Where land is scarce, the sky’s the limit

IMPACTED by high-land cost in Penang, Ivory Properties Group Bhd will focus on building high-rise properties on the island.

Group chairman and chief executive officer Datuk Low Eng Hock says the price of landed properties may be beyond the affordability of most due to exorbitant land prices.

”We hardly come by a big parcel of land to plan for landed projects on the island. Most are pockets of land suitable for high rise development.

”We don't think planning for landed properties will work; the property prices will be very expensive,” Low adds.

Low showing an artist impression of the Penang World City project.

The cost of a plot of net land in a prime area like Pulau Tikus is between RM500 and RM600 per sq ft. In Tanjung Bungah and Batu Ferringhi, land is priced between RM300 to RM400 per sq ft, while in the South-West district it is between RM100 and RM200 per sq ft.

The land price today is about 20% more than a year ago.

Ivory plans to launch only high-rise schemes in the second half of this year. These include:

the first phase of the RM10bil Penang World City (PWC) project in Bayan Mutiara

the RM300mil third and fourth phases of the residential towers for Penang Times Square

The Bay, a RM130mil sea-fronting condominium block in Batu Ferringhi

and the RM400mil City Mall and City Residence project in Tanjung Tokong

These are some of the key projects that will spur the growth of the group over the next five years.

Last year, Ivory acquired the 102.56 acres for the PWC project for RM1.072bil and 2.4 acres for The City Mall and City Residence in Tanjung Tokong for RM40mil.

The 1.1 acres for the The Bay project in Batu Ferringhi was acquired for RM25mil in 2010.

Despite the high land cost, Ivory plans to keep a percentage of the properties affordable.

The first phase of the PWC project on a 10-acre site, with an RM800mil gross development value, comprises approximately 1,500 condominium units, of which about 15% will be affordably priced between RM300,000 and RM500,000 for units with built-up areas of 600 sq ft and 800 sq ft.

“Subsequent phases for PWC will also see 15% of the properties priced in the affordable range of between RM300,000 and RM500,000. These units were in the entire master plan as a value-added component from the very early stage, even during the tender exercise for the project,” Low adds.

Low says the group also wants to position The Bay project as a medium to high-end scheme, as investors' preference for luxurious super-condominiums has dried up.

As for the City Mall and City Residence project, the plan is to develop 80% residential units and 20% of three-storey commercial lots.

“We are looking at selling the City Mall and City Residence units each for between RM700,000 and RM750,000. The City Mall will have a gross built-up area of 600,000 sq ft. For the residential towers for Penang Times Square, there will be 700 condominium units of various sizes, ranging from 400 sq ft to 1,200 sq ft,” he says.

To differentiate Ivory from its competitors, Low says the group will use architectural and cultural themes of a particular country in the Penang World City project. .

“As we are planning for a world class city within PWC. Economies of scale is of the essence. We need a huge number of Penangites to call Penang World City their home. That is why PWC has affordable components,,” he says.

There would be Chinese, Korean, Middle Eastern and European villages in PWC, so that the properties can be marketed in that particular country through an appointed real estate agent, he says.

“We want to create a world culture in order to attract tourism and foreign investors and to differentiate PWC from the other mega-development projects on the island. These parcels will be solely for en-bloc sales to expatriates,” he says.

Last July, Ivory won the right from Penang Development Corporation to purchase and develop the PWC project in Bayan Mutiara after edging out four other parties, including SP Setia Bhd,.

Ivory offered RM240 per sq ft or RM1.072bil for the entire site, the highest, , securing with it the right to develop on the existing 67.56-acre site and another 35 acres that will be reclaimed over the next three years.

Tropicana Ivory Sdn Bhd, a joint-venture company in which Dijaya Corporation Bhd holds a 55% stake, and Ivory Properties Group Bhd the remaining 45%, is the developer of the PWC project.

On the City Mall and City Residence, he says the residential components will sit above the retail outlets. It will have an open tropical style interior design featuring giant palm trees, water features with lots of natural lighting, to blend with the architectural design of the residential component,” he adds. - The Star

Housing fund poser

Is the 3% deposit imposed enough to revive abandoned projects?

Recently, it was reported that an amendment to the housing Development Act 2012 will require developers to set aside 3% of the gross development cost to be placed in a fund that will be managed by the Housing and Local Government Ministry. The proceeds from the fund will be used to revive abandoned projects.

The Housing Developers Authority (HDA) will only issue licensed permit once the 3% is paid (to be enforced end of this year). It is a good move but the quantum may be insufficient to rectify the problem.

The reason being, it all depends at what stage of construction the projects were abandoned. If they wereat 20% completion, then 3% allocation may be insufficient, unless we assume the balance 80% can be sourced from the fund.

It remains unclear how the fund works. A check with the Housing Ministry indicates that the 3% allocation can be refunded to the developer concerned if the project is completed. From what I understand, the 3% allocation is then not considered as a contribution to the fund since the deposit is refundable.

Fund or not?

I fail to understand how 3% can be sufficient unless the completion-to-date reaches 97% development cost (assume also 97% physical completion) and the amount to complete requires the balance 3%. The fund looks and sounds like a fund but in reality, it is not truly a “fund”.

Assuming all the developers completed their projects and there is no abandonment, what does it mean? It means all the deposits will be refunded and there will be no money in the fund, so I don't see how the fund will help other abandoned projects.

I used to have a friend in Rehda institute who told me that it had in the past actually kick-started an “insurance” concept where all members could contribute some money into the pool. This money was to be used to help members in the event a project was abandoned.

Somehow, it did not take off.

There are many causes of abandonment but invariably the developers who cause problems are the ones that are inadequately capitalised to carry out development projects. In other words, they are not financially strong, they rely too heavily on bank financing and buyers to fund their projects.

The development risk is skewed towards the consumers, meaning they take bigger risk in the event of a failure.

Saving projects

Everybody thinks property development is very profitable and they want to jump onto the bandwagon to make a fast buck. Many do not have the necessary experience and don't bother to do market studies. The result is that they have a wrong product in a location where there is no demand.

Others get into trouble because they are too ambitious and have financially over-stretched themselves. Some of these projects were designed-driven rather than market driven.

When a project is abandoned, it leads to legal and technical problems. Reviving abandoned projects is no easy task.

In a private free market, white knights (except the Government) will only come in if they can make money upon reviving a project.

I have seen cases where liquidators act as developers. But they do not use their own money. They use the fund accumulated from the additional top up from buyers, money in the developer's account, buyers' past payments and sale of remaining units. In these cases, buyers waive their late delivery claims.

When the Government comes in to help, the objective is different. The motive is not profit but a sense of social responsibility. However, they only focus on low/medium cost projects.

I have also seen bridging financiers acting as temporary “developers” who use their own internal fund to complete the projects. They take calculated risk while the white knights will only proceed if the projected result shows viability.

Their injection of fund varies, depending on the stages of completion to date. Some are abandoned at 50% completion, some at 90%. There are times when internal funding is inadequate and external funding is required. There is, therefore, no pre-determined amount required to complete an abandoned project.

Coming back to the 3% allocation, smaller developers complain of high opportunity cost involved when their money is locked up in the HDA account. Bigger developers are well capitalised and have no problem with the 3% ruling.

Buyers at risk

All developers make provisions of between 3% and 5% for contingency or cost variance. The bigger developers will use the provision to meet the requirement. Smaller developers argue that it is a burden and barrier to entry into the industry.

My question is: “A property development often runs into hundreds of millions of ringgit. If they cannot pay the 3% development cost, what does that tell you?”

They want to have their cake and eat it too. The problem is, most developers want to fund their projects almost entirely by purchasers' cashflow. I can understand if they are unable to come up with 100% equity but how about 30% to 40% own capital and the rest from financiers or buyers' progressive payments?

Lastly, what is the level of enforcement by the authorities? What is the point of having all the rules and regulations if they are not enforced?

We have cases where developers do not even apply for a developer's license. Hence, they do not have to pay the RM200,000 deposit for the developer's licence and open a HDA account. Buyers' interest are therefore not protected.

What guarantee is there that they will play by the rules and pay the 3%?

People will circumvent the system if malpractices are allowed to go unpunished.

I hope the authority will take a tougher stance to safeguard buyers as well as the industry from the few rogue developers who give the industry a bad reputation. - The Star

Chris Yong is the principal of Rochester Properties.

峇都蛮快乐花园及尼芭公园 播绿工程还民大自然

（槟城29日讯）槟岛市政局的“美丽公园”计划开跑，总耗资27万令吉，打造和提升尼芭公园（Taman Nipah）及峇都蛮快乐花园（Taman Gembira），两项“播绿”工程预计2013年竣工！
继打枪埔优质工程“直线公园”建成后，当局重新整合资源，圈定双溪里蒙近6依格的空旷草场，打造一个绿色舒适环境、健康文明的游憩境域--尼芭公园。公园主要以树木、花卉、造园为主，总体风格呈现绿色自然，生态的特点。它的周边楼盘包括民宅和3所学校，依据槟岛市政局的蓝图，是社区共用绿化设施，保守估计将有逾万名居民、教职员、学生、家长将受惠。参与这项计划的槟岛市议员黄则松受访时指出，这项计划在2011年提呈，蓝图则在今年才出炉，谈及这项公园计划，无疑的是，它的构思新颖，其研究框架也较为细腻，除了考虑附近居民的需求，连带3所学校包括双溪里蒙光华学校、槟城双溪里蒙时中分校、以及双溪里蒙国中将获益不浅。
根据他所提供的资料，包括公园景观设计方案，局部分析图、热点构造图，以及植栽图等，公园的景区规划和设施，包括环绕小型足球场的400米跑道、跑步专道、健身区、羽球场、加盖休闲区、儿童游乐场、小型舞台，以及口袋公园。此外，市局也考虑在草坪的边缘地带加种树木，以营造稀缺的景观和生态环境。踏入夜间，当攀附在树干上的灯泡亮起时候，“灯树”色彩斑斓的立体美景即刻呈现眼前，是另一番的美景。
黄则松强调，要让尼芭公园成为真正让市民亲近自然、热爱自然的地方。他说，这项播绿工程近期内将动工，由于所需的资金庞大，除了在7月的市政局预算会议积极争取更多的拨款外，他希望寻求私人界的赞助，让这些工程如期完成。- 光华

州政府拨5亿邀狮城专家操刀 槟威建3万高素质平民屋

北海27日讯）槟州政府拨款5亿令吉在槟威两地兴建3万8000间可负担房屋，并请来全世界赫赫有名的新加坡房屋发展局操刀，立志让该房屋成为全球最有素质的可负担房屋之一！
首长：分为两期
首长林冠英说，这项计划分为两期，第一期在巴都加湾的计划将落成1万2000间可负担房屋单位，而其他地点则有约6000个单位，而私人界则贡献2千个单位。州政府希望除了让槟民居者有其屋外，还可以让人民住在舒适及高素质的住宅区。
以威南的逾200依格地段为例，该地段靠近第二大桥可方便居民来往槟威，在房屋素质方面则有新加坡房屋发展进行规划，因此，他相信，这项计划一旦落成，将成为最有水准的可负担房屋，让槟民受惠。
“新加坡的平民屋是全世界公认最有素质的平民屋之一，所以我们请来负责新加坡平民屋的机构，为槟州打造最好的平民屋给槟民！”此外，林冠英指出，民联槟州政府自2008年执政以来，已批准了1万1591间廉价及中廉价屋，其中州政府建的可负担房屋约3000个单位、私人界建的则有逾万单位。而不是如一些人所指控般从未兴建任何可承担房屋。他希望批评州政府没有兴建平民组屋者能事先做好准备，不要玩弄肮脏政治，误导人民。

Penang to make hillslope project papers public

GEORGE TOWN: The public can view all documents relating to hill land development on Penang island from Monday.

The documents will be available at Komtar for viewing for two weeks, state Local Government and Traffic Management Committee chairman Chow Kon Yeow said.

“All relevant documents pertaining to projects involving land above 250ft from 2006 onwards will be declassified.

“The documents include working papers and minutes of meetings,” he told a press conference here yesterday.

Chow said the state government was bound by existing policies and guidelines created by the previous administration but was “committed to bolstering them to better safeguard public interest”.

He said under the Penang Structure Plan 2020 that was gazetted in 2007, “special projects” were not defined.

He said “special projects” was an escape clause for development in areas exceeding 250ft and on hillslopes with gradients of more than 25 degrees.

“In 2009, we defined special projects' as projects approved prior to the adoption of the plan and those on land zoned for residential use.

“The increase of approvals for projects above 250ft did not start with us. In 2006 and 2007, 18 such projects were approved.

“Approvals given by us after 2008 were only for amendments to plans approved previously,” he said.

On why the state government could not impose new guidelines after coming into power, Chow said it would be pointless as the developer could always revert to the plan that was approved by the previous administration.

The public wanting to view the documents at Bilik Perdana, Level 4, Komtar, must make an appointment with the council's development planning department by calling 04-259 2020. - The Star

Anxious residents want authorities to monitor hillslope project

GEORGE TOWN: A hill development project in Sungai Ara has Taman Desa Ria residents hot under the collar.

Sunrise Garden Kondominium management committee chairman S. Manuel Nicholas said the Penang Municipal Council (MPPP) or the Land Office must deploy their officers on the site to ensure the developers comply with “each and every” technical and safety requirement while work is ongoing.

“Sunrise Garden is one of seven condominiums in Taman Desa Ria. There are also many houses here,” he said.

“We have had discussions about our fears and the residents told me they are constantly worried about ongoing work with heavy machinery coming in and out of the hillside projects.

“The developers may have assured the relevant authorities that they will comply with all construction and earthwork guidelines, but who's making sure that they are?”

Nicholas said the authorities could not rely on the residents to monitor the developers as they have no technical expertise.

He said close and constant monitoring was needed before it was too late.

He said there were at least five ongoing projects in the area that the residents were concerned about.

“The authorities cannot just monitor on paper they must be physically present.

“It's too late to cry if soil erosion happens and lives are lost,” he said.

Consumers Association of Penang (CAP) president S.M. Mohd Idrisagreed.

“The authorities may not have the resources to station someone at every site every day but if they can have an officer present even on alternate days, it would make the residents feel safe and the developers would not dare flout the law,” he said.

Last month, the council ordered the developer of a hillside housing project at Taman Desa Ria to submit a report to explain the appearance of a sinkhole measuring about 150cm in diameter and 100cm deep on a pedestrian walkway beside the construction site.

The residents were worried about the stability of the hillside after finding the sinkhole in November last year.

In April, some 200 residents from various housing estates in Desa Ria, Sahabat Alam Malaysia members and MPPP councillor Dr Lim Mah Huitook part in a protest against hillside development in the area. - The Star

REIT market capitalisation to grow 30% to RM20b this year

KUALA LUMPUR (June 25): The market capitalisation for Real Estate Investment Trust (REIT) in Malaysia is expected to grow by 30% to RM20 billion this year from RM15 billion last year, an industry player said.

Sunway REIT Management Sdn Bhd chief executive officer Datuk Jeffrey Ng said the increase was mainly from the listing of IGB Corp Bhd's REIT in the second half of this year.

"The IGB REIT listing is worth between RM3.5 billion and RM4.5 billion. We are confident the market value could reach RM20 billion this year," he told reporters after the opening of the Real Estate Investment Trust Conference 2012 by Housing and Local Government Minister Datuk Seri Chor Chee Heung.

IGB, a general construction and real estate developer, operates through four business segments: namely, property development, property investment and management, construction and hotel.

The company's initial investment portfolio on Bursa Malaysia Main Market will comprise eight-storey retail mall called "The Gardens Mall" and its five-storey retail mall "Mid Valley Megamall".

On the industry performance and outlook, Real Estate and Housing Developers' Association Malaysia (Rehda) president Datuk Seri Michael Yam Kong Choy said the industry has been robust in the first half of this year.

Going forward into the second half, he said, the market is expected to moderate awaiting a fresh moving factor.

Organised by the Asian Strategy and Leadership Institute, the REIT Conference 2012 brought together key decision makers, policymakers, sector players, property developers, asset managers, investors and consultants to share experience and forecast outlook and opportunities in the REIT market.

The conference will, among others, discuss new trends and the industry's development. — Bernama

177 abandoned private housing projects until May

KUALA LUMPUR (June 26): A total of 177 housing projects carried out by private developers have been abandoned until May 31, the Dewan Rakyat was told on Tuesday.

Deputy Housing and Local Government Minister Datuk Seri Lajim Ukin said of this number, 103 projects are ready for occupation, 58 projects are undergoing rehabilitation and there are discussions to revive the remaining projects.

"The government regards this problem seriously and is committed to helping buyers of abandoned projects. The ministry has carried out various efforts to tackle this issue," he said in reply to a question from Datuk Ismail Kasim (BN-Arau) who asked on the number of abandoned private housing projects and government measures to revive them.

Lajim said among efforts taken by the ministry include identifying capable and experienced developers to take over the projects, carrying out negotiations with quarters involved to find the best solution as well as monitoring the project's rehabilitation.

Meanwhile, he said to assist buyers the ministry has issued abandoned housing project verification letters to end-fnanciers for banks to reduce interest rates and restructure loans. — Bernama

Lawyer who hit client claims self-defence

PETALING JAYA: A video clip of a house buyer being pushed and kicked by a lawyer has gone viral – but the purported attacker says he did it in self-defence after being provoked.

Lawyer Tan Hui Chuan, who was a Selayang municipal councillor until recently, said the house buyer had uttered “hurtful and disrespectful words”.

“I just wanted him to get away from me because he was provoking me, so I pushed him. But I did not punch, scratch or slap him. Yes, I kicked him. But I did not kick to injure him. It was a soft kick,’’ he said when contacted yesterday.

The nine-minute video clip shows two men arguing in the presence of three others in an empty house. At one point, one of the men, who is apparently infuriated, pushes the other man and kicks him once. He shoves him several times later.

The footage, recorded by a woman who came with the house buyer, was posted on YouTube on June 21, two days after the alleged incident.

The house buyer claimed he was upset that the lawyer “forced” him to sign some documents without giving him time to verify them first.

However, the lawyer said he merely asked his client to sign the acknowledgment of receipt of several documents that had been tendered to the bank.

“It was neither an agreement nor a contract as all transactions had been completed a week earlier. The client has already taken possession of the property,’’ he said.

Tan said his client went to his firm several days later and signed the acknowledgement of receipt.

“And the video was released after that,’’ he said.

The lawyer felt that the house buyer had tarnished his reputation by releasing the video.

Bar Council president Lim Chee Wee said victims of physical assault could sue for damages, adding that the house buyer could lodge a police report as well.

“No amount of provocation should attract (any form of) physical assault,’’ he said.

He also said that in cases of misconduct involving lawyers, the people could lodge a complaint with the council’s disciplinary board. - The Star

City&Country: Rahsia Estates in Langkawi draws foreign interest

The project started because I was feeling a bit competitive,” reveals Hanizah Abdul Hamid, CEO of Rahsia Estates Sdn Bhd. 
The project she is referring to is Langkawi’s first gated and guarded mixed hospitality and resort residential development — the RM380 million five-star Rahsia Estates Resort Residences & Spa (RERRS). Rahsia Estates Sdn Bhd is part of the HD Concepts Consolidated Sdn Bhd group of companies. 

Hanizah: We are selling a lifestyle within a secure gated environment with beautiful landscape and an affiliation with a hotel

Hanizah, who founded HD Concepts in 1987, is accustomed to a fast-paced life, having developed prominent projects in Kuching, Sarawak, including the Riverbank Suites, Riverside Round Restaurant and the new Kuching Court Complex.
“My husband, Azim Aziz, and a few friends bought a seven-acre tract in Langkawi for development and I was very jealous,” laughs Hanizah. Azim is the CEO of ATSA Architects Sdn Bhd and the architect for RERRS.
With the help of her personal assistant, the restless Hanizah sourced and found another 7-acre tract on the island next to the fishermen’s jetty at Kampung Temoyong. 
“To get to the site, we had to drive through a long quiet road which ends at the fishermen’s jetty. From there, we had to cross to the other side and climb the hill to reach the site. But it was worth it as the place is beautiful. It’s the kind of place you want to keep as your secret hideaway,” says Hanizah. 
Over the course of one year, the developer began acquiring the surrounding parcels of land until the site  reached the present 17 acres. The initial idea was to build a high-end gated residential development to fill a void in the market. The idea soon evolved into a hotel before settling into the mixed hospitality and resort residential development it is today.

A secret hideaway
RERRS is split into three precincts. Precinct one, which is phase one and two, comprises 121 units of resort apartments. Precinct two houses the five-star 116-room Eco-Hotel. The beach-fronting precinct three comprises 31 units of luxury Cabana Villas. 

Artist's impression of the Tree Top Villas

Rahsia Estates has appointed home-grown Ri-Yaz Hotels and Resorts to manage and maintain the luxury development. The resort apartments in precinct  one, branded as Ri-Yaz TreeTop Villas @ Rahsia Estates, offer a leaseback programme with a guaranteed annual return of 5.5% net for five years. Some 59 units were launched on May 22, with the rest of the units to be launched at a later date. All the units, except for those in the Eco-Hotel, will be up for sale.

The units range from 650 to 4,500 sq ft and are priced between RM650,000 and RM7 million. Owners enjoy a two-year waiver on maintenance fees and are entitled to  two weeks’ free stay per year.

Artist's impression of the Eco-Hotel

The hotel operator will brand the Eco-Hotel in precinct two as Ri-Yaz Eco-Hotel @ Rahsia Estates. The contract is for a period of 12 years with the first rights given to Ri-Yaz to extend on a five-yearly basis.

“It took us about four years to get the necessary approvals and come up with the right design and concept. We have worked hard, so we looked far and near to find an operator that shares the same vision. We ended up finding one closer to home than we expected,” says Hanizah. 
She adds that Ri-Yaz and Rahsia Estates were well matched, and the former understood and could envision what the developer wanted RERRS to be. 
Ri-Yaz, which operates the Cyberview Resort & Spa in Cyberjaya and the Ri-Yaz Heritage Marina Resort & Spa at Pulau Duyong, Kuala Terengganu, is looking to add another 600 rooms to its present inventory of 340 rooms by 2015. It is on an expansion drive to add more destinations worldwide, including India, Bali and Dubai.  
Ri-Yaz is projecting an occupancy rate of 65% and an average room rate of RM1,200 in the first operating year at RERRS.

Artist's impression of the Cabana Villas

“We are selling a lifestyle within a secure gated environment with beautiful landscape and an affiliation with a hotel. We expect to increase the selling price by 10% to 15% for phase two because these units are located on top of a hill with great views,” she says.

Hanizah is confident of sales based on the response from international hospitality management outfits which the company talked to during the search for a manager. The developer took a year to meet  prospective parties before deciding on Ri-Yaz. 
“Overall, we received great response from hotel operators. Many were keen to come to Langkawi. As hotel operators, they would have done their market research and know which location and product will sell,” offers Hanizah.

Place to de-stress
The developer has plans to build an aesthetic clinic on top of the hill. Hanizah says it will not be a “heavy duty” clinic, focusing instead on lighter offerings such as face lift, botox and alternative treatments such as ayurvedic treatment. 
“What we want is a clinic that focuses on health, nutrition and general well-being. People are so stressed these days, we want to offer them a place where they can go trekking, take a boat ride, do treatments and where their nutritional needs are met, basically a place to de-stress,” says Hanizah. 
The developer will soon be kicking off its sales road show in Singapore, Jakarta and Miri in Sarawak,  targeting investors. 
“We are going to Miri because Brunei citizens will fly in there on weekends and we have contacts in Miri too. After these stops, we will assess our progress before hitting the Middle East, where Ri-Yaz has good contacts,” says Hanizah. 
After its official launch late last year, RERRS has garnered strong interest from foreigners, some of whom are participants of the Malaysia My Second Home (MM2H) programme. 
“We have been sending out our newsletters which has helped us gain interest from the Japanese and Koreans. We received some interest from Europeans as well,” shares Hanizah. 
The construction, undertaken by Korea-based Sun Jin Engineering (M) Sdn Bhd, started in March. Sun Jin constructed the Four Seasons Resort in the Maldives and renovated the Hard Rock Hotel in Penang. The development is expected to be completed by mid-2015.

Environmentally conscious 
The development is also the first Malaysian Green Building Index (GBI) certified mixed hospitality and resort residential development. 
“We are putting in green features such as rain water harvesting and solar panels as well as inverter air conditioners for the rooms, which cuts about 30% to 40% of the electricity bill. We also took care in how we design the overall structure to ensure good ventilation,” says Hanizah. 
As part of its corporate social responsibility, Rahsia Estates will also rejuvenate the surrounding mangroves and upgrade the nearby fishermen’s jetty. 
“We want to turn the mangrove area into a park with a museum, docking bay and restaurant, so that it becomes a tourist attraction. The restaurant will be leased to the hotel ... it sits right at the tip and has spectacular views,” says Hanizah, adding that the project will cost around RM2 million. 
Hanizah, who has a fondness for developments by the water, is keen to build a development with the same concept in Sabah next. 
“We are exploring and looking for land at the moment. Once we find the right place and opportunity, we will kick off the project.”

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 912, May 28-June 3, 2012