LISTINGS . NEW LAUNCHES . NEWS . DATA . ANALYTICS A PULLOUT EVERY FRIDAY WITH Th eEdgeProperty.com FRIDAY, JULY 7 2017 . ISSUE 2445/2017 . PP19055/06/2016(034530) ONLINE + OFFLINE

tep5NEWS Strong take-up for SYF’s projects in Sungai Long and

tep10 NEWS Building green needs government push

tep12 FEATURE Top Asean countries for luxury properties Believe it or not Some properties near cemeteries can still give relatively good returns. See pages 8 & 9.

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TEP 4 FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY NEWS HIGHLIGHTS from TheEdgeProperty.com

Bank Negara: Three The Edge Property things that could Mah Sing acquires land enhance Malaysia’s in Cheras and Penang aff ordable housing ecosystem for RM2.35 bil worth of Bank Negara projects Malaysia dep- uty governor Mah Sing Group Bhd has purchased a 11.233-acre Abdul Rasheed plot of land on Jalan Cheras, Kuala Lumpur, with Ghaff our, in his a total cost consideration of RM263.48 million or Publisher and Group CEO keynote address RM538 psf, and a 10.89-acre tract at Jalan Per- Ho Kay Tat at the “Dialogue matang Tinggi in Bukit Mertajam, Penang, with a Hoy Kum said the Cheras site will be developed on Sustain- purchase consideration of RM43.8 million. into M Vertica, an integrated development with an able Development of Affordable Plans are to roll out two developments on these estimated GDV of RM2.2 billion. Housing” organised by Cagamas sites in the third quarter of this year. They will car- For the Bukit Mertajam land, plans are for an Holdings Bhd in Kuala Lumpur on ry a combined gross development value (GDV) of industrial park with an estimated GDV of RM150 July 4, highlighted three keys to about RM2.35 billion. million that replicates the iParc industrial develop- The Edge Property Sdn Bhd (1091814-P) improving the current aff ordable Mah Sing group managing director Tan Sri Leong ment series in and . Level 3, Menara KLK, No 1 Jalan housing ecosystem. PJU 7/6, , 47810 , , Malaysia The fi rst is to have good data. The second is to have innovative fi nanc- Th eEdgeProperty.com ing models to fund the aff ordable ochew Chendul and Ben’s Independ- by Battersea Power Station Devel- Managing Director/Editor-in-Chief housing projects. Last but not least, ent Grocer, which will be opening opment Co, its fi rst homeowners Au Foong Yee he urged all parties to foster more in October. Meanwhile, i-Alter and have begun to move into the fi rst diverse collaborative partnerships Thule will be making a return to phase of the Circus West Village EDITORIAL with social enterprises, private foun- LG2. development in early 2017 while Editor Lam Jian Wyn Contributing Editor Sharon Kam dations and non-profi t organisations “The redevelopment is part of the commercial tenants will start Deputy Chief Copy Editor to deliver aff ordable housing. our plan to futureproof the centre,” operations in the summer. Apple James Chong “Certainly, more can be done said IKEA Southeast Asia shopping has been confirmed as an office Copy Editor Geraldine Tan to increase awareness and further centre director Thomas Malmberg. tenant in the Grade II* listed build- Senior Writer Tan Ai Leng increase the take-up rates for fi - Damansara, Petaling Jaya has reo- ing. Writers Rachel Chew, Natalie Khoo, nancial assistance programmes pened its LG1 and LG2 fl oors on July Battersea Power “With Apple as an anchor ten- Shawn Ng, Lum Ka Kay introduced by the government such 1 under phase 1 of the mall’s rede- ant, there is no doubt other pres- Art Director Sharon Khoh Station’s commercial Design Team as Skim Rumah Pertamaku, Skim velopment. tigious media and arts companies Nurul Aida Mohd Noor Jaminan Kredit Perumahan, Skim LG1 will now be known as Food- tenants to start will follow their lead. Besides new Deposit Rumah Pertama and Skim land, complete with a new concept operations this shops, restaurants and offi ce space, For New Launches/Events/ Press Releases/News Tips Pembiayaan Fleksibel for PR1MA and design. It welcomes the return summer 20,000 new homes will be built this email: [email protected] homebuyers,” he said. of popular tenants such as Uncle year,” said the development com- Tel: 03-7721 8211 Fax: 03-7721 8280 Lim, De Irrfan’s Café and Noodle The Battersea Power Station redevel- pany. Email: [email protected] IPC Shopping Centre Shack. opment project will see its fi rst com- The Battersea Power Station ADVERTISING & MARKETING reopens LG fl oors IPC Shopping Centre will also mercial tenants open for business in spans 42 acres and includes 3.5 mil- Associate Account Director, host new tenants such as AEON the summer of 2017. lion sq ft of mixed commercial space Advertising & Marketing The IPC Shopping Centre at Mutiara Wellness, Penang Road Famous Te- According to a press statement and 4,500 new homes. Heidee Ahmad (019) 388 1880 Senior Account Manager Cecilia Too (012) 319 7666 Ian Leong (012) 359 1668 How do I get past issues of this weekly pullout? Account Manager trending Megan Chee (011) 2433 4363 Go to TheEdgeProperty.com Jeff rey Yeoh (016) 217 9227 now to download for free Marketing Support & Ad Traffi c Madeline Tan (03) 7721 8218 email: [email protected] Email : [email protected] If you have any real estate-related events, email us at [email protected]. LAUNCHES + EVENTS Events listed here will also appear on TheEdgeProperty.com. NEGOTIATOR ADVISORY SERVICE Senior Manager Elizabeth Lay Senior Associate Stannly Tan Associate Karen Wong Raya open house at Setia Sime Darby Property unveils Rahim, traditional games and EcoHill Welcome Centre Persada show units other exciting performances. For enquiries and listings email: [email protected] Date: July 8 (Sat) Date: July 8 (Sat) GL: (03) 7721 8175/ 8172 Time: 6pm to 9.30pm Time: 10am to 5pm Gamuda Land Raya open house Email: [email protected] Venue: Setia Ecohill Welcome Venue: Sime Darby Sales Date: July 8 (Sat) Centre, No. 2, Jalan Ecohill 1, Setia Gallery at , Jalan Time: 11am to 4pm TheEdgeProperty.com pullout is published by The Edge Property Sdn Ecohill, Semenyih, Selangor Gamelan 1E, Bandar Bukit Venue: Sales Gallery, Bhd. It is available with The Edge Contact: (088) 218 255 Raja, , Selangor No. 20-G, Jalan Jade Hills Financial Daily every Friday. The Join S P Setia Bhd at Setia Contact: (03) 3361 7288 P6/2, Bandar Teknologi Utama 1/1, Commerce Village, pullout is also distributed at more than 200 offi ces, shopping complexes, EcoHill’s Raya open house to enjoy Sime Darby Property will be , Semenyih, Selangor Jade Hills, Kajang, Selangor condos, medical centres, F&B outlets performances by Farahdhiya, unveiling the show units of its Contact: (03) 7453 2328 Contact: (03) 8741 0707 and LRT stations in the . Azlan & The Typewriter, live Persada project which comprises / (016) 239 7566 Venue: Horizon Avenue, You can also download it for free at bands and dancers while enjoying terraced houses, linkhouses Celebrate Raya with Tropicana Commercial Centre, Horizon www.TheEdgeProperty.com interactive games, scrumptious and townhouses at Bandar Corp Bhd this weekend at Hills, Iskandar Puteri, Johor cuisine and fi reworks. Tropicana Heights. Enjoy Raya Contact: (07) 2323433 delicacies while fi nding out Celebrate this Raya with Gamuda Japan Wonderland at more about living in a Park Land at its open houses. At Jade Th e Edge Malaysia Eco Meadows Villa by Kajang’s largest park. Hills, there will be a Starbucks EDITORIAL Date: July 7 to 9 (Fri to Sun) truck, food trucks, gamelan Editor-in-Chief Azam Aris Time: 3pm to 10pm Riang Ria Raya at performance, batik painting and CORPORATE Venue: Eco World Gallery @ Eco Eco Ardence ketupat weaving, as well as a Chief Operating Offi cer Lim Shiew Yuin Meadows, Lot 740, Mukim 14, Jalan Date: July 9 (Sun) special preview of Hana Gardens’ ADVERTISING & MARKETING Chief Commercial Offi cer Paboi, Simpang Ampat, Penang Bukit Raja, Klang. Refreshments Time: 3pm to 6pm 3-storey link villas. At Horizon Sharon Teh (012) 313 9056 Contact: (04) 510 2255 will be provided and visitors Venue: Eco Ardence Sales Gallery, Avenue, guests can take part in General Manager Eco World Development Group will receive a welcome gift. PT 8, Persiaran , Eco ketupat weaving, kite making, Kingston Low (012) 278 5540 Senior Sales Managers Bhd brings back the fun world- Ardence, Shah Alam, Selangor and other arts and crafts. There Fong Lai Kuan (012) 386 2831 cuisine carnival starting with Hari Raya open house at Contact: (03) 3342 5522 will also be a buff et, live cooking Gregory Thu (012) 376 0614 “Japan Wonderland” food fusion Tropicana Heights Organised by Eco World demo and exclusive preview of Kamalesan Parama (012) 394 4855 Michael Tan (012) 213 0252 fi esta. There will be sakura trees, Date: July 8 and 9 (Sat and Sun) Development Group Bhd in Horizon Avenue Commercial Creative Marketing dazzling lanterns and delicious Time: 10am to 6pm conjunction with the Raya festive Centre. Those who purchase a new Chris Wong (016) 687 6577 food as well as fun games and Venue: Tropicana Heights period, the event will feature home during the event will stand Head of Marketing Support & Ad Traffi c performance. Free admission. Property Gallery, Off Jalan comedy acts by Sepahtu Jeb & a chance to win a special gift. Lorraine Chan (03) 7721 8001 Email: [email protected] FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY TEP 5 NEWS Strong take-up for SYF’s projects in Sungai Long and Semenyih

BY SHAWN NG 01. Iris Residence in Sungai Long PETALING JAYA: Furniture man- recorded 80% of ufacturer and property develop- sales for the 176 er SYF Resources Bhd has seen units launched. take-up rates of at least 80% for its projects south of Kuala Lum- 02. Modern pur in and facilities will be Semenyih, Selangor. provided to the “The overall property market residents of Iris in the country is in a period of Residence, which ‘digestion’ but the Sungai Long include a pavilion, and Semenyih areas do not seem swimming pool to be affected, thanks to the MRT and gymnasium. -Kajang Line, the universities and the new EKVE (East Klang Valley Expressway),” SYF Resources executive director 02 Datuk Sri Chee Hong Leong told TheEdgeProperty.com. from 4,975 sq ft to 9,300 sq ft. They The shopoffices have built-ups Universiti Tunku Abdul Rah- were sold between RM1.7 million from 1,292 sq ft to 8,767 sq ft with man (UTAR) in Bandar Sungai and RM2.99 million. prices from RM818,000 to RM4.3 Long and the University of Not- Semenyih Hi Tech 6, which million, while the serviced apart- tingham in Semenyih have been has a GDV of RM147 million, of- ments and SoHos are between 477 keeping the demand for prop- fered 68 semi-dee factories rang- sq ft and 1,097 sq ft with prices erties robust in these two areas ing from 5,476 sq ft to 7,200 sq ft from RM278,000 to RM523,000. while the upcoming EKVE and the 01 and priced from RM1.9 million Also to be completed by year MRT Sungai Buloh-Kajang Line to RM2.7 million. end is Lavender Residence, which are poised to improve connec- za, Lavender Residence and Iris Chee: The In 2Q2016, the developer com- comprises two blocks of 276 apart- tivity and accessibility, he added. Residence. Sungai Long pleted Wira Heights 3 in Bandar ment units. Located in Bandar He expects the two places to With a gross development val- and Semenyih Sungai Long, comprising 42 semi- Sungai Long, all units in the de- boom in the next three to five ue (GDV) of RM113 million, the areas do not dee and bungalow homes with a velopment with a GDV of RM135 years, with property prices in Ban- recently launched Iris Residence seem to be GDV of RM76 million. It record- million have been sold. Unit built- dar Sungai Long growing by 10% condominium in Sungai Long affected by ed close to 100% of sales for the ups are from 1,080 sq ft with prices to 15% in the next one to two years saw 80% take-up for the 176 units the slowdown units with built-ups from 3,770 from RM526,000 to RM708,800. mainly due to the completion of launched. The project is expected in the overall sq ft to 5,070 sq ft and tagged at Looking ahead, the group is the MRT line. The closest MRT to be completed by the third quar- property RM1.9 million to RM2.8 million. seeking to acquire more land station to Bandar Sungai Long is ter of 2020 (3Q2020). Units have market. Currently being constructed or establish joint-venture pro- the Batu Sebelas Cheras station, built-ups of 1,058 sq ft and 1,209 with completion by the end of this jects in Bandar Sungai Long and which is about a 3.5km drive from sq ft with prices from RM541,800 year is the RM350 million GDV Semenyih. SYF Resources’ prop- the UTAR campus. to RM630,800. Kiara Plaza mixed development erty development business con- Through its property arm SYF SYF Resources’ earlier projects in Semenyih. Its 12 three-storey tributed 50% to its overall revenue Development Sdn Bhd, SYF Re- have done well. Both Semenyih shopoffices were fully taken up in its financial year ended July 31, sources has launched several pro- Hi Tech 5 and 6 have been fully while the 56 single-storey shopoffi c- 2016, said Chee. jects in Bandar Sungai Long and sold and completed in 2015. Se- es and 763 serviced apartment and “However, we are not in a rush Semenyih since 2012, namely Se- menyih Hi Tech 5 has a GDV of Small-offi ce Home-offi ce (SoHo) to buy land as the goal is to identi- menyih Hi Tech 5, Semenyih Hi RM100 million and consists of 48 units have been 80% and 95% sold fy sites that we can offer products Tech 6, Wira Heights 3, Kiara Pla- semi-dee factories with built-ups LOW YEN YEING | TheEdgeProperty.com respectively as at end-May this year. that can sell,” he said.

Matrix Concepts aiming to launch its fi rst KL project in September

LOW YEN YEING | TheEdgeProperty.com BY TAN AI LENG have obtained the relevant approv- in town centre, the com- als. We also see the property market pany is still in the midst of obtaining SEREMBAN: Seremban-based Ma- improving,” Lee said. approval to increase the plot ratio trix Concepts Holdings Bhd will be In this maiden venture into KL, of the site. Th e freehold residential making its debut in the Klang Val- Matrix Concepts plans to launch tract is located at Persiaran Wawa- ley with the launch of a serviced 507 units of serviced apartments san, Puchong, right opposite Setia apartment project that carries an with built-up sizes ranging between Walk and 1km away from the Pusat estimated gross development value 450 sq ft and 1,000 sq ft. Bandar Puchong LRT station. of RM300 million in Kuala Lumpur. “Indicatively, the selling price of “This land has great develop- Th e project will be on a one-acre the units will be around RM1,000 ment potential due to its proximity plot near Putra World Trade Centre psf to RM1,300 psf. If it’s a fully-fur- to Puchong commercial centre and (PWTC). Th e project is planned for nished unit, the price will be high- LRT station. Hence, we are seeking launch in September this year. er,” he added. Th e project is located a higher density development for Its group managing director and at Jalan Putra, KL, close to PWTC the site,” he explained. CEO Datuk Lee Tian Hock told Th - and the Putra Light Rapid Transit With a higher plot ratio, Lee said eEdgeProperty.com that the com- (LRT) station. the company could off er more units pany is preparing the marketing Lee is confi dent the project’s stra- at more aff ordable prices. material for the project launch. tegic location and proximity to KL “We hope to secure the approval “We bought the land three years city centre will attract buyers and by the end of the year, so we could ago and now we feel that the time investors. launch this project early next year,” is ripe to launch the project as we Meanwhile, for its 5.7-acre land he added. Lee: The time is ripe for us to develop the Jalan Putra land. TEP 6 FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY

ECOHILL WALK: AN ICONIC COMMERCIAL DEVELOPMENT Th e First of Its Kind in the Kajang-Semenyih Corridor

Set to emerge as the very fi rst integrated commercial de- Th e Central Linear Garden will provide velopment in KL South, S P Setia continues to break new opportunities for recreational space, as well as ground with the development of EcoHill Walk. Located other business and lifestyle activities. Flanked within the sustainable township of Setia EcoHill in Se- by the lifestyle shops, the 10-foot pedestrian menyih, the 17.5-acre embodiment of the ‘LiveLearnWork- walkway carves through the development Play’ philosophy caters to the needs of its community with accompanied by man-made streams, water lifestyle shops, a neighbourhood convenience mall and sculptures and lush greenery. Th is building serviced apartments. “We envision EcoHill Walk to be a feature simulates a structural gorge with an place that would change the commercial landscape here, abundance of activity surrounded by lifestyle and it will be the most iconic integrated development in shops lined on both sides. “Th e pedestrian the KL South corridor”, shared S M Koh, General Manager walkway not only provides a refreshing en- of Setia EcoHill. vironment for a casual stroll, it is equipped Th e EcoHill Walk Neighbourhood Mall will house a with ample escalators, elevators, staircases variety of tenants to bring about convenience for the sur- and link bridges. Th is ensures convenience rounding community. A cinema, grocery store, fi tness cen- in the form of seamless connectivity between tre, bookstore, fashion outlets, fast food restaurant outlets the lifestyle shops, neighbourhood mall and and more are some of the tenants that will be joining the the serviced apartments”, said Koh. neighbourhood mall. Its wide retail veranda also off ers prospec- tive spaces for events and alfresco dining. “We want people MORE THINGS TO COME INSPIRED BY NATURE to enjoy alfresco dining at the premium eateries and step into Th ere will also be serviced apartments to be developed in Drawing inspiration from the Grand Canyon, the architec- boutique lifestyle shops with the ambience of the mall’s nat- the near future. “Th e serviced apartments will comprise ture and landscape design of EcoHill Walk aim to reinterpret ural environment in the background”, Koh shares his vision. 2 blocks of 40 storeys, housing 890 units in total with a the magnifi cent structure, to become the revolutionary in- build-up area range of 800 sq ft to 1,400 sq ft, and we’re tegrated commercial development it was envisioned to be. BESPOKE COMMERCIAL LIFESTYLE SHOPS expecting to launch it in 2019”, Koh added. Th e inspiration taken was adopted across the overall design Since its successful initial launch in December 2016, the of the development and can be seen from the façade of the EcoHill Walk lifestyle shops have been garnering an im- A LARGE CATCHMENT, A SOUND INVESTMENT building, down to the smallest landscape details. Reimag- mense amount of interest. Its retail-friendly premises were EcoHill Walk is projected to be completed in 2020. By ining the ever-changing scenery of the canyon onto the de- designed with an ideal width of 27.5 ft. that is suitable for then, 10,000 houses in the Setia EcoHill and Setia EcoHill sign of the building, the exterior of the mall is embellished diff erent businesses, be it offi ces for entrepreneurs, retail 2 townships will be completed. Th e infl ux of an estimated with organic shapes & lines that bear a resemblance to the outlets or F&B franchises. Th e lifestyle shops also boast 15- 50,000 people to the townships will likely contribute to the contours and textures of the steep canyon walls. foot high ceiling designs, which ensure added fl exibility to existing number of residents in the vicinity of Semenyih and Water plays a pivotal role in the architecture, not only to create quintessential spaces for businesses. . “EcoHill Walk has a neighbourhood catchment of pay homage to the rapidly fl owing currents which bisected A total of 2,000 parking bays will be made available and about 300,000 people within a 15-minute drive”, shared Koh. and formed the Grand Canyon, but also because water is each shop unit will be entitled to at least one designated In addition to that, the student population from educa- believed to be an auspicious symbol of wealth. “Imagine parking spot. Separate service lifts & corridors allow for tional institutions nearby such as the University of Notting- people walking along the waterway at EcoHill Walk. Th ey discreet loading/unloading, which provide convenience for ham Malaysia Campus, Universiti Kebangsaan Malaysia, would feel like they’re shopping in a rejuvenating, natural both businesses and consumers. “Th e multi-storey lifestyle Universiti Tunku Abdul Rahman, New Era College and yet comfortable environment”, shared Koh. shops with an average build-up of 1,500 sq ft per fl oor and many other education institutions scattered around Nilai reasonably priced at RM368,000 onwards will provide the and Bangi will provide extra footfall to EcoHill Walk. Th e perfect opportunity for businesses & start-ups alike to Setia EcoHill township is connected to numerous express- launch their ventures”, Koh said. ways, potentially driving more people to the integrated Investors or shop owners who are searching for units commercial development, and in turn generates better that provide a more prominent frontage can look into the prospects and opportunities for businesses. lifestyle shops off ered on ground fl oor. Th e shop units which are selling from RM1.598 million onwards, will have the advantage of facing the landscapes with water features, which are expected to be the main attraction of the devel- BROUGHT TO YOU BY opment. Moreover, the lifestyle shops on ground fl oor not only have the fl exibility of extending the shop outwards for alfresco dining, some of the units will also feature 18– 22ft high ceiling designs which can be converted to a mezzanine layout for future business expansion.

TEP 8 FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY COVER STORY

ocation has always been one of the key considerations in ensuring asset value growth and a property neighbouring a cemetery is defi nitely not the location of choice. LHowever, land scarcity in urban areas has pushed developments to whatever land is available, even next to ceme- teries. For example, new property launches have never seen a pause in areas sur- rounding the Muslim cemetery in Jalan Ampang because it is located right at the heart of Kuala Lumpur city centre, where development land is in high de- mand, cites Laurelcap Sdn Bhd director Stanley Toh. Th ere have also been some instances where property owners unknowingly fi nd themselves having a new cemetery as their neighbour. For instance, vacant lands next to a proposed development could have been earmarked by the lo- cal council for a cemetery, but the de- veloper failed to disclose that to their purchasers. “Many years after the development’s completion, the local council then de- cides to start building the cemetery. An example is the Bukit Kiara 2 Muslim cemetery which is being constructed now, after some of the high-end resi- dential developments have been com- pleted a couple of years ago,” Toh tells Th eEdgeProperty.com. Good location or otherwise, many Malaysians — especially the Chinese — consider it a taboo to live next to a cemetery or graveyard, according to real estate agents. “Th ere is still a stigma in buying prop- erties next to graveyards as Malaysians are still quite ‘pantang’ and supersti- tious. Nevertheless, some developers Based on Hartamas Real Estate (OUG) Toh: Some Chong: When the and investors do not mind taking the Sdn Bhd team manager Janet Chong’s ex- developers and property market risk by betting on the address against perience, properties nearby cemeteries investors do not starts to boom, these the stigma,” says Toh. may be cheaper than one further away but mind taking the risk properties will have One Sunterra Properties Sdn Bhd they remain rather unpopular. by betting on the a chance because principal Sara Lai also says that the “I have never heard of any property address against the of their lower entry market does not widely accept a prop- buyer or investor who buys properties stigma. points. erty near burial grounds. “Generally, near graveyards because of their lower prices are lower and value appreciation prices,” she shares, adding that agents is slower compared with other proper- usually try to avoid taking on such units ties,” she adds. due to lack of demand. However, she notes that there are By her estimates, units with a direct exceptions and not all properties next graveyard view will generally be 10% to to cemeteries are equally aff ected. Th e 15% cheaper than a normal unit. building may be near a cemetery but in “On the secondary property market, the located near the Chinese Cemetery mid-end condominium, saw much lower some of its units, you may not be able Chinese are the biggest buyers, at least for recorded more than 100% capital appre- price appreciation of 27.6%. to see the cemetery; hence, these units my team. And graveyards are the No. 1 ta- ciation over the same period. Th is was in A real estate agent familiar with the will fare better than those with views of boo for them,” Chong notes. stark contrast to two other projects in the Kepong areas tells Th eEdgeProperty.com the cemetery, she off ers. vicinity that only saw price appreciations that the 2-block Pangsapuri Puncak Desa “So the value of the property may not Defying taboos of between 19% and 28%. is one of the older high-rise properties in necessarily be aff ected unless the units Regardless of their “inauspiciousness”, Meanwhile, three high-end, high-rise the vicinity. Th e newer ones are Sri Ehsan directly face the graveyards or share the TheEdgeProperty.com research found properties near the Chinese Cemetery Apartment and Ria Apartment. same access,” she adds. that some non-landed residences locat- Kuala Lumpur in Seputeh experienced a “Most of the units in Puncak Desa have ed within 500m radius of four large cem- fi ve-year price growth of between 38.5% built-up sizes of around 800 sq ft with aver- eteries (at least 50 acres) in KL have seen and 58.9%. age asking prices from RM180 to RM250 psf signifi cant price growth in recent years. And near the Cheras Christian Cemetery, depending on their condition and views. Th e cemeteries are the Cheras Christian two out of three samples, namely Laman About 30% to 40% of the units have direct Cemetery (50 acres), Kepong Chinese Midah Condo and Prisma Cheras Condo, views of the cemetery, and those units Cemetery (66.7 acres), the Kwong Tong saw gains of 39.2% and 62.5% respective- would have lower asking prices by prob- Cemetery (64 acres) in Pudu and the ly. However, the third project, Midah Ria ably around 30% and usually take longer Chinese Cemetery Kuala Lumpur (116 acres) Condo, could only achieve 9.7% growth to change hands,” he notes. in Seputeh. during the same time. Overall, however, he says Pangsapuri Looking at the capital appreciation of With such extreme and varied perfor- Puncak Desa has shown higher capital some of these properties over a fi ve-year mances, one could probably surmise that appreciation compared with other newer period from 2012 to 2016, it was found location is never the sole reason in deter- projects including its neighbour Kepong that while some had shown steep capital mining a property’s value. Sentral Condominium and Ria Apartment. gains over the fi ve-year period, there were Let’s take the selected non-landed Th is is mainly because of its low entry base. also others that saw their prices move at residential properties near the Kepong “I’m not surprised that the average price a snail’s pace in comparison. Chinese Cemetery as examples. Pangsapu- at Puncak Desa has grown over 100% over At Pudu’s Kwong Tong Cemetery, for ri Puncak Desa and Sri Ehsan Apartment, the past fi ve years because of its low entry instance, three non-landed residential which are low-medium-cost apartments, price. Another reason is it is located close projects nearby had seen price growths of saw 104.7% and 151.6% price growth re- to the main road offering easy access,” above 40% over the past fi ve years. spectively, from 2012 to 2016, while Kepong says the agent. Over in Kepong, two high-rise residences Sentral Condominium, which is a newer Kepong Sentral Condominium is a FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY TEP 9 COVER STORY

High-rise properties nearby major cemeteries in Kuala Lumpur (Selected high-rise residential properties aged fi ve years and above within 500m of cemeteries of 50 acres and above)

CEMETERY SIZE (ACRES) PROJECTS WITHIN AVERAGE UNIT GROWTH OVERALL AVERAGE PRICE GROWTH 500M RADIUS OF CEMETERY PRICE (RM PSF) (%) OF NON-LANDED RESIDENCES (%) IN THE AREA (RM PSF) 2012 2016 2012 2016

Cheras Christian Cemetery @ Cheras 50 Prisma Cheras Condo 267 434 62.5 271 381 40.6 Midah Ria Condo 299 328 9.7 Laman Midah Condo 352 490 39.2

Kepong Chinese Cemetery @ Kepong 66.7 Pangsapuri Puncak Desa 126 258 104.7 254 337 32.6 Kepong Sentral Condo 235 300 27.6 Sri Ehsan Apartment 124 312 151.6 Ria Apartment 135 161 19.3

Kwong Tong Cemetery @ Pudu 64 Sri Mutiara Apartment 210 314 49.5 330 395 19.7 Kenanga Point Condo 343 510 48.6 PPR Desa Tun Razak 129 226 75.2

Chinese Cemetery Kuala Lumpur @ Seputeh 116 Bukit Robson Condo 467 648 38.5 369 537 45.5 Robson Condo 384 553 44.0 Robson Heights Condo 297 472 58.9

single-block condominium with facilities ty investors will not mind units with such as a swimming pool and children’s graveyard views because they are playground. The development gained not buying for their own stay but for 27.6% price appreciation over the past fi ve investment. years. Th e average asking price psf of units “What the investors are looking at there is RM321 psf according to Th eEdge- is the price and location; views are not Property.com listings as at June 30. the priority. However, they must also “Kepong Sentral is a good project as it bear in mind that it will need some off ers good unit built-up size of around time to fi nd tenants that do not mind 1,000 sq ft. It has ample facilities and is staying near graveyards,” she shares. the closest project to the Kepong Sen- One Sunterra’s Lai agrees that buy- tral KTM station. However, more than ing properties neighbouring ceme- 50% of the units in the project have a di- teries is not unacceptable, but it will rect view of the cemetery. Th ey are very need time to refl ect their value. difficult to sell because Kepong has a “While the entry price for these predominantly Chinese population,” he properties may be lower than normal shares, adding that Pangsapuri Puncak projects, the time taken to get tenants Desa and Kepong Sentral Condominium or buyers is longer. currently have more non-Chinese resi- “Nevertheless, it can be considered dents compared with other non-landed a good buy if the sale comes with ready projects in Kepong. tenants or if the unit is located close Nevertheless, he shares that some in- to a large rental catchment such as vestors who bought Kepong Sentral Con- college students or factory workers,” dominium units during its launch in 2004 Lai concludes. at around RM150 psf are still getting stable monthly rental returns from their units. “I have an owner who rents out his unit with a slight cemetery view from one room, at RM1,200 a month, to a group of his friends who are using the KTM to A waiting game in the vicinity, Toh adds. travel to work daily. I think this is a good Commenting on the outstanding price Hartamas’ Chong does not deny that monthly income as it could cover the performances of some of the properties some properties near graveyards can monthly mortgage instalment,” he notes. near cemeteries, Laurelcap’s Toh be- still bring good returns to their owners. How to raise Of note is Sri Ehsan Apartment, which lieves it has nothing to do with a change “When the market is a buyer’s market has seen an outstanding price growth of in buying behaviour. like now, buyers are spoilt for choice, so the value of a 151.6% over the past fi ve years. “In my opinion, the appreciation rate properties near graveyards will not be It is a low-rise, low-cost walk-up apart- within the 2012-2016 period was largely considered at all. However, when the property with a ment with most of the units rented out, due to the last property bull run and by property market starts to boom, these many to the foreign workers from the external market forces and not because properties will have a chance because cemetery view? factories located next to the project, ac- of a new demand for properties near of their lower entry points,” Chong says. cording to the agent. graveyards,” Toh says. “But it is also our responsibility to tell “This is another unpopular project He rules out the possibility of a rising the client that it will be more diffi cult to when it comes to sales because it is not demand trend forming, given the general- change hands in future.” only located right next to the graveyard ly lower asking prices of such properties. She says those who do not mind hav- — it is also in an industrial area with fac- “Prices in these projects had been ing properties with a cemetery nearby tories and car workshops. stagnant for many years. Th en comes the are mainly the non-Chinese including “It used to be a very quiet area until property boom, and because they have Malay and Indian buyers and even ex- more units were rented out as staff ac- been depressed for such a long time, patriates from western countries and commodation for the factories there. they caught up with almost the levels of the Middle East. This could be the possible reason the other high-rise developments further “Malay and Indian clients have their price has gone up so much in the past away from the graveyards. Th us, we see own cultural taboos. When it comes to fi ve years,” he says. a sudden surge within a short period,” graveyard views, they are less concerned According to data from TheEdge- he explains. about it compared with Chinese buyers. Property.com, the indicative rental yield Other factors could be because other Meanwhile, for non-Asian expatriates, of Sri Ehsan Apartment is 4% with the residential projects are poorly managed most of them are fi ne especially if the average rental at RM0.95 psf per month. or maintained, making the ones near the location is in the city centre as the con- Hence, it goes to show that no two graveyards more appealing in compari- venience will compensate for the grave- projects are alike even if they share a son. Accessibility to the latter could also yard view,” Chong explains. location close to a cemetery. be better compared with other high-rises She also points out that some proper- TEP 10 FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY NEWS WORLD SUSTAINABLE BUILT ENVIRONMENT CONFERENCE 2017

PIICTURES BY WORLD SUSTAINABLE BUILT ENVIRONMENT CONFERENCE 2017 HONG KONG

(From left) Tai, Wong, Lu, Schlueter and Lutzkendorf.

that the government also plays a crucial role in the creation of sustainable built environments. Building green needs China’s move Tai pointed out that China is a very good ex- ample in the development of green buildings. The China government, he said, has been giv- ing endless support in the promotion of green government push buildings over the past 10 to 15 years. Meanwhile, another speaker at the round- table, China Green Building Council chairman Wang Youwei also attributed the significant achievement of China in the development of STORIES BY RACHEL CHEW green buildings to the support of the government. Citing the recent Shanghai green office report, HONG KONG: China may not seem like a very Wang said the energy consumption per capita in good example of a sustainable built environ- Shanghai’s green office buildings has decreased ment but it has certainly achieved a lot in a very significantly over the past three years. short time. In 2013, the average energy consumption per At the recently concluded World Sustainable capita of Shanghai’s green office buildings stood Built Environment Conference 2017 in Hong at 92kWh. However, in 2014, the figure has de- Kong held from June 5 to 7, several green building creased to 86kWh and in 2015, it has reduced experts who took part in a roundtable entitled further to 68kWh. “Emerging Perspectives for Transforming the “The study on the average energy consumption Built Environment” stressed on the importance per capita in Shanghai’s green office buildings for each stakeholder including the government has proven that the impact of green buildings and the consumers to play their roles in the push is significant. The result also encourages the towards a sustainable built environment. government to continue taking the lead in de- In emphasising the role of the government, very passive about it. veloping green buildings to improve the quality China was cited as an example of how its govern- “One of the World Green Building Council’s of life in China,” Wang noted. ment took the lead in the country’s green agenda. goals is to build only net zero buildings, or build- The government, the private sector and ings with zero net-energy consumption, by 2050. Use big data to effect change end-users are the three key parties in the trans- I believe the supply side already understands Other panellists at the roundtable were inter- formation of a city into a greener one, said World why and how to do it. Now, we need to convince national architecture and interior design firm Green Building Council chairperson Tai Lee the demand [end-user] side,” he said. Ronald Lu and Partners’ vice chairman Bryant Siang during the roundtable. To do that, one of Tai‘s suggestion was to pro- Lu and professor of Ar- “We need to get the people to understand mote the concept of green building in the way chitecture and Build- the need, the industry to provide the leadership that a lay person would understand. We can get the green ing Systems ETH Zu- and the government as an engine to push this “We have related this [green building] to the building miracle to happen rich Arno Schlueter. [green built environment] forward. All these lay person. There are two key words: money if we are relate it to the Lu said governments three parties have to come together for us to have and health. If you talk about these two to the lay should aim to create de- a chance of seeing the green building concept person, everyone will understand that building end-users and create mand by implement- succeed,” he noted. green has everything to do with them. We should the urgency to adapt to ing relevant regulations Tai pointed out that more often than not, tell them that having sustainable buildings can this change, just like the and incentives. while the government and private sector have save money and improve their health as well,” “Th ere are some 88% accepted the concept and importance of moving he elaborated. adoption of smartphones non- green-certified towards green building, the end-users are still Besides the demand and supply side, he added 10 years ago. — Lu buildings worldwide al- FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY TEP 11 WORLD SUSTAINABLE BUILT ENVIRONMENT CONFERENCE 2017 NEWS

(From left) Loh, Foliente, Leong, Tan and Baird. The conference brought together 1,800 green building experts Occupants form the core from over 55 countries. of a sustainable building

The key to a successful and sustain- was Hong Kong’s metro system trans- building. They should speak up when able development lies in its occu- port operator Hong Kong MTR Corp things are not right,” Baird said. pants and users, said green building chief executive officer Lincoln Leong. He said generally, building man- experts. He agreed that one should always agers are too “terrified” to ask while Singapore Building and Construc- consider the occupants’ or residents’ occupants are nonchalant or not both- tion Authority’s Built Environment needs and wants in the planning of ered to speak up. Research and Innovation Institute a project. “The managers are terrified to deputy managing director Tan Tian “While we are planning a develop- ask because it will most likely lead Chong stressed that it is important ment or a transportation system, we to a blame game. However, a build- to get the occupants involved in the should also put priority on the users ing needs to be ‘adjusted’ through though we have spent the past 15 to 20 years push- maintenance of a green building. and occupants in terms of planning, the years to remain sustainable. So ing the concept. Many developers and end-users “You can have a great building but detailing and the flow of the system. occupants should get more involved think green buildings have nothing to do with them it will not last if the occupants do not All the stakeholders should also work and their voices should be taken se- and therefore are not necessary,” said Lu. realise how good it is and if they do hand-in-hand to develop an integrat- riously,” Baird shared. Lu, however, believes that green building will not take care of the building,” said ed system that is easy and convenient Meanwhile, Enterprise Professor gain higher acceptance worldwide in the future Tan during a roundtable on the topic to use,” he said. at the University of Melbourne Greg with the growth in technology and capacity as “Leadership Driving for the Sustain- Foliente believes that when consid- well as open source/knowledge sharing platforms. able Built Environment” held at the ering the views of the residents, one “We can get the green building miracle to World Sustainable Built Environment No building has to keep in mind that everyone happen if we relate it to the end-users and create Conference 2017 Hong Kong in early has different views and that there is the urgency to adapt to this change, just like the June. The roundtable was chaired by will be perfect no one-size-fits-all formula in man- adoption of smartphones 10 years ago,” he shared. Hong Kong Under Secretary for the from day one. aging a green building. “We have the technology to create smarter Environment Christine Loh. “We should take two steps forward buildings now. We also have the capacity to re- All stakeholders — from the devel- It is improved and one step backward to rethink and build or enhance our current buildings or even oper to the architect to the building’s over time and understand where these occupants’ cities. And we have enough data collected from occupants — have to work together to the occupants opinions are coming from because the past 15 to 20 years to convince the end-users ensure the sustainability of a building. everyone holds different views. We why we need to change.” Hence, it is imperative that occupants are the should first understand what is both- Schlueter concurred. “We have more data play their role and that other stake- ‘experts’ on ering them before we can convince now and we should relate them to the end-users, holders listen to their needs. the building. them. For example, if they are con- to convince them that change is not just an in- “We have to make them [occupants] cerned over their well-being, we need dustry matter but theirs as well,” Schlueter said. understand that the energy perfor- — Baird to show them what the benefits are,” Lu recalled a case in Singapore where a de- mance of their building, for instance, Foliente said. veloper managed to convince a property owner has something to do with their comfort Meanwhile, Wheelock and Com- to redevelop a car park space into an automat- and efficiency in using the building,” When it comes to planning a new pany Ltd chairman and managing ed car park so that more than half of the land Tan said. public transportation system, stake- director Douglas Woo believes no can be released to build something that brings He cited a project in Singapore, holders such as the town planner, the one can build a successful sustaina- more value. which was to upgrade the green fea- MTR Corp and developers should ble building and environment all by “When the end-users see the potential value tures of low-rise high-school build- discuss how to blend in every com- themselves. that can be unlocked from the redevelopment, ings in Singapore. “We were excited ponent well to maximise efficiency “It is about working together and they will be more willing to adapt to the change,” to install solar panels to turn these and convenience of usage, he added. sharing. Sharing is the best practice Lu said. schools into positive or zero-energy that can cut down the learning curve. The roundtable session was chaired by Karls- school facilities. However, we found Users should speak up Understand your role and play it well,” ruhe Institute of Technology’s Sustainable Man- that they [the school staff and stu- Emeritus Professor of Building Sci- Woo concluded. agement of Housing and Real Estate head of dents] were not really excited about it. ence at the School of Architecture Themed “Transforming Our Built chair Thomas Lutzkendorf. We then decided to pay more attention in Victoria University of Wellington Environment through Innovation and Held at the Hong Kong Convention and Exhi- to what they want for a more com- George Baird, who also took part in Integration: Putting Ideas into Action”, bition Centre, the conference organised by the fortable study environment and how the roundtable, pointed out that one the three-day conference held at the Hong Kong Green Building Council and Construc- these green features can assist them way the occupants can get them- Hong Kong Convention and Exhibi- tion Industry Council was themed “Transforming towards this objective. We wanted to selves involved in the sustainability tion Centre brought together 1,800 Our Built Environment through Innovation and let them know that these are some of a development is by voicing out green building advocates, policymak- Integration: Putting Ideas into Action”. things that could be done so they will any defects or problems they think ers, academics and industry practi- The three-day event brought together 1,800 be more appreciative and involved in should be rectified. tioners from over 55 countries. It was green building advocates, policymakers, aca- the sustainable aspects of their school “No building will be perfect from organised by the Hong Kong Green demics and industry practitioners from over 55 buildings.” day one. It is improved over time and Building Council and Construction countries. TheEdgeProperty.com was one of the Another speaker at the roundtable the occupants are the ‘experts’ on the Industry Council. international media invited to the event. TEP 12 FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY FEATURE Top Asean countries for luxury properties

SOURCE: KNIGHT FRANK RESEARCH + TheEdgeProperty.com | GRAPHIC: NURUL AIDA MOHD NOOR BY SHAWN NG

Bangkok f you are looking for real es- Luxury residential tate investment opportuni- US$9,708.74 103 ties in Asia, the Association property prices of Southeast Asian Nations Kuala Lumpur (Asean) is definitely the region you shouldn’t miss. US$4,608.30 217 ISince its formation in 1967, Asean has grown into one of the most Singapore dynamic drivers of today’s global economy. US$23,255.81 43 According to the “Investing in Asean” report published on the Jakarta Asean offi cial website, the com- bined gross domestic product US$4,366.81 229 (GDP) of the 10 Asean member states stood at US$2.43 trillion Price psm as at end-2016 (RM10.45 trillion) in 2015. And How much space (sq m) can you get with US$1 mil? with an average annual real growth rate of 5.2% from 2007 to 2015, the PICTURES BY KNIGHT FRANK RESEARCH , LOW YEN YEING + ABDUL GHANI ISMAIL | TheEdgeProperty.com Asean economy was the third larg- est economy in Asia and the sixth THE EDGE SINGAPORE largest in the world in 2015. Holt: All Tan: We have vest in the city state, off ers Holt. ties and challenges. Despite the suc- But for real estate investors, four cities seen a gradual Singapore is the second-most cessful local election and tax amnes- which of the Asean countries do present great pick-up in the popular destination for global ty programme in early 2017, luxury we choose to put our money in? investment transaction UHNWIs to own an overseas prop- buyers-investors are still adopting a You may probably want to look at potential and volume of erty, according to the Knight Frank wait-and-see approach over uncer- the big four in the centre of the re- each attract a high-end 2017 Wealth Report. tainties due to the political situation gion — Singapore, Malaysia, Th ai- diff erent group private homes Knight Frank Singapore director as well as concerns over bank trans- land and Indonesia, as their capital of investors. in the CCR at and head of consultancy and re- parency for tax purposes,” he notes. cities all present great investment Singapore. search Alice Tan says investors and As a result, a few luxury devel- potential in the luxury home mar- home owners view Singapore as a opers have turned to developing ket with each attracting a diff erent safe haven and continue to place aff ordable projects in the suburbs, group of investors, according to RISINEE SARIKAPUTRA private residential properties as targeting mainly fi rst-time home- Knight Frank Asia-Pacifi c head of Sarkunan: Risinee: Condos one of their investment options in buyers while waiting for the luxury research Nicholas Holt. KL remains have become the short to medium term. market to improve. According to Knight Frank Re- on track to the highlight “We have seen a gradual pick- Hasan believes the wait-and-see search, the fi ve-year capital gain become one of of the Bangkok up in the transaction volume of sentiment will likely continue un- of prime residential property as at the top-most property scene. high-end private homes located til the presidential election in 2019 the fi rst quarter of 2017 (1Q2017) liveable cities in in the Core Central Region (CCR) subject to a peaceful outcome and in Kuala Lumpur was a mere 2.1% Southeast Asia of Singapore. In 1Q2017, a total of improved economic conditions. while Jakarta (as at 4Q2016) and and even the 729 private home units were trans- Bangkok registered a tremendous world. acted in the CCR, which forms 14% Bangkok: Keep an eye on growth of 123.3% and 51.3%, re- of island-wide transaction volume the condos spectively. Singapore, on the oth- for the same period. It was higher High-end properties located in the er hand, recorded a drop of 1.3%. SOURCE: KNIGHT FRANK RESEARCH than the average of 691 units trans- Bangkok Central Business District Nevertheless, let’s fi nd out what acted quarterly in 2016,” she says. and city fringe have performed Singapore, KL, Bangkok and Jakarta Luxury residential property capital She adds that there has also consistently well in recent years have to off er going forward. been a growth in home prices of with a range of impressive, exclu- gains (from 1Q2012 to 1Q2017) (%) ultra-luxury condominiums by 4% sive projects setting new bench- Kuala Lumpur: High-quality y-o-y in 1Q2017. marks for quality, facilities and homes at lower entry prices CAPITAL GAINS KL SINGAPORE BAN BANGKOKGKOK JAKARTA* “Th e tweak in the seller’s stamp price psm, says Knight Frank Th ai- Holt says KL offers high quality duty holding period from four years land research and consultancy residential products at lower en- 5-year change 2.1 -1.3 51.3 123.3 to three may provide some reprieve director Risinee Sarikaputra. Th e try costs compared to some of the 3-year change -3.6 -9.4 10.6 16.5 for potential homebuyers to invest fi ve-year capital gains from 1Q2012 other regional markets. 1-year change -1.9 4 0.3 0.3 in private homes in Singapore. to 1Q2017 for luxury homes in Data from the consultancy fi rm * Data collection period for Jakarta is 4Q2011 to 4Q2016; 4Q2013 to “However, the unsold inventory Bangkok was around 51.3%. showed that residential property 4Q2016; and 4Q2015 to 4Q2016 of 5,555 units in the CCR, the im- “Th ailand remains a very posi- prices in KL stood at US$4,608.30 position of additional conveyance tive long-term investment option psm as at end-2016, slightly higher tion network with the ongoing and a game changer, KL remains on duties on developers and the lack as source markets for buyers seem than US$4,366.81 psm in Jakarta but upcoming infrastructure projects, track to become one of the top- of positive indicators on broad- to be expanding continually, giving far lower than US$9,708.74 psm in such as the Klang Valley Mass Rap- most liveable cities in Southeast based economic recovery have cast investors plenty of scope for yields Bangkok and US$23,255.81 psm in id Transit (MRT) project, the Light Asia and even the world,” he says. downside risks on demand and and capital returns,” she says. Singapore. Rail Transit line extension project In order to boost the attractive- price performance of the high-end Prime property in Bangkok will In other words, investors are and the proposed KL-Singapore ness of KL’s high-end residences, private homes market,” she notes. see limited growth in supply due able to buy a luxury home with a High Speed Rail (HSR), she says. Ong suggests that the government In view of the various conditions to the lack of suitable land at rea- built-up area of 217 sq m in KL with Although the cooling measures review stamp duties and other costs and barring unforeseen circum- sonable prices. Hence, the selling US$1 million compared with 229 sq implemented since 2012 have af- payable on property transactions in- stances, she believes the prices prices of properties in this segment m in Jakarta, 103 sq m in Bangkok fected the KL luxury residential cluding the Real Property Gains Tax. of non-landed high-end private are estimated to increase further and 43 sq m in Singapore. market with luxury home prices On top of that, the Malaysia My homes in Singapore may fall by 1% when no new supply is being add- “In terms of pricing, KL is very retreating by 1.9% in 1Q2017 from Second Home programme has to to 2% y-o-y in 4Q2017. ed while demand is high, she says. attractive. And there is no restric- a year earlier, Knight Frank Malay- be improved and further promoted. Of note is the rising demand for tion on the property tenure, so for- sia managing director Sarkunan More promotions are also needed Jakarta: Outlook cautiously high-end condominiums in Bang- eigners can buy a freehold property Subramaniam notes that the pos- to promote the city as a gateway for optimistic kok. “Condominiums have become subject to price thresholds that vary itive GDP data in 1Q2017 and the multinational corporations and in- As of 4Q2016, the luxury residen- the highlight of the Bangkok prop- for different states,” says Knight impending general election may ternational fi nancial institutions. tial price in Jakarta has slowed with erty scene. Th e commuting cost and Frank Malaysia executive direc- lift market sentiment. only 0.3% increase y-o-y, offers the rapidly changing lifestyles of tor of research and consultancy “With the successful comple- Singapore: A safe haven Knight Frank Indonesia profession- Th ais are the driving forces behind Judy Ong. tion of the fi rst MRT line serving Meanwhile, given the safe haven al consultancy and valuation senior the boom, especially in the down- In addition, KL off ers lower cost the Greater Klang Valley, slated status of Singapore, ultra-high- associate director Hasan Pamudji. town condominium market. Th ey of living compared with other cit- for full operations by July, and the net-worth individuals (UHNWIs) “The outlook for 2017 remains attract not only the young, but also ies, as well as better transporta- proposed HSR which would be globally are often drawn to in- cautiously optimistic with opportuni- the elderly,” says Risinee. FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY TEP 13

PROPERTY MANAGEMENT AND YOU How to green old buildings

PICTURES BY LOW YEN YEING | SOURCE: TheEdgeProperty.com | GRAPHICS: NURUL AIDA MOHD NOOR ncorporating green features smell. Th e other half will gradu- and technology in a non- ally be discharged over the years. The benefi ts of adopting green green building can contrib- Hence, it makes sense to use low ute towards greater cost-sav- VOC paints that are also odour-free. features in your building ing in the maintenance and Some of these paints even adopt management of the property the sunblock technology that can Iin the long term. reduce surface temperatures, thus Selangor Dredging Bhd head of making the interiors of the build- business unit Peter Quah notes that ing cooler, which in turn helps in there are a lot of aged systems and saving energy. outdated technologies in existing For example, the Nippon Odour- 1 Cost-saving buildings that need to be replaced less Air Care is an ultra-low VOC and upgraded, and using green and odourless paint that is able to 2 Environment-friendly technology is a good option. absorb harmful free formaldehyde 3 Reduce waste and pollutants Quah is responsible for the from the air and convert it into wa- management of Wisma Selangor ter vapour, resulting in clean fresh Dredging, a 32-year-old building air. Th e breakthrough product is 4 Higher productivity of in Kuala Lumpur that has adopted also anti-bacterial and possesses inhabitants several green features to enhance superior washability. its sustainability. “Low-VOC coatings are easily 5 A healthy and However, for many property available today. So when proper- comfortable environment owners, a common misconception ty managers want to re-paint their is that green fi ttings and technology buildings, they must ensure low- 6 Enhance the sustainability are expensive. Th is has stunted the VOC paints are specifi ed,” Chan of a building and its wider incorporation of sustainable stresses. designs and technologies. management According to Greenbuildingin- Solar energy dex Sdn Bhd (GBI) chairman and With sunshine available all the immediate past president of 2year round, the sun can be a Malaysian Institute of Architects great source of energy. Chan: Generally, (PAM) Chan Seong Aun, despite the “We could harness a huge the costs between promotion of green buildings and amount of renewable energy from conventional and their benefi ts, there is still a lack of the sun, thus contributing to cost green products ventional lights in its common areas Green air-conditioning understanding among the public, savings of some 10%,” Quah says. do not diff er with LED lights since 2014. When all system architects, property developers and Chan points out that prices much. the works were completed in June 6For commercial buildings, property managers. for solar panels have dropped by 2016, it resulted in energy savings the largest expenditure in build- Incorporated in February 2009, about 50% compared to a dec- of 55% per year. ing management is the air-condi- GBI’s principal activities include ade ago due to mass production “Although the cost of LED light- tioning cost, which typically con- administrating GBI accreditation, and wider use. According to him, ing was higher than conventional stitutes about 60% of a building’s providing GBI training courses, the current average price of solar ones, it turned out to be worth it as energy usage and electricity cost, and encouraging and promoting panels has come down to RM10 Quah: buildings the return on investment took only says Chan. the concept of green building in to RM12 per kilowatt from about should also about six months, which was faster “If building owners are plan- the country. RM20 per kilowatt in 2009. maximise than the three-year period we had ning to upgrade their buildings, Chan points out that generally, He highlights that, with the gov- natural lighting expected initially,” he says. a green air-con system is actually the costs between conventional ernment incentive of buying back by allowing Chan adds that the cost of LED the fi rst thing they should look at.” and green products do not diff er electricity generated from solar sunlight into the lighting has also been reduced in He recommends building own- much, thanks to the latter’s increas- panels at peak hours through the interiors. recent years. “LED lighting is able ers to adopt green air-condition- ing popularity globally. Feed-in-Tariff system, building to last four times longer than con- ing to enjoy rebates from the Min- “In some cases, high-end green managers should seriously look ventional lighting. Th e price for an istry of Energy, Green Technology technologies will cost marginally at installing photovoltaics if there 18-watt LED is only about RM13 to- and Water (MEGTW). Under the more, maybe an extra 8% to 10%, is roof space available. “Solar pan- day, compared with around RM100 Sustainability Achieved via Ener- but the higher cost can be justifi ed els are now giving better economic quality compared with offi ce work- in the past two to three years.” gy Effi ciency (SAVE) programme in lower building maintenance cost returns to building owners,” Chan ers with less light exposure at the by MEGTW, qualifi ed consumers and the return on investment is adds. same workplace. Th e research was Low-fl ow water fi xtures who purchase fi ve-star-rated en- usually less than fi ve years in most carried out on 49 participants with Reducing water consumption ergy-effi cient electrical applianc- cases,” he says. Natural lighting 27 of them working in windowless 5in a building is defi nitely one es such as refrigerators, air-cons Th ough it may be more chal- Quah points out that build- workplaces while the remaining of the aspects that property man- and chillers will be given a rebate. lenging to retrofi t old buildings with 3ings should also maximise 22 work in offi ces with windows. agers should look at, says Chan. green features compared to having natural lighting by allowing sun- One of the key fi ndings is that He advises building managers to Building automation them ready-installed in new ones, light into the interiors. One way those working in places with win- consider low-flow water fixtures system Chan and Quah suggest some of to utilise natural light is to install dows slept an average of 46 minutes such as low-fl ush toilets, low-fl ow 7Quah points out that one of the following measures for a start. daylight systems that capture and more per night than those in work- taps and showers when they want the long-term measures towards direct light into the building — places without windows. to upgrade their buildings. greater sustainability is install- Low-VOC paint even the basement areas, he says. “Th ese consume less ing building automation systems In common paints and coat- “With the advancement in green LED lighting water and consequent- (BAS). The centralised system 1ings, volatile organic com- technology, daylight systems today Light emitting diodes, ly result in lower main- controls the building’s temper- pounds (VOCs) are used as sol- can light up a building without 4or LED, is a break- tenance cost,” Chan says, ature, ventilation, air-condition- vents or thinners that work with bringing in the heat from the sun, through artifi cial lighting adding that there are also ing, lighting and other aspects to the resin, the part that binds all the so I encourage building owners and component. With longer several ways to cut water maximise effi ciency, thus reduc- ingredients of the paint and ena- managers to use more penetrable burning lifespan at higher wastage like harvesting ing operational and utility costs ble it to attach onto the applied surfaces to allow natural light into grade of over 50,000 hours rainwater, recycling waste without compromising the oc- surface. However, VOCs comprise their buildings,” he adds. and higher lumens per Manage your water and responding fast- cupants’ comfort. various toxic organic chemicals Using natural light not only watt, LED lighting could building er to water leakages. “Presently, ageing systems or such as formaldehyde, benzene helps in energy cost saving for a possibly bring down about through Nippon Quah concurs, “If we technologies need to be upgrad- and dichlorobenzene, which are building but also benefi ts inhabit- half of the power con- Paint hassle- compare the old and the ed and replaced, as convention- not only harmful to the environ- ants in various ways. According to sumption with the same free painting modern toilets, the water al systems are wasting too much ment, but also dangerous to hu- a scientifi c research published in amount of lumens and service fl ow per fl ush is about 34 energy,” Quah says. man health. the Journal of Clinical Sleep Med- lower operational cost, package. Call and 6 litres, respectively. So Advanced BAS can opti- Chan says about half of the tox- icine, offi ce workers with more Quah elaborates. us at 1-800-88- the latter is able to achieve mise electricity and water us- ic chemicals in paint will be re- natural light exposure in their He shares that Wisma 2663 to fi nd out more than 80% of saving age while reducing wastage, leased in the fi rst few days after workplace tend to have longer Selangor Dredging has more! per fl ush. It is a huge sav- which is a significant facet of application, along with a horrible sleep duration and better sleep started replacing the con- ing in the long run.” property management. TEP 14 FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY FEATURE Californians take a shine to solar power

AFP BY JOCELYNE ZABLIT Solar to the People. “In California, solar is really getting a acquie Barnbrook had grown snake oil reputation because of some of tired of the high electricity bills the unscrupulous folks involved who are and her gas-guzzling luxury car pushing solar super hard,” he added. “In when she finally decided to take San Diego alone, for example, there are the plunge last year. over 200 solar operations.” The 52-year-old Los Angeles Ara Petrosyan, CEO and founder of LA Jresident joined an ever-growing number Solar Group, a consulting firm, said he be- of Californians who are switching to solar lieves that once the dust settles and shady power for their energy needs in a bid to companies inevitably go out of business, not only save money but to also do their consumers will be able to make more in- part for the environment in a state set- formed and affordable choices and the ting the pace for the rest of the country sector will take off like “a rocket ship”. in that sector. “In five years, so many rules and reg- “At this time of year, my power and ulations have been added that you have water bills usually were around US$400 to be a really good expert to stay in the (RM1,718) a month,” Barnbrook said. business,” he said. “Right now, it’s US$150 a month.” He added that a clear sign of where the As for her vehicle, Barnbrook said she industry is going is the number of instal- ditched it in favour of a hybrid one that lations — which cost between US$15,000 she now plugs in and charges at her house. Three towers at the Ivanpah Solar Electric Generating System are shown in operation in the and US$20,000 for an average size house “I was previously spending US$80 dol- Mojave Desert in California. — his company is handling. lars on gas every three or four days and “When we started in 2012, we did about now I haven’t put gas in my new car since this year due, in part, to a record number to become mainstream... the momentum 10 installations a month,” Petrosyan said. the beginning of March,” she noted. “That’s of people rushing to sign up in 2016 for will grow.” “Today, we do about 120 a month... and it four months ago!” fear of losing a tax incentive, the market He said apart from cost, another reason will definitely keep increasing.” Nearly 4.9 million homes are powered is expected to continue to grow, especial- average consumers have gingerly adopted Such projections are good news for a by solar energy in California — the nation’s ly in places like California which has a solar power in recent years was the dizzy- state that has mandated that 50% of its green trailblazer and the most populous plethora of sunny days, experts say. ing number of regulatory hoops they had electricity come from renewable energy state — and that number is expected to Driving this expansion is the plum- to go through to get approval from utility sources, including solar, by 2030. continue to grow, according to the Solar meting cost of solar panels — which were companies and a lot of complicated in- Solar power is also growing fast in other Energy Industries Association, a non-profit traditionally limited to relatively affluent formation to process. states, including New York, which look to trade association. homeowners — and improving technolo- Moreover, as demand for the product California as an example. Even President Donald Trump, an gy on batteries to store energy, they add. has surged in the last decade, so have the “The overall industry trend is that the avowed sceptic on climate change, is con- “Right now, we’re in throes of rapid number of companies — both serious and cost of solar panels and other components sidering putting solar panels on the wall change in the solar industry,” said Rajit shady — jostling for a piece of the pie. is going down,” said Willemsen. he plans to build on the Mexican border. Gadh, director of the UCLA Smart Grid “Solar power is confusing and for a long “And more and more standard folks Energy Research Center. “As people pro- time it really didn’t make a lot of econom- are hearing it's a good idea and once one Snake oil cess all the information out there and ic sense,” said Ryan Willemsen, CEO and person in the neighbourhood goes solar, Although solar installations have slowed report their success stories and it starts founder of the San Diego-based start-up more and more follow.” — AFP

BLOOMBERG pay as much as a 3% tax on stays. Rentals this proposal because it includes a ban Home prices have more than doubled over of secondary suites, laneway homes and on secondary homes,” said Philip Minar- the past decade in Vancouver. investment properties will be prohibited. di, director of policy communications at City offi cials said they would be ready to HomeAway’s parent Expedia. “Vancouver pursue legal action against violators, as has been home to whole-home vacation well as a C$1,000 (RM3,310) fi ne. rentals for decades; it’s nothing new.” Th e new regulations are set to be formal- HomeAway, Airbnb and other ly approved next week by the city council, home-rental websites argue that travel- where Robertson’s Vision Vancouver party lers are increasingly turning to them and holds a majority. Th ey would be enacted by skipping traditional hotels altogether. Th e next April, according to a statement. rise of Airbnb has made home rentals the Robertson has pushed to regulate hous- hottest part of the accommodations in- ing more tightly amid a public outcry over dustry, with Expedia buying HomeAway the lack of aff ordable homes for residents in 2015 and Priceline Group Inc’s Booking. despite studies showing that as many as com quickly adding new home rentals to its 66,000 dwellings in Vancouver are vacant accommodation off erings. Even traditional or temporarily occupied. Home prices have hotels have gotten into the business, such more than doubled over the past decade in as European hotel giant Accor SA, which the city, which consistently tops the world’s bought high-end home-rental site Onefi n- most livable rankings. estay last year. Public scrutiny has focused on land- Restricting the supply of short-term lords, particularly from abroad, who park home rentals by banning secondary homes their cash in investment properties where from the market could make Vancouver a Vancouver extends windows remain dark through the year. less appealing destination for some tour- Th e city introduced a tax on empty homes ists, Minardi said. A spokeswoman for in January following the province’s 15% Airbnb was not immediately available to Airbnb rules as home levy on foreign buyers last August, after comment. discovering more than C$1 billion of global Robertson, who had hinted at the new prices keep rising cash had fl owed into local properties over rules in a May interview, had said then that a fi ve-week period. Vancouver studied cities that had tried to Th e city estimates there are more than cap the number of nights being rented BY NATALIE OBIKO PEARSON & near-zero supply of homes to let. 5,000 active short-term listings in Vancou- out per year and found “enforcement is GERRIT DE VYNCK “Housing is fi rst and foremost for homes, ver even though zoning regulations prohibit impossible.” not to be operated as a business,” May- renting a home for fewer than 30 days. Only Vancouver’s benchmark home prices VANCOUVER, CANADA: Th is city is set to or Gregor Robertson told reporters on licensed bed-and-breakfasts are allowed to rose to C$998,700 in June, up 7.9% from a introduce new restrictions on Airbnb Inc, Wednesday. do so. Th e vacancy rate for those seeking year earlier, the Real Estate Board of Greater Expedia Inc’s HomeAway unit and other Under the new rules, residents will only long-term rental housing is currently 0.8%, Vancouver said on Wednesday. Residential short-term rental operators as Canada’s be able to rent principal residences and will Robertson said. sales dropped 11.5% and new listings fell priciest housing market seeks to ease its be required to obtain a business licence and “HomeAway is deeply concerned with 2.6%. — Bloomberg FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY TEP 15 FEATURE

02

01. The curved walls of the solarium, designed by Ettore Sottsass.(Photos by Andrew Frasz)

01 03 02. Ettore Sottsass designed every facet of the apartment’s three Famed playboy’s fl oors. 03. The rooftop sitting US$19 million room. 04. The apartment is located in the Hotel Des Artistes, New York triplex off Central Park West. (Photo by Melanie Greene hits the market Productions) 04

BY JAMES TARMY After purchasing the apartment, Pigozzi and Mark Th omas Amadei of Sotheby’s In- ary Christmas parties, which easily fi t “more asked Ettore Sottsass, a designer and founder ternational Realty and with Deborah Grub- than 120 people”, he said. “When I couldn’t n 1986, French-born entrepreneur/ of the infl uential Memphis Group, to look at man and David Adler of Corcoran Group. do the party one year, Michael Douglas and photographer/art collector/playboy the apartment and decide if he’d be willing Larry Gagosian and Mick Jagger said, ‘Why Jean Pigozzi was wedged in a “small to redesign it. At the time, Sottsass was at the An extravagant use of space aren’t you doing the party? Th at’s crazy!’” apartment with a fabulous view” in height of his fame — he died in 2007, and Th e fi rst fl oor of the apartment is composed (Pigozzi’s rule for entertaining: “My trick Hampshire House on Manhattan's the Metropolitan Museum of Art will open of a 55 ft long “great room” with a 19 ft high was to invite a lot of pretty girls and a lot Central Park South. “I’m a big man, a retrospective of his work in July — and “he double-height ceiling, a 24-ft-wide dining of waiters and waitresses who are models; II’m six-foot, four-inches, I need big spaces,” fell in love with it”, Pigozzi said. room (also with double-height ceiling), a and the food was always unpretentious.”) he said in a recent phone interview. “Other- Sottsass threw himself into the design, bedroom, kitchen, and bathroom. Th e sec- wise, I get kind of claustrophobic.” meeting with Pigozzi multiple times in Mi- ond fl oor contains a mezzanine, another A jewel of an apartment Pigozzi set about fi nding an apartment lan to work out a fl oor plan and a design bedroom, two bathrooms, and two walk- He is giving up the apartment, he said, be- — technically a pied-à-terre, given that his scheme. “He designed 100% of everything,” in closets that together take up more than cause his business increasingly keeps him primary residence is in Switzerland — and Pigozzi said. “Every table, every sofa, every 560 sq feet. in San Francisco and Los Angeles, and he after looking at a few apartments on the Up- book shelf, every sink, every doorknob.” Th e top fl oor has a master bedroom, the has fewer occasions to be in New York. And per East Side, he walked into the Hotel Des When the penthouse above Pigozzi's solarium, roof terrace, a kitchenette, full bath- while he occasionally lends the apartment Artistes building on West 67 Street, right off duplex came up for sale a few years later, room, and a sitting room that's illuminated to his friends — “Mick Jagger stayed some- Central Park West. Pigozzi bought it and got Sottsass to inte- by skylights. Every fl oor is fi lled with Pigoz- times,” he said — it was empty for so long “It took me about 12 seconds to say, ‘Th is grate the penthouse into his existing design; zi's massive collection of African art and is that he can no longer justify owning it. “I’m is the one I want,’” he said. “Th e proportions most prominently, Sottsass added a glassy accessible via an elevator and/or an internal selling it with big tears in my eyes,” he said. of the apartment were so fabulous." solarium with curved walls. With the addi- staircase. In total, there are three bedrooms, “I spent 30 happy years in it.” When Pigozzi bought the apartment, it tion of the third fl oor, the apartment com- fi ve full bathrooms, and three half-baths. Prospective buyers, he added, can buy was a 2-storey home owned by “a guy who prises 5,377 interior square feet and an 827 Pigozzi happily admits that the apart- the house with the Sottsass interior. “If they was a painter and also, maybe, a scientist?” sq ft terrace. ment is decadent in its use of space. “I took like him, they’re getting a jewel, a complete Pigozzi said quizzically. “Also, I think he col- Now Pigozzi, who also has homes in the out one bedroom for the enormous closet,” jewel,” he said. “But if somebody wants to do lected old stones. It was really weird.” southern France and Los Angeles, is selling he said. “You could put that back in, easily, something completely diff erent, I’m more than Th e man, Pigozzi added, “was not a great the apartment for US$19 million (RM81.66 and make it an en-suite bedroom.” Th e great happy to take the furniture with me and put it painter, either”. million), co-listing it with Roberta Golubock room, he added, was where he threw legend- in my house in LA.” — Bloomberg TEP 16 FRIDAY JULY 7, 2017 • THEEDGE FINANCIAL DAILY

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