Lanson Place to operate Bukit Ceylon Residences in 2012

LANSON Place Hospitality Management Ltd will operate a RM207 million property known as Lanson Place Bukit Ceylon Residences in Kuala Lumpur in 2012.

This will be Lanson Place's third property in Malaysia and form part of the Verticas Residenci development in Bukit Ceylon by Wing Tai Malaysia Bhd. The tower, to be managed by Lanson Place, is owned by Wing Tai Malaysia and Lanson Place's parent company, Wing Tai Properties Ltd. Wing Tai Properties is listed on the Hong Kong Stock Exchange.

The management company's senior vice-president Graeme Laird described the upcoming accommodation as "comfortable and chic" and said that it would have 150 keys with one- to three-bedroom units.

The property has set new standards in the serviced apartments as it has very large units, with a one- bedroom unit measuring 1,100 sq ft and larger ones reaching 2,000 sq ft.

When asked about return on investment for this property, Laird said: " We did not calculate the payback period. The expected gross rental yield in a stabilised year could reach more than 10 per cent. So this would be from year three of operation."

The Bukit Ceylon property hopes to garner an average of RM500 per night when it opens.

Meanwhile, its four-star Lanson Place Ambassador Row with 221 keys closed last year with an average room rate of RM207 and an occupancy of 72 per cent.

This year, it hopes to garner RM250 and fill 70 per cent of its room inventory.

It also operates 132 units in Lanson Place Kondominium No 8, which consists of purely residential apartments.

Where next in Malaysia for Lanson Place? Laird said it could be keen on Penang and Kota Kinabalu in Sabah if the right properties become available and the destinations can support high-end serviced apartments.

But its more immediate priority is to upgrade Lanson Place Ambassador Row in 2013 to lift the product and position it further up- market.

By Business Times

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Bringing condo living to Perak

Artist’s impression of The Haven Lakeside Residences in Tambun, Perak.

It takes a foreigner to help us appreciate what is available in our backyard. It also takes the can-do spirit of Australian Peter Chan to do the unthinkable.

The limestone rocks and hills around Ipoh have so enchanted the co-principal of Superboom Projects Sdn Bhd that he is building three blocks of luxurious condominiums The Haven Lakeside Residences in Tambun, 15 minutes' drive out of Ipoh.


Peter Chan ... ‘This is a little Guilin.’

“This is a little Guilin,” says the CEO of Superboom Projects, referring to China's famed holiday destination Guilin. “Limestone hills and formation are unique. They do not happen just anywhere and The Haven is surrounded by them.”

The area that Chan has set his sight on forms part of the Malaysian Main Range, which stretches from southern Thailand to Johor. Limestones have today become synonymous with Ipoh, just as the Melawati Range is synonymous with Taman Melawati, Kuala Lumpur which also is part of the Main Range.

Leveraging on the green factor and old money looking for new lifestyles, Chan will be building what will be Ipoh's most luxurious condominium priced from RM330,000 to RM2mil a unit. It will also be the tallest building in and around Ipoh. The tallest building is Tower Regency, a 20-storey hotel in Ipoh. The project is expected to set a new benchmark for the Perak property market.

“Property prices move up quite a bit in the Klang Valley and Penang but there is this perception that it should be low here (Ipoh). It is just that there is little population growth here. The young people keep leaving home to seek work in Kuala Lumpur and Penang. So, when there is no population growth, there is no demand. But environmentally, Ipoh is an ideal place to retire in. The cost of living is not as high as in Kuala Lumpur or Penang,” he says, adding that there are several hospitals and a supermarket chain within a short drive of the project.

For years, developers in Perak have concentrated on building double-storey terraced and semi-detached houses. Because of the abundance of land, the idea of building luxurious high-rise condominiums did not figure.

Chan looks at the market demand with new lenses. There are many empty nesters in and around Ipoh, with a population of about 800,000. Increasingly, security has become an issue. There is no room today for a five- or six-room house, unless two or more generations stay together, he says.

His target audience is the retirees' market in and around Ipoh, Kuala Lumpur and Singapore. The other market segments are those in search of a holiday home.

“Ipoh is a quiet and serene place to retire and to holiday in. Penang and Malacca are oversold but little is known about Ipoh. I would like to change that,” he says.

He is offering 11 layouts with built-ups ranging from 1,000-3,000 sq ft. Although there are about 500 condominium units, Chan is offering about 300 covered car parks in a three-storey parking podium with lifts. There will be two separate covered parking facilities with additional bays on ground level.

Chan does not expect full occupancy all year around. Hence, he is working with Best Western Hotels group, one of the world's largest hotel chain to manage, market and lease out some of the properties. Maintenance charges for the first 1,000 sq ft is 22 sen, the second and third 1,000 sq ft at 16 sen and 12 sen per sq ft.

On the issue of the terrain housing the three 26-storey blocks, Chan said the site has been tested by three independent engineering companies working on structure and foundation. Prof Bernard Pierson, the Shell chair for Geosciences at Universiti Teknologi Petronas was reported to have vouched for the safety of the residences.

This will be Chan's third project. His previous two projects are double-storey terraced housing at Subang Galaxy in Subang 2, Selangor and Permai Lake View Apartments, located adjacent to the 14-acre Haven site. Chan completed the apartments in 2006. Fronting the Permai Lake View apartments later on will be about 30 shops. The concept to build the condominiums came in 2008.

The three blocks will be sited around a 4-acre lake on the foothills of the Main Range, where a 14-storey limestone rock stands. Chan's 14-acre site, inclusive of the lake, is adjacent to Sunway's plot of land which includes a hill. On the other side of the hill is Perak's famed spa resort, The Banjaran.

“Things are moving in Perak. It is just that this place has long been overlooked, with Penang and Malacca oversold as a retiree's home and a retreat,” he says.

The project, with a gross development value of RM250mil, is being constructed by Bina Puri Holdings Bhd and Beijing Construction Engineering (M) Sdn Bhd, two top contractors in Malaysia and China respectively. The leasehold project is expected to be completed in 2013.

By The Star

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Naim to develop RM300m mixed project in Kuching

SARAWAK-based Naim Holdings Bhd (Naim), a property developer and construction group, will develop prime land in Batu Lintang, Kuching, into the state's biggest comprehensive mixed development project, costing more than RM300 million.

Managing director Datuk Hasmi Hasnan said the proposed development would be sprawled over 13.597ha and be completed over 20 years.

The project will comprise a four-storey shopping mall with basement car park, office tower block, hotel tower, a 36-storey office tower with basement and elevated carpark, showroom, 18-storey condominium block and a 27-storey high-rise apartment.

"We will incorporate a water theme park, a roof garden and incorporate plenty of greeneries so as to come out with a development that is eviromental friendly and one that the local populace can enjoy and benefit from," he said.
The project will be developed on a joint venture basis between Naim, Sarawak Mosque Welfare Trust Board and Tabung Baitulmal Sarawak.

The three parties signed a memorandum of understanding to facilitate the venture witnessed by Chief Minister Tan Sri Abdul Taib Mahmud.

Hasmi said Sarawak Mosque and Tabung Baitulmal will each have a 15 per cent equity in the project venture while Naim would hold the remaining 70 per cent.

"We estimate employment for more than 2,000 people in the project," he said, without disclosing, when the construction will begin.

By Bernama

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Guocoland to launch Damansara City 2 by Q3

GUOCOLAND (Malaysia) Bhd hopes to launch its RM1.9 billion flagship development, known as Damansara City 2, in the third quarter of this year, an official said.

The property arm of the Hong Leong group will build the integrated development in Kuala Lumpur's Pusat Bandar Damansara, over a 2.2 million-sq-ft area.

It will comprise two office blocks, a 300-room hotel, a 260-unit serviced apartment block and a retail centre.

"We hope to launch it, hopefully, in the third quarter. The gross development value is not really firmed up yet, but it could be between RM2 billion to RM2.5 billion. We're selling only the serviced apartments," managing director Yeow Wai Siaw told Business Times yesterday.
He said work on the project could start immediately once all approvals were obtained. He is targeting for the project to be completed in about 30 to 36 months.

The project by Guocoland was first announced by Prime Minister Datuk Seri Najib Razak yesterday. It was one of 19 projects he unveiled under the government's Economic Transformation Programme.

Guocoland's share price gained 11 sen to RM1.35 in the stock market yesterday.

By Business Times

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Ivory to offer seaview villas in Batu Ferringhi

Semi-detached villas with unobstructed sea views along Penang's famous tourism belt Batu Ferringhi are poised to be one of Ivory Properties Group Bhd's latest offerings this year.

The project which carries a gross development value of RM27 million will comprise only 11 units of the resort-style development which is located within a hillside setting with an ocean view.

The company's deputy chairman and executive director Datuk Seri Nazir Ariff Mushir Ariff said Ivory Properties will also unveil this year a luxury condominiums project known as "The Latitude" in Tanjung Tokong, Penang.

"The Island Resort semi-detached villas will be launched by the middle of the year and we expect to complete the project by 2014," he told Business Times.

Also present at the interview was the company's head of investor relations Ang Kung San.

Nazir said each of the four-storey villas, comprising four plus one bedrooms and 5 bathrooms, will boast its own lift and private plunge pool.

Tagged between RM2.33 million and RM3.98 million, the 11 units are part of Ivory's "10 Island Resort" project, which is sited at Batu Ferringhi's Miami Beach.

The villas come in various sizes, with built-up areas ranging from 3,820 sq ft to 6,450 sq ft.

Nazir said the villas, along with the 220 units of the upscale "`The Latitude" (which is sprawled on a 0.82ha and carries a development value of RM137 million) are among the 300 units of property which Ivory Properties will be lining up for sale this year.

The company currently has an undeveloped landbank of between 160ha and 200ha in both Penang and Tanjung Malim, Selangor.

"We are actively looking for land and joint-venture partners in Penang and the Klang Valley," Nazir said.

Meanwhile on Ivory's plans for a four- to five-star hotel within its Penang Times Square development in George Town, Nazir said:

"We intend to construct and sell the proposed hotel and are seeking for investors to co-build the hotel with us."

He also said that work on Phase 3 of Penang Times Square, which will comprise luxury condominiums, a convention centre, cineplex and a 150,000 sq ft departmental store, is expected to take off by the end of this year.

By Business Times

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YTL Land to launch Capers in Q1 2011

PROPERTY developer YTL Land and Development Bhd will launch its iconic condominium, "The Capers" in Sentul East in the first quarter of 2011, its customer relation's manager, Karen Tan, said.

The stunning architectural icon comprising two 36-storey towers interrupted at random with sky gardens and flanked by two five-storey low-rise duplex townhouses, will definitively be a statement of loft living, she said.

However, she could not divulge the project's gross development value as it was still being assessed but added that the iconic condonomium was set to change the face of the 100-year old former railway town that was now a draw for the young modern crowd.

Two other condominiums in the area, built by YTL Land, are "The Tamarind" and "The Saffron", completed in 2005 and 2008, respectvely.

A total of 5,000 buyers have expressed thier earnest enthusiam by registering for units in the project, she told a press conference to announce the completion of the first office project in Sentul West and Sentul East, called "d7".

"d7", is a seven-storey architecture and cutting edge duplex sky office, located on prime land, which boosts of boutique offices, retail, food and beverage outlets encased in a lush landscaped courtyard atrium area.

Karen said "d7", which was completely sold out, had appreciated by more than 40 per cent since its debut in September 2007.

The launch price for "d7" then was RM380 per square feet and today it is valued at RM650 per square feet.

"d7" will soon be connected to "d6" via a sky bridge stretched over Jalan Sentul and the elevated Sentul Skywalk will connect all of Sentul East developments in the future to provide convenience to the community.

By Bernama

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Foreign interest in high-end KL condos set to grow

FOREIGN interest in high-end condominiums in Kuala Lumpur will accelerate next year with the impact from Economic Transformation Programme's Greater Kuala Lumpur plan, property market players said.

The economic crisis in the past two years had seen a dip in foreign interest leading to a 30 per cent drop in prices.

"Going forward, we expect a return in buyer interest from Singapore, Hong Kong, Indonesia and more recently from the Middle East," said Eric Y.H. Ooi, organising chairman of the forthcoming Fourth Malaysian Property Summit at a briefing yesterday.

Prices of these high-end units in the city centre, ranging from RM1 million and RM2 million, have caught up with previous peak levels.

Foreign ownership to local ownership, which was at 30:70 per cent ratio, is expected to increase.

"Come 2011 we will be able to see whether foreign interest will be better than the past two years or to the peak in 2007/2008 when it was 50:50 per cent ratio," Ooi said, adding that there had been drop in interest from European investors.

Ooi, who is also managing director of Knight Frank Malaysia, described the Malaysian property market scene as probably one of the most attractive in the region with fewer number of ownership restrictions.

Foreign investors are attracted to the higher yield from these high rise investments at 5 per cent compared to landed properties, which provide between 2 to 3 per cent yield.

He said it would be interesting to see the property market scene when the second-tier Chinese investors from the mainland are allowed to purchase overseas properties. Already there has been a spike of Chinese interest in properties elsewhere in Australia and Singapore.

Past president of the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia James Wong expects the inflow of foreign buyers to increase in 2012 with the implementation of the ETP.

"With the Greater KL and billions of ringgit in the MRT (mass rail transit) and LRT projects, we can expect to see an influx of expatriate population as seen during the last boom when the Petronas Twin Towers was taking shape," Wong said.

He added that unlike China and Singapore, Malaysia is not expected to see property asset bubble in the foreseeable future.

Wong also expects non-performing loans ratio (NPLs) to go up in the first quarter of 2011 although not at alarming rates.

He attributed it to the 5 to 10 per cent easy down payment scheme to purchase properties.

The Fourth Malaysian Property Summit organised by PEPS will be held at the Sime Darby Convention Centre in Kuala Lumpur on January 18.

It will have an overview of the property market performance and outlook for the office market, retail market, industrial market, high end condominium and REITs.

PEPS president Choy Yue Kwong said the property summit is also relevant to those who wonder whether it is the right time to sell their properties for alternative investments or right time to buy or invest or do nothing and wait for property prices to appreciate further.

By Business Times

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Opal Damansara wins two prestigious awards

Opal Damansara by Sunway Damansara Sdn Bhd

Opal Damansara in Sunway Damansara has recently achieved two significant milestones due to its impressive design and layout. It is a 248-unit semi-d condominium that was developed by Sunway Damansara Sdn Bhd, a subsidiary of Sunway City Berhad and designed by Arkitek Maju Bina.

Defying the conventions of condominium living, Opal Damansara is inspired by a vision of a tropical paradise. Low-density units are nestled amidst lush landscaping to create a pristine and private retreat for those who crave a resort-living lifestyle in the city.

The semi-d concept whereby every unit in Opal Damansara is a corner has proven to be popular and well received. Residents enjoy the exclusivity of having only one attached neighbour. The Group has also ensured that residents are able to enjoy an enviable ambience within the project development by allocating 30% of the development for landscaping.

During the 3rd Asian Habitat Summit 2010 at Fukuoka, Japan, Sunway Opal Damansara Condominium was awarded the 2010 Green Asian Townscape Award at the annual commending grand ceremony.

The Asian Habitat Summit is held once every two years and the theme for the third summit was “Green Asia – Picturesque Cities.” The organisers of the 2010 Green Asia Townscape award are Fukuoka Asian Urban Research Center, United-Nation Habitat for Asia and The Pacific, Asia Townscape and Design Society and China Real Estate Association.

This forum encourages members to discuss the construction of residential environment in the Asian process of urbanization, exchange research results and boost sustainable development of the Asian undertaking of residential environment.

Another significant milestone for Opal Damansara was the win of the 2010 Design Grand Award of Chinese Residential Projects by the World Association of Chinese Architects (WACA).

WACA provides a platform for elite Chinese architects in the world to publicize their achievements and expertise. Through interaction and academic exchanges, it is hoped that WACA can raise the innovation and creativity amongst architects to serve the community. The 2009 Design Award is definitely a positive step towards that direction.

Sunway City Berhad Property Development Division, Malaysia managing director Ho Hon Sang said, “We are pleased that Opal Damansara has won these awards as it reflects the recognition that this development deserves based on its innovative design that promotes a green and sustainable lifestyle. We are also heartened to collaborate with Arkitek Maju Bina as they have provided solid consultation advice to enhance the living features for residents.”

“A lot of thought and effort has been invested in this project to create a practical living environment that is both contemporary and functional. Moving forward, homebuyers can certainly expect more innovative property development projects from the Group that echo these same values of excellence.”

Apart from the plethora of plants that make up the lush green surroundings, residents will find a wide array of facilities for their daily comfort that include landscaped gardens, children's play area, swimming pools, gymnasium, tennis and badminton courts, reading room, multi-purpose hall, surau and a gazebo.

Opal Damansara is located within the 400-acre integrated Sunway Damansara township with good access and proximity to facilities, commercial centers and shopping malls. The township is one of the most sought-after locations in Petaling Jaya.

Opal Damansara has also enjoyed good price appreciation which commensurate with this award-winning project. In short, this is another stellar project by the leading master community developer.

By The Star

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