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FRIDAY DECEMBER 4, 2015 ISSUE 2060/2015

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THE EDGE PROPERTY EXCELLENCE AWARDS 2015

Go to TheEdgeProperty.com ep8 NEWS ep14 FEATURE ep22 LEGAL for interviews, pix and videos I-Bhd to launch RM829 Mall meccas: PJ’s 5 things a landlord million project in and needs to know Jalan Kia Peng prime Damansara areas COUNTRY’S BEST PROPERTY DEVELOPERS FETED Top property developers were feted at Th e Edge Malaysia Property Excellence Awards 2015 gala night on Nov 28. Th e No 1 ranked developer for 2015 was Sunway Bhd. Turn to ep12 and 13 to fi nd out more about the winning developers.

Presented by Th eEdgeProperty.com MOHD IZWAN MOHD NAZAM/THE EDGE PROPERTY EP2 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY FRI FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP3 EP4 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY FRI FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP5 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP6 PROPERTY | NEWS

ON NEWS ROUNDUP Go to theedgeproperty.com for more news

Kwasa Land picks Naza Sunway to launch Bangi within the development and more Th e cost of the detailed environ- at www.theedgeproperty.com TTDI as development project in 1Q2016 than 500,000 students, residents mental impact assessments for the partner for Plot R2-1 and employees of multinational road and rail-based public trans- corporations from around Bangi, port segments, reclamation, and and Nilai. feasibility studies could cost be- tween RM300 million and RM400 300 projects to be assessed million, which would be borne by with Qlassic, says Fadillah the state. Th e Works Ministry hopes to achieve Szeto said the two islands, will its target of assessing 300 construc- have fl ushing channels, 700 acres tion projects in the country under or 15% green space in total, a 5km Sunway Bhd — the Quality Assessment System in beach stretch, 25km coastal park, Malaysia’s No 1 Construction (Qlassic) by this year. 30km-long waterfront, sheltered developer A development rights agreement for Sunway Bhd will be launching its Works Minister Datuk Seri Fa- pedestrian walkways, and desig- Plot R2-1 has been signed between newest integrated development, dillah Yusof said the total number nated bicycle lanes. landowner Kwasa Development (3) Sunway Gandaria, in Bandar Baru of projects assessed under Qlassic Th ey will have a meetings, incen- Sdn Bhd, a wholly owned subsidiary Bangi, , in the fi rst quarter in 2014 was 272, and160 in 2013. tives, conferences and exhibitions of Kwasa Land Sdn Bhd, and Naza of 2016. Th e project comprises re- Qlassic, a system to measure and centre, sports arena, museum and TTDI Sdn Bhd to jointly develop a tail shops and a block of serviced evaluate the workmanship quality performing arts centre as well. 12.7-acre residential project compris- apartments, and will be the tall- of building construction work, will ing 278 units in Kwasa Damansara. est landmark in the vicinity upon be made mandatory for all govern- S P Setia to launch more Kwasa Land is the master devel- completion. ment construction projects in 2018. than RM1 bil of products oper of the 2,330-acre township and Sunway property development It is based on construction industry in next year IJM Land a wholly owned subsidiary of the division executive director Ang Kee standards. Government authorities S P Setia Bhd plans to launch prod- Bhd among Employees Provident Fund. Kwa- Ping said Sunway Gandaria will be are being encouraged to stipulate ucts worth more than RM1 billion sa Land managing director Datuk the choice development for fi rst- Qlassic as a requirement for their in GDV in Aeropod, Kota Kinabalu, Malaysia’s top Mohd Lotfy Mohd Noh and Naza time homeowners, upgraders and projects. — Bernama next year, according to its acting 10 property TTDI deputy executive chairman business owners who demand val- president and CEO, Datuk Khor developers and group managing director SM ue while capitalising on the expan- Reclaiming two islands under Chap Jen. Faliq SM Nasimuddin signed the sion of the Southern Valley Transport Master This includes retail offices, a agreement on Dec 2. development corridor as an opti- Plan will cost up to RM8 bil boutique hotel and two blocks of Mohd Lotfy said the six-year mal business and residential hub. SRS Consortium Sdn Bhd, the pro- serviced apartments housing 800 development is expected to yield Scheduled for completion in ject delivery partner for the Gamu- units in the 60-acre integrated de- an approximate gross development 1Q2020, the 2.04-acre mixed-use da Bhd-led Penang Transport Mas- velopment with a GDV of RM232 value (GDV) of RM400 million. development has an estimated terplan, has estimated the cost of million and RM680 million, re- Upon completion, Kwasa Land’s GDV of RM226 million, with RM51 reclaiming two islands measuring spectively. Th ey are expected to fi nancial return based on net pres- million from the 34 units of retail about 1,300 acres and 2,100 acres be completed in 2019. ent value is projected to be RM88 outlets and RM175 million from the each at between RM7 billion and Aeropod is a 60-acre integrated million, or RM160 per sq ft (psf), 259-unit residential tower. Th e re- RM8 billion. development and transport hub inclusive of a revenue guarantee. tail units are between 984 sq ft and Project manager Szeto Wai comprising offi ces, a 300,000 sq ft The Edge Communications Sdn Bhd Th e leasehold land development 6,231 sq ft in built-up area, and the Loong said the reclamation, de- lifestyle retail mall, international (266980-X) comprises 278 units of garden villas residences between 951 sq ft and scribed as a land swap to fi nance hotels, serviced apartments, sovo Level 3, Menara KLK, No 1 Jalan PJU 7/6, , 47810 , with a built-up area of between 1,200 1,410 sq ft. Retail units are priced the RM27 billion masterplan, is units, luxury residential towers and Selangor, Malaysia sq ft and 2,800 sq ft. Th e project is between RM1 million and RM3 mil- expected to begin in 2018, once a modern railway station. It has expected to be launched in the third lion, and the residences between the relevant federal and state ap- 3.8 million sq ft of gross fl oor area. quarter of next year (3Q2016). RM550,000 and RM750,000. provals are obtained. It is scheduled for completion Publisher and Group CEO Ho Kay Tat More than 1.8 acres of Plot R2-1 Sunway Gandaria retail out- According to Szeto, a third island in 2022 and has a GDV of RM1.8 have been allocated for the Central lets are expected to benefi t from of 800 acres might be reclaimed in fu- billion, of which about RM300 mil- Editorial For News Tips/Press Releases Park, a vehicle-free zone. a catchment of 1,000 residents from ture depending on the state’s needs. lion has been realised. Tel: 03-7721 8219 Fax: 03-7721 8038 Email: [email protected]

Senior Managing Editor Azam Aris Contributing Editor Sharon Kam If you have any real estate-related events, email us at [email protected]. Editor Rosalynn Poh LAUNCHES & EVENTS Events listed here will also appear on theedgeproperty.com. Deputy Editors E Jacqui Chan, Wong King Wai Assistant Editor Lam Jian Wyn Senior Writer Racheal Lee Christmas Party at Sunway Contact: (04) 890 9999 Delemen High Country is a hillside 26-storey condominium blocks with Writers Chai Yee Hoong, South Quay Tower B of The Tamarind by Eastern residence located in Genting 492 units of between 1,179 sq ft and Rachel Chew, Hannah Rafee, Date: Dec 5 (Sat) & Oriental Bhd is part of a 2-tower Highlands. Phase 3 comprises 1,420 sq ft in built-up area. Trinity Tan Ai Leng, Natalie Khoo, Ewe Shufei Venue: Sunway South project comprising 552 units in furnished apartments that will be Group unveils its “WOW!” package Art Director Sharon Khoh Quay, each. The day-long offi cial launch managed by international hotelier tomorrow, which includes an easy Design Team Cheryl Loh, Time: 3pm to 8pm will feature activities including two Best Western Premier. There are home ownership package, assistance Valerie Chin, Aaron Boudville, Contact: (019) 573 1688 outdoor radio broadcast sessions eight types of units of between 385 to secure home loans, 24-month Aminullah Abdul Karim, Sunway Property will be turning by MyFM and Melody FM, a mini sq ft and 988 sq ft in built-up area. credit card payment at no interest Yong Yik Sheng, Tun Mohd Zafi an Mohd Za’abah, Noorain Duasa Sunway South Quay’s Lakeside concert by ZChen, Thomas & Jack, Light refreshments will be served. and other special incentives. Food Promenade into the venue for its and Daniel Chezi, as well as a trucks from The Lokka, The Guac Corporate Christmas extravaganza. Besides Christmas special lucky draw. Trinity Group unveils WOW! and Laughing Monkey will serve Managing Director Au Foong Yee a giant Santa, Christmas tree Package for Trinity Aquata pasta dishes, tacos, burritos, nachos Deputy Managing Director Lim Shiew Yuin and gingerbread house, there Launch of Ion Delemen High and coff ee from 11am to 3pm. will be carnival games, a wide Country Phase 3 Advertising & Marketing range of food trucks, a 3D water Sunway Nexis and Sunway To advertise contact projection show and more. Eastwood open houses GL: (03) 7721 8000 Fax: (03) 7721 8288 Date: Dec 4 and 5 (Sat and Sun) Chief Marketing Offi cer Launch of The Tamarind Tower B Time: 10am to 6pm Sharon Teh (012) 313 9056 Venue: Sunway Eastwood Sales General Manager, Digital Media Gallery at Jalan SE2, Taman Equine, Kingston Low (012) 278 5540 Senior Sales Managers ; and Sunway Nexis Geetha Perumal (016) 250 8640 Soho Sales Gallery in Dataran Fong Lai Kuan (012) 386 2831 Sunway, Peter Hoe (019) 221 5351 Contact: (017) 964 0688/ Gregory Thu (012) 376 0614 Creative Marketing (019) 666 9588 Chris Wong (016) 687 6577 Visitors can enjoy a Christmas Head of Marketing Support & Ad Traffi c Date: Dec 5 and 6 (Sat and Sun) Date: Dec 5 and 6 (Sat and Sun) spread while previewing the Lorraine Chan (03) 7721 8001 Venue: Menara NCT, No 2, Jalan Venue: Trinity Group Sales Gallery at 3-storey semidees set in 6.5 acres Email: [email protected] BP 4/9, Bandar Bukit Zest Point, , Puchong of landscaped greenery at Sunway Date: Dec 5 (Sat) Time: 10am to 5pm Time: 9.30am to 6pm Eastwood, while Sunway Nexis The Edge Property is published and Venue: Seri Tanjung Pinang Contact: (019) 939 7686/ Contact: (03) 8062 9009 hosts a Japanese food fest for distributed with The Edge Financial sales gallery, Penang (017) 303 0808 Trinity Aquata by Trinity Group in those who would like to view its Daily every Friday. For more property data, listings and news, Time: 12pm to 8pm Galeri Tropika Sdn Bhd’s Ion South comprises two contemporary duplex fl exi suites. go to theedgeproperty.com. FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP7 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP8 PROPERTY | NEWS

Ong: We are sitting on the highest ground I-Bhd to launch RM829 mil of Jalan Kia Peng. Photo by Haris Hassan/ The Edge project in Jalan Kia Peng Property

8 Kia Peng will be its calling card as a high-end developer

BY RACHEAL LEE the location and what the location can off er.” Th e fi rst residential fl oor, Level 9, is 56m : I-Bhd will be launching its fi rst above Jalan Kia Peng, she adds. city centre project, 8 Kia Peng, in 1Q2016. Facilities at 8 Kia Peng include a 50m in- I-Bhd is the developer of the 72-acre i-City fi nity pool, children’s pool, playground, gym in Shah Alam. and multipurpose hall. Th ere will also be a 8 Kia Peng is a high-end residential pro- fully furnished sky lounge on Levels 46 and ject that will be built on a 1.05-acre freehold 47, which residents can rent for their own use. parcel on Jalan Changkat Kia Peng, Kuala I-Bhd aims to have 60% foreign buyers Lumpur. It will comprise 442 residential and will partner with overseas agencies to units, of which 315 are serviced apartments, sell the projects, says Ong. housed in a 50-storey tower. Th e rest of the “We believe we can sell because we target units are SoHos. Th e tower will include an the international market. Our depreciating eight-level car park with 600 bays. ringgit has helped a lot. It is a freehold pro- Th e units have a built-up area of between ject and that is very important for inves- 718 sq ft and 1,738 sq ft, with the penthous- tors because they don’t want the hassle of es between 6,950 sq ft and 7,824 sq ft. Th e obtaining approval later to sell their units.” units will be fully fi tted and furnished and Ong acknowledges that 8 Kia Peng is a diff er- have at least two bedrooms each. ent ball game compared with the mass market With a starting price of RM2,300 psf, 8 Kia i-City township. “8 Kia Peng is a luxury product Peng has a gross development value (GDV) in the KLCC area targeting the international of RM829 million. It will be a Conquas-com- market. We engage people with experience pliant (Construction Quality Assessment in the international market and we also know Standards) development. that our land has no direct competition. We I-Bhd marketing director Monica Ong believe people still have the money to buy but says 8 Kia Peng is the developer's most up- they are more cautious now.” market project and is intended to establish I-Bhd expects to sell at least 50% of the it as a high-end developer. I-Bhd’s dubs the project within six months of the official project “the king of the hill” because the launch, which Ong believes “is doable”. palaces of the sultans of , Terengganu Th e developer also plans to launch two and Kelantan are located on Jalan Kia Peng. more projects in i-City in the next 12 months. "It is a single tower so it would provide exclu- However, Ong declined to reveal more infor- sivity and privacy,” says Ong. “We are surround- mation about the two projects. i-City has a ed by towers but we are sitting on the highest GDV of RM9 billion and is scheduled to be An artist’s impression ground of Jalan Kia Peng and this advantage completed in fi ve years’ time. of 8 Kia Peng. means we have no direct competition. Also, “We will continue to focus on i-City, which Photo by I-Bhd 80% of the units have direct view of KLCC and is just about 10% complete, after 8 Kia Peng,” the Central Park. What we want to highlight is Ong says. Kluang Mall welcomes H&M, Cotton On and Uniqlo

BY EWE SHUFEI

KLUANG: Kluang Mall in Johor has expanded its portfolio with the opening of Uniqlo, H&M and Cotton On. Uniqlo opened its doors on Wednesday, while H&M and Cotton On opened in mid-November and last week, respectively. “We are proud to be introducing three new major international brands into Kluang Mall,” said Tenaga Nusantara Sdn Bhd executive di- rector, Tey Fui Kien, to theedgeproperty.com. Opened in 2008, Kluang Mall was developed by Majupadu Development Sdn Bhd and is managed by its related company, Tenaga Nu- santara Sdn Bhd. It serves a primary population catchment of 315,000 people. “Th ere is a population base of over 700,000, with more than 300,000 from Kluang and ex- ceeding 400,000 [including] Batu Pahat. Th is The crowd at the opening of H&M last month. Photos by Tenaga Nusantara A customer browses a rack at the Uniqlo shop. is a signifi cant market, which is at least one and a half hours’ drive from Johor Bahru, so pected for the peak monthly visits of December “For an aspirational market like Kluang, “Since the 6% GST implementation in we felt it was time to bring in international re- right until we usher in the Lunar New Year.” functional hypermarkets and malls are no April, we’ve noticed a mixed set of results,” tailers,” said Tey. With 340,000 sq ft of retail space and 931 longer enough. Shoppers demand expe- Tey said. “Some of our tenants continue to Negotiations to bring in the three brands car park bays, Kluang Mall is central Johor’s riential shopping with lifestyle-themed record growth, while others have slowed. started in mid-2014 and were concluded in largest lifestyle and touts its 18 decor and ambience and family-friendly Part of the reason could be attributed to the mid-2015, following a comprehensive market ft-high shopfronts, spacious walkways and a events and activities during the weekends,” transition period of tenant relocations dur- survey in 2013 that highlighted demand for a contemporary design. Tey added. ing the renovation phase for H&M.” larger variety of brands in the mall. “Our goal is to have an experiential retail Situated approximately 20km from the On the current economic situation, Tey “Just last month, in November, our foot traf- space which is fun and exciting, beyond the North-South Expressway, the mall is an- said that although spending for major brands fi c [was] more than half a million visitors, an brick-and-mortar shopping experience. Kl- chored by Pacifi c hypermarket and depart- has been steady, there was still a need to increase of about 7% compared with the same uang Mall off ers over 60,000 sq ft of [local and ment store, MBO Cinemas, Popular Book- brand the mall diff erently by introducing month last year,” Tey said. “Greater traffi c is ex- international] fashion. stores and Ampang SuperBowl. new events and activities for consumers. FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP9 EP10 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY FRI FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP11 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY FRI EP12 PROPERTY | COVER STORY

Sunway bags No. 1 spot again

PHOTOS BY MOHD IZWAN MOHD NAZAM, SHAHRIN YAHYA AND SAM FONG/THE EDGE PROPERTY BY LAM JIAN WYN

unway Bhd has taken the top spot for the second year running in The Edge Malaysia Top Property Developers’ Awards (TPDA) 2015. It also scooped the Best in Qualitative Attributes subsidiary prize. The winners were Sannounced at a ceremony on Monday. Making its return to the Top 10 at No 2 this year was IJM Land Bhd, a huge jump from 14th spot last year. Th e developer had been placed 10th in 2012. Meanwhile, UOA Development Bhd (No 6) was also back among the Top 10 this year, after placing 11th last year and seventh in 2013. Th e TPDA anchors Th e Edge Malaysia Prop- erty Excellence Awards, which was expanded in recent years to include awards such as Th e Edge Malaysia-PEPS Value Creation Excel- lence Award, Th e Edge Malaysia-PAM Green Excellence Award, Th e Edge Malaysia Aff orda- ble Urban Housing Excellence Award and Th e The team from Sunway Bhd (from left): Sunway Bhd executive director for central region property development division Ang Kee Ping, senior general manager of Edge Malaysia Notable Property Achievement strategic marketing and customer relations Joyce Sin, deputy chief fi nancial offi cer Ng Lai Ping, deputy managing director for Malaysia and Singapore property Award. development division Tan Wee Bee, managing director for Malaysia and Singapore property development division Sarena Cheah, product development senior general Th is year, new categories were added while manager Ronn Yong, senior general manager for central region property development division Tan Wooi Teong, and corporate communications manager Vivien See. old awards were revamped. Th e new additions were Th e Edge Malay- sia Lifetime Property Achievement Award and Th e Edge Malaysia Outstanding Prop- erty CEO Award. Meanwhile, the subsidiary awards that have been renamed are Th e Edge Malaysia Outstanding Property Entrepreneur Awards (formerly Th e Edge Outstanding Property Personality Award) and Th e Edge Malaysia Property Development Excellence Award (formerly Th e Edge Malaysia Outstanding Property Award). Making up the rest of the Top 10 winners were Sime Darby Property Bhd (No 3), S P Setia Bhd (No 4), Mah Sing Group Bhd (No 5), UEM Sunrise Bhd (No 7), IOI Properties Group Bhd (No 8), IGB Corp Bhd (No 9) and Gamuda Bhd – Property Division (Gamuda Land) (No 10). The spry 80-year-old Datuk Alan Tong Kok Mau, founder of Sunrise Bhd and current 01 chairman of Bukit Kiara Holdings Sdn Bhd, was the proud recipient of the inaugural Th e Edge Malaysia Lifetime Property Achieve- ment Award. Go to TheEdgeProperty.com Two tycoons took home Th e Edge Malaysia for interviews, pictures & videos Outstanding Property Entrepreneur Awards, which honours industry captains who have made outstanding contributions towards grow- ing their companies into becoming leading industry players. to honour sustainable design innovations and Th ey were Mah Sing group managing direc- projects that contribute to the community — tor Tan Sri Leong Hoy Kum and Tropicana Corp was the S P Setia Corporate Headquarters at Bhd founder and advisor Tan Sri Danny Tan. , Shah Alam. Meanwhile, Sime Darby Property managing Meanwhile, Th e Edge Malaysia-PEPS Val- director Tan Sri Abd Wahab Maskan and Eco ue Creation Excellence Award, which recog- World Development Group Bhd president and nises projects that have rewarded investors CEO Datuk Chang Khim Wah both won Th e Edge with outstanding returns, saw three winners. Malaysia Outstanding Property CEO Award Gamuda Land’s Phase 15 of Ambang Botan- 02 for overseeing the success of their companies. ic, at , Klang, won the prize Gamuda Bhd’s and Per- for the residential category, while the merit 01. Eco World Development Sdn Bhd divisional general manager Phan Yan Chan, general manager Ho Kwee dana ParkCity Sdn Bhd’s Desa ParkCity won award went to The Z Residence by Trinity Hong, CFO Datuk Heah Kok Boon, president and CEO Datuk Chang Khim Wah, Rehda Johor branch chairman Th e Edge Malaysia Property Development Group Bhd. Th e winner in the non-residen- Hoe Mee Ling, Eco World executive director Datuk Voon Tin Yow, general manager Evon Yap, divisional Excellence Award in recognition of their tial category was TA Global Bhd’s Ativo Plaza general manager Wong Sheue Yann, and executive vice-president Datuk Richard Ong Kek Seng. multiplier eff ect on the social and economic at , Kuala Lumpur. Th e life of their vicinities. Edge Malaysia-PEPS Value Creation Excel- 02. Rehda Youth deputy chairwoman Carrie Fong, UOA Group manager Kong Sze Choon, Rehda Youth advisor Teo Chui IJM Land, S P Setia and Mulpha Land Bhd lence Award is jointly awarded by Th e Edge in Ping, Cheah, TA Enterprise assistant human resource manager Tiah Sook Lin, and TA Global director of business took home Th e Edge Malaysia Notable Property partnership with the Association of Valuers, development Ernest Yeap. Achievement Award for Th e Light Waterfront Property Managers, Estate Agents and Prop- in Penang, Setia Eco Park in Selangor and Lei- erty Consultants in the Private Sector (PEPS). sure Farm in Johor, respectively. Last but not least, Th e Edge Malaysia Af- — was won by MKH Bhd for Pines @ Hillpark Awards this year was presented by theedge- The winner of The Edge Malaysia-PAM fordable Urban Housing Excellence Award Shah Alam North, and Sime Darby Property property.com, the one-stop property portal Green Excellence Award — jointly awarded — which recognises private property devel- for Saron in Bandar , Klang. that off ers property news and powerful data with the Malaysian Institute of Architects (PAM) opments for the urban middle-income group The Edge Malaysia Property Excellence and analytics tools for free. FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY COVER STORY | PROPERTY EP13

PRESENTED BY

ERTY

03 04

05 06

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03. (from left): Medini Iskandar Malaysia Sdn Bhd chief marketing offi cer of strategic marketing Dr Gerard Kho, Kim Realty CEO Vincent Ng Eng Sim, C H Williams Talhar & Wong Sdn Bhd managing director Foo Gee Jen, and UOA Development Bhd managing director C S Kong.

04. (standing): Sime Darby Property head of niche/TOD/strata Mohd Pouzi Che Nik, The Edge Communications and TheEdgeProperty.com managing director Au Foong Yee, and Sime Darby Property senior vice-president for property investment and asset management Datuk Wan Hashimi Albakri; (sitting): executive secretary to Sime Darby Group chief operating offi cer Suziana Abd Samat, and Amira Sofi ya and Irfan Khaliq, children of Sime Darby group managing director Tan Sri Abd Wahab Maskan.

05. Mah Sing Group Bhd marketing and special projects deputy general manager Rachel Leong Hueih Yi, Mah Sing Group managing director Tan Sri Leong Hoy Kum, Puan Sri Sulvian Leong, Mah Sing Group strategic development and projects general manager Lionel Leong Jihn Haur, Mah Sing Group strategy, and operations senior general manager Jane Leong Jheng-Yi.

06. Ho Chin Soon Research Sdn Bhd CEO Ishmael Ho, Malaysian Institute of Estate Agents (MIEA) president man Erick Kho, and Chur Associates managing partner Chris Tan.

07. Chur Associates managing partner Chris Tan takes a picture of Bukit Kiara Properties Sdn Bhd group managing director Datuk NK Tong and group chairman and founder Datuk Alan Tong Kok Mau. hui 08. VPC Alliance (Malaysia) Sdn Bhd managing director James Wong, IJM Land Bhd managing director Edward Chong and Henry Butcher Marketing Sdn Bhd chief operating offi cer Tang Chee Meng.

09. Malaysian Institute of Estate Agents international liaison chairperson Ong Poh See, MIEA vice president ge- Kayte Teh, MIEA councillor for ICT and National Youth chairman Raphael Wong rtal ata 10.. Mah Sing Group managing director Tan Sri Leong Hoy Kum, The Edge Media Group publisher and group CEO 10 Ho Kay Tat, Tropicana Bhd founder and advisor Tan Sri Danny Tan, Puan Sri Ivy Tan and Diana Tan. FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP14 PROPERTY | FEATURE

PHOTOS BY ABDUL GHANI ISMAIL & MOHD IZWAN MOHD NAZAM/THE EDGE PROPERTY

Aerial view of and Mutiara Damansara

Shopping meccas and stylish workplaces draw them in

New and existing integrated developments in Bandar Utama and the prime Damansara areas of Petaling Jaya look like the winners for off ering their buyers one place to work, live and play

BY NATALIE KHOO One World Hotel feeds into 1 Utama (and vice versa), while Th e Royale Bintang Th e Curve and hat do the burgeoning Th e Royale Chulan Damansara are connected townships of Bandar to Th e Curve and e@Curve respectively. Utama, Mutiara Da- Predating them all is Petaling Jaya’s other mansara and Daman- prime Damansara area, , sara Perdana have in which lies next to Bandar Utama and provides common? what the newer areas have been fast catching WApart from being in Petaling Jaya and the up with: schools (SK and SMK Damansara Uta- ’s prime property markets, they ma) and a hospital (KPJ Damansara Specialist are some of the fi rst suburbs in the coun- Hospital in Damansara Kim). But Damansara try to be designed around the cathedrals of Utama too is getting a piece of the placemaking consumer life: the shopping mall. business: the See Hoy Chan Sdn Bhd Group’s It’s now almost impossible to think of UPtown redevelopment is a mixed-use pro- Bandar Utama without recalling 1Utama, ject intended as a new Klang Valley landmark. the world’s fourth-largest mall, according Connecting them all is a network of highly to CNN and Travel and Forbes. In fact, it’s prospective highways that has made it easy arguably something of a national land- for the rest of the Klang Valley to reach mark as much as a mall. their shopping meccas. Via a com- 1 Utama Shopping Centre is deemed to be fourth biggest mall in the world according to CNN and Travel Th is triumph of branding — bination of the New Klang Valley and Forbes. or ‘placemaking’, the trending Expressway, Sprint Highway, neologism of developers from Lebuhraya Damansara-Pu- London to Melbourne — is also chong (LDP) and Penchala malls, international schools and offi ces com- biggest is Empire City, a mixed-use devel- found in Mutiara Damansara, Link, Mont’Kiara and Sri Har- pared with Damansara Utama and Daman- opment located across the LDP, which Da- home of the country’s fi rst Ikea tamas can theoretically be sara Kim, which are older housing estates,” mansara Perdana straddles. Th e developer store, thronged by shoppers reached in 10 minutes on a says KGV International Property Consultants is Cosmopolitan Avenue, part of Mammoth till today. Opposite it is the Th e clear day, and Kuala Lumpur Sdn Bhd director, Anthony Chua. Empire Holdings Sdn Bhd. Mammoth Empire Curve that currently identifi es city centre in 20, barring detours Of the prime Damansara areas, Daman- has two other projects in Damansara Perdana, Damansara Perdana for those for the MRT project. sara Perdana might be the only one that still Empire Residence and Empire Damansara. who’ve never been there. has available land bank for development, says Sitting on 23 acres of leasehold land, Em- All three neighbourhoods share a How they stack up Knight Frank real estate negotiator, Zack Ng. pire City includes serviced apartments, soho second thing in common: hotels. “Mutiara Damansara and Da- “And if there are new upcoming developments, units, corporate offi ces and a mall. e(Th last, mansara Perdana have it will come with a hefty price tag,” he adds. Empire Mall, has had its opening date post- Chua:Mutiara Damansara and newer developments Damansara Perdana also has the most poned from the end of this year to next Sep- Damansara Perdana have newer and more facilities non-landed residential properties and the tember, according to Th e Edge Financial Daily). developments. such as shopping most upcoming developments. One of its CONTINUES ON PAGE 16 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP15 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP16 PROPERTY | FEATURE

SOURCE: THEEDGEPROPERTY.COM PJ’s Damansara/Bandar Utama non-landed residential average price

SOURCE: THEEDGEPROPERTY.COM

Damansara Perdana has one of the most non-landed residential in Damansara. PJ’s Damansara/Bandar Utama Top 5 most expensive condominiums/apartments by average price per square foot as of 3Q 2014

FROM PAGE 14 ment stalled, especially at the beginning of Two international hotels will also be opening 2014. "Prices have moved sideways for the past in Empire City: the Marriott, and Autograph one year due to the tight credit situation but Boutique Hotel. demand is still generally positive due to the One of the non-landed residential projects location, accessibility and amenities such as in Empire City is Halo Sunday, which consists shopping malls," DTZ’s Wong says. of 641 studio units housed in two blocks called Empire Damansara takes the lead as the Halo and Sunday. Halo units have a built-up most expensive address in the areas surveyed, area of 462 sq ft, and Sunday, 456 sq ft. Halo with an average transacted price of RM863 psf. Sunday was launched in 2010 with a starting In fact, the most expensive properties on price of RM500 per square foot (psf). a psf basis in 3Q2014 were all located in Da- “Today, Halo Sunday units are going for mansara Perdana. Th e next-most expensive close to RM800 psf which translates to about properties after Empire Damansara were Neo RM350,000 for each unit,” Knight Frank’s Damansara (RM 807 psf), Ritze Perdana 2 Ng says. (RM 719 psf) and Ritze Perdana 1 (RM 639 Other upcoming non-landed residential psf). Th e transactions were primarily for From a price psf basis, Armanee Terrace and PJ’s prime Damansara areas. Th e MRT projects in the prime Damansara areas in- studio or 1-bedroom units. (RM388 psf) appears to be a bargain. Th e Line 1 -Kajang is due for com- clude the Nucleus serviced apartments by the Meanwhile, 1 Bukit Utama at Bandar upmarket condominium is located in a quiet pletion in 2017 and will have stations at Muti- Boustead group and Refl ection Residence by Utama, a development by Bandar Utama enclave at the end of Jalan PJU 8/1 on the , 1 Utama and Taman Tun Dr. the Glomac group in Mutiara Damansara, and Development Sdn Bhd, recorded the highest hillside of Damansara Perdana. Although the Ismail, while the LRT3 (Bandar Utama-Klang UPtown Residences in Damansara Utama. average transacted price per unit at RM7.172 price psf is on the low side for the product Line) that begins at 1 Utama and includes a According to DTZ-Nawawi Tie Leung man- million. Th e units here have a built-up area off ered, the average price per unit remains station at Damansara Utama is due in 2020. aging director, Eddy Wong, units at UPtown of between 1,980 sq ft and 2,300 sq ft for a quite high at an average of RM923,000 due Meanwhile, the proposed and controversial Residences are going for about RM1,000 psf. 3+1 bedroom layout and are situated within to the large unit sizes (2,300 sq ft to 2,700 sq 20.1km Damansara-Shah Alam Highway (Dash) Knight Frank’s Ng says that older con- the Bukit Utama Golf Course. ft for a typical 4-bedroom unit). links U10 in Shah Alam to the dominiums in Damansara Utama have ex- “Th e British International School shares “Most of the units in Damansara Perdana Penchala Interchange at Damansara Perdana. perienced an annual price growth of about the same entrance as 1 Bukit Utama, so there consist of studio units. Th e target market here According to Prolintas, the developer of RM50 psf, while newer ones such as UPtown are many British teachers and families living are mostly working professionals from Kota the RM 11.5 billion Dash will serve to link Residences have seen growth of about RM200 in 1 Bukit Utama,” Ng says. Damansara or the nearby offi ces in Bandar Puncak Perdana, Alam Suria, , psf since being launched. Another property similar to 1 Bukit Utama Utama and Mutiara Damansara. There are Kampung Melayu Subang, Jalan Sungai Bu- "Th ese units were sold at RM850 psf at their is 9 Bukit Utama, conceived by the same de- also people who are working in the Mont’Kiara loh, RRIM, Kota Damansara, Damansara launch in April 2012, but we are already wit- veloper, which is also located within the golf area who are staying here because the rental in Perdana and Mutiara Damansara. Dash is nessing transactions at RM1,150 psf today," Ng course but has larger units measuring between Mont’Kiara is more expensive than the rent- being opposed by residents of Mutiara Da- says. "Th ese prices won't stay the same after 2,286 and 2,668 sq ft for a 4+1 bedroom layout. al rates here [Damansara Perdana],” Ng says. mansara and Damansara Perdana. completion, as holding cost increases," he adds. Meanwhile, the least expensive projects “I also see many young people living here, Henry Butcher Malaysia chief operating of- According to theedgeproperty.com, the by average price per unit are led by the low mostly those starting out in their careers. fi cer Tang Chee Meng says the proposed LRT3 combined average price of condominiums and middle-cost Desa Mutiara Apartments at Some parents purchase these aff ordable line will be a strong catalyst for Bandar Utama and apartments in the Bandar Utama and Mutiara Damansara and Flora Damansara at studio units for their children, Ng adds. and the prime Damansara areas but may be prime Damansara areas was RM493 psf in Damansara Perdana. Th ese projects have an Wong notes that larger units may face negated by weak market sentiment. “Price 3Q2014, down 6.6% y-o-y. average transacted price per unit of between challenges given their pricing and current increases have tapered off to a single-digit In the 12 months to 3Q2014, some 26.2% RM175,000 and RM180,000. Other relatively market conditions. “Th e smaller units [stu- pace due to the low demand arising from the of secondary transactions occurred in the less costly projects include Empire Damansara dio units] tend to fi ll up quite well,” he says. diffi culty in getting fi nancing loans,” he adds. RM401-RM600 psf range, while 25.3% com- (RM332,000), Ritze Perdana 2 (RM333,000) While transactions at the market’s up- “Demand for landed residences is stronger prised properties priced between RM601- and Ritze Perdana 1 (RM360,000). These per end have slowed, capital values at most than the demand for non-landed residences in RM800 psf and 24.1% fell in the RM201- comprise mainly studio units, hence the low projects have either been maintained or Bandar Utama, Damansara Utama and Mutiara RM400 psf range. Units sold for above average price per unit. Medium-cost apart- appreciated slightly. From an analysis of Damansara whereas there is a higher demand RM1,000 psf accounted for 3.2%. ments like Flora Damansara (RM 212 psf) transactions by theedgeproperty.com, mid- for non-landed residences in Damansara Per- On closer inspection, the falling average and Desa Mutiara Apartment (RM 253 psf) cost apartments at Flora Damansara (22% dana which has more strata residential projects prices were not caused by falling capital values. are the least expensive properties in the prime y-o-y) appears to have gained the most in at a more aff ordable price,” Tang says. Instead, transaction activity in the upper-seg- Damansara areas on a psf basis. the 12 months to September 2014 for relative “I foresee very positive long-term pros- growth. Th is is likely due to its strategic loca- pects for Bandar Utama and the Damansara tion in the prospective Damansara Perdana. areas where there are bountiful amenities According to theedgeproperty.com’s anal- and better connectivity will only add more ysis of rental yields as at June 2015, rental value to the township,” he adds. rates are about RM 2.10 psf for the older DTZ’s Wong also believes the MRT which condominiums, and about RM3.10 for the will improve connectivity to the areas and smaller, newer units. Asking rents appear augur well for an already strong residential to be fairly average with indicative yields market here. “Th e market here will not be Tang: I foresee Wong: The market ranging between 3.9% and 6.1% per annum. very much aff ected by the softening of the very positive here will not be overall property market,” Wong says. “As for long-term very much aff ected Outlook the long-term outlook, it is looking positive prospects for by the softening of New public transport infrastructure is expect- for these mature areas as they are well locat- Bandar Utama the overall property ed to add to the popularity of Bandar Utama ed with good connectivity and amenities.” and Damansara. market.

Check out a video of this hotspot at theedgeproperty.com and see property listings for this area on Market Watch ep18 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP17 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP18 PROPERTY | MARKET WATCH Go to theedgeproperty.com for more listings

FOR SALE [in Bandar Utama and prime Damansara areas in Petaling Jaya, Selangor] FOR RENT [in Bandar Utama and prime Damansara areas in Petaling Jaya, Selangor]

Metropolitan Square low-fl oor Block A unit. Faces east 9 Bukit Utama, Bandar Utama Condominium, (fountain view). One car park bay. Pelangi Damansara walk-in wardrobe in master Damansara Perdana Owner occupied. Toilet has a bathtub Type: Condominium/serviced residence bedroom. Big balcony. Type: Condominium/serviced and cabinet. Tenure: Leasehold Agent/negotiator: Sim Pei Kuan residence Agent/negotiator: Russell Chai of AJ Asking rent: RM1,700 of WCT Realtors (KV) (REN 05922) Tenure: Leasehold Land (REN 02543) Built-up area: 830 sq ft Tel: (016) 668 4934 Asking price: RM635,000 Tel: (019) 325 0439 Bedroom(s): 3 Built-up area: 1,095 sq ft Bathroom(s): 2 Surian Condo Bedroom(s): 2 + 1 Surian Residences, Description: Fully furnished Type: Condominium/ Bathroom(s): 2 Mutiara Damansara corner unit with marble fl ooring. serviced residence Description: Privately owned unit Type: Condominium/serviced Type: Condominium/serviced Well kept and good condition. Tenure: Freehold with two car park bays. Facilities: residence residence Agent/negotiator: Cindy Asking rent: RM3,500 24-hour security, two infi nity, lap Tenure: Freehold Tenure: Freehold Chong of Full Homes Realty Built-up area: 1,421 sq ft and children’s pools each (six in Asking price: RM1,320,000 Asking price: RM1,280,000 Sdn Bhd (REN 16481) Bedroom(s): 3 total), two badminton courts, two Built-up area: 1,679 sq ft Built-up area: 2,286 sq ft Tel: (012) 305 7973 Bathroom(s): 2 playgrounds,refl exology path, Bedroom(s): 5 Bedroom(s): 4 + 1 Description: High-fl oor unit barbeque pits for rent, etc. Close Bathroom(s): 5 Bathroom(s): 4 Empire Residence @ Empire in great condition. Comes with to numerous eateries, boutiques Description: Close to The Curve, Description: Urgent sale. Partly Damansara beautiful furniture and full condo and convenience stores, The Curve, Ikea, Tesco and Kidzania. All furnished, high-fl oor unit (above Type: Condominium/serviced residence facilities. Quiet environment. Tesco and IKEA. Accessibility: units enjoy unobstructed views 30th fl oor) with unblocked view of Tenure: Leasehold Agent/negotiator: Elvis Liang of Penchala Link, Lebuhraya of greenery, swimming pool and The Curve, golf course and Kuala Asking rent: RM2,300 QO Properties Sdn Bhd (REN 11526) Damansara-Puchong (LDP), Sprint Mutiara Damansara township. Two Lumpur city centre. Three car park Built-up area: 750 sq ft Tel: (012) 779 5989 Highway, Middle Ring Road 2 car park bays, air conditioners in bays. Bedroom(s): 1 (MRR2). living room, and bedrooms, 24-hour Agent/negotiator: Susan Chan of Bathroom(s): 2 Surian Residences Agent/negotiator: Luiz Khoo of security with CCTV. Reapfi eld Properties (Taman Sea) Description: Fully furnished, duplex Type: Condominium/ CBD Properties Sdn Bhd (REN Agent/negotiator: Happie Tan of Sdn Bhd (REN 04051) soho unit with interior design serviced residence 16967) Hectarworld Realty Sdn Bhd (REN Tel: (019) 325 6590 and renovations. High fl oor with Tenure: Freehold Tel: (016) 553 0108 05390) beautiful view. Well kept and clean. Asking rent: RM3,500 Tel: (016) 311 0364 Empire Residence @ Empire Agent/ Negotiator: Allen Built-up area: 1,421 sq ft Metropolitan Square Damansara Lee of Maxland Real Estate Bedroom(s): 3 Condominium Surian Condo, Mutiara Type: Condominium/serviced Agency (REN 06868) Bathroom(s): 2 Type: Condominium/serviced Damansara residence Email: [email protected] Description: Comes with air residence Tenure: Leasehold Tel: (012) 958 1282 conditioning, water heater, Tenure: Leasehold Asking price: RM460,000 kitchen cabinet, stove and two Asking price: RM390,000 Built-up area: 750 sq ft Flora Damansara car park bays. Facilities: barbecue Built-up area: 450 sq ft Bedroom(s): 1 Type: Condominium/ area, business centre, cafeteria, Bathroom(s): 1 Bathroom(s): 2 serviced residence gym, jogging track, mini market, Description: Partly furnished Description: Partly furnished soho Tenure: Leasehold playground, sauna, squash court, Block D studio unit with air-con, unit with walk-in wardrobe, air Asking rent: RM850 swimming pool, 24-hour security. cooker hob, hood and water conditioning and water heater. Built-up area: 750 sq ft Close to The Curve, Ikea and Tesco. heater. Agent/negotiator: Eddy Wong Bedroom(s): 3 Accessibility: Persiaran Surian, Agent/negotiator: Olivia Lim of Type: Condominium/serviced Titanium Realty Sdn Bhd (REN Bathroom(s): 2 LDP, NKVE, Penchala Link. City Two Property Sdn Bhd (REN residence 07176) Description: Fully furnished unit with Agent/negotiator: Edmund Liao 04985) Tenure: Freehold Tel: (016) 689 9689 one car park bay. Near Tesco, Ikea, 1 of Kim Realty (REN 05205) Tel: (017) 200 9655 Asking price: RM1,100,000 Utama, Bandar Utama, Damansara Tel: (012) 619 3102 Built-up area: 1,421 sq ft Empire Residence @ Empire Utama, , Kota Damansara Flora Damansara Bedroom(s): 3 Damansara, Damansara and Bandar Sri Damansara. Easy Ritze Perdana 2 Type: Condominium/serviced Bathroom(s): 3 Perdana access to Penchala Link, LDP, NKVE. Type: Condominium/ residence Description: Partly furnished unit Type: Condominium/serviced Agent/negotiator: Anderson serviced residence Tenure: Leasehold with dry and wet kitchen cabinets, residence Lim of ZY Realty (REN 06784) Tenure: Leasehold Asking price: RM213,000 plaster ceiling, bedroom wardrobes. Tenure: Leasehold Tel: (019) 911 1688 Asking rent: RM1,500 Built-up area: 850 sq ft Accessibility: Persiaran Surian, LDP, Asking price: RM300,000 Built-up area: 505 sq ft Bedroom(s): 3 NKVE. Two car park bays. Amenities: Built-up area: 363 sq ft Armanee Terrace, Bedroom(s): 1 Bathroom(s): 2 The Curve, IKEA and Tesco. Facilities: Bedroom(s): 1 Damansara Perdana Bathroom(s): 1 Description: Partly furnished unit 24-hour security, gym, jogging track, Bathroom(s): 1 Type: Condominium/ Description: Fully furnished with in good condition. One car park playground, barbeque area, cafeteria, Description: Fully furnished unit in serviced residence kitchen cabinet, fridge, washing bay. Located next to LDP, Penchala mini market, squash court and move-in condition. Near Tesco, The Asking rent: RM3,700 machine, air conditioning, Link access road; near Mutiara swimming pool. Curve and Ikea. Other amenities: Built-up area: 2,200 sq ft water heater, queen-size bed, Damansara, Damansara Perdana Agent/negotiator: Evelyne Ng of college, hospital, restaurants and Bedroom(s): 3 etc. One car park bay. and Kota Damansara. Walking Oriental Realty (REN 13050) future MRT train station. Bathroom(s): 3 Agent/negotiator: Terence distance to nearest mosque. Tel: (012) 303 1755 Agent/negotiator: Sean Tan of Description: Fully furnished duplex Chin of Three Acres Real Amenities: convenience stores, Smartlink Properties (REN 05154) unit in move-in condition. Well-kept Estate (REN 12879) launderette, restaurants, banks, Pelangi Damansara Tel: (017) 980 1711 unit with two car park bays and Tel: (010) 958 8616 shops, etc. large private garden. Easy access Agent/negotiator: Lim Mian Empire Studio @ Empire to LDP, Sprint Highway and NKVE. Uptown Residences, Loong of Vivahomes Realty (REN Damansara Near Ikea and The Curve. Armanee Damansara Utama 06621) Type: Condominium/serviced Terrace is a well-maintained, Type: Condominium/ Tel: (014) 930 4937 residence secure and a family-oriented condo serviced residence Tenure: Leasehold for locals and expats. It is also Tenure: Freehold Ritze Perdana 1, Asking price: RM498,000 the fi rst high-rise development Asking rent: RM2,900 Damansara Perdana Built-up area: 725 sq ft with a garden in every unit. Built-up area: 734 sq ft Bedroom(s): 1 Agent/negotiator: Eric Chu of Bedroom(s): 1 Bathroom(s): 2 Real Estate Finders (REN 01431) Bathroom(s): 1 Description: High-fl oor, soho unit Tel: (019) 282 9866 Description: Accessibility: NKVE, Type: Condominium/serviced facing greenery. Unfurnished but Sprint Highway, LDP, Shah Alam residence in move-in condition. Amenities: 9 Bukit Utama Expressway (Kesas), NPE, Federal Tenure: Leasehold Tesco, The Curve, Ikea, Ikano, Type: Condominium/serviced Highway and North-South Asking price: RM325,000 Cineleisure, 1 Utama. Close to residence Expressway Central Link (Elite). Built-up area: 750 sq ft Mutiara Damansara, Bandar Tenure: Freehold Near Kelana Jaya LRT Station Bedroom(s): 3 Utama, TTDI, Damansara Asking rent: RM7,200 and future 1 Utama MRT Station. Bathroom(s): 2 Heights, and Bandar Built-up area: 2,668 sq ft Facilities: function halls with Type: Condominium/serviced Description: Mid-fl oor unit with Sri Damansara. Accessibility: Bedroom(s): 4 + 1 preparatory kitchen, BBQ area, residence golf club view. Fully renovated New Pantai Expressway (NPE), Bathroom(s): 4 theatrette, spa, wellness lounge, Tenure: Leasehold and furnished. Well-kept. Good for Kesas Highway, Federal Highway, Description: Fully furnished, swimming pool, whirlpool bath, Asking price: RM348,000 investment: currently tenanted at Penchala Link and LDP. high-fl oor unit in Block C with gym, tennis, squash, badminton Built-up area: 406 sq ft RM1,200 a month. Agent/negotiator: Kevin Khoo Kah great view. Tastefully renovated and half-basketball courts. Bedroom(s): 1 Agent/negotiator: Jayce Gan of GS Keong of Property Hub Sdn Bhd and in move-in condition. Spacious Agent/negotiator: Celine Keah Bathroom(s): 1 Realty (REN 09819) (REN 15583) living and dining area; dry and wet of The Roof Realty (REN 00134) Description: Fully furnished, Tel: (019) 241 1558 Tel: (012) 308 7757 kitchen with electrical appliances, Tel: (016) 258 2321 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP19 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP20 PROPERTY | FEATURE

Golden Gate Bridge and skyline of San Francisco. Investcorp is the largest private Gulf investor in US real estate and has been among the top 10 foreign investors in the US market over the past decade. Photos by Reuters Middle East investment in US property rises as returns drag at home

he boarded-up building sat va- Russian TU-22 bombers in action cant on a tattered block in San over Syria. Investment from wealthy Francisco until a small New Middle Eastern families and their York developer and a Kuwaiti business holdings is growing abroad, real estate partner snapped driven in part by rising geo-political it up in April 2014, attracted tensions, the plunge in oil prices and Tby the proximity to Twitter Inc and other the search for better returns. tech companies. Over the next year and a half, New York’s Synapse Development Group worked to win Regional instability approval to redevelop the 1904 landmark Investment from wealthy families and their on Market Street into a 203-room hotel run business holdings is growing, driven in part by London-based Yotel. by rising geo-political tensions, the plunge Th e Kuwait Real Estate Co, or Aqarat, in oil prices and the search for better returns later approached Synapse to deepen the abroad. Weaker growth and reduced opportu- two fi rms’ ties as general partners, and nities at home have also driven capital abroad. they plan to invest US$25 million (RM105.5 Families that formerly felt no need to million) in the future. Th ey are working on invest abroad are now doing so, said Ali a project in the Williamsburg section of Zahed, a managing director at global prop- Brooklyn, and Synapse is eyeing other US erty adviser CBRE in Dubai. urban markets for future deals. “Ever since the appearance of these rad- Synapse and Aqarat aim to leverage ical groups in Syria and Iraq ... I wouldn’t their capital with an outside investor to say (it) has pushed the alarm button, but buy about US$200 million of real estate, has defi nitely been taken note of by some Synapse chief executive Justin Palmer said of these large family groups,” Zahed said. in a recent interview. Ninety per cent of Middle East invest- “Th is is a calculated manoeuvre to in- ment hails from Saudi Arabia, Bahrain, vest more capital in US real estate,” Palm- Kuwait, United Arab Emirates, Qatar and prices and fewer local opportunities pushed are individuals and family businesses. er said, referring to the higher risk that Oman, the six countries that form the Gulf these investors to the United States. So far this year Investcorp’s acquisitions general partners take on compared with Cooperation Council. “We have raised a tremendous amount have topped US$1 billion, and a few other limited partners. Ethika Investments LLC, a Los Ange- of capital from that region in the last 12 deals are in the process of closing before Yotel’s “small, but smart cabins” — les-based real estate investment fi rm with months,” Khan said. year end, said Herb Myers, managing di- rooms about half the normal size — demon- a number of Middle East investors, said it Bahrain-based Investcorp, an alterna- rector of real estate investment at Invest- strate the partners’ eff orts to maximize noticed an increase in capital fl ows about tive asset manager that has relations with corp in New York. their revenue per square foot. 18 months ago, just before the sharp down- more than 1,000 Gulf clients, acquired eight Th e fi rm looks for properties that gen- The Kuwaiti money is an example of turn in energy prices. multi-family properties in Las Vegas, Den- erate consistent cash fl ow and are located the increased capital fl owing into global “What drove it initially was just fl ight to ver, Chicago, Atlanta and Dallas for about just outside the central business districts real estate from the Middle East, some of quality assets and (US) economic growth,” US$400 million in October. Th e properties favoured by millennial offi ce workers. which is heading abroad for the fi rst time. said Austin Khan, chief investment offi cer have a combined 3,400 units. “We were early to some of those subur- Th is year, investment from the region is at Ethika. Investcorp is the largest private Gulf ban — I call them inner-ring markets — just poised to hit a record US$18 billion to Early in the economic recovery, capital investor in US real estate and has been outside the CBD,” Myers said. “We’ve been US$20 billion, or at least 13% more than fl owed to London and Paris, markets Gulf among the top 10 foreign investors in the able to harvest some gains recently and ex- the prior record in 2013, according to real investors traditionally favoured for their US market over the past decade, the com- ited some properties we bought relatively estate advisers CBRE. proximity to home, Khan said. But rising pany said. More than 70% of its investors early in the cycle.” — Reuters FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP21 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP22 PROPERTY | LEGAL 5 things a landlord needs to know With rising property prices, many can only aff ord to rent a place to stay in nowadays. Th is is also true for new business startups where premise renting is easier on their budgets. It has also become easy to rent with the help of the many real estate agents around town not forgetting the online platforms that could easily matchmake a landlord with a prospective tenant without any third party help. With the abundance of rental transactions going on each day, the likelihood of tenancy disputes is also magnifi ed. So here are some facts that you as a landlord or a tenant, have to know.

Chris Tan is a lawyer, author, speaker and keen observer of real If you have questions that you would like to ask Tan, please go estate locally and abroad. He is founder and managing partner to the Tips section of theedgeproperty.com. BY CHRIS TAN of Chur Associates. Disclaimer: Th e information here does not constitute legal advice, please seek professional help for your specifi c needs. 1 2 3 4 5 There is no specifi c law Because of (1), the Commercial tenancies The landlord has just ...But you could governing tenancies tenancy agreement is are more complicated two specifi c legal try these self-help in Malaysia really, really important than residential ones remedies... measures

Th ere is no Tenancy Act in Ma- It’s worth mentioning again that the We have established that there In the event of a dispute be- When there is a tenancy dis- laysia, nor can the legal frame- only binding document in a land- is no such thing as a standard tween tenant and owner, the pute, the fi rst thought that may work on tenancies be described lord-tenant relationship is a tenancy tenancy agreement. Do also landlord is usually at a disad- come to the landlord’s mind as ‘pro-landlord’. A landlord has agreement which contains the terms note that there is a distinction vantage, such as when the ten- could be to change the pad- to accept the hard fact that Ma- agreed on by both parties. Th e most between residential and com- ant defaults on rental, refuses locks, disconnect the supply laysia is pro-tenant in practice. common question faced by legal mercial tenancy agreements, to vacate the property, or over- of water and electricity, and Before we get into the de- practitioners is, “Is there such a thing so you may not use one for the stays. In such circumstances, forcibly enter the premises. tails, it is necessary to fi rst be as a standard tenancy agreement?” other. these are the landlord’s only But hold your horses, because aware of the difference be- Th is question arises because some Th e terms of a commercial legal remedies: these actions may result in un- tween a tenancy and a lease. property agents claim to provide a tenancy agreement are much favourable results. Th e better A tenancy refers to an agree- full-package service, from match- more complicated and impose Distress action under the self-help measures to take in ment for a rental period of less making potential landlord and ten- more obligations on the ten- Distress Act 1951 urgent cases are as follows: than three years. ant, up to the signing of the ‘standard ant, especially when it involves Upon the landlord’s applica- Th e sole governing docu- tenancy agreement’ prepared by renovations, business licences, tion, a court of law can issue a 1. Lodge a police report; ment of a tenancy is the ten- their agency. Th e fact is, unlike the any other applicable fees and warrant of distress for the re- ancy agreement. terms of a sale and purchase agree- also the Goods and Services covery of rents due and paya- 2. Break the lock in the pres- A lease is for a rental peri- ment that may be standardised, as Tax (GST). ble to the landlord by a tenant ence of a police offi cer; od of more than three years. A provided for under the Housing De- of any premises for a period lease is what is called a ‘regis- velopment (Control and Licensing) not exceeding 12 completed 3. Take as many photos of the trable interest’ on the title of a Act 1966), there is no similar regime months of the tenancy preced- interior to protect yourself property. Th is means that when for the tenancy situation. A tenancy ing the date of the application. in case the tenant claims you conduct a land search on agreement falls under the Contracts loss of property; that property, you would be Act, which assumes that all parties Eviction Order under the able to identify the lease on have entered into an agreement of Specifi c Relief Act 1950 4. Place a notice on the front of the title itself if it has been duly their own free will, based on mu- A landlord must obtain a court the property informing the registered. Th is registrable in- tually agreed terms. Th at said, how order before he or she can re- tenant that you have made terest protects the tenant by many of us have read through and cover possession of the prop- a police report; and, notifying anyone who is inter- agreed to all the contents of a ten- erty from the tenant. ested to charge or purchase the ancy agreement before signing on 5. Place a photocopy of the property on which the tenant the dotted line? police report together with has lease. Most tenancy agreements are the notice. To illustrate further the dif- a few pages long and take time to ference between a tenancy and study. If you disagree with any term, This of course is the final a lease, a tenancy agreement it is your right to discuss this with resort. So, always pre-empt is governed by several acts of the other party until you both come trouble by reading the tenan- law, such as the Contracts Act to what lawyers call ‘a meeting of cy agreement and make sure 1950, the Specific Relief Act minds’. Do not hesitate to do so the terms are agreeable to you. 1950 and Distress Act 1951, even if someone presents you with while a lease is governed by a ‘standard agreement’. the National Land Code 1965. Here’s a checklist of the major terms to look out for in any agreement before you sign it: Checklist • Tenancy period and option to renew • Deposit and rental • GST (if applicable) • Mode of payment • Details of landlord and tenant • Purpose of the tenancy • Parties obligations and covenants • Commencement date and yield up date • Fixtures and fi ttings list • Special conditions (if any) FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY EP23 EP24 FRIDAY DECEMBER 4, 2015 • THEEDGE FINANCIAL DAILY

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