LISTINGS . NEW LAUNCHES . NEWS . DATA . ANALYTICS A PULLOUT EVERY FRIDAY WITH Th eEdgeProperty.comPP 9974/08/2013 (032820) FRIDAY, APRIL 8, 2016 . ISSUE 2142/2016 ONLINE + OFFLINE TEP J2 FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY FRI FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY TEP J3 TEP J4 FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY

Published by The Edge Communications Sdn Bhd (266980-X) Level 3, Menara KLK, No 1, Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, Selangor, Malaysia. Printed by Ultimate Print Sdn Bhd (62208-H) Lot 2, Jalan Sepana 15/3, Off Persiaran Selangor, Seksyen 15, 40200 Shah Alam, Selangor, Malaysia. LISTINGS . NEW LAUNCHES . NEWS . DATA . ANALYTICS A PULLOUT EVERY FRIDAY WITH Th eEdgeProperty.comPP 9974/08/2013 (032820) FRIDAY, APRIL 8, 2016 . ISSUE 2142/2016 ONLINE + OFFLINE All tep3 NEWS Design Village Penang targets earlier opening date in November aboard! Properties near LRT stations are sought after by owner-occupiers, tenants and investors alike thanks to the convenience they off er. But not all stations are equal. Longer commutes usually off er bigger tep8 FEATURE MM2H applicants savings. Find out how to maximise your

tep4 NEWS down by half time and money on TEP 10 and 11. Is it still advisable to invest in shoplots and shopoffi ces?

tep12 DEALMAKERS Avid property investor turns property agent

Buying or Renting a home? Check the listings at TheEdgeProperty.com!

Where do I get a copy of this weekly pullout? Go to TheEdgeProperty.com to download for free TEP 2 FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY NEWS HIGHLIGHTS from TheEdgeProperty.com

and CEO, Datuk Wong Tuck Wai as ties will have the option to extend The Yeangs Sdn Bhd has introduced deputy president and chief operating the agreement for an additional fi ve its 20-unit Y Cantonments four-storey offi cer (COO), and Choy Kay Yew as years. Throughout the term, Titijaya town villas on Penang island at prices chief fi nancial offi cer (CFO), eff ective will remain as the rightful owner of from RM2.28 million. April 1. the land, property and facilities. Company chairman and re- According to an exchange fi ling The Penang project is locat- nowned architect Datuk Dr Ken on April 4, S P Setia said Khor, 56, ed on the south east of Penang Yeang told Th- MRCB’s Penang who has 287,811 direct shares in the Island and has a GDV of RM2.6 eEdgeProperty. Sky Cab to begin company, was acting president and billion. It consists of 200 units, com the project CEO since Jan 1, 2015. ranging from studio to two-bed- has a gross construction in 1Q2018 In a statement, S P Setia chair- room apartments. development Malaysian Resources Corp Bhd’s man Tan Sri Dr value (GDV) of (MRCB) Penang Sky Cab, a 4.8km Wan Mohd Zahid I-Bhd brings RM78.06 mil- The Edge Property cable car system fi rst mooted by the Mohd Noordin said DoubleTree by lion and is slat- Malaysia state government in March last year to he is confi dent that ed for comple- connect mainland Penang in Butter- the confirmation Hilton to i-City tion by end-July. worth and Jelutong in Penang Island, of these three key The four-star DoubleTree by Hilton The built-up sizes range between is expected to begin construction in management po- i-City Hotel, the second hotel in 3,617 sq ft and 4,779 sq ft with prices the fi rst quarter of 2018 (1Q2018). sitions would continue to contribute I-Bhd’s fl agship i-City mixed devel- averaging RM750 psf. MRCB special project general positively to the sustainable growth opment in Shah Alam, is scheduled “We are targeting big families manager Dennis Tan Hui Long said of the company. to be completed and open for busi- with senior citizens in Penang. Since the project is expected to be com- Meanwhile, Wong, 61, who has ness in 2018. its launch in October last year, Y pleted in 3Q2019 at an estimated been with the group for 40 years, was I-Bhd deputy chairman Datuk Eu Cantonments has seen 35% of its The Edge Communications Sdn Bhd (266980-X) cost of between RM500 million and acting deputy president and COO of Hong Chew said the new hotel project units taken up,” he said. Level 3, Menara KLK, No 1 Jalan PJU 7/6, RM700 million, based on similar S P Setia since Jan 1, 2015. is in line with its plan to turn i-City into The 3,938 sq m development is Mutiara Damansara, 47810 Petaling Jaya, projects in Europe, the US and Asia. Choy, 45, joined S P Setia in April a regional tourism destination. located at its namesake Jalan Y Can- Selangor, Malaysia The Sky Cab project aims to add val- 2014 as the corporate aff airs head The hotel is a component of the tonments in Penang. ue, akin to a tourism project, to the RM2 and was subsequently appointed Central Tower development, which Each town villa comprises five Publisher and Group CEO Ho Kay Tat billion Penang Sentral transport-ori- acting CFO on June 16, 2014. also comprises a convention centre, bedrooms, private gardens, a pri- shopping mall and residences. vate glass lift and an individual EDITORIAL ented development (TOD), said Tan. Senior Managing Editor Azam Aris Penang Sentral, located on the Titijaya partners Ascott “DoubleTree by Hilton i-City Hotel plunge pool. The interior design of mainland, will have a hotel and a for serviced residences has a gross development value (GDV) the town villas are done by Yeang CORPORATE shopping mall as well. of RM200 million, while the overall and world-renowned shoe designer Managing Director Au Foong Yee development Deputy Managing Director The cable car system was not fea- Central Tower development has a GDV Datuk Jimmy Choo, who is also one Lim Shiew Yuin tured previously in the RM27 billion Titijaya Land Bhd has entered into of RM13 billion,” Eu noted. of the unit owners. Penang Transport Master Plan, which an agreement with The Ascott Ltd There will be 300 rooms spread TheEdgeProperty.com has a 15-year completion period. for two of its upcoming property de- across the 43-storey building. The velopments located in Penang and hotel will occupy the bottom half of Managing Director Au Foong Yee Editor Lam Jian Wyn S P Setia confi rms Shah Alam, Selangor. The projects the building while the top half will Contributing Editor Sharon Kam Khor as executive have a collective gross development be serviced residences. Assistant Editor James Chong value (GDV) of RM4.1 billion. How do I get Senior Copy Editor president and CEO Shanthi Murugiah Titijaya group deputy managing Y Cantonments past issues of this Writers Rachel Chew, Tan Ai Leng S P Setia Bhd has confirmed its director Lim Poh Yit said the col- town villas weekly pullout? and Natalie Khoo acting president and chief executive laboration will serve as a valuable target seniors Art Director Sharon Khoh offi cer (CEO) Datuk Khor Chap Jen avenue for the developer to enter the Go to Design Team Cheryl Loh, (pictured) as executive president international market. and large TheEdgeProperty.com Valerie Chin, Aaron Boudville, The term of agreement is for a families Aminullah Abdul Karim, to download for free Yong Yik Sheng, Noorain Duasa, period of 10 years, whereby both par- Nik Edra, Nurul Aida Mohd Noor trending MARKETING & ADVERTISING Account Director now Sharon Chew (012) 316 5628

Account Manager Jayremy Sim (011) 1669 6039 If you have any real estate-related events, email us at [email protected]. Email: [email protected] LAUNCHES + EVENTS Events listed here will also appear on TheEdgeProperty.com.

NEGOTIATOR ADVISORY SERVICE For enquiries GL: (03) 7721 8175/ 8172 Augusta Show Unit opens for International Construction Meet and Greet with Email: propertysupport@ viewing Week 2016 directors and founders bizedge.com Date: April 9 and 10 (Sat and Sun) Date: April 11 to 15 (Mon to Fri) of London Spring Place, Senior Manager Elizabeth Lay Senior Associate Stannly Tan Time: 10:30am to 4pm Time: 10am to 5.30pm Queensland Place and Associate Karen Wong Venue: Marketing suite, Menara Venue: Parliament Place Associate Kriss Tan PJH, Precinct 2, Putrajaya Convention Centre Date: April 9 and 10 Contact: (03) 8888 6633 Contact: (03) 2176 8788 (Sat and Sun) Putrajaya Holdings Bhd is The Construction Industry Venue: Jasmine Room, Level C, For New Launches/Events/Press Releases/ opening the show unit of its Development Board (CIDB) is One World Hotel, Bandar Utama News Tips Tel: 03-7721 8211 Fax: 03-7721 8038 Augusta 3-storey semi-detached organising its 16th international Time: 10am to 7pm Email: [email protected] houses this weekend. Located construction week themed Contact: (016) 228 9150 The Henge Showroom launch within Putrajaya’s resort “Driving Productivity in Following the success of London and opening The Edge Communications Sdn Bhd environment, the homes have Construction”. The event also Spring Place, Queensland Date: April 9 and 10 (Sat and Sun) built-ups from 4,291 sq ft and includes the Ecobuild Southeast Place and Parliament Place ADVERTISING & MARKETING Time: 10am onwards are selling from RM2.68 million. Asia 2016, Industrialised in Malaysia last year, and the To advertise contact GL: (03) 7721 8000 Venue: The Henge Showroom, Special features of each unit Building System Housing launch of London Spring Place Fax: (03) 7721 8288 Kepong, GPS coordinates include private lap pools, private Expo, CIDB IEM Construction 2 last month, Cornerstone Chief Marketing Offi cer – 3.221603, 101.640621 lift, solar water heater, and Career Fair 2016, Ecolight Asia International Properties is Sharon Teh (012) 313 9056 General Manager, Digital Media Contact: (016) 313 5050 rainwater harvesting system. 2016 and Solar Asia 2016. presenting a meet and greet Kingston Low (012) 278 5540 Located at the heart of Kepong, session with the people behind Senior Sales Managers The Henge by Asset Kayamas Jewel in Melbourne opens for sale these projects, namely project Geetha Perumal (016) 250 8640 in Malaysia Fong Lai Kuan (012) 386 2831 Sdn Bhd will open its show unit manager Dale Anderson and Peter Hoe (019) 221 5351 for viewing this weekend. The Date: April 9 and 10 which is business development and Gregory Thu (012) 376 0614 Henge comprises four towers, (Sat and Sun) priced acquisitions director Jerald Creative Marketing Time: Chris Wong (016) 687 6577 each 45 storeys tall, with a total 10am to 6pm from Solis. The session will cover Head of Marketing Support & Ad Traffi c 1,472 units. The fi nal two blocks Venue: Intan Room, The A$289,000. updates on the projects Lorraine Chan (03) 7721 8001 (736 units) will be launched Saujana Hotel, Jalan Lapangan The event and the prospects of the UK Email: [email protected] this weekend as well. Units Terbang Subang, Shah Alam also student housing market. have built-up sizes of 1,100 sq Contact: (012) 464 7296 features TheEdgeProperty.com is published ft and 1,300 sq ft, with prices CBD Properties is holding a two- talks and distributed with The Edge starting from RM430 psf. day event for a residential project on taxation, migration and Financial Daily every Friday. For more property data, listings and news, go to in south eastern Melbourne, fi nancial packages. TheEdgeProperty.com. FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY TEP 3 NEWS Design Village Penang targets earlier opening date in November

PHOTOS BY DESIGN VILLAGE BY TAN AI LENG

PETALING JAYA: Design Village Penang – the northern state’s fi rst premium outlet mall – aims to open by this November in time for the school holidays, said its general manager Tay Ai Leen. This is slightly earlier than its previous targeted launch date of around Christmas this year. The mall’s operator PE Land (Penang) Sdn Bhd is confident that international brands will want to have a presence at the mall – coming up at Batu Kawan on Penang’s mainland – as it will be the only premium outlet mall in Peninsular Malay- sia’s northern corridor, she told TheEdge- Property.com. PE Land is also the owner and opera- tor of The Spring shopping mall which is based in Kuching, Sarawak. “Th ere are 150 stores in Design Village. Luxury brand anchor stores such as Hugo Boss, Aigner, Armani Exchange, Hackett and others have signed up as tenants. We An artist’s are expecting an occupancy rate of at least impression of 80% when the mall opens,” said Tay. Design Village According to her, Design Village is ex- Penang pected to provide a unique experiential retail journey and attractive off erings of will complement Design Village’s develop- to Penang this year. It had recorded 6.25 premium brands at discounted prices for ment, making it a place for living and lei- million tourist arrivals in 2015. shoppers. sure. Th e residential units will be linked to On the market outlook, Tay noted that Th e 400,000 sq ft Design Village Penang is Design Village and a linear park, and the Penang’s property market is spearheaded part of a 40-acre mixed-used development hotel will provide aff ordable accommoda- by strong foreign direct investment results that will include a hotel, serviced apartments tion to tourists,” Tay added. and strong international support. and high-end condominiums. Tay: We are However, she did not disclose more “The second Penang bridge as well as Th e entire development will have a total expecting an details on the residential and hotel devel- a list of developments in Batu Kawan, in- estimated gross development value (GDV) of occupancy opments as the company’s current focus cluding a theme park, golf course, mid- RM1 billion, while Design Village itself will rate of at is on the premium outlet mall. to-high end housing, IKEA, universities have an estimated GDV of between RM200 least 80% According to data from the Penang Tour- and medical centres, will be growth cat- million and RM300 million. when the ism Development Committee, the state is alysts for Batu Kawan and attract tourists “Th e residential and hotel components mall opens expecting more than six million tourists here,” she said.

UK and Australian academics to present Putra World Trade Centre (PWTC), Kuala Lumpur from papers at IRERS April 26 to 28.

BY NATALIE KHOO range of suburbs in Brisbane, Gold Coast and Northern New South PETALING JAYA: Th e Internation- Wales that are under existing fl ight al Real Estate Research Sympo- (From left) paths, adjoining existing fl ight paths sium 2016 (IRERS) organised by Adair, Newell and those not affected by flight Th e National Institute of Valuation and Eves will paths, to determine the long-term (INSPEN) will see several eminent be speaking impact on residential property in- professors from the UK and Aus- at the fi rst vestment performance. tralia presenting papers based on plenary The plenary session will be the theme of this year’s symposi- session at chaired by Selangor state director um – Leading the Way: Innovation IRERS on of valuation Sr Dr Zailan Mohd Isa. in Real Estate. April 27 IRERS 2016 will be held at the The professors are Professor Putra World Trade Centre (PWTC), Alastair Adair from the University of Th e paper will help participants Asia Pacifi c markets which have seen It will be centred around inno- Kuala Lumpur from April 26 to 28. Ulster, UK; Professor Graeme Newell understand the impact of crime on increased investor confi dence in re- vation and the expansion of ma- Th eEdgeProperty.com is the me- from Western Sydney University, house prices due to the increased cent years. Th e paper will assess the jor infrastructure that is perceived dia partner. Australia; and Professor Christopher political instability and terrorist ac- changes in real estate transparency to have a negative impact on the Th e symposium is being held Eves from Queensland University of tivity in various parts of the world in 21 Asia-Pacifi c real estate markets community. Th e paper is based on in collaboration with the Royal Technology, Australia. Th ey will be since the last IRERS conference in from 2001 to 2014. a case study on the development Institution of Surveyors Malaysia speaking at the fi rst plenary session 2014. Th e paper will also examine Meanwhile, Eves from Queens- of a second parallel runway at the (RISM); University of Western Syd- at IRERS on April 27. the governments’ role in managing land University of Technology will Brisbane Airport and a new Instru- ney, Australia; University of Ulster, Adair will speak on the topic such an impact. present a paper entitled “Major ment Landing System fl ight path at UK; Queensland University of Tech- of “Real Estate Decision-Making Western Sydney University’s Infrastructure Innovation and The the Gold Coast Airport due to the nology, Australia; and University of In A World Of Increasing Uncer- Newell will speak on “Real Estate Public Response: Aircraft Noise increasing number of domestic and Reading, Malaysia. tainty About Security: Th e Impact Market Transparency In Th e Asia-Pa- and Residential Property Mar- international air travellers. It aims to be a platform for real of Crime on Residential Property cifi c Real Estate Markets”. His paper kets – Brisbane and Gold Coast Th e paper will review the resi- estate researchers to present and Values.” will be focused on real estate in the Airports”. dential property markets across a disseminate their fi ndings. TEP 4 FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY NEWS Is it still advisable to invest in shoplots and shopoffi ces?

KENNY YAP / TheEdgeProperty.com BY CHAI YEE HOONG

nvestors of shoplots and shopoffic- es enjoyed rental yields of more than 10%, and saw their capital values grow faster than other property types, be- fore prices started increasing in 2009, says Savills (M) Sdn Bhd managing Idirector Allan Soo. “Prior to 2009, many good condominium developments saw rental yields of above 8% but no capital appreciation, and landed res- Both the offi ce idential properties saw capital appreciation and retail but no rental yields. Shopoffi ces had both, subsectors so they were the best investments then,” are facing he explains. oversupply Riding Today, rents are compressed — mostly challenges sub-5% — and prices have peaked, so there out the is no capital appreciation either, he says. a large amount of shopoffi ce space in the Soo foresees a poor outlook for this year, market now as more new supply comes storm: and perhaps next year, across the sub-seg- on stream. Challenges for this investment ments in the property sector — except per- sector are much more pronounced now,” haps for the industrial property segment. explains Soo. PITFALLS He emphasises that one of the key issues is With the soft market, many are asking whether we can ride out the storm in this if shopoffi ces and shoplots are still good gloomy market from a supply point of view, investments. TO AVOID notwithstanding the economic headwinds “Like any investment, property requires

in the country and the region. careful study and a sound strategy. It is HARIS HASSAN / TheEdgeProperty.com According to him, both the offi ce and re- illiquid and so an exit strategy is a must. SATURDAY, APRIL 30, 2016, tail subsectors are facing oversupply chal- Yields are also being compressed while Like any investment, 9AM SHARP – 1PM lenges, with no clear indication of a rise in capital appreciation has flatlined, so ana- property requires careful SUNWAY PUTRA HOTEL, KUALA LUMPUR demand or take-up. Data shows that take- lysing the individual investment is all the ups of offi ce and retail spaces have been more critical,” Soo remarks. study and a sound strategy decreasing since last year and are expected Hence, understanding the market is part — Soo PRESENTED BY to drop further. of that analysis — the investor should know “Th is trend has an eff ect on shoplots in more about the retail and offi ce markets as “Investing in retail — shoplots or shopof- strata-titled buildings and shopoffi ces as a whole and be informed about trends and fi ces?” at Th e Edge Investment Forum on SUPPORTED BY demand for both offi ce and retail tenants market data in these subsectors, he says. Real Estate 2016 on April 30. Th e forum Th eEdgeProperty.com comes virtually from the same source — “So, can the shopoffi ce provide key solu- will be held at Sunway Putra Hotel in Kua- there is a correlation between demand for tions to these new drivers and users?” he asks. la Lumpur and its theme is “Riding out the the two types [of properties]. Th ere is also Soo will discuss these matters at his talk, storm: Pitfalls to Avoid”. D SHAHRIN YAHYA / TheEdgeProperty.com w Desa Kudalari site psf, the owner of an 818 sq ft unit would stand to gain RM1,957 psf, based on a back of the envelope calculation, which is higher than recent transacted prices. BY draws local and “Recent transaction [of units] in Desa Kuda- lari last year indicates a price of about RM1,250 PE psf. We believe the en-masse sale could fur- Tan foreign interest ther unlock the value of the property and the Ku selling price could be at least double, if not sia triple, of the last transaction price,” said Yeo. wa Meanwhile, Tan & Tan Developments ma as BY TAN AI LENG Bhd, the developer of the 32-year-old con- Th e Desa Kudalari condominium joint dominium may buy back the land for rede- try management body (JMB) had engaged WTW velopment. When contacted, the company’s on KUALA LUMPUR: Property consultancy CH as its representative to seek potential buyers. executive director Teh Boon Ghee said the Williams Talhar and Wong Sdn Bhd (WTW) Investors may submit their expressions of company is considering if it should partic- 7.3 has received a number of enquiries from interest until April 27. ipate in the bidding as pricing is the main to f local and foreign buyers – including in- Th e freehold parcel is zoned as city cen- consideration. acc vestment funds and developers – to bid for tre commercial land under the Dewan JMB chairman Alan Hamzah, who was also wit the 7.35-acre Desa Kudalari condominium Bandaraya Kuala Lumpur (DBKL) Struc- at the press conference, said 90% of the 186 Sd land in for rede- ture Plan and has an allowable plot ratio of Desa Kudalari could be the fi rst condo to be unit owners have showed their interest to sell wo velopment purposes, said deputy managing 8. Th e proposed KLCC East MRT station that sold en masse in a survey done by WTW. He noted that most age director Danny Yeo. is part of the Sungai Buloh-Serdang-Putra- owners are looking for better returns through 186 Desa Kudalari, the oldest condominium jaya Line is right next door. million or RM2,578 psf in October 2015 as the en-masse sale as the condominium is ag- sal in the country could also become the fi rst Yeo said based on recent land transac- examples. ing and most residents are not willing to pay condo to be sold en-masse. tions in the area, the indicative value for the According to him, the owners’ share of higher cost to maintain the property. is n “Th ere are some Singaporean develop- land is between RM2,000 and RM3,500 psf. the transacted price will be determined Currently, the 186 units are held by about Tan ers who have expressed their interest. We He cited KSK Group Bhd’s purchase of 3.95 by the size of their unit. For instance, the 140 owners, with 70% of them locals. “Th e offi believe there will be interest coming from acres of land in Jalan Conlay for RM3,573 owner of an 818 sq ft unit will be entitled remaining owners did not express their de- Lu Chinese, Japanese and Korean developers psf in December 2013 and Kumpulan Wang to a 0.25% share of the price as it refl ects cision due to various reasons, such as they in the later stages,” Yeo said during a media Persaraan’s (Diperbadankan) (KWAP) ac- their percentage of the land area (7.35 acres are overseas or have passed away, or some Lum briefi ng on the en-masse sale of the condo- quisition of a piece of land from the federal or 320,166 sq ft). of them are taking a wait-and-see approach,” ren minium on Wednesday. government in Persiaran Stonor for RM140 Th erefore, if the land was sold at RM2,000 he added. op FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY TEP 5 TEP 6 FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY FRI i-City expands global community with DoubleTree by Hilton

Minister of Tourism and Culture Datuk Seri Nazri Abdul Aziz offi ciating at the ground-breaking ceremony for DoubleTree by Hilton n an effort to attract visitors from Malaysia’s neighbours as on April 4. Looking on are (from left) Charles Marshall, representative of Hilton Worldwide; Datuk Teng Chang Khim, Selangor state well as countries far away, I-Bhd is bringing to its ultrapolis executive councillor in charge of industry & commerce, small & medium enterprises and transportation; I-Bhd executive chairman i-City in Shah Alam yet another big name in the hotel indus- Tan Sri Lim Kim Hong; and Datuk Rashidi Hasbullah, deputy secretary general (tourism) of Ministry of Tourism and Culture. Itry — the world-renowned DoubleTree by Hilton. This follows the opening of the Best Western hotel in January last year. April 5 marked the groundbreaking ceremony for DoubleTree by Hilton, which will boast 300 rooms and is slated to open in 2018, welcoming guests from all over the world. This move is in anticipation of I-Bhd’s hope of seeing an in- fl ux of foreign tourists, in line with the Ministry of Tourism and Culture’s (MOTAC) projection of attracting 36 million tourists per annum by 2020. At the ceremony, minister Datuk Seri Nazri Abdul Aziz said the ultrapolis, which has MSC Cybercentre status, is in tandem with the ministry’s priorities. “MOTAC is committed to mak- ing Malaysia a hub for world-class tourism. It is ranked as the country’s second largest foreign exchange earner, after man- ufactured goods, and is the sixth largest contributor to the economy,” he added. With its theme park and upcoming DoubleTree by Hilton, i-City will be playing a huge role in making Malaysia reach that goal. “Our priorities are to ensure our tourism products are well maintained; suffi cient rooms to accommodate the rising demand of tourists; and most importantly, travel facilitation,” Nazri said. Recently, i-City welcomed a new global partner — Central Pattana PCL of Thailand — for its RM850 million Central i-City Mall, a joint venture with I-Bhd. The mall is expected to open in August 2018. MOTAC is also committed to pushing the government’s Ma- laysia My Second Home (MM2H) initiative as it believes that Nazri and Lim is the best way to promote tourism. Nazri pointed out I-Bhd’s posing next big contribution to MM2H through i-City and its newest project, to a poster of 8Kia Peng King of the Hill. He said, “We appoint many agents 8Kia Peng FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY TEP 7

Prime Minister Datuk Seri Najib Razak and Lim at the launch of 8Kia Peng King of the Hill on March 14

“Our decision to build 8Kia Peng King of the Hill in the centre of Kuala Lumpur was infl uenced very much by the various public infrastructure projects undertaken by the government to propel Malaysia’s capital city into the top 20 most livable and econom- ically vibrant cities,” he added. According to I-Bhd marketing director Monica Ong, the company, which plans to kick off road shows overseas soon, expects 70% of the project’s sales to come from foreign buyers. “So far, the response has been encouraging as investors know 8Kia Peng King of the Hill off ers free- hold, fully furnished and fi tted units. That means less hassle for the buyers, especially foreigners. Also, the project is in the Golden Triangle within Zone 1 of KLCC and 80% of its units have a full KLCC view,” she said.

8Kia Peng King of the Hill 8Kia Peng King of the Hill is I-Bhd’s pièce de résistance on a prime 1.05-acre parcel in the heart of Kuala Lumpur, offering investors the crème de la crème of properties in the neighbourhood. With an estimated gross development value of RM1 billion, the freehold project consists of a 50-sto- rey tower featuring 442 luxurious residences that are priced at RM2,300 psf. 8Kia Peng King of the Hill has no commercial aspect to it, thus promising its buyers exclusivity, privacy and a comfortable lifestyle. I-Bhd also wants Breathtaking 8Kia Peng the highest of qualities for its buyers, which it will sky lounge with King of the Hill achieve by being CONQUAS-compliant. commanding As the high-rise sits higher than its peers in the views of the vicinity, some 80% of its units will have a direct KL skyline view of the Petronas Twin Towers and the central park. 8Kia Peng King of the Hill is located in the Golden Triangle and within Zone 1 of KLCC and is just a five-minute walk from the hustle bustle of the city centre A perfect marriage of luxury and unparalleled quality, the King of the Hill will take its rightful place amid internationally recognised landmarks like the Petronas Twin Towers, shopping havens Pavilion Kua- la Lumpur and Suria KLCC, and the iconic KL Tower.

One man’s dream It all started with a dream of successful entrepre- neur and I-Bhd chairman Tan Sri Lim Kim Hong. He shares that he enjoyed three decades of looking at the world from a vantage point, afforded by his former home. He says this and the blessings that flowed through contributed to his many successes, and he believes these should be shared. Indeed, he is certain that there is no better way to do that than to offer investors a vantage point of their own through 8Kia Peng King of the Hill. With what he believes to be robust feng shui in the area, Lim is Fully fi tted assured of the development’s coming prosperity. and furnished His conviction, despite the slowing economy, residences stems from his confidence in Malaysia. “There are a lot of opportunities to be seized in Malaysia. I be- lieve 8Kia Peng King of the Hill will bring greatness to all who embrace it. I believe in Greater KL and in Malaysia,” to help with MM2H, most of which are developers like I-Bhd. more global than it already is. The overall aim is to transform he said at the opening of the sales gallery on March 31. MM2H is the best way to promote tourism because foreigners the capital and commercial hub of the country into a world- The opening of the sales gallery received enthusiastic re- who buy property in Malaysia get a 10-year visa with free en- class metropolis that will boost the very standards in every sponse and “we are already seeing a lot of positive enquiries try to Malaysia. area, from business infrastructure to liveability. This is in line from international buyers”, Lim commented. “These buyers tend to come more than just once or twice with our ambition for Malaysia to achieve a high-income na- Interested buyers now have the opportunity to view a because they own a home in Malaysia. As they will come many tion status,” he said. mock-up of 8Kia Peng King of the Hill at the sales gallery and times annually to Malaysia, they will also spend money here Likewise, at the retail level, MM2H has helped attract in- experience the splendour of the property first-hand. A walk multiple times a year. So, MM2H is the best way to promote dividual to set up home in Malaysia. Indeed, 8Kia Peng King through the unit will leave potential buyers with a feeling of tourism because we are selling them something which they can- of the Hill will be a hot spot for foreign property investors and luxury underlined by a sense of cosiness. The marbled floors not take home. MM2H is one of our ways of promoting tourism, homebuyers to fl ock to. and beautifully crafted furniture of the fully furnished show unit which is taken seriously by the Ministry of Tourism and Culture.” I-Bhd chairman Tan Sri Lim Kim Hong shares Najib and Naz- smack of sophistication and class. There is no doubt that, once Prime Minister Datuk Seri Najib Razak officiated at the ri’s belief that 8Kia Peng King of the Hill is in tandem with the completed, the whole building will take on an air of aristocracy. launch of 8Kia Peng King of the Hill on March 14. In his opening Economic Transformation Programme’s aim to propel Kuala Ong adds that the development offers the best views of speech, he said various Entry Point Projects under the Greater Lumpur to greater heights by bringing valued foreign investors Malaysia’s most iconic building, the Petronas Twin Towers, Kuala Lumpur programme have become the catalyst for the into the country. making it a symbol of haut monde for any buyer. private sector to continue to contribute to the economic growth “As the project targets the global community, it complies with I-Bhd, the developer of 8Kia Peng King of the Hill is also of the nation. He endorsed 8Kia Peng as one of those projects. CONQUAS (Construction Quality Assessment System) standards the master developer of i-City. The 8Kia Peng sales gallery is “8Kia Peng is an example of what we need to make our to give the buyers confi dence and assurance,” Lim said at the located at Level 12, Menara Bangkok Bank @Berjaya Central national city even more iconic, even more livable and even launch of 8Kia Peng King of the Hill. Park, KL. For more information, visit www.i-city.my. TEP 8 FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY FEATURE

MM2H applicants Foreign property down by half buyers in Malaysia MM2H applicants - TOP 10 COUNTRIES (2002 – Nov 2015) BY TAN AI LENG

he number of applicants for the Malaysia My Second Home India 2.8% Others 22.4% China 23.5% (MM2H) scheme had decreased by almost half last year Pakistan 3.2% (811) (6,499) (6,826) from the previous year, according to statistics available on (936) 2014 42 2014 547 2014 1,307 the MM2H website. Does this mean Malaysia is losing its 2014 51 2015 (Nov) 41 2015 (Nov) 451 2015 (Nov) 594 2015 (Nov) 29 charm in attracting foreigners to invest in property, live or to retire here? Economic uncertainties are among the reasons for the drop in the T South Korea 3.6% Japan 13.3% number of MM2H applicants to 1,855 in November 2015 from 3,074 (1,037) (3,872) in 2014, said Malaysia Property Incorporated (MPI) general manager 2014 138 2014 428 Veena Loh. 2015 (Nov) 100 2015 (Nov) 260 Loh shared her views during the Malaysian Annual Real Estate Con- Total vention 2016 (Marec’16) organised by the Malaysian Institute of Estate 29,034 Agents last month, in her session entitled “Positioning Malaysia in the Taiwan 3.8% Bangladesh 10.9% international property market: Th e role of real estate agents”. (1,104) (3,176) Nevertheless, Loh believes Malaysia still has many advantages that can 2014 83 2014 250 attract foreigners to invest in properties or to reside here. However, this 2015 (Nov) 61 2015 (Nov) 171 market segment is often neglected by real estate agents. “While focusing on the local market, real estate agents should also work together with government agencies, such as MM2H, MPI and the Singapore 4.1% Iran 4.6% United Kingdom 7.8% Malaysia Healthcare Travel Council, to explore new markets and expand (1,185) (1,324) (2,264) their customer network to a bigger and more globalised market,” she said. 2014 94 2014 17 2014 117 She urged real estate agents to prepare themselves with cross-border 2015 (Nov) 59 2015 (Nov) 18 2015 (Nov) 71 property investment knowledge to embrace globalisation challenges and grab the opportunity to reach a bigger market. 2014 total: 3,074 2015 (Nov) total: 1,855

SOURCE: MM2H

MM2H APPROVALS What are they BUYING? GRAPHICS: TheEdgeProperty.com SOURCE: MM2H from January 2007 to

November 2014 SOURCE: MM2H 559 China 17% 302 United Kingdom bungalows/ 205 Iran semidees 169 Bangladesh 169 Pakistan 120 Japan 114 Australia 108 Singapore 7% 97 USA 55% 21% terraced condominiums apartments houses 96 South Korea 0 100 200 300 400 500 600 700 800 900

Where are the Challenges in What MOTIVATES

POTENTIAL MARKETS? ATTRACTING foreign foreigners to buy SOURCE: MPI

(as of November 2015) SOURCE: MPI investors SOURCE: MPI property in Malaysia?

2. Good weather and few natural disasters

2. Parents of the students 3. Common 1. Healthcarehcare tourists:tourists: who studied in Malaysia: 1. Difficulties in building and maintaining 1. Political religion and 882,000 visitors 136,000 visitors trust across borders stability good food

?? 6. Cheap ## ringgit

5. Potential 3. Lack of familiarity 3. Expatriates: 4. MM2H applicants: 2. Language with locality, e.g. 4. Friendly capital appreciation 90,000 visitors 29,000 visitors barriers rules and regulations people of properties FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY TEP 9

Get smart! Find yourhome next @ Th eEdgeProperty.com $ Seriously, it's the $DN ws ngs N Newla launchesaaununnncche ONLYproperty portal NewsNeNewNNeNwws you need Listi DataDaDataataa NNee New launches wsws NeNewsNeNewweewews

LISTINGS . NEW LAUNCHES . NEWS . DATA . ANALYTICS TEP 10 FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY FRI COVER STORY

stations have been 9 MAXIMISE St identifi ed as Are property Ave hotspots RM Pu Dis YOUR TIME Ten Bu ith the high cost of living in Ma- Ave laysia, it is not such a bad idea to Ave use public transport, even if you Ave have a car or motorbike. Why? Ave Public transport such as the light rail transit is time and cost-effi- + MONEY Wcient, and is an easier way to navigate the city. BY RACHEL CHEW & IZZAT ZULHILMI RATNASARI Th e Kelana Jaya LRT Line 5 (Gombak-Kelana Jaya) is one of the most popular public transport options among urbanites in the Klang Valley, be- Looking for a home near an LRT station to live or invest in? cause it is a 29km line running from the northeast- ern suburbs of Kuala Lumpur and Petaling Jaya We’ve identifi ed nine stations in the hotspots and listed the closest non-landed to the west of Kuala Lumpur. Th ere are 24 stations on this route and it covers residences to each station. Check them out! property hotspots in the Klang Valley such as the Kuala Lumpur City Centre (KLCC), Wangsa Maju and Bangsar. 1 Th eEdgeProperty.com identifi ed nine stations as property hotspots, as they had the most non-land- Station:Taman Paramount ed residential listings on the portal. Area: Taman Paramount Th e nine stations are Gombak, Wangsa Maju, Average price psf for projects within 1km Setiawangsa, Jelatek, , KLCC, Bang- radius: RM514 sar, Universiti, and Taman Paramount. We narrowed our research down to non-landed Paramount View residential listings located within a 1km radius of Distance: 261m each station and found over 50 listings. We then Tenure: Freehold calculated the average asking price psf for each Built-up: 860 sq ft to 1,859 sq ft project to fi nd the stations with the most and least Average price psf: RM516 expensive listings. Average selling price: RM850,000 Not surprisingly, the station with the highest Average asking monthly rental: RM2,138 average asking price psf is KLCC (RM1,421 psf), Average asking monthly rental psf: RM2.25 while the station with the least expensive average asking price psf is Jelatek (RM448 psf). Th e most expensive project within 1km of the KLCC LRT station is Th e Binjai On eTh Park, which is selling at an average of RM2,573 psf. Th e luxury condo project consists of two towers with a total 171 units and was completed at the end of 2008. Th e Binjai On Th e Park is 1km – a mere 10 minutes on foot – to the KLCC LRT station. Meanwhile, the most expensive project within 1km of the Jelatek LRT station is Suria Jelatek Res- idence, which is selling at an average RM514 psf. Th e leasehold condominium has 340 units across 21 fl oors. It is only 700m to the Jelatek LRT station. It is worth knowing that the KLCC and Jelatek stations are just four stations apart. Th is means 2 3 that if you are willing to travel an extra bit of time by rail each day to the city centre, you can prob- Station: Universiti Station: Bangsar ably pay just a third of KLCC’s prices to buy an Area: Kerinchi Area: Bangsar PASAR SENI apartment in Jelatek. Average price psf for projects within 1km Average price psf for projects within 1km M Comparing the prices and rents of properties radius: RM722 radius: RM770.23 JA close to the Ampang Park and KLCC LRT stations also yielded interesting results. Vista Angkasa Sri Impian Properties near the Ampang Park LRT station, Distance: 190m Distance: 305m which is only one station away or 600m from the Tenure: Leasehold Tenure: Freehold KLCC LRT station, are 40% cheaper than proper- Built-up: 420 sq ft to 1,900 sq ft Built-up: 1,500 sq ft ties near the KLCC LRT station. Average price psf: RM438 Average price psf: RM567 Th e average asking price psf for non-landed Average selling price: RM430,591 Average selling price: RM860,000 homes within a 1km radius of the Ampang Park Average asking monthly rental: RM2,000 Average asking monthly rental: RM3,270 KL LRT station is RM1,000.31. Some of the aff orda- Average asking monthly rental psf: RM2.21 Average asking monthly rental psf: RM2.83 SENTRAL ble projects include D-Villa Residence (average RM710 psf) and D’Mayang (average RM756 psf). BANGSAR 3

KELANA TAMAN ASIA TAMAN JAYA BAHAGIA JAYA JAYA KERINCHI 1 2

ABDULLAH TAMAN PARAMOUNT UNIVERSITI HUKUM FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY TEP 11 Tap here for interactive map COVER STORY and more listings

9 9 GOMBAK Station: Gombak Area: Gombak Average price psf for projects within 1km radius: TAMAN MELATI RM478.50 Putra Villa Condo Distance: 450m 8 WANGSA MAJU Tenure: Freehold Built-up: 1,066 sq ft to 3,322 sq ft Average price psf: RM473 Average asking price: RM518,636 SRI RAMPAI Average asking monthly rental: RM1,904 Average asking monthly rental psf: RM1.65 SETIAWANGSA 8 7 Station: Wangsa Maju Area: Wangsa Maju Average price psf for projects within 1km radius: RM473.50 6 JELATEK Tar Villa Distance: 428m Tenure: Freehold DATO’ KERAMAT Built-up: 958 sq ft to 998 sq ft Average price psf: RM484 Average selling price: RM478,250 DAMAI Average asking monthly rental: RM1,600 Average asking monthly rental psf: RM1.60

AMPANG PARK 5 7 Station: Setiawangsa KLCC Area: Setiawangsa 4 Average price psf for projects within 1km radius: RM619.75 KAMPUNG BARU Kampung Warisan Distance: 130m Tenure: Freehold Built-up: 755 sq ft to 1,540 sq ft Average price psf: RM798 DANG WANGI Average selling price: RM1.16 million Average asking monthly rental: RM4,020 Average asking monthly rental psf: RM2.46 6 Station: Jelatek Area: Jelatek Average price psf for projects within 1km radius: RM448 4 Suria Jelatek Residence Distance: 700m Station: KLCC Tenure: Leasehold Area: KLCC Built-up: 858 sq ft to 1,420 sq ft Average price psf for projects within 1km radius: Average price psf: RM514 RM1,421.50 Average selling price: RM730,000 MASJID Average asking monthly rental: RM2,609 JAMEK Hampshire Residence Average asking monthly rental psf: RM2.14 Distance: 393m Tenure: Freehold Built-up: 753 sq ft to 2,959 sq ft Average price psf: RM1,085 Average selling price: RM2.12 million Average asking monthly rental: RM6,066 Average asking monthly rental psf: RM3.60

AL 5 Station: Ampang Park Area: Average price psf for projects within 1km radius: RM1,000.31 myHabitat Distance: 318m Tenure: Freehold Built-up: 603 sq ft to 4,983 sq ft Average price psf: RM1,090 Average selling price: RM1.19 million Average asking monthly rental: RM4,238 Average asking monthly rental psf: RM3.20 TEP 12 FRIDAY APRIL 8, 2016 • THEEDGE FINANCIAL DAILY DEALMAKERS Avid property investor turns property agent

BY NATALIE KHOO was interested in — real estate. tate Agents Malaysia (BOVAEA), In 2009, when the global fi nan- investment or their own use, what “Even back when I was at Dell, where he could sit for an exami- cial crisis struck, Khor began to is their budget, is the investment for ore than a dec- I had a huge interest in property nation and start an agency with wonder if he should take a break capital appreciation or rental yield, ade of experience investment. Practically every week, minimum capital. from his corporate life to fulfi l his is the view important — these are in corporate sales you will see me at property fairs. “Since I loved property invest- two-year practical experience to questions that some buyers may has stood City But that wasn’t because I had a lot ing, I thought why not? I self-stud- qualify as a real estate agent. In overlook,” he says. Crest Realtors of money to invest in properties as ied for the papers in 2003 and by 2011, he decided to take the plunge. Khor believes an agent can also principal Darren I was still a young chap. I was just 2004, I had passed all 12 of them,” He left his corporate job and be- become a trusted adviser to cli- MKhor in good stead. “The experi- very curious about the property says Khor, who took the maximum came a full-time real estate agent. ents. “You need to be the person ence I gained from my sales job market and I wanted to observe six papers allowed each year. Nev- In November 2013, he set up City your clients come to whenever definitely shaped and helped me consumer behaviour when it came ertheless, he continued with his Crest Realtors. they want to make an investment become who I am today,” he says. to buying properties,” he laughs. corporate life at Dell. “Of course, along the way, there because they trust you. You need Khor currently leads a team of 26 What was he curious about? were people who discouraged me to be the one advising them on real estate negotiators and agents “I was curious to fi nd out things and told me that it was not easy to what suits their needs the most in the heart of Kuala Lumpur. like how property developers priced start my own business. But having and the importance of knowing After graduating from Universiti their products, why one unit was The experience at the managerial lev- the project they are buying into,” Utara Malaysia in 1997 in business more expensive than another on a experience I el has benefi ted me a lot in terms he explains. administration majoring in mar- diff erent fl oor, why a certain block’s of coaching and training my team His team closed a total of RM60 keting, he joined multinational take-up was higher than anoth- gained from members. It is not just about hir- million in sales in 2014 and RM80 computer technology company er block’s and what was the my sales job ing and letting them run around million the year after. Khor’s game Dell Inc in Penang, doing corpo- unique selling point of each closing deals. As their principal, plan is to expand his agency. “I rate sales. “I learnt a lot when I project.” defi nitely I make sure I think of their career am working on opening two more was working there. I started as a When he could aff ord it, shaped and paths so that they can move up the agencies in Bangsar and Mid Val- salesman before I moved up to Khor bought and resold a few ladder and be continuously better ley/KL Eco City. Th ose two areas a managerial position where my properties after learning the helped me at what they do,” he says. would be more focused on local team covered sales in Taiwan and tricks of property investment. become who Khor prefers to lead by exam- market demands and needs in KL.” Malaysia,” Khor says. In 2003, when he was ple. “When we are assigned as the Although the local property One of the sales skills he picked still in Dell, a friend I am today agents for a project, I make sure I market is slow, Khor believes one up was to sell Dell’s products via introduced him — Khor close several deals fi rst to show my needs to be optimistic and sniff the telephone. “It is a very powerful to what he de- team that the project is sellable,” out opportunities in the market. skill. All you have are your words scribed as an he remarks. “It’s easy to blame poor market to explain and sell your products “interesting According to him, to become a sentiment and the economy, for and a pair of ears to listen to the course” — successful negotiator and agent in example the depreciation of the needs of your clients,” he explains. the real es- this fi eld, one has to ask the right ringgit. The good thing is, I am a In 2007, Khor moved to Micro- tate agent li- questions, do research and always problem solver. I choose not to soft in KL. It was a tough decision cence course maintain good relationships with dwell on circumstances I can’t for Khor as his parents were still conducted clients. control. I will continually lead living in Penang. But he decided to by the Board “Th e fi rst few basic questions to my team to do our very best for go for it. Besides his job at the time, of Valuers, Ap- ask your clients include whether our clients in any market climate,” there was one other thing that Khor praisers and Es- HARIS HASSAN | TheEdgeProperty.com the property they are buying is for he concludes.

Shortage of homes hits the US’ Midwest

PHOTOS BY 123RF.COM BY PATRICK CLARK “Before the bust, if I got a good job off er in Seattle, I’d move there. NEW YORK: Home buyers in hot I’d just go and get a mortgage,” housing markets from San Fran- Richardson said. “Now I don’t have cisco to Brooklyn have grown ac- fl exibility to go where the pay is customed to bidding wars, waived the most, so I have to go to a place home inspections, and rapid-fi re that I can aff ord.” off ers. If you’re house-hunting in In cities showing less robust Omaha, Nebraska, Grand Rapids, job growth, the short supply of Michigan, or Indianapolis, you homes for sale might be explained might want to brace yourself for by another factor: Prices in about similar tactics. Th ose cities and sev- half of the country’s local markets eral others saw sharp declines in are still below bubble-era peaks. the number of homes for sale over Owners may be reluctant to sell the year ending in February. their homes for less than they were Cities such as It’s surprising to see Midwestern once worth, especially if they owe Omaha saw sharp housing markets tightening this way. more on their mortgage than they declines in the Th e large US metropolitan areas with can get in a sale, said Jonathan number of homes the sharpest population declines Smoke, chief economist at Realtor. for sale over the from 2014 to 2015 were concentrated com. Th at limits the supply on the year ending in in Ohio, Pennsylvania, and upstate market. Th e inventory squeeze has February New York, according to the Census proved especially harsh for fi rst- Bureau’s most recent population time home buyers, in part because has transferred, the kids borrow on Realtor.com’s Hotness Index, and the Rust Belt is less likely to estimates. builders have prioritised luxury against the home they just bought which measures demand by the see some of the more convolut- But stricter lending standards homes over starters. to repay their parents. number of page views and supply ed strategies employed in richer since the housing bust have made A theory making the rounds “As things become more com- by how long listings stay online, markets. cities with strong job growth and at Redfi n contends that trends in petitive in the Midwest, you can only three are east of the Mis- Th e Midwest is defi nitely get- cheaper home prices particular- buyer behaviour start out West expect to see some of the same sissippi: Boston, Raleigh, North ting hotter, and not just in climate. ly attractive to buyers, said Nela and move eastward. In California, things that buyers on the West Carolina, and Lafayette, Indiana. “California has really been the Richardson, chief economist of for example, parents are taking Coast have been dealing with for A bidding war is going to cost a standard-bearer and started this real estate brokerage Redfi n. Th at out home-equity loans on their a long time,” she said. buyer less in Buffalo, New York trend,” Realtor.com’s Smoke said. may be leading to tighter housing own homes to help children mus- The country’s most competitive (median listing price: US$137,000 “But we’re starting to see the same supply in such cities as Omaha and ter all-cash off ers on a property, housing markets remain in the (RM536,899), per Redfin) than pattern emerge in more parts of Minneapolis. Richardson said. Once the deed West. Among the top 20 markets in San Francisco (US$1 million), the country.” — Bloomberg