The rising prices of superluxury condominiums in the vicinity of the Kuala Lumpur City Centre (KLCC) is one reason GuocoLand (M) Bhd is confident its latest project will be well received.
Its chief executive officer Paul Poh said prices for a unit at its Oval project is on an average RM1,500psf, although neighbours are indicating they would be pegging the prices upwards of RM2,000psf.
“The Oval’s prices have been fixed for now and therefore any upside in capital gains should rightfully accrue to the buyers,” he said.
“For us, reputation is of utmost importance, rather than short-term gains.”
However, Poh said prices could be reviewed at the time of the official launch, tentatively scheduled for June.
Rising on a 2.14-acre freehold site, the 41-storey twin towers, dubbed East and West, will each have 70 units. GuocoLand purchased the property from Titan Debut Sdn Bhd, when it was 30 per cent complete, in April last year for RM404.58 million.
The company has sold 30 per cent of the units so far, after a sales preview held last month.
Two more previews are to be held, in Singapore and in Jakarta, Indonesia, next month.
Poh said the Oval will boast distinctive features such as column-free units and floorto- ceiling glass walls moulded such that there will be no hard angles or corners. The units will come in two types, the 3,750sq ft Sky Villas and 7,600sq ft Mansionary Villas, offering 180-degree and 360-degree views of the KL skyline.
“A Sky Villa will span half of one floor, meaning only two Sky Villas will occupy a floor while a Mansionary Villa will have an entire floor to itself,” Poh said during a media tour recently.
Located opposite the 50-acre KLCC Park, the RM870 million Oval is bounded by Lorong Kuda and Jalan Binjai.
Although slated for completion by the second quarter of next year, Poh said it is more likely to be completed earlier, by the first quarter.
Guocoland’s future projects include another luxury residential project on a 32,615sq ft plot it acquired in Changkat Kia Peng, also in the KLCC area. Here, it plans to build 42 units, each with a minimum built-up area of 5,000sq ft, Poh said.
At a value of RM2,000psf for condos in the KLCC area, this works out to a minimum of RM10 million per unit.
“The project is still on the drawing board, and units will be sold mainly to friends,” he said.
By New Straits Times (by P. Rajan)
Here’s proof: In just a week after its launch, a RM200 million commercial development dubbed SunwayPJ@51a is witnessing rapid-fire take-up with 35 per cent of the office and retail units offered sold.
Developer SunwayMas Sdn Bhd (SunMas), a Sunway Group unit, said much of this has to do with the recognition by businesses that the area is ripe for commercial activities.
A modern commercial park featuring boutique offices, retail lots and showroom space, SunwayPJ@51a is taking shape on a twoacre plot fronting the Federal Highway, near Jalan 222 and beside a Cycle & Carriage Bintang car showroom.
“There is a shift in the focus of development in the areas bordering PJ city centre,” said SunMas executive director Andy Khoo Poh Chye.
“The landscape here is now dominated by industrial factories and warehouses, but soon there will be many commercial buildings mushrooming.
“This is because the strong demand for commercial space in PJ is compelling builders to look for new growth areas.” Within the neighbourhood of Sunway PJ@51a will be Guocoland (M) Bhd’s PJCity development as well as buildings to be developed by Axis Real estate Investment Trust.
Khoo said his project represents one of the first opportunities for investors to get into PJ’s new commercial frontier and take advantage of a highly visible location along the Klang Valley’s main thoroughfare.
SunwayPJ@51a offers 88 office suites within a pair of nine-storey blocks, 11 retail lots and six showrooms within a six-storey block facing the highway.
The offices blocks will contain stratified units with average dimensions of 22ft by 75ft, priced between RM519,888 and RM1.14 million.
Khoo said there will only be two units on each floor, serviced by two lifts. The retail lots will be on the ground floor of the two blocks, along with an area designated for F&B kiosks. The lots offering at least 1,496sq ft of space are priced from RM506,888.
“The retail segment has been designed to provide a conducive environment for work and play,” said Khoo.
To bring the concept to life, the developer will provide a garden pavilion so shops and eateries can be surrounded by landscaping that give a sense of serenity.
The showrooms “will take pride of place” and face the Federal Highway for “maximum exposure”, said Khoo.
To be offered out later this year, they will make up the six-storey block accommodating 47,311sq ft.
The showrooms may be sold individually at an indicative RM600psf, though Khoo said an en-bloc purchaser is preferred.
By New Straits Times (by Chris Prasad)
One model of inspiration is Bukit Hitam Development Sdn Bhd (BHD), a member of The Air Hitam Plantation Syndicate Bhd. Since starting out in 1992, it has built upon the location of a 1,320-acre former plantation in Puchong, Selangor, and turned it into a vibrant freehold township that is steadily drawing the crowds.
From having basic mass market appeal when Bandar Bukit Puchong first broke ground, it has been steadily rising in stature to become a township even upgraders today want to call home. Much of this is due to the steely determination of its developer, and to its accessibility via Lebuhraya Puchong- Damansara.
To find out what’s in store for the development this year as well as the prospects of the sector, NSTProperty talked to BHD’s general manager Lim Jee Kong. Some excerpts:
What have you lined up for the year?
Well, we remain bullish about the property market and therefore expect to introduce more high-end and niche projects.
The second phase of our Parkville Townhouses (is being launched today)… since we soft launched the first phase last November, 85 per cent of the units have been sold.
Other up-and-coming launches include link bungalows and serviced residences, which we plan to offer between the middle and end of the year.
With our encouraging sales todate, coupled with strong registration of interest for our coming launches, we think we’ll be seeing good take-up for our properties during this current financial year as well as the next starting April 1, 2008.
How do you plan to consolidate your position in the industry?
We have a three-prong strategy: Provide quality in all our projects; offer strong product differentiation; and be efficient in delivery.
This is why over the past 12 years we have been able to earn a reputation as a reliable and trusted developer.
To add innovativeness to our standing, we will continue to introduce innovative ideas into our houses.
What are your expectations of the property sector this year?
In any economy, real estate plays a vital role, and is seen as one of the most preferred areas of investment.
Last year, the sector received a shot-in-the-arm with the announcement of mega projects in the eastern, northern and southern growth corridors. This year, the outlook will continue to be positive, as the sector rides on government incentives such as the abolishment of Real Property Gains Tax and elimination of Foreign Investment Committee approval for purchase of residential property costing more than RM250,000 by foreigners.
The recent move allows contributors to the Employees Provident Fund to make monthly withdrawals from their accounts in order to pay their housing instalments will also stimulate local demand and is expected to release RM9 billion into the economy.
By doing these things, transactional volume will increase and the economy will be able to benefit through the multiplier effect.
What about challenges facing the industry?
The increasing cost of construction as a result of volatile crude oil prices, higher building material prices and labour charges is an area of concern.
Another is meeting the demands of increasingly sophisticated buyers … we constantly have to anticipate, innovate and develop the right products in terms of quality, design and services, to satisfy the higher standards demanded by buyers.
Their most recent desire is for residential precincts that can offer “healthy lifestyles”.
We are responding by creating environments that provide high standards of living through landscaping and design.
By New Straits Times (by P.Rajan)
Never before in Malaysian history have so many people had so much to spend on their homes, and this is causing an explosion of projects in the luxury residential development sector.
At the core of this phenomenon are the demographics of the buyers. Aged between 46 and 62 (meaning they are born between 1946 and 1962), they have lots of money – more than any previous generation – and are willing to pay for properties that fit their lifestyles.
Instability in the stock market, along with escalating real estate values, low interest rates and a desire to own homes with resort-style themes are boosting the popularity of luxury residences in such settings.
Being used to affluence, this group of buyers are willing to go where their lifestyle pursuits can be met at levels beyond their expectations.
This explains the warm reception that has been given to E&O Property Development’s (E&OPD) latest signature houses in its Seri Tanjung Pinang (STP) project in Penang island.
One-of-its-kind designs
The developer has conceptualised limited-edition and one-of-its-kind units and experiences to set them apart from anything else the market has to offer.
On one of the last pieces of prime real estate in STP’s 240-acre phase one, E&OPD together with Al Salam Bank (of Bahrain) and CIMBMapletree Real Estate Fund 1 Sdn Bhd (a private real estate fund managed by CIMBMapletree Management Sdn Bhd), took a giant leap to create exquisite seafront villas.
The 15-acre freehold site commanding a 750m frontage onto the Straits of Malacca will accommodate 40 “Villas-by-the-Sea”, as they are called, ranging from RM2.63 million to RM7.1 million.
Although the idea behind their designs revolves around maximising the views of the pristine Andaman Sea, the feeling of warm sea breezes and the sound of waves lapping on the shores through the use of large window openings, high ceilings, and broad verandahs, each villa will be of different sizes and have unique features to suit various lifestyles.
Unique features and amenities
The Skye By-The-Sea design, for example, will have a unique suspended walkway leading to a sunroom on the topmost level, spacious double-volume spaces in the breakfast and family areas, and an open dry kitchen with a central island that will be visible from the more formal dining area.
In all, 20 units of these three-storey villas sitting on plots with typical dimensions of 50ft by 100ft and with between 5,193sq ft and 5,283sq ft of built-up space are available for between RM2.63 million and RM3.1 million.
At the same price range, there is also the larger Abrezza By-The-Sea villa. With 5,332sq ft of builtup space, the six-plus-one bedrooms in its three levels will include a sizeable guest room/office complete with an attached bath on the ground level as well as a master bedroom with a private study nook.
Other highlights will be an outdoor patio straddling a water feature and several balconies on the upper floors.
Unobstructed view of the ocean
At the top of the designer range will be Martinique By-The-Sea. Described by E&OPD as “an extremely luxurious mansion, inspired by the grand plantation manors of the Caribbean and the sea”, only four will be built.
Each will have private sea frontages to provide unobstructed views of the ocean, widths of approximately 80ft and lot sizes of between 11,275sq ft and 12,860 sq ft.
Spread over two levels, the highlight of the 9,043sq ft “grand villas” has to be the tension-edged private lap pool that, from the dining area, appears to reach out to join the sea’s horizon.
The pool will be flanked by a large high-ceiling guest pavilion on one side and a guest suite complete with an en-suite bathroom and walk-in wardrobe on the other.
In the open-concept designer kitchen that will open out to a spacious internal courtyard and across onto the dining area (which will also have ocean views as its backdrop), there will be a huge central island, fitted kitchen cabinets, a refrigerator, cooker hob-and-hood, oven, microwave, water dispenser and dish washer. On the upper level will be a family hall and four bedrooms. Of these, three will look out to the sea, while the Arabescarto-marble master bedroom will also have a “secret garden”.
Rarity at a price
Of the four Martinique villas, two have already found owners while the completed display villa is not for sale, despite the price tag ranging from RM6.65 to RM7.1 million.
The Skye villas will have between 5,193sq ft and 5,283sq ft of built-up space. For the Syke and Abrezza villas, a third of them have also been spoken for, with 90 per cent of their owners being Malaysian baby boomers who appreciate and are willing to pay for luxury.
Lim Lay Ying is managing director of Research Inc. (Asia), a company specialising in market research and consultancy for all facets of real estate development.
Article By New Straits Times (by Lim Lay Ying)
The bank aims to achieve this through the latest product offering in home loans.
Chief operating officer for personal financial services Moey Tan said Hong Leong Bank was currently one of the top five providers of home loans and expected its market share to grow from the current 8% or 9%.
Moey Tan (left) and Yvonne Chia at the product launch
Group managing director Yvonne Chia said the bank continued to maintain a strong foothold in the mortgage business.
“In the last four to six quarters, we have been the leader for the growth in the housing loans in the banking industry. So, we hope to maintain or even enhance that by a bigger margin,” she added.
The cash back home loan offers consumers a repayment option and up to 90% margin of financing. It is applicable for completed property with a minimum loan amount of RM200,000.
The cash back will be automatically credited into the customer's savings or current account annually from year six onwards. For a loan of RM200,000, the first payment is RM1,000 and, every year, the customer will receive a percentage of the cash back amount until the end of loan tenure.
Tan expressed confidence the campaign would drive the bank's market share to the next level.
“Demand for high-end residential end-financing has spurred 50% growth in new loans acceptance in 2007 compared with 2006,” she said.
By The Star
IREKA Corp Bhd, a construction firm, has bought a small stake in Vietnam's second biggest listed company for RM16 million, in a deal that has excited investors.
Its stock, which resumed trading in the afternoon after a morning suspension, was the second top gainer yesterday, rising 25 per cent to close at RM1.27.
Kenanga Investment Bank head of research Yeonzon Yeow viewed the acquisition as a strategic move that would help Ireka win more construction jobs in Vietnam.
"It is true that the share acquired by Ireka is small but having a stake in an established company like KBC (KinhBac City Development Shareholding Corp) would certainly act as a safety net for Ireka in their Vietnam venture.
"Most probably Ireka would be sub-contractor for KBC. This would help prepare the company for business climate in Vietnam," he told Business Times.
Ireka is buying 722,000 shares or 0.7 per cent of KBC.
KBC, Vietnam's second biggest company by market value, is involved in the development, construction and operations of industrial and urban zones, and related infrastructure works in Vietnam.
At present, it owns and operates three industrial and urban zones - Que Vo Industrial Park, Quang Chau Industrial Park and Phuc Nich Urban Area - covering a total land area of over 1,100 hectares.
By New Straits Times
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