EP 2 FRIDAY OCTOBER 6, 2017 • THEEDGE FINANCIAL DAILY

NEWS HIGHLIGHTS from www.EdgeProp.my

Tropicana TRX Residences eyes 1Q18 launch founder’s son Dion Tan is new MD; CEO TRX Residences, the residential com- es will comprise about 900 units, Yau retires ponent of the 17-acre TRX Lifestyle but not all of these units will be Tropicana Corp Bhd has redesignat- Quarter, is aiming to launch its fi rst launched simultaneously, said ed its executive director, 27-year-old homes sometime in the fi rst quarter Lendlease residential di- Dion Tan, the son of founder and of next year. rector Eric Chan. largest shareholder Tan Sri Danny The TRX Lifestyle Quarter is part The unit sizes, which may range Tan Chee Sing who has a 30.45% of the 70-acre from 1-bedroom units of 500 sq ft to stake in the company, as managing (TRX) development which is set to be- 4-bedroom units of 2,000 sq ft, will director eff ective Oct 2. come a world-class fi nancial district be designed to cater for a broader Dion’s eldest brother, Datuk Dick- in . It will encompass swathe of Malaysian property buy- son Tan Yong Long, is Tropicana’s investment Grade A offi ce space un- ers, said Lendlease Malaysia man- deputy group CEO, while another derpinned by world-class residential, aging director Stuart Mendel. brother, Dillon Tan Yong Chin, is an hospitality, retail, leisure and cultur- TRX Residences will comprise six executive director. al off erings. towers of 40 to 57 storeys each that Meanwhile, Tropicana said CEO The fi rst phase of TRX Residenc- will off er a total of 2,400 homes. The Edge Property Sdn Bhd (1091814-P) Datuk Yau Kok Seng will retire on Level 3, Menara KLK, Nov 30 due to health reasons. The No 1 Jalan PJU 7/6, Mutiara 58-year-old Yau has held the posi- (pic). “We are still seeing demand for In a fi ling with Bursa Malaysia on property lending rule, which states Damansara, 47810 Petaling Jaya, Selangor, Malaysia tion since January 2013. He has a premium property products.” Oct 2, Johan Holdings said it has ap- that a bank’s credit facility exposure 0.32% stake in the company. “The market is there, provided that plied to the Sepang Municipal Council in the broad property sector (BPS) EdgeProp.my [the project] is in the right location for a development order for the devel- should not exceed 20% of its total Property market with strong value proposition,” he told opment of about six acres of freehold outstanding loan base. Managing Director/Editor-in-chief reporters on the sidelines of the Khaz- land in Puchong, Selangor. The BPS, which was introduced Au Foong Yee recovery seen by anah Megatrend Forum 2017 on Oct 3. The fi rst phase, said the group, in 1997, aims to avoid over-concen- EDITORIAL 2H18 — UEM Sunrise Describing the current property will be a mixed development com- tration of credit exposures to the Editor Lam Jian Wyn UEM Sunrise Bhd expects Malaysia’s market as “cautious”, Anwar Syahrin prising serviced apartments and property sector. Contributing Editor Sharon Kam Deputy Chief Copy Editor property market, particularly within said this is evident by consumers other commercial properties with a “The guideline, therefore, is still rel- James Chong the premium segment, to recover weighing their options very carefully projected GDV of RM364.4 million. evant in curbing excessive systemic ex- Copy Editor from the second half of next year on before purchasing big-ticket items. posures to the sector, complementing Geraldine Tan Senior Writer Tan Ai Leng improving income growth and better Property lending other existing regulations,” it added. Writers Rachel Chew, Natalie Khoo, mix of real estate products. Johan Holdings to rule from 1997 still The guideline applies to all com- Shawn Ng, Lum Ka Kay “We are hoping embark on mixed mercial, Islamic and investment banks. Art Director Sharon Khoh to see recovery of relevant, says BNM Compliance to this requirement is cal- Design Team development in Nik Edra, Rajita Sivan the property mar- Investment banks (IB) should not culated on a quarterly basis. ket from 2H18,” Puchong take a short-term view on a proper- BNM said banking institutions For New Launches/Events/ said managing Johan Holdings Bhd plans to devel- ty lending guideline, introduced in should be mindful of current prop- Press Releases/News Tips email: [email protected] director Anwar op part of the 27-acre land where the 1997, as it is still relevant today, said erty market conditions and not con- Tel: 03-7721 8211 Fax: 03-7721 8280 Syahrin Abdul Ajib ceramic tile manufacturing plant of Bank Negara Malaysia (BNM). tribute to a situation where there THE EDGE MALAYSIA its former subsidiary Prestige Ce- The central bank was responding is a mismatch between supply and ADVERTISING & MARKETING ramics Sdn Bhd is located. to calls from the IBs to abolish the demand. Associate Account Director, Advertising & Marketing Heidee Ahmad (019) 388 1880 trending Senior Account Managers How do I get past issues of this weekly pullout? Cecilia Too (012) 319 7666 now Go to www.EdgeProp.my to download for free Ian Leong (012) 359 1668 Account Managers Jason Jaafar (010) 805 4841 Jeffrey Yeoh (016) 217 9227 If you have any real estate-related events, email us at [email protected]. Marketing Support & Ad Trafˎ c LAUNCHES + EVENTS Events listed here will also appear on www.EdgeProp.my. Madeline Tan (03) 7721 8218 email: [email protected] Bandar Seri Coalfi elds, Sungai NEGOTIATOR & CUSTOMER ADVISORY SERVICE Buloh. This will be a guarded Senior Manager Elizabeth Lay community with superlink Senior Associate Stannly Tan homes and semidee villas. Associate Karen Wong

For enquiries and listings Seri Pajam’s Move in Now email: [email protected] expo GL: (03) 7721 8175/ 8172 Bon Estates Mid-Autumn Date: Oct 8 (Sun) Showcase of The Orchard Metropark Fitness Fest PR Time: Date: EdgeProp.my pullout is published Festival Fiesta 10am to 6pm Quarter at Colindale Oct 14 and 15 (Sat and Sun) Dat by The Edge Property Sdn Bhd. It is Date: Oct 7 (Sat) Venue: Nada Alam Sales Gallery, Gardens Time: 8am to 6pm Tim available with The Edge Financial Time: 12pm to 6pm Kampung Baru Sungai Mahang, Date: Oct 7 and 8 (Sat and Sun) Venue: Tropicana Metropark, 1, Ven Daily every Friday. The pullout Venue: Time: is also distributed at more than Bon Estates Gallery, Mantin, Negeri Sembilan 11am to 7pm Jalan Delima 1/1, Subang Hi-tech Pek 200 ofˎ ces, shopping complexes, 57, Jalan Penaga, Taman Contact: (06) 799 7228 Venue: JW Marriot Kuala Lumpur, Industrial Park, Subang Jaya Con condos, medical centres, F&B outlets Bandaraya, Kuala Lumpur Seri Pajam Development 183, Street, Bukit Contact: (03) 5036 2088 and LRT stations in the Klang Valley. Contact: Per You can also download it for free at (012) 466 6683 Sdn Bhd will be introducing Bintang, Kuala Lumpur Tropicana Corp Bhd invites Contact: PR www.EdgeProp.my Bon Estates Sdn Bhd invites “Zero Hassle Package” to (012) 760 6388 the public to Tropicana Inte the public to celebrate the interested purchasers at its Hartamas Real Estate (M) Sdn Metropark for a day fi lled pre Mid-Autumn Festival together Move in Now expo. Light Bhd is introducing the latest with fun and fi tness activities. (ref Th e Edge Malaysia and enjoy activities such as refreshments will be provided. release at apartment development Registration needed. artistic sand art and mystical Colindale Gardens in London Publisher and Group CEO tea leaf reading while indulging IJM Land Mid-Autumn known as The Orchard Quarter. Malaysian Property Expo Ho Kay Tat in delectable desserts. Festival celebration 2017 EDITORIAL Date: Oct 7 (Sat) Launch of Royal Warwick Date: Oct 13 to 15 (Fri to Sun) Editor-in-Chief Azam Aris Hemingway Residences Time: 6pm to 10pm Square Kensington Time: 10am to 9pm CORPORATE @ North Haven Coalˎ elds Venue: Date: Venue: Chief Operating Ofˎ cer The ARC @ Bandar Oct 7 and 8 (Sat and Sun) Mid Valley Exhibition Lim Shiew Yuin ofˎ cial launch and Mid- Rimbayu, 1, Jalan Flora 3, Telok Time: 11am to 6pm and Convention Centre, 75, ADVERTISING & MARKETING Autumn celebration Panglima Garang, Selangor Venue: Mandarin Oriental Lingkaran Syed Putra, Mid Chief Commercial Ofˎ cer Date: Contact: Sharon Teh (012) 313 9056 Oct 7 (Sat) (017) 964 0828 Kuala Lumpur, Kuala Lumpur Valley City, Kuala Lumpur General Manager Time: 10am to 6pm Experience the Mid-Autumn City Centre, Kuala Lumpur Contact: (03) 7803 2978 Kingston Low (012) 278 5540 Venue: North Haven Coalfi elds Festival in fi ve diff erent Contact: (012) 304 6887 Organised by the Real Estate Senior Sales Managers Property Gallery, 58, Jalan BSC countries (including Japan, JLL Property Services (M) and Housing Developers’ Fong Lai Kuan (012) 386 2831 Gregory Thu (012) 376 0614 2B/2, Presint 2, Bandar Seri Vietnam and Korea) at Bandar Sdn Bhd will be unveiling Association Malaysia, the Kamalesan Parama (012) 394 4855 Coalfi elds, Sungai Buloh, Selangor Rimbayu with a giant dragon the Royal Warwick Square property expo will showcase Michael Tan (012) 213 0252 Contact: (013) 673 3030 lantern and fun games such development in Kensington, UK a wide variety of property Creative Marketing Chris Wong (016) 687 6577 KLK Land Sdn Bhd will be as goldfi sh scooping, photo- to interested Malaysian buyers developments for homebuyers. Head of Marketing Support launching the fi rst phase of its taking in traditional costumes who are looking at overseas Property talks will also be & Ad Trafˎ c North Haven development in and light refreshments. investment opportunities. held during the expo. Lorraine Chan (03) 7721 8001

EP 4 FRIDAY OCTOBER 6, 2017 • THEEDGE FINANCIAL DAILY NEWS

BY RACHEL CHEW Taman Sri to see KUALA LUMPUR: JL99 Group plans to soft launch its latest residential project called Legend Heights at Taman Sri Segambut, near , its ˎ rst high-rise residences Kuala Lumpur on Oct 7 and 8. Located on a 2.91-acre lease- hold site in the heart of Taman Sri Segambut, Legend Heights is the vate lounge, playground, kids play- can aff ord. I think in this current fi rst high-rise serviced residential room, maze garden, leisure lawn, sky market, RM450 psf is pretty attrac- development in the vicinity. zone, infi nity lounge and sky garden. tive,” Yap noted. “Taman Sri Segambut is a very Th e 14 street-front shoplots are Th at seems to be working. Some mature community that compris- located at the rear of the project and 60% of the units have already been es mainly 1-storey terraced houses therefore will not be sharing the same booked, with 40% of them sold as and old neighbourhood shoplots. entrance to the serviced apartments. at end-September. Th e majority of Legend Heights is the fi rst high-rise “We will be renting out the shops. buyers are from the vicinity. “Th ey residential project there, hence the Eventually, they will be passed on love this project because of its loca- name of the project,” said JL99 chief to the management corporation to tion. Th ere are many new projects in operating offi cer Dan Yap. manage and decide on the tenants. Kepong today, but Legend Heights He told EdgeProp.my that Leg- Th e rental income generated will is aimed at those who have been end Heights consists of two 40-sto- go back to the project itself. Th is is staying in Taman Sri Segambut for rey blocks with a total of 558 ser- why we can keep the maintenance years and have no plans to move to viced apartment units and 14 shop fee as low as 22 sen psf including the more congested Kepong town units. The project has a GDV of the sinking fund,” Yap said. centre,” Yap noted. RM300 million. He added that business owners Legend Heights is accessible via Th e serviced apartments come who were originally doing business Legend Heights will be launched on Oct 7 and 8. Kepong, Menjalara and Segambut. in three built-up sizes of 1,050 sq at the project site will have the pri- It is 2.9km away from Kepong, 5km ft, 1,215 sq ft and 1,350 sq ft. All ority to rent the shops. want to change the lifestyle here and “Our target market is clearly in from Desa ParkCity and 9km from units come with at least two car JL99 is also building a public want this lifestyle to be enhanced, this neighbourhood — parents who KL city centre. park bays. Th e selling price starts basketball court and community so we are building the community are buying for their next generations, There are also two mass rap- from RM450 psf. hall next to the 14 shoplots. facilities,” said project marketing young working adults who are buy- id transit stations ( Th e project off ers 19 facilities on “If you are familiar with this area, executive Celine Lee. ing their fi rst home near to their and ) and one KTM station Level 8 and the rooftop on Level 40 you will know it is a very commu- While there are many new res- parents as well as newlyweds, so (Segambut) located within a 3km including an infi nity pool, kids’ pool, nity-based area where the old folks idential projects in Kepong, Yap the built-ups shouldn’t be anything radius from the project. Jacuzzi, aqua gym, signature deck, will gather at the coff ee shop almost believes Legend Heights has its smaller than 1,000 sq ft,” said Yap. Th e project is slated for comple- multi-purpose area, gym room, pri- every day to chit-chat. We don’t niche market. “Th en we look at how much they tion by mid-2020.

Tangkas Properties ˎ nds a niche in corporate factories

TANGKAS PROPERTIES BY TAN AI LENG

JURU: Tangkas Infi nity, a boutique industri- al development by Tangkas Properties Sdn Bhd, is slated to be handed over sometime this month. Wong: Industrial Th e 6.5-acre freehold development is locat- properties ed in Juru, Seberang Perai. It off ers 19 units of nowadays are 3-storey superlink and semidee factories with very different built-ups measuring 40ft by 80ft or 12,000 sq from the past, ft, and land areas ranging between 6,000 sq as business Artist’s ft and 15,600 sq ft. Prices start from RM3.66 owners want a impression of million, or an average RM320 psf. cleaner factory the different With a GDV of RM70 million, Tangkas to promote ː oors in a Properties managing director Yogi Wong told good company Tangkas Inˎ nity EdgeProp.my that half the units at Tangkas image. factory Infi nity have been taken up since the com- pany unveiled the project in 2014. tapping on the robust industrial growth of it is located on prime road frontage, with a house or work centre. Th e third fl oor could “We do not have an aggressive marketing Penang mainland. complete road system, car parks as well as serve as a corporate offi ce or warehouse. campaign on this project, as we are targeting Property consultancy CBRE|WTW built-in fi bre optics infrastructure. “Factory spaces that off er fl exibility for SMEs [small and medium enterprises] who (Penang) director Tony Lee Eng Kow said the “Th e usage of industrial properties now- business owners to have various aspects of are buying for their own use,” said Wong vibrant growth of business process outsourc- adays is very diff erent from the past, as ma- its operations under one roof will be in de- during the interview at the project site in ing and information technology outsourc- chineries are getting smaller and business mand,” Wong opined. Taman Bukit Minyak. ing calls for the need for modern factories. owners want a cleaner factory to promote In terms of electrical support, Wong add- Tangkas Properties is the development “With land scarcity plus rising cost and good company image,” Wong pointed out. ed that the internal electric supply is up to arm for Mudahjuta Industries Sdn Bhd, Penang island’s focus on tourism, indus- Each of the 3-storey Tangkas Infi nity cor- 200 amp, compared to the 60 amp off ered which is mainly involved in the construction trial development has gradually shifted to porate factories has a total height of 50ft (the by most factories. business. It is also the developer for Tangkas the mainland and Bukit Minyak is one of ground and fi rst fl oors have heights of 20ft), Another unique selling point of Tangkas Arena in USJ, Selangor, comprising 17 units the growing industrial areas,” he explained. making it look like a 5-storey factory. Th e Infi nity is that the toilets are built in a sep- of freehold 3-storey factories. CBRE|WTW is the project marketing com- 20ft height and column-free space enables arate tower between two factory units. Th is “Completed in 2012, all the units in pany for Tangkas Infi nity. a 40ft truck to be parked on the ground fl oor. serves to free up more indoor space. Tangkas Arena had been sold and about Lee noted that the development is locat- Each unit comes with a 2-tonne goods’ lift Th e project also features a 3,000-gallon 95% occupied now. Tangkas Infinity adopts ed in front of Jalan Bukit and Jalan Tengah, that could carry an electrical forklift with rainwater harvesting concrete tank, which also the same concept but bigger in terms of the main road that connects Bukit Minyak goods, up to the third fl oor. doubles as a stormwater detention solution to project and unit size,” Wong noted. to Simpang Ampat, about 4.5km away from Designed for multiple business usage, the store untreated water that could be used for Th e developer was also involved in the Juru Auto City and 10km to Aspen Vision City ground fl oor has a fl oor loading of 7.5kN psm, vehicle washing or other cleaning purposes. development of the 3rd Mile Square shopof- where the future IKEA Penang will be located. while the fi rst and second fl oors have a work- As the developer is also a thermal insula- fi ce development in Old Klang Road, Kuala Wong said unlike conventional indus- ing fl oor loading of 5kN psm and 2.5kN psm, tion specialist, the roofs of the buildings have Lumpur. Tangkas Infi nity is its third project trial areas, Tangkas Infi nity is designed for respectively. Th is enables business owners to been fi tted with a heat insulation system that and its maiden foray into northern Malaysia, both industrial and commercial usage as use the second fl oor space as a storage ware- could help reduce indoor temperature. FRIDAY OCTOBER 6, 2017 • THEEDGE FINANCIAL DAILY EP 5 NEWS

BY NATALIE KHOO Smart homes set to KLANG: Property developer Mitraland Group Sdn Bhd is set to launch its first smart homes — the 31-storey Andaman Residences serviced apartment — in its debut in Klang soon mixed-use development Gravit8 in Klang around mid-November. Sitting on 15 acres of land, Gravit8 has a LOW YEN YEING | EdgeProp.my GDV of RM1.3 billion and has components broadly considered as aff ordable, with 80% including an 8-acre man-made lake park — of units priced below RM550,000. which is set to be completed by the end of “Most of our interested buyers comprise next year — as well as serviced apartments, families and fi rst-time homeowners who like shopping mall, retail shops, offi ces and hotel. the concept of an integrated development. Andaman Residences will come up on Th ere is a large population in this area that 7.88 acres of freehold land with a total of 327 consists of about over a million people and units that range from 717 sq ft to 1,128 sq ft we see demand from the younger generation and are priced from RM398,000. looking for this type of integrated develop- The serviced apartment has a GDV of Tan: We have ment,” Tan elaborated. RM180 million and is set to be completed in decided to price Th e development is next to the Shah Alam 4Q21. Buyers will also be given free kitchen the development Expressway, West Coast Expressway and cabinets and air-conditioners in the unit. in line with the East Coast Railway Line, and is 900m Mitraland group general manager Tan what is broadly away from the Johan Setia LRT (Light Rail Chee Hoaw told EdgeProp.my that Anda- considered as Transit) station that will enable passengers man Residences will be the first project affordable, with to travel all the way to 1 Utama Shopping in Klang to implement the smart home 80% of the units Centre when it begins operations, which is technology, where residents will be able priced below scheduled in 2020. to control the main door, lighting and RM550,000. Other amenities surrounding the devel- air-conditioning with an application on opment include hypermarkets AEON, Gi- their smartphones. via the application without having to get up device. Residents can also book, say, a mul- ant and Tesco; healthcare facilities such as “For example, if you have guests com- from our beds,” said Tan. tipurpose court within the development or Hospital Tengku Ampuan Rahimah, Manipal ing to visit you and you are not home yet, Th e units will also come with an Echo pay their building maintenance fees through Hospital and Pantai Hospital; and Sekolah you can unlock the door using the smart- Dot voice-controlled device which can be their phones,” Tan explained. Menengah Hin Hua, SJK(C) Hin Hua and phone application. You can also switch on used to play music, turn the lights and TV Facilities in the development include SJK(C) Wu Teck. the air-conditioner in your home if you are on and off , and even draw the curtains with a children’s playground, yoga deck, gym, Th e fi rst two towers of serviced apart- on the way home with guests dropping by. a simple voice command. swimming pool and multipurpose court. Th e ments in Gravit8 called Nordica Residenc- Th ere is also a CCTV in the living room area “Th ere is also a ‘home’ or ‘away’ mode maintenance fee for Andaman Residences es and Adria Residences were launched in for you to monitor the elderly and pets. Some whereby the lights, curtains and other de- is RM0.25 psf excluding sinking fund. 2015, and are to date 100% and 80% sold, of us love to read on our beds before we go vices will all be on or off when you set the Tan also stressed that they have decided respectively. Th e two towers are expected to sleep, and we can now switch off the lights command through the voice-automated to price the development in line with what is to be completed in 2020. EP 6 FRIDAY OCTOBER 6, 2017 • THEEDGE FINANCIAL DAILY FRI COVER STORY BUDGET 2018 BY LUM KA KAY WISHES

PICTURES BY EdgeProp.my AND THE EDGE MALAYSIA he tabling of the annual na- tional budget always creates a sense of anticipation, especially amidst a lacklustre economic atmosphere, because therein hangs the hope for a financial Chang: Tplan that can provide the much-needed im- Increase petus to push the economy forward. stamp duty Sarah: Budget With Budget 2018 set to be announced rate and 2018 will be by Prime Minister Datuk Seri RPGT for government- on Oct 27, EdgeProp.my speaks to various owners of at housing stakeholders from the property sector to least three scheme- fi nd out what they hope is in store. properties. centric. In a nutshell, many in the industry con- tinue to advocate for stronger aff ordable housing initiatives and ways that can help make homeownership easier. Meanwhile, housing prices are not ex- pected to go down as demand remains “robust”; however, prices are expected to remain fl attish for the upcoming months.

TOP ON THE BUDGET 2018 WISH LIST IS TO: Yeah adds that to leverage the private risk Yeah: Easing Wan Saiful: sector’s capacity, Budget 2018 may include is r Raise affordability and in- of cooling Government more incentives as well as public-private far, crease homeownership measures not needs to re- partnership schemes for developers to ses 1The National House Buyers Associ- likely to be examine the build more homes at the affordable price ation (HBA) honorary secretary-general a priority in bumiputera range. con Chang Kim Loong hopes to see the govern- Budget 2018. quota policy. Institute for Democracy and Economic cur ment come up with more proposals to in- Aff airs (IDEAS) chief executive Wan Sai- aff crease the supply for aff ordable properties. ful Wan Jan, on the other hand, identifi es sec He suggests that more incentives be given the bumiputera quota policy as one such suc to property developers in the private sec- measure that needs to be re-examined as dem tor to build more aff ordable homes, which it “distorts the supply and demand curve hea it defi nes as capped at RM300,000, with a because it unnecessarily limits the supply gar built-up of between 800 sq ft and 1,000 sq of houses”. ins ft (excluding balcony), and at least two to Foo: “Of course, there are other factors too, the three bedrooms. Government such as the costs of building materials Chang also hopes the government could Eric: Banks needs to and manpower. New technologies like soc slow down the climb in home prices by should come simplify the Industrialised Building System may Ch increasing the stamp duty rate and Real up with more bureaucracy help... We should look into simplifying and be Property Gains Tax for owners of at least creative and reduce reducing the costs of employing workers Ho three properties. “Th is way, it will not af- and ː exible compliance at construction sites, including foreign fect the majority of the ‘rakyat’ who can ˎ nancing for costs for workers as well.” Ass only aff ord one property for own stay and home loan property Ow the other one for long-term investment,” borrowers. developers. Ease ˎ nancing Mi he suggests. Malaysian Institute of Estate Agents Lo Meanwhile, Kenanga Investment Bank 2 (MIEA) president Eric Lim believes sin Bhd head of equity research Sarah Lim ex- fi nancing is vital to promote homeown- vel pects Budget 2018 to be government hous- ership. “Generally, most financial insti- ho ing scheme-centric. “While emphasis will tutions have been too stringent in their tio be on aff ordable housing supply, we do not lending. Something must be done [by the foresee any major monetary or fi scal policy government] to relax this. Developer Inter- ing changes for the sector,” she says. est Bearing Schemes should be allowed. It sub Professor of Economics at the Business FD Iskandar: is not a bad thing,” he says. bu School of Sunway University Dr Yeah Kim Loong: Home Waive GST on He adds that banks should come up mo Leng shares the same view. “Th e budget ˎ nancing construction with more creative and fl exible fi nancing. to b is expected to boost further the supply assistance materials for However, Association of Valuers, Prop- mi of and access to aff ordable housing. And should be affordable erty Managers, Estate Agents and Property while there are sporadic voices calling for expanded housing Consultants in the Private Sector Malaysia the property market cooling measures to beyond priced (PEPS) president Foo Gee Jen begs to diff er. be eased, it is not likely to be a priority in PR1MA RM500,000 “Property developers and banks have their 3 Budget 2018,” he says. projects. and below. own game plans as they need to assess their int FRIDAY OCTOBER 6, 2017 • THEEDGE FINANCIAL DAILY EP 7 COVER STORY

Some of the announcements Whither house prices? made during

Property industry observers do not fore- Meanwhile, Kenanga Investment Bank BUDGET see property prices declining in the next Bhd’s head of equity research Sarah Lim 2017 six to 12 months, but instead grow at a says housing price growth has “narrowed moderate pace. closer to the real infl ation rate and house With rising construction material cost, prices are likely to fi nd a bottom” at this 100% stamp duty exemption Affi n Hwang Capital Research senior as- level, assuming unemployment rates do for properties below RM300,000 sociate director for equity research Loong not worsen. “The Malaysian property mar- and transacted between Chee Wei says house prices will not come ket is undergoing a period of consolidation Jan 1, 2017 and down but will inch up at a very slow rate. and may continue so for the next one to Dec 31, 2018 The National House Buyers Association two years, assuming there are no major (HBA) honorary secretary-general Chang changes in the economy.” Kim Loong concurs, noting that prices of This is despite the recent years’ up- 4% stamp duty rate new homes launched by developers have trend in the national House Price Index for properties more than “saturated”. (HPI) generated by the National Property RM1 million effective “As for the stock of existing unsold units, Information Centre (Napic) and in the Res- Jan 1, 2018 developers will not directly lower their pric- idential Property Index by the Malaysian es, for fear of repercussions by earlier buyers, Institute of Economic Research. but may indirectly off er certain freebies such “On average, house prices in Perak, “Step-up” ljȶǁӸˎȶƃȶƺȈȶǼ as free legal fees and stamp duty or throw in Penang and Johor are easing faster than scheme under PR1MA to provide other goodies such as free air-conditioners those in Kuala Lumpur, Selangor and Neg- 90% to 100% and some even to the extent of ‘discounts’ eri Sembilan. Interestingly, house price loan amount guised in the form of credit notes. statistics published by Napic showed fi rm- “In the secondary market, if the economy er house prices in 1Q17 compared with continues to slow down, property specula- those in 4Q16 in selected states — KL, tors who are unable to service their mort- Penang and Negeri Sembilan,” off ers Pro- 10,000 gages might be forced to let go of their units fessor of Economics at the Business School houses in urban areas for at below market value. In addition, banks of Sunway University Dr Yeah Kim Leng. ʍɥɽɁˎʤljʰljƃɨɰɨljȶɽƃȢ may also auction off properties below mar- “These latest price trends suggest by eligible youths ket value. So there could be some good deals house prices have stabilised in some loca- on the secondary market,” Chang says. tions and strengthened in others as hous- Institute for Democracy and Economic ing supply and demand adjust to changing Aff airs chief executive Wan Saiful Wan Jan expectations and economic conditions The MyBeautiful New Home reckons that the unaff ordability of homes such as improving job and income growth, scheme for the B40 (bottom 40% with monthly household income is escalated by a heavy concentration of credit availability and overall outlook of ɁǹʍɥɽɁĄÃјӗўѕѕӰǼɨɁʍɥӗʥȃljɨlj supply around big cities, due to a lack of the economy. 5,000 homes priced from reliable public transport. “Nonetheless, the overall HPI is pro- RM40,000 to RM50,000 “This is why… we cannot expect a short- jected to moderate from 5.3% in 1Q17 to will each be built with term solution [to lower house prices]. It a trough of 3% or 4% for this year, in line ǼɁʤljɨȶȴljȶɽˎȶƃȶƺlj will not happen in the immediate term,” with its underlying long-term trend,” Yeah he explains. expounds. RM20,000

Vacant land for ǼɁʤljɨȶȴljȶɽӸȢȈȶȟljǁ companies and PR1MA to build ate risks very carefully. Th e bottom line here cracy and reduce compliance costs as According to Yeah, the measures have more than 30,000 houses to ude is risk assessment, and I would say that so the current application to approval pro- stimulated the supply side of the aff orda- be sold at prices from ate far, banks have been really prudent in as- cess is “lengthy and a slight hitch in be- ble housing market while somewhat easing to sessing risks [in approving housing loans].” tween would delay delivery time”, inducing access to fi nancing for rst-timefi homebuy- RM150,000 to ice An analyst who declined to be named higher cost on the developer’s end, which ers. However, they are not enough to off set concurs, pointing out that Malaysia is would then be passed on to homebuyers. softer market conditions in general. RM300,000 mic currently in a situation where balancing “Developers are over-burdened with “Specifi cally, the commercial and retail ai- aff ordability with property and banking increasing compliance costs. For instance, property as well as the upper and high-end fies sectors’ health is becoming tougher. “In developers are responsible for utility provi- residential market segments in a number uch such situations, perhaps allowing simple sion. Th ere should be cost-sharing [meas- of locations across the country are facing as demand and supply forces will result in a ures] between utility suppliers and de- over-supply and soft demand. Investment rve healthier sector in the long run. Bank Ne- velopers as utilities are common services demand, meanwhile, is compounded by a of aff ordable housing is a straightforward ply gara Malaysia is protecting the economy, complementary to the business needs of slowdown in foreign buying especially those incentive for private developers to take part. instead of simply chugging along causing both parties,” he proposes. from China, declining yield and smaller “On the other hand, for residential prop- oo, the streets to be full of [loan] defaulters.” Rehda agrees, noting that savings in upside potential,” he notes. erties in the open market, the government als Affi n Hwang Capital Research senior as- these areas can be passed on to homebuy- PEPS’ Foo says that while the policy ori- could partner with private developers for ike sociate director for equity research Loong ers. “Rehda would also like to request that entation in aff ordable housing matter is pri- joint development of residential proper- may Chee Wei thinks fi nancing assistance should GST be waived on construction materials for marily on price correction, there is a need ties in prime state-owned land to provide nd be expanded beyond People’s development of aff ordable housing priced to reduce the supply-demand mismatch housing in locations that appeal to buyers ers Housing (PR1MA) projects. RM500,000 and below. I’m not asking for ze- in terms of product off erings and pricing. at reasonable prices, especially the mid- gn Th e Real Estate and Housing Developers’ ro-rate, but a waiver. Th is will seriously help “It was observed that new housing de- dle-income buyers,” he says. Association (Rehda) has proposed a Home developers and encourage more people to velopments are increasingly concentrated IDEAS’ Wan Saiful calls previous meas- Ownership Assistance Programme to the build aff ordable homes,” said its president in the higher price categories and distribu- ures to address affordability ineffective, Ministry of Urban Wellbeing, Housing and Datuk Seri FD Iskandar Mohamed Mansor tion is inadequate. Locational factors often due to a mismatch between the price of nts Local Government aimed at fi rst-time or at a recent media luncheon. drive developers to off er smaller units to what people can afford and what develop- ves single-property homeowners, where de- compromise on sale prices, which may not ers are building. “Many people continue wn- velopers will include the interest of the Reː ecting on Budget 2017 be ideally sized for buyers. to see their salaries and wages being too sti- housing loan disbursed during construc- Industry observers are of the view that the “Alternatively, developers would only low relative to the fast rising costs of liv- eir tion into the purchase price. measures announced in Budget 2017 (see be able to launch lower-price properties ing and house prices, resulting in them the Meanwhile, Yeah expects the upcom- infographics) have managed to address the if the development is undertaken further finding it difficult to obtain mortgages. er- ing budget to provide initial fi nancing and needs of the aff ordable housing segments. away from the city centre, which in turn is We need to tackle both the supply and d. It subsidies for fi rst-time homebuyers. “Th e However, they were unable to stimulate the likely to be unattractive to buyers. Such di- demand challenges.” budget may also include measures to pro- general property market. vergence of expectations between buyers Foo declares that there were winners and up mote more innovative rent-to-own schemes “Having taken care of the affordable and developers leads to supply-demand losers in Budget 2017. “On the one hand, ng. to boost homeownership among the low- to segment, the government should leave it mismatch,” he says. property investment activity is likely to be op- middle-income groups,” he adds. to market forces to determine the general As prices rise on lack of supply, Foo says suppressed. On the other, the measures rty property market. Most properties in major the solution is to increase supply by releas- bring in new sources of demand as barri- sia Simplify bureaucracy and towns are beyond the aff ordable range so ing state-owned land parcels. ers to the market are lowered, presumably ffer. reduce compliance cost [stamp duty exemption] should be extended “As land cost is a major component in for genuine homebuyers such as fi rst-time eir 3 PEPS’ Foo urges the government to to [homes priced up to] RM500,000 to be pricing of a property, releasing state-owned homebuyers and young working adults,” heir introduce measures to simplify bureau- more eff ective,” says MIEA’s Eric. land parcels conditioned for development he says. EP 8 FRIDAY OCTOBER 6, 2017 • THEEDGE FINANCIAL DAILY NEWS

homes should be incorporated into every House prices will not come developer’s landbank strategy. “We also need more efficient planning and early contract awards for affordable homes to avoid bigger fluctuations in the down — but sizes will supply of building materials. Meanwhile MKH’s Chen commented that both the weakening ringgit and Goods LOW YEN YEING | EdgeProp.my and Services Tax have hurt the overall econ- BY LUM KA KAY omy, causing consumers to spend less. “One of the biggest challenges to all PETALING JAYA: Housing prices will defi- business sectors is the macroeconomy of nitely not go down as elements of prop- the country,” he said. erty development such as land cost and However, Lendlease’s Dinesh pointed development charges keep increasing. out some “low-hanging fruits” that the “Property prices will definitely go up. government could pick, which would lead We have asked various parties to help to significant shifts in the property market. bring prices down. So, this is one of the “If you have consistency in policies or challenges we are facing,” said Real Estate regulations, it will make life a lot easier. Housing Developers’ Association (Rehda) There is also a need for structure or local president and Glomac Bhd CEO Datuk plans for clarity of planning and land use. Seri FD Iskandar at a CEO roundtable on There is so much less clarity [in Malaysia] overcoming key issues and challenges in compared to Singapore. housing and property development. “As developers, we would like to know Moderated by Savills (M) Sdn Bhd exec- what competition we will face and what utive chairman Datuk Christopher Boyd, the future supply is going to be. In KL, we the panel also includes LBS Bina Group have very little clarity in planning, land Bhd group managing director Tan Sri Lim deals, plot ratio and so on. Hock San, MKH Bhd group managing di- “Streamlining approval processes — rector Tan Sri Eddy Chen and Lendlease notwithstanding the challenges on cost, Projects Sdn Bhd director and country the amount of soft cost such as conversion, head Dinesh K Nambiar. (From left) FD Iskandar, Lim, Boyd, Chen and Dinesh at the CEO roundtable development charges, authorities’ con- The panel discussion was part of the tribution — is a very large segment of the 20th National Housing & Property Summit progress with just affordable homes as fordable loan repayments for first-time total development cost, which continues 2017 organised by Asian Strategy & Lead- people who move up the socioeconomic homebuyers, and provide special low to go up every year. ership Institute on Oct 5 and 6 at Sunway ladder will yearn for a property to match interest rates for developer bridging loans “There is an opportunity there, so there Resort Hotel & Spa in Bandar Sunway. their upgraded lifestyles. for state-level affordable housing projects. is a need to revisit these costs if the gov- EdgeProp.my is the official media part- “So, we need a wide range of product “[Developers] are facing growing land ernment is keen to stabilise property ner for the event themed “The State of the offerings for homebuyers,” he added. cost and development charges, which will prices,” Dinesh said. Housing & Property Industry — Where do LBS Bina’s Lim agreed, noting that affect the construction cost. we go from here?” the government should do more to en- “A few years ago, buyers were going for FD Iskandar added that new homes are courage developers to build more af- higher-end homes as the market was still This first appeared at www.EdgeProp.my. becoming smaller because property devel- fordable homes, such as to offer tax bullish. Most of the products that we can Read more coverage of the 20th National opers are looking at absolute selling prices. incentives to encourage Industrial- sell now is 1,000 sq ft because the cost is Housing & Property Summit 2017 (Oct While affordable homes are currently ised Building System-related invest- high [for consumers],” he said. 5 and 6) online. a trend, he pointed out that a city cannot ments, allow low interest rates and af- Lim added that allocation for affordable

Majority of structural ˎ res can be avoided

BY RACHEL CHEW Fire incidents by premise types in 2016 THE GRENFELL IN LONDON FIRE TOOK AT LEAST 70 LIVES. PETALING JAYA: A whopping IN DUBAI, THE TORCH TOWER CAUGHT FIRE. 96.47% of the 5,485 reported struc- CAN IT HAPPEN IN MALAYSIA? Residential Commercial tural or building fi re incidents in / industrial 21.56% Malaysia last year were accidental, 21.56% Public place* according to the latest data from 1..89% the Fire and Rescue Department Others Academic 1.60% institutions** SYMPOSIUM 2017 Malaysia (Bomba). FREE! 54.89%54.89% Th e numbers underscore a cru- FIRST-COME, * Hospitals, community halls and IS YOUR HOME A 20%20% FIRST-SERVED cial fact that most structural fi res religious places can be avoided with high fi re safety ** Schools, universities and colleges FIRE awareness within the community, REGISTER NOW AT especially in residential buildings SOURCE: EdgeProp.my HAZARD? www.EdgeProp.my as the majority of structural fi re FOR DETAILS incidents involve homes. online based on a fi rst-come, fi rst- Lee’s topic is “Burning facts 14 October 2017 (Saturday) CALL 03. 7721 8289 or EMAIL 9AM SHARP – 1PM Meanwhile, blazes in residen- served basis. that you cannot ignore”, where [email protected] tial properties (landed, high-rise, Th e symposium is presented by he will reveal facts and figures Ballroom A, squatter and long house/traditional Gamuda Land and supported by based on real-life fire incidents Level 6, house) dominated the statistics, at Nippon Paint. in Malaysia, as well as electrical Hilton Kuala Lumpur 3,308 cases or 60.3%, followed by Five experts will be sharing fi re safety issues. shoplots (528 or 9.6%) and stores safety and prevention measures in Meanwhile, Hamdan’s talk is (323 or 5.8%). homes. Th ey are Architect Centre ac- titled “Fire safety and building reg- The top causes of residential credited building inspector and train- ulations — is Malaysia outdated?” fi res were electrical, cooking gas er Anthony Lee Tee, Lee Siong Archi- Low will elaborate on the impor- and unknown causes. tect principal architect Chong Lee tance of fi re prevention features, ORGANISED BY PRESENTING SPONSOR To raise awareness on the need Siong, Bomba’s Fire Safety Division such as fi re staircases and fi refi ght- for everyone to stay vigilant and assistant commissioner Hamdan Ali, ing water pumps in a property. updated on home fi re safety pro- Henry Butcher Malaysia () Chong’s topic is “So, your home cedures and responses, EdgeProp. Sdn Bhd executive director Low Hon was built with fi re safety in mind?”, SUPPORTING SPONSOR SUPPORTED BY my is organising a half-day free Keong and Th e Energy Commission’s while Faidarina will share about symposium on Saturday, Oct 14 Electrical Equipment Unit — Elec- guidelines and off er tips on how from 9am to 1pm at the Hilton KL trical Safety Regulation Department to safeguard your home against Sentral. Participants can register executive Nur Faidarina Alias. electrical incidents.

EP 10 FRIDAY OCTOBER 6, 2017 • THEEDGE FINANCIAL DAILY FEATURE Why you should not take your management corporation lightly

MBPJ BY TAN AI LENG

ecent news of service and maintenance fee defaulters hav- ing their belongings seized or auctioned off should be a wake- Rup call to stubborn defaulters. Th e management corporation (MC) of Vista Seri Putra in Bandar Seri Putra, Bangi, Selangor had approached the Kajang Municipal Council (MPKJ) in April to get the help of the authorities to act on 10 unit owners who had refused to pay their service charges. Subsequently, the MPKJ Com- missioner of Buildings (COB), to- gether with the police, issued war- rants to confi scate the removable properties of the fee dodgers. Th e unsettled service charges by these The defaulters amounted from about RM5,000 to RM9,735, accumulated objective over a few years. After the MC had secured all the is to necessary approvals and due dili- gence, a 20-people team formed by increase the MPKJ offi cers and police conducted the seize operation on the defaulters awareness The seize operation on defaulters at Vista Seri Putra on May 21 on May 21, with the MC members. While fi ve of the defaulters de- of residents’ cided to settle their debts through instalment plans, the other five obligations Steps to take before applying for a warrant: The MC also needs to: saw their valuables confi scated in- cluding electrical appliances and on strata Identify the stubborn owners/ Allocate a mobile devices. Following the op- tenants and keep a record store room eration, three of them decided to living.” of their default payments or a closed 1 space to settle their outstanding bill in full 1 — Siti keep the to redeem their belongings a few seized items days after. 2 Send out warning letter or notice Th e remaining two unit own- Engage a ers were issued 14-day notices but care of the seized items, insurance to the defaulters and make sure DEFAULT security PAYMENT failed to act on them. In June, the and labour cost, as well as the cost they are aware that action will be guard to look MC decided to auction their be- to engage the licensed auctioneer taken if they remain stubborn 2 after the longings via a licensed auctioneer. if there is an auction event. confi scated For us not in the know, the MC Th e cost needs to be borne by the properties had actually gone through a tedi- MC; thus, prior consent from the ous process to prepare a compel- majority of the owners is required. ling case in order to convince the Secure COB to issue a warrant that allowed Impressive after-effect insurance it to confi scate the belongings of Th e move, a fi rst in the country, 34 3 coverage the defaulters. has become a case study on the Discuss the issue during Make sure the defaulters For MCs who are thinking of tak- impact of such enforcement ac- the annual general are occupying the unit ing a similar action, here are some tion in raising awareness among meeting and get the and there are removable Stand by things they need to do before they strata homeowners and residents approval in taking action properties in the unit labour conduct the operation. about their responsibility in fulfi ll- cost (for moving the In order to get the warrant, cer- ing their obligations. 4 removable tain procedures need to be adhered According to MPKJ, although Send in an application together properties) to, including giving notice to the the auction of the seized goods with relevant documents (such owners to repay their debts and was insuffi cient to cover the mon- as defaulters’ details and 5 Engage observing due diligence on the re- ies owed, the Vista Seri Putra MC payment documents as well as spective owners’ fi nancial status. had seen its service fee collection meeting minutes) to the COB and licensed “Th e MC must make sure the rate increase signifi cantly following request the COB to take action 5 auctioneer defaulter is not a bankrupt and the the operation. unit contains removable items [with When the MC fi rst announced at least one electrical appliance] that it was taking action against before applying for the warrant,” the stubborn owners in April, the the community,” stresses Siti. tion against service fee defaulters the SMA) for strata owners who says MPKJ division head of COB service charge collection at the From her observation, the ma- and they can seek the help of the fail to pay their service charges Siti Rosemawar Mohd Sahi. condominium surged by 70% the jority of stubborn defaulters did COB to do so. on time, following which the COB Removable properties that could following month, and after the op- not pay their service fee not be- “However, not every MC has the will hire people to confi scate the be confi scated include electrical eration was conducted, the aver- cause of their fi nancial condition, determination or mandate [from its defaulters’ removable properties, appliances, mobile devices, fur- age monthly collection rate saw but because of their dissatisfaction members] to take action as certain confi scation action should be the niture sets and jewellery. an overall increase from around with the property management or preparations and prior permission last resort, she counsels. Before commencing the confi s- 40% to 78%. property manager. But Siti says this from the majority of the residents Other measures include posting cation, the MC also needs to ensure “It’s not about the money col- is not a valid reason for not paying are needed,” Siti notes. the name of the defaulters on the that there are allocations for stor- lected from the auction. Th e objec- the service charges. Although the COB has the right bulletin boards, bringing the case age space (to store the confi scated tive is to make the residents aware Under the Strata Management to issue a warrant of attachment to the Strata Tribunal or engaging items) and security guards to take of their obligations as a member of Act 2013 (SMA), MCs can take ac- (Form A in the Th ird Schedule of lawyers to take legal action.

EP 12 FRIDAY OCTOBER 6, 2017 • THEEDGE FINANCIAL DAILY FUTURE PUSHING BOUNDARIES IN FUTURE LIVING & BEYOND Connecting people and cities through spaces

SPARK ARCHITECTS BY NATALIE KHOO

uildings and spaces can be where people come together, inter- act and create mean- ingful bonds with one

another. For SPARK YOUTH BArchitects (Singapore) director Stephen Pimbley, this is often the top priority in his mind. One of the main considerations as an architect is to create “socially sustainable” buildings and spaces. “I like to create places where people enjoy being in. It is about making people feel better by what you do — for me, that is much more relevant. It is not just about the big The Clarke cept that combines housing and master plans and about making Quay facilities for the elderly with some- money, as it all comes down to waterfront thing seemingly unrelated — urban making people’s lives better,” Pim- redevelopment farming. Th is concept could address bley told the audience during his was Pimbley’s two issues — an ageing society and talk entitled “Connected Architec- ˎ rst project in food security. ture” at the Future Forward Forum Southeast Asia. “I found out that in Singapore, 2017 on Sept 7. almost over 90% of our food is im- Th e forum was organised by Re- LOW YEN YEING | EdgeProp.my ported. With this project, the people hda Youth, the youth division of HomeFarm four Singaporeans will be aged 65 staying in the retirement home can the Real Estate and Housing De- Meanwhile, Pimbley has also come and above. Th at translates into bet- also work part-time in this farming velopers’ Association Malaysia, up with an interesting concept for ter healthcare, people living longer business and make some income in partnership with Nippon Paint urban retirement housing known and being able to make meaningful to pay off , say, their medical fees or Malaysia. EdgeProp.my was the as HomeFarm. Th e conceptual de- contributions to the society; but, utility bills. Of course, it is by choice offi cial media partner. sign of HomeFarm was awarded there are other implications as well,” [to work part-time]. Th ere will be As a young architect, Pimb- the World Architecture Festival and said Pimbley. professional organisations to man- ley was drawn to and inspired by Awards for the Experimental cate- He then came across the word age the farms,” said Pimbley. the Nolli Map. Th e Nolli Map is a gory in 2015. While this project has “Sitopia”, an ancient Greek word It is evident from his designs two-dimensional drawing or plan yet to take its physical form, Pimb- that combines the word “sitos” and ideas that buildings, places that comprehends how the fl ow of ley said it is essentially a combina- (food) and “topos” (place). Th at and people are interconnected and space works within a city as well as tion of two ideas — food creation ignited something in him and the all the three components need to its accessibility. and aged care living — into one result was a desire to come up with co-exist in a socially sustainable Th e fi rst Nolli Map was drawn by single project. an urban retirement housing con- manner. Italian architect Giovanni Battista “I remember when my mother’s Nolli who gave birth to the drawing aunt was diagnosed with tuber- plan of Rome, Italy. culosis — she spent a long time “It is a very beautiful drawing. in a hospital. Most of the places But what I think is very interest- where people stay when they are ing about this plan is the spaces sick are terrible buildings. Th ey are inside the buildings — the basil- designed more for the clinicians icas, churches, libraries and pub- Pimbley: I like to create places than for the patients. lic buildings that inhabit Rome as where people enjoy being in. “I also read about the ageing public spaces. population in Japan — that adult “So, it is not just about the open formulated a lot of the ideas that diapers outsell children’s diapers. streets, avenues and boulevards are inherent in the projects I am I told myself not to think about it that are inhabited by people — it’s currently working on,” he said. but I could not help it. As I thought the buildings themselves. Th e draw- One of the goals of the Clarke more about it and did more research, ing correlates the public spaces in- Quay conservation redevelopment I found out that in 2030, one in every side and outside the buildings that project was to bring people back to become the domain of the public,” the river as a sustainable commu- Pimbley elaborated. nal public space. “For some people, it might be as- The conceptual Clarke Quay sociated with bars and restaurants, design of One of Pimbley’s most well-known but it really is about re-animating HomeFarm projects and his fi rst in Southeast the waterfront. Th is project has re- was awarded Asia was the Clarke Quay water- mained very successful till today,” the World front redevelopment in Singapore Pimbley shared. Architecture — SPARK Architects was respon- Th e redevelopment of the land- Festival and sible for the refurbishment of the mark was completed in 2005 and Awards for the heritage shophouses, landscap- today attracts some 12 million vis- Experimental ing, creating canopies and fi nding itors yearly. Clarke Quay has also category in 2015. new waterfront food and beverage been recognised with numerous spaces in the area. awards including the Cityscape “A long time ago, Singapore’s riv- Architectural Review Awards (for er was the life of the city. Of course, the Tourism, Travel and Transport as the country grew and more de- Built category) in 2007 and City- velopments took place, life dis- scape Asia Awards (for the Best appeared from the city. Being my Waterfront Development catego- fi rst project in Southeast Asia, it ry) in 2008.

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