MAKE BETTER DECISIONS FRIDAY FEBRUARY 12, 2016 ISSUE 2102/2016 A PULLOUT EVERY FRIDAY WITH Read this copy online @ TheEdgeProperty.com MAKE BETTER DECISIONS PP 9974/08/2013 (032820) ep2 NEWS ep3 ADVERTORIAL ep7 DEALMAKERS Dynasty Hotel is most A convention Street smarts key to expensive property with a diff erence Nick Lu’s success for auction LUXURY CONDO WAVE in the land below the wind Th e non-landed residential market in Kota Kinabalu, Sabah, is seeing a high-end condominium boom, leading to a fl urry of development activity in the city. See story on pages ep4 & 5. SHAHRIN YAHYA/THE EDGE PROPERTY FRIDAY FEBRUARY 12, 2016 • THEEDGE FINANCIAL DAILY EP2 PROPERTY | NEWS Go to TheEdgeProperty.com for more property news MOST READ ON NEWS ROUNDUP TheEdgeProperty.com “Last year, retail sales have report- value of the land at RM78.4 million. Dynasty Hotel is most edly been very slow, with some retail- expensive property for ers reporting a drop in sales as a result Launch of Qi City in Ipoh auction of a multitude of factors. Th is includes planned for 2Q2016 Dynasty Hotel DESPITE having gone under the the implementation of the Goods tops list of most hammer a few times since 2014, and Services Tax and the weakening expensive property the reserve price of Dynasty Hotel ringgit driving up cost, which reduced for auction at (pictured) in Kuala Lumpur has re- the purchasing power of Malaysian mained at RM210 million. It is the consumers,” Sulaiman noted. RM210 mil most expensive commercial prop- erty on the auction market last year, MKH takes part in redevelop- Australian according to online auction listing ment of Pekeliling fl ats property market platform AuctionGuru.com.my. MKH Bhd’s indirect subsidiary Amona won’t crash Opened in 1994, Th e Dynasty Metro Development Sdn Bhd plans Wawasan Qi Properties Group (Qi Hotel is a 28-storey four-star hotel to acquire an 84% stake in Temara Properties) plans to develop Qi City, but Sydney with 788 rooms, 25,063 sq ft of re- Pekeliling Sdn Bhd, the owner of a an educational and medical hub in growth fl at, says tail space on the ground and lower 1.5-acre (0.61ha) leasehold plot in Ipoh, Perak, with a gross development developer fl oors, 116,728 sq ft of offi ce space Jalan Tun Razak, Kuala Lumpur, part value of RM1.1 billion, and create a and 499 parking bays. “Th e reserve price of the proper- of where the Pekeliling fl ats used to “Harvard of the East”. Th e 26-acre in- AuctionGuru.com.my’s ex- ty may not necessary drop even if it stand, for RM5 million. tegrated development is tentatively ecutive director Gary Chia tells has gone under the hammer a few Amona Metro Development is a scheduled for launch in the second Th eEdgeProperty.com that Dynasty times. It depends on [the] market subsidiary of Gabung Wajib Sdn Bhd, quarter of this this year. Hotel has been up for bid at least value trend and also the owner and which in turn is a subsidiary of MKH. Qi City will comprise three condo- twice in 2015. lending bank’s decision. In some A bourse fi ling on Feb 5 said Amona minium blocks, a tower of serviced According to the valuation re- cases, if the auction property is lo- Metro Development had entered into suites with a mall on the ground fl oor, PTMP a port done by IPC Island Property cated in an investment hotspot, its a master share sale agreement with six storeys of staff quarters attached gargantuan task Consultants Sdn Bhd in Septem- reserve price may even increase,” Amona Land Sdn Bhd, Che Hasnadi to 840 hospital beds and the Quest ber 2013, it has a market value of Chia explains. Che Hassan and Temara Pekeliling International University Perak (QIUP) for Guan Eng RM378 million, giving the reserve Sdn Bhd to pave the way for the ac- campus. Th e 8.02-acre QIUP will have price a 44.4% discount to its mar- Got to Th eEdgeProperty.com for quisition. facilities such as a sports complex, Website that helps ket valuation. the full story. Amona Land holds a 90% central park and 1,055 parking bays. students fi nd stake in Temara Pekeliling, while Th e university is estimated to accom- homes abroad gets Che Hasnadi holds the remaining modate up to 8,000 students, around 10%. Temara Pekeliling’s 1.5-acre tract 1,000 of its staff members and an ad- US$60 million More malls consolidation supply in Selangor,” said Rahim & Co has a 99-year lease that will expire on ditional 1,000 employees stationed expected this year research and strategic planning direc- Dec 27, 2084. within the hospital. tor Sulaiman Akhmady (pictured). According to the fi ling, the land is Meanwhile, the 25-storey con- Nevertheless, he expected rental located to the west of the Jalan Pahang dominiums — including two levels level to be stable for the established roundabout, and is near the Putra of parking — will occupy 7.35 acres malls in good locations, especially World Trade Centre, the Malaysian and off er 768 units for sale. Th eir built- those within integrated developments Medical Association, the Institute ups will range from 780 to 1,338 sq ft with transport links, while others are of Medical Research and Universiti while the 18 penthouses will be 1,800 expected to see some consolidation Kebangsaan Malaysia’s Kuala Lum- sq ft in size. Th e developer says with The Edge Communications Sdn Bhd this year. pur Campus. It is also served by the a tentative price of RM460 to RM660 (266980-X) Property consultancy fi rm Rahim & According to Rahim & Co’s “Prop- Titiwangsa monorail station and Tit- psf or RM358,800 to RM615, 480, the Level 3, Menara KLK, No 1 Jalan PJU 7/6, Mutiara Damansara, 47810 Petaling Jaya, Co has highlighted the possibility of erty Market Review 2015/2016” report, iwangsa LRT station. typical units are competitively priced Selangor, Malaysia greater consolidation of Klang Valley’s the total retail space supply in Kuala MKH said the purchase consider- in the Ipoh market. retail space this year as more malls are Lumpur increased by 6.2% from 26.4 ation was based on the gross devel- “Our aim is to create a universi- launched, contributing to a growing million sq ft in 1H2014 to 28 million opment value (GDV) and valuation ty town. We want to turn Perak into Publisher and Group CEO Ho Kay Tat glut in the sector. sq ft in 1H2015, but has held its aver- of the land. an educational hub and we want to “Th ere are about seven to eight age occupancy rate at 86.5%, while in The GDV of the land is about set the standard for it,” Qi Properties Editorial million sq ft of retail space in the pipe- Selangor, an 8.3% increase was RM380 million; while a valuation by founder and executive chairman Da- For News Tips/Press Releases Tel: 03-7721 8219 Fax: 03-7721 8038 line in Kuala Lumpur, not to mention observed to 32.5% million sq ft in Rahim & Co Chartered Surveyors tuk Seri Vijay Eswaran Vijayaratnam Email: [email protected] another nine million sq ft of incoming 1H2015. Sdn Bhd on Feb 27, 2015 pegged the told City & Country. Senior Managing Editor Azam Aris Contributing Editor Sharon Kam Editor Lam Jian Wyn If you have any real estate-related events, email us at [email protected]. Writers Chai Yee Hoong, LAUNCHES & EVENTS Events listed here will also appear on TheEdgeProperty.com. Rachel Chew, Hannah Rafee, Tan Ai Leng, Natalie Khoo, Ewe Shufei Art Director Sharon Khoh Design Team Cheryl Loh, All Wheel Fest 2016 by Sime Celebrate Chinese New Year with S Contact: (03) 7865 7932 M101 Holdings Sdn Bhd will Valerie Chin, Aaron Boudville, Darby Property P Setia Bhd at its CNY Open House Join IJM Land Bhd’s Chap Goh Meh be hosting a Chinese New Year Aminullah Abdul Karim, Date: Feb 20 (Sat) at Setia Eco Glades in Cybjerjaya celebrations with a day of laughter, Open House with a spectacular Yong Yik Sheng, Tun Mohd Zafi an Mohd Za’abah, Noorain Duasa Time: 7am to 12pm with activities such as lion dance, music, traditional art showcases as lion dance performance. Venue: Nilai Impian fortune telling, Chinese calligraphy, well as a variety of performances and Corporate Contact: (06) 794 8383 paper cutting and games. displays at Seremban 2 City Park. De Centrum CNY Open House Managing Director Au Foong Yee Win prizes by participating in a 5km Deputy Managing Director Lim Shiew Yuin “All Wheels” route that will bring PJD’s Double Prosperity Five Legal Trends in Property you through Sime Darby Property’s Bonanza Investment Advertising & Marketing scenic township Nilai Impian. Date: Feb 13 (Sat) and 20 (Sat) Date: Feb 21 (Sun) To advertise contact Participants may opt to skate, Time: 10am to 6pm Time: 3pm to 5pm GL: (03) 7721 8000 Fax: (03) 7721 8288 cycle or use any mode of wheels. Venue: Windmill Upon Hills Sales Venue: Sales Gallery at Setia Eco Chief Marketing Offi cer The event is open to all ages. Gallery, B-P7 & B-P8, Jalan Permai, Park, Seksyen U13, Shah Alam Sharon Teh (012) 313 9056 Genting Permai Avenue, Genting Contact: (03) 3343 2228 General Manager, Digital Media S P Setia CNY Open House Highlands, Bentong, Pahang. Chris Tan, founder of legal Kingston Low (012) 278 5540 Senior Sales Managers Contact: (03) 6100 2339 property and real estate fi rm Chur Date: Feb 21 (Sun) Geetha Perumal (016) 250 8640 Celebrate this auspicious Chinese Associates will be giving a talk on Time: 11am to 2pm Fong Lai Kuan (012) 386 2831 New Year at PJD Group’s Double the current trends for sustainable Venue: De Centrum Sales Gallery, Peter Hoe (019) 221 5351 Prosperity Bonanza event and property investment in Malaysia.