By Sharen Kaur - Published in NST Property March 31, 2022
Prospect Park Playground at Battersea Power Station. Courtesy Photo (Image by Charlie Round-Turner)
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Prospect Park's brand new public space comprising a children's playground and a park at the £9 billion Battersea Power Station project in London is now open.
The playground and park are located in the third phase of the development next to the Gehry Partners designed Prospect Place, which will begin welcoming residents soon.
The playground was designed by landscape architects, LDA Design, to be deliberately playful and colourful.
It was officially opened yesterday by the Mayor of Wandsworth, Councillor Richard Field, according to a statement by Sime Darby Property Bhd.
The playground has become a big hit with the students from St Mary's RC Primary School, according to Alex Baker, director of communities and sustainability at Battersea Power Station Development Company.
Since the Battersea Power Station's shareholders took over the project nearly ten years ago, he said, creating large areas of open space for members of the local community, residents, and visitors to enjoy has been a key component of the masterplan, with nearly half of the 42-acre site transformed into beautiful areas of the public realm.
Meanwhile, Field expressed his joy at the opening of Prospect Park's playground and park area.
"I would like to congratulate all those involved in delivering this exciting outdoor space, which is a great addition to the new riverside neighbourhood that is being created at Battersea Power Station," he said.
The first chapter in the regeneration of Battersea Power Station begins with the opening of Prospect Park, which includes a new public footpath that runs from the Zone 1 Battersea Power Station Underground station to the south of the Power Station and Circus West Village.
Gordon Ramsay's Street Pizza, Francesco Mazzei's Fiume, The Turbine Theatre, Be Military Fit, Black Sheep Coffee, and The Cinema in The Arches are just a few of the restaurants, cafés, fitness, and leisure options already open in this riverside neighbourhood.
From September this year, the public will be able to visit the Grade II* listed Power Station and Electric Boulevard in the riverside neighbourhood. It will serve as a town centre for the immediate and wider local communities, a new business quarter for the capital, and a leisure destination for Londoners and international visitors.
It will be the centrepiece of a new '15-minute' live, work, and play neighbourhood, which will act as a town centre for the immediate and wider local communities, a new business quarter for the capital, and a leisure destination for Londoners and international visitors.
Electric Boulevard will include office space, shops, bars, and restaurants, as well as a park, a playground, and a new 164-room art'otel® hotel, the brand's first in London.
The Power Station will be home to 254 residential apartments, over 100 retail shops, restaurants, and cafés, including a 20,000 sq ft food hall, office, and unique event spaces, as well as a Chimney Lift Experience offering 360° views from the top of the Power Station's North West chimney.
By Sharen Kaur - Published in NST Property, March 30, 2022
Mah Sing Group Bhd founder and group managing director Tan Sri Leong Hoy Kum (centre) receiving the prestigious ‘Property Man 2021’ award from Penang Yang di-Pertua Negri Tun Ahmad Fuzi Abdul Razak. Looking on is Datuk Seri Koe Peng, president of FIABCI Malaysia.
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Tan Sri Leong Hoy Kum, founder and group managing director of Mah Sing Group Bhd, was named "Property Man 2021" at the Malaysia Property Awards (MPA), held yesterday by the International Real Estate Federation (FIABCI Malaysia).
Guest of honour Penang Yang di-Pertua Negri Tun Ahmad Fuzi Abdul Razak presented the award.
Leong expressed gratitude to FIABCI Malaysia for selecting him as the Property Man for the year 2021.
"When I first ventured into the property business in 1994, I had a vision of becoming a nation builder who creates development with the communities in mind. As the leader of Mah Sing, I believe in cultivating the concept of market orientation in our business approach, which prioritises identifying consumer needs and creating products that meet those demands.
"My business principles have always emphasised constant learning, versatility, and swift adaptation to an ever-changing environment. Winning this award gives a strong impetus for Mah Sing and me to continue our efforts in fostering a legacy of betterment for the community and to be a home developer for all Malaysians," he said.
Under Leong's leadership, guidance, and direction, Mah Sing is constantly evolving to meet market demands by prioritising buyers' needs.
He is a firm believer in creating products that are both relevant and appropriate for the community, as well as having long-term value.
In response to the pandemic's challenges, Leong ensured that Mah Sing built affordable properties to help people own a home at a reasonable price.
The developer reaffirmed its commitment to building more affordable M Series development projects, which include landed properties, high-rise residential, offices, and retail shops.
"This will ensure that Malaysians can own affordable homes under RM500,000 for selected projects, whether landed or high-rise residential," he said.
He cited the latest landed property project M Senyum in Salak Tinggi, Selangor, which has indicative prices starting at RM450,000 for units with a built-up area of 1,555 sq ft and upwards.
M Nova, a high-rise residential development in Kepong, Kuala Lumpur, has indicative prices starting at RM318,000 for a 700 sqft unit and upwards.
Mah Sing aspires to be Malaysia's leader in developing affordable homes with premium features in strategic locations to meet the country's growing demand, according to Leong.
The Qatar Investment Authority (QIA) has received a strategic investment proposal worth RM8.1 billion from Perbadanan PR1MA Malaysia (PR1MA) to explore investment opportunities in Malaysia, particularly in the housing sector.
According to Bernama, Prime Minister Datuk Seri Ismail Sabri Yaakob said that the Qatari government had agreed for QIA, the state's sovereign wealth fund, to hold further discussions with PR1MA to provide more affordable housing for Keluarga Malaysia (the Malaysian Family).
He said that the decision was personally conveyed by the Amir of Qatar Sheikh Tamim Hamad Al Thani, during their meeting following the official reception at Amiri Diwan yesterday morning.
"The target given so far is to build 500,000 units of affordable homes for Malaysian families," he told Malaysian media at the end of his three-day official visit to Qatar yesterday.
The objective of PR1MA, a Malaysian government initiative, is to develop affordable housing for the middle-income group in Malaysia's key urban centres.
A PR1MA terraced house is typically 850 sq ft to 1,850 sq ft in size, while a high-rise unit is 600 sq ft to 1,200 sq ft in size. The prices range from RM100,000 to RM400,000.
You must be a Malaysian citizen, have an individual or combined household income of RM2,500 to RM15,000, be over the age of 21, and own no more than one property between you and your spouse to be eligible for the PRIMA scheme.
Meanwhile, Ismail Sabri expressed gratitude to Qatar for selecting Malaysia as a major investment destination in Southeast Asia, particularly in the real estate and services sectors.
He said that the total value of Qatar's investment in Malaysia to date exceeds US$3.2 billion (RM13.49 billion).
By HENRY BUTCHER MALAYSIA - Published in NST Property on March 29, 2022
Melaka’s property market is expected to remain stable as businesses resume operations and gear towards pre-pandemic levels, according to Henry Butcher Malaysia. File Photo
After the drop in numbers in 2020, the first nine months of 2021 saw Melaka's overall property market continue declining by 5.6% to 9,118 units in the volume of transactions compared to the corresponding in 2020 while its value of transactions rose by 8.7% to RM3.1 billion. The signs of recovery seen in 1H 2021 with both volume and value of transactions rising 12.2% and 19.7% respectively compared to the same period in 2020 were however not sustainable. This is perhaps due to the shrinking demand induced by the various modes of lockdowns after the National Recovery Plan began on 15 June 2021.
Melaka's property market is expected to remain stable as businesses resume operations and gear towards pre-pandemic levels. In addition, the historical state is also looking to welcome more new launches in early 2022 after most of the development approvals were obtained in H2 2021. Approved projects are mainly located on the fringes of Melaka Tengah District with new townships earmarked in Jasin and Alor Gajah Districts. Other notable developments include Taman Desa Bertam, Molek Residence (Phase 3), Taman Botani Parkland in Jasin, Bandar Scientex Jasin, and PB Residence @ Rembia in Jasin and Alor Gajah Districts. Other notable developments include Taman Desa Bertam, Molek Residence (Phase 3), Taman Botani Parkland in Jasin, Bandar Scientex Jasin, and PB Residence @ Rembia.
Incentives provided by Budget 2022 to the SMEs are expected to motivate more demand for commercial and industrial properties in the state. This is in line with the country's progressive lifting of various restrictions after the successful National Covid-19 Immunisation Programme which began in February 2021. It is also the reason behind Melaka's aim to revive its tourism sector seeing that the VTL (Vaccinated Travel Lane) has been introduced between Malaysia and Singapore at the end of November 2021.
Some of the mega projects worth noting in Melaka are The Sail, The Rise, Taman Botani Parkland, Taman Scientex, and Taman Desa Bertam.
Factors to Watch
●The current low interest rate to finance the purchase of property is expected to continue in 2022.
●Restrictions imposed on foreign tourists to visit Malaysia are likely to be lifted in 2022. This augurs well for Melaka's tourism and its related industries and is expected to stimulate demand for hotel and commercial properties.
Bright Spots
●Steady growth for the residential sub-sector and landed medium-cost/affordable housing will command better demand.
●More SMEs are anticipated to expand their businesses to meet the higher demand for manufacturing of products and logistics facilities, leading to an uptrend in the industrial sub-sector.
●Incentives for the SMEs from Budget 2022 seem to be more encouraging compared to previous budgets in 2020 and 2021.
●The government's initial announcement of the VTL (Vaccinated Travel Lane) with Singapore and the relaxation of interstate travel has seen occupancy rates for Melaka hotels improve especially during the weekends and festive periods.
●With more relaxations on foreign tourists and general improvement of Covid-19 caseloads worldwide, Melaka's hospitality industry is expected to gradually return to normal in 2022.
●Continuation of mega projects in 2022 includes The Sail, The Rise, Taman Botani Parkland, Taman Scientex, and Taman Desa Bertam.
Outlook for 2022
•Melaka's residential sub-sector is expected to see more positive growth in 2022.
•The state's retail sub-sector will remain challenging in 2022.
•Hospitality is anticipated to chart a progressive return to normal in 2022.
•Commercial shop lots and shop offices will gradually improve in 2022.
•Melaka's industrial market is poised to remain stable in 2022.
Residential Overview & Outlook
Melaka's residential sub-sector has led the growth of the state's property market spotting higher volume and value of transactions in 2021. It is expected to lead the state's property market alongside development lands after having concluded more transactions in these categories in 2H 2020 and 1H 2021
There was a marginal 1.5% decrease in the volume of transactions to 6,138 units in the first nine months of 2021 compared to the 6,231 units in the corresponding period in 2020. The overall value of transactions however went up by 9.8% to RM1.7 billion compared to RM1.57 billion in the same period, owing to higher-priced properties transacted but unlike 2020, demand for homes priced under RM500,000 has been declining. This can be due to property buyers' cautious spending pattern as their buying sentiments have been affected by the economic uncertainty and job insecurity arising from the pandemic.
In terms of property type, the more sought-after landed residences in Melaka have held their price points better in 2021 compared to the high-rise apartments and condominiums. This is evident in places like the choice neighbourhood of Jalan Ujong Pasir where prices for semi-detached and detached houses had generally been stable while its single-storey terrace houses registered an increase of about 9% from RM330,000 to RM360,000 per unit and double-storey terrace houses going up to RM480,000 per unit. Apartments and condominiums on the other hand trended downwards by 5% to 10% compared to the previous year. Response to new launches for high-rises was also weak in 2020.
Thus far in the first nine months of 2021, Melaka has seen 2,488 residential units launched on the market and these new launches have achieved a sales take-up rate of 41%, or 1,020 units. This is an improvement over the 39.6% sales achieved in 2020 or 436 units sold out of the 1,100 units launched. It is also noted there were no new launches in Q1 2020 whilst Q3 2021 recorded the highest sales take-up rate of 63.65% ie. 471 units from 740 units launched. The better sales performance could be attributed to the ending of the lockdowns and the loosening of the SOPs in Q3. Some of these new projects are Taman Botani Parkland, Taman Desa Bertam (Phase 3), Molek Residence, Bandar Scientex Jasin, and PB Residence @ Rembia.
As there was also an increase in the submission of new development orders in 2021 compared to the muted the year of 2020, more new launches can be expected in Melaka in Q1 2022. A cautionary approach must however be taken since there was a slight uptick of 5.7% in the state's overhang residential properties from 2H 2020 to 1H 2021. In line with that, the state government had also imposed a high quota for bumiputra units and a limited release of bumiputra units for every project.
Over the years, Melaka's property market has progressed steadily, thanks to the state government's push for economic and social development in areas such as industrial, housing, tourism, and trade. On top of that, Melaka is said to have one of the lowest overhang properties in the country. Supported by a steady supply of houses in the state, Melaka should see more positive growth in the near future with upcoming projects in Kota Syahbandar, Taman Desa Bertam, and Taman Belimbing Setia. Developers are also seen to be actively acquiring development land for future developments.
Retail Overview & Outlook
Malaysia's high vaccination rate against Covid-19 is a reason to cheer for Melaka's tourism sector as the containment of the virus means businesses have a better chance of getting back to normal even if it was gradually.
From the reduction of Work From Home (WFH) to the opening of F&B outlets and tourism destinations, supported also by the lifting of travel restrictions, Melaka saw a large influx of domestic tourists as recently as October 2021, giving business owners and travel operators a chance to finally breathe a sigh of relief.
The good news is made much sweeter after the government announced the opening of VTL (Vaccinated Travel Lane) between Malaysia and Singapore in late November, enabling Malaysian visitors residing in the Republic to make their way into Melaka for their family visits and quick getaways among other activities. The VTL is subsequently halted at the end of December 2021 due to the emergence of the Omicron variant. However, when the VTL is reinstated again in the near future after the risks of the new variant is much more understood and better controlled, it is expected to raise the take-up rates of commercial shop lots and shop offices although it would not be the same for the retail units in shopping centres as the latter is currently in oversupply.
Melaka's retail challenge stems from a host of factors ranging from rental rates, flight of customers to online shopping, limited retailers in the market, high vacancy rates in existing retail outlets, and the influence of mall oversupply some of which are almost dormant like the Elements Mall and Imperio Mall at Hatten City and Vedro Mall.
There were 31 shopping complexes in Melaka as of Q3 2021 with a total retail floor space of 635,390 sq metres. Owing to the difficult business conditions over the past two years, the occupancy rate of the complexes has gone down from 67.45% in 1H 2019 to 67.48% in 1H 2020 and sliding further to 63.30% as of Q3 2021. The adverse prevailing conditions are expected to see the market take a few years to recover and in fact, could be the last property sub-sector to recover in the state.
Hospitality Overview & Outlook
Where retail seemed challenging, looking brighter after the drought is the hospitality which before this bout of resuscitation has seen The Ramada Plaza Hotel and Equatorial Hotel closed for operations in 2021. But no sooner than when the state borders were opened in October 2021, the hotels wrestled back 65% occupancy on weekdays (Sunday to Thursday) and 85% on weekends (Friday to Sunday).
The rise in occupancy is a reminiscence of December 2020 when the state borders were open to domestic tourists after the MCOs. This shows that Melaka's inherent popularity as one of Malaysia's tourism darlings is an ultra-strong factor, one that should never be overlooked by investors mulling an entry into the historical state.
Hospitality as such is looking at a progressive return to normal in 2022 with continuous relaxation for foreign tourists to enter Malaysia and a general improvement of the Covid-19 caseloads worldwide.
Office Overview & Outlook
There were 48 privately-owned purpose-built offices (PBOs) buildings in the state of Melaka supplying a total of 240,710 sq metres of office space as of Q3 2021. About 48% of the space is located within Melaka Town and another 47% in Melaka Tengah. The occupancy rate of the PBOs in the state as of Q3 2021 was 71% with Melaka Town recording a higher occupancy rate of 76.1% and Melaka Tengah a lower rate of only 63.8%. Although the market may spot a turnaround with returning tourists to fuel the retail and business sectors, Melaka's office sub-sector is expected to remain stagnant in 2022 because business owners are caught between business growth and rental commitments. Without a strong indicator of a promising future, they are unlikely to commit to long-term leases especially after weathering through the devastating pandemic. The saving grace in Melaka is however in its limited supply of purpose-built offices where this scarcity may prove to be favourable for the existing stock of shop lots and shop offices as it may spur a higher take-up rate among the vacant units. If it pans out to be so, this category of commercial properties can look towards a gradual improvement towards 2022 as consumption will first absorb the existing supply of conventional shops in the market.
Industrial Overview & Outlook
The industrial property sub-sector in Melaka appeared to have recovered in 2021 after the decline suffered in 2020 during the height of the Covid-19 pandemic. There was a 19% increase in the value of industrial property transactions in the first nine months of 2021 compared to the corresponding period the year before and an even higher jump of 53% in the value of transactions. The state is becoming an attractive destination for industrialists and this has led to an increase in demand for industrial properties in the state.
In that regard, more SMEs are anticipated to expand into business activities that require industrial space as there is now an incremental demand for manufacturing and logistics. This is further boosted by the government's better incentives allocated to the SMEs through Budget 2022 in comparison to those announced in Budget 2020 and 2021. The uptrend expected in the sub-sector shall see Melaka's industrial sub-sector continue to be stable in 2022. - Henry Butcher Malaysia
Monday, March 28, 2022
By NST Property. - March 28, 2022
Malaysia Grand Bazaar is home to 100 artisanal and authentic local brands that pay homage to Malaysian creators and crafters' creativity and artistry. Courtesy image
Malaysia Grand Bazaar (MGB), an integral component of the Bukit Bintang City Centre (BBCC) urban regeneration project and Kuala Lumpur's first artisanal mall, will open on March 31, 2022.
MGB spans 100,000 square feet of carefully curated spaces with hints of heritage architecture. It is home to 100 artisanal and authentic local brands that pay homage to Malaysian creators and crafters' creativity and artistry.
According to BBCC Development Sdn Bhd chief executive officer Low Thiam Chin, MGB is being developed to provide a dedicated platform for artisans, micro-brands, start-ups, and art entrepreneurs to scale their businesses into the physical retailing space.
Low said that, despite its prime location in Bukit Bintang, MGB merchants can take advantage of easy entry packages such as affordable rents, fully fitted lots, and marketing support to open their own branded stores in the city centre.
"Our vision is to become the incubator for local brands to reach out to a larger customer base by having a presence in a prime location which can attract both locals and tourists," said Low.
BBCC is a joint-venture between UDA Holdings Berhad, Eco World Development Group Berhad, and the Employees Provident Fund Board.
It will be built in three phases and will occupy a 19.4-acre plot along Jalan Hang Tuah.
The Japanese-inspired Mitsui Shopping Park LaLaport, Zepp KL, a 2,500-capacity concert hall by Sony Music Entertainment Japan, and the 12-screen Golden Screen Cinemas are all neighbouring MGB.
The RM8.7 billion BBCC also comprises the recently completed Lucentia Serviced Residences and The Stride Strata Office, thus ensuring a healthy footfall for this new artsy attraction in town.
According to Low, MGB is a manifestation of the #sapotlokal movement, which gained traction during the pandemic.
Low said visitors to MGB can look forward to appreciating the best and unique creations in various categories such as clothing, arts and crafts items, jewelry and accessories, home decor, and local snacks.
"As an additional perk, our permanent merchants will have the chance to export their products to the international markets through the MGB e-commerce store on marketplaces such as Amazon, eBay, Etsy, and Shopify.
"We want to offer a truly omnichannel solution to our merchants by combining the best of physical and online retailing but focusing on the huge potential of the US market," he said.
MGB also has a 4,000 sq ft double volume centre court with the goal of hosting regular thematic events, cultural performances, and community activities to create constant engagement and experiential retailing focus for its visitors.
Malaysia Grand Bazaar has a 4,000 sq ft double volume centre court.
BBCC developments
BBCC has so far launched Phase 1, which includes The Stride, Lucentia Residences, Mitsui LaLaport, and the BBCC Entertainment Hub, which houses MGB, Zepp KL, and GSC cinemas.
The second phase will include an office tower, a hotel, and residential suites, while the final phase will include the 80-story BBCC Signature Tower, all of which are still in the works.
The Stride, a 45-story strata office building, was completed in February of this year and has a net floor area of 419,000 square feet. It consists of 276 flexible office units ranging in size from 1,087 to 11,383 square feet, with prices starting at RM1.4 million.
The first residential offering in BBCC, Lucentia Residences, consists of a 47-story Tower 1 (393 units) and a 35-story Tower 2. (273 units). Both towers are nearly sold out.
Tower 1 was completed in February of this year, and Tower 2 is expected to be completed in the second quarter of this year.
SWNK Houze, which is part of BBCC Phase 2, will be available in the second quarter of this year. It consists of a 31-story building with 441 residential units ranging in size from 463 sq ft to 463 sq ft with a loft studio, one-bedroom, one+1-bedroom, two-bedroom, and limited three-bedroom layouts.
The units are designed to be smaller in size to accommodate young urbanites and investors who want to own a residential property within the city with doorstep facilities.
By Sharen Kaur - Published in NST Property on March 28, 2022
Lakefield Residences is a low-density precinct with 66 units of double and triple-storey link villas.
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Tropicana Corp Bhd has a limited number of unsold completed units at Lakefield Residences in Tropicana Heights, Kajang, which are currently selling from RM1.34 million.
Lakefield Residences is a low-density precinct with 66 units of double and triple-storey link villas with built-ups ranging from 3,730 sq ft to 3,730 sq ft.
Tropicana's recent vacant possession (VP) process resulted in the delivery of keys to 40 homeowners.
"As the final landed residential precinct in Tropicana Heights, we are delighted to share the joy of our homeowners in Lakefield Residences as they join the township's growing community," said Joanne Lee, the company's managing director of marketing and sales, in a statement last week.
According to Lee, Lakefield Residences received an 81 per cent QLASSIC score from CIDB Malaysia for its construction workmanship, which is higher than the industry average of 75 per cent.
She attributed this to the company's unique development approach as well as the project's emphasis on build quality.
According to her, the feedback received during the project's recent VP process demonstrates the strength of Tropicana's development DNA, as it provides a vibrant mix of generous open spaces, connectivity, and facilities.
The 2.4 hectares (ha) precinct's ample greenery and integrated landscaping cater to purchasers seeking more connections to nature post-lockdown, offering elegant freehold homes suitable for multigenerational families and upgraders.
Residents of Lakefield Residences can reconnect with nature and enjoy soothing landscapes surrounded by greenery, including a 750m linear lake with tree-lined avenues that promote well-being and accessibility throughout the development.
The residents also benefit from Tropicana Heights' established pull factors, which include the township's 6.47ha central park, the largest in Kajang, and a two-acre recreational hub, as well as Rafflesia International and private schools.
Tropicana has taken care to preserve existing natural elements at Tropicana Heights, including 400 khaya trees and 15 rain trees, as a forward-thinking community builder. These were replanted throughout the central park, walkways, and roads, ensuring the site's natural ecosystem's continuity.
These efforts are consistent with Tropicana's long-term commitment to environmental, social, and governance (ESG) principles. Other ESG initiatives include the preservation of Tropicana Height's existing site topography, as well as the reduction of excavation and soil erosion.
Tropicana, according to Lee, will continue to deliver innovative, market-driven products to home buyers via integrated online and digital channels in the future.
By Sharen Kaur - Published in NST Property on March 25, 2022
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The Queen's Wharf Brisbane integrated casino and resort complex, backed by a pair of Hong Kong heavyweights including Malaysian billionaire Tan Sri David Chiu's Far East Consortium, is set to open gradually beginning in mid-2023 and will transform Brisbane's riverfront.
Far East's partner in the A$3.6 billion complex is New World Development chairman Henry Cheng's Chow Tai Fook Enterprises, and Australian gambling and entertainment company Star Entertainment Group.
The 27.5-hectare riverfront project consists of riverside plazas, 40,000 metres square of retail and F&B, a Star Casino, residences, atriums, and a 1,500 person Sky Deck.
It will also see the set-up of four hotels - The Ritz-Carlton, The Dorsett Hotel, The Star Grand, The Rosewood.
Queen's Wharf Tower, the second residential building in the development, spanning 71 floors and 250 metres above the new casino, is one of the key assets.
The residences will have 819 apartments, with prices ranging from A$585,000 to A$3.5 million for one-, two-, and three-bedroom units. The penthouse is also for sale for A$6.4 million.
The Queen's Wharf Tower is scheduled to be completed in 2026.
According to Darien Bradshaw, executive director of One Global Australia, the first residential tower, Queen's Wharf Residences, is now sold out.
"This is a world-class project developed by Chow Tai Fook and the Far East tat will really put Brisbane on the map," he said in a statement.
According to Bradshaw, Queen's Wharf Brisbane has similar aspects in its concept to Marina Bay Sands in Singapore, with the added benefit of the residences.
"Barangaroo in Sydney is also very similar and has seen prices there double for apartments with a view. We expect a high take-up of the residences in the first few weeks," he said.
According to Bradshaw, Australia is seeing increased interest from expatriate and foreign investors in Brisbane, Sydney, and Melbourne, with high demand expected in the coming quarter as travel improves and migration and students return.
Offshore expatriates have been very active, driven by Covid-19 and unhappy families seeking a lifestyle change, as measures in Australia are much more relaxed compared to major Asian cities such as Singapore and Hong Kong, he said.
"We are currently seeing families looking at major capital cities, as well as sought-after locations along the coasts. Expatriate buyers are looking for three main conditions when purchasing a new home in Australia that is near to family, lifestyle, and education. Budgets for expatriate buyers are ranging from the A$3 million to A$15 million," he said.
According to Bradshaw, expatriates are looking for houses/apartments in capital cities, coastal properties, lifestyle retreats, and/or holiday homes.
"People with primary residences in regional centres who need to work in the city are buying pied-à-terre's in a similar fashion to individuals in the UK and US. These are often in brand new boutique projects that may or may not have waterfront views in capital cities or in a second-hand market in affluent suburbs close to the city," he said.
Border openings entice investors
Bradshaw said that foreign investor activity has improved dramatically with border openings over recent weeks.
Foreign student rentals are a leading indicator of investment demand, and vacancies have now fallen below 0.5 per cent in Brisbane, he said.
"Flights are full with returning Asian students and all major capital cities are enjoying a surge in demand. VTL flights from Singapore are available and we are seeing that for the first time investor demand is increasing significantly," he said.
Bradshaw said with borders reopening between Singapore and Australia, foreign students returning, the government's new policy to reach 200,000 new immigrants per annum, low-interest rates, a strong SGD versus AUD, Australia has always firmly been close to the top of the list of places for Asian investors to purchase the property.
The higher stamp duty rates in Singapore are also attracting investors to Australia, he said.
"If you are a Singaporean and you already own one private property in Singapore, a S$1million property will attract a stamp duty of circa S$195,000. (And S$275,000 if you own two or more). In Australia, there is a blanket foreign buyer stamp duty of seven or eight per cent and then standard local stamp duty rates. Regardless of which state you purchase in, the range of total stamp duty a Singaporean will pay is circa A$37,500 to A$135,000. So the savings are significant! And they don't increase with the number of properties you purchase," noted Bradshaw.
In addition, he believes that investor confidence in Australia should be boosted by recent headlines that more than A$20 billion of funds have been invested into the country from Singapore in the last two years.
Many major household brand developers, real estate funds, and GIC have contributed across all sectors of real estate, including residential.
"Although local owner-occupiers have dominated the residential market in Australia, the launch of new projects with the easing of Covid measures will see a return of investors who enjoy buying off-plan. Pre-Christmas launches in Australia saw high demand in all major capital cities. Traditionally overseas buyers make up 5 to 15 per cent of buyers in new launch projects, but it can vary greatly depending on the city," he said.
One Global Group founder and chief executive officer James Puddle said that as every country around the world battles with varying degrees of Covid restrictions throughout the start of 2022, property markets have proved to be resilient.
"This has provided excellent conditions for investors looking at strong capital appreciation as well as increasing demand from renters. There has also been significant demand from individuals relocating or moving back to their home countries," he said.
Puddle said during the first two months of 2022 the group has seen an increase in buyer demand across its Hong Kong and Singapore offices.
Soho Suites 1 under phase 2 of Astrum Ampang is selling from RM430,000.
Setia Awan Group's Soho (small office/home office) Suites 1 on Jalan Jelatek in Kuala Lumpur, which is part of phase 2 of Astrum Ampang, is now open for buyer registration.
Phase 2 comprises Soho Suites 1 and SoHo Transit 2, with a gross development value (GDV) of about RM600 million.
Soho Suites 1 has a total of 664 units, which are bigger than the previous phase 1 release and start at RM430,000.
The units are also lower density and have larger windows, allowing for more natural light penetration and higher energy efficiency.
Setia Awan Group chief operating officer for the central region, James Andrew Bruyns said the units are ideal for young working adults, small families, and investors who want to live or own assets near the Petronas Twin Towers.
According to Bruyns, the units are ideal for those looking for a home in the city, where land and property prices have skyrocketed.
He said that the SoHo Transit 1 (phase 1) has had a 90 per cent take-up rate since its release in the third quarter of 2021. The SoHo transit units are studios with 280 sq ft built-ups and are priced at RM230,000 each.
According to him, one of the key reasons for the high take-up rate is the My First Home Scheme programme, which makes property ownership a simple process for first-time homebuyers.
He said the project's strategic location and status as a Transit Oriented Development are additional factors contributing to the high take-up rate.
"We anticipate continued positive market response for our SoHo Suites 1," he said.
Astrum Ampang is located on a 6.85-acre leasehold parcel and has a total GDV of RM1.6 billion. It will consist of six towers ranging in height from 24 to 48 stories: Towers A, S, T, R, U, and M.
It will offer a total of 5,228 units, including SoHo transit homes, SoHo suites, serviced apartments, and Rumah Mampu Milik. It will also have 27 shops.
The name Astrum Ampang comes from the ancient Greek language and means "star." The development is heavily influenced by the cosmic celestial theme, with light sources decoratively interspersed throughout to emulate a starry sky.
The thought of stars brings to mind Astrum Ampang's 57-story height, which provides residents with a breathtaking view of the Kuala Lumpur skyline.
A five-acre landscaped podium spans the development and has been meticulously manicured for decorative and recreational purposes.
The outstanding development features 62 excellent amenities, including an infinity pool, sunken jacuzzi, children's indoor playground, antioxidant room, multi-purpose hall, outdoor theatre, community centres, and more.
Residents at Astrum Ampang will get to enjoy a seamless smart living experience that includes smart technologies such as free WiFi in common areas, a digital community app, and an advanced smart gym.
The 5,000-square-foot smart gym will feature cutting-edge workout equipment as well as the ability to host personalized virtual fitness classes.
Residents will also have access to 27 commercial units on the ground floor, adding to the area's already diverse range of amenities.
Astrum Ampang is surrounded by international schools, shopping malls, recreational parks, and medical facilities.
For more retail and lifestyle experience, the upcoming Datum Mall located beside Astrum Ampang will further complement its residents' needs.
The development is a 16-minute drive to the Kuala Lumpur city centre and 150m away from the Jelatek LRT station. It is easily accessible via Jalan Ampang, Jalan Jelatek, Middle Ring Road 2, Duta-Ulu Kelang Expressway, Ampang-Kuala Lumpur Elevated Highway, Duta-Ulu Kelang Expressway, and Kuala Lumpur-Karak Expressway.
By Sharen Kaur - Published in NST Property, March 24, 2022
An artist’s impression of KL Wellness City in Bukit Jalil, Kuala Lumpur, will take 10 years to develop.
sharen@nst.com.my
The KL Wellness City megaproject in Bukit Jalil, Kuala Lumpur, is envisioned as a world-class medical and wellness township with a gross development value (GDV) of nearly RM12 billion.
According to Datuk Dr. Colin Lee, managing director of KL Wellness City Sdn Bhd (KLWC), the 10-73-hectare development will be the first in Southeast Asia to cultivate a lifestyle fully integrated with healthcare.
KLWC is the master developer and owner of KL Wellness City. The land was purchased in 2015 by the company from the Lembaga Tabung Angkatan Tentera, also known as the Armed Forces Fund Board.
The idea to develop the medical township was mooted by Lee, who began his career as a medical doctor from the University of New South Wales, Australia.
Datuk Dr. Colin Lee, managing director of KL Wellness City Sdn Bhd, proposed the wellness and medical-related township development.
According to Lee, the development of the KL Wellness City project would take about 10 years, divided into two major phases.
Construction on phase one, which includes a 517-bed International Hospital and the Nobel Healthcare Park, began about six months ago and spans seven acres, he said.
According to Lee, the gross development cost (GDC) for the phase one development is around RM600 million.
"The International Hospital will be built in two stages. The first phase will include 517 beds and is expected to cost around RM360 million. Phase two will see the hospital expanded to around 1,000 beds. The Nobel Healthcare Park's GDC is estimated to be around RM230 million," he said.
Phase one will be completed by the end of 2024, and both the International Hospital and the Nobel Healthcare Park will open in early 2025, he said.
An artist’s impression of Nobel Healthcare Park.
Nobel Healthcare Park will have a GDV of RM1 billion and three towers of medical and wellness suites, he said.
The medical suites, according to Lee, are built in accordance with Ministry of Health specifications and are designed in a modular format, allowing specialists to choose the ideal size for their practise.
The suites start at 223 square feet and they are selling from RM414,000.
The medical suites, according to Lee, are designed based on the core management team's own experience in the medical field.
"We have infused the design and elements that offer practising medical specialists the flexibility to optimise the use of space to suit their precise requirements and the freedom to make changes according to evolving needs.
"We are confident this will enhance the specialists' interest to own the suites as an investment in addition to running a practice here. We expect a take-up rate of 80 per cent, within the first three months of the first phase's official launch," he said.
Nobel Healthcare Park's wellness suites are fully equipped. The suites provide adaptable living spaces that are suitable for owner occupancy, home office use, or short-term stays such as step-down care and healthcare traveller accommodations.
These suites, which come in 268 sq ft and 386 sq ft sizes, start at RM338,000
Datuk Sri Dr. Vincent Tiew, executive director (branding, sales, and marketing) of KL Wellness City Sdn Bhd.
Components that are unique; GBI-rated
Datuk Sri Dr. Vincent Tiew, KLWC executive director (branding, sales, and marketing), said that the International Hospital and Nobel Healthcare Park are pursuing Green Building Index (GBI) certification.
Tiew said GBI is a big deal for hospitals and healthcare components.
He also said that whatever the company builds in KL Wellness City will be one-of-a-kind: the International Hospital, which will be rebranded, will be the first of its kind in Southeast Asia, and the healthcare mall, which we will developed under phase two, will be the first of its kind in the world.
"Generally speaking, you will not be able to build this type of medical township if you are a typical property developer. If you are a hospital-related organisation, you will not be constructing a city or a township. You will be extremely hospital- or medical-driven.
"What we are doing here is constructing an ecosystem that is fully integrated between five components. We have wellness, medical tourism, lifestyle (healthcare mall), a property component with serviced suites, lifestyle homes, retirement homes, and, most importantly, a true International Hospital.
"Why are we optimistic about the retirement home market? Because we will be the sole owners of our International Hospital. It is not a small facility. It will be huge, with 1,000 beds and 22 operating theatres. Overall, we are very optimistic because we believe we have the right product to market and the right people in the company to take it forward," Tiew said.
Tiew, who was previously the managing director of the Andaman Property Group of Companies, said that the healthcare mall in phase two development will include several proposed medical and hospital outfits, including a leading oncology centre (cancer centre) in Southeast Asia.
It will also include other components, such as a hotel and retail, to round out and improve the overall ecosystem.
"We believe KL Wellness City will be self-sustaining. This is something that everyone is looking forward to. Malaysia is known for having some of the best medical facilities in the world, and what we offer at KL Wellness City is one-of-a-kind. Furthermore, we have an ageing population that requires such facilities and treatment," he explained.
