MONTH: N0VEMBER 2012 ISSUE: 11/2012

Property

News

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Issue 11: 1- 30 November 2012

GENERAL ECONOMIC & PROPERTY MARKET

1. Malaysia Property Award 2012 to be held tomorrow (The Sun, 09-November-2012) Event FIABCI’s Malaysia Property Award 2012 Date 10 November 2012 Venue One World Hotel, Petaling Jaya Descriptions . Some of the finest among the country’s developers will be lauded and celebrated in such categories as Property CEO, Sustainable Development, Master Plan and Residential. . The event will be attended by the Yang DiPertuan Besar Negeri Sembilan. . It is a black-tie affair that is in its 20th year. It has been two decades of distinction as the country’s premier property awards, something not surprising given the comprehensive GEN research and organisation put into the judgement as well as its stringent evaluation process. . The winners at the event will go on to represent the country at the international level.

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. Equivalent awards are held by FIABCI chapters all over the world each year, which culminate MARKET & PROPERTY RALECONOMIC in the international Prix d’Excellence – the next one to be held in Taiwan in May.

2. WCT to focus on property development (The Edge Property, 12-November-2012) . WCT Bhd, a real estate developer and civil engineering construction company, intends to focus on its property development segment in the future, said its Deputy Managing Director Goh Chin Liong. . He added, in the 5 years business development plan, WCT intend to increase the operating profits contribution of the property development segment from 21% (in 2011) to 30% (in 2016). . As of 2011, the earnings base of the engineering & construction segment stands at 64%. The property development segment contributes 21% of the company’s operating profits, whereas the investment and management segment contributes 15%. . Earlier, WCT had each of the proposed resolutions agreed by shareholders at the EGM. . One of the resolutions was the bonus issue of 180.25 million new ordinary shares and 240.34 million free warrants. . The proposed bonus issue, which announced earlier on the 6th September comprising 2 billion ordinary shares of RM0.50 each and 1 billion preference shares of RM0.10 each. . WCT’s current authorized share capital is RM800 million, comprising 1.4 billion ordinary shares of RM0.50 each and 1 billion preference shares of RM0.10 each.

3. 5% GDP GROWTH ACHIEVABLE (The Sun, 22-November-2012) . Deputy Finance Minister Datuk Dr. Awang Adek Hussin said that the government’s gross domestic product

(GDP) growth target of 5% this year is easily achievable, given the impressive 5.2% economic expansion in the 3Q 2012. . He added that Malaysia’s economy only need to growth a minimum 4.1% in Q4 to achieve the 5% target. Asked whether the government will raise the full year growth target, Datuk Dr. Awang said there are no plans to do so at the moment.

4. UOA Q3 profit rises 51% (StarBiz, 23-November-2012) . UOA Development Bhd's third quarter (Q3) year-on-year net profit rose 51.1% to RM83.9 million from RM55.5 million on the back of revenue rising as well to RM282.3 million from RM157.06 million in their respective periods.

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. Its earnings per share rose to 6.78 sen from 4.64 sen while net assets per share rose to RM1.59 from RM1.51. . The company said in stock exchange filing that its better financial performance was due to the higher sales and profit from its on-going projects. . UOA also set record sales of RM1.24 billion for the 1st nine months of 2012, substantially surpassing the full year figure of RM848 million in 2011. . Apart from the good take-up on The Vertical Office Suites in Bangsar South and Le Yuan Residence in Happy Garden, the recent sale of The Horizon Boutique Office Towers and on-going development projects have all contributed to the encouraging sales, the company said in a press release. . UOA said its revenue and profit were mainly due to the progressive recognition from its on-going development projects namely Setapak Green, Camellia Serviced Suites, Le Yuan Residence, Vertical Office Suites and the recently completed Binjai 8. GEN . The disposal of the company's inventories at Bangsar South and Kepong Business Park during the quarter

under review also contributed to the increase in revenue and profits. E . UOA said that moving forward, it expects sales from the projects such as Desa Green, Kencana Square and MARKET & PROPERTY RALECONOMIC Scenaria @ North Kiara Hills (previously known as Kiara IV) which are targeted to launch in the fourth quarter (4Q) of 2012 to remain healthy. . Total unbilled sales as at 30th September was at about RM797.7 million and the company will continue to source for strategic development lands that meet the criteria with focus within the Greater Kuala Lumpur for future development projects.

Le Yuan Residence has enjoyed good take-up rates

5. Andaman Group on a RM3 billion development spree (New Straits Times, 23-November-2012) . Andaman Property Sdn Bhd will launch 7 new projects with an expected gross development value (GDV) of RM750 million within the next 6 months (Q4 2012 and Q1 2013). . Andaman Head of Sales and Marketing Datuk Dr Vincent Tiew said the company's workload in the months ahead will be huge, thanks to the 7 new developments. . The developments are: Andaman’s Q4 2012 & Q1 2013 projects November 2012 . Taipan City @ Ipoh – the best and most successful commercial project by Andaman in Perak. 40 units of 3-storey shops with individual lift. Total GDV is RM60 million. This freehold land launch also marks the RM300 million sales by Andaman within 24 months in Ipoh alone.

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. Taipan @ Pantai Remis commercial centre, Perak. 13.3 acres of freehold land. Hypermarket plus 118 units of 2, 3 and 4-storey shops. Total GDV is RM80 million. December 2012 . Taipan @ Slim River commercial centre, Perak. 12.7 acres of freehold land. Hypermarket plus 111 units of 2 and 2½ - storey shops. Total GDV is RM80 million. January 2013 . Diamond Residence @ Serdang – the best 8% Guaranteed Rental Return package by Andaman to be launched. Total GDV is RM120 million. Comprising 228 furnished condominium units. . Westlake @ Sungai Siput – a 256-acre township development to be launched by Andaman. Total GDV is RM350 million spanning 5 to 8 years. Comprising about 1,000 units of landed residential plus some commercial. February 2013 . Scott Tower @ Larkin Condominium – the development is the 1st project to be launched by the developer in Baru. Total GDV is RM120 million for 352 units of condominium. GEN March 2013 . The largest and 1st SoVo project by Andaman – located in Bangi, Selangor with total GDV of RM110 million. Consisting

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of 500 units. Commencement of construction of Bangi’s new 3-in1 shopping mall, hotel and SoVo. MARKET & PROPERTY RALECONOMIC Andaman’s achievement during 1H 2012: . Launched Bangi @ Sentral CBD – comprising 86 units of 4-storey shops with total GDV of RM220 million. . Launched Taipan 3 @ Ipoh – 67 units of 2-storey shops with total GDV of RM50 million. . Launched Diamond Square @ Serdang – 30 units of 40-storey shops plus Lower Ground Floor with individual lift. Total GDV is RM120 million.

6. Setia International Centre offers one-stop property investment opportunity (The Edge Property, 28- November-2012) . The newly launched Setia International Centre (SIC) by SP Setia Bhd will offer investors the opportunity to view the group's local and international investment-grade products under one roof. . The launch, which was held today, was officiated by Senator Datuk Raja Nong Chik, Minister of Federal Territories and Urban Wellbeing. President and CEO of SP Setia, Tan Sri Liew Kee Sin during the ceremony said in his speech that SIC represents yet another effort by the group to better serve its Malaysian customers by providing them with a local service centre for their overseas property investments with the group. . Tan Sri Liew Kee Sin also said the centre which is located at the KL Eco City (KLEC) enables the developer to showcase its prowess in transforming itself to become a truly global property developer. . Tan Sri Liew added that their projects in different parts of the world will vary in terms of design, material specifications, cultural and lifestyle preferences. . He explained that the SIC allows SP Setia to share with Malaysian and international investors the different dynamics and project features that are unique to each and every development.

. At the SIC, people can compare and contrast multiple investment opportunities available to them based on their specific property needs or investment criteria. For Malaysians seeking to purchase overseas properties, SP Setia offer them an opportunity to invest abroad with a home-based developer they are familiar with. For our international customers, the developer hopes that when they visit the SIC, they will be attracted to the many investment grade products such as the KL Eco City that are offered to them to invest in Malaysia. . Among the showcased developments is KL Eco City (KLEC), the group's RM6 billion integrated green mixed use development which it intends to develop into a world-class sustainable eco-city within a city. . Launched in November 2011, KLEC is a joint venture with Kuala Lumpur City Council (DBKL). The 25-acre KLEC is an integrated mixed-use development comprising 3 million sq ft of residential units, 3.6 million sq ft

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of office space and a 4-storey retail podium. It is nestled among the residential enclaves of Bangsar, Pantai and Seputeh as well as the commercial precinct of KL Sentral and Mid Valley City. . The first phase of boutique office towers has achieved sales of 90% while its main residential tower, which was launched earlier this year, has also seen brisk sales. Construction of the development is expected to be completed by July 2016. . SP Setia has a presence in seven countries namely Malaysia, Vietnam, Australia, Singapore, China, Indonesia and the United Kingdom. Its upcoming international projects include Eco Sanctuary in Singapore, Parque Melbourne in Australia and the Battersea Power Station in London.

7. Dijaya sells land to Kuala Lumpur Metro (The Star, 28-November-2012) . Dijaya Corp Bhd has entered a sale and purchase agreement with Kuala Lumpur Metro (M) Sdn Bhd to sell

GEN land in Balakong for RM106.42 million. . With the sale, which is expected to be completed in the 1Q 2013, Dijaya will realise a net gain of approximately RM3.8 million. In a filing with Bursa Malaysia, Dijaya said this would translate into an E

RAL ECONOMIC & PROPERTY MARKET & PROPERTY RALECONOMIC increase in the group’s earnings per share by 5 sen for the financial year ending 31st December 2013.

8. Property ops lift Sunway Q3 net profit (The Star, 29-November-2012) . Sunway Bhd posted a higher net profit for the 3Q ended 30th September to RM94.3 million against RM69.2 million a year ago mainly contributed by the stronger profit recognition from the property development segment. . This higher profit was achieved despite lower revenue of RM867 million, compared with RM934 million previously. The property development segment reported revenue of RM176.6 million and pre-tax profit of RM89.2 million, compared with revenue of RM229.6 million and pre-tax profit of RM61.6 million previously.

9. SP Setia bullish on (The Star, 28-November-2012) . Iskandar Malaysia will drive the property market in South Johor for many years based on the progress and development taking place since 2006. . SP Setia Bhd President and Chief Executive Officer Tan Sri Liew Kee Sin said the company expected the property market outlook in Iskandar to remain positive next year. . He said Johor contributed 25% of the company's annual revenue of RM4 billion, with its projects in Iskandar already generating more than RM1.2 billion to date. . Liew said Johor property market benefited immensely from Iskandar as demand for high-end residential properties was on the rise. . He said the company is fortunate as all its projects in south Johor were strategically located within the

flagship development of Iskandar. . SP Setia will continue looking for more land in south Johor but it is getting difficult now unlike during the company first came in 15 years ago, said Liew.

10. 14 projects approved under density guideline (The Star, 30-November-2012) . The Penang Municipal Council (MPPP) has approved 14 projects under the 87 units per 0.404-ha guideline since it comes into effect in June 2010. . State Local Government and Traffic Management Committee Chairman Chow Kon Yeow said stringent measures had however been imposed on developers to build the increased density units.

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. According to Chow, the guideline is not applicable in established housing areas, World Heritage Site, the area from Tanjung Bungah Hotel to Mar Vista, along Gurney Drive, the bordering areas of Air Putih constituency and Air Itam constituency and re-zoning area. . He said, the floor area for the guideline is also capped at about 1,400 sq ft per unit and MPPP has also imposed a price control for 25% of the units. . Of the 25%, Chow said developers would have to sell 5% of the units at RM200,000 per unit, 15% at RM300,000 per unit and 5% at RM400,000 per unit. . He said if a developer wished to build under the new guideline, the company would have to build an additional 30% low-cost or low medium-cost units in the same district. Developers will also have to submit a traffic impact assessment (TIA) report for the respective projects. . Chow added that currently 109.26-ha of land on Penang Island was available for the building of units under

the new guideline. GEN . He said this worked out to 8,100 units at 30 units per 0.404-ha and under the new guideline, 23,490 units could be built.

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. Council president Datuk Patahiyah Ismail, who was also present, said there would be no capped floor plan MARKET & PROPERTY RALECONOMIC size if developers chose to build 30 units per 0.404-ha. . Datuk Patahiyah said, with the 87 units per 0.404-ha guideline, we can in a way curb super condos and the issue of expensive prices. . In recent news reports, many Penangites questioned the need for the guideline as they were concerned that higher density may lead to social and environmental problems for the existing residents. . The 14 projects which have been approved are in Jalan C.Y. Choy, Jalan Macalister, Jalan Seang Teik, Lorong Perak, Sungai Ara, Bukit Gambier (two projects), Lembah Permai, Jalan Jelutong (two projects), Jalan Paya Terubong, Jalan Perak, Jalan Tanjung Tokong and Jalan Pantai Jerejak.

11. Spanking new look for Yayasan Selangor building (The Edge Property, 30-November-2012) . Kenanga Wholesale City Sdn Bhd won the bid to refurbish and operate state education fund Yayasan Selangor’s Bangunan Bukit Bintang commercial property. . Yayasan Selangor General Manager Ilham Marzuki said the foundation has sent a letter of award to Kenanga Wholesale City. . He said the building will be transformed into a commercial centre with a boutique hotel. . Kenanga Wholesale City was awarded a concession to build, operate and transfer the property for 30 years with an average rental of RM1 million a month, Ilham added. . The building has already been shut down to pave the way for the renovation works which is scheduled to begin in the middle of 2013. . Upon completion in 18 months, the building will feature 144,000 sq ft of space while its basement level will

be connected to the proposed Bukit Bintang Central MRT station. . Yayasan Selangor had earlier this year put out tenders for the redevelopment of their assets to maximise their value and income generation. . The foundation has another property in the city, a 7.17-acre tract along Jalan Kampung Pandan, 300 metres away from the Tun Razak Exchange Financial Centre. . According to the tender notice, a mixed development comprising commercial properties, SoHo, a high-end hotel and serviced apartments worth RM1 billion has been proposed for the site.

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12. Port Klang overshadowed by new townships (The Star, 30-November-2012) . The emergence of new townships such as Bandar Botanic, Bandar Bukit Tinggi and Bandar Parklands has overshadowed the existence of Port Klang town. . Badrul Hisham Abdullah (BN-Port Klang) said the condition of the town had worsened in recent years as new townships in the constituency were being developed at a rapid pace. . According to Badrul, Port Klang has become a ghost town and the condition is bad for the local residents. . He added that the condition of the terminal was unbearable and it required a major facelift. Bad image: Port Klang looks rundown with . State Speaker Datuk Teng Chang Khim said the Klang abandoned buildings Municipal Council had already drawn a plan to upgrade the facility. . He said the infrastructure around the terminal and its drainage system will be upgraded so that the

commuters will enjoy better services. RESIDENTIAL

RESIDENTIAL PROPERTY IN KLANG VALLEY

13. Serenity in Mont’ Kiara : development offers a touch of nostalgia in its designs (MetroBiz, 02- November-2012) Project / development Villa Serene Kiara PROPERTY Developer Kiara Sempurna Sdn Bhd Location Nestled by a hillside near Desa Sri Hartamas, Kuala Lumpur Development type / 16 bungalow units and 68 semi-detached houses units Development area 7.28-hectare Gross Development RM250 million

Value (GDV) Completion date 3Q 2013 (expected) Built-up area . Bungalow units : 7,383 sq ft and 8,359 sq ft . Semi-detached houses : 4,457 sq ft – 5,662 sq ft Land area . Bungalow units : 10,000 sq ft (average) . Semi-detached houses : N/A Prices . Bungalow units : RM4 million – RM6 million . Semi-detached houses : From RM2.5 million Special Features . The development features architectural touches reminiscent of pre-Independence Malay with verandas, artistic columns and louvers. . It also equipped with designer bathroom fittings, a freestanding tub, marble flooring and marble walks. Facilities . Gated and guarded . Clubhouse . Infinity pool Take-up rate 94%

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Favourable factors . Located near the North-South Highway, SPRINT Expressway, Penchala Link and DUKE (Duta-Ulu Klang Expressway). . Located near Mont’ Kiara, Bukit Kiara and Damansara Heights. . Located close to Bukit Kiara Equestrian and Country Resort, Royal Selangor Club and international schools. . Surrounded by lush greenery and a view of the city’s skyline which will bring people closer to nature. Notes . The development sits on a Malay Reserve land and is managed by Impian Land & Development Sdn Bhd.

RESIDENTIAL PROPERTY RESIDENTIAL

Luxury: A show unit of Villa Serene Kiara Bungalow

14. Dijaya fetes homebuyers (The Sun, 05-November-2012) . Following the successful sales of Arnica Residence (Phase 1) of the serviced residence of Tropicana Gardens, Dijaya Corporation Berhad organised an event for Dijaya Privilege Card (DPC) members at Tropicana Gardens Sales Gallery & Show Unit in Kota Damansara. . The event also presented a good opportunity for guests to fully appreciate the comprehensive master plan of Tropicana Gardens.

. Many guests registered for the special previews of phase 2 of Tropicana Gardens as well as phase 1 of Tropicana Metropark in Subang. . According to Dickson Tan, Deputy Managing Director of Dijaya, it is very grateful for the support and positive feedback of the repeat purchasers as well as the new purchasers. In light of the encouraging response shown, Dijaya will soon launch phase 2 of the serviced residence.

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RESIDENTIAL PROPERTY IN SOUTHERN PENINSULAR

15. Affordable homes for first-time buyers (The Sun, 09-November-2012) Project / development Zeta Park Developer Seri Pajam Development Sdn Bhd Location Citra Hill, Nilai Development type / Double storey terrace houses and semi-detached houses. units Tenure Freehold Types / no. of rooms . There are 3 designs for the doublestorey terraced houses . Type C consists of 5 bedrooms and bathrooms Launching date Double-storey terraced house (Type C) : December 2012 Built-up area Double-storey terraced house (Type C) : 2,200 sq ft Prices . Double storey terrace houses: RM378,005 – RM425,000 . Semi-detached houses: RM646,000 Special Features Wide windows to allow natural sunlight and breeze into the living space

Facilities . Guarded . Maze garden . Jogging track PROPERTY RESIDENTIAL . Rain harvest system . Fitness stations . Futsal pitch . Yoga gazebo Favourable factors . Zeta Park is central and self-contained, located near hypermarkets, universities and international schools. . It is also a convenient location for those working in the city as the development is located next to LEKAS (Lebuhraya Kajang Seremban) that has links to the Kajang SILK Highway. . The homes are built using the Industrialised Building System (IBS) that allows most of the on- site processes to be taken out from the construction site and put under a factory controlled environment where quality can be monitored. . With the system, construction projects are completed faster due to advanced off-site preparations, efficient installations and manageable construction schedule (with the use of planning control). Hence home buyers do not have to wait longer than they should, to move into their dream home. Notes . In view of high demand of property in the Pajam area, Seri pajam has acquired another 160 acres of land. . The developer’s total development land to date has reached 450 acres. . The newly purchased land will be launched in early 2013, a mixed development of approximately 1,400 houses and estimated Gross Development Value (GDV) of RM550 million. . Seri Pajam will also be launching a development in Nusa Intan, Senawang next month. The development, Tropical Ville, consists of single storey terrace houses and semi-detached houses.

The developer offers homes that cater to couples and large families alike

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RESIDENTIAL PROPERTY IN NORTHERN /EASTERN PENINSULAR

16. UDA sees completion of Penang apartment project in 2014 (The Star, 30-November-2012) . UDA Holdings Bhd expects the 1st Phase of its RM165 million residential project as part of the redevelopment of Tanjong Tokong in Penang to be completed by the end of 2014. . The 1st Phase will see the development of 550 apartment units to be spread out in 8 to 10-storey blocks worth RM87 million while the 2nd phase is expected to start construction after the completion of the 1st Phase. . It will consist of 650 apartment units built for the 1,200 original settlers of the area. . The apartment units costing an average RM120,000 each will be given free to the area’s original settlers, while the remaining units will be sold at a discount to residents who have been renting houses for over 10 years in the area. . UDA Chairman Datuk Nur Jazlan Mohamed said, UDA is assessing about 20 over contractors to undertake the project and plans to announce the decision in two to three weeks’ time. . He also explained that this project will be the final chapter of redevelopment and resettlement of Tanjong Tokong that put an end to an entanglement that started when UDA was given the responsibility to

redevelop the area about four decades ago mandated by the former Minister the late Tun Razak Hussein in PROPERTY RESIDENTIAL 1972.

RESIDENTIAL PROPERTY IN SABAH / SARAWAK

17. Bolton set to launch project in Sabah (The Sun, 22-November-2012) Project / development A residential development project Developer A 50-50 JV between Bolton Bhd and Mobuild Sdn Bhd (the land owner) Location Jalan Istana, Signal Hill, Kota Kinabalu Development type / . 500 units of luxury condominium units . 50 units of landed villa Development area 10.33-acre Gross Development RM780 million

Value (GDV) Launching date 1H 2013 (expected) Notes . Bolton Executive Chairman Tan Sri Azman Yahya said Bolton is also eyeing Penang and Kota Baru. . The group has a luxury condominium project dubbed Surin in Tanjung Bugah, Penang. . On Kota Baru, Azman said the supply of quality housing there is low and Bolton plans to develop high-rise residential properties in Kota Baru. . Earlier, Bolton signed a RM230 million Islamic medium-term notes programme, guaranteed by Danajamin Nasional Bhd, as well as a RM140 million 5-years revolving credit facility with Affin Bank Bhd. . Of the total RM370 million raised, about RM250 million will be allocated to pay land premiums and acquisition of strategic landbank, and the rest for project financing needs, Azman said. . The sukuk will be issued in 3 tranches, with the 1st to be sold before year-end and the 3rd by mid-2013. . Azman hopes the funding exercise will help the group achieve RM1 billion in sales within 2 years. . Launches from now until 31st March 2013 including Tijani Ukay, 51G Kuala Lumpur, The Wharf

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and the 1st component of its Mayang Land development, which is a JV with United Malayan Land Bhd.

COMMERCIAL PROPERTY IN KLANG VALLEY

18. Dolomite shoplots yet to obtain cert (The Sun, 09-November-2012) . The Dolomite Park Avenue shoplots (Phase 1) in Batu Caves have yet to receive their Certificates of Compliance and Completion (CCC). In spite of this, a 29-room hotel and a restaurant are operating from the lots. . Checks with real estate agents for the lots revealed that the properties cannot be occupied until the CCC is obtained but they were accepting booking fees for the shoplots which are being sold between RM2.5 million and RM3 million, with rental rates set at an average of RM6,000 a month. . Questioned how the hotel and restaurant were operating at the lots without the CCC, an agent claimed that these establishments had paid the necessary fine to the local authorities. . The Dolomite Park Avenue development next to the Batu Caves temple has been at the centre of

COMMERCIAL PROPERTY COMMERCIAL controversy following a protest against the construction of a 29-storey condominium that makes up part of the development.

19. Six more to open next year: New Shopping Centres to be in Cheras, KL Sentral, Kota Damansara and Cyberjaya (StarMetro, 19-November-2012) . According to a statement provided by Henry Butcher Retail Managing Director Tan Hai Hsin, there are currently about 210 shopping centres in Klang Valley and 6 more are expected to open next year which are the: - Nu Sentral in KL Sentral - Cheras Sentral in Cheras - KLIA 2 in Sepang - Encorp Strand Mall in Kota Damansara - D’Pulze in Cyberjaya

- Market Hall @ Pudu along Jalan Pudu . The table below shows the detail of Encorp Stand Mall, IOI City Mall (Phase 1) and Sunway Velocity. Mall Encorp Strand Mall IOI City Mall (Phase 1) Sunway Velocity Location / Kota Damansara IOI Resort City , Putrajaya Jalan Cheras, Kuala Lumpur Accessibility . Easily accessible via various highways . Located close to a future MRT station Catchment 500,000 Kota Damansara folks 1.8 million people within a 20 N/A minute drive Completion N/A 4Q 2014 (expected) 2015 (expected) date Features . A unique combination of boutique- . The mall will boast 350 . 1 million sq ft of style shopping with premium specialty shops and 4 anchor lifestyle retail mall brand experience, carefully tenants. known as V Retail. selected group of tenants for . The mall will house 80 food and entertainment outlets and a multi- beverage outlets, popular

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tiered security system. fashion brands, indoor theme park, cinema, bowling centre and a full-size ice rink. Notes . Encorp Head of Property, Eric . The mall is set to be the largest . N/A Chew said the close proximity of mall in the south of Klang Valley other commercial centres and with 1.35 million sq ft of net malls would probably be the lettable area. biggest challenge. . According to IOI City Mall Head . On strategies to give Encorp Strand of Marketing and Leasing, Chris Mall the winning edge, Chew said Chong, the mall which is the mission was to make this the designed by RTKL International mall of choice for the surrounding Ltd, will have an abundance of residents. natural light and offers a view of . The unique experience offering to the 18-hole Palm Garden golf customers are from its ambiance course. to service and security, which . The fact that the mall is located delivers a philosophy of ‘Anything in a location without any other But Ordinary. regional malls is a unique

feature. IOI City Mall will be an PROPERTY COMMERCIAL alternative to shopping in the city centre. . Chong added that safety and security within the development would be the priority of the mall management.

An artist impression of V Retail An artist impression of the refurbished Sunway Putra Place

20. MAHB to develop upscale factory outlet in KLIA (The Edge Property, 26-November-2012) . Malaysia Airports Holdings Bhd (MAHB) has entered into a Memorandum of Understanding (MoU) with Mitsui Fudosan Co Ltd of Japan to jointly develop an upscale factory outlet centre and its complementary facilities in KLIA at an estimated cost of RM335 million. . Mitsui Fudosan is a real estate company listed on the Tokyo Stock Exchange. It is poised to further boost investor and developer confidence in the commercial potential of the land in KLIA. . The project which will be developed on a 50-acre (20.2-hectare) site in KLIA will be implemented over 3 phases. Upon completion, the project is expected to have a total lettable area of 506,000 sq ft.

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. This is the second major initiative by MAHB to strengthen its retail business in the airport area in Sepang within the last 2 years. . Last 2011, MAHB inked an agreement with WTC Bhd to develop and operate integrated complex with a net lettable area of 350,000 sq ft in its KLIA 2 project. Under the joint venture, WCT will have a 70% stake, with MAHB owning the rest. . The KLIA 2 project caters mainly for low-cost carriers. . Thin MoU signing announcement came a day The project to be developed on a 50-acre site in KLIA will be after Bhd reduced its stake implemented over 3 phases. Upon completion, the project by more than 8% to almost 40% in the is expected to have a total lettable area of 506,000 sq ft. company. . At the book closure, almost all the shares were taken up by local funds at RM5.50 per share, less than 2% to the closing price of RM5.60 per share on Wednesday.

COMMERCIAL PROPERTY COMMERCIAL . For the cumulative 9 months ended 30th September, MAHB recorded a pre-tax profit of RM438.37 million on revenue of RM1.94 billion a year ago. . Yesterday, MAHB’s share price closed at RM5.53, down 1.25% from the previous day.

21. MRT deck at Sunway Nexis SoHo (The Edge Property, 26-November-2012) Project / development Sunway Nexis Developer Sunway Integrated Properties Sdn Bhd (part of listed property and construction group Sunway Bhd) Location Kota Damansara, Selangor (located next to Sunway Giza mall) Development type / . 147 SoHo suites in a 20-storey building no. unit / level / block . 3-storey retail shops with 49 total units . 113 office units in a 13-storey building Tenure Leasehold Development area 5.83 acres / 2.36 hectares

Gross Development RM500 million value (GDV) Launching date 3rd October 2012 (SoHo suite) Built-up area . SoHo suite : 872 – 936 sq ft (standard units) / 1,636 – 1,690 sq ft (duplex units) . Retail shop : 4,133 – 8,718 sq ft . Office unit: 925 – 1,722 sq ft Prices . SoHo : from RM802,200 . Retail shop: from RM4 million . Office unit: from RM700,000 Take-up rate . SoHo: 70% . Retail shop: N/A . Overall project: 85% Notes . Sunway Nexis will feature 2 levels of basement car park. . The development is located 80 metres from the proposed Sungai Buloh – Kajang Line MRT (Mass Rapid Transit) Line 1 station and will be linked to the station via an MRT deck. . The new MRT deck at Sunway Nexis aims to provide easy, convenient and comfortable access for business owners, residents, employees as well as customers to the development.

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. According to Ho Hon Sang the developer’s Managing Director - Property Development Malaysia, property projects in the Kota Damansara area such as Sunway Giza, Dataran Sunway, Sunway Opal and Sunway Challis enjoyed strong capital appreciation. . He said Sunway Giza retail units appreciated in value by 105% since their launch in 2007 while the Dataran Sunway shop offices have appreciated by 170% since 2004. Sunway Challis townhouse prices appreciated by 117%. Adding that this is a result of well planned facilities and infrastructure, comprehensive security features and their prime locations.

COMM

An artist’s impression of the MRT deck at Sunway Nexis

PROPERTY ERCIAL

22. Initiatives to further improve KL as shopping paradise (The Star, 27-November-2012) . According to Tourism Minister Datuk Seri Dr Ng Yen Yen, improving public transportation and shoppers' experience in Kuala Lumpur will be a priority as the Government attempts to outdo three other cities named as premier shopping destinations. . She added that Kuala Lumpur had done well to be placed fourth in CNN's World's 10 best shopping cities survey. . She said the consensus was that Kuala Lumpur could do better if certain short-comings were addressed. . According to CNN's survey, Kuala Lumpur is very strong in terms of providing a variety of brands to shoppers at good prices. In fact, Kuala Lumpur scored 10 out of 10 in terms of value.

. Dr Ng said that Kuala Lumpur is the only city in the top 10 to achieve that score. . Kuala Lumpur achieved a total score of 30 out of a maximum 40 in CNN's list which evaluated according to four categories getting around, value, variety and shoppers' experience. . The top three cities in the global news network's survey were New York, Tokyo and London. . She said among the Government's initiatives to improve connectivity in the city's shopping districts are by constructing air-conditioned pedestrian walkways that linked malls. . There are more walkways will be built to add to the existing ones to extend the connectivity radius, said Dr Ng, adding that the city's notorious taxi service is also being given extra attention. . On improving shopper's experience, Dr Ng said she wanted to see the local performing arts scene improved or better promoted to compete with the other cities. . New York has Broadway, but there are not much to offer in Kuala Lumpur, said Dr Ng, who later launched the Bukit Bintang-KLCC (BBKLCC) year-end celebrations at Suria KLCC shopping mall.

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COMMERCIAL PROPERTY IN SOUTHERN PENINSULAR

23. Distinctive Ace to develop RM1.5 billion commercial project in Medini (The Sun Daily, 02-November- 2012) . Distinctive Ace Sdn Bhd, a member of Distinctive Group is formed in 2011 to venture into property development in Johor, especially Iskandar Malaysia. . Currently, the property developer is planning a mixed commercial development comprising business and lifestyle components with a gross development value (GDV) of RM1.5 billion in Medini Iskandar Malaysia, Johor. . On 1st November, the group has signed an agreement to acquire 18.05 acres of leasehold land in Medini Iskandar Malaysia from Iskandar Investment Bhd's unit, Medini Land Sdn Bhd for RM99.92 million. . Dubbed "18@Medini", Distinctive Group CEO Lim Ech Chan said the development has a gross floor area of 2.752 million sq ft and is located at Zone A of Medini. . The project which will be undertaken in four phases over the next five years will feature retail space, small office home office (SoHo), small office versatile office (SoVo), corporate offices, showrooms, food and

beverage outlets, a business and entertainment centre, an indoor sports centre and an exhibition centre as PROPERTY INDUSTRIAL well as service apartments and a hotel. . Phase 1, with a GDV of RM500 million, comprises shop offices and service apartments and will be launched in the second quarter of 2013. . Distinctive Group’s Chairman Datuk Dr David Koh said, they are confident that 18@Medini will be a viable proposition for both local and regional investors, with an assurance of positive returns. . Koh said the group's maiden foray into Johor is 1 , an integrated commercial development featuring 36 units of four-storey shop offices and 483 units of designer suites, which was launched in mid-June 2012 with a GDV of RM360 million. . Its second venture in Johor was Iskandar Residence, a luxury condominium project, also in Medini. It is slated for launch in early 1Q 2013 with a GDV of RM500 million, consisting of two towers of 39- and 28- storey on a 6.31-acre land.

INDUSTRIAL PROPERTY IN SOUTHERN PENINSULAR

24. JCorp succeeds in drawing RM1.2 billion capital investment (The Edge Property, 29-November-2012) . Johor Corp (JCorp) has succeeded in drawing domestic and foreign capital investments of RM1.2 billion within a year to its 10 industrial areas. The areas covering 4,627.2 hectares are being developed to house factories for various industries. . The investments are in the , , Taman Johor, Tebrau (I&V), Simpang II, , Pontian, II, and industrial areas. . JCorp President and Chief Executive Kamaruzzaman Abu Kassim said all the investments came in November 2011 to the end of October 2012. . He added, JCorp is promoting the 283.2-hectare industrial area which was recently developed into an international small and medium industrial hub.

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. He said that the investors are focusing on the Tanjung Langsat Industrial Complex (TLIC) and using the logistics facilities at Tanjung Langsat Port (TLP) in the flagship D corridor development area of Iskandar Malaysia. . He added that the company has succeeded to date in bringing in 60 investors who have invested RM16 billion in the TLIC involving 628 hectares. . Kamaruzzaman said of the 628 hectares, about 122 hectares will cater to oilfield services and equipment and the Tanjung Langsat industrial area is expected to attract new investments, particularly in the oil and gas industry. . The company has also identified the TLP as dynamic and competitive port, Kamaruzzaman added. . According to him, steps are being taken to enhance the existing infrastructure facilities at the TLP as a catalyst for the development of industries in the Tanjung Langsat Industrial area.

REIT’s

25. Sunway REIT get award for excellence (StarBiz, 23-November-2012) . Sunway Real Estate Investment Trust (Sunway REIT) has been awarded the National Annual Corporate Report Awards (NACRA) under the category of Excellence Awards for REITs and Closed-End Funds. . NACRA is a joint effort between Bursa Malaysia Bhd, Malaysian Institute of Accountants and The Malaysian Institute of Certified Public Accountants. . The objective of the award is to promote greater and more effective communication by organisations

REIT’s through the publication of timely, informative, factual, reader-friendly annual reports and promote higher standards of corporate governance. . Sunway REIT Management Sdn Bhd is the manager of Sunway REIT.

. Sunway REIT Management Chief Executive Officer Datuk Jeffrey Ng said, it is Sunway REIT’s management culture to practice high level of transparency reporting and strong corporate governance in communication with stakeholders. . He added that they recognise the annual report is a powerful platform of communication with stakeholders. . In view of that, Sunway REIT have made deliberate endeavour to embed strong corporate governance practices and quality disclosure in the annual report for the best interest of all stakeholders, Datuk Jeffrey Ng added.

26. KLCC Property to form stapled REIT (The Star, 28-November-2012) . KLCC Property Holdings Bhd (KLCCP) will be restructuring to form a stapled real estate investment trust (REIT) known as KLCCP Stapled Group that will ultimately end up with its shareholders owning shares and units in both KLCCP and KLCC REIT respectively. . The KLCC REIT would be listed on the main Market of Bursa Malaysia and its units would be distributed to shareholders and stapled to the KLCCP shares that these shareholders owned on a one-for-one basis, the company said in a filing with the stock exchange. . Before it does this, the company will acquire the remaining 49.5% stake in Midciti Resources Sdn Bhd which owns the Petronas Twin Towers from KLCC (Holdings) Sdn Bhd (KLCCH) for RM2.86 billion that will be paid by the issuance of new KLCCP shares to KLCCH.

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. It will inject 3 assets which are Petronas Twin Towers, Menara 3 Petronas and Menara ExxonMobil, into a REIT vehicle in exchange for these REIT units. According to the illustration shown in a KLCCP statement, KLCC REIT will eventually wholly-own these properties. . The KLCCP Stapled Group aims to pay at least 90% of its distributable income to shareholders. . According to the Company, the group will have conservative capital structure with significant debt headroom to fund future growth. . Chief Executive Officer Hisham Wahir said that this landmark transaction represents a unique value proposition for KLCCP and its shareholders. The structure will also allow investors to continue benefitting from the upside from the future development, he added.

HOSPITALITY & TOURISM

27. New water theme park in i-City to host myriad of rides (The Star, 06-November-2012) . WaterWorld in Shah Alam is expected to be

opened to public on Nov 15. TOURISM & HOSPITALITY . The 4.05-ha (10-acre) water theme park in i-City will house myriad rides suitable for all ages, with its key attraction being the much-awaited Tornado ride. . Currently, the main structure of the Tornado had been set in place while contractors were busy working on the final touches around the park. . The huge blue horn-like structure of the Tornado can be spotted from afar, next to a gigantic wave pool with a stage and LCD screen. . I-Berhad’s Director Monica Ong said, the Tornado Air and water: Selangor Menteri Besar Tan Sri will certainly be the star of the park. The Abdul Khalid Ibrahim (in batik shirt) spraying water developer hopes thrill seekers will make a visit to on the floats which will be used at the park the park to try the ride out themselves.

. The Tornado is a 28-second thrill ride where riders in groups of four will be sliding on a tube raft down a steep 160-foot water tunnel. The tunnel is connected to a seven-storey tall funnel inclined at 45 degrees. . Riders will experience four to six oscillations in the funnel, which has a 60-foot diametre opening that reduces gradually to a 10-foot diametre at the bottom before splashing onto the 1,350 sq ft landing pool. . Monica added, I-City has to-date invested RM50 million to create this 25-acre theme park within the i-City development that is organised into four precincts, known as City of Digital Lights, SnoWalk, WaterWorld and FunWorld. . Besides WaterWorld, i-City has also introduced FunWorld this year, which houses i-Kidz, a children play zone that was opened to the public in July and the Trick Art Museum which opened its doors recently.

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28. Raub set to glitter with museum (The Star, 07-November-2012) . Known for gold mining since the 1880s, Raub in Pahang will soon have a RM200 million museum and water theme park that will allow visitors to experience its glittering history. This project is expected to take off in 2013. . Akay Holdings Sdn Bhd Managing Director Datuk Azinudin Abdul Rahim said the company planned to build the facilities on a 20-hectare site not far from the Raub Australian Gold Mining (RAGM) site. . If the state government gives the nod, it will be the second mining site in Pahang to be turned into a major tourist attraction after Sungai Lembing, where a tin mine is now undergoing rehabilitation before it is opened to the public in January. . Azinudin said the proposed museum would, among other things, display historic memorabilia from the early years of the gold mining activities in the district. . The first gold museum in the country will adopt a similar concept to the one in Sovereign Hill, Australia which is a popular tourist attraction that showcases the gold rush era in that country. . He said thousands of visitors visited the Australian gold museum which displayed many documents, artifacts and photographs. . He added that the Australian gold museum also has old buildings and has gained international recognition

as a living museum with working exhibits. TOURISM & HOSPITALITY . Azinudin said visitors to the gold museum here would be allowed to try their luck at gold panning and those who managed to get a few grains of gold would be allowed to exchange them for cash. . According to Azinudin, the company also plans to set up an interactive sound-and-light show which provides visitors with a real experience of walking inside a gold mine. There is also a plan to construct a tunnel and shafts to allow visitors to tour the underground mines. . Azinudin said he get the idea for the gold museum after visiting Sovereign Hill and since Raub shared a similar history. . Raub got its name from the mining activities as 'raub' actually means scooping in Malay. It is said that Panglima Tok Perak found gold deposits every time he scooped the earth here, Azinudin said. . Apart from the water-related activities, the theme park would also disseminate information on gold mining.

An artist’s impression of the proposed water theme park planned for Raub

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29. Integrated resort acquires more land (MetroBiz, 08-November-2012) . The operator and property developer of Bukit Gambang Resort City (BGRC) Sentoria Group Bhd, is expanding its landbank at BGRC with the acquisition of additional 73-hectare for RM37.2 million. . Sentoria indicated that its subsidiary, Sentoria Alfa Sdn Bhd, has received the approval for the acquisition of the additional land from the state government of Pahang. . These parcels of land are adjoining the company’s existing BGRC site. . Of these 73ha acquired, 20 ha will be used for An aerial view of Bukit Gambang Resort City further expansion of Bukit Gambang Safari Park,

which is currently under construction. AMENITIES & INFRASTRUCTURE . This will make Bukit Gambang Safari Park the biggest Safari Park in the country with a total land area of 56 ha. . Another 20 ha of the land is meant for a tourism-related retail commercial development featuring a factory outlet, brands village and wholesale market, while the remaining 32ha will be kept for residential use and support industries. . The RM37.2 million price for the land will be financed via internally generated funds and bank borrowings.

INFRASTRUCTURE & AMENITIES

30. ERL extension on track to KLIA2 (The Star, 07-November-2012) . Work to extend the Express Rail Link (ERL) to the new Low-Cost Carrier Terminal (KLIA2) is on target and is expected to be completed by the end of March 2013, said ERL Sdn Bhd Chief Executive Officer Noormah Mohd Noor.

. She said as at October, work to extend the line and services from the KL International Airport (KLIA) to KLIA2 was 73% complete. . The project, which began in July2012, involves a 2.14- km line extension. Almost there: Syed Hamid (left) inspecting the . Commercial services are expected to commence on 1st ERL line extension project during a site visit to May 2013 to coincide with the opening of the new KLIA2. Accompanying him are Noormah and Azmi terminal. . The work is on track and everything is progressing well. The track is 95% complete, she said at a press conference after a site visit to KLIA2 yesterday by Land Public Transport Commission (SPAD) Chairman Tan Sri Syed Hamid Albar. . Also present were Malaysia Airports Bhd Senior General Manager Datuk Azmi Murad and ERL Maintenance Support Sdn Bhd Chief Executive officer Thomas Baake.

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. Passengers travelling from KL Sentral to KLIA via ERL's high-speed train (KLIA Ekspres) and its commuter service (KLIA Transit) would not incur additional cost if they chose to extend their route to KLIA2. . However, Noormah said those shuttling between terminals would have to pay RM2. . Works, she added, were also underway to create a common platform at both terminals for KLIA Ekspres and KLIA Transit passengers for better convenience. . The journey from KL Sentral to KLIA2 will take 33 minutes via the express train and 39 minutes with the commuter service. . The new line extension is expected to increase our ridership by 40%, she said, adding that their total passenger load for this year was about 5.3 million. . The ERL station at KLIA2 will be located within the terminal's integrated complex and includes, among others, a 230m-long platform, escalators, boarding and exit gates and a concourse area with ticketing and operational offices.

31. to be varsity town by 2015 (New Straits Times, 08-November-2012)

The project Pagoh Higher Education Hub (HPTP) AMENITIES & INFRASTRUCTURE Location Mukim Jorak, Johor. Development area 500-acre Project descriptions . The hub will be set up at a cost of RM 992.6 million in the form of Private Finance Initiative (PFI) and expected to accommodate up to 10,800 students and would create least 25,000 jobs. . Deputy Prime Minister Tan Sri Muhyiddin Yassin said the HPTP would, under its first phase, bring together four public higher learning institutions such as: - Universiti Tun Hussein Onn (UTHM) - International Islamic University of Malaysia (IIUM) - Universiti Teknologi Malaysia Research Centre - Pagoh Polytechnic . Tan Sri Muhyiddin said private institutions of higher learning and foreign universities are also welcomed to open campuses at the hub. . He added, Sime Darby had been given the responsibility of building the Pagoh University Town in the hub. . The hub will be a self-sufficient township, with basic amenities as well as commercial facilities.

A model of Pagoh Higher Education Hub

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32. Klang hospital to get better (The Star, 09-November-2012) . Facilities at Hospital Tengku Ampuan Rahimah (HTAR), where a pilot project to revamp safety and security is underway, will be improved. . The immediate priority will be to increase the number of beds in the hospital, which is said to be operating at an over optimum level. . There are more patients than beds at the hospital, said Health Minister Datuk Seri Liow Tiong Lai, who announced a RM100,000 initial allocation to increase the number of beds. No room: the crowded wards where extra bunker beds . The minister, who inspected the hospital, said are placed along the walkway at Hospital Tengku previously there were 300 beds at each ward in Ampuan Rahimah in Klang

the hospital and that it was later increased to 500. AMENITIES & INFRASTRUCTURE . Liow added that the situation at HTAR was expected to ease after the completion of Hospital Shah Alam next year. . Liow also visited the security control room where he was briefed by Chico Force Sdn Bhd Chief Executive Officer Datuk Seri Juniur Khoo Gee Chong on the improvements since the company took on the pilot project in February. . Khoo said there had been no criminal activity at the hospital since 95 CCTVs were installed and monitored round-the-clock. . Liow urged the company to install more CCTVs at the car park. . The security system at HTAR is an effort by the Government to revamp security at all government hospitals in the country. . If the project is implemented in all 135 public hospitals in the country, the Government stands to save an estimated RM120 million on security expenses in hospitals as it will significantly reduce the number of security guards needed.

33. Highway to be completed by 2014 (New Straits Times, 23-November-2012) Project / development East Coast Expressway Completion date August 2014 (expected) st

Construction stage . 85% of the project was completed on 31 October 2012. . Package 7 is expected to start before year-end and will take about 20 months to complete. Notes . According to Deputy Works Minister Datuk Yong Khoon Seng, the project had been delayed and 10 packages had to be re-tendered because the first contractor pulled out because of an increase in the price of construction materials. A stretch of the East Coast . He added that out of the project's 16 packages, 4 were Expressway. completed last year. 5 more will be finished this year and another 5, next year. The remaining two will be completed in 2014. . The expressway has opened in stages this year, involving a 72-km stretch from the Bukit Besi Interchange to the Kuala Terengganu Interchange.

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34. Kota Damansara lacking bus service (The Star, 27-November-2012) . Land Public Transport Commission (SPAD) will be providing a substantial allocation to improve public transportation service in Selangor. . However, it will take some time for the allocation to be disbursed and for the new services to be implemented, said Local Government, Research and Development Committee Chairman Ronnie Liu to a query by Dr Mohd Nasir Hashim (PR — Kota Damansara). . Nasir had questioned the lack of public bus services in his constituency, particularly from Kota Damansara to the Sungai Buloh Hospital, and from Section 3 to Subang 2 (which are under the Petaling Jaya City Council and Shah Alam City Council respectively). . MBPJ has two buses to provide free community bus service for the Petaling Jaya community, Liu said. . Issues on public transport come under the Federal Government’s purview, specifically under the Transport Ministry, hence the state government has minimal authority on this matter. . The Petaling Jaya community can continue to rely on the existing free community bus service while awaiting SPAD’s allocation disbursement, he added.

. To an additional question by Nasir on what could be done to address the need for public bus services in AMENITIES & INFRASTRUCTURE Kota Damansara, Liu said he would direct MBPJ and MBSA to conduct a study on the matter and introduce free bus service if possible.

35. Quiet, smooth ride : residents share views on electric buses in Sunway (The Star, 27-November- 2012) . The Sunway Line Bus Rapid Transit (BRT) will use electric buses to eliminate noise and air pollution. . Syarikat Prasarana Negara Bhd Project Development Division Group Director Zulkifli Mohamed Yusoff said that it is part of their effort to introduce green technology in vehicles. . Subang Jaya Assemblyman Hannah Yeoh called for the briefing as the 4-day display held last month was inadequate for people to study the route. . About 50 residents from PJS 7, PJS 9 and USJ 1 attended the session at the Subang Jaya Municipal Council (MPSJ) headquarters recently. . Zulkifli said Prasarana did not conduct a public display of the route because they were told by the Land Public Transport Commission (SPAD) that it was not required. . He added that Sunway Line is a Public-Private Partnership Initiative with the Sunway Group, with Prasarana bearing 75% of the cost. . Project Director Mohamed Ibrahim Packeer Mohamed explain that the electric buses were quieter that

regular buses because they have no engines. . There will be no emission and will be disabled-friendly because they are lower and have no steps, he added. . Ibrahim said users would know the arrival time of the buses as they would be tracked by GPS. . The BRT is a dedicated route for buses in the form of an elevated road, similar to the LRT track. . The Sunway Line would have seven halts (stations) starting from the Setia Jaya KTM station and ending at Persiaran Kewajipan, near the summit shopping centre. . Ibrahim said, Halt 7 will be linked to station 7 of the extended Kelana Jaya LRT line, providing seamless travel for users. . A park-and-ride facilities would be set up at Halt 5 along Jalan Lagoon Selatan, opposite the Monash University. . Users cannot cross the BRT tracks so the stations are accessible from either side at ground level.

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. He said they hoped to open tenders for the BRT structure and bus stops construction soon and building is expected to start by 3Q 2013. . The whole project is to be completed by December 2014 and ready to use by early 2015. . Residents at the briefing were given the chance to ask questions and give comments on the project. . Some of the concerns raised were that of pedestrian walkways to PJS 7 halt may affect the privacy of homes and also commuters parking in residential areas near that halts. . Zulkifli said detailed designs of the walkway had not been finalised and that they will look into serving the needs of residents and walkway users. . There is also a request for Prasarana to make the park-and-ride facility cheaper and Zulkifli said they will discuss the issues with SPAD. . More details on the Sunway Line BRT is available at www.brtsunwayline.com

OVERSEAS

36. London luxury home prices climb as investors seek safe haven (StarBiz, 07-November-2012) . According to Knight Frank LLP, the luxury-home prices in Central London rose at the fastest rate in four months in October as overseas investors sought less-risky assets. . Knight Frank LLP said that the average value of a house or apartment in the UK capital’s most expensive

neighborhoods climbed 0.8% from September, according to an index published by the London-based OVERSEAS broker today. The annual increase was 10.1% with demand for apartments outstripping that for houses. . Liam Bailey, Knight Frank’s Head of Residential Research said, the euro-zone crisis has continued to boost demand for prime central London property among international buyers, many of whom are driven by the search for a safe haven for their assets. . According Knight Frank, luxury-home values are now 16% higher than their previous peak in March 2008

and have risen 52% since a post-credit crisis low in March 2009. Better job opportunities in the city fuelled demand and foreign investors bought luxury homes to protect their wealth from volatile markets elsewhere in the world. . EA Shaw, a broker said that the Central London property is still seen as a good investment, especially as capital values are on course to increase around 7% this year. In the third quarter, 87% of purchases there were in cash and 61% were for investment purposes. . The value of the city’s best homes may stall next year as buyers are discouraged by increased property- transaction taxes and possible government proposals to introduce an annual charge on luxury real estate, Hamptons International said last week. . Knight Frank’s Bailey said it is expected a number of prospective buyers to hold off on making decisions until further clarity regarding the rules is provided. . Knight Frank compiles the Prime Central London Index from its own appraisal values of a sample of properties in the 13 most expensive Central London neighborhoods, such as Kensington, Belgravia, Mayfair and Knightsbridge.

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37. Getting hand on London Property (MetroBiz, 08-November-2012) . REAL estate is undoubtedly becoming a favoured investment class for the Asian region as property prices continue to soar as affluent investors scramble to get a hold on any available property in the market. . The rising economy in Asia has not only resulted in a vibrant property market in the region but has also sparked interest for property outside of Asia. . This can be seen in London-based developer Exemplar Holdings’ exclusive development in Central London — the Fitzroy Place. . According to Exemplar’s Development Director Richard Shaw, 70% of the sales done for its residential units were from investors outside of London, with the bulk of them coming from Asia. . There are keen interests from Hong Kong, Singapore, Bangkok, Malaysia and China. The locality is really good and there is good Shaw (left) and Walsh holding a prospect for capital appreciation, Shaw said. model of Fitzroy Place . The pricing of Fitzroy Place (the new launch development by Examplar Holding) is somewhat higher than the surrounding locality. But the place hasn’t been developed for a new- build residential development for some time. . The company are the first significant scheme in quite a number of years so we are breaking new ground in terms of our pricing structure, Shaw said.

OVERSEAS . Nonetheless, he said investors of Fitzroy Place stand to gain 20% to 25% in capital appreciation over the next five years in line with the growth expected in the property market in the area. . Apart from its investment proposition, Shaw added that there is a growing number of parents from Asia who are buying property in London for their children to stay in throughout their education period in London. . Given the stability of the London market, Charlie Walsh, Associate Director, International Development and

Investment for Savills, said there is a guarantee of investments made there. . Additionally, with the Eurozone crisis, Walsh noted that investors were moving more towards the British market. . In the last 5 to 7 years, there are big interests from local pension funds in the London property market and this has helped with the confidence level of the local consumers. There is also a track record of London properties being well received not just here in Malaysia but the Asian region, Walsh said. Project / development Fitzroy Place Developer Exemplar Holdings Location London Development type / Mixed development of : units . 237 units of private apartments with one-, two- and three- bedroom apartments and few penthouses. . 220,000 sq ft commercial space Built-up Apartments: 650 sq ft – 1,300 sq ft Prices . Standard apartment units: from RM8,300 per sq ft / £1,700 per sq ft . Penthouse units: £2,950 per sq ft (maximum) Launching date May 2012 (road show in Malaysia) Completion date 2014 (expected) Notes . 10 units of apartment have been sold in Malaysia since the 1st road show. . The developer expects more units sold by the 2nd road show which will be held in Malaysia.

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38. Berjaya Jeju Airest City is ‘best future mega project’ in Asia (New Straits Times, 16-November-2012) . Berjaya Corporation Bhd, in a joint venture with Jeju Free International Development Center (JDC) clinched top spot in the MIPIM Asia Awards 2012 for the Best Futura Mega Project with their Berjaya Jeju Airest City project. . The US$2.4 billion (RM7.2 billion) project is the largest integrated resort development in the history of Jeju Island. It is undertaken by Berjaya Jeju Resort Limited (BJR), which is the joint venture company between JDC and Berjaya. JDC is a South Korean government agency tasked with developing the famous Jeju Island. . Berjaya Jeju Airest City is a 183.8-acre self- sustaining integrated high-end resort development designed with a creative business- Bird’s-eye view of Berjaya Jeju Resort leisure-city concept. It offers a total of 935 hotel rooms and 1,531 condominium units. . Other components include a medical centre, casino, shopping mall and entertainment outlets. The unique architectural design was inspired from a variety of natural environment resources which emphasises the World Natural Heritage of Jeju Island.

OVERSEAS . The island has recently been selected as one of the new Seven Wonders of Nature. It is the only Special Self-governing province in South Korea and is designated as a Foreign Investment Zone, with a large variety of investment incentives. . This project is the largest single foreign investment in South Korea’s tourism industry aimed at turning Jeju into a free international city in Northern Asia, said Mr Tang Vui Woon, the Project Director of BJR. . MIPIM Asia Awards is one of the most prestigious recognitions for outstanding real estate developments in the Asia Pacific region. This year, 120 projects from 12 countries were submitted, out of which a maximum of three winners in 11 distinct categories were shortlisted.

39. MAHB’s success in managing airports may boost its bid to buy Stansted Airport (The Edge Property, 26-November-2012) . Malaysia Airports Holdings Bhd’s (MAHB) success in managing airports may just boost its chances of winning the bid to UK’s Stansted Airport although valuations for the airport are on the high side. . OSK Research Sdn Bhd said the UK media has reported that the MAHB is the latest suitor to join the bid to buy Stansted Airport for an estimated 1 billion pounds (RM4.9 billion). . Other bidders are Manchester Airport Group (MAG), which is backed by Australia’s Industry Funds Management and financial investors TPG, Macquarie and HRL Marrison, it said in a research noted today. . Stansted Airport is being forced sold by airport group shareholder BAA after losing a 3-year battle with UK competition regulators, barring ownership of 2 airports, as BAA also owns Heathrow Airport. . Should MAHB wins the bid, OSK said, the group might have to raise debt since its current cash pile was not sufficient to finance the 1 billion pounds acquisition.

Our philosophy is simple: A unique combination of People, Intellectual Property, Relationships, Services and Commitment 24 Issue 11: 1- 30 November 2012

40. Genting HK to begin phase one of RM3.4 billion Resorts World Bayshore (The Star, 26-November- 2012) Project / development Resorts World Bayshore (Phase 1) Developer Genting Hong Kong Ltd (an 18.4% unit of Genting Malaysia Bhd) Location Manila Bay . Located 20 minutes apart from the existing Resorts World Manila. Development type / Integrated resort consists of: units . 2 upscale hotels comprising 800 rooms . A grand opera that seats 3,000 . A mall . Residential towers centred around a casino that is two times larger than casino in Resorts World Manila. Gross Development Overall development: RM3.41 billion (US$1.1 billion) Value (GDV) Phase 1: RM1.7 billion (US$550 million) Development area Overall development: up to 8 sq km Phase 1: 16 hectares Construction stage Scheduled to begin in 2013 Completion date Phase 1: expected to be completed by 2016 Notes on Resorts World . Resorts World Bayshore is 3 times the size of the existing Resort World Manila. Bayshore . The development forms part of an ambitious push by the Philippines government and spearheaded by its Philippines Amusement and Gaming Corp to build a 100-ha gambling and leisure haven to rival Macau and Las Vegas. Notes on Resorts World . The now three-year-old Resorts World Manila, which houses three hotels, a mall, theatre,

OVERSEAS Manila cinema and 24-hour casino in the Newport City area near the Philippine capital, was cruise ship operator Genting Hong Kong's first land-based attraction. . Genting Hong Kong had partnered local magnate Andrew Tan's Alliance Global Inc, one of the Philippines' largest conglomerates, to set up the 10ha Resorts World Manila. . Genting Group Chairman Tan Sri Lim Kok Thay officiated the ground-breaking last Friday to mark the third phase expansion of Resorts World Manila that would add some 3 ha, over 1,000

hotel rooms, the Sheraton and another yet-to-be-named international hotel, gaming facilities, and retail space. This is expected to be completed in 2016. . According to a Genting Hong Kong executive at the event, Resorts World Manila's visitor numbers have breached five million a year. . He added that the occupancy at its hotels has also put the resort in the top seven league table by occupancy in Metro Manila. . Another executive said, on its cruise business, the firm, which operates the Star Cruises and Norwegian Cruise Lines, planned to expand its fleet to 22 ships by 2016 from 18 currently.

Image of Resorts World Manila

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