in  RM200 million to fund HR development  RM500 million to upgrade, repair and the country” programmes maintain police stations and quarters, and army camps and quarters  RM100 million for youth development programmes  RM200 million to revive abandoned housing projects  RM100 million to build/upgrade busi- ness premises nationwide  RM600 million for minor public and basic infrastructure projects such as vil-  RM200 million to assist pre-schools in lage roads, community halls and small their programmes bridges. The jobs will go to small con- tractors Besides the above allocations, the govern- ment also introduces the following:  RM500 million for public amenities such as roads, schools and hospitals  Foreigners and foreign entities can buy co mm er ci al re al es ta te wo rt h  RM500 million for roads in rural areas RM500,000 and above without any For- and villages including Sabah and Sara- eign Investment Committee (FIC) ap- wak proval for their own use

 RM500 million to improve the public  Extension of housing loans for govern- transport system, particularly the LRT, ment servants from 25 years to 30 years KTMB Komuter and bus systems in ur- ban centres (cont…) Review of Malaysian Property Market (08/09) Page 6

RM7 BILLION STIMULATION PACKAGES

 EPF contribution by the employee has from 6% previously, while imports are likely been reduced to 8% from 11% for two to grow by 0.3% instead of 5.5% as previ- (2) years, effective 1st Jan 2009 ously estimated. “Amid the global  Hypermarkets can extend business op- With the global fuel prices reducing, the in- financial crisis, erations until 11 pm on weekdays and 1 flationary pressure on the country has also government has am on weekends. Those in shopping reduced. The inflation is expected to grow by revised downward its complexes can seek to have 24-hour op- about 3% to 4% in 2009, a significant reduc- erations tion from 8.5% increase recorded in July and GPD growth target for August 2008. 2009 to 3.5% from  Import duty on cement, long iron and 5.4% projected earlier. steel products for the construction and The budget deficit for 2009 will remain at The growth forecast manufacturing sectors abolished 4.8%, same as the Budget 2009 allocation. The RM7 billion will be funded by the sav- for 2008 has also ings derived from the cuts in the fuel subsidy. reduced to 5% from  Permits for foreign knowledge workers 5.7% projected will be issued directly to the workers earlier” instead of employers Review of the RM7b stimulation package

 Allow private property companies to Construction sector, which has large multi- develop some of the government’s prime plying effects on country’s economic growth, land under an open tender system has received large allocation through this stimulation package. The main recipients of this fund include constructions of low cost  Government, through government linked houses, infrastructure projects, public ameni- companies like Khazanah and PNB, will ties and many others. launch the Graduate Employability Man- agement Scheme (GEMS) based on ear- The FIC exemption is not expected to im- lier schemes to help train 12,000 gradu- prove the demand for commercial properties ates in two years as the relaxation is given to foreigners with business interests in the country and confined  To speed up recruitment to fill vacancies to commercial properties worth RM500,000 in critical sectors in the public sector. and above. Some 18,000 vacancies are to be filled on contract terms while permanent ap- Prime lands owned by the government are pointment arrangements are being made. expected to attract biddings by private devel- opers. These lands include government lands in Jalan Cochrane and Hilir The government has also revised downward and Rubber Research Institute Malaysia its Gross Domestic Products (GDP) growth (RRIM) land in . Employee target for 2009 to 3.5% from its initial fore- Provident Fund (EPF) is speculated to be cast of 5.4% as a result of the global eco- potential bidder for the lands. nomic slowdown. The growth forecast for 2008 also reduced to 5% from the initial Amid the global financial crisis, the govern- 5.7%. ment has maintained the Malaysian GDP will grow at 3.5% in 2009. The government will The exports in 2009 will decline by 1.5% introduce additional stimulation package and instead of growing at 4.6% estimated earlier interest cuts in the event that the country’s while this year exports are forecast to grow at economy deteriorated further. Conversely, 4.7%. The revised GDP target takes into ac- introduction of addition stimulation packages count lower domestic demand rates of 5.8% could expand the Malaysian budget deficit. Review of Malaysian Property Market (08/09) Page 7

OVERVIEWOFMALAYSIANPROPERTYMARKET

Review of Malaysian Property Market Residential property market

The Malaysian Property Market has started Despite the political uncertainties after the “During the first half off well in the first half of 2008, inherited general election in March 2008, the general partly from the strong performance in 2007. market sentiments have remained relatively of 2008, the overall The property market was severely affected by stable. Amongst the high-end residential pro- property market high inflations, resulted from the steep fuel jects launched include Amaya Saujana, The sentiments were price increase in June 2008, followed by the Oasis, The Panorama, Gaya Bangsar, Surin in positive, with global financial crisis in September 2008. Batu Feringghi Penang, First Residences in developers introducing Penang and many others. new projects and 350,000 30% There were also several en-bloc transactions acquiring land for 300,000 20% involving high-end residential projects re- future developments. 250,000 10% corded. Sunway City has successfully con- 200,000 0% cluded its second en-bloc sale of Sunway There were also a 150,000 -10% Pallazzio to a Middle East investor after sell- number of local 100,000 -20% ing en-bloc Sunway South Quay to a Korean developers venturing 50,000 -30% investor earlier. Other en-bloc sales of high- 0 -40% into overseas market” 7 8 9 0 1 2 3 4 5 6 7

H end condominiums include Malton’s The 9 9 9 0 0 0 0 0 0 0 0 1 - 9 9 9 0 0 0 0 0 0 0 0 1 1 1 2 2 2 2 2 2 2 2 8 0

0 Pearl@ KLCC, which was also reported sold 2 to Middle East investors. Tan & Tan Devel- Total % annual change opment and NAZA TTDI are also contem- plating to sell their projects on en-bloc basis.

During the first six (6) months of 2008, total A number of new high-end condominiums / 171,564 properties changed hand, indicating serviced apartments, which were launched an increase of about 20% compared with the since 2005, have been completed in 2008. “Many developers are same period a year earlier. The favourable The newly completed projects in Klang Val- selling their projects market situation has encouraged a number of ley are as follows: developers to acquire land with development on en-bloc basis to potential to launch new projects and to re- - Hijauan Kiara 188 units recoup their plenish their landbank. Examples include investments in the - Kiaramas Ayuria 480 units Bandar Raya Development Berhad, Mah Sing shortest time amid the Group, Hunza Properties Berhad and Malton - Waldorf Tower, Plaza Damas 228 units market uncertainties” Berhad, to name a few. - Taragon Luxury Condo 40 units Many developers have also ventured into - The Meritz 110 units overseas market, of which the preferred in- - Mont Kiara Banyan 147 units vestment destinations include Vietnam, Sin- - Menara Bintang Goldhill 176 units gapore, Middle East and Korea, to name a few. IOI Properties Bhd together with a local - The Orion 202 units Singaporean company has acquired a land in - Cendana On Sultan Ismail 155 units Sentosa, Singapore. Dredging Ber- - K Residence 188 units had and YTL Corp have also ventured into the Singapore property development. - Park Seven 105 units - Suasana Sentral Loft 600 units Other developers that have ventured into overseas markets include WCT Engineering, - Suria Stonor 138 units Perdana Park City, Aseana Properties, Ber- - Windsor Tower, Plaza Damas 446 units jaya Land, Gamuda and SP Setia. Mah Sing - Kiara 1888 182 units Group and Golden Plus Holdings were also reported to be contemplating of venturing - The Binjai 171 units into Vietnam market. (cont…) Review of Malaysian Property Market (08/09) Page 8

OVERVIEWOFMALAYSIANPROPERTYMARKET

The increasing supply has prompted investors Although constructions of Menara YNH, The of high-end condominiums / serviced apart- Icon@Tun Razak, Menara Glomac and a 41 “Existing prime ments to lower the asking rentals to attract storey office building in , have tenants to occupy the units. Some owners yet to be completed, the four (4) Grade A purpose built office have also reduced their asking prices to at- office buildings were reported sold. With the buildings that tract purchasers. exception of the office building in Capital command high rental Square, all the purpose built offices were sold rates and occupancy to Middle East investors. The office building rates have become the in Capital Square was acquired by an Austra- Commercial developments lian institutional fund. acquisition target of There were also several large scale commer- institutional investors” cial / mixed developments being introduced in the market, namely The Paradigm by WCT Hospitality sector Land, Lido Boulevard in Bahru, Palm City Centre in , Since Visit Malaysia Year 2007 (VMY2007) Waterfront, The Southgate by Mah Sing was launched, occupancy rates and average Group and many others. YTL Land & Devel- room rates for hotel accommodations have “Middle East investors opment also launched its first boutique office improved significantly, spurred by the in- have been aggressively in Sentul West and Sentul East, which have creasing number of local and foreign tourists. acquiring purpose recorded favourable responses. The Majestic Melaka and first@ease hotel in built office building Melaka and commenced operation and high-end In 2008, I-City, TM Cybercentre Complex, in 2008. and Bandar Utama have condominium in Kuala been awarded the Cybercentre status. All There are also a number of new hotel projects Lumpur” these projects have met the qualifying criteria being introduced, the notable ones include stipulated by Multimedia Development Cor- Four Seasons, Ritz Residences and Grand poration (MDC), which includes broadband Hyatt KL around KLCC area, St Regis in KL & infrastructure readiness, customer focused Sentral, Casa Del Rio in Melaka, Wakaf Ho- management with KPIs, competitive environ- tel in , Tune Hotel in Iskandar ment, talent pool availability, proximity to Development Region (IDR), Allson Capital universities and research centres and many Hotel Medan Tuanku and many others. other criteria. In Kota Kinabalu, Sabah, Tune Hotel opened Many developers have attempted to apply for its second “limited services” hotel at 1 Bor- cybercentre status in order to enhance the neo Kota Kinabalu, comprising 168 rooms. “Four Seasons, St competitiveness of the commercial develop- Accor Hotel group has also introduced two Regis and Grand ments. Notwithstanding this, only limited (2) new hotels in Kota Kinabalu, which are Hyatt are expected to commercial projects have successfully se- Mercure Kota Kinabalu and Novotel 1 Bor- make their presences cured the status. neo, offering 325 and 263 guest rooms and suites, respectively. felt in ”

To remain competitive, a number of existing Purpose built office buildings hotels and resorts were being refurbished in 2008, which include Klana Resort Seremban Prime office buildings that command high rental yields have been the acquisition target (previously known as Alison Klana Resort), for institutional investors. Several existing all the nine hotels under the Grand Continen- Grade A purpose built offices were reported tal brand throughout the country, Lake to have changed hand in 2008. The notable Kenyir Resort and Spa (previously known as ones include Menara Citibank and Menara Kenyir Lake View Resort) in Terengganu Standard Chartered, which were sold to IOI and Swiss Garden International Hotels, to Corp Berhad and ING Insurance Berhad, name a few. respectively. (cont…) Review of Malaysian Property Market (08/09) Page 9

OVERVIEWOFMALAYSIANPROPERTYMARKET

Retail sector plexes in D’Kayangan, Section 13 by Lebar Daun Development Sdn Bhd, Established departmental store and hypermar- Taman Sri Kuching by Magna Prima Bhd, “In 2008, established ket operators continued to drive the develop- Lot G, KL Sentral by Malaysian Resources ment of retail sector in Malaysia. Tesco Corporation Bhd (MRCB) and many others. departmental store hypermarket opened several new outlets and hypermarket throughout the country in 2008, which in- Terminal One Shopping Centre in Seremban operators continued to clude Tesco Mergong (Alor Star), Seberang and Bangsar Shopping Complex in Bangsar Jaya Tesco Extra (Penang), Tesco Kota underwent refurbishment and expansion ex- drive the development Bahru () and Tesco Extra ercises in 2008 to enhance the competitive- of retail sector in (), to name a few. The hypermar- ness of the complexes. More shopping com- Malaysia” ket planed to open four new stores in 2009. plexes are expected to follow suit to remain competitive in the market. In 2008, AEON Co (M) Bhd opened the AEON Bukit Tinggi Shopping Centre in Klang, AEON AU2 in Setiawangsa, AEON Seberang Prai City in Penang and AEON Industrial sector Shopping Centre in Johor Bahru. The company will continue to develop new There were fewer industrial projects being “Only few industrial introduced in the market compared with the outlets throughout the country, including the projects were MaxValu supermarkets. residential and commercial property sectors. Amongst the industrial projects being introduced in the In addition to the above, Carrefour, Giant and launched in 2008 are Nusa Cemerlang Indus- market as compared Mydin hypermarkets as well as Metrojaya trial Park in Johor Bahru, Tangkas Arena in with the residential department store are also setting up new out- UEP Industrial Park, and and commercial lets throughout the country. Carrefour opened Perdana Industrial Park in , projects” new outlets in Melaka, Kuantan and Petaling Klang. Jaya. Several new outlets are also in the pipe- line. Giant hypermarket opened a new outlet Most of the newly introduced industrial pro- in Kota Damansara in November 2008. jects are positioned as high-technology park, offering appealing amenities and infrastruc- Tropicana City Mall, which is anchored by tures as well as contemporary factory build- Carrefour hypermarket, was unveiled by ing design. Most of these projects are sited Dijaya Corporation Berhad during the begin- within established industrial areas. ning of 2009. The mall forms part of the Tropicana City Business Park (previously known as Damansara Intan e-Business Park) and is sited along the Damansara Link of Agricultural sector SPRINT highway. The escalating price of crude palm oil (CPO) Mesra Mall in Kerteh, Terengganu com- has increased the demand for agriculture menced operation in October 2008. The “When the CPO price estates, particularly the oil palm estate. At complex was developed by KLCC Holdings was high, demand for the peak of RM4,330 a tone in March 2008, Sdn Bhd, a subsidiary of , which has investment yields for palm oil has improved oil palm estate been tasked to spearhead the East Coast De- significantly. increased velopment Corridor. significantly” 1 Shamelin and Overall, up to the first half of 2008, the over- were unveiled in 2008. Construction works all Malaysian property market has recorded of the complexes are on-going and scheduled strong performances. Most property market for completion in 2009 and 2010, respec- sub-sectors, have recorded positive growth, tively. There are also several shopping com- led by the residential property sector. plexes being planned, namely new com- Review of Malaysian Property Market (08/09) Page 10

OVERVIEWOFMALAYSIANPROPERTYMARKET

Impact of the fuel price increase and During 3Q08, most developers have pro- global financial crisis jected to launch their projects towards the “The global financial end of 2008 or first half of 2009. The erup- crisis, which erupted When the global fuel prices breached the tion of the global financial crisis in Septem- in September 2008, has USD140 per barrel threshold, the government ber 2008 with the bankruptcy filing by Leh- increased the local fuel price to RM2.70 per man Brothers has triggered a global eco- worsened the already liter in June 2008. The substantial increase nomic slowdown amid increasing unemploy- weak property market has escalated the country’s inflation to over ment rates and retrenchments across the sentiments (since June 8% in July and August, 2008. As a result, real world. The Malaysian property market was spending power of Malaysians reduced sig- 2008). In the absence not spared by the global phenomenon. nificantly. Costs of construction had also of effective economic soared, increasing the risks of projects being Despite the reducing construction costs to- stimulation packages, abandoned. wards the end of 2008, the overall market take up rate of sentiments have worsened as a result of the The uncertainties have prompted purchasers projects continued to financial crisis. With the exception of several and investors to be cautious and adopted a cash-rich developers, most developers have moderate” ‘wait and see’ attitude, causing the take up continued to delay the project launches, an- rate of projects to drop substantially. Devel- ticipating poor take-up rates. opers continued to focus on the sales of their existing projects and have deferred their new Countries that have attracted a number of launches until the market improves and the investments by Malaysian developers, “Many developers construction cost stablises. namely Vietnam and Singapore, are also have delayed the affected by the economic slowdown / reces- The eruption of the financial crisis in US in launches of their sion. Developers such as SP Setia, WCT September 2008 has worsened the already projects, locally and Land and Gamuda were reported to be hold- weak property market sentiments (since June abroad, in view of the 2008). Sales of properties continued to mod- ing back their projects in Vietnam due to the poor market situation” erate. Overall, as at the date of report, the unfavourable market situation. IOI Proper- 2009 Budget and RM7 billion stimulation ties has also deferred the launching of the package provided insignificant revitalization Sentosa Seaview and The Pinnacle Collec- to the Malaysian property market. tion in Singapore.

Notwithstanding this, 2009 Budget and RM7 billion stimulation packages provide specific Mega property deals financial relief to the people, especially the low in-come group. This could in turn help Most property investors adopted prudent to restrain loan defaults by house buyers and approaches when investing in properties “IOI Corp Bhd keep the Non Performing Loans (NPLs) at a amid the global financial crisis. In November aborted the purchase manageable level. 2008, at the height of the financial crisis, IOI of Menara Citibank, Corp Berhad aborted the purchase of Menara citing ‘recent sudden Citibank, Jalan Ampang and lost its deposit adverse developments Projects put on hold of RM73 million. in the global economic A number of developers have delayed the A piece of development land along Jalan environment’ as the Yap Kwan Seng and owned by E&O Berhad launches of new projects in view of the esca- reason for its decision lating construction costs when the global has been put back for sale after the buyer to abort the deal” fuel price peaked at USD147 per barrel in failed to make payment for the land. Sunrise July 2008. The high construction costs have Berhad and Malaysia Commercial Develop- not only reduced the developer’s profit mar- ment Fund Pte Ltd have mutually terminated gins, the risks of projects being abandoned the put & call option agreement, which in- increased as many construction companies volved RM767 million of properties within threatened to stop the construction works if Mont Kiara 20. the construction contract is not revised. (cont...) Review of Malaysian Property Market (08/09) Page 11

OVERVIEWOFMALAYSIANPROPERTYMARKET

Although there were a number of aborted The market consolidation is anticipated to be deals, there were several cash-rich investors momentary and will improve when the econ- “In the midst of the scouting for prime properties in the midst of omy improves. Most of these projects are the crisis. Examples include YTL Corp Ber- strategically located in the vicinity of KLCC, crisis, several cash rich had, which has acquired Macquire Prime Mont Kiara, Bangsar, etc, which are well companies have been Real Estate Investment Trust, which has sought-after residential addresses in Klang scouting for prime Valley. Besides, these locations attract expa- retail lots in Wisma Atria on Orchard Road properties” and Ngee Ann City in Singapore as well as triates and affluent population and are other prime properties in China and Japan. equipped with one of the best infrastructures Hap Seng Consolidated Berhad was also and public amenities. reported to be looking for land and buildings Prices of condominiums and apartments in to grow its property portfolio. most locations are expected to record reduc- tions. Besides the poor economic situation, the reductions could be attributed to the over- Market corrections supply situation, poor locations (for high-rise residential projects) and poor maintenance of The large number of newly completed high- “High-end the project. end condominiums and serviced apartments condominiums & in 2008 did not bode well during prevailing With the country’s economy avoiding con- serviced apartments, market situation. Asking prices of selected traction, demand and prices of landed resi- selected commercial high-end condominiums and serviced apart- dential properties located within established projects and oil palm ments in the vicinity of KLCC and Mont neighbourhood are expected to remain stable. Kiara have reduced to attract the declining Prices of old landed residential properties as estates, which had number of potential buyers. Correspond- well as those sited further away from the city been subject to intense ingly, rentals have also reduced. and town may experience marginal reduction. speculation prior to In addition to the above, selected commer- the crisis, have started cial properties and agriculture oil palm es- to show signs of Commercial sector tate, which had been subject to intense mar- consolidation” ket speculation prior to the crisis, have The high vacancy rates of newly completed started to show signs of consolidation. commercial shops will persist in 2009, attrib- Transactional activities involving these prop- uted to the low take-up rates as most business erties have slowed down substantially. operators are not expected to expand or take up new commercial space due to poor eco- nomic situation. “With the country’s Property Market Outlook In the absence of rental income (when the economy avoiding The following are brief reviews of Malay- units are vacant), the prolonged poor eco- contraction, demand sian property market according to sectors. nomic situation may force financially trou- and prices of landed bled owners to dispose their commercial residential properties properties at loss. Rentals will remain com- petitive to attract or retain business operators located within Residential sector to occupy these commercial spaces. established With the supply exceeding the demand, neighbourhood are With low economic growth, the key chal- high-end condominiums and service apart- expected to remain lenge for most owners of purpose built office ments in are expected to con- buildings and shopping complexes in 2009 is stable” solidate. Owners may be forced to reduce the to ensure the existing tenants remain within rentals and asking prices to attract tenants their premises. Some may resort to lowering and purchasers. The magnitude of the de- the rental or giving free rental period to the cline will depend on the country’s economic tenants. performance. (cont...) Review of Malaysian Property Market (08/09) Page 12

PROPERTYMARKETOUTLOOK

Rentals and prices of prime purpose built tion expenses as most companies undertake offices and shopping complexes will remain various measures to cut expenditures amid “Although tourist stable. Owners of secondary offices and the economic uncertainties. shopping complexes may be compelled to arrivals from overseas lower down the rentals. Occupancy rates of Although tourist arrivals from overseas will will be affected by the be affected by the global economic slow prime shopping complexes with attractive global economic retail mix will sustain. down, the number of local tourists are ex- pected to increase as most will choose to slowdown, the number Institutional investors and REIT funds will travel locally due to reduced budget. Overall, of local tourists are drive demand for prime purpose built office occupancy rates for hotels are expected to expected to increase” buildings and shopping complexes that are remain stable, especially for hotels / resorts able to generate attractive yields. sited within established tourist areas.

Agriculture sector Conclusions

With the CPO prices declined to about The Malaysian Property Market will directly RM2,000 per tonne from a high of RM4,300 benefit from the low Base Lending Rate per tonne, the prices of agriculture lands, (BLR). The low BLR is imperative to ensure particularly large palm oil estates are ex- competitive borrowing costs to encourage pected to reduce. The declining yields as a demand for property and to spare property result of the low CPO prices may force own- owners from paying high interest for their ers to dispose the palm oil estates. loans. The reduction of Statutory Reserve Ratio (SRR) will increase liquidity in the Notwithstanding this, agriculture land with market to stimulate economic activities, in- development potential may become acquisi- cluding demand for property market. tion target of property developers looking towards expanding their landbanks. With the projected economic growth of be- tween 0.5% to 3.5% in 2009 and subject to the implementation of stimulation packages “With the projected by the government, the Malaysian property Hospitality sector economic growth of market is not expected to drop significantly The tourism developments are expected to as in 1998, where the country’s economy between 0.5% and drive the hospitality sector developments in contracted by about 7.4% and the property 3.5% in 2009, the the country, particularly hotels sited near to transactions reduced by over 30%. Malaysian property the prominent tourism areas. The inclusion Despite the tightening household expendi- market is not expected of Georgetown and Melaka as the “Historic tures, most property owners are expected to to drop significantly as Cities of Straits” in the UNESCO’s hold on to their properties. Nevertheless, World Heritage List augurs well for the hos- in 1998, where the prolonged economic crisis could inevitably pitality sector within the two states. country’s economy trigger fire sales, forcing property owners to contracted by 7.4%” The commencements of Four Seasons Hotel, sell their properties at low price to meet their KLCC and St Regis, KL Sentral will be new financial needs. Developers will introduce addition of luxurious hotels in Kuala Lum- various promotions and incentives to attract pur. These hotels are expected to set new purchasers to boost sales of their projects. benchmark for luxurious hotel in the city, in With the stimulation packages being effi- terms or room rates, service level, etc. ciently implemented, the Malaysian property The global financial crisis is expected to market is expected to record improvements affect the demand of hotel rooms in business in the second half of 2009, encouraged by class hotels. The decline is in line with the the economic recovery in Malaysia and expected cuts in traveling and accommoda- worldwide. Review of Malaysian Property Market (08/09) Page 13

MAJOR MARKET ACTIVITIES IN 2008

Date News

01-Jan-08 Sara-Timur Properties Sdn Bhd opened the first @ease boutique hotel in Sandakan. The hotel is managed by Value Hospitality, which is planning to open eight more hotels in Malaysia and Asian region

04-Jan-08 The Yang di-Pertuan Besar of Negri Sembilan Tuanku Ja'afar ibni Al-Marhum Tuanku Abdul Rahman officiated at the grand official launch of The Legend Water Chalets in Port Dickson recently

04-Jan-08 Mah Sing Group Berhad plans to develop the newly acquired 60.21 acres land into Sri Pulai Perdana 2. The project is sited less than 2 km from the group's on-going development in Sri Pulai Perdana in

04-Jan-08 Syarikat Perumahan Negara Bhd (SPNB) has successfully completed an abandoned project in Taman Kantan Per- mai, , which was awarded the certificate of fitness (CF) on Dec 19, 2007

04-Jan-08 The East Coast Economic Region (ECER) is allocating 7,400ha in to create a Pekan Rompin pineapple integrated development project

04-Jan-08 Mega Mall Development Sdn Bhd is offering a 10% discount for the second batch of the Sentral condo- minium that it launched on December 15

04-Jan-08 SP Setia Bhd has clinched a deal to jointly build a 32ha mixed development project in Ho Chi Minh City which caters to expatriates and senior staff working in the Saigon Hi-Tech Park

05-Jan-08 Lambang Ehsan Sdn Bhd, a subsidiary of Y&Y Group, is developing its first shopping complex known as 1 Shamelin. The shopping complex, which will not have anchor tenant, is open for sale

05-Jan-08 Ecofirst Consolidated Berhad has entered into a joint venture with Johor government to develop a 1,000 acre bio- technology driven agricultural farm in , Johor

05-Jan-08 Jaya Supermarket in Section 14, is scheduled to be demolished after Chinese New Year. A new seven storey retail building with a four level basement parking will be built on the site

06-Jan-08 Johor Menteri Besar announced that constructions on a high tech industrial park to cater to the demands of inves- tors in Iskandar Development Region (IDR) will begin this year and cost at least RM120 million

07-Jan-08 Klana Resort Seremban, which was previously known as Alison Klana Resort, will undergo a refurbishment exer- cise this month. The refurbishment will be carried out in phases and will be completed by June

07-Jan-08 Sunway City Bhd has concluded its second en-bloc sale of the Sunway Pallazzio Block B for an estimated RM220 million to a firm linked to a Middle Eastern fund

07-Jan-08 Salient Glory City Sdn Bhd is set to redevelop Wembley Park in Penang, which was an once an amusement centre with different entertainment types such as bangsawan performances, movies and many others

07-Jan-08 Malaysian Rating Corp Bhd (MARC) has downgraded the credit rating of MK Land Holdings Berhad due to the low take-up rate of its main property project,

09-Jan-08 Malaysia Holdings Bhd (MAHB) plans to unveil its maiden commercial property development, involving some 10,000ha of KL International (KLIA) land area, in the next two to three months

10-Jan-08 IOI Properties Bhd and Ho Bee Investment Ltd have bought a 2.12ha land on the resort island of Sentosa, Singa- pore, for S$1.097 billion (RM2.5 billion). They will build a 20-storey condominium on the site

10-Jan-08 WCT Land Bhd has unveiled its first high rise commercial project dubbed "The Paradigm", which it expects to complete in six to seven years. The development, which covers 5.02ha of prime leasehold land.

11-Jan-08 WCT Engineering Bhd is planning more projects in Vietnam following the approval obtained for its first commer- cial landmark in the suburbs of Ho Chi Minh City

11-Jan-08 Work on the RM2.7 billion Lido Boulevard, the latest waterfront project within the Iskandar Development Region (IDR), is set to commence after Chinese New Year

12-Jan-08 Bandar Raya Developments has bought a 10.2ha piece of land in Subang Jaya for RM125.86 million with plans to turn it into a mixed-used development featuring retail, street retail, office suites and apartments Review of Malaysian Property Market (08/09) Page 14

MAJOR MARKET ACTIVITIES IN 2008

Date News

12-Jan-08 Developer Kuan Choo Development Sdn Bhd, a subsidiary of public Malton Berhad, is targeting to achieve RM265.8 million of Gross Development Value (GDV) from the Amaya Saujana project

12-Jan-08 Mulpha Land Bhd subsidiary Mega Readymixed Sdn Bhd (MRSB) is to build bungalows on two plots of land to- talling 42,816.9 square feet that it acquired in the upscale Bukit Tunku area of Kuala Lumpur

12-Jan-08 Multi Vest Resources Bhd (Mvest) is to build a corporate office on a 26,694.5 square feet site along in Bangsar. It is acquiring the site from Pertubuhan Bible dan Risalah Watchtower

14-Jan-08 YTL Land & Development Bhd's latest boutique offices at its Sentul West & Sentul East project in Kuala Lumpur was 90 per cent sold by the end of the first preview day last week

15-Jan-08 BCB Bhd is projecting gross development value (GDV) of RM838mil for its Bandar Putera Indah project in

15-Jan-08 YNH Property Bhd is finalising the sale of the proposed 45-storey iconic Menara YNH at Kuala Lumpur's Jalan Sultan Ismail for RM1.5 billion

16-Jan-08 Developer Nusmetro Venture is adopting different approach to market its latest apartment project, The Oasis. The leasehold project is sited on 2.53ha, comprising 490 units with built-up areas of 1,041 to 1,183 sq ft

16-Jan-08 Crescendo Corp Bhd is developing Nusa Cemerlang Industrial Park (NCIP), which comprises 352 factories, target- ing small and medium industries

16-Jan-08 UEM Land launched 54 units of Arista Tropical Homes and 64 units of Vanda Cluster Homes at Seri Austin town- ship

17-Jan-08 Grand Hotels International Asia Pacific is investing about RM13mil to upgrade all its nine hotel properties under the Grand Continental brand in the country

18-Jan-08 TSI Holdings Sdn Bhd is planning to launch First Residence in Kepong Baru by the middle of this year. Located along the 6th mile, the shop-cum-apartment project sits on a 10-acre leasehold land

18-Jan-08 YTL Group has reopened the Majestic Hotel in Melaka after a RM30 million restoration and expansion works. A new building has been added which mirrors the architecture of the century-old mansion

18-Jan-08 HICOM Properties Sdn Bhd has re-launched the Lake Kenyir Resort and Spa in Terengganu, after spending RM10 million to upgrade and refurbish the resort, previously known as Kenyir Lake View Resort

19-Jan-08 Sunway University College has opened a new branch campus in Kuching, Sarawak, bringing the total number of campuses to four

19-Jan-08 A RM300 million commercial centre, called Palm City Centre, will be built on 23.5ha just outside the Lahad Datu town centre in Sabah

19-Jan-08 Keris Properties Sdn Bhd has launched the second phase of shophouses in Station 18 in Pengkalan, near here. It is taking advantage of the opening of the third Tesco hypermart branch in September

21-Jan-08 UDA Holdings Bhd (UDA) has launched Gaya Bangsar, a serviced condominium located on Jalan Maarof, Bang- sar

23-Jan-08 MRCB signed a pact with Pelaburan Hartanah Bhd (PHBB) to set up joint-venture company to de- velop a retail complex on Lot G at Kuala Lumpur Sentral owned by Promising Quality Sdn Bhd (PQSB)

23-Jan-08 Kuwait Finance House (M) Bhd (KFH) is providing finance for Ideal Capital Intelligence Sdn Bhd's RM500 mil- lion commercial project, known as The One, Penang Cyber City in Bayan Baru

24-Jan-08 Privately held Kenanga Wholesale City Sdn Bhd is spending RM300 million to build a 1.8 million sq ft fashion wholesale mall, called the Kenanga Wholesale City at Jalan Kenanga, Pudu area

25-Jan-08 Metro Kajang Holdings Bhd (Metro Kajang) launched Wang Commerz @ Pelangi recently. The project is the commercial parcel of Metro Kajang's 294.66-acre township, Pelangi Semenyih, Selangor Review of Malaysian Property Market (08/09) Page 15

MAJOR MARKET ACTIVITIES IN 2008

Date News

26-Jan-08 Bolton Bhd is launching its project called the Surin next month. The 28-storey freehold twin tower project will be developed on 3.4 acres in , Penang

26-Jan-08 The Yayasan Sabah Group will spearhead the proposed development of a RM12 million Keningau Handicraft Cen- tre in Keningau, Sabah

27-Jan-08 Bina Puri Construction unveiled yet another medium-cost apartment project known as Malawa Court

28-Jan-08 The Wah Mie Group will construct 552 condominium units known as Alam Damai Condominium at the foothills of Sunny Garden, Kota Kinabalu, Sabah, which is expected to be ready by 2010

28-Jan-08 Property developer Mah Sing Group Bhd says all components of its newly launched RM256 million Southgate Commercial Centre on Jalan Tun Razak, Kuala Lumpur, are for sale

28-Jan-08 PJCC Development Sdn Bhd has sold RM50 million of properties under the first phase of its Petaling Jaya Com- mercial City (PJCC) development project

29-Jan-08 LBI Capital Bhd expects to launch a 14.4ha industrial park in Puchong Perdana, this year, a project with a potential gross development value (GDV) of up to RM70 million

29-Jan-08 Sagajuta (Sabah), the developer of 1Borneo is coming up with another multi-million ringgit mixed development project known as 1Sulaman on a nine-acre land fronting the Sulaman Highway in Kota Kinabalu, Sabah

30-Jan-08 SP Setia Berhad unveiled plans for its first venture in Sabah, a RM1 billion mixed development project in

30-Jan-08 Suria Capital Holdings Bhd will build several properties in the Jesselton Waterfront project in Kota Kinabalu, Sa- bah, in separate deals with Kota Kinabalu Pavilion Sdn Bhd, IJM Properties Sdn Bhd and Glomac Bhd

30-Jan-08 MWE Holding will develop seven bungalows in Setapak and three in Penang, at a cost of RM18.8 million in a joint venture with Ribuan Wangsa Sdn Bhd. It said the projects are expected to be completed in three years

01-Feb-08 Expected to be completed by 2010, the Kota Kinabalu City Waterfront (KKCW) development will, among others, change the face of Kota Kinabalu

01-Feb-08 Aman Resorts International and the CRSC group are spending RM200mil on the development of an eco-tourism and island resort on Pulau Besar in Tasik Temenggor, Belum forest reserve

02-Feb-08 Ivory Properties Group hopes to revive the abandoned Fettes Villa project on Penang island in three years

02-Feb-08 E&O Property Development will start work for the phase two of Seri Tanjung Pinang integrated waterfront devel- opment in Penang in the coming two years

02-Feb-08 Asia Pacific Land Bhd will launch projects in Malaysia and China, e.g. mixed development in Changshu, China and MyHabitat Tower 2, Kuala Lumpur

02-Feb-08 General Corp Bhd will be launching the Panaroma high-end residential project in Kuala Lumpur worth a gross de- velopment value of about RM300 million

04-Feb-08 Asiatic Development expects to construct properties worth over RM35 billion at its Bandar in Johor, surpassing its previous forecast by 17%

04-Feb-08 Some 70% of the units at the Legend International Water Homes project undertaken by the Kuala Lumpur Metro Group in Port Dickson has been snapped up

05-Feb-08 WEST Synergy Sdn Bhd has tied up with UCSI Education Sdn Bhd to set up an education township in Bandar Springhill,

09-Feb-08 The RM100mn Wangsa Mall project is developed by MSL Properties Sdn Bhd in coming up in Wangsa Maju

11-Feb-08 The RM20 million 3-star Wakaf Hotel will be built in Terengganu as the first Islamic-themed hotel in Malaysia Review of Malaysian Property Market (08/09) Page 16

MAJOR MARKET ACTIVITIES IN 2008

Date News

12-Feb-08 IOI Properties Bhd plans to launch a mixed property development along the North-South Expressway (NSE) in , comprising 2,000 residential and commercial units

14-Feb-08 TSR Land Sdn Bhd is acquiring 56.8ha of land in Bandar Baru Enstek to develop a medical city for International University of Malaysia

14-Feb-08 The Emkay Group of companies is likely to open the doors of Belum Rainforest Resort in Pulau Banding, , by March 2008

15-Feb-08 UEM Land has teamed up with a few partners, including Gamuda Bhd to undertake the development of and with Limitless LLC, to construct 900 waterfront homes in Puteri Harbour

15-Feb-08 Tanco Holdings Bhd is to launch the three phases of a previously stalled major project called Palm Springs Resort in Port Dickson

15-Feb-08 SM Land Sdn Bhd is launching the second phase of its NZX Commercial Centre project in in March 2008

15-Feb-08 Approval has been given to the Investment Agency to set up the Grand Hyatt hotel at Jalan Pinang, Kuala Lumpur

16-Feb-08 Bio Research Centre (M) Sdn Bhd is evaluating the phase two of the Perak Swiftlet Eco-park @ Manjung project before launching it

16-Feb-08 Sunway City Bhd intends to add three new office towers within the Sunway Lagoon Resort

16-Feb-08 STG Group is offering an investment return of seven per cent per annum for the purchase of a resort unit at the ongoing Gold Coast Resort project

18-Feb-08 Seni Nusantara Sdn Bhd has embarked on the third phase of Kiara View development

18-Feb-08 Penang Development Corp (PDC) intends to construct a RM100 million office tower in Bayan Mutiara on Penang island

18-Feb-08 Casa del Rio (M) Sdn Bhd is developing the Casa del Rio boutique hotel and serviced apartments on a 1.3 ha heri- tage site by the Melaka River

20-Feb-08 Liziz Standaco Sdn Bhd is positive that the second phase of the RM2bil Kota Baru Waterfront in Kelantan will witness good sales

20-Feb-08 The PPC-Mint-Glomac consortium is likely to develop condominiums and villas in a gated community on the 7.5 acres in the University of Malaya's (UM) main campus

20-Feb-08 Setia Eco Gardens, a township project in Johor next to Bandar Nusajaya, has witnessed RM 23 million sales, at its maiden launch

26-Feb-08 The second phase of Bio Big Valley , a mega development in Gua Musang, will be undertaken by a consor- tium comprising Mofaz group of companies, Solarin Holdings (M) Sdn Bhd and Telemont Sdn Bhd

26-Feb-08 Bliss Avenue Property Development Sdn Bhd has acquired a land in from Putrajaya Holdings to develop a business, residential and office centre

27-Feb-08 Two abandoned projects in Taman Orkid, Kepala Batas, Penang will be revived following a deal signed by UDA Land (North) Sdn Bhd and Koperasi Serbaguna Jelutong Pulau Pinang Berhad

28-Feb-08 The RM94.4 million Paya Bunga Square building project will become a new landmark in Kuala Terengganu when completed by end-2009

29-Feb-08 Eastern & Oriental Bhd (E&O) has sealed a pact with Kuwait Finance House (M) Bhd (KFH) for the development of a 195-acre in the Iskandar Development Region (IDR), Johor Review of Malaysian Property Market (08/09) Page 17

MAJOR MARKET ACTIVITIES IN 2008

Date News

01-Mar-08 Newcastle University will establish its first international branch campus within the Iskandar Development Region, Johor

03-Mar-08 Plenitude Bhd has launched its City Residences project consisting 1,088 freehold serviced apartments in Johor Baru

03-Mar-08 Hap Seng Properties Development Sdn Bhd is to launch 40 boutique bungalows in Phase 5 of Kingfisher Palm Homes Sulaman, a gated and guarded community, in Kota Kinabalu, Sabah

03-Mar-08 Hap Seng Land Sdn Bhd will embark on its first high-end condominium in Peninsula Malaysia, by building a lux- ury condominium on 1.3 acres at Jalan Tun Razak (near the Royal Selangor Golf Club)

03-Mar-08 MTM Millennium Holdings Sdn Bhd expects a 100% take-up rate for its Casa Dal-Hanaa gated community project in Cherating, Pahang by end-2009

06-Mar-08 The proposed 188.93ha Bukit Kiara Public Park project is due to kick off by the first quarter of 2009 and its com- pletion will take three years

06-Mar-08 Kota Selat Tebrau Sdn Bhd, Best Reality Point Sdn Bhd and Tune Hotels Sdn Bhd have proposed waterfront prop- erty projects valued at about RM540mil in the Iskandar Development Region (IDR) in 2008

07-Mar-08 Island & Peninsular Bhd (I&P) intends to launch four housing developments comprising semi-detached and terrace units for its Alam Sari project in Bangi, Selangor

08-Mar-08 Perdana ParkCity Sdn Bhd has entered into an agreement with Singaporean and Vietnamese partners to develop an integrated township project in Hanoi, Vietnam

08-Mar-08 Encorp Bhd is to launch the Section U10, Shah Alam development within 2008, which will have a gross develop- ment value of RM300 million

08-Mar-08 Perdana ParkCity Sdn Bhd has launched The North Shore Gardens, a 40-storey condominium in Desa Park City

10-Mar-08 Hunza Properties Bhd has acquired a land in Segambut for RM21.3 million for its second development in the Klang Valley

10-Mar-08 TTDI Development Sdn Bhd has recently launched Laman Seri Business Park project in Shah Alam, which will have six blocks of four and five-storey shop offices

17-Mar-08 Phase One development of KK Times Square, comprising 444 units of retail and signature offices have success- fully been completed

19-Mar-08 Melati Ehsan Holdings Bhd is looking to develop a plot of land in Pandamaran, Klang, comprising 500 gated resi- dential units, 320 shop lots with 8.97 acres of commercial units and 6.92 acres of industrial units

20-Mar-08 LBS Bina Goup Bhd hopes to launch property development projects in Zhuhai, China, worth an estimated GDV value of over RM5bil by end 2008

21-Mar-08 Mah Sing Group Bhd will be launching the RM1.35bil mixed development known as Southbay Penang in Batu Maung

22-Mar-08 The Anggun bungalow development in Damansara Heights by L&H Property Development Sdn Bhd is expected to be ready by end 2008

24-Mar-08 Aseana Properties Ltd plans to launch its first overseas project in Vietnam by end 2008

25-Mar-08 The Penang government will review The project undertaken by Hunza Properties (Penang) Sdn Bhd

26-Mar-08 Sunway City Bhd has partnered up with Daol Trust & Fund Co Ltd for real estate investment opportunities in Europe and Asia

26-Mar-08 UEM Land Sdn Bhd expects the first phase of the East Ledang development comprising 140 terrace and semi- detached be sold out in four months Review of Malaysian Property Market (08/09) Page 18

MAJOR MARKET ACTIVITIES IN 2008

Date News

28-Mar-08 Hap Seng Properties Development S/B is officially launching its prestigious project in Sandakan, Sabah known as Astana Heights Phase 2

29-Mar-08 PDC Properties Sdn Bhd is looking to launch three condominium projects in Bayan Mutiara, Penang, with a RM671million GDV

31-Mar-08 PJ Developments will use part of the RM 110 million profits from Equity & Property Investment for redevelop- ment project in Sydney Australia

01-Apr-08 YNH Property Bhd has appointed Foster & Partners as architects for the group’s RM1.8bil Menara YNH in Golden Triangle, Kuala Lumpur

04-Apr-08 Malaysia Land Properties Sdn Bhd (Mayland) saw a take-up rate of 95% for its 72 shop offices in Plaza Damas 3 project, Sri Hartamas

07-Apr-08 Tangkas Properties Sdn Bhd is proposing a new light industrial area called Tangkas Arena, which comprises 17 factory units in the prime UEP Industrial Park, with a gross development value (GDV) of RM45 million

12-Apr-08 The Nomad Group Bhd intends to expand its serviced residences business to Penang and Thailand as well as in- crease the number of its serviced office centres to eight by end 2008

14-Apr-08 UMLand has soft launched the top-end Suasana Bangsar condominium project in Telawi area, Bangsar

15-Apr-08 Tune Hotel opened its second “limited service” hotel at 1 Borneo Kota Kinabalu, Sabah

17-Apr-08 Malaysia Pacific Corp Bhd (MPC) will undertake the Asia-Pacific Trade & Expo City (APTEC) project at its flag- ship Lakehill Resort City, Johor

17-Apr-08 PJ Development Holdings Bhd is to launch the RM 300 million Swiss Garden Residences project in Kuala Lumpur in April 2008

18-Apr-08 A sum of RM142.9mil will be used by the Emkay group of companies to acquire land in for its phase two commercial development

22-Apr-08 Delta Heights Sdn Bhd has offered a RM15.6 million contract to Sunway Geotechnics (M) Sdn Bhd for the con- struction of a 19-storey building, Jalan Tun Razak, Kuala Lumpur

24-Apr-08 Petaling Tin Bhd intends to invest RM1 billion to construct high end villas and a boutique hotel on Karambunai Peninsular, east of Kota Kinabalu in Sabah

26-Apr-08 PJ Development Holdings Bhd is expected to complete its Mont Callista gated guarded project near Pulai, Johor, by 2010

26-Apr-08 Sabah Urban Development Corp plans to develop a RM 255 million condominium, and hotel project in , Sabah

26-Apr-08 Tan & Tan Developments Bhd is in talks to sell its 6 Stonor high-end condominium en bloc in Kuala Lumpur for RM500 million

28-Apr-08 Peter's Holdings Sdn Bhd (PHSB) intends to launch a RM700 million project consisting of medium-cost houses and a hypermarket on 12.15ha it owns in Old Klang Road by the end of 2008

28-Apr-08 Panorama, the upmarket condo project along Persiaran Hampshire in KLCC area and undertaken by Singapore- based UOL Group Ltd, has registered a 60% take-up rate since its launch in one month

29-Apr-08 A project by Berjaya Land Bhd has been approved by the Vietnamese government to develop the Bien Hoa project consisting of offices and houses

30-Apr-08 HELP International Corp Bhd intends to set aside RM100 million to build a new campus in Shah Alam

01-May-08 Selangor Properties Bhd intends to launch a few projects in Damansara Heights, including the 107-unit Batai high- end condominium project in 2008 Review of Malaysian Property Market (08/09) Page 19

MAJOR MARKET ACTIVITIES IN 2008

Date News 03-May-08 Pelangi Bhd is to launch several projects worth about RM 4.5 billion in Johor Baru, including Pelangi Junction

03-May-08 Petraz Holdings Sdn Bhd and Kelantan government plan to jointly launch a mixed development that will include a 31-storey twin towers in Kota Baru

03-May-08 Subang SkyPark Sdn Bhd will develop a private jet centre in Subang

05-May-08 Island & Peninsular Bhd (I&P) is to launch the final phase of the 770ha township project in Puchong, developing a commercial hub and a housing enclave worth over RM2 billion

05-May-08 Serenity Development Group is targeting more Malaysian buyers for its upmarket beachfront development in Phuket, Thailand

10-May-08 A contract has been extended by Spring Active Sdn Bhd to Fitters Diversified Bhd to construct a mall at Jalan Genting Klang, Kuala Lumpur

12-May-08 Before the proposed launch in a month, Magna Prima Bhd has within a week sold all 205 units in the first residen- tial tower of its RM135 million mixed development in U1 Shah Alam

13-May-08 Investors from Taiwan and the Middle East have expressed interest to invest RM1.4 billion in the development of Tanjung Manis halal hub in Sarawak

13-May-08 IJM Properties Sdn Bhd is rolling out the RM140 million Summer Place condominium project at the Bandar Seri Pinang mixed-development scheme, Penang

15-May-08 A consortium of local and foreign companies led by Mafa Groups Corporation Sdn Bhd will undertake Malaysia's first and biggest floating resort smart-city project in

16-May-08 Acmar International Sdn Bhd is positive that its D' Rapport project in Jalan Ampang, Kuala Lumpur, is capable of generating RM3 billion in gross development value

23-May-08 Bina Puri Construction Sdn Bhd has received a RM24.8 million contract from Fastgrow Properties Sdn Bhd to con- struct 351 units of one-storey terrace houses in Buang Sayang, Papar, Sabah

24-May-08 Hong Leong Assurance plans to buy a land along Federal Highway in Petaling Jaya from PJ City Development to develop a commercial complex

27-May-08 Airport Terminal Services Sdn Bhd (SATS) is pumping RM70 million into the Aero Mall project in Johor

29-May-08 IGB Corp Bhd will launch two 42-storey blocks of condominiums to expand its Mid Valley City development

30-May-08 Magna Prima Bhd will develop the RM1.1 billion Magna City, on a 4.12ha freehold site along Jalan Kuching, from the third quarter of 2008

31-May-08 Gamuda Bhd plans to launch the 808-acre Yen So Park, Vietnam, with a gross development value (GDV) of US$1bil in 2008

02-Jun-08 India-based Sunil Mantri Realty Ltd intends to invest about RM 324 million in the development of Bandar MSC Cyberport in , Johor

03-Jun-08 The soft launching of Sunway Vivaldi Mont Kiara luxury condominium project took place recently at an average price of RM900 psf, which is new a price benchmark for condominiums in the area

05-Jun-08 TH Properties and Villa Muhandis Internationale Sdn Bhd have signed a pact to bring Italian designs and influ- ences in the upcoming phases of the Bandar Enstek township project

05-Jun-08 Talam Corporation Berhad has appointed Isyoda Corporation Berhad to revive the abandoned projects at Taman Lestari Permai, Taman Lestari Puchong and Taman Lestari Perdana in Puchong

10-Jun-08 Asia Pacific Land Bhd (AP Land) will launch its RM400 million Island Bay Resort ecology-friendly development in Penang Review of Malaysian Property Market (08/09) Page 20

MAJOR MARKET ACTIVITIES IN 2008

Date News 13-Jun-08 Damac Properties LLC is investing RM397 million to develop three parcels of commercial land at Nusajaya in

13-Jun-08 The six-star St Regis hotel, which is scheduled to open its doors in 2014, will be built on Lot C at KL Sentral, fol- lowing the signing of an agreement by One IFC Sdn Bhd

14-Jun-08 Central Malaysian Properties Sdn Bhd has postponed its integrated residential-cum-commercial waterfront devel- opment called Lido Boulevard in Johor until September 2008

17-Jun-08 Mutiara Goodyear Development Bhd and Tambun Indah Sdn Bhd are cooperating to develop a housing project in Seberang , Penang with a gross development value (GDV) of RM776 million

23-Jun-08 UEM Land Bhd is to launch its first housing project worth some RM1 billion by year-end in Cyberjaya following a land acquisition from Setia Haruman

24-Jun-08 Pembinaan SPK Sdn Bhd's plan to build 2,080 villas in the Al Falah Community Development of Abu Dhabi has been accepted by Aldar Properties PJSC

25-Jun-08 Amarin Group will launch its new Amarin Wickham development in the third quarter of 2008

25-Jun-08 KH Land Sdn Bhd has agreed to borrow RM 85million from Asian Finance Bank Bhd to fund a gated housing de- velopment project within the Sri Hartamas/Mont Kiara vicinity

25-Jun-08 Pasdec Holdings Bhd plans to develop a tourism-related development on 115 acres of land in Bukit Tinggi, Ben- tong

25-Jun-08 United Malayan Land Bhd (UMLand) is to construct a luxury low-density residences project at Jalan Yap Kwan Seng, Kuala Lumpur in early 2009

01-Jul-08 Tradewinds Corp Bhd has proposed a 378-hectare township in Bandar Nusajaya, Johor, consisting of a mixed de- velopment of high-end residential and commercial developments

01-Jul-08 Ireka Corp Bhd's subsidiary has clinched a RM539 million deal from Amatir Resources Sdn Bhd to construct a luxury condominium in Kuala Lumpur

02-Jul-08 Berjaya Land Bhd (BLand) will develop an integrated township project in Vietnam's Ho Chi Minh City next year. It is due for completion in stages from 2011 to 2021

03-Jul-08 SP Setia Bhd is to construct a RM750mil retail mall in Setia City, Shah Alam

04-Jul-08 Australia-based Servcorp Ltd is investing USD 30mil over five years into state-of-the-art concierge services for I- Bhd's RM2 billion i-City project

07-Jul-08 A & M Realty Bhd is developing the Amverton Park, Australian-inspired residential development in Shah Alam

09-Jul-08 A RM700 million township project will kick off in Tanah Merah, Kelantan to build 1,000 apartments, school, and supermarkets on 100 acres site

10-Jul-08 Million Seed Sdn Bhd has emerged as the first developer to introduce the ‘build & sell” concept by constructing 26 units of three storey shopoffices along Jalan Masai Jaya, Plentong

14-Jul-08 MKN Group Sdn Bhd is considering to develop a 10-year project mixed development project on Pulau Banding, Perak

15-Jul-08 Hong Kong-based Jerard Co Ltd and Glamour Ideals Sdn Bhd have tied up to develop the Simpang Pulai Business Centre project at a cost of RM500 million

09-Aug-08 Mutiara Goodyear Development Bhd will build a RM 430mn residential cum commercial project in Kajang follow- ing a pact signed with Kajang Heights Development Bhd

09-Aug-08 Beneton Properties Sdn Bhd intends to put up a lifestyle mall in Jalan Ipoh, Kuala Lumpur Review of Malaysian Property Market (08/09) Page 21

MAJOR MARKET ACTIVITIES IN 2008

Date News 11-Aug-08 The Vogue Tower in Verve Suites developed by Bukit Kiara Properties Sdn Bhd has recorded a 40% sale rate

11-Aug-08 CapitaLand Ltd is looking to launch a REIT involving RM2bil (US$613mil) of assets on Bursa Malaysia later this year

11-Aug-08 Y&Y Property Development Sdn Bhd is developing Shamelin Heights Business Park, which consists of 31 units of business premises with a land area of 8,500 sq ft and built up area of 8,500 sq ft to 20,000 sq ft.

11-Aug-08 Y&Y Property Development Sdn Bhd is now constructing its first boutique hotel for about RM30 million at Teng- kat Tong Shin off Jalan

11-Aug-08 Ireka Land and CapitaLand are undertaking the One Mont' Kiara, retail, office suites and residential project oppo- site Sunrise's Plaza Mont' Kiara

13-Aug-08 Selangor Development Corporation (PKNS) is to develop the Antara Gapi township project in Hulu Selangor. The project is due for completion in 2010

13-Aug-08 Bolton Bhd is looking to launch Mayang development in KLCC, The Piazza at Puchong, Tijani 3 (RM100 million GDV), and Bolton Court, Bukit Ceylon

16-Aug-08 Kumpulan Hartanah Selangor Bhd has launched the upmarket Templer Anggun residential project along Jalan Ra- wang beside the Templer's Park

16-Aug-08 In spite of growing construction material costs, Mutiara Goodyear Development Bhd will go ahead with the launching of the Prima Avenue commercial development at Tropicana

16-Aug-08 YNH Property is teaming up with Frasers Hospitality to inject luxury appeal to its commercial venture known as Lot 168, Jalan Perak

18-Aug-08 The Plaza Crystalville @ Setapak shopoffice project will be developed by Crystalville Sdn Bhd at Jalan Genting Klang. The RM100mil project is slated for completion by end 2010

18-Aug-08 Despite the current market slowdown, CBD Perdana 2 project in Cyberjaya developed by Setia Haruman Sdn Bhd is due for launch. It comprises signature retail-cum-corporate office suites

18-Aug-08 The Canal City development on 5,000 acres by IJM Land Bhd in Kuala Langat is scheduled for launch in 2009. The project has an estimated gross development value (GDV) of RM10 billion

19-Aug-08 The newly upgraded RM720 million Kota Kinabalu International Airport (KKIA) Terminal 1, the second busiest airport in the country; opened its doors for commercial use

21-Aug-08 Malaysia Pacific Corp Bhd (MP Corp) has teamed up with Amanah Raya Bhd (ARB) to develop a RM6.6 billion self-contained township called LakeHill Resort City in Iskandar Malaysia, Johor

23-Aug-08 Tanjong Plc is to develop some 2,000 holiday homes at its Tropical Islands resort in Germany

23-Aug-08 Tanah Sutera Developments Sdn Bhd is developing its Taman Sutera Utama mixed commercial project in Johor

25-Aug-08 Mayland Bhd is undertaking the Royal Regent project off Jalan Kuching. The project has a development value of RM300 million

25-Aug-08 Holdings Bhd is offering 1,092ha of the total non-aeronautical land, currently planted with oil palm, for development over the next 10 to 15 years

25-Aug-08 Faber Group Bhd will develop a 2.28ha plot in Taman Danau Desa at Jalan Klang Lama. It plans to launch 38 three-storey link-villas, priced from RM1.6 million each, late in 2009

28-Aug-08 UEM Land Bhd will promote Nusa Idaman, East Ledang, Ledang Heights and Horizon Hills to attract Indonesian property buyers

29-Aug-08 Sunrise Bhd is considering to develop a mixed development project on a piece of prime land opposite the Petronas Twin Towers. The plan may include hotels, offices and service apartments Review of Malaysian Property Market (08/09) Page 22

MAJOR MARKET ACTIVITIES IN 2008

Date News 01-Sep-08 KSL City, is to house a four-storey podium block of retail complex, two blocks of 26-storey hotel tower with a total of 950 rooms and 355 apartments on two blocks of 33-storey tower

01-Sep-08 KSL Holdings Bhd plans to develop its land in Klang into a mixed project with a gross development value of RM1.5 billion. The project is due for launching early next year and will take eight years to complete

02-Sep-08 Damac Properties LLC hopes to develop a multi-billion-ringgit integrated resort development in the East Coast Economic Region (ECER)

04-Sep-08 Sunway City Bhd will launch the RM1.5 billion Sunway Opus Grand Residency in Hyderabad in November. The 35-acre project will comprise 3,400 condominium units in five phases when completed

06-Sep-08 Lintasan Mayang Development Sdn Bhd will invest in the RM 1.1 billion Alamesra township project in Kota Kina- balu. The upmarket project will be launched in the next one to two years

06-Sep-08 SDBP Properties Sdn Bhd plans to launch two residential property projects in Singapore. The two projects are the S$64 million Jia and the 33-storey 2 Gilstead apartments

08-Sep-08 Alpharise Sdn Bhd will launch the phase one of Perdana Industrial Park in . The park will cover 66.25 acres and provide full fledge infrastructure

08-Sep-08 One of the latest lifestyle offerings by Malton Bhd, the Grove in SS23, comprises only 35 exclusive three-storey bungalows and link bungalows priced from RM3 million to RM3.8 million each

10-Sep-08 Bolton Berhad is building 68 units of townhouses in the gated community of Taman Tasik Prima in Puchong. The project offers a resort setting with a strategic lake front location

10-Sep-08 UEM Land Bhd proposes to invest in a mixed residential development that will have 2,000 medium-cost apart- ments on a 100-acre site opposite the Multimedia Universiti

13-Sep-08 The RM2 billion Four Seasons hotel and condo project will be launched by the first quarter of 2009 by Venus As- sets Sdn Bhd

13-Sep-08 Senai Airport Terminal Services Sdn Bhd will develop the RM 3.3 billion Senai Hi-Tech Park project in Johor

15-Sep-08 Dolomite Property has launched the Dolomite Park Avenue on Jalan Batu Caves. The project has a RM160 million GDV and comprises shopoffice and condominium units

15-Sep-08 NAZA TTDI Sdn Bhd is considering an en bloc sale of its remaining two office towers in the RM3.5 billion Plati- num Park development in the KLCC area

16-Sep-08 Berjaya Land Bhd (BLand) has tied up with Libya’s OYIA Company for Development and Tourism Investment to develop a US$2bil (RM6.8bil) property project in Tripoli

17-Sep-08 G-Tower, the 30-storey building at Jalan Tun Razak developed by Goldis Bhd, is expected to operate from April next year

19-Sep-08 Terminal One Shopping Centre (TOSC) in Seremban has been given a facelift in conjunction with its 12th anni- versary dinner on Aug 29

20-Sep-08 Seri Iskandar Development Corp has formed a joint venture with Urban Silver Sdn Bhd to invest in an agro-park in Bandar Seri Iskandar, Perak

22-Sep-08 Serai Saujana Development (Serai) Sdn Bhd is developing Serai Saujana, a luxury RM320 million gated and guarded community on a 4.25ha site within the Saujana enclave

23-Sep-08 Sime Darby Bhd proposes to invest in a tourism-related project in Pulau Jerejak, Penang, which is linked to the Northern Corridor Economic Region

23-Sept-08 WCT Berhad is building high-end villas to cater foreign and local buyers known as d’Banyan Residency @ Sutera located at Resort, Kota Kinabalu, Sabah Review of Malaysian Property Market (08/09) Page 23

MAJOR MARKET ACTIVITIES IN 2008

Date News

24-Sep-08 SBC Corp Bhd intends to launch two mixed development projects with an estimated total gross development value (GDV) of RM800mil by next year in southern Selangor and along Jalan Kuching, Kuala Lumpur

27-Sep-08 Land & General Bhd (L&G) has submitted proposals for a 5,300-unit condominium project to be developed in . It may be launched next year

27-Sep-08 Brem Holding Bhd plans to launch a RM150 million mixed housing and commercial development project in China's Zhongshan by December in 2008. This will be the company’s first property development venture overseas

27-Sep-08 PJ8, undertaken by IJM Properties Sdn Bhd, consists of a 38-storey block of service suites, a 12-storey office suite block and two blocks of office tower with a gross development value of RM250 million

27-Sep-08 Solaris on the Park, by Sunrise Bhd has received the Green Mark certification from the Singapore government. The developer will push for its 28@ Mont’Kiara and Solaris@Sultan Ismail projects for the award

28-Sep-08 MTT Properties & Development is undertaking the Botanica.CT township project in Balik Pulau, the south-west of Penang island. It will comprise almost 2,000 homes

29-Sep-08 Kumpulan Perubatan Farrali Mutiara Sdn Bhd (KPFM) will undertake the RM300 million Farrali International Specialist Hospital and Wellness Resort in , Penang

29-Sep-08 Asia Pacific Land Bhd (AP Land) launched a commercial development called Platinum Galaxy Boulevard in China's Changshu City

30-Sep-08 Malaysia Pacific Corp Bhd (MPC) is scouting for partners to develop the RM 6.6 billion LakeHill Resort City pro- ject in Johor. LakeHill Resort City will comprise residential, cultural village, resort club, trade and expo centre, etc

30-Sep-08 Employees Provident Fund (EPF) intends to team up with WCT Bhd to invest almost half a billion ringgit in a commercial project known as The Paradigm in Petaling Jaya

01-Oct-08 Amongst the projects undertaken by Eastern & Oriental Bhd (E&O) include its serviced apartments at the former St Mary’s school site at Jalan Tengah in Kuala Lumpur and the condominiums in Seri Tanjung Pinang, Penang

06-Oct-08 Mah Sing Group Bhd plans to unveil four new projects starting from now till the end of 2010, which are Legenda @ Southbay and Southbay City, both in Penang; One Residence in Cheras and Sri Pulai Perdana 2 in Johor

06-Oct-08 Nine hotels will be developed in Penang over the next 3 to 4 years, which include Royale Bintang Penang, The Rice Miller Hotel, Hard Rock Hotel, Cititel Express Hotel, Eastin e-hotel and four others yet-to-be-named hotels

07-Oct-08 Iskandar Investment Bhd (IIB) has officially launched Medini in Iskandar Malaysia, Johor Bahru, which is Malay- sia's single biggest urban development to date, at Cityscape Dubai exhibition

07-Oct-08 The facade and East Wing of the Bangsar Shopping Centre will be unveiled in less than three months with work on Phase 3 being completed. The whole redevelopment is scheduled to be completed by the end of 2009

11-Oct-08 Malton Bhd intends to acquire Austin Heights Sdn Bhd from Southcon Builders Sdn Bhd for RM103 million cash. Austin Heights is developing a mixed project on an 79.79ha land at Taman Mount Austin in Tebrau, Johor

13-Oct-08 A new shopping complex called Mesra Mall, which is developed by KLCC (Holdings) Sdn Bhd, has opened in Kerteh, Terengganu

13-Oct-08 MTD Capital Bhd (MTDCap) is expected to go ahead with a long-postponed US$1 billion (RM3.5 billion) town- ship project on a 600ha site in Pirque region, 40km south of Santiago, Chile

15-Oct-08 Due to the weakened residential property market in Singapore, the launching of the Sentosa Seaview and The Pin- nacle Collection of IOI Corp Bhd, will be delayed

15-Oct-08 UEM Land and United Malayan Land Bhd (UMLand) are cooperating to develop a 3.56ha site in Puteri Harbour, Johor, which will comprise high- and low-rise residences, bungalows and corporate units

15-Oct-08 Goldmount Resources Sdn Bhd is developing its maiden project, Puncak Lagenda, in Taman Bukit Mewah, Johor. Phase two of the project will comprise 31 double-storey shop offices with three different floor designs Review of Malaysian Property Market (08/09) Page 24

MAJOR MARKET ACTIVITIES IN 2008

Date News

16-Oct-08 Buyers from all over the world have snapped up almost 70 per cent of the high-end waterfront villas in Danga Is- land Villas within Iskandar Malaysia, Johor before its launching in November

18-Oct-08 Berjaya Land Bhd is developing Berjaya Jeju Resort in South Korea's Jeju Island. The project will comprise the Creek Resort, condominiums, villas, casino with a 50 storey hotel, a shopping mall and a 6000-seat indoor stadium

18-Oct-08 IJM plans to add two more premium condominium projects called Pearl Regency and Platino in its MetroEast de- velopment, Penang

20-Oct-08 PJCC Development Sdn Bhd plans to launch PJCC Residence, comprising 194 service suites by end 2008 under the Petaling Jaya Commercial City (PJCC) development

20-Oct-08 Sunway South Quay has attracted a huge Korean community after a South Korean firm, Luxury Court Sdn Bhd, made an en-bloc purchase of 249 condominiums in Sunway South Quay in December 2007

21-Oct-08 The Sunway group will start building a 28-storey block of small-office-home-office (SOHO) and commercial tower with net lettable area (NLA) of 300,000 sq ft adjacent to next year

21-Oct-08 Berjaya Land Bhd plans to unveil its Berjaya Park project in Shah Alam and Vasana Link Bungalows development in Seputih Heights before the end of 2008. The GDV for the 25-unit Vasana Link project is RM175 million

28-Oct-08 The RM 200 million Kinta Riverfront project has been launched in Perak. The project covers 16ha on the banks of the Kinta river

28-Oct-08 Emkay is undertaking the MKN Techzone project, which features four commercial blocks worth RM350 million in phase one development and eight buildings worth over RM600 million in phase two

29-Oct-08 Despite concerns over falling property prices, Sunrise Bhd is to proceed with the launch of two projects in Malay- sia and one in Canada in 2009 valued at RM2.5 billion in total

30-Oct-08 Mutiara Goodyear Development Bhd is looking to launch projects valued at some RM1 billion in 2009. Projects in the pipeline include a commercial block in Sunway in Petaling Jaya, a 69-acre housing scheme in Kajang and a 456-acre mixed development project in Penang

30-Oct-08 The Lower Kinabatangan-Segama Wetlands has been officially designated as Sabah’s first and Malaysia’s largest Ramsar site, extending over 78,803 hectares of mangrove forests and peat swamp on the east coast

31-Oct-08 Capital Properties Sdn Bhd is to construct the 98-room Allson Capital Hotel Medan Tuanku worth RM 82mn in Kuala Lumpur. It will be ready in the third quarter of 2011

31-Oct-08 Ivory Properties Group is scouting for an investor the 450-room five-star hotel planned at its development, which is estimated to have a gross development value of RM250 million

31-Oct-08 Hewlett-Packard (HP) has unveiled a proposal to set up a 24ha campus in Cyberjaya. The project is slated for com- pletion by early 2010

31-Oct-08 Work on the first phase of project undertaken by Pelaburan Hartanah Bumiputera Berhad (PHBB) and MRCB in Butterworth is expected to start before the end 2008 when all the hawkers have been relocated

02-Nov-08 AirAsia X, the long-haul franchise of AirAsia, may commence its service from Kota Kinabalu International Airport (KKIA)

03-Nov-08 The Nomad Offices Pavilion KL has been launched by the Nomad Group in Bukit Bintang to cater to business pro- fessionals

03-Nov-08 Malton is gearing up to launch its maiden signature condominium project in Penang called The Mansion @ Can- tonment, which is also the first for the developer outside the Klang Valley, by early 2009

03-Nov-08 Emkay Group proposes to develop RM4.3 billion worth of properties in Cyberjaya, Selangor from 2010. It will first construct eight office towers at MKN Embassy Techzone next year Review of Malaysian Property Market (08/09) Page 25

MAJOR MARKET ACTIVITIES IN 2008

Date News

03-Nov-08 Berjaya Jeju Resort, a world-class integrated tourism and recreational project, undertaken by Berjaya Jeju Resort Ltd, will be launched in the first quarter of 2009

05-Nov-08 Zelan Holdings Sdn Bhd has cancelled its joint venture with Al-Ambia Sdn Bhd to undertake the phase two of the Meena Plaza project, a mixed development, in the UAE

05-Nov-08 The Zest @ Kinrara 9, a 2.3ha mixed development of shop offices, has been launched recently in Puchong

06-Nov-08 YTL Land & Development Bhd is rolling out semi-detached houses with their own private pool in Lake Edge in Puchong. The 50 units of homes called the Waterville are priced from RM1.59 million each

07-Nov-08 Accor’s largest mid-scale hotel, Mercure Kota Kinabalu and upper-middle scale brand, Novotel 1Borneo, together opened their doors in 1 Borneo development, has 325 and 263 guestrooms and suites respectively

10-Nov-08 Despite the global economic slowdown, I&P is to launch four township projects in Puchong; Alam Sari in Bangi; in Shah Alam; and Kota Bayuemas in Klang, respectively

10-Nov-08 Malton is gearing up to launch its maiden signature condominium project in Penang, known as The Man- sion@Cantonment. It is a 36-storey block with duplexes fronting the sea and city worth RM47 million

10-Nov-08 The RM2 billion Sunway City Ipoh township project in Perak will woo investors from Asia Pacific and the Middle East as tourists or to take up residence in the township under the Malaysia My Second Home programme

11-Nov-08 Hua Yang Bhd has registered bookings for over 200 units of Phase 1 Symphony Heights @ serviced apartments since its soft launch a few months ago

11-Nov-08 Mah Sing Group Bhd predicts its proposed StarParc Point project in Setapak, Kuala Lumpur to generate a total gross development value (GDV) of RM118 million

14-Nov-08 YTL Land & Development Bhd plans to develop another 8ha of land next to its Lake Edge gated community in Puchong, Selangor, by constructing 45 units of high-end terrace homes with a GDV of RM50 million

14-Nov-08 Sime Darby Property Bhd expects its second property campaign known as the "Parade of Homes" running from today until December 15 to record RM200 million sales

17-Nov-08 Datuk Lim Kang Hoo of Limbongan-Ekovest Management Sdn Bhd, the project manager of , said the company has pumped in RM350 million for this latest development which will take place mainly at the existing sites of the International Restaurants and the Bay Leaf Restaurant

17-Nov-08 The new RM100 million Calvary Convention Centre, under construction in Bukit Jalil, will cater not only to church members but to all Malaysians living in the Klang Valley

18-Nov-08 Shenyang Malaysia Development Sdn Bhd (Shenmas) signed a memorandum of understanding (MOU) with the Administrative Committee of the Shenyang Finance Development Zone to develop a Muslim community centre cum regional finance centre in Shenyang City, China

18-Nov-08 The government will resume work on the multi-million-ringgit project to deepen the north channel of Penang Port, which had been shelved under the Ninth Malaysia Plan (9MP) Mid-term review

18-Nov-08 GB Corp Bhd, which operates the “Cititel” hotel chain, plans to invest RM2 billion over the next five years to de- velop “tourist-class” hotels in China under a new brand name

19-Nov-08 TH Properties Sdn Bhd has teamed up with PrimaNora Sdn Bhd to develop a RM30 million resort-style township in Bandar Enstek for the aged and elderly

19-Nov-08 The Sabah Land and Survey Department will issue a land title for the controversial oceanarium resort in Mabul only if all special conditions are complied with

21-Nov-08 The developer of a high-rise hotel within the heritage zone said it had scaled down the project due to the impor- tance of George Town's status as a Unesco World Heritage site, reducing the E&O Hotel extension from 28 floors to 16 floors Review of Malaysian Property Market (08/09) Page 26

MAJOR MARKET ACTIVITIES IN 2008

Date News

21-Nov-08 The Klang Valley 2 (KV2) involving 142,000ha had lifted off with the opening of the Multimedia Super Corridor (MSC), Cyberjaya and the KL International Airport (KLIA), to replace the Klang Valley

22-Nov-08 DutaLand recently terminated a joint-venture agreement with its wholly subsidiaries to develop several parcels of a 3.55ha site in the Mont'Kiara-Sri Hartamas area due to economic downturn

24-Nov-08 YNH Property Bhd is targeting to officially launch its RM1 billion Kiara 163 suites, a mixed development project in Mont’ Kiara, Kuala Lumpur, next month

24-Nov-08 Taipan Group is busy with its latest mixed development project called Park 51, a 35-acre leasehold tract at SS9A (Zone 51A), Petaling Jaya

24-Nov-08 In the Karambunai peninsula, KCB will launch Amabilis, a RM400 million upscale project in Nexus Residence Karambunai, featuring 100 luxury villas; and a 26.5ha Korean Village Resort worth over RM400 million

25-Nov-08 Buyers of the abandoned CN Gallery and Nas Pavillion projects in Jalan Imbi have decided to form an action com- mittee to get back their deposit money

26-Nov-08 Magna Prima will remove a mall and hotel from its Magna City project in northern Kuala Lumpur and focus on apartments, shops and offices, chief executive officer Lim Ching Choy said

26-Nov-08 Citta, a RM280 million retail mall scheduled to be ready in September 2010 in Saujana, expects retailers operating within the mall to rake in RM220 million to RM260 million in sales turnover in the first year of operations

27-Nov-08 The road systems in Malacca, Negri Sembilan and Johor will be improved over the next two years with an alloca- tion of RM3.2 billion, including a RM220 million upgrading of Jalan - and a RM85 million traffic dispersal system in Seremban known as Seremban Middle Ring Road

28-Nov-08 The CapSquare development, with a total built-up area of 3.8 million sq ft, features a retail street, Manhattan- inspired residences and office space, is developed by Bandar Raya Developments Berhad (BRDB)

29-Nov-08 A US$100 million (RM365 million) world-class golf resort modeled after the famed resort town of Santa Monica in California has been proposed in Batu Kawan, Penang and is scheduled for completion in 2012

29-Nov-08 Hijaun Heights Sdn Bhd is transforming 1,000 acres of land in Pedas, Negri Sembilan into a lifestyle property de- velopment that includes bungalows with orchards, outdoor activities and a clubhouse as well as 24 hour security

01-Dec-08 PJ Development Holdings Bhd has launched a high-end bungalow development worth RM45 million in , Kuala Lumpur, known as "Siarah Oakleaf", featuring 20 three-storey twin bungalows priced at be- tween RM2 million and RM2.5 million each

01-Dec-08 Seraimas Bina Group's (SBG) first project, D'Piazza Mall in Bayan Baru in Penang, will be officially launched in January 2009

02-Dec-08 MK Land Holdings Bhd plans to sell non-core assets and its Damansara Perdana township in Petaling Jaya worth up to RM400 million in total to fund new projects that will be launched from next year.

02-Dec-08 The new Sultan Iskandar Complex, a multi-million ringgit Customs, Immigration and Quarantine (CIQ) facility, has been launched by Sultan Iskandar Sultan Ismail

02-Dec-08 Karambunai Corp Bhd is finalising plans with its South Korean partner, Landlovers Korea Co Ltd, to build a Ko- rean Village Resort at the Karambunai peninsula in Kota Kinabalu

03-Dec-08 The developer of a 23-storey building, Bintang Holdings Sdn Bhd, under the Low Yat Group, said it will not jeop- ardise George Town's World Heritage Site listing, saying the project is located on the fringe of the buffer zone

06-Dec-08 Astral Asia Bhd's subsidiary, Syarikat Ladang LKPP, plans to buy 749ha of land in Kuantan from Lembaga Kema- juan Perusahaan Pertanian Negeri Pahang (LKPP) to develop a mixed development, incorporating a hi-tech park

06-Dec-08 The Melaka government will revive the stalled Pulau Melaka reclaimed project involving mixed developments to protect the interests of 1,200 buyers Review of Malaysian Property Market (08/09) Page 27

MAJOR MARKET ACTIVITIES IN 2008

Date News 06-Dec-08 Citta, an open air strip shopping mall to be jointly developed by Puncakdana Sdn Bhd (PSB) and Sweden-based SEB Asset Management (SEB), will be different from the typical shopping malls that are minutes from the catch- ment areas of Ara Damansara, Saujana and Subang

06-Dec-08 Sunway City (Ipoh) Sdn Bhd has lined up world-class real estate in its Sunway City Ipoh township and sealed a pact with CI Korea Co Ltd to acquire its properties to court investors from Asia Pacific and the Middle East

07-Dec-08 A landslide in Bukit Antarabangsa have claimed four lives and destroys 14 bungalows, which has also affected the demand for properties in the affected area

08-Dec-08 More than 100 house buyers in Taman Tuanku Jaafar Senawang Phase Three are seeing red as the developer has yet to begin building even a single house following the signing of sale & purchage agreements in 2005

08-Dec-08 YTL Land & Development Bhd will go ahead with the launch of the final phase of its Pantai Hillpark gated com- munity development in Kuala Lumpur in 2009 despite the global financial crisis

08-Dec-08 Pahang, Penang and Perak have frozen their highland developments following the Bukit Antarabangsa landslide on Saturday

08-Dec-08 The Starwoods Hotels & Resorts' Four Points brand will be the first international brand in 15 years in Kuching when it opens its doors in mid-January 2009

08-Dec-08 Eastern & Oriental Bhd (E&O) will delay the launch of the first phase of Seri Tanjung Pinang condominiums in Penang amid the current economic slowdown

08-Dec-08 Syarikat Perumahan Negara Bhd has received a boost of RM700 million as part of the RM 7bil economy stimulus package to develop low-cost housing projects and revive abandoned projects in 2009

08-Dec-08 The Perak government has approved more than 100 housing, industrial and mixed development projects with most of them in the Manjung area over the past 8 months, state senior executive councilor Datuk Ngeh Koo Ham said

09-Dec-08 Ireka Corp and its associate firm, London-listed Aseana Properties Ltd, is finalising the master layout plan for a 32ha seafront resort and residential development in Kota Kinabalu, Sabah, worth over RM728 million

09-Dec-08 A state-of-the-art community centre designed to cater for the 54,000 residents of Precinct 11 has been granted a temporary Certificate of Fitness (CF) and opened its doors

10-Dec-08 Malaysia Airports Holdings Bhd (MAHB) has completed Phase One of its satellite retail optimisation project, also known as the East Zone, at the KL International Airport (KLIA) in

10-Dec-08 The Penang Municipal Council has ordered work on a project by DMV Sdn Bhd involving 37 units of three-storey bungalows located at the foot of a slope just below the 18-storey Mar Vista apartments in to be stopped immediately due to poor drainage system

11-Dec-08 Asiatic Development Bhd is reviewing a plan to develop premium outlet shopping centres at multiple sites across Malaysia, including a site in Kulai, Johor

11-Dec-08 Officials of the Federal Territories Ministry, Natural Resources Ministry, Public Works Department and City Hall will announce if three hillside projects namely Medan Damansara 21, Bukit Ceylon and Bukit Gasing, will be al- lowed to continue

11-Dec-08 Selangor Mentri Besar Tan Sri Khalid Ibrahim said that currently 27 projects on hills came under the Municipal Council, adding that of these, 10 of them were located in Bukit Antarabangsa and 11 in Melawati

12-Dec-08 The development of the Sarawak Corridor of Renewable Energy (SCORE) stretching from Tanjung Manis to Simi- lajau and into the hinterlands covering 70,000km sq of Sarawak, is expected to attract a flurry of property develop- ments catering for the migration from the rural to urban areas and benefit construction companies

12-Dec-08 Hunza Properties Bhd has delayed the construction of its RM400 million Gurney Paragon shopping mall project on Penang island, which was initially scheduled to be completed by 2010, until building costs and raw material prices stablise Review of Malaysian Property Market (08/09) Page 28

MAJOR MARKET ACTIVITIES IN 2008

Date News

12-Dec-08 Work on the first Legoland theme park in Asia is expected to start in Johor in 2009 as Iskandar Investment Berhad (IIB) will sign a deal tomorrow with the Lego Group, the Danish maker of interlocking plastic bricks, to develop the theme park in Nusajaya

13-Dec-08 The government has frozen the Damansara 21 hillside project, which has been deemed a high-risk development and ordered that the construction of the 34-storey block on Lot PT 21, Persiaran Raja Chulan be halted immediately

13-Dec-08 Supportive Holdings International Bhd has acquired Welcome Properties Sdn Bhd, developer of the 48-acre sea- fronting Aman Bayu mixed development in Teluk Air Tawar, Butterworth, Penang

13-Dec-08 MBM Resources Bhd plans to build a high-rise office tower near Mid Valley City and next to the Federal Highway where Volvo's flagship showroom and office of Federal Auto Holdings Bhd are presently sited

13-Dec-08 Hijauan Heights Sdn Bhd is transforming 1,000 acres of land in Pedas, Negeri Sembilan, into a unique proportion of bungalows within a gated orchard haven

14-Dec-08 Chee Seng Gardens residents want the Penang government to immediately stop the Surin Bolton apartments project by GLM Property Development Sdn Bhd, fearing for a repeat of the Bukit Antarabangsa disasters

14-Dec-08 Residents living next to the Delima Palace Island Glades condo project in Penang want the project to be stopped, for fear of a repeat of the Bukit Antarabangsa disaster after rock-blasting caused damage to their homes

15-Dec-08 The RM1.3 billion new Sultan Iskandar Customs, Immigration and Quarantine (CIQ) complex in Johor will be fully operational tomorrow and replace the Causeway checkpoint in the city centre, which will be closed.

15-Dec-08 I-Bhd is considering to form a joint venture with a foreign institution, which may be CapitaLand Ltd, to build a world-class shopping complex that will have one million sq ft of gross lettable area

16-Dec-08 TA Enterprise Bhd is buying a freehold five-star hotel known as “The Westin Melbourne” in Australia for RM389.12mil from RPHT Pty Ltd and RPHT Operations Pty Ltd

16-Dec-08 The government will spend RM90 million to revive the construction of two abandoned police headquarters complexes in , namely the Yan and Pendang police headquarters

16-Dec-08 The Real Estate and Housing Developers’ Association Malaysia (REHDA) has called on the authorities to recon- sider the plan to impose immediate blanket ban of hill slope projects following the Bukit Antarabangsa landslide

17-Dec-08 Despite turbulent times ahead, Tune Hotels.com is set to open three new hotels by the first quarter of 2009 in Kuching, Penang and the Low Cost Carrier Terminal (LCCT) respectively

17-Dec-08 Despite the troubled global economy, Gamuda Bhd will keep working on the Yen So Park project, which boasts a gross development value of RM8 billion to RM10 billion over 10 years

17-Dec-08 Gamuda Bhd expects the completion of its electrified double tracking project linking Ipoh to Padang Besar to be postponed by one year due to a delay in land acquisitions

17-Dec-08 The proposed city bus terminal project in Shah Alam has not been shelved but revised to a smaller scale central station complex to replace the temporary terminal for long distance bus services in Section 17

18-Dec-08 MK Land Holdings Bhd is clearing the slope beside the Metropolitan Square commercial block as part of the groundwork for the Metropolitan Square serviced apartment project at Damansara Perdana in Petaling Jaya

18-Dec-08 Hua Yang Bhd plans to launch a mixed development project on 17.89 acres in Sungai Besi, with a gross develop- ment value of RM700mil, in the second half of 2009

19-Dec-08 Sime Darby Bhd will invest in a massive development based on five themes namely health, education, sports, hi- tech and recreation, at its present Labu and Tanah Merah estates covering some 12,120ha, with the first launch ex- pected in 2009

19-Dec-08 Wisma Hamzah Kwong Hing in Lebuh Ampang owned by Kwong Hing Group has been renovated and now en- cased in a reflective gold-coated glass skin. The renovation cost about RM16 million Review of Malaysian Property Market (08/09) Page 29

MAJOR MARKET ACTIVITIES IN 2008

Date News 19-Dec-08 Dijaya Corp Bhd is planning to launch three new projects within the Tropicana area over the next one year, namely the Tropicana Grande, Tropicana Avenue, a commercial centre; and Pool Villas, comprising semi-detached villas

20-Dec-08 Mah Sing Group Bhd will have about nine parcels of projects in the semi-detached and detached house segment for launch in 2009, including our garden bungalows in Hijauan Residence, One Residence, Kemuning Residence, Star- Parc Point and Southgate Commercial Centre in the Klang Valley; Sierra Perdana and Sri Pulai Perdana 2 in Johor Baru; and Residence@Southbay and Legenda@Southbay in Penang

20-Dec-08 YTL Land & Development Bhd has no plans of delaying any projects despite the present economic downturn, in- cluding the plan to launch its Parkville homes in Lake Edge, comprises 8 bungalows and 8 semi-detached homes

20-Dec-08 Sunrise Bhd has four other ongoing projects, namely 10 Mont Kiara (90% sold), 11 Mont Kiara (80% sold), Mont Kiara Meridin (90% sold) and Solaris Dutamas, all of which will be completed in the next two years

20-Dec-08 20trees by SDB Properties Sdn Bhd and Amberhill by Pembinaan Asmegah Sdn Bhd are causing worries to resi- dents of Phase 7

20-Dec-08 IJM is developing 3 projects on hillsides in Ampang Jaya, namely Monte Bayu and Sh'ng Villa in Cheras and Sere- nia Gardens in Ukay Heights and is reassuring that a team of geotechnical experts are advising on the development

20-Dec-08 Perkuat Kuari Sdn Bhd, which is developing the Taman Bukit Permai project in Cheras, does not expect any prob- lems with the decade-long project, and plans to launch bungalows in 2009

20-Dec-08 Bolton Bhd is buying into Zahari Holdings Sdn Bhd, which owns 4,331 sq metres of land in Kuala Lumpur, for RM6 million, and has an order from Kuala Lumpur City Hall to construct a 16-storey condominium block

20-Dec-08 The US$1.8bil resort-type residential complex project invested by Berjaya Land Bhd in Jeju, South Korea, will serve as a turning point in Jeju’s rebirth as a global destination for recreation and tourism

20-Dec-08 YNH Property Bhd plans to launch its Kiara 163 mixed development project in Mont Kiara targeted at both local buyers and expatriates in the first quarter of 2009

21-Dec-08 Penang's government will issue a stopwork order on two development projects in Tanjung Bungah as they could affect the safety of residents living near the hillslopes

21-Dec-08 EduCity, a 123.4-hectare project under Iskandar Investment Berhad (IIB), which is poised to be the educational hub in Johor, is expected to be ready by 2018

22-Dec-08 Syarikat Prasarana Negara Bhd (SPNB) is expected to launch tenders for the extension of RapidKL Light Rail Transit (LRT) system by as soon as the first quarter of 2009

22-Dec-08 Vantage Lifestyle Sdn Bhd is offering The Serai, a gated and guarded freehold development, to be assessed by the Building and Construction Authority of Singapore under its stringent Construction Quality Assessment System

23-Dec-08 The Sarawak Economic Development Corporation's five-year plan to upgrade major tourism properties in Sarawak including the refurbishment of the Kuching Waterfront, the Holiday Inn Kuching and the Crowne Plaza Riverside Kuching, as well as the Sarawak Cultural Village and Top Spot Food Court in Kuching, will kick off in 2009

23-Dec-08 Over the coming two years or when the economy stabilizes, FCW Holdings Bhd may construct condominium and commercial properties on a freehold in Segambut it acquired in 2007

23-Dec-08 The East Coast Economic Region's biggest fruit park covering over 3,600ha in Lanchang near Temerloh will be launched by Prime Minister Datuk Seri Abdullah Ahmad Badawi in January 2009

23-Dec-08 GLM Property Development Sdn Bhd, the developer of the upmarket Surin Bolton Apartments, has been issued a stop-work order, for carrying out rock blasting at a hillslope in Tanjung Bungah

23-Dec-08 The Penang Municipal Council has issued a stop-work order to Taman Ratu Developers Sdn Bhd, which is devel- oping the Beverly Hills hillslope project, for allegation of not following the procedures in carrying out soil stabili- sation works Review of Malaysian Property Market (08/09) Page 30

MAJOR MARKET ACTIVITIES IN 2008

Date News

24-Dec-08 Sunrise Bhd's agreement signed with Malaysia Commercial Development Fund Pte Ltd (MCDF) to sell MK20, a mixed development project in Mon’t Kiara, for RM767mil, has been cancelled

24-Dec-08 Sime Darby Bhd will complete the new low-cost carrier terminal (LCCT) project in Labu, Negri Sembilan, by March 2011, and then sell the new terminal dubbed "KLIA East@Labu" to AirAsia Bhd

24-Dec-08 The government will conduct a feasibility study on the proposed 52 kilometres bridge linking Malacca to Dumai in Sumatra, Indonesia

25-Dec-08 Central Spectrum (M) Sdn Bhd is developing a 2129.6ha in into integrated township, which consists of industrial (61%), residential (35%) and commercial (4%) properties

25-Dec-08 The Klang Municipal Council (MPK) has decided to move bus operations to and shut down the Klang Utara Bus Terminal in Jalan Pos Baharu and the express bus and taxi terminal in Lorong Kepayang

27-Dec-08 NBC Land Sdn Bhd plans to launch the second phase of its Jelutong Heights residential project after the 2009 Chi- nese New Year

27-Dec-08 Magna Prima Bhd plans to build mid to high-end landed properties with an estimated gross development value (GDV) of RM300mil in the next three years, which is a change from the developer's traditional high-rise residential market

29-Dec-08 The development of a commercial hub on the Football Association of Selangor (FAS) field in Kelana Jaya has not been objected by residents in the surrounding area like Taman MegahMas, Taman Mayang and Ara Damansara but also from other residents around Petaling Jaya

29-Dec-08 The Nomad Group Bhd plans to invest about RM4mil to open its latest office in the Philippines by the first quarter of 2009 and has shortlisted two buildings in the central business district of Manila

30-Dec-08 YTL Corp Bhd plans to launch two resorts off the coast of Sabah and a hotel in the Klang Valley for RM200 mil- lion by early 2009, with the hotel to be called Majestic Kuala Lumpur

MAJOR CORPORATE DEALS IN 2008

Date Vendor / Property description Consideration Purchaser

AGRICULTURE

Feb-08 Perak Fruits & Dev Corp A parcel of leasehold agricultural land with land area of about 1,003.6 RM23 million SB / Seni Perintis SB acres in of Sungkai, District of Batang Padang, Perak

Feb-08 Lembayung Sukma SB / 21 parcels of orchard land with combined land area of 352.165 hectares RM45.49 million Putrajaya Resources SB (869.85 acres) in Mukim of Belanja, District of Kinta, Perak

May-08 Equator Biotech SB / 11 parcels of agriculture lands with total land area of 55.4109 acres in RM2.11 million Several purchasers , Johor

Aug-08 Boustead Rimba Nilai SB / Two (2) plantation estates known as Malakoff Estate in Penang RM192.4 million Al-Hadharah Boustead (1,399.22 hectares) and Bebar Estate in Pahang (2,340.58) (sell & leaseback) REIT

Nov-08 / KFC A piece of 40-acrea leasehold land within Ladang Kuala Kabung, Dis- RM10.4 million Holdings (Malaysia) Bhd trict of Kulaijaya, State of Johor Darul Takzim Review of Malaysian Property Market (08/09) Page 31

MAJOR CORPORATE DEALS IN 2008

Date Vendor / Property description Consideration Purchaser

DEVELOPMENT LANDS

Jan-08 UEM Land Sdn Bhd / A parcel of freehold agricultural land with a total land area of 19.31 RM17.66 million Tiong Nam Logistics SB acres in Nusajaya, Johor Bahru. The purchaser intends to construct an industrial warehouse on the land

Jan-08 Several individual vendors / Eight (8) parcels of contiguous land in Johor Bahru, with collective RM21.06 million Mah Sing Properties SB land area of 60.43 acres. The purchaser intends to develop the land into Sri Pulai Perdana 2, Johor Bahru

Jan-08 Kee Hup Properties SB / A piece of freehold land designated for ‘Bangunan Perniagaan’ with RM125.86 mil- Impiana Impresif SB total land area 102,201 square metres. The land fronts onto Federal lion Highway at Subang Jaya area

Jan-08 Several individual vendors / A piece of residential land measuring 3,029.99 square metres along RM55.46 million Sabna Development SB Changkat Kia Peng, , together with two (2) bungalow houses erected thereon

Jan-08 Alpine Accord (M) SB / Three (3) parcels of land in Bandar Batu Feringgi, North-East District, RM24.57 million Crescent Consortium SB Pulau Pinang with total land area of 19,023 square metres

Jan-08 Batang Padang Oil & Fat A piece of leasehold land situated within Mukim Bidor, Batang Padang RM1.15 million Products SB / Yee Lee District, Perak with land area of 32,404 square metres. The land is sited Palm Oil Industries SB near to the existing Yee Lee Group factory. The land is intended for future expansion

Jan-08 Cyberview SB / Glomac A parcel of development land sited within the Enterprise Zone, Cyber- RM21.24 million Jaya SB jaya with total land area of 8.1283 acres

Jan-08 Perfect Resources (M) SB / Two parcels of leasehold vacant industrial land sited within the Selan- RM30.77 million Supreme Essence SB gor Science Park, Kota Damansara. The lands, measuring 13.21 acres has the potential to be developed into a high-tech industrial project

Feb-08 Sunhom SB / Seleksi A leasehold vacant industrial land measuring 4.33 acres and known as RM19.41 million Megah SB Lot 9, Jalan Teknologi 3/1, Taman Sains Selangor 1, Kota Damansara, Petaling Jaya

Feb-08 Oji Screens SB / Seleksi A leasehold vacant industrial land measuring 5.12 acres and known as RM20.52 million Megah SB Lot 7, Jalan Teknologi 3/1, Taman Sains Selangor 1, Kota Damansara, Petaling Jaya

Feb-08 Beta Fame SB / Nadi Jelita Four (4) parcels of freehold agriculture lands sited between RM29.5 million SB and . The purchaser intends to develop the 93.418 acres of land into a mixed development project

Feb-08 Several individual vendors / Two (2) parcels of agriculture land with potential for mixed develop- RM18.66 million Dijaya Property SB ment. The lands, which have collective land area of 26.77 acres, are sited within Cheras locality

Feb-08 Several vendors / Hunza Two (2) contiguous parcels of freehold land in Mukim of Batu, Kuala RM21.29 million Properties (Wilayah) SB Lumpur. The lands have collective land area of 2.54 acres

Mar-08 Nusajaya Rise SB / Janaha- A parcel of ten (10) acre of agriculture land in Bandar Nusajaya, Johor RM13.07 million sil SB Bahru. The acquisition forms part of the purchaser’s plan to expand its education services Review of Malaysian Property Market (08/09) Page 32

MAJOR CORPORATE DEALS IN 2008

Date Vendor / Property description Consideration Purchaser

DEVELOPMENT LANDS (cont…)

Mar-08 Several vendors / Cepat Three (3) parcels of residential land with total land area of 57,352 RM19.63 million to Jun- Wawasan Group Bhd square feet together with a two (2) storey detached house in Damansara 08 Heights, Kuala Lumpur. The purchaser plans to develop six (6) units of detached houses on the lands

Apr-08 Pembinaan Amal Cekap 142 plots of commercial lands of 20’ x 65’ in Taman Mutiara Puchong. RM14.5 million SB / Triple Equity SB Collectively, the lands have land area of 197,199 square feet

May-08 Several individual vendors / 12 parcels of agriculture land potential for mixed development. The RM77.93 million Srijang Kemajuan SB land, which has total land area of 273.387 acres, is sited about 2.5 km from Kajang town

May-08 Masasan Sdn Bhd / Tanah A parcel of development land with land area of 2.427 hectares sited RM3.9 million Emas Corporation Bhd along Mile 3.5 North Road, Sandakan, Sabah

Jun-08 KCB Trading SB / Magna A parcel of development land approved for development of 108 condo- RM84.3 million Universe SB minium units in a 40 storey building and 3 storey basement car parks in Kuala Lumpur city centre. The land size is 5,221 square metres

Jun-08 UEM Land Bhd / DAMAC A parcel of agriculture land with land area of 43.54 acres in Puteri Har- RM396.44 mil- Properties (Malaysia) SB bour, Bandar Nusajaya, Johor Bahru. The land is proposed for the de- lion velopment of an integrated waterfront development consisting residen- tial, commercial, retail and leisure facilities

Jun-08 Damansara Residences SB / A parcel of agriculture land measuring about 3.111 hectares with po- RM20 million Morning Valley SB tential development of 42 units of villa homes. The land is sited near Gleneagle Hospital in Ampang, Kuala Lumpur

Jun-08 UEM Construction SB / 20 parcels of development land Bandar Nusajaya, Johor Bahru. The RM46.15 million UEM Land Bhd lands have collective land area of 57.2 acres

Jul-08 SB / Glomac Two (2) parcels of commercial land approved for commercial building RM38.69 million Al Batha Mutiara SB in , Petaling Jaya

Jul-08 Bandar SB / A parcel of commercial land measuring 30.5 acres in Precinct 1, Setia RM119.57 mil- Greenhill Resources SB Alam, Mukim Of Bukit Rajah, Petaling District, Selangor lion

Jul-08 Damansara Realty (Johor) A parcel of commercial land with land size of 1.18 acres in Taman RM4.03 million SB / SPM Restaurants SB Damansara Alif, Johor Bahru. The land is intended for the develop- ment of a restaurant

Jul-08 Sarawak Plantation Prop- A parcel of development land sited within Block 4 Miri Concession RM9.03 million erty Holding SB / Sealink Land District measuring approximately 1.9441 hectares SB

Jul-08 Central Spectrum (M) SB / A parcel of undeveloped land in Pulau Indah, Pelabuhan Klang with RM30.08 million Inai Kiara SB land size of 125.54 acres

Jul-08 Kurnia Setia Bhd / Kurnia A parcel of 1,500 acres land planned for a mixed development known RM30.64 million Setia Development SB as Kota Sri Ahmad Shah, Kuantan, Pahang

Jul-08 MBSB Development SB / A parcel of development land measuring 13,533 square metres. The RM26 million Malaysian Resources Cor- land is intended for the development of high-end service apartments poration Bhd Review of Malaysian Property Market (08/09) Page 33

MAJOR CORPORATE DEALS IN 2008

Date Vendor / Property description Consideration Purchaser

DEVELOPMENT LANDS (cont…)

Sep-08 Ooi Cheang Cheang A 5.831acre freehold vacant land which has no restriction in interest RM15.5 million (individual) / ENCORP and category of use in Batu Feringgi, Penang Island. The intended use Bhd of the Property is for future residential development

Sep-08 United Overseas Bank A piece of 11.312acre vacant land in Bandar Batu Ferringhi, Daerah RM6 million (Malaysia) Bhd / Asia Pa- Timur Laut, Negeri Pulau Pinang cific Land Bhd

Sep-08 Central Spectrum (M) Sdn A vacant land designated for industrial purposes in Lot 6, Section 1, RM2.614 million Bhd / PMB Carbon SB Mukim & District of Klang, State of Selangor Darul Ehsan measuring approximately 7.5 acres

Sep-08 Central Spectrum (M) Sdn A vacant land designated for industrial purposes in Lot 7, Section 1, RM11.28 million Bhd / PMB Carbon SB Mukim & District of Klang, State of Selangor Darul Ehsan measuring approximately 32.36 acres

Nov-08 Pesta Pelindung SB / Rapid A freehold land measuring approximately 38,300 square meters in Lu- RM7.413 million Synergy Bhd mut, Perak

Nov-08 Supreme Springs SB / Link A 2.12ha of freehold land in Setapak, Kuala Lumpur RM13 million Mart SB

Nov-08 Spring Harmony SB / A vacant leasehold land measuring approximately 2.681 ha known as RM 5.2 million Amanbay SB Lot 428, Mukim 17, Tempat Tanjung Bungah, Daerah Timur Laut, Penang

Dec-08 OFI Properties SB / SPM A piece of leasehold vacant land measuring approximately 3,981 RM 3.13 million Restaurants SB square metres which form part of Lot No. 4260, Mukim Bukit Katil, Melaka Tengah, Melaka

Dec-08 Dyner Resources SB / A vacant freehold first grade land measuring approximately RM 1.97 million Asas Dunia Bhd 32755.2525 square metre off the eastern side of Jalan Rozhan and to the east of Taman Impian Ria, , Seberang Perai Ten- gah.

OFFICES

Jan-08 Capital Square SB / Union A 41 storey purpose built office building with about 600,000 square RM439.32 mil- Investment Real Estate Ak- feet salable areas together with 461 car parks to be developed in Cap- lion tiengesellschaft Square project in Kuala Lumpur city centre

Jan-08 Quill Contracts SB / Quill 4 storey building known as Quill Land & Building 10-HSBC Section RM22.74 million Capita Trust 13, Petaling Jaya currently leased to HSBC Bank. The building has net lettable area of 58,428 square feet

Jan-08 Quill Logistics SB / Quill 3 storey building known as Quill Land & Building 8-XPJ in Section RM28.8 million Capita Trust U1, Shah Alam currently leased to DHL Express. The building has net lettable area of 65,205 square feet

Jan-08 Quill Land SB / Quill Cap- 5 storey building known as Quill Building 5 (currently tenanted by RM43 million ita Trust IBM Malaysia Sdn Bhd) in Cyberjaya. The building has nettable area of about 80,000 square feet Review of Malaysian Property Market (08/09) Page 34

MAJOR CORPORATE DEALS IN 2008

Date Vendor / Property description Consideration Purchaser

OFFICES (cont…)

Jan-08 Magna Tiara Development Wisma UOA Pantai, a 5 storey office building with 2 mezzanine floors RM86 million SB / UOA Reit and 3 levels of basement car park erected in Pantai locality, Kuala Lumpur. The building has net lettable area of 157,481 square feet

Jan-08 Sunrise Century SB / Wide- Four (4) parcels of office lots within a nine (9) storey building in So- RM6.35 million tech (Malaysia) Bhd laris Mont Kiara. The collective office size is 14,713 square feet

Mar-08 Glomac Al Batha SB / A grade ‘A’ purpose built office building sited at the corner of Jalan RM576.85 mil- Prestige Scale SB Pinang and Jalan P Ramlee, in the vicinity of KLCC area. The build- lion ing, which is currently under construction will have total net lettable area of 515,000 square feet

Mar-08 KUB Realty (PJ) SB / Park Block D, Megan Avenue II, Jalan Yap Kwan Seng, Kuala Lumpur. RM86.5 million Residence Development SB The building has nettable area of 336,527 square feet

Apr-08 HeiTech Padu Bhd / Per- Menara HeiTech Village, a 16 storey office building sited along Persi- RM65 million modalan Nasional Bhd aran Kewajipan, Subang Jaya (sell & leaseback)

Apr-08 PJ City Development SB / A six (6)-storey office building together with two (2) levels of base- RM75.7 million Hong Leong Assurance ment car parks. The building, which is currently under construction, Bhd will have a net lettable area 172,041 square feet

Apr-08 Teemgold Corporation SB / A 9 storey office building and car park, which is sited at Mile 4, North RM18.8 million Road, Sandakan, Sabah. The building, which is currently under con- Priceworth Wood Products struction, forms part of a office cum shopping complex Bhd

May-08 Chase Perdana Bhd / Sitt 3 floors of strata titled office space at Wisma Chase Perdana, Daman- RM37.81 million Tatt Bhd sara Heights together with 117 car park bays. The office size is 80,975 square feet

Jul-08 Star Residence SB / Prompt En bloc sale of 263,435 square feet in the East Wing of the Icon@Tun RM237.092 mil- Symphony SB Razak, Kuala Lumpur. construction of The Icon@Tun Razak is ex- lion pected to be completed in the first half of 2009. Upon completion next year, this office shall be only one (1) of two (2) new Grade A offices to cater to the increasing demand for quality office space in the vicinity of the Kuala Lumpur City Centre

Aug-08 Menara Citi Holding Co A purpose built office building known as Menara Citibank at Jalan RM586.730 mil- SB, Capitaland Ltd, Am- Ampang, Kuala Lumpur, with 100,115sqm strata floor area. lion steel Corp Bhd / IOI Corp The gross acquisition value is based on RM1,000 per sqft. IOI Corp Bhd Bhd acquired Inverfin Sdn Bhd, which owns Menara Citibank

Nov-08 Reco City SB / ING Insur- Menara Standard Chartered in Kuala Lumpur, with a total tenantable RM328 million ance Bhd area of the building is about 345,000 sq ft

RETAIL

Feb-08 Wetex Realty SB / Hektar A five (5) storey shopping complex known as Wetex Parade, with total RM93.5 million REIT retail area of 178,742 square feet. The complex is sited is sited in Muar , Johor Review of Malaysian Property Market (08/09) Page 35

MAJOR CORPORATE DEALS IN 2008

Date Vendor / Property description Consideration Purchaser

RETAIL (cont…)

May-08 IJM Properties SB / Quill A three-storey building leased to Tesco hypermarket, expiring in Au- RM132 million Capita Trust gust 2032, in Jelutong town, Penang. The building has gross floor area of 275,020 square feet

HOTEL

Feb-08 Wetex Realty SB / Hektar A hotel tower known as Classic Hotel in Bandar Maharani, Muar. The RM24 million REIT hotel has 156 rooms

INDUSTRIAL

Jan-08 Ya Horng Electronic (M) A piece of 60 years leasehold industrial land measuring about 9.33 RM4.88 million Bhd / JCY HDD Technol- acres in Mukim 13, Daerah Seberang Perai Tengah, Pulau Pinang ogy SB

Jan-08 Niro Ceramic (M) SB / A 60 year leasehold single storey warehouse building with a 3-storey RM14.5 million Axis REIT office sited on a 2.43 hectares in Industrial Estate, Johor (sell & leaseback) Bahru. The factory has gross floor area of 171,000 square feet

Jan-08 Oriental Pulse SB / Axis A 60 year leasehold industrial property comprising a single storey de- RM12.5 million REIT tached factory with gross floor area of 130,731 square feet. The factory (sell & leaseback) is sited in Pasir Gudang Industrial Estate, Johor Bahru

Feb-08 Perbadanan Memajukan Two parcels of land measuring 21.42 acres sited within Mukim Teluk RM6.32 million Iktisad Negeri Tereng- Kalong, District of Kemaman, Terengganu. The land is earmarked for ganu / Pangkalan Bekalan setting up a major fabrication yard Kemaman SB

Feb-08 Yuen Foong Yu Enterprise Three (3) pieces vacant industrial land measuring 11.9 acres in Seber- RM4.15 million SB / Harta Packaging In- ang Perai Selatan, Pulau Pinang. The Proposed acquisition will enable dustries (Perak) SB the HPI Group to increase the capacity of its existing plant operations

Mar-08 Paos Industries SB / KYS A 99 year leasehold factory with land area of 48,385 square metres in RM20.5 million Enterprise SB Kawasan Perindustrian , Klang. The factory is currently used as warehouse

Apr-08 Well-Built Holdings SB / An industrial factory currently tenanted to and occupied by Celestica RM13 million Axis REIT (AMS) SB sited at Jalan , Senai, Johor. The factory has land and gross floor areas of 2.05 hectares and 10,646.68 square metres, respectively

Apr-08 Boon Koon Vehicles Indus- A parcel of vacant industrial land with land area of 23,520 square me- RM11.15 million tries SB / Euro Chemo- tres in Industrial Park, Shah Alam Pharma SB

Apr-08 The New Straits Times A parcel of vacant industrial land with land area of 20,234 square me- RM13.67 million Press (Malaysia) Bhd / tres in Bukit Jelutong Industrial Park, Shah Alam Cerebos (Malaysia) SB

Apr-08 Mithril Clay Manufacturing A parcel of vacant industrial land measuring 3.5975 hectares in Mukim RM1.01 million SB / Tey Eng Thiam SB of , District of Batu Pahat, Johor Review of Malaysian Property Market (08/09) Page 36

MAJOR CORPORATE DEALS IN 2008

Date Vendor / Property description Consideration Purchaser

INDUSTRIAL (cont…)

Apr-08 Mithril Saferay SB / SPM A parcel of industrial lands together with a building (factory) erected RM1.3 million Realty SB thereon at Jalan Damai, Kampung Boyan, Taiping, Perak

Apr-08 Moltec Precision SB / A single storey semi-detached factory and double storey office space in RM3.75 million Power Root Marketing SB Taman Perindustrian Tago, Sri Damansara. The factory has land and floor areas of 19,300 and 14,364 square feet, respectively

Apr-08 Tan Mung Lee & Sons SB / 2 pieces of leasehold industrial land with combined land area of RM3.33 million Lysaght Galvanized Steel 222,317 square feet in Tasek, Ipoh Bhd

Jun-08 Tham Kok Hong & Sons A leasehold industrial land together with a factory erected thereon in RM7.15 million SB /Trans-Asia Shipping Taman Perindustrian Corporation Bhd

Jun-08 Tzel Assets SB / J. K. Wire 2 parcels of land measuring 23.79 million together with a detached RM23 million Harness SB factory measuring 137,072 square feet floor area. The factory sited within Mukim and District of Batang Padang, Perak

Jun-08 AHB Technology SB / A freehold industrial land measuring 53,088 square feet erected with a RM2.6 million Dexx Technologies SB factory building at Jalan Maktab, , Selangor

Jul-08 Mission Theme SB / DPS A piece of industrial land (2.596 hectares land area) together with a RM7.5 million Industries SB single storey factory building in Kawasan Perindustrian Bukit Rampai, Melaka

Jul-08 Malaysian Assurance Alli- A parcel of 60 year leasehold land in Perai industrial area, measuring RM10.7 million ance Bhd / Trans-Asia 20,611.47 square metres together with a factory complex Shipping Corp Bhd

Jul-08 Pro-Expert SB / UMW 3 parcels of vacant leasehold industrial land measuring 24.561 acres to RM30 million Fabritech SB be developed into an oil and gas fabrication yard in Lumut, Perak

Aug-08 Harvest Rimba SB / Alam Several parcels of land with total land area of 35 acres, which is to be RM10.62 million Maritim (M) SB developed as a base for shipbuilding, ship repairs and maintenance of vessels

Aug-08 Industrial Concrete Prod- A parcel of vacant industrial land measuring 107,095 square metres in RM27.1 million ucts Bhd / Golden Jomalina Bandar Sultan Sulaiman, Klang Food Industries SB

Sep-08 Hong Brothers Holdings A parcel of land measuring 1.7654 hectares together with the plymill RM7.25 million SB / Cymao Holdings Bhd factory erected thereon situated in , Klang, Selangor Darul Ehsan

Sep-08 Cahaya Nurani (M) SB / A piece of leasehold land of approximately 49,323 square metres to- RM18 million CFA Logistik SB gether with the buildings erected thereon comprising one warehouse with ancillary two storey office space in Bandar Sultan Sulaiman, Klang, Selangor

Sep-08 Singatronics (Malaysia) A piece of leasehold commercial land measuring approximately 2.48 RM3.9 million SB / Magnalite SB acres together with a factory erected thereon at Lot 20, Kulim Indus- trial Estate, 09000 Kulim, Kedah Darul Aman. The built-up area of the factory is approximately 6,624 square meters and the approximate age of the building is twenty six (26) years Review of Malaysian Property Market (08/09) Page 37

MAJOR CORPORATE DEALS IN 2008

Date Vendor / Property description Consideration Purchaser

INDUSTRIAL (cont…)

Sep-08 Bizlot (M) SB / Axis REIT A 35-year single storey detached warehouse annexed with a double RM32 million storey office/showroom with an net lettable area of 118,017sqf on a 99 year leasehold land in Jalan 219, Section 20A, Petaling Jaya

Sep-08 Penang Development Cor- A piece of 1.56-acre industrial land in Daerah Seberang Perai Tengah, RM831.580 mil- poration / Ajiya Safety forming part of Mukim 13 Plot 248(a), Bkt Minyak Industrial Park. lion Glass SB The land will be used for the group's future expansion

Sep-08 Central Spectrum (M) SB / A piece of land measuring approximately 7.5 acres designated for in- RM13.891 mil- PMB Carbon Sdn Bhd dustrial purposes and currently vacant in Lot 6, Section 1, Klang, Se- lion langor

Sep-08 Central Spectrum (M) SB / A piece of land measuring approximately 32.36 acres designated for RM11.277 mil- PMB Carbon SB industrial purposes and currently vacant in Lot 7, Section 1, Klang, lion Selangor

Sep-08 Duopharma (M) SB / Him- A 252,671 square feet vacant freehold industrial land in Mukim and RM8.131 million pun Menang SB District of Klang, State of Selangor Darul Ehsan

Oct-08 Lee Yew Hock (individual A parcel of vacant freehold industrial land measuring approximately RM5.7 million vendor) / Superlon World- 1.1713 hectares situated adjacent to one of the existing factories of wide SB Superlon in Klang, Selangor

Oct-08 Ho Wah Genting Kintron Two two pieces of leasehold lands together with buildings erected RM7 million SB / Ivan Khor Property thereon - a single-storey factory, two single-storey factory buildings Holding SB and one unit of warehouse, with a total land area of 327,876 sqf, in Kawasan Perusahaan Kulim, Kedah

Oct-08 Alpine Pipe Manufacturing A freehold land at Jalan Haji Abdul Manan, Batu 5½, Off Jalan Meru, RM71 million SB / K. H. L. SB 41050 Klang, Selangor Darul Ehsan together with a single storey fac- tory cum a double storey office premises erected thereon

Nov-08 Ajiya Safety Glass SB / The property is an industrial plot of irregular shape with a provisional RM146,976 Asia Roofing Industries SB area of 3.3741 ha (8.3376 acre) in Mukim of Buloh, Kasap, District of Segamat, Johor

Nov-08 GTR Ceramics SB / Top- A land and a semi-detached factory (undisclosed size) in Klang, Selan- RM1.82 million pan Forms and Security gor Printing SB

RESIDENTIAL

Jun-08 SB / Acquisition of 32 units of fully furnished service suite in the Berjaya RM13.3 million Dian Kristal SB Times Square mall, Kuala Lumpur with a total 21,765 square feet floor areas

Jul-08 Saluran Projek Develop- 96 serviced suites sited within a 14 storey service apartment known as RM26.5 million ment SB / LBI Capital Bhd Krystal Suites, Jalan Tun Dr Awang, Bayan Lepas (950sft per suite) with total lettable area of 95,000 square feet JS Valuers Group, which is registered with the Board of Valuers, Appraisers & Real Es- tate Agents, provides full range of real estate consultancy services. Currently, with eleven (11) offices located throughout Malaysia, the group continuously provides high quality professional services to our valued customers. Amongst the services offered are:

 Valuation  Estate agency & project marketing If you have any enquiries with  Research & consultancy regard to the content of this re- view, please do not hesitate to  Auction contact:  Property management

Mr. Chan Wai Seen Director, Research & Consultancy Tel: 603-2162 4133 Re pr es en ta ti ve of fi ce s Fax: 603-21524188 Email: [email protected] Kuala Lumpur (HQ) Unit No. B-10-14, Block B Tel: 603-2162 4133 Website: www.jsvaluers.com.my Megan Avenue II Fax: 603-2162 4188 12, Jalan Yap Kwan Seng Email: [email protected] 50450 Kuala Lumpur, Malaysia

Kota Kinabalu Unit B1123, 11th Floor Tel: 6088-254 877 Disclaimer Phase II Fax: 6088-256 812 Jalan Tun Razak Email: [email protected] The information contained herein 80000 Kota Kinabalu is derived from sources which we Sabah, Malaysia believe to be reliable. This publi- cation is on the basis that the in- Sandakan 1st Floor, Lot 4, Block 11 Tel: 6089-217 013 formation made available to us is Lorong 2, Bandar Indah Fax: 6089-220 614 accurate and complete. All opin- Mile 4, Jalan Utara Email: [email protected] ions and estimates expressed Sandakan, Sabah, Malaysia herein reflect our judgment as of this date and are subject to change Tawau Lot 5, Block 31, 2nd Floor Tel: 6089-765 621 without notice. Fajar Complex Fax: 6089-765 623 91000 Tawau Email: [email protected] JS Valuers Group accepts no re- Sabah, Malaysia sponsibility if this should prove otherwise. No liability can be ex- Pulau Pinang Room 105, 1st Floor Tel: 604-262 5003 tended for any loss arising from No. 21, Lebuh Pantai Fax: 604-263 4525 the use of this publication. 10300 Pulau Pinang, Malaysia Email: [email protected] Johor No. 32A-1B, 2nd Floor Tel: 607-432 6591 This report is the property of JS Valuars Research & Consultancy Jalan Rahmat, 83000 Fax: 607-431 7327 Sdn Bhd and cannot be copied or Batu Pahat, Johor, Malaysia Email: [email protected] reproduced without written con- Selangor No. 52 (1st Floor) Tel: 603-5636 9199 sent from the company Jalan SS 15/4C, Subang Jaya Fax: 603-5636 9193 Selangor, Malaysia Email: [email protected] Miri Lot 760, 1st Floor Tel: 6085-418 101 Jalan Merpati, PO Box 1623 Fax: 6085-413 101 98008, Miri, Sarawak, Malaysia Email: [email protected] Melaka No. 669A, Jalan Melaka Raya 8 Tel: 606-283 3338 Taman Melaka Raya Fax: 606-286 8400 75000 Melaka, Malaysia Email: [email protected] Perak Lot 114A-1 (Ground Floor) Tel: 605-241 8098 Kaying Association Building Fax: 605-241 2098 114, Jalan Sultan Yussuf Email: [email protected] 30000 Ipoh, Perak, Malaysia Research & Consultancy Unit No. B-10-14, Block B Tel: 603-2162 4133 Megan Avenue II Fax: 603-2162 4188 12, Jalan Yap Kwan Seng Email: [email protected] 50450 Kuala Lumpur, Malaysia