A PULLOUT EVERY FRIDAY WITH

FRIDAY, DECEMBER 22, 2017 . ISSUE 2559/2017 . PP19055/06/2016(034530) PRINT + DIGITAL

EP EP EP 04 05 07 available NEWS FEATURE DEALMAKERS online + offl ine Ibraco to Johor and More where do i get a copy of this weekly pullout? launch Melaka see than just RM1.5b mixed sharp rise knowledge go to development in land and www.EdgeProp.my in Kuching auctions network to download for free ROCK SOLID

Decades-old shoplots in Damansara Jaya, Petaling Jaya, have held their rents and values well in the current soft market environment. See Pages 6 and 7.

PEPEJABATJABAT URURUSANUSAN DDJJ PEPEJABATJABAT / OFFICEOFFICE SDN.SDN. BHD.BHD.

STUDIO D’JAYA

RESTORAN KAFE DAN RESTORAN KEDAI BUKU DAN KAFE CK KAMPAR CLAYPOT RICE LEPAK-LEPAK DJ EXPRESSO 金金寶瓦煲雞飯寶瓦煲雞飯 NYONYA DAMANSARA JAYA

BUKA OOPENPEN EP 2 FRIDAY DECEMBER 22, 2017 • THEEDGE FINANCIAL DAILY

NEWS HIGHLIGHTS from www.EdgeProp.my

Le Meridien owner buys Hilton KL for Forest City RM497m sets up KL Japanese billionaire Katsumi Tada sales gallery has sold Hilton Kuala Lumpur Ho- tel (Hilton KL) in KL Sentral for Country Garden Pacificview Sdn ¥13.7 billion (RM497 million), to Bhd has opened a new sales gallery the owner of the hotel right next to for its massive Forest City develop- it — the Le Meridien Kuala Lumpur. ment in Iskandar , Johor, Le Meridien is owned by a com- at UBN Tower in Kuala Lumpur. pany founded by Tada in 1974 — Country Garden Pacifi cview is a Daito Trust Construction Co Ltd. joint venture between Country Gar- Tada is said to have cut ties with den Holdings Co Ltd and Esplanade Daito in 2011. Danga 88 Sdn Bhd, an associate Daito informed the Tokyo Stock company of Kumpulan Prasarana ence but also serves to deepen ties by Deputy Education Minister Da- Exchange on Dec 15 that it was buy- Rakyat Johor. between China and Malaysia. tuk Chong Sin Woon and Feder- ing Daisho Asia Development (M) Sdn At the offi cial launch of the gal- “Looking ahead, we will uti- ation of Chinese Associations of Bhd, which owns the hotel, for ¥13.7 lery last Saturday, Country Garden lise our own resources to connect Malaysia president Tan Sri Pheng The Edge Property Sdn Bhd (1091814-P) billion, confi rming an article by The Forest City sales and marketing the Malaysian political, business Yin Huah. Level 3, Menara KLK, Edge Malaysia weekly in April that director Steven Zhou said the open- and education sectors in order to Country Garden’s Forest City de- No 1 Jalan PJU 7/6, Mutiara the asset had been put up for sale. ing of the KL sales gallery not only further enhance the collaboration velopment covers 14 sq km of land Damansara, 47810 Petaling Jaya, Selangor, Malaysia The price tag means Daito is shows the developer’s resolve to between China and Malaysia,” he on four artifi cial islands in Johor and paying RM988,000 per room for strengthen its international pres- said. The ceremony was witnessed has a GDV of RM444 billion. EdgeProp.my the 503-room hotel — which is far below market expectations. Managing Director/Editor-in-chief land. There will be three types CRCC Malaysia as the main con- Au Foong Yee Hening at Putrajaya Govt maintains 40% booked at of units available with sizes from tractor for M101 Skywheel, given EDITORIAL stamp duty rates 3,271 sq ft to 4,496 sq ft and prices CRCC’s diverse and close to seven Editor Lam Jian Wyn weekend launch starting from RM1.2 million. decades of experience. Contributing Editor Sharon Kam for properties above Deputy Chief Copy Editor Putra Perdana Development Sdn Expected to be completed in James Chong RM1m in 2018 Bhd’s (PPD) latest landed devel- CRCC appointed as 2021, M101 Skywheel consists of Copy Editor The government will not raise the opment launch, Hening, has been main contractor of two 78-storey towers that will Geraldine Tan stamp duty rate from 3% to 4% on 40% booked over the weekend fol- house about 1,200 Small-offi ce Writers Rachel Chew, Natalie Khoo, M101 Skywheel Shawn Ng, Lum Ka Kay the instruments of transfer (Form lowing its offi cial launch on Dec 16. Flexible-offi ce units, 94 Design- Art Director Sharon Khoh 14A) for properties worth over RM1 Hening is the last landed de- M101 Holdings Sdn Bhd (M101) has er Suites designed by Studio F. Design Team million from Jan 1, 2018 as an- velopment parcel in Precinct 16, appointed China Railway Construc- A. Porsche, the world’s highest Rajita Sivan, Jun Kit nounced in Budget 2017. Putrajaya. tion Corp Malaysia Bhd (CRCC Ma- shopping mall that extends from For New Launches/Events/ The stamp duty rates on the “Hening has been developed laysia) as the main contractor for the 50th to 52nd level with over Press Releases/News Tips transfer of properties worth more with the notion of combining its RM2.2 billion M101 Skywheel 200,000 sq ft of retail space, the email: [email protected] Tel: 03-7721 8211 Fax: 03-7721 8280 than RM1 million will be main- high-quality living, luxury, exclu- development on Jalan Raja Muda fi rst Planet Hollywood Hotel in tained, the Finance Ministry said in sivity, security and the harmony of Abdul Aziz, Kuala Lumpur. Asia and a mass rapid transit ADVERTISING & MARKETING a statement on Wednesday. nature. We believe that this unique CRCC Malaysia is a subsidiary station at the basement. Associate Account Director, The rates, based on the selling combination will attract many to of China Railway Construction Corp The development will also see Advertising & Marketing Heidee Ahmad (019) 388 1880 price or market value of a prop- these premium lakeside homes,” Ltd, which was recently ranked No the world’s highest ferris wheel Senior Account Manager erty (whichever is higher), are: 1% said PPD CEO Akmel Zurin Haron. 80 among the world’s Fortune 500 — Sky Ferries Wheel — built Ian Leong (012) 359 1668 for the first RM100,000; 2% for It consists of 39 units of 3-storey companies. on the 52nd level, which has a Account Managers Jeffrey Yeoh (016) 217 9227 RM100,001 to RM500,000; and 3% luxury villa terraces and will be M101 CEO Datuk Seth Yap said vantage point of 220m above the Khairul Amilin Ismail (019) 426 5101 for RM500,001 onwards. built over 2.33 acres of freehold the developer is pleased to appoint ground. Marketing Support & Ad Trafˎ c Madeline Tan (03) 7721 8218 email: [email protected] How do I get past issues of this weekly pullout? NEGOTIATOR & CUSTOMER trending ADVISORY SERVICE Go to www.EdgeProp.my to download for free Senior Manager Elizabeth Lay now Senior Associate Stannly Tan

For enquiries and listings email: [email protected] If you have any real estate-related events, email us at [email protected]. GL: (03) 7721 8175/ 8172 LAUNCHES + EVENTS Events listed here will also appear on www.EdgeProp.my.

EdgeProp.my pullout is published by The Edge Property Sdn Bhd. It is Property fair at AEON Mall Contact: (04) 506 0350 The 11th Malaysian available with The Edge Financial Daily every Friday. The pullout Alma, / (012) 501 0733 Property Summit 2018 is also distributed at more than Date: Dec 19 to 25 (Tue to Mon) Visit Paramount Property’s Date: Jan 23 (Tue) 200 ofˎ ces, shopping complexes, Time: 11am to 6pm sales gallery at Design Village Time: 8am to 5pm condos, medical centres, F&B outlets and LRT stations in the Klang Valley. Venue: AEON Mall Alma, Jalan Outlet Mall this Saturday to Venue: Sime Darby Convention You can also download it for free at Perdana, Taman Perdana, preview Suasana @ Utropolis, the Centre, 1A, Jalan Bukit Kiara 1, www.EdgeProp.my Simpang Ampat, second phase of the Utropolis Bukit Kiara, Kuala Lumpur Contact: (04) 588 4992 development in . Contact: (016) 661 2286 Contact: / (012) 474 8992 / (016) 733 2326 (03) 6201 8200 AEON Mall Alma is having Christmas celebration Join Matrix Concepts Holdings Organised by the a property fair that features at Artis 3 Bhd in celebrating the Durian Association of a variety of projects. Date: Dec 23 to 25 (Sat to Mon) Festival this Saturday at Impiana Valuers, Property Th e Edge Malaysia Time: 10am to 10pm Damai, Bandar Seri Impian, Managers, A special Christmas Venue: Artis 3, Jalan Tengku, Off Kluang. There will be exciting Estate Agents Publisher and Group CEO preview of Suasana @ Jalan Jelutong, Jelutong, Penang activities and delicious durian and Property Ho Kay Tat Utropolis Contact: (016) 449 9639 delicacies such as durian Consultants in EDITORIAL Date: Dec 23 (Sat) Enjoy a variety of Christmas cendol and durian ice-cream. the Private Sector Editor-in-Chief Azam Aris Time: 10am to 10pm activities for kids and light Malaysia (PEPS), CORPORATE Venue: Paramount Utropolis Sales refreshments at Artis 3 this Clay art workshop the annual Chief Operating Ofˎ cer Lim Shiew Yuin Gallery, Lot G-26, Design Village weekend. You will also stand a at Eco Sky summit will gather industry ADVERTISING & MARKETING Outlet Mall, 733, Jalan Cassia chance to win an iPad with the Date: Dec 24 (Sun) experts to share up-to-date and Chief Commercial Ofˎ cer Barat 2, Bandar Cassia, Penang purchase of an Artis 3 unit! Time: 2pm to 5pm accurate information as well as Sharon Teh (012) 313 9056 General Manager Venue: Biz Hub @ Eco Sky, in-depth analysis of the available Kingston Low (012) 278 5540 Durian Festival at 188, Jalan Kuching, Taman data in the real estate market. Senior Sales Managers Impiana Damai Tasik Indah, Kuala Lumpur Fong Lai Kuan (012) 386 2831 Date: Dec 23 (Sat) Contact: (012) 336 1953 Gregory Thu (012) 376 0614 Michael Tan (012) 213 0252 Time: 10am to 6pm Take part in an awesome clay CHECK OUT Creative Marketing Venue: Impiana Damai, art workshop by Eco World www.EdgeProp.my Chris Wong (016) 687 6577 Jalan Seri Impian 1/2, Development Group Bhd at Biz TO FIND OUT HOW YOU CAN WIN Head of Marketing Support & Ad Trafˎ c Bandar Seri Impian, Kluang, Johor Hub @ Eco Sky this Christmas Eve. A FREE TICKET TO THE SUMMIT. Lorraine Chan (03) 7721 8001

EP 4 FRIDAY DECEMBER 22, 2017 • THEEDGE FINANCIAL DAILY NEWS Ibraco to unveil RM1.5b mixed development in Kuching by 1Q18

PICTURES BY IBRACO BY LUM KA KAY “Th is project has a GDV of more than RM300 million and will have residential KUALA LUMPUR: Sarawak-based Ibraco and retail components. We are looking to Bhd is looking to launch its 123-acre mixed launch this by end-2018. development called Northbank in Kuching “I think that as the land faces the main by the fi rst quarter of 2018. road, it makes sense to have retail with res- Located in the greater Tabuan area, a idential instead of just residential,” he said, prime spot in Kuching, Northbank has a adding that they may consider off ering res- GDV of RM1.5 billion and will comprise res- idences in the range between RM400,000 idential, retail and offi ce suites. Th e project and RM600,000. will be developed over fi ve to seven years. “We would like to keep the prices below “We will kick off the development of RM500,000 if we can,” he added. Northbank with the launch of 72 units of On the property market in East Malaysia, terraced (23ft by 44ft) and semi-detached Chew said it is catching up with Peninsu- (25ft by 46ft) homes on a 9.1-acre parcel, lar Malaysia’s. said Ibraco managing director Datuk Chew “In the past, homebuyers in Sarawak Chiaw Han. Th eir prices, however, have yet go for big-sized homes, but now they are to be fi nalised. going for concept living. Price-wise, both “Our main focus over the next fi ve years places are on par. would be Northbank. Th e fi rst launch would “Th e planning approval here [in East be landed homes followed by Small-offi ce Malaysia] is very diff erent, so the property Home-offi ce apartments. prices are quite high. For landed homes, “We have conducted a market survey An artist’s impression of Northbank (left) and Continew we can only build eight units per acre. For among homebuyers in Kuching on the land- apartments, we can do 24 units per acre,” ed homes and received good response. Th e “Th e property market has slowed from a he said. landed homes would be just across the road few years ago. But in terms of sales, I think Chew: With According to Chew, Ibraco still has a from the Tabuan Tranquility area which is we have managed to do quite well consid- the right landbank of about 631 acres, mostly in East in demand,” he told EdgeProp.my. ering it is our fi rst venture into KL. product and Malaysia. However, it is keen to develop On Ibraco’s maiden foray into Peninsular “It was a bit tough for us to move into the right pricing, more projects in the Klang Valley or other Malaysia — Continew, which is along Jalan KL market, but we have managed quite well demand major cities in Malaysia. Tun Razak and Jalan Yew in Kuala Lumpur as there are not many of such properties in will be there “We are looking around. I think our city centre — Chew said the project has sold the city centre with this kind of pricing. Be- because next major acquisition will be in KL or more than 50% of its apartment suites since sides, our design and built-ups are suitable people still Selangor. Besides [land] acquisition, we it was launched in February. for young families who want to live in the need houses. are also looking to have joint ventures With a GDV of RM450 million, the 1.5-acre city. And with the Tun Razak Exchange and with land owners. freehold Continew consists of 510 apartment IKEA Cheras nearby, it makes the location it acquired in September this year. Th e land “Th e property market should pick up suites housed in two towers of 52 and 47 really attractive,” Chew added. is located along the New Pantai Expressway the next 12 to 18 months. But with the right storeys above a commercial podium. Th e Meanwhile, Ibraco is awaiting approval and has been approved by the Petaling product and right pricing, demand will be suites with built-ups ranging between 550 for a new development plan on the 3.91- Jaya City Council for a mixed commercial there because people still need houses,” sq ft and 1,200 sq ft are tagged at RM950 psf. acre leasehold land in Petaling Jaya, which development. he said.

CPI Land to launch Tuan Residency in Jan 2018

LOW YEN YEING | EdgeProp.my BY LUM KA KAY government’s eff orts. “I’m happy to learn that CPI Land has KUALA LUMPUR: Boutique developer CPI been working closely with DBKL (Dewan Land Sdn Bhd aims to launch its latest de- Bandaraya Kuala Lumpur) and the local velopment, Tuan Residency condominium, Rukun Tetangga to ensure that the local at Jalan Kuching here, in January 2018. residents feel comfortable and safe with this “We expect between 50% and 70% take-up (From left) new development,” said Loga in his speech. rate upon launching,” CPI Land co-found- CPI Land Prior to Tuan Residency, CPI Land has er and director Yeap Teck Hooi told a press director Tan developed Avantas Residences in Old Klang conference after the ground-breaking cer- Joe Hoe, Loga, Road and Serintin in Mantin, Negeri Sem- emony on Wednesday. Yeap and CPI bilan. Located on a 2.28-acre freehold parcel, Land director Yeap said both projects were extremely Tuan Residency will have 577 units of 3-bed- Chung Shan well received where Avantas Residences are room and 2-bathroom homes, with built-ups Tat at the sold out while Serintin is 90% sold. ranging from 878 sq ft to 1,015 sq ft. ground He said that in its commitment to the local Th e project has a GDV of about RM280 breaking residents at Tuan Residency, CPI Land will million and is scheduled for completion at ceremony be sponsoring and working with the local end-2020. for Tuan Rukun Tetangga in setting up a voluntary Th ere will be four layout options, including Residency patrol scheme. one that can be converted into a dual-key unit. “With Tuan Residency, we don’t only Th at particular option is designed to ac- “We at CPI Land have always taken pride “Tuan Residency is poised to be a meld expect the surrounding environment and commodate an additional entrance, and is in our projects which are of fi ne quality, so- of luxury and accessibility for Malaysians, land value to be enhanced — the redevel- aimed at investors or owner-occupiers who phisticated and cost-friendly. We are not mass in terms of space, environment, price opment of this site would also bring about plan to take on a tenant. developers, we craft and work on a handful and location,” he said in his speech at the improvements in public infrastructure for Prices are set between RM450 psf and of jobs at a time. ground-breaking ceremony. the local community,” said Yeap. RM480 psf, which Yeap deemed as “priced “Founded on the belief that land is a Th e ceremony was offi ciated by Federal Moving forward, Yeap added that the de- lower than the average market rate”. scarce asset, we create value through inno- Territories Deputy Minister Datuk Dr Loga veloper is looking to develop more residential Facilities include an infi nity pool, gym, vative design to achieve maximum comfort Bala Mohan. projects on KL prime land but declined to refl exology footpath and a sky deck with and effi ciency for homeowners, emphasis- “I want to applaud CPI Land for its com- disclose the details for its upcoming project. barbecue facilities overlooking the Kuala ing on practicality and functionality while mitment to producing fi ne quality homes at Lumpur skyline. maintaining quality and cost-effi ciency. accessible prices, which is in line with the This first appeared on www.EdgeProp.my. FRIDAY DECEMBER 22, 2017 • THEEDGE FINANCIAL DAILY EP 5 FEATURE Johor and Melaka see sharp rise in land auctions

PICTURES BY AUCTIONGURU.COM.MY BY SHAWN NG

alaysia’s southern region states of Johor and Mel- aka have recorded a sig- nificant increase in land auctions in the first nine months of 2017 (9M17) Mcompared with the same period last year. According to AuctionGuru.com.my’s 3Q17 market report, data collated by the online auction listing platform showed land auc- tions in the southern region (Johor and Mel- aka) for 9M17 rise to 186 cases worth RM463 million, an increase of 124.1% in volume and 110% in value from the 83 cases worth RM221 million recorded in 9M16. Th e spike could be due to the increase in land foreclosures in the region, especially commercial plots, AuctionGuru.com.my ex- ecutive director Gary Chia tells EdgeProp.my. “Commercial land has been diffi cult to dispose of in the past one to two years due A 2.12ha commercial land located 5km away from Johor Bahru city had been put up for auction with a reserve price of RM98.1 million in to concerns of oversupply of commercial February this year. projects in the southern region,” he says. Overall, the country has seen a 10.93% increase in real estate foreclosures in 9M17 to 21,258 from 19,163 last year, with the total value of these cases having grown by 31% to RM9.2 billion from RM7 billion. Of this year’s fi gures, 694 of them were land cases worth a total of RM1.268 billion, slightly higher than the 639 cases worth RM1.192 billion observed Chia: Having over the same period last year — an increase sufˎ cient of 8.61% in volume and 6.38% in value. landbank In Johor, there were 92 land auction cas- is crucial to es worth RM413 million in 9M17 compared achieve long- with 67 cases worth RM206 million over the term growth same period last year, which is an increase for a property An agriculture land in Gombak have gone through three rounds of auctions with the reserve of 37.31% in volume and 100.5% in value. player. price in the last round being reduced by 19%. Melaka recorded 94 land auction cases worth RM50 million up till September this year, an increase of almost fi vefold in vol- Malaysia real estate foreclosures 1Q-3Q Malaysia land foreclosures 1Q-3Q ume and 251% in value, as there were only 12,000 200 600

16 cases worth RM15.4 million over the same 591 period in 2016. 2016 2017 500 All the other regions, however, have seen 10,000 189 491 Land foreclosure (RM mil) 463 171

a decrease in the number of land cases. Th e 150 173

11,297 400 central region (Kuala Lumpur, Selangor and 8,000 150 Negeri Sembilan) registered a total of 150 10,382 140 300 land cases worth RM491 million in 9M17, 100 263 6,000 117 221 down 13.3% from the 173 cases worth RM591 78 70 million last year. 200 4,000 The northern region (Perlis, Kedah, 3,043 50 83 95 186 2,062 Foreclosure (volume) Foreclosure 4,919 57 Penang and Perak) saw a decrease from 64 100 Land foreclosure (volume) foreclosure Land 51 4,736 1,594 168 189 cases to 171 cases in 9M17 with total 2,000 1,446 588 values down 36.12% to RM168 million. Th e 354 0 0 east coast region (Kelantan, Terengganu and 0 ‘16 ‘17 ‘16 ‘17 ‘16 ‘17 ‘16 ‘17 ‘16 ‘17 Northern Central Southern East coast East Northern Central Southern East coast East Pahang) as well as East Malaysia (Sabah, region region region region Malaysia region region region region Malaysia Sarawak and Labuan) also saw declines of 10.26% and 16.43% in the number of land auctions respectively. environment may not be favourable to fa- original reserve price of RM27.15 million. estate auction cases in Malaysia. In 9M17, cilitate any purported sale. Th e landowner In the Klang Valley, a 4ha freehold agri- the region saw 11,297 auction cases worth Time to look for bargains can only choose to withhold the sale or slash culture plot located in Gombak, Selangor RM5.79 billion in total. Nevertheless, Chia points out that the overall the off er price to attract buyers,” he says. has been put up for auction three times “Th e rising number of auction cases can demand for vacant land in the country has Hence, this could be a good time to look since April 2016. Th e reserve price in the be attributed to the buying frenzy during the been relatively resilient despite the slow- for bargains on the auction market. Chia last round has been reduced by 19% from past property market upcycle. Th ose parties down in the property market. cites, as an example, two parcels of land in RM15 million to RM12.15 million. that have engaged in this prior aggressive “Having suffi cient landbank is crucial Johor that have yet to fi nd buyers after four Hence, Chia says investors with sound buying of property via bank fi nancing may to achieve long-term growth for a property rounds of auctions. One parcel is a 4.31ha fi nancial standing should seek out oppor- be caught in the current situation of prop- player,” he adds. freehold commercial plot located along the tunities in the current auction market. erty market restraint,” he says. Chia also notes that there are strategic south side of Jalan Pantai near Bandar Baru Looking ahead, he envisages the auc- As for land cases in particular, he says a parcels of vacant land available that have Permas Jaya, Johor Bahru. It has been put tion market to be sluggish, in line with the further rise in land foreclosures could be an failed to attract buyers even after several up for auction since September 2016 and overall market environment that is expect- ominous sign pointing to fewer new proper- rounds of auctions, refl ecting the extreme the reserve price in the last round has been ed to remain lacklustre in the next two to ty development launches in the future. “On cautiousness among market players as they reduced by 27.1% from RM129.8 million to three years unless there is signifi cant im- the other hand, we could view this positively aim to conserve liquidity to weather through RM94.62 million. provement in the economy. He foresees as it could serve to address the supply glut the current tough conditions. Th e other plot is a relatively small 0.9ha the number of real estate foreclosures to while improving the long-term competitive- “On the other hand, landowners who in- commercial plot located in the same area. Its increase as well. Th e central region of KL, ness of market players towards promoting tend to dispose of their land at market value reserve price at the last round of auction was Selangor and Negeri Sembilan has contin- a healthier and more sustainable property may fi nd it diffi cult as the current fi nancing about RM19.79 million, down 27.1% from its uously recorded the highest number of real market,” he off ers. EP 6 FRIDAY DECEMBER 22, 2017 • THEEDGE FINANCIAL DAILY COVER STORY DAMANSARA JAYA SHOPLOTS HOLDING STEADY EdgeProp.my LOW YEN YEING LOW |

BYY NNATALIEATA ALLIEE KKHOOHHOOO Now with three highways — namely SPRINT, Transactions of Lebuhraya Damansara Puchong and North Klang amansara Jaya, or DJ as it is more Valley Expressway — connected almost directly to fondly called, is an established shopofˎ ces in DJ DJ, the landed houses here have been much sought township in Petaling Jaya, Selangor after and the area can be considered one of the with easy accessibility and an from 2014-2017 more affl uent housing areas within Petaling Jaya. abundance of amenities. Sherman notes that when the redevelopment Year Address Built-up Average No of Developed by Paramount Garden (sq ft) price transactions of Atria was announced, there were some com- Dwhich was initially part of See Hoy Chan Sdn Bhd (RM mil) plaints from the shop owners and tenants facing in the mid-1970s, it comprises two parts — SS22 the site that their businesses have been aff ected and SS22A — and houses approximately 2,000 2017 Jalan SS22/21 5,391 3.05 1 by the construction. residential and commercial properties in the area. 2016 Jalan SS22/19 5,386- 3.6 3 When the “However, the retail shop unit prices and rents On a typical weekday, a normal scene in the 5,391 have remained stable during construction while a commercial area of DJ would be vehicles dou- 2015 Jalan SS22/23 5,391 4.3 3 approvals for slight uptrend was noticed around the end of 2014 ble-parked along the streets, people rushing in 2014 Jalan SS22/25 5,391 4.75 2 the cinema take and 2015 in anticipation of the opening of the new and out of the shops running errands, students mall,” he shares. heading up to the tuition centres above the shops, KIM REALTY SDN BHD place, it will be a and offi ce workers taking a break in the many ca- tainment centre. Instead, the mall started off as new catalyst to Price correction fes, restaurants and dessert joints during lunch what was known back then as the Gardenia Town An intermediate shoplot has a size of 22ft by time or after work. Centre with Printemps and Kimisawa, a French the area. — Ng 70ft/75ft while a corner lot is 26ft by 75ft. Back in On a weekend, the work crowd is replaced by and a Japanese departmental store respectively, the 1980s, a typical intermediate shoplot was sold families and people of all ages visiting the DJ’s as the key anchors. for RM555,555, Ng recalls. main landmark, the Atria Shopping Gallery, as “Back in those days, many frequented the area “In January this year, an intermediate unit lo- well as the F&B outlets located in the shoplots and Kimisawa in particular did very well — sim- cated on Jalan SS22/21 with a built-up of 5,391 sq ft surrounding it. Atria is located right in the heart of ply because it was something new at that time and was sold for RM3.05 million. In the preceding year, DJ’s commercial centre, which also off ers four rows there was no big-scale Japanese supermarkets similar units located along Jalan SS22/19 with built- of 4-storey shoplots located along Jalan SS22/19, around,” Ng shares. ups ranging from 5,386 sq ft to 5,391 sq ft changed Jalan SS22/21D, Jalan SS22/23 and Jalan SS22/25. He explains that it closed down during the 1987 hands for RM3.6 million. DJ is home to popular eateries including Choong global recession, followed by Printemps not long “In 2015, two of the intermediate units locat- Kee Kampar Claypot Rice, Brazilian restaurant Car- after. Subsequently, Lion Group bought the mall ed along Jalan SS22/23 was sold for RM5 million. naval Churrascaria, and cafes and dessert joints over from See Hoy Chan and renamed it Atria Th ose were the highest transacted prices recorded such as Inside Scoop and the Bulb Coff ee. Some Shopping Centre with Parkson as its main anchor in the last three years,” says Ng. of its other landmarks include Kolej Damansara tenant. Th e mall was then sold to Lien Hoe Corp He views the price correction since 2016 as in Utama (KDU) and the Damansara Jaya second- Bhd in 2001 and exchanged hands again with OSK line with the rest of the market which has been ary school. Property Holdings Bhd just 10 years ago. grappling with soft market sentiments and the OSK Property has since redeveloped it into depreciation of the ringgit. DJ’s commercial area its first and flagship mall, the Atria Shopping The spillover He observes that asking prices are ranging from One of the oldest real estate agencies in the Klang Gallery that we see today, which spans a net lettable RM4 million to RM4.5 million for the intermedi- Valley Kim Realty Sdn Bhd has its offi ce in one of area of 470,000 sq ft and a total of 392 Small-offi ce eff ect on the ate lots while the corner lots can go up to RM5.5 the shoplots in DJ. Its CEO Vincent Ng shares that Flexible-offi ce (SoFo) units above the mall known shops outside million. However, most buyers are only willing to the most popular street for those looking to do as the Atria SoFo Suites. pay around RM3.5 million in the current market business in the shoplots in DJ is Jalan SS22/19, Meanwhile, Jordan Lee & Jaafar Sdn Bhd Pet- is defi nitely environment. Available listings on EdgeProp.my as it faces the main road and has the most visi- aling Jaya branch director Sherman Tangga says noticeable. also saw average asking prices for the intermediate bility. Th is is followed by Jalan SS22/25 and the there is no denying that with the opening of the lots range around RM3.9 to RM4.1 million. inner lanes. redeveloped Atria mall, traffi c to the commercial — Sherman Nevertheless, while the market is a little lack- However, the reopening of Atria has defi nitely area has defi nitely increased, especially with more lustre, it remains stable simply because most of increased traffi c to shops on the inner lanes, says Ng. car parks available within the mall. “Th e spillover the owners bought their properties a long time “Atria has opened up two entrances along the eff ect on the shops outside is defi nitely noticea- ago and have the ability to hold on to these units. mall leading to the shoplots, which have been there ble,” says Sherman. “Th ese pioneering shop owners have defi nitely for more than 30 years,” says Ng. Furthermore, traffi c has also increased with made their fair share of returns on their investment According to him, Atria was initially built as the area’s improved accessibility over the years. and many of them own multiple units,” Ng says. an entertainment centre comprising a gaming When DJ was fi rst built, there was no highway Even some of the tenants have been here for dec- arcade and cinema by developer See Hoy Chan connecting DJ to Kuala Lumpur city centre except ades, so rentals have not gone up signifi cantly. “Th ese in the 1980s, but was never opened as an enter- via Jalan Damansara. old tenants have built very good relationships with the FRIDAY DECEMBER 22, 2017 • THEEDGE FINANCIAL DAILY EP 7 COVER STORY

Asking rental of inner Interesting facts about DJ lane shopofˎ ces in DJ

• First developed in the mid-70s • Back in the 1980s, an THIRD intermediate shopoffi ce unit RM1,600-RM1,800 • The then Atria Shopping FLOOR was RM555,555. The average Centre was one of the earliest price today is RM3 million. malls in Petaling Jaya • One of the best chicken • Atria Shopping Centre was claypot rice in town also home to The Picadilly Choong Kee Kampar Disco, one of the fi rst Claypot Rice is SECOND discotheques in Petaling Jaya RM2,000 located here FLOOR • SMK Damansara Jaya is one of the top schools in the Klang Valley

FIRST owners over the course of many years,” he adds. What’s next? However, Ng says the shoplots in DU and FLOOR RM2,500-RM3,000 As for the rental yield from these shop In 3Q16, two 4-storey multi-storey car parks SS2 are bigger than those in DJ. DU ones units, he says it ranges from 4% to 5% with and a food court on the ground fl oor located have a mezzanine fl oor while those in SS2 the ground fl oors of the units commanding between Jalan SS22/19 and Jalan SS22/21D, are twice the size of those in DJ. the highest rents due to their visibility and and Jalan SS22/23 and Jalan SS22/25 com- Meanwhile, Sherman notes that although accessibility. menced construction. current rentals in the area could be lower According to Ng, the ground fl oor rental Footfalls to Atria could be raised if the than other areas such as DU or SS2, in the of an intermediate unit on the inner lane mall has its own cinema. However, there long term, rentals could increase as more GROUND can be anything from RM5,000 to RM6,000 is a requirement to have 2,000-over car investors are sourcing out established but FLOOR RM5,000-RM6,500 while those facing the main road can range park bays before a cineplex can start oper- older areas due to their relatively stable rent- from RM7,500 to RM8,000. ations in an area, hence the multi-storey als and readily available catchment market Th e units on the fi rst fl oor of the inner row carpark. especially for F&B type outlets. of shop units are mostly occupied by offi ces “When the car parks are ready and when Home to KDU, DJ has seen a decrease and can command rentals from RM2,500 the approvals for the cinema take place, it in its student population since the college’s to RM3,000. will be a new catalyst to the area,” says Ng. main campus was moved to Utropolis in Th e second and third floors can fetch More recently, he has noticed that there Glenmarie, Shah Alam. average rentals of around RM2,000 and are buses bringing tourists for meals in DJ, This had impacted the housing rental around RM1,600 to RM1,800 respectively. which is known as a foodie haven, thus add- market in DJ. However, houses are still well That comes up to an estimated rental of ing more vibrancy to the area. sought after by homebuyers and in the long RM11,000 to RM13,000 for the entire unit. Other similar neighbourhood commer- term, more people would be seeking out “If you own a corner unit, you can fetch cial areas that are thriving in Petaling Jaya homes here due to its location that borders a rental of around RM12,000 to RM15,000,” include Damansara Utama (DU) and SS2. Petaling Jaya and Kuala Lumpur and good says Ng. Th ese places are a constant hive of activity. accessibility, off ers Sherman. KIM REALTY SDN BHD

DEALMAKERS More than just knowledge and network

BY RACHEL CHEW he told me it is not that diffi cult to become tiator began smoothly. Most of my clients Being honest and sincere one. I took this as a challenge and began were my former students and their parents, rowing up in a little village, as a part-timer,” she recalls. or my previous part-time workmates and in every deal will bring Shimry Wong had never She started with small, simple rental ex-colleagues. I am grateful that they gave you long-term business. dreamt that she would one deals and only closed her fi rst property me their full support. — Wong day be an accomplished sale after a year. She remembers it clearly. “Although I only found my dream job real estate negotiator. “It was an end lot terraced house worth late in my work life, I have no regrets. I “I’m from a small village over RM2 million. Th e commission was believe everything happens for a reason. Gin Kuantan. My parents were farmers and way more than my monthly salary at that Indeed, my previous work experience and I used to help them when I was growing time. Th at motivated me to change to full network are the cornerstone of my career up,” says the team manager at Allhomes time,” says Wong. today,” Wong says. Properties Sdn Bhd. But that was not the sole reason for the Despite the current property market Wong graduated from college as a sec- career change. slowdown, she regularly comes in as a top retary and started her working life as one “It was something a client — who is negotiator earning as high as RM100,000 for about two years before becoming a kin- also my friend — suggested. As my client, in a single commission. She mainly covers dergarten teacher in Taman Desa, Kuala he complained that he was too busy run- in and around the area where she lives, es- Lumpur, where she lives. ning around juggling a full-time job with a pecially Taman Desa and Old Klang Road. “I used to work multiple jobs in a day; part-time one on top of other odd jobs, to According to Wong, it takes more than it is not because of the need to support focus on handling his property properly. He just industry knowledge and a strong net- my family. In fact, my husband is a very asked me, why not invest 100% in one and work to be a successful real estate negoti- successful businessman. He always wanted only one job and make myself an expert,” ator. One’s approach and attitude are just me to stay home and take care of our chil- she recalls. Wong took his advice to heart as important. dren. But I grew up in a farming family — I and chose to focus solely on establishing a “In every deal, think of yourself as the can’t sit still at home and just be a house- career in real estate in 2012 after more than buyer or the seller, not being too calcula- wife,” says the mother of three. a decade in the education sector. tive, and be honest. Th ese are important

Wong enjoyed teaching and thought she It was one of the best decisions she ever attributes, especially during this slowdown. EdgeProp.my would be a kindergarten or tuition teacher made. She loves life as a real estate nego- “Taking short-cuts will not take you very till her retirement — then one day, she was tiator. “It is not a routine nine-to-fi ve job far. Homebuyers and sellers are smarter off ered the opportunity to become a part- and you get to meet a lot of people. Having and more knowledgeable today. Only be- time real estate negotiator. only three years of experience, I’m blessed ing honest and sincere in every deal can

“My cousin was a real estate agent and that my life as a full-time real estate nego- bring you long-term business,” she shares. YEN YEING LOW |