Desaru Coast poised to become global business, leisure hub

By Sharen Kaur
Published in NST Property, July 20, 2017

THE mammoth Desaru Coast project in Johor is pivotal in positioning Malaysia as an international leisure and business destination hub.

There is already an influx of foreign visitors with the opening of The Els Club Desaru Coast with two distinct clubs — Ocean Course, a 27-hole golf course designed by Ernie Els, and Valley Course, an 18-hole golf course designed in collaboration with Els’ long-standing friend and major champion, Vijay Singh.

The Ocean Course opened in September last year and the Valley Course in March this year.

Desaru Development Holdings One Sdn Bhd executive director and chief executive officer Muhammad Zainal Ashikin Muhammad Rejab said the unique propositions of Desaru Coast were that it catered to holidaymakers, families, couples, golfers and the corporate sector.

He said the key target markets currently resided within the Asia Pacific region, namely Singapore, Indonesia, China, Hong Kong, India, Japan and South Korea, in addition to longer-haul international visitors.

Spanning 1,578ha along 17km of pristine beachfront land, Desaru Coast will include international hotels and resorts, a conference centre, 27- and 18-hole golf courses, a themed water park and a retail village.

The project is being developed by Desaru Development Holdings One, a subsidiary of Themed Attractions Resorts & Hotels Sdn Bhd, which in turn is a unit of Khazanah Nasional Bhd.

Zainal said the project would create a multiplier effect on the local economy by creating 4,000 jobs.

“We will be opening the other components of Desaru Coast in stages through 2019,” said Zainal.

FUTURE OPENINGS INCLUDE:

• The Westin Desaru Coast Resort

Located in the hub of Desaru Coast, the 275-room key five-star resort will be operated by Marriott International.

The Westin Desaru Coast Resort

• Anantara Desaru Coast Resort & Villas

The resort, under the international brand of Anantara Hotels and Resorts, is a 123-key luxury family-riented resort with direct access to the beach within close proximity to the Desaru Coast Riverside and the world-class golf course, The Els Club Desaru Coast Ocean Course.

Anantara Desaru Coast Resort & Villas

• Hard Rock Hotel Desaru Coast

Conveniently located adjacent to Desaru Coast Adventure Water Park, the 365-room key hotel promises unique Hard Rock “rockstar” treatment for both holidaymakers and business travellers alike.


• Desaru Coast Riverside

The 20.5ha waterfront landscaped retail and lifestyle village offers retail, restaurants, cafes and entertainment outlets.

• Desaru Coast Adventure Waterpark

The waterpark, set against the backdrop of a local fishing village, is one of the world’s biggest.

Desaru Coast Adventure Waterpark

• Desaru Coast Conference Centre

The conference centre is a fully-equipped multi-purpose venue with a banquet area and exhibition space that can host up to 1,000 participants.

Desaru Coast Conference Centre

YTL eyes expansion in Penang

By Sharen Kaur
Published in NST Property, July 20, 2017

YTL Land & Development Bhd executive director Datuk Yeoh Seok Kian said the company was eyeing expansion in Penang and one of the options for growth was to develop projects jointly with land owners.

YTL Land & Development Bhd executive director Datuk Yeoh Seok Kian 

He said YTL Land was open to joint ventures and might look for opportunities to develop prime landbanks, especially within the island.

He said Penang had always been highly favoured as a destination for luxury properties — largely due to its attractions (history, diversity in local culture and heritage) and Malaysia’s competitive pricing compared with other countries in the region.

“Two years ago, we had proven to the Penang market that an innovative product within an unrivalled location had sold well, even amid a challenging economic environment.

“Today, we believe there will still be demand for niche upmarket properties, given the correct packaging — namely product, location and pricing.

“In spite of moderation in the property market, prices in Penang should hold due to scarcity of land as well as escalating land and development costs,” he said.

YTL Land is developing Shorefront — a luxury low-rise condominium project in George Town, located adjacent to E&O Hotel.

Artist impression of Shorefront

Yeoh said the company had confidence in its target market in this price segment for Shorefront — discerning purchasers seeking premium properties, but who are selective of the product and location.

Shorefront comprises three blocks (five-storeys) of 115 units. The average selling price is RM2,000 per sq ft.

The first preview for Shorefront was held in February 2015 and all units released were sold out in the weekend ahead of the official launch.

Shorefront - a luxury resort living 

The final preview was held in May 2015. The last block sold out within two hours of sale.

Yeoh said there were three premium units (duplex units with direct sea-facing views), which had not been released yet.

“Many parties have expressed interest to purchase right from the very beginning. To be fair to all parties, we have intention to sell these units by way of open-bidding after the project’s completion,” he said.

Meanwhile, Raine & Horne Malaysia senior partner Michael Geh advised potential home buyers to look at the type of property that they needed and could afford before making a buy decision.

They should also look at the location that is most suitable for them.

“My advice to potential home buyers and investors is to buy and live you and your family’s dream and not the dream presented to you by estate agents and developers,” he said.

Geh said the current trend in Penang showed newer properties priced below RM500,000 were selling the most.

On whether properties in Penang were overpriced, he said it was the affordability factor which had dropped for purchasers generally.

Credit control, cooling measures to have impact on Penang property market

Published in NST Property, July 20, 2017

PROPERTY experts predict that residential property transactions in Penang will improve slightly from the final quarter of this year, but they expect the luxury market to remain sluggish because of cooling measures and tighter credit control.

“The cooling measures have brought down property prices in Penang, so we do expect people who have been holding on to their money to start buying, both from the secondary and primary markets.

“With the PTMP (Penang Transport Master Plan), connectivity will surely improve, but this is a long-term project so we cannot expect improvements in the property market overnight,” they said.

The PTMP, which is the biggest infrastructure project in Penang’s history, will be the biggest catalyst to move the market.

The PTMP, which will improve access to projects and townships, is a comprehensive plan formed by the Penang government to improve transportation in the island and mainland.

The project will be fully completed in 2030. It will involve an integrated transportation system comprising a highway and railway network, bus services, ferries, water taxies and an undersea tunnel.

Mah Sing Group Bhd group managing director Tan Sri Leong Hoy Kum was bullish on prospects in Penang, adding that it was a resilient market with strong fundamentals.

He said buyers had more choices now as new projects were being implemented in Penang.

“We are carefully planning all our launches in phases so that the market can absorb while maintaining the company’s target sales. Each phase has added value through our focus of reinventing spaces and enhancing life,” said Leong.

Mah Sing currently has five on going projects in Penang, but the developer is looking at having more on its plate, albeit cautiously.

Leong said Mah Sing was investing in good locations with strong potential for growth and stability.

“Mah Sing, as an established developer, is having a long-term view on Penang market and always looking out for good parcels of land for development.

“We are mainly looking for land to develop affordably-priced residential products and, if possible, landed properties on the mainland as we are currently focused on the island,” he said.

Leong said currently, the market was excited about affordable apartments priced below RM500,000, built in a high-density environment.

However, there was demand for quality homes priced above RM500,000 and purchasers were happy once they saw value, he said.

“We are careful in planning the launches at the most competitive price points. An example here is our Ferringhi Residence 2, which is very attractively, priced from RM570 per sq ft.

Artist impression of Ferringhi Residence 2

“This development is strategically situated at the tourist belt of Batu Ferringhi with an unblocked amazing sea view and is the best value in our opinion for its location.

“We are sensitive to market demand and hence will be launching attractively-priced products with great value soon in our South Bay development,” said Leong.

Southbay- Aerial view

For industrial developments, Leong said Mah Sing was looking forward to launching a parcel of land in Bukit Mertajam, which had a gross development value of RM150 million.

He said the industrial product launch would compliment Mah Sing’s sectoral portfolio to the Penang market.

GLUT OR NO GLUT?

Penang has quite a number of property developers, reflecting its vibrant real-estate market.

However, according to the Malaysian Property Market Report 2016 released by the Valuation and Property Services Department two months ago, Penang reported the worst sales performance of newly-launched homes last year.

The report showed developers sold 9.9 per cent, or 561 units, of the total 5,646 units put on the market.

Leong said market take-up rates varied for various price categories and were low for the higher-end categories.

“We are careful in launching projects in phases that the market can absorb. Our projects are lower density and provide a better living environment for the residents,” he said.

Leong also said the market was cautious and buyers had become more aware of the offerings, taking more time to study and compare them before committing to a purchase.

He said because of that, sales were at a slower rate.

“Prices do affect the sales and buyers are particular about value in such instances. We, at Mah Sing, maintain a good balance between design and functionality to ensure the best value is delivered to the purchasers.

“By seeing value, our purchasers are happy and we manage to achieve a higher than market average sales rate.”

For potential buyers and first-time purchasers, Leong suggested anytime was a right time to invest in one’s dream home, even more so now as there were choices and attractive packages offered by the developers.

“Buyers should look for value offered by established developers to ensure that it is maintained and appreciates over time.

“Quality living in a lower-density environment is also a premium to be considered,” he said.

Bina Darulaman launches RM2.6b projects in Kedah

By Sharen Kaur
Published in NST, July 21, 2017

KUALA LUMPUR: Bina Darulaman Bhd (BDB) has launched two township projects worth RM2.6 billion in Kedah, responding to a market demand for spaces that offer sociability and lifestyle elements beyond typical homes.

Bina Darulaman Bhd group managing director Datuk Izham Yusoff at the launch of two integrated township developments for Kedah during the Hari Raya open house in Kuala Lumpur. 

Group managing director Datuk Izham Yusoff said the townships will be developed in Jitra and Sungai Petani over 10 years and will add vibrancy in the northern corridor.

The projects were launched by the Second Finance Minister Datuk Seri Johari Abdul Ghani at BDB’s Hari Raya open house, here, yesterday.

To be developed under the Life Series, the Darulaman Saujana and Darulaman Putra townships are set to catalyse a new wave of interest in properties in the northern region, said Izham.

“To remain competitive and relevant in the property industry, we need to create products that are innovative. The Life Series offers more than just homes. Through these developments, BDB is responding to a market demand for spaces that offer sociability and a lifestyle element beyond the homes,” he said yesterday.

“We are shaping Kedah through these integrated developments and building community habitats which are self-sustaining and offer quality lifestyles to buyers.

“To achieve this, we have partnered with award-winning architect Veritas Group and award- winning landscape architect Clouston Design Studio to conceptualise the external living environment that showcase our commitment to transforming into developers who build urban ecosystems,” said Izham.

Slated for launch at the end of this year, Darulaman Saujana is expected to boast a gross development value (GDV) of RM1 billion.

It spreads across 82.15ha and will incorporate commercial, recreation outlets and services and facilities such as skate parks and rock climbing venues.

It will have 1,500 units comprising statutory housing, townhouses, link houses, semi-Ds and bungalow lots. Units are expected to be priced between RM45,000 and RM200,000 for statutory housing and RM150,000-RM650,000 onwards for open market units.

Darulaman Putra will be spread across 93.88ha and is projected to have a GDV of RM1.6 billion.

The township is designed to embrace natural surroundings and preserve ecological balance and will contain within it the state’s first Botanical Wetlands park.

The township will house 1,620 residential units inclusive of statutory housing, link houses, semi-Ds, bungalows and condominiums. Units are expected to be priced between RM300,000 and RM1 million onwards for open market units.

Iskandar Puteri draws Singapore's wealthy

Published in NST, June 29, 2017

SINGAPORE’S high net-worth individuals are shifting their investments across the border to Iskandar Malaysia in Johor, as properties have become too expensive in their homeland.

Luxury bungalow for sale in Ledang Heights

They are buying landed properties in Iskandar Puteri (formerly Nusajaya) in Iskandar Malaysia.

Among the properties is Ledang Heights, which is one of UEM Sunrise Bhd’s earliest projects in the southern corridor.

Ledang Heights is one of the prime estates which won the “Best Development Malaysia” award at the Bloomberg Asia Pacific Property Awards in 2010.

It was also acknowledged as one of Southeast Asia’s 20 Best Resort Developments in Southeast Asia i-Property Awards by Property Report.

Ledang Heights, launched more than a decade ago, offered 571 bungalow lots spread over 133ha of freehold land.

The take-up rate was a mix between Malaysians and foreigners, of whom a large number came from Singapore.

It is understood that the developer has sold all the bungalow lots.

Some Johor-based property valuers said the land price in Ledang Heights had increased fivefold since 2007 to between RM150 and RM250 per square ft (psf) today. (The price depends on the locations in the estate).

In 2007, land in Ledang Heights was sold for about RM35 psf. Five years later, it rose to around RM80 psf.

According to a valuer, land prices shot up when more than RM1 billion was invested over several years to develop infrastructure and landscaping in Iskandar Puteri, besides building new amenities and state-of-the-art facilities.

Ledang Heights now boasts of excellent connectivity, with easy access to Nusajaya Highway and the Second Link Expressway, which connects to the Tuas checkpoint in Singapore.

It is also strategically located near major shopping malls, hypermarkets, Afiat Health Park (an upcoming integrated medical hub which is home to Gleneagles Hospital and future medical and wellness projects) and EduCity, which is home to a number of international universities, colleges and schools.

The Johor government’s new administrative office in Kota Iskandar, Legoland, Puteri Habour and Pinewood Studios are also minutes away from Ledang Heights.

Ledang Heights - Prized asset

Ledang Heights is one of the most prestigious developments in Iskandar Puteri, offering luxurious and urban resort living.

This is further complemented by the Ledang Urban Retreat, a recreational lifestyle destination in UEM Sunrise’s ongoing residential development, East Ledang.

Ledang Urban Retreat

The retreat, which opened in 2010, offers a spa managed by Angsana Spa of the Banyan Tree Group, a well-equipped fitness centre, a 50m lap pool, meeting and seminar rooms, a tastefully-designed karaoke lounge and food and beverage outlets.

The future of Ledang Heights looks promising with the planned Kuala Lumpur-Singapore High-Speed Rail (HSR) project, which is expected to be completed in 10 years.

The HSR will draw more investors from Singapore and other parts of the world to Iskandar Malaysia.

Gerbang Nusajaya, also located in Iskandar Puteri and near Ledang Heights, will be home to the HSR station, which is the first stop of the estimated 90-minute journey from Singapore to Kuala Lumpur.

Exhale Group co-founder David Bochsler said the HSR would add significant value to Iskandar Puteri as it connected the area directly to Kuala Lumpur and Singapore.

“Although Iskandar Malaysia is a large area, freehold bungalow land with quick access to Singapore is in short supply, representing less than 0.2 per cent of the total land in the region.

“This is not likely to be replenished. It is only available in the resale market in Leisure Farm and Ledang Heights.

“This will likely propel property prices in those areas upwards in the near future,” he said.

Firms build indoor arenas to boost revenues

Published in NST, June 23, 2017

DEVELOPERS like SP Setia Bhd, IJM Land Bhd and BBCC Development Sdn Bhd are creating multi-purpose indoor arenas to spice up their development and generate new business.

Genting Group is also expanding its Genting Arena of Stars at the Genting Highland hill resort to capture more local and international business.

A multi-purpose indoor arena has many functions. It can be used for MICE (meetings, incentives, conventions and exhibitions), concerts, sporting and lifestyle events such as gala nights, weddings and wellness programmes.

SP Setia’s Setia SPICE (which is the abbreviation for Subterranean Penang International Convention and Exhibition Centre) Arena is the biggest multi-purpose indoor venue in Penang.

With its maximum capacity of 13,000 people, the arena is the epicentre for MICE.

Big Tree Event & Supplies founder Sunil Sachdev said Malaysia is experiencing steady growth in hosting business and lifestyle events, as well as international festivals, despite global challenges.

Big Tree Event & Supplies founder Sunil Sachdev

“Malaysia has fast emerged as one of the most preferred destination in Southeast Asia when it comes to MICE and lifestyle events. That is why you see convention centres and multi-purpose arenas mushrooming here.

“The country has everything you need for a successful event from well-developed infrastructure facilities including excellent connectivity via air, rail and road, extensive MICE expertise and venues with high-tech features.

“Destination weddings are another important market. We have enquiries from India, Jakarta and Thailand. They want us to find for them a suitable location here and turn it into a fairy tale wedding. We have done destination weddings in Phuket, Bali and California so we know it is a big market,” he told NST Property.

A Rajasthan-themed event by Big Tree Event & Supplies

Destination wedding at Grand West Sands Convention Centre in Phuket, Thailand by Big Tree Event & Supplies

Sachdev said corporate events are changing just as much as special events from decor to food.

According to him, today’s organisations look for new and exciting experiences to create a lasting impression on attendees.

Imago property launch in KL. Decoration by Big Tree Event & Supplies

“The design concept encompasses more than simply filling a room with decor. Whether you’re planning a corporate event, meeting, wedding or other special event, the challenge lies in finding unique ways to impress guests,” he said.

Sachdev said to be in the forefront of the business, the company must stay relevant, and constantly deliver fresh and exciting ideas.

He added that his travels abroad has been his inspiration for new and exciting ideas.

Big Tree Event, which is based in Petaling Jaya, is a one-stop event service company where it organises and executes any and all types of events from venue procurement, production to entertainment.

It has grown consistently both horizontally as well as vertically since it started the business in 1998.

Sachdev said the key is delivering customised, cost-effective and long-term solutions to clients and in the process setting new benchmarks of excellence.

Lighting effect in a hotel ballroom by Signature Production

“This has been the company’s standard operating procedure. We have handled more than 500 private events of various magnitude and this is testimony to our excellence and exceeding expectations of our esteemed clients,” he said.

The company’s clients include corporate firms, NGOs, government agencies, government-linked companies, colleges, associations and couples ready to tie the note.

RedQ — a kaleidoscope of colours

By Sharen Kaur
Published in NST Property, June 30, 2017

RedQ, short for RedQuarters, is the new corporate base for AirAsia Group.

The six-storey building, which is replete with green features, is located adjacent to Kuala Lumpur International Airport 2 (klia2) in Sepang, Selangor.

It was designed by the VERITAS Design Group and has been operational since November.

RedQ comprises three floors of office space spread over 240,000 sq ft, and three levels of parking.

It was designed to create an environment to stimulate creativity and generate new ideas.

The building maximises space utilisation, creating collaborative nodes as well as providing contemplative and creative corners in a variety of layouts.

Concrete or cement flooring is the material of choice, bringing new life to the building.

The open office plan with exposed ceilings serves as a blank canvas to accentuate the colours and vibrancy of AirAsia’s corporate branding, imbuing the spaces with a kaleidoscope of colours.

The other highlight is the clerestory windows that can be seen at either side of the building’s roof, bringing in natural lighting and ventilation.

The items used in the design of RedQ are colourful, vibrant furniture and exciting day-to-day materials.

According to VERITAS Design Group, a similar concept could also work for residential properties, both landed and high-rise.

You can create cozy spaces within your home. You can also create nooks for certain activities, and in other places, create meeting and social nodes.

You can even create a space to showcase souvenirs from your travels.

Luxury segment: Transactions tapering off

Published in NST Property, June 30, 2017

THERE is a slowdown in transactions for properties above the RM1 million mark in Malaysia and a greater cooling off in interest for those priced more than RM2 million, but this phenomenon is temporary.

PropertyGuru Malaysia country manager Sheldon Fernandez said the drop in property transactions was mainly due to consumers adopting a wait-and-see approach.

“Save for a few exceptions, during property downturn conditions, luxury properties are the first and most to be impacted.

“Buyers usually opt for more economical alternatives or just hold back till the market improves,” said Fernandez.

PropertyGuru considers properties priced at RM1.5 million and above as part of the luxury market category.

The PropertyGuru Market Index, which tracks the movement of home prices on a quarterly and yearly basis, showed prices in the luxury market category fell in the third and fourth quarters of last year.

However, Fernandez said the prices have since bounced back to the original position, even recording an increase in price in the first quarter of this year.

The index consists of sub-indices for the key property markets of Kuala Lumpur, Selangor, Johor and Penang, as well as for property types (landed and high-rise homes).

“Overall, according to our observation, property supplies from the last quarter of 2016 to early this year in Kuala Lumpur have dropped by 21 per cent, while asking prices only went up by three per cent,” he said.

Moving forward for the luxury property segment, Fernandez said, developers would typically look to sell the lifestyle experience and the glamour factor, which is the prestige of the address and its future investment value as well as the proven track record of the developer.

“These are the strategies that will allow them to continue launching products in the market. There will also need to be a key distinguishing concept or factors like an eco-conscious development or award-winning master plan.”

Fernandez said projects such as YOO8 @ 8 Conlay had done fairly well despite the uncertainty in the property market.

YOO8 @ 8 Conlay is hailed as one of the most expensive properties in Kuala Lumpur.

Reaching an astonishing price of RM3,200 per sq ft, many are eagerly anticipating the outcome of this ambitious undertaking.

Pavilion Suites in Jalan Bukit Bintang is also doing well. This is a 51-storey serviced residence tower comprising 383 units.

The layout, ranging from 718 sq ft to 1,254 sq ft, is selling from RM2.5 million.

“The development offers the finest services that money can buy! It has a world-class couture concierge service that expands to providing private yacht, jet and limousine services upon request, as well as assistance in running daily errands and fulfilling housekeeping chores,” said Fernandez.

S$20.8m price tag for Sentosa Cove bungalow

Published in NST on July 6, 2018

LIST Sotheby’s Singapore is representing a house that is selling for S$20.8 million (RM64.84 million) or S$2,378 per square ft (psf) in Sentosa Cove, Singapore’s first oceanfront development and most exclusive real estate.

The two-storey bungalow on 65 Ocean Drive has a land area of 8,746 sq ft with a picturesque view of the sea.

List Sotheby’s Singapore said that the property is being sold fully fitted and unfurnished.

While it does seem like a high price to pay for the property, it must be noted that a bungalow (9,580 sq ft) on 181 Ocean Drive sold last September at a near-record price of S$28 million or S$2,923 psf.

The high price was reportedly supported by the extensive interior design and fittings.

According to List Sotheby’s Singapore, this property is located on the same row as to the subject property and also commands a view of the sea.

The firm told NST Property that in relation to a handful of comparable sales transactions in the first five months of this year, their prices were lower than the subject property.

“The reason is due to a relatively less superior orientation as some of the bungalows faced the inner waterway. The subject property will be able to fetch a premium as it has an unobstructed view of the Straits of Singapore.

“Moreover, its value is further enhanced by its quality finishes, unique layout and generous living space,” said the firm.

List Sotheby’s Singapore said the target markets for the 65 Ocean Drive property are both local and international buyers.

Foreigners are targeted as they can buy and own landed properties although government approval was still required.

A house with meticulous planning

From an architect’s view point, the 65 Ocean Drive property is a confluence on elements and styles.

It is a breathing sensitive space in the strong frame of raw wood, polished steel and fair-faced concrete.

The major rooms in the house open out to the rear to take opportunity of the boundless view of the sea.

Fronting the house is the waterway while the rear faces the sea.

In terms of spatial configuration, the design plays with triple, double and single height spaces.

The entrance to the house is through a triple height foyer, where the sky is visible through the glass skylight.

The open staircase concept allows residents a glimpse of the sea.

The living area has double height space with expansive glass panels from where one can enjoy the pool and the sea in the background.

The dining area, which opens out to the covered terrace, is linked by the timber bridge that cuts through the main staircase.

Gamuda Land expands Vietnam footprint

By Sharen Kaur
Published in NST on July 6, 2018

VIETNAM’S bright economic outlook and growing middle and affluent class (MAC) is prompting Gamuda Land to look for more sites to develop in Ho Chi Minh City (HCMC) and Hanoi.

Most Malaysian developers with projects in Vietnam have put their property launches on hold, but Gamuda Land is expanding and is bullish on prospects, according to Gamuda Land HCMC general director Wyeren Yap Vooi Soon.

Celadon City in HCMC

The real estate market in Vietnam is moving upstream, thanks to investors from China, South Korea, Singapore, Malaysia and China who are pumping in huge investments, and creating jobs by the thousands for the locals, he said.

It was reported that the MAC, basically those who earn more than US$714 (RM3,063) a month, will increase from 12 million in 2014 to 33 million by 2020.

Vietnam’s average per capita income also will rise from US$1,400 to US$3,400 a year by 2020.

Gamuda Land has two ongoing township developments in Vietnam, namely the US$3.5 billion Gamuda City in Hanoi which started in 2007, and the RM5 billion Celadon City in HCMC that commenced in 2010.

Yap said the management has decided that it was time to explore new landbank opportunities in HCMC, as Celadon City was gaining traction and property sale was moving on the right track.

He said the company was looking at land parcels in the northern region of HCMC such as in GÚ V‚p District and District 12, as well as District 9 in the southeast region.

“We are even looking at some land in District 9. With the latest initiatives from the local government to improve the infrastructure in the district, there could be some potential there for us to explore.

“If we spot any good land, I believe the management will not hesitate to acquire them, given the positive outlook for Vietnam’s economy,” Yap said during a site visit to Celadon City recently.

The 82ha Celadon City integrated township in the Tan Phu District has a total gross development value (GDV) of about US$1 billion.

Gamuda City in Hanoi

The residential component will have a total of 7,300 apartments across four precincts — Ruby, Sapphire, Emerald and Diamond — that can accommodate 25,000 people.

Gamuda Land has so far launched Ruby, which comprises five residential towers.

The apartments have built-ups ranging from 670 sq ft to 970 sq ft (two, three or 3+1 bedrooms) and they were bought mainly by the Vietnamese.

The price range for the units when they were first launched in 2011 was from US$60,000 to US$130,000. Today, the units are worth starting from US$100,000.

Celadon City also features an education hub, a cultural centre and Aeon Mall Tan Phu Celadon, the first Aeon Mall in Vietnam.

Yap expects Celadon City to generate US$120 million in property sales this year, up by about 20 per cent from last year’s US$100 million.

Meanwhile, Gamuda Land Vietnam general director Chow Chee Fan said there is pent-up demand from the locals in Hanoi for high-rise and landed residential properties.

“I would say 100 per cent of our property launches in Gamuda City were snapped up by the locals. Majority of them bought in cash. The price range for the properties were between US$300,000 and US$1 million each,” said Chow.

Gamuda City, which sits on a sprawling 474ha site, is located just 6km from Hanoi’s old central business district (CBD).

It has several precincts which include Gamuda Central, Gamuda Plaza, Gamuda Gardens, Gamuda City commercial hub and Gamuda Lakes.

The highlight of the township development is the 323ha Yen So Park, which is completed and open to public.

The first phase of Gamuda City is Gamuda Gardens, a 73ha integrated lifestyle project with a GDV of US$850 million. It has four product categories — apartments (2,100 units); landed residence (over 2,000 units); shop houses (100 units); semi-detached homes (200 units) and villas (100 units).

Chow is confident that Gamuda City will post higher property sales in fiscal years 2017 and 2018, to record US$150 million in each year, a bulk of which from Gamuda Gardens.

Country Garden enters vibrant growth era

By Sharen Kaur
Published in NST Property on July 6, 2017

COUNTRY Garden Holdings Bhd, which ranks among the top three real estate enterprises globally, has unveiled a new logo, signalling its entry into a new era, driven by rapid growth and successful expansion into new markets, including Malaysia.

The Hong Kong-listed developer is constructing the 1,400ha smart-eco Forest City in Johor’s Iskandar Malaysia region, which lies adjacent to Singapore.

The Forest City project, which will be built on four man-made islands over a period of 20 years, is set to be one of the largest real estate development in Asia in terms of the number of properties to be developed.

The estimated investment for the project is around RM175 billion.

Country Garden and its joint-venture partner Esplanade Danga 88 Sdn Bhd will develop apartments, villas, schools, hospitals, an exhibition centre, and a financial special administrative region.

Artist impression of Forest City in Johor

It was reported that the project had sold almost 17,000 units for contracted sales of about US$2.9 billion (RM12.44 billion), mostly to mainland China buyers.

According to Mo Bin, chief executive officer of Country Garden, the company would continue to capitalise on China’s urbanisation to expand its business in a bid to achieve a quick cash return with high turnover.

“We will also promote our international business as it is a new growth driver and will keep working towards becoming one of the most competitive enterprises in the world,” he said in a statement released recently.

Founded in 1992 in Foshan in China’s southern province of Guangdong, Country Garden has grown from a local enterprise to a global property giant that, through its development projects, has consistently tried to promote a new type of urbanisation.

Its housing typically features complete community public facilities and beautiful landscape designs, all within a safe and comfortable residential environment.

It has brought its vision of smart, eco-friendly growth to more than 400 cities and towns in China and has been involved in 918 projects worldwide.

The logo was unveiled on the company’s 25th anniversary.

According to Country Gardens, the new design retains the “phoenix” motif from the previous logo and mainly consists of three colours — orange, royal blue and golden yellow.

However, the design of its edges has been simplified. With the colour of its neck, coronet and tail brightened up, the phoenix looks more vibrant — better reflecting the robust growth of the company.

PD Waterfront: Tourism boom comes to Port Dickson

By Sharen Kaur
Published in NST on July 6, 2017

THE once quiet coastal town of Port Dickson in Negri Sembilan is turning into a vibrant destination with shopping, dining and entertainment attractions.

Contributing to this change is the PD Waterfront development by TSR Capital Bhd.

TSR Capital is the master developer of the PD Waterfront, which is an esplanade development covering eight phases along the first mile of Jalan Pantai.

Aerial view of PD Waterfront

The development was launched in 2010 and is part of the Malaysia Vision Valley (MVV).

The MVV is a new economic zone that stretches from Port Dickson to Seremban and Nilai, about an hour’s drive to the Kuala Lumpur International Airport and Putrajaya. The entire project will cover 153,000ha, roughly twice the size of Singapore.

It is aimed at attracting RM300 billion worth of investments and creating more than 1.3 million jobs.

TSR Ocean Park Sdn Bhd director Ng Kim Keong told NST Property the MVV would further complement the PD Waterfront development, which was already attracting investors from overseas.

TSR Ocean Park is the wholly-owned subsidiary of TSR Capital.

“Port Dickson used to be a very popular spot years back but things scaled down a little as people started to look for new places to go to.

“Back then, there was nothing much in Port Dickson except beaches and food. We are now developing PD Waterfront, with hotels, resorts, food and beverage as well as entertainment outlets.

“Basically, we are creating a one-stop destination where everything is housed under one roof. The whole project is integrated and we are creating a covered broadwalk with covered buildings, taking into consideration the weather.

“People will be able to enjoy the breeze and scenery whether they are there in the afternoon or evening,” said Ng.

Five-star tourism development

PD waterfront is an ongoing mixed-development covering more than 24.2ha.

It will consist of several residential blocks, hotels, water chalets, a duty-free zone, a marine aquarium, a convention centre and shops.

It has an estimated gross development value of RM2.3 billion.

Two months ago, TSR Ocean Park teamed up with United States-based Globe Venture Holdings Inc to jointly develop the project.

Nevada-based Globe Venture is a wholly-owned subsidiary of Terafox Corp, which is listed on the US OTCQB market.

Ng said this partnership was part of its initiative to transform Port Dickson into a world-class tourism destination and a prominent holiday retreat.

Globe Venture will invest in the development and help market the property via its network of global clients, while TSR Ocean Park will carry out the construction and property development activities.

Ng said the development would take another eight years to complete.

“We did a study on two areas which helped us draft the master plan for PD Waterfront. We looked at the Aker Brygge waterfront in Oslo, Norway. The Oslo development seamlessly integrates the community with boardwalks and shaded elevated links, interwoven to maximise the waterfront view.

“We also looked at a waterfront development in Melbourne, Australia. While we could not fully recreate what Oslo or Melbourne did, we have taken a lot of ideas from there.”

PD Waterfront is a popular spot for family activities such as dining and shopping.

D’Wharf Hotel & Residence, which has 227 units of fully-furnished serviced apartments, will open next month.

“One of the important components of PD Waterfront is the convention centre as we aim to expand the meetings, incentives, conferences and exhibitions market in Port Dickson. We will construct at least six hotels with three- to five-star ratings.

“We don’t want to just create a weekend destination. We want to do something different and create activities throughout the week,” added Ng.

Developing sustainable growth hubs

MALAYSIA Vision Valley (MVV) is an effort by the Negri Sembilan government to complement the rapid development taking place in the Klang Valley.

Its objective is to develop Seremban and Port Dickson as growth hubs and attract investors from around the world.

Malaysia Vision Valley (Source: Sime Darby Bhd)

MVV Holdings is the master developer for the ambitious corridor.

The three entities jointly spearheading the project via MVV Holdings are Sime Darby Bhd, which has a 50 per cent stake in the venture, and Retirement Fund Inc and Brunsfield International Group with 25 per cent each.

The project will be developed into five clusters, namely the Central Business District, Nature City, Edu-Tech Valley, Tourism and Wellness and New Livable Township in phases until 2045.

Prime Minister Datuk Seri Najib Razak has said MVV would focus on four main development thrusts — high-technology manufacturing, tourism and wellness, skill-based education and research, and specialised services — in line with the National Key Economic Areas outlined in the National Transformation Programme.

The 30-year project would involve eight developments — High Tech Park and Industrial Campus, Integrated Transport District, Sports and Recreational City, World Knowledge City, Biopolis and Wellness City, and the Tourism District, which would create 1.38 million jobs.

Among the projects are Seremban Central, Seremban Resort City, Port Dickson Splash Park, PD Waterfront and affordable housing schemes.

Complementing MVV is the planned integrated Kuala Lumpur-Singapore high-speed rail (HSR) transport hub located in Labu, Seremban.

According to global property consulting firm Frank Knight, the HSR will catalyse development activity in the urban centres of Seremban, Melaka and Johor, as well as along the western coastal corridor of Malaysia.

Both residential and commercial property developments are expected to gain from the new mode of connectivity offered by the HSR, which is projected to reduce travelling time between Kuala Lumpur and Singapore to 90 minutes.

Meanwhile, the Federal Government has allocated RM560 million to improve infrastructure in the MVV area.

This includes RM260 million to upgrade roads from the Kuala Lumpur International Airport to Teluk Kemang in Port Dickson, RM200 million to build new roads from Nilai to Bandar Enstek and RM90 million to construct an alternative road from the new Seremban toll plaza to the Seremban Middle Ring Road.

In a recent interview with the New Straits Times, master planner Norliza Hashim said the MVV leveraged on urban and more developed areas in Negri Sembilan.

Norliza said the idea of a comprehensive development plan was to identify drivers for growth, economically and socially, and at the same time, protect the environment.

In the development of the blueprint, Norliza said three aspects, namely economy, inclusiveness and the environment, were key factors.