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Friday, august 2, 2019 . issue 2940/2019 . PP19055/06/2016(034530) PRINT + DIGITAL

ep ep ep 04 07 available feature04 ask the news online + offline experts Missed our past issues? Oversupply? Kerjaya Prospek Scan this code Then why are to stamp its mark to visit our more malls Short-term on Old digital archive! being built? rentals Road www.EdgeProp.my

Subscribe to pullout The for FREE! charm of Old Town Its houses and streets are PJ old and weathered but some things about this part of make it a gem of an address. See Pages 6 and 7. available online + offline Missed our past issues? Scan this code to visit our digital archive!

www.EdgeProp.my EP 2 FRIDAY AUGUST 2, 2019 • THEEDGE FINANCIAL DAILY

NEWS HIGHLIGHTS from www.EdgeProp.my

KLIA Aeropolis DFTZ: Completion ParkCity and CapitaLand’s in mid-2020 The KLIA Aeropolis Digital Free Trade JV project in KL over 70% sold Zone (DFTZ) development, which is currently 50% completed, is expected Singapore’s CapitaLand joint-ven- and units range from 872 sq ft for to be completed by June 2020 and ture residential development with a one-bedroom, to 4,887 sq ft for a open for operation by September 2020, ’s Perdana ParkCity Group four-bedroom unit. About 80% of said Cainiao KLIA Aeropolis Sdn Bhd in has achieved buyers are Malaysians. CEO Johnson Chen. strong sales during its priority Park Regent comprises twin In 2017, Malaysia Airports Holdings sales launch over the weekend of residential blocks that overlook a Bhd (MAHB) signed an agreement July 27 and 28. The 505-unit devel- lake, and is centrally located with- with Cainiao Smart Logistics Network opment, called Park Regent, saw in the township, close to dining (Hong Kong) Ltd and MA Elogistics more than 353 units or 70% of the and retail outlets and internation- Sdn Bhd. 505 residential units, sold at an av- al schools. The Kuala Lumpur City MAHB also announced that its erage selling price of RM1,100 psf. Centre, Petronas Twin Towers, and wholly owned subsidiary, Malaysia The Edge Property Sdn Bhd Park Regent is located in the the city’s new business district Tun (1091814-P) Airports () Sdn Bhd has en- Desa ParkCity township in Kuala Razak Exchange are a 25-minute Level 3, Menara KLK, tered into a sublease annexure of a No. 1 Jalan PJU 7/6, Mutiara Lumpur, and comprises six apart- drive away. Damansara, 47810 Petaling Jaya, 24.28-ha site in Bandar Lapangan ment types of one- to four-bedroom The development is expected to , Malaysia Terbang Antarabangsa Sepang with a units. Prices start from RM860,000, be completed in 2023. lease of 30 years. EdgeProp.my The site is set to be the world’s fi rst e-world trade platform outside the Malaysia Home Maintenance Fund structure in the common areas. Get BREAKING Managing Director/Editor-in-chief China with a development cost of over (TPPM). “All public housing schemes are PROPERTY Au Foong Yee RM200 million. State housing, town, country plan- eligible for TPPM while private hous- NEWS delivered ning and local government committee ing schemes with a principal price of EDITORIAL to you daily via Executive Editor Sharon Kam chairman Jagdeep Singh Deo said the less than RM80,000 are also eligible Penang seeks WhatsApp! Assistant Editor Tan Ai Leng fund could be used for purposes such for the programme. Deputy Chief Copy Editor RM17.4m from “Under TPPM, the Federal Govern- James Chong as repairing and replacement of faulty TO SUBSCRIBE ment will bear 100% of the expenses. Senior Writer TPPM water tanks and reticulation system, 1. Add +6018 290 2116 Rachel Chew Only maintenance work costing above The Penang authorities will apply for roofi ng, staircases and handrails as to your contact Writers RM50,000 will be taken into consid- Natalie Khoo, Shawn Ng, RM17.4 million from Putrajaya under well as other damaged basic infra- list as EdgeProp Chin Wai Lun, Chelsey Poh eration”. News. Or scan Art Director Sharon Khoh this QR code. Senior Designer Jun Kit Designer Rajita Sivan Khazanah’s 2. Send us a WhatsApp with "NEWS" and your full For New Launches/Events/ Back pains? Learn how to 60%-owned Press Releases/News Tips name in the message. email: [email protected] S’pore unit sells Tel: (03) 7721 8211 Fax: (03) 7721 8280 get rid of them at the Fitness, properties for ADVERTISING & MARKETING RM4.7b high, which has presented the oppor- Associate Account Director, Fun and Fruits Galore M+S Pte Ltd, a 60:40 joint venture tunity to maximise returns for its two Advertising & Marketing shareholders. Heidee Ahmad (019) 388 1880 between Khazanah Nasional Bhd and Senior Account Manager plications in future,” she said. Singapore’s Temasek, is disposing ORC is the developer and owner Ian Leong (012) 359 1668 “Therefore, it is important of its entire stake in Ophir-Rochor of Duo Tower and Duo Galleria, the Cecilia Too (012) 319 7666 offi ce and retail portion of the Duo Account Manager to understand why and how to Commercial Pte Ltd (ORC) for S$1.575 Joane Tan (012) 377 2885 counter body pain,” she shares. billion (RM4.74 billion) or S$2,570 psf development in Singapore. Fitness, She welcomes all to the free of net lettable area to Allianz Real However, M+S continues to own Marketing Support & Ad Trafˎ c the 5-star Andaz Singapore by Hyatt Madeline Tan (03) 7721 8218 Fun and talk on Aug 18, especially those Estate and Hong Kong private equity email: [email protected] who are suff ering from body pain property fi rm Gaw Capital Partners. that occupies the top 15 floors of Duo Tower as well as Marina One in BUSINESS DEVELOPMENT Fruits Day as result of their city lifestyle. M+S CEO Kemmy Tan said the pro- Manager Nimalen Parimalam Th e health talk is free but reg- posed transaction price is at a record Marina Bay. Account Manager Stannly Tan Executive Nurfarah Diyana Mohd PETALING JAYA (July 31): Suff er- istration is required on a fi rst- Firhad ing from chronic back pains but come, fi rst-served basis. Th ere you have no idea why? are limited places available so, PRODUCT DEVELOPMENT LAUNCHES + EVENTS & CUSTOMER ADVISORY Here’s your chance to fi nd out book your seats here now. Senior Manager Elizabeth Lay from a professional physiothera- Th e EdgeProp + Berjaya Land Associate Omar Nawawi, Heights, ; Tropicana Ayesha Hannah Amer Ezani pist about your pains when you Fitness, Fun and Fruits Galore visit the EdgeProp + Berjaya Land will also feature trampoline Metropark, For enquiries and listings Fitness, Fun and Fruits Galore jumping sessions and free body Contact: (03) 7710 1018 email: [email protected] Tel: (03) 7733 9000 to be held at the Berjaya Prop- composition checks. Join Tropicana Corporation erty Gallery in Bukit Jalil on Aug Refreshments Bhd for a durian feast at four EdgeProp.my pullout is published of its project sales galleries by The Edge Property Sdn Bhd. It is 18 (8.30am to 12pm. Entrance will be served, in- available with The Edge Financial is free.) cluding a variety in the . First Daily every Friday. The pullout Carolynn Hum (pictured), a of local tropical come, fi rst served basis. is also distributed at more than Southville City Registration needed. 200 ofˎ ces, shopping complexes, trained physiotherapist who was fruits. condos, medical centres and F&B attached to the Putrajaya Pre- Collectorfest outlets in the Klang Valley. You can cinct 9 Health Clinic and cur- Date: Aug 3 & 4 (Sat & Sun) also download it for free at Time: 10am to 10pm www.EdgeProp.my rently works at the Kuala Lum- pur Health Clinic will be giving a Venue: Southville City, KL talk on back pain and body ache South, 43650, Bangi Th e Edge Malaysia management at the event . Contact: (012) 302 3170 Publisher and Group CEO A regular speaker on issues The Southville City Collectorfest Ho Kay Tat related to physiotherapy and by Mah Sing Group Bhd presents

EDITORIAL muscle-related ailments for the over 100 booths of selected Editor-in-chief Azam Aris Ministry of Health, Hum will be pop culture memorabilia, World Blood Donor Day CORPORATE sharing about common back pain toys, comics, antiques, vintage 2019 Chief Operating Ofˎ cer problems that plague urban folk collectibles, vinyl records and Date: Aug 10 (Sat) Lim Shiew Yuin ADVERTISING & MARKETING and how they can manage it. more. There will also be food Time: 11am to 4pm Chief Commercial Ofˎ cer “Back pain or any type of pain trucks and local music acts all Venue: Level 3, Prangin Mall, Sharon Teh (012) 313 9056 resulting from prolonged sitting day long. Admission is free. Jalan Dr Lim Chwee Leong, General Manager in the offi ce, for example, not George Town, Penang Fong Lai Kuan (012) 386 2831 SCAN Senior Sales Managers only aff ects your work perfor- Tropicana Durian Party Contact: (04) 210 8000 Gregory Thu (012) 376 0614 mance and productivity but may TO Date: Aug 4 (Sunday) Ivory Properties Group Bhd and Lim Sook Chin (012) 205 5986 REGISTER Time: 12pm to 3pm the Penang General Hospital Head of Marketing bring on further medical com- Support & Ad Trafˎ c Venue: Respective sales galleries are organising a blood donation Lorraine Chan (03) 7721 8001 PRESENTED BY SUPPORTED BY at Tropicana Aman, Kota campaign in conjunction with Kemuning; Tropicana Gardens, World Blood Donor Day 2019. ; Tropicana Contact for further information. FRIDAY AUGUST 2, 2019 • THEEDGE FINANCIAL DAILY EP 3 EP 4 FRIDAY AUGUST 2, 2019 • THEEDGE FINANCIAL DAILY PROPERTY MANAGEMENT — Ask the experts

Some residents want to rent out their Our condominium has two towers. One units for short-term accommodation. tower is a Rumahwip affordable housing Can the management stop them? scheme while the other offers normal units here is no provision under the day against any owner who breaches which are larger and higher-end. Should the Third Schedule of the Strata the said additional by-laws. Management Corporation charge the same Management (Maintenance By having these two additional TAnd Management) Regulations by-laws in place, the MC may stop the maintenance fee for residents of both towers? 2015 that prohibits short-term rentals. owners from carrying out short-term he amount of contribution However, pursuant to section 70 (2) rental activities and impose a fi ne of for the maintenance fees, of the Strata Management Act 2013, a RM200 per day for those who are in contribution to sinking fund and Management Corporation (MC) may, breach. other costs for the maintenance by special resolution at a general T and management of common property meeting, make additional by-laws for that have to be paid, are determined by regulating the control, management, the share units. administration, use and enjoyment of Share unit determination is based on the subdivided building or land and various factors such as the parcel’s size. common property. Such additional by- Refer to the First Schedule of the Strata laws are binding on the management, Management Act 2013 for the formula. owners, tenants and occupiers. Since the units within the other In view of this, the MC may convene CHRIS TAAN tower off er larger sizes, the share Managging partnner and foounder an Extraordinary General Meeting to units allocated to the units within this of Chur Asssociaates; EdgeProp pass a special resolution to ban the tower is higher than for the Rumahwip. Malayssia’s Best Managed operations of any short-term rentals Properrty Awardds 2019 judge Therefore, the strata owners of and EddgeProp.mmy Sympoosium and may further pass a resolution to the Rumah WIP will pay a lower on Exccellennt Prooperty impose a fi ne of a maximum RM200 per contribution of maintenance fee. Managgemeent 20019 speakker

If you have any questions regarding property management, please email [email protected]. Disclaimer: The answers are only proposed Scan for solutions by the expert based on the limited Questions will be answered at the discretion of the editor and the respective experts. hassle-free information given in the questions. maintenance

FEATURE

TRX presently under construction are completed on time. Oversupply? Soo believes that specifi c new retail developments could change the retail mall landscape, including Then why are more KL city’s Th e Exchange by Lendlease at Tun Razak Exchange and Mitsui Shopping Park LaLaport KL Mall malls being built? at Eco World Development Group Bhd’s Bukit Bintang City Centre in Pudu. SUHAIMI YUSUF | THE EDGE “Both are expected to bring new BY CHELSEY POH Soo: In tenants and concepts into the city another centre. For instance, with LaLaport, espite the dark clouds three years, we will see an infl ux of Japanese hanging over the retail we can brands and concepts. Th is will cre- An artist’s impression of The Exchange TRX mall scene in Malaysia, expect to ate a strong cluster pull eff ect [on] some bright spots re- see all the KL shoppers,” he points out. Now it goes deeper. It is conceptu- Savills Research’s retail occu- Dmain in places where the local major malls Meanwhile, Lendlease has al- al — a change of tenants, back-end pancy tracking covers 76 selected population is growing significant- in the city ready signed on a cineplex, a de- connectivity, even big data analyt- malls. Its data shows that the aver- ly, according to Savills (Malaysia) attempting partment store and supermarket ics will ensure that the experience age occupancy rate of retail malls Sdn Bhd deputy executive chair- to outdo for Th e Exchange, which is set to is signifi cant enough for shoppers in Greater KL inched up by 0.2% man Allan Soo. each other. be completed this year. to return,” Soo says. y-o-y to 87.8% in 2018. Demographic growth is a cat- “An industry source has indi- Savills Malaysia is currently in- With more malls to be complet- alyst for real estate development worst? No. If anything it means cated that demand is very strong volved in the repositioning of six ed in 2019, Soo expects the average and in densely populated and af- more choices and better value for from international luxury brands. malls and two hypermarkets. “We occupancy rate to drop if they open fl uent areas in the Klang Valley, the consumers,” he says. “With their superb infrastruc- are advising to totally redevelop with low occupancies, which is the opportunity for commercial de- In Greater Kuala Lumpur (com- ture and underground links, the four of them,” he says. norm for new malls. velopment becomes evident once prising KL city and Klang Valley epicentre of retail may well shift Reasons that could justify re- Meanwhile, the top malls in infrastructure like highways and suburbs), the total retail supply again,” Soo adds. development are that higher plot Greater KL such as Suria KLCC and commuter links are built, thereby increased by 2 million sq ft or 3.1% Th e expected completion of the ratios may be achieved while high- Pavilion KL continue to enjoy an av- increasing their accessibility, Soo year-on-year (y-o-y) to 64.3 million two Pavilion malls in Bukit Jalil and rise residential or commercial erage occupancy of over 90%. Th ey tells EdgeProp.my. sq ft last year, mainly due to the Damansara Heights in 2021 and buildings are available nearby to are still the preferred places for new- As such, we still see new malls completion of seven new malls. 2022 respectively will also heat up support footfall. to-market tenants to open stores. coming up even though the in- Savills Research expects retail the competition against existing Taking Semua House at Jalan “Retail is not all about the num- crease in new mall retail space sup- supply in Greater KL to rise to 69.1 large malls, he highlights. Bunus for example, he says the ber of shops, malls or square feet. ply has slowed since 2017. million sq ft in 2019, following the Hence, many old malls are al- mall has great potential to be repo- Retail is about satisfying consumer “In another three years, we can completion of 4.8 million sq ft of locating funds for refurbishment sitioned. “Despite its age, it is still needs and wants,” he notes, adding expect to see all the major malls lettable retail space this year. Th is and repositioning. relatively popular as the Masjid that malls that achieve this will do in the city attempting to outdo is expected to spike to 78.4 mil- “In the past, capex is allocated India location is a thriving, prime well despite being surrounded by each other. Would this mean the lion sq ft in 2022, if all 18 projects for refurbishment, to look fresh. retail area,” he says. many other malls in the area. FRIDAY AUGUST 2, 2019 • THEEDGE FINANCIAL DAILY EP 5 EP 6 FRIDAY AUGUST 2, 2019 • THEEDGE FINANCIAL DAILY COVER STORY

BY TAN AI LENG EdgeProp.my

etaling Jaya Old Town, popularly known as PJ Old Town, is where the satellite city of Petaling Jaya (PJ) fi rst took shape. As PJ’s earliest housing and commercial hub, it led the growth of Selangor in the early days.

PDeveloped in the 1950s, PJ was created as the YEN YEING PICTURES BY LOW | satellite city to relieve the overpopulation faced by Kuala Lumpur. PJ is now one of the most preferred addresses for homebuyers and business owners, with a large population of 619,925 people. As property prices climb and with an increas- ing number of high-rise residences coming up, the old areas in PJ could be more aff ordable and attractive to those looking for landed homes with a PJ address. Th e housing areas of PJ Old Town covers Sec- Land scarcity tions 1 to 4 which comprise mainly single-storey makes houses terraced and detached houses. Th e only high-rise in PJ Old Town residential development is Inai Court Apartment more appealing in Jalan Templer, Section 1. to buyers who are Metro REC Sdn Bhd senior real estate nego- looking for landed tiator Alan Wong notes that about 20 years ago, homes in PJ. more commercial shops were built, spurred by the population growth and demand from Section 2 and 3 as well as from the industrial area in PJS 51, which is located about 2km from PJ Old Town. For those unfamiliar with PJ Old Town, espe- cially the younger generation, landmarks within the area such as the Jalan Othman wet market AN AFFORDABLE and Assunta Hospital in Jalan Templer may help in identifying where PJ Old Town is.

PJ Sec 1-4 residential property price trend PJ ADDRESS Average price (RM psf) 300 Terraced houses

250 METRO REC viable option. However, one must be prepared to majority of the deals being bungalows (12 cases). spend some money on renovations, says Choy. Th e average selling price for detached houses 200 “What more, banks will usually not provide loans in 2018 was at RM180 psf based on land area and Semidees to buyers of properties with short lease tenures. RM1.03 million in absolute price. Th e land area Th at means the buyer has to pay cash,” he adds. sizes of the transacted houses ranged between 150 Detached 4,349 sq ft and 12,228 sq ft. houses Limited supply In the terraced house segment, there were only 100 Wong from Metro Rec receives quite a number of 10 houses that were sold in 2018 at an average price 2012 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 enquiries for landed houses in Sections 1 to 4 but of RM512,917 or RM260 psf. Th e market also saw has failed to match any deals, due to the limited two semidees sold at an average price of RM735,000 SOURCE: NAPIC Wong: The owners are number of units available in the market or because or RM168 psf. Th e land area sizes of these houses No-frills town not willing to sell their asking prices were beyond the buyers’ expectations. ranged from 1,399 sq ft to 3,692 sq ft. PJ Old Town has retained its charm of yesteryears units, as they anticipate Most owners prefer to hold, believing prices as a basic, no-frills town with many empty nesters their prices will rise. of homes in these sections will rise in future. Fur- who are at home among the traditional coff ee shops thermore, some of the units facing main roads PJ Old Town ӱ Detached houses and sundry shops, says Jubilee Realty Principal JUBILEE REALTY have the potential to be converted to commercial transacted price comparisons May Leong. Th e best thing about living there is use,” he explains. Average price (RM psf) No. of transactions that it’s aff ordable and a myriad of amenities off ers According to Wong, landed homes in these ar- 600 40 convenience. eas are asking from RM200 to RM300 psf based on 35 “Food is defi nitely one of the biggest attractions land area size while some units facing main roads 500 SS2 30 here. One could fi nd plenty of nice and cheap food are asking around RM300 to RM400 psf. here, such as Veng Soon Claypot Chicken Rice and “Th ere weren’t many deals concluded in recent 400 25

Kie Kee Chicken Rice, some of the local favourites,” years simply because owners are not selling their PJ Old Town 20 300 15 she tells EdgeProp.my. units,” he says. Kota Damansara 10 Besides the easy access to Jalan Templer as well According to EdgeProp.my data, transac- 200 as the Federal Highway and New Pantai Expressway tion of landed houses in Sections 1 to 4 is on a 5 (NPE), it is close to the Kuala Lumpur city centre Leong: Given PJ Old downward trend after having peaked in 2013 (51 100 0 and other commercial hubs such as Bangsar, Mid Town’s close proximity transactions). The number of concluded deals 2012 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 1H19 *No transactions recorded in Kota Damansara and SS2 in 1H19 Valley, and Subang. to the city centre, rental last year (2018) was 24, same as in 2017, with the Its excellent accessibility aside, Rahim & Co demand is there. International Sdn Bhd director Choy Yue Kwong PJ Old Town ӱ Semidee houses PJ Old Town ӱ Terraced houses notes that the leasehold bungalows in Sections 1 transacted price comparisons transacted price comparisons to 4 are understandably relatively more aff ordable Average price (RM psf) No. of transactions Average price (RM psf) No. of transactions than those in other areas in PJ, considering the fact 800 35 600 150 that most are leasehold with some having rather 700 30 short leases. 120 SS2 SS2 500 According to Choy, vacant bungalow plots with 600 25 longer remaining leases of more than 92 years have 500 20 90 PJ Old Town been transacted for around RM150 psf to RM180 PJ Old Town 400 400 15 60 Kota Damansara psf while bungalows were transacted at between Kota Damansara 300 10 300 RM135 psf and RM440 psf, depending on the lease 30 expiry date and the property’s condition. Choy: Buyers must be 200 5 For homebuyers looking for aff ordable bun- prepared to spend some 100 0 200 0 galows with a good location within a mature and money on renovation. 2012 ‘13 ‘14 ‘15 ‘16 ‘17‘18 1H19 2012 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 1H19 established area in PJ, PJ Old Town has become a *No transactions recorded in 1H19 *No transactions recorded in PJ Old Town and SS2 in 1H19 FRIDAY AUGUST 2, 2019 • THEEDGE FINANCIAL DAILY EP 7 NEWS

Kerjaya Prospek to stamp its mark on Old Klang Road

LOW YEN YEING | EdgeProp.my BY NATALIE KHOO Tee (left) and completed by end-2022. as a family and as a community,” Toh, with the Meanwhile, the developer plans said Toh. KUALA LUMPUR: Kerjaya Prospek Bloomsvale @ to create a lifestyle and tourist Th e developer also plans to at- Property Sdn Bhd is targeting to Old Klang Road destination on levels 64-66, off ering tract a licensed operator to run a launch its latest mixed-use devel- scale model at F&B outlets and a swimming pool 3,000 sq ft nursery or day care for opment called Bloomsvale @ Old the newly opened which will be open to the public, the residents’ convenience. Klang Road in the fourth quarter sales gallery. who will also get to access the “We are in the midst of setting of this year. Sitting on 5.2 acres of skybridge overlooking the Kuala up our own property management freehold land, the project with a Lumpur skyline. company to manage all these prop- RM1.2 billion gross development “Safety and privacy for our res- erties owned by us. As a property value comprises two blocks of ser- idents are our utmost concerns, developer, we need to be respon- viced apartments, a hotel, offi ce so there will be a separate lift and sible to our stakeholders. We also suites and a shopping mall. lobby entrance to serve these three have the support from our con- When completed, it will be the levels. Even if you are a resident struction arm, thus if anything tallest building in Old Klang Road, who wants to go up to Level 64- breaks down or needs immediate Kuala Lumpur, with 66 storeys in 66, you will need to go down to attention, it can be fi xed quickly,” total for its serviced apartments. the specifi ed entrance. We will be Tee revealed. Th e property man- Th e decades-old area is accessible fully managing these three fl oors agement arm is expected to be set via highways such as the New Pantai as well,” Tee explained. up by next year. Expressway, Federal Highway Meanwhile, Tower B called Meanwhile, the hotel compo- and Expressway. It Verbena comprising 624 units, will nent will be a 4-star hotel called also has numerous amenities be launched later. the Courtyard by Marriott with a including Pearl Shopping Gallery, All serviced apartment residents total of 276 rooms. It will have 12 Taman Desa Hospital, Mid Valley will get to enjoy a concierge service levels and a banquet hall which Megamall, Vikas International and a 95,000 sq ft facility fl oor on can fi t up to 200 tables for events School and KL Gateway University. Level 11 off ering facilities such as such as weddings. According to its developer, a mini theatre, music studio, yoga Th e offi ce component will off er Bloomsvale will be built using the room, swimming pool and aquatic 12,000 sq ft of space per fl oor with industrialised building system. EdgeProp.my that the group will 18 units with bigger built-ups of park. Maintenance fee is estimat- Kerjaya Prospek occupying four It is also a GreenRE Platinum- be launching the fi rst component 900 sq ft to 1,800 sq ft that are ed to be at 35 sen psf, said Kerjaya levels of the nine fl oors, said Tee. certifi ed project (rating by the Real —Tower A of its serviced apartment priced from RM800,000 to RM1.4 Prospek executive director Datin As for the estimated 300,000 sq ft Estate Housing and Developers’ called Vinca— in 4Q2019. million. For a limited time only, Toh Siew Chuon. shopping mall, Tee added that talks Association) for integrating eco- Vinca comprises 575 units. the price will include furnishings “Th is development is aimed at are on-going with potential tenants. friendly and energy-saving initiatives Most of the units have built-ups from the developer such as kitchen those in their 30s to 40s and small “Th e shops will cater to the needs in its design, construction and future ranging from 660 sq ft to 929 sq cabinets, cooking hob and hood, families. We want to accommodate of the residents. We are thinking of operations. ft, and are priced from RM520,000 beds, sofas, dining table, air-cons, everyone from the young to the old having at least 50% F&B outlets, a Kerjaya Prospek Property to RM800,000 which translates curtain pelmet, curtains and so that everyone has something food court, a co-working space and director Datuk Tee Eng Ho told to RM750 psf. Th ere will also be others. Vinca is expected to be to do when they gather together a grocery,” he concluded.

COVER STORY

Is being old an issue? However, Wong from Metro Rec says, the Rahim & Co’s Choy says people consider government has announced that the owners Sections 1 to 4 to be old and boring, with are given an option to extend their leases for its narrow roads built in the 1960s and its another 99 years with a certain premium. houses aged and dilapidated. “Besides, some of the residential units are Nevertheless, he reckons that pricing granted the right to convert to commercial remains a key factor in drawing property use, making the properties in Old Town quite buyers, and thus PJ Old Town’s relatively appealing to investors,” he adds. more aff ordable real estate will attract those keen in getting a bungalow or vacant resi- Outlook dential plot to build their own homes with Old and unkempt could be the general per- a PJ address. ception of the seven decades-old PJ Old “Although newer areas in PJ have diff er- Town. However, area specialist agents be- ent off erings, PJ Old Town’s old bungalows lieve there is still potential for growth in the are more aff ordable and have attracted pur- years to come. chasers who like the PJ address, its acces- Choy from Rahim & Co notes that the sibility, amenities and matured infrastruc- gentrifi cation of the area will happen organ- ture,” says Choy. ically over time, especially after properties PJ Old Town offers easy accessibility and proximity to various amenities such as the iconic Leong from Jubilee Realty says real es- change hands and new owners extend their wet market (foreground). tate price growth in PJ Old Town tends to leases, many of which are coming to an end. lag behind other areas in PJ. “Th ey will renovate their homes and grad- Jubilee Realty’s Leong also agrees that with houses here, keeping in mind the need to “There are relatively fewer properties ually, what was old will become new, thereby gentrifi cation, the areas can be transformed set an allocation for renovations to make available here compared with more vibrant, enhancing its attractiveness. and the housing market will be more vibrant. the houses more attractive for rent and to newer areas such as SS2. With fewer trans- “PJ Old Town remains attractive for “Demand for housing can only spike if enhance its value. actions, any outlier transaction would tilt budget-conscious homebuyers looking for there is a major upgrade of infrastructure “It is quite a safe bet in my opinion, giv- the price trend a tad, contributing to price landed homes with a PJ address,” says Choy. or with improved accessibility. Besides en its close proximity to the KL city centre, fl uctuations,” she adds. Meanwhile, Wong says the city council Assunta Hospital, there are limited factors rental demand is there,” she says. Meanwhile, PJ Old Town’s biggest let- wants to turn PJ Old Town into a commercial to persuade the younger generation to stay For owner-occupiers, she notes, there is down could be its leasehold status which centre with low density residences, making here,” she says. the aff ordability factor, especially for young has capped its capital appreciation poten- the residential properties in this area even Interested property investors, she sug- families who prefer to live in a landed home tial, says Leong. more valuable in the future. gests, could perhaps consider the terraced in PJ. EP 8 FRIDAY AUGUST 2, 2019 • THEEDGE FINANCIAL DAILY

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