MONTH: MAY 2012 ISSUE: 05/2012

Property

News

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Issue 05: 1- 31 May 2012

GENERAL ECONOMIC & PROPERTY MARKET

1. Najib unveils 21 new projects worth RM20.46 billion (Bernama, 28-May-2012) . Prime Minister Datuk Seri Najib Tun Abdul Razak announced 21 new projects worth RM20.46 billion under seven National Key Economic Areas (NKEAs). . The projects are expected to boost Gross National Income (GNI) by RM4.59 billion and create 39,918 jobs. . Najib said the 21 projects fell under agriculture, business services, education, healthcare, wholesale and retail, electrical and electronics and the Greater KL/Klang Valley NKEAs. . With Gross Domestic Products (GDP) growing at 4.7% in the first quarter of the year, which was above general consensus, Najib reminded Malaysians that the ETP was “ far from saying mission accomplished”. . He adds, “global economic headwinds are still uncertain and now, more than ever, we must keep to our MARKET & PROPERTY ECONOMIC GENERAL true north, to focus on the key engines of growth in the economy, and to be competitive globally”. . Meanwhile, a statement by the Performance Manangement Delivery Unit (PEMANDU), issued before the briefing said committed investment for Agriculture NKEA amounted to RM456.69 million and would contribute about RM367.58 million in GNI and create 2,539 jobs by 2020.

2. Shorter waiting time for construction permits (The Star, 26-May-2012) . Pemudah, the Government’s special task force to facilitate business, Federal Territories and Urban Wellbeing Ministry and City Hall (DBKL) will introduce a new procedure for the approval of construction permits on June 1 that will significantly reduce the waiting time involved. . According to Pemudah, the new procedure, known as OSC 1Submission” would significantly reduce the approval process to 10 steps and to a maximum of 100 days by simplifiying and eliminating unnecessary requirement. . It also added, the current procedure involved 22 steps and a waiting time of 260 days. The fast track approval procedure for small-scale non-residential project would cover the submission of planning permission plans, buildings plans, engineering plans, fire safety plans and utility plans. . According to Pemudah co-chair Tan Sri Yong Poh Kon, this fast-track approval system will significantly reduce the time and procedures involved and will benefit investors, developers and consumer.

3. inflation likely subdued in April (Business Times, 22-May-2012) . Headline inflation is likely to stay subdued in Malaysia in April as subsidies keep fuel prices low, said economist. They expect inflation level to moderate, on base effects. . According to a Business Times poll, the Consumer Price Index (CPI) is expected to be flat, recording 2.12% year-on-year growth from March’s 2.1%.

. The Statistics Department is expected to release the details on 23rd May 2012, along with the 2012 first quarter GDP data. . BNM chief Tan Sri Dr Zeti Akhtar Aziz recently said, this year inflation rate estimate of between two to three per cent will remain intact. . She said the only risk to that range of inflation is commodity prices. If energy prices rise sharply like it did in 2008, then higher prices would be expected. But in the event that does not happen, inflation would continue to moderate.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 1 Issue 05: 1- 31 May 2012

4. 540 abondoned low-cost flat to be occupied next year (The Star, 16-May-2012) . Buyers of the abandoned Phase 1 low-cost flats in Jalan Kuang Gunung, Taman Kepong, can expect to move in by August next year after waiting for almost 7 years. . Housing and Local Government Minister Datuk Chor Chee Heung said the land owner would fund the project because the developer had been declared bankrupt. . The project began in May 2003 and Phase 1 was scheduled to be completed in 2006 but was abandoned with 81% completed as the developer, Gallant Acres Sdn Bhd, was declared bankrupt on March 5, 2008. . Chor then ordered the landowner, Kepong Development Sdn Bhd to find funds amounting to RM14 million to complete the project. . In 2010, the land owner and project’s liquidator, Tetuan Hals & Associates, were given six months to get a

court order to restart the project. MARKET & PROPERTY ECONOMIC GENERAL . Chor had told the house buyers at the time that the ministry would take over by appointing a third party if the landowner and liquidator failed to take action within the six months. . Phase 1 of the Li Garden Apartment and condominium project consist of three blocks of low-cost flats and 12 shoplots while Phase 2 consist of 396 low-cost units. . Kepong Community Centre head Yee Poh Ping, who had been champoining the issue on behalf of the buyers, said the project would be completed between December this year and February next year. . Chor added, the buyers can only move in around August next year as we still need time to apply for the Certificate of Fitness and get approval for other utilities. He also mentioned that 100 out of 177 abandoned housing projects had been revived and completed since 2009.

5. Commercial property loans 22.7% higher (The Star, 14-May-2012) . Credit for the purchase of commercial properties in March grew by 22.7% year-on-year, raising concerns in some quarters of a potential asset buble. . This loan growth in the non-residential sector, which includes industrial and commercial properties, was the highest followed by credit growth for the construction sector at 19.2%. . Meanwhile, loan growth for purchase of residential properties in March 2012 had somewhat moderated to 13.9% year-on-year. Starting from end 2009, there has been a big loan growth in the non-residential sector. . Ilustrating the rapid pace of loan growth, the total stock of loans in the non-residential sector has grown from RM70 billion in June 2009 to RM116 billion currently or an increase of 66%. . The non-residential sector has grown significantly but the bulk in value is still in residential which

comprised 25% of total loans in March 2012. Non-residential properties made up only 11% of total loans in March.

6. Where the market heading? (The Star, 5-May-2012) . Sales of new launches are a bit slow today, as some developers have discovered as they take their launches to the market. This is particularly so for those offering high-end residential category, both landed and high- rise. . Property professionals say there are a couple of reasons for this wait-and-see attitude by buyers. . Valuer and property manager Datuk Mani Usilappan of Mani Usilappan Chartered Surveyors says buyers are still digesting the hefty price rise of the last couple of years. But, while that is still going on, something else is happening and that is the pricing of today’s new launches.

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. He says, many of today’s new launches are way above the secondary market while the prices of new launches today should be closely linked to the secondary market in that area. . He mentioned, in , a new double-storey is priced between RM400,000 and RM500,000 while the older units are less than RM400,000. . This may be the reason why people are taking a longer time to decide whether to buy or not. And when they do buy, it is because they need a house in that location to stay. For those who are buying to rent, he does not think the rental will justify the price. . Mani, however added that there are quite a number of people who are looking for capital gains, and no longer at yields, and may still buy. . Property consultant, CH Williams Talhar & Wong’s MD Foo Gee Jen says “the cautious attitude of buyers are reflected in some ways by the developer themselves”.

GENERAL ECONO GENERAL . He mentions launches of high-end landed properties are few and far between. The number of units released are also small, maybe 50 and 80 units. It would be commendable if they are able to sell 50% of them. . He further said, “in the high-end high-rise residential sector, there is an oversupply which explains why buyers can afford to look around. If you look at the past six to nine months, there is a trend that the sales is weakening. The seller who is asking for RM1 million is now asking for RM900,000. Six to nine months ago, it was the reverse, the sellers were pushing prices up. In some locations, the price of new launches are higher than the existing properties”. . He concludes that buyer have become more educated and cautious.

. As to the direction of the housing market, all of them say buyer will wait for the election if their intention is MARKET & PROPERTY MIC to invest.

7. DTZ report shows slow 1Q 2012 (The Edge Property, 4-May-2012) . Cautious sentiments arising from expectations of an economic slowdown have led to a generally subdued property market in Kuala Lumpur. According to real estate consultancy firm, DTZ Malaysia, the situation is not likely to abate soon and most sectors will likely face a challenging year. . However, implementation of mega transport & infrastructure projects such as the mass rapid transit and the light rail transit extension lines as well as mega projects such as the Kuala Lumpur International Financial District, Bandar Malaysia and the 100-storey Manara Warisan Merdeka, is expected to cushion the looming economic slowdown, said Brian Koh, Executive Director of DTZ Malaysia. . DTZ’s Property Times Kuala Lumpur 1Q 2012 market report showed occupancy rates for offices have improved slightly to 86% compared with 85.8% in the previous quater. Capital and rental values remained firm but are likely to face downward pressure in view of the overall slowdown in the economy and office space oversupply.

. Currently the total supply of office space in Kuala Lumpur is 64.6 million sq ft. The city is set to see a 19% jump in the next three years with an estimated 4.8 million sq ft of new office space to be completed by year-end. . Steps by Multimedia Development Corp, the regulatory authority for the multimedia industry, to liberise guidelines for MSC status companies to be relocated within areas designated as “cybercities” without necessarily being a specific MSC-designated building have been given prospective tenants more flexibility while helping landlord to derive cost savings on capex. . Meanwhile, the residential market has been relatively quiet following stricter lending guidelines imposed by Bank Negara Malaysia. The move has taken a bite of the demand (especially speculative buying) and cooled a residential market that has run up substantially in terms of pricing over the last two years, leading developers to focus on the more affordable housing segment.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 3 Issue 05: 1- 31 May 2012

RESIDENTIAL PROPERTY IN KLANG VALLEY

8. RM48bil Gross Development Value for SIC project (The Star, 31-May-2012) . GoucoLand (M) Sdn Bhd, the property arm of Hong Leong Group, will be developing the Sepang International City (SIC) with a gross development value of RM48 billion. . Guocoland said in the statement that proposed project would span about 1,620 ha in the southern corridor of and would be developed over 18 phases. Full completion of the project is expected to take 15 to 20 years. . The seafront development will include commercial, business, residential and leisure development, a hub for institutions of higher learning and a large world-class urban park that will be modelled after the Central Park in New York, says GuocoLand. . GuocoLand’s Managing Director, Yeow Wai Siaw said the SIC would serve as the catalyst for the growth and future development of Sepang and its surroundings areas. . The project would be supported by direct transport links to the KL International Airport, Kuala Lumpur and other major points in greater Kuala Lumpur and the Klang Valley.

9. IJM Land Introduces RM11 Billion Bandar Rimbayu Township (Bernama, 29-May-2012) . IJM Land Bhd has introduced its Bandar Rimbayu township (previously known as Canal City), with an

RESIDENTIAL estimation Gross Development Value of RM11 billion to spread over 751.6 hectares located close to Kota Kemuning, Shah Alam. . Bandar Rimbayu, which will comprise four precincts, is targeted for full completion within 15 years, which will boast about 10,000 residential units in total. . IJM Land’s architects and town planners have also enlisted “defensible space” solutions to make Bandar Rimbayu safer for the community, guided by the principles of Crime Prevention through Environmental Design (CPTED).

. According to IJM Land, it will launch its maiden product known as ‘The Chimes’, consisting of 526 units of linked homes, which is targeted for the second half of 2012. . It added that in conjunction with the launch of the development project, IJM Land also signed a Service Agreement with Telekom Malaysia Bhd for the provision of high speed broadband (HSBB) infrastructure in the new township.

10. Lake Fields final phase sold out in one day (The Edge Property, 20-May-2012) PROJECT NAME Reed, Lake Fields Location Sungai Besi, Kuala Lumpur Developer YTL Land & Development Bhd GDV RM350 million Type 3-storey terrace house Development land area 29.9 acres Tenure Leasehold 99 years No. of units 285 An Artist’s impression of the Reed, Built-up area 3,216 - 3,502 sq ft Lake Fields Land area 1,920 sq ft (24’ x 80’) Developer’s selling price RM969,000 - RM1,700,000 ( sold through balloting exercise in JW Marriot Kuala Lumpur) Selling performance 100%

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Facilities The facility for residents includes a 3-acre central park, children’s play area and foot paths. Launching date 8th April 2012 Notes Prior to this, Grove, Lake Fields’ 102 lakeside semi-detached homes, which were launched in June 2011 with a starting price of RM1.8 million, were sold out by the second day of their preview. Earlier phases, Meadows and Glades, have seen an appreciation of more than 100% since they were launched in 2005. Lake Fields is the developer’s fourth residential development in the Klang Valley. The 175-acre development was launched in 2005. Facilities for Reed residents include a 3-acre central park, children’s play area and foot paths.

11. Developer to launch first residential component of Icon City (The Star, 11-May-2012) PROJECT NAME Icon Residenz @ Icon City Location , Selangor Developer Mah Sing Group Bhd Type Serviced apartments Block / Level 2 blocks / 40-storey No. of units 572 units (only 249 units open for booking) Built-up area Type A : 569 sq ft (1-bedroom) Type B : 743 - 767 sq ft (2-bedroom) Type C : 907 sq ft (3+1-bedroom) Type D : 1,393 sq ft (3+1-bedroom)

Type E : 1,795 sq ft (4+1-bedroom) RESIDENTIAL Developer’s selling price RM562,000 - RM1,600,000 (about RM1,000 per sq ft for smaller units and RM860 per sq ft for An Artist’s impression of the Icon Residenz the bigger units) @ Icon City Launching date 12th May 2012 Facilities Each block will have its own facilities including sky pools with jacuzzi, sauna and steam bath, reading lounge, gym, games room and barbeque deck. Notes . Icon City is a 9ha site located at the intersection of Federal Highway and the LDP (Lebuhraya Damansara-Puchong) . It is a mixed commercial project with a gross development value RM3.2 billion to be developed over a period of eight years. . The development is divided into 2 phases. The first phase is a 10-acre plot comprising residential and commercial components while the second phase will have a retail mall, hotel and offices. . Icon City is poised to be among the first development in South-East Asia to be certified by Malaysia’s Green Building Index, Singapore’s Green Mark and the Leadership in the Energy and Environment Design in US, for the various components in the development.

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12. The Zeva targets young adults in Seri Kembangan (The Edge Property, 6-May-2012) PROJECT NAME The Zeva Location Jalan Putra Permai, Bandar Putra Permai, Selangor (opposite AEON Seri Kembangan) Developer Trinity Group Sdn Bhd Type Serviced Apartments & Studios Development land area 3.7 acres Tenure Leasehold Block / Level Serviced apartment : 2 blocks / 15-storey Studio : 1 block /27-storey No. of units 446 Built-up area Serviced apartment : 881 - 1,205 sq ft Studio : 455 - 638 sq ft Developer’s selling price Serviced apartment : From RM317,160/- An Artist’s impression of The Zeva Studio : From RM182,000/- Notes . The studios are targeted at young entrepreneurs and professionals earning at least RM3,000/- per month as monthly instalments are estimated at RM800/- to RM900/-. . Meanwhile the suites are aimed at couples or young families with a household income of at least RM5,000 per month, with monthly instalments around RM1,000/- to RM1,200/-. . The project also offers a retail/office made up of eight 3-storey units while the rest are 4-storey

units. These are located within two of the serviced apartment blocks. One block will house the 3- RESIDENTIAL storey units while another block will house the 4-storey units. . The built-ups of the 3-storey shop offices start from 5,697 sq ft with lot sizes of 26’ x 71’, while the 4-storey units have built-up from 7,420 sq ft and lot sizes of 26’ x 69’. . The first floor of the shop offices will be dedicated to retail while the higher floor will comprise office space. All the floors will be connected via paths to facilitate walking. For the retail development, there will be over 350 parking bays with 256 in the basement/podium while the remainder will be at street level. In total, there will be 1,625 parking bays, including those for residents

. The shop offices will be priced from over RM2 million to RM4 million.

13. Selling a unique concept (The Edge Property, 6-May-2012) PROJECT NAME AraGreens Residences Location Opposite Dataran Ara Damansara, Petaling Jaya Developer HSB Development Sdn Bhd GDV RM800 million - RM1 billion Type Serviced apartments Development land area 7.42 acres Tenure Freehold Block / Level 6 blocks / 15-storey No. of units 700 An Artist’s impression of the AraGreens Built-up area Standard units: 684 - 3,097 sq ft Residences Penthouses: 3,140 - 3,834 sq ft Developer’s selling price 2- bedroom and 3+1-bedroom units : RM480,000/- to RM890,000/- 3+1, 4+1 and 5+1 bedroom and Penthouse units : RM1.1 million - RM2.4million Launching date May / June 2012 : First block (Tower D – 118 units) Completion date 2015

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Selling performance 60% (Tower D)

Special features Health monitoring system: . To emphasize its commitment to the wellness and lifestyle concept of AraGreens Residences, the developer plans to introduce a mobile health device in every residence (Medihome system). . This sole proprietary product of HSC is a portable health-monitoring device that periodically checks a user’s health status and also monitors blood pressure, electrocardiography and blood glucose among others. Dual Key homes: . The development will also boast the “dual key” concept, which allows families lo live under the same roof and have some privacy. . A typical dual key home will have an ancillary unit annexed to the primary unit with separate entrances. . The ancillary unit if self contained with its own living space, bathroom and kitchenette. Notes . According to the Seth Lim, CEO of HSB Development, the project will also feature a commercial component. . This will occupy a separate plot of 1.2 acres and face the residences. It will have a gross floor area of about 224,000 sq ft and will be completed not more than a year after AraGreens Residences is ready. He adds that he plans to fill it with medical therapeutic services, such as chiropractic and physiotherapy. . The wellness residential concept is well received by Malaysians as well as investors from Hong Kong, Japan and Indonesia. RESIDENTIAL 14. Ken Holdings to launch Jimbaran Residences in 2H 2012 (The Edge Property, 6-May-2012) PROJECT NAME Jimbaran Residences Legian Residences Location Ken Rimba, Section 16, Shah Alam Ken Rimba, Section 16, Shah Alam Developer Ken Holdings Ken Holdings GDV RM100 million RM120 million Type Terrace house Terrace house

Tenure Freehold Freehold No. of units 168 (Phases 1 & 2) 328 (Phase 1) Built-up area 2,180 sq ft From 1,840 sq ft Land area 1,430 - 1,560 sq ft n/a Developer’s selling price RM600,000/- to RM700,000/- From RM450,000/- Launching date 2H 2012 September 2010 Completion date n/a May 2012 (6 month ahead schedule) Selling performance Yet to be launched 90% Award The developer aims to win a BCA Green BCA’s Green Mark GoldPLUS Award, GBI Gold Mark Award Award and Malaysia’s Green Building Index (GBI) Special features Legian Residences : North-south orientation, transparent roof tiles and large glass doors and windows, louvered windows that can be adjusted as well as rain-water harvesting system for gardening needs. Notes . Ken Rimba said to be the country’s first green township, was launched in September 2010. The 10-acres freehold development is located in Shah Alam, Section 16, which is about 10 minutes from i-city and less than 10 minutes from Klang. . Ken Rimba, which has a total GDV of RM500 million, comprises two terrace home components, two condominium developments, a commercial centre, a commercial complex and a school. So far about RM200 million worth of property within the township has been sold. . The developer is launching Ken Rimba’s first phase of high-rise development in 2H 2012. The development will comprise of 6 condominium blocks, offering a total of almost 1,000 units.

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. The developer is also looking at affordable condo units with average built-up of about 1,000 sq ft and indicative prices of about RM300,000/- for its first phase, which will comprise 240 units. The developer is also aiming for a platinum or gold green rating for the condo developments. . As for the commercial centre known as Ken Rimba Commercial Centre, it has a GDV of RM100 million, comprising 109 shop offices, with prices starting from RM880,000/-. Sold in 2 phases since October 2010, the developer has retained all 32 units of end and corner lots, as well as the units adjacent to them, to be leased out. So far 90% of the units for sale have been taken- up.

RESIDENTIAL PROPERTY IN SOUTHERN PENINSULAR

15. IJM Land mulls November launch for S2 Heights semi-dees (The Edge Property, 4-May-2012) PROJECT NAME S2 Heights Location Bandar 2 Developer IJM Land Bhd GDV RM300 million Type Semi-detached houses Tenure Freehold No. of units 200

RESIDENTIAL Built-up area 3,200 sq ft - 3,400 sq ft Land area 3,200 sq ft (40’ x 80’) Developer’s selling price From RM1 million Launching date November 2012 Notes . The semi-dees will be part of a guarded community located on a hilltop that overlooks the rest of S2 Heights. In total, the estimated gross development value (GDV) of this phase is RM300 million. . S2 Heights is a 1,500-acre freehold township that is an extension of IJM Land’s Seremban 2 and

has a GDV of RM2.4 billion. . According to the Managing Director Datuk Soam Heng Choon, for Seremban 2, IJM Land has tentatively set a June launch date for 200 units if 2-storey and 3-storey shop offices. The GDV of the shop-offices is RM140 million. . The freehold 2-storey and 3-storey shop offices are next to the new customs complex, near Seremban 2’s Uptown Avenue commercial district. . Seremban 2 spans over 2,300 acres and has a GDV of RM2 billion. The township is at the tail- end of its completion as it is 90% built and has a population of 60,000.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 8 Issue 05: 1- 31 May 2012

RESIDENTIAL PROPERTY IN NORTHERN /EASTERN PENINSULAR

16. Affordable housing move (The Star, 26-May-2012) . Developers who opt to build 87 housing units per acre (0.4ha) on island will now have to allocated 15% of their projects for units priced between RM200,000/- and RM300,000/-. . According to the Penang Municipal Council (MPPP) councillor Felix Ooi Keat Hin, this is an increase of 5% as the previous requirement for such units for that plot ratio was 10%. . He added, developer who take-up the plot ratio, were able to build more units and as such, they needed to build more affordable ones too. It is an initiative by the state to build more affordable housing. . Furthermore, he also mentioned that developers who opted for that plot ratio also had to allocate 5% of their project for units priced RM200,000/- and below and 5% for units priced between RM300,000/- to RM500,000/-.

17. Development in Tanah Rata offers comfort and convenience (The Star, 21-May-2012) PROJECT NAME Suriana Location Taman Royal Lily, Cameron Highlands

Developer LBS Bina Group Berhad (LBS) RESIDENTIAL GDV RM21.5 million Type shops apartments (with lifts) Block / Level 1 block / 5-storey No. of units Studio : 11 units Apartment : 44 units Built-up area Studio : 392 sq ft An Artist’s impression of the Suriana Apartments : 904 - 930 sq ft Developer’s selling price Studio : From RM293,900/- Apartments : From RM406,900/- Completion 2015 Incentives Complimentary SPA and disbursement fees, one-year waived charges upon delivery of vacant possession and 5% rebate on the deposit. Notes . Launched in December 2002, Taman Royal Lily comprises 12ha of mixed development of shops, apartments, double storey terraces and bungalows which are fully completed. . Suriana, the family retreat offer facilities such as restaurant and food outlets, banks, bus station, trader’s market, hospital, police station and post office that are all within walking distance.

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18. Our condo buyers are not speculator, says developer (The Star, 9-May-2012) PROJECT NAME The Latitude Location Mount Erskine, Penang Developer Ivory Properties Group Berhad GDV RM180 million Type Condominium Development land area 0.84 ha Block / Level 2 blocks / 45-storey each No. of units 218 Built-up area > 1,500 sq ft Developer’s selling price RM785,800/- to RM3,650,000/- Selling performance 70% (90% of the buyers were Malaysian whilst the rest are Canadians, Chinese nationals, Dutch, An Artist’s impression of Indonesians, Japanese and Thais) Notes . The Latitude is within proximity to prime commercial and residentialThe Latitude areas such as Gurney Drive, Pulau Tikus and Fettes Park, all within 5km radius. . It also designed to provide a mountain-top experience with breezy bay views that encapsulate the best that nature brings.

19. Sentoria plans RM1.5 bil projects (The Star, 7-May-2012) RESIDENTIAL . Sentoria Group Bhd expects to launch projects with a GDV of RM1.5 billion within the next 8 years. . Public and investor relations head Nasiruddin Nasrun said the projects would be located in Selangor and within the

company’s Bukit Gambang Resort City (BGRC) development in Kuantan, Pahang. . Sentoria currently has 3 ongoing projects within BGRC and 3 other developments in different locations. . Sentoria’s lands are primarily within the vicinity of Kuantan, where it has developed affordable housing that fulfil the demand from the mass and middle-income groups. . For the projects beyond Kuantan, Sentoria has embarked on a few small property projects in Negeri Sembilan and Selangor but hope to secure a major breakthrough in the Klang Valley in the future. . According to Nasiruddin, Sentoria’s property division contributed RM114 million or 70.2% of total revenue in its financial year ended September 31, 2011. The remaining 29.8% or RM48.4 million was contributed by its leisure and hospitality division. . At the moment, Sentoria has land bank of 953.9 acres with a total GDV of RM2.2 billion that would keep the group busy till 2020.

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COMMERCIAL PROPERTY IN KLANG VALLEY

20. Jaya33 cybercentre towers ready soon (The Star, 28-May-2012) . The developer of Jaya 33 will be offering to lease the two new office towers in a couple of months. Tower 4 and 5, built at a cost of about RM200 million. They will be connected to the existing Jaya33 block with a bridge for car and pedestrians. . Its marketing director LC Toh said the two blocks, known as Jaya33 Cybercentre, had just received its Multimedia Super Corridor (MSC) status and boasted of several unique features. The nearest MSC-status office premises is First Avenue in Bandar Utama, Petaling Jaya. . Toh added, the new blocks offered the largest commercial floor space at 19,000 sq ft per floor compared to the conventional 8,000 – 10,000 sq ft. This will cater to the increasingly popular open plan office concept. . The main over-riding feature of the development is the incorporation of three data centres in one of the blocks. . Tower 5 will come with purpose-built data centres on levels 9, 10 and 11 with a total of 57,000 sq ft. . Companies have the option to rent the suites of 1,450 sq ft. There are four suites per floor. . Toh also mentioned that, there are three floors that would have specific technicalities of date centres which are different from normal office premises. These include self-control air-conditioning instead of a centralised one, security, power, heavy-duty floor loading, greater floor to floor ceiling heights and other technical requirement. It will also come with fibre-optic network. COMMERCIAL . The rental rates would be between RM7.50 and RM8 per sq ft excluding equipment, said Toh.

21. Hua Yang launches Flexis @ One South (Business Times, 16-May-2012) PROJECT NAME Flexis @ One South Location Seri Kembangan, Selangor Developer Hua Yang Berhad

GDV RM200 million Type SOHO (Small Office House Office) Built-up area Single level unit : 475 - 628 sq ft Duplex (split level) : 1,106 sq ft , 1,194 sq ft and 1,271 sq ft Developer’s selling price From RM250,000 Notes . According to Hua Yang sales and marketing manager Loh

Chin Hong, Flexis @ One South features various architectural innovations and contemporary design styles 22. that appeal to young and urban buyers, especially first 23. time buyers. 24. . Overall One South consists of a soon-to be completed 25. street mall and two phases for serviced An Artist’s impression of the Flexis apartments,namely Parc@ One South and Gardenz@ 26. @ One South One South.

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22. Mall to open on Thursday (New Straits Times, 15-May-2012) . Since starting construction in 2009, the first phase of Setia City Mall will be open to shoppers on Thursday (17 May 2012). . Setia City Mall is located in Setia Alam, Shah Alam, just off the NKVE. . The new mall includes 4.2ha park, alfresco dining precint, water jet plaza, children’s play facilities and a huge range of leading local and international retailers. . Setia city mall is anchored by a 10,800 sq m Parkson department store, Fitness First, Harvey Norman, MPH Bookstore, Daiso, Courts and the first Urbanfresh supermarket. Setia City Mall . Fashion retailers includes Uniqlo, Zara, Guess, Esprit, La Senza, AL-DO, Nichii, Padini Concept Store, F.O.S and Brands Outlets. . Dining retailers includes Delicious, Sakura Kristal, TGI Friday’s, Starbucks, Carl’s Jnr, Subway, Sushi Tei, McDonalds, KFC, Papa Rich and Dragon-i. . Others retailers at the mall include Machines, Petsmore.com, The Body Shop, Caring Pharmacy, Pandora and Royal Selangor. COMMERCIAL . In addition, and Wangsa Bowl will be opening later next month. . Setia City Mall is also an environmentally responsible place to shop, having provisionally achieved Singapore’s Building and Construction Authority (BCA) Green Mark Gold Award, the first mall in Malaysia to received such an accolade. . Key green initiatives include a high efficientcy air-conditioning system, implementation of an integrated building energy mangement system, natural daylight in the mall concourse and car park areas and energy

efficient escalators and lifts. . A joint venture between SP Setia and the Asian Retail Investment Fund, a wholesale fund managed by global property and infrastructure group, Lend Lease, the mall was built using a mix of exceptional local knowledge and best practices.

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23. Island Circle in PJ project (The Star, 11-May-2012) PROJECT NAME Pacific Star Location Seksyen 13, Petaling Jaya (formerly occupied by Star Publications (M) Bhd.) Developer Joint venture between JAKS Sdn Bhd and Island Circle Development (M) Sdn Bhd. GDV RM900 million Type Office tower, office suites, retail podium and serviced apartments Development land area 6-acre Tenure Leasehold 99 years Block / Level Office tower: 1 block / 13-storey Office suites: 1 block/ 16-storey Pacific Star Serviced apartments: 3 blocks / 25 to 33-storey No. of units Office tower: 1 block / 13-storey Office suites: 258 Serviced apartments: 3 blocks / 25 to 33-storey Built-up area Retail podium: 350,000 sq ft Office suites: 341 - 560 sq ft (duplex) Serviced apartments: 617 – 800 sq ft Serviced apartments: 988 – 1,242 sq ft (2 to 3 bedrooms)

Office suites: > RM700/- per sq ft COMMERCIAL & AM INSTITUTIONAL Serviced apartments: > RM700/- per sq ft Developer’s selling price Maintenance fees Office suites & serviced apartments : RM0.33 per sq ft (including sinking fund) Completion date 2016 Notes . Star sold the 6-acre odd land last year to JAKS Island for RM135 million. In return, Star will get a 13-storey office building known as “Star Tower”. . There is a 9-storey attached podium, part of which will be for retail use. . There will be about 2,000 units of parking space in the entire project divided between four levels

of basement and five levels of elevated parking space. . Island Circle is also building Pacific 63, which is just a few blocks away from Pacific 63 and Jaya One.

24. Paradigm Mall : Talk of the Town (The Star, 10-May-2012) . Paradigm Mall which is located in the heart of Paradigm Mall ENITIES Petaling Jaya will open its door on 23 May. It will cater to the basic needs as well as the whims and fancies of modern families. . According to the WCT Land Sdn Bhd general

manager (complex) Ben Chong, Paradigm Mall has an immediate catchment of 318,000 residents (and office workers) within a five minutes drive. . He added, being located on a well chosen location allows it to add another 1.8 million residents from other residential areas in the vicinity to drive convenietly to the mall in 20 minutes. Plus the average household income of this bracket of shoppers is RM9,000/- per month. . Among the highlights at the Paradigm Mall are Golden Screen Cinemas (nine screens), Mark and Spencer, Padini Concept Store, Elle, Charles and Keith and more.

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. The food and beverage tenants include Chili’s, Pankace House International, Miraku, Sakae Sushi, The Coffee Been and Tea Leaf as well as Nandos. . For childern, Toys ‘R Us and Artis Kids store will be openning soon. . Paradigm Mall has a gross built-up area of 1.0 million sq ft with a net lettable space of 700,000 sq ft and rental rate is at RM15/- to RM30/- per sq ft while its gross development value is RM500 million. . Chong also mentioned that Paradigm Mall was designed with special designated entrance, exit and a host of drop-off points which make it a breeze for shoppers to enter the mall.

25. Sime Darby, CapitaMalls JV to develop Klang Valley shopping mall (The Edge Property, 9-May-2012) . Sime Darby Property Bhd and CapitalMalls Asia Ltd have entered into a conditional agreement on Wednesday to form a joint venture (JV) to develop a RM500 million shopping mall in Taman Melawati here in the Klang Valley. . The joint venture with a 50 : 50 ratio will develop the mall on a 242,000 sq ft tract of freehold land with a nett lettable area (NLA) of approximately 635,000 sq ft and a development cost of RM500 million. . The mall will serve to cater to an area catchment of RM800,000/- within a 10- minute drive. . The mall is expected to be completed in 2016, and will be located in the centre of the Malawati township, which includes townships such as Taman Melawati, Taman Permata and Kemensah Heights, and is the last sizeable plot of commercial land in the area.

. According to Datuk Wahab Maskan, group CEO of Sime Darby and managing diretor of Sime Darby COMMERCIAL Property Bhd, this joint venture is the best strategy to maximise returns. . Lim Beng Chee, CEO of CapitaMalls said that they are pleased to partner Sime Darby Property to jointly develop this site in Taman Melawati. . The mall will be CapitaMalls’s sixth mall in Malaysia as the company owns Queensbay Mall in Penang and through its stake in CapitaMalls Malaysia Trust owns Gurney Plaza which is also in Penang, a majority interest in Sungei Wang Plaza in Kuala Lumpur, The Mines in Selangor and East Coast Mall in Kuantan.

26. MRB eyes RM1.5 bil project (The Star, 8-May-2012) . The Malaysian Rubber Board (MRB) is mulling an exercise to develop another piece of its land in Ampang, Kuala Lumpur and at least four developers have expressed firm interest in the project, according to industry sources. . The sources added that the project would entail condominiums and office blocks with an estimated gross development value of some RM1.5 billion. . The land is located on Lot 211 and Lot 25 in Ampang and is situated close to the Somerset Apartments and the Nationwide Express building. . The four parties said to be interested in this project are Equine Capital Bhd, KUB Malaysia Bhd, Malaysian Resources Corp Bhd and Crest Builders Holding Bhd. . MRB’s most high-profile landbank that will be tendered out soon is the development of the Rubber Research Institute Malaysia’s landbank measuring 1,215 hectares in Sungai Buloh. Other landbank include Menara Getah Asli, the Rubber Research Institute building along Jalan Ampang and two others, each in Jalan Stonor and Jalan Lidcol.

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COMMERCIAL PROPERTY IN SOUTHERN PENINSULAR

27. New 1Segamat mall attracts 45,000 ptarons a month (The Edge Property, 11-May-2012) . EcoFirst Consolidated Bhd saw some 45,000 visitors a month at its retail mall 1Segamat in Segamat, , in three months after its soft opening. . Calling it the first modern shopping mall in town, Eco First group CEO and executive director Datuk Tiong Kwing Hee said the company had anticipated about 35,000 visitors a month, but the number of visitors since it opened exceeded expectations. . Tiong added, one of the mall’s main attraction is its eight-hall cineplex which is operated by Lotus Five Star since December and cost RM6.5 million. It drew 50,000 patrons in the first week alone. . Located on Jalan Stesyen, the mall comprises a 2-storey car park and three retail floors with a gross floor area of 450,000 sq ft and a net lettable area of 280,000 sq ft. The developement is linked to the Segamat bus station and taxi terminal. . Currently, 80% of the retail space has been leased. However, the mall’s anchor tenants, UO Superstore, will only begin operations on June 1. . On a site next to the mall, Ecofirst is completing seven units of shops. The 3 and 4-storey shops units have built-ups ranging from 4,666 sq ft to 20,165 sq ft. The corner lots are priced at RM3.2 million, while the

intermediate lots are going for RM800,000/-. COMMERCIAL . Tiong will be converting the first two lots into a budget hotel that will be owned and managed by Meda Inc Bhd, sister company, while the other five lots will be sold en-bloc to an eager buyer. The shops will be completed next month while the official launch of 1 Segamat mall will be opened on July 7. . Fomerly known as Kumpulan Emas Bhd and established in 1973, EcoFirst is a diversified group with businesses in property development, construction, agriculture, network marketing and mineral resources. Its development include The Academia at South City Plaza Seri Kembangan, Selangor and An Artist’s impression of 1Segamat Taipan Commercial Centre in .

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HOTEL

28. Allson Hotel Putra Nilai is now known as the Aston Hotel (Bernama, 30-May-2012) . Al Hasry Travel & Tours Sdn Bhd, owner and operator of the three-star business class Allson Hotel Putra Nilai, has rebranded the hotel to The Aston Hotel. . The Aston Hotel General Manager Zulkifli Ahmad said the re-branding is to continue strengthening its position as the leading hotel in this region for business and leisure travellers. . The property will undergo extensive renovations and upgrading, while continuing to remain open to guest.

29. Impiana KLCC to hit room rate projection a year early (Business Times, 21-May-2012) . Impiana KLCC Hotel will meet its 2013 room rate projection a year earlier than scheduled, following better than anticipated demand for its new rooms. . The hotel, which will launch it RM100 million new wing today, has added 187 club rooms and suites to its existing room inventory of 335. . Located a stone’s throw from the PETRONAS Twin Towers, the hotel has projected to finish 2012 at an average room rate (AAR) of over RM300. . Its general manager, Gerard Sta Maria, said that the hotel had initially expected to cross the ARR of RM300 only. . Impiana KLCC expects that it will be able to fill its rooms each time there are major event at the convention centre. HOTEL . Also working in the hotel’s favour is the air conditioned bridge which connects to the KL Convention Centre and to the Bukit Bintang area. . The hotel, which closed 2011 with a 60% business crowd and 40% leisure, is this year looking foward to

growing its business crowd to 70%. . Impiana KLCC is owned by Heritage Lane Sdn Bhd and managed by Impiana Hotel and Resorts (IHR). Heritage Lane is wholly-owned subsidiary of KLCC (Holdings) Sdn Bhd. . The initial investment into the hotel was RM200 million, including RM55 million paid for the takeover of the previous Holiday Inn On The Park. The first phase opened in late 2005. . The hotel also going through an extension which includes a club lounge that can seat 80 people, a roof top restaurant and bar (schedule to open in August) as well as a club gym which covers the entire 25th floor.

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REITs

30. IGB goes ahead with shopping mall REIT (The Edge Property, 20-May-2012) . IGB Corp Bhd’s unit, KrisAssets Holdings Bhd, has proposed to set up a Real Estate Investment Trust (REIT) comprising two shopping mall, The Gardens Mall and Mid Valley Megamall which will be listed on Bursa Malaysia. . In an April announcement, KrisAssets said it had hired CIMB Investment Bank Bhd, Credits Suisse (Singapore) Ltd and Hong Leong Investment Bank (HLIB) as a joint global coordinators and joint bookrunners for the proposed initial public offering and listing of the REIT. . KrisAssets also said it had established a new subsidiary, IGB REIT Management Sdn Bhd, to act as the proposed management company for that trust. . Mid Valley Megamall has a net leaseable area (NLA) of over 1.7 million sq ft spread across five levels of retail space with 430 tenants and a 48,300 sq ft exhibition space. Its anchor tenants include Carrefour hypermarket, Golden Screen Cinemas, AEON and Metrojaya. . The Gardens has an NLA of about 800,000 sq ft with 200 tenants. Its anchor tenants are GSC Signature cinemas, Cold Storage supermarket, Robinsons and Isetan department stores.

REIT

S

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INDUSTRIAL

31. Manufacturing sector investment up 12% in 1Q 2012 (Business Times, 16 -May-2012) . Malaysia recorded a 12% jump in approved in invesment in the manufacturing sector in the 1Q 2012 compared with RM3.5 billion for the same period last year. . Malaysian Investment Development Autorithy (MIDA) said for the period January to March this year, the country attracted RM13.5 billion for the same period last year. . Japan topped the list of foreign investor with RM1.2 billion, followed by France (RM693 million) and Singapore (RM665.5 million). . Chemical and chemical products industry received the lion’s share of the investment with RM6.5 billion followed a distance second by transport equipment (RM2.8 billion) and electrical and electronic (E&E) products (RM1.2 billion).

32. Infineon pumping in RM4 bil (The Star, 11-May-2012) . Infineon Technologies Kulim is investing RM4bil for its operations in Kulim Hi-Tech Park (KHTP) over the next 10 years. . The investment is to expand its manufacturing facilities and to develop a competency centre that will focus

on technologies in the energy-efficientcy and automotive industries. INDUSTRIAL . Infineon Technologies Kulim vice president and managing director Dr Thomas Reisinger said the decision to expand in Kulim reflected Infineon’s strategy in driving its own organic growth. . On Infineon’s new wafer plant, Reisinger said an initial investment of about RM350 mil had been allocated for the project, which is schedule to be completed by the end of 2012. . Once operational, Kulim 2 will employ approximately 1,000 more staff, 40% of whom will be highly skilled manpower. The production capacity is also expected to double at the Kulim plant.

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INFRASTRUCTURES & AMENITIES

33. ERL Extension to KLIA2 on track to be completed by year end (Bernama, 30-May-2012) . The RM100 million Express Rail Link (ERL) extension from the Kuala Lumpur International Airport to the Kuala Lumpur International Airport 2 (klia2), the low-cost carrier terminal in Sepang, is on track to be completed by year-end, says Noormah Mohd Noor, Express Rail Link Sdn Bhd Chief Executive Officer. . She said work was progressing at feverish pace and the project was 45% complete woth a new car park already available at new terminal. . On the progress of the 2.2 kilometre rail extension, the entire concrete pavement was almost complete and ready to be installed on the ballast. . The klia2 terminal is schedule to commence operation in April 2013.

34. Low-traffic roads will be closed once work starts on KLIFD project (The Star, 28-May-2012) IN

. Several road in the city will be closed from July 1 to FRASTRUCTURES facilitate prelimenary work for the Kuala Lumpur International Financial District (KLIDF). . 1MDB corporate communications senior vice- president Shahriza Embi says that 1MDB is about to start among the largest earthwork, covering 12ha and excavating about 20m into the ground. . The affected roads are Jalan Rawa, Jalan Selatan, Lorong Selatan, Jalan Melur, Jalan Melati, Jalan Delima and several unnamed roads as well as small

lanes. & AMENITIES . 1MDB is the developer for the 30ha KLIDF and the 196ha Bandar Malaysia, which are the twin projects aimed at strengtening Kuala Lumpur’s position as a nuclues for growth and transforming it into one of the 20 most livable global cities. . 1MDB has relocated 95% of occupants and businesses from the site and the rest are expected

to move out soon to make way for the construction work.

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35. A study for more access to Singapore is in the works (The Star, 16-May-2012) . Consultants were given six-months to come-up with a study on whether to build a bridge or an underground tunnel linking Malaysia and Singapore. . It is learnt that the consultants would come up with the report after taking into consideration the soil conditions and other factors along the Straits of Johor. . An official, who is familiar with the project, said among the suggestions to be studied by the consultants include an undersea tunnel for vehicles while rail services remain along the Johor causeway or an undersea tunnel for both rail and vehicles or even a bridge linking both. . The Malaysian- Singapore Joint Ministerial Committee (JMC) for Iskandar Malaysia had issued a statement on good progress made to boost conectivity between Iskandar Malaysia and Singapore. . Agencies from both countries had jointly awarded the tender for the Malaysian-Singapore Rapid Transit System (RTS) Link Joint Engineering study on May 2. . Currently, cross-border taxis of Singapore and Malaysia were only allowed to pick up and drop off passenger at only two designated terminals, which the Pasar Bakti terminal in Johor Baru and Ban San IN

Street terminal in Singapore. FRASTRUCTURES . The number of new Malaysian Automated Clearance System (MACS) users have increased significantly from 1,140 in 2009 to 167,083 in April 2012. . MACS, was initially introduced for investor coming into Iskandar Malaysia, but has since been open to all residents from Singpore. . Singaporeans travelling frequently between both countries can apply for the MACS and they need not filled up the white card.

36. Infrastructure growth to spur property values (The Edge Property, 6-May-2012) . In the past few years, the Malaysian government has allocated a substantial sum of development of

infrastructure, particularly in the Klang Valley, Penang and Iskandar Malaysia in Johor. & AMENITIES . Among the projects are the RM40 billion Greater KL mass rapid transit (MRT), the extension of the existing light rail transit line in the Klang Valley, the Second Bridge project in Penang and infrastructure works in Iskandar Malaysia. . With some of the projects already in progress or about to start, property values in areas that stand to benefits have climbed as buyers forsee the growth potential. . Ho Chin Soon, director of Ho Chin Soon Research Sdn Bhd, says it is common for real estate values to rise in tandem with infrastructure growth.

. He added, the general rule is, the better the infrastructure, the better the values. But there are other factors at play such as the respective state development policies and demographic trends like migration rates and birth rates. . He also mentions that the proposed high speed rail from Kuala Lumpur to Johor and the MRT link from Johor to Singapore will be bode well for invesment in Iskandar Malaysia. . In Klang Valley, the four new proposed highways Damansara-Shah Alam Highway, Serdang – Kinrara – Putrajaya Expressway, Kinrara – Damansara Expressway and Sungai Besi – Ulu Kelang Elevated Expressway are expected to impact the property values in the surrounding areas. . Penang too will see changes, says Ho, with the development of the Second Bridge and other infrastructure works.

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37. Work commences to redevelop Klang Bus Stop (Bernama, 3-May-2012) . Mass Rapid Transit Corp Sdn Bhd will start work to redeveloped the Klang Bus Stand into the new underground Pasar Seni MRT station for the Sungai Buloh-Kajang MY Rapid Transit (MRT) line. . MRT Corp director for stakeholder/land Haris Fadzillah Hassan said the redevelopment project would involve the top down method and was expected to be completed in six month. . The upcomming station will be a key integration point with the Pasar Seni LRT station, which is currently the busiest LRT station interms of passenger traffic. . The Klang Bus Stand is one of the three government-owned buildings, other being Plaza Warisan and UDA Ocean, which will be redeveloped for the contruction of the underground Pasar Seni MRT Station. . MRT Corp collaborated with MMC-Gamuda KVMRT Sdn Bhd, a joint venture between MMC Corp Bhd and Gamuda Bhd, to oversee the redevelopment work undertaken by Pembinaan CW Yap Sdn Bhd.

IN

FRASTRUCTURES

& AMENITIES

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OVERSEAS

38. Pull of the overseas property markets ( Business Times, 21-May-2012) . Investing in the overseas property market seems to be popular among Malaysian investors despite the eurozone crisis, which is affecting economies worldwide. Among the target markets are the UK, France and Germany. . Firms like Permodalan National Berhad (PNB) which has three London properties in One Exchange Square, 90 High Holborn and Milton and Shire House and Syarikat Takaful Malaysia, which is scouting for commercial buildings or offices in London, are just few proof that Malaysian companies are investing in overseas property markets. . The UK, particularly London, is the centre of attraction for international investors who want to invest in commercial property market, said Amiri Capital UK partner Bindesh P. Shah. . He adds, due to UK having a large liquid market with good legal and regulatory infrastructure, therefore making it in easy and reliable both to buy and sell property. . The full repairing and insuring (FRI) leases in UK makes the obligation of up-keeping the property fall on the tenant, therefore making it relatively easy to manage.

39. B Land of rising sun ( The Star, 9-May-2012) . Berjaya Land Bhd (B Land) wants to enlarge its presence in North Asia property markets and plans to make

OVERSEAS a debut in Japan within one to two years. . It is in the design stage of commencing a luxury resort and residential development on prime site in the ancient capital of Kyoto and is also preparing to undertake and integrated resort development in the island of Okinawa. . B Land chief executive officer Datuk Francis Ng says in line with the company’s expansion into the region, Japan has been identified as an important investment destination with its resilient economy, technological

advancements, developed legal framework, a strong work as well as business culture. . B Land believes Japans proximity to China and South Korea would provide potential synergies and value to our two proposed developments in Japan. . The development in Okinawa would be anchored by a branded luxury resort with a shopping mall, a wellness centre and other commercial component as well as high-end residences.

40. Six months free condo living Lion City ( The Star, 9-May-2012) . A property developer is offering a family the chance to live for free for six months in a fully furnished condominium unit in Kovan. . But it is not really a marketing gimmick to whip up interest in Fiorenza, launched last year, as all but two of its 28 units have been sold. Rather it is a test bed of sort for Koh Brothers, which hopes to gather useful feedback on “lifestyle living” as opposed to just selling an unfurnished unit. . Touted as a “concept home”, the two bedder has space-saving, tech savvy furniture suitable for smaller homes. . Smart features in the fifth-floor unit include a dining table that converts into a coffee table, a foldable bed which can double as a study table, motorised sun shades and multi-room surrounded sound. . The successful family who will not be obligated to purchase the unit should be a family of three, including a child, and be able to give fair feedback and comments about their experience. . To apply, they will also have to submit a 100-word essay on why they deserve the “best experience in life”.

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. The utility bills will be paid by the developer but the family will have to bear cost such as cleaning the apartment. . The flat, fitted with everything from a washing machine to cutlery, measuring 1,367 sq ft, of which nearly 500 sq ft make up the rooftop garden, leaving about 872 sq ft of indoor living space. . Units at Fiorenza have been sold at an average price S$1,000/- to S$1,100/- per sq ft. The “concept home” with all fittings will cost some S$1.6 million whilst the bare unit costs about S$1.4 million.

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OVERSEAS

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