Tan Sri Danny Tan eyes strategic partnerships for Tropicana to expand its foothold nationwide

Tropicana Corp Bhd is keen to work with landowners who are looking to unlock their land bank and partners to help develop its land bank. Image sourced from www.tropicanacorp.com.my

By Sharen Kaur, Published in NST Property on July 26, 2021

Tropicana Corp Bhd is keen to explore opportunities with landowners who are looking to unlock their landbank in a strategic move to push forward and expand the group's foothold across Malaysia.

Its founder and group executive vice-chairman Tan Sri Danny Tan Chee Sing said Tropicana is also looking for partners to help develop its landbank.

"To boost our business resilience and scale up our expansion plan, we invite landowners to join us, leverage on our expertise and unlock their landbank or we welcome corporations to partner with us to jointly develop our strategic landbank," he said.

Tan said Tropicana is the proud owner of over 858 hectares (ha) of strategic landbank worth over RM77 billion in gross development value (GDV) across Malaysia, namely in Klang Valley, Genting Highlands, Langkawi, and Johor.

"For 25 years, we have witnessed and celebrated many milestones and achievements with our valued partners. Together, we have successfully developed luxurious residences, commercial lots, mixed townships, shopping malls, five-star hotels, and international schools.

"We are humbled and very grateful for their confidence, trust, and support in us. Backed by my capable management team and committed workforce, I believe we are ready to take a big step forward and welcome more partners to join our Tropicana Smart Partnership Programme," he said in a statement.

Established in 1979, Tropicana has become a household name that is synonymous with community builders and value investments.

In 1992, Tropicana introduced the first resort-themed development, Tropicana Golf & Country Resort in Petaling Jaya and since then, it has completed many successful projects across Malaysia and unlocked more than 612.2ha of landbank.

The developer has had the privilege to partner with 11 reputable corporations over 25 years.

The Tropicana Smart Partnership Programme began in 1996 when the developer entered into a strategic partnership with Selangor State Development Corporation (PKNS) to develop a 165.3ha township at Tropicana Indah Resort Homes.

In 2010, the group partnered with Iskandar Waterfront Sdn Bhd to build a 15.1ha mixed development known as Tropicana Danga Bay in Johor.

Tropicana was then invited to form alliances with other reputable local and international firms such as Ivory Properties Group, Marriott International, HK-listed Agile Property Holdings Ltd, GEMS Education, MBI Incorporated, Tenby Schools, and Temokin Development Sdn Bhd.

To date, the group has joined forces with 11 corporations, completed over 45 successful joint venture projects ranging from integrated mixed developments, townships, luxurious residences, international schools, shopping malls, and world-class hotels with a total GDV of over RM13 billion over the course of 25 years.

Tropicana and Temokin Development launched Tropicana Miyu in September 2020.

Temokin Development director Jeremiah Tan Chien Yih said the project was launched amidst the challenging market environment.

He said the two firms were encouraged by the response and to date the project has recorded over 95 per cent take-up.

"The Tropicana and Temokin brand name plus its ability to launch the right product at the right location is a testament to the strength of its joint venture partnership complemented by the wealth of expertise in the industry," he said.

An artist’s impression of Tropicana Gardens at Tropicana Indah. Courtesy image

PKNS chief executive officer Siti Zubaidah Abd Jabar said both the firm and the developer launched Tropicana Gardens and the first residential block, Arnica Residences was sold out in two days.

"The rest of the three residential towers followed suit and sold out, too. Tropicana Gardens Mall, the largest neighbourhood mall in its region has achieved 68 per cent take-up with 50 per cent of tenants open for trade as of today," she said.

The Johor-Singapore relationship remains significant in driving property demand

Investors, developers, and business owners are looking forward to the re-opening of international borders. File Photo of the Johor-Singapore causeway (Credit:Datamine Malaysia)

Published in NST Property, July 27, 2021

The high-rise residential sub-sector in Johor is expected to remain sluggish moving forward as potential buyers and investors adopt the 'wait-and-see' approach.

Knight Frank Malaysia said the resurgence of Covid-19 cases more than a year since the implementation of the first Movement Control Order (MCO) continues to impact the property market.

  It said the overall high-rise residential properties in the secondary market experienced fluctuations in asking prices due to mixed sentiments arising from the strict containment measures.

"The Johor-Singapore relationship remains significant in driving demand and most investors, developers, and business owners are looking forward to the re-opening of international borders," said the firm.

 The cumulative investment for Iskandar Malaysia, since its inception in 2006, was recorded at RM340.3 billion as of December 2020. Some 60 per cent or RM202.2 billion has been realised, comprising 59 per cent of domestic investment and 41 per cent foreign investment. China topped with the highest investment value of RM54.6 billion, followed by Singapore (RM24.3 billion), United States (RM8.39 billion), and Japan (RM5.86 billion).

 There were some major land deals by developers in Johor in 1H2021.

 On January 5, 2021, Kimlun Corp Bhd proposed to acquire 4.54 hectares (ha) of commercial land in Bandar Seri Alam for RM40.5 million or about RM83.60 per square ft (psf) to replenish its land bank. As at the date of announcement, details and specific plans for the proposed commercial development are still at the preliminary stage.

On April 22, 2021, Damansara Realty Bhd inked a SPA agreement with DMR Land Sdn Bhd to dispose of two parcels of freehold land measuring 4.81ha in Taman Damansara Aliff, Johor Bahru for RM38.42 million or about RM75 psf.

 On May 7, 2021, S P Setia Bhd, through its wholly-owned subsidiary, Pelangi Sdn Bhd disposed of eight parcels of land measuring about 391.72ha in Mukim Tebrau for a total of RM518.15 million.

 According to Knight Frank's latest publication, the Real Estate Highlights 1st half of 2021 (1H2021), as of 1Q2021, the cumulative supply of high-rise residential property in Johor Bahru stood at 141,728 units, reflecting an annual increase of 4.2 per cent from 1Q2020.

 Market activity fluctuated during the review period due to various tightening and relaxation of the MCO and the introduction of the four-phase National Recovery Plan (NRP) to contain the spread of the virus.

 Despite the overall challenges some developers continued to launch new projects in 2021.

 MB Group launched Trellis Residences in April 2021. It offers 1,737 units in four layouts, namely studio (295 sq ft), one-bedroom (435 sq ft), two-bedroom (697 sq ft), and dual-key (1,001 sq ft) with selling prices starting from RM220,000 to RM623,000 per unit. The project has an estimated gross development value (GDV) of RM539 million and forms part of the MBW City mixed-use development.

 Knight Frank said the incoming office supply of 1.77 million sq ft in the near future is expected to increase competition in Johor Bahru's office market, putting pressure on occupancy level.

The cumulative supply of purpose-built office space (privately-owned) in Johor Bahru stood at 8.5 million sq ft as of 1Q2021, reflecting a 6.2 per cent year-on-year increment (1Q2020: 8 million sq ft) following the completion of Carnelian Office Tower in Forest City.  

 Knight Frank noted that Carnelian Office Tower is not officially launched to the public yet.

Notable incoming supplies such as Sunway Big Box Office, Coronation Square Office Tower @ Ibrahim International Business District, Menara UMLand, and Mid Valley Southkey Office will collectively add circa 1.77 million sq ft to the cumulative stock.

 The Mid Valley Southkey Office, which is located at the city fringe, is scheduled to complete by 4Q2021, the firm said.

 Knight Frank said during the year, the overall occupancy rate of purpose-built office space edged higher to record at 69.2 per cent (2019: 68 per cent) after two consecutive years of decline.  

"Amid the protracted pandemic, there is increased interest in co-working space as its flexibility allows companies to scale up and down during the various phases of MCO where employees are encouraged to work remotely," it said.

 In Johor Bahru city centre and Johor Bahru city fringe, asking rental rates were lower and range from about RM2.40 psf to RM3.20 psf per month as retaining tenants and boosting occupancy levels are key to landlords.

 Similarly, at Iskandar Puteri, the monthly asking rentals also declined and were quoted from RM3.00 psf to RM3.50 psft, the firm said.

 Knight Frank said the retail segment is one of the worst-hit sectors attributed to restrictions in domestic movement, inter-state travel ban, and closure of international borders.

As of 1Q2021, the cumulative supply of retail space in Johor Bahru was recorded at about 20.8 million sq ft while the overall occupancy rate was lower during the year at 74.4 per cent (1Q2020: 79.3 per cent).  

 "Many retailers had to restructure their business operations by downsizing or permanently closing their underperforming outlets. Small retailers may also shift their business operations online to reduce operational costs which include rental of physical stores whilst optimistic retailers have seen this as an opportunity to take over strategic prime space at more affordable rates," it said.

 After six years of operations, Angry Birds Theme Park, which occupied about 25,994 sq ft of space within KOMTAR JBCC, officially shut down on April 5, 2021.

 On the industrial sub-sector, Knight Frank said that despite the current pandemic, it is expected to remain resilient with a higher level of market activity.

 Nevertheless, there were some interesting deals that took place in the first half of 2021.

 On March 5, 2021, Acoustech Bhd, through its wholly-owned subsidiary, Teras Eco Sdn Bhd entered into a sales and purchase (SPA) agreement with Pegasus Advance Engineering Sdn Bhd to dispose of a piece of industrial land located at Tanjung Surat, Kota Tinggi for RM6.4 million, or about RM45 psf.

 AXIS Real Estate Investment Trust also inked a SPA agreement with Xin Hwa Trading and Transport Sdn Bhd, a unit of Xin Hwa Holdings Bhd in March to acquire land with buildings located in the Pasir Gudang Industrial Area, Johor, for RM75 million.

Housing development sector can operate under National Recovery Plan

The housing development sector will be allowed to operate under Phase 1 and 2 of the National Recovery Plan effective immediately. Pixabay/Photo

Published in NST Property, July 27, 2021

The housing development sector will be allowed to operate under Phase 1 and 2 of the National Recovery Plan (NRP) effective immediately, says the Ministry of Housing and Local Government (KPKT).

This is a favourable outcome for property developers, the building and development industry as they can extend their operation amid the ongoing Covid-19 pandemic.

The housing development sector has been hit hard by the virus since the beginning of last year.

The unprecedented global Covid-19 outbreak has changed the landscape of businesses all over the world and the Malaysian property development and construction industry have not been spared.

According to a statement by KPKT today the permission to operate is applicable to active housing developers with valid Advertising Permit and Developer's License (APDL).

Under Phase 1 of NRP, the activities allowed to operate are the housing developer's management office, handing over vacant possession notices and house keys to homebuyers.

Other activities allowed to operate are critical damage repairs during the defect liability period and the building of houses by G1 to G4 contractors for Rumah Mesra Rakyat (RMR) under Syarikat Perumahan Negara Bhd (SPNB).

Under Phase 2 of NRP, the activities allowed are sales and marketing at the developer's office, sales agent, sales gallery, show unit, and sub-sale property units.

KPKT said the permission for the housing development sector to operate is subject to compliance with the latest standard operating procedures (SOPs).

More hurdles for Bandar Malaysia

By Sharen Kaur - Published in NST Property, July 15, 2021 

Bandar Malaysia is South East Asia's single largest city development worth over RM140 billion.

Bandar Malaysia, South East Asia's single largest city development worth over RM140 billion is faced with another hurdle given that Ekovest Bhd has decided not to proceed with its heads of agreement (HOA) with Iskandar Waterfront Holdings Sdn Bhd (IWH) to buy into the project.

This is following the lapse of the RM7.4 billion sale of 60 per cent in Bandar Malaysia Sdn Bhd (BMSB) to a joint venture company IWH-CREC Sdn Bhd.

IWH-CREC's proposed acquisition of 60 per cent in BMSB from the Ministry of Finance Inc (MOF)-owned TRX City Sdn Bhd (TRXC) for RM7.4 billion lapsed in May as the parties involved did not meet the conditions precedent for the deal.

IWH-CREC is a 50:50 joint venture between IWH and China Railway Engineering Corp (M) Sdn Bhd.

Tan Sri Lim Kang Hoo controls 30.8 per cent of Ekovest Bhd and his investment vehicle Credence Resources Sdn Bhd holds a 63.13 per cent stake in Iskandar Waterfront Holdings Sdn Bhd. File Photo

Businessman Tan Sri Lim Kang Hoo controls 30.8 per cent of Ekovest and his investment vehicle Credence Resources Sdn Bhd holds a 63.13 per cent stake in IWH.

Ekovest said in a filing today that it has been notified by IWH on July 15, 2021, that the restated and amended share sale agreement executed between IWH-CREC and TRXC had lapsed.

"Consequence on the above, Ekovest and IWH will no longer proceed with the HOA dated December 8, 2020, as it is now deemed null and void," it said.

The HOA entailed Ekovest taking a 40 per cent stake in a special-purpose vehicle which would in turn control 50 per cent of IWH-CREC.

Ekovest's total investment commitment for the proposed participation and investment in Bandar Malaysia was about RM1.48 billion.

According to a joint statement by TRXC and IWH-CREC, the parties agreed to mutually terminate the share stake purchase after the conditions precedent in the agreement were not fulfilled within the condition precedent period.

Further, no extension was sought, the statement read.

"TRX City and ICSB had been working together to find solutions to preserve the partnership to realise the common vision of unlocking Bandar Malaysia's potential.

"Despite such efforts, to date, the parties have not been able to mutually agree to the terms of the extension of the condition precedent period. Thus, the agreement is now deemed null and void," it said.

The 198.4 hectares Bandar Malaysia, located at the site of the former Royal Malaysian Air Force base in Sungai Besi in Kuala Lumpur is planned as a financial and business centre, comprising offices, residential, retail, medical and education components, arts and entertainment, and an underground canal city.

An artist’s impression of the underground canal city.

Based on international real estate consultants' estimates, the gross development value (GDV) of the Bandar Malaysia project is estimated to be over RM200 billion, far from the MOF's estimates of RM140 billion.

Lim, who is IWH executive chairman told NST Property last September that Phase 1 of Bandar Malaysia will have more than 12 towers comprising Grade A office towers, hotels, serviced apartments, and luxury residences, with a gross floor area of over 12 million square feet.

He also said that Phase 1 will have an estimated gross development value (GDV) of around RM10 billion and construction was slated to commence in June this year.

Ireka receives RM40mil offer for shares in its associate companies

By NST Property - Published July 16, 2021 

Ireka Corp Bhd has received a non-binding offer from a substantial shareholder, Ideal Land Holdings Sdn Bhd (ILHSB) to purchase all of its equity interests in 17 subsidiaries and associate companies for a total of RM40 million.

  ILHSB is a vehicle controlled by Ireka executive chairman Datuk Lai Siew Wah, his son, Datuk Lai Voon Hon who is Ireka's group managing director (MD), and his daughter, Monica Lai Voon Huey, who is Ireka's group deputy MD.

  Ireka received a letter from ILHSB for the non-binding offer (Letter of Offer) dated July 5, 2021, it said in a filing with Bursa Malaysia recently.

  ILHSB plans to buy companies from Ireka that are involved in property development, property management, urban transportation, and information technology business.

  These include Aseana Properties Ltd (ASPL), in which Ireka has 23.07 per cent equity interest, and The RuMa Hotel KL Sdn Bhd (30 per cent).

  The other companies are Ireka Engineering and Construction Vietnam Company Ltd, Ireka Development Management Sdn Bhd, United Time Development Sdn Bhd, i-Residence Sdn Bhd, Ireka Commercial Sdn Bhd, and Ireka Property Services Sdn Bhd. Ireka has 100 per cent equity interest in all of these firms.

  Ireka said the offer is subject to ILHSB or its nominee entering into a binding definitive conditional sale and purchase agreement with Ireka within 30 days from the date of the Letter of Offer.

  It said that in view of the interests of certain of its directors in ILHSB, namely Siew Wah, Voon Hon, Voon Huey, and Chan Chee Kian (collectively referred to as interested directors), the interested directors are deemed interested in the offer.

  Ireka said the Board (save for the interested directors) will deliberate on the offer and decide on the next course of action.

  There have been some interesting developments in Ireka prior to this announcement on July 5 which saw ILHSB selling a total of 21.67 million shares via an off-market transaction, according to several filings to the stock exchange This reduced the Lai family's direct stake in Ireka to 51.83 million shares or 27.76 per cent stake from around 39.36 per cent earlier.

  Ireka also announced that Magnipact Resources Sdn Bhd and Green Riverdale Holdings Sdn Bhd, controlled by Lai Man Hoi (Siew Wah's sibling) and Chan Soo Har @ Chan Kay Chong (Chee Kian's father) respectively had ceased to be its substantial shareholders.

  Magnipact sold 23.1 million shares via an off-market transaction. Green Riverdale ceased to be a substantial shareholder of Ireka due to its deemed interest held through Magnipact.

  Bursa filing also revealed that Kenanga Investors Bhd currently has a 29.96 per cent stake in Ireka, which according to Kenanga the shares were acquired via a direct business transaction.

  For the financial year ended March 31, 2021, Ireka posted a pre-tax loss of RM21.12 million, compared to a pre-tax loss of RM57.96 a year before that.

  Ireka had said that the loss is due to lower than expected revenue from all segments due to the Covid-19 pandemic and the disruption to business and operation.

  The results included a share of loss from associates of RM9 million, made up of a share of loss of ASPL of RM2.887 million, The RuMa Hotel KL of RM3.436 million, and Urban DNA Sdn Bhd of RM2.672 million.

  Ireka said in its March filing to Bursa that ASPL's four operating assets, The RuMa Hotel, Four Points by Sheraton Sandakan Hotel, Harbour Mall Sandakan, and City International Hospital HCMC were adversely affected by the Covid-19 and lockdown of business activities in Malaysia and Vietnam.

  The management agreement with Marriott International for Four Points by Sheraton Sandakan Hotel was mutually terminated and the hotel has permanently closed for business from June 1, 2020, it said.

  RuMa Hotel was also temporarily closed for business in March 2020, given the travel restriction imposed on foreign travellers into Malaysia, and was re-opened on October 4, 2020.

The hotel closed again early this year due to the re-imposition of MCO.

  For the 12 months to March 31, 2021, Ireka posted revenue of RM171.75 million, versus RM157.05 million for the same period a year ago.

New take-up for office space expected to be slower in the next three years

By Sharen Kaur - Published in NST Property, July 16, 2021 

sharen@nst.com.my

The overall activity for new take-up in Malaysia's office market is expected to be slower in the next three years as companies readjust their plans for the short-term, says Knight Frank Malaysia executive director of corporate services Teh Young Khean.

Teh also said this would vary depending on industries.

"Businesses related to e-commerce, hygiene and healthcare, technology and business process outsourcing are active and we foresee more take up will be coming from these sectors," he said.

Teh said despite the current market condition in Malaysia, the firm has seen an increase in enquiries on workplace consultancy from organisations to assist in developing strategies on future workplace arrangements.

According to Knight Frank's global (Y)OUR SPACE survey, businesses headquartered in Asia-Pacific (APAC) are less likely to feel the long-term impacts of Covid-19 on their real estate portfolios, with only 14 per cent expecting the pandemic to permanently alter their real estate strategies.

The survey features findings of almost 400 international businesses with a combined headcount of over 10 million and provides a unique insight into the workplace strategies and real estate needs of global companies.

The findings show there is a contrast between APAC and overall global corporate real estate attitudes, with 17 per cent more APAC businesses likely to increase real estate portfolios and 18 per cent fewer APAC businesses likely to decrease their global portfolios compared to their global counterparts.

However, for those expecting to increase or decrease their portfolios, the proportion of those seeking to make substantial changes of more than 20 per cent is greater than that of global levels.

Teh said other areas where APAC responses diverged from the global average is the likelihood of shifting headquarters (HQ).

Some 51 per cent of APAC respondents said a move is likely to happen in the next three years, which is 13 per cent higher than the proportion of global respondents who answered similarly.

"With the double whammy effects resulting from the current oversupply and weak market sentiment in Malaysia, certain occupiers may take this opportunity to relocate their office spaces for a building that offers better value propositions especially for an option that could provide better savings opportunity," said Teh.

He said while cost savings is the main driver globally for influencing this decision, the second key driver for relocation for APAC HQ is the ability to access different talent pools.

According to the survey, a significant portion of APAC corporates are looking to move HQ facilities and are doing so to achieve their goals of talent attraction and access to different talent pools.

"The question remains on where exactly they are going and how does this affect existing real estate strategies," said Teh.

Meanwhile, the survey revealed the top three types of amenities that will be demanded by employees in APAC. They are food and beverage offerings, healthcare facilities, and gym facilities.

'We are witnessing the shift towards mixed-use development that boasts a diverse mix of residential, commercial, and recreation spaces all in one area," said Teh.

He expects occupiers are likely to gravitate towards spaces that provide more amenity options, and landlords could consider implementing a long-term mixed-use strategy across their real estate portfolios.

YTL Developments' Phase 1 project in North Bristol off to a good start

The Pullman House at The Hangar District

By Sharen Kaur - Published in NST Business, July 13, 2021

KUALA LUMPUR: YTL Developments (UK) Ltd has sold 75 per cent of the first collection of 40 homes and apartments released at Brabazon in North Bristol.

This first phase is known as The Hangar District and has a total of 302 houses and apartments.

The homes at The Hangar District comprise two, three, and four-bedroom houses, ranging in size from 871 sq ft to 1,687 sq ft.

The one and two-bedroom apartments range from 530 sq ft to 815 sq ft. Currently, prices start from £219,500 for a one-bedroom property and from £298,500 for a two-bedroom apartment.

Three-bedroom homes are currently available for sale with prices starting from £466,750, YTL Developments director of marketing and sales Jonathan McDiarmid said.

"Right now we are selling our largest three-bedroom properties. Located on The Hangar District's sweeping curved crescent, prices range from £466,750 and we are seeing strong demand even ahead of the overall market, which is doing very well this year. Our first residents are now starting to move into their new homes at The Hangar District. Currently, around 10 houses are occupied and this will double in a few weeks."

YTL Developments director of marketing and sales Jonathan McDiarmid

McDiarmid told the New Straits Times that the company would be releasing the remaining homes in the first phase at Brabazon in several batches in the coming months and through the first half of 2022.

"We have over 100 houses and apartments currently under construction," he said.

Central to the appeal of Brabazon will be the leisure opportunities and amenities available to residents. Phase 1 alone will include Hangar 16U – a new social hub in a historically restored aircraft hangar and a heritage trail.

This new city district will also face Brabazon Park, a new 15-acre public park that will be the largest new urban park in the South West in 50 years.

Stretching over 354 acres, Brabazon is the first major UK mixed-use project for YTL Developments.

Located on the former Filton Airfield – the birthplace of Concorde and supersonic travel – it is located five miles from the centre of Bristol, the largest city in the southwest of England.

This new urban community will take more than 20 years to develop.

Upon completion, it will feature over 2,675 homes, from the studio, one, two, and three-bedroom apartments through to two, three, and four-bedroom houses.

Brabazon will also have 62 acres of employment space, parkland, new schools, an education district, and a thriving urban centre.

At its heart will be the YTL Arena Bristol – a new 17,000-capacity venue that will put Bristol on the world stage for live music and entertainment.

YTL Developments director Yeoh Keong Yeen said despite the Covid-19 pandemic, The Hangar District had been received very well by the market.

"We are ahead of our sales targets and are regularly adding more homes for sale in response to demand. In particular, we have ensured that we always have a good range of both houses and apartments, all of different types and sizes, available to buy.

"To date, we have been focusing on the local market, which we feel is important to bring a great sense of community to Brabazon. However, we anticipate bringing a number of homes to international markets in the future, particularly to Malaysia and Hong Kong," he said.

Yeoh said the property market in the whole of the UK was on an uptrend and there was strong buying demand.

"We're really excited for the future of Brabazon as it evolves into the most exciting new city district in the South West and a flagship project for the global YTL Group."

i-City Golden Triangle is fast becoming a global technology hub

By Sharen Kaur - Published in New Straits Times (NST Property) on July 13, 2021 

The next stage in the evolution of the i-City Golden Triangle (i-City GT) will be instrumental in escalating the RM10 billion development into a world-class technology hub.

  This will be a critical development area as it will involve developing the iconic 78-storey IGT Tower, set to be the tallest structure in Selangor, and attracting global technology companies.

  I-Berhad executive chairman Tan Sri Lim Kim Hong said IGT Tower is envisioned as a centre for technology and innovation.

  Adjoining IGT Tower will be a medical and wellness campus developed on par with international standards, he said.

An artist's impression of the iconic 78-storey IGT Tower

  I-Berhad is scaling up i-City GT in line with Selangor Structure Plan 2035, and in its drive to become a liveable smart, and sustainable city.

  The Selangor Structure Plan 2035 will involve various aspects of development from housing, physical land use, transportation, business, tourism, community facilities, environmental protection, utilities, and infrastructure development. It will be the main reference for Selangor's physical planning and help drive economic growth for the next 20 years.

The powerhouse of Selangor

  Lim said i-City SGT bears the hallmarks of what San Francisco is to the United States.  

  San Francisco's status and prosperity have benefited from the presence of technology-based (tech-based) industry giants. Spanning the southern portion of the San Francisco Bay Area, cities in Silicon Valley comprises many global tech leaders. San Jose plays host to tech giants like Cisco and Adobe while in Redwood City, Oracle and Box lead the competition. Cupertino is home to Apple's headquarters and Mountain View boasts Googleplex.

Lim said i-City SGT is working along the same lines as San Francisco and is coming close to having the presence of several global tech-based giants.

  Over the past few years, i-City GT has positioned itself as a centre of innovation and development. To fulfill an ambition to become a liveable smart and sustainable city, the modern metropolis has been harnessing digital and smart technologies to transform the way people live, work and play amid a vibrant setting.

  The strong presence of multinational technology companies and international brands in i-City GT is a testament to the developer's focus and leadership in this area.

  The developer has for i-City GT been forging partnerships with technology leaders including Huawei International, HIKVision, and SenseTime.

  In time to come, i-City GT will become a powerhouse of innovation and technology for businesses and it would continue to drive economic growth. This, coupled with top-notch facilities, amenities, and infrastructure, will provide a stimulating business events destination to attract international events.

  The current i-City GT encompasses international brand names such as DoubleTree by Hilton (to open in 2022), Best Western, and Central i-City Mall.

  It is also home to Menara Sumurwang, a new Green Building Index-certified Grade-A office tower, some 5,000 completed apartments, cyber office suites, a Tier-3 data centre, and a CNN-accoladed digital light scape park with theme park attractions.

  Coming up is BeCentral, a 52-storey tower comprising luxury residential units ranging in size from 632 square feet (sq ft) to 793 sq ft, each selling from RM484,000. Already more than 100 units have been booked.

  BeCentral, situated next to DoubleTree by Hilton and Central i-City Mall is equipped with information technology features such as face recognition for entry to the five-star lobby, an Artificial Intelligent lock-set, and i-City SuperApp.

The ABCs of technology

  This infusion of technology into i-City GT currently embodies Artificial Intelligence (A), Big Data (B), and Cloud Computing (C) and this is key to unlocking the overall property value of the development.

  Currently wired by a 400G capable high-availability network, connectivity in i-City GT is now future-proofed and this is where the development stands out, further complemented with the ABCs of technology.

  The symbiotic relationship between A, B, and C is more evident in the i-City SuperApp, underpinned by the unpacking of big data stored over cloud computing, enabled by artificial intelligence applications or algorithms. This single platform connects the i-City GT community where they can do things online with ease and super fast. They can use the i-City SuperApp to order or shop online, car parking, check or pay utility bills, as well as search for tenants and jobs, amongst many others.

  "The i-City GT we see unfolding today is founded on the determination to offer a fully integrated lifestyle township with the infusion of cutting edge technologies. We are building in the next generation of live, work, play.

"We strive to make i-City GT a liveable smart and sustainable city. We want more people to walk about in i-City GT then drive their cars so it is safe and hopefully carbon-free. We are beautifying the landscape designs in i-City GT with a delicate balance of hardscape and softscape to create a lovely ambiance and harmony. We want i-City GT to be safe, lively, and vibrant for the community," said Lim

GuocoLand targets RM550mil sales from its latest marketing campaign

By NST Property - Published July 8, 2021

GuocoLand Malaysia (GLM) Bhd, the property arm of Hong Leong Group targets to achieve RM550 million in property sales from BEST4U (Buy with Ease, Save & Treasure), its latest marketing campaign to drive homeownership.

  BEST4U is launched in conjunction with the extension of the Home Ownership Campaign (HOC) till December 31, 2021, with the aim to get more people to own a home with easy payment schemes and attractive packages.

  GLM group managing director Tan Wee Bee said the campaign is a continuation of BEST2, which garnered RM450 million in property sales by the end of May.

Emerald 9, one of the best-selling products under BEST2, ran from August 1, 2020, to May 31 this year.

  Tan told NST Property the projects that contributed to the campaign were Emerald Rawang, and its developments in Cheras, Emerald Hills, and Emerald 9.

  "People's commitment to properties is a great concern in these challenging times and we want to help home seekers achieve their dream to own a place to call home," he said

 Tan added that with the increasing working from home culture, which was cultivated at the global scale since the start of the Covid-19 pandemic, there is growing demand to own a suitable home.

  The BEST4U campaign is valid for six participating projects - DC Residensi in Damansara Heights; The Oval, Kuala Lumpur; Emerald 9 in Cheras; Emerald Hills in Alam Damai; Emerald Rawang; and, Emerald Sepang.

  Properties available at Emerald Hills are the Lakefront condominiums (Tower A & C).  

The units offered range in size from 840 sq ft to 1,400 sq ft, and the price starts from RM570,000.

  Spread over a 47-acre freehold land at Alam Damai in Cheras, Emerald Hills has a gross development value (GDV) of RM1 billion and comprises four condominium towers and 181 garden terraces.

  "Emerald Hills is all about placemaking. We believe that a strong sense of place can influence the physical, social, emotional, and ecological health of individuals and communities, and we want to create great and true living spaces," he said.

  At Emerald 9, properties available under BEST4U are the serviced apartments (Tower A & Tower B). The units selling range in size from 650 sq ft to 1,251 sq ft. Prices start from RM423,000.

  Located at the prime location in Cheras 9th Mile, the one-of-a-kind RM1.4 billion development comprises five residential towers, office spaces, and urban street shoppes and courtyards clustered around a glorious series of pockets and green spaces.

  Tan said Emerald 9 represents GLM's vision to enrich the lifestyle of the buyers in a mixed-use placemaking development.

  "Emerald 9 showcases the commitment to build high-quality residential apartments, open spaces, and a strategic blend of commercial and retail developments that will create a sustainable ecosystem that enhances appreciative value to our buyers," he said.

  Over at Emerald Rawang, the properties available under BEST4U are all landed comprising The Rise bungalows, Mallow semi-d, Garland 2 double-storey terraces, as well as Chloe 2 and 2 ½ -storey terraces.

  The units range in size from 1,592 sq ft to 4,560 sq ft. Prices start from RM570,000.

  The master-planned township development of Emerald Rawang made up of two precincts – Emerald East and Emerald West are located on a 1,000-acre land within the fast-expanding Rawang town. The township comprises linked terraces, clusters, semi-detached houses, townhouses, and bungalows.

  For Emerald Sepang, the properties available are Palmera double-storey semi-d, and Areca 1, and two-storey terraces, ranging in size from 1,138 qs ft to 3,166 sq ft. Prices start from RM357,000.

  The Emerald Sepang township development is designed to accommodate commercial, residential, recreational, and educational components and other public amenities.

DC Residensi in Damansara Heights. Courtesy image

  Next is DC Residensi in Damansara City (DC) and serviced apartments are available under BEST4U. The sizes available are from 904 sq ft to 4,478 sq ft, selling from RM1.6 million.

  DC is the first integrated development of Damansara Heights. The 8.5-acre freehold mixed-use development houses serviced apartment DC Residensi that is seamlessly integrated with the five-star Sofitel Kuala Lumpur Damansara, food-and-lifestyle centric DC Mall, and the Grade A offices in Guoco Tower and Hong Leong Tower.  

  The Oval Kuala Lumpur is an apartment project. The units range in size from 3,897 sq ft to 7,793 sq ft, selling from RM4 million.

  The 40-storeys pure residential luxury development is made for the privileged few. This collection of freehold luxury homes presents spaces designed and dedicated to living well.   "This campaign aims to assist our customers to purchase good quality properties which focus on lifestyle aspirations during the current difficult environment," said Tan.

  GLM will offer a range of financial assistance solutions for new homebuyers for projects under construction such as Emerald Hills, Emerald 9, Mallow semi-d, and Garland 2 terraces (Emerald Rawang), and Areca Terrace (Emerald Sepang).

  These include booking fees as low as RM500, promotional rebates of up to 10 per cent, a loan-interest subsidy scheme, free sales and purchase agreement (SPA) and loan legal fees disbursement, and free Memorandum of Transfer (MOT).

  Tan said there will be deferred payment plans for selected participating projects such as The Oval Kuala Lumpur under HOC, from July 1 to December 31.

  For completed projects like DC Residensi, The Oval Kuala Lumpur, The Rise bungalows and Chloe Terrace( Emerald Rawang), and Palmera semi-d (Emerald Sepang), there will be a low booking fee, promotional rebates, free SPA and loan legal fees disbursement, free MOT, and differential sum installment scheme.

Impiana and Singapore's Selo Group to build private villas in Tioman Island

Published by NST Property

Impiana Hotels Bhd and Singapore-based Selo Group will develop beachfront and hilltop villas at the southern end of Tioman Island in Pahang.

  They will develop Samãja Selo Private Residences through a joint venture partnership. This will also mark Selo's entry into the Malaysian real estate and hospitality market.

  Both Impiana and Selo will combine their expertise to collaborate on all aspects of the development from the design and operational aspects to the management of the property. 

Samãja Selo Private Residence comprises a limited collection of private villas. It will combine vacation home ownership with numerous boutique hotel amenities.

The hilltop lots are selling from US$388,000 (RM1.6 million), and the beachfront lots are from US$1.29 million.

  There will be 23 villas up for sale and the preview is by invitation only. The hilltop lots are selling from US$388,000 (RM1.6 million), and the beachfront lots are from US$1.29 million.

  The villas will be managed by Impiana Hotels & Resorts Management Sdn Bhd, the hospitality operating arm of the Impiana group.

Impiana currently owns and manages nine hotels and resorts – three each in Malaysia, Indonesia, and Thailand.

Selo chief executive officer Andrew Corkery said his company is thrilled to bring its exceptional style of hospitality to Malaysia, which now ranks among the top five preferred countries for Asian real estate investors.

  "We have prioritised a luxurious living experience that enhances a true connection to the destination and instills a sense of belonging in a private vacation community with a focus on owner's modern lifestyle choices that matter more than ever to our residents," he said in a statement.

  Corkery said Samãja Selo is a private lifestyle community curated for like-minded people who share common goals, interests, and experiences in proactively pursuing wellness.

  "We are excited that residents will soon have the opportunity to unwind in one of Asia's most unique beachfront island destinations," he said.

  Impiana executive chairman, Datuk Seri' Ismail @Farouk Abdullah said his company is delighted to be partnering with Selo on this very exclusive development.

  "We look forward to embarking on this project to develop one of our idle strategic land banks into this valuable gem of a resort, in the midst of this adversity we are now experiencing. We trust this partnership forged with Selo would bring out the best in the property and make it a popular holiday destination of choice in time to come," he said.