Monday, March 25, 2019

Plans revealed for Oval Village

Knight Frank Malaysia & Berkeley Homes have revealed plans for the first phase of Oval

Village, a two-hectare site transforming the historic Gasworks adjacent to Oval cricket

ground. When complete, Oval Village will feature 1,350 homes making it one of the most

significant regeneration projects in London.
 Knight Frank Malaysia PIC

 Knight Frank Malaysia  PIC

Phase one, Phoenix Court, will launch on the 6th & 7th April through Knight Frank

Malaysia at the Westin Hotel Kuala Lumpur. The release of 286 Manhattan, one, two and

three bedroom apartments presents an opportunity to invest in this iconic central

London development at the earliest possible stage with homes ranging in size from 413

sq. ft. to 1,092 sq.

The Oval Village development benefits from an extremely convenient central London

location – it is just a short walk from Vauxhall, Kennington and Oval stations

connecting to the Victoria Line, Northern Line and National rail. These stations are

just 7 minutes to Oxford Circus, 9 minutes to Bank, 12 minutes to King’s Cross

St.Pancras and 40 minutes to Heathrow Airport.

Set to transform Oval into a top commuter hotspot, Oval Village will transform the area

into a cultural hub for residents and visitors, through the regeneration of the iconic

Oval Gasholders, the provision of commercial spaces and opening up the village with

communal landscaped spaces for all to enjoy.

When built in 1847, the Oval Gasholders were the largest of their kind – a magnificent

feat of Victorian engineering. Now, the historic site’s restoration and redevelopment

marks a new phase in its history where old will blend with new to create a new London

community fit for the 21st century. Within Oval Village will sit The Generator,

presenting six floors of flexible office space, a ground-floor co-working hub, 100,000

sq. ft. of commercial space, a cafe and a community centre.

Residents living in Oval Village will benefit from Berkeley Homes’ industry-leading

approach to delivering outstanding residential property where convenience and comfort

are paramount. A 24- hour concierge will serve every apartment, and for the health

conscious, access to a private swimming pool and gym means no more pre-dawn schleps to

the local leisure centre to stay in shape. An on-site Tesco Superstore will also ease

the burden of the weekly shop.

Simon Howard, Sales Director, Berkeley Homes elaborates on the plans for the

development and how it will feel to live in this new neighbourhood: “Oval Village is an

incredibly exciting regeneration project for Berkeley Homes and we’re delighted to

reach another milestone in creating a new community in this iconic location. The

development will combine impeccably finished homes with public recreation and working

space to create a new kind of neighbourhood with community at its heart. It will offer

a sense of village living with all the benefits of being in the centre of London. As

well as an incredible place to live and spend time, the fantastic Zone 2 location means

that in less than a 30 minute walk you can be in the heart of the City, walking along

the banks of the Thames, enjoying the West End, or relaxing in one of the many tranquil

local parks.”

Dominic Heaton-Watson, Associate Director, International Residential Project Marketing,

Knight Frank Malaysia, commented: “Oval Village SE11 is tremendously well-located for

everything Central London has to offer and there is a significant opportunity for

capital growth at this phase 1 launch.

“With so few regeneration sites of this scale left in central London, Oval Village SE11

will see the creation of a stunning neighbourhood and vibrant destination. The project

is uniquely placed in an area already serviced by extensive underground stations, an

established network of leisure amenities, retail, restaurants and bars, as well as

being just a short walk from the River Thames.

“Oval has one of Transport for London’s (TFL) highest connectivity ratings, is set for

a marked transformation in the years to come. Given that the project’s surroundings are

already well-established, unlike many other urban regeneration projects in London, it

means that purchasers will be able to move in and enjoy all that the neighbourhood has

to offer from day one.”

The development is nestled in the heart of the London borough of Lambeth and in

addition to sitting alongside the world-renowned cricket ground, this location means

that residents will also be able to enjoy more than 60 public parks, commons and

gardens which are located in the Borough. The crown jewel is the award-winning

Kennington Park – just five-minute’s walk from Oval Village – with an array of leisure

facilities, open grassland and a flower garden. There are also many more hidden green

gems in this this part of London, including the enchantingly bohemian Bonnington Square

Pleasure Gardens or Vauxhall City Farm.

Within Oval Village itself, world-renowned landscape architects are designing the

public realm to create a network of private residents’ gardens. The development’s

interconnected green havens will become focal points for the whole community and create

one of London’s most desirable destinations to be part of.

Berkeley Homes is committed to delivering outstanding, high-spec finish to all of the

homes it creates and Oval Village’s interiors will feature a refined and minimalist

material palette for a modern look, while also giving a nod to the area’s industrial

heritage.

Residents can expect to see a sharp contrast of classic dark and light tiling in

bathrooms with sharp angles and clean lines creating a simple and sophisticated feel.

Vintage-inspired accents and fittings – including warm mango woods and powder-coated

black metal – will provide clean lines and reflective finishes. This contemporary style

will contrast with soft, organic furniture, to create a layered aesthetic. In the

bedroom, Oval Village’s soothing colour tones and elegant soft furnishings will create

a calming atmosphere and the ideal place to power down and recharge.

Thursday, March 21, 2019

Tong family's legacy continues


(File pix) Bukit Kiara Properties group managing director Datuk NK Tong with a scale model of VERVE Suites KL South. Pix by NSTP/Supian Ahmad

THE Tong family has created history again. Datuk Alan Tong was called the ‘KL Condo King’ for building one of the first condominiums in the country in 1984 — OG Heights in Old Klang Road through his company, Sunrise Sdn Bhd.
Some 32 years later, his son Datuk NK Tong developed the finest apartments in Old Klang Road which stand majestically today, and that should earn him the “Condo Prince” title.
NK’s company, Bukit Kiara Properties Sdn Bhd (BKP), which he co-founded with Alan Tong, developed VERVE Suites KL South, a high-end residential project on the former Alamanda College site along Old Klang Road, which set a new benchmark in rent per square foot (psf).
BKP had transformed the former Alamanda College site in less than four years with 321 fully furnished designer suites and 45 small-office-home-office (SoHo) suites housed in two 24-storey towers that is linked via the 10,000-sq-ft Vercadicos Sky Bridge.
NK said VERVE Suites KL South currently commands the highest rent psf at RM4 compared with RM2 to RM3 psf in the neighbourhood. The first tower of VERVE Suites KL South was handed over to buyers in September 2016 and occupancy reached 97 per cent a year later.
The second tower was handed over to owners in the third quarter of 2017 and its occupancy is currently about 80 per cent. “If you average it out, the occupancy for both the towers is in the high 80 per cent and low 90 per cent. Looking at the numbers we can say that people are resorting to luxury living. But VERVE Suites KL South offers more than luxury-living. It provides comfort and convenience,” NK told NST Property.
It is not just VERVE Suites KL South which commands the highest rent psf in Old Klang Road. The company’s flagship luxury development, VERVE Suites Mont’Kiara, also has the highest rent psf in the Mont Kiara enclave.
“The rent at VERVE Suits Mont Kiara is RM5 psf compared to other properties in the neighbourhood which are doing RM3 to RM4 psf, and they are almost fully occupied,” said the group managing director for BKP.
“We have set a standard design for the whole project to protect the value of investment for homeowners.”
FAMILY QUEST
Tong and NK need no introduction in the Malaysian property industry One of Tong’s greatest legacies in the industry would be the development of the upmarket condominium enclave of Mont Kiara through Sunrise.
The former Selangor state assemblyman (from 1974 to 1982) was the first to begin the transformation of Mont Kiara (known as Segambut then) from a rubber estate into a bustling, much sought after international enclave and other developers followed.
The transformation began with 4.04ha he acquired from a broker in 1989/1990, moving to over 40.47ha. The first project, Mont’Kiara Pines, was completed in 1993.
NK is an undergraduate in Architecture (B.A. Hons) from the University of Manchester in England. He went on to gain a Masters in Business Administration from the Wharton School of Business,
University of Pennsylvania in the United States.
Prior to setting up BKP, NK was the executive director of a public-listed property development company and was involved in the genesis and transformation of Mont Kiara into a prestigious neighbourhood.
NK was also instrumental in the strategic sale of the listed company in late 1996, just ahead of the 1997 Asian Financial Crisis.
Known for their expertise in property development and with a wealth of experience under their wings, Tong and NK embarked on the quest to become a niche player where they come up with high-quality homes in unique buildings. The idea to form BKP came about in 1997 when the strategic sale of the listed company had just been completed.
NK had been involved in the conceptualisation and development of VERVE Suites Mont’Kiara and VERVE Suites KL South with a combined gross development value of over RM1.6 billion.
The good sales take-up rate and high resale value for VERVE Suites Mont’Kiara and VERVE Suites KL South are testimony to BKP’s brand value and undisputed track record.
NK, who was the chairman of Real Estate and Housing Developers’ Association (Rehda) Kuala Lumpur branch for 2010-2012, the national treasurer for Rehda Malaysia from 2012-2014 and is the vice-president of Rehda Malaysia for 2018-2020, is not resting on his laurels.
He said BKP is looking out for land development opportunities, albeit cautiously.
Whether BKP picks up land in Kuala Lumpur or outside of Greater Kuala Lumpur, the project will most likely be a seller because the market knows that when NK plans his project, it will come with outstanding furnishing and finishing.
And that perhaps explains why VERVE Suites Mont’ Kiara, which has four towers with total 933 units, sold well.
BKP starting selling the first tower in 2006 at an average launch price of RM570 psf. The average transaction price today is RM950 psf.
The fourth and final tower was launched in 2010 at an average RM1,250 psf and some units are currently transacting at around RM1,600 psf.

Strategic location a plus point

(File pix) Terra Spring Living is a fully-furnished designer suite. Courtesy Photo
THERE are several reasons Bukit Kiara Properties Sdn Bhd bought the site on which it developed VERVE Suites KL South, says group managing director Datuk NK Tong says.
“The land on which the project sits is freehold, and a stone’s throw away are shopping malls such as the Mid Valley Megamall and The Gardens Mall. The location is very strategic. We are in between Kuala Lumpur city centre and Petaling Jaya. In just about 10 to 15 minutes you can reach the city, Bangsar and parts of Petaling Jaya,” he said.
The project is located at the intersection of Jalan Klang Lama and Jalan Kuchai Lama. It is accessible via the Federal Highway, New Pantai Expressway, East-West Link Expressway, KL-Putrajaya Highway, Salak Expressway and KL-Seremban Highway.
NK said the overall VERVE Suites KL South project is currently 85 per cent sold.
“We are selling slowly because of current market conditions. We get a lot of interest, but the challenge is in getting loans,” said NK in an interview.
The service apartments were launched in 2013 and there are about 30 units still available, ranging from 555 to 876 sq ft. They are selling between RM700,000 and RM1.1 million, or at RM1,200 psf.
The small-office-home-offices (SoHos), which come in four design themes — namely the New York Loft, Urbane Chic, Cloud Nine and Black Diamond—were launched in 2017 and the remaining 20 units are now open for booking.
Housed over four podium levels (Level 1U, 2, 3 and 3A), the SoHos consist of studio, two-bedroom, three-bedroom and dual-key units ranging from 517 sq ft to 1,776 sq ft in size.
NK said the SoHos are selling from RM600,000 (the smallest) to RM1.7 million.
“The beauty of the dual-key units is that it gives homeowners the flexibility of staying in one and renting out the other, or staying in both. Every unit is fully designer furnished and move in condition,” he said.
NK pointed out that all the units provide a lot in other developments.
“Even the smallest SoHo has a lot of storage space. The bathrooms have a lot of shelf space for toiletries. Some of the SoHo units have a hidden bedroom and that makes them the best-selling.
But generally, all the units have luxurious furnishing so you feel fully at home.”
SKY BRIDGE AND DECK FACILITIES
VERVE Suites KL South is one of the very first local projects to have received the Green Mark Certification by The Building & Construction Authority (BCA) of Singapore.
The development introduces the Vercadicos Living Concept, a concept based on connection and progress as the inspiration for prosperity and growth. The entire development features constant energy, contemporary designs and bold accents.
A 10,000 sq ft double-volume Vercadicos sky bridge links the two residential towers 14 storeys above ground.
At 200ft long, 20ft high and 26ft wide, the bridge is constructed with 145 tonnes of steel and is fully glass-encased.
Facilities offered at the sky bridge include a sky gym, combat and yoga zone, energy bar, theatrette, bridgewalk, sky kitchen, skydiner, bridge lounge and chill zone.
NK said the chill zone and bridge lounge, as well as the sky kitchen and sky diner can be reserved by residents to host receptions and events.
Apart from the facilities at the sky bridge, the development offers two facility decks. The 17,500-sq-ft pool deck on Level 2 offers garden seats, sun-deck area, swimming pool, wet reflexology and a reflexology path, hot spa pool, children water play area, meditation garden, steam room and changing rooms. The 15,000-sq-ft recreational deck on Level 3A offers a garden canopy, reading pods, open multi-purpose area, barbecue deck and play area.
“This place is almost like a resort getaway. You have everything at the facilities deck and it is a good place to relax and unwind with the family and friends,” said NK.

Tuesday, March 19, 2019

Rosvilla Condo below RM700k

Rosvilla Condominium for sale 


Semi-furnished serviced apartment for sale with 1 carpark!

Price - RM620,000 (neg)

Serious buyer only (call SK at 019 7372131 / 016 3386042)




Rosvilla - View from Master Bedroom
Properties Details

Name: Rosvilla Condominium

Address: Bukit Prima Pelangi, Segambut, 51200 Kuala Lumpur

Property Type : Serviced Residence (clean and quiet)

Tenure : Freehold

Developer : Bursa Malaysia-listed Brem Holdings Bhd

Land Title : Residential

Built-up : 1,381 square feet (3 rooms/2 baths)

Floor Level : Eight (8) and corner unit, near lift

Furnishing : Semi Furnished

Security : 24-hour security with CCTV and CMS system.

Expected Rental : RM1,900 - RM2,000

Facing : Directly facing pool

Unit faces Pool


View from Balcony

Master Bath

Master Bedroom

Bedroom 1

Bath 1

Wet Kitchen

Living/Dining Area

Walkway to Kitchen and Bedrooms/Bathrooms

Condominium facilities : covered parking, swimming and wading pool, gymnasium, multipurpose hall, children’s playground, tennis court, barbeque area, sauna, surau (male & female), jacuzzi & cafe.

Accessibility: Rosvilla can be accessed through the North-South highway, Jalan Duta-Sungai Buloh highway, the SPRINT highway and the Duta-Ulu Kelang highway. 

Nearby amenities (within 3km)
Transportation: KTM Segambut station, KTM Taman Kepong station, bus stops (KL 1712 Masjid Ubudiah, Jalan Segamat Dalam, KL 542 Kampung Segambut Dalam Jalan, KL 542 Kampung Segambut Dalam).

Education: French School of Kuala Lumpur, Lycee Francais De Kuala Lumpur, Mont Kiara International School, Garden International School, SMK Segambut Jaya.

Healthcare: Klinik Kesihatan Ibu Dan Anak Segambut, Global Doctors Hospital, Sime Darby Medical Centre ParkCity Sdn Bhd.

Parks: Bukit Sri Bintang, Pusat Rekreasi Taman Sri Bintang, Bukit Pelangi. 

Project detail:
Rosvilla is a 174-unit low-density condominium with total 4 blocks situated at a 4 acre site at Bukit Prima Pelangi. The semi-luxury condo in Segambut neighbours Mont Kiara, which over 20 years ago was part of the Kampung Segambut Dalam settlement. 

It has been reported that developments in Mont Kiara will expand to Segambut hence, this may be the last opportunity to own a low-density freehold condo like Rosvilla with ample of facilities that is currently still priced below RM700,000. Furthermore there are not many units for sale in Rosvilla. Majority of the owners are keeping their units as Return on Investment (RoI) has been good since they bought it. RoI is expected to improve with the massive on-going developments in Segambut by major developers and projects in Mont Kiara.

One of the best things about Rosvilla is the location, which is nearby Mont Kiara, Desa Park City, Kepong and Kuala Lumpur City Centre.  

The other good thing is that this particular block where the unit is sellling (as stated above) has only 12 floors, making it a nice and quiet place to stay.

The unit that is selling comes with a full set of kitchen cabinets, laminated wooden flooring and one (1) parking lot. The condo is designed with exquisite taste and endowed with luxurious facilities and features. The owner is selling the unit lock, stock & barrel as she has just recently migrated overseas.



Monday, March 11, 2019

Is ECRL revival on the cards?

By Sharen Kaur

   Will the China-backed East Coast Rail Link (ECRL) project, which had escalated from RM60 billion to RM81 billion go on?
   According to market sources, the ERCL may likely proceed but on a different scale.
   To recap, the ECRL project was first approved by the Cabinet on Oct 21, 2016. The Engineering, Procurement, Construction and Commissioning Agreement was signed with China Communication Construction Company (CCCC) on 1 November 2016.
   The original project scope was to build a rail line from the ITT Gombak in Selangor to Wakaf Bharu in Kelantan at a cost of RM46 billion.
   On May 3, 2017, the Cabinet approved the northern extension of the project from Wakaf Bharu to Pengkalan Kubor in Kelantan, for the value of RM1.28 billion.
  On May 13, 2017, the previous administration signed an additional agreement with CCCC to carry out Phase 2 of the project, which was to extend the line from ITT Gombak to Port Klang for RM9 billion.
  Subsequently on Aug 23, 2017, the Cabinet further approved the upgrading of the ECRL to a double-tracking project which would cost an additional RM10.5 billion.
  By then, the basic cost of construction of the 688.3km rail line was RM66.78 billion.
  However, the total cost of ECRL will be almost RM81 billion after taking into account land acquisition, interest, fees and other operational costs.
  China was to finance the project with a 20-year loan at 3.25%.
  The project was suspended in July last year, two months after the May 9 election which saw Pakatan Harapan’s victory on the back of a promise to cancel Chinese mega projects which the coalition said were wasteful and linked to scandal-ridden 1MDB.
  Sources said that a few things needed to be ironed out and the main thing is the overall construction cost.
  "The cost should reduce by half. The government also wants the project to be completed earlier than the targeted date and more Malaysian companies should be involved," said a source.
  Prime Minister Tun Dr Mahathir Mohamad has maintained that the construction of the ECRL on the scale it was initially proposed did not make good economic sense.
  In an interview with the South China Morning Post recently, Mahathir gave a rundown of factors, including the sparse population in areas served by the railway, the small concentration of business and the fact that the current east coast railways were not profitable even when they were heavily used.
  “The ROI (return on investment) is nothing. It will take 40, 50 years for us to repay the loan. So we want to avoid incurring debts, borrowing too much from countries,” he said.
  Towards the end of his official visit to Manila last week, Mahathir reportedly told the media that Putrajaya’s stance remains the same: that it is trying to strike a deal with China to build the rail line at a much cheaper cost.
  The real thing is that the government is looking to avoid an astronomical compensation to CCCC should the project be called off.
  Finance Minister Lim Guan Eng also reportedly said that he hopes the ECRL negotiation between Malaysia and China can be concluded before Mahathir’s scheduled second official visit to China for the Belt and Road Summit 2019 next month.
  Stocks that will benefit if the ERCL project is revived included Malaysian Resources Corp Bhd (MRCB), Gabungan AQRS Bhd, HSS Engineers Bhd, IJM Corp Bhd, Econpile Holdings Bhd, WCT Holdings Bhd and Fajarbaru Builder Group Bhd.

Thursday, March 7, 2019

Damansara Perdana boasts good connectivity

Damansara Perdana boasts good connectivity

(File pix) PJ Trade Centre has won many design awards - for commercial (office) design, landscape architecture and interior design. Pix from Tujuan Gemilang website
 
DAMANSARA Perdana is an affluent fully-integrated township in Petaling Jaya. Part of the area was initially occupied by squatters and Orang Asli settlers up until 1995 when MK Land Holdings Bhd took over the site under a varied privatisation scheme and started to develop it.
MK Land was invited by the Selangor government as the latter didn’t see fit to leave the piece of land undeveloped.
Part of the deal was for MK Land to relocate the Orang Asli families to the houses that it built.
Damansara Perdana has quickly flourished to become one of the best-selling townships in Petaling Jaya, and developers are still coming in as the township is now more well-connected than it was before via the New Klang Valley Expressway, Sprint Highway, Lebuhraya Damansara-Puchong, Penchala Link and Middle Ring Road 2.
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Motorists can travel to Kuala Lumpur city centre during non-peak hours in less than 30 minutes.
There is also connectivity via rail with the opening of the Sungai Buloh-Kajang mass rapid transit line, which has three stations nearby—Mutiara Damansara, Bandar Utama and Taman Tun Dr Ismail (TTDI).
The third light rail transit line (LRT3) will further enhance the area’s connectivity when it opens between Bandar Utama and Klang.
Damansara Perdana is surrounded by high-end neighbourhoods, such as Mutiara Damansara, TTDI and Tropicana, and is just minutes away from shopping and entertainment centres like 1Utama, IKEA, The Curve, Tesco, Cathay Cineleisure and Sunway Giza Mall.
The township comprises PJ Trade Centre, Empire Damansara, and Empire City, which is still being developed.
PJ Trade Centre is a Grade A office development and a maiden project by Tujuan Gemilang Sdn Bhd, led by its executive chairman Ahmad Khalif Mustapha Kamal, who is the son of MK Land and Emkay Group founder Tan Sri Mustapha Kamal.
The project was completed in 2009 and consists of four office towers of 20 to 21 storeys (Tower A, B, C, D) with more than one million sq ft of office space.
Tower A was acquired by MKN Holdings and it is now called Menara Mustapha Kamal. Tower C and D were purchased by the Inland Revenue Board and Perak-based manufacturer and developer Taiko Group, respectively.
PJ Trade Centre has won many design awards — for commercial (office) design, landscape architecture and interior design.
The design of the buildings, or basically the entire development, is something that other developers could look at and emulate to protect the environment.
A key design feature for PJ Trade Centre is the 1.01ha plaza at the front of the project that boasts forest trees. About 1,600 trees were planted at the plaza, the 12 sky terraces and two sky gardens.
The offices, too, have their own private gardens. The developer used simple local materials for the project, notably overburnt bricks on the facades, vent blocks that form the 20-storey screens and raw concrete walls. The facade was designed to weather naturally and is low maintenance as it does not require any cleaning.
All the main lobbies, lift lobbies and washrooms in the offices are naturally lit and ventilated. The office spaces were designed as thin masses of 15-metre deep, allowing plenty of natural light and cross ventilation through large sliding windows.
The vent block screens minimise heatgain and air-conditioning loads. No plaster or paint were used on the facades, and no false ceilings were installed in the lobbies or corridors/verandahs.

Empire City set for end-2020 completion

(File pix) Mammoth Empire Holding Sdn Bhd group executive director Datuk Danny Cheah showing the completed assets in Empire City Damansara. Pix by NSTP/Amirudin Sahib
 
THE RM5 billion Empire City Damansara (ECD1) project, which was launched in 2011 in Damansara Perdana, is set to be fully completed before the end of next year.
Sprawled over 9.3ha of freehold land, ECD1 would have a total gross floor built-up of 12.5 million sq ft, said Mammoth Empire Holding (MEH) Sdn Bhd group executive director Datuk Danny Cheah.
He said the magnitude of the entire development, upon full completion, is comparable to Mid Valley City and The Gardens combined.
ECD1 will have 11 towers that sit on a retail podium — Empire City Mall — and are divided into six zones.
The residential towers, Halo and Sunday, sit in Zone 1, and Colonial and MyLoft in Zone 2. The towers were completed two years ago and are currently occupied, said Cheah.
Zone 3 — the hotel zone—will see the opening of Marriot Hotel and Autograph Hotel by the middle of next year and by end 2020, respectively.
Marriot Hotel would operate from the ground floor to Level 20, and apartments would take Level 21 to 45, said Cheah.
Zone 4 houses Signature Tower H (PHB) and ESH Tower. Both buildings have been completed and are occupied.
Zone 5 is home to the Malaysia Ice Hockey Stadium, HCK Tower and a cinematic themed hotel called McGuffin. HCK Tower and McGuffin are still under construction.
Cheah said HCK Tower and Autograph would be completed by the end of this year while McGuffin should be ready by mid 2020.
MyEG Tower and SoHo Block M are located in Zone 6.
According to Cheah, MEH has sold RM2 billion worth of properties in ECD1 since the development started in 2011.
The sales included five residential towers with 2,300 apartment units and four office blocks that were acquired by HCK, PHB, MyEG and ESH.
“We are proud of this development... it is like our baby. From the conception stage until its construction and completion, we see through every part of it.
“We look into the details of the project, including its space, utilisation and functionality. The assets... offer better value and for investors who purchase them, there is price appreciation.
“The strong point for Empire City is that the components are designed well-balanced in terms of long-term sustainability,” he told NST Property.

GETTING THE MALL READY

Cheah said MEH’s current priority is to complete Empire City Mall. The mall is expected to open its door to the public by the end of next year. With a net lettable area of 2.3 million sq ft and more than 600 outlets, the mall is currently 80 per cent completed, he said.
“We have completed Zone 5 of the mall, which is where the Ice Skating ring is located. The ring has been opened to the public since the SEA Games.”
Cheah said the next area to open is the concourse level, which involves 500,000 sq ft of space, housing more than 60 tenants.
He said there were some challenges in the last two to three years due to a slowdown in retail spending, adding that some international brands have said they will defer their outlet openings.
“Some retailers have postponed their opening or stopped expansion, in a way telling us that they are not opening. Due to this reason, we have to restructure spaces that were committed three years ago.
“Three years ago, we almost had about 70 per cent of occupancy, but due to the changes, we had to renegotiate and restructure the tenant mix as they were scattered all over. We didn’t want to open the mall with retailers scattered all over the place. We had to regroup them into one zone so that when the zone opens, it is full. This is what we have been doing in the last two years,” he said.
Cheah said MEH is optimistic about the retail market, given that the project can be accessed from major highways and is located in a good catchment area.
“When we carried out a market study before we started planning the mall, we found that the demographics within a 5km radius of the project offer strong catchment. You have Mont Kiara, Kota Damansara, Bandar Utama, Damansara Jaya and Kepong. These are all matured neighbourhoods and within 10 to 15 minutes of drive from Empire City.
“It has been proven that One Utama and The Curve have worked perfectly well in this location and we are only a stone’s throw away.”
He said back in 2017, MEH’s valuation was RM1.75 billion.
Cheah believes that the value has increased today given that more assets and infrastructure have been developed in and around Empire City.
“A mall is very much yield-based. If the yield reaches a certain percentage like seven per cent, we will have to re-evaluate the mall. The moment the mall reaches the second term, the yield will get better.”
He said MEH would retain Empire City Mall, Marriot, Autograph and McGuffin as well as the carpark for recurring income.
However, he didn’t rule out disposing of these assets if there is a good offer.
“In the past two years there have been offers for the hotels, but we are not in a hurry to sell.”

RM130 MILLION FOR INFRASTRUCTURE

MEH is spending some RM110 million to build three major roads, drainage and sewerage system for the Empire City development, said Cheah.
The company has also invested more than RM20 million to builda6.6 million-gallon water tank for ECD1 and the upcoming ECD2 project, he said.
“About RM100 million investment is just to build the three roads, in order to serve the community and visitors. Empire City has 11 towers sitting above the mall. We have offices, residences, apartments, SoHos and hotels... so, there is a good ecosystem. The working population in this development today is about 5,000 people. MyEG has close to 2,000 workers here. Tower H, which has WPP, Grab and us, has about 2,000 people.
“In terms of apartments, we have over 1,000 units occupied. We have five blocks with 2,300 residential and they are all fully sold. The Damansara Performing Art Centre is also open. We feel there is a need to build the roads, in anticipation of higher working population and residents in Empire City,” added Cheah.

Vanke committed to local flagship project

Vanke committed to local flagship project

(File pix) Property projects by Vanke Group in China display efficient security surveillance system and the same may be applied for its flagship project in Kuala Lumpur. Courtesy Photo
 
SHENZHEN-based China Vanke Co Ltd is looking at a long-term commitment and presence in the Malaysian property market and has invested overRM500 million since it set foot here in June 2017.
Managing director of Vanke Holdings (M) Sdn Bhd, Lang Cong said it is in the midst of working with relevant authorities to obtain the necessary approvals for its flagship property project in Kuala Lumpur.
The project will be developed on a 2.8ha tract, a former Serani Row plot, at Jalan Raja Chulan, close to the Bukit Nanas heritage zone and forest reserve.
Lang hoped Vanke could develop the land starting this year.
“We have invested over RM500 million in the project since our arrival in Malaysia as our commitment to the development here. We strongly believe the project will benefit Kuala Lumpur city in the long term,” he told NST Property.
Vanke bought the land in 2017 and is believed to have paid RM500 million, or RM1,600 per sq ft.
The land, owned by City Centre Sdn Bhd, was put up for sale in March 2016 by Deloitte Corporate Solutions Sdn Bhd.
It was reported that Vanke planned tobuild six towers, ranging between 60 and 80 storeys with over 4,000 serviced apartments on the site and a 13-storey podium. The estimated gross development value (GDV) is RM5 billion.
But there were concerns the high density development might have an impact on the Bukit Nanas heritage zone and forest reserve.
Lang said Vanke is working on the project planning to comply with the local authorities’ policies and regulation as well as meeting local market needs.
Early this year, when the media visited the Vanke Experential Hall (VEH) show gallery, Lang said the project will have residential, retail and commercial elements and that there may be changes to the GDV, subject to authorities’ approval.
Phase One will see Vanke building retail space, and apartments starting from 500 sq ft for studio to about 800 sqft for two-bedroom units, targeting city dwellers and expats.
Vanke will be working with Dutch architectural company UN Studio and local firm Veritas to add more iconic buildings in the already picturesque KL city skyline, said Lang.
During a media visit to Vanke’s development projects in China recently, Xie Dong, chairman of the Supervisory Committee of Vanke Group, said he expected the KL project to set a new benchmark in high-rise living in Malaysia as it will incorporate tech innovations and smart home features.
The tech innovations may include artificial intelligence, Internet technology, cloud computing, Internet of Things, and face recognition. Vanke projects in China also display efficient security surveillance system and the same may be applied in the KL project.
Executive director of Vanke Service (Hong Kong) Company Ltd, Log Lin said Vanke Property Management’s security system is the only system which connects property management with daily operations.

Tropicana to launch Genting project this year

(File pix) Al fresco dining at Tropicana Metropark. Courtesy Photo
 
TROPICANA Corp Bhd will introduce its maiden residential project in Genting Highlands, Pahang, this year.
It will also launch other developments and phases within the existing Tropicana township, with a combined gross development value (GDV) of more than RM3.2 billion.
Tropicana last year acquired 45.3ha of land in Gohtong Jaya, which is the main township in Genting Highlands, for RM78.3 million.
It said then that it planned to build a resort type development comprising mainly serviced apartments on the site, which is about 3,000 ft above sea level.
Tropicana did not indicate other developments it might build there but the market was expecting a retirement village, food and beverage offerings and hotels.
Gohtong Jaya, which is located on a plateau 5km away from the Genting resort on the peak, is the base area for the Genting Skyway cable car system.
It is also home to several shops, apartments and houses.
Since the10-yearGentingIntegratedTourism Plan was introduced in 2013, Genting Highlands and Gohtong Jaya have seen a number of new developments, such as Ion D’elemen by NCT Group of Co, Midhills by LBS Bina Group, Vista Residences by Fututech Bhd, Windmill Upon Hills by PJ Development Holdings Bhd, and geo38 Residence by Pesat Bumi Sdn Bhd.
It was reported that the ongoing developments are estimated to bring more than 3,000 residential units into the market.
Meanwhile, within Klang Valley, Tropicana plans to launch a mixed development comprising retail lots and serviced apartments at Tropicana Metropark in Subang Jaya, it said in a recent statement when announcing the company’s unaudited financial results for the fourth quarter of last year.
Tropicana will also launch the second phase of shop offices, Triana, and two landed residential phases at Tropicana Aman, Kota Kemuning; the fourth landed residential phase, Lakefield Residences at Tropicana Heights, Kajang; a new phase of serviced apartments and SoHos at Tropicana Gardens, Kota Damansara; and condominiums at Jalan Harapan, Petaling Jaya.
In Johor, the company will launch landed houses, Ayera Residences, at Tropicana Danga Cove and the first landed residential phase at Tropicana Sanctuary.
“All these new developments are expected to contribute positively to the group’s earnings in the coming years,” it said.
For the fourth quarter, Tropicana’s revenue grew 9.2 per cent to RM593.9 million, thanks to the disposal completion of freehold development land in Pekan Country Height for RM143 million.
Pre-tax profit increased 11 per cent to RM131.2 million, helped by the gains from the sale of the development land totalling RM30.1 million, cost saving initiatives and advanced progress made on many of the group’s projects.
Tropicana currently has a landbank of 440.6ha with a total potential GDV of RM46.1 billion.
Looking ahead, Tropicana said it will remain market-driven, adapting to market demands while unlocking value of its landbank in the Klang Valley, Genting and Johor.

Wednesday, March 6, 2019

Amazon at risk: Brazil plans rapid road and rail infrastructure expansion

  • New Minister of Infrastructure Tarcísio Gomes de Freitas is considered one of President Jair Bolsonaro’s most capable ministers. The former army engineer wants to streamline Brazil’s infrastructure agencies, root out corruption, and is seeking foreign investors, especially China, to finance a rush of new transportation construction.
  • Conservationists and indigenous groups worry that Tarcísio Freitas’ plans to push forward with new roads and railways – including Ferrogrâo (Grainrail) and FIOL (the Railway for the Integration of the Center-West) – could open the Amazon and Cerrado biomes to land grabbers, illegal loggers, illicit ranchers and industrial agribusiness.
  • While Tarcísio Freitas says that new Amazon transportation routes can help industrial agribusiness grow without causing new deforestation, in a Mongabay interview last year, he failed to address how all of this new infrastructure could be accomplished without also degrading Amazon forests or impacting indigenous communities.
“We are going to create a second revolution in Brazilian agribusiness,” declared Tarcísio Gomes de Freitas in a 2018 interview with Mongabay.
“Mato Grosso state produced 62 million tons of grains on 9 million hectares (34,700 square miles) of land in 2017. There are another 14 million hectares (54,000 square miles) of land, currently used as pasture, available for arable farming. We can easily produce 120 million tons of grain from Mato Grosso alone, without cutting down a single tree!” he said. “The big problem is lack of infrastructure and the high cost of freight.”
Today, Tarcísio Freitas is President Jair Bolsonaro’s Minister of Infrastructure, and he is rapidly putting his plans for new roads and railways into action. But while conservationists would agree that Brazilian agribusiness, done right, could grow astronomically in yield without new deforestation, they know from past experience that new transportation routes cut through the Amazon increase access and open once remote forest areas to land thieves, illegal loggers, illicit cattle ranchers, and eventually, new settlements and wholesale deforestation.
Tarcísio Freitas was trained as an engineer in the Brazilian army and part of the United Nations mission, headed by Brazil, sent to stabilize earthquake-struck Haiti in 2010. When we interviewed him, he headed the Program of Investment Partnerships (Programa de Parceria de Investimentos, PPI) within the Brazilian presidency, responsible for drawing up the government’s privatization and denationalization programs. That was an important role but nowhere near as powerful as the position he now occupies.
Tarcisio Freitas previously headed Brazil’s Program of Investment Partnerships (PPI), which drew up the government’s privatization and denationalization programs. His goal as Infrastructure Minister is to build new roads and railways to support agribusiness, which could heavily impact the Amazon and Cerrado. Image courtesy of PPI / Agencia Brasil.
As Bolsonaro’s minister, Tarcísio Freitas is rapidly implementing the plans he drew up in the PPI. “We have everything planned for the next four years,” he said, shortly after taking office. His aim is to move rapidly to sort out Brazil’s chronic lack of infrastructure and high cost of freight, particularly in Amazonia.
Under his plan, outsiders, private financiers in China, perhaps the U.S. and EU, will play a major role. “These kind of investments [in roads and railways] would normally be carried out by the state, but today the Brazilian state is in no condition to invest,” said Tarcísio Freitas, adding that his nation’s only hope is private investment. “We are going to make a massive transfer of infrastructure projects from the state to private enterprise,” he explained.
On the very day he took office, Tarcísio Freitas announced that the federal government intended to sign contracts with the private sector for R$100 billion (US$27 billion) in road construction projects over the next four years. Likely, some of that could go for the paving of the BR-319 highway through the remote Madeira Basin rainforest, and for a just announced plan for an extension of the BR-163 to cross the Amazon River and extend north to the Suriname border, potentially opening that region to mining and agribusiness.
At the same time, he is pushing ahead with two big new railwaysFerrogrâo (Grainrail) and FIOL (Railway for the Integration of the Center-West). Both would radically increase Brazil’s capacity to export grains and minerals in the north of the country, increasing pressure substantially on the Amazon and Cerrado biomes. The new infrastructure minister said he intends to double the share of freight carried by Brazilian railways by 2025.

The right man to get the job done

Tarcísio Freitas cuts an impressive figure, both for his depth of knowledge and his undoubted competence. During our interview he reeled out an endless stream of facts and figures, without once faltering. He knew about freight charges all over the country, prices paid for soy on the Chicago market, the state of repair of the main highways, and so on. He is widely believed to be the most competent minister within the Bolsonaro government.
Moreover, he seems determined to eradicate the corruption that has plagued many state bodies. In early February, he said he would create a new superagency, to be called the National Transport Agency (Agência Nacional dos Transportes, ANT), which would merge two government bodies – the National Land Transport Agency (Agência Nacional de Transporte Terreste, ANTT, responsible for regulating road and rail transport), and the National Agency for Water Transport (Agência Nacional de Transportes Aquaviários, ANTAQ, responsible for regulating all forms of water transport).
Tarcísio Freitas says that the aim of ANT is to streamline activities and eliminate redundancies. He cites the Atlantic Ocean port of Santos, currently administered by ANTAQ, the water authority, which also must work closely with railways. “We’re going to make everything much simpler,” he explained. “There is an excess of regulatory bodies for roads, railways and ports.”
But the minister likely has a hidden agenda. Both ANTT and ANTAQ are believed to be mired in corruption. Rodrigo Ferreira Lopes da Silva, the former superintendent of the Center-West division of Andrade Gutierrez, a leading Brazilian engineering company, has accused ANTT Director General Mário Rodrigues Júnior of taking bribes. Likewise, the Brasilia office of the Federal Public Ministry, federal independent prosecutors, has accused ANTAQ Director General Mário Povia of favoring certain coastal navigation companies when awarding contracts.
Once the ANT merger happens, all current directors will automatically lose their jobs. So this single measure will allow Tarcisio Freitas to find replacements and clean up the transportation sector.
Tarcisio Freitas is taking care to win over Congress as well. Instead of pressing Bolsonaro to create the new super-agency by presidential decree, he has presented a bill to the legislature. He is currently discussing his draft bill with Bolsonaro aides, members of Congress and trade associations. The idea, he says, is “to construct consensus” before the bill reaches Congress.

Attracting foreign investment

The dearth of Brazilian capital, caused by the nation’s recent deep economic recession, has forced Tarcisio Freitas to search out foreign investment to fund his infrastructure plans. Relations with China soured during the electoral campaign when Bolsonaro, following Trump’s example, accused the Asian country of “buying Brazil.” But since then, Bolsonaro’s economic team has been seeking a new rapprochement. In January, both Finance Minister Paulo Guedes and Tarcisio Freitas met with the Chinese ambassador, Yang Wanming.
In similar fashion, Tarcisio Freitas has been reassuring the Brazil-Arab Chamber of Commerce. Arab investors had expressed interest in financing new railways – Grainrail, the North-South Railway, FIOL and FICO, in particular – as well as helping to finance the paving of the last stretch of the BR-163 highway between Itaituba and Santarém. But the Arabs were angered by reports that Bolsonaro, once again following Trump’s example, was planning to move the Brazilian embassy from Tel Aviv to Jerusalem. Under pressure from his economic ministers, this move seems to have been put on the backburner. Bolsonaro has also been cosying up to the Trump administration, though what that might mean in terms of investments is uncertain.
Satellite image showing Brazilian Amazon deforestation and fragmentation resulting from a newly constructed main road and the often illegal side roads that branch off of it. Image by Rhett A. Butler / Mongabay.

Environmental concerns

While many welcome Tarcisio Freitas’s efficiency, there are concerns about the environmental and social cost of the rapid infrastructure expansion he is planning.
In our interview, he made it clear that he did not intend to involve either indigenous and riverine communities or environmentalists in the drawing up of the routes to be taken by new roads or railways. This lack of pre-project consultation with indigenous communities could, according to analysts, be in violation of the International Labour Organization’s Convention 169, of which Brazil is a signatory.
“When environmentalists get involved, the debate becomes very ideological and very little technical,” Tarcisio Freitas told Mongabay. “We will carry out the consultations demanded by the International Labour Organisation (ILO), but only after the contract [with the engineering companies] has been signed.” He continued: “If you consult them [communities] earlier, you create all kind of expectations.”
However, this is not how local communities see the consultation. They have repeatedly demanded prior consultation, though not always gotten it. They also want the right to change the route of a road or railway, or even get it banned if it is seen as too harmful to their rural communities.
Tarcisio Freitas is dismissive of general environmental concerns too. When pressed, he was unable to cite a single convincing example of a big development project that hadn’t harmed the environment. Even so, he believes that environmentalists are making a fuss about nothing.
“Look, we’re all worried about deforestation,” he said. “Everyone is. But Brazil produces 240 million tons of grain using just 26 percent of its territory.… Brazil has 30 percent of its territory protected. Indigenous land alone covers 112 million hectares (432,400 square miles). There are some European countries that have cleared the native vegetation off 70 percent of their territory. It is possible to combine environmental protection and infrastructure.”
In many ways, what Tarcisio Freitas is saying embodies a modern and more politically acceptable version of the outdated values held by Brazil’s military dictatorship which ruled from 1964-1985. Those values eschewed rainforest conservation and indigenous rights, while emphasizing unlimited agribusiness growth via the “occupation” of the Amazon.
These old-school values were expressed most graphically recently by Brazilian General Oswaldo Ferreira, originally looking to be a front runner for the infrastructure minister job. He told the Estado de S. Paulo newspaper: “When I built the road [the BR-163 highway in Amazonia], neither the Public Ministry, nor IBAMA, [the environmental agency] existed. I could fell all the trees that lay in the way. Today, if you want to cut down a single tree, a whole stream of people come and annoy you.”
Tarcisio Freitas is never so blunt in his speaking, but a close read of his public statements reveals that he clearly puts Brazil’s economic growth and agribusiness expansion ahead of environmental considerations. That could mean trouble for the Amazon rainforest, the so-called lungs of the Earth, and for the hundreds of thousands of indigenous and traditional people who live there.


Article appeared here:
https://news.mongabay.com/2019/02/amazon-at-risk-brazil-plans-rapid-road-and-rail-infrastructure-expansion/

Business as usual on a reclaimed islet off Jakarta — despite closure order

  • A food court is up and running and homes are being built on an artificial island that the Jakarta administration had ordered shut last year.
  • The islet is one of 17 planned as part of a reclamation project in Jakarta Bay that’s been widely opposed by fishing communities and environmental activists.
  • The city now says it will allow the operator of the food court to apply for a permit, despite having shut it down last July.
  • The administration also plans to build a bridge, not included in the original reclamation proposal, that a fishing community says will disrupt its access to traditional fishing grounds.
JAKARTA — Construction and commercial activities have quietly resumed on a land reclamation project that was ordered stopped by the Jakarta governor last year, prompting criticism of the authorities’ lack of oversight.
A food court began operating last December on one of the artificial islets built in Jakarta Bay, and construction of homes deemed illegal has resumed on the same islet, activists and local media report.
Islet D, as it’s known, is one of four reclaimed islands completed just off the coast of the Indonesian capital. Reclamation of 13 other islets, none of them complete yet, was stopped last October by Jakarta Governor Anies Baswedan. Anies withdrew the permits for those islets on the grounds that the developers had failed to pay tax or obtain environmental impact assessments, and said the islets that were already completed would be taken over by the city and used in the public interest.
But it’s now come to light that private operators have reopened a once-sealed food court on Islet D and started running it. It remains open as of the time of writing.
“They built the food court quietly, when people were busy traveling outside Jakarta for the Christmas and New Year’s holidays,” Susan Herawati, secretary-general of the NGO Coalition for Fisheries Justice (KIARA), told Mongabay. “It popped up out of nowhere.”
KIARA was one of several organizations that for years led the opposition to the plan to build new islands in Jakarta Bay, saying that it threatened the livelihoods of the largely impoverished fishing communities living along the city’s north shore. The project was launched in 2014 by the national government as part of a wider plan to mitigate the high rate of land subsidence in Jakarta as seawater encroaches further inland.
Under the terms of the city’s takeover of Islet D and the three other completed islands — C, G and N — all commercial activity on the islands was meant to cease, at least pending a new zoning bylaw for the islets.
The food court was initially shut in June last year while still under construction. In all, the city sealed off 932 buildings on the islet, including 409 residential and 212 office units.
But as with the food court, houses on Islet D, as well as Islet C, continue to be built, local media reported, quoting a fisherman.
“At noon, [the construction] stops,” Kalil Charliem told Tirto.id in January. “At night, the activities [resume]. If they’re caught by reporters, they’ll stop. Later they’ll resume again.”
The news outlet reported that some of the two-story houses on Islet D were priced between $240,000 and $442,000.
“Who can afford to buy a house at that price? Definitely not the fishermen or common people like me,” Susan said.
Construction taking place on Islet G, a part of the reclamation project on the Jakarta Bay. Image by Sapariah Saturi/Mongabay Indonesia.

Campaign promise

Shutting down the reclamation project was one of Anies’s key programs when he ran for governor in 2017. He won the election in part due to support from fishermen and other coastal communities, who worried the reclamation would close off their fishing sites and benefit only the wealthy developers lining up to stake a claim to the new land. Environmental activists also criticized the project, saying it would harm the ecosystem and threaten livelihoods.
As governor, it took Anies a year to make good on his promise to shut down the project. But the fact that activity resumed just two months later is a damning indictment of the administration, Susan said.
“Anies is the one who’s most responsible, because Jakarta residents voted for him based on the belief that he could stop the project,” she said. “Why else did we bother to vote for him? He shirked his responsibility and only used the fishermen for their votes.”
Asked about the food court being up and running, Anies initially said he didn’t know whether it had the necessary permits. He later confirmed that it didn’t. (This after he had explicitly ordered it shut last July.) The food court’s operator has since applied for a permit; the city’s public order agency, which is responsible for shutting down businesses operating without permits, has said it will wait until after the city has processed the permit request before taking any action.
Anies also tried to deflect criticism of his administration’s lack of oversight on the matter, pointing to other food courts operating without permits in the city. “Why is no attention being paid to those ones?” he said as quoted by news outlet Tempo.
“His statement shows his lack of commitment to [ending the project],” Susan said. She said the fact that he hadn’t shut down the four completed islands altogether — on the basis that the city would manage them in the public interest, including by building recreational facilities and a public beach — was merely to justify the continuation of the reclamation project.
“That’s what makes us sad; we’re being forced to accept the reclamation because the government says it’s too late to stop it,” she said.
If Anies is truly committed to ending the reclamation, he should order all buildings on the islets to be demolished, according to Susan.
Jakarta Governor Anies Baswedan (middle) poses during a groundbreaking ceremony of the construction of public facilities for the Jakarta Bay reclamation project. Image by North Jakarta information department/beritajakarta.id

A bridge too far

Instead, the governor plans to build some more. One of the public facilities that he’s promised is a bridge connecting Islet C to Dadap Beach in Tangerang district, on the western outskirts of Jakarta. Construction of the 1.4-kilometer (0.9-mile) bridge is scheduled to start in March and expected to finish next year.
The plan has been criticized by fishing communities in Dadap, who say the bridge, running across the estuary on the beach, will disrupt their traditional sailing route.
“The estuary is our vessels’ main access for us to go out to sea,” Waesul Qurni, the head of a fishermen’s association in Dadap, told Tempo last year.
He added none of the fishermen there were invited to a public consultation held last October to discuss the environmental impact of the bridge.
In response to the fishermen’s criticism, Anies said last year that he would look into the matter and was open to scrapping the bridge project if necessary.
But local officials say all the permits are in order for the project to proceed. Nurmutaqqin, the zoning chief at the public works agency in Banten province, where Tangerang is located, said the construction of the bridge wouldn’t disrupt the activities of the local fishermen or harm the mangrove forests in the area.
“We have to make sure that the fishermen and the marine ecosystem remain protected,” he said.
KIARA’s Susan said she was skeptical about the project’s paperwork being in order, or that it wouldn’t harm the fishermen and the environment.
“According to the original map of the reclamation project, there’s not supposed to be a bridge,” she said. “The reclamation itself has already altered the environment. So if you add in a bridge, that’s going to impact the coastal communities.”
She also said the fishermen relied on coastal landmarks for wayfinding, and that the presence of the bridge would disrupt this.
“Most of our fishermen don’t use GPS systems,” Susan said. “They rely on their memories. To find their way home, they usually look for lamps and other signs, such as trees. If there’s a huge bridge, how can they see the usual signs?
“That’s what the government fails to understand,” she added. “It never understands that our fishermen have their own unique way to protect their seas.”


This article appeared here:
https://news.mongabay.com/2019/03/business-as-usual-on-a-reclaimed-islet-off-jakarta-despite-closure-order/