Negeri Sembilan Property Market Bucks the Trend
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26 FocusM | April 9-15, 2016 ASSETS SELLING prices of new property launches in most peninsular states Negeri Sembilan property have remained rela- tively stagnant in the second half of last by Sonia year amidst cautious market bucks the trend Ramachandran market sentiments. However, Negeri Sembilan appears to have bucked the Future infrastructure projects and its relative closeness and trend as the state saw a rise in property reasonable prices compared to Klang valley said to be reasons prices of new launches. The Real Estate and Housing Devel- Wang says prices in Bandar Sri Sen- opers’ Association Malaysia’s (Rehda) dayan started lower but increased as the Property Industry Survey 2H 2015 and township developed. Market Outlook 2016 says the majority “After it became more mature with of residential properties launched in private and international schools, as well Negeri Sembilan had doubled in price to as factories, the prices went up. between RM500,001 and RM1 mil during “In Nilai, only some developers the second half of last year, compared to launched at higher prices in the second between RM200,001 and RM500,000 in half. This could be due to better demand, the first half. Negeri location, amenities and design,” she says. “The only state that saw an increase Sembilan’s The area that registered the highest in selling price during the last six months potential number of residential units sold in plays a part [second half] was Negeri Sembilan,” says in its rising Negeri Sembilan was Seremban, fol- Rehda president Datuk Seri FD Iskandar. property lowed by Nilai and Senawang. “The increase was in different loca- prices, says Although prices of new properties in tions and types of houses. Wang Negeri Sembilan remain lower than in “In the first half, we saw a lot of the Klang Valley, this may not be the case houses launched and sold in Bandar Sri have the Malaysian Vision Valley (MVV), for much longer as prices are already Sendayan. However, the second half saw better highway connectivity and infra- rising. a lot more launches and sales in Nilai,” structure. Location plays a part too,” she “Negeri Sembilan is definitely a good he says. says. place to invest in now before prices go up the state with huge launches. Negeri Sembilan Rehda chairperson The MVV covers an area of [further]. Prices are stable and there is Negeri Sembilan-based Matrix Con- Jenny LP Wang tells FocusM that the 108,000ha from Nilai to Port Dickson still room for improvement,” says Rehda’s cepts Holdings Bhd has an established higher prices in the state are due to its and has a gross development value Wang. presence and changed the landscape potential. (GDV) of RM640 bil. The projects span Already, many major property devel- of the state property market with its “In the future, Negeri Sembilan will 30 years. opers are making their presence felt in massive integrated development. One of its flagships sits on a 2,117ha plot in Bandar Sri Sendayan. An inte- there are several awards in the market grated township, it comprises residential, L&G’s and it is hard to tell which is the most commercial, industrial, leisure and prestigious. institutional properties. reputation “Just bear in mind that these awards Other developers with projects in have stringent criteria, and winning any Negeri Sembilan include Sime Darby of them indicates a certain quality by a Property Bhd, Mah Sing Group Bhd, IJM draws developer,” Woo says. Land Bhd, OSK Property Holdings Bhd He believes the reputation of a and GUH Holdings Bhd. buyers company is a result of quality and a track Land & General Bhd also has a pres- Reputation record. ence with its Sena Parc project which has is a result “It speaks for itself. People buy into a GDV of RM800 mil (see sidebar). LAND & General Bhd (L&G) is launching of quality projects with a certain expectation that is and track Location is key its first project called Sena Parc in record. It derived from the developers’ past – their Negeri Sembilan this year. speaks for reputation. Sime Darby Property managing director The company is banking on its track itself, says “It is essential to create and maintain Datuk Jauhari Hamidi believes Negeri record and reputation in its belief that the Woo a good reputation in order to continuously Sembilan’s strategic location is a reason project will be a sell-out. get support from investors and home developers can command higher “This freehold project is located in a mosque and guard house will be built to buyers,” he says. prices. quiet area surrounded by greenery. cater to residents in the area. The devel- The Damansara Foresta project is “The need for daily commutes to “It is a new township and there is opment will include a commercial area. located next to the Bukit Lanjan forest the Klang Valley has dwindled due to potential for growth in Seremban, espe- The first phase of the project is reserve in Bandar Sri Damansara, of which economic activities created by Putrajaya, cially with land in Kuala Lumpur getting expected to be handed over at the end L&G is the master developer. transport hubs like the KL International more expensive, contributing to limited of 2018. Only half of the 17ha the project Airport, and industrial areas in Nilai. landed properties,” says a source familiar “The whole township development consists of, is earmarked for residential “Negeri Sembilan is strategically with the project. will be completed in about seven to eight development. The other half is planted He says L&G’s reputation should years,” says the source. with over 3,000 trees and left as “green Jauhari says draw buyers and investors, especially Despite the slowing property market, lung” for residents. rising property those who had previously dealt with the many believe Sena Parc will see a good Located 180m above sea level and sit- values in Negeri Sembilan company. take-up rate. uated eight minutes from major highways, reflect the The source says Sena Parc develop- Investment and advisory firm IQI the project has a gross development value choice of ment, which will be built in three phases Holdings which covers commercial and of RM1.5 bil and will consist of 2,800 investors and on an 89ha plot in Senawang, Negeri retail investments and real estate says residential units. consumers Sembilan, will offer house buyers unique L&G is a well-established company with Damansara Foresta will comprise designs at affordable prices. a long history. four phases of fully integrated freehold “Phases one and two of the project will Its financial education vice-president condominiums. have a gross development value (GDV) of Alexander Woo says, “Although its origins L&G’s Astoria Ampang Serviced Apart- RM500 mil while phase three is earmarked were not in real estate, L&G has estab- ments in Jalan Ampang, Kuala Lumpur, for future development with an estimated lished itself in the industry. which is scheduled for completion in GDV of RM300 mil,” the source says. “It has even won the Federation 2019, consists of units between 560 and He says there will be more than Internationale des Administrateurs de 1,505 sq ft. 1,000 residential units in the first two Bien-Conselis Immobiliers (Fiabci) Malay- This project boasts vast windows with phases, which comprise terraced houses, sia Property Award,” says Woo. a 10-ft high ceiling. Prices of units in the semi-detached units and apartments. In 2013, L&G’s Damansara Foresta development start from RM494,000. The Sena Parc project will also project was awarded the Best Landscape The project features an aqua kitchen, include affordable homes costing from Architecture for Malaysia and the Asia eco lounge, a fully enhanced theatre RM80,000. Pacific Region by the International Prop- lounge, indoor recreational lounge, yoga Facilities such as a playground, kin- erty Awards. deck, zen garden, sunken tennis court, dergarten, recreation park/garden, lake, “Some people may argue that and sky bridge, says a source. April 9-15, 2016 | FocusM 27 ASSETS MUHAMMAD HAZIM IZAM/FocusM Property market potential in Negeri Sembilan was previously overlooked, says H’ng “It is close to Kuala Lumpur and its property prices are 50% to 70% lower than those in prime areas there. “Another reason [for the higher launch prices in Negeri Sembilan in the second half] could be the announcement of the High-Speed Rail (HSR) which connects Kuala Lumpur to Singapore. It also stops in Seremban,” H’ng says. He says with the HSR project, prop- erty investments in Seremban can be justified. Hence, the strategic location of GUH’s project there is a reason the company is confident of its success. The company is involved in develop- ing Taman Bukit Kepayang in Seremban. Nilai, in Negeri Sembilan, saw a lot more launches and sales in the second half of last year, according to Rehda This 210ha plot makes it one of the largest mixed developments in Serem- positioned within reach of these active investors and consumers. affordable homes to high-end bunga- ban. H’ng says Negeri Sembilan is also areas. With enhanced accessibility, the Sime Darby, he says, is confident of lows,” Jauhari says. attractive because of the value for money planned formation of the MVV and high- the success of its projects in the state as Meantime, GUH Holdings Bhd CEO proposition received in return for higher speed rail facilities to and from Negeri it provides value to buyers. and managing director Datuk Kenneth prices. Sembilan, the value of properties and “We constantly introduce innovative H’ng believes the property market poten- “For those working in KL, the sell- developments in the state has increased.