Eversendai starts sea trials for Aryan

By SHAREN KAUR - March 21, 2018 @ 7:37pm

Ras al-Khaimah: Eversendai Corp Bhd's first fully constructed lift boat, Aryan, began sea trials here this morning (Wednesday), and is targeted to be delivered to the client, Singapore-based Vahana Offshore (S) Pte Ltd by the end of April.

Aryan is one of two lift boats awarded to the Main Market listed firm's subsidiary, Eversendai Offshore RMC FZE. They are built at Eversendai's new fabrication yard in RAK Maritime City here in the United Arab Emirates.

The completion of Aryan is a major milestone for Eversendai and Vahana Offshore. Eversendai Offshore is the flagship Malaysian company to build a lift boat, while Vahana Offshore is the first local firm to own one.

Eversendai Offshore chief executive officer Narish Nathan said that the second lift boat, Arjun, will be ready for sea trials a year from now.

"Vahana Offshore is currently negotiating a few charter contracts for Aryan. The company may sign the deal in the second quarter of this year," Narish said on the sidelines at the official launching of the sea trials.

Vahana Offshore is an oil & gas (O&G) company founded by Eversendai executive chairman and group managing director Tan Sri A.K. Nathan. A.K. Nathan is also a major shareholder of Eversendai.

In 2014, Vahana Offshore awarded Eversendai Offshore a RM580 million contract to design, build and deliver two large lift boats.

Both the lift boats are named after A.K. Nathan's two older grandsons.

Each unit will consist of a rectangular hull and four truss type legs; each with an electric driven rack and pinion jacking system. The lift boat's primary operating capabilities will include a 300 tonnes crane, accommodation for at least 200 personnel and propulsion by its own thrusters to a speed of 5 knots, as well as Dynamic Positioning (DP-2).

"We are very bullish on prospects in the O&G sector and will expand in tandem with market demand. We expect contribution from this sector to increase year-on-year," said A.K. Nathan.

Eversendai is renowned for its extensive experience in the fabrication of highly complex steel works for infrastructures, commercial and industrial buildings as well as the power and O&G sectors.

The group ventured into the O&G sector four years ago through Eversendai Offshore.

It's foray into the O&G offshore and marine sectors will see the group actively partake in the engineering, procurement and construction of jack up rigs, lift boats and related equipment; upgrade and refurbishment of offshore jack up rigs; new build construction for the offshore O&Gs sector including Floating Production, Storage and Offloading (FPSO) systems and other offshore and onshore modular structures.

For the full financial year ended December 31, 2017, Eversendai reported a net profit of RM86.51 million, versus a net loss of RM278.88 million a year ago. Revenue was 15.67 per cent higher at RM1.83 billion, from RM1.58 billion.

The O&G business contributed to 15.4 per cent of the group's revenue.

Nathan has said that with a fair balance of strength and resilience, prudence and sound enterprise risk management, Eversendai is well positioned to continue its confident performance to deliver strong margins returns in fiscal year 2018.

As at 5pm today, Eversendai shares rose 0.45 sen or 6.47 per cent to 74 sen.

Bangsar, Penang listed most expensive

One Menerung unit in Bangsar.

By NST Property - March 15, 2018 @ 10:39am

BANGSAR and Penang topped the list of 10 most expensive local residential properties sold last year.

The list was based on the Valuation and Property Services Department (JPPH) sales data and compiled by iProperty.com’s big data solutions division, iPropertyIQ.com.

The data from JPPH officially records a property transaction once the stamp duty for the Sales and Purchase Agreement is paid.

Serai Bukit Bandaraya in Bangsar. PiX from BRDB website

Penang sold the most expensive home last year — a bungalow at Jalan Utama, an upper-middle class suburb in Pulau Tikus — for RM14.5 million.

The buyer could have been an expatriate as Pulau Tikus is home to China, Indonesia and Thailand consulates, according to market talk.

iProperty.com said the median per square foot (median psf) price for bungalows in Pulau Tikus is RM570.

Another bungalow at Jalan Bunga Hinai in Tanjung Tokong was among two luxury properties sold for RM13.6 million. The median psf price for bungalows in Tanjung Tokong is RM8,542.

Meanwhile, a Casa Permai bungalow in Tanjung Tokong fetched a RM9 million price tag. Notable landmarks include Straits Quay, Island Plaza, and Tanjung Tokong Tua Pek Kong Temple.

The median psf price for bungalows in this area is RM854, said iProperty.com.

Bangsar area

The three most expensive properties in Bangsar were sold last year for between RM10 million and RM12.1 million are:

1) Condominium at Serai Bukit Bandaraya for RM12.1 million.

The Enclave bungalow.

Located in Jalan Medang Serai, Bangsar, Serai Bukit Bandaraya is a 21-storey condominium housing 121 units with a breathtaking view of the neighbourhood. The median psf price for condominiums in Bangsar is RM815.

2) The Enclave bungalow for RM12 million.

The Enclave is an upmarket residential area designed for maximum privacy and is located about 4km from the city centre. The median psf price for bungalows in Bangsar is RM588.

3) One Menerung Town House for RM10 million.

One Menerung is a luxury development sprawling across 3.24ha and consists of townhouses and condominiums in Bangsar. The median psf price for townhouses in Bangsar is RM759.

Cheras area

Cheras, located to the south-east of Kuala Lumpur, saw a bungalow in Masera Bukit Segar sold for RM9.8 million last year.

Hotspots include Cheras Leisure Mall, Cheras Sentral Shopping Mall, Viva Home, and Ikea.

The median psf price for bungalows in Cheras is RM221, said iProperty.com.

Kenny Hill, Damansara Heights & KLCC areas

A bungalow in Bukit Tunku was the most expensive deal for RM12.6 million last year.

iProperty.com said the median psf price for bungalows in the area is RM422.

Meanwhile, Bukit Damansara had a bungalow sold for RM12 million last year.

iProperty.com said the median psf price for bungalows in Damansara Heights is RM652.

The Binjai On The Park at KLCC saw a unit selling for RM9.9 million with median psf price for condominiums at RM6,753.

Mega sky bridge to open this year

An artist’s impression of Raffles City Chongqing.

By SHAREN KAUR - March 8, 2018 @ 12:37pm

THE Conservatory in Chongqing, China, is the world’s highest “horizontal skyscraper”.

Built 400m above sea level, the sky bridge is set to open this year.

It is part of the Raffles City Chongqing development by Singapore’s largest real-estate developer, CapitaLand Ltd, and Ascendas-Singbridge.

Targeted for completion by the middle of this

year, the sky bridge will have a viewing deck, sky

gardens, swimming pools and food and beverage outlets.

It will link six vertical towers — four 250m towers

at its base and two adjacent towers by cantilever bridges.

CapitaLand president and group chief executive officer (CEO) Lim Ming Yan said Raffles City Chongqing is the largest and most complex integrated development that the group has undertaken.

The Conservatory is the world’s highest sky bridge linking the most number of towers.

“Erecting the Conservatory marks the culmination of five years of construction progress and a grand milestone in outlining Raffles City Chongqing’s image of a powerful sail surging forward.

“The hoisting of the Conservatory is not only a significant moment for Raffles City Chongqing, but also marks a global milestone in architecture and engineering. Some of the world’s most advanced construction and engineering techniques have been deployed to install this mega structure.”

BILLION-DOLLAR DEVELOPMENT

The S$5 billion (RM14.8 billion) Raffles City Chongqing will open in phases next year.

Occupying a 9.2ha site, it will comprise eight towers located on the Chaotianmen riverfront, with total floor area of 1.12 million square metres.

The Conservatory is the heart of Raffles City Chongqing and centre of civic activities, housing a rich array of amenities.

It will have a 230,000-sq-m shopping mall, 160,000-sq-m Grade A office space, 1,400 residential apartments, Ascott Raffles City Chongqing serviced residence and a luxury hotel.

Raffles City Chongqing was designed by architect Moshe Safdie, who also designed Singapore’s Marina Bay Sands.

Lim said more than just a building, Raffles City Chongqing is a landmark urban renewal project that expresses and shapes Chongqing’s global city aspirations.

He said as the master planner, CapitaLand fully appreciates the historical and cultural significance of Chaotianmen to the people of Chongqing.

“We have thus gone to great lengths to imbue the project with the highest standards of livability, connectivity and sustainability by carefully studying the needs of the community and the unique attributes of the site. Our goal is to create a vibrant riverfront urban district that serves as a dynamic city gateway befitting of Chongqing’s growing economic influence.”

A site photo of Raffles City Chongqing showing the first middle segment of The Conservatory in place.

OBSERVATION DECK WITH A VIEW

CapitaLand China CEO Lucas Loh said the observation deck will feature an outdoor patio with see-through glass flooring — the tallest of its kind in west China.

It will offer the best vantage point of Yangtze River and Jialing River merging at Chaotianmen.

“Raffles City Chongqing broke ground in September 2012 and five towers have successfully topped out since. One of these is a 350m skyscraper, which currently holds two records — China’s

tallest residential tower and Chongqing’s tallest building.

“The development’s luxury residential component, Raffles City Residences, is being marketed, with an encouraging take-up for two residential towers that have been launched.

“Jialing One tower, which has 215 units, is 70 per cent sold. Yangtze Two tower, with 285 units, is more than 40 per cent sold.”

Part of the Raffles City Chongqing’s office component will begin the handover at the end of this year, he said.

I-Berhad stands out despite uncertainties

I-Berhad is developing the Central i-City shopping mall with partner Central Pattana Plc.

By SHAREN KAUR - March 8, 2018 @ 3:10pm

LAST YEAR, a majority of Malaysian property developers struggled to stay afloat due to market uncertainties and weak demand from house buyers.

Many firms saw their profits dip by a meaningful amount and sold smaller projects with fewer units.

However, I-Berhad — the developer of i-City in Shah Alam, Selangor — again managed to weather the storm.

The property developer-cum-hospitality group held up well, making significant improvements in net profit and revenue for fiscal year 2017.

I-Berhad recorded a net profit of RM75.48 million on the back of RM465.1 million revenue last year, representing 13.27 and 21.25 per cent growth, respectively, over the previous corresponding year.

Public Investment Bank expects more to come from I-Berhad.

“The group’s earnings growth has been on a consistent and upward trajectory, with its strong fundamentals still largely unrecognised by the investment fraternity, which we believe is unwarranted.

“We continue to like I-Berhad’s value proposition and attractive location in benefiting from the urbanisation of the outer Klang Valley region,” it said in its latest research note.

I-Berhad founder and executive chairman Tan Sri Lim Kim Hong told NST Property that the growth path for the group was only starting.

He hinted that I-Berhad could double in size in the next five years as the group signed on new local and international partners for its RM9 billion i-City development.

It has Hilton Worldwide Group and Central Pattana Plc on-board as strategic partners for i-City. This is to develop DoubleTree by Hilton and Central i-City Mall.

I-Berhad founder and chairman Tan Sri Lim Kim Hong

I-Berhad has grown fivefold since 2012 despite an increasingly challenging operating environment.

In fact, the 29.16ha i-City development had only 24 per cent of the approved gross floor area completed as at the end of last year.

This suggests that the remaining land for development at i-City is likely to contribute further to group revenue and net profit as it develops more residential, commercial and tourism products.

A light rail transit station at i-City would enable the transformation of the project into a transit-oriented development with a higher plot ratio for the balance of its development.

Hill10 Residence @ DoubleTree by Hilton is I-Berhad’s flagship luxury project in i-City.

Lim said I-Berhad is planning to launch more luxury apartments in i-City to meet demand.

Its flagship luxury project, Hill10 Residence, launched less than a year ago is fully sold.

“Location and product price point is very important. Majority of those who bought units at Hill10 Residence were upgraders... people who want to be part of the i-City success story,” said Lim.

The successful take-up of Hill10 Residence at benchmark prices gives i-City great encouragement amid choruses of doubt over high-end high-rise properties.

Apartment for sale -- Paloma Serviced Residences, Subang

Apartment for sale in Paloma Serviced Residences, Subang

Fully furnished serviced apartment for sale with tenancy and two carparks!

Price - RM870,000 (neg)

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

Level 3A

Properties Details

Name: Paloma Serviced Residences
Property Type : Serviced Residence (clean and quiet)
Tenure : Freehold
Title Code : Strata
Built-up : 916 square feet (two bedroom/two bath/one utility room/yard)
Level : High (windy)
Security : Safeguarded by multi-tiered 24-hour security system.

Address : Paloma Serviced Residence, Tropicana Metropark Jalan Delima 1/1, Subang Jaya, 40000, Selangor. (A mere 25-minute drive to KL City Centre).

Facing : The 9.2 acre Central Park/Swimming Pool//luxury villas/Shah Alam skyline

Actual photos in unit

Actual photos in unit

Actual photos in unit

Facilities :
Level 3          
1.Waiting Lounge
2.Reflective Pool

Level 3a
3. Lift access to Courtyard Villas & to Central Park gate access
4. Infinity Pool
5. Jacuzzi
6. Pool Deck
7. Basketball Half Court
8. Pre-function Area
9. Multipurpose Hall
10. Floating Pavillion
11. Games Room
12. Meting Room
13. Stone Garden
14. Great Lawn
15. Lookout Pavilion
16. Sanctuary Pool
17. Wadding Pool
18. Children’s Playground
19. Social Terrace

Level 30 Rooftop
20. Sky Gymnasium
21. Bubble tub
22. Sky Lounge
23. Reading corner

View from Master bedroom/living

View from Master Bedroom/living

Nearby amenities : Shop lots, restaurants, petrol stations, banks, clinics and schools. Subang Parade Shopping Centre, Empire Shopping Mall, i-City and Tesco Extra Shah Alam are a short drive away.

Accessibility : Via Federal Highway (from former Batu 3 toll area), and Persiaran Teknologi Subang which is connected to Persiaran Jubli Perak, ELITE Highway and also the Federal Highway.

Public transportation: There are buses and taxis. The Batu Tiga KTM station is the nearest train station, located within walking distance (10 minute walk).

Project detail:

Tropicana Metropark is an integrated mixed development strategically located in Subang Jaya, Selangor. It has currently the 9.2 acre landscaped Central Park, Pandora Serviced Apartment, Paloma Serviced Apartment, and the GEMS International School which started operation in 2017.

Opening soon is the new flyover from Federal Highway (former Batu 3 toll site), which will head straight into the development.

Future projects in Tropicana Metropark will include a shopping mall, education hub, office towers and shoplots.

Paloma Serviced Apartment comprises two serviced residential towers and 16 exclusive courtyard villas. The development is thoughtfully designed with a slanted setting, ensuring unobstructed view of the 9.2 acre Central Park. Within this well-planned apartment project there is a lot of greenary and natural lighting.

Apartment for sale - Pandora Serviced Apartment, Subang

Apartment for sale - Pandora Serviced Apartment, Subang

Fully furnished serviced apartment for sale with tenancy and 2 carparks!

Price - RM550,000 (neg)

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

Properties Details

Name: Pandora Serviced Apartment
Property Type : Serviced Residence (clean and quiet)
Tenure : Freehold
Title Code : Strata
Built-up : 600 square feet (one bedroom/one bath)
Level : High (very windy)
Security : Safeguarded by multi-tiered 24-hour security system.

Address : Pandora Serviced Residence, Tropicana Metropark
Jalan Delima 1/1, Subang Jaya, 40000, Selangor. (A mere 25-minute drive to KL City Centre).

Night View. Facing Subang/USJ Heights

Facing : Subang/USJ Heights (unobstructed view)

Facilities : Covered parking space, infinity pool, Jacuzzi, yoga deck, barbecue area, sanctuary pool, gymnasium.

Nearby amenities : Shop lots, restaurants, petrol stations, banks, clinics and schools. Subang Parade Shopping Centre, Empire Shopping Mall, i-City and Tesco Extra Shah Alam are a short drive away.

Accessibility : Via Federal Highway (from former Batu 3 toll area), and Persiaran Teknologi Subang which is connected to Persiaran Jubli Perak, ELITE Highway and also the Federal Highway.

Public transportation: There are buses and taxis. The Batu Tiga KTM station is the nearest train station, located within walking distance (10 minute walk).

Project detail:

Tropicana Metropark is an integrated mixed development strategically located in Subang Jaya, Selangor. It has currently the 9.2 acre landscaped Central Park, Pandora Serviced Apartment, Paloma Serviced Apartment, and the GEMS International School which started operation in 2017.

Opening soon is the new flyover from Federal Highway (former Batu 3 toll site), which will head straight into the development.

Future projects in Tropicana Metropark will include a shopping mall, education hub, office towers and shoplots.

Pandora is the first phase of Tropicana Metropark, featuring a 23-storey serviced apartment.

Serviced Apartment for sale - Tropez in Danga Bay, Johor

Serviced Apartment for sale - Tropez in Danga Bay, Johor

Fully furnished serviced apartment for sale with tenancy and 1 carpark!

Price - RM530,000 (neg)

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

Tropics actual photo

Properties Details

Property Type : Serviced Residence (clean and quiet)
Tenure : Freehold
Title Code : Strata
Land Title : Residential
Built-up : 958 square feet
Level : High
Security : Safeguarded by multi-tiered 24-hour security system.

Facing : Sea view/Singapore/Yatch


Price - RM650,000 (this is current market price - see attached chart by Knight Frank Malaysia for price per square foot in 2017). 

2nd Bedroom

Kitchen and Dining 

Fully fitted kitchen

Master Bedroom

Master Bath

Night view from living room

Day view from living room

Condominium facilities : covered parking, swimming and wading pool, gymnasium, multipurpose hall, children’s playground, tennis court, squash court, half-size basketball court, sky lounges and more.

Nearby amenities : Shop lots, F&B, banks, petrol stations, hotels, schools, Festive Street Mall, Royal Johor Golf Club, Giant Hypermarket Tampoi and Johor Specialist Hospital.

Location: A mere 10-minute drive to the Johor-singapore Causeway link, and 20 minutes to the Second Link (Tuas-Singapore).

Map of Danga Bay area

Project detail:

Tropicana Danga Bay is part of an integrated development spanning 37 acres that will feature lifestyle properties, exclusive office and commercial blocks and a destination shopping mall.

It sits on a prime land within the Zone A of Iskandar Malaysia, better known as the JB city centre. This integrated master plan development is also easily connected to Nusajaya, Zone B of Iskandar Malaysia via the new coastal high way.

Tropicana Danga Bay's close proximity to the North- South Expressway makes it easily accessible to other part of Johor as well as the rest of Malaysia. The development is also strategically located near the proposed High Speed Rail system amd Rapid Transit System, which, once completed, will form another excellent linkage between JB and Singapore.

Building for sale near Bangsar

By Naveen Sachdev
naveensachdev@gmail.com

Opportunity Or Armageddon?

  Market weakness is a buying opportunity. This is what experts or property developers who understand how the market works, believe in.
  Developers who know that property investment is a long term investment game will look for opportunities to buy now, either land or building, despite the current market condition.
  These developers are hungry for assets that can help them boost their income.

Prime asset for sale in KL

  There is one cash-rich investor looking at selling his building. The said building is located in a prime area in Kuala Lumpur, to be more specific, not too far off from Bangsar.
  The building is no more than 15-storey high and the price tag, just RM125 million (land and building).
  "You can demolish the building and re-build a residential or commercial tower with 25 levels or 30 levels. The potential gross development value (GDV) for the proposed tower could easily be about RM300 million to RM350 million. The location of the building is high on investor's radar so you may be able to sell it en bloc," said a market expert with knowledge on the matter.
   While the property is not on the market yet, it is believed that the investor has received a few offers from property developers who came to know about his plan to sell recently.
  These developers are looking to buy the said building  because of its strategic location, attractive rental yield (min 6%), and the potential for the price to appreciate in the near short term. The infrastructure, including public amenities surrounding the building is fantastic!

So why is the investor selling? 

  While the investor is not in a hurry to sell, he is looking to cash out to re-invest in other businesses that he owns.
  We do have more information regarding this building but cannot divulge more as yet. You can email me however, if you are interested and are a serious buyer, and i will link you up with the building owner.
  The building, is for certain, free from encumbrances and located on a freehold parcel.

  Happy Buying!
 

Naza Engineering expects RM3bil order book in 2018

KUALA LUMPUR: March 5, 2018 - Naza Engineering and Construction Sdn Bhd (Naza EC), the main construction arm of the Naza Group is expecting to achieve a strong order book growth in 2018 said its Joint Chief Operating Officer, Mohd Fuad Hashim. 
  

Naza EC to boost order book to RM3 billion this year (Source:Naza Group)

He said that the company did well in 2017 where it had successfully secured projects with an accumulated order book value of RM1.1 billion. The projects secured were for construction and infrastructure works. He further added that these projects will keep his team busy over the next two to three years.

Mohd Fuad said that for 2018, Naza EC aims to secure another RM2 billion worth of order book value. 

The jobs which the company is targeting for include road infrastructure works, irrigation works and building construction works that will boost the company’s order book value to RM3 Billion. 

He believes that with the effort of the Government to boost the construction sector in 2018 through projects such as government housing, East Coast Rail Link (ECRL), Mass Rail Transit 2 (MRT2), High Speed Rail (HSR) and other infrastructure works, Naza EC with its track record and competitiveness is hopeful of securing some projects for the year.

Established in 2010, Mohd Fuad believes that with the company’s success in 2017, efforts will be undertaken to further strengthen book order and increase operational efficiency. He hopes for order book to continue to grow and provide a steady revenue stream to Naza EC in the years ahead.

Australia on Sunway's radar

Sunway Bhd property division managing director Sarena Cheah and property development division (Malaysia and international projects) deputy managing director Tan Wee Bee at the launch of the ‘Under The Sun Certainty+’ financing campaign.

By SHAREN KAUR - February 22, 2018 @ 11:15am

SUNWAY Bhd plans to widen its real-estate ventures overseas and is targeting the more stable Australian market in a bid to grow its foreign income contribution.

“We are now in China and Singapore. Australia will be next. We want to secure something at the right pricing,”said Sunway property division managing director Sarena Cheah at a briefing recently.

She said the company is expected to diversify andstrengthen its presence outside Malaysia to improve its bottom line.

Cheah did not specify which cities in Australia the company is looking at, but Melbourne seems a likely choice.

In the last decade, several Malaysian developers have added Melbourne to their property development portfolio.

Sunway Yi Fang Cheng — Sunway’s completed project in Jiangsu, China.

The city has a bustling economy, good geography and steady growth in property prices.

Melbourne is the world’s most livable city and attracts property investors from all over the world, including Malaysia.

For the past 12 to 13 years, Melbourne has experienced the largest population increase among Australian capital cities.

Cheah said the company’s focus in Australia is to develop residential properties.

It was reported that Sunway Property’s foreign income contribution was slightly more than 20 per cent. The company plans to increase it to 50 per cent over the next two to three years.

In China, Sunway Property has completed Sunway Yi Fang Cheng inJiangsu Province and is developing Sunway Gardens Phase 2.

In Singapore, the company has completed a few projects, including Sunway Avant Parc in Sembawang.

Sunway Property aims to secure around RM1.3 billion in sales this year on the back of RM2 billion upcoming launches.

The launches include condominiums in Sunway Tianjin Eco City in China and Sunway Rivercove Residence in Singapore.

On the domestic front, Sunway Property’s planned launches this year are Sunway GEO Lake, Sunway Citrine Lakehomes, Sunway Onsen Suites, apartments in Sunway Velocity TWO, apartments in Sunway Wangsa Maju and designer shops in Sunway Wellesley.

The company has unveiled the “Under the Sun Certainty+” financing campaign that features low downpayment, cash rewards, guaranteed loan, deferred payment, voluntaryexit plan and differentiated sum instalments.

Cheah said the financing scheme will help buyers own their dream homes.

E&O focuses to complete reclamation by H2 

The completed Ariza terraces in Seri Tanjung Pinang Phase 1.

By NST PROPERTY - February 22, 2018 @ 11:29am

LIFESTYLE luxury developer Eastern & Oriental Bhd (E&O) will remain focused on completing the reclamation of Seri Tanjung Pinang Phase 2 (STP2) in Penang by the second half of this

year.

According to managing director Kok Tuck Cheong, land titles for areas reclaimed above two metres chart datum (CD) have been obtained from the relevant authorities.

“Concurrently, more detailed design works for STP2A, based on the parameters of the broad conceptual master plan, have commenced and are at the initial stages,” he said in a statement.

The two-phased Seri Tanjung Pinang (STP) is a master-planned seafront development on the northeast coast of Penang island.

An aerial view of Seri Tanjung Pinang Phase 1.

The 97ha first phase, Seri Tanjung Pinang Phase 1 (STP1), is fully reclaimed.

SSTP2, located in the waters to the east of the first phase, covers an area of 308ha. The first tranche of reclamation works for STP2 commenced in 2016.

Kok said in the next 12 to 18 months, the group would be mobilising sales of the final phase of Ariza Seafront Terraces at STP1.

E&O is also targeting to launch properties in STP2A, of which Retirement Fund Inc (KWAP) has a 20 per cent share.

KWAP acquired 20 per cent of the STP2A development land measuring about 1.45 million sq ft of net development land for RM766 million from E&O’s subsidiary Tanjung Pinang Development Sdn Bhd ― the project proponent for STP2A.

In Johor, E&O plans to launch the second phase of Avira Garden Terraces in Medini Iskandar and in Kuala Lumpur, it is looking to launch service apartments at the intersection of Jalan Conlay and Jalan Kia Peng. 

Four Seasons KL set for opening

Four Seasons Hotel Kuala Lumpur is preparing for the opening this year with several key appointments recently.

By SHAREN KAUR - March 1, 2018 @ 10:44am

Four Seasons Hotel Kuala Lumpur, currently Malaysia’s second tallest skyscraper after the Petronas Twin Towers, is set to open this year.

The hotel recently announced several leadership appointments, with general manager Tom Roelens joining for the mid-2018 launch.

The new appointments are Four Seasons veterans, namely Vinod Narayan, Junious Dickerson and Nelson Hilton, and industry experts Kellie Ng and Tengku Badariah. They will be overseeing the day-to-day operations as the hotel prepares for the opening.

Four Seasons Hotel will offer a sophisticated urban complement to its existing resort property in Malaysia, the award-winning Four Seasons Resort Langkawi. It will introduce a new level of prestige to the Golden Triangle neighbourhood in the KL skyline, offering intimate and personalised hospitality.

The 209-room hotel’s target markets are international travellers and local luxury seekers.

The hotel is part of the RM3 billion 65-storey Four Seasons Place Kuala Lumpur - a 1.5 million sq ft integrated development owned by Venus Assets Sdn Bhd and located next to the Petronas Twin Towers.

Four Seasons Place comprises the Four Seasons Hotel, as well as 242 units of private residences and 27 serviced apartments atop a250,000 sq ft six-floor upscale retail mall.

NST Property had reported previously that Malaysians bought the majority of the private residences at Four Seasons Place, which were transacted at a record RM3,000 per square foot (psf).

At RM3,000 psf, this means that the typical units (1,098 sq ft to 3,843 sq ft) were sold at between RM3 million and RM12 million, while the duplexes (6,512 sq ft to 7,039 sq ft) were offered at more than RM20 million each.

The two penthouses (11,984 sq ft) are worth about RM38 million each and it remains unknown if they have been sold.

Venus Assets is a boutique real estate development firm controlled by Ipoh - born Singapore tycoon Ong Beng Seng, businessman Tan Sri Syed Yusof Syed Nasir and the Sultan of Selangor, Sultan Sharafuddin Idris Shah.

Ong has a long-standing relationship with Four Seasons Hotels and Resorts. He owns several Four Seasons properties worldwide.