MONTH: JANUARY 2014 ISSUE: 01/2014

Property

News

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Issue 1: 1- 31 Jan 2014

GENERAL ECONOMIC & PROPERTY MARKET

1. I-Berhad units buying assets in (Business Times, 9 January 2014) . I-Berhad says its units I-City Properties Bhd and City Centrepoint Sdn Bhd, are buying assets in Shah Alam from The Peak@KLCC Sdn Bhd for RM370.3 million. . In a filing to Bursa yesterday, the company said I-City Properties has proposed to acquire a land of about 4.9 hectares for RM241.3 million, while City Centrepoint has proposed to acquire a nearby 3.01 hectare site for RM129 million.

MARKET & PROPERTY ECONOMIC GENERAL 2. RM50b project tenders out next month (Business Times, 16 January 2014) . The Employees Provident Fund's unit, Kwasa Land Sdn Bhd, will call for tenders in February for the development of its RM50 billion township project in , . . Kwasa Land Managing Director Mohd Lotfy Mohd Noh said upon obtaining approvals from the state authorities, the first parcel of 25.6-ha will be developed into a modern state-of-the-art town centre and transport hub, in partnership with Tier 1 developers. . Tier 1 developers are large-scale companies with a paid-up capital or shareholders fund of at least RM1 billion. . The town centre will comprise 70 per cent commercial and 30 per cent residential components. . Besides the town centre, residential developments of 4ha to 5ha each will be tendered out to Tier 2 and Tier 3 Bumiputera developers. . The township project will be developed into eight precincts, each with its own urban-design guidelines.

3. Felcra to kick off projects in April (Starbiz, 29 January 2014) . Felcra Bhd expects the construction of its maiden premium mixed property development project in Jalan Semarak, to begin in April and completed within the next three years. . The project will comprise the group’s new headquarters a 30-storey Wisma Felcra, condominiums and a shopping mall cum business centre. . The gross development value of the entire project was estimated at RM1 billion, of which phase one would cost about RM400 million.

4. Bank Negara maintains benchmark rate at 3% (SunBiz, 30 January 2014) . Bank Negara Malaysia (BNM) yesterday kept the overnight policy rate (OPR), which is used as a benchmark for banks to determine interest rates, unchanged at 3% at its first Monetary Policy Committee (MPC) meeting for the year. . Inflation rose to 3.2% in December 2013 to average at 2.1% for the year as a whole. . Going forward, inflation is expected to average higher largely due to domestic cost factors.

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DEVELOPMENT LAND

5. 2 Bumi firms buy 2.4ha from Kwasa Land (Business Times, 28 January 2014) . Kwasa Land, which is a wholly-owned subsidiary of the Employees Provident Fund (EPF), said Pink Corner won the 1.72ha Lot 73535 of Mukim Sungai Buloh, District of Petaling, Selangor, with a winning bid of RM13 million or at RM70 per sq ft (psf). . TRC Land Sdn Bhd won the 0.69ha Lot 73971 in the same area with a RM 6.1 million bid or at RM82 psf.

DEVELOPMENT LAND DEVELOPMENT . The land parcels were tendered on an "as is, where is" basis, based on agriculture titles, and are a mere stone's throw away from the main township development. . Both land parcels were sold above the reserved price by 13 per cent and 11 per cent, respectively. . The plots would gain from socio-economic benefits that include the new mass rapid transit system and commercial, retail and residential developments, including affordable homes.

RESIDENTIAL PROPERTY IN

6. New serviced residences in i-City (MertoBiz, 6 January 2014)

. The i-Suite @ i-City, a freehold development, will be managed by Nest Western International.

/

. Naresh Mohan, Managing Director of Trinidad Hospitality Sdn Bhd said, all of 498 units of i-Suite@i-City

RESIDENTIAL PROPERTY PROPERTY RESIDENTIAL come furnished in accordance with hotel room specifications. . He added that property buyers who opt for the leaseback offer can expect anything between 6% and 7% annual returns as opposed to 3% and 5% if they were to rent out their units. . The serviced residences come in built-up areas ranging from 566 sq ft to 850 sq ft with price starting from RM437, 680. . The project is expected to be completed in 2016, the same year as the expected completion of the RM580 million Central Plaza @ i-City retail mall.

7. Mah Sing to preview first landed homes in (TheEdge, 10 January 2014) . Mah Sing Group Bhd will unveil the first landed homes in its 428 acre (173 hectares) Southville City@ KL South in Bangi, Selangor by end-February. The group’s latest offering will span 15 acres and has a gross development value of RM150 million. In total, there are 196 units of linked houses offered. . The selling price for the 2½-storey linked houses, which are sized from 2,600 sq ft, will start from RM860,000. The 3-storey version, sized from 2,900 sq ft, will be priced from RM980,000. The link houses will have a shared linear garden. . Around the same period, Mah Sing will officially launch the first five blocks Savanna Executive Suites. . Last September, Mah Sing unveiled the first four blocks of Savanna Executive Suites. According to the developer, approximately 80% of the 1,500 available units were taken up. Prices for the units were priced at RM318,000. . Savanna features eight blocks of 25-storey apartments with layouts sized at 956 sq ft, 1,017 sq ft and 1,960 sq ft. These units will be partly furnished with an air-conditioning system and basic fittings. . The construction of all eight blocks will start mid-2014 and scheduled to be completed by end 2018 or early 2019.

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. The township sports a 20-acre sales gallery and show village, all of which, including the landscaping, cost over RM10 million to build. . A 13km pedestrian footpath-cum-bicycle track connects the entire neighbourhood. Southville City will also have a riverside walk, nature trail and a 9-acre urban park. . The freehold development will be accessible via a 5km interchange, which costs RM150 million. It is approximately 2.5km away from the Bangi interchange on the KL-Seremban stretch of the North-South Highway. . Work on the interchange will start in mid-2015 and is slated to be completed within 28 months. . Southville has an estimated gross development value of RM5.15 billion, divided into three phases and will be developed in stages. Upon its completion in 10 years, Southville City will be home to more than 17,500 people.

8. OSK Properties to officially launch Eclipse Residence (The Edge, 10 January 2014) Project / development Eclipse Residence (Phase 3 of Pan’gaea)

Developer OSK Property Holdings Bhd RESIDENTI Location Launching End of March 2014 Tenure Freehold Development type / 2 towers of serviced apartment unit -668 units GDV RM398 million

Build up 1- 3 bedroom suites PROPERTY AL -From 450 sq ft to 990 sq ft Land area 16 acre Facilities . Multi-purpose room . Gourmet and chill zone . Gymnasium . Games room . Sauna and steam room . BBQ area . Jogging track . Children’s playground . Squash courts . Viewing deck . Yoga and Tai Chi lawn Completion date In 4 years

Notes . Approximately 30% of the available units have been taken up. . Eclipse Residence is the third of five phases in Pan’gaea. . The facilities will be on the 10th floor and rooftop . The residents will also have access to a sky bar and lounge, Jacuzzi, landscaped gardens and an infinity swimming pool on the rooftop of the two residential towers. . The other components in Pan’gaea include :  Small Office Flexible Office (SoFo) suites  Boutique retail shops  Serviced residences  A street mall as well as the gallery mall, with over 300,000 sq ft of net lettable space.  A boutique hotel . Within a 5-15 minute walk to educational institutions such as the Multimedia University and Lim Kok Wing. . Easily accessible to , , Subang and Shah Alam, as well as major expressways such as The North-South Central Link (Elite Highway), South Klang Valley Expressway, The Damansara-Puchong Highway and the Maju Expressway (MEX).

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9. Highlight Tycoon, offering HK$500m to “future son-in-law” resumes KL project (The Edge, 3 January 2014) . The project comes eight years after property magnate Cecil Chao of Cheuk Nang (Holdings) Ltd began his foray into Malaysia’s real estate market with Parkview serviced apartments in Kuala Lumpur, which was developed jointly with Mayland Bhd. . Cecil Chao Centre, the 1.8 acre (0.728 hectare) freehold project will now comprise four towers of luxury residences instead of serviced apartments, offices and a hotel as planned previously. . In 2009, Kuala Lumpur City Hall granted development approval for three 50-storey blocks and a 36-storey block of luxury residences with a total of 879 units. . Units in the three 50-storey blocks will range from 600 sq ft to 2,300 sq ft, with preliminary prices at RM1,500 psf. . The first phase, comprising two 50-storey towers, is scheduled to be launched in June, while the third tower will be launched about six months later.

10. Development takes shape in Klang Valley’s growth corridor to the south (Metrobiz, 24 January PROPERTY RESIDENTIAL 2014) Project / development Putra 1 Developer Bangi Heights Development Sdn Bhd (a subsidiary of United Malayan Land Bhd) Location , Kajang Development type / Resort themed condo-styled apartment unit 505 units Build up 854 sq ft to 1,224 sq ft. Land area 8.9 acres Facilities . Multi-tier security system . Badminton and basketball courts . Swimming and wading pools . Reflexology pond . Gymnasium . Alfresco dining and BBQ areas . Playgrounds . Nursery . Landscaped garden . Multi-purpose hall. . Sauna Amenities . Surau . Shops

. Schools . Petrol kiosk . Police station . Clinics . Post office . mini markets . Bank . Green open space for recreation . Eateries Notes . Prices for units start from RM321,000 onwards . The Putra 1 project is located in the heart of Bandar Seri Putra, already an established township in the Klang Valley’s southern growth corridor close to Kuala Lumpur, Cyberjaya and Putrajaya. . Putra 1 is strategically located with easy and direct links from the KL-Seremban Highway via the dedicated Putra Mahkota Interchange. It is only 37km to Kuala Lumpur City Centre, 12km to , 30km to Putrajaya, 35km to KLIA/LCCT and about 5km to Nilai.

An artist’s impression of Putra 1

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11. Third phase of township launched (MetroBiz, 3 January 2014) . IJM Land Bhd, the developer of Bandar Rimbayu will be launching the third phase of the township early next year, following the good take-up rates in the first two phases of the development. . Phase 1 is 90% sold out, while Phase 2 still has 20% in unsold units. . The gross development value of Phase 3 is estimated to top RM400 million. On the whole, the 1,879-acre mixed residential and commercial project has an estimated GDV of RM11 billion and is targeted for full completion over the next 15 years. . Managing Director and Chief Executive Officer Datuk Soam Heng Choon said about 15% of the land has been set aside for green lung and water bodies. . With an indicative selling price of RM850,000 and above, Phase 3 comprises 464 units of linked semi- detached residences in two designs, spread over 51 acres of land. . The units feature a generous land allocation of 32ft x 70ft perfect for homeowners with a penchant for gardening and children who love the outdoors. . IJM Land expects to announce Phase 4 (110 units of 24-footer link homes) and Phase 5 (about 230 units of

landed strata linked homes, service apartments and shop lots) in the next two years. RESIDENTIAL

PROPERTY

An aerial view of The ARC, Bandar Rimbayu’s main centrepiece.

12. I-Bhd aims to roll out RM1.3b projects in 2014 (SunBiz, 13 January 2014) . I-Bhd, master developer of the i-City ultrapolis, plans to launch RM1.3 billion worth of projects in 2014. . Of these, two notable projects are the development of Grand i-Residence in the vicinity of the Kuala Lumpur City Centre which marks I-Bhd's maiden development exposure outside of i-City and the next phase of the i-Suite @i-City serviced residence project. . Targeted to be launched in the second quarter this year, the Grand i-Residence project has a gross development value (GDV) of RM800 million while the GDV for i-Suite @i-City is RM500 million. . The subsequent phase of i-Suite @i-City project involves the development of 6,500 bays of car parks that i- City will keep as long term investment, said I-Bhd deputy chairman Datuk Eu Hong Chew. . Eu added, currently, car parks in i-City are valued at RM30,000 per bay due to the potentially high revenue they can generate. . "In 2012, revenue from our property development segment was only about RM25 million. We expect this to grow four-fold in 2013 with further growth anticipated for 2014," said Eu.

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13. Naza plans RM1.7bil projects (Starbiz, 22 January 2014) . Naza TTDI Sdn Bhd is targeting to launch projects worth a gross development value of RM1.7 billion in prime locations in the Klang Valley this year. . The main property development arm of Naza Corp Holdings Sdn Bhd will begin the launches in March, with the sale of components of TTDI Sentralis and TTDI in Shah Alam as well as TTDI Dualis in Equine Park comprising serviced apartments, linked houses and mixed commercial development respectively. . It will also launch other residential phases in TTDI Grove Kajang and TTDI Alam Impian throughout the year. . Naza TTDI deputy executive chairman and group managing director SM Faliq SM Nasimuddin said Lembaga Tabung Haji and the Naza Corp office towers within Naza TTDI’s RM4 billion prime development of Platinum Park in Kuala Lumpur were expected to be completed by the first quarter 2014 and second quarter 2015 respectively. . Only Menara Felda within the development has been completed so far. . He said the company would launch in July the first phase of the residential component of Platinum Park, a serviced apartment tower comprising over 500 units with a GDV of RM452million, and will also launch the

RESIDENTIAL premium five-storey shop offices and the residential apartments at TTDI Sentralis 2 in Shah Alam in May.

PROPERTY PROPERTY

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COMMERCIAL PROPERTY IN KLANG VALLEY

14. UOA unit to sell office building for RM72.5m (Business Times, 8 January 2014) UOA to sell office building (StarBiz, 8 January 2014) . UOA Development Bhd says its unit Paramount Properties Sdn Bhd is selling a 12-storey office building at Avenue 3, The Horizon in Bangsar South, Kuala Lumpur, to Marak Moden Sdn Bhd for RM72.54 million. . UOA will also lease the building from Marak Moden upon the legal possession date at a monthly rate of RM362,700 for a three-year period, subject to terms and conditions being mutually agreed upon by the parties. Net Lettable Area (NLA) 61,700 sq ft Selling Price RM1,176 per sq ft

15. PJD to sell 28-storey office tower in KL (Business Times, 2 January 2014) . PJ Development Holdings Bhd (PJD) will dispose of a 28-storey office tower in Kuala Lumpur worth RM220 million to Able Starship Sdn Bhd.

COMMERCIAL . PJD said the move will allow it to unlock the value of the property in view of the prevailing favourable market prices for property sales.

16. Jaya Shopping Centre achieves 80% occupancy rate (TheEdge, 10 January 2014) . The new Jaya Shopping Centre in Section 14, , has achieved an occupancy rate of 80% demonstrating confidence ahead of its anticipated opening in March and more than 80% of the retail stores in Jaya Shopping Centre taken up.

. Some of tenants include Cold Storage, TGV Cinemas, Best Denki, Brewball Pool & Karaoke, CIMB Bank, PROPERTY Chili’s Bar & Grill and Toys’R US. . The mall is surrounded by 23 established universities and private colleges in the vicinity and also neighborhood shopping centre that has a strong nostalgic flavour and they hope to create more than just memories. . Jaya Shopping Centre is expected to receive the certificate of completion and compliance (CCC) in the next few weeks.

17. MRCB to sell building for RM750m (Starbiz, 30 January 2014) . Malaysian Resources Corp Bhd (MRCB) has inked a RM750 million deal to sell its Platinum Sentral office building in KL Sentral to Quill Capita Trust Bhd. . The heads of agreement (HOA) was signed yesterday. Quill Capita Trust, an office-based real estate investment trust (REIT), will pay for the building with RM486 million in cash and RM264 million in new Quill Capita Trust units at RM1.32 apiece, both companies said in filings to the stock exchange. . Platinum Sentral consists of five blocks with four-to-seven stories of commercial buildings housing office- cum-retail space, a multi-purpose hall and two levels of car parks. . Its office space, with a net lettable area of 450,000 sq ft, is 100% occupied, although its 79,000-sq-ft retail portion is only 20% occupied, according to HwangDBS Vickers Research.

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18. Commercial properties still offer good returns (Business Times, 6 January 2014) . Commercial properties in Malaysia, especially in the Klang Valley, continue to offer lucrative returns to investors despite worries on the oversupply of office space in the sector. . Property investments, commercial properties generally offer a return of between 5 and 7%. . The take-up rate of commercial properties comprising shop-offices, offices, shop lots and so on is above 60% which is acceptable.

19. IOI city mall operator confident (StarBiz, 27 January 2014)

. A new mall which has a net lettable area of 1.4 million sq ft (roughly the size of Pavilion in Kuala Lumpur) / PROPERTY COMMERCIAL across four levels is targeted for completion by the middle of this year. . IOI City Mall Sdn Bhd’s Marketing and Leasing Head Chris Chong said, the occupancy rate is currently at around 80%. They expect it to be almost 100% by the time they open at the end of the year. . The mall will be anchored by department store Parkson, a British hypermarket, Golden Screen Cinemas and Thailand-based home centre HomePro. . Its main retail offering will be fashion and accessories, complemented by children, home, information technology, sundry and services, as well as more than 90 food and beverage outlets. The mall will also have more than 350 shops. . Two 30-storey office towers and a 23-storey, five-star hotel is also being built adjacent to the mall. Construction of the towers and the hotel is scheduled for completion in 2015 and 2016, respectively.

HOSPITALITY & TOURISM

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20. Hotel rates in Asia will be more affordable this year (The Edge, 10 January 2014) TOURISM & OSPITALITY . Hotel rates in most Asian cities are expected to become more affordable in 2014, following from a trend of decreasing rates in 2013, according to the Hotel Reservation Service (HRS). . This not only increases the supply of hotels in Asia, but also increases competition, as now more choices and destinations are made available to host MICE (Meetings, Incentives, Conferences, and Exhibitions) events. . HRS recently released its 2013 Hotel Rate Developer report and said that 2013 saw the decrease of hotel rates in most Asian cities with the exception of Bangkok and Taipei. . According to the report, hotel room rates fell in 2013 compared with 2012 in most Asian cities except for Taipei which recorded an increase of 3.66% and Bangkok, which saw its rate increase by 11.03%, one of the highest increments worldwide. . Singapore recorded a decrease of 0.07%, Kuala Lumpur a decrease of 8.55%, Seoul a decrease of 9.11%, and Mumbai recorded a decrease of 12.43%. Meanwhile, New Delhi recorded a staggering decrease of 26.63% followed by Tokyo with an 18.74% decrease.

. HRS attributed the decrease of hotel rates in Asia in 2013 to the fact that it has been more aggressive and competitive in rates, especially in Singapore, offering better deals and discounts. . “It also offered a range of independent and non-GDS (Global Distribution System) hotels so there was a wider choice to travelers. With more hotels offered in Asia from luxurious to boutique ones, competition tend to be stronger and therefore the fall in hotel rates,” says HRS.

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21. Offers to buy Protasco Hotel (Business Times, 30 January 2014) . Protasco Bhd has received unsolicited offers from local investors to buy its purpose-built hotel at its RM10 billion De Centrum integrated development in Kajang, Selangor. . He did not say how much the investors would pay for the four-star hotel but market observers think it should be around RM250 million. . Protasco is developing De Centrum on a 40.5-hectare site. The infrastructure University Kuala Lumpur (IUKL), which the company owns and manages, sits on the land. . The project includes residential and commercial properties such as a hotel, a mall and a convention centre, to be developed over 15 years. . Meanwhile, Protasco is launching medium-end condominiums worth RM130 million in June. . Group Managing Director Datuk Seri Chong Ket Pen expects all 320 units, priced between RM300 and RM400 per square foot (psf), to sell within six months. . His optimism is based on the fact that when the company launched apartments, small office/home office and shoplots a year ago, 85% of the properties were snapped up in a few months. . Next year Protasco will launch serviced apartments priced at more than RM600 psf. . The launches will attract IUKL’s student population, which stands at about 4,000, and its 350 employees.

22. New resort for Malacca (MetroBiz, 27 January 2014)

H

. Goldcoast Resort project, the STG Group is all set to start its second resort project in Malacca. TOURISM & OSPITALITY . The Gold Coast Water City Malacca, earlier known as Goldcoast International Resort Malacca, was acquired from Yayasan Melaka by STG at a cost of RM82million. . It is expected to start operations by the end of March. . The water city resort would consist of 322 apartments with a total of 840 rooms. . The resort would come with various facilities, including a boating area, fishing spot, swimming pool, theme park, playground, multipurpose square and restaurants serving Japanese and Western cuisines. . STG Group will be investing an additional RM18 million to build a new water theme park. . In line with Visit Malaysia Year 2014, he said the group was positive that the resort would become an instant hit. . The company also planned to offer 50% of its 322 units for sale ranging from RM368,000 onwards. . STG Group chairman Datuk Alex Tan Siong Seng said they have recorded 60% occupancy rate in Morib and expect it to be even higher at the new resort.

An artist’s impression of Gold Coast Water City Malacca, which is expected to be ready in March. .

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23. 2 EPF properties for sale (Business Times, 16 January 2014) . Two properties belonging to the Employees Provident Fund (EPF) on Penang Island are up for sale. . They are Northam All Suites Hotel in Jalan Sultan Ahmad Shah and Gurney Resort Hotel and Residences in Gurney Drive. . It is learnt that the asking price for Northam, which comprises 142 suites, is RM50 million, while Gurney Resort (with 259 suites) is said to be priced at RM100 million. . Both properties are managed by Swiss-Garden International Hotels, Resort and Inns. . The 37-storey Gurney Resort sits on a 0.9-hectare freehold plot at the island’s famous seafront promenade, while The Northam All Suites Hotel sits on 0.744 hectare of freehold land along “Millionaire’s Row”.

24. Accor plans 15 more hotel by 2016 (StarBiz, 27 January 2014) . French hotel group Accor is rapidly expanding its network in Malaysia, with 15 new hotels nationwide in the pipeline by 2016. . The new hotels coming up in and Sabah will provide about 2,600 rooms. . By next year, the group’s Malaysian network is expected to more than double to 20 hotels with over 5,000 rooms from the current eight hotels.

. Accor’s existing eight hotels in Malaysia are under three of the group’s 11 brands. The three are Pullman, H Novotel and ibis Styles hotels. They are Pullman Putrajaya, Pullman Bangsar, Pullman Kuching, Novotel & OSPITALITY Kota Kinabalu, Novotel Kuala Lumpur City Centre, ibis Styles Fraser Perak, ibis Styles Cheras, Kuala Lumpur and ibis Styles Ipoh. . The 513 room Pullman Bangsar opened for business last month. . Senior Vice-President for Malaysia, Indonesia and Singapore Gerard Guillouet said, “we expect to open at least four hotels this year. They include Novotel Melaka (374 rooms), Mercure Kota Kinabalu Eton (103 rooms) and ibis Styles Sandakan Waterfront (135 rooms).” . According to him, Accor would have 25 hotels in 11 Malaysian cities and towns by 2017 based on

committed projects under construction. TOURISM . Guillouet said Accor hotels in Malaysia which opened at least three years ago were now recording average occupancy rate of between 75% and 80%, adding that the newer hotels would need time to build up their occupancy rates.

Pullman Putrajaya. French hotel group Accor aims to be Malaysia’s leading international hotel operator by 2017.

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INFRASTRUCTURE & AMENITIES

25. KLIA 2 now 98% completed (The Star, 8 January 2014) . KLIA2 is in need of a mere 2% of work to be completed before the much-anticipated new terminal is ready for full operation. . Acting Transport Minister Datuk Seri Hishammuddin Hussein said it was expected to be ready on May 2, and the project is now 98% completed and all parties are working hard 24/7 to meet its deadline. . He said the project was expected to receive its Certificate of Completion and Compliance (CCC) given by the architects, engineers and building draughtsman registered with the Board of Architects Malaysia (LAM) by the end of the month. . It was reported that the joint venture between UEM Construction Sdn Bhd and Bina Puri Sdn Bhd had announced that the work package for KLIA2 would be completed by the stipulated deadline of Jan 31. . Malaysia Airports Holdings Bhd aims to open KLIA2 for operations on May 2 following the missed completion date of April 30 last year. . The airport is unique from the other airports and has even received international recognition by retaining

INFRASTRUCTURE & AMENITIES & INFRASTRUCTURE our seat in the International Civil Aviation Organisation (ICAO).

26. Bridge boosts land prices (Starbiz, 20 January 2014) . Since the second bridge project was announced in 2007, vacant land prices on both ends of the bridge, which connects Batu Maung on the island and Batu Kawan in southern Seberang Prai, have jumped. . The price of vacant land in Batu Maung on the island had increased to RM250-RM300 per sq ft from RM50- RM60 per sq ft. . In Seberang Prai, prices of vacant land hover at RM50-RM60 per sq ft, compared to RM8-RM9 per sq ft prior to the announcement of the second link project. . The price of vacant land has appreciated 500% on the island and about 700% in Seberang Prai. . For landed properties, new two- to three-storey terrace houses now cost from RM1.2 million south of the island, compared with about RM450,000 prior to the announcement. . The new condominiums in similar locations are now priced at RM700,000-RM800,000, compared to RM250,000-RM300,000 prior to the announcement.

The second Penang bridge

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27. Second Penang bridge to open next month (New Straits Times, 16 January 2014) . The RM4.5 billion Second Penang Bridge will be opened next month. . The 28-booth toll plaza at the Bandar Cassia interchange in Batu Kawan will be the biggest of its kind in Malaysia. . The Second Penang Bridge, which connects Batu Maung on the island to Batu Kawan on the mainland, serves as a second crossing after the first Penang Bridge was opened in 1985. . The bridge is expected to ease traffic congestion on the first bridge by 20 to 30 per cent.

OVERSEAS

28. Malaysians make up 15pc if DUO Residences’ buyers (Business Times, 2 January 2014) . DUO Residences, which is part of Singapore's S$3.98 billion (RM10.2 billion) DUO integrated development, is more than 90% sold and Malaysians accounted for 15% of the total sales. . This indicates that more Malaysians are buying properties overseas, perhaps driven by new measures to cool the property market here. . The DUO integrated development is one of two major projects by developer M+S Pte Ltd, a joint venture between Singapore's Temasek Holdings and Khazanah Nasional Bhd. . The preview launch for DUO Residences, featuring 594 units, took place in November and more than 90%

sales were achieved within two days. OVERSEAS . The units were priced at an average S$2,000 per square ft, with more than S$2,600 per sq ft for a studio apartment. Prices for the studio apartments start from S$902,000.

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