Malaysian government-owned 1MDB said today it has signed the share sale and purchase agreement with the Consortium IWH-CREC Sdn Bhd, which would jointly undertake the 486-acre (196ha) Bandar Malaysia mixed development at Sungai Besi in Kuala Lumpur.

According to 1MDB, the consortium is a 60:40 joint venture between IWH and CREC.

1MDB said the Consortium valued the Bandar Malaysia land at RM12.35 billion or about RM583 per square foot (psf), hence, the RM7.41 billion for the 60% stake. This is among Malaysia’s largest property deals in terms of value. 

“1MDB will receive a 10% deposit of RM741 million upon execution of the share sale and purchase agreement, with completion of the transaction expected by end June 2016.

Bandar Malaysia is a master-planned urban redevelopment of Malaysia’s first airport in Sungai Besi. The township is the country’s strategic real estate development leveraged to capture high multiplier effects and to spur a vibrant economy.

It will be developed over a 15 to 25-year period at a projected gross development value (GDV) of RM150 billion. The development is designed to become Malaysia’s new international landmark when completed.

IWH, the master developer of the Flagship A portion of Iskandar Malaysia Economic Growth Corridor, is a public-private partnership between Credence Resources Sdn Bhd (60%) and Johor State Government-owned, Kumpulan Prasarana Rakyat Johor Sdn Bhd (40%). IWH owns 4,300 acres of prime seafront land in Danga Bay, Johor Bahru, within Iskandar Malaysia.

The company earned a track record developing the Danga Bay project where it has gone into partnerships with 11 developers so far to carry out projects along a 8km coastal stretch. These projects will have a GDV of RM125 billion and will be done over the next 10 to 15 years.

CREC is one of the world’s largest engineering and construction firms, and also has businesses, amongst others, in industrial manufacturing, real estate development, and resources and mineral products. It is currently ranked number 71 in the Fortune 500, with a turnover exceeding US$100 billion per annum.

“Today’s agreement marks the final major milestone in the 1MDB rationalisation plan as presented to the Cabinet of Malaysia on 29 May 2015, following on from the execution of the binding term sheet with Abu Dhabi’s International Petroleum Investment Corp (IPIC) in June 2015 (two deals totalled RM19.35 billion) and the share sale and purchase agreement of its energy arm, Edra Global Energy Bhd, with China General Nuclear Power Group (CGN Group) in November 2015 (deal valued at RM9.83 billion),” it said.

These deals would help 1MDB pay off its RM48.36 billion net debt as of March 2015, assuming the bulk of the proceeds from the stake disposal is channelled into debt-settlement.

1MDB said the agreement was the outcome of a Request For Proposal (RFP) launched in June 2015 by transaction advisor, CH Williams Talhar & Wong (WTW).

WTW received over 40 expressions of interest from local and international investors including from Singapore, China, Japan, Korea and Australia.

A total of 12 companies submitted their proposals. Four bidders were shortlisted in September 2015, with two final, binding and funded bids received on 9 November 2015. Three of the shortlisted candidates were led by foreign parties.

The other finalist is believed to be state fund manager, Permodalan Nasional Bhd.

However, there were reports of a last minute bid by a local company teaming up with a Qatar government’s investment fund for Bandar Malaysia, after the closing date for the final bid on 9 November. The local company is believed to be belonging to property baron Tan Sri Desmond Lim of the Pavilion and Malton groups.

The Consortium warded off the challenge with an initial RM150 million deposit that was placed in the first week of December, shortly after it received a letter from 1MDB stating that it was a preferred bidder.

1MDB president and group executive director Arul Kanda Kandasamy said he was delighted with the outcome of what has been a rigorous, highly competitive and value-enhancing process, which has exceeded expectations.

“The Consortium is a highly attractive development partner for Bandar Malaysia and their bid was fully in line with the objectives outlined in the RFP, namely value maximisation, acceptable commercial terms and certainty of transaction execution,” Arul Kanda said.

“As a result of this sale, the Bandar Malaysia development will be 76% owned by Malaysians, of which approximately 54% of the project will be owned by the Federal and Johor State governments, via 1MDB and MOF Inc (Ministry of Finance Incorporated) and KPRJ respectively.”

“The inclusion of CREC as an international partner with 24% of project equity represents significant foreign direct investment (FDI) and is a major testament to the continued strength and attractiveness of the Malaysian economy, as we move into high income nation status.”

IWH Group executive vice chairman Tan Sri Lim Kang Hoo said the participation of IWH in this transaction aligned with IWH’s role as a key master developer in Malaysia.

“The capability of IWH to undertake such major projects is proven, and is due to our philosophy of working in collaboration, cooperation and consultation with all stakeholders. The involvement of IWH in the Bandar Malaysia project creates an important link with the proposed terminus for the High Speed Rail (HSR) project and other on-going developments in Iskandar Malaysia,” he said.

The general manager of China Railway Engineering Corporation and managing director of China Railway Group Limited Yao Guiqing said: “The participation of CREC as a consortium partner is due to our confidence in the Malaysian economy, the strength of leadership, the high quality legal and regulatory environment and most importantly, the unique nature of Bandar Malaysia as conceived by 1MDB and as a strategic development project for the Government of Malaysia.

“CREC views our investment in Malaysia as a key part of our global portfolio. In particular, we have global expertise in master planning and construction of transport-oriented developments. We look forward to transferring technology, knowledge sharing and working closely with our Malaysian partners to make the Bandar Malaysia development a world class destination to be proud of.”

At a press conference today, Arul Kanda said the RM12.35 billion market valuation for the Bandar Malaysia land had exceeded 1MDB’s expectation.

Arul said the market price had exceeded the latest reported book value of the Bandar Malaysia tract and 1MDB’s estimation of the site’s market value.

“The book value of Bandar Malaysia as at the last publicly available accounts, which is 31 March 2014, was actually not broken down in the accounts, but it is in fact RM4.2 billion.

“We have always stated that our target value for Bandar Malaysia is RM11 billion to RM12 billion. We have now achieved RM12.35 billion, exceeding our expectations in terms of the target value for the rationalisation plan,” Arul Kanda said.

Currently the land houses the Sungai Besi airfield (former airport) for the army and police air wings. The existing facilities will be relocated to Sendayan, Negeri Sembilan by 2018 and the cost of relocation is included in the RM12.35 billion price tag.

Should 1MDB and the Consortium agree on the costs and manage to procure the relevant consents, then the Consortium will pay its 60% share of the costs and the Purchase Consideration will be adjusted accordingly, i.e. RM12.35 billion for the land Value less RM1.9 billion for the relocation costs less RM1.63 billion for the Bandar Malaysia sukuk costs = RM8.8 billion of which 60% Consortium share will be RM5.3 billion.

Reporters also asked Arul Kanda if the balance 40% Bandar Malaysia stake held by 1MDB would be transferred to the Ministry of Finance, which wholly owns 1MDB.

He said 1MDB had considered the sale of the stake as part of its rationalisation plan.

“As part of the rationalisation plan, there is a consideration for transferring the 40% stake ownership to the finance ministry. At the moment no final decision has been made.

“However it is still an option as envisaged under the rationalisation plan, which was announced in June 2015,” said Arul Kanda.

The Consortium is expected to start developing the first phase, involving one-third of the land with a plan to source for local and international partners to sell and develop the first phase as a stimulus to woo multi-national companies (MNCs) to relocate their regional offices to Malaysia and create a regional tourism destination.

The remaining two thirds of the land will be reserved as landbank.

The positive spillover effect of this deal is that attention could gravitate towards other potential players that could be roped in by the consortium to accelerate the development of Bandar Malaysia.

This is because some developers have already acquired land within the vicinity of Bandar Malaysia, such as Binastra Land Sdn Bhd’s acquisition of the Volkswagen showroom premises in Sungai Besi for RM96 million in June last year to develop a mixed development project with an estimated GDV of RM1 billion.

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To recap, the Bandar Malaysia development received planning approval from Dewan Bandaraya Kuala Lumpur (KL City Hall) on 26 October 2015. The “approval-in-principle”, granted based on Bandar Malaysia’s masterplan, is for a mixed-use development with an average gross plot ratio of 4.05, across the entire 486 acres site.

The development, located about 7km from Kuala Lumpur City Centre (KLCC) and just a little over 1km from 1MDB’s high-profile Tun Razak Exchange (TRX), is expected to serve as a catalyst for the transformation of Greater Kuala Lumpur, as it is aimed to be the city’s gateway for the proposed High Speed Rail (HSR) project between Kuala Lumpur and Singapore, and possibly up to Bangkok in the future.

Tan Sri Lim said that the development should attract MNCs due to its efficient transportation between Singapore and Bangkok.

“It gives us the best opportunity to build something that can attract foreign businesses here. Once the HSR is done, its only an hour to Singapore. And if we have a connection to Bangkok, it is another two hours. This will open up a destination for them as their regional office in Bandar Malaysia.”

“We need to bring that kind of tourism. With the spillover effect, it will help stop Malaysia’s brain drain of talents as well,” he said.

Bandar Malaysia will be the country’s future leading transport-oriented development (TOD) as it becomes a central transport hub in the city via Mass Rapid Transit (MRT) Line 2 and Line 3, KTM Komuter and the Express Rail Link (ERL).

There are also advanced plans by the government to improve and provide new highway connections to 12 other highways from the city centre to the south that will seamlessly link Bandar Malaysia to other areas within Greater Kuala Lumpur.

According to Bandar Malaysia’s website, it aims to become a beacon for international businesses seeking to establish a footprint in Malaysia and the ASEAN region. Its masterplan includes a blueprint for creating quality city living, establishing a global business and financial centre, and creative enterprise hub, and becoming a retail, lifestyle and tourism destination.

The main feature of Bandar Malaysia is that it will host an integrated underground city modelled after Montreal’s Underground City in Canada, which is the largest underground complex in the world.

A massive 32km tunnel-network of pedestrian walkways spread over more than 12km squared, the city beneath downtown Montreal in Canada intersects with seven metro stations, two commuter train stations and a regional bus terminal. The passageways allows approximately half-a-million people daily to reach some 2,000 shops and restaurants, 10 major hotels, museums, theatres and universities.

“Everything will be in the basement except for commercial buildings such as our towers and the landscape park, which will be above the city. Bandar Malaysia will be five times bigger than KLCC and its park, which is about 100 acres altogether,” said Tan Sri Lim.

The underground city in Bandar Malaysia will become the world’s second largest and will completely shelter its inhabitants from tropical weather conditions.

Bandar Malaysia will be home to a Global Business District, an international financial centre and managed business park with features including smart offices, robust digital infrastructure, future-proofed work spaces, a comprehensive security masterplan and more.

Supporting these will be a One-Stop Government Service Centre whose aim is to facilitate commerce and enterprise, and the Executive Learning Institutions that aims to produce talent required to support leadership development of the nation.

Its Retail Lifestyle Cluster will introduce a new shopping experience. Experiential shopping concepts will be combined with ground-breaking architecture to create a vibrant shopping experience which would capture both global and local fashion designers, artisans and traders, hence emerging as an entrepreneurial centre for trendsetting ideas.

The public realm of Bandar Malaysia will be leveraged upon to create a memorable shopping experience, with landscaped retail boulevards with wide pedestrianized corridor that can double up as fashion runways and parade grounds for events and festivals.

The Creative Enterprise Hub in Bandar Malaysia will be a natural home for companies operating in the high-end services industries – arts and culture, science & technology, multimedia, fashion and design. This is made possible by Bandar Malaysia’s strategically planned commercial, office, R&D centres and incubator spaces.

There is more to a thriving creative hub than just workspaces. The people working here will have an outlet for their creativity, with its strong cultural offerings in the form of theatres, cultural museums and studios, turning the hub into a magnet for talent, both local and foreign.

Bandar Malaysia’s GLEW Tourism Hub encapsulates its ambition to target specific sectors of the tourism industry: the Gastronomy, Leisure, Entertainment and Wellness tourism markets. Each of these segments will have its own respective requirements, from vibrant retail clusters and magnificent food courts showcasing Malaysia’s diverse gastronomic and culinary culture, to serene parklands and amenities promoting health, wellness and community congregation.

The Affordable Living Enclave will be Bandar Malaysia’s answer to providing the supporting workforce with quality homes, safe and secure environment, eco-friendly lifestyle and sustainable living. This enclave will offer an immediate population catchment to meet the needs of the entire development.

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1MDB further clarified that whilst the Government of Malaysia has designated Bandar Malaysia as the terminus for the HSR project, the sale of equity in the Bandar Malaysia project is not in any way linked to the eventual award of the HSR project, nor has 1MDB or the Government of Malaysia made any representations or agreements to that effect.

1MDB and the Consortium both confirmed that HSR is an entirely separate project, whose award will ultimately be determined jointly by the Governments of Malaysia and Singapore, per a separate process, that is and will not be linked or be contingent on, in any way, to the sale of 1MDB equity in the Bandar Malaysia project.

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All images courtesy of Bandar Malaysia Website.

Suria Warisan is a 37.23 hectare township with a gross development value (GDV) of RM850 million located in Salak Tinggi, Sepang, and developed by Hectare Heights Development Sdn Bhd.

Phase 1C consists of 44 units, while Phase 1A and 1B consist of 47 and 42 units, respectively.

Prices for Phase 1C start at RM485,800 upwards. The units in Phase 1C have a built-up area of 2,140 sq ft.

The GDV of Phase 1C is RM22.3 million while the GDV of the entire Phase 1 is RM60 million.

“The total take-up rate of the entire Phase 1 is 75%,” said director Yap Kok Guan.

Phase 1A, 1B and 1C are slated for completion by early 2018.

Meanwhile, Yap plans to build affordable homes in the township.

“At least half of our landed properties will be priced below RM 550,000,” he said.

Public amenities nearby include the Salak Tinggi ERL station (2km away), and educational institutions such as Xiamen University (2km) and INTI International University (5km). The Kuala Lumpur International Airport (KLIA) and Kuala Lumpur International Airport 2 (klia 2) are 7km away.

“We are also well connected by the many major highways leading into the township. We are only 10 to 15 minutes away from the ELITE, North-South Expressway and Maju Expressway (MEX) which links the township to areas such as Bangi, Kajang, Puchong South and Dengkil,” Yap said.

So far, 15% of the 37ha Suria Warisan township has been developed.

Yap said there will be three phases of residential components and two plots of land allocated for commercial property in the township.

“Phase 2 of the residential component will consist of 244 units of 2 and 3-storey terraced homes with a built-up area of approximately 2,400 sq ft.

We (plan) to launch Phase 2A (47 units) and Phase 2B (48 units) in the first half of next year,” Yap added.

News Source: The Edge Property, 29 December 2015

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1. Property Of The Year

*New launch property that started marketing activities outside of 2015 will not be included.

*Only 1 vote is allowed for this category.

PROPERTY OF THE YEAR 8 Kia Peng Residences @ KLCC Agile Mont Kiara Anggun Residences, Off Jalan Sultan Ismail Aria Luxury Residence @ KLCC Arté@Mont’Kiara Bennington Residences @ SkyArena, Setapak Biji Living @ Section 17 Petaling Jaya Boulevard 51 @ PJ Caldesia and Diandra Tower, LakeFront Residence @ Cyberjaya Casa Green @ Bukit Jalil Centro V, Bandar Utama Damansara Cheras Centre Point Residence Chymes @ Gurney, KL CitiZen @ Old Klang Road Conezion @ IOI Resort City Court 28 @ KL City, Jalan Ipoh Damai Residence, Off Jalan Ampang Danau Kota Suite Apartments Danau Perintis @ Shah Alam 2 EkoCheras Hotel and Office Suites EkoTitiwangsa Emporis @ Kota Damansara Gen KL @ Kuchai Lama Hermitage @ Sri Hartamas HighPark Suites, Kelana Jaya J.Dupion Residence, Taman Pertama Cheras Kepong Square Kiara 163 Hotel Suites, Mont’Kiara KL Traders Square, Jalan Gombak LakePark Residence @ KL North Landmark II @ Bandar Sungai Long Cheras Lavender Residence @ Sungai Long Le Pavilion Residences @ Bandar Puteri Puchong Lexa Residence @ The Quartz Wangsa Maju Liberty @ Arc Central, Ampang Heights Lumi Tropicana Maple Residences @ Canary Garden Bandar Bestari Klang Nidoz Residences @ Desa Petaling NK Residences @ North Kiara Novum @ South Bangsar O’Hako @ Puchong Olivina Residences @ TTDI Alam Impian One Residences Kuala Lumpur Pano @ Jalan Ipoh Parisien Tower @ i-City Picasso Residence, Off Jalan Ampang Reizz Residence, Off Jalan Ampang Reo Suite @ OneCity USJ Residensi Sefina @ Mont’Kiara Residensi Suasana @ Damai Rica Residence @ Bandar Kinrara Robson Hill Residency Safuan Suites Sanjung @ North Kiara Saville @ Cheras Saville @ D’Lake, Puchong Secoya Residences @ Pantai Sentral Park Sentrovue @ Puncak Alam Setia City Residences @ Bandar Setia Alam SkyVilla @ D’ Island Residence, Puchong Stellar Residences @ TTDI Gateway Stonor 3 Suria Serviced Suites @ North Kiara Symphony Tower @ Cheras South Temasya Eight @ Glenmarie The Armanna @ Kemuning Prima The Colony by Infinitum Kuala Lumpur The Edge Residence @ USJ 1 Subang Jaya The Grid, 21 Kia Peng The Henge Residence, Taman Metropolitan Kepong The Holmes Residence, Bandar Tun Razak The Ivory Duplex Suites @ SS2 PJ The Linq @ Kinrara Uptown The Locus @ KLCV, Jalan Cheras The Manor Kuala Lumpur The Nest @ Genting Klang The Nest Residences, Jalan Puchong The Netizen @ Bandar Tun Hussein Onn The Park Sky Residence @ Bukit Jalil City The Parque Residences @ Eco Sanctuary The Sky Residence @ Shamelin KL The Starz @ KL South The Zizz Residence @ Damansara North Tiara Imperio Residence @ Bangi Trinity Aquata, KL South Tropicana The Residences, Kuala Lumpur City Centre Twinz Residences @ Jalan Pipit, Puchong Vega Suites @ Selayang Star City VIM 3 @ Desa Park North Westside III, Desa ParkCity YOO8 Serviced by Kempinski @ 8 Conlay Poll Maker  

2. Developer Of The Year

*Only 1 vote is allowed for this category.

DEVELOPER OF THE YEAR Agile Real Estate Development Malaysia Amber Homes Andaman Group Beneton Properties Beverly Group Binastra Land BRDB Developments Bukit Kiara Properties Cheras Hong Soon Development DK-MY Properties Eastern & Oriental EcoWorld Ekovest Land EUPE Corporation Exsim Group Gamuda Land Glomac GuocoLand Malaysia Hap Seng Land Hua Yang I&P Group i-Bhd IJM Land IOI Properties Jakel Development JL99 Holdings Juta Asia Corporation KEB Group KSK Land KSL Holdings Kueen Lai Group Land & General LBS Bina Leadmont Group Mah Sing Group Malton and Pavilion Group Marimo Land Malaysia Matrix Concepts Maxim Circles Group (Sinerjuta/Aset Kayamas) MBM Land MCT Berhad Mitraland Group MKH Berhad MRCB Land Naza TTDI Nusmetro OCR Property Orando Holdings OSK Property Paramount Property Perdana ParkCity Platinum Victory Protasco Development Putrajaya Holdings S P Setia SBC Corporation SCP Property Selangor Dredging Berhad Sime Darby Property Sin Heap Lee Development SkyWorld Sunsuria Berhad Sunway Berhad Symphony Life Tago (M) Sdn Bhd Thriven Global Trinity Group Tropicana Corporation Tujuan Gemilang UEM Sunrise UOA Development Villamas WCT Land YGS Property Development YTL Land & Development Poll Maker  

3. Website Featured Property Of The Year

*Only 1 vote is allowed for this category.

WEBSITE FEATURED PROPERTY OF THE YEAR LUMI Tropicana at Petaling Jaya Bennington Residences @ SkyArena, Setapak Sky Awani Commercial @ Jalan Sentul Pasar The Park Sky Residence @ Bukit Jalil City Cybersouth KL Traders Square Residences, Jalan Gombak Cyperus Serviced Residences, Tropicana Gardens Kota Damansara The Clio Residence @ IOI Resort City, Putrajaya Tamarind Suites @ Cyberjaya Ascenda Residence @ SkyArena, Setapak Poll Maker  

4. Highly Commended Mixed-Use Development

*Only 1 vote is allowed for this category.

HIGHLY COMMENDED MIXED-USE DEVELOPMENT Bangsar South City (UOA Development) Bukit Bintang City Centre (EcoWorld JV) Bukit Jalil City (Malton) Canary Garden (KSL Holdings) Damansara Avenue (TA Global) Damansara City (GuocoLand Malaysia) Desa ParkCity (Perdana ParkCity) EkoCheras (Ekovest) Empire City (Mammoth Empire) Floreta @ Solaris 3 (UEM Sunrise) Fraser Square Petaling Jaya (Vacaron Company) Gravit8 @ Klang South (Mitraland Group) i-City (i-Berhad) Icon City (Mah Sing Group) IOI Rio City (IOI Properties) KL East (Sime Darby Property) KL Eco City (S P Setia) KL Gateway (Suez Domain) KL River City (Ekovest) KLGCC Resort (Sime Darby Property) Kota Semarak (MRCB Land) Mines Wellness City (Country Heights) Pan’gaea Cyberjaya (OSK Property) Pantai Sentral Park (IJM Land) Paradigm KL, OUG (WCT Land) Pavilion Damansara Heights (Pavilion Group) Riana Dutamas (IJM Land JV) Roppongi Cyberjaya (BND Global Development) SkyArena (SkyWorld) Southville City @ KL South (Mah Sing Group) Subang Jaya City Centre (Sime Darby Property) Sunsuria City (Sunsuria Group) Sunway South Quay (Sunway) Sunway Velocity (Sunway) The Belfield Kuala Lumpur (Tradewinds Corp) Tropicana Gardens, Kota Damansara (Tropicana Corp) Tropicana Metropark, Subang (Tropicana Corp) You City @ Cheras (PJD Group) trivia quizzes  

5. Best City Centre Development

*Only 1 vote is allowed for this category.

BEST CITY CENTRE DEVELOPMENT 8 Kia Peng Residences @ KLCC Anggun Residences, Off Jalan Sultan Ismail Aria Luxury Residence @ KLCC Safuan Suites Stonor 3 The Colony by Infinitum Kuala Lumpur The Grid, 21 Kia Peng The Manor Kuala Lumpur Tropicana The Residences, Kuala Lumpur City Centre YOO8 Serviced by Kempinski @ 8 Conlay Poll Maker  

6. Best MRT Integrated Development

*Only 1 vote is allowed for this category.

BEST MRT INTEGRATED DEVELOPMENT Kampung Selamat MRT Station – D’Sara Sentral Kampung Selamat MRT Station – SqWhere Surian MRT Station – Tropicana Gardens Surian MRT Station – Sunway Nexis (Completed) Taman Tun Dr Ismail MRT Station – TTDI Ascencia Pusat Bandar Damansara MRT Station – Damansara City Muzium Negara/KL Sentral MRT Station – Q Sentral (Completed) Muzium Negara/KL Sentral MRT Station – The Sentral Residences Cochrane and Maluri MRT Stations – Sunway Velocity Taman Pertama MRT Station – J.Dupion Residence Taman Mutiara MRT Station – EkoCheras Taman Suntex MRT Station – You City Sri Raya MRT Station – Saville @ Cheras Bandar Tun Hussein Onn MRT Station – The Netizen Do Quizzes  

7. Best Green Township Development

*Only 1 vote is allowed for this category.

BEST GREEN TOWNSHIP DEVELOPMENT Bandar Rimbayu (IJM Land) Bandar Parklands, Klang South (WCT Land) Bandar Puteri Bangi (IOI Properties) Bandar Tasik Puteri, Rawang (Low Yat Group) Cybersouth (MCT Berhad) Eco Majestic (EcoWorld) Eco Sanctuary (EcoWorld) Elmina Gardens (Sime Darby Property) Greenwoods, Salak Perdana (Paramount Property) Hillpark @ Shah Alam North (MKH Berhad) Kajang 2 (MKH Berhad) Kajang East, Semenyih (MKH Berhad) M Residence 2, Rawang (Mah Sing Group) Serene Heights, Bangi (UEM Sunrise) Setia Eco Glades, Cyberjaya (S P Setia) Setia EcoHill, Semenyih (S P Setia) Tropicana Aman (Tropicana Corporation) Tropicana Heights (Tropicana Corporation) Quiz Maker  

8. Best SOHO & Serviced Suites Development

*Only 1 vote is allowed for this category.

BEST SOHO & SERVICED SUITES DEVELOPMENT Arté@Mont’Kiara Ayuman Suites @ Gombak Boulevard 51 @ PJ EkoCheras Hotel and Office Suites Landmark II SOHO @ Bandar Sungai Long Cheras Liberty @ Arc Central, Ampang Heights Mines Waterfront Designer Suites Pinnacle Kelana Jaya Plaza Arcadia SOHO @ ParkCity TownCenter Q Suite @ Queensville Kuala Lumpur Reo Suite @ OneCity USJ REV.O Suites @ Aurora Place, Bukit Jalil City Suria Serviced Suites @ North Kiara Symphony Tower SOHO @ Cheras South Tamarind Suites @ Cyberjaya The Duo 2 @ Empire Remix 2, USJ 1 Subang Jaya The Ivory Duplex Suites @ SS2 PJ The Netizen SOHO @ Bandar Tun Hussein Onn Vega Suites @ Selayang Star City VIM 3 @ Desa Park North Do Quizzes  

9. Best Retail Shop-Office Development

*Only 1 vote is allowed for this category.

BEST RETAIL SHOP-OFFICE DEVELOPMENT Blossom Square Phase 1 @ Bandar Rimbayu BSC Central 1 @ Bandar Seri Coalfields BSP Village, Bandar Saujana Putra BZJ9 Business Zone, Sri Petaling Cheras Traders Square Commercial Conezion Commercial @ IOI Resort City Damai Circles Business Suites, Alam Damai @ Cheras Enigma Square, Bandar Puteri @ Bangi Goodview Town Centre @ Sungai Long South Hillpark Avenue @ Shah Alam North Kinrara Niaga 3 Shop Office Kubica Square, Bandar Puteri @ Bangi Sky Awani Commercial, Jalan Sentul Pasar Sunway Gandaria Retail @ Bandar Baru Bangi Melawati Corporate Centre, Taman Melawati The Forum @ Sunsuria Seventh Avenue, Setia Alam The Prime @ LDP, Taman Puchong Utama quiz maker  

10. Best Affordable Home Scheme Development

*Only 1 vote is allowed for this category.

BEST AFFORDABLE HOME SCHEME DEVELOPMENT Sky Awani Residence @ Jalan Sentul Pasar (RUMAWIP) Residensi Enesta Kepong (RUMAWIP) Residensi Gurneymas (RUMAWIP) Residensi Hijauan @ Bukit Jalil (RUMAWIP) Residensi Hijauan Lumayan (RUMAWIP) Residensi Kepongmas (RUMAWIP) Residensi Puchongmas (RUMAWIP) Residensi Razakmas (RUMAWIP) Residensi Sentulmas (RUMAWIP) PR1MA @ Alam Damai, Cheras (PR1MA) PR1MA @ Bukit Bintang, Jalan Jubilee (PR1MA) PR1MA @ Laman View, Cyberjaya (PR1MA) Trifolis Apartment @ Bukit Tinggi 2, Klang (RSK) Pangsapuri Alam Budiman, Seksyen U10 Shah Alam (RSK) Pangsapuri Azaria and Asteria @ Bandar Parklands, Klang (RSK) Pangsapuri Jenderam Indah, Dengkil (RSK) Rumah Selangorku @ Bandar Bukit Raja, Klang (RSK) Rumah Selangorku @ Bandar Rimbayu (RSK) Rumah Selangorku @ Bandar Saujana Putra (RSK) Rumah Selangorku @ Bandar Setia Alam – De Kiara, De Palma and De Bayu (RSK) Rumah Selangorku @ Jade Hills, Kajang (RSK) Rumah Selangorku @ M Residence 2, Rawang (RSK) Rumah Selangorku @ Taman Putra Prima, Puchong (RSK) Poll Maker  

11. Best Show Gallery & Show Unit

*Only 1 vote is allowed for this category.

BEST SALES GALLERY & SHOW UNIT 8 Conlay Signature Sales Gallery, Jalan Conlay Agile Mont Kiara Sales Gallery, Persiaran Dutamas Anggun Sales Gallery, off Jalan Sultan Ismail Anjali North Kiara Sales Gallery, Jalan 3/61, Segambut Astoria Ampang Sales Gallery, Jalan Ampang Bandar Rimbayu Show Gallery, Jalan Flora 3 Bukit Jalil City Sales Gallery, Off Lebuhraya Bukit Jalil EcoWorld Gallery @ Eco Majestic, Lingkaran Eco Majestic EcoWorld Gallery @ Eco Sanctuary, Persiaran Eco Sanctuary HighPark Suites Show Gallery, Jalan SS6/2, Kelana Jaya IOI Galleria @ IOI Resort City, Lebuh IRC IOI Galleria @ Puchong, Persiaran Lebuh Puteri KL Traders Square Sales Gallery, Jalan Gombak Lumi Gallery, Jalan Semangat Nidoz Residences Sales Gallery, Medan Kelang Lama 28 Novum Sales Gallery, Jalan Pantai Jaya O’Hako Sales Gallery at IOI Boulevard, Puchong Pantai Sepang Putra Sales Gallery, Sungai Pelek Parkhill Residence Sales Gallery at Street Mall One South, Seri Kembangan Setia Eco Glades Lifestyle Gallery, Persiaran Setia Eco Glades, Cyberjaya SkyWorld Gallery @ SkyArena, Jalan Ayer Jerneh Southville City Show Gallery & Show Village, Off KL-Seremban Highway Tropicana Aman Property Gallery, Persiaran Aman Perdana 3 Tropicana Heights Property Gallery & Show Village, Off Jalan P6/2 Tropicana The Residences Property Gallery, Jalan Bukit Bintang Poll Maker  

12. Best New Shopping Mall Experience

*Only 1 vote is allowed for this category.

BEST NEW SHOPPING MALL EXPERIENCE Atria Shopping Gallery, Petaling Jaya Cheras Sentral Shopping Centre D’Pulze Shopping Centre, Cyberjaya Encorp Strand Mall, Kota Damansara Evolve Concept Mall, Ara Damansara Gamuda Walk, Kota Kemuning Ikon Connaught, Cheras IOI City Mall, Putrajaya Jakel Mall @ Jakel Square Kuala Lumpur Jaya Shopping Centre, Petaling Jaya Main Place Mall, USJ 21 Subang Jaya Quill City Mall, KL Star Avenue Lifestyle Mall @ Seksyen U5, Shah Alam Sunway Putra Mall, KL The Mitsui Outlet Park KLIA Sepang Quiz Maker  

13. Mortgage Provider Of The Year

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The fight for what is possibly the most valuable piece of development land in Kuala Lumpur had attracted top local and international names but is ending as a tussle between two big local property tycoons, respectively backed by two rising powers of the East – the Chinese and the Arabs.

Insiders reckon that inching closer to winning the bid to buy 60% interest in Bandar Malaysia Sdn Bhd (BMSB), which is the project owner and a wholly owned subsidiary of 1MDB Real Estate Sdn Bhd (1MDB-RE), is Tan Sri Lim Kang Hoo together with his partner China Railway Engineering Corporation (CRECG), now China Railway Group Limited (CREC).

The party trying to outbid Kang Hoo is believed to be a Qatari state-backed consortium. It was reported that this group comprised a local company belonging to property baron Tan Sri Desmond Lim of the Pavilion and Malton groups and a Qatar investment company.

Bandar Malaysia is a 486-acre redevelopment project at the old airport site in Sungai Besi.

Another top contender is said to be Permodalan Nasional Bhd (PNB), but its offer is said to be low and considered to be out of the game.

CH Williams Talhar and Wong Sdn Bhd (WTW), the company with the mandate to get the best deal for 1MDB-RE, has stated that there are only two preferred bidders after the offer date closed. WTW has also said there are no bids after the offer date closed.

The answer from 1 Malaysia Development Bhd (1MDB), the owner 1MDB-RE, with regards to the entry of a third party from Qatar does not give away any clues.

The government fund says in its email to StarBizWeek: “On Nov 13, 2015, 1MDB transaction adviser WTW announced that, in relation to the Bandar Malaysia monetisation tender process, 1MDB has received two final, binding and funded bids from development partners for the proposed sale of the 60% equity in BMSB.

“1MDB is currently in ongoing negotiations with the relevant parties and have publicly announced an intention to execute a sale & purchase agreement by 31 December 2015. As negotiations are ongoing, it is not appropriate for us to comment further on this matter. However, we commit to make an announcement in due course.”

1MDB debt matters

While the Qatari group’s bid is in the background, sources say that it is not the favoured one now.

“Also the current leadership in that country may not be keen on ventures in this region as it was just a few years ago when they entered into a partnership to develop the Pavilion KL Mall,” says one executive familiar with the situation.

Whatever the case, the outcome of who will hold the rights to jointly develop Bandar Malaysia would be out in the next two weeks to keep in line with the promise made by Prime Minister Datuk Seri Najib Tun Razak to resolve the debt issues of 1MDB by year-end.

The deal is important to 1MDB because it forms part and parcel of its debt rationalisation plan that has a deadline of 31 December this year. Bogged down by a mismatch in its financing, 1MDB, the brainchild of Najib has cashflow problems to service its debts of RM42 billion as at 31 March 2014.

So far, it has managed to ink a deal with China’s state-owned China General Nuclear Corp (CGN) to sell its power plant for US$9.83 billion. The offer, according to industry executives, far exceeds the next best proposal on the table, which came from Tenaga Nasional Bhd.

More importantly, it allows the federal government owned fund to come out of its poorly planned power venture without having to take a hit on its books.

It is something that would have been inconceivable six months ago because most of the power plants under 1MDB’s Edra Global Energy Bhd were either at their tail-end of their concession or have been in operations for a long time, leaving little value for future upside.

The executives say the CGN group were prepared to pay a high price for two reasons – first, it was allowed to hold 100% equity and, secondly, it was looking to go into more deals with 1MDB.

The 100% equity sale of the power plants set a precedent in the Malaysian history of concession assets because the rule previously was that foreigners were restricted to only 49%. 1MDB was the first to get the go ahead for a 100% sale.

The HSR factor

There are critical pull factors that make the stake in BMSB a coveted asset.

Apart from being a property play, BMSB offer an excellent opportunity for its owners to possibly get a piece of action in Malaysia’s most sought-after infrastructure project in the next two years, the High Speed Rail (HSR) link running from Kuala Lumpur to Singapore.

The station in Kuala Lumpur will be located in Bandar Malaysia, which is an attraction because it is slated to be a transportation hub. The features to be prominently sold in Bandar Malaysia are its connectivity to Singapore and other key local destinations through a network of local transportation links.

In the region, China has taken the lead when it comes to HSR projects.

Two months ago, it beat a strong challenge from Japanese companies to win the mandate to undertake the project in Indonesia. Malaysia is the next spot for the big battle between the “super powers” of HSR.

Although, several European companies are also expected to join the fray for the HSR, China is certainly a force to be reckoned with especially after its victory in Indonesia.

China is also set to undertake the last stretch of the electrified double-track railway project (EDTP) from Gemas to Johor Baru under a government-to-government initiative. The project collaboration was announced in 2011 by Najib during the visit of China’s former prime minister Wen Jiabao to Kuala Lumpur.

But the project has not taken off yet.

It was confirmed just two days ago that CREC will be awarded the EDTP to complete the entire EDTP network to Padang Besar, a border town between Malaysia and Thailand.

So far there is nothing to link the development of Bandar Malaysia to HSR because these are two entirely different projects managed by two separate entities of the federal government. The Government has already set up a special-purpose vehicle to undertake the HSR project.

“But having a foot into the entire development of Bandar Malaysia would allow for an effective costing of the HSR. Building the HSR hub is one of the more expensive items in the entire project. So, having some hold over the land ownership could allow some form of averaging down the cost,” says a transport consultant with experience in the planning of the KL Sentral station.

China’s bid

China is eyeing for a foothold in Bandar Malaysia through its state-owned CREC (via CRECG), which has formed a partnership with Kang Hoo’s Iskandar Waterfront Holdings Bhd (IWH) to bid for the majority stake in BMSB.

IWH is a major player in the Iskandar Malaysia development in Johor.

As one of the two final candidates shortlisted for the deal, this 60:40 China-Malaysia partnership had reportedly put in about RM150 million as deposit last week shortly after it received a letter from 1MDB-RE stating that it is a preferred bidder to be the equity investor and development partner of Bandar Malaysia.

This happened amid information that the race for the Bandar Malaysia deal is developing into a three-way fight, with the emergence of a Qatari state-backed consortium that has offered a higher valuation than that offered by CREC-IWH.

CREC-IWH is said to have valued the entire 486-acre project of Bandar Malaysia at RM13 billion, or RM615 per square foot (psf). This means the consortium would have to fork out about RM7.8 billion for the 60% interest in BMSB.

The speculation is that the Qatari state-backed consortium, is said to be offering RM15 billion, or RM709 psf for the Bandar Malaysia project. So, for a 60% stake in BMSB, this consortium will have to pay RM9 billion.

Herein lies the contention: Although the valuation offered is higher, the bid by this group came in only after the closing of the tender process and after 1MDB announced it had already shortlisted two final bidders for the project.

The practice of opening up for bids when the date is closed is seen as unfair.

Nevertheless, sources say 1MDB is still obliged to look into the new bid from the third group. This is especially so when the valuation offered is higher, as 1MDB views the entry as a private sale, and it has the choice.

“This is a private sale, and the choice is solely the right of the vendor (1MDB); of course, it would want to get the best price for its asset,” a market observer notes.

The Qatari consortium has yet to put in even the deposit for the deal.

According to documents calling for tenders, bidders are obliged to first put in an earnest deposit of 2% of the total proposed acquisition price within seven (7) days after being notified as a preferred bidder. The remainder 8% (to make up 10% as the total required deposit) is to be paid upon execution of the share sale and purchase agreement.

The RM150 million put in by CREC-IWH matches the 2% required as first deposit payment for the Bandar Malaysia deal.

“In any case, China is the only party in the world right now that can afford to pay the highest price for any asset it wants to buy any new bid may not necessarily be able to trump China’s offer, considering its capability to hike its offer any time if it truly wants a piece of the asset,” a banker says.

“Conversely, its counterpart from the Middle East is highly dependent on oil prices, which are now still in the doldrums, and could potentially hurt the country’s economy,” he adds.

Foreign-exchange-reserves-rich China has been on a global buying spree since 2008. Through its various state-owned companies, the country has been acquiring crucial assets from commodities such as oil and gas to banking and properties and land in various countries.

BMSB has already secured an average gross plot ratio of 4.05 across the 486-acre Bandar Malaysia site under a planning approval for the project from the local authority Dewan Bandaraya Kuala Lumpur (DBKL).

The redevelopment project for the land is expected to kick off around 2017, with full completion expected within the next 15 to 20 years.

With BMSB clearly the biggest property development venture in the offing in Kuala Lumpur, it is no wonder that it is highly contested for, having pulled in the interest of businessmen and groups knowing this is an opportunity in a life that should not be missed.

News Source: The Star, 12 December 2015

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View the embedded image gallery online at:
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All images courtesy of Bandar Malaysia Website.

Setia Federal Hill will undertake the development of a new integrated health and research institute known as the National Institute of Health (1NIH) on a 41-acre land in Setia Alam, Shah Alam.

“The development comprises office buildings, health management institution, medical research centre, facilities block, a kindergarten and staff quarters,” said Datuk Khor Chap Jen, acting president and CEO of S P Setia Bhd and chairman of Setia Federal Hill Sdn Bhd at the signing ceremony today.

In return, the government will provide Setia Federal Hill, a 52-acre site on Federal Hill for the development of a mixed residential and commercial project worth RM15 billion in gross development value (GDV). We expect the launch to be in 2017,” revealed Khor.

He added that the 1N1H is a particularly meaningful project approved by the government. The facility will also provide a conducive research environment for the health and research practitioners in the medical field.

Meanwhile, the group is striving to have up to 40% of its revenue coming from overseas sales next year, according to Choy Kah Yew, acting chief financial officer of S P Setia Bhd.

“We are hopeful to achieve up to 40% revenue from overseas projects, for next year. In terms of revenue, it is based on our turnover contributions. Our international projects are completion-based. So it is really about timing,” he revealed.

“Most of S P Setia’s projects overseas are fully sold, and are on track for their respective completions. For this year, approximately 70% of our revenue would derive from local projects, and the remaining 30% would be from overseas projects,” Choy said.

Some of S P Setia’s notable overseas projects include the on-going Battersea Powerstation in London and Fulton Lane in Melbourne, which was handed over in September 2015.

As at September 2015, the group’s overseas projects posted sales growth of 15.5% from the previous quarter.

Sales from the £8 billion redevelopment of Battersea Powerstation and Singapore projects recorded an improvement of 7.7% (RM111 million) and 65% (RM53 million), respectively. Meanwhile, its local projects recorded sales of RM573 million.

The group is scheduled to announce its latest figures and sales target upon its forthcoming financial year-end, 31 December 2015.

News Source: The Edge Property, 9 December 2015

According to Jordan Lee & Jaafar executive director Yap Kian Ann, Selangor and Kuala Lumpur have a population of 7.5 million with 1.85 million residential units. Migration from other states and foreign purchases will enhance demand.

“It is a matter of whether the properties are developed in the correct location, at the correct pricing, type and size,” says Yap.

As for why prices continue to hold, the property market is unlike the stock market. It takes time to buy and sell a property, and while there are many investors out there, a roof over one’s head is considered a necessity.

It is only as a result of the 2008 global financial crisis that property became a sought-after investment asset. Yap says there are some 30 broad factors which affect prices. Each of these can be further broken down, but fundamentally, it boils down to just demand and supply.

At the very top of the list is location. Says Yap: “Property is always about the location. This is then further divided into proximity and distance to the city centre. Usually, areas nearer to the city centre will have better accessibility and are able to fetch better prices.

The second factor is interest rates. “There is an inverse relationship between interest rates and property prices,” says Yap.

This was clearly seen after the 2008 global financial crisis. In Malaysia, prices began to rise exorbitantly from end-2009/2010 onwards. Prices have started to ease this year, but continue to remain high.

The financial crisis resulted in central banks around the world propping up their respective economies and monetary systems by releasing more cash into the system. This resulted in low or negative interest rates.

“The low cost of financing pushed up demand for property investment. At the same time, low interest rates discouraged savings, with savers opting for alternative investment modes such as property,” he says.

Continuing low interest rates, coupled with various marketing schemes which require only a minimal initial outlay, have resulted in speculation. To balance this, various measures have been introduced to cool the sector.

“We have seen several of these today. The aim is to reduce demand and subsequently pricing,” says Yap.

Singapore, for example, had about eight rounds of cooling measures over a six-year period. This situation is clearly seen there, as prices of private residential properties have decreased by 1.3% in the third quarter of 2015 compared to the 0.9% decline in the previous quarter, according to the Urban Redevelopment Authority.

Some measures will be more effective than others, but the end aim would be to reduce prices to a level deemed satisfactory by the Singapore Government.

In the case of Malaysia, despite the weak market, prices remain high. So, although the Government wants to encourage house ownership, it has to balance this against debt levels. The rate of the non-performing loan growth is expected to go higher next year, as the household debt-to-gross domestic product (GDP) ratio is a lot higher now at about 88% versus previous years.

Yap says although the weakening economic climate will affect demand, the weakening ringgit can be a double-edged sword. Foreigners can buy Malaysian property at a cheaper price in foreign currency terms, but may also worry about further depreciation of the ringgit.

He says property is viewed as one of the best inflation-hedging tools because high inflation erodes net interest returns on fixed deposits and bonds. Over the longer term, property investment offers better gains.

This and the weakening ringgit has prompted foreign investors to actively monitor residential property in Kuala Lumpur. But due to the current political climate, they are still cautious, says property consultancy VPC Alliance director James Wong.

Although young people continue to bemoan affordability issues, it is unlikely that prices will come down in the short term. There may be some respite over the longer term if both developers and the Government are prepared to take certain measures.

Probably, the most fundamental issue that needs to be addressed is to have quality and current information to enhance planning, says Khong & Jaafar group managing director Elvin Fernandez.

Right now, state and local authorities are giving approvals. Often, one local authority does not know what the other is doing. Although there is a National Property Information Centre (NAPIC), there is a time lag to these numbers.

Continual references have been made to Singapore’s Urban Redevelopment Authority and how they stay on top of the public housing challenge.

News Source: The Star Property, 5 December 2015

Dubbed as ‘The King of the Hill’, 8 Kia Peng is a high-end residential project that will be built on a 1.05-acre freehold parcel on Jalan Changkat Kia Peng, Kuala Lumpur.

It will comprise 442 residential units, of which 315 are serviced apartments, housed in a 50-storey tower. The apartments are located at Level 20 to Level 49.

The rest of the 127 units are small offices home offices (SoHos) that will occupy Level 9 to 19. The tower will include an eight-level car park with 600 bays.

The units have a built-up area of between 716 sq ft and 1,738 sq ft, with the penthouses between 6,950 sq ft and 7,824 sq ft. The units will be fully fitted and furnished in a ready move-in condition and have at least two bedrooms each.

With a starting price of RM2,300 psf, 8 Kia Peng has a gross development value (GDV) of RM829 million. It will be a CONQUAS-compliant development. CONQUAS stands for Construction Quality Assessment Standards and it is a quality standard for the construction industry in Singapore.

I-Bhd marketing director Monica Ong says 8 Kia Peng is the developer’s most upmarket project and is intended to establish it as a high-end developer. I-Bhd’s dubs the project “the king of the hill” because the palaces of the sultans of Johor, Terengganu and Kelantan are located on Jalan Kia Peng.

“It is a single tower so it would provide exclusivity and privacy,” says Ong.

“We are surrounded by towers but we are sitting on the highest ground of Jalan Kia Peng and this advantage means we have no direct competition. Also, 80% of the units have direct view of KLCC and the Central Park. What we want to highlight is the location and what the location can offer.”

The first residential floor, Level 9, is 56 metre above Jalan Kia Peng, she adds.

Facilities at 8 Kia Peng include a 50-metre infinity pool, children’s pool, playground, gym and multipurpose hall. The facilities are located on Level 8 of the podium. There will also be a fully furnished sky lounge on Levels 46 and 47, which residents can rent for their own use.

8 Kia Peng will feature a unique full service club facilities with exclusive wining and dining services.

There will be 12 units per floor served by a total of 8 passenger lifts and 1 service lift.

I-Bhd aims to have 60% foreign buyers and will partner with overseas agencies to sell the projects, says Ong.

“We believe we can sell because we target the international market. Our depreciating ringgit has helped a lot. It is a freehold project and that is very important for investors because they don’t want the hassle of obtaining approval later to sell their units.”

Ong acknowledges that 8 Kia Peng is a different ball game compared with the mass market i-City township.

“8 Kia Peng is a luxury product in the KLCC area targeting the international market. We engage people with experience in the international market and we also know that our land has no direct competition. We believe people still have the money to buy but they are more cautious now.”

I-Bhd expects to sell at least 50% of the project within six months of the official launch, which Ong believes “is doable”.

The developer also plans to launch two more projects in i-City in the next 12 months. However, Ong declined to reveal more information about the two projects. i-City has a GDV of RM9 billion and is scheduled to be completed in five years’ time.

“We will continue to focus on i-City, which is just about 10% complete, after 8 Kia Peng,” Ong says.

I-Bhd would unveil a 43-storey new residential tower known as Hyde Tower on 15 January 2016.

The tower will be located at i-City’s western parcel and all units will be fully fitted and ID-furnished to match the London theme. Sizes range from 465 sq to 769 sq ft.

Perfectly proportioned from the smallest to the largest suite, it’s not just space but the overall refinement and attention to even the smallest detail that makes urbane luxury city living such a grand proposition.

News Source: The Edge Property, 4 December 2015. Original article entitled “I-Bhd to launch RM829 mil project in Jalan Kia Peng“.

The four-storey shopping centre, which positions itself differently from other nearby malls, has allocated almost three quarter of its space for food and beverage outlets while the remaining lots has been offered to those in the services and retail market.

Damansara City Mall senior manager Christine Yeap said the mall catered to not only the working crowd but residents in the vicinity.

“The location of the mall is a step ahead of other malls with easy accessibility from nearby areas. “There is an estimated 12,000 working population around Damansara City and its neighbouring Menara Milenium, 7,000 households in Damansara Heights and Bangsar, adding up to 100,000 population that will benefit from the opening of the new shopping centre.

“We have quick-serve food outlets on the lower ground level for the busy, working crowd as well as a range of new restaurants in the market. “Coupled with a mix of tenants as well as interesting architecture and interior, the mall creates a comfortable and safe environment for visitors,” she said at a press conference held after a sneak preview of the mall for the media.

Located at Jalan Johar in Damansara Heights, Kuala Lumpur, the shopping centre developed by Guocoland (M) Bhd, the property arm of Hong Leong Group, has a gross floor area of 29,728.9 sq m with a nett area of 17,651.5 sq m.

Designed by Blu Water Studios, the shoping centre’s interior was inspired by the earth, Damansara River and forest, giving each floor a distinct theme. There is also a landscaped rooftop where visitors can relax in the open space while parts of it can be used for small events.

The shopping centre has a gross development value of RM240 million and is part of a RM2.5 billion integrated multi-billion ringgit luxury development on a 3.44ha freefold land.

It comprises two 28-storey residential towers, two office blocks and a five-star international hotel. It is also Guocoland’s first foray in the development and management of a lifestyle mall.

A new luxury hotel brand – Clermont – will manage the five-star hotel here. To be called Clermont Kuala Lumpur, the elegant 23-storey hotel will feature 312 lavishly appointed guest rooms and suites, and is due to open in 2016. The hotel will also feature a range of refined dining options, recreational facilities, grand ballroom and meeting fooms.

Guocoland (M) Bhd managing director Tan Lee Koon, who was also present at the sneak preview, said the mall would meet the increasing demand of reputable food and beverage outlets and retailers from surrounding neighbourhoods.

“The community here has been wanting something new in the area. We took into consideration the various aspects when we planned the project five years ago and the mall will bring in a lot of visitors.

“With established tenants from well-known investors as well as a hotel coming up, we hope to provide an integrated living experience to the neighbourhood,” he said.

News Source: The Star Metro, 2 December 2015.

The partnership will be effected via their investments into the joint venture company (JVco), PanaHome MKH Malaysia Sdn Bhd, which will be established by the end of December, according to a joint statement by Panasonic and MKH yesterday.

The JVco will focus on conducting building contract works for numerous residential development projects undertaken by MKH.

It will have a paid-up capital of RM9 million. PanaHome’s local subsidiary, PanaHome Malaysia Sdn Bhd, will take up 51% of the JVco, while MKH — via its subsidiary Kajang Resources Corp Sdn Bhd — will hold the remaining 49%.

According to the statement, Panasonic Corp has set a target of ¥50 billion (RM1.7 billion) in consolidated sales in the fiscal year ending March 31, 2019 for overseas business.

“Of the ¥50 billion, PanaHome aims to generate ¥15 billion in sales from the Malaysian market. Through the establishment of the new JVco, PanaHome will accelerate its efforts to expand its business to attain these goals,” the statement reads.

MKH chairman Tan Sri Alex Chen Kooi Chiew said the JVco will offer solutions and proposals for housing in Malaysia by combining MKH’s know-how in the real estate development business with PanaHome’s technology, construction expertise, and ideas for quality living.

“We aim to find a balance between design, furnishing and homebuilding, while sustaining the environment,” he said.

MKH has developed more than eight townships with over 35,000 properties in Kajang and Greater Kuala Lumpur, while PanaHome has built about 470,000 residences in Japan over the past 50 years.

PanaHome Malaysia president Haruhiko Kuwano said the company’s vision is to elevate housing conditions in the markets it serves.

“The establishment of PanaHome MKH Malaysia is synonymous with that. We are excited to partner with MKH to build sustainable homes,” said Kuwano.

News Source: The Edge Property, 2 December 2015