TEP 2 FRIDAY JULY 22, 2016 • THEEDGE FINANCIAL DAILY NEWS HIGHLIGHTS from TheEdgeProperty.com

REUTERS Strata Management of i-City in credited it to Tribunal receives 1,192 BNM: Financing not the only problem faced stronger property sales. by fi rst-time home buyers Its revenue rose by 64.39% to cases to date this year RM86.68 million in the quarter, Some 1,192 cases have been filed First-time home owners continue to have access to fi nancing, said Bank from RM52.73 million. at the Strata Management Tribunal Negara (BNM), in response to calls for lending guidelines to be In the financial period to date (SMT) since the beginning of the reviewed to ease home ownership for fi rst-time home buyers. (1HFY16), I-Bhd made a net profit year. In a press release, BNM said it believes access to credit is not the of RM30.04 million, up 60.17% year- In comparison, there were 400 only problem confronting potential buyers in owning aff ordable houses. on-year. Revenue for 1HFY16 came to cases fi led from the middle of last “More fundamental issues that require resolution are aff ordability and RM167.12 million, which was 30.49% year to end-2015. shortage of supply of reasonably priced houses,” said the central bank. higher than the previous corre- “Most of the cases were against “About 75% of borrowers (about 1.5 million bor- sponding period’s RM128.07 million. home owners who failed to pay ser- rowers) with housing loans are first-time house Compared to 1HFY15, I-Bhd vice charges. This has become one buyers,” it noted. said the property division record- of the biggest issues of high-rise ed strong sales “from existing living,” said legal professional Datuk projects such as i-SOHO, i-Suite, Pretam Singh at a press conference Liberty, Parisien Tower, and new at the Property Management Time launches during the year including Bomb Seminar 2016. 8Kia Peng and Hyde Tower”. Pretam noted that the SMT is an effi cient way to address and resolve problems related to strata homes RHB cuts BR, BFR and management faced by various Naza TTDI to launch SM Nasimuddin and BLR parties including purchasers, Joint RM1.4b worth of in a statement. Management Bodies (JMB), manag- The project is lo- RHB Bank and RHB Islamic Bank ing agents and developers. projects in 2H2016 cated in Taman will revise their base rates (BR) to “The SMT can hear claims up Naza TTDI Sdn Bhd plans to launch Tun Dr Ismail, 3.8% from 3.9% per annum, and TheEdgeProperty.com The Edge Property Sdn Bhd (1091814-P) to a limit of RM250,000, whereas projects worth RM1.4 billion in the . base lending rates (BLR) and base Level 3, Menara KLK, No 1 Jalan the Homebuyer Claims Tribunal’s second half of 2016, as it expects The compa- financing rates (BFR) to 6.75% PJU 7/6, , 47810 , , Malaysia limit is RM50,000. In addition, all the appetite of property hunters ny added that it from 6.85% per annum effective

the cases fi led at the SMT will have looking for good value property plans to launch SUHAIMI YUSUF / Friday (July 22), said RHB Banking Th eEdgeProperty.com to be heard and disposed within 60 investments to rise following Bank high-rise resi- Group in a statement. days,” he explained. Negara Malaysia’s recent interest dence TTDI Olivina in TTDI Alam The move is in line with Bank Managing Director/Editor-in-Chief For errant home owners who rate cut. Impian in Shah Alam, in August. Negara Malaysia’s (BNM) recent A u Foong Yee fail to comply with the decision of BNM had lowered the bench- decision to reduce the overnight EDITORIAL the SMT and insist on mark overnight policy rate (OPR) policy rate (OPR) to 3%. Editor Lam Jian Wyn not paying the service last week, from 3.25% to 3.0%. I-Bhd's 2Q profi t “The revision in rates will spur Contributing Editor Sharon Kam charges that he/she “Malaysia’s property market is a more agile financial environ- Deputy Chief Copy Editor jumps 72% on strong James Chong owes, legal action still resilient. TTDI Segaris’ highly ment. It will also promote great- Senior Copy Editor will be taken by the successful launch is a testament property sales er domestic demand and boost Shanthi Murugiah Housing and Local of the market’s healthy appetite I-Bhd’s net profit for the sec- economic growth, as well as ease Writers Rachel Chew, Tan Ai Leng, Natalie Khoo, Shawn Ng Government Ministry for properties in well-established ond quarter ended June 30, 2016 the fi nancial burden of our cus- Art Director Sharon Khoh by bringing them neighbourhoods,” said Naza TTDI (2QFY16) soared by 72.32% from tomers,” said RHB Banking Group TheEdgeProperty.com Design Team Nik Edra, to court. deputy executive chairman and the previous comparable period to managing director Datuk Khairus- Nurul Aida Mohd Noor group managing director SM Faliq RM14.68 million, and the developer saleh Ramli.

For New Launches/Events/ / KENNY YAP Press Releases/News Tips Tel: 03-7721 8211 Fax: 03-7721 8038 How do I get past issues of this weekly pullout? Email: [email protected] trending Go TheEdgeProperty.com ADVERTISING & MARKETING to download for free Head of Marketing and Sales Sharon Chew (012) 316 5628 now Senior Account Manager Jayne Law (016) 929 3309 Account Manager If you have any real estate-related events, email us at [email protected]. Jayremy Sim (011) 1669 6039 LAUNCHES + EVENTS Marketing Support & Ad Traffi c Events listed here will also appear on TheEdgeProperty.com. Madeline Tan (03) 7721 8218 Email : [email protected] Venue: KSL Sales Gallery (Canary seminar about “Investing in Tokyo Venue: EcoWorld Gallery @ Eco NEGOTIATOR ADVISORY SERVICE Senior Manager Elizabeth Lay Garden), No 2, Jalan Langat KS9, post Brexit” during the event. Meadows, PT 740, Jalan Paboi, Senior Associate Stannly Tan Bandar Bestari, , Selangor Mukim 14, Daerah Seberang Perai Associate Karen Wong Contact: (03) 3122 2999 Exclusive preview of Selatan, Simpang Ampat, Penang Gramercy Park in Singapore For enquiries and listings Celebrate this festive season Contact: (04) 510 2255 GL: (03) 7721 8175/ 8172 together with KSL Holdings Date: July 23 and 24 Experience the exciting Email: [email protected] at Canary Garden. Datuk (Sat and Sun) splashing water slides at Eco Chef Wan will be giving a Time: 10am to 7pm World Development Group Launch of Ridgefi eld TheEdgeProperty.com pullout is cooking demo at the event. Venue: Grand Hyatt Kuala Bhd’s Eco Meadows sales published by The Edge Property Sdn Residences Lumpur, Grand Residence gallery. Free admission but Bhd. It is available with The Edge Date: July 23 and 24 101, Level 1, 12, Jalan online registration is needed. Financial Daily every Friday. The pullout is also distributed at more (Sat and Sun) Pinang, Kuala Lumpur than 200 offi ces, shopping complexes, Time: 10am to 6pm Contact: (012) 366 9366 Offi cial launch of Cerrado condos, medical centres, F&B outlets Venue: Tropicana Heights Nawawi Tie Leung and Residential Suites at and LRT stations in the . Property Gallery & Show Huttons One World will be You can also download it for free at www.TheEdgeProperty.com Village, Off Jalan P6/2, introducing the Gramercy Date: July 30 and 31 Bandar Teknologi , Park project located in Grange (next Sat and Sun) , Selangor Road, Singapore to interested Time: 11am to 5pm Th e Edge Malaysia Contact: (016) 239 7566 JLL unveils The Parkhouse Singapore property investors. Venue: Southville City EDITORIAL Tropicana Corp Bhd will be Nakano Tower Show Village, Bangi Editor-in-Chief Azam Aris launching Ridgefi eld Residences Date: July 23 and 24 (Sat and Sun) Slide The City at Eco Contact: (019) 988 3854 CORPORATE at Tropicana Heights, Kajang. Time: 11am to 7pm Meadows Mah Sing Group Bhd will be Chief Operating Offi cer Lim Shiew Yuin ADVERTISING & MARKETING There will be a special talk by (seminar at 3pm) Date: July 30 and 31 unveiling Cerrado Residential Chief Commercial Offi cer Urban Land-use/Transportation Venue: Westin Hotel Kuala (next Sat and Sun) Suites at Southville City. Prices Sharon Teh (012) 313 9056 Planner Gok Bok Yen entitled Lumpur, Level 2, Straits Time: 10am to 6pm start from below RM500,000. General Manager, Digital Media Kingston Low (012) 278 5540 “New lifestyle with Kajang Boardroom, 199, Jalan Bukit Senior Sales Managers Transforming into a growth Bintang, Kuala Lumpur Fong Lai Kuan (012) 386 2831 hub” at 2.30pm on July 24. Contact: (012) 326 3800 Peter Hoe (019) 221 5351 Gregory Thu (012) 376 0614 JLL Property Services presents a Creative Marketing KSL Hari Raya Open House property investment opportunity Chris Wong (016) 687 6577 Date: July 24 (Sun) near the JR Nakano station, Head of Marketing Support & Ad Traffi c Time: 11am to 4pm Tokyo. There will also be a Lorraine Chan (03) 7721 8001 Email: [email protected] FRIDAY JULY 22, 2016 • THEEDGE FINANCIAL DAILY TEP 3 NEWS Elmina Valley Phase 3 launch this weekend

SUHAIMI YUSUF / TheEdgeProperty.com BY RACHEL CHEW

SHAH ALAM: Proper- ty will be launching Elmina Valley Phase 3 (EV3), the third phase of Elmina West in the City of Elmina township, this weekend at its sales gallery in . EV3 carries a gross development value (GDV) of RM280 million. It is part of the City of Elmina, a 5,000- acre freehold township with a GDV of RM25.8 billion. Leong: EV3 is divided into two parts, EV3 sits at namely EV3A and EV3B. EV3A and the main EV3B consist of 203 and 151 units gateway to of double-storey linked houses, the City of respectively. Elmina on Th e freehold development has the higher built-ups ranging from 2,626 sq grounds ft to 3,030 sq ft. Prices start from of Elmina RM793,888 and the homes are slat- Valley ed for completion in 2018. “As of today, we have received I think 15% cancellation is not bad “EV3 sits at the main gateway “City of Elmina is the single more than 1,000 registrants for EV3. at all in the current soft market,” to the City of Elmina on the high- largest township development in We are going to offi cially launch he said. er grounds of Elmina Valley, ad- Malaysia. It will be the leading de- EV3 this weekend [July 23],” said launched jacent to the Elmina River and a velopment located at the heart of Sime Darby Property Malaysia head Elmina Valley Phase 1 (EV1) at the linear park that is easily accessible Selangor, known as the Selangor of cluster 1 Appollo Leong to Th - end of February and Elmina Valley for recreational activities,” he said. Vision City,” he said. eEdgeProperty.com. Phase 2 (EV2) in early April. City of Elmina neighbours Th e township will be complet- He said 127 units of EV3 were Both phases were almost fully Bukit Subang, , Bukit ed not only with 300 acres of gar- launched exclusively to Sime Darby sold out within two days of their Jelutong and and dens and parks, but alongside so- Property’s loyal customers earlier offi cial launch. is accessible via the New Klang cial spaces, a shopping mall and a and they were fully sold. In total, Sime Darby Property has Valley Expressway (NKVE), Kuala medical and wellness cluster. “We only have an average of launched and sold RM698 million Lumpur– Express- “Th e township will also have a 15% cancellation and this is most- worth of products in EV1, EV2 and way (LATAR), Corridor 90km continuous cycling and run- ly because of failure to get a loan. EV3 is slated for completion in 2018 EV3 within six months. Expressway and Federal Highway. ning track,” said Leong.

NEWS

pecially Penang continues to appeal to Malaysia’s northern and southern property buyers. Henry Butcher Malaysia (Penang) Sdn Bhd director Jason Teoh said medi- regions remain attractive amidst um to long-term investors tend to per- ceive Penang as an Island state with great potential for growth particularly with challenging market infrastructure projects being a significant game changer. “Various reclamation projects have been proposed and are expected to act as catalysts PATRICK GOH / TheEdgeProperty.com for further growth in the services and indus- BY TAN AI LENG trial sectors. Demand for more high-value talents will rise and this will have a multiplier PETALING JAYA: Th e northern and southern eff ect on the local economy,” Teoh added. regions were the more popular property in- Various developments such as Aspen vestment hotspots in the country a few years Group’s project in Batu Kawan, and Ide- ago. Are these two regions still attractive to in- al Property’s projects in the Southwest vestors in the current slow market condition? District and Northeast District of Penang Down south, the property market island will continue to spur buyers’ inter- has been rather challenging especially for est, said Teoh. high-end non-landed residences. Both Tan and Teoh will be speaking at the KGV International Property Consultants Malaysian Property Summit Mid-Year Review (Johor) Sdn Bhd executive director Samuel 2016 which will be held on July 27 at the Sime Tan said the market remains challenging Darby Convention Centre, Kuala Lumpur. as transactions in both the primary and They will be sharing about the outlook secondary markets are slow. on the southern and northern regions. “The market is still hungry for proper- The Association of Valuers, Property ties but only at the right price. The bottom Managers, Estate Agents and Property line is affordability as seen in the case of Consultants in the Private Sector of Ma- Melia Residences in Gelang Patah which is laysia (PEPS) is the organiser of the sum- selling from RM550,000. All the units, in- mit. TheEdgeProperty.com and The Edge cluding bumi lots, were snapped up in one Tan: There are still many hidden gems in the Teoh: Infrastructure developments are the biggest Malaysia are the media partners. weekend,” he told TheEdgeProperty.com. southern region catalyst for growth in the northern region In conjunction with this event, readers He noted that there are still hidden received the chance to win tickets to the gems in the secondary market waiting to Tan said the completion of the 5.2km the Second Link Expressway in the north- summit by entering an online competi- be discovered as some of the deals may be Coastal Highway Southern Link, which west, will spur buyers’ interest in the areas tion at TheEdgeProperty.com. The com- distressed sales in which property owners links Medini in the northeast to the Port of accessible via the coastal highway. petition which ended on July 20 received are urgently looking to cash out. Tanjung Pelepas Highway interchange of Meanwhile, the northern region es- about 100 entries. TEP 4 FRIDAY JULY 22, 2016 • THEEDGE FINANCIAL DAILY FEATURE HSR: a game changer that off ers huge opportunities for everyone

BY SHAWN NG creasing economic activities in Iskandar. PETALING JAYA: Th e high speed Th e 350km HSR, Lim told Th - rail (HSR) linking Kuala Lumpur eEdgeProperty.com in an exclu- and Singapore provides more sive interview, is a boon not just TheEdgeProperty.com than speedy travel between the for the property sector. Th e pro- | two countries. Th is game chang- ject will open up opportunities to er of a project will create an eco- port, airport, cargo and all other nomic corridor that will impact industries along the alignment signifi cantly on Malaysians, said besides Kuala Lumpur and Iskan- Iskandar Waterfront Holdings dar Malaysia. Bhd (IWH) executive vice-chair- “Everyone including profes- man Tan Sri Lim Kang Hoo. sionals, businessmen and all the Lim would know. He bore wit- people in Malaysia and Singapore ness to how the creation of the will benefi t as it will shorten trav- Iskandar Malaysia economic el time by linking Kuala Lumpur growth corridor in Johor back in International Airport (KLIA) and 2006 successfully revived the state Changi Airport,” he added. in the wake of the Asian Econom- “HSR joins both countries into MOHD NAZAM SUHAIMI YUSUF AND MOHD IZWAN KENNY YAP, ic Crisis. a one-and-a-half-hour economic “Yes, the property industry zone. It will enable people to make is cyclical. But developers have a round trip in just a few hours,” learnt from the 1997-1998 down- said Lim. 02 turn. Developers who had invest- “Th e connectivity is very impor- ed in Iskandar those days are now tant, and that is a game changer 01. Lim believes the economic zone will attract foreign direct laughing their way to the bank,” for Kuala Lumpur.” investment (FDI), and mitigate or reverse brain drain in Malaysia Lim said, adding that he sees the Lim believed the economic current supply taken up and oc- zone will attract foreign direct 02. An artist’s impression of Bandar Malaysia cupied with the present-day in- investment (FDI), and mitigate 01

Will the HSR stir Malaysia’s lethargic property market?

BY RACHEL CHEW, NATALIE KHOO minals in Bandar Malaysia (Kuala future of Malaysia and Singapore AND LAM JIAN WYN Lumpur) and Singapore, and six — an era of growing prosperity. A intermediate stations in Putrajaya, new lifestyle will be enjoyed by PUTRAJAYA: Th e signing of the Seremban, Ayer Keroh, Muar, Batu both Malaysians and Singapore- Memorandum of Understanding Pahat and Iskandar Puteri. ans. Imagine 90 minutes’ travel (MoU) on July 19 to work towards Minister in the Prime Minis- time from both cities. You can have commencing the Kuala Lumpur– ter's Department Datuk Abdul breakfast in KL, lunch in Singapore Singapore High Speed Rail (HSR) Rahman Dahlan and Singapore’s and dinner back in KL. It goes to operations by 2026 has sparked Coordinating Minister for Infra- show the things we can achieve renewed interest along the prop- structure and Minister for Trans- in the spirit of good neighbourli- erty line. port Khaw Boon Wan signed the ness and partnership,” said Najib This ambitious undertaking MoU on behalf of their respec- in his speech. will see a team jointly set up by tive governments, witnessed by Lee noted that the goal of hav- the Malaysian and Singapore- Malaysia’s Prime Minister Da- ing the HSR operational by 2026 an governments race against a tuk Seri Mohd Najib Razak and was “ambitious”. 10-year deadline to deliver this Singapore’s Prime Minister Lee “Even for the MRT lines in game-changing project, which Hsien Loong. Singapore, it took us 12 to 15 comprises eight stations, with ter- “This is the reflection of the years for the whole project from SOURCE: Bernama + TheEdgeProperty.com | GRAPHICS: NURUL AIDA MOHD NOOR

Samuel Tan, director of KGV Interna- will also be a boost in economic activity. In the short term, it is unlikely that together to line up the terms and condi- in the areas near the stations but it will tional Property Consultants (M) Sdn However, this is only for the proper- we will see an influx of Singaporeans tions so that the bilateral agreement can not be a major one. Bhd based in Johor ties near the stations. Properties along coming in to buy properties in areas near be signed this year-end. Once the tracks have been laid out Even before the MoU signing, property the line may not necessarily benefit the terminals. For each milestone achieved such as and the public can physically see the prices near the proposed HSR stations from the HSR. In the long term, however, it will draw the MoU signing, tendering of contractors, project commencing, there will be an- in Johor had already gone up. Now that We need to remember that this is only economic activity from Singaporeans due commencement of construction of the other boost in property prices. It will be the MoU has been signed, it will defi - an MoU for now. The real impact can only to the convenience of travelling and the track lines, and the start of rail service more convincing to the public that this nitely boost property prices again. be seen when the bilateral agreement is ease of setting up in Malaysia. — there will be a spurt in interest from project will really carry through. In the long run, properties in the drawn up at the end of the year. However, we need to remember that investors and homebuyers. The HSR will defi nitely have radius of 1km around the stations will this is a long-term project. There will a positive impact on resi- see another boost in prices because Tang Chee Meng, chief operating offi cer certainly be investors who will start buy- Datuk Siders Sittam- dents staying around the people will enjoy staying in these areas of Henry Butcher (Malaysia) Sdn Bhd ing properties in the areas where the sta- palam, managing di- termini as they will now due to the convenience that the HSR With this new infrastructure [HSR pro- tions are, but they will need to hold on to rector of PPC Interna- have easier access to will offer in terms of travelling and ject] coming up and the MoU being their properties for the next 10 years until tional Sdn Bhd public transport. The connectivity to Singapore, Seremban, signed, there will be an increase in de- the HSR project has been completed to In the short term, the value of commercial KL and Malacca. mand for properties surrounding the reap their harvest. signing of the MoU may properties will see an They will want to stay as close as pos- terminals. This will then lead to an in- Having said that, this MoU is signifi - cause an initial kneejerk improvement as well, sible to the areas near the stations. There crease in property prices and rents. cant as the two governments have come increase of property prices most probably at the end of FRIDAY JULY 22, 2016 • THEEDGE FINANCIAL DAILY TEP 5 FEATURE

TheEdgeProperty.com | GRAPHICS: NURUL AIDA MOHD NOOR or reverse brain drain in Ma- laysia will comprise a theme laysia. park, underground city, retail He recalled how Iskandar outlets, offi ce tower, high-rise Malaysia was initially met residential property as well as with scepticism when it was a transport hub with access launched in 2006. to the HSR, mass rapid transit “During the 1997 finan- (MRT), light rail transit (LRT), cial crisis, Johor was the mar- express rail link (ERL) and KTM ket with the highest level of Komuter. property oversupply, so peo- “Th e project aims to attract ple laughed at Iskandar Ma- a population of 800,000, and laysia when the government also 500,000 people in and out launched it. But the govern- every day as the HSR will pro- ment has proven these people vide greater connectivity for wrong,” Lim said. people,” said Lim. Fast forward to the pres- Phase one of Bandar Malay- ent, Lim hoped that people sia will sprawl over 100 acres can see and act immediately and it is expected to be com- on the opportunities arising pleted in six to eight years. from the implementation of “The upside will be there. the HSR. We’re the highest bidder of At the top of the list would Bandar Malaysia because we be Bandar Malaysia, a project see the potential,” Lim added. undertaken by the Ministry of To recap, the government Finance (MoF) and IWH CREC of Malaysia and Singapore Sdn Bhd (a joint venture be- on July 19 inked a memoran- tween IWH and China-based dum of understanding (MoU) China Railway Engineering to kick-start the HSR project Corp (CREC)). with a view to execute a legal- Bandar Malaysia, an inte- ly binding bilateral agreement grated underground city that by year-end. never sleeps, is poised to be the Th e HSR will have eight sta- catalyst for the transformation tions — six intermediate sta- of greater Kuala Lumpur. tions in Putrajaya, Seremban, Malaysia’s fi rst integrated Ayer Keroh, Muar, Batu Pahat development to be built un- and Iskandar Puteri, and a ter- der the public-private partner- minus each in Bandar Malaysia ship (PPP) model, Bandar Ma- and Singapore.

Abdul Rahman (right) and Khaw (left) signed the MoU on behalf of Malaysia and Singapore respectively, witnessed by Najib and Lee inception till its service time. a joint development partner to This is a cross border high provide technical support on speed rail project on a much the project for both countries. bigger scale. However, is this new mile- Th e joint project team will stone enough to move Malay- be calling for an international sia’s lethargic property mar- tender next month to appoint ket? The experts weigh in.

the year when the bilateral agree- expected to bring massive foreign ment has been drawn up and the investments into the country, but physical earth works commence. will also result in a big infl ow of expatriates and foreign workers James Wong, managing director into the country. This will result of VPC Alliance (Malaysia) in a spin off for housing Sdn Bhd and contribution to the After the construc- local economy. tion of the Petro- The HSR will nas Twin Towers definitely become and Kuala Lumpur a catalyst for fu- International Air- ture developments port, Malaysia did and the eight towns not have any major where the HSR sta- infrastructure project tions are located will of this scale. The HSR pro- see a boom in property ject, estimated to cost RM50 bil- prices, both in the mid and long lion to RM60 billion, is not only term. TEP 6 FRIDAY JULY 22, 2016 • THEEDGE FINANCIAL DAILY COVER STORY

HARIS HASSAN | TheEdgeProperty.com f you’ve got the money, would like to live in lowed by 2 and 2.5-storey semi-detached homes a quiet environment, and yet stay not too far with a minimum land area of 3,200 sq ft and 2 and away from amenities, you may like Bukit Jelu- 2.5-storey detached houses with a minimum land Itong, Selangor. area of 7,000 sq ft. Th ere are approximately 45,000 homes in the area,” he noted. How much money are we talking about? Th ere are schools nearby to cater to families with Based on listings on Th eEdgeProperty.com, the children such as the Greenview Islamic School, Tang: The LRT average asking price for landed homes in the Sekolah Menengah Kebangsaan 3 Line may not area as of June 2016 was around RM555 psf or and Islamic Child Development Centre. There have a big impact an average RM2.42 million per unit. are also the Guthrie Golf Academy Pitch and Putt on the area’s Bukit Jelutong was a 2,200-acre oil palm estate Course for golf lovers. propety values as under Kumpulan Guthrie Bhd before it was ab- “There is more demand for landed than for residents there sorbed into Sime Darby Group. Th e latter began non-landed residential properties in Bukit Jelu- are multiple car the development of the township in 1996 before tong. Most people staying here are owner-occupiers owners the Guthrie Corridor Expressway connecting who like big spacious homes in a green and serene Bukit Jelutong to Rawang was completed in July environment. Th e landed houses are seeing an oc- 2005. Th e Guthrie Corridor is about a 45-minute cupancy rate of above 85% currently,” said managing drive away from the KL city centre and is the main director of ECS Valuation, Eu Chee Siang. access to the Bukit Jelutong township. Currently, “With homes of large built-up sizes and open Bukit Jelutong is also connected via major high- spaces, Bukit Jelutong is suitable for growing fam- ways such as the North–Klang Valley Expressway, ilies,” he said. North South Expressway Central Link and the Meanwhile, Tang noted that the 2 and 2.5-sto- Federal Highway. rey semi-dees which were launched in 1999 with Surrounding the township are Subang (where starting prices of RM600,000 are currently priced the Subang airport is located), Ara Damansara within the RM2 million to RM2.5 million range and . Th e average asking prices for while the 2 and 2.5-storey detached houses cur- Eu: Bukit Jelutong landed homes in these three neighbourhoods rently range from RM3.5 million to RM4 million. still lacks are currently about RM634 psf, RM730 psf and A similar trend is seen for the 2-storey terraced commercial RM467 psf, respectively. houses launched in the late 1990s at prices starting activities compared According to Henry Butcher Malaysia manag- from RM250,000 which are now being transacted with other ing director Tang Chee Meng, properties in Bukit for RM750,000 to RM1 million. “Th at is almost a established areas Jelutong are mainly 2-storey terraced houses with 300% increase since they were launched,” he said. a minimum land area of 1,300 sq ft. “It is then fol- According to Tang, homebuyers in Bukit Jelu- tong are mainly those in their 30s to 50s with me- dium-sized families. “Younger buyers in their 20s will probably not be able to aff ord the landed homes in the area,” he added. Bukit Jelutong is a mature area with not much land left for development, he added. “Th e remain- ing land will be used for higher value and higher density developments such as shopping malls, shops and serviced apartments. Th e value of the The high-end landed homes here are expected to appreciate further as there will be no new or a limited new supply of such properties in the future,” he said. Non-landed homes While landed homes have dominated the mix of properties in Bukit Jelutong, more mixed com- BY NATALIE KHOO mercial projects such as shopoffices, serviced residences, SoHos (small offi ce home offi ces) and allure of SoVos (small offi ce virtual offi ces) have appeared on the landscape over the past three years or so. Existing non-landed homes such as Elaeis 1 and Elaeis 2 currently range between RM380 and RM410 psf but newer and upcoming condos and serviced apartments are priced slightly higher, said Eu. “We have noted that the recently completed Suria BUKIT JELUTONG Jelutong serviced residence has achieved RM600 to RM650 psf for a typical unit with a built-up of 452 sq ft. “Th ere are three high-rise projects under con- struction — Radia Residence, Suria Residence and The township continues to attract upgraders despite housing Skyz Jelutong which were launched at prices from RM700 psf with built-ups of 600 sq ft and above. Th ey prices having spiked as much as 300% since 1999 are set for completion sometime next year,” said Eu. FRIDAY JULY 22, 2016 • THEEDGE FINANCIAL DAILY TEP 7 COVER STORY

He believes that there will be more de- Bukit Jelutong, will enhance accessibility mand for non-landed homes in Bukit Jelutong to and from Bukit Jelutong,” he said. in the future as more parents living here look “On top of that, Radia, a 20.95-acre mixed- to buy properties for their children so they use development undertaken by a joint ven- [the children] can live closer to their families. ture between UEM Sunrise and Sime Darby “Family members prefer to stay in the same launched in 2013 comprising retail, resi- township and neighbourhood. Products such dential and offi ce components is expected as Rimbun Sanctuary townhouses and apart- to be completed in 2018. Th is may be one ments developed by Sime Darby Property of the key factors in making the township would appeal to parents buying for their kids, more happening and exciting,” off ered Eu. as well as Gen-Ys who are more receptive to Henry Butcher’s Tang, however, noted that new lifestyle products,” he noted. the LRT 3 Line may not have a big impact on the area’s propety values as residents there Upcoming catalysts are multiple car owners. “However, it will still Eu, however, noted that Bukit Jelutong still benefi t the residents there as a whole,” he said. lacks commercial activities compared with “Bukit Jelutong is an area which attracts other established areas. “It is a place to stay more owner-occupiers than investors. Low but there isn’t much commercial activity rental yield investors would need to hold going on. Th ere is no crowd puller for busi- the property for a longer period and rely on nesses and the Space U8 mall currently in capital appreciation,” Tang added. operation has yet to bloom,” he said. Eu concurred: “At present, property pric- Nevertheless, he feels Bukit Jelutong will es in Bukit Jelutong are still fairly competi- do well in future and will continue to see tive compared with other more established demand as it is a freehold, well connected neighbouring townships such as Denai Alam, mature neighbourhood especially with the Sunway Kayangan and Cahaya SPK, just upcoming new Light Rail Transit 3 (LRT 3) to name a few. Niche developments with Line from to Klang. good quality fi nishes and design targeted “Th e proposed station in Section 13 Shah at the right market will continue to be in Alam, which is approximately 8km from good demand.”

Suria Jelutong by Sunsuria Bhd is one of the completed high- rise developments in Bukit Jelutong TheEdgeProperty.com

| SHAHRIN YAHYA SHAHRIN YAHYA TEP 8 FRIDAY JULY 22, 2016 • THEEDGE FINANCIAL DAILY DEALMAKERS

BY NATALIE KHOO pers so I persevered,” she says. In 2003, her eff orts paid off and she re- ickness is no deterrent for manag- Renewed passion ceived her licence. In 2008, she became a con- ing director and principal of Hut- sultant at MetroWorld Realty’s international tons One World, Aine Lee to suc- property division where she sold Malaysian ceed in the real estate industry. properties to the overseas market. “Two years ago, I was diagnosed for life after “I believe we should upgrade ourselves with a critical illness. It was de- regardless of which fi eld we are in. At that Stected early and I managed to beat it. time, I felt that I wanted to challenge myself “Now, every day, I live my life with pas- battling illness to go out there to market Malaysian proper- sion, enthusiasm and gratefulness,” Lee tells ty and to widen my market base,” she says. Th eEdgeProperty.com. She opened her own agency in 2010, One Following her bout of illness, she changed Lee changed her name from Shirley to Aine as she World Realty Malaysia, with two other partners. her name from Shirley to Aine after consult- Another milestone was reached in Septem- ing a “sifu”. Her new name signifi es “abun- shifted from the stock market to real estate ber 2013 when Huttons International Singapore, dance of health and joy” which she believes the third largest real estate agency in Singapore, would help enhance her well-being. SUHAIMI YUSUF / TheEdgeProperty.com wanese company based in Malaysia, manu- decided to partner One World Realty. “Life is a long journey and sometimes it facturing tents and camps. At that time (1994), “To us at Huttons One World, we believe challenges us to live as best as we can re- they owned a land in which was in education. We don’t just send our nego- gardless of the outcome. originally an agricultural land. Th ey wanted tiators out without equipping them with “Recovering from my illness, it has defi - to convert the land title into an industrial what they should do to successfully transact nitely taught me to treasure my life more and land title but faced some diffi culty doing so a deal,” says Lee. Th e agency now has four to practise giving unconditionally,” she says. due to a language barrier. So, I helped them branches in Malaysia: in Kuala Lumpur, In this industry specifi cally, Lee wants with it and they were able to convert the land Cheras, Subang USJ and Penang. to create more leaders in order to raise the title. In 1.5 years, we saw the value of the land “For example, for project marketing, not standard of professionalism, she shares. increase from RM150,000 to almost RM1.5 only do we teach the negotiators how to sell Lee was earning money from investments million. Th at really opened my eyes into the and market the product, they also have to in stocks and shares before her venture into wonders of property investment,” says Lee. understand that they are working as a team. real estate. She then decided to join Chartwell Real In the sub-sale market, you would need the “I learned to trade stocks and shares in Estate as a real estate negotiator in 1995 for right information such as historical price the market at that time and my earnings a month before moving to Venture Proper- trends and current asking prices so that you every day was almost RM3,000,” she recalls. ties (formerly known as Winner Properties) can close the deal at a fair value for both the “Th e only way to make money the fast- until 2007. She also immediately worked on buyer and the seller,” she explains. est way was through investments,” she says, becoming a certifi ed real estate agent as Her goal in the next three years is to grow adding that her family members were all soon as she joined the industry. the agency to about 500 performing and self-employed which nurtured her interest “You know, the market was so good back trained negotiators (from the current 180 to set up her own business eventually. then. It was so painful for me to forgo so negotiators) with 20 to 30 team leaders. Her focus on the stock market moved to many appointments which could have led “It is important not only to have active property when she realised it could be more Lee: Recovering from my illness, it has defi nitely to closed deals because I had to go for night negotiators who go after listings but we also lucrative in the long run. taught me to treasure my life more and to practise classes. Th e market was so hot. But I knew want to continue working as a team and “I was working with a Hong Kong and Tai- giving unconditionally it was important for me to study for my pa- support one another as a family”.

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