MAKE BETTER DECISIONS

FRIDAY NOVEMBER 27, 2015 ISSUE 2055/2015

A PULLOUT EVERY FRIDAY WITH

Read this copy online @ theedgeproperty.com MAKE BETTER DECISIONS PP 9974/08/2013 (032820)

ep8 NEWS ep15 DEALMAKERS ep20 HOME IDEAS ep22 GARDEN Oasia Suites Who’s the boss? London trending: Datuk N K Tong tosses vintage-inspired his salads sky-high to debut in 1Q2016 & whimsy! Valley‘s rising southern region Th e growthh off PuchongP h SSouthh hhas bbeen spurredd bby theh expansion of and the development of Putrajaya and . Its relative aff ordability, ready amenities and good accessibility are attracting developers and fi rst-time homebuyers. See story on pages ep12 & 13.

HARIS HASSAN/THE EDGE PROPERTY FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY EP2 PROPERTY | NEWS

ON NEWS ROUNDUP Go to theedgeproperty.com for more listings

Ewein to announce second RM100 million in FY16 from a net of between RM20 billion and RM25 Penang would be the fi rst state to at www.theedgeproperty.com Penang project loss of RM2.05 million in FY2015. billion. Th e area covered by IIBD is attempt such an initiative. Ewein Bhd is set to announce its She said it will kick off its turn- bordered by Jalan Ayer Molek, Jalan second Penang project after City around plan with its Tun Sri Lanang, Jalan Tun Abdul Empire City Damansara Mall of Dreams. The group expects to project in , , early Razak and Jalan Sultan Ibrahim. to open Sept 2016 make an announcement by year next year. Alam Impian has a GDV Coronation Square sits on a 6.3 end in relation to its second prop- of RM300 million and will have 132 acre site and will comprise six towers, erty development project in Penang, semi-detached houses. Tan said a hotel, a hotel with residences, an which is expected to have a higher earthworks have commenced on offi ce, medical suites, and two ser- gross development value (GDV) the project. viced apartment towers with a mall. Do you think than City of Dreams, which has a Apart from Alam Impian, Tiger Developed by Coronade Prop- GDV of RM800 million. Datuk Ewe Synergy will be launching two con- erties Sdn Bhd, its managing di- properties Swee Kheng, group managing direc- dominium projects, in Gombak and rector, Datuk Patrick Lim said the in Iskandar tor and deputy chairman of Ewein Cheras, with a GDV of RM100 mil- fi rst serviced apartment block of The Empire City Damansara de- are worth had earlier said Ewein is on track to lion each. “We aim to launch the 400 units will be put up for sale in velopment in , which achieve a full-year pre-tax profi t of two projects by the second quarter mid-2016. Th e average size of the held the “Party of the Century” in buying now? RM20 million from its maiden prop- of 2016,” said Tan. units is 600 sq ft. January with celebrities like Paris erty project, City of Dreams, for the Hilton and K-pop group 2 AM, has current fi nancial year ending Dec Ibrahim International Business Penang to call for proposals postponed the opening of the mall 31, 2015 (FY2015), after the group District in Johor launched on urban regeneration projects to September 2016, reports Th e Edge reported a third-quarter profi t surge. Th e Penang state Urban Regener- Financial Daily. For the third quarter ended Sept ation Committee will hold its fi rst Empire City Damansara, an inte- 30, 2015 (3QFY15), Ewein’s net prof- meeting at the Penang Develop- grated lifestyle commercial develop- it jumped to RM6.42 million from ment Corporation on Dec 7, said ment, was initially expected to open RM389,000 a year ago, mainly due its chairman Jagdeep Singh Deo, its retail component in November or Property to the contribution from the group’s reports Th e Malaysian Insider. December this year. It is understood developers property development business. The committee will look into that the opening of the mall, which and their take “Our target (RM20 million) for this regenerating decades-old public has two million sq ft in net lettable year is achievable based on our housing schemes in Penang at Rifl e area (NLA) was moved to May 2016, on the Johor 3QFY15 results,” he said . Th e Sultan of Johor, Sultan Ibrahim Range, Taman Free School, Taman and eventually to September 2016, property “Our expectation to achieve Sultan Iskandar, launched the Ibra- Tun Sardon and Mak Mandin. said a retailer. market RM50 million [in pre-tax profit] him International Business District “As the units at the fl ats have own- An offi cer at the mall’s leasing per year between FY16 and FY19 (IIBD) at the Persada Johor Interna- ers, we have to study the legality of department confi rmed the same, is also well on track,” he added. Ew- tional Convention Centre on Nov 22, what we are trying to do. We have to and said the delay was because some ein, which is also involved in sheet in conjunction with his 57th birthday iron out all kinks. Th en, we have to international tenants had requested metal fabrication, will derive most of celebrations. educate the people and raise aware- for additional time to source goods its profi t from property development Th e 250-acre IIBD is a transfor- ness. We have to help them under- from their suppliers. going forward. mation plan developed by Johor stand and see what is in store for Empire City Damansara Mall is Corporation (JCorp) to turn Johor them in this initiative,” he said. located along the Lebuhraya Da- Tiger Synergy to launch Bahru into a “metropolis of inter- Th e regeneration plan includes mansara Puchong, opposite Muti- The Edge Communications Sdn Bhd Alam Impian in Shah Alam national standard”. JCorp is the state replacing old, low-rise blocks of , on a 23-acre site. (266980-X) in early 2016 investment corporation of the Johor fl ats, which are becoming costly Th e mall’s anchor tenant, Parkson, Level 3, Menara KLK, No 1 Jalan PJU 7/6, , 47810 Petaling Jaya, Tiger Synergy Bhd, which slipped government. to maintain, with new, taller and will take up some 100,000 sq ft of Selangor, into the red in its fi nancial year ended Also launched at the event was better-equipped fl ats. retail space. June 30, 2015 (FY2015) from admin- the mixed-use development, Cor- Jagdeep said the state would According to its developer Mam- istration costs and pending new pro- onation Square, the fi rst project in make a request for proposals to ob- moth Empire’s website, the mall Publisher and Group CEO Ho Kay Tat jects, will launch three new projects IIBD, which has a GDV of RM3 bil- tain the best deals to redevelop and will also have an Olympic-size ice with a combined GDV of RM500 mil- lion. It is scheduled for completion rejuvenate the old neighbourhoods. skating rink, 4DX cinema and ‘lux- Editorial For News Tips/Press Releases lion next year, to turn itself around. in nine to 10 years. He conceded that a genuine urban ury courtyard’. Apart from retail Tel: 03-7721 8219 Fax: 03-7721 8038 Tiger Synergy managing director According to JCorp president and regeneration project that benefi ts and offi ce components, the devel- Email: [email protected] Shirley Tan Lee Chin said the group CEO, Datuk Kamaruzzaman Abu a large section of the public would opment will have a Marriott hotel aims to generate a gross profit of Kassim, IIBD has an estimated GDV be challenging to implement, but and an Autograph Boutique Hotel. Senior Managing Editor Azam Aris Contributing Editor Sharon Kam Editor Rosalynn Poh Deputy Editors E Jacqui Chan, Wong King Wai If you have any real estate-related events, email us at [email protected]. Assistant Editor Lam Jian Wyn Senior Writer Racheal Lee LAUNCHES & EVENTS Events listed here will also appear on theedgeproperty.com. Writers Chai Yee Hoong, Rachel Chew, Hannah Rafee, Tan Ai Leng, Natalie Khoo, Ewe Shufei Launch of Park Avenue and features a series of residential 4-bathroom homes are priced Learn how to make your own Art Director Sharon Khoh Canning Rise (Perth) properties in London, Manchester from RM498,000 onwards and natural soap with your fragrance of Design Team Cheryl Loh, Date: Nov 28 and 29 (Sat and Sun) and Liverpool, from studio units come with extended balcony, car choice at this workshop organised Valerie Chin, Aaron Boudville, Venue: 4th fl oor, JW Marriott Hotel, to 3-bedroom apartments. porch and backyard. There will be by IOI Properties Bhd. There will Aminullah Abdul Karim, 183, Jalan Bukit Bintang, KL a show unit for viewing, a garden be two sessions: 12pm to 2pm Yong Yik Sheng, Tun Mohd Zafi an Mohd Za’abah, Noorain Duasa Time: 10am to 7pm Launch of Violet at Citra Hill 2 barbecue party, live band and other and 3pm to 5pm. Call to RSVP. Contact: 012 383 9275 activities. There will also be an Corporate Organised by CBD Properties, the ‘extra bonanza’ of up to RM50,000. Open house at , Managing Director Au Foong Yee event includes two seminars at Shah Alam Deputy Managing Director Lim Shiew Yuin 11am and 4pm with talks by CBD Property talk at Shah Alam 2 project manager Robert Paulose Date: Nov 29 (Sun) Advertising & Marketing on ‘Using Creative Investment Venue: Shah Alam 2 Sales Gallery, To advertise contact Strategies’, principal of Allied Persiaran 6, 42300 GL: (03) 7721 8000 Fax: (03) 7721 8288 Financial Group’s Neil Migliorisi Bandar Puncak Alam, Selangor Chief Marketing Offi cer on how to secure an Australian Time: 10am to 12pm Sharon Teh (012) 313 9056 home loan, and CBD head of project Contact: 03 3393 3103 General Manager, Digital Media marketing Timothy Low’s ‘Insight Date: Nov 29 (Sun) Property blogger of PropertyWaltz. Kingston Low (012) 278 5540 Senior Sales Managers into the Perth Property Market’. Venue: Sales gallery at No 1 & 2, com and real estate negotiator Geetha Perumal (016) 250 8640 Jalan Perdana College Heights Rohaniah Noor will give a talk Date: Nov 28 and 29 (Sat and Sun) Fong Lai Kuan (012) 386 2831 UK residential property 2, Perdana College Heights, titled ‘Property is too expensive Venue: 45, Jalan Elektron U16/58f, Peter Hoe (019) 221 5351 roadshow Mantin, Negeri Sembilan now? Says who?’ at the event Denai Alam, Shah Alam, Selangor Gregory Thu (012) 376 0614 Creative Marketing Date: Nov 28 and 29 (Sat and Sun) Time: 10am to 4pm organised by IJM Land Bhd. Time: 2pm to 5 pm Chris Wong (016) 687 6577 Venue: Iris and Hibiscus Room, Contact: 012 670 0350 / Contact: Karen Leong at 012 278 Head of Marketing Support & Ad Traffi c One World Hotel, PJ, and Starhill 634 or 06 758 1988 DIY soap-making workshop 9972, kleong@reapfi eld.com Lorraine Chan (03) 7721 8001 4, JW Marriott Hotel, KL Seri Pajam Development Sdn Bhd by IOI Features a double-storey terraced Email: [email protected] Time: 10am to 7pm will launch its Violet freehold Date: Nov 28 (Sat) house on a corner lot with a land Contact: 016 228 9150 double-storey terraced houses in Venue: IOI Galleria, Bandar area of 3,600 sq ft. The freehold The Edge Property is published and / 016 228 8691 Citra Hill 2, Nilai, with a lot size Puteri Bangi, Bangi 5-bedroom, 4-bathroom unit is fi ve distributed with The Edge Financial Organised by Cornerstone of 20’ x 70’ and a built-up area Time: 12pm to 5pm minutes from the community lake. Daily every Friday. For more property data, listings and news, International Properties, this of 2,608 sq ft. The 4-bedroom, Contact: 03 8912 3333 The asking price is RM1.55 million. go to theedgeproperty.com.

FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY EP8 PROPERTY | NEWS Oasia Suites Kuala Lumpur to debut in 1Q2016

Singapore hotelier’s fi rst foray abroad is Malaysia

BY EWE SHUFEI their luxury counterparts, as reported by property services fi rm CBRE. KUALA LUMPUR: Far East Hospitality Hold- CEO of Far East Hospitality Arthur Kiong ings Pte Ltd, Singapore’s largest operator of announced the plans at the 2015 ITB Asia hotels and serviced residences, has unveiled Conference at Marina Bay Sands earlier this its plans to expand the Oasia brand with week, noting that “the region continues to Oasia Suites Kuala Lumpur’s 1-bedroom unit. Photo by Far East Hospitality Malaysia a key plank of its strategy. mature and attract a strong stream of inter- It plans to open three hotels and a serviced national arrivals”. He added that the Oasia residence in Malaysia and Singapore next brand will be brought to “key gateway cities Lumpur is scheduled to open in the fi rst a façade enveloped by a vertical garden. In year, adding over 700 rooms to its growing in the region, kicking off with Kuala Lumpur quarter of 2016 (1Q2016). Situated adjacent 4Q2015, Oasia Residence will open in the portfolio. Far East Hospitality is the hospital- in the fi rst quarter of 2016”. to Bukit Nanas, the city’s only surviving patch island state’s West Coast region. Integrated ity management arm of the Singapore-listed Citing the Asean Pulse report by the of tropical rainforest, Oasia Suites Kuala into the Seahill residential development, it Far East Orchard Ltd. French-based research fi rm Ipsos which Lumpur will off er guests a retreat within will house 140 units of full-service apart- Th e Oasia brand targets mid-tier travel- notes the “rising focus on health and well-be- the city and views of the greenery next door. ments and facilities. lers, and the company says Malaysia’s 25.7 ing globally and in the region” Oasia has Oasia Suites will be followed by two more Far East Hospitality owns more than 10 million annual tourist arrivals is prospective been providing guests a suite of wellness properties in Singapore. hotels and manages and operates a combined for Oasia’s fi rst foray outside of Singapore. off erings, something which both business Oasia Hotel Downtown opens in 2Q2016 portfolio of more than 13,000 rooms across Th e plan also takes into account the per- and leisure travellers have received well and on 100, Peck Seah Street, a short distance close to 90 hotels and serviced residences formance of midscale and economy hotels identify the brand with. from the central business district of Tanjong in Australia, Denmark, Germany, Hungary, in the earlier half of 2015, which outpaced Th e 247-apartment Oasia Suites Kuala Pagar. It will house over 300 rooms and have Malaysia, New Zealand and Singapore.

Johor’s aff ordable housing loan scheme starts January

JOHOR BAHRU: The state government’s Latif was replying to questions from Puan loan scheme for low-income earners to buy Sri Azizah Zakaria (BN-Parit Raja), Datuk Dr aff ordable homes in Johor will be available Adham Baba (Pasir Raja) and Datuk Syed in January. Sis Syed A Rahman (Tanjung Surat) on the State housing and local government com- diffi culty in home fi nancing of aff ordable mittee chairman Datuk Abdul Latif Bandi housing applicants despite having been said the scheme was jointly drawn up with certifi ed by the state government. Ambank Islamic Bhd. Th e scheme was announced by Menteri “Th is scheme helps the target group ob- Besar Datuk Seri Mohamed Khaled Nordin tain their housing loans, which are diffi cult when he was tabling the 2016 Johor Budget to be approved by other commercial banks. recently. “Ambank Islamic will provide funds total- Th e scheme will assist those eligible to Artist ling RM300 million to ensure that the target obtain fi nancing for an aff ordable home, impression group obtain fi nancing for their homes,” he particularly Package A type units priced at of the REV.O said at the state legislative assembly sitting RM42,000, and Package B at RM80,000. — offi ce suites. in Nusajaya on Tuesday. Bernama Photo by MBM Land 6$/(%<(;35(66,212),17(5(67 REV.O offi ce suites 95% 241215'&*16'."-1/6#4,$%% AN EXCELLENT  #5[PGTIGVKE%QORNGZKP LOCATION FOR HOTEL taken up after launch DEVELOPMENT IN ,$%KV[%GPVTG JOHOR BAHRU, A RISING DESTINATION * FOR TOURISM AND BY EWE SHUFEI ranging between 318 and 597 sq ft with pric- MICE IN ASIA! 6WUDWDIUHHKROGLQWHUHVW es starting at RM323,185. Th e maintenance KUALA LUMPUR: REV.O office suites in fee is 35 sen per sq ft. Bukit Jalil has achieved a 95% take-up rate Each unit comes with air-conditioning 6HDPOHVVFRQQHFWLYLW\WR6LQJDSRUH since its launch on Oct 31. and laminated timber fl ooring, while the DQGRWKHUSDUWVRI0DOD\VLD Th e project is jointly developed by Ho development off ers an array of facilities such Hup Construction Company Bhd subsidiary, as an infi nity pool and lifestyle fi tness centre. 6HOOLQJGHYHORSPHQWULJKWVRU Bukit Jalil Development Sdn Bhd, and MBM REV.O is part of the 10-acre Aurora Place

WXUQNH\FRPSOHWLRQ Impression Land Bhd subsidiary, Gemilang Eramaju. development next to Pavilion Bukit Jalil Gemilang Eramaju is a niche lifestyle de- which is being developed by Malton Bhd.

Artist’s veloper and have developed projects such It has a gross development value of RM170 Datuk as Th e Signature at Desa Sri Hartamas and million. :(( 6221 &+,7 ( N K Tong Menara MBMR at Mid Valley City. Th e 2,100 parking bays in Aurora Place   “Th e enthusiastic response was largely will be shared with office units in Auro- tosses his due to REV.O’s very strategic micro location, ra Sovo. Aurora Place is accessible via the VFZHH#ODQGVHUYHFRPP\ lifestyle-focused concept and competitive Awan Besar and Bukit Jalil LRT stations as salads pricing,” said Gemilang Eramaju Sdn Bhd’s well as fi ve major highways. Nearby amen- /$1'6(59( -2+25 6'1 %+' 9(   director Jeff rey Kam said in a recent press ities include the Bukit Jalil Recreation Park, 7    )    sky-high statement. Calvary Convention Centre and Bukit Jalil Page 22 REV.O consists of 421 freehold offi ce suites Golf and Country Resort.

FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY EP10 PROPERTY | NEWS Casablanca Residence near Kota Kinabalu 70% taken up

Kinsabina Sdn Bhd’s latest project is located off Jalan Kelombong

BY CHAI YEE HOONG An artist’s impression of the KUALA LUMPUR: Casablanca Residence 2-storey terraced houses at @ Off Jalan Kelombong in Kota Kinabalu, Casablanca Residence the latest residential development project by Sabah-based developer Kinsabina Sdn Bhd, has achieved a 70% take-up rate since its launch last Saturday. Th e RM92 million project comprises 57 units of 2-storey terraced houses, 35 units of 3-storey terraced houses, and two units of semi-detached townhouses. “Casablanca Residence is the fi rst gat- ed residential development with two and 3-storey terraced houses with clubhouse facilities in Sabah,” Kinsabina group CEO Datuk Francis Goh tells Th e Edge Property. Prices start at RM788,800 for the 2-storey terraced houses, and go up to RM1.5 million for the semi-detached townhouses. Accord- ing to Goh, the project had received book- Goh: The response was good purely due to the ings for 50% of its units prior to the launch reasonable pricing as well as the clubhouse last weekend. facilities provided. Photo by Shahrin Yahya/ “Th e response was good purely due to the The Edge Property reasonable pricing as well as the clubhouse facilities provided,” he says. An intermediate 2-storey terraced house Facilities at the development include Construction will start in January next year and Goh says a new bridge will be construct- comes with a fl oor area of 2,237 sq ft and 3+1 basketball and badminton courts, swim- is scheduled to be completed in 30 months. ed to connect the Casablanca Residence to bedrooms, while an intermediate unit of the ming pool and children’s pool, playground, Th e development is situated in the resi- Taman BDC, creating an alternative access 3-storey terraced house has 4+1 bedrooms clubhouse, a drop-off area, an open lobby, dential hub of Kelombong, about 8km from road to the development and also Bukit and a fl oor area of 2,765 sq ft; the corner unit multi-purpose hall, shop and café, sauna, Kota Kinabalu city centre. It is 2km to Bukit Padang. Th e development is near a light has a fl oor area of 2,804 sq ft. Th e 3-storey pool and yoga decks, gazebo, library and gym. Padang, more widely known as the popular industrial area. Surrounding amenities in- semi-detached townhouse has 4+1 bedrooms Th ere will be a service fee of RM250 and Tun Fuad Stephens Park, and fi ve minutes’ clude a Chinese school, shops, and a Giant and a fl oor area of 3,974 sq ft. sinking fund of RM50 per month for each unit. drive to Inanam. hypermarket. New Cities Foundation appoints Dr Maxwell Anderson as executive director

BY EWE SHUFEI and culture. I relish the opportunity to deep- its place in the top tier of the city’s attractions. en my involvement in the Foundation’s four Anderson currently chairs the Global Cul- GENEVA: New Cities Foundation (NCF) focus areas of urban mobility, urban infra- tural Districts Network (GCDN), a New Cities has appointed Dr Maxwell L Anderson structure and services, health and wellness, Foundation initiative, being instrumental in (pic) as its new executive director. and placemaking.” both its conception and launch in 2014. Th e “Th e entire team of the New Cities Foun- “It has been a remarkable privilege to GCDN is a federation of global centres of arts dation are delighted that Max Anderson help lead the New Cities Foundation since and culture that fosters cooperation and knowl- — one of the world’s leading experts on its genesis. I know that Max will be bringing edge-sharing among those who conceive, fund, culture and art in an urban context — has an enormous amount of knowledge and in- build and operate cultural districts. agreed to lead the management team of sight to the foundation and will help bring Having lived in France, Great Britain, Italy the Foundation. the NCF and its work in the urban fi eld and Canada, Anderson was decorated “At the same time, we wish to thank to even greater global prominence,” by Italy in 1990 as a Commendatore outgoing executive director Mathieu Lefe- said outgoing executive director dell’Ordine al Merito della Repub- vre for his dedication and leadership over Levefre. blica Italiana (Knight Commander the past fi ve years,” said New Cities Foun- Anderson served as director of in the Order of Merit of the Italian dation chairman John Rossant in a press the Art Gallery of Ontario in To- Republic) and by France in 2010 statement on Nov 24. ronto from 1995 to 1998 and was as Chevalier dans l’Ordre des Art Anderson joined New Cities Founda- vital in promoting cultural tour- et des Lettres (Knight in the Order tion and its executive leadership team in ism and placemaking, organising of Art and Letters). September 2015, and has headed leading major international exhibitions Established in 2010, Th e New Cit- cultural institutions across North America, and building the mu- ies Foundation is a non-profi t with the most recent endeavour being the seum’s relevance in organisation that aims Dallas Museum of Art wherein he mount- the emergent digital to drive economic, so- ed major programming, acquisitions and landscape. cial and environmen- capital projects. From 1998 to tal progress in cities “It is a great honour to serve the New 2003, Anderson through encouraging Cities Foundation in this new role,” An- worked as direc- urban innovation and derson remarked. tor of the Whit- entrepreneurship — “Th e leading attractions in cities are ney Museum of carried out through often their museums, and over three dec- American Art in empowering its glob- ades I have devoted much of my time and New York, and al network, conven- energy to bolstering the reputation of fi ve was responsible ing events and con- great North American cities through arts for establishing ducting research. FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY EP11 FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY FRI EP12 PROPERTY | COVER STORY

An

The growth of Puchong South is spurred by the expansion of Puchong and the development of Putrajaya and Cyberjaya. Photos by Haris Hassan/The Edge Property Puchong’s Southern comforts Jo au New and younger homebuyers are attracted by its lower price points, ready amenities and good accessibility to bu

BY E JACQUI CHAN According to GMAC Realtors chief oper- to 3 ating offi cer, Jonathan Lee, consumer de- hile the exact delineation mand for more sophisticated developments ium of Puchong South is still is pushing the growth of lifestyle projects in O2 up for debate, the area Puchong South. Ele has undeniably gained “Th is is especially true for the younger the attention of buyers generation, who are more drawn to lifestyle non and developers in re- properties instead of the mostly standard bet centW years. terraced houses and condominiums found abo Calling it an “imaginary location south of in Puchong. One of the biggest attractions in ket Puchong” in Selangor, Heritage Shield Real Puchong South is 16 Sierra by IOI Properties wa Estate Sdn Bhd CEO K Soma Sundram feels Group Bhd, which off ers lifestyle living with sta that although the coinage of new names for modern designs, greenery, and security,” by Y areas in established locations can give a false says Jonathan. at a impression of them to prospective buyers, Meanwhile, Oriental Realty director Jas- “the irony is that many such creative naming tin Lee notes that the area is attractive to and of areas have also helped develop them and the working population in Cyberjaya and Ad defy the most important mantra of a good Putrajaya. pla investment – location, location, location”. Jastin adds that Puchong South’s ameni- Soma: The irony is that many such creative naming Jastin: Students from nearby universities will be sho Based on market convention, theedge- ties and accessibility are pull factors for this of areas has also helped develop areas that defi ed looking at Puchong South as the rents are lower. property.com includes Bandar Bukit Pu- market. Th ese include AEON, Giant hyper- the most important mantra of a good investment And the new condo developments in the last few Po chong, Taman Saujana, and Bandar Putra market, international schools, the South — location, location, location. years are generating more interest from investors. Wh Permai as part of Puchong South. To the east, Expressway, and the upcom- no the area under consideration here is bound- ing Maju Expressway interchange at Seri chong South began to show real growth in has since shifted to condominiums, because and ed by the Maju Expressway and includes Kembangan that connects directly to KLCC. the past fi ve or six years. Among the catalysts developers want to maximise land use while it is Taman Equine and Taman Desaminium. CBD Properties’ Ship says the better town are rising property prices in neighbouring also meeting demand for more affordable As the popular Puchong reaches ma- planning around relatively fresh develop- Puchong itself and in Petaling Jaya; the low- properties. has turity, development has begun to expand ments such as D’Alpina by Hap Seng Land er property prices in Puchong South and its “Interestingly, there continues to be launch- and southwards, resulting in the emergence of and 16 Sierra have also added to Puchong good accessibility have made it attractive to es of landed properties although these are gro Puchong South. South’s appeal. younger and fi rst-time homebuyers. larger premium units. I believe this is a niche say “Th e growth of Puchong South is spurred “Th ese developments are gated lifestyle Jastin estimates that the values of resi- to create demand for those in the outskirts by the expansion of Puchong, and the de- enclaves with the convenience of modern dential properties in Puchong South have to invest in landed properties, which are not com velopment of Putrajaya and Cyberjaya. Pu- amenities and facilities. Th e growing pop- increased by 70% to 80% in the last 10 years, aff ordable to many in Puchong, Petaling Jaya ed chong South started to grow from the late- ulation in Puchong South is a positive sign while the number of transactions has dou- and Kuala Lumpur,” says Soma. 1990s when the IT and administrative hub of of its acceptance by people in the vicinity,” bled due to increased supply. An analysis of transactions by theedge- are Cyberjaya and Putrajaya were announced,” says Ship. “When 16 Sierr linked houses were property.com shows that the average yie says CBD Properties Sdn Bhd senior exec- launched fi ve years ago, they were priced transacted price per square foot (psf) of un utive director for Puchong, Steward Ship. Rising values at about RM468,000. Now the [house owners] non-landed residential property rose 6.3% Puchong South is today very diff erent from Th e values of residential properties in Pu- are asking for above RM850,000,” says Ship. y-o-y to RM170 psf in 3Q2014, following a dem its original guise of plantation estates, low chong South have been trending upwards Soma notes that initially the main launch- 12% growth in the preceding year. Mean- bec and medium-cost housing, and kampungs. in recent years. Soma believes prices in Pu- es were of landed properties but the trend while, transaction volume for the 12 months FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY COVER STORY | PROPERTY EP13

SOURCE: THEEDGEPROPERTY.COM Puchong South non-landed residential average price by average price (RM/psf)

16 Sierra residential launch prices LAUNCH SIERRA TYPE MODEL LAND AREA UNIT PRICE PRECINCT (Sq ft) FROM (RM) 2010 8 Adenia/Areca 2-storey link 22X75 251 448,000 2011 2 Lyden 3- storey semidee 44X80 35 1.9 mil 2011 2 Lyden 2/3- storey link 22X75 228 800,000 2012 9 Akira 3-storey semidee 45X85 122 2.2 mil An International school in Puchong South. 2014/15 6 Sierra 62 2&3- storey link 27X73 113(3S)/104 (2S) 1.1 mil 2010 1 Odora Townhouse 24X73 446 400,000 2014 12 N’ Dira Townhouse 27X73 336 750,000 2013 La Thea Condo 787-1,205 526 470,000 2013 10 Zentro1 Shoplot 24X85 99 1.9 mil Source: Heritage Shield

Jonathan: Puchong South is still undefi ned. If local Ship: I see a strong future for Puchong South authorities can clearly defi ne this area, and have proper based on the values it has to off er in terms of town planning, then it will be easier for developers to infrastructure and connectivity. build here and more people to see the potential.

to 3Q2014 rose 5.3% to 752 units from 714. dents and working professionals as well as the Some examples of more recent condomin- migrants from other states who choose to stay ium developments are Zeva by Trinity Group, here due to the lower asking rents compared O2 City by Perfect Eagle Development and 3 with Puchong and Cyberjaya,” says Ship. Elements by Titijaya Land Bhd. Jastin concurs, noting that the young work- Puchong South is attractive to the working population in Cyberjaya and Putrajaya. Oriental Realty’s Jastin says prices of new ing adults who have just graduated will look non-landed residential launches are generally for a more aff ordable place to rent. between RM400 psf and RM550 psf, which is “Students from nearby universities will about 10% to 15% higher than the sub-sale mar- be looking to Puchong South as the rents are ket. Epic Suites by Bukit Hitam Development lower. And the new condo developments in was reported to have launched with prices the last few years are generating more interest starting at RM490 psf, while Sfera Residence from investors. However, the newer develop- by YNH Property Bhd was launched recently ments have not had any signifi cant infl uence at an average of RM562 psf. on the sub-sale market just yet,” says Jastin. “Th e sub-sale market is lacking in variety According to theedgeproperty.com, Pu- and features like gated and guarded facilities. chong South’s indicative rental yields as cal- Added to that is the haphazard neighbourhood culated from asking rents as at June 2015 are planning, which were partly the past projects’ between 4.3% and 6.5%. Meanwhile, Ship shortcomings,” says Ship. puts the rental yield for landed properties at 3% to 5%. Potential for a strong rental market When it comes to the rental market for Challenges and future growth non-landed homes, opinions diff er. Soma Although the lower property prices in Pu- use and GMAC Realtors’ Jonathan believe that chong South will attract savvy investors, it The emergence of shopping malls and hypermarkets within or close to Puchong South is making the area hile it is not active at the moment. is more attractive to the end-user market, more appealing. ble “While the potential is there, Puchong still which is bigger due to its range of aff orda- has a lot more to off er in terms of amenities ble products, says Soma. South can be a new centre of growth. Th e opments can make Puchong South more ch- and accessibility. However, as Puchong South “However, Puchong South will always trail proposed -Serdang –Putrajaya attractive, but traffi c congestion can be a are grows, the market may become more active,” the heartland of Puchong in terms of pricing, MRT Line with a station in 16 Sierra will have challenge as the area grows. che says Jonathan. demand and growth, as it is in the third tier signifi cant impact on this corridor,” says Soma. “Nonetheless, I see a strong future for Pu- irts Soma says the newer area’s rental market is of the growth zone in Puchong,” he adds. Meanwhile, Jonathan feels that offi cial chong South based on the values it has to off er not comparatively slower as most of the complet- Soma sees two sides to Puchong South recognition of Puchong South by the au- in terms of infrastructure and connectivity. I aya ed projects are of landed property. – one with well-planned townships like 16 thorities and more strategic planning for foresee Puchong South as the driving force of “Condo rentals are also low because they Sierra, and another with small, rushed de- the area will draw more interest and peo- property development in South Klang Valley ge- are mostly for newly completed units. Rental velopments sprouting up here and there. ple to the area. in the next fi ve to 10 years,” says Ship. age yields will continue to be low as rentals for new “Some developments are pressured to “Puchong South is still undefi ned. If local of units are always low,” says Soma. maximise density, and the same issues of authorities can clearly defi ne this area, and 3% On the fl ip side, Ship believes there is latent space, greenery, recreation, lifestyle living have proper town planning, then it will be eas- g a demand in the Puchong South rental market and parking will be compromised. Th is will ier for developers to build here and for more See property listings for this area an- because of the area’s improving infrastructure. become the bane of this new growth centre. people to see the potential,” says Jonathan. on Market Watch EP14 ths “Rental demand comes from a mix of stu- If developers can balance this, then Puchong Ship believes that more lifestyle devel- FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY EP14 PROPERTY | MARKET WATCH Go to theedgeproperty.com for more listings

FOR SALE [in Puchong South, Selangor] FOR RENT [in Puchong South, Selangor]

Nilam Puri Accessibility: LDP, Maju Expressway, Bathroom(s): 2 Nilam Puri Putra, . Facilities: SKVE, North-South Highway. Description: Conveniently Type: Condominium/ gym, swimming pool, badminton Agent/negotiator: Eva Tan of located in Taman Pinggiran serviced residence court, playground, mini market, Hartamas Real Estate (Setia Putra, opposite Aeon Equine Park, Tenure: Freehold car park. 24-hour security. Alam) Sdn Bhd (REN 03779) near banks, restaurants, petrol Asking rent: RM1,200 Agent/negotiator: Mervyn Lee of Email: [email protected] station, eateries, Putrawalk@ Built-up area: 1,191 sq ft GS Realty Sdn Bhd (REN 16008) Tel: (016) 969 2173 Equine Park, Jusco Supermarket, Bedroom(s): 3 Tel: (010) 283 6774 Pasar Borong Selangor, Giant Bathroom(s): 2 Email: [email protected] Sri Indah Apartment hypermarket. Accessibility: Description: Located in Bandar Bukit Type: Condominium/ KL-Putrajaya Highway, LDP, Puchong. Move-in condition. Very Vista Pinggiran serviced residence SKVE, Bukit Jalil highway. strict, three-tier security. Comes with Type: Condominium/ Tenure: Leasehold Agent/negotiator: Joyce Tiong wardrobe, bedframe, kitchen cabinet, serviced residence Type: Condominium/ Asking price: RM85,000 of Oriental Realty (REN 10534) marble fl ooring, washing machine, Tenure: Leasehold serviced residence Built-up area: 650 sq ft Tel: (016) 220 0726 TV, stove, fridge, water heater, etc. Asking rent: RM1,250 Tenure: Freehold Bedroom(s): 3 Email: [email protected] Facilities: swimming pool, Built-up area: 852 sq ft Asking price: RM399,000 Bathroom(s): 2 kids pool, playground, etc. Bedroom(s): 3 Built-up area: 1,033 sq ft Description: Top-fl oor unit. Urgent Vista Pinggiran Accessibility: LDP, SKVE and NKVE. Bathroom(s): 2 Bedroom(s): 3 sale. Close to Aeon Taman Equine Agent/negotiator: Kenny Description: Available Bathroom(s): 2 Agent/negotiator: Francis Soh of Bin (REN 06759) immediately. Near school, Description: Nilam Puri Oriental Realty (REN 10991) Tel: (014) 635 5568 supermarket and restaurants. is a freehold, aff ordable Tel: (012) 211 1121 Email: [email protected] Comes with air conditioners, condominium in Bandar Bukit Email: [email protected] water heaters, washing machine Puchong. This is a renovated, Nilam Puri and fans. Two car parking bays. well-kept, high-fl oor unit. Pangsapuri Jati, Taman Mas Type: Flat Agent/negotiator: Zeon Cheng Partly furnished: air-conditioning, , Puchong Tenure: Freehold of Vivahomes Realty (REN 11114) TV cabinet, coff ee table, dining Asking rent: RM1,200 Tel: (012) 583 6116 set, kitchen cabinet, etc. Type: Condominium/ Built-up area: 1,054 sq ft Agent/negotiator: Kenix Tan serviced residence Bedroom(s): 3 Desaminium Rimba of Rina Property (REN 06086) Tenure: Leasehold Bathroom(s): 2 Apartment Tel: (016) 969 0168 Asking price: RM279,000 Description: Partly furnished, third- Type: Condominium/apartment Email: [email protected] Built-up area: 852 sq ft fl oor unit. Available immediately. Tenure: Leasehold Bedroom(s): 3 Near amenities and school/colleges. Asking rent: RM1,200 Cahaya Permai Bathroom(s): 2 Easy access via major highways. Built-up area: 1,200 sq ft Description: High-fl oor unit, Agent/negotiator: John Oh Bedroom(s): 5 nice view, cosy and windy. Partly (CBD Properties (Puchong Bathroom(s): 3 renovated: cabinets, built-in ) Sdn Bhd (REN 07002) Description: Located in Seri wardrobe and fully tiled bathroom. Tel: (016) 971 5819 Kembangan. Fully furnished unit. Type: Condominium/ Just next to upcoming Zeva condo. Agent/negotiator: Chan serviced residence Agent/negotiator: Ally Wong Cahaya Permai, Seri Chee Hoer of Huttons One Tenure: Freehold of TPE Realty (REN 06289) Kembangan World (REN 08531) Asking price: RM118,000 Tel: (012) 307 2988 Type: Condominium/ Tel: (014) 320 3566 Built-up area: 760 sq ft serviced residence Email: darrenchan@1world. Type: Condominium/ Bedroom(s): 3 Vista Pinggiran Asking rent: RM1,000 com.my serviced residence Bathroom(s): 2 Built-up area: 830 sq ft Tenure: Leasehold Description: Basic second- Bedroom(s): 3 Baiduri Courts Asking price: RM290,000 fl oor unit in Block A. Bathroom(s): 2 Type: Condominium/ Built-up area: 1,868 sq ft Agent/negotiator: Angelia Wong Agent/negotiator: Flory Leong serviced residence Bedroom(s): 3 of Property World (REN 08418) of Vivahomes Realty (Kota Tenure: Leasehold Bathroom(s): 2 Email: [email protected] Damansara) (REN 17053) Asking rent: RM1,000 Description: Cahaya Permai Tel: (016) 260 5566 Tel: (012) 323 2755 Built-up area: 779 sq ft Apartment is located in Bandar Email: fi [email protected] Bedroom(s): 3 Putra Permai, Seri Kembangan. Desaminium Rimba Bathroom(s): 2 Well-maintained, partly furnished Vista Pinggiran Description: Fully furnished unit bumiputra unit. Currently tenanted Type: Condominium/ available immediately. One car at RM1,200 a month. Comes with Type: Condominium/ serviced residence park bay. Accessibility: Kesas wet and dry kitchen. 24-hour serviced residence Tenure: Leasehold Highway, Jalan Puchong, Old security and covered parking. Near Tenure: Leasehold Asking rent: RM1,100 Klang Road. Near Mid Valley. Giant hypermarket, Aeon Equine Asking price: RM278,000 Built-up area: 815 sq ft Facilities: swimming pools, Park, Pasar Borong, IOI City Mall, Built-up area: 850 sq ft Bedroom(s): 3 playground, multipurpose hall, etc. The Mines Shopping Centre and Bedroom(s): 3 Bathroom(s): 2 Agent/nefotiator: Bryan Cheng of Universiti Putra Malaysia. Easy Bathroom(s): 2 Description: Located on Jalan Dutama Properties (REN 06031) access to Puchong, Putrajaya, Description: Located in Bandar Pinggiran Putra 1, Taman Pinggiran Tel: (017) 881 6331 Cyberjaya, Shah Alam, Bukit Jalil Putra Permai, near Putra Walk, and . Accessible via SKVE, Taman Universiti Indah, Kota LDP, NKVE, Silk and others Type: Condominium/ Perdana, Taman Equine, Serdang Agent/negotiator: Ron Liew of serviced residence town, Saujana Puchong and Pro Tech Realty (REN 02710) Tenure: Leasehold Putrajaya. Unit faces swimming Tel: (016) 311 6787 Asking price: RM330,000 pool. Comes with one car park bay. SOLD [in Puchong South, Selangor] Email: [email protected] Built-up area: 1,200 sq ft Agent/negotiator: Mike Lim of Bedroom(s): 5 Total Realty Sdn Bhd (REN 08461 Desaria Villa, Puchong Bathroom(s): 3 Tel: (012) 966 0003 Contract date: Jan 26, 2015 Contract date: May 6, 2015 Type: Condominium/ Description: Comes with one car Project: Putra ria Apartment Project: Putra Impian Apartment serviced residence park bay. Conveniently located Address: X-X-X, Jalan Address: XX Jalan PP 39 Tenure: Leasehold near Aeon Equine Park; banks, Pinggiran Putra 30 Built-up area: 753 sq ft Asking price: RM280,000 shops, bus stop and schools just Built-up area: 753 sq ft Price: RM230,000 Built-up area: 1,060 sq ft outside the apartments. Facilities: Price: RM140,000 Price psf: RM305 Bedroom(s): 4 playground, jogging track, surau. Price psf: RM186 Bathroom(s): 2 24-hour security with card access. Contract date: Feb 16, 2015 Description: Desaria Villa is a Agent/negotiator: Admen Ng @ Contract date: Jan 9, 2015 Project: Putra Impian Apartment leasehold, mid-cost development. Starcity Property (REN 11320) Project: Putra Ria Apartment Address: XX Jalan PP 39 Facilities: Mini market, swimming Tel: (012) 270 7228 Address: X-X-X, Jalan Built-up area: 753 sq ft pool, launderette, jogging track, Email: [email protected] Pinggiran Putra 30 Price: RM140,000 tennis court, gym and wifi in Built-up area: 753 sq ft Price psf: RM186 common areas. Amenities: Putra Ria Apartment Price: RM130,000 Aeon Taman Equine Shopping Type: Condominium/ apartment Price psf: RM173 Centre, IOI Mall, Alamanda Tenure: Leasehold Putrajaya, Columbia Asia Hospital, Asking price: RM162,000 University Multimedia Malaysia Built-up area: 752 sq ft and Lim Kok Wing University. Bedroom(s): 3 FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY DEALMAKERS | PROPERTY EP15

BY RACHEL CHEW fi nancially before turning himself into a full- auction and tender, training and develop- time real estate negotiator in 1999, right after ment, and research and consultancy. WHY I gave up the posi- the Asian fi nancial crisis. Th e goal is to be an international property tion of a bank manager “I believe that luck was with me… Starting consultancy group with regional offi ces in to become a real estate my real estate career at that time was not my Singapore, Hong Kong, China, Indonesia negotiator?” asks Stephen plan but it was good timing for a newcomer and Australia. Yew, amused by the ques- like me ... It was not diffi cult to close a deal “Soo and I believe that globalisation is the Yew: Newcomers tion posed to him. The because that was a buyer’s market. Almost all new business order. We are looking for op- should identify their co-founder and executive sellers took whatever buyers off ered,” Yew says. portunities to form affi liations with renowned director of Th e One Property International So encouraged, he decided to pursue a international property groups,” Yew reveals. preferred market Sdn Bhd taps his fi nger on the table as he degree in valuation surveying, and later ob- niche to survive in recalls how he gave up the stable job that tained the real estate agent licence with his Social media has lowered the the business. many would envy. Th at was 16 years ago. ex-colleague, Soo Boon Chen, before they barriers to entry “I guess… that was the day I realised co-found the agency fi rm in 2007. Yew notes the industry has changed massively that I would never get to own a bank even “Soo and I met while I was working with since the introduction of social media. “Con- if I worked my whole life there,” he laughs. the bank. He was on the bank’s panel of so- sumers have become more tech savvy and thus “I’m a very career-minded person,” he says licitors. We became good friends and share real estate marketing approaches and meth- in earnest. “I was determined to own my a lot of common views on diff erent things. I ods have also changed. Th e agency business own business and company. I believe real somehow convinced him to forgo his legal has changed too. More than 10 years ago, real estate allows me to chase after my dream.” career to join me in pursuing my real estate estate agencies mainly covered the second- Yew joined Hong Leong Bank as a mort- dreams,” says the persuasive Yew with smile. ary market and the industry was dominated gage sales executive after graduating from Th ey sat for their real estate agency exams by middle-aged agents and negotiators. Now, Universiti Kebangsaan Malaysia. It was then together – and passed in 2006. “Th at was the segment has expanded to cover the pri- that his interest in real estate was piqued. crazy and I swear not to do it ever again. I mary market as well, and these changes have Five years of hard work in the bank saw him could have ended up ruining a lawyer’s life attracted more young people,” Yew observes. promoted to team manager, and arrive at a and career if we hadn’t made it!” He explains that starting a career as an agent personal turning point. In 2007, after four years of degree course, is easier by selling a primary market product “I asked myself what I really wanted and two years of probation and several interviews, because it does not require as large a network where I will end up if I continued in the banking Yew could fi nally registered as a licensed of contacts, while sales training for the product line. I realised I wanted to start and set up my property valuer and consultant. is provided, all of which have lowered entry own business — that was what I really wanted “I knew I couldn’t just stay a negotiator. I barriers for young people to join the industry. to do. Without much of a second thought, I sent had been thinking about how to develop my “As the industry becomes more profession- in my resignation letter and started a whole new career in the industry and thought it would al and sophisticated, it is critical to rope in the career as a real estate negotiator,” Yew recalls. be good the company could off er something young and equip them with the necessary What was going through his head then? more than agency service,” Yew says. knowledge and training. Th ere are a lot of real Th ere wasn’t much diff erence between the In the same year, Yew and Soo made estate training and development programmes, occupation he was leaving and the one their dream come true by co-founding their seminars and courses available now for young he was taking up. It had to do with agency fi rm, Th e One Property Sdn Bhd. Soo people to sharpen their skills,” Yew says. repossessing his own time now manages the company’s legal aff airs. He advises newcomers to identify their from his employer, and get- Four years later, Yew and Soo upgraded the preferred market niche to survive in the ting paid a commensurate company with property valuation service and business. “Th e property sector is wide and amount for his work. As restructured the company by forming Th e One comprises diff erent locations and segments Yew puts it: “Basically, be- Property Group by integrating Th e One Valu- such as commercial, residential and indus- ing a mortgage executive ers International Sdn Bhd, Th e One Property trial. Diff erent agents have diff erent back- and real estate agent are International Sdn Bhd and Th e One Realty grounds, working experience, contacts, talent both sales jobs. Just that Management Sdn Bhd. Th ey had grown the and passion. Th ey are advised to carry out in real estate, one gets business from one offi ce to four in the Klang their own self-assessment to match their tal- paid on what has been Valley, with about 100 full-time negotiators. ent to the right niche or segment,” says Yew. invested, while in bank- Yew and Soo have identifi ed nine niche “As the saying goes, the sky’s the limit in ing, you are provided a markets and business portfolios for the terms of compensation and income. Th e stable income.” group: real estate agency work, project mar- career path is also bright if you follow the Yew primed himself keting, international marketing, corporate academic path to obtain your profession- KENNY YAP/THE EDGE PROPERTY mentally, physically and real estate, valuation, property management, al licence and be your own boss one day!”

FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY EP18 PROPERTY | FEATURE London house prices have nothing on Auckland

Investors are getting the hots for once-modest public housing

BY EMMA O'BRIEN on Christmas Day — everyone thinks they’d better get in or they’ll miss out,” said Carol AUCKLAND: Even with its mold-streaked Wetzell, a realtor at Barfoot & Th ompson in bathroom and kitchen without a sink, the Devonport, the agency that sold the 82-year- duplex in bayside Auckland attracted a fren- old Kerr Street home. zied bidding war. Now it’s one of the city’s State homes, particularly those built from newest million-dollar government-built local timber in a wave of government-led houses. construction in the 1940s, are regarded as Th e two-bedroom, brick cottage on Kerr iconic — products of a time when the gov- Street on the city’s inner north shore fetched ernment was determined to ensure no one NZ$1.04 million (RM2.88 million) at an auc- lived in squalor. tion in September, netting the vendor, New Zealand’s government, double a valuation ‘Statie' sculptor used for taxes. Long symbols of economic Prime Minister John Key was raised in a state disadvantage, homes built by the state last house in Christchurch by his widowed immi- century for low-income tenants are on a grant mother, and the Auckland municipal tear, thanks to their typically generous land government plans to create a NZ$1.5 million sizes and proximity to the city. sculpture of one on the city’s waterfront. Th e changing fortunes of these modest Now, with house prices up 24% in Auck- dwellings — loved and derided by New Zea- land in the past year alone, the government landers for their functionality over style — can count more than 650 state homes, or A state house in the suburb of Orakei in Auckland, New Zealand. State homes, particularly those built from refl ect a fervour that’s spurred Auckland’s “staties”, worth at least NZ$1 million in its local timber in a wave of government-led construction in the 1940s, are regarded as iconic — products of a biggest property boom in two decades. Th e Auckland property portfolio, according to time when the government was determined to ensure no one lived in squalor. average house price in New Zealand’s largest data obtained by Bloomberg News via a city is now higher than London’s. freedom of information request. “It’s like the supermarket before it closes Among the most valuable listed by prop- erty researcher CoreLogic Inc: a two-bed- ments. We’re going to run out of fools to buy room home in the leafy, inner-city sub- houses — it can only be the landed gentry.” urb of Westmere with a rotting clapboard Housing New Zealand Corp., the au- facade. With the prospect of sea views if thority providing residential services to renovated, plus space for a tennis court the needy, owns about 65,000 houses — or and swimming pool, it’s valued at NZ$2.2 4.5% of the country’s residential properties. million. With a third of the agency’s NZ$18.7 billion Nestled around two large harbours portfolio deemed in the wrong place or of near the top of the North Island, Auckland the wrong type, state homes are regularly is New Zealand’s economic powerhouse liquidated to fund new properties. and home to almost a third of the South Since 2010, 21 in Auckland have sold for Pacifi c nation’s 4.5 million people. With more than NZ$1 million, including a dozen a mild climate and abundance of parks in the past two fi nancial years, according to and beaches, the so-called City of Sails the Housing New Zealand data obtained routinely ranks among the world’s 10 by Bloomberg. most livable cities. In a city where commuting by car is the Add to that a housing shortage and norm, those in convenient locations — and an historic lack of barriers to proper- on larger-than-average blocks — are espe- ty speculation and the result: average cially prized, said Tony Tang, a property house values in the city have jumped agent in central Auckland with real estate 70% to NZ$1,079,473 in the past four fi rm Ray White. years, according to CoreLogic. In com- Tang secured the NZ$1.102 million sale in parison, house prices advanced only 9.9% June of a three-bedroom former state house to NZ$553,291 in the capital, Wellington, in Mount Albert, less than 8km from Auck- and 50% to £443,399 (RM2.85 million) in land’s central business district. Th e inves- London in the same period. tor-owner made NZ$344,000 in 15 months, Auckland house prices are now the sec- without having to lift so much as a paint ond-highest relative to incomes among brush. Like many state houses, the home developed economies, prompting the cen- was “valued on the land only,” Tang said. tral bank to fl ag the prospect on Nov 11 of “People are sick of seeing these people a “damaging correction” in the market that in the paper who made a million after just puts the New Zealand economy at risk. mowing the lawn three times,” said Wetzell, Th ere's an increased risk of "a sharp the realtor in Devonport. correction" given the speed at which house Juliette Hogan says the value of her prices have surged in the Auckland region, two-bedroom state apartment in Freemans brokerage First NZ Capital said in a re- Bay, less than 2km from Auckland’s centre, port by economist Chris Green recently. has increased at least 50% since she bought Houses may be overvalued by about 57%, it four years ago. and the high debt levels required to sus- Still, capital growth wasn’t what attract- tain those prices limits the central bank's ed her to the fl at — built in the 1970s, when ability to raise interest rates, Green said. the harbour-side suburb was still home to the ‘Destructor,’ a giant incinerator that 'Landed gentry' carbonised the city’s trash. “Th is boom that we’ve had has been huge, “I like the idea that state houses are sol- it’s just been extraordinary in terms of the id and dependable builds,” said Hogan, a scale of the price increases,” said Shamu- fashion designer who has a clothing store beel Eaqub, an independent economist down the street from her apartment. Th e in Auckland, who co-authored Genera- neighbourhood has a “mixed bag” of resi- tion Rent, a book on the decline of home dents and properties, she said. ownership in New Zealand. “For a young “Most are still owned by Housing New couple to buy a modest home in Auckland, Zealand and tenanted,” Hogan said. “I love it’s 60% of their income on mortgage pay- the diversity.” — Bloomberg

FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY FRI EP20 PROPERTY | HOME IDEAS

PHOTOS BY RAYMOND LEE 01 02 03 05

London trending: 06 vintage-inspired & whimsy!

More exciting ideas from the London Design Festival (Part 2)

04 VINTAGE-INSPIRED At Decorex, Bethan Gray’s exquisite Private Collection, BY RAYMOND LEE handmade in London, embodies her signature style which is a love for detail, tactile textures and luxurious natural materials. Her elegant tables from the Stud & Brogue Collections caught my eye. Th ey feature supple Th e various interior design trade shows and luxurious hand-stitched leather that has been spe- cially crafted for furniture use, giving a durable, water held every year in conjunction with the and stain-resistant surface. Gray, who hails from Wales, London Design Festival off er an explosion won the prestigious Elle Decoration British Designer of the Year Award for 2014. Bethan Gray is retailed at of global talent and creativity. Not only do Harrods in London, Bon Marche in Paris and Lane Crawford stores in Hong Kong. they feature the latest pioneering design I was thrilled to discover Blackpop’s collection of “Th e directions, they are a remarkable showcase Tudors — Deconstructed” featuring a range of beauti- fully crafted, elegantly distressed home furnishings. A of imagination, style and innovation. One collaboration with the National Portrait Gallery meant discovers a raft of artistry, craftsmanship that designer Maxine Hall had the chance to creatively use images from the world renowned Tudor collection and inspirational products, and the of paintings to create this stately range of wall-cover- ings and fabrics that are at once contemporary and old opportunity to exchange ideas with world. Th e three opulent designs, Mary, Elizabeth and prominent design experts, style-setters Henry, are available in wallpaper, luxe fabric and one- off statement pieces of furniture. and decision-makers, which was exactly Casamance’s latest range of fabrics for drapery and what I did. I have earlier in Part 1, shared upholstery has this quirky 50s vibe with a modern contemporary twist. Th eir Opus collection features cut the wonderful artisanal and bespoke velvet in geometric designs and deep jewel colours. I was particularly attracted by the juxtaposition of their furnishing and décor presented at Decorex vintage style armchairs upholstered in Magnum & International. Th is time, from the halls of Virtuose fabrics set against the Limba wallpaper from their Acajou collection. Decorex International 2015, Focus/15 and I have a special fondness for pieces which are hand- crafted and when I stumbled upon Curiosa & Curio- 100% Design, let me off er you more of the sa’s booth I was mesmerised! Th ey produce a range of beautiful designs seen there in this second bespoke glass lighting solutions from one-off pendant lights to large stairwell chandeliers. in a three-part series on my London trend- All their glass lights are free-blown without moulds spotting visit. It seems vintage-inspired so each piece is slightly diff erent, and with over 21 colours on off er, there’s plenty to choose from. I found décor and furnishing have not left us while their collection particularly 50s-inspired. fi rst introduced in 1957, has just been re-issued in the Th eir chief designer and founder Esther Patterson fi nest contemporary leathers and fabrics. Model 44 with the quirky and whimsical are all the rage. is based in Derbyshire and has this deep connection its clean geometric shape is born of the alliance of the to the past whilst still very modern in attitude. You can technical mastery of Burov and the vision of designers fi nd their creations at the Fifth Floor Café Harvey Nich- Genevieve Dangles and Christian Defrance. Th is col- Raymond Lee is an interior designer and founder of ols and several Jamie Oliver restaurants. laboration in the 50s and 60s has resulted in nearly 50 Xceptional Interiors. He can be contacted at Th e Saturn Armchair Model 44 from France’s Burov, models of chairs, arm chairs and sofas! [email protected] or check out www.xceptional-interiors.com FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY HOME IDEAS | PROPERTY EP21

D LEE 05 07

06

08 WHIMSY Over at Heathfi eld & Company’s booth, I was delight- ed to see a rather magnifi cent, fairy tale-like display of a chandelier with seven handblown glass-within-glass light bulbs. Created by Heathfi eld & Co’s founder An- drew Watson and Chris Fox, creative director, this piece is from their LUUM collection. Th ey are dedicated to the design, manufacture and delivery of spectacular lighting installations, and you can fi nd their creations at some of the fi nest homes, hotels and restaurants the world over. Many designers at the fairs showcased quirky dec- orative elements in their work and at Graham & Green I found their pieces to be extraordinarily charming. Th ey are known to travel the world for inspiration and to source for their range of accessories, homeware and furniture. So their work provides a bit of the exotic and 01. A variety of vintage-style leather tables whimsical for a modern home. Founded by Antonia from Bethan Gray. Graham in 1974, their shop is still in Notting Hill. Naomi Paul, who grew up in a farm in Sussex, is an- 02. The Casamance range of fabrics and wall other British designer with a love of all things natural, coverings are available here in Malaysia handcrafted and whimsical. Her beautifully made col- through Janine. lection of lights are crocheted onto a timber or metal frame using the fi nest British wool and are available in 03. Charles Walker of Curiosa & Curiosa with many diff erent designs and colours. I found her pieces their free-blown glass pendant lights. to be architectural and ‘soft’ at the same time. Established since 2011 by designer and architect 04. Designer Maxine Hall of Blackpop. Marco Sousa, Bat Eye showcased several rather whim- sical pieces at Decorex this year. Th eir ARC sideboard 05. Temple & Ivy’s table lamps are very unique made of metal, satin wood and handpainted tiles were and often paired with elegant shades. attention grabbers at the fair. Th eir cluster of round pol- ished brass mirrors, inspired by the ceilings of St Paul’s 06. Graham & Green showcased a large Cathedral in London, was also stunning. collection of whimsical and exotic furniture Also very exciting were the collections of Temple & e and home accessories. Ivy which seem to be inspired by the rich textures and h fl amboyance of the natural world. No lamp is complete e 07. Burov’s reissued Saturn Armchair Model without a fabulous shade, and attention to detail has s 44 in many contemporary colours and ensured a comprehensive and stunning range of shades - leather fi nishes. to complement the lamps. 0 More design trends from London in the fi nal part 08. Naomi Paul with her stunning crochet next month! pendant lights. FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY FRI EP22 PROPERTY | GARDEN

PHOTOS BY KENNY YAP/THE EDGE PROPERTY & DATUK N K TONG

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Developer Datuk N K Tong of Bukit Kiara Properties com keeps calm by making his edible plant garden grow bu 03 His Som all com har

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BY RACHEL CHEW Th e boutique property developer known had to make them into a paste for storing.” bal for luxury high-rise residences such as Verve Looking around the balcony, apart from bel o you enjoy getting your Suites and Hijauan Kiara in Mont’Kiara, the Balinese chilli plant, there are tomatoes, wh hands dirty, or the smell of Kuala Lumpur, fell in love with gardening, leafy kai lan which the family has just har- fresh compost and picking up especially with growing edible plants, seven vested for dinner, a variety of herbs such as you rabbit poo? Datuk N K Tong years ago while he was still living in a house. mint, basil, pandan (screwpine), stevia, rock- or s certainly does! As an avid gar- “I was thinking, if I want to plant some- et leaves, and more chilli varieties such as tom dener, the managing director thing, I want to plant something that can be chilli peppers and cili padi (bird’s eye chilli). pla of Bukit Kiara Properties enjoys doing all eaten rather than some leafy bushes… I have bac D Your own mini-farm on your balcony 01. Gherkins that Tong grew. that. He grows an array of edible plants on been catching up with the edible landscape cal the balcony of his 28th floor condominium. trend since seven years ago,” says Tong. “Planting on a balcony is all about deci- rot 02. Balinese chilli seeds. Tong says he likes to see things growing Five years ago, Tong and his family moved sion-making and being realistic. Find the from the soil and getting his hands dirty into their new condominium in Mont’Ki- high-value small plants that fi t your balcony, dif 03. Tong’s wish is to see earthworms without feeling guilty about making a mess. ara. “Ever since then, I took more control of such as rocket leaves and stevia plant. Th ey the in his garden. Most of all, tending to plants “calms his my garden from my maid because we now are something hard to get on the market; you mind” from his busy work schedule. have less space. I have to make a decision small, yet high in value. I did plant some- com 04. Tomatoes can be planted on the “I spend 15 to 20 minutes every morning on what (plant) can stay and what cannot,” thing bigger last time, such as squash. It did say balcony too! and evening to check on the plants. Sometimes he says, pointing towards a rare Balinese fruit but you could feel the plant was not lan I talk to them, sometimes I just check on them chilli plant. “Like this guy,” he adds, “it is happy with the limited space,” Tong shares. 05. Kai lan in Tong’s garden ready quietly. Either ways, I feel peace whenever I a rare Balinese chilli plant that is not often “If I have to choose one of the easiest ed- dig for harvest. am standing up here, looking at these little found in Malaysia. However I decided to ible plants that everyone can have on their tha guys enjoying the sunlight,” Tong tells Th e Edge remove one tree because it was giving us balcony, it would be the chilli, although wis 06. The basil leaves in Tong’s garden. Property on his balcony one rainy evening. way too many chillies to the extent that I some people say chilli plants fall sick easily. stil FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY GARDEN | PROPERTY EP23

Be fruitful and multiply EVER dreamed of harvesting your own homegrown vegetables or fruits directly from your apartment balcony and on to the plate? Th at’s as fresh as you can get. Apartment dwellers take note: the lack of a yard should not keep you from growing your own edible garden. Here are seven easy-growing edible plants that thrive even in a tiny pot of soil so you can start building your edible balcony garden today!

LADIES FINGERS ALOE VERA EGGPLANT OR OKRA Th is succulent plant is not only Growing eggplant from seeds in a Th is is one of the easiest vegeta- edible when cooked but the gel pot can be easy. Fill the pot with bles to grow in a pot. All it needs found in its leaf can be used to fertilised soil and make a hole to is a mid-size pot, black soil, full stop a bleeding cut or as a natural place the seeds in. All you need moisturiser for your skin. When to do next is to water it regularly 06 sunlight and moderate water. It takes a few days for the seeds to cooked, it can make for a tasty and and make sure the plant receives germinate and a month for it to healthy dessert, or you can blend suffi cient sunlight. Th e fruit will fruit. Grow a few plants rather with a refreshing juice. It’s low in usually be ready for harvest in However, if you give them good soil, the right amount than just one, since one plant calories too! Aloe vera is easy to two or three months. of water and sunlight, and some tender loving care, only yields about a pod each day. grow when it has the right levels they will reward you with a lot of fruit. I’ve already of water and sunlight. Be careful lost count of how many kilogrammes of chillies this not to damage the roots when guy has been giving me,” Tong says. transplanting it, as aloe plants have For a good crop of chillies or other herbs such relatively short roots. as mint and basil leaves, keep plucking the small branches, he adivises. “People always think big (fruit) is good. Th ere are so many big fruits out there which are genetically modifi ed. Organic fruits might be smaller and fruit less often, but their taste is richer. Plants are just like the human body; if you feed it right, it will feel healthy and fruit healthily,” he says. “Like this one,” says Tong while picking up his compost pile. “I make my own compost. It stinks but plants really love it.” 03 His secret sauce Some water and some fruit and vegetable scraps are all the ingredients one needs to make nutrient-rich TOMATO SNAKE BEANS PEPPER OR CHILLI compost. Th e other natural fertiliser Tong uses is Th ere’s nothing prettier than lit- Snake beans, better known as Chi- Water and sunlight are the two harvested daily from the family pet rabbit. tle red cherry tomatoes on your nese long beans, take more than most important things to con- “My rabbit loves the leaves that we pick fresh from balcony. Cherry tomatoes can two to three months to grow and sider when growing pepper or the balcony, especially the pandan leaves. We feed it be grown on the ground and in bear fruit when planted from seeds. chilli. Th e more sunlight they get, healthy and organic food and harvest its manure for containers but be careful not to However, the beans mature rapid- the better they grow. Th e same planting. It is like a small ecosystem here,” he says, as overwater them. Just keep the soil ly so you can harvest some almost applies to water levels, because he digs the soil to transplant a small herb plant into a evenly moist. Most cherry toma- every day once it fl owers and grows. the pepper plant’s roots are rather bigger container while off ering another tip: “To make to plants start fl owering in about Pick the beans when they’re about shallow. But do not overwater or the transplant easier, plant the plant in a half-cut empty a month, followed by tiny green a quarter of an inch wide or as thick the roots will rot. toilet tissue roll from the very beginning then it can be fruits that turn into full-blown as a pencil. Th e beans can attain moved whole later. Th e tissue roll can dissolve in the soil.” cherry tomatoes after a few weeks. lengths of three feet, but it’s good to Inspired! harvest them when they’re between 12 to 18 inches long. Renewing the earth YouTube is Tong’s gardening learning platform. “You- Tube is a fantastic resource. However, not every vid- 05 eo is correct but if you keep watching and compare, you will eventually get the feeling for which is right.” Tong’s countless trials and tribulations as a ng.” balcony food gardener have blossomed into this om beloved balcony garden which he often misses es, whenever he’s away from home. ar- “Plants need attention and care. Th ey will tell as you if they feel uncomfortable, via the fruits, leaves ck- or soil. For example, I had two seasons of very good as tomatoes, but when it came to the third season, the li). plant was weak and dying. After checking, it was not bacterial infection; the problem was the soil,” he re- calls. From that incident, he began to practise crop ci- rotation to maintain healthy soil. RED BOK CHOY he “Soil contains different elements and nutrition; Growing bok choy requires rich, ny, different plants absorb only certain things from loose soil. You should also keep They the soil, what is left behind is basically dirt. Yes, your garden well weeded so that et; you can try to put nutrition back into the soil with the weeds do not take away the me- compost, but the best option is crop rotation,” he nutrients from your plants. Bok did says, which is the reason he started planting kai choy thrives best in cool weath not lan and squash after growing chilli and tomato. er, so growing it in a spot that re- es. “You can feel how good the soil quality is as you ceives little sunlight is ideal. Th ey ed- dig in after crop rotation. Once, my soil was so good take only 45 to 50 days to mature. eir that I found earthworms in there!” says Tong. “My PHOTOS BY RACHEL CHEW AND STEPHANIE CHOO gh wish now is to try to get the earthworms back. I’m ily. still fi guring out the formula. I’ll keep trying.” EP24 FRIDAY NOVEMBER 27, 2015 • THEEDGE FINANCIAL DAILY

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