Issues: 02/2011 Month: Feb

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Property

News

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1 Issues 2: 1-28 February 2011

GENERAL ECONOMIC & PROPERTY MARKET

1. January inflation rate seen higher that 2.2% (The Star, 23-Feb-2011) . ’s year-on-year inflation rate in January is expected to surpass December’s 2.2% increase due mainly to escalating food and fuel prices. . The economist expects inflation to grow 2.5% in January with January CPI inflation expected to accelerate to 2.4% year-on-year

from 2.2% in December. PROPERTY & GENERAL ECONOMIC MARKET . The central bank had kept the overnight policy rate (OPR) unchanged at 2.75% in its first meeting of 2011.

2. Zeti confident of meeting growth target (The Star, 22-Feb-2011) . Malaysia’s economy is expected to expand 6% this year on measures to ensure private consumption and overall support for growth. . Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said the country would meet this year’s gross domestic product (GDP) growth target of between 5% and 6%. . The GDP expanded 7.2% in 2010 following a 1.7% contraction in 2009.

3. Malaysia can repeat strong economic performance in 2011, says Najib (Bernama, 19-Feb-2011) . According to Prime Minister Datuk Seri Najib Tun Razak, the 7.2% economic growth registered by Malaysia in 2010 was the highest achievement over 10 years and was driven by the two stimulus packages, the recovery in manufacturing and services sectors, brisk exports and imports as well as the management of the country’s financial and banking system by Bank Negara. . The government, which implemented a RM67 billion stimulus package two years ago to boost the economy severely affected by the global downturn, had earlier forecast the gross development product (GDP) to grow by more than 6.0% last year. . The growth forecast for year 2011 is between 5.5% and 6.0%.

4. Robust growth for Malaysia (Business Times, 18-Feb-2011) . According to Prime Minister Datuk Seri Najib Tun Razak, the Malaysian economy grew by more than 6% in

2010 and the country could post moderate growth this year with a calm global environment. . Growth was likely cushioned by services, especially wholesale and retail trade, while financial services benefited from the investment recovery, evident in business loan growth and capital market fund-raising activities. . The outlook for 2011 however looks less optimistic to economists who are expecting a slower growth of 5.33%. . Credit Suisse, however has placed Malaysia as one of the top five best performing economics in Asia ex- Japan from 2011. . According to economist Wu Kun Lung, higher commodity prices for both palm oil and rubber meant more positive growth while the Economic Transformation Programme would also boost investments in the next couple of years.

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2 Issues 2: 1-28 February 2011

5. Reduction for bumiputeras buying high-end properties under review (The Star, 8-Feb-2011) . Bumiputeras in many not be given the 5% discount for high-end properties as the state government feels that the rich do not need the reduction. . State housing, building management squatters committee chairman Iskandar Abdul Samad said under the guidelines drafted those who could afford houses worth RM2.5 million and above were rich enough and did not need the discount, while there are Bumiputeras who are unable to own a house. . Besides, the state government had proposed to Redha that the state would allow developers to sell bumiputera quota lots to non-bumiputeras in stages based on the progress of work at the development site. . They have come up with a plan after discussions with Redha, allowing developers who have completed 50% of the work at site to sell 10% of the bumiputera lots. If work had progressed to 75% then 20% is allowed. PROPERTY & GENERAL ECONOMIC MARKET . Developer who had completed the project and obtained the certificate of fitness (CF) then 50% of lots could be sold. For projects after a six-month completion period with CF, the developers could sell all the bumiputera units. . All applications to release the bumiputera quota units would go through a special housing committee made up of the Selangor Housing and Real Estate Board (LPHS), Selangor Land and Minerals Department, land office and local council in the respective districted that is chaired by Iskandar. . Iskandar added that before the bumiputera lots could be released, a clause in the guidelines required the developer to sell off the non-bumiputera units. . Once the bumiputera quota units are released for sale to non-bumiputeras, the 7% the developers earn from each unit has to be channeled to a special housing fund that would be managed by the state, set up to help poor Malays to buy houses. . Iskandar also said Selangor was strict with developers and would impose a 5% fine on top of the 7% for housing and 10% for commercial lots or factories, if developers were found to have sold the units to non- bumiputeras without the approval of the state.

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3 Issues 2: 1-28 February 2011

LAND & BUILDING TRANSACTION

6. Development land sale in , Rawang (Bursa Malaysia, 17-Feb-2011) Location Kuang, Rawang, Vendor Engtex Platinum Sdn Bhd (formerly known as Centradell Sdn Bhd) susbidiary of Engstex Group Berhad Purchaser Gadang Properties Sdn Bhd Title details Held under Geran 44859 Lot 1885, Geran 44860 Lot 1886 and Geran 45235 Lot 1888 Land tenure Freehold LANDBUILD & Mukim/ District Mukim of Rawang, District of Gombak Description There are 3 pieces of lands strategically located in the area Kuang and are just a short drive from - and Rawang. Land area 2,360,978 (54.20 acres) Price RM21,000,000 @ RM8.89 per sq ft Date of SPA 17/2/2011

ING TRANSACTIONS

7. Commercial building sale in (Bursa Malaysia, 17-Feb-2011) Location Komplex PKNS, Persiaran Tasik, 40505 Shah Alam. Vendor Perbandanan Kemajuan Negeri Selangor (PKNS) Purchaser CIMB Trustee Berhad (on behalf of Amanahraya Real Estate Investment Trust (ARREIT) Title details Held under HS(D) 22375, Lot No PT 2 Land tenure Leasehold 99 years (expiring on 12/1/2086) Mukim/ District Town of Shah Alam, District of Petaling

Description Kompleks PKNS is a 4-storey retail/office complex with a basement car park. Occupancy rate for retail lots is 100% whilst office lots is 94% as at 1Q2010. Approximate building age is 30 years old. The existing monthly rental for retail space and office space is RM2.00-RM3.50 per sq ft and RM1.70 per sq ft respectively. Land area 325,545.60 sq ft Built-up Gross floor area: 821,033 sq ft Nett floor area : 502,958 sq ft Price RM93,800,000 Date of SPA 2/9/2010 (Revised selling price on 14/2/2011)

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4 Issues 2: 1-28 February 2011

8. Commercial building sale in Shah Alam (Bursa Malaysia, 17-Feb-2011) Location SACC Mall, Jalan Perbandanan 14/9, Shah Alam. Vendor Perbandanan Kemajuan Negeri Selangor Purchaser CIMB Trustee Berhad (on behalf of Amanahraya Real Estate Investment Trust (ARREIT) Title details Held under HS(D)223854 Lot No PT 44 (formerly known as PT28 and PT29), Section 14 Land tenure Leasehold 99 years (expiring on 4/10/2104) Mukim/ District Town of Shah Alam, District of Petaling Description SACC Mall is a 5-storey retail complex with a basement level. Occupancy rate for retail lots is 96% as at 23 February 2010. Approximate building age is 5 years old. The existing monthly rental for anchor tenant and standard unit is RM0.70 per sq ft and RM2.00-RM20.34 per sq ft respectively. LANDBUILDING & TRANSACTIONS Land area 248,288.43 sq ft Built-up Gross floor area: 551,448 sq ft Nett floor area : 185,178 sq ft Price RM90,000,000 @ RM486.02 Date of SPA 2/9/2010

9. Commercial building sale in (Bursa Malaysia, 17-Feb-2011) Location Menara PKNS, No 17, Jalan Yong Shook Lin 46505 Petaling Jaya. Vendor Perbandanan Kemajuan Negeri Selangor Purchaser CIMB Trustee Berhad (on behalf of Amanahraya Real Estate Investment Trust (ARREIT) Title details Held under PN 54772, Lot No 201 Land tenure Leasehold 99 years (expiring on 17/7/2107) Mukim/ District Town of Petaling Jaya, District of Petaling Description Menara PKNS is a 20-storey purpose-built free standing office building (inclusive of 2 mezzanine floor) together with a basement car park. Occupancy rate for Menara PKNS is 95% as at 1Q2010. Approximate building age is 14 years old. The existing monthly rental within Menara PKNS is RM3.30- RM3.75 per sq ft for upper floor whilst RM3.75 per sq ft for mezzanine floor. Land area 73,141 Built-up Gross floor area: 627,678 sq ft Nett floor area : 244,316 sq ft Price 91,000,000 @ RM372.47 Date of SPA 2/9/2010

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5 Issues 2: 1-28 February 2011

RESIDENTIAL PROPERTY IN

10. Faber continues to strengthen its presence in Kuala Lumpur (The Edge Property, 27-Feb-2011) PROJECT NAME N/A Villa Prima, Taman Danau Desa Areca Residence, Laman Rimbunan Location Jalan Gurney, Kuala Lumpur Taman Danau Desa, Kuala Lumpur Developer Faber Development Sdn Bhd Joint venture between Faber Rimbunan Melati Sdn Bhd (a Development Sdn Bhd and Fleet joint venture between Faber Group Sdn Bhd and Metro Holdings Bhd) Type Condominium Link and detached villas Semi-detached houses GDV RM225 million N/A N/A Level/Block 2 blocks 4-storey + basement (car porch) 3-storey

No. of unit Link Villas: 31 RESIDENTIAL VALLEY IN PROEPRTY KALNG 252 54 (Phase 2) Detached Villas: 3

Development land area 2.55 acres 2.77 acres 19 acres PROPERTY RESIDENTIAL Built-up area Link Villas: 4,169 - 5,586 sq ft N/A 3,070 - 4,295 sq ft Detach Villas: from 5,799 sq ft Land area Link Villas: 1,292 - 1,615 sq ft N/A 2,550 - 6,717 sq ft Detach Villas: 2,691 - 4,521 sq ft Tenure Freehold Leasehold Leasehold Developer selling price RM1.48 - RM2.28 million N/A RM3.5 - RM6.0 million (indicative price)

Selling performance N/A N/A N/A VALLEY KLANG IN Launched date 4Q 2011 February 2011 November 2010 Notes . Located within 2km from . The 83.9 acres of Taman Danau . The only project featuring KLCC. Desa was developed in 1993 and semi-detached homes . The location is believed to currently has more than 3,000 within the Laman be an upcoming hot spot, properties. Rimbunan township.

especially when the . Villa prima is the final phase of . Laman Rimbunan is a 100- redevelopment of Kampung Taman Danau Desa featuring a acres mix development Baru takes off. modern resort concept. launched in 2005 with a . More than 50% of the units . Each unit will have a transparent total gross development will have a KLCC view. lift, from car park to top floor, value (GDV) of RM700 . Some unique features will green technology features such million. be added such as void area as water harvesting and low E- . The developer is going for

in selected units which can glass. QLASSIC (Quality function as a courtyard that . All units will have a view of water Assessment System in enables residents to enjoy - either the lake or the pool. Construction) for Areca greenery and more natural . There will also be a clubhouse for Residences along with lighting compared to normal the residents. other developments such condo units. . The proposed redevelopment of as Villa Prima and Armada The development density is Sungai Besi Airport at about 1.5 Villa. about 99 units per acres. km away, into a multibillion commercial project by 1Malaysia Development Bhd, will benefits Taman Desa and Taman Danau Desa once the project takes off.

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6 Issues 2: 1-28 February 2011

11. Al-Hidayah Daewoo Development’s Olives 108 to launch on Feb 26 (The Edge Property, 24-Feb-2011)

RESIDENTIAL IN VALLEY PROPERTY KLANG

An artist’s impression of the Olive 108

PROJECT NAME Olive 108

Location Jalan Ampang, Kuala Lumpur

Developer Al-Hidayah Daewoo Development Sdn Bhd Type Serviced apartment, condominium and office tower

GDV RM1 billion Level/Block Serviced apartment: 1 block Condominium: 3 blocks Office tower: a 20-storey block No. of unit Serviced apartment: 210 Condominium: 258 Built-up area Serviced apartment: 673 - 1,528 sq ft Condominium: 1,657 - 2,475 sq ft Expected Rental yield 20% (upon completion) (They expect a capital appreciation

&Capital Appreciation of 20%, don’t think it’s the yield) Developer selling Price Serviced apartment: RM595,400 - RM1.7 million Condominium: RM1.69 - RM2.77 million Launched date Feb 2011 Completion date April 2013

Notes Offering residents fine resort living within the comfort of their homes and host a myriad of facilities usually accorded to high class condominium development.

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7 Issues 2: 1-28 February 2011

12. Gombak Groove achieves 45% take-up rate (The Edge Property, 22-Feb-2011)

PROJECT NAME Gombak Grove Location Taman Seri Gombak

Developer AQRS The building Company Sdn Bhd (AQRS) Type Zero Lot Bungalow

No. of unit 25 Development land area 4.36 acres Tenure Leasehold Built-up area 5,003 - 6,053 sq ft Land area 5,715 - 7,136 sq ft Developer selling Price From RM2.2 million Selling performance 45% Launched date April 2011 Completion date April 2013 RESIDENTIAL IN VALLEY PROPERTY KLANG

Density 6 units per acre

13. Ascott lands new management contract in (The Edge Property, 17-Feb-2011)

An artist’s impression of the Citadines D’ Pulze Cyberjaya

. CapitaLand Ltd’s wholly-owned service residence business unit, The Ascott Ltd, secured a new management

contract in Cyberjaya to operate serviced residence Citadines D’ Pulze Cyberjaya. . Located opposite the Cyberjaya Transport Terminal, the serviced residence is well positioned to cater to those working in MNC’s such as BMW, Dell and Hewlett-Packard, which are within walking distance from the residence. . Citadines D’Pulze Cyberjaya is part of an integrated commercial and lifestyle development which includes offices and retail mall that offers restaurant and a supermarket. It features studio, 1 and 2 bedroom layouts, and will start operation in 2014. . The Ascott Ltd is the world’s largest international serviced residence owner-operator with over 21,000 operating serviced residence units in key cities around Asia Pacific, Europe and the Gulf region. About 5,000 units are under development. It is headquartered in Singapore.

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8 Issues 2: 1-28 February 2011

14. New lifestyle homes for sale (The Edge Property, 18-Feb-2011) . In the vision of Metro Kajang Holdings Bhd executive chairman Datuk Alex Chen, Kajang is a modern township with excellent facilities and infrastructure. . The area is still fast developing, with the developer having four ongoing projects in both Kajang and , namely Kajang 2, Sentosa Heights, Hillpark 2 and Pelangi Semenyih 2. In addition to both Kajang and Semenyih, Metro Kajang Holdings Bhd also has another project, Saville@Melawati, at Desa Melawati, Kuala Lumpur. . The Total estimated gross development value (GDV) of these 5 projects totals RM2.1 billion. . Moving forward, RM0.90 billion worth of new projects are already in the pipeline for financial year 2012, amongst which include Bangsar Development, Kajang East Development and Kajang CBD Development 1, 2 and 3.

PROJECT NAME Description

RESIDENTIAL VALLEY IN PROEPRTY KLANG Savile@ . Located at Desa Melati, Kuala Lumpur. This is a mixed service apartment and commercial lots Melawati development, and is the first Green Building Index development for Metro Kajang Holdings.

. Spanning across a 109.3ha of freehold land, Kajang 2 features bungalow, semi-D units, terrace houses, Kajang 2 apartment, shops and major amenities like schools, shopping complex, club house and recreational parks. Phase 1 of this development was 80% taken up as at end of 2010. . Dubbed the Jewel of Kajang, Sentosa Heights consists of 46 units of 3-storey semi-D, 12 units of 3- storey bungalow and 4 bungalow lots. Sentosa Heights . Priced from RM1.1 million for semi-D and RM1.5 million for bungalow. . 90% of the non-bumi units had been sold since being launched in year 2010. . Sited on a plot of 24.4ha freehold land adjacent to Hillpark 1. It consists of 443 units of 2-storey Hillpark 2 terrace houses, 30 units of 2-storey semi-D and 10 bungalow lots. . It is expected to be completed in December 2012. . Sited on 68ha of freehold land, Pelangi Semenyih 2 is made up of 980 two-storey terrace homes, 150 Pelangi two-storey semi-D, 12 two-storey bungalows and 10 bungalow lots. Semenyih 2 . Since its launch in September 2010, about 290 units of various types of homes were snapped up.

15. Overwhelming response for 8 Petaling (The Edge Property, 16-Feb-2011)

PROJECT NAME 8 Petaling Location Bandar Baru Sri Petaling, Selangor Developer I & P Group Sdn Bhd

Type Apartment GDV RM123 million Level/Block 1 block (connected by corridor) No. of unit Total : 156 Standard : 134 Duplex penthouse : 22 Development land area 3.3 acres Built-up area 1,690 - 4,876 sq ft An artist’s impression of the 8 Petaling Tenure Leasehold Developer selling Price RM621,888 - RM1,667,888 Selling performance Yet to be launched (over 800 registrants) Launched date March 2011

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Completion date 1Q 2014 Notes . Completes facilities with 24-hour security, swimming pool, wading pool, BBQ area, gymnasium and ample parking for residents (free 2 car parks per unit). . Consists of 22 units on each typical floor (levels 1-6), 18 units on level 7 and 10 units on level 8. . 8 Petaling is a low density development,; the units are big and do not share wall with the unit next door. . The target market is for those who want to upgrade to bigger homes, but still within a condominium environment, and also first time house buyers. . The penthouse units will have their own private roof garden. . The entire apartment will be serviced by a total of eight lifts. . Developed within the suburban township of Seri Petaling, which is located just 15km south of Kuala Lumpur and accessible via major highways such as KL- Seremban Highway, South Shah Alam Expressway (KESAS), New Pantai Expressway (NPE), Middle Ring Road 2 (MRR2) and KL- Putrajaya Highway (MEX).

RESIDENTIAL IN VALLEY PROPERTY KLANG

16. PJD plans RM1.7b projects by O3 (Business Times, 9-Feb-2011) . PJ Development Holdings Bhd (PJD) aims to ride on positive economy data by launching four projects worth about RM1.7 billion by third quarter of this year. The projects are located in Sri Hartamas and Cheras in Kuala Lumpur, Butterworth in Penang and Kuantan, Pahang.

Location Description Sri Hartamas . Located within the high profile locale of Sri Hartamas, near the high-end commercial hubs of Mont’ Kiara Solaris and Dutamas Solaris. . Duta Kingsbury is one of the few projects which PJD deferred after the 2008 crisis. The project was previously to feature some 200 condominium units of more than 3,000 sq ft and villas. . However, now it will comprise more than 300 units of condominiums, ranging from 1,400 sq ft and priced above RM700,000. The villas have been scrapped. Cheras . PJD will launch a mixed-integrated development consisting of three blocks of serviced apartments, two shop-office towers with entertainment areas, retail complexes and restaurants. . The project is expected to become the new iconic landmark of Cheras Butterworth . PJD will also launch Phase 4 of its Harbour Place project, comprising over 300 units of serviced apartments with priced from RM300,000. Sungai Karang, . Over 200 units of seaside service apartments, close to the Swiss-Garden Resort & Spa Kuantan will Kuantan also be launched. . Each unit will be priced from RM200,000.

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10 Issues 2: 1-28 February 2011

17. TTDI Adina launched in Shah Alam (The Edge Property, 8-Feb-2011) PROJECT NAME TTDI Adina Location Seksyen 13, Shah Alam Developer Naza TTDI Sdn Bhd Type Serviced apartment, office tower and 2-storey shop offices GDV RM205 million Level/block Serviced apartment: 21-storey / 2 blocks Office tower: 22-storey / 1 block No. of unit Serviced apartment: 308 Office tower: 80 Shop office: 13 Development land area 3.52 acres Built-up area Serviced apartment: 660 - 1,181 sq ft Office tower: 7,113 - 9,442 sq ft

RESIDENTIAL IN VALLEY PROPERTY KLANG Land area Shop office: Intermediate - 26 x 69 ft (1,794 sq ft) An artist’s impression of the Corner - 35 x 69 ft (2,415 sq ft) TTDI Adina Tenure Leasehold Developer selling price Office tower: from 600 per sq ft TTDI Adina Selling performance Serviced apartment: 50% Launched date Serviced apartment: January 2010 Completion date Serviced apartment: 4Q 2013 Notes . Located within the matured business enclave of Seksyen 13, the development is accessible via major highways such as the Federal Highway, NKVE, LKSA, and Guthrie Highway. . Facilities: Serviced apartment: 580 parking bays, multi-purpose hall, gymnasium, children’s playground, swimming pool, wading pool and community lounge as well as BBQ pit. Office tower: 382 parking bays (over six levels), a 2-level facilities area which houses a conference room, business centers and a function room.

18. On a different path - The Sanderson (The Edge Property, 6-Feb-2011) PROJECT NAME The Sanderson Location Bukit Serdang, Developer Newfields Property Management Sdn Bhd Type Condominium Gdv 160 million Level/block 3 blocks

No. of unit Total : 376 (Block A : 134, Block B : 112 & Block C (low-rise villas): 130) Development land area 8 acres Built-up area Block A : 1,480 - 1,550 sq ft Block B : 900 sq ft Block C : 1,390 - 1,600 sq ft Tenure Freehold Developer selling price From RM236,500 Selling performance 85% (before the end of October and block B was fully sold) An artist’s impression of The Launched date September 2010 Sanderson Completion date 2013

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Notes . The development sits on the southern border of Technology Park Malaysia and is about 20 minutes drive to Kuala Lumpur city centre via major highways such as Bukit Jalil Highway and Sungai Besi Expressway. . Sanderson is actually the name of a boutique hotel in London. Sanderson offers a concept new to Serdang – an affordable modern luxury living condominium within an eco-friendly gated community. . Low density development with 8 units per floor for blocks A and B whilst 2 units per floor for block C. . Features include 2 acres landscaped linear park, access card system for the car parks and lobbies, modern art sculptures created from recycled material, rain water harvesting system for landscape use and 24 hour security patrols, among others.

19. Gema Padu to develope RM1.5b worth of properties in 4 years (The Edge Property, 6-Feb-2011)

RESIDENTIAL IN VALLEY PROPERTY KLANG . Gema Padu Sdn Bhd, is targeting to launch a new development in the township with a gross development value of RM1.5 billion in the next 4 years. . The new development spanning 138 acres would be an “exciting” development consisting of both residential and commercial properties. . According to Lee Kuan Yong, the development would see good demand due to its strategic location adjacent to the Express Rail Link (ERL) station with only 5 minutes walk away An artist’s impression of Warisan Heights and its accessibility via major road networks such as the Maju Expressway, North-South highway, ELITE, LDP and South Klang Valley Expressway (SKVE). . Gema Padu is the developer of the 600-acre Kota Warisan township. About 350 acres of the township have been developed since 1997 with over 4,000 residential and commercial units delivered so far. . Another remaining 122 acres would be developed after the 130 acres project had been completed, and that would take an additional 4 years. . The remaining land would be developed into high-value commercial development as it is located next to the highway connecting Putrajaya and Kuala Lumpur. . The developers are targeting airport and airline staff as well as retailers at KLIA and at the low cost carrier terminal, the working population from Cyberjaya and government officers from Putrajaya, as its buyer.

. Other than that, Gema Padu’s latest offering of serviced apartment project Warisan Heights include facilitating the lifestyle of busy professionals and civil servants who seek affordable yet conveniently accessible home ownership.

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PROJECT NAME Warisan Heights Location Kota Warisan, Developer Gema Padu Sdn Bhd Type Serviced apartment GDV RM180 million No. of unit 1,000 Development land area 8 acres

Level/block 4 blocks (Paris, Boston, Sydney and Shanghai) RESIDENTIAL IN PROPERTY PENANG/ NORTHEN PENINSULAR Built-up area Studio: From 765 sq ft (1 bedroom) – 1,022 (3 bedroom) Tenure: Leasehold Developer selling Price RM180,000 – RM300,000 Launched date January 2011 (Preview) Completion date 2014 Notes . Offers 200,000 sq ft of retail space for shopping, eateries, hair salon and ample parking lots. . Other facilities include a swimming and wading pool, tennis and squash courts, a kindergarten, a playground, a gymnasium, a spa, a multi-purpose hall, fitness centre and 24-hour security and individual access card.

RESIDENTIAL PROPERTY IN PENANG/NORTHERN PENINSULAR

20. Triple-storey villas in Ipoh with a lift each (The Star, 24-Feb-2011)

Greentree Residence

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PROJECT NAME Greentree Residence Location Jalan Raja Dr Nazrin Shah, Ipoh Developer Flexible Express Sdn Bhd Type 3-storey link villa GDV RM22 million No. of unit 12 Built-up area From 4,177 sq ft (5 bedrooms) Developer selling Price From RM1.6 million RESIDENTIAL IN PROPERTY Launched date 1Q 2010 Completion date 4Q 2011 Incentive . Free maintenance charges for 5 years. . Free legal fees on SPA and MOT. Notes . The villas will be the first residential homes in Ipoh to boast of an elevator attraction. Designed with consideration for the elderly and disabled. . The top floor is designed mainly to be an entertainment floor, with a “sky garden”. . The porch is also wide to fit 3 vehicles in a row.

RESIDENTIAL PROPERTY IN SOUTHERN/EASTHERN PENINSULAR

SOUTHERN / EASTHERN PENINSULAR

21. Naim Plans more affordable houses as demand rises (The Edge Property, 16-Feb-2011) . Naim Holdings Bhd, is focusing on building more affordable houses which are below RM200,000 as they are in strong demand. . The company would launch more properties, particularly at its flagship satellite township of Bandar Baru Permyjaya and Miri. . Besides residential development, currently Naim is also developing a RM60 million Permy Mall in Permyjaya. It is progressing well and the mall is expected to open its door before Christmas this year. The mall will house a hypermarket, 160 retails shop, a food court and other facilities to serve the increasing population in the township. . Naim Holdings Bhd, Sarawak’s largest property developer in Sarawak, has built about 12,500 houses and other properties in Permyjaya. . Generally, Naim has landbank of some 1,050ha in Miri, Kuching and industrial town Bintulu, which has a combined gross development value (GDV) of some RM6 billion when fully developed.

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14 Issues 2: 1-28 February 2011

22. New Landmark for Kuching (The Edge Property, 2-Feb-2011) . Kuching skyline is set to change with the construction of a 36-storey office tower in the prime area of Batu Lintang. . The proposed tower will beat the city’s tallest building, the 22-storey Wisma Bapa Malaysia in Petra Jaya which now houses the Chief Minister’s office, several ministries and the state secretariat. . The tower is part of Sarawak’s biggest mixed development project jointly undertaken by Naim Holdings Bhd with Lembaga Amanah Kebajikan Masjid Negeri Sarawak (LAKMNS) and Tabung Baitulmal Sarawak (TBS), both state charitable trusts. . According to Datuk Hasmi Hasnan, Naim’s managing director, the other components of the 13.6ha project are a 27-storey apartment, 18-storey condominium, a second office tower block, hotel tower, a 4-storey shopping mall, a 17,000 sq ft showroom and multi-storey car parks. . He also adds that the project will be carried out in phases over 20 years, with the apartment to be built first. The apartment block will have 115 units and the condominium 216 units. It will also incorporate a water

COMMERCIAL PROPERTYCOMMERCIAL IN KLANG VALLEY theme park, roof garden and plenty of green areas to make the development environment friendly and one that the local population can enjoy. . The project site was previously occupied by government quarters. The land has been cleared and earth- filling work was completed recently.

An artist’s impression of latest development in Kuching

COMMERCIAL PROPERTY IN KLANG VALLEY

23. Sunhor property breaking new ground (The Edge Property, 27-Feb-2011)

An artist’s impression of the Tigaman Square

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An artist’s impression of the Tigaman Park and Tigaman Plaza . Sunhor Property Bhd, the property development arm of Lokasi Canggih, is embarking on its first development

COMMERCIAL PROPERTYCOMMERCIAL IN KLANG VALLEY projects and rather ambitious ones at that. It is planning three projects on three parcels of land totaling about 20 acres in Bukit Kemuning, Shah Alam. . The freehold industrial parcels, located within walking distance of each other, lie next to and are currently being converted into commercial land. First up to launch is Tigaman Square which is expected to be launched in March upon obtaining full approval.

PROJECT NAME Description Tigaman Square . The development spans over 7.69 acres of freehold land with gross development value (GDV) RM203 million. . Consists of 6-storey commercial blocks (Blocks A, B, C and D) offering 513 retail and SoHo units. . The bottom 3 levels feature retail units, followed by 2 levels of parking space (970 units of covered parking) and 1 level of office suites with a SoHo concept. . All three blocks (Blocks B, C and D) are available for sale; 71.71% of the units have been booked since October 2010. . Block B is fully booked by the developer’s director and associated companies for the purpose of control over right tenant mix. . Built-up varies from 517 sq ft to 5,995 sq ft. . Developer selling prices are from RM93,740 to RM3.16 million. . All blocks will be linked by bridges on the first and second floors. Blocks A and B as well as blocks C and D will be connected with a terrace platform on one side of the building to allow dual frontage for all retail units on the first floor to ensure vibrant business activity. . The development will also feature an al fresco dining area on the ground and first floors, which will be completed in 2 years.

. Claimed to be the only retail component in the vicinity with an existing population of more than 359,000 within 5km radius, 1.15 million within 10km radius, as well as 2.45 million with 15km radius from Tigaman Square. Tigaman Park . The next project to be launched on October 2011 will be the RM850 million Tigaman Park on a 10.3-acre parcel nearby. The development will be developed in 3 phases. . Consisting of 6 level podiums with a hypermarket, a retail component (388 units), a SoHo block (218 units), a serviced apartment block (288 units), a hotel (188 units) cum residential (218 units) block and a 140,000 sq ft of hypermarket space. . The development will total 4.5 million sq ft in gross built-up area and 2.1 million sq ft in net lettable area.

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. The hotel cum residential block will have a lobby, a lounge, restaurants and function rooms that can be used for seminars, conferences and weddings. . As for the third parcel, part of the 1.65 acres plot will house the developer’s 3½-storey sales gallery, which will occupy 14,773 sq ft. It is scheduled to start work after Chinese New year 2011 and be operational by October 2011. Tigaman Plaza . On the remaining land of Tigaman project, plans are for Tigaman Plaza. . It will comprise two 6 storey buildings connected by a sky bridge. . This phase will only be built two to three years later, and the units will be kept by the developer. . The developer aims to attract specialized retail outlets, a specialist clinic (40,000 sq ft) and a college (30,000 sq ft) to be tenants at Tigaman Plaza.

24. Tradewinds plans new set of ‘jewels’ (Business Times, 24-Feb-2011)

COMMERCIAL PROPERTYCOMMERCIAL IN KLANG VALLEY . Tradewinds Corp Berhad plans to demolish Crowne Plaza Mutiara Hotel and Kompleks Antarabangsa to make way for new property project. . According to Tradewinds Chairman Tan Sri Megat Najmuddin Megat Khas, he is looking at the possibility of building an office, retail and residence component on the land, to provide the group with recurring income stream. . The Crowne Plaza Mutiara is a 35-storey hotel with 565 rooms while Kompleks Antarabangsa is a 21-storey office building with five-split level car parks. As at 31st December 2009, the net book value of the office building is RM159.83 million. . Currently the Crowne Plaza is managed by the InterContinental Hotels Group (IHG) and it is understood that IHG still have 8 years remaining under the management contract. . Tradewinds also owns few hotels which include Hotel Istana, Hilton Petaling Jaya and Hilton Kuching as well as other properties such as Menara Tun Razak, on Jalan Raja Laut, Kuala Lumpur.

25. KL Eco City to be launched by April (The Edge Property, 23-Feb-2011) PROJECT NAME Phase 1, KL Eco City (KLEC) Location Opposite Mid Valley City (formerly known as Kampung Abdullah Hukum)

Developer Joint venture project between SP Setia and Dewan Bandaraya Kuala Lumpur Type A block of high rise strata office tower, boutique offices and 3-storey retail podium. GDV RM6 billion (overall development) No. of units Strata office: 232 units Boutique offices: 12 blocks (for en-bloc sale) Level Strata office: 48-storey Development land area 20 acres Built-up area Boutique offices: 70,000 sq ft

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Developer selling price Strata office: From RM1,000 per sq ft Boutique offices: RM70 million per block Notes . The project is designed to include 4 high rise office towers, 4 condominium blocks, a serviced apartment block and 12 blocks boutique offices. . The residential component will be launched in 4Q 2011. . KLEC is targeting at accreditation for a Green Building Index (GBI) rating. . Several links will be built to connect the existing accesses like Federal Highway, New pantai Expressway, Jalan Bangsar and Jalan Maarof. . The proposed Mass Rapid Transit (MRT) station will also have a station on the site, which is currently accessed via Light Railway Transit (LRT) and KTM Komuter services.

COMMERCIAL PROPERTYCOMMERCIAL I . SP Setia will purchase the 48-storey office tower and 3-storey retail podium for recurring income.

26. KL office market to stay soft, competitive (The Edge Property, 21-Feb-2011) . According to Cushman & Wakefield’s Kuala Lumpur office marketbeat report 4Q 2010, the office market is expected to remain soft and competitive due to completion of new buildings in 2011 as well as the completed refurbished office buildings. They also added that the average occupancy rates and the rental rates are expected to come under pressure in 2012, with large incoming supply being completed in the city centre and the fringes of KL. Nevertheless, the government initiates such government Economic Transformation Programme (ETP), the 131 entry point projects (EPPs) and the proposed infrastructure projects (i.e. the MRT and the extension of the LRT lines) are expected to create business and job opportunities and thus, may cushion the impact of the large incoming supply of new office buildings. N KLANG VALLEY 27. Snapped UP (The Edge Property, 20-Feb-2011) PROJECT NAME Summer Suites Location Off Jalan Sultan Ismail (within the Kuala Lumpur Golden’s triangle) Developer Sunrise Bhd Type Strata office GDV RM480 million No. of units 400 Level/Block Tower A: 34-storey Tower B: N/A Development land area 1.65 acres Tenure Leasehold Built-up area Tower A: 469 - 1,347 sq ft (with a choice of 10 layout designs) Developer selling price From 688 per sq ft (Average at RM750 per sq ft) Selling performance Tower A : 100% sold for non-bumiputera units (within a week) Launched date Tower A : January 2011 Tower B : Yet to be finalized

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Notes . Located within a strategic location and it is affordable. It is ideal for young professionals, entrepreneur, small businesses and businesses that do not require large offices. . Comes with 2 levels of retail space, a swimming pool, gym, function room, landscape deck and food court. . Summer suites offer a rare opportunity for companies to own instead of renting their prime business suites. . With the concept of SoVo (small office, versatile office) Summer Suites are designed to be flexible, expandable and designed for maximum functionality. . The developer is also confident that the offices at Summer Suites will achieve rents of RM5 per sq ft and above. . Plans for tower B have not been finalized but the developer is mulling the idea of service apartments and may decide to keep it as an asset.

28. Magna Prima launches RM470m Jalan Kuching Project (The Edge Property, 11-Feb-2011) PROPERTYCOMMERCIAL IN KLANG VALLEY

An artist’s impression of the Boulevard Business Park @ Jalan Kuching

PROJECT NAME Boulevard Business Park @ Jalan Kuching Location Jalan Kuching, Kuala Lumpur Developer Magna Prima Bhd GDV RM470 million Type Shop offices (Phase 1) Serviced apartments (Phase 2) Mall (Phase 3) No. Of units 94 288 N/A Level 4-storey 30-storey 4-storey Built-up area From 5,361 sq ft From 1,200 sq ft 500,000 sq ft (net lettable area) Developer selling price RM2.88 - RM3.38 million From RM350,000 N/A Launched Date January 2011 2H 2011 N/A

Completion date 4Q 2014 N/A N/A Notes . The development sits on a 10.4-acre freehold land fronting Jalan Kuching. . Located within a mature and densely populated area with population exceeding 300,000 within 3km radius, including Taman City, Taman Kok Doh, Segambut, Jinjang, Taman Mastiara, Taman Kipark and Taman Batu Metropolitan. There is also a business park and a small industrial area nearby. . Each shop office unit will be served by a lift. . The developer plans to lease about 100,000 sq ft of the planned mall to a supermarket operator or a department store as anchor tenant to take up one to two levels of the mall, while the lower levels will be leased to F&B outlets and smaller retailers, including alfresco dining restaurant.

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29. Tujuan Gemilang’s Point92 to be ready by June next year (The Edge Property, 7-Feb-2011)

An artist’s impression of the Point92

COMMERCIAL PROPERTYCOMMERCIAL IN KLANG VALLEY

PROJECT NAME Point92 Location , Petaling Jaya Developer Tujuan Gemilang Sdn Bhd Type Stand alone office building GDV RM95 million No. of units N/A Level 12 office floors and 7 car park levels Tenure Leasehold Land area 0.92 acres Net built-up area 159,000 sq ft (Average floor plate: 14,500 sq ft) Completion Date June 2012 Notes . Point92 is easily accessible via Penchala Link, which connects the DUKE and Maju Expressway and onwards to the Kuala Lumpur city centre and Kuala Lumpur International Airport (KLIA). . The developer have been in talks with several parties including Malaysian public-listed companies and investment funds for the building to be sold en-bloc. They are also open to leasing the building to an anchor tenant, and then sell the building with tenancy. . The owners of Point92 will have total control over the car

parks, security, the property management as well as the naming rights and signages, unlike strata-titled office buildings. . The developer plans to have Green Building Index (GBI) certification for the building.

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30. Q Sentral add sparkle to MRCB’ crown (The Edge Property, 6-Feb-2011)

PROJECT NAME Q Sentral KL Sentral Park Business Suites Location Lot B, KL Sentral, Kuala Lumpur. Lot E KL Sentral, Kuala Lumpur Developer Joint venture between Malaysian Resources Malaysian Resources Corp Bhd (MRCB) Corp Bhd (MRCB) and Quill Sentral Sdn Bhd. Type Strata titled office tower (Grade A) Office suites and retail GDV RM1.2 billion RM602 million No. of units Low zone: 272 N/A High zone: 25 Level/Blocks 42-storey Office suites: 5 blocks Development land area 1.85 acres 12.17 acres Gross floor area / 1.4 million sq ft 982,658 sq ft

COMMERCIAL PROPERTYCOMMERCIAL IN KLANG VALLEY Nett lettable area N/A 518,000 sq ft Built-up area Low zone: 1,366 - 3,420 sq ft N/A High zone: 15,000 - 40,880 sq ft Developer selling price RM1,190 - 1,500 per sq ft N/A Sales performance 50% 70% (Taken by Small and Medium Enterprises corporation Malaysia (SME Corp) Features . The building has the Singapore Building and . The name Q Sentral is derived from the Construction Authority’s (BCA) Green Mark Chinese concept of life force known as “qi”. Platinum rating and GBI Certification. . The design of Q Sentral is based on the . Its green features include: concept of Qi, to create a resonating flow of a) North-south orientation to reduce energy throughout the building while radiant heat establishing a cohesive and functioning b) Low- emissivity glass environment. c) Green wall . The developer is also aiming for Green d) Photovoltaic cells Building (GBI) and MSC certification for the e) A 130,000 sq ft atrium building. f) A district cooling system g) It will employ regenerative lifts

PROJECT NAME Nu Sentral 348 Sentral Location KL Sentral, Kuala Lumpur KL Sentral, Kuala Lumpur Developer Malaysian Resources Corp Malaysian Resources Corp Bhd Bhd (MRCB) (MRCB)

Type Retail mall and office tower Office tower and serviced residence GDV RM 1 billion RM914 million Level/Blocks N/A Office tower : 33-storey Serviced residence: 21-storey Gross floor area / >1,000,000 sq ft 1.17 million sq ft Nett lettable area Features . The building is accredited . The building gets the LEED with GBI and BCA Green Gold and GBI Gold certificate An artist’s impression Mark while the office has . About 6%-8% in additional of the Q Sentral LEED Silver certification. cost was spent on greening

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. Major tenants of the mall the building thus far are Parkson and . Rental value is about RM8 Golden Screen Cinemas. per sq ft and beyond.

Additional notes . Office rents have doubled since 2003 with new leases in KL Sentral Park at RM8.50 per sq ft, while capital appreciation has more than doubled to RM1,100 per sq ft from RM460 per sq ft over the same period. . Rental rates at KL Sentral ranges from RM6.50 to RM6.80 per sq ft, which is comparable to similarly graded offices in the city centre.

COMMERCIAL PROPERTYCOMMERCIAL IN KLANG VALLEY 31. On a different path - Gateway (The Edge Property, 6-Feb-2011)

An artist’s impression of the Puchong Gateway

PROJECT NAME Puchong Gateway Location Puchong South (Next to LDP Highway) Developer Newfields Property Management Sdn Bhd

Type Phase 1 & 2 : Shop offices Phase 3: Retail mall and serviced apartments. GDV Phase 1 & 2 : RM800 million Phase 3 : RM200 million No. of units Phase 1 : 104 Phase 2: 66 Phase 3: 500 (Serviced Apartment) Development land area Phase 3 : 6 acres Total development area: 52 acres Built-up area Phase 1 : 3,960 - 7,400 sq ft Phase 2 : 3,575-11,684 sq ft Phase 3 : 200,000 - 250,000 sq ft (retail space) Developer selling price Phase 1 : RM488,000 - RM1,500,000 Phase 2 : RM788,000 - RM3,200,000

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Selling performance Phase 1 : 100% (within 1 month from launching date) Phase 2 : 100% (within 2 months from launching date) Launch date Phase 1 &2 : January 2010 Phase 3 : 2H 2011 Completion date Phase 1 : 2009 (completed 6 months ahead of schedule) Notes Puchong Gateway currently enjoys a capital appreciation of up to 75%.

HOTEL

32. Service residence in the heart of the town (The Star, 25-Feb-2011) . The Ascott Limited, wholly-owned CapitaLand has opened a 207- unit property named Somerset Ampang Kuala Lumpur at the Embassy Row in Kuala Lumpur. . The Somerset Ampang is situated close to the ‘Golden Triangle’ and within walking distance from Ampang Park LRT station. . The service residence features studio, one, two and three bedroom apartments. Each apartment comes with a living and dining area, a fully equipped kitchen, en-suite bathrooms, a home entertainment system, an iPod dock and wireless Internet access.

. There are several facilities such as a rooftop infinity swimming pool, HOTEL Jacuzzi, gymnasium and children’s wading pool in the property. . In conjunction with the property’s opening, Ascott is offering An artist’s impression of The special rates from RM238++ per night for a studio premier

Somerset Ampang apartment from now till 31st March 2011.

33. 7-storey hotel with 180 rooms to ease room shortage in KT (The Edge Property, 14-Feb-2011) . According to State Islamic religious and Malay Customs Council (Maidam) executive officer, Wan Harujan Sulaiman, a 7-storey hotel costing RM37.4 million which is slated for completion in October will help ease room shortage in Kuala Terengganu and boost Terengganu’s tourism industry. . He also added that the 180-room hotel, near the Zainal Abidin Mosque, started construction in May last year to overcome hotel room shortage in this state capital.

34. More landmarks for Sunway City Ipoh (The Star, 13-Feb-2011) . Sunway City Berhad (SunCity) wants to replicate the success of its flagship Sunway integrated Resort City in Subang, Selangor, at the 1,346-acre Sunway City Ipoh in Tambun, Perak. . The RM1.5 billion resort township is a joint venture between SunCity, Perbadanan Kemajuan Negeri Perak and Yayasan Negeri Perak. It is designed to be the growth catalyst for the Eastern Development Corridor of Ipoh City. . Touted to be the largest integrated township in Perak, it is located within the Tambun Hot Springs, comprising residential and commercial properties, an industrial park, a water theme park, hot springs resort, hotels, college as well as sports and adventure-based projects.

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. One of the key elements of Sunway City Ipoh’s master plan was to work around the area’s natural terrains. The developer has taken steps to preserve the natural environment such as the hills, caves and lakes which also serve as water retention pond. It has also retained 120,000 trees in the township. . Plus, with a new service road leading from the North-South Expressway to Jalan Tambun was recently opened, making Sunway City Ipoh more accessible. . The developer also wanted to create a harmonious environment where one can work, relax, shop, live and play amidst nature. . So far, SunCity has developed several landmarks in Sunway City Ipoh, including The Lost World of Tambun theme park and more recently the Banjaran Hotsprings Retreat. Coming up next is the Lost World Hotel. . The hotel is an extension of the Lost World theme park. The first block, which will be completing soon, is scheduled to open in March 2011. Its gross development cost is RM30 million. . According to SunCity managing director, The Lost World Hotel, which sits on a site of about 3 acres, comprises two 4-storey blocks, housing 127 rooms and 27 family suites. The gross floor area is about 115,100 sq ft. . Also on the drawing board is a shopping village that will feature alfresco F&B outlets by the riverside, SoHo and serviced apartments, and possibly an international premier brand outlet to serve the northern and central region markets. Details, however, have not been confirmed yet.

INDUSTRIAL

INDUSTRIAL

35. Industrial land and buildings sale in Shah Alam (Bursa Malaysia, 14-Feb-2011) Location Lot No. 251, Kawasan Perindustrian Batu 22, 45600 . Vendor Greatpac Sdn Bhd (a subsidiary of Wawasan TKH Holdings Berhad) Purchaser Divine Lotus Sdn Bhd

Title details Held under Geran Mukim 176A, Lot No. 251 Land tenure Freehold Mukim/ District Mukim of Ijok, 13th Mile Kepong Road, District of Description The subject property consists of the land together with a vacant one storey open-sided warehouse. Land area 217,797 sq ft Built-up N/A Price RM5,563,000 Date of SPA 14/02/2011

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INFRASTRUCTURE & AMENITIES

36. Naza partners HELP to set up transport, automotive college (The Star, 24-Feb-2011) . The Naza group and Help International Corp Bhd will jointly set up a college of automotive and transportation management, which will involve an investment of RM25 mil over the next five years. . According to Naza joint group executive chairman Nasarudin Nasimuddin, the campuses would be in Klang Valley, Gurun (Kedah), and Seri Alam (Johor). The developments will be built in phases in the next five years and. The developer is targeting to open the campuses in Gurun and Klang Valley in the fourth quarter of 2011 while the campus in Johor is expected to be ready by 4Q 2012. . The facilities and courses at the Naza Kia Academy in Gurun would be overtaken by the proposed college. . He also added that the establishment of these campuses are not just to cater for Naza’s need, but to nurture and fulfills demand of skilled workers in technical, mechanical as well as management level, due to the growing automotive industry and Malaysia is the largest passenger cars market in the region.

37. New underpass at TTDI ready in February next year (The Star, 19-Feb-2011)

INFRASTRUCTUREAMENITIES & . An underpass costing RM1.33 million is being built near the Taman Tun Dr Ismail (TTDI) interchange on the Damansara-Puchong Highway (LDP). . Once completed in February 2012, it is expected to ease traffic congested and will benefit some 110,000 motorists heading towards , Kepong and .

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38. Will an MRT affect the price of your properties (The Star, 17-Feb-2011) . While some property consultants and analysts have been bullish on the overall impact of the mass rapid transit (MRT) on property prices, another group of property consultants has reservations about the blanket “price hike” touted by their counterparts and other parties. . This second group of property consultants, together with sources familiar with the project, have an alternative view that not all properties affected by the Sg. Buloh-Kajang line will have a positive impact. In fact, there will be properties that will have an adverse impact. . The 50km line that begins from Sg. Buloh will splice through the monorail and light rail transit (LRT) in the city and head south towards Kajang, affecting a total 91,900 properties along the way. Of these 82,700 units, or 90%, will be residential units with a total population of about 341,000. About 40% of these are located in the Sg. Buloh - Semantan area, and 46% in the Cheras-Kajang area. . Generally, people should not oppose the MRT or any form of public transport. But, if it’s going to affect people’s standard of living, either by the noise, vibration or visual impact, then it is logical for them to oppose. . However if people’s standard of living is negatively impacted, then the value of the property will also be affected.

INFRASTRUCTUREAMENITIES & . The affected areas are Section 4 and 6 of , Pelangi Damansara condominium, Taman Tun Dr Ismail, , Section 17/52 Petaling Jaya, Bukit Bandaraya, Jalan Bukit Ledang, Bukit Damansara, Taman Desa Aman, Taman Connaught and Taman Koperasi. . According to the executive summary posted on the Department of Environment website, as the line enters Kota Damansara, which is predominantly residential and remains so until TTDI, the line visual, vibration and noise level will be significant to properties in that area. As as the line enters the residential area of Cheras, the visual impact, noise and vibration level will also impact negatively on the property values there. Most of the measured noise levels exceeded the recommended limit for suburban residential area and urban residential area.

39. RM312mil to upgrade LDP in stages (The Edge Property, 9-Feb-2011) . Highway concessionaire Lingkaran Trans Kota Sdn Bhd (Litrak) is carrying out a three-year upgrading work on the Damansara-Puchong Highway (LDP). . Litrak chief executive officer Sazally Saidi said the programme, which started in 2009 and costs RM312mil, would consist of four main packages. . Package A involved the widening of lanes at the Puchong Perdana section heading south towards Putrajaya where 70% of the work had been completed.

. Package B involves upgrading from Persiaran Surian near Kota Damansara all the way to the Penchala toll plaza, costing about RM100 million. . Package C is pending approval from Malaysian Highway Authority and it would focus on the Puchong Jaya area, from Sunway toll plaza. . As for package D, the initial plan was to upgrade the toll plazas while adding additional lanes but Litrak had to take into consideration the government’s planned programme for free multi lanes.

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OVERSEAS

40. Thornsett launches property in London (The Edge Property, 11-Feb-2011) . London-based Thornsett Group is launching a new residential development, St David’s Apartment, located in Islington, London and Malaysia is getting the first look at the property on 18-20 February 2011 at JW Marriot Hotel, Kuala Lumpur. . It consists of 30 units of one to two bedrooms apartments with the unit built-up varying from 502 sq ft up to 890 sq ft, and is due for completion by end-March or early April 2012. . Being built on the site of the 1950s St David’s Church Hall, St David’s Apartment would consist of 7 floors with most units having access to a terrace or balcony overlooking Paradise Park. . The development also comprises 4 dual-aspect penthouse units with large terraces. . Located within the Highbury and Islington residential area, which is rich in history as well as a thriving area for culture and entertainment. . In addition, the area also has a large community of young working professional in, making it an ideal choice, taking into consideration the large available rental pool. City University London, London Metropolitan University and CASS business School are also located nearby making the area in demand by university students studying in the UK.

VIETNAM OVERSEASVIETNAM &

41. M’sian builders still positive on Vietnam despite currency devaluation (The Star, 14-Feb-2011) . The 9% devaluation of Vietnamese dong on 11 February 2011 (Friday) may have caused a knee-jerk reaction in the market after it slid to record lows against the US dollar, but some Malaysian companies that have significant investments in the country are still positive on its prospects. . The Ho Chi Minh Stock Exchange ended trade 0.05% lower that Friday to close at 519.98 points. . According to a statement on the State Bank of Vietnam’s website, the central bank had fixed the reference exchange rate to the 20,693 dong per dollar from 18,932 effective Feb 11, while also narrowing the trading band to 1% from 3%. . SP Setia, who viewed Vietnam as a “long-term growth history”, has 3 projects in Vietnam, namely the EcoXanh at Saigon Hi-Tech Park in Ho Chi Minh City as well as EcoLakes at My Phuoc, and EcoXuan at Lai

Thieu in the Binh Duong province. . Berjaya Land (Bland) has a 600-hectares mixed development project known as Nhon Trach New City, which is estimated to have a gross development value (GDV) RM21.8 billion, as well as a number of hotel and resort operations. According to its 2010 annual report, BLand has a total of 118,578 sq m of properties in various provinces in Vietnam. . Other Malaysian property companies that have ventured into Vietnam include Gamuda Bhd and Ireka Corporation Bhd. . Gamuda is slated to launch its RM6 billion Celadon City development in Ho Chi Minh City, while Ireka last week announced its maiden construction foray into Vietnam. Ireka’s contract is worth an estimated US$9.06 million (RM27.6 million) from Hoa Lam-Sangri-La Healthcare Ltd Liability (HLSH) for structural works of a general hospital at the International Hi-Tech Healthcare Park (IHHP), also in Ho Chi Minh City.

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