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‘Redevelopment must have consent of all owners’

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Malaysia’s industrial and logistics market to benefit from BRI TEP A FEATURE06

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FEATURE14 Trees + art + entrepreneurs = The Linc START Zuraida Kamaruddin’s thoughts on her first year in office as Malaysia’s housing and local government minister Read Pages 10 to 13 EP 2 FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY

NEWS HIGHLIGHTS from www.EdgeProp.my

PR1MA undergoes transformation Gamuda Land inks MoU to bring Perbadanan PR1MA Malaysia (PR1MA) said it is currently under- in Malaysia’s first luge attraction taking a transformation exercise to Gamuda Land signed eight Memo- better fulfil its mandate and adapt randums of Understanding (MoU) to market conditions. for its Gamuda Gardens township The business transformation is in Sungai Buloh, last Fri- part of the strategy to ensure that day, including one with New Zea- the organisation is better aligned land’s Skyline Enterprises to bring in with the government’s national the first luge attraction to Malaysia. housing agenda, said PR1MA in a Comprising the Skyline Luge statement on Wednesday. and Skyline Zoom Ziplines, the at- Due diligence is currently being traction is to be built on a 30,000 sq undertaken and is expected to be m hill site overlooking the township. concluded in June, it added. MoUs were also inked with Bea- global operations, has chosen his opening address at the MoU The Edge Property Sdn Bhd Acting CEO Mohd Nazri Md conhouse for the establishment Gamuda Gardens for their first signing ceremony at the Gamuda (1091814-P) Shariff said the transformation ex- of a Beaconhouse International foray into Malaysia. Gardens Experience Gallery. Level 3, Menara KLK, No. 1 Jalan PJU 7/6, Mutiara ercise is expected to enable the School with completion targeted “Complementing the lei- “There is no date set for the Damansara, 47810 Petaling Jaya, affordable housing body to maxim- for September 2022. The full list sure component of our master completion of the luge yet. But, Selangor, Malaysia ise the effectiveness of the change of MoUs also include 7-Eleven, Mr plan will be our RM4.3 billion we are looking at about a couple effort that is taking place within the DIY, Petron, Arena Legacy, Ecocana Gamuda Gardens City Centre which of years for this,” said Skyline EdgeProp.my organisation to further improve its Sports and Weddings by Emma. will also include a one million sq ft Enterprises CEO Geoff McDonald business and operations. “We are delighted that Skyline regional retail mall,” said Gamu- at the press conference after the Managing Director/Editor-in-chief Enterprises, an iconic brand with da Land CEO Ngan Chee Meng in signing ceremony. Au Foong Yee EDITORIAL ParkCity partners Executive Editor Sharon Kam plans to develop the world’s first Assistant Editor Tan Ai Leng CapitaLand to Deputy Chief Copy Editor Hasbro water theme park at Merid- James Chong develop premium ian’s Malaysia Tourism City (MTC) Copy Editor Vanessa Gnanasurian Desa ParkCity condo development in Kuala Linggi, Mel- Senior Writer Rachel Chew ParkCity Property Holdings Sdn aka, through a Hasbro licensing Writers Bhd (ParkCity) and CapitaLand agreement secured by his private Natalie Khoo, Shawn Ng, Limited (CapitaLand) will be under- opers in a press release on Tuesday. entity M101 Holdings Sdn Bhd. Chin Wai Lun TAP/CLICK to Art Director Sharon Khoh taking a 50:50 joint-venture devel- ParkCity Group CEO Datuk Jo- At the official launch of the 622- watch video Senior Designer Jun Kit opment called Park Regent in Desa seph Lau said the joint-venture with acre MTC on Tuesday, Yap symboli- highlights of Designer Rajita Sivan ParkCity, . CapitaLand brings together the ex- cally signed a licensing agreement symposium. For New Launches/Events/ Said to be built on one of the best perience, expertise and proven track with Hasbro Live! (Hasbro) regional Press Releases/News Tips locations in the township, the 5.6- record of two major property devel- director Natalie Chan to pave the email: [email protected] Tel: (03) 7721 8211 Fax: (03) 7721 8280 acre freehold condominium develop- opers in the region. way for the plan. ment will comprise 505 units across The Hasbro water theme park is ADVERTISING & MARKETING two towers. The development will part of the first phase of MTC which Associate Account Director, World’s first Hasbro Advertising & Marketing offer residents the opportunity to live also includes a weekend market and Heidee Ahmad (019) 388 1880 by the waters of Desa ParkCity Lake water theme park an adventure park, according to Yap. TAP/CLICK Senior Account Manager with views of the parklands. The Park With an estimated investment of Ian Leong (012) 359 1668 to be in Melaka for the full Cecilia Too (012) 319 7666 Regent is set to be launched in the Meridian Bhd executive director some RM120 million, the first phase report on the Account Manager third quarter of 2019, said the devel- Datuk Seth Yap on Tuesday unveiled is expected to kick off by end-2019. symposium. Joane Tan (012) 377 2885 Joanne Mok (018) 272 0939

Marketing Support & Ad Traffic trending How do I get past issues of this weekly pullout? Madeline Tan (03) 7721 8218 email: [email protected] now Go to www.EdgeProp.my to download for free BUSINESS DEVELOPMENT Manager Nimalen Parimalam Account Manager Stannly Tan Executive Nurfarah Diyana Mohd If you have any real estate-related events, email us at [email protected]. Firhad LAUNCHES + EVENTS Events listed here will also appear on www.EdgeProp.my. PRODUCT DEVELOPMENT & CUSTOMER ADVISORY Official launch of day for parents with activities spend quality time with your Time: 4pm to 10pm Senior Manager Elizabeth Lay YOU CITY III Associate Omar Nawawi, such as family workshops, mom this Mother’s Day, join Venue: twentyfive.7 Property Ayesha Hannah Amer Ezani Date: May 11 & 12 (Sat & Sun) exciting game booths, and head in the fun at Sunway Citrine Gallery, Lot 43495, Persiaran

For enquiries and listings Time: 10am to 6pm and shoulder massages. Hub. Take part in exciting Oleander, Telok Panglima email: [email protected] Venue: YOU CITY III Sales Gallery, activities with your mom. Garang, Selangor Tel: (03) 7733 9000 VG-01 & VG-02, Jalan You City, Home Fair at Eco Register at https://forms. Contact: (016) 299 1610 Grandeur EdgeProp.my pullout is published You City Cheras, Cheras, Selangor gle/4pCuwWHHc8EXWfgu7 Join Gamuda Land this weekend by The Edge Property Sdn Bhd. It is Contact: (018) 311 6000 Date: May 11 & 12 (Sat & Sun) to experience mesmerising magic available with The Edge Financial OSK Property will be launching Time: 11am to 6pm shows, exciting performances, Daily every Friday. The pullout is also distributed at more than the final phase of You City Venue: Eco Ardence Sales gastronomic delights, kids’ fun 200 offices, shopping complexes, in Cheras this weekend. This Gallery, Lot 6232, Persiaran workshops and even a cinema condos, medical centres and F&B transit-oriented development Mokhtar Dahari, Bandar under the moonlight! Bring outlets in the Klang Valley. You can also download it for free at will feature 800 serviced , Selangor your family and friends and www.EdgeProp.my apartments and a 3-storey hybrid Contact: (03) 3270 2525 be sure not to miss the newly mall. Prices for the apartment Whether you’re setting up a new launched Luxura show unit. The Edge Malaysia units start from RM350,000. home or looking to upgrade your current one, this is one event you Dim Sum Delights Mother’s Day Special Publisher and Group CEO Funtastic Parents Day should check out. Up to RM15,000 Date: May 11 & 12 (Sat & Sun) Date: May 11 & 12 (Sat & Sun) Ho Kay Tat Date: May 11 (Sat) worth of prizes are also up for Time: 11am to 3pm Time: 12pm to 6pm EDITORIAL Time: 11am to 5pm grabs while the first 50 walk-ins Venue: Tropicana Metropark Venue: Damansara Avenue Editor-in-chief Azam Aris Venue: Trio By Setia, Lot No are entitled to a mystery gift. Property Gallery, No 1, Jalan Sales Gallery, Jalan Persiaran CORPORATE 82623, Jalan Delima 1/1, Subang Hi-Tech, Perdana, Bandar Sri Chief Operating Officer Lim Shiew Yuin Langat / KS06, A Floral Mother’s Day , Selangor Damansara, Kuala Lumpur ADVERTISING & MARKETING Bandar Bukit Celebration Contact: (1700) 81 8887 Contact: (1800) 88 8082 Chief Commercial Officer Tinggi 1, Klang, Date: May 11 & 12 (Sat & Sun) Join Tropicana Corp Bhd to enjoy Organised by TA Global, the Sharon Teh (012) 313 9056 General Manager Selangor Time: 10am to 8pm a mouth-watering dim sum meal event will see a myriad of Fong Lai Kuan (012) 386 2831 Contact: (03) Venue: Sunway Citrine at Tropicana Metropark this creative and fun activities for Senior Sales Managers 3162 3322 Hub, Sunway Iskandar, weekend. Everyone is invited. the whole family to celebrate Gregory Thu (012) 376 0614 Lim Sook Chin (012) 205 5986 S P Setia Bhd Persiaran Medini 3, Bandar Mother’s Day. From bespoke Creative Marketing is organising Medini Iskandar, Johor Quayside Wonderland floral arrangements to hand Chris Wong (016) 687 6577 a special Contact: (07) 509 6575 with Luxura drawn caricatures, there’s Head of Marketing appreciation If you are looking for a place to Date: May 11 & 12 (Sat & Sun) something for everyone. Support & Ad Traffic Lorraine Chan (03) 7721 8001 FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY EP 3 EP 4 FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY NEWS

Ascott aims to be largest hospitality company in Malaysia

LOW YEN YEING | EdgeProp.my BY SHAWN NG middle class travellers to millen- all six brands present opportunities nials as well as those who want in the Malaysian market. PETALING JAYA: Th e Ascott Ltd diff erent lengths of stays,” he told For instance, the mid-tier brands (Ascott), CapitaLand’s whol- EdgeProp.my. of POP! And Fox Harris will allow ly-owned lodging business unit is He said there are six hotel brands the group to enter secondary cities striving to become the largest hos- under TAUZIA, namely Harris in Malaysia, said Cher. pitality management company in Hotels, Fox Harris Hotels, Yello “So far, our focus was on the big Malaysia – one of its key markets in Hotels, Préférence, Harris Vertu cities. Th ese hotel brands will allow the Southeast Asian region. Hotels and POP! Hotels and each us to penetrate secondary cities “We are the largest hospitality brand covers a different market where there is a demand for travel, management company in the segment from millennial and but do not expect the kind of rates Philippines and we hope to middle class travelers to business- one would pay in Kuala Lumpur,” replicate that in Malaysia,” said class and high-end travellers. he elaborated. Darren Cher, Ascott country general “Currently, TAUZIA has 10,000 “We hope to at least see one or manager for Malaysia. keys in with another two projects materialise this year,” Currently, it is the largest inter- 10,000 keys under development. he continued, adding that poten- national serviced residence opera- Th eir projects outside Indonesia tial areas could be Petaling Jaya, tor in Malaysia with a total of 4,102 Cher: As a company, we need to constantly innovate and change with is pretty limited. Apart from a , Subang Jaya and the serviced apartment units across 18 our customers while growing our segments. 30-room hotel dubbed Liu Men areas along Jalan Bukit Bintang in properties in the country. Melaka, there is a Harris Vertu Hotel Kuala Lumpur. In line with Ascott’s expansion into the Indonesian hotel market were, considering our clients can and a Harris Hotel in Nha Trang, He pointed out that Ascott wants goals, the group is currently ex- last September with the acquisition stay from one night to one year and Vietnam that are being developed,” to create operating synergy and ploring options with a couple of of a 70% stake in TAUZIA Hotel above,” said Cher. he added. economy of scale by combining property developers in Malaysia Management, one of Indonesia’s “Th e world is changing and the Luxury boutique hotel Liu Men its hotel and serviced residence and some things could material- top fi ve hotel operators. market is very dynamic. As a com- Melaka had its soft-opening in brands to forge a “combo product”. ise this year. “We no longer see ourselves pany, we need to constantly inno- March, and is under the Préférence “We can actually have projects Th e group is also planning to as just a serviced residence op- vate and change with our customers brand. where we fi t two brands in one. For expand in Malaysia with new hotel erator as we wanted to become a while growing our segments. We Ascott is going to expand the example, it could be a Citadines brands that were recently acquired. full-fl edged lodging [provider], so can no longer just target the long Préférence brand hotels while serviced apartment combined with a Striving to become a full-fl edged entering the hotel [business] was stays and corporate clients as we bringing the other TAUZIA brands Yello Hotel, where the former caters lodging provider, Ascott ventured a natural extension of where we need to target anywhere from the into Malaysia. Th e group believes for mid-to-long stays while the lat- ter caters to the short stays,” he said.

PROPERTY CHAT

‘Redevelopment must have consent of all owners’

he National House Buyers As- and Hong Kong are ranked Being old is not a crime sociation (HBA) read with con- BY DATUK CHANGG as the world’s 3rd and 4th most densely Homeowners should have the freedom sternation recent articles in KIM LOONG populated countries respectively. Malay- to decide how to redevelop their housing which the Federal Territories sia is ranked 112th, based on the projec- schemes without a law that allows the ma- Minister said that the govern- tions of the United Nations in 2015. While jority and third parties (commercial devel- ment is looking at an urban re- commercial buildings priced high above the en bloc sale is arguably a necessary evil opers, government or political entities) to Tdevelopment/renewal law, while seeming original rate of the demolished buildings. in land-scarce Singapore and Hong Kong override the constitutional right of minority to ignore the unconstitutional impact such Sans authoritative fi ndings and conclu- due to the pressing need for urban rede- homeowners who may be old, infi rm, have a law will have on homeowners in Malaysia. sions, the original buildings are termed di- velopment, this argument is not relevant no living relatives or a voice. Older people Little does he seem to realise the far reach- lapidated or unsafe. Th e issue of certifi ca- for Malaysia. often have diffi culty adapting to living in a ing implications such a law will have on tion by the Local Council as ‘condemned new place. Article 13 of the Federal Constitution, and building’ thus arise and precede. Land Acquisition Act Does this proposed law envision the the principles of indefeasibility of title as Th e aim as perceived by HBA is the force- Th e Land Acquisition Act, which we now rights of the minority should the minor- enshrined in the National Land Code which ful acquisition of certain commercially situ- have, has prescribed reasons and procedures ity want to be compensated with a re- the Federal Territories are bound by. We ated land area. Forceful, because an en bloc in place to ensure any forceful acquisition placement home on the same site after hope the FT Minister is not swayed by the sale/redevelopment/renewal law only up- is undertaken with consideration of the in- redevelopment without having to pay for whisperings of commercial-minded devel- holds the might of the majority. What about terests and opinions of all the owners and said unit, and that all expenses for tem- opers, hence this ‘mulling of a proposed law the constitutional rights of those who do not not a mere majority. Reasons prescribed porary accommodation be borne by the to govern redevelopment or renewal’. wish to dispose of their property even with are confi ned to those for the ‘benefi t of the developers? considerable compensation because they public’ and not for commercial interests. There is no valid justification to support En bloc strata sale have lived there their entire lives? We also have the Strata Management this proposal. HBA’s stand is that any re- Th is ‘redevelopment or renewal’ law is like- Act 2013 (SMA) that provides for contri- development/rejuvenation/renewal must ly another name for the impugned ‘En Bloc Less ‘pros’ and more ‘cons’ butions by the owners to the Maintenance have the consent of all owners. Current Strata (forced) sale’ proposal, fi rst put forth Th e FT Minister identifi ed Singapore as an Account and the Sinking Fund Account in laws are suffi cient for renewing dilapidated by developers 10 years ago. example where this law was enacted. Minor- strata schemes so that strata buildings can buildings without sacrifi cing the interests En bloc strata sale is where a certain piece ity owners there were given replacement be properly maintained, refurbished and of owners. of land with buildings erected on it is identi- units on the renewed and redeveloped upgraded without falling into dilapidation. fi ed for acquisition by commercial develop- land itself and not in some far-off tertiary It is justifi ed to redevelop strata devel- Datuk Chang Kim Loong is ers. A developer will approach owners and location. However, the success stories do opments for urban renewal using either the the Hon. Secretary-General persuade them to part with their property not highlight the plight of the minority current Land Acquisition Act or the SMA of the National House in consideration for, perhaps, the market owners (who are often the old and infi rm, which is in line with Article 13 of the Federal Buyers Association (HBA). rate of said property. Upon obtaining the who have stayed in the same area for dec- Constitution and section 340 of the National HBA can be contacted at: land, the original buildings are demolished ades) in coping with the forced hardship of Land Code to protect the rights of home- Email: [email protected] to make way for a new development, likely adapting to new surroundings. Does the FT owners rather than apply law more suited Website: www.hba.org.my a mixed development with residential and Minister actually care? to countries that are land-scarce. Tel: +6012 334 5676 FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY EP 5 EP 6 FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY FEATURE

Malaysia’s industrial and logistics market to beneą t from BRI

BY NATALIE KHOO demand for the land surrounding the ports, pushing prices up as supply stays the same. ould you believe that Belt and Road Index 2019 Top 20 countries “We expect developers to develop the of all the countries surrounding area and what we believe is that in , INDEX COUNTRY RANK ‘18 RANK pricing will tend to head upwards. Not only Malaysia has received that, it will benefi t other tertiary industries the largest amount SINGAPORE as you will need offi ce workers to support of investments from UNITED ARAB EMIRATES the economy around the shipping [industry] China over the past 10 years? NEW ZEALAND which will then lead to further demand for W CHINA The Belt and Road Initiative (BRI), or offi ce space, residential, retail and so forth. One Belt One Road as it was formerly called QATAR According to Knight Frank Malaysia when it was fi rst launched in 2013, is China’s ESTONIA executive director of capital markets Allan platform for multilateral cooperation which Sim, following the change of government in will create new economic links and improve OMAN May 2018, a number of Chinese investments its business networks across the globe. MALAYSIA and projects, especially mega infrastructure This will ultimately lift infrastructure in CZECH REPUBLIC projects have been deferred. Southeast Asia through new ports, railroads BAHRAIN “However, the presence of Prime Min- and highways. Th e question is, how will it INDIA ister Tun Dr Mahathir and Malaysian busi- benefi t Malaysia? VIETNAM ness delegates at the recently concluded According to global real estate consul- ISRAEL second Belt and Road Initiative Forum for tancy Knight Frank in its latest research HUNGARY International Cooperation in China, coupled report titled “New Frontiers: Prospects for POLAND with his intention to expedite the setting up Real Estate Along the Belt and Road Initi- SLOVENIA of a one-stop centre (OSC) to ease foreign ative”, Malaysia is the only other Southeast BHUTAN investment-related approvals, have given Asian country to make it to the top 10 of the BRUNEI some assurance and confi dence to Chinese Knight Frank Belt and Road Index (BARI). SLOVAKIA fi rms to reconsider investing in Malaysia. Th e BARI ranks 66 BRI-related countries “Furthermore, with new agreements set by their economic potential, demographic SOUTHEAST ASIA for the revival of the ECRL and the mega advantage, infrastructure development, in- Bandar Malaysia development in Kuala Lumpur, stitutional eff ectiveness, market accessibility Chinese fi rms will certainly be looking more and resilience to natural disasters. SOURCE: KNIGHT FRANK RESEARCH seriously at Malaysia again and the industrial “Although Malaysia’s position has dropped segment will benefi t the most,” Sim adds. to ninth place from sixth last year, it is not Detached factory rents 4Q2018 (RM per sq ft/month) Knight Frank, he says, expects more high- a refl ection of the changes that happened tech manufacturers from China to operate in in Malaysia but more in recognition of the Malaysia, taking advantage of the country’s three countries which have moved up – adequate supply of raw materials, coupled

Oman, South Korea and Estonia. Malaysia JOHOR: with relatively low operating costs. has been a major benefi ciary of Chinese “Moreover, Chinese firms can utilise capital with investments totalling US$43.8 Malaysia as a manufacturing hub as products SELANGOR: billion (RM181.61 billion) over the past 10 SHAH ALAM manufactured in this nation are insulated years,” Knight Frank Asia Pacifi c head of from tariff s from most major economies, SELANGOR: research Nicholas Holt tells EdgeProp.my. KLANG such as the likes of the US, Latin America Among the recent major Southeast Asian NEGERI and European Union,” he off ers. SEMBILAN BRI deals in Malaysia are: JOHOR: Ultimately, Holt says the BRI will not • the US$1.3 billion undersea tunnel to link PASIR GUDANG only benefi t the Chinese but will change the Penang island to the mainland whereby the shipping dynamics of Malaysia, bringing it new mainland link will benefi t the real estate a notch higher. markets in George Town and Butterworth “If you look at the shipping statistics, where tunnel entrances are located; Malaysia is bypassed at the moment but • the US$1.9 billion deep sea port which with Melaka having the deep sea port, you forms part of the Melaka Gateway project will definitely see the logistics business which is expected to result in increased SOURCE: KNIGHT FRANK RESEARCH growing from there. When you have strong trading activities from the new port which connectivity, companies will tend to gravitate in turn will stimulate warehousing and towards [you] as you are tapping into the right logistics facilities demand; “The BRI topic was widely supply chain,” he says, citing Johor as example • and the US$2.1 billion railway project discussed back in 2017 where improved infrastructure coupled which forms part of the East Coast Rail with planned upgrade of port facilities, the Link set to contribute to economic op- but things slowed down industrial and logistic sector is now attracting portunities in east coast states and likely a bit in 2018 everywhere high level of interest among investors. to benefi t the overall real estate sector. Th e report states that the current mar- Holt explains that the BRI’s immediate in the world including ket rents for factories / warehouses within impact will be seen in the industrial and Johor ranges from RM0.80 to RM1.50 psf logistics market in Malaysia as new ports such Malaysia.” — Holt per month, which is on par with the major as the Melaka Gateway will see immediate industrial zones in Selangor. Knight Frank Johor branch head Debbie Choy says the good air and maritime con- Past 10 years nectivity in Johor, established infrastructure Chinese investments (all sectors) namely the Senai International Airport as well as the Johor Port and the Port of Tanjung MALAYSIA Pelepas, have supported the state’s vibrant INDONESIA SINGAPORE logistics industry. LAOS “Johor has always been an attractive VIETNAM destination among Chinese investors. In CAMBODIA fact, China is among the largest investors in PHILIPPINES Iskandar Malaysia since its inception in 2006, MYANMAR especially in the manufacturing sector. Moving BRUNEI forward, Johor is well positioned to capitalise

USD BIL 0 5 10 15 20 25 30 35 40 45 50 on the continuing strong bilateral relations between China and Malaysia,” says Choy. SOURCE: KNIGHT FRANK RESEARCH & THE AMERICAN ENTERPRISE INSTITUTE LOW YEN YEING | EdgeProp.my FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY EP 7 EP 8 FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY

Sunway’s Build-Own-Operate model for sustainable development

or Master Community Developer Sunway Property can ensure the sustainability of its Spanning about 1,350 acres with a GDV of about Sunway Property, the adoption of the townships, says Chong. RM5 billion, Sunway City epitomises resort living Build-Own-Operate (B-O-O) model has Under the B-O-O model, Sunway retains a 30% to with a wide range of lifestyle features. F proved to be a successful strategy for its 50% stake in the assets within its townships including “We wanted to develop Sunway City Ipoh as a new township developments. Sunway Iskandar and Sunway City Ipoh, so that it can tourist destination for Perak, specifi cally for Ipoh. We Its fl agship Sunway City Kuala Lumpur is the best continuously recycle capital and manage the integrat- wanted to develop the area as a catalyst for more in- example of the implementation of the B-O-O model. ed townships to deliver growth for its communities. tensive growth for the Eastern Development Corridor Th e award-winning integrated township consists of “Being the largest stakeholder within these com- of Ipoh City, which is based on tourism, recreation, in- seven components — universities, a medical centre, munities allows us to reinvest our profi ts for perpetual stitutions of higher learning and agro-business while a shopping mall, hotels, multipark attraction, offi ces growth — such as infrastructure and facilities upgrades, preserving and enhancing the natural environment in and residences, all served by Malaysia’s fi rst elevated so that we can ensure that our property purchasers the vicinity,” says Sunway City Ipoh’s executive director Bus Rapid Transit (BRT), and they are all built, owned can enjoy sustainable property appreciation,” Chong Wong Wan Wooi. and operated by the Sunway Group. Chong: We adhere to our elaborates. Sunway’s presence has brought sweeping changes Each component complements the others and B-O-O business model to life in this part of Perak. Th e infrastructures with- is seamlessly connected via various main roads and where we co-invest with the SUNWAY CITY IPOH  THE in and around the township are constantly improved highways as well as a 4.8km elevated canopy walkway communities. This model LIMESTONE CAVES AS INSPIRATION while employment opportunities are created through that enables pedestrians to access the various facilities enables us to remain as About 200km north of Sunway City Kuala Lumpur lies Sunway City Ipoh’s own hospitality, retail, leisure and within the township on foot. stakeholders within the Sunway City Ipoh, Perak. Located right before the exit education business components with robust support Th e various components not only serve its residents communities we build. to Ipoh off the North-South Highway, is the view of the that amplifi es tourism growth. but they have opened up business opportunities, cre- lush greenery and the imposing limestone caves that Th e development which began in the late 90s has ating a vibrant township. serve as an inspiration to Sunway Group founder and seen Sunway City Ipoh augment sustainability both Even after 45 years, the 800-acre integrated Sunway chairman Tan Sri Dr Jeff rey Cheah ao. economically and environmentally, which is evident City Kuala Lumpur remains vibrant with a population of 200,000 including 40,000 students. It also attracts about 42 million visitors a year. Sunway Bhd property development division cen- tral region executive director Chong Sau Min stresses that sustainability is something the company practises across its real estate value chain so that the communi- ties that they build can continue to thrive in the future. “We adhere to our B-O-O business model which makes us co-invest with the communities we build as its largest stakeholder,” he adds. Wong: We wanted to Sunway Property has six core competencies which develop Sunway City Ipoh include land bank acquisition, master planning and as a new tourist destination design, construction and supply chain management, for Perak, specifi cally for marketing and sales, property investment and business Ipoh. operators, and real estate investment trust (REIT) and REIT management. Th ese core competencies allow it to execute its B-O-O business model successfully. Th is business model is especially useful when it comes to township master planning as it means that Sunway City Ipoh epitomises resort living with a wide range of lifestyle features. FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY EP 9

The 1,800-acre Sunway Iskandar comprises six well-crafted precincts.

Sunway City Kuala Lumpur is the best example of the implementation of the B-O-O model.

from the preservation of the area’s pristine forests and natural beauty. Sunway City Ipoh is close to the heart of Tan Sri Dr Jeff rey Cheah ao as he hails from Perak and is keen to accelerate Ipoh’s socio-economic transformation. Sunway City Ipoh is thriving today, and has at- tracted various food and beverage franchises, budget hotels, light industries and small- and medium-sized enterprises to set up here. “In the future, Sunway City Ipoh will have several exciting projects including Sunway Medical Centre, Sunway Education, Assisted Living, a shopping mall and serviced apartments that will tap onto the natural Sunway Valley City in Penang comprises a wide range of lifestyle features that rejuvenates the Paya Terubong area. hot springs in the township,” Wong adds. Indeed, plans are afoot to develop Asia’s fi rst res- idences with natural hot springs “in the sky”, namely “Th is will be a replica of Sunway Velocity (in Cheras, Currently, the on-going developments include a Sunway Onsen Suites which will capture the beauty Kuala Lumpur), which will also be another benchmark 500,000 sq ft Sunway Big Box Village which will be of the hills, rivers and greenery. of Sunway’s B-O-O development on Penang Island the fi rst large format retail village in Malaysia and a Th is full-service residential development will be with proposed components of commercial retail shops, hotel to support the infl ux visitors who will be here. part of a 31-acre development comprising the Lost serviced apartment, offi ces, a rehabilitation hospital, a To complement the residential and retail off erings, World Mall, serviced apartments, retail shops and a shopping mall and an education component,” says Lim. Sunway Iskandar will be introducing a unique leisure riverside boulevard. component, a 32-acre XPARK, right next to the Sunway SUNWAY ISKANDAR AS NATURE’S Big Box Village. Th e adventure park will have a variety REPLICA OF SUNWAY VELOCITY CAPITAL CITY of activities such as kayaking, Go-kart, paintball, wall FOR PENANG Education is the cornerstone of Sunway communities climbing, ATV, glamping and more. In Penang, the B-O-O model has helped in making and Sunway Iskandar in Johor Bahru is home to the “As we develop each precinct, we are planning to the “Bandar Sunway” in Seberang Jaya a well-received Sunway International School Sunway Iskandar — the build an integrated development to create a sustain- commercial hub with notable capital appreciation. Lim: The B-O-O model fi rst school in the region to off er the Canadian Inter- able and liveable township with 40% greenery here in Sunway Perdana, a 49-unit commercial develop- enables us to enhance national Baccalaureate programme. Sunway Iskandar. Next will be the Riverside precinct,” ment within the vicinity, has defi nitely proven Sunway’s and upgrade to cater to Th is is also the second Sunway International School he emphasises. B-O-O has brought catalyst to the surrounding area community needs. after the fi rst Sunway International School in Sunway To help raise the community spirit in the township, with an increase of 272% capital appreciation based City Kuala Lumpur. the developer organised events such as Movie Outing on the last transacted price of RM3.1million in 2016 Th e 1,800-acre Sunway Iskandar is crafted into Day, Viper Challenge as well as Race for a Better Planet, compared to its fi rst launch in 2010. six beautiful precincts, namely Th e Marketplace, Th e in conjunction with World Environment Day. “As a Master Community Developer, we commit Capital, Th e Parkview, Th e Lakeview, Th e Seafront In every integrated township, Sunway always ensures to co-invest and grow alongside our community. Th is and Th e Riverside. good connectivity. Sunway Iskandar is conveniently B-O-O concept enables us to enhance and upgrade “We aim to build Sunway Iskandar with the same accessible via the Coastal Highway Southern Link. to cater to the needs of the community from time to vision which is to create a thriving community. Th e fi rst “With the B-O-O model, we want to make Sunway time,” says Sunway Penang senior executive director development that we brought in to Sunway Iskandar Iskandar one of the most liveable cities in Southeast Daniel Lim. was the Sunway International School in the Lakeview Asia and we look forward to growing our community in Th e RM500 million expansion of Sunway Carnival precinct, because our founder Tan Sri Dr Jeff rey Cheah Iskandar into a world-class community,” Gerard adds. Mall which started in March 2018 to increase its net ao believes that education provides the optimum route Sunway’s B-O-O business model is a testament to lettable area (NLA) to 1 million sq ft from 500,000 sq ft out of poverty. its thriving townships and developments across the na- is expected to complete by the fourth quarter next year. “Next, we started with the fi rst mix development tion. It crafts a journey for Sunway to continue building Besides, the second phase of upgrading and refur- Soosay: With the B-O-O which is the Sunway Citrine Residence which com- more integrated, liveable and sustainable communities bishment of the existing Sunway Carnival Mall building model, we want to make prises residential, offi ces and mall. Our offi ces were wherever they set their foot on. is also in the pipeline and targeted to complete by 2022. Sunway Iskandar one of fully sold out within a week when we fi rst launched Lim notes that there will be a new 180-bed Sunway the most liveable cities in back in 2015 and our mall which now has 97% tenancy Medical Centre of RM300 million gross development Southeast Asia. was open in January last year,” says Sunway Iskandar cost adjacent to the Sunway Hotel Seberang Jaya which CEO Gerard Soosay. is targeted to complete in Q4 next year to provide qual- Following the success of Sunway Citrine, Sunway ity medical care to the nearby community. Iskandar has launched the Sunway Citrine Lakehomes, Meanwhile, the second development with B-O-O which is just 500 meters from the seafront and Sun- business model is Sunway Valley City in Penang island way Grid, the fi rst build-and-own development in the - a 25-acre integrated development at Paya Terubong. Marketplace precinct. EP 10 FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY COVER STORY

An CLICK/TAP HERE to watch a video interview with Zuraida.

for effort “ BY TAN AI LENG ” A I have no uring a Grab car ride Despite her busy schedule, she regrets, be it from KL Sentral to always has time to comfort others. For our office in Mutiara instance, in September last year, Zuraida for the last one Damansara recently, visited a family who had just suffered year or for my the driver asked us the loss of a 3-year old girl after she where we worked and fell to her death from her home on past 61 years when told that we the 17th floor of the PPR flats in Kota of my life. were from the property portal EdgeProp. Damansara. my, he began a conversation on the In November, Zuraida rushed to the I am happy with Dcurrent Malaysian property market hospital to be with the families of six what I have that lasted the entire 20 minute-ride. rescue divers from the Fire and Rescue What caught our attention was the high Services Department who drowned in achieved and praise he heaped on the country’s first a mining pond in Puchong following woman Housing and Local Government a failed rescue attempt. will continue Minister Zuraida Kamaruddin and the to do more. work she has done including the policies Self-appraisal that the ministry has introduced thus far. When asked to rate her performance — ZURAIDA ”She knows her portfolio and what in her first year in office, Zuraida she’s doing. Instead of targeting the up- confidently gave herself a score of per income class, she is taking care of 8 out of 10. the lower and mid-income groups who “It’s very hard to rate myself as there make up the majority of the country’s are various aspects to the work, I’m not taxpayers,” said the young 30-some- all the time ‘A’ or all the time ‘D’. But for thing Malaysian who said that he is an now, I think I’m on track with my plans opposition party supporter but that he and in delivering what the people expect remained impressed by Zuraida’s for- the housing ministry to do. titude in dealing with housing issues. For my almost one year performance, Even in Parliament, the Iron Lady of I would give myself an 8, based on my Parti Keadilan Rakyat (PKR) has been performance in solving problems, re- winning compliments from the oppo- sponding to all kinds of situations and sition bench as well. It was report- setting priorities,” she tells EdgeProp. ed that a few Opposition Members of my in her Putrajaya office on April 18th. Parliament were impressed with her Although she never imagined being a performance in answering the tough minister, least of all the housing minis- questions aimed at her ministry during ter, the moment she was given the post, the Q&A sessions in Parliament. They she was committed to doing her best, were also glad that she decided to pro- the way she has been committed to ceed with the PPR (People’s Housing her task as the Ampang MP. Projects) which had been approved by “I have no regrets, be it for the last the previous housing minister. It is in- one year or for my past 61 years of deed rare to see politicians in Malaysia my life. I am happy with what I have openly giving compliments to a member achieved and will continue to do of an opposing party. more,” says Zuraida. On top of that, Zuraida is known for “KPKT (Housing and Local Gov- her hard work and commitment to her ernment Ministry) is the pulse of the portfolio. She probably has one of the nation as it handles problems relat- EdgeProp.my busiest schedules amongst ministers, ed to housing for the people, local | often packed with back-to-back meet- government, waste management, ings in between officiating events and firefighters and rescuers as well as other scheduled work. housing demand and supply. These One meeting she had with EdgeProp. are all the components of nation my in September last year was at the building. I told my staff that, and Kuala Lumpur International Airport VIP told them to be proud of what we departure lounge at 12 midnight before are doing as we are part of nation

she departed overseas! building,” she enthuses. YEN YEING PICTURES BY LOW FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY EP 11 COVER STORY

Improving strata living The surprise However, the review of the Strata Management having accumulated 82 followed by Johor and To say it has been a busy and hectic year for Zuraida appearance of Act — to make it easy to understand by the man- Negeri Sembilan, which has 44 and 25 abandoned since she was sworn in as minister last May would Zuraida at one of on-the-street — as well as the restructuring of the projects, respectively. be an understatement. the bazaar booths COB’s role and to place it under KPKT’s manage- However, she adds, to revive the abandoned Th e past 12 months have just been a warm-up during the launch ment, will need some time to realise. projects in Malaysia requires time. Th e current for the 61-year old minister, and a chance to kick- of the National “I have started the ball rolling. Currently we are laws may need to be reviewed, while cooperation start new projects and policies. Moving into the Community Policy. organising workshops and forums for all stakehold- with local governments is needed to simplify the second year, she wants to delve deeper into the ers to help them understand the issues. I hope that overall redevelopment process. issues and seek solutions to the housing problems by the end of next year, I could complete the study in Malaysia. and present the paper to the cabinet and seek Par- M40 will be the next focus One of them will be to reform the Strata liament’s approval,” explains Zuraida. Being the fi rst woman housing minister and taking Management Act and to empower the Commissioner on the position when the property market is down, of Buildings (COB), says Zuraida, because post-de- Reviving abandoned projects all eyes in the industry are on Zuraida’s every move. velopment is an important aspect of housing to Abandoned housing will also be a focus of the Th e problem is in considering the diff erent wish create a safe and quality living environment for ministry this year. Th e fi rst case she is hoping to lists of the various stakeholders. For instance, in- the people. close is the infamous Highland Towers project. dustry players wanted more to be done to stimulate “Over 75% of the people who are now stay- Th is condominium project in Ulu Klang has been the quiet market while homebuyers are hoping for ing in high-rise strata property are facing a lot of abandoned for 26 years after the deadly landslide even easier ways to own a property. problems in communal living, from cleanliness in December 1993 which led to the collapse of one For now, Zuraida has taken a fi rm position to and safety, to the upkeep of common spaces. But of the three towers, killing 48 residents. prioritise the needs of the lower income group, there are missing links between current laws and Soon after the news that the ministry would especially the B40 group. Th e policies launched by enforcement to eff ectively handle the problems be redeveloping the site, Zuraida says the owners KPKT include the National Housing Policy (DRN) (in strata living),” she tells EdgeProp.my. of several condo units who were not contactable 2018–2025 and the National Aff ordable Housing Hence, KPKT is now looking at reviewing the previously had come forward and negotiations are Policy — a sub-policy under DRN — in January Strata Management Act and the COB structure to now in progress. 2019, as well as the DKN which focuses on the make the laws and regulations easier to understand Once permission is secured from all owners, needs of the B40 group. by all income groups as well as to simplify the de- Highland Towers will be torn down and the site However, Zuraida has also expressed concern cision-making process by Management Corpora- will be redeveloped into a proposed recreational for the mid-income M40 group and promises that tion s(MC) or Joint Management Bodies (JMB). park with 50 bungalows around it. there will be more policies to look after the housing Th is, says the minister, is also in line with the Na- “After Highland Towers, I’m going to look into needs for the lower M40 group soon. tional Community Policy (DKN) that was launched other abandoned projects. During my trip to Rantau “We are looking at the fi nancial mechanism, to by KPKT in February this year which aims to im- in Seremban, I saw a lot of abandoned hotel pro- fi nd more accessible fi nancial packages to make prove the living environment in public housing and jects along the road to Port Dickson. Th is is such a the process (of owning a home) easier for the B40 housing for the B40 group in collaboration with waste. If they are developed, it could generate more and M40 groups. We are also looking at other op- the private sector. EdgeProp.my is facilitating the business opportunities to the locals,” she notes. tions, for instance, the FundMyHome or Rent-to- collaboration between KPKT and the private sector Zuraida’s ą rst According to the National Housing Department, Own schemes (RTO), which could help them own for the corporate social responsibility programme day in ofą ce as of June 2018, there were a total of 254 abandoned a home,” she notes. under the DKN. It has also created a dedicated in May 2018. projects in Peninsular Malaysia with Selangor CONTINUES ON PAGE 13 website to raise awareness and educate the public about the policy and the needs of PPR residents. “Th ere are some missing links in the handling of communal living issues in stratifi ed properties. On one hand the COB is not empowered while on the other hand the Strata Management Act is quite complicated to most people,” says Zuraida. As a result, when issues such as maintenance fee collection arise, a decision is diffi cult to be made and action can’t be taken. Higher income residents will probably have extensive knowledge in property management, they also have the fi nancial capacity to engage specialists to handle strata-related problems for them, but for the lower income group, they may lack knowledge and resources, she says. Th ings get even more complicated, she adds, when a developer hands over the development to the JMB or MC, hence, it is important to educate every strata property resident on the laws and reg- ulations related to communal living. EP 12 FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY COVER STORY

Zuraida (fourth from left), Prime Minister Tun Dr Mahathir Dear minister, not bad Mohamad and his wife Tun Dr Siti Hasmah Mohd Ali during the launch of the National at all for your ˎ rst year! CCommunity Policli yiy in February this year. EdgeProp.my PICTURES BY LOW YEN YEING PICTURES BY LOW |

BY EDGEPROP.MY homebuyers, including his son who has challenge for the B40 or M40 purchasers current stagnant rental market. just purchased a unit during the HOC at a today and hopes KPKT can come up with “I am not a speculator, I am just ou see her in the news almost 10% discount with other freebies included. some sort of mechanism to tackle the renting out one of the houses I bought every day. Not just once but “I think KPKT has been very active ever issue of rising house prices. using my hard-earned money for stable several times per day, she since Zuraida took over last May. From “She (Zuraida) also needs to work income when I retire. If the market is is quoted in articles talking the policies she initiated, I feel she is a hand-in-hand with stakeholders such fl ooded with aff ordable homes and RTO about matters related to the sincere minister that really wants to ease as Bank Negara Malaysia to achieve her homes, it will have a negative impact on HousinYg and Local Government Ministry the challenges in the property market, goals that were pledged to the rakyat. property owners who rent out their units,” (KPKT). It is undeniable that the Housing such as pushing for more aff ordable Otherwise, she will have a very tough added Woon. and Local Government Minister Zuraida homes and launching the six-month time and her good intentions may not be Also sharing the same concern of Kamaruddin is one of the hardest working house-buying campaign to clear existing successful,” he added. oversupply is 60-year old trader Ben Chua. ministers we have today. stock in the market,” said the 58-year old “A healthy market needs a variety of In a street poll of 20 people, conducted businessman. property choices, but if current policies by EdgeProp.my recently, most said they However, 12 of the people polled said overemphasise fi rst-time homebuyers, were satisfi ed with Zuraida’s performance the policies and measures announced by Please don’t it will dampen investors’ sentiment in the and are looking forward to more announce- the new minister lacked details and as forget us Malaysian property market,” he said. ments from the ministry this year. such, had failed to make an impact. The 20 respondents, aged between 22 “For example, I was happy when I heard Although the minister’s focus on the B40 to 71 years old include students/young that they promised to build one million group has won some hearts, other groups graduates who are interested in owning a aff ordable homes and that more fi nancial of homebuyers and property investors are Quality senior living home, homeowners looking for a second packages for the lower income group will also clamouring for attention. property, retirees, property investors, real be initiated. They announced schemes One person said she was impressed Interestingly, a few people polled raised estate negotiators and business owners. such as DepositKu, but there are still so by Zuraida’s focus in helping the B40 the issue of a lack of attention for senior Of the 20 respondents, 15 said the many details that have not been fi nalised group and fi rst-time homebuyers but as living. They were concerned about the minister has carried her role as minister about the scheme yet,” said 30-year old an upgrader who is looking to move out aging population in the country and well over the past year. The rest opined that marketing communications executive Tang of her apartment, she felt a bit left out by reckoned that there is a need for the it is too soon to judge, and that more time Chin Huey. government as someone who was looking government to set some basic rules was needed to observe the impact of the for a bigger house for her growing family. and regulations to ensure senior living policies and measures introduced thus far. “I am a mid-income earner and I want facilities are included in a property to look for a landed home for my family in development or community. Loan rejections the Petaling Jaya area which is close to my “My husband and I plan to downsize offi ce, but houses here are too expensive to a serviced apartment but we have Thumbs upp for Many prospective home buyers have for me. It would be great if upgraders found that current high-rise residential housing policies complained about loan rejections could get some perks or tax incentives developments have neglected the needs of hindering them from getting their dream when buying their next property after senior residents. There are so few senior- The majority lauded Zuraida’s eff orts home. As many as eight people polled selling their current house,” said the 46- friendly facilities and design features in promoting aff ordable housing and raised this issue with six of them noting year old accountant. in current condominium and serviced in encouraging homeownership for the that housing prices are far beyond what Meanwhile, Woon, a 55-year-old apartment projects, such as pathways for lower income group. They also welcomed they can aff ord right now. manager who owns a home which he wheelchair access and panic buttons. the National Home Ownership Campaign A commodity trader who declined to be rents out for income was concerned about “Also, as a senior, I don’t really use (HOC) which was rolled out in January and named said loan rejections are the main Pakatan Harapan’s promise of one million the common facilities such as gym or will continue until June. reason many young Malaysians who are houses in ten years as well as the Rent-to- swimming pool. Personally, I prefer green One of the respondents, who only in the lower M40 group are unable to own Own (RTO) concept which the ministry is spaces and areas where I can relax and wanted to be identifi ed as ‘John’, said a home while 67-year old retired teacher encouraging as it might cause an oversupply spend time with my neighbours,” said a the HOC has benefi ted many young Karishnan said aff ordability is the main of aff ordable homes and worsen the 60-year old retiree. FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY EP 13 COVER STORY Easing homeownership with attainable ˎ nancial packages

FROM PAGE 11 lot scheme aims to ease homeownership Besides working with Bank Negara, she is among the B40 group. also in talks with foreign investors including FundMyHome enables a fi rst-time home- from China and Korea, to obtain funding buyer to buy a home by paying only 20% of support for the RTO schemes. the purchase price. Th e balance 80% will According to her, there are seven compa- be funded by institutions. Under FundMy- nies that are interested to invest and may sign Home+DepositKu, the same homebuyer, a Memorandum of Understanding (MoU) if eligible, will receive a loan of RM30,000 with KPKT soon. from the government to help with the 20% Meanwhile, the National Mortgage Cor- payment. As a result, the homebuyer who poration — Cagamas is also looking at in- wants to buy a RM307,000 home will only troducing a shared equity scheme to provide need to pay RM31,400 to own the home. alternatives to people who want to own a home. If the buyer is eligible for the 7% bumiput- She points out that developers have the era discount, then he or she only needs to capital to build the houses desired by the pay RM9,910. homebuyers but purchasers can’t aff ord the Most recently, Zuraida went to Beijing, houses and have diffi culties in securing loans. China with Prime Minister Tun Dr Mahathir In some cases, the people who could Mohamad at end-April to participate in the aff ord monthly instalments could not get a Belt and Road initiative. During the trip, she loan due to insuffi cient income supporting learnt more about the Industrial Building documents or credit track record. Because System and waste management business of this, the minister is looking at various and technology. ways to encourage homeownership through It is obvious that Zuraida has taken to her EdgeProp.my managing director and editor-in-chief Au Foong Yee (second from alternative funding schemes such as the role as housing minister like a duck to water, left), followed by The Edge Media Group chairman Datuk Tong Kooi Ong and FundMyHome+DepositKu scheme which and we can only wish her all the best in the Zuraida with the Eco World Development Group Bhd team at the launch of the was unveiled in February this year. Th e pi- days ahead and to keep up the good work. FundMyHome+DepositKu scheme.

Rehda: Thank you for listening PEPS: Other ways to resolve and your willingness to make changes the oversupply problem

HARIS HASSAN | THE EDGE BY TAN AI LENG Rent-to-Own Schemes as BY TAN AI LENG the new government needs well as improve protection time to familiarise itself he Real Estate and for both owners and he National Home and lay the groundwork for Housing Developers’ tenants. Ownership Campaign various short- to medium- Association (Rehda) However, there are 2019 (HOC) could be term plans and initiatives. T lauded Housing and still many issues that T one good way to help “Whilst there hasn’t Local Government Minister need to be addressed tackle the overhang situation been any major policy Zuraida Kamaruddin’s between the federal and in the current residential announcements of note, willingness to listen to the state governments; such property market but the the minister has largely needs of stakeholders in as reducing the costs of Association of Valuers, Property focussed on home handling the various housing doing business which will Managers, Estate Agents and ownership, aff ordability and development issues. ultimately be transferred to Property Consultants in the Kong: Genuine and empowerment of the Rehda president homebuyers. Private Sector Malaysia (PEPS) homebuyers could B40 group in particular,” Datuk Soam Heng Choon Soam: We are hopeful According to Soam, president Michael Kong opines take advantage of the he notes. says the minister had that the journey towards this could be achieved by that the initiative should extend HOC and beneą t from Kong adds that the taken cognizance of the better governance and reducing compliance costs to the secondary market to substantial savings. implementation of incentives association’s input and wish transparency will continue. and land premium as well resolve the problem in a more and rebates for investors list that was sent to the as all development charges. eff ective way. to absorb overhang stock will, in turn, government in May 2018. Besides that, the ministry “Having a unifi ed “Genuine homebuyers could take increase availability of rental stock. These “The ministry has been has also commenced the approval process that advantage of the HOC and benefi t from the rebates and incentives would act as a buff er working on addressing process of setting up a will reduce development substantial savings from the discounts by against any diminution in rents arising from some of the highlighted Central Housing Database time will translate to cost developers and the stamp duty waiver while increased supply to the market. issues for the past one which will consolidate data savings,” he says. developers could take the opportunity to While encouraging homeownership, year. For instance, in from multiple agencies at He notes that there offl oad some of their existing unsold stock. Kong opines that housing the population addressing the aff ordable the federal, state and local should also be a common “However, I feel that the initiative should does not necessarily mean everyone housing issue, the ministry government levels. bumiputra quota policy be extended to the secondary market too as owns a house, instead, renting should be has already launched the Soam believes that this and a transparent release the current oversupply situation is not just encouraged so that fi nancial pressure or Dasar Perumahan Negara database will help both mechanism, as unsold units due to unsold developer units but also the burden can be alleviated. 2018 – 2025 and placed planners and developers attract high holding cost vacant and unoccupied units which are held To fully understand the occupancy all overlapping agencies to make more informed which will ultimately be privately by owners,” he tells EdgeProp.my. rate of certain projects, he says the handling aff ordable housing decisions in building the passed on to buyers. The HOC is an initiative by the Housing Joint Management Body, Management under her ministry,” says right product, with the right “We understand that and Local Government Ministry (KPKT) to Corporations or local councils should Soam. pricing, in the right location resolving all issues at tackle the high number of unsold homes be compelled to provide occupancy or Another move by the at the right time. It will also one time is impossible. in the country. The six-month campaign vacancy information to ascertain the true ministry that has benefi tted facilitate decision-making However, we are hopeful is running until June, off ering stamp property supply and demand situation in the mass market, adds when it comes to industry that the journey towards duty waivers and other incentives to the country. Soam, is rolling out the guidelines and policies, he better governance and homebuyers. Meanwhile, he also proposes that KPKT national Home Ownership adds. transparency will continue In sharing his thoughts on areas in which monitor the quality of housing developers Campaign (HOC) which In improving the rental and we at Rehda are always KPKT Minister Zuraida Kamaruddin could by introducing a barrier to entry for fi rst- encourages homeownership market, he notes that the supportive of policies and improve upon in the near future and her time housing developers. For instance, and provides a platform for ministry is also formulating initiatives that will make performance thus far in her fi rst year as their maiden project should be based on developers to market their a robust Rental Tenancy Act housing aff ordable and the minister, Kong says one year is too short to the “build-then-sell’ concept to ensure unsold units. which could help facilitate industry more robust.” assess the performance of the minister as their ability to deliver the project. EP 14 FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY INSTA-SPOTS

PICTURES BY LOW YEN YEING | EdgeProp.my

The amazing hanging Origami doves is formed by 41,600 doves hand-folded by the PPB Group property division’s staff and their family members. Trees + art + entrepreneurs = The Linc

BY SHAWN NG PPB Group is the property manager of Th e Linc which is owned by Th e Kuok Group. Both are controlled by tycoon f you are looking for a place to take amazing Instagram Robert Kuok. shots, enjoy some nice food and appreciate some art by local talents - look no further than this humble re- An oasis in the city tail spot called The Linc. Lush greenery with plenty of trees surrounds Th e Linc, but Opened last November, the mall is situated on a what stands out are six mature trees that are decades old. 3.67-acre site at the intersection of Jalan Ampang and Of the six, three are situated within the mall, giving the IJalan Tun Razak in Kuala Lumpur city. But make no mis- place an air of tranquility and off ering city folks peace take, this two-storey mall is no ordinary shopping centre. amidst the hustle and bustle outside. With its vivid murals, colourful art installations and a “One of the key instructions from the senior manage- wide array of home grown brands setting up shop here, Th e ment of the Kuok Group was that the trees must not be Linc strives to become a community-centric destination for touched,” Chew recalls. both locals and tourists especially foodies, Instagram-ers, “So, we hired an arborist to advise us on how the trees art and culture lovers and those looking to support local can be maintained, and incorporated them into the over- entrepreneurs, says PPB Group Bhd property division chief all design. We constructed the mall around them,” he says. operating offi cer Chew Hwei Yeow. Retaining the trees turned out to be an excellent move. Chew: We “We have a fantastic location in the city centre. Howev- Visitors to the mall can frequently be seen taking selfi es chose to go er, instead of going high-end, we decided to be more com- with the trees and the creatures that hang out among the with arts and munity-centric and focus on a niche market so we chose trees such as squirrels and birds. murals to to go with arts and murals, to create our own charm,” he Th e trees also serve as inspiration to budding artists. A create our own told EdgeProp.my. group of painters visit the mall every Saturday. Th ey have charm. FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY EP 15 INSTA-SPOTS

Decades-old trees are rooted within the mall, offering a sense of tranquility to the place.

their own space provided by the mall management ment of the tenant mix and it is expected to hit for them to paint and be inspired by the trees. 40% while the rest will constitute services such as “Everyone has been so respectful of the trees a gym, hair salon, dental clinic, money changer and the response has been so encouraging,” and laundry service. Chew says. “Th ese are very strong homegrown brands that can cater to mid- to high-end market segments. Art installations and murals And we are very muhibbah because we have got Th e most stunning art installation in the mall is De.Wan 1958 that serves authentic Malay cuisine; probably the hanging origami doves. Some 41,600 Shu Xiang Lou Hotpot and Sichuan Cuisine that doves in 40 colour collections, each hand-fold- caters to Chinese crowds; and Spice Garden, an ed by the PPB Group property division staff and award-winning Indian restaurant – all of them their family members over a period of about six are founded by Malaysians,” he notes. months, were hung up in February this year. Apart from F&B, there are many more home- Th ere is also an attractive rainbow-hued stair- grown brands such as rattan furniture producer case where visitors can chill and take selfi es. HOMES by Rahim x Nik, Batik-inspired apparel Also not to be missed are the murals created by Kapten Batik and handmade ceramic-ware outlet local and international artists. A giant owl on the Bendang Artisan. wall seems at home among the trees, while the One could chill out with a cup of coff ee at fi re-hose reels are turned into octopus instead. Bean Brothers or calm their mind with the cre- Th ere is also the romantic raffl esia and tropical ative indoor fl owers and plants at Pasu Crafted. fl ora mural which has poetry written on it. Those looking for a more exciting and im- Th e management has provided plenty of seats mersive experience – the real escape room game and tables within the public spaces to encourage Hauntu by Breakout is able to off er you an un- visitors to linger and enjoy the art around them, forgettable theatrical experience. explains Chew. “Some of the chairs are recycled from our New Constantly evolving World Park in Penang. Instead of throwing them Although Th e Linc is not fully occupied yet, the away, we sent them down here and repainted management is not in a hurry to fi ll up the re- them,” he adds. maining spaces as the team wants to select the Th e art is in line with the mall’s objective to right tenants that will suit the mall best. provide a platform for local talents to showcase Nevertheless, the management is committed to their works and in turn, expose them to a wider keeping the mall fresh with constant art changes audience. in collaborations with artists. Chew notes that the artist who created the owl “We might take down the doves after six or mural, Amarul Abdullah, was later appointed by nine months for something else. We want to one of the mall tenants to undertake the interior continuously evolve so that there will always design of its outlet. be something new for visitors when they come,” “We actually have such talented people in he says. Malaysia but no platform for them to showcase Currently, PPB Group is working on its next mall their artwork and make a living from it. We hired in the Klang Valley – the retail mall at Megah Rise them to do the interior design for us and then mixed development in Taman Megah, Petaling Jaya. some of the tenants decided to continue the style Th e mall has yet to be named, but similar to in their outlets and appointed them to do the job Th e Linc and Cheras LeisureMall, it will be com- as well,” he says. munity-centric to cater to the neighbourhood and the surrounding areas. Homegrown brands Slated to open in early 2022, PPB Group is Of the 130,000 sq ft of net lettable area in Th e hoping the new mall will become another Ins- Linc, about 87% has been leased out, of which tagram hotspot, he says. almost all tenants are homegrown brands such “We are doing something quite interesting as Ben’s Independent Grocer, BritishIndia, Spice which we have not seen before. Th ere will be Garden, Wrappe and De.Wan 1958. something very creative on the building facade,” Food and Beverage (F&B) will be a major seg- he hints.

Almost all of the tenants in the mall are homegrown brands, such as rattan The Linc is a humble but unique retail spot located at the intersection of Jalan Ampang and Jalan Tun furniture producer HOMES by Rahim x Nik . Razak in Kuala Lumpur city. EP 16 FRIDAY MAY 10, 2019 • THEEDGE FINANCIAL DAILY

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