By Sharen Kaur - Published by NST Property, July 26, 2022
LBS Bina Group Bhd executive chairman, Tan Sri Lim Hock San.
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LBS Bina Group Bhd is looking for new development projects in Pahang and other states that will help alleviate the local community's connectivity concerns, according to its executive chairman, Tan Sri Lim Hock San.
"Like our carefully planned venture into the Genting Highland region, we are constantly on the lookout for other development projects if the right opportunity presents itself. We look to develop viable projects which will ease the connectivity concerns of the local community," Lim said.
He said that 'affordability, connectivity, and community will be at the forefront of everything the company plans to do as it expands within the property development landscape.
LBS plans to build an RM9 billion mixed development on more than 300 acres of land in Genting Permai, Bentong, consisting of serviced apartments, double-storey terrace houses, townhouses, and bungalows.
It has signed a development agreement with the Pahang State Secretary Corp through its subsidiary Casa Inspirasi Sdn Bhd for the land near Genting Premium Outlet, Awana Genting Golf Course, and Gohtong Jaya.
According to Lim, these corporate exercises provide an excellent opportunity for the company to broaden its property development and construction expertise, further strengthening its position in the residential development segment.
He is optimistic about Genting Highlands' future development, stating that it has "great potential" due to its strategic location and popularity among tourists.
The Genting Highlands development project, according to Lim, represents LBS' ongoing effort to grow and expand its business activities.
Lim said in a statement recently that the project comes on the heels of the successful launch of the company's Midhills serviced apartment project in 2014.
Midhills was built over three blocks, with all 610 units fully sold, and features wellness-inspired facilities and a verdant forest backdrop.
LBS also opened its flagship 10-story SCAPES Hotel, which has 176 rooms, in February 2021. Since its inception, the hotel has attracted a large number of domestic tourists, as evidenced by its high hotel occupancy rate.
By Sharen Kaur - Published by NST Property, July 26, 2022
Sunway Property senior management and the ENGIE South East Asia management team at the signing of the BOOT agreement at Sunway Resort. Courtesy image
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Sunway Property and ENGIE Services Malaysia Sdn Bhd have signed a build, own, operate, and transfer (BOOT) agreement to install a district cooling system at Sunway South Quay Commercial Precinct 2 (CP2).
Sunway South Quay is Sunway Property's new integrated waterfront lifestyle hub, which has a gross development value of RM2 billion. It is located within Sunway City Kuala Lumpur.
The development consists of 21 and 23-story office buildings, a 5-story retail component, and a 12-story university block including Sunway University's Performing Arts Centre, all of which have LEED Gold and GreenRE certifications.
The BOOT agreement was reached through ENGIE-SUNWAY DCS Sdn Bhd, a 40 per cent-owned subsidiary of Sunway SK Sdn Bhd, which is a wholly-owned subsidiary of Sunway Construction Group Bhd.
ENGIE-SUNWAY DCS Sdn Bhd will install the district cooling system at the Sunway South Quay CP2 mixed-use development.
Sunway Property, which is Sunway Group's property arm, said that ENGIE's district cooling system provides the most energy-efficient solutions to Southeast Asian cities and urban areas. It significantly improves energy efficiency, allowing supply to be scaled in accordance with demand.
Sunway South Quay CP2 cooling solutions will help to lower operating costs while effectively reining in carbon emissions, benefiting air quality, under a 25-year contract, it said in a statement.
The BOOT model for a greenfield mixed-use development will be used for this project. It will include the installation of a cooling system with a capacity of over 7,000 refrigeration tonnes.
According to Thomas Baudlot, chief executive officer of Energy Solutions APAC and country head for Southeast Asia, this first jointly developed low carbon solution, will help Sunway South Quay CP2 save close to 20 per cent of energy and CO2 on its air conditioning needs.
Chong Sau Min, senior executive director of Sunway Property central region, said that the ENGIE-SUNWAY partnership will provide a total end-to-end value proposition for district cooling solutions, including engineering, financing, construction, operation, and maintenance of such infrastructures for both greenfield and brownfield urban development projects.
He believes that collaborating with partners who have a proven track record of implementing green energy solutions is the key to accelerating urban transformations and implementing successful environmental solutions.
According to him, sustainability has been ingrained in Sunway's DNA since its inception, as guided by the Sunway Group chairman Tan Sri Jeffrey Cheah's vision.
"We see it as a way of doing business more than it being a trend as we believe in doing well by doing good. As the master community developer, we are committed to reducing our carbon footprint through improved energy efficiency and integration of renewable energy sources," he said.
"As we race to a net zero carbon future, we hope to lead by example and encourage many more commercial and industrial districts in Malaysia to follow suit. With the worsening climate crisis, all societies need to raise the bar quickly, and this joint venture proves that Sunway is seriously committed to slowing down the worst impacts of the crisis," he said.
Lembaga Tabung Haji’s group managing director and chief executive officer Datuk Seri Amrin Awaluddin said the purchase of the Great Minster office building in London was below market value. NSTP/Photo
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Lembaga Tabung Haji (TH) purchased the six-story Great Minster office building in London for less than the current market value of £250 million, according to its group managing director and chief executive officer Datuk Seri Amrin Awaluddin.
The property's valuation, according to Amrin, is based on assessments by two independent professional valuers, CBRE and Colliers.
He said that the transaction was completed on July 12 and that it is expected to generate good returns.
The purchase was TH's sixth investment in the United Kingdom (UK) and is expected to provide stable returns of 5 per cent per year, he said in a statement.
Amrin explained that the investment was also a restructuring of all of Tabung Haji's property portfolios, involving the sale of existing property to make way for new investments with higher returns
"TH's investments are in line with the set risk level and follow the strategic allocation of assets to achieve a balanced portfolio and risk variables to obtain a stable and sustainable rate of returns," he added.
TH, a Malaysian state-owned firm that funds pilgrimages to Mecca through Shariah-compliant investments, reportedly paid £247.5 million (about RM1.3 billion) for the office building or £1,370 per square foot of net leasable area.
The 179,869-square-meter building is located at 33 Horseferry Road in London's West End.
According to reports, TH bought the building from SinarMas Land Ltd, a Singapore-listed real estate firm controlled by the Widjaja family of Indonesia.
Based on SinarMas' filing to the Singapore Exchange, the buyer of the freehold property is a wholly-owned subsidiary of TH.
SinarMas said the sale of the building allows the company to realise an attractive rate of return on investment.
The Singapore company paid £188.6 million for the building in June 2017, representing a 31 per cent profit once the transaction is completed in early August this year.
Amrin said that the freehold property has been leased to the UK Transport Ministry for over 11 years.
He claimed that the purchase would provide numerous benefits due to the long-term lease that could not be cancelled.
Amrin further said that the yearly rental rate increase would increase the property's value.
"The value of the property is also expected to continue to rise due to the annually increasing rental rate, its strategic location where demand exceeds supply for high profile assets in London, the largest financial centre and one of the main property investment destinations of the world. Tabung Haji also does not have to pay for the building maintenance cost as all of it is borne fully by the tenant," he said.
Amrin said, through its subsidiary, Tabung Haji will implement the refinancing to reduce the cash capital on the property.
By Sharen Kaur - Published by NST Property, July 22, 2022
The Anantara Desaru Coast complex in Johor. Courtesy image
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Anantara Desaru Coast Residences, a boutique collection of 20 luxury seaside villas facing the South China Sea in Johor, will welcome the first owners into its exclusive residential community this year.
Micah Tamthai, Minor International's chief operating officer for lifestyle and real estate, said that with the majority of beachfront units now sold or reserved, he is optimistic about the future of luxury real estate on the Desaru Coast.
Anantara Desaru Coast Residences offers ownership starting at RM7.5 million.
The three- and four-bedroom villas are designed as a luxurious family-friendly sanctuary, with the focal point being a serene private infinity-edged pool.
Anantara Desaru Coast Residences is a collection of 20 luxury seaside villas.
Tamthai said that in addition to investment returns, a home on the Desaru Coast provides the opportunity to live, work, and play in one of the region's last remaining pristine landscapes.
Anantara Desaru Coast Residences, as a branded residential development, combines the comfort and permanence of home with world-class management, maintenance, and services provided by the five-star Anantara Desaru Coast Resort & Villas.
Owners and residents also have full access to the resort's multi-award-winning dining, spa, and leisure facilities, as well as private, on-demand services from the resort's chefs, butlers, sommeliers, and wellness practitioners.
Tamthai said that, while domestic demand remained resilient during the pandemic period, the reopening of the Malaysia-Singapore border has reawakened Singapore market interest.
"Significant public- and private-sector investment has raised Desaru Coast's profile as an international tourism and investment destination, and we are proud to be pioneering luxury hospitality and real estate in this integrated development," he said in a statement.
Desaru Coast is home to world-class hotels and resorts, championship golf courses, a family-friendly waterpark, and a convention centre, with additional leisure and wellness amenities in the master plan for the future.
Tamthai said that the opening of the Desaru Coast Ferry Terminal and the start of direct ferry service from and to Singapore is a timely milestone that heralds the next stage of growth for Desaru Coast.
The terminal can handle 300 passengers at once, and a new-generation e-gate makes immigration screening more efficient during peak hours.
There are round-trip direct ferry services from Thursday to Sunday connecting Singapore's Tanah Merah Ferry Terminal to Desaru Coast Ferry Terminal, with an estimated travel time of 90 minutes each way.
The terminal complements the existing highway network and Johor Bahru's Senai International Airport, which connect Desaru Coast to Singapore, Kuala Lumpur, and other major cities by road and air.
By Sharen Kaur - Published by NST Property, July 21, 2022
The London office building was reportedly purchased for £247.5 million from Sinarmas Land Ltd, a Singapore-listed firm controlled by Indonesia's Widjaja family. The image was taken from Sinarmas’ Annual Report 2020
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Lembaga Tabung Haji (TH), a Malaysian state-owned firm that funds pilgrimages to Mecca through Shariah-compliant investments, has reportedly paid £247.5 million (about RM1.3 billion) or £1,370 per square foot of net leasable area for Great Minster, a six-story office building in London.
The 179,869-square-metre structure is located at 33 Horseferry Road in West End, London, in a strategic location amidst the most significant business district.
Based on reports, TH purchased the building from Sinarmas Land Ltd, a Singapore-listed real estate firm controlled by Indonesia's Widjaja family.
According to Sinar Mas' filing with the Singapore Exchange, the buyer of the freehold property is a wholly-owned subsidiary of TH.
Sinar Mas said that the sale of the building allows the company to realise an attractive rate of return on investment.
The Singapore company purchased the building in June 2017 for £188.6 million, representing a 31 per cent profit once the transaction is completed in early August this year.
TH group managing director and chief executive officer Datuk Seri Amrin Awaluddin said the acquisition was completed on July 12, 2022.
He said the purchase of the freehold building was in addition to TH's property investment portfolio in the UK since 2012, and that it has strengthened its investment in the international real estate market.
TH invests about 11 per cent of its RM88 billion funds in real estate locally and abroad.
Amrin said the ownership of the Great Minster building will give good returns to TH in the long term, considering its long-term rental contract.
"The maintenance cost is fully borne by the tenants, with increasing annual rental rate and stable market value. This is also in line with TH's investment objective to diversify the types of investment in terms of assets and locations," he said in a statement today.
Great Minster is a government office building that houses the UK's Department for Transport under a long-term lease that expires in 2033.
Amrin said that TH is aggressively exploring opportunities to increase its investments in the property sector overseas in an effort to diversify its investment portfolio.
"This has been identified as the best move to generate competitive and consistent returns for its 8.5 million depositors. London is still an attractive financial hub with a lot of business opportunities currently and in the long term, hence, this is encouraging for the property sector," he said.
Nevertheless, he said TH will remain cautious in making any property investment to ensure it generates immediate returns to cover the cost of the annual Haj pilgrimage and profit distribution, besides providing a long-term return that is stable and safe for the continuity of the fund and its depositors.
Great Minster is a government office building that houses the UK's Department of Transport under a long-term lease that expires in 2033.
Meanwhile, Amrin said that TH is aggressively exploring opportunities to increase its investments in the property sector overseas in an effort to diversify its investment portfolio.
"This has been identified as the best move to generate competitive and consistent returns for its 8.5 million depositors. London is still an attractive financial hub with a lot of business opportunities currently and in the long term, hence, this is encouraging for the property sector," he said.
Nonetheless, he said that TH will be cautious in making any property investment to ensure that it generates immediate returns to cover the cost of the annual Haj pilgrimage and profit distribution, in addition to providing a long-term return that is stable and safe for the fund's and depositors' continuity.
By Sharen Kaur - Published by NST Property, July 19, 2022
(L-R): Datuk Ho Hon Sang, the newly-elected deputy president of the Real Estate and Housing Developers' Association (REHDA) Malaysia, with Datuk N K Tong, the association's newly-elected president.
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Malaysia is at an economic inflection point as the country comes out of a pandemic, while the world faces headwinds of rising inflation, according to Datuk N K Tong, the newly-elected president of the Real Estate and Housing Developers' Association (REHDA) Malaysia.
Tong, of Bukit Kiara Properties Sdn Bhd, said that real estate will be vital to the country's economy.
"I have faith in our National Council that we will be able to assist the government in navigating the opportunities and challenges ahead," he told NST Property when contacted.
REHDA Malaysia elected its new National Council members for the 2022-/2024 term, following the association's annual delegates conference on July 16, 2022.
One of the meeting's highlights was the handover of the presidency mantle to Tong, following the completion of Datuk Ir Soam Heng Choon's two terms as the head of REHDA.
He thanked Soam for his unwavering efforts over the past four years and for what he has accomplished for the rakyat, REHDA members, and the industry and economy despite the pandemic.
Soam, who held the position from 2018 to 2022, led the association with determination and zeal for the industry's advancement, according to a statement by REHDA.
With nearly four decades of property industry experience, his knowledge and wisdom have been an unending source of inspiration for all National Council members and REHDA.as a whole.
Tong expressed his gratitude and humility for the opportunity to lead over 1,600 REHDA members, who are responsible for more than 80 per cent of the nation's property developments.
Datuk Ho Hon Sang of Mah Sing Properties Sdn Bhd has taken over Tong's previous position as REHDA's deputy president.
Ho served as REHDA's vice president and chairman of REHDA Selangor.
The vice presidents for the new term are Datuk Azmir Merican (Sime Darby Properties Bhd), Datuk Edward Chong Sin Kiat (IJM Land Bhd), and Chan Kin Meng (Beneton Properties).
Alira is the fourth residential project within Tropicana Metropark. Image courtesy of MCT
MCT Bhd has launched Phase 2 of Alira @ Tropicana Metropark, a freehold residential project located at Persiaran Teknologi Subang in Subang Jaya, due to the overwhelming response to Phase 1,
According to the developer, more than 200 buyers visited the Alira sales gallery during the launch last weekend, and 30 per cent of the Phase 2 units have already been sold.
MCT launched Phase 1 of Alira in November 2021, against the backdrop of the pandemic and the global and Malaysian economies' uncertainties. However, within seven months, it had a take-up rate of more than 85 per cent.
Phase 2 of Alira has 340 units with a gross development value (GDV) of RM257 million. Prices start at RM655,800, with sizes ranging from 850 to 1,048 square feet.
Alira is expected to be completed by 2026 and comes with a host of facilities such as a co-working space, a movie and chill-out deck, function pavilion, rooftop sky music lounge, and rooftop sky gourmet kitchen, said MCT's director of sales and marketing, Chee Kok Keong.
Chee said that Alira offers resort-style living with beautiful scenery, as well as recreational activities like swimming, indoor sports, and games, all nestled within a 9.2-acre central park.
The Tropicana Metropark master plan includes future developments. Screenshot taken from tropicanametropark.com.my
Tropicana Metropark is expanding
Tropicana Metropark, a 35.2-hectare mixed-use integrated project with a gross development value (GDV) of RM7.2 billion, is developed and owned by Tropicana Corp Bhd.
In 2012, Tropicana paid RM385.5 million to Taiwan's Chunghwa Picture Tubes (Malaysia) Sdn Bhd for the land.
Tropicana said during the project's unveiling in 2012 that it would be developed in ten phases and would be completed in 2027.
The developer reportedly said that Tropicana Metropark will include residential towers, office space, retail lots, a shopping mall, hotel, entertainment hubs, an education hub, and a medical centre.
This attracted a large number of first-time home buyers and investors to the development.
The first phase, Pandora Serviced Residences, was launched in May 2013 with a GDV of RM365 million.
Pandora consists of two 627-unit residential towers with three design options: studio, 2-, and 3-bedroom apartments. The built-up area ranges from 599 to 1,288 square feet, and the prices (at the time of launch) began at RM780 per square foot (psf).
The second phase, Paloma Serviced Residences, was launched in December 2013 and has a total GDV of RM465 million with 16 duplex units of Courtyard Villas.
Paloma consists of two serviced residential towers totaling 587 units. The units range in size from 609 to 1,309 square feet, priced at RM850 psf, or more than RM650,000.
Paisley Serviced Residences, the third phase, was unveiled in April 2017. Paisley has two towers with a combined GDV of RM479 million. The 28-story Tower A has 329 units, while the 27-story Tower B has 258 units.
The units range in size from 601 to 1,491 square feet and are situated on a 4.29-acre freehold plot. Tropicana reportedly began selling units starting at RM534,000 (or RM840 psf).
In 2018, Tropicana sold a 3.67ha plot in Tropicana Metropark to MCT for RM143 million (RM360 psf).
Ayala Land Inc, a Philippine property developer, is the sole shareholder in MCT, owning 72.31 per cent of the company as of February 20, 2018.
The newest project in Tropicana Metropark is SouthPlace Shoppes, a community retail hub that is set to refresh and reinvigorate the lifestyles of an estimated 15,000 residents within the development, as well as about 1.3 million people in Subang Jaya and Shah Alam.
Alira @ Tropicana Metropark
Alira is MCT's second project outside of the Cyberjaya-Dengkil corridor, following the launch of Aetas Damansara.
MCT chief executive officer Teh Heng Chong attributed Alira's success to the company's ability to design homes that meet the current needs and demands of its customers.
"When determining the layout and amenities at Alira, we analysed the changes in the market trend due to the pandemic and reviewed the entire facilities offering. As the market prefers more spacious homes with facilities that would accommodate a work-life balance, we also added a co-working space for those who need a more conducive setting for their work needs," he said in a statement.
Teh said that with the government's recent announcement of stamp duty exemption for first-time home buyers until the end of 2023, MCT is optimistic about Phase 2 of Alira.
He claims that the company has seen an increase in buyer confidence in the MCT brand name over the last few years.
He said that this has increased the take-up rate of its properties, apart from other factors such as location, accessibility, and amenities.
Allira offers a diverse range of modern resort-style facilities as well as excellent access to a wide range of business, dining, education, medical, recreation, and shopping amenities.
"At MCT, we always strive to exceed our customers' expectations by providing innovative products in the right locations at marketable prices," he said.
By Sharen Kaur - Published by NST Property, July 19, 2022
Pixabay/Photo
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Should millennials buy or rent their first house in Malaysia?
Whether to buy or rent is a personal decision based on your circumstances and preferences. You should consider your current financial situation, your needs and preferences, the price-to-rent ratio, and the length of your stay.
When houses are too expensive for the average person to buy, renting is a good option.
According to the recently released Juwai IQI Malaysia Property Survey and Index Q3 2022, property prices and rents are expected to rise significantly over the next 12 months.
Kashif Ansari, co-founder and group chief executive officer of Juwai IQI, said that the data was gathered from a recently completed survey of Malaysian real estate agents.
"They predict that prices and rents will rise significantly over the next year. If they are correct, we can anticipate a significant increase in activity. People who own their own homes will benefit from rising property values, while those who rent or are looking to buy will have to continue to increase their budgets," he said.
According to the survey, the real estate industry anticipates significant residential price growth over the next 24 months.
Residential prices are expected to rise by 11.8 percent nationally over the next year, according to real estate agents. The upward trend will continue the following year, with prices rising 16.5 per cent over the next 24 months.
Nearly nine out of ten Malaysian real estate agents polled said they would advise a friend to buy now than rent.
In comparison, only 11 per cent said they would recommend to a friend that it is better to rent today than to buy.
"Whether agents advise you to buy or rent is a strong indicator of their outlook for the market. This data suggests to me that agents expect renters to face rate increases over the next 12 months and for home prices to correspondingly rise. Those who buy now would be spared from these pressures.
"When you look at who has the biggest opportunity here, you see that slightly more than one-third of Malaysians aged 20 to 39 are renters. That's the highest percentage of renters of any age group," Kashif said.
In Penang, agents predict a 17 per cent increase in price in the next two years. Johor real estate agents predict 18.1 per cent price growth during the same period.
Agents in Kuala Lumpur and Selangor anticipate 15.9 per cent price growth over the next two years, while agents in Sabah anticipate 14.7 per cent price growth.
"We have been doing the Juwai IQI Index and Survey since 2019, and these numbers make up the most robust residential price growth forecast we have yet recorded. The forecast has changed significantly since the third quarter of 2021. Then, agents anticipated a 5 per cent decline in residential prices, and events proved they weren't far off.
"One reason that agents are so bullish on the real estate market is that they are overwhelmingly optimistic about the economy. Fourty-five per cent of agents believe the economy will be somewhat stronger or much stronger during the next six months," Kashif said.
Bank Negara Malaysia predicts that the Malaysian economy will continue to improve this year, with GDP (gross domestic product) growth reaching 6.3 per cent.
This economic activity will be boosted by the reopening of international borders and government investment projects.
"Malaysia's first quarter GDP growth rate of 5 per cent was high by global standards. That is faster growth than in China, the USA, and other major economies," Kashif said.
By Sharen Kaur - Published by NST Property, July 15, 2022
DK-MY Properties Sdn Bhd is confident in launching new projects worth RM4.5 billion, following the success of its iconic developments, D'Immersione (inset) and DK Impian.
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DK-MY Properties Sdn Bhd plans to launch seven commercial and residential projects in Klang Valley over the next three years, totaling RM4.5 billion in gross development value (GDV).
The developer intends to build landmark projects while also ensuring the sustainability of Malaysians' lifestyles and environment.
The Suite, a visionary development designed to redefine the home-office experience, is the first project to be launched this year.
The project focuses on reimagining co-working and co-living spaces through the use of smart-home technologies. It is supported by SAMA+, Malaysia's first exclusive contactless 5-star bespoke provider with a variety of smart-living features.
Following that, the company will launch a 1.06-acre freehold commercial project in Bandar Sri Damansara with 492 co-living and working suites.
The project incorporates the concept of affordable-luxurious homes, with en-suite studios up to two bedrooms, fully-utilised space, and upscale interiors and amenities, creating a hotel-like experience for millennials and young couples looking for their first home.
DK-MY managing director Danny Koek said the local real estate industry has shown strong signs of recovery in the first half of 2022, with more Malaysians turning to the housing market for investment and homeownership.
"The real estate market has been recovering swiftly following the transition to the endemic phase and we are expecting higher demand in the property sector. We are planning new projects following the success of our iconic developments, D'Immersione and DK Impian, which were launched in 2017 and 2018 respectively.
"We are firm in addressing the need and demands of customers that are evolving with the changing times while adding value to their lifestyle through cutting-edge developments. We believe that our project pipeline encompassing residential and commercial segments will deliver great value to homeowners and investors and ensure a sustainable development where communities can thrive," he said.
According to Koek, the company is committed to preserving the environment in their project developments, in addition to improving customers' lifestyles and living experiences.
An ultra-low-density residential project in Cheras Hill that sits on 28 acres of forest at Ketumbar Hill is one of the projects that amplify its efforts.
The Cheras Hill project is an effort to protect its reputation as the go-to hiking hotspot, ensuring nature's sustainability while also promoting work-life balance and allowing residents to enjoy a pleasant loop trail and forest view.
By Sharen Kaur - Published by NST Property, July 15, 2022
The DoubleTree by Hilton Shah Alam will open to the public on July 27, 2022, with the official opening by the Sultan of Selangor, Sultan Sharafuddin Idris Shah, on August 11, 2022.
The DoubleTree by Hilton Shah Alam will begin welcoming guests on July 27, 2022, with an official opening scheduled for next month.
The Sultan of Selangor, Sultan Sharafuddin Idris Shah, will officially open the 300-room hotel on August 11, 2022.
Gagan Talwar, from the Hilton group, has been appointed as general manager to oversee the hotel's opening.
He said the hotel aims to attract business travellers by capitalising on the strengths of Finance Avenue at i-City.
"It helps that Finance Avenue includes a five-star full-service international hotel and a convention centre, in addition to all of the other key components. We hope to host many local and international events here and to develop i-City into a complete destination," he said.
Talwar said the hotel has the potential to capitalise on the market and establish itself as a reputable brand capable of providing first-rate meeting space.
He believes that the Federal Highway and the New Klang Valley Expressway will add to the appeal of i-City.
i-City is also about 45 minutes from Kuala Lumpur International Airport and roughly 25 minutes from Port Klang.
DoubleTree by Hilton Shah Alam has two signature restaurants, Makan Kitchen and Tosca Trattoria Italiana, as well as two fashionable cafe lounges, The Koffee and Axis Lounge.
The 300-rooms are outfitted with cutting-edge technology and guest room management. Hilton Honors members can earn bonus points as well as exciting offers and discounts when they book now.
For MICE (meetings, incentives, conventions, and exhibitions), the hotel will have adaptable conference rooms and 11,000 square feet of function space spread across two floors.
By Sharen Kaur - Published in NST Property, July 13, 2022
The Grade II* listed Power Station is now certified as practically complete. Photo credit: John Sturrock
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After eight years of careful and transformational restoration of the historic building, the £9 billion Battersea Power Station regeneration project has reached practical completion.
According to Simon Murphy, chief executive officer of Battersea Power Station Development Co (BPSDC), this is a significant milestone as the globally renowned landmark prepares to open to the public this autumn.
"On behalf of the shareholders, Sime Darby Property, S P Setia, and the Employees' Provident Fund, together with PNB (Permodalan Nasional Bhd), we are proud to announce the practical completion of the main build of Battersea Power Station, creating a new destination for all to live, work, eat and play. This is the culmination of nearly eight years of painstaking restoration work, transforming this former derelict building into a World-class destination to be enjoyed for generations."
He said the company is now working with retail and leisure brands to fit out their spaces in preparation for the building's opening.
Originally designed by Sir Giles Gilbert Scott, Battersea Power Station was built in two stages that form a seamless and nearly symmetrical whole on the outside but are designed in two distinct styles on the inside.
Battersea A, completed in 1935, is in the Art Deco style, whereas Battersea B, completed in 1955, reflects postwar austerity with its utilitarian industrial design.
Construction of Turbine Hall A, Battersea Power Station Sept 23, 2021. Courtesy image
Battersea Power Station recently unveiled decorative flooring in the Turbine Halls that provide "ghosts" of the historic turbines to commemorate this significant milestone and to celebrate the building's history. They supplied a fifth of London's electricity at their peak, including some of the capital's most recognisable addresses such as Buckingham Palace and the Houses of Parliament.
The power station was decommissioned completely in 1983.
The outline shapes of these structures in their original locations are stencilled into the flooring of the Turbine Halls of the Power Station, which now house over 100 shops, bars, and restaurants open to the public.
The Grade II* listed building also houses 254 apartments, over 500,000 square feet of office space, and one-of-a-kind events and leisure offerings, such as the chimney lift experience, which will take visitors 109 metres up to the top of the Power Station's northwest chimney, offering stunning 360-degree views of London's skyline.
Craftsmanship and suppliers have been sourced from all over the country as part of the Power Station's restoration, providing a significant boost to the UK economy.
Thousands of jobs have been created in the construction and design industries as a result of the restoration of the building, and over 2,500 jobs will be created once the Power Station is open to the public.
Extensive and highly skilled conservation work has been carried out throughout the Power Station to preserve and enhance its historic features, in collaboration with lead architect WilkinsonEyre, construction managers Mace Group, and Historic England. This includes the building's four iconic chimneys, which were deemed unsafe after extensive surveys and were painstakingly rebuilt using the original construction method.
Over 25,000 wheelbarrows of concrete were manually poured into shuttered layers and left to set one by one. Original paint samples were also taken and meticulously colour-matched to determine the type of paint used, with each chimney requiring 375 litres.
To match the originals, about 1.75 million handmade bricks were ordered from the two original British brickmakers who supplied the bricks used to build Battersea Power Station.
Northcot Brick, based in Gloucestershire, produced 1.3 million bricks to restore parts of the Power Station built in the 1930s and 1940s, while Blockleys, based in Telford, Shropshire, supplied 440,000 bricks to refurbish the final parts of the building built in the 1950s.
Meanwhile, Electric Boulevard, London's newest pedestrianised high street, will open this year, designed by Gehry Partners and Foster + Partners.
The high street will include shops, restaurants, a community hub, a new park, and a 164-room art'otel, the brand's first hotel in the UK, with views of the Power Station.
By NST Property - Published July 13, 2022
The Logg’s Parkhill is the third residential tower, with 250 units ranging in size from 620 to 850 square feet and priced from RM330,000.
K.T.I Sdn Bhd, a Sabah-based property developer, have received positive feedback for The Logg's Parkhill condominium project.
The Logg is a mixed-use development that includes three residential towers, a hotel, and a shopping mall.
It is a collaboration between K.T.I and the Sabah Housing and Urban Development Board (LPPB). It is scheduled to be finished in 2025.
The Logg comprises three residential towers, a hotel, and a shopping mall.
The Logg is K.T.I's first premium and prestigious mixed development project, located on one of the last pieces of prime land in the heart of Luyang, Sabah, totaling 2.02-hectare.
The project consists of two 28-story towers named Shorea and Astonia that rise above Level 12 of the podium and contain 438 executive suites ranging in size from 1,180 to 1,313 square feet.
Parkhill is the third residential tower, with 250 units of 1- and 3-bedroom condominiums ranging in size from 620 to 850 square feet and priced from RM330,000.
According to Wilson Loke, project director at K.T.I, the units were fully booked between January and June of this year.
He said in a statement that 130 homebuyers have made their purchase official by signing the sales and purchase agreement.
The company has assured buyers of the project's structural integrity by solidly constructing the foundation walls and slab using a fully contiguous bored pile and designing the building to withstand earthquakes, he said.
"We took the extra initiative of applying this measure to ensure the longevity of The Logg by preventing soil erosion. Our buyers are assured of their decision and feel safe when in their new homes," Loke said.
According to the statement, 40 per cent of The Logg's condominium units have been sold.
With the expansion of the K.T.I property ownership programme for Shorea and Astoria, the developer anticipates an increase in interest.
K.T.I is the first property developer in Sabah to offer alternative financing solutions to make house-buying an accessible and hassle-free process, through the property ownership programme.
Stella Loke, the company's sales and marketing director said that the financing solutions provided have enabled 70 local applicants to own their luxurious dream home at The Logg's Parkhill with no down payment and 100 per cent financing.
"Our mission is to help people to realise their aspiration of owning their dream home. We are pleased that with Parkhill's favourable progress, we have made that dream a reality for local house buyers. We will continue to strive and extend the benefits of our property ownership programme to Shorea and Astoria towers," she said.
The Logg is funded by Sabah Development Bank and represents the state's confidence in K.T.I's goal of transforming Luyang into an upscale residential, commercial, and lifestyle hub.
According to reports, the project will transform an area that has long been an eyesore of abandoned houses into one of the most affluent and dynamic neighbourhoods in the city's suburbs.
On the hotel front, K.T.I is said to have partnered with Minor Hotel Group International to operate Avani Luyang, a purpose-built 400-room, 4-star hotel that will set a new standard for the Luyang hospitality industry.
Minor Hotel is a global hotel owner, operator, and investor with over 535 properties in 55 countries across the Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, and South America.
It operates properties under the Anantara, Avani, Elewana, Four Seasons, Marriott, Oaks, St Regis, and Tivoli brands.
GHHS Healthcare offers Western Medical Screening Technology and Integrated Wellness Treatment with Traditional Chinese Medicine, Japanese Wellness and Korean Beauty, Modern European Wellness, and German and Swiss Regenerative Medicine.
sharen@nst.com.my
Country Heights Holdings Bhd (CHHB) has set aside RM100 million in capital expenditures (capex) to expand its wellness segment, which has been profitable despite the Covid-19 pandemic.
The wellness segment, according to group founder and major shareholder Tan Sri Lee Kim Yew, was a top performer throughout the viral pandemic.
He anticipates a three- to four-fold increase in the business in the near future.
"This market has enormous potential. We want to shift the focus of our group wellness business to wellness tourism since it has a wider market than medical tourism, which is what we have been doing for many years," he said.
According to Lee, the wellness industry's top performers are the spa, rehabilitation, and aesthetics businesses.
He said that this business has a sizable market because it necessitates extended periods of rest for patients seeking therapy.
"Treatment could take one to two weeks, but when it comes to wellness tourism, it may take months, which is why we are trying to champion wellness tourism," he said after the group's shareholder meeting today.
GHHS Healthcare, the healthcare subsidiary of Country Heights Holdings Bhd, is Malaysia's first preventive healthcare concept.
It offers Western Medical Screening Technology and Integrated Wellness Treatment with Traditional Chinese Medicine (TCM), Japanese Wellness and Korean Beauty, Modern European Wellness, and German and Swiss Regenerative Medicine.
GHHS Healthcare is expanding its Yunohana Wellness Spa by adding a DocLab aesthetic clinic at Mines Wellness City in Seri Kembangan.
Yunohana Wellness Spa is the new beauty and wellness division of GHHS Healthcare. Situated on the first floor of the Palace of the Golden Horses hotel's west wing, it provides soothing treatments for beauty, detoxification, and therapeutic remedies.
The license to operate the DocLab cosmetic clinic will be provided by DocLab, which is well-known in Asia, particularly in South Korea.
Lee said further expansion includes launching a TCM hospital in the second half of this year, and a confinement centre in 2023.
GHHS Healthcare reported a profit of RM3.23 million in 2021, on the back of a turnover of RM26.72 million.
Regarding the RM100 million capex, Lee said that the money would be raised through the issuance of shares, the sale of assets, and joint ventures with prospective partners.
Country Heights aims to monetise its property stocks via the CHHB sales programme and has set a target sales amount of RM300 million.
"Although we have many significant assets, we don't have a lot of liquidity. Liquidity is a challenge as we move from the Covid-19 impact to the recovery stage. We hope that banks will look at their assessment and evaluation methods when funding a company, and not just based on cash flow alone," he said.
