Friday, January 31, 2020

The Majestic Hotel - KL's most classic property!



Jalan Sultan Hishamuddin in Kuala Lumpur has many historical buildings and one of the most prominent is The Majestic Hotel Kuala Lumpur (KL) - the city’s finest hotel and truly luxurious property that combines the best of past and present.
The five-star hotel, owned and operated by YTL Hotels, the hospitality arm of YTL Corp Bhd has played a prominent and memorable role in the capital and the country's history.
Built in 1932 as one of colonial Malaya’s finest hotels, The Majestic Hotel, regarded in its heyday as one of the great hotels in Asia, has joined the ranks of the world’s legendary properties, like The Peninsula in Hong Kong, Singapore’s Raffles and New York’s Waldorf Astoria. This is after YTL Hotels restored this grande dame to its former glory and majesty.
The Majestic Hotel first opened its doors on 15 August 1932 and back then was called Hotel Majestic. It was the largest and grandest hotel in Kuala Lumpur, unrivalled for its prestige and luxury.


Hotel Majestic was built in 1932. Photo courtesy of YTL Hotels

The property was designed by Dutch architect Van Leangeanderg from Keyes and Dowdeswell in a hybrid of neo-classical and art deco styles and was built at a cost of 500,000 Straits dollars. It was designed for the Trustees of the Estate of Loke Wan Tho, the youngest son of the businessman and philanthropist Loke Yew.
The hotel, which measured 150 feet in length and 70 feet high sat on a commanding hilltop site facing another of Kuala Lumpur’s famous landmarks, the Moorish style railway station. It was the first choice for many travellers entering the capital city. The lodgings featured 51 rooms with modern sanitation, 18 of which had long baths and boasted hot and cold showers. Custom-designed furniture, silverware and furnishings imported from England all added to the sumptuous surroundings.


This was a great luxury in that era and was a hit with the local nobles and colonial elite of the 1930s. Among the guests at that time were Mrs Buxton, the secretary to the High Commissioner Sir Gerald Templer, theatre buff and author Donald Davies, as well as Chinese actress Tze Loh Lin, who stayed at the hotel during the release of her movie Dark Heaven.
A special feature was the roof garden, with a dance floor and seating for 350 guests. Artistes from all over the world performed at the hotel, including popular acts from Hollywood and the Coliseum in London.
The hotel standing majestically along Jalan Sultan Hishamuddin in the 1930s. Courtesy Photo
Hotel Majestic played a significant role in many events before finally closing its doors on 31 December 1983. Although it was classified under the Antiquities Act 1976, which provides for the preservation of places and structures of historical and architectural significance, it didn’t stop its closure and many were sad about it as they viewed it as an irreplaceable national treasure.
What replaced Hotel Majestic was the National Art Gallery. Many signed petitions to prevent the hotel from being turned into an art gallery but they couldn't save it. The hotel underwent a minor interior refurbishment to fit its new role.
The gallery was housed there for 14 years from 1984 until 1998.





Restoring Hotel Majestic to its glory days
In 1995 the government considered a proposal by Syarikat Yeoh Tiong Lay (YTL) Sdn Bhd which looked at building a new National Art Gallery in Jalan Termeloh, off Jalan Tun Razak.
The YTL group built and completed the new art gallery in 1998 in exchange for Hotel Majestic. However, it was not until 2008 that YTL received approval to refurbish and develop the building into an exclusive hotel and a new chapter began.

View from the pool at The Majestic Hotel KL. Photo courtesy of Neshall Zorgo
YTL saw the painstaking restoration of Hotel Majestic from the original five-story building to a classic colonial hotel adding more rooms and facilities.
The previous lodgings with more than 50 rooms were converted to 48 luxurious suites with full butler service and renamed the Majestic Wing.





Artistic designed suites. Photo courtesy of YTL Hotels

YTL had further developed the land surrounding the building. On the right of the Majestic Wing is the Majestic Spa, offering an array of rejuvenating experiences amidst style and opulence. On the left of the Majestic Wing, is the newly built Tower Wing, which formerly housed the Syariah Courts. Designed by architect Zaidan Tahir, the Tower Wing has taken the prominent elements of the Majestic Wing but included modern touches to make the hotel more attractive and welcoming to the discerning palate of the 21st-century guest. The new wing houses 253 plush guest rooms and suites.
Completing the rooms are the star assets that include two full-service restaurants, The Orchid Room, tea lounge, reading room, drawing room, the Majestic Spa, meeting rooms and a pillar-less ballroom that can seat up to 1,200 guests.





The external facade was kept intact, sticking to its original hybrid of neo-classical and Art Deco, where simple lines are married with Roman columns and intricate cornices.
The hotel reopened in December 2012 as The Majestic Hotel KL in grand style with three consecutive weekends of world-class musical entertainment, featuring the Mills Brothers, Freddy Cole and The Original Rat Pack.





YTL Hotels executive director Datuk Mark Yeoh Seok Kah said The Majestic Hotel Kuala Lumpur has been privy to the changing tides of the country. Photo courtesy of YTL Hotels

YTL Hotels executive director Datuk Mark Yeoh Seok Kah said The Majestic KL has been privy to the changing tides of the country.
"We reinvented the hotel. We are the only classic hotel in Kuala Lumpur with historical significance and we have to keep to it. We are in the historical mile of Kuala Lumpur and a lot of tourists from all over the world come here every year. History will always be embedded in this hotel and its significance will not change despite it getting a makeover," Yeoh told NST Property.
The restoration of this iconic hotel is in-line with YTL’s vision, which previously transformed Bintang Walk in Kuala Lumpur and encouraged duty-free shopping in the 1990s, all of which have been the catalyst in the city’s transformation. This move has led to Kuala Lumpur being awarded the world’s fourth-best shopping destination by CNN, and the second-best shopping city in Asia-Pacific by the Globe Shopper Index.

The company's efforts have earned the Majestic Hotel KL a coveted listing in the Leading Hotels of the World – the only hotel in Kuala Lumpur to bear this badge of honour, an accolade only other landmark hotels like The Ritz in London and, in Paris, Le Bristol possess.





Fantastic location
Jalan Sultan Hishamuddin is not only a key location in Kuala Lumpur it is also known as the historical mile of the capital city, said Yeoh.
In the vicinity are many of the city's tourist attractions, including the National Museum, National Mosque, Islamic Arts Museum, National Textile Museum, Lake Gardens, Bird and Butterfly Parks.
Located opposite The Majestic Hotel KL is the striking old Moorish style KTM railway station and the Asian International Arbitration Centre.

KTM Railway Station. Photo courtesy of Neshall Zorgo

Photo courtesy of Neshall Zorgo
Just next to the hotel is the grand Mughal-inspired railway administration building.
The KTM railway station and the railway administrative building were designed by British architect Arthur Benison Hubback (1871-1948), who was also a brigadier-general in WWI. Hubback also designed Masjid Jamek and Carcosa Seri Negara.





The grand Mughal-inspired railway administration building. Courtesy Photo

"This is a fantastic location. We are within walking distance to the majority of the popular tourist attractions in the neighbourhood including Merdeka Square and China Town and these are all the originals of Kuala Lumpur," said Yeoh.

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RH targets listing in 3-5 years


RH Consortium executive chairman Ramelle Ashram Ramli (left) and group chief executive officer Hamzarul Hazmir Hamdan giving a briefing on Riverbank Cove recently. PIC BY MOHD YUSNI ARIFFIN

Perak-based developer RH Consortium Sdn Bhd aims to go public in the next three to five years to enable it to acquire more land and expand its development in the state.
Although the company is keen on a Bursa Malaysia listing, realistically it would only be in the next three to five years as the focus now is to build up its revenue and net profit, executive chairman Ramelle Ashram Ramli told the New Straits Times recently.
RH Consortium is targeting RM30 million revenue this year as it is just starting off its flagship mixed development, Riverbank Cove, in Manjung.
The 52ha project has a total gross development value (GDV) of RM2 billion and it will take about seven years to complete.
The development will include residential and commercial properties, a confinement centre, a boutique hotel, and student accommodation.
“We need the GDV to be realised and we are expecting higher sales from 2021 onwards. Our revenue target in 2021 is to achieve close to RM100 million,” said Ramelle.
He added that the company would be profitable this year.

There are six phases of development in Riverbank Cove, which is situated right at the river mouth of Sungai Tiong overseeing Pangkor Island.
The first phase will take up 14ha and has a GDV of RM150 million. It will offer 550 residential units to be developed in four sub-phases, said Ramelle.
Phase 1A, launched in October last year, has 100 units of double-story terrace houses. The houses are selling from RM290,000 to RM480,000 (corner units) and close to 60 per cent had been sold, he added.
Ramelle said Phase 1B and 1C would be launched by the third quarter of this year, featuring 350 units of townhouses priced from RM190,000 to RM220,000 each.
“We are anchoring Riverbank Cove to launch the entrance of RH Consortium into the property development market.”
RH Consortium has raised RM200 million from a sukuk issue with Kenanga Investment Bank Bhd to fund the development.

According to Ramelle, the company had drawn down RM33 million from the sukuk proceeds to develop the first few phases.
“The project will be self-funding as we move along,” he said.
Group chief executive officer Hamzarul Hazmir Hamdan said RH Consortium is planning to launch new developments in Taiping and Meru.
The company has obtained the development order from the authorities for the project in Meru, which is expected to have a GDV of RM680 million.
The land in Taiping, which is about 21ha, is in the planning stage, he said.

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Berjaya's newly opened ANSA Okinawa Resort a game-changer

Berjaya Hotels & Resorts (BHR), a member of the Berjaya Corp Group of Companies is bullish on the prospects for its five-star ANSA Okinawa Resort in Japan that opened recently.
The resort is located on the high ground of Uruma, the third-largest city in the Okinawa prefecture and is a game-changer.
Berjaya Land Bhd (BLand) chief executive officer Syed Ali Shahul Hameed said Okinawa is becoming an increasingly popular tourist destination in Japan.

Berjaya Land (BLand) Bhd chief executive officer Syed Ali Shahul Hameed is bullish on the prospects for the five-star resort. Courtesy Photo

Okinawa recorded 9.8 million visitors in 2018, which grew 14.2 per cent year-on-year.
The majority of the visitors are domestic travellers, and tourists coming from China and Taiwan.
According to a report last year by C9 Hotelworks, the key catalysts driving increased tourism to the island are rising airlift, visa exemptions for a number of Asian and favourable currency exchange rates to the Japanese yen.

"Okinawa is an elevating destination and it is attracting a lot of people, including Malaysians who are going there for a family vacation. Okinawa is known as the Hawaii of Japan," Syed Ali told NST Property.
ANSA Okinawa, which is BHR's first property on Japan's southernmost prefecture is nestled within the lush greenery of Ishikawa hill.

ANSA Okinawa Resort is located on the high ground of Uruma, the third-largest city in Okinawa prefecture. Courtesy Photo

The resort is located about an hour's drive from the Naha International Airport, which is building a second runway this year.
The six-story hotel has 123 rooms and suites, two food and beverage outlets, a banquet hall, a conference room, a pool, a sauna, and a fitness center,
Syed Ali said the location of the resort is unique as it offers an unobstructed panoramic view of the East China Sea and the Pacific Ocean at each side of the island.
He said, following the highly successful opening of the Four Seasons Hotel & Residences Kyoto in 2016, ANSA Okinawa is another milestone to Berjaya Group's significant investment in Japan.
"We look forward to more long-term development projects in Okinawa, such as the upcoming Four Seasons Resort & Private Residences Okinawa which is expected to commence its groundwork in the second quarter of this year," he said.

Building luxury assets in Okinawa
BLand is developing the Four Seasons Resort (125 rooms) & Private Residences (122 units), including 28 villas and a spa.
This is the first phase of development for the 41 hectares of beachfront land owned by BLand, acquired back in 2009. Phase 1 will use up one-third of the land, and completed in 2023, at a gross development cost of US$400 million.
Syed Ali said in an interview previously that earthwork is expected to start in the second quarter of this year, and the launching of the residences and villas would take place in the third quarter.
He said it would be one of the most luxurious homes in Japan while the Four Seasons Resort & Private Residences will be the most iconic development, setting a benchmark.
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Let property developers do their job


Property developers in Malaysia should launch new and fashionable housing projects to boost the market. File Photo

Property developers should launch new and fashionable housing projects, albeit cautiously to boost the market, says Knight Frank Malaysia managing director Sarkunan Subramaniam.    
Developers are in the business of developing and selling properties including residential, said Subramaniam.   

Knight Frank Malaysia managing director Sarkunan Subramaniam said it is impossible to predict how long it would take for overhang properties to clear. File Photo

"There is no such thing they should stop launching just because there are overhang properties in the market. If developers have unsold stock then they should offer discounts and incentives to offload them as they launch new projects and many are already doing that," he told NST Property.   
Zerin Properties managing director and chief executive officer Previndran Singhe recently commented that developers in Malaysia should not launch small office home offices (sohos), small office virtual offices (sovos) and serviced apartments in Klang Valley this year.
Singhe said the focus should be on clearing up the existing stocks.
There are about 3,000 units of sohos, sovos and serviced apartments worth RM3 billion in Klang Valley and the existing stocks, which account for 20 per cent of the total property overhang in the country, could be cleared in a year if there are no new launches, he claimed.

Singhe was commenting on a report by CBRE|WTW managing director Foo Gee Jen who said it may take more than five years for unsold high-rise residential units in Klang Valley that include serviced residences, sohos, and sovos to be absorbed into the market, should prices not correct substantially.

Zerin Properties managing director and chief executive officer Previndran Singhe claims the supply of small office home offices and small office virtual offices is 20 per cent of the total property overhang in the country and could be cleared in a year if there are no new launches. File Photo

Speaking at a media briefing recently on CBRE|WTW's 2020 real estate market outlook, Foo said the stock for unsold landed residential units may take two years to clear, provided the market trade upwards.
"We would like to make it clear that this is misleading and untrue," Singhe said in a statement last week.
"The value of the said overhang, although a considerable RM3 billion, is about 20 per cent of the actual overhang. Kuala Lumpur has been the main driving force of the recovery of the property market and based on simple extrapolation of sales of 2,500 units a year, if (there are) no new launches this would be absorbed in a year."

Introduce new homeownership campaigns
Subramaniam said developers should carry out their own ownership campaign and with the incentive scheme that they have individually structured to carry on clearing out their stock.  
"The 2019 Home Ownership Campaign (HOC) has been successful and it shows the overhang issue is not alarming and can be corrected. We are not in a situation of a calamity. There will always be a situation of overhang. We are shouting absolute numbers here," he said. 
Subramaniam said a survey by Knight Frank with some members of the Real Estate & Housing Developers' Association (REHDA) Malaysia show that 30-40 per cent of them have about 20 per cent of overhang stock.
He said, there was also a group of developers who do not have overhang stock.
"Some do have overhang stock and said they would take time to sell. No one can say it will take one year or five years to solve the country's overhang issue. It is impossible to predict how long it could take. If developers decide to cut loss, the numbers will reduce," he said.  
Subramaniam said the key is to launch products that are required in the market, easy to sell and not speculative.

Developers' right to launch
Developers are questioning the assessment by Zerin Properties on how is it that existing stock would clear up within a year if they stop launching in the next 12 months.
"As developers, our business is to sell. What do we do in the next 12 months? There are a lot of people looking for new homes. Bear in mind that not all developers have high numbers of overhang properties. Some developers have less than 10 per cent of unsold units and this is normal given that there are Bumi units to sell," said the listed developer who didn't want to be named.
"We believe developers with over 40 per cent overhang simply did not do enough research. Their projects could be located too far from KL City and the pricing may be off. The concept and design may also be unappealing to buyers. The way forward is to offer huge discounts and throw in more goodies. Otherwise, the stock could remain unsold and if they don't launch new projects, they could go bust anytime as there are no income-generating assets," said the developer.
Another developer with projects in Klang Valley said it would be ridiculous not to launch new housing projects that contribute to the country's economy.
"It is about demand and supply, and willing buyer willing seller. In any industry, you must create a product that people want and are willing to pay for, and they see the value in the boom or bust cycle. It's the same in property development. Developers should deliver products that appeal to genuine homebuyers," he said.

The current property market is dynamic with new supply constantly coming in albeit at a slower pace. File Photo

Dynamic market
Nawawi Tie Leung Property Consultants Sdn Bhd executive director Brian Koh said the current property market is dynamic with new supply constantly coming in albeit at a slower pace.

He said, even if existing oversupply perfectly meets the requirements of new buyers, it will definitely take longer than one year to absorb.
"The assumption that all other new launches will make way for this is ridiculous to happen," he told NST Property.
Koh said any oversupply is a concern as financial assets are tied to no or lower returns and can have an adverse effect on the corporate and financial sector besides personal level.

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Hope for property market to improve this year



Despite many developers giving discounts to sell off their unsold units, some people simply cannot afford to buy the properties, says Rahim & Co

Rahim & Co International Sdn Bhd expects the overall property market to improve moderately this year but warned there will be challenges, said its executive chairman Tan Sri Abdul Rahim Abdul Rahman.
Based on the Rahim & Co's Property Market Review 2019/2020 report launched here today, it showed there was growth in market activities for all major sectors last year.
“The market downturn was at its worst between 2013 and 2017 with percentage drops ranging between six per cent and 12 per cent for Malaysia’s total market activities. When comparing this bleak period with 2019’s positive number, there is a substantial hope for the property market to be back on track towards recovery albeit at a moderate pace," said Abdul Rahim.
On the existing supply of residential units for Malaysia, Abdul Rahim said there were about 5.69 million units by the third quarter of 2019 (3Q2019) after an increase of over 142,000 units year-on-year.

Of these numbers, unsold units remain a hot issue with the latest statistics as at 3Q2019 revealing a total of 31,092 residential overhang units worth RM18.96 billion.
"Looking at the overall dwelling-type properties which include serviced apartments and Soho (small office home office) to the pure residential units, the total overhang number amounts to 50,008 overhang units worth RM34 billion sitting idle in the market across Malaysia," said Abdul Rahim.
Amongst all states, Johor holds the highest count of overhang units at 18,517 units followed by Selangor at 7,226 units and Kuala Lumpur at 5,170 units.
Despite many developers giving discounts to sell off their unsold units, some people simply cannot afford to buy the properties, said Abdul Rahim.
He said some developers also failed to carry out sufficient research before embarking on a project, leading to the high number of overhang units.

Abdul Rahim hoped the government will not bail out the developers for not doing their homework.
To spur the property market whilst reducing the overhang burden, the Housing Ownership Campaign (HOC) 2019 ran for the whole year and had resulted in 31,415 housing units worth RM23.3 billion sold, as stated by the Housing and Local Government Minister.
Abdul Rahim said this includes the sales of new launches as well as units at various stages of construction including unsold overhang units.
"We hope a similar measure will be implemented in 2020 on top of the proposed incentives introduced in Budget 2020 to continue spurring the market," said Abdul Rahim.










The royal town of Klang

By Kathy B. - 

The royal town of Klang in Selangor is an enigma to the uninitiated.
Klang is one of the oldest towns in Malaysia and has a lot of history. For those who do not know, Klang is known for producing tin dating back to the early 15th century.
Area Management Sdn Bhd executive chairman Datuk Stewart LaBrooy has been witness to Klang's growth over the past 64 years, having lived there with his family.
According to LaBrooy, development was slow post-independence as the focus of the new Federal Government was on the creation of Kuala Lumpur as the new capital and Shah Alam as the new state capital.

"Klang was ignored for many years as a result. However, Klang still retains its status as the royal town of Selangor. The big changes came from the completion of the NKVE (New Klang Valley Expressway) in 1990. The NKVE gave the town immediate access to Kuala Lumpur and the rest of the country via the North-Expressway and on the maze of new highways giving Klang the most amazing connectivity to the rest of the country and its infrastructure namely ports and the newly built KLIA in 1998," he told NST Property.

LaBrooy said connectivity was further enhanced with the completion of the KESAS highway in 1996 as it opened a southern link to the town.
He said the development of all these infrastructures led to the establishment of four substantial townships - Setia Alam, Bandar Bukit Raja, Bandar Bukit Tinggi, and Bandar Botanic.
"All these four developments were hugely successful and completed in record time. A total of 4,600ha of mixed development were built and largely completed in under 20 years," said LaBrooy.
Setia Alam, located in the backwater of Meru, Klang was the development of the over 1,600ha North Hummock Estate which turned from oil palm estate to an award-winning township. It was originally part of Klang but was subsequently made part of Shah Alam.
SP Setia Bhd bought the estate from the family that controlled See Hoy Chan Group in 2002 and launched the township in 2004.

Bandar Bukit Raja spans 1,753ha and is a mixed development launched in 2002 by Sime Darby property. Even in soft market conditions, the township remains a popular location for existing investors and new home buyers.
Bandar Bukit Tinggi (BBT) is a 560ha freehold development launched by WCT Holdings Bhd in 1997, which was part of Bukit Tinggi Estate. Over the last 22 years, BBT has transformed itself into one of the fastest-growing townships in the Klang Valley and is home to over 40,000 residents.


Bandar Botanic by Gamuda Bhd comprises 520ha and was launched in 2001. Photo from gamudaland.com.my

Bandar Botanic by Gamuda Bhd comprises 520ha and was launched in 2001. It is the first waterfront parkland township and features double-storey link houses, semi-detached homes, bungalows, shop offices, and apartments.
"These developments created a boom in population in Klang driving new residents from other parts of the Klang Valley with their offering of affordable landed homes for families," said LaBrooy.
"It is also testimony to the purchasing power of the Klang residents as for the first time they were able to purchase homes with the quality of those being offered in more prestigious locations," he said.

Klang history

Klang remains one of the oldest towns in Malaysia.
LaBrooy said its history predates Melaka but very few people know much about it.

Linked to the port, Klang became a manufacturing and shipping hub. Its population served the new manufacturing facilities emerging in Shah Alam, he said.

"Klang is the fourth largest town in the country but hasn’t been given city status yet. What is missing is a University and a good stock of high-quality office buildings.
"We tick all the other boxes. It has good schools, retail malls but could do with more five-star hotels. Klang is getting popular with tourists and Malaysians who travel there at weekends to take part in the food experience and the heritage trails," said LaBrooy.
LaBrooy pointed out that Klang has the amazing infrastructure, where it is home to five train stations, seven LRT (light rail transit) stations and is the starting point for the KESAS, the NKVE, and Federal Highway.
Klang is also a main connection point for the West Coast Highway, he said.


Klang - the next Petaling Jaya?
LaBrooy thinks Klang could become the next Petaling Jaya or Bangsar South with many modernised high-rise buildings, luxury houses, mega malls and entertainment centres coming up.
"When large tracks of freehold estate land adjacent to the town were made available it was a developer's dream location. Many years of small developments led to a huge pent up demand which gave all new launches an immediate success.
"Interestingly, a 2010 census showed that Klang population comprised 43 per cent Malay, 27 per cent Chinese and 22 per cent Indian population mix. Klang offers an interesting demographic. There is strong per capita income amongst a balanced and diverse population which is why developers are looking for development land in Klang. However, I hope Klang would be spared a rapid development as it will lose its charm and character," said LaBrooy.
LaBrooy said Klang, just like the older towns of Penang, Melaka, and Ipoh is a community with families who have lived there for generations.
He said Klang is a great town to bring up kids with readily accessible schools and healthcare.
"Klang has a vibrant economy driven by manufacturing and port services and I see it further becoming the location of choice for manufacturing, logistics and port services."

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Tuesday, January 21, 2020

TSR boosting presence in core markets


An artist’s impression of the PD Waterfront project in Negri Sembilan, which has an estimated gross development value of RM2.5 billion.
 

Property and construction group TSR Capital Bhd is beefing up its presence in its core markets and anticipates the business environment to improve in line with improved foreign direct investments (FDIs).

Chief financial officer Ng Kim Keong told the New Straits Times that TSR was cautiously optimistic of its outlook this year.

He said the group had received inquiries from Taiwan, Hong Kong and Japanese investors for joint-venture (JV) opportunities for its land bank on Pulau Langkawi and in Port Dickson.

TSR is developing a 31.16ha site in Kuah town in Langkawi and 25.5ha in Port Dickson, where it has started a project called PD Waterfront.Ng said the development progress for PD Waterfront, which has an estimated gross development value (GDV) of RM2.5 billion, was currently at 20 per cent.

“We plan to build water villas, hotels, apartments and retail units. Investors are coming to us for JV
opportunities. They want to purchase the properties for investment or development.”

The land in Kuah is located next to St Regis Langkawi and overlooks the Andaman Sea.


TSR is planning a resort township jointly with landowner Terusan Al-Maju Sdn Bhd and United States-based Globe Venture Holdings Inc.

The resort development will include apartments, resorts, hotels and commercial units with the potential GDV exceeding RM3 billion.

“We are focusing on a niche market. We are in advanced stage of discussions with some of the investors and if they come in, it will boost our projects in terms of development and sales as they can market the properties in their countries,” said Ng.

He said TSR was improving its cash flow to support ongoing projects.


In November, the group received shareholders’ approval to sell 70 per cent in its TSR Tower at Mutiara Damansara to Ivory Code Sdn Bhd (ICSB), to raise RM18.59 million in cash and free up shareholder advances of RM14.39 million.

“We are keeping our options open on what we want to do next. The building is 100 per cent occupied and gives us good returns,” said Ng.

ICSB is a company linked to TSR deputy chairman Tan Sri Lim Kang Yew.

TSR said in a filing with Bursa Malaysia the disposal served as an opportunity for the group to raise funds and improve its cash reserves.

Completed in April 2014, the 17-storey building located near the Curve, Tesco, Ikea, IPC Shopping Centre and eCurve, has a net lettable area of 152,000 sq ft.

On whether the building was still up for sale, Ng kept mum.


The NST reported in 2017 that TSR was looking to sell the building for close to RM180 million.

TSR had received inquiries about the property from private investors who planned to buy it to house their corporate offices or for investment purposes.

There were also inquiries from local government agencies and multinational corporations looking to relocate.

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Western Chinese billionaire buys London property


CC Land Holdings Ltd is buying properties and developing sites in London. Photo of the Nine Elms Square project from www.ccland.com.hk


CC Land Holdings Ltd founder and chairman Cheung Chung-Kiu will pay more than £200 million for a 45-room mansion in London, making it Britain's most expensive deal in recent years.

The record for the most expensive transaction was previously held by Park Place in Henley-on-Thames, Berkshire, acquired by the exiled Russian banker Andrey Borodin for £140 million in 2011. Last year, the US hedge fund billionaire Ken Griffin, bought a Georgian mansion close to  Buckingham Palace for £95 million.

Cheung, the western Chinese property magnate, who owns the £1.15 billion Cheesegrater skyscraper in London, agreed to purchase the 62,000 sq ft mansion for between £205 million and £210 million.

The deal, which was first reported by Bloomberg, was brokered by Beauchamp Estates.

According to Bloomberg, the Knightsbridge deal is possible because of the historic weakness of sterling as a result of Brexit.


The seven-storey property, at 2-8a Rutland Gate, overlooking Hyde Park, was built as four grand family homes in a row before being converted into one vast residence in the 1980s. It has 20 bedrooms, grand staterooms, a swimming pool, a private health spa and gym, underground parking for several cars and staff rooms.

The mansion previously belonged to Prince Sultan bin Abdulaziz Al Saud, the late former Crown
Prince of Saudi Arabia, until his death in 2011. It was also home to the late billionaire Rafic Hariri, who had served twice as Lebanon’s prime minister.

According to reports, the sale is expected to be completed in the next few weeks.

Cheung is mulling to use the property either “as a single house for private client use” or converted into an ultra-prime multi-unit apartment scheme”, this is according to media reports in the UK, quoting a statement from the Cheung’s family office.


A conversion into apartments could create a luxury residential scheme valued at an estimated £700 million.

Self-made billionaire

Cheung, born in 1964 in Chongqing, China moved to Hong Kong in 1980 and there he would buy various items like umbrellas, watches, and cassettes to sell in mainland China.

He ventured into real estate, buying agricultural land in Chongqing to develop a residential project called California Garden.

At the age of 29, he became one of the youngest listed company chairman for Yugang International.

In 1999, he took over a family business involved in packaging which he renamed CC Land, which today is listed in Hong Kong and owns properties in China and the Uk.


In 2017 Cheung completed a deal to buy the Leadenhall Building in London, also known as The Cheesegrater for £1.15 billion, and Vodafone's Paddington headquarters for £290 million.

Late last year CC Land bought a stake in a new £1.25 billion property development in London. The developer agreed to a joint venture deal with private equity real estate firm Meyer Bergman, under which it will invest at least £182 million in the redevelopment of the former Whiteleys shopping centre in Queensway.

Both CC Land and Meyer Bergman expect to invest £400 million to bring the redevelopment project
to completion with luxury apartments, a hotel, and retail space, while US private equity firm Apollo Global Management, Inc., is providing a construction facility of £850 million.

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Berjaya Times Square Hotel in RM15 million makeover


Berjaya Times Square Hotel Kuala Lumpur is undergoing an RM15 million makeover this year. Photo from Berjaya Hotels

Berjaya Times Square Hotel Kuala Lumpur (KL) is undergoing an RM15 million makeover that will see all its rooms, ballrooms and meeting rooms upgraded this year.

Berjaya Hotels & Resort (BHR) chief operating officer, Foo Toon Kee said, 2020 is a key year for the hotel, primarily because of Visit Malaysia 2020 (VM2020).

"The Ministry of Tourism, Arts & Culture is aggressively promoting the VM2020 campaign and Malaysia Healthcare Year 2020. Therefore, we have to keep striving hard in order to provide the ultimate hospitality experience for our guests through our extensive array of high-quality offerings"
said Foo.


Foo Toon Kee. Photo from Berjaya Hotels
Foo told NST Property that the whole refurbishment program for the hotel consists of the guestrooms renovation in two phases.

He said, 88 rooms under the first phase of this exercise will be ready by May 2020 and the phase 2 target is to complete by the second half of 2020.

Another major focus is on the upgrading of the All Day Dining Big Apple Restaurant, which was successfully re-opened in November 2019 and the Manhattan ballrooms and meeting rooms.

"We are upgrading the hotel to provide top-class facilities for MICE (meetings, incentives,  conferences, exhibitions) delegates which the hotel is renowned for," said Foo.

Foo said, the whole exercise to upgrade the hotel, which boasts a total room count of 650, will be
completed by the end of this year.

"The hospitality industry has evolved in recent years with changing nature of guests’ expectations
especially in looking for uniqueness, personalisation, and innovation when choosing a property to stay. Hence, we at BHR are committed to living up to these expectations. Also, we are preparing ourselves to overcome new competitions as well as for the economic recovery," he said.

Foo said the last major refurbishment for the five-star hotel was carried out in the year 2009-2010, and there were minor upgrading works from time to time.

The hotel's primary target customers and clients are corporate members from various industries, as
well as free independent travellers from Singapore, Thailand, China, Philippines, Vietnam, Indonesia, and Australia.

The average occupancy rate a year is around 70 per cent, with an average room rate (ARR) of RM400, said Foo.

Foo said the hotel will be maintaining the ARR to ensure that its business prospect, sales, and revenue remain at an optimum level.


Newly refurbished studio room. Photo from Berjaya Hotels

He said, with a new concept that combines a stylish design with an exquisite dining and staycation room experience, the hotel is set to create a new wave in the industry.

The hotel's strategic location right in between the Tun Razak Exchange, KL’s international financial
district, and Bukit Bintang City Centre, the up-and-coming new heartbeat of KL, will be an added competitive edge, he said.


This prominent landmark is strategically located in the heart of the city and is conveniently linked and easily accessible by various modes of road transportation.

BHR is a member of the Berjaya Corporation Group of Companies.


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KL high-end residential market to improve this year



There is an increase in foreign buyer interest in Malaysia. The buyers are from Singapore, Hong Kong, China, Taiwan, Japan, Australia, UK, USA, and several European countries. NSTP/ASYRAF HAMZAH

Has the Kuala Lumpur high-end residential market bottomed out?

Knight Frank Malaysia believes a series of projects launched in the last six months of 2019 has assisted in the recovery of the high-end residential market in Kuala Lumpur.

The firm launched its latest report, “Real Estate Highlights 2nd Half of 2019” and it revealed that
projects like Core Residence @ TRX, at the Tun Razak Exchange (TRX) in Kuala Lumpur helped the market rebound.

Core Residence @ TRX is a project by Core Previous Development Sdn Bhd, a joint venture
between WCT Holdings Bhd and China-based China Communication Construction Group.

Last year also saw heightened activities in the Tun Razak Exchange (TRX) in Kuala Lumpur with the completion of Menara Prudential and Exchange 106.

More deals are being transacted in the high-end residential market. File Photo

Other notable residential projects unveiled during the second half of 2019 were Conlay, a joint development by Eastern & Oriental Bhd and Mitsui Fudosan Group, Agile Embassy Garden by Agile Group Holdings and ALIX Residences by TA Global Bhd.

Agile Embassy Garden sits on a 3.06-acre site that formerly houses the British High Commission. The three-block luxury serviced apartment project will offer 1,296 units.

ALIX Residences in Dutamas, North Kiara was unveiled in June 2019. The project features two blocks of condominiums of 35-storey and 22-storey offering a total of 364 units from 1,012 sq ft to 6,544 sq ft.


 
These new launches are selling between RM1,900 per sq ft (psf) and RM2,200 psf on average. The gross selling price for Core Residence averages at about RM2,200 psf while Conlay is in the region of RM2,050 psf.

Agile Embassy Garden set a new benchmark pricing of RM1,900 psf at the Embassy Row, in the exclusive locality of Ampang Hilir/U-Thant. In comparison, a project called Impression U-Thant by
Yong Tai Bhd was launched in 2018 at a gross pricing of RM1,700 psf.

Knight Frank Malaysia managing director Sarkunan Subramaniam said the overall outlook for the Kuala Lumpur high-end residential market remains challenging amid the supply and demand imbalance.

Nevertheless, he expects to see more new launches and transactions in the prime areas of Kuala Lumpur city – Bukit Bintang, Ampang Hilir or U-Thant, Mont Kiara, Bangsar, and Damansara Heights or Kenny Hill.

“In addition to these prime areas, there are also some established neighbourhoods or upcoming hotspots that are drawing the attention of the upper-income population and high-net-worth individuals.

“These include Desa ParkCity, Taman Tun Dr Ismail and the upcoming financial district of Imbi, Pudu and TRX,” said Subramaniam.


The report also highlighted there is an increase in foreign buyer interest here. The buyers are from Singapore, Hong Kong, China, Taiwan, Japan, Australia, UK, USA, and several European countries.

"The local developers are aggressively marketing their high-end residential products abroad coupled with the various available initiatives and incentives to stimulate the property market. We expect to see more sales this year. This would help to ease the current glut in the high-end property segment," he said.


New legislation to boost the market

Sarkunan expects new legislation may aid in the recovery of the market this year.

There were several key policies announced under the National Budget 2020, like lowering of foreign buyer price threshold from RM1 million to RM600,000 for unsold high-rise properties in urban areas and the introduction of Rent-to-Own financing scheme.

Other initiatives by the government include revising the base year for Real Property Gains
Tax to January 1, 2013, for assets acquired before the date are expected to further stimulate the market.

Sarkunan said the shifting of the base year for RPGT is likely to have a positive impact as it will potentially lower taxable gains on the disposal of properties.

"This may lead to a higher level of activities in the secondary property market," he said.


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