Luxury stands tall

THE towering icon of luxury, Setia V Residences, is set to transform the Gurney Drive skyline and redefine urban living with its exclusive selection of spacious, luxury condos in the sky.

Nestled on one of the last remaining parcels of land along the fa-mous waterfront in Penang, the RM550mil project by SP Setia Bhd will feature two stylish towers of 48 and 43 storeys, housing 166 units with built-up areas from 241.5sq m (2,600 sq ft) to 650.3sq m (7,000 sq ft).

It is set to be the state’s tallest residential building.

Incorporating lush landscaping and water features, it is the epitome of modern luxury.

The company’s property north deputy general manager Khoo Teck Chong said units are priced from RM2.7mil onwards, and each comes with a sizable balcony and a dip pool.

“There will be an acre of facilities and amenities spreading over an 11-storey podium block.

“They include a sky deck and lounge, infinity pool, barbeque areas, sky gardens, gymnasium, double-volume badminton and squash courts, games room, community room, dance studio and sauna,” he said.

Integrated plan: Khoo and sales and marketing manager Susie Loh discussing a point over the scale model of Setua Tri-Angle.

“One floor is dedicated for children, with indoor and outdoor playrooms, and wading pool.

“The development will also incorporate two existing heritage buildings, which will be preserved and refurbished,” he said in an interview.

Security is ensured with an integrated alarm and CCTV system, as well as card-only access at lobbies and lifts. The building’s foundations are also touted to able to withstand tsunamis and earthquake vibrations up to 6.8 on the Richter scale.

The renowned developer will also showcase the upcoming Setia Tri-Angle, an integrated lifestyle hub at the Setia Pearl Island enclave of Sungai Ara. A mixed residential and commercial development, it comprises 255 units of apartments and 34 units of retail/office space.

Residential units come in sizes ranging from 120.7sq m (1,300 sq ft) to 195sq m (2,100 sq ft), and priced between RM575,000 and RM1,012,000.

They have been well-received thus far, with nearly 80% of the non-bumi units sold since its recent launching. The two to four-storey retail shop lots have built-up areas ranging from 278sq m (3,000 sq ft) to 557.4sq m (6,000 sq ft), with price tags between RM1.95mil to RM3.6mil. The entire RM265mil project is set for completion in 2015.

Nearby, 35 units of Pearl Villas are currently being built on Setia Pearl Island’s last landed enclave.

Set on elevated ground, the three and a half-storey units afford gorgeous views of Bayan Lepas and Bayan Baru.

The units, each equipped with private pools and lifts, have built up areas of 603.8sq m (6,500 sq ft) and priced at RM2.98mil.

“We have designed it using the contemporary zero-lot concept, whereby the main structure is moved to one side, thus maximising space on the other,” he pointed out.

Over at Setia Greens in Sungai Ara, the terrace units have been fully sold out, with only bumiputra units left. The company is thus rolling up the second element of the phase, 18 semi-detached, three-storey units with built-up areas of 292.5sq m (3,149 sq ft) to 330sq m (3,553 sq ft).

“They will encircle a park with water feature. Open your back door, and a tranquil setting awaits you,” Khoo said of the units, priced at RM1.65mil.

During The Star Property Fair 2012, the company is offering its Setia Packages, which include developer interest-bearing, free legal fees and stamp duty on SPA and loan documents and 0% interest free instalment plan up to 36 months for Maybank credit card holders. This promotion is subject to terms and conditions.

For further enquiries, please call Setia Sales Gallery at 04-6412255.

Touted as Malaysia’s premier showcase for stylish living, the four-day extravaganza will be held at Gurney Plaza and the adjoining G Hotel from July 12 to July 15.

Organised by The Star for the 10th year, the fair will be open to the public from 10am to 10pm daily. Admission is free.

To date, 50 exhibitors, including financial institutions and investment companies, have confirmed their participation.

Among the major players are IJM Land, SP Setia Group, Mah Sing Properties, Sunway Berhad, Ivory Properties Group, DNP Land, BSG Property, Ideal Group, Bukit Kiara Properties, Andaman Property, Henry Butcher, KPWG International, Magna Putih, Province Valley and Tambun Indah Land.

This year’s new faces include Elite Forward, Sunrise Manner, Solid Tribute (Asia Green Group), GSD Land, Quantum Metro Deve-lopment, Zetapark Development, East West One Consortium, PJD Eastern Land, Airmas Management, Property Talk, Avenue Properties and Popular Realty.

For contest buffs, three tablets and other attractive prizes will be won daily.

IJM Land is the official sponsor for the contest while Hong Leong Bank is the sponsor for the talks and forums.

For details, call Shir Mein (016-4420085), Hafidz (017-7091987) or Maggie 04-6473388 ext 3023. - The Star

Kumpulan Jetson in JV to build 33 condominiums in Penang

KUALA LUMPUR: Kumpulan Jetson Bhd is teaming up with Fortress Effect Sdn Bhd to undertake a luxury residential development project in Penang, comprising of 33 high-rise condominiums.

Kumpulan Jetson said on Tuesday Fortress Effect was nominated by China's Everbright International Construction Engineering Corporation to be the co-developer in the project.

Everbright's unit Everbright International Engineering Sdn Bhd will take part in the project on a joint venture basis.

Kumpulan Jetson's entitlement under the proposed joint development would be 30% of the gross development value and Fortress Effect's entitlement 70% of the GDV.

The parties agreed that Everbright International Engineering would be appointed the designated contractor to undertake the construction and completion of the project. - The Star

CIMB TrustCapital Advisors buys more Aussie property

KUALA LUMPUR: CIMB TrustCapital Advisors (CIMB-TCA), as manager of the CIMB TrustCapital Australian Office Fund No.1 (CIMB-TCA AOF1), has announced the acquisition of 150 Charlotte Street, Brisbane from the Stockland Trust for A$56mil (RM180mil).

CIMB-TCA is a joint venture between CIMB Real Estate Sdn Bhd and Singapore-based TrustCapital Advisors Pte Ltd. CIMB-TCA AOF1 is a unique Asian-based fund established with the objective of investing in high grade commercial office buildings in the key cities of Australia.

150 Charlotte Street is in Brisbane’s central business district and has just been fully refurbished to a PCA A-Grade standard.

It consists of 18 storeys of office space, and with the upgrades, it is an energy-efficient building which targets a 4.5-star National Australian Built Environment Rating System and a five-star Green Star as-built rating.

Under a Development and Lease Procurement Agreement, the Walker Corp will give five years of rent support for the property that would provide CIMB-TCA AOF1 a guaranteed initial yield of 8.7% on a fully-leased basis in the first year.

The guarantee also provides for annual increments of 4% per annum for the next five years. Several floors of the property are already leased to Energex, the Australian Department of Foreign Affairs and Trade andWalker Corp.

There are also many other potential tenants showing strong interest given the shortage of contiguous office space available for lease within the Brisbane CBD.

This transaction is CIMB-TCA AOF1’s fourth acquisition in Australia since it entered the market in early 2011. – Bernama

Mah Sing upbeat on Penang projects

GEORGE TOWN: Mah Sing Group Bhd's projects in Penang is expected to generate about RM325mil or 13% of the projected RM2.5bil sales for 2012, compared with RM70mil or 3% of the RM2.2bil sales for 2011.

The key contributors from Penang included the Southbay Plaza and Legenda@Southbay, group chief operating officer Teh Heng Chong said at Mah Sing's “Realising Dreams Property Showcase” held in conjunction with the group's 18th anniversary celebration in Penang recently.

The event showcased 11 projects that it was currently undertaking nationwide.

“The Legenda@Southbay has generated about RM40mil since January, while the Southbay Plaza has generated RM80mil since May.

Teh (right) and Mah Sing executive director Lim Kiu Hock with a model of Southbay Plaza.

“The other project that we expect to generate the remainder this year is the first phase of the Ferringhi Residence in Batu Ferringhi.

“Pending approval, we plan to launch about RM180mil worth of low-rise condominium villas in July 2012,” Teh said.

He said Mah Sing would focus on residential properties priced below RM1mil in Kuala Lumpur, Johor, and Penang. “At present, about 70% of our launches are in this price segment, which comprises mainly small serviced residences and linked homes.”

Teh said: “We are also continuing to develop gated and guarded residential properties priced above RM1mil in good location, which is about 30% of the group's launches for 2012.”

He said the Klang Valley would still make up the bulk of the group's sales target, as it had 28 projects there.

Penang was also an important market as its contribution had risen to 13% from 3% in 2011, he added. “We are looking now for an over 100-acre site in Seberang Prai for a township development.”

Teh said he was positive on the outlook for the property market in Penang as the most of the buyers of Mah Sing's properties are largely Penangites. “Our foreign customers come from Singapore, Indonesia, and Hong Kong. - The Star

HDB flat prices up again in Q2

SINGAPORE: Resale HDB flat prices have inched upwards yet again, this time by 1.3% in the second quarter of this year, according to the Housing Board’s flash estimates released on Monday.

This resurgence comes on the back of a downward trend in the two previous quarters.

The percentage increase in the fourth quarter of last year, and the first quarter of this year were 1.7% and 0.6% respectively.

A more detailed release, said the HDB, would be out on July 27.

Upward swing: The Punggol Residences HDB BTO apartment blocks under construction This resurgence in prices comes on the back of a downward trend in the two previous quarters. – The Straits Times/ Asian News Network

The agency has committed to offer 25,000 Build-To-Order flats this year, and has launched more than 15,000 flats in the first quarter alone.

There will be 5,200 more flats launched this month, and will be in areas such as Bedok, Bukit Merah, Choa Chu Kang, Clementi, Geylang and Punggol.

On the private homes front, estimates released by the Urban Redevelopment Authority (URA) on Monday showed that prices have risen by 0.4% in the second quarter of this year.

Non-landed private home prices increased by 0.6%, while prices for properties outside the central region went up by a more moderate 0.4%.

There was no change in the prices in the rest of the central region.

The latest price increase is a reversal of last quarter’s price decrease of 0.1% , the first quarterly price fall since Q2 of 2009.

More detailed data will be revealed on July 27 when URA releases the full second quarter real estate statistics. – The Straits Times/Asian News Network

State offers new site for relocation of Rumah Hijau folk

BUTTERWORTH: The state government has identified a piece of land for the construction of replacement flat units for squatter families staying in the Rumah Hijau longhouses in Mak Mandin.

Chief Minister Lim Guan Eng said the 0.83ha (2.06 acre) land, belonging to the state, was located on Jalan Mak Mandin 5, which was about 100 metres away from the Rumah Hijau longhouses.

He said the state accepted a suggestion made by the Kampung Baru Rumah Hijau Bagan Residents’ Association to pick the particular plot of land, after a discussion with its committee members last week.

At present, the piece of land is occupied by three residential units, three workshops and a transport company depot.

Lim said the state would work out something for them.

“We hope the Federal Government will quickly approve a grant for the construction of affordable housing units there.

“We have written to the National Housing Department, giving our assurance to deliver vacant possession of the piece of land,” he said after visiting the proposed site for the replacement housing units here yesterday.

Lim said 350 houses could be built on the piece of land for the over 300 families who originally stayed in the longhouses.

Association chairman Sin Seang Kwang thanked Lim for fulfilling his promise to find a piece of land for them, adding that he would do his part to convince the federal authorities to release funds to construct the housing units.

Barisan Nasional’s Bagan parliamentary constituency coordinator David Chua said he would do the needful to help the residents get the money to build the housing units.

“I will meet with officials from the Housing and Local Government Ministry to quickly draw up the necessary design and plans for the housing units.

“Perhaps, if they can add another 30 units, it would be good as it could be given to some of the residents from the low-cost flat block in Ampang Jajar, who want to return here,” he said.

Chua reminded the squatters that they had no locus standi to demand for replacement housing units.

He stressed that this was a special case which should not be used as a precedent when handling other squatter relocation cases. - The Star

1,320 units of LMC and MC flats to be built

GEORGE TOWN: Eligible folk will now be able to own a 700sq ft low medium-cost (LMC) flat in the city.

A total of 1,320 units of LMC and medium-cost (MC) flats will be built on a 2.91ha land in Jalan S.P. Chelliah under the state’s People’s Housing Project (PPR).

Komtar assemblyman Ng Wei Aik said the Penang Development Corporation (PDC) was holding several meetings with the Penang Municipal Council (MPPP), which owns the land, to discuss the development.

He said the LMC units would cost about RM72,500 per unit while the price for the MC units had yet to be finalised.

“We are in the last stages of planning and in the midst of fine-tuning the plan so that the projects will have a multi-storey car park, rooftop garden, futsal/badminton courts, a community hall, kindergarten, surau and other facilities,” he told reporters during a site inspection yesterday.

Ng said there would be two blocks of LMC and MC flats and each block would be between 20 and 25-storey high.

He added that the MPPP quarters currently located at the site would be demolished for the project.

“There are also eight Hindu temples here which will be relocated within the vicinity to make way for the project,” he said.

MPPP Planning Committee alternate chairman Felix Ooi Keat Hin said they had also identified a 2.9ha of land in Padang Tembak and another 5.26ha of land in Jalan Perak for LMC units. He said work on the project in Jalan S.P. Chelliah was scheduled to start by year-end. - The Star

Real estate in the UK

Maidenhead is one of the most affluent areas of the UK. It lies on the River Thames countryside and can be a gold mine due to its close proximity to the capital, London.

The Inter-City train from Paddington takes only 20 minutes and the other major attractions are the Windsor Castle, Henley on Thames with its famous Henley Regatta since 1839 and Eton College.

An established international real estate services provider, KPWG International acquired a 4.04 hectare of real estate land in Maidenhead in late 2008.

The Maidenhead land opportunity allows the owner or investor to have total flexibility and control over the land.

The allocated time frame is three years from date of issuance of the freehold title deed.

Besides that, KPWG is also marketing the ever-popular UK student pods in Leeds, Bolton and Liverpool via its real estate subsidiary, KPWG Real Estate.

The projects in Leeds and Bolton are refurbishments of existing buildings with ready planning permission and its completion date is targeted in September or October this year.

Interested purchasers should pay the KPWG International booth a visit during the Star Property Fair 2012 to find out more about the development.

Touted as Malaysia’s premier showcase for stylish living, the four-day extravaganza will be held at Gurney Plaza and the adjoining G Hotel from July 12 to July 15.

Organised by The Star for the 10th year, the fair will be open to the public from 10am to 10pm daily. Admission is free.

To date, 50 exhibitors, including financial institutions and investment companies, have confirmed their participation.

Among the major players are IJM Land, SP Setia Group, Mah Sing Properties, Sunway Bintang, Ivory Properties Group, DNP Land, BSG Property, Ideal Group, Bukit Kiara Properties, Andaman Property, Henry Butcher, KPWG International, Magna Putih, Province Valley and Tambun Indah Land.

This year’s new faces include Elite Forward, Sunrise Manner, Solid Tribute (Asia Green Group), GSD Land, Quantum Metro Development, Zetapark Development, East West One Consortium, PJD Eastern Land, Airmas Management, Property Talk, Avenue Properties and Popular Realty.

For contest buffs, three tablets and other attractive prizes will be won daily.

IJM Land is the official sponsor for the contest while Hong Leong Bank is the sponsor for the talks and forums. - The Star

Residential project in Batu Maung to feature green elements

THOSE looking for a green haven away from the hustle and bustle of city life should consider Sunway Cassia in Batu Maung.

Developed by Sunway Berhad, the sprawling, freehold residential project spans 9.36ha (23.13 acres) and is strategically located near the second Penang bridge and the Penang International Airport.

According to the company’s property development division general manager Tan Hun Beng, they will be opening up Phase 2 of the project for registration during the upcoming Star Property Fair 2012.

To be launched in the fourth quarter of this year, it comprises 59 units of three- storey terrace homes with gross built-up areas of 281.3sq metres (3,028sq ft) and 310sq metres (3,341sq ft), and priced at RM1mil onwards.

It is easily accessible via Jalan Permatang Damar Laut, which connects with Tun Dr Lim Chong Eu Expressway and the Penang Bridge.

The project’s main feature would be its green elements.

“There will be a generous, 0.8ha (2 acres) natural park, along with smaller pocket parks and thematic gardens throughout the development – one of them being the Spice Garden which imbues the place with wonderful aromas.

“With the scarcity of land on Penang island today, it is rare to have such a big plot of land allocated for leisure.

“In addition, units will also have green building features like rainwater harvesting and solar hot water systems,” Tan said when met at his office recently.

Among the units’ other features are modern designs aesthetics, practical layouts, wide windows to aide natural ventilation, spacious family areas, separate wet and dry kitchens, walk-in wardrobe and en-suite bathrooms.

The company will also be showcasing its Sunway Wellesley project in Bukit Mertajam on the mainland.

Spread over 24.2ha (60 acres), it is a mixed development of landed and high-rise residences with commercial shop offices.

Phase 1, to be launched this month, comprises 31 units of three-storey shop offices, priced at RM1.2mil, and it is available for booking during the fair.

According to Tan, the project fronts the main thoroughfare of Jalan Muthu Palaniappan, and is a stone’s throw away from the old, Bukit Mertajam township, with well-established retail, F&B outlets and banks all in close proximity.

The Penang Bridge, Butterworth-Kulim Expressway, Summit Hotel, Sunway Carnival Mall, AEON Jaya Jusco, Tesco Bukit Mertajam, specialist hospitals and national and private schools, are all within a 10km radius.

Tan pointed out that the shop offices would be built around a covered central atrium, giving each unit dual frontage. The atrium will also play host to all kinds of events.

“We anticipate that it’ll become the new lifestyle hub that spices up the area with a new ‘happening’ ambience. The rejuvenating effects will inject life into the old Bukit Mertajam area,” he added.

The first phase is expected for completion in 2014. The company also expects to roll out Phase 2 either at the end of this year or beginning of next year.

During the fair, they will be offering rebates of up to 10% on selected projects.

Touted as Malaysia’s premier showcase for stylish living, the four-day extravaganza will be held at Gurney Plaza and the adjoining G Hotel from July 12 to July 15.

Organised by The Star for the 10th year, the fair will be open to the public from 10am to 10pm daily. Admission is free.

To date, 50 exhibitors, including financial institutions and investment companies, have confirmed their participation.

Among the major players are IJM Land, SP Setia Group, Mah Sing Properties, Sunway Berhad, Ivory Properties Group, DNP Land, BSG Property, Ideal Group, Bukit Kiara Properties, Andaman Property, Henry Butcher, KPWG International, Magna Putih, Province Valley and Tambun Indah Land.

This year’s new faces include Elite Forward, Sunrise Manner, Solid Tribute (Asia Green Group), GSD Land, Quantum Metro Development, Zetapark Development, East West One Consortium, PJD Eastern Land, Airmas Management, Property Talk, Avenue Properties and Popular Realty.

For contest buffs, three tablets and other attractive prizes will be won daily. IJM Land is the official sponsor for the contest while Hong Leong Bank is the sponsor for the talks and forums. - The Star

Calls for quotas on affordable homes

KUALA LUMPUR (July 3): State governments should impose quotas for affordable housing on property developers, said Minister of Housing and Local Government Datuk Seri Chor Chee Heung in his keynote speech at the Third Annual Affordable Housing Projects conference on Monday.

Quoting statistics from a recent Household Income Survey by the Economic Planning Unit (EPU), Chor said 76% of Malaysians earn below RM5,000 per month. “Based on a credit line at 30% of net income for housing loan and at the current base lending rate of 6.6%, the maximum price of houses that this group can afford, below RM5,000 per month, is below RM300,000.
“As such, affordable housing in Malaysia can be defined as houses priced below RM300,000,” he said. Chor said in the past, quotas imposed by the state government on private developers were only on low-cost housing.
“Instead of purely low-cost housing quotas, state governments can apportion a certain percentage for developers and impose a quota on affordable housing, perhaps, not more than RM300,000 per house.

Chor says affordable housing in Malaysia can be defined as house priced below RM300,000.

“This will make property developers happy because they won’t have to subsidise so much in their imposition of quotas for low-cost housing,” he said. Property developers view the call for a quota imposition on affordable housing by state government positively as it will meet the demand of the swelling middle income group in the country.
“Property developers would rather build affordable houses compared to low-cost houses. We can make a profit by building affordable houses, but not low-cost houses. “Plus, low-cost housing doesn’t match current market demand,” said a property developer familiar with the Malaysian property scene.
Property developers pointed out that there is an oversupply of low-cost housing presently. “Even in places outside the Klang Valley, nobody is taking up these low-cost units. Some developers had to go to the state government to apply for a waiver on the low-cost status,” said a property developer.
However, property developers said it would be difficult for an affordable housing quota to be imposed in the Klang Valley as land for development consists of pocket-sized developments. “Prices of land in the city are expensive. Furthermore, there are only small parcels of land. How will the state government be able to impose quotas when the development is only two blocks of high rise condominiums?
”This quota will be suitable for developments outside the city,” said one property developer. Chor said since 2010 the federal government has stepped up initiatives in addressing the affordable housing dilemma faced by the middle income group through programmes such as 1Malaysia People’s Housing Scheme (PR1MA).
PR1MA, a public-private partnership between property developers and the federal government, aims to build 42,000 units of affordable homes within the Klang Valley, Rawang and Seremban. For the first scheme launched in July 2011, house prices ranged from RM150,000 to RM300,000. Meanwhile, for the second scheme, houses will be priced between RM200,000 and RM400,000.
Deputy Minister in the Prime Minister’s Department, Datuk Devamany S Krishnasamy, told the press that PR1MA is a way to harmonise supply and demand. “We are harmonising demand. When we do that, the prices will settle to a level that is fair to people. If property developers make a 50% margin previously, now they will only make a 30% margin,” he added.
Acknowledging that access to housing is a basic need, Chor said the affordable housing quest would require collaborative partnership between all stakeholders to shoulder the responsibility of provide affordable housing.
“Shortage of affordable housing needs to be addressed immediately. Failing which, the burgeoning middle income group will become a ‘sandwiched group’ without proper homes leading to various social economic problems,” he added.
This article appeared on The Edge Financial Daily July 3, 2012.