A PULLOUT EVERY FRIDAY WITH

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FRIDAY, NOVEMBER 16, 2018 . ISSUE 2774/2018 . PP19055/06/2016(034530) PRINT + DIGITAL

Public Forum on EP EP EP 03 03 04 NEWS NEWS NEWS By Datuk Tong Kooi Ong Chairman, EdgeProp Sdn Bhd Paramount to Sunday, launch Atwater’s Changing the Tong: FundMyHome November 18, 2018 RM350mil GDV development is an option for 2.00pm – 3.30pm commercial landscape homebuyers, not VENUE: Sheraton PJ Hotel phase with robots a solution for all FREE ENTRY! ’S

AVAILABLE HOUSING ONLINE + OFFLINE Missed our past issues? Scan this code DILEMMA to visit our digital archive!

www.EdgeProp.my When land is too expensive for aff ordable housing developments, what solutions can the state government come up with? See Pages 6 and 7.

FOR SALE $$$$$$ EP 2 FRIDAY NOVEMBER 16, 2018 • THEEDGE FINANCIAL DAILY

NEWS HIGHLIGHTS from www.EdgeProp.my

Time for BNM to reimpose ˎ nancing Petaling Street to be upgraded quota — HBA It is time for Bank Negara (BNM) to reimpose a fi nancing quota where banks were needed to accom- plish a certain amount of quota for small-sized fi nancing, to assist fi rst- time homebuyers, said the National House Buyers Association (HBA). Strong take-up Its secretary-general, Datuk for Kita@LBS Chang Kim Loong said the quota sys- tem was implemented in the 1980s Cybersouth by BNM. More than 200 terraced homes at “In 1980s, banks must achieve a cer- LBS Bina Group Bhd’s Kita@LBS Cy- tain amount of quota of small fi nancing bersouth development in such as for low-cost or medium-cost were taken-up at a soft launch last houses (priced) below RM100,000. The Edge Property Sdn Bhd (1091814-P) weekend. “So, we want this to be reintro- Kuala Lumpur City Hall (DBKL) will take about six months, and will start Level 3, Menara KLK, Kita@LBS Cybersouth is a Ma- duced and banks must accomplish a upgrade the infrastructure in Petaling in January. No 1 Jalan PJU 7/6, Mutiara lay Reserve land development in the certain amount of quota or percent- Street next year, focusing on repairing “We have not made any decision Damansara, 47810 , Selangor, Malaysia southern corridor of Greater age for aff ordable housing (funding),” and repainting old buildings in the about the allocation, but the cost Valley between Putrajaya and Cy- he said at the Rahim & Co Seminar area. will be shared with the Kuala Lumpur EdgeProp.my berjaya. 2018 themed “The Malaysian Prop- Kuala Lumpur Mayor Datuk Nor Hawkers and Small Traders Associa- Over 300 people attended the soft erty Market: Where are We Heading Hisham Ahmad Dahlan said the roofs tion,” he said. Managing Director/Editor-in-chief Au Foong Yee launch of the fi rst phase of Kita@LBS Post-GE14?” on Tuesday. of the buildings along the street had He added that DBKL would also Cybersouth known as Kita Bayu, said not been changed for 18 years. work together with the association EDITORIAL the developer in a press release. Ministry to act “The roof repair and building re- and police to curb the sale of stolen Executive Editor Sharon Kam The launch introduced Phase 1A painting project in Petaling Street will goods at the Jalan Sultan fl ea market. Editor Lam Jian Wyn against developers Deputy Chief Copy Editor which consists of 20ft by 60ft dou- James Chong ble-storey terraced houses priced for clogging drains Copy Editor Vanessa Gnanasurian Senior Writers at RM530,000 as well as Phase 2A The Housing and Local Government Rachel Chew, Tan Ai Leng comprising 22ft by 75ft double-storey Ministry will take action against express and stage bus services, taxi Writers town houses priced at RM399,900. developers found to have closed or and ferry services. It will also fea- Natalie Khoo, Shawn Ng Art Director Sharon Khoh Some 120 units and 100 units in clogged up the drainage system in ture a centralised ticketing system, Design Team Phase 1A and 2A respectively, were their construction areas which has and an array of food and beverage, Jun Kit, Rajita Sivan taken-up within a few hours of the led to fl ash fl oods in Kuala Lumpur city. and retail outlets.

For New Launches/Events/ launch. Its minister, Zuraida Kamaruddin “We are confident that this Press Releases/News Tips Kita@LBS Cybersouth is accessi- said developers who had neglected transportation hub will not only email: [email protected] ble via major highways including the the drainage system at construction contribute towards making life Tel: (03) 7721 8211 Fax: (03) 7721 8280 Putrajaya- Expressway via sites can be imposed compounds of Penang Sentral easier for commuters, but will also ADVERTISING & MARKETING the Elite Highway, Maju Expressway between RM100,000 and RM500,000. provide a signifi cant boost to the Associate Account Director, (MEX), South Express- “We can’t allow this to happen, to open on Nov 22 state’s economy, acting as a cat- Advertising & Marketing Heidee Ahmad (019) 388 1880 way (SKVE), North-South Expressway because there are many construction Penang Sentral in Butterworth, alyst for future development within Senior Account Manager (NKVE), Damansara- High- areas around Kuala Lumpur... so we Penang will see its soft opening on its vicinity and the Northern Region,” Ian Leong (012) 359 1668 way (LDP) and Jalan Putrajaya-Dengkil. have to be strict and fi rm in enforcing Nov 22, Malaysian Resources Cor- said Mohd Imran Mohamad Salim, Account Manager Evelyn Chan (012) 383 7484 Nearby amenities include schools, the law to overcome the problem of poration Bhd (MRCB) announced MRCB group managing director. higher education institutions, malls fl ash fl oods. on Thursday. With a total GDV of RM2.9 bil- Marketing Support & Ad Trafˎ c such as the Alamanda Shopping Cen- She said the ministry would co- Penang Sentral is an integrat- lion, it is modelled after KL Sentral. Madeline Tan (03) 7721 8218 email: [email protected] tre, IOI City Mall in Putrajaya and Mit- operate with the Ministry of Federal ed transportation hub connecting Future phases include commercial, sui Outlet Park; Putrajaya Hospital, Territories to monitor construction Keretapi Tanah Melayu’s ETS and retail, offi ce and residential devel- BUSINESS DEVELOPMENT KLIA 1 and KLIA 2. sites around the federal capital. Komuter train services, intercity, opments. Manager Nimalen Parimalam Account Manager Stannly Tan

PRODUCT DEVELOPMENT How do I get past issues of this weekly pullout? & CUSTOMER ADVISORY trending Senior Manager Elizabeth Lay Go to www.EdgeProp.my to download for free Associate Omar Nawawi now

For enquiries and listings email: [email protected] Tel: (03) 7721 8174 / 8173 If you have any real estate-related events, email us at [email protected]. LAUNCHES + EVENTS Events listed here will also appear on www.EdgeProp.my. EdgeProp.my pullout is published by The Edge Property Sdn Bhd. It is available with The Edge Financial Time: 10am 2, Negeri Sembilan Select Property Group and Daily every Friday. The pullout to 5pm Contact: 1-800-22-2456 Renaker will be launching their is also distributed at more than 200 ofˎ ces, shopping complexes, Venue: SkyWorld Seremban 2 is throwing a joint venture project —Elizabeth condos, medical centres and F&B Gallery@Setapak, carnival, hosted by IJM Land Tower located in Manchester, outlets in the Klang Valley. You can also download it for free at Jalan Ayer Bhd. This free family-friendly UK— in Malaysia this week. www.EdgeProp.my Jerneh, Taman event features a myriad of Besides a showcase of the Rediscover Authentic Ayer Panas, activities, such as over 10 game project, there will also be a talk Food Fiesta Kuala Lumpur booths, 50 pop-up stores, about investing in Manchester, Th e Edge Malaysia Date: Nov 17 (Sat) Contact: (03) 2727 7445 giant infl atables with obstacle on both days at 11am and 3pm. Publisher and Group CEO Time: 1pm to 6pm SkyWorld is off ering homebuyers course, a clown comedy Ho Kay Tat Venue: Serenia City Sales Gallery, their fi nal chance to own a show, a Chinese orchestra Tokyo Rendezvous Jalan Pintas Dengkil-Putrajaya, home at SkyAwani 3 Residence, performance and much more. @The ERA EDITORIAL Editor-in-chief Azam Aris Bandar Serenia, , Selangor priced from RM300,000 with Date: Nov 18 (Sun) CORPORATE Contact: (03) 8760 0505 only RM1,000 booking fee. Malaysia launch of Time: 11am to 5pm Chief Operating Ofˎ cer An array of scrumptious Purchasers will get an RM100 Elizabeth Tower, Venue: The ERA Sales Gallery, Lim Shiew Yuin Manchester, UK ADVERTISING & MARKETING Malaysian food and fun activities Aeon cash voucher for every Jalan Segambut, Kuala Lumpur Chief Commercial Ofˎ cer await you and your family this home purchased with loan Date: Nov 17 & 18 (Sat & Sun) Contact: 1-700-81-8081 Sharon Teh (012) 313 9056 weekend. Visitors will get the approved via Maybank Fast Time: 10am Join JKG Land for a live session General Manager Kingston Low (012) 278 5540 chance to visit Sime Darby Home Loan Approval. to 6pm of Hibachi cooking - the hottest Senior Sales Managers Property’s newest township Venue: One grilled food show in town. Sit Fong Lai Kuan (012) 386 2831 in Sepang – Serenia City and Seremban 2 World Hotel, back and admire a skillful chef Gregory Thu (012) 376 0614 its latest double-storey link pop-up carnival , fi ring up the grill right before Creative Marketing Chris Wong (016) 687 6577 homes – Serenia Adiva. Date: Nov 17 & 18 (Sat & Sun) Petaling Jaya, your eyes, with a sizzling side Head of Marketing Time: 5pm to 10pm for Nov 17 Selangor of showmanship. Sushi, green Support & Ad Trafˎ c SkyAwani 3 Residence & 10am to 6pm for Nov 18 Contact: (016) tea and Japanese fan making Lorraine Chan (03) 7721 8001 ˎ nal block open for sale Venue: IJM Land Seremban 228 8691 / workshops are also available on Date: Nov 17 & 18 (Sat & Sun) 2 Sales Gallery, Seremban (016) 228 9150 a fi rst come, fi rst served basis. FRIDAY NOVEMBER 16, 2018 • THEEDGE FINANCIAL DAILY EP 3 NEWS

Paramount to launch Atwater’s RM350mil GDV commercial phase

LOW YEN YEING | EdgeProp.my PARAMOUNT PROPERTY BY NATALIE KHOO

PETALING JAYA: Property developer Par- amount Property is set to launch the com- mercial component of its Atwater develop- ment, which comprises two offi ce towers and a retail component by the end of this month. Atwater is a mixed development located at Jalan Universiti, Section 13 in Petaling Jaya. Th e project’s residential component, which consists of 493 units of serviced apart- ments, was launched earlier this year and is currently 85% sold. Paramount Property CEO Beh Chun Chong, speaking to EdgeProp.my, said that Tower A will comprise nine storeys (19 units) while Tower B will comprise a total of 17 sto- Beh: A successful project needs to offer a complete eco-system, An artist’s impression of the commercial component of the reys (53 units). Connecting the two towers with catalysts that stimulate demand. Atwater development will be a six-storey retail block. Th e commercial portion of Atwater has a icated and independent banks of lifts. Th e “We are located next to a light industrial velopment called Berkeley Uptown Klang gross development value of RM350 million offi ce towers also feature garden terraces area (Section 13), residential areas (Section in Klang after Chinese New Year, kicking off and is slated for completion at end 2021. and roof gardens. Th e offi ces will be priced 17, SS2, SS1), commercial areas (Section 12, with over 200 units of serviced apartments “Our headquarters (Paramount Corpo- from RM1 million onwards, or an average Section 14) with schools and markets which priced below RM500,000. Th e built-ups will ration Bhd) which is currently located at psf price of RM800. make this place a bustling economic and range from 800 sq ft to 1,600 sq ft,” said Beh, Damansara Uptown will move here once Meanwhile, the retail block is akin to a social hub,” Beh noted. adding that back in the 1970s, Paramount the development is completed. But we defi - tropical-themed neighbourhood mall. It will He also pointed out that as Paramount had developed one of the earliest housing nitely can’t occupy the whole space. We feature multiple decking levels with giant will be an anchor occupier in the develop- estates in the area called Taman Berkeley. understand the economy of scale and the green canopies to allow as much natural ment, it will participate actively after the “Th e 33-acre Berkeley Uptown will be an- aff ordability factor, so our product ranges ventilation as possible. Management Corporation is formed. chored by our Sri KDU International School from 1,400 sq ft to 30,000 sq ft to cater to all Th e 5.09-acre Atwater is accessible via sev- Th e developer is targeting healthcare re- with a capacity for 1,500 students. In fact, we sorts of businesses. eral highways including the Federal Highway, lated businesses and pharmaceutical com- have fi nished the foundation works for the “Th ere are four fl oors with a total fl oor North South-Central Link, New Klang Valley panies as tenants, since the surrounding area school and we are upcycling a building for plate of 30,000 sq ft to cater to organisations Expressway and New Pantai Expressway. is considered the medical belt of Selangor our sales gallery” he said. that wish to optimise the layout as such ex- “We feel that this is the right time to roll and Petaling Jaya. Other upcoming launches include a pansive spaces may not be so easily avail- out the commercial part of Atwater. Th e lo- Meanwhile, Paramount Property is on new phase of double-storey starter ter- able in the Klang Valley,” said Beh, adding cation is strategic and is among the most es- track to achieve its sales target of RM1 bil- raced homes with built-ups of 1,600 sq ft that Co-labs Coworking, a subsidiary of tablished and prestigious prime locations in lion by the end of this year, said Beh. As of to 1,800 sq ft, priced around RM500,000 at Paramount Corp Bhd, will also operate a Petaling Jaya. A successful project needs to September, it has already achieved RM750 its Greenwoods township in ; co-working space here, to serve business off er a complete eco-system, with catalysts million in sales. A similar sales target for Rumah Selangorku homes at Kemuning start-ups. that stimulate demand such as educational FY2019 has been set, backed by several Utama, ; and a new phase Th e offi ce towers will have a direct lobby institutions, healthcare, banks and the crit- launches in the pipeline. of serviced apartments at Utropolis Batu drop-off area which will be served by ded- ical mass of residential units. “We will be launching a new mixed de- Kawan, Penang.

Changing the development landscape with robots

LOW YEN YEING | EdgeProp.my BY SHAWN NG automation technology. We believe in the potential of this sector and Southeast Asia PETALING JAYA: Given recent advance- as a huge emerging growth market,” he said. ments in technology, the use of robots to Th e fi rst few sub-sectors where Country build houses at construction sites is no Garden has kicked off its robotics business is longer science fiction. Property develop- in the restaurant, construction and medical ers around the globe are investing heavily sectors. It also plans to invest in labour-inten- in robotics technology for the construction sive industries such as agriculture robotics. industry. Country Garden plans to open a robot One developer which has recently ven- restaurant at its headquarters in Guangzhou tured into the robotics industry is China’s by end-2018. With a built-up of about 800 real estate giant Country Garden Holdings. to 1,000 sq m, the restaurant is expected to In September this year, Country Garden’s have a capacity of 150 to 200 guests. unit Guangdong Bright Dream Robotics Co Currently, the research and development Ltd partnered with the Shunde government team for the robotics business is working on to launch the 10 sq km Robot Valley pro- establishing the fi rst phase of its research fa- ject in the Shunde district, where Country cility which spans 2.72 acres and has more Garden’s headquarters are located. The biggest fully-automated IBS plant in Malaysia, located in Forest City in Iskandar Malaysia. than 200 lab-models. Going forward, there Th e group will be investing RMB80 bil- are plans to build an experimental smart lion or close to RM48 billion in the robotics Malaysia’s eff orts to automate the construc- “Th e group is more than a property de- unmanned manufacturing line, said Ng. business, over the next fi ve years, specifi cally tion process with the use of the Industrial- veloper and real estate player. It is a diver- “Due to the variety of operations technol- in the F&B, construction and agriculture in- ised Building System (IBS). sifi ed conglomerate with businesses span- ogy and the various manpower, technology dustry, said Country Garden Malaysia and The first IBS factory in Forest City in ning across hospitality, education, modern and time needed for the research on con- Forest City director of strategy Ng Zhu Hann. Iskandar Malaysia, Johor spans 18 acres, agriculture, manufacturing and robotics. struction robots, the adoption of these robots Speaking to EdgeProp.my, he said that making it the biggest fully-automated IBS “As part of the future expansion strategy is still under assessment, but it is estimated Country Garden’s venture into the robot- plant in Malaysia, with an annual produc- of the group, robotics is of the utmost im- to be deployed in stages from the end of this ics industry is in line with Country Garden tion capacity of 1 million sq m in built area. portance due to the rise of Industry 4.0 and year,” he added. EP 4 FRIDAY NOVEMBER 16, 2018 • THEEDGE FINANCIAL DAILY NEWS

Tong: FundMyHome is an Public option for homebuyers, Forum on not a solution for all By Datuk Tong Kooi Ong Chairman, EdgeProp Sdn Bhd LOW YEN YEING | EdgeProp.my BY TAN AI LENG Register now at PETALING JAYA: FundMyHome is not de- http://fundmyhome.eventbrite.com signed to be a solution for all potential fi rst- time homebuyers, said EdgeProp Sdn Bhd Sunday, November 18, 2018 Chairman Datuk Tong Kooi Ong. 2.00pm – 3.30pm Speaking at the FundMyHome Media Q&A session on Nov 15, Tong stated that VENUE the benefi ts to FundMyHome homebuyers Ballroom 2, Level 3D, are that they pay only 20% of the purchase Sheraton price with no mortgages and monthly pay- PJ Hotel ments for fi ve years. Besides, it enables one FREE to move in to the unit immediately. On the other hand, the trade-offs are ENTRY! that they have to take the risk of property prices falling after fi ve years. However, the Tong and risk is capped at 20% of the original value EdgeProp.my of the home — the capital they invested in managing director the beginning. and editor-in- “Th ey [homebuyers] pay just 20% of prop- chief Au Foong erty price with potential of either savings Yee (right) at the on or earning rental income; they have no FundMyHome monthly repayments during the fi ve years, Media Q&A session. no foreclosure risk, no personal liability and have their risk of capital losses capped a property, Tong said: “Undeniably, rent is to the 20% invested,” he replied to a report- a viable choice. But by telling homebuyers FundMyHome or mortgage? er’s query. ‘don’t buy when you can’t afford one’ is Hence, he added, the FundMyHome plat- dismissive for young Malaysians who want Mortgage form rests on homebuyers who are willing to to own a home. Assumes 80% loan, Assumes home price Assumes home price share their future capital gains in exchange “We are providing another possibility for 30-year fixed rate mortgage unchanged at RM300,000 rises by 17% to RM350,000 for the benefi ts of owning and occupying a them, FundMyHome is not designed to be a (RM) at 4.5% interest rate in Year 5 in Year 5 home now. solution for all potential homeowners. But Purchase price 300,000 300,000 300,000 Although some have suggested that peo- we are confi dent that we are a solution for ple should rent if they cannot aff ord to own some,” he stressed. Downpayment (20%) 60,000 60,000 60,000

Monthly payment (Year 1-5) 1,216 0 0

Total payments over 5 years 132,960 60,000 70,000

Remaining mortgage/claim 218,779 240,000 280,000

Cost to own the property 351,739 300,000 350,000

Difference in cost 51,739 less Break-even

Introduced by EdgeProp, FundMyHome Hence, he sees FundMyHome as an op- allows one to buy a property featured on tion or opportunity for homebuyers who FundMyHome.com by paying just 20% of the have some savings but couldn’t secure end- property price. Th e balance 80% of the cost fi nancing, to own their fi rst home. of the property is contributed by participat- With FundMyHome, homebuyers will ing institutions, who share the returns from have a fi ve-year cut-off time to decide wheth- changes in the future value of the homes. er they want to fully own the house. If the Th e holding period is fi ve years which house price drops a lot, they still have the means by the end of the fi fth year, a home- option to walk away after fi ve years. buyer will have to choose whether to sell, to “However, should home prices rise by own the property (by taking up the remain- more than 17%, you would be better off with ing 80% share of the house based on market a normal mortgage. It is worth noting that value) through a mortgage or refi nance the the risk of losses due to a fall in home prices unit on FundMyHome. is higher under a mortgage. With FundMy- Currently, CIMB and Maybank Group Home, your loss is limited to the capital you are the participating institutions while nine invested, which is 20% of the original house developers are off ering about 1,000 homes price,” he said. priced below RM500,000 to eligible indi- On comments that FundMyHome is more viduals through www.FundMyHome.com. benefi cial to developers by helping them Th e FundMyHome platform was launched to clear their inventories, Tong said many on Nov 4, 2018 by Prime Minister Tun Dr people have misunderstood the concept. Mahathir Mohamad. “Th e developers will only collect 80% of “In summary, if you have access to a the house price in the beginning stage, the bank mortgage, prefer not to share your remaining 20% [which will be placed under capital gains and do not mind bearing the a trust recommended by Securities Commis- loss, FundMyHome is not for you. On the sion] will be used to pay as investment return other hand, if you do not have access to a [5% annually] to the institution,” he explained. bank mortgage, are willing to share your Th e developers could only get back the re- capital gains and mitigate your potential maining 20% if the house price has increased loss, then FundMyHome may be for you,” over 20% by the fi fth year. Th is means devel- emphasised Tong. opers will be taking on a risk in the process. FRIDAY NOVEMBER 16, 2018 • THEEDGE FINANCIAL DAILY EP 5 EP 6 FRIDAY NOVEMBER 16, 2018 • THEEDGE FINANCIAL DAILY COVER STORY PATRICK GOH | THE EDGE PATRICK

Tackling Selangor’s affordable housing woes

BY TAN AI LENG

n estimated 6.47 million peo- Revive abandoned projects ple live and work in Selangor, for affordable housing which spans 7,931 sq km. For One possible solution the state government is what is indisputably one of considering is the revival of abandoned projects the biggest and most vibrant and redevelopment of old areas. states in Malaysia, ensuring “Th ese are among our top priorities in our ef- its citizens have a roof over their forts to achieve these objectives,” she says. heads is a challenging task. According to a report by the National Hous- “Selangor is the most vibrant and dynamic real ing Department in June, there are a total of 254 Aestate market in Malaysia, and the state govern- abandoned projects in Peninsular Malaysia with ment has been focusing on aff ordable housing in Selangor having accumulated 82, followed by Jo- recent years. In fact, we have been putting a lot of hor and Negeri Sembilan with 44 and 25 projects, eff ort into improving the state’s aff ordable housing respectively. policy with aims to achieve a win-win situation for Some of these projects are in good locations both developers and buyers,” says Selangor Housing with a large population and various amenities, and Urban Living Committee chairperson Haniza and are in the process of being revived with the Mohd Talha, who is also the state assemblywoman help of white knights. For instance, the long aban- for . doned Springs project is in the process of Once a student of architecture at Sheffi eld Uni- obtaining approval (initiated in August 2017) for versity in the United Kingdom, the 56-year old is redevelopment by KL Northgate Sdn Bhd. well-equipped to lead the state’s Housing and Ur- Th rough the liquidation process, another pro- ban Living Committee, a key unit of the Selangor ject, Astana Square in Taman Daya, , has state government. obtained a Temporary Certifi cate of Fitness (TCF) Besides handling housing issues in the state, from the Selayang Municipal Council under the Haniza also wants to improve the overall real es- condition that the owners pay the land premium tate market and help more people own a home. and additional costs of around RM57,000 per unit. Hailing from Ipoh, Perak, she began her politi- Haniza notes that if more abandoned projects “Aff ordable cal journey in the late 90s, and served as the state could be revived, there would be more aff ordable assemblywoman for Taman Medan for two terms, home choices for those in the B40 and M40 groups housing issues starting in 2008. She is also the deputy speaker of who are looking for houses, in areas with job op- the Selangor State Legislative Assembly. portunities and easy access to public transporta- are our main Haniza acknowledges that a number of aff orda- tion and amenities. concern and we bly priced homes are still waiting for buyers, after However, reviving an abandoned project requires years of being on the market. Located where land 100% approval from owners, the biggest stumbling need to have a is cheaper, the less-appealing locations resulted in block when it comes to reviving a project. low demand for those particular units.. “Th e liquidators usually do not have the com- win-win solution “Housing and Local Government Minister plete list of buyers or unit owners of an abandoned (KPKT) YB Zuraida Kamaruddin has called for project. Finding the buyers could be a big challenge for developers state government support to off er land in urban as it might take years to identify and get their per- and buyers.” areas for aff ordable homes development, but the mission for redevelopment,” she adds. problem is there isn’t much land left in prime are- In Malaysia, there is no legal provision for en — Haniza as,” Haniza says, adding that this is the biggest issue bloc sales of strata properties, only en masse sales when it comes to developing aff ordable housing which means that any redevelopment or land for B40 and M40 groups. sale of a strata property will need 100% approval For these groups, houses in urban areas or from the owners. Th is is unlike Singapore, where those close to public transportation hubs would buildings aged 10 years and above need only 80% be ideal. However, these areas are usually already of their owners to give the green light. developed, or the land is too expensive. “We have discussed this issue with KPKT and As such, innovative ideas are needed in order hope that there will be some amendment to leg- to fi nd a balance between maintaining business islations, to facilitate strata property renewal or vibrancy and raising the supply of aff ordable hous- redevelopment. We hope for some good news ing in prime areas. soon,” she says. FRIDAY NOVEMBER 16, 2018 • THEEDGE FINANCIAL DAILY EP 7 COVER STORY

PICTURES BY LOW YEN YEING | EdgeProp.my from owners and waiting for development the Selangor Housing and Property Board proposals. We are also looking for land in (LHPS) to purchase houses from the open areas that have passed their liveable period market to be leased to the Smart Sewa eli- and invite developers to redevelop them,” gible participants. explains Haniza. Under the scheme, 30% of the rental paid by the tenant will be set aside and refunded Rumah Selangorku 2.0 as an incentive for the tenant to buy his or In 2014, the Selangor state government her own home. However, the units they are launched its aff ordable housing guidelines renting are not for sale and the buyer will for Rumah Selangorku to enable private de- need to fi nd another unit. velopers to participate in building aff orda- “Th e scheme has been like selling ‘goreng ble homes. pisang panas’. Th ere is a long waiting list for Th e guidelines have been reviewed fol- the limited number of 400 units. We would lowing feedback from industry players and like to increase the units but the state gov- consumers and the second version known ernment needs funds to acquire the units. as Rumah Selangorku 2.0 was introduced in Good houses are not cheap. February this year and implemented in April. “Th ere are developers who come to us Under Rumah Selangorku 2.0, the min- to sell their units to be used for the Smart imum built-up size for a Rumah Selangor- Sewa programme but funding is a problem. ku unit has been reduced to 900 sq ft from Besides, our main objective is to help people 1,000 sq ft, while the allocation of Rumah own their own home - not buying houses to A Rumah Selangorku project, Simfoni Apartments in Eco Majestic attracted strong buying Selangorku units in a development has been be rented out,” says Haniza. interest when the project was launched in 2015. reduced by up to 10%. Currently, some 400 housing units under With these measures, the state government the rental scheme are scattered in various Redevelop aged areas who want to stay there,” says Haniza. hopes to achieve cost-savings for developers, housing areas. Rents range between RM450 Some mature, prime areas in Selangor have For instance, the state government or thus reducing the price of Rumah Selangorku and RM650 per month. By end-2018, there existed for decades with hardly any change or private sector could optimise land use by homes, making them more aff ordable. will be an additional 150 units, and from upgrade to the area. One could add to, or un- building an integrated development with 2019-2020, another 340 units will be added lock the value of some of the old properties. retail, offi ce and residential components Smart rental scheme to the scheme. Redevelopment of old areas in Selangor which enables the development to gener- Th e Selangor state government also has a Th e Selangor government, says Haniza, could also stimulate or have a multiplier ef- ate income to sustain itself while providing rent-to-own programme called the Smart is now working with KPKT to increase the fect on the commercial sector in these areas. aff ordable homes in an urban area. Sewa programme to help those who cannot number of units in prime locations to be “Some of these old housing areas in Pet- However, once again, for any redevelop- secure end-fi nancing to own a property by rented out at a reasonable price to enable aling Jaya, Ampang (Selangor) and Klang ment to happen, it will require 100% per- providing them houses at reasonable rent- the government to cover the maintenance are densely populated and need new in- mission from the owners. al rates while helping them to save for the fee, sinking fund and future repairs. frastructure to support future growth. Re- “So far, we are reviewing the development initial cost to own a house. Going forward, Haniza knows the state development could revitalise these areas proposal of one project in Ampang. Th ere’s Introduced in 2017 with an allocation will need to think out-of-the-box to find and open up new business opportunities, another project in Petaling Jaya, where we of RM100 million and an additional RM50 alternative ways and means to provide its as well as offer new homes for people are seeking approval for redevelopment million this year, the scheme has enabled citizens homes they can aff ord.

FEATURE Lessons from a top woman in Hong Kong’s male property world

BLOOMBERG BY SHAWNA KWAN if you are the traditional softer type, that’s deed, being a mother of two sons, I’ve expe- not going to work in a very male dominated rienced that technology enables us working da Wong Ka Ki is a woman industry. I learned that I need to be loud, I mothers to juggle between work and family. squarely in a man’s world. need to speak up and I really need to fi ght I believe that an empowered and motivated At 37, she’s the only fe- for myself. workforce is important. We all reap the ben- male CEO of a major Hong efi t from more engaged employees. Kong-listed real estate com- In 2014, then CEO Adrian Lee Ching Ming pany who doesn’t have any asked you to become his successor. And Can we rely on merit and the system to get Afamily ties with the owner or management. two years later, you took the top job, at females into the upper levels of leadership? As the CEO of Champion REIT, she man- 36. What concessions do you feel you’ve Wong: It’s encouraging to see that some ages property worth US$10 billion (RM41.9 made as a woman? You say there’s a natu- countries are on their way to mandate gen- billion) and a portfolio that spans grade A ral brotherhood among landlords and the der diversity in companies at board level. I offi ce towers from Mongkok to Central. senior management at property agencies, believe a fundamental change of mindset is A University of Michigan graduate, Wong who are often men. also very important; it’s crucial for female started in investment banking in New York Being a female, I’ve put in a lot of work to leaders to build up their level of credibility before relocating to Hong Kong, where she get to where I am. When I was in the US, I’d and truly earn respect within a company. We worked on Champion REIT’s 2006 IPO while watch American football in order to make could fi nd more female executives breaking at Citigroup Inc. She made a lasting impres- conversation with others. Now, I’ve started to into the C-suite in recent years, as more en- sion on the trust’s management when she care more about diets and workouts, which terprises realise it’s benefi cial to embrace executed a US$1.6 billion fi nancing deal has helped me bond with people in property. diversity as a positive and important busi- for the fi rm during the 2008 fi nancial crisis ness strategy. Th e changes will occur when when credit was extremely tight. How can female leadership benefi t a com- “I learned that culture shifts. Wong joined Champion in 2014, becom- pany? ing CEO in 2016. It’s very diff erent how males and females I need to be loud, What advice would you give your young- look at things, so I think it’s always good to er self? Bloomberg: What are some of the lessons have a balanced leadership. I think diversi- I need to speak Lean in and be vocal! Young professionals you’ve learned during your career? ty is very important by giving you diff erent need to speak up at work. From my experi- Wong: Before Champion, I was at a natural viewpoints on how to see things. up and I really ence, if we don’t speak out, no one will no- resources group focusing on the utility and tice our abilities. Another key to success is pipeline industry — white and male domi- What policies does Champion has in place need to ˎ ght for to be passionate about what we are doing. nated. As a typical Chinese woman, I wasn’t to support females in the workforce? Find our grit and stay positive in times of outspoken. I would take any work and nev- In our company we try to be fl exible when myself.” — Wong challenge. Th is will position us for the next er say no to anyone. But as a female leader, staff need to leave early for family needs. In- opportunity. — Bloomberg