RM3bil has been spent on the infrastructure of the Tun Razak Exchange

By Sharen Kaur - Published in NST Property on June 28, 2022 

The Exchange 106's retail podium combined with The Exchange TRX, will create a total of over 1.5 million square feet of retail space within the TRX Master Plan.

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TRX City Sdn Bhd, the master developer of the Tun Razak Exchange (TRX), the new international financial district in Kuala Lumpur has spent roughly RM3 billion on the infrastructure, according to a statement.

This includes the construction of new roads, upgrades to existing roads, and pedestrian links leading into and out of the development.

The infrastructure for this 70-acre master-planned development, which will include 30 buildings with a combined gross floor area of 24 million square feet (sq ft), is currently 99 per cent complete.

The entire TRX development is anticipated to have a gross development value of more than RM40 billion.

Sydney-based property developer Lendlease Group is creating The Exchange TRX, a mixed-use development that is a part of TRX, in a 60:40 joint venture (JV) with TRX City.

The 17-acre complex will include a hotel, an office building, a two million square foot shopping mall (The Exchange TRX), and six residential towers with a combined 3,800 residential units (known as TRX Residences).

Lendlease recently entered into a partnership with Mulia Group on the retail podium at The Exchange 106 (owned by Mulia Property Development Sdn Bhd), the iconic tower that sits within TRX.

The partnership was undertaken via a joint venture between Lendlease and TRX City, and Mulia Property.

One of the highest structures in Asia, The Exchange 106 has 106 floors, 90 per cent of which are dedicated to offices. Phase 1 of The Exchange TRX is made up of the retail podium, which comprises two levels and roughly 70 retail shops.

Since it opened its doors in December 2019, The Exchange 106 has been the proud corporate address for more than 20 global companies, who collectively occupy more than 700,000 sq ft of office space.

According to Mitchell Wilson, The Exchange TRX's project director and head of retail for Lendlease Malaysia, the TRX has solidified its status as the city's most sought-after destination.

"With 99 per cent of the infrastructure completed, the opening of The Exchange 106, and Menara Prudential in 2019, as well as the opening of HSBC's new headquarters Menara IQ, and Affin Bank's new corporate headquarters this year, Phase 1 of The Exchange TRX will support this large office population."

"We are privileged to partner with the Mulia Group for The Exchange 106 as this allows us to provide a seamless retail offering for the TRX Masterplan. Phase 1 will be focused on food and beverage (F&B), and service-related offerings, and combined with The Exchange TRX, will create over 1.5 million sq ft of retail space within the TRX master plan," he said in the statement.

The partnership between Mulia and Lendlease, as well as TRX City, according to Mulia Property Development Chief Executive Officer Datuk Lai Weng Hoo, will open the door for partnerships and cooperation in a professional setting.

The application of "work, live, play" has a new meaning, according to Lai, thanks to the combination of The Exchange 106's retail podium and F&B components with The Exchange TRX's commercial and lifestyle components and the TRX master plan.

"Serving the working population of The Exchange 106 as well as its neighbours with conveniences and amenities at its doorstep is part of our commitment to our tenants and the community at large," he said.

Ahmad Shah: A development like i-City could bring in fresh investment to Shah Alam

 By NST Property - Published on 29, 2022 

(L-R) I-Berhad chairman Tan Sri Lim Kim Hong and Tengku Datuk Seri Ahmad Shah ibni Almarhum Sultan Salahuddin Abdul Aziz Shah inside the DoubleTree by Hilton at Finance Avenue @ i-City. The Sultan of Selangor Sultan Sharafuddin Idris Shah will officially launch the hotel on  August 11. 

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i-City is one of the best developments in Selangor that has a four- to a five-star hotel, according to Tengku Datuk Seri Ahmad Shah ibni Almarhum Sultan Salahuddin Abdul Aziz Shah.

He said that Shah Alam needs a development that has a business hotel like DoubleTree by Hilton to attract additional investment to Selangor.

Ahmad Shah was speaking to NST Property after visiting the soon-to-be-opened DoubleTree by Hilton, where he also met with I-Bhd chairman Tan Sri Lim Kim Hong.

He took the opportunity to look at the 'Charging Bull' at Finance Avenue, which symbolises the resilience of the Malaysian economy and the emergence of i-City as a financial hub.

I-Berhad chairman Tan Sri Lim Kim Hong and Tengku Datuk Seri Ahmad Shah ibni Almarhum Sultan Salahuddin Abdul Aziz Shah posing with the iconic charging bull at Finance Avenue. 

The Sultan of Selangor Sultan Sharafuddin Idris Shah will officially launch the 300-room DoubleTree by Hilton on August 11, 2022.

In 2019, the Ruler launched the Central i-City shopping mall, which is a joint venture between Thailand's largest retail property developer Central Pattana group, and i-City.

I-Bhd is the master developer of i-City, which is anticipated to have a better year this year, thanks to signs of recovery and increasing optimism in all of its business areas.

The developer reported a pre-tax profit of RM1.7 million for the first quarter of 2022 as opposed to RM1.3 million during the same time in the previous year.

I-Bhd's Lim has ambitious goals for the group, among them is to turn it into an RM1 billion property company by market capitalisation, through various measures and initiatives.

It would rebuild its pipeline of property development projects to generate RM300 million in annual revenue and increase the yield on its RM1 billion portfolio of investment properties.

A significant amount of money will also be invested in digital technology to keep i-City as the top technology city and to provide the theme park with a Metaverse experience.

The theme park has resumed profitability and experienced a resurgence of its pre-pandemic foot traffic following the shift to endemicity.

There is strong demand for the i-City Convention Centre, given that events and activities could not be organised over the previous two years.

At DoubleTree by Hilton, bookings for ballrooms and event rooms have been made in the first two weeks of the hotel opening, while occupancy at Best Western i-City is now at 65 per cent.

The 52-story BeCentral, which will offer luxury homes and is scheduled to launch in the third quarter of 2022, has received positive reservations, and the 33-storey Mercu Maybank, a Grade-A smart office tower at Finance Avenue, is 80 per cent leased with a healthy pipeline.

The anchor tenant at Mercu Maybank is Malayan Banking Bhd (Maybank), the country's largest bank by assets.

Maybank expects to transfer roughly 1,500 staff to Mercu Maybank, to enhance its business continuity management (BCM) and resilience planning.

According to Tang Chee Meng, chief operating officer of Henry Butcher Malaysia, Maybank's set up at Finance Avenue is a further achievement for I-Bhd and enhances the reputation of the i-City development.

Mercu Maybank is a key component in driving i-City to become the financial hub as well as home to global Fortune 500 companies.

With a Tier-3 certified data centre linked to a 400G capable high-availability network, i-City is ready to support the expansion of finance and IT in the services sector.

Lagenda Properties and KUASA restores mangrove forest in Perak

 By Sharen Kaur - June 23, 2022

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Lagenda Properties has teamed up with the environmental NGO Persatuan Aktivis Sahabat Alam (KUASA) to restore the mangrove forest adjacent to Changkat Keruing Riverbank Park in Perak.

The affordable township developer has planted 1,000 mangrove trees alongside the local population, to mitigate the harm done over time by aquaculture fishing and deforestation.

Mangrove forests are among the planet's most productive and biodiverse wetlands, and they produce 10 times as much oxygen as tropical forests do. But among the most endangered habitats are these distinctive coastal tropical forest landscapes.

This ecosystem not only offers vital habitat for a variety of marine and terrestrial flora and fauna, but it also lessens vulnerability to natural disasters and extreme climatic events and serves as a natural coastal defense system, particularly for the local communities.

To ensure a healthy and thriving ecosystem, Lagenda has invested in planting Rhizophora apiculata and Bruguiera cylindrica in Sg. Keruing mangrove forest, two species that are local to the area and known to be a good source of natural antioxidants for medicinal uses.

"The value of the mangrove forests in providing economic, social, and environmental benefits to the locals is extremely important. As a company that greatly prioritises sustainability and communities, we wanted to play our part in ensuring that afforestation efforts were quickly underway. We believe that volunteering on environmental conservation is a powerful way to become part of the solution as protecting our natural environment is key to the survival of fragile ecosystems, wildlife, and humankind," said Mohamad Ali Ariffin, director of Lagenda.

The company's managing director, Datuk Jimmy Doh, said that at Lagenda, sustainable development is a way of creating homes and spaces that meet all the needs of the homeowners, while not compromising on the environment and the needs of future generations.

"Therefore, we carefully select land that requires the minimal intervention of its environmental profile. This involves the assessment of long-term land productivity where Lagenda only permits land conversion from the non-primary forest and unproductive land," he said.

Doh believes that conserving and improving environmental ecosystems will provide infinite value to society and the country's biodiversity and food resources.

At its Bandar Baru Setia Awan Perdana development in Sitiawan, Perak, Lagenda had planted over 18,000 plants, some of which were Hopea odorata and Agathis borneensis, being vulnerable and endangered species respectively.

KL Metro Group's 5-star luxury apartment and hotel project in KL city will be ready in early 2023

 By Sharen Kaur - June 22, 2022 

The five-star Imperial Lexis Kuala Lumpur and Grandview Residence tower located at Jalan Kia Peng in Kuala Lumpur city centre is about 85 per cent completed. Photo/Sharen Kaur

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Kuala Lumpur (KL) Metro Group's five-star Imperial Lexis Kuala Lumpur and Grandview Residence, located at Jalan Kia Peng in the centre of Kuala Lumpur city, is scheduled to be completed at the latest by March of 2023.

Construction on the project is currently 85 per cent completed, according to the group's managing director Datuk Low Tak Fatt.

"We are confident that the development will be completed by early next year, and the hotel will open to the public in March, marking our very first foray into the Kuala Lumpur luxury hotel space," he told NST Property on the sidelines of the 53-storey skyscraper's topping out ceremony, here today.

Low said this is an exciting time for KL Metro Group as it witnesses its concept for a top-notch hotel and opulent apartments come to life.

"Today's occasion is a significant turning point. Imperial Lexis Kuala Lumpur and Grandview Residence will undoubtedly be a world-class destination in the heart of Kuala Lumpur. The topping-out ceremony brings us closer to the completion of this development," he said.

Imperial Lexis will be the first hotel in Kuala Lumpur with private pools in each of its 275 suites (from levels 13).

The open-air Satellite Bar on the rooftop provides stunning views of the city skyline from its vantage point.

Grandview Residence has a total of 164 apartment units, with an average size of 800 sq ft (from levels 36 to 49).

Low said KL Metro Group has sold 92 per cent of the total 439 units (hotel rooms and apartments) since the unveiling in 2018/2019.

He said that foreigners from Asia and the Middle East made up the majority of the purchasers.

"This demonstrates the project's enormous popularity and attractiveness, which are a result of its advantageous location and appealing features. We worked on a sales and leaseback programme for the sale and have shown an excellent track record on rental returns thus far," he said.

There is a private pool in every hotel room and apartment. Photo/Sharen Kaur

The management of Imperial Lexis and Grandview Residence will be handled by Lexis Hotel Group (LHG), a company that specialises in hotel management and has a portfolio of top-notch resorts and hotels in Malaysia.

LHG holds the distinction of being the very first resort operator in Malaysia where every room it manages is equipped with a private pool.

In Port Dickson, it currently manages three properties, namely Lexis Hibiscus Port Dickson, which has 639 pool villas; Grand Lexis Port Dickson, which has 317 pool villas with Balinese influences; and Lexis Port Dickson, which has 272 villas.

LHG also manages Lexis Suites Penang, a luxurious oceanfront resort on Penang Island with 222 suites, each with a private pool and steam room.

Two Guinness World Records are held by Lexis Hibiscus Port Dickson, including "The most swimming pools in a resort" and "The most overwater villas in a single resort."

The iconic property boasts a private pool and steam room in each pool villa as well as a heliport for the benefit of visitors.

Cable cars and electric trams at Tropicana Windcity for carbon-free living

 By Sharen Kaur - June 21, 2022

Tropicana Corp Bhd unveiled Tropicana WindCity and its T Privilege loyalty programme recently.

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Tropicana Windcity, a Genting Highlands mid-hill township developed by Tropicana Corp Bhd, will be a well-planned holistic retail, recreational, and residential sanctuary.

Tropicana Grandhill, Tropicana Paradise, and Tropicana Avalon are three distinct masterplans that will span 112 acres, 308 acres, and 176 acres, respectively, within the 596-acre township.

Tropicana WindCity is envisioned with Tropicana Paradise as the spark, giving an entertainment sanctuary in the heart of the township, according to Tropicana group managing director Dion Tan.

"This vibrant blueprint will chart a new growth horizon for our group and mark our first marketing expansion into the international market across the Asia Pacific region. We are pleased to note that we have already registered interest from various companies, underscoring the rising interest in our highland development. We look forward to and invite more exciting collaborations in the near future," he said at the unveiling of Tropicana Windcity here recently.

Tropicana WindCity spans 596 acres and will feature three unique masterplans, namely Tropicana Grandhill, Tropicana Paradise, and Tropicana Avalon.

Tropicana Paradise is made up of 308 acres of business and residential space, as well as a 38-acre entertainment complex. Branded serviced homes, five-star worldwide branded hotels, a theme park, and a shopping mall are all part of the proposed development.

One million square feet (sq ft) of retail space and 1.5 million sq ft of entertainment attractions are planned for the entertainment hub, which will comprise an indoor theme park, convention centre, multi-level glass tower, and international-themed gardens and eating facilities.

Tropicana Grandhill and Tropicana Avalon will compliment Tropicana WindCity.

Tropicana Grandhill is a 112-acre wholesome and holistic metropolis with year-round lifestyle amenities like a projected health hub and silver hair village.

Tropicana Avalon is a 176-acre luxury township comprising serviced and branded apartments, hospitality facilities, a villa resort, a proposed forest park, and eco-adventure components.

According to Tan, the township will implement environmentally friendly transit options such as cable cars and electric trams, as well as elevated pedestrian walkways.

In keeping with Tropicana's dedication to environmental, social, and corporate governance (ESG) principles, its planned infrastructure emphasises greener modes of transportation, encouraging tourists to embrace carbon-free lifestyles toward a more sustainable future.

Tropicana recently announced T Privilege, an enhanced loyalty programme powered by the Tropicana 360 mobile app. It offers unique rebates on property purchases, cash awards for referrals, priority invitations to launches and lifestyle events, and exclusive benefits at Tropicana Golf & Country Resort.

KLGCC reverted to its original name, to better reflect the club's strength and heritage

 By Sharen Kaur - June 17, 2022 

Kuala Lumpur Golf and Country Club was founded in 1991. In 2016, the name was changed to TPC Kuala Lumpur, but it was changed back to KLGCC last year.

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The Tournament Players Club (TPC) Kuala Lumpur has reverted to its original name, Kuala Lumpur Golf and Country Club (KLGCC), to better reflect the club's strength and heritage.

KLGCC is the crown jewel of Sime Darby Property Bhd's KLGCC Resort township, located in the lush landscapes of Mont Kiara, just eight kilometres from Kuala Lumpur's heart.

On August 24, 2016, the golf club's name was changed to TPC Kuala Lumpur, but it was changed back to KLGCC on November 1, 2021.

Raja Permaisuri Agong, Tunku Hajah Azizah Aminah Maimunah Iskandariah, officiated at the KLGCC rebranding ceremony yesterday.

Federal Territories Minister Datuk Seri Dr. Shahidan Kassim, Sime Darby Property Bhd chairman Rizal Rickman Ramli, and Sime Darby Property group managing director Datuk Azmir Merican were present at the event.

Datuk Azmir Merican, group managing director of Sime Darby Property, said that the efforts to rebrand the KLGCC are long-term initiatives to improve the club's surroundings.

In his speech, Azmir stated that Sime Darby Property took the bold step last year to rebrand the club's name in an effort to further enhance KLGCC's status as one of Malaysia's premier golf destinations, as well as to create a fresh synergy between the club's brand identity and the overall KLGCC Resort Township development.

"From TPC Kuala Lumpur, it's back to its instantly recognisable name, KLGCC. I am sure that many would agree that the KLGCC name evokes sentimental memories that reflect the club's strength and heritage," he said.

With the club at the heart of the KLGCC Resort Township, the resort will offer an exclusive lifestyle that includes high-end developments and prestigious properties like East Residence, Senada Residence, Jendela Residence, and Sime Darby Convention Centre, he said.

Azmir hoped that the KLGCC Resort would become one of Kuala Lumpur's most prestigious developments, offering world-class facilities and services and an impeccable sense of community lifestyle.

He said that the club is improving its current features and introducing new services to improve the overall experience of its members and patrons.

KLGCC, which opened in 1991, is a 36-hole tournament standard course that drew international attention by hosting the PGA TOUR, European Tour, and LPGA all in the same year for three years in a row between 2013 and 2015.

In October 2016, the club made history again by simultaneously hosting the CIMB Classic PGA TOUR and Sime Darby LPGA Malaysia, both feats unprecedented in golf history.

Tew: Zenith Aim Group plans to grow its hospitality division by building beachfront resorts

 By Sharen Kaur - Published in NST Property on June 17, 2022 

Datuk Sri Tew Kim Thin, the founder and executive chairman of Zenith Aim Group, wants to build beachfront resorts on Malaysia's east coast, as well as in Sabah, Sarawak, and Langkawi. Photo/Sharen Kaur

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Zenith Aim Group, a private homegrown property developer, intends to build three to five new hotels and resorts, to expand its hospitality division.

Datuk Sri Tew Kim Thin, the group's founder and executive chairman, told NST Property that he is considering building a five-star beachfront hotel with more than 250 rooms on the border of Pahang and Terengganu.

According to him, Zenith Aim Group is working on a plan to develop roughly 60 acres of land on Chendor Beach.

The property developer and entrepreneur from Banting is also planning beachfront resorts in Langkawi, Sabah, and Sarawak, as well as a business hotel in Kuantan, Pahang.

"We currently own a city hotel, a lakefront hotel, and a highland resort. What we lack is a beachfront resort. We have land on Chendor Beach and are looking for suitable locations in Langkawi, Sabah, and Sarawak. We hope to have more properties in three to five years." he said.

Tew has ruled out purchasing existing resorts and hotels.

"We are not interested in taking over existing or abandoned properties. It's not worth it because we have to spend a lot of time fixing up the property and it can be stressful. We prefer to build from the ground up using our concept and design," he said.

Zenith Aim Group was founded in 1989 as an earthwork and infrastructure company by Tew and his brothers.

The Putrajaya-based group gradually established itself as a prominent property developer and management firm.

Zenith Putrajaya opened in 2018 and is popular with both business and leisure travellers, as well as weddings and MICE (meetings, incentives, conferences, and exhibitions). Photo/Sharen Kaur

Zenith Aim Group currently owns and operates Zenith Kuantan in Pahang (opened in 2010), Zenith Putrajaya (opened in 2018), and Zenith Cameron Highlands in Cameron Highlands (opened in 2021).

All three are five-star eco-friendly properties that operate under Zenith, the group's in-house brand.

It also operates a shopping mall in Kuantan and convention centres.

"Our goal is to build the brand and expand our hotel network. We like the hotel business. It will do well if you build a hotel in a good location that is easily accessible, has a good concept, and is close to leisure and entertainment centres. All of our hotels are popular with both business and leisure travellers. They're also popular for weddings and MICE (meetings, incentives, conferences, and exhibitions).

"We took a brave step by opening Zenith Cameron Highlands amid the pandemic, and I am pleased to say that it is doing well. Our core intention is to provide and deliver better service and more convenient accommodation for the people and visitors who come to Cameron Highlands. Now that the country has reached the endemic stage, the leisure and corporate sectors are picking up," he said.

EcoWorld International intends to monetise its assets to fund future growth

 By NST Property - Published on June 15, 2022 

EcoWorld International Bhd has 18 active and upcoming projects in the United Kingdom and Australia, with a total gross development value of £4.7 billion and AU$700 million, respectively. (Image of Embassy Gardens)

EcoWorld International Bhd intends to monetise its completed stocks in Australia and the United Kingdom (UK), which will generate significant cash reserves.

Datuk Teow Leong Seng, the group's president and chief executive officer, said that a portion of the proceeds will be earmarked for future growth.

The remaining funds will be repatriated to Malaysia for distribution to shareholders in the next 1-2 years, he said.

Teow said that EcoWorld International's strategy has been to focus on monetisation of completed stocks at the group's EW-Ballymore joint venture (JV) and Australian projects since the fourth quarter of 2021.

It has also been selectively evaluating new growth opportunities, to eventually reinvest the substantial cash reserves generated by the group's current project sales, he said.

"Our monetisation strategy has progressed well, enabling us to repay all the project development loans for our Australian projects as well as all the bank borrowings of our EW-Ballymore JV," he said.

EcoWorld International's major shareholders include Eco World Development Group Bhd and Singapore-listed GuocoLand Ltd.

The group currently has 18 active and upcoming projects in the UK and Australia, with a total gross development value of £4.7 billion and AU$700 million, respectively.

EcoWorld International's presence in the UK began with the EcoWorld-Ballymore JV, which is currently developing three prime waterside residential projects in London.

EcoWorld London opened in 2018, providing EcoWorld with an immediate presence in the highly resilient UK mid-mainstream market and the rapidly growing Build to Rent sub-sector.

In Australia, EcoWorld International currently has two active projects, namely West Village in Parramatta, Sydney's second central business district, and Yarra One in Melbourne's charming South Yarra neighbourhood.

Teow said that EW-Ballymore has about £400 million in completed properties that are easily monetisable given the ongoing interest in all three projects in the portfolio.

"Once the remaining completed properties in the EW-Ballymore portfolio, as well as the group's Australian projects, are sold, EcoWorld International will have substantial cash reserves to be deployed," he said in a statement today.

EcoWorld International's total sales plus reserves for the seven months ending May 31, 2022, were RM1.533 billion, a 52 per cent increase over the RM1.012 billion recorded during the same period in FY2021.

Teow said that EcoWorld International's strong start in the first quarter of 2022 has continued into the second quarter of 2022.

"The group's London City Island and Embassy Gardens projects continue to lead sales performance. We have also seen a good uptick in demand for our Australian projects in 2Q 2022," he said.

According to Teow, the group is on track to meet its FY2022 sales target of RM2 billion.

Meanwhile, Teow said that EcoWorld International has begun to receive some repayment from EW Ballymore for shareholder advances.

"However, despite the resurgence in demand we have seen over the last seven months, selling prices for properties have not increased at quite the same pace as yet. This is because market sentiment continues to be weighed down by inflationary concerns and rising interest rates, compounded by geopolitical tensions caused by the ongoing conflict between Russia and Ukraine.

"Interestingly though, rents in London have been going up particularly at our EW-Ballymore projects due to their prime location, transport accessibility, and excellent liveability. Such rental growth augurs well for an eventual price recovery which should help us to achieve better overall returns from the sale of our completed properties for the benefit of our shareholders," he said.

The UK's first art'otel will open within the iconic Battersea Power Station this year

By Sharen Kaur - Published in NST Property on June 15, 2022 

The masterpiece suit at the art’otel London Battersea Power Station. Courtesy image

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The first art'otel in the United Kingdom will be located at Battersea Roof Gardens, within the iconic Battersea Power Station in central London.

This art-inspired, boutique lifestyle hotel with 164 bedrooms is designed by Foster + Partners.

It is an important part of Electric Boulevard, which includes a collection of buildings such as homes, offices, and a new pedestrianised high street to the south of the iconic Power Station.

The hotel will include a new skyline destination restaurant and bar, a rooftop swimming pool, a gym, spa, event space, a Grand Café, and an art gallery.

The guest rooms, bar, and restaurant are now being outfitted as construction nears completion.

Jaime Hayon, a Spanish artist and designer who also founded Hayon Studio, has been appointed as the hotel's interior designer and signature artist.

His designs for the art'otel are inspired by the Power Station's history and heritage, as well as its future role as the focal point of a new cultural district and neighbourhood in London. The guest rooms feature a bright and colourful palette, and art is an important part of the hotel's overall design concept.

According to Hayon, the central role of art at art'otel creates a unique opportunity to investigate the relationship between art, product, and interior design.

Simon Murphy, CEO of Battersea Power Station Development Co (BPSDC), said the art'otel plays an important role in the vibrant new riverside neighbourhood.

"Once the hotel is open later this year, it will be a unique place to stay and dine with its stunning rooftop swimming pool overlooking the Power Station's famous four chimneys and art-inspired Hayon interiors," he said in a statement issued by Sime Darby Property.

Murphy believes that 2022 will be a historic year for Battersea Power Station, as it prepares to open the Grade II* listed Power Station and Electric Boulevard to the public in September.

According to Boris Ivesha, president and CEO of PPHE Hotel Group, Hayon's diverse expertise made him an obvious choice when selecting a designer for this exciting new hospitality and arts venue.

"Hayon is an exciting, internationally acclaimed artist whose designs sit outside of the typical hospitality mould, reflecting the distinctive energy of the art'otel brand. His vision will perfectly complement the architecture of Foster + Partners, making this a centre of design excellence," he said.

The £9 billion regeneration project is one of the largest riverside neighbourhoods in central London. The 42-acre project includes 3.5 million square feet of mixed commercial space as well as 4,239 new homes.

The Battersea Power Station development is owned by a Malaysian consortium that includes Sime Darby Property (40 per cent) S P Setia Bhd (40 per cent), and the Employees' Provident Fund (20 per cent).

EPF and Permodalan Nasional Bhd own the commercial assets within the Power Station building.

The Power Station's restoration is nearing completion, with residents now living inside the Grade II* listed structure and new retailers, including Ralph Lauren, Ray-Ban, Lacoste, and Calvin Klein, announcing plans to open in September.

Battersea Power Station, when completed, will house over 100 shops, bars, and restaurants, a luxury boutique cinema, events and leisure spaces, and the chimney lift experience.

Circus West Village, the first phase of Battersea Power Station regeneration, is already home to over 1,700 residents as well as a variety of bars, restaurants, cafés, and fitness and leisure facilities.

GSH Corp's Coral Bay @ Sutera project in Sabah hits a snag

 By Sharen Kaur - Published in NST Property on June 13, 2022 

An artist’s impression of the luxury Coral Bay @ Sutera, located within the gated precinct of Sutera Harbour Resort. Image credit: www.coralbay-sutera.com

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Coral Bay @ Sutera, located within the gated precinct of Sutera Harbour Resort in Kota Kinabalu, Sabah, has encountered a snag.

GSH Corp Ltd, the developer, is reportedly in a dispute with NTSJ Construction, the contractor hired to build the project.

According to a filing made by GSH to the Singapore Stock Exchange last week, Coral Bay @ Sutera was supposed to be completed last December, but NTSJ had only done 45 per cent of the work to date.

Investasia Sdn Bhd, a GSH subsidiary, had appointed NTSJ as the main contractor for the Coral Bay project, to construct the project within 38 months, by December 31, 2021.

GSH alleged that NTSJ made slow progress with deteriorating performance by March 2022.

It also claimed that NTSJ failed to make timely payments to subcontractors and suppliers totaling about RM9 million.

"By March 2022, it was apparent that NTSJ would not be able to progress with the Coral Bay project. Whilst NTSJ had the opportunity to remedy its default, they failed to do so, and the site conditions continued to deteriorate," GSH said.

According to the filing, NTSJ was eventually terminated on April 13 by Investasia.

On June 7, Investasia received a notice of arbitration from NTSJ, claiming RM129.1 million and a declaration of the company's wrongful termination.

Following that, Investasia filed its own RM124.8 million claim against NTSJ.

According to GSH, Investasia will contest NTSJ's claims while appointing a new main contractor to complete the Coral Bay @ Sutera project.

It said Investasia will take all practicable steps to mitigate any impact on the project's completion.

Sutera Harbour Resort.

GSH is a growing Asian property developer with five properties under construction in Malaysia and China.GSH alleged that NTSJ made slow progress with deteriorating performance by March 2022.

The company owns and operates Sutera Harbour Resort, which includes two five-star hotels (The Pacific Sutera and The Magellan Sutera), a 104-berth marina, and a 27-hole championship golf course, and Sutera @ Mantanani Resort on the Mantanani Islands.

Coral Bay @ Sutera is GSH's second residential project in Malaysia, after the highly successful launch of Eaton Residences in Kuala Lumpur in 2016.

Coral Bay @ Sutera is a 12.11-acre oceanfront condominium development with premium finishes and full condominium amenities adjacent to The Magellan Sutera Resort.

It has 460 condominium units spread across eight 12-story buildings, ranging in size from 1,541 to 6,593 square feet (sq ft).

Rising demand for homes in Sarawak prompts NAIM Group to launch its homeownership campaign

By  NST Property - Published on June 13, 2022

NAIM The Peak Condominiums, Bintulu. Courtesy image

The NAIM Group has launched its "Unwrap Your Dream Home" homeownership campaign, which is being fueled by rising home buyer demand and international investor interest.

The Campaign, which will run until June 30, 2022, will highlight completed residential and commercial projects throughout NAIM's three Sarawak developments in Kuching, Bintulu, and Miri.

"We understand that the last two years have been challenging for the property development industry. Cognisant of this, we have introduced the campaign to help fellow Malaysians realise their dreams of owning a home at any of NAIM's developments within their chosen environment.

"The campaign coincides with rising property sentiment, and positive macroeconomic indicators as Malaysia enters the endemic phase," said Bahrin Wahid, head of sales and marketing.

NAIM Sapphire on the Park, NAIM The Peak Condominiums at Bintulu, and NAIM Kuching Paragon are among the developments highlighted in this campaign.

Those looking for landed homes will be able to select from NAIM's extensive portfolio of properties at NAIM SouthLake Permyjaya in Miri, including NAIM River Dale (detached vacant lands), NAIM Eden Villas (single-storey semi-d), NAIM Willow Moss Terraces (two-storey terrace houses), NAIM Melrose Terraces (single-storey terrace houses), NAIM Sunville Terraces (single-storey terrace (single-storey terrace houses).

Buyers have options such as move-in ready or lease, and incentives such as zero down payment and free Sales and Purchase (SPA) where applicable. These options, however, will be determined by the type of property, location, and terms and conditions.

NAIM's integrated developments, NAIM Kuching Paragon and NAIM Bintulu Paragon are poised to emerge as Sarawak's new business and lifestyle hubs due to their proximity to a wide range of amenities and facilities, according to Bahrin.

The 33-acre NAIM Kuching Paragon, strategically located in Batu Lintang, Kuching, includes a variety of components such as luxury condominiums, the upcoming Timberland Medical Centre, and a proposed ART station, designer office blocks, an education centre, and a retail mall.

NAIM Bintulu Paragon is a self-contained hub that includes a Street Mall with banks, an attractively landscaped alfresco piazza for large-scale events, and outlets such as eateries, retail, and entertainment; SOVO units with versatile layouts ideal for small and medium businesses; and Sarawak's tallest condominium tower, known as 'NAIM The Peak Condominium Homes,' with a diverse range of suites, studio units, and duplexes suitable for first-time.

It also includes the 230-room Fairfield by Marriott, NAIM Group of Companies' first hotel, and Bintulu's first international-class hotel.

Meanwhile, NAIM SouthLake Permyjaya is the largest precinct-based development within NAIM's well-established NAIM Bandar Baru Permyjaya township.

This 450-acre development provides residents with a variety of facilities as well as a unique mix of modern landed residences.

The project includes commercial shop offices, a KPJ hospital, and a future educational institution.

A recreation hub with a central community clubhouse, a 30-acre lake, green spaces, and an upcoming jogging track complements the master development.

Sime Darby Property has completed the sale of its East 57 hillside homes

 By Sharen Kaur - Published in NST Property on June 3, 2022 

Sime Darby Property recorded a stellar 100 per cent take-up for the East 57 units in KL East during the virtual launch last weekend. Courtesy image

sharen@nst.com.my

Sime Darby Property Bhd has completed the sale of East 57, a premium real estate development located within KL East's 159-acre master plan at the foothills of Bukit Tabur and the Klang Gates Quartz Ridge.

East 57 consists of 57 exclusive three-storey superlink homes priced between RM1.8 million and RM2.8 million.

The freehold units were snapped up via a virtual launch last weekend, continuing the company's trend of rapid market absorption.

Datuk Azmir Merican, group managing director of Sime Darby Property, said the total take-up proves that virtual launches work for the premium market.

East 57 attracted strong demand even before its launch due to the limited supply of well-designed landed units in KL East and Melawati.

"East 57's success can be attributed to our strong market insights and clear understanding of customer demand. It's never easy to launch a product above the RM2 million price point, but success can be achieved when we get the fundamentals right, that is the right product offering, design, and price," he said.

East 57 is notable in many ways, one of which is its distinctive architecture. The six-acre freehold enclave is located at the world's longest Quartz Ridge base. Because the site has a hilly, undulating terrain, each home is built sustainably in accordance with the natural contours of the site, seamlessly woven into the landscape of the surrounding rainforests, and maximising the panoramic views of Bukit Tabur and the Kuala Lumpur city centre.

Outdoor playgrounds, resting pavilions, al-fresco dining areas, a fitness area, and even a unique tree house are among the development's nature-inspired amenities.

The homes are intended to be spacious, bright, airy, and calm, with slightly larger floorplans than typical superlink homes.

A corner unit of the Type A East 57 homes.

There are three different unit layouts and sizes. Types A and C are 26' x 80' and have built-ups of 3,302 and 3,493 square feet, respectively, while Type B is 32' x 58' and has 2,829 square feet.

Typically, the layouts include 5+1 to 6+1 bedrooms and 5 to 8 bathrooms.

Azmir said that the development's natural surroundings, larger floorplans, and low density appealed strongly to the area's young, growing families.

"East 57 proved to be exactly what people were looking for," he added.

Berjaya Tioman Resort has reopened with a fresh new look

 By Sharen Kaur - Published in NST Property on June 2, 2022 

Berjaya Tioman Resort has exclusive chalet-style lodging and an 18-hole international golf course on 210 acres of tropical rainforest. Courtesy image

sharen@nst.com.my

The Berjaya Tioman Resort on Tioman Island in Pahang reopened on April 25, 2022, following an upscale renovation.

The more than 50-year-old luxury resort has been closed since June 15, 2020, to allow for renovations to revitalise its rooms and facilities.

The property is managed by Berjaya Hotels & Resorts, a subsidiary of the Berjaya Corp Group of Companies, and features exclusive chalet-style lodging and an 18-hole international golf course across 210 acres of tropical rainforests.

According to resort manager Simon Tan, Berjaya Tioman Resort is currently offering an "Infinite Getaway" experience that allows guests to enjoy a hassle-free island vacation starting at RM1,275 nett per person, based on twin sharing.

It includes two nights' accommodation, a complimentary shuttle from Tekek Jetty to the resort, and a welcome hygiene kit.

Highlights of the package include daily unlimited breakfast, lunch, and dinner and an unlimited supply of selected alcoholic and non-alcoholic beverages.

There are also limited-time benefits such as one-time kayak use and free bicycle rental.

Crystal clear water and lush greenery

Tan said that the refurbishment and daily unlimited inclusions of meals, beverages, and activities add value for guests looking for a getaway.

The "Infinite Getaway" experience was specifically designed to make guests feel happy and relaxed.

"With unlimited inclusions, guests can take in the beauty of Tioman Island and enjoy to their hearts' content," he said in a statement.

The resort also offers thrilling activities such as snorkelling, stand-up paddleboarding, ATV rides, and jungle trekking.

Golfers will enjoy teeing off on the resort's picturesque 18-hole course.

After eating, drinking, and playing, guests are invited to rejuvenate and pamper themselves at the Taaras Spa.

"We are happy to welcome our guest back to rediscover this tropical paradise and experience the next level of holiday with unlimited inclusions. We guarantee you it's going to be a fresh and exciting holiday experience in Tioman," Tan said.