Oversupply concerns because of Airbnb, HomeAway?

By PropertyGuru Malaysia

The home-share economy, as exemplified by Airbnb, HomeAway and similar solutions in Malaysia, has come under increasing scrutiny by industry players, users and authorities alike amid wider oversupply concerns in the residential rental market.

The country comprised Airbnb’s fastest-growing market in Southeast Asia last year, welcoming more than two million guests through over 44,000 listings. However, the rapid growth of such solutions has drawn concern from some quarters, with 54% of PropertyGuru Consumer Sentiment Survey H2 2018 respondents calling for regulations to be put in place to manage the industry.

Source: PropertyGuru Consumer Sentiment Survey H2 2018

Source: PropertyGuru Consumer Sentiment Survey H2 2018

Checks and balances for home-sharing

“This isn’t to say that Malaysians are against home-sharing, as the survey found that many (49%) agree with such solutions, while 57% are personally interested in exploring home-sharing solutions themselves,” said Sheldon Fernandez, Country Manager, PropertyGuru Malaysia.

“However, as with many emerging or disruptive technologies and businesses, there is room to improve in terms of regulation. This was acknowledged by research commissioned by a prominent home-sharing player earlier this year, which highlighted the need for home-sharing guidelines, whether they are at the national, state, community or building level.”

Recent efforts in February include calls for home-sharing operators to register with the Tourism, Arts and Culture Ministry. In addition, the Malaysia Productivity Corporation is outlining a framework to manage short-term accommodations in the country.

However, the lack of national guidelines has seen the proliferation of differing approaches to home-sharing depending on area. This has led to the current calls for regulation, while hospitality associations link the practice to declining hotel occupancy rates amid wider challenges in the residential rental segment.

Tenants’ market for residential rentals
The PropertyGuru Consumer Sentiment Survey H2 2018 underscored prevailing attitudes among Malaysians towards renting, with nine out of 10 preferring to buy their own homes and nearly seven out of 10 (68%) currently staying in their own properties.

“These attitudes likely reflect traditional views on property as symbols of status, as well as investments. However, this may change as ‘Generation Rent’ – younger demographics such as millennials and later cohorts – finds properties priced increasingly out of their reach,” said Sheldon.

An oversupply of high-rise residential projects nationwide has seen tenants spoilt for choice for rental accommodations, exerting downward pressure on rental rates. In some areas, such as Johor, much of this incoming supply was designed with home-sharing applications in mind.

In Kuala Lumpur alone, owners adjusted asking rentals downwards by as much as 10% in 2018. This was also driven by obsolescence, as older projects competed with newer launches.

Among survey respondents looking to rent, 60% of these shared that their rental budget was RM1,100 or less. Rental rates from RM800 to RM1,100 were the “sweet spot,” with 19% of respondents saying they were seeking rentals in this range.

The majority (82%) were in the market for a whole unit to accommodate their families, with just 18% seeking smaller arrangements such as a room. Condominiums and serviced apartments were the preferred residential rental property type (63%), followed by terrace houses (23%), SoHo units (7%), townhouses (3%) and bungalows (3%).

Generation Rent – the facts about families

“While many may prefer buying to renting, younger Malaysians may have no choice but to resort to long-term rental accommodations in the face of financing and property pricing concerns,” said Fernandez.

“The good news is that the long-standing perception of millennials as dependent on their families for living arrangements is outdated, with only 23% of the demographic surveyed currently staying with their parents.”

Millennials were less hopeful about owning property than older demographics, with only about half (51%) of those planning to move out of family homes in the next year sharing that they were planning to purchase a property within six months.

In addition, the PropertyGuru Consumer Sentiment Survey H2 2018 found that more Malaysians are deferring moving out to later in life. Of those who are still living with their parents, 87% shared that they planned to move out by the time they were 28 years old or older, with 34% citing 35 years or more as the appropriate age to make the leap.

“In practice, though, our research found that most Malaysians (89%) who move out will have done so by the age of 30. With this in mind, ‘property procrastination’ may hurt the chances of Malaysians ever owning their own property at all,” said Fernandez.

“This likely reflects the long-term planning and financial commitment needed to invest in property assets, making them unsuitable for the unprepared. As such, PropertyGuru has introduced initiatives such as our Home Loan Pre-Approval (https://www.propertyguru.com.my/home-loan-pre-approval) solution, to assist Malaysians in this and other aspects of home ownership."

Marriage was seen as the primary consideration for millennials who chose to continue staying with family, with 58% reporting they were delaying moving out until they tied the knot. Other factors included the need to take care of parents (55%) and lack of savings (52%).

Evolving with the industry

In addressing the needs of Malaysians keen to own property but faced with financing challenges and other issues, PropertyGuru has continuously refined the Home Loan Pre-Approval (https://www.propertyguru.com.my/home-loan-pre-approval) following its launch earlier this year, leveraging on its role as Southeast Asia’s largest property technology company.

A fintech solution developed in partnership with domestic financial institutions, Home Loan Pre-Approval allows home seekers to know their home loan eligibility amount with 99% accuracy prior to application.

This allows home seekers to avoid the financial black marks associated with loan rejections, while matching them with more than 450,000 listings on the PropertyGuru marketplace along with preferential rates and services from panel banks.

The solution has seen more than 1,000 completions to date. The vast majority (94%) of these are from home seekers with debt-service ratios of less than 70%, indicating healthy borrowing habits on the part of end-users.
    
Moving forward, the group is exploring the expansion of panel bank partners for the solution, among other areas. Home Loan Pre-Approval has already received accolades from industry authorities in both the property and fintech segments.

“I think that initiatives such as Home Loan Pre-Approval underscore the positive impact fintech can have in 'real-world' terms. There is a certain tendency to relegate fintech to certain circles or specialist interests, due to its sometimes technical nature,” said FIRST (Fourth Industrial Revolution Structural Transformation) President Aaron Ting.

“However, when it's changing the way people live and work on a day-to-day basis, or even the way they buy their homes, then that's something people can relate to. For FIRST, our priority is making sure that usage of fintech and blockchain applications goes hand-in-hand with a clear awareness and understanding of what they entail.”
    
About the report

The PropertyGuru Consumer Sentiment Survey H2 2018 was based on a sample group of 944 participants, responding to online questionnaires. The majority (42%) of respondents comprised those in the 30–39 year age bracket, with those between 21–29 years and 40–49 years making up 23% and 21% of the sample population respectively. Most respondents were from middle-income backgrounds (50%), with 31% in the high-income demographic.

Game changer for tourism industry

The grand entrance at Monopoly Mansion.

By Sharen Kaur - NST Property, June 27, 2019 

DATUK Seth Yap, the chief executive officer of M101 Holdings Sdn Bhd and a lawyer by profession, is a brilliant brand builder.

He does things that create headlines as game changers for the tourism industry.

M101, which he founded in 2012, has partnered luxury brands such as Studio F.A. Porsche and Hasbro Inc, an American worldwide toy and board game company, for horizontal brand penetration.

The company is bringing to Malaysia the world’s first integrated development with a Ferris wheel designed by Studio F.A. Porsche, the world’s first Monopoly-themed hotel known as Monopoly Mansion (under a licensing agreement with Hasbro), and Asia’s first Planet Hollywood Hotel.

There is no stopping for Yap as he is planning to bring in more international brands and help take Malaysia’s tourism industry to greater heights.

There are opportunities in the current challenging market environment, said Yap.

He cited the stake that M101 acquired in loss-making public-listed company Meda Inc Bhd last year which is set to provide his company a golden opportunity to build an international tourism destination in Melaka.

Meda has since been renamed Meridian Bhd.

With its record-proven property tourism strategy, M101, which ranks among the most dynamic development companies in Malaysia, is revamping Meridian.

Yap said he bought a stake in Meridian because the company owned about 252ha of land in Kuala Linggi, Melaka.

Meridian will develop Malaysian Tourism City (MTC), which will comprise Hasbro-themed water park, thematic hotels, adventure and eco-tourism parks, hospital and University College, as well as bungalow lots.

Datuk Seth Yap

MR MONOPOLY

If you are a big fan of Monopoly and have enjoyed the game since young, you will be glad to know that the world’s first Monopoly Mansion will open in Kuala Lumpur this December.

The five-star boutique hotel is housed in M101 Bukit Bintang, a mixed development with a gross
development value (GDV) of RM365 million on Jalan Baba.

Yap said the hotel occupies 14 floors and each features one of 14 different countries and their famous wonders.

“It is like walking down memory lane in Mr Monopoly’s shoes,” said Yap, adding that the company is waiting for the issuance of the Certificate of Completion and Compliance (CCC).

He said the hotel reflects the home of Mr Monopoly, the iconic self-made businessman who loves to
travel and explore the various anatomy of life.

“Thus, this hotel is designed for guests to experience the fabulous life and style of Mr Monopoly.”

The hotel features a design concept inspired by “The Great Gatsby” and the magnificent Roaring 1920s.

Monopoly Mansion has 310 illustrious rooms, a rooftop pool and sky lounge with stunning views of the Kuala Lumpur city.

Yap said the average room rate would start from RM300 a night and the hotel would target corporates and families.

Monopoly Mansion will be managed by Sirocco Hospitality Group, the hospitality arm of M101.

Sirocco Hospitality Group will also be managing Planet Hollywood Hotel upon completion of M101 SkyWheel, M101’s third and flagship development designed by Studio F.A. Porsche.

The first project to be completed by the company is M101 Dang Wangi, a freehold commercial, retail and serviced suites development on Jalan Kamunting.

The project has been fully sold and generated RM130 million in GDV for the company.

It is currently operating as Red by Sirocco.

Monopoly Mansion is targeted to open in early 2020.

OPPORTUNITIES IN A VERSATILE MARKET

On the property market outlook this year, Yap thinks it will continue to be challenging given the worries over slowing economic growth stemming from domestic and external factors as well as the persistent overhang of residential properties priced from RM1 million.

“(However) there is opportunity in a soft market. When you have the right product, in the right location and with the right brand and partners, the current soft market shouldn’t deter your plan to grow. It is how you manage the situation.”

M101 is building an integrated metropolitan and this means centralising various city conveniences, which it plans to achieve via destination retail.

The method combines properties, such as hotels, commercial units, retail outlets, entertainment features, parks and food and beverage offerings, to promote consumers’ prolonged interaction with each feature, diversifying consumption and increasing consumer spend.

Yap believes that by highlighting Kuala Lumpur’s vibrancy through its local distinctiveness combined with modern architectures, retail attractions, and commercial potential, the city will become a magnet for travellers and investors.

“We are promoting Malaysia as an international tourist destination and championing property tourism,” he said.


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M101 aims to build 10 iconic towers in Klang Valley

A bedroom overlooking Kuala Lumpur skyline by Studio F.A. Porsche

By Sharen Kaur - NST Property, June 27, 2019 

M101 Holdings Sdn Bhd is targeting to build 10 towers in 10 different strategic locations in Klang Valley with estimated gross development value (GDV) of RM4 billion.

Its chief executive officer Datuk Seth Yap said M101 aims to elevate Malaysia’s property scene to the next level by building iconic landmarks in the heart of Kuala Lumpur that will redefine the tourism industry.

He said this initiative is also in support of the government’s tourism goals to grow the local
economy and increase tourist arrivals.

Yap said M101 is committed to playing an active role in promoting Malaysia’s properties locally and
abroad to make the country a popular tourism destination.

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“Nowadays, people don’t look for a typical two-bedroom apartment. They are looking for a property that stands out. In short, purchasers are becoming even more sophisticated and brand-conscious.

“For M101, we champion property tourism as our business strategy and we differentiate ourselves
by partnering with brands, such as Studio F.A. Porsche and Hasbro. We believe this would make our products stand out and to appeal to the demands of urbanisation,” he said.

Yap said M101 has made property tourism a sustainable business strategy, the main factor to staying on top of the game because it serves as the backbone of the company.

A living room with Kuala Lumpur city centre view by Studio F.A. Porsche.

KL’S MOST ICONIC DEVELOPMENT

M101 SkyWheel is a luxury freehold project with practically two 80-storey towers (Tower A and Tower B) in Kampung Baru North on Jalan Tun Razak and is the biggest development for M101.

The project will command a total GDV of RM2.2 billion upon its full completion, which is expected in 2023, said Yap.

The first phase of M101 SkyWheel comprising 1,000 serviced suites launched in 2017, and 80 per cent of the units were sold in that year.

This included en bloc sale of the suites worth RM100 million to seven top agencies in Indonesia.

M101 introduced M101 Skywheel in Indonesia in early 2017, followed by China.

The company also launched the development in Taiwan, Singapore, Hong Kong, Vietnam, Sri Lanka and Bangladesh, in line with its property tourism initiatives.

“We registered total sales of over RM500 million in 2017, which included RM400 million in sales and purchase agreements. We attribute our success to the fact that we did not include any premiums in our price and it starts affordably at RM999 per sq ft. A study by Knight Frank stated that premium branded residences can command 30 per cent higher price than non-premium branded residences. We
priced them lower to make them attractive, and we want our buyers to enjoy an upside.

“If you look at it, I only need to generate another RM400 million to RM500 million in property sales and I would have covered the cost to develop M101 SkyWheel. The rest from then on will be profits for the company,” he told NST Property.

Yap said in total, M101 SkyWheel would have 1,200 suites ranging from 1,300 to 1,500 sq ft with a total GDV of RM700 million.

A Walkway from room to the kitchen by Studio F.A. Porsche.

CONCEPT FOR M101 SKYWHEELS

M101 SkyWheel starts with a basement integrated with a mass rapid transit (MRT) station, and above that is a 12-storey podium carpark.

The 1,200 suites will take up the 36 floors above the carpark, and on top them will be Skymall and offices (five floors).

What will come up at the highest floors in Tower B are limited series Design Suites by Studio F.A. Porsche, worth RM300 million, and Planet Hollywood Hotel in Tower A.

M101 launched the designer suites in August 2017 and has sold 20 per cent of them.

“We are selling the 800 sq ft designer suites at RM4,000 per sq ft and targeting high-net-worth individuals and those who want to associate themselves with the brand. The suites are fully furnished and everything is designed by Studio F.A. Porsche.

“The designer suites are for Porsche fanatics, and every unit comes with a limited edition watch. If
you compare the price point to designer suites in neighbouring countries, our product is extremely cheap and we are targeting foreigners,” said Yap.

M101, together with Studio F.A. Porsche, curated a material palette that is in harmony with the latter’s design philosophy and represents the sophisticated project requirements of M101 Skywheel. The result is a mix of natural materials, like red oak timber, marble and leather with engineered elements in black glass and steel. Overall the design gives a very sophisticated and masculine mood.

101 Skywheel boosts the first in the world Sky Ferries Wheel featuring Porsche Design clockface with the highest vantage point of 220 metres above the ground.

Yap said the 60-metre Ferris wheel would be placed on the 53rd floor between the designer suites and Planet Hollywood Hotel.

“It is a big challenge to put the Ferris Wheel at a high point and it is costing us slightly over RM100 million, but we think it is worth it as we want to create an iconic structure in Kuala Lumpur.”

The wheel will be designed and built by the same contractor as London Eye and Singapore Flyer.

The Singapore Flyer has an overall height of 165 metres and was the world’s tallest Ferris wheel until the 167.6 metres High Roller opened on the Las Vegas Strip on March 31 2014.

“Although SkyWheel spans only 60 metres, but as it will be placed on the 53rd floor, it will have
a view which no others can compete,” added Yap.


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Element debuts in Melbourne

By Sharen Kaur - NST Property, June 27, 2019 

ELEMENT by Westin, part of Marriott International Inc, has opened Element Melbourne Richmond Hotel in Melbourne, Australia.

Owned and developed by TRC (Aust) Pty Ltd (TRCA), the hotel marks the debut of the Element brand in Australia.

TRCA had entered into a 12-year operating service agreement with Starwood Australia in 2017 to manage the 4Ω-star property.

Starwood Australia is an affiliate of Marriott International, the world largest hotel chain operator that bought over Starwood Hotels & Resorts Worldwide Inc in September 2016 for US$13 billion (RM53.78 billion).

TRCA is a wholly-owned subsidiary of TRC Synergy Bhd, which has business exposure in property development in Malaysia and Australia, as well as hospitality business in Australia.

The inauguration of Element reflects TRC Synergy’s strategic role in creating sustainable tourism
asset and lifestyle communities in Melbourne’s vibrant hospitality sector to complement the group’s existing footprint in property development and home-builder businesses throughout Victoria.

Element Melbourne Richmond Hotel has 168 rooms featuring Westin Heavenly Beds for guest comfort.

It sits within the Botanicca Corporate Park, a 5ha estate nestled next to the Yarra River.

Designed by award-winning Melbourne architect Rothelowman, a curved facade reflects the winding Yarra River, while tones inspired by the Australian flora sit throughout all interior spaces.

Other exceptional facilities at the hotel include an exquisite ballroom for corporate and private functions, high-end dining options that provide food connoisseurs with unparalleled culinary experiences, as well as a range of Marriott’s exclusive signature hospitality offerings that give
visitors an unforgettable experience.

The hotel also has strong focus on sustainability with some of the features include energy-saving
LED lighting, CO2 sensors monitoring air quality and water-savings taps.

It also aims to appeal to millennial travellers with a 24-hour gym, free bike hire as well as pet beds, toys and even a dog-friendly mini-bar for those wanting to bring in their pets.

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Strategic location (heart of Selangor’s Golden Triangle) to boost i-City value

I-Berhad executive chairman Tan Sri Lim Kim Hong (left) and Selangor Menteri Besar Amirudin Shari standing among the completed buildings in i-City.

By Sharen Kaur - NST Property, June 27, 2019 

SHAH Alam, being Selangor’s ‘golden triangle’, offers big opportunities for companies and businesses to grow.

For I-Berhad, the company could go beyond the current RM10 billion gross development value (GDV) footprint for its i-City development in Seksyen 17, said executive chairman Tan Sri Lim Kim Hong.

Lim said the value of I-Berhad’s investment properties would be enhanced by being located within the golden triangle.

There would also be spillover effects to the company’s hospitality, retail and leisure businesses, he told NST Property.

Lim said it is quite possible that I-Berhad could achieve its targeted RM1 billion investment for property portfolio in less then five years from now.

According to its 2018 annual report, as at end-December last year, I-Berhad’s property investment portfolio stood at RM641.1 million.

The company’s growth strategy focuses on building up three core segments — property development, investment property and leisure.

I-Berhad plans to upgrade and relocate some of its theme park rides and attractions at i-City, in order to free up the land for property development which will include investment properties.

“There’s a lot happening in i-City,” said Lim, adding that for the rest of this year the company would be launching RM800 million worth of properties.

Just recently the RM850 million Central i-City was officially opened by Sultan of Selangor Sultan Sharafuddin Idris Shah.

Next year will see the opening of the second convention centre and the DoubleTree by Hilton hotel at Central Walk @ i-city.

MOST ICONIC SHOWPIECE IN I-CITY

Lim said the most iconic element of the entire urban enclave would be the landmark and skyline-changing 68-storey office-cum-five-star hotel tower.

The tower is envisaged to be the tallest building in Shah Alam and possibly Selangor.

Rising an imposing 300 metres from ground to rooftop, the grand tower will see Grade A offices occupying Level 1 to 50, separated by a sky lobby and a sky pool before continuing on with a five-star hotel from Level 51 to 68.

The highest floor would be topped off by a breath-taking sky bar which would illuminate the skyline by night, Lim said.

“The tower will be surrounded by a medical mall, commercial-based developments and residential properties catering to the international community.”

He said the medical mall would feature three components — a medical office, a medical centre and a wellness centre providing healthcare-related services to residents, visitors and medical tourists.

I-Berhad executive chairman Tan Sri Lim Kim Hong says i-City may go beyond its current RM10 billion gross development value footprint.

TECHNOLOGY-BASED GOLDEN TRIANGLE

Lim hopes i-City would cement it place as the heart of Selangor’s golden triangle and as a platform to help in the realisation of the Smart Selangor 2025 initiative.

“Considering that only half of the approved GFA (gross floor area) has been completed, there are ample opportunities for i-City to continue contributing to the economic development and prosperity of Selangor,” he said.

As the No. 1 Technology City, I-Berhad has the track record to be a catalyst to help Selangor achieve its vision.

“From the onset of i-City’s conceptualisation and development about 15 years ago, technology has always been the underlying motivation which sparks all manner of activity,” said Lim.

Today, i-City is still the only urban centre in Shah Alam and is home to information and communications technology (ICT)-centric businesses such as the Selangor Digital Creative Centre (an incubator and co-working centre of the state government), and the first Uptime Institute-certified data centre in the country.

“Uptime Institute is known to be the IT industry’s most trusted and adopted global standard for the proper design, build and operation of data centres,” said Lim.

i-City was also the first connected community in the Southeast Asian region when it adopted the
Cisco Smart + Connected Community platform, making it the first development in the country that provided not only fibre optic-based connectivity to the unit as a basic utility, but also high speed
broadband when dial-up modems were still commonplace.

“i-City we see unfolding before our eyes today was founded on the determination to offer a fully-integrated lifestyle township with the infusion of cutting-edge technologies, characterised by a number of strategic alliances with some of the world’s leading lights.

“When completed, the entire i-City landscape will be an intelligent and international city comprising a shopping mall, corporate office towers, cyber office suites, serviced residences, hotels, apartments, leisure attractions, medical and educational hubs, as well as a data and innovation centre,” he said.

Lim said by the middle of the next decade — being likely home to 20,000 residents (of the 25,000 targeted) and 25,000 knowledge workers (of the 30,000 targeted) — the final phases of i-City’s development would be embarked on.

“By such time, a total of 20 towers would already have indelibly and unmistakably marked the skyline of Shah Alam,” he added.

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New attractions at i-City in Selangor's Golden Triangle

Sneak Peak:


I-Berhad, the builder of i-City, a 72-acre freehold Ultrapolis located along the Federal Highway is launching this Thursday (June 27) new theme park attractions at centralWalk – Snow Village.

Some of key attractions at i-City today are Red Carpet, Trick Art Museum, Space Mission, House of Horror, Water World, City of Digital Lights and Itsy Bitsy (Fun World).

Envisioned as an intelligent city by Tan Sri Lim Kim Hong, i-City will be home to 30,000 knowledge-base workers, 25,000 residents and is expected to attract 30 million visitors a year when completed. 

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TRC Synergy upbeat on its outlook

By Naveen Sachdev

TRC Synergy Berhad is well positioned for sustained growth with its unbilled order book in hand of about RM2.5 billion, and potentially new contract wins nationwide.

At the company’s 20th annual general meeting today, TRC  Group Managing Director Tan Sri Sufri Mohd Zin said that 2019 is a year of momentous occasion, as TRC celebrates its 35th anniversary to commemorate more than three decades of achievements and milestones.

"At TRC, we still have plenty of room to grow from strength to strength, riding on the Group’s proven track record and implementation capabilities throughout all these years to where we are as one of the key player, a force to be reckoned within the industry," he said.

Sufri said, with the many sizeable infrastructure projects that are coming onstream over the next few years, such as the ECRL, Coastal Road Project (Sarawak), Second Trunk Road Project (Sarawak), Sarawak Water-Grid project and Pan Borneo Sabah, among others, and barring any unforeseen industry and market circumstances, the Group is optimistic of the opportunities going forward

Over the past five financial years, the Group had continued delivering positive results to its shareholders, with the ‘core’earnings as well as margins consistently holding up throughout the years.

For financial year 2018, the Group posted gross profit of RM69.1million on the back of RM756 million in revenue, with core earnings per share of 6.02 sen amidst the strong headwinds and highly challenging business environment last year.

As for the first quarter ended March 31, 2019, the Group registered a core profit after tax and minority interests of RM14.4 million, a 26% increase as compared to RM11.4 million a year ago, with revenue increasing 8% to RM196 million.

Sufri said TRC is looking forward to a better year with improved industry prospect and policy clarity.

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Nearly 600 plant species have gone extinct in last 250 years

by Mongabay.com on 17 June 2019

• At least 571 species of seed-bearing plants have gone extinct around the world in the last two and a half centuries.
• This
  number is nearly four times higher than the previous known estimate and
  more than twice the number of birds, mammals and amphibians that are
  known to have gone extinct, researchers say.
• The study estimates that plants are now becoming extinct nearly 500 times faster than the background extinction rate for plants.
• The
  geographical pattern of modern plant extinctions resembles that for
  animals: most plant extinctions occur on islands, in the tropics, and in
  areas with a Mediterranean climate that are rich in biodiversity.

When plants slide into extinction, they rarely make news. But more species of plants have disappeared from our planet than previously thought, a recent study has found.

Since botanist Carl Linnaeus published Species Plantarum, a compendium of every known plant until 1753, at least 571 species of seed-bearing plants have gone extinct around the world. This number is
nearly four times higher than the previous known estimate of around 150 plant species officially recognized as extinct in the IUCN Red List of Threatened Species. The number is also more than twice the number of birds, mammals and amphibians that are known to have gone extinct —
though this is partly because there are more species of plants in general, researchers say.


The true figure of plant extinction is also likely to be much higher, the researchers add, since the list includes only those species that scientists have looked for and recorded.


“The real figure is undoubtedly higher, and a continued effort is underway to assess the threat status of each plant species,” Rafaël Govaerts, a co-author of the study and a botanist at the Royal Botanic
Gardens, Kew, U.K., writes in a blogpost.


By combining information from the Red List, research papers, field work and herbaria, Govaerts found that on average at least two species of plants have gone extinct each year for the past 250 years. Among the extinct plants is the Chile sandalwood (Santalum fernandezianum), a tree that was overexploited for its aromatic wood, and was last photographed on Robinson Crusoe Island in 1908. Then there was the banded trinity (Thismia americana), a plant with no leaves and only flowers that are visible above ground, found in wetlands around Chicago’s Lake Calumet. The site where it used to occur was converted for industrial development, and the plant, despite extensive searches, has never been seen again.

“Many more plants are only known from their original collection or historic specimens. All need to be searched for again to document surviving populations and protect them from the continued destruction of wild places and devastation to ecosystems,” Govaerts writes.


Plant extinctions, like animal extinctions, occur naturally. But the study estimates that plants are now becoming extinct nearly 500 times faster than the background extinction rate, or the speed at which
they’ve been disappearing before human impact.

The geographical pattern of modern plant extinctions resembles that for animals: most plant extinctions occur on islands, in the tropics, and in areas with a Mediterranean climate — regions that are rich in biodiversity and tend to harbor several unique species. The team also found that trees and shrubs, and plants that have a small geographical range, are more likely to go extinct.


“This study is the first time we have an overview of what plants have already become extinct, where they have disappeared from and how quickly this is happening,” Aelys M. Humphreys, lead author of the study and an assistant professor at Stockholm University, said in a statement.

“We hear a lot about the number of species facing extinction, but these figures are for plants that we’ve already lost, so provide an unprecedented window into plant extinction in modern times.”


With updated figures in hand, researchers hope to be able to better predict and prevent future extinctions.


“Millions of other species depend on plants for their survival, humans included, so knowing which plants we are losing and from where, will feed back into conservation programmes targeting other organisms as well,” Eimear Nic Lughadha, a co-author and scientist at Royal Botanic Gardens, Kew, said in the statement.

Citation:

Humphreys A. M., Govaerts R., Ficinski, S. Z., Lughadha, E. N. and
Vorontsova, M. S. (2019) Global dataset shows geography and life form
predict modern plant extinction and rediscovery. Nature Ecology and Evolution, DOI: 10.1038/s41559-019-0906-2.


Article appeared here : https://news.mongabay.com/2019/06/nearly-600-plant-species-have-gone-extinct-in-last-250-years/

Thai's Central Group a catalyst to drive investors to i-City, says Dr Mahathir

Thai Group plays key role in promoting i-City

Prime Minister Tun Dr Mahathir Mohammad said Central Group can be a catalyst in bringing more investors from Thailand to i-City, located in the heart of Selangor’s Golden Triangle.

I-Bhd deputy chairman Datuk Eu Hong Chew (far right) giving Prime Minister Tun Dr Mahathir Mohammad further insights on Central i-City located at the Golden Triangle of Selangor. Looking on are Dr Supachai Panitchpakdi, Honorary Chairman of Central Group of Companies (2nd from left) and Preecha Ekkunagul, President and Chief Operating Office of Central Thailand.

Dr Mahathir said this after launching the Malaysia Fest at Central World Bangkok here this
morning, followed by a roundtable business meeting with Thailand’s captains of industry.

Central Pattana Plc, Thailand’s largest retail property development and investment company has invested in the RM850 million Central i-City, which was officially launched by the Sultan of Selangor, Sultan Sharafuddin Idris Shah, last week.

Dr Supachai Panitchpakdi, Honorary Chairman of Central Group of Companies and Preecha Ekkunagul, President and Chief Operating Office of Central Thailand were at hand to brief Dr Mahathir on the group's first shopping mall out of Thailand.

I-Bhd Deputy Chairman Datuk Eu Hong Chew also took the opportunity to brief Dr Mahathir on the progress of the RM10 billion i-City development that started 15 years ago.

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Berkeley Uptown set to transform Klang

By Sharen Kaur - Published in NST Property, June 20, 2019 

IN 1965, See Hoy Chan Group, founded by the late Datuk Teo Hang Sam, launched its flagship housing project in Klang, called Berkeley Garden.

Berkeley Garden was successful but it was the only project that See Hoy Chan developed in Klang as the group was focusing on developments in Petaling Jaya. See Hoy Chan is widely known for developing Damansara Uptown and the Bandar Utama township in Petaling Jaya.

After more than 50 years, Paramount Property Development Sdn Bhd, the property arm of See
Hoy Chan’s Bursa Malaysia-listed Paramount Corp Bhd, decided to unveil Berkeley Uptown, its maiden project in Klang.

For the Teo family, Berkeley Uptown is basically their second development in Klang. The
first series in Phase One is set for launch at the end of this month.

THE STORY BEHIND IT

In 2011, the owner of the Fung Keong shoe factory, built in 1939 along Jalan Goh Hock Huat in Klang, called for a tender for the 11.7ha site.

Paramount submitted its bid and won.

The company later acquired 1.6ha of vacant land fronting Jalan Goh Hock Huat, bordering the Klang central business district on the west to carry out a bigger development.

“We bought the two parcels of land because we saw the opportunity. This is the last big parcel of land that is available in Klang. We believe it is time for the ‘old’ Klang to have some new modern, lifestyle accommodation.

“We are building a modern, integrated vertical city, and we think it will make Klang more
vibrant with its residential and commercial offerings,” said Paramount Property chief executive officer Beh Chun Chong.

Berkeley Uptown comprises a residential precinct, a commercial precinct, a 2.12ha education precinct and a 0.81ha public park. All the components will be connected with a pedestrian link.

Anchoring the RM1.3 billion freehold project is Sri KDU International School.

The school, which will open in 2021, is one of the main highlights of Berkeley Garden, Beh told NST Property.

“Bringing Sri KDU into Klang just shows the confidence we have in the market,” he said.

Paramount Corp is the owner of the KDU Education Group which, since the 1980s, has been offering undergraduate courses.

PUTTING FACTORY PIECES TO GOOD USE

After Paramount acquired the Fung Keong shoe factory, it discovered that the plant had been constructed using large quantities of chengal and balau and other Malaysian hardwood like, merbau and kempas.

Recognising the value of the wood and its scarcity today, Paramount decided that it should be put to good use.

To determine its age, a piece of the chengal wood was sent to an expert on Malaysian forestry from Universiti Putra Malaysia, who sent it for testing at a laboratory in the United States.

What ensued was a surprising revelation ― the age of the wood was about 200 years old, making it one of the oldest chengal wood finds in Malaysia today.

Paramount put the reclaimed wood from the old factory to good use, and you can see the result at the Berkeley Uptown sales gallery.

The successful combination of old and new showcases the rustic beauty of the timber while ensuring solid soaring pillars and high ceilings. With reclaimed chengal as a unifying element, the result embraces the environment with an ecologically sustainable design.

“Paramount is glad that it is able to do its part for the environment and, at the same time, create a legacy in the form of an iconic lifestyle structure that can be enjoyed for many years to come,” said Beh.

Rustic beauty at the Berkeley Uptown sales gallery in Klang.

PROJECT TO FEATURE MOSTLY RESIDENTIAL UNITS

BERKELEY Uptown will feature a minimum of 10 towers, most of them residential, and they will be developed in several phases by 2028, said Paramount Property Development Sdn Bhd chief executive officer Beh Chun Chong.

“The big part of Berkeley Garden will be residential. We are looking to build around 4,000 apartments and low-rise villas, depending on approval,” he said.

Phase 1 of Berkeley UpTown is called Uptown Residences comprising 736 units of serviced apartments spread across three towers. The units range from 551 to 1,093 sq ft.

There will also be three low-rise blocks of garden villas (42 units) measuring 1,588 sq ft, and affordable apartments.

The first launch series in Phase 1, which is targeted at the end of this month, will see 241 serviced apartment units entering the market at an average price of RM470 per sq ft (psf), and 14 villas.

“The gross selling price for the 551-sq-ft units is RM270,000. The bigger units of 859 to 1,093 sq ft are selling from RM417,000 and RM528,000, respectively. The villas are going from RM738,000. We are selling cheaper than market price as we want buyers to enjoy some upside,” he told NST Property.

Beh said the rest of the units in Phase 1 would be launched gradually this year.

Paramount is confident that Phase 1 will be fully sold out within the next few months.

“We are building a modern and vibrant live-work-and-play community. By building a vertical city, we are reducing carbon footprint and providing a more sustainable environment.”

Beh said Phase 1 would be completed by end-2022 and most residents would be able to move in by early 2023.

Paramount has also submitted its plan for Phase 2 of the project and hopes to build between 1,500 and 2,000 units.

“It is up to us to control the density. We have quite a lot of inquiries for Berkeley Uptown, especially from Klang folks. There are quite a number of people who are looking to upgrade and live in bigger
apartments like our 1,093-sq-ft units and the villas. There are also young and elderly couples who want to downgrade from their current landed family home to a small apartment, so its easier to manage.

“We are adding more facilities in Berkeley Uptown so residents can enjoy complete facilities in six to eight years,” he said.


TRANSFORMING SALES GALLERY INTO A LIFESTYLE HUB

The Berkeley Uptown sales gallery with show units was developed on a 1.62ha site and opened in March.

The sales gallery has classic setting built with chengal wood, a popular and durable hardwood that gives a pleasant feeling when you walk in.

“You will find chengal wood just about everywhere. When we took over the shoe factory, we decided to make use of the wood by adding them as structures for the sales gallery,” he said.

According to Beh, the sales gallery will remain on its present site until the project is almost at its tail end of completion.

“The sales gallery is a temporary structure. Our plan is to transform it into a lifestyle village, basically an area with food and beverage outlets as well as retail, catering for the residents. The public can also come to enjoy the outlets.”

He revealed that Japanese convenience store FamilyMart would be opening soon at the sales gallery.

There will also be a space dedicated for arts and cultural activities surrounding the premises.

“We may build up the sales gallery, or what we call the village, to include two levels. If there is demand and it becomes very popular, then we will maintain the structure permanently. It will be like a clubhouse but without a swimming pool. Students from KDU International can patronise
it,” said Beh.

Paramount Property Development Sdn Bhd chief executive officer Beh Chun Chong with the scale model of Berkeley Uptown.

EXPANDING BERKELEY UPTOWN?


If Paramount gets an opportunity to acquire more land nearby, the company would consider expanding Berkeley Uptown or replicate the development in Klang, said Beh.

“This is a good area. There is not much development along Jalan Goh Hock Huat and we are located right smack in the Klang town. Its close geographical proximity to Klang’s main business hub makes it a convenient and ideal place for everyday living.

“We are not sure if anyone is selling as we haven’t been looking, but if there is a good opportunity, we will look at it.”

There are a few factories and more than 100 businesses like restaurants, cafes, car showrooms and workshops operating along Jalan Goh Hock Huat.

“There is easy access to major highways. The connectivity and accessibility of Klang has been boosted by various highways like the North Klang Valley Expressway, North-South Highway, Federal Highway, Shah Alam Expressway and the South Klang Valley Expressway.

“Berkeley Uptown is also about 3km from the existing Klang KTM station, and 0.9km away from the
new Light Rapid Transit (LRT) Line 3 station in Klang, allowing convenient access to Kuala Lumpur city centre. When LRT 3 is completed, it will add to the accessibility and make it convenient for those preferring to use the public transport,” added Beh.

Western Digital sites draw local, foreign interest

Offers are coming in from local and international players for the Western Digital sites in Petaling Jaya. Pic courtesy of Knight Frank Malaysia

By NST Property - June 20, 2019 

OFFERS are coming in from local and foreign companies for the two parcels of land currently occupied by Western Digital in Sungei Way Free Trade Industrial Zone (FIZ) in Petaling Jaya.

It is understood that Knight Frank Malaysia, the company recently appointed to help sell the
two plots, has been approached by large international manufacturers that include semiconductor companies and local developers.

When contacted, Knight Frank Malaysia executive director for capital markets, Allan Sim, confirmed that it had received a number of enquiries, but he declined to name the companies.

Sim told NST Property that Knight Frank would initiate direct negotiations with the respective companies.

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“It is up to the buyers if they want to purchase both sites, or either one. It depends on who wants to buy and their objective,” he said.

Western Digital, an American computer hard-disk drive (HDD) and data storage company, is selling its HDD assembly facilities at the FIZ.

There are two facilities for sale ― on 1.46ha and 4.45ha site ― flanking the North Eastern and North Western corners of the Sungei Way FIZ respectively.

Western Digital has announced its plans to cease operations at the Petaling Jaya facility by the end of this year in a bid to rationalise its HDD manufacturing operations globally, due to declining long-term demand for HDDs.

The company entered Malaysia in 1973, initially manufacturing custom semiconductors before
transitioning to making HDDs. In 2011, it had invested in a US$1.2 billion research and development facility at the Petaling Jaya site.

Sim said there is no timeline to sell the two land parcels, adding that there has been an asking price for the two sites without revealing it.

“The final offer is about the price and any condition attached to the offer. We are looking for best-suit purchaser. We want to find a genuine buyer. The party must have the financial ability to pay. Western Digital cannot take any risk dealing with a party that is uncertain,” he said.

It was reported last year that the 4.45ha site alone could fetch between RM160 million and RM190 million.

However, market has it that both the sites may fetch just over RM200 million.

In the first quarter of 2016, Sunway Bhd paid RM35.82 million, or RM169.95 per sq ft (psf), to Tamura Electronics (M) Sdn Bhd for 1.96ha of freehold land with an industrial factory and warehouse in the FIZ.

Prior to that, in May 2015, Sunway bought a total of 6.88ha next to Western Digital for a combined RM286 million, or RM386 psf, to develop the RM2 billion Sunway Serene.

The price tag was three to four times more than what Mah Sing Group Bhd paid in 2009 for a 7.9ha site across Western Digital to develop Icon City.

Mah Sing paid RM89 million (RM104 psf) for the land that used to house Panasonic air-conditioner
plant at the intersection of the Federal Highway and Damansara Puchong Highway (LDP).

“Sunway’s land is expensive as it is strategically located and overlooks the 18-hole Subang National Golf Course, a 6ha public lake and lush greenery. Western Digital is closer to the Federal Highway and LDP. There are a lot of electronic and semiconductor companies as well as houses and apartments nearby.

“I’m not sure what a developer can do there, but I think the land is more suitable for manufacturers since it has ready facilities,” said a senior property consultant.

In a statement last week, Sim said the two land parcels would provide an opportunity for large manufacturers looking to expand their footprint in Malaysia as there are high-grade facilities
ready† for immediate operations.

“It is rare for such a sizeable facility within an established FIZ to be made available to the market.
Most existing FIZs within the Klang Valley are generally occupied,” he added.

Retail sector posts better-than-expected sales growth

By Sharen Kaur - June 20, 2019 

IS Malaysia’s retail industry doing well amid market challenges and the build-up of online sales platforms?

According to Retail Group Malaysia, the local retail industry posted better-than-expected growth of 3.8 per cent in retail sales in the first quarter of this year compared with the same period last year.

The latest quarterly result was higher than the 3.1 per cent estimate made by members of Malaysia Retailers Association (MRA) in March.


Despite a lacklustre performance during the Chinese New Year period, the local retail market was able to generate higher turnover than market expectations for the entire first quarter, said Retail Group Malaysia managing director Tan Hai Hsin.

All retail sub-sectors, except for the department store sub-sector, recorded improvement in their retail
businesses during the first quarter.

Higher sales were recorded for essential goods and services, such as foods and non-alcoholic beverages.

Although the department store-cum-supermarket sub-sector achieved strong growth of 6.2 per cent during the first quarter of this year compared with the same period a year ago, overall, it performed below the estimate made by the MRA members in March.

“The department store sub-sector did not see improvement in its sale performance during the latest quarter. It increased only 0.8 per cent during the first three months of this year,” said Tan.

The supermarket and hypermarket sub-sector remained in the red, in terms of sales growth. It registered -2.3 per cent growth for the quarter.

The latest result was the worst among the retail sub-sectors, said Tan.

He said MRA members are hopeful that their businesses would improve in the second quarter.

“They projected average growth of 5.5 per cent despite the weak economic environment both internally and externally. The expected higher growth mainly due to the Hari Raya festival which was celebrated earlier this year compared to 2018,” said Tan.

Retail Group Malaysia has raised its 2019 growth forecast for the country’s retail sales to 4.9
per cent from 4.5 per cent after considering the positive improvement in retail sales and in anticipation of stronger expansion for the second quarter.

ECD1 set for 2022 completion

Mammoth Empire Holding SdnBhd executive director Datuk Danny Cheah says Empire
City Damansara is undergoing several changes with the entry of Exsim  Group as a joint-venture partner for some of its components. Pix by NSTP/Supian Ahmad

By Sharen Kaur - NST Property, June 20, 2019

THE Empire City Damansara (ECD1) project in Petaling Jaya will undergo several changes and will be completed by 2022.

There are four outstanding zones in ECD1, and its project owner and developer Mammoth Empire Holding Sdn Bhd (MEH) has formed a joint venture (JV) with Exsim Group to complete them.

The total gross development value (GDV) expected from these four zones, comprising mostly versatile suites and SoHos (small office/home office), was RM800 million, said executive director Datuk Danny Cheah.

Part of the profit’s from MEH’s share in the JV would be utilised to complete Empire City Mall, Cheah told NST Property.

The two million square feet mall is now 80 per cent completed.

“Exsim has come in as our JV partner to complete the four zones, where the buildings are under construction. They will develop, complete and sell the units and there is profit-sharing among us. Our involvement is to support them and ECD1 in terms of infrastructure development.”

Cheah said in the future, ECD1 would have direct access from Penchala Link and Lebuhraya Damansara-Puchong.

“When DASH (Damansara-Shah Alam Highway) is completed by the end of next year, ECD1 will have direct access to the highway. The JV with Exsim is a fresh start for us, which will see things moving at a faster rate.

“When we look at ourselves now, we are a much stronger team with Binastra Construction Sdn Bhd, an architectural design and civil engineering firm, in the picture,” he added.

Cheah said MEH’s focus in the longer term is to manage the mall.

According to Exsim head of corporate communications at Michelle Siew, there are several changes being made to the original master plan for ECD1, which include converting some towers into multi-functional suites.

The facade of every building will have its own unique architectural design, she said.

Siew said the JV will launch this year two projects, called QUB and QUAD+, in ECD1.

“Both are suites towers with compact suite layout to cater to young professionals who aim to own a piece of property in Damansara. The units range from 300 to 500 sq ft. We have not determined the selling price, but they will be very affordable,” she told NST Property.

Separately, Exsim will launch two developments — Mossaz Tower and Paxtonz Tower ­—
with a combined GDV of more than RM690 million in ECD1.

These developments are on 1.82ha land the group acquired from MEH this year.

Mossaz is a 38-storey tower and it will have 1,117 suites with six different layouts. The built-ups range from 314 to 494 sq ft.

Paxtonz is a 28-storey tower with 775 suites. The built-ups range from 332 to 526 sq ft.

Siew said the gross selling price for the units is from RM300,000 each.

“We see pent-up demand for compact suites due to their versatility. Those who bought can use it to run their business and take a rest while at work. These suites are ideal for young working executives, freelancers and small business owners. We are very confident of this product. Registration for the two towers have reached 70 per cent in less than a month,” she added.

Both the towers are scheduled to be launched soon, which will be completed in two years.