Riveria Sentral to bank on its connectivity

As land in Kuala Lumpur becomes scarce, more and more developers are shifting towards creating all-in-one lifestyle products. Titijaya Land Bhd is among them that recognise the need for such products and plan to integrate this concept in their future projects.

“It is certainly an appealing concept. Today, people are getting busier, hence more buyers and investors yearn for the conveniences offered by mixed-use developments,” says executive director Charmaine Lim.

S P Setia to hold preview for Setia EcoHill 2 this weekend

S P Setia Bhd will hold a preview for Setia EcoHill 2 this weekend, with prospective buyers having the opportunity to choose their desired units at the township’s sales gallery, said the group in a press release.

“There were many people who came to the Setia EcoHill Welcome Centre yesterday to enquire about Setia EcoHill 2. While making enquiries about the project, some also took the chance to learn and understand more about the eco-township from the Setia EcoHill 2 Talk today,” the group added.

Building a township around Xiamen University Malaysia

For Sunsuria Bhd, developing the freehold, 525-acre Sunsuria City in Salak Tinggi has been a journey of faith. The core of the township, which has a gross development value (GDV) of RM10 billion, is the 150-acre Xiamen University Malaysia, China’s first overseas campus. The rest of the township will grow around the university.

Most developers look for catalysts for their existing landbank but Sunsuria did the opposite. It found its catalyst — Xiamen University — first, after former housing and local government minister Tan Sri Ong Ka Ting and former deputy higher education minister Datuk Hou Kok Chung had proposed to the university in 2011 to open a campus in Malaysia, before even getting the land on which to build it.

Sunsuria eyes September launch for Sunsuria City’s first residences

Sunsuria Bhd is looking at launching The Olive — the first residential properties in its flagship Sunsuria City township in Salak Tinggi — in September, said executive chairman Datuk Ter Leong Yap.

Covering 17.8 acres, the project will offer 663 apartments (built-up: 818 sq ft) in three blocks. With a gross development value (GDV) of RM273 million, the units will be priced from RM383,999.

Benéton Properties to launch final block of Irama Wangsa next week

Benéton Properties Sdn Bhd will be opening the final block of its Irama Wangsa resort-concept condominium in Kuala Lumpur on June 15, 2016.

Benéton Properties chief executive officer Chan Kin Meng told TheEdgeProperty.com that the 25-storey final block (Block C) comprises 200 units in three layouts with a choice of 3 and 4-bedroom units.

Magna Prima to buy Shah Alam land for condo project

Magna Prima Bhd’s wholly-owned unit Magna City Shah Alam Sdn Bhd (MCSASB) plans to buy a piece of leasehold land measuring 5.25 acres (2.12ha) in Bandar Shah Alam, Selangor, for RM43 million to undertake a residential development that will carry an estimated gross development value of RM220.81 million.

In a filing with Bursa Malaysia, Magna Prima said MCSASB has entered into a conditional sale and purchase agreement with Regalia Raintree Sdn Bhd to effect the land buy.

IOI’s award-winning thematic project

IOI Properties Group Bhd (IOI Prop) has constantly been recognised as one of Malaysia’s top developers... and the slew of awards it has won over the years is clear testament to that.

At the recent StarProperty Awards 2016, the company bagged the Family Friendly Award for its 16 Sierra, a township in Puchong South, Selangor. It also earned a Merit under the Cornerstone Award (for Best Landed Development) at the same prestigious event.

EcoWorld eyes 3Q launch for RM300k apartments in Semenyih

Eco World Development Group Bhd (EcoWorld) plans to launch its Harmoni apartments in its Eco Majestic township in Semenyih in the third quarter (3Q) of this year, Eco Majestic general manager Evon Yap told TheEdgeProperty.com.

Harmoni comprises 900 units of 900 sq ft three-bedroom 2-bathroom apartments that will be priced from around RM300,000.

Good response to preview of Sunway Mont Residences

The domestic property market may be experiencing a downturn at the moment but if the response to the public preview of Sunway Bhd’s Sunway Mont Residences in Mont’Kiara is any indication, there are still bright spots in the gloomy outlook.

“More than 1,000 people came for the preview last weekend [May 21 and 22]. We are soft-launching Sunway Mont Residences on May 28 and judging from the response to the preview, I believe the development will be well received. I think it also proves that Mont’Kiara remains one of the most sought-after addresses,” Ang Kee Ping, executive director, central region, property development division tells City & Country.

Binastra Land to launch flagship integrated development in Chan Sow Lin

Contractor-cum-property developer Binastra Land Sdn Bhd aims to launch its flagship and largest project – the RM1.3 billion Trion Kuala Lumpur – in Chan Sow Lin, an industrial area in Kuala Lumpur, at the end of the year.

The freehold mixed-use development will come up on a 14.075-acre parcel, on which currently stands a Volkswagen showroom that will be relocated in September.

Rencana TTDI project to launch in two months

Contractor turned property developer CK East Group is looking to officially launch Rencana TTDI, a commercial project on a two-acre Malay reserve parcel in Taman Tun Dr Ismail, Kuala Lumpur, within two months.

CK East is the project manager for the RM380 million project, which showcases a “co-working” concept. The project will offer 627 units of smart offices, flexible offices, 2-storey garden terraced units, retail lots, studio offices, duplex offices and corporate suites, as well as two facility floors for businesses.

Setia EcoHill 2 phase one to launch next month

S P Setia Bhd is set to launch the first phase of its Setia EcoHill 2 township next month in Semenyih, said executive vice-president Tan Hon Lim.

“The first phase of the township called Springfield Residences comprises 258 units of 2-storey terraced homes and 96 units of 2-storey cluster semi-detached homes,” he told TheEdgeProperty.com.

SP Setia invests in new Semenyih road

Green project: An artist impression of an observation tower in Setia EcoHill 2

SP Setia Bhd is spending on a new road at its township development in Semenyih as it extends the Lekas-EcoHill Link to Setia EcoHill 2, the new project it will officially launch next month.

EcoHill 2 is part of the larger Setia EcoHill township development comprising 1,010 acres in Semenyih.

SP Setia launching a slew of projects

Amidst the soft property market, SP Setia Bhd plans to launch a slew of projects with a total gross development value (GDV) of RM4.7bil to bring in sales of RM4bil this year.

The property developer has launched two projects – Setia Eco Templer and Edulis – and plans 11 more launches for the second half of the year.

IOI Prop’s township projects to contribute 45% to total sales

IOI Properties Group Bhd is expecting its township projects to contribute 45% to total sales for 2015.

This year, IOI Prop will have two townships added to its existing portfolio, Bandar Puteri Warisan and Bandar Puteri Bangi, which respectively have a gross development value (GDV) of RM2.5bil and RM3.6bil.

Protasco’s De Centrum City taking shape

Protasco Bhd is adopting the new urbanism concept in its maiden project, De Centrum City, in Kajang, Selangor. The group, which is known more for its infrastructure construction and engineering businesses, is aiming high with its property development division.

The concept, an urban design movement that promotes walkable neighbourhoods, is similar to the one adopted by award-winning Desa ParkCity in Kuala Lumpur.

SkyWorld to launch three projects

While some major developers are holding back their launches in view of the challenging market conditions, SkyWorld Development Sdn Bhd aims to make its presence known to the public. It has three new launches planned this year in Kuala Lumpur, with a total gross development value (GDV) of almost RM1.4 billion.

They are SkyLuxe On The Park in Bukit Jalil (RM403 million), SkySierra in Setiawangsa (RM722 million) and Rumawip (Rumah Mampu Milik Wilayah Persekutuan) Scheme SkyAwani 2 in Sentul (RM259 million).

Quek eyes Eco World International

Reclusive tycoon Tan Sri Quek Leng Chan is looking at acquiring a substantial stake in Eco World International Bhd (EWI), which is en route for an initial public offering (IPO) to list on Bursa Malaysia, several sources say.

“His team is currently undertaking a due diligence study on EWI,” says a source familiar with the matter.

Setia Eco Templer's first phase sees buyers camping overnight

SP Setia Bhd's Setia Eco Templer project near Templer's Park in Kuala Lumpur saw about 60 potential buyers camping at thesales gallery there since Friday night as they seek to secure their preferred units, said executive vice-president Datuk Koe Peng Kang.

"They came to choose their preferred units, which are close to the rivers and lakes. Even now (6:40pm) we are still selling homes," he told TheEdgeProperty.com.

PHB looking at new asset class?

Real estate investment firm Pelaburan Hartanah Bhd (PHB) seems to have had a busy 2015. It grew its investment portfolio and set in motion development plans for two of its prized parcels of land in Kuala Lumpur.

PHB’s list of investments now stands at 22 — from around 13 in 2014 — of which 18 developments have been completed. According to its website, PHB has been actively and prudently acquiring prime commercial real estate and has accumulated property assets worth over RM5 billion.

2016 Mapex Property Showcase targets 25,000 visitors

The 2016 Mapex Property Showcase is targeting to have at least 25,000 visitors at the five-day event, the organising chairperson of Mapex 2016, Carrie Fong told TheEdgeProperty.com today.

The 2016 MAPEX Property Showcase, which has the theme “A Better Home for A Better Tomorrow”, kicked off today and will run daily from 10am to 10pm until this Sunday at the 1Utama Shopping Centre, Petaling Jaya. TheEdgeProperty.com is the media partner of 2016 MAPEX Property Showcase.

Making housing more accessible

Tan Sri Datuk Sri Leong Hoy Kum expects the local property market to hit a turning point soon and anticipates demand to pick up in the second half. “Various indicators point towards a turning point. Residential property transactions have bottomed out as there was a milder contraction in Q42015 compared with the third quarter and second quarter of last year,” says Leong, the managing director of Mah Sing Group Bhd.

“We are also seeing more interest in the property industry among local and foreign institutional investors, which indicates that consumer sentiments may have already hit bottom. The MIER Consumer Sentiment Index was at an all-time low of 63.8 points in 4Q2015 even though the Business Conditions Index showed a slight improvement during that quarter.

I’m here to crack the whip, says TA Global’s Joo Kim

After spending the most of the last seven years jetting back and forth between Vancouver, Canada, and Kuala Lumpur, the 36-year-old new CEO of TA Global Bhd, Tiah Joo Kim (pictured) — the third child and eldest son of chairman Datuk Tony Tiah and his wife Datin Tan Kuay Fong — says he is now back in town to “crack the whip” and get the group’s property projects moving.

The group has lined up RM3.1 billion worth of projects for launch in the next 14 months — the current property slump notwithstanding — starting with Ativo Suites, a residential development on a 2.83-acre site adjacent to Ativo Plaza in Damansara Avenue, in the third quarter of this year.

Sunsuria sets up JV with Taiwanese to develop project in Selangor

Property developer Sunsuria Bhd is partnering Taiwan-based Welcome Global Co Ltd for a mixed development project at Sunsuria City in Salak Tinggi, Selangor.

A joint venture company, Sunsuria Everrich Sdn Bhd, has been set up for the purpose, with Sunsuria owning a 60% stake and Welcome Global owning the remainder stake. Welcome Global is part of construction firm Ever Rich Land Co Ltd.

RAM retains negative outlook on Klang Valley property sectors

RAM Ratings has maintained its “negative” outlook on the Malaysian residential and commercial property sectors within the Klang Valley, as consumer sentiment is expected to be reined in by weaker economic prospects.

In a report, RAM said consumer and business sentiment is expected to remain muted amid a slowing economy, while lending conditions are likely to stay tight, thus presenting another challenging year for the property sector.

Green project in honour of Templer

SP SETIA executive vice-president Datuk Koe Peng Kang is excited about Setia Eco Templer, a leasehold gated and guarded 194-acre development about 20km from the city and 10km from Rawang commercial area.

When SP Setia bought about 4,000 acres in what is now known as Setia Alam, the property development circle thought the company has gone off its rockers as access was limited. The company subsequently built highways to provide access and the township is thriving with a heavy ecology theme.

SP Setia to launch Retusa 3-storey linked semi-dees tomorrow

Property developer S P Setia Bhd will be launching Retusa – which comprises 48 units of 3-storey linked semi-detached houses at Precint 11 of its Setia Alam township tomorrow, Bandar Setia Alam deputy manager Tan Siow Chung told TheEdgeProperty.com via email.

“The freehold semi-dees will have built-ups of 3,171 sq ft and are priced from RM1.27 million onwards. It will sit on a 32 ft by 70 ft plot,” he said.

TTDI and Bangsar – rising above the rest!

Taman Tun Dr Ismail and Bangsar are two hot freehold addresses in Kuala Lumpur, especially for landed residential property.

Despite having been around for a long time, these two established townships have remained sexy to investors and owner-occupiers, due in part to their strategic location, connectivity and a scarcity of land in both addresses.

50 lot buyers of Plaza Rakyat have submitted proof

About 50 of the total 222 buyers of units of the abandoned Plaza Rakyat project in Pudu have provided the new developer with the necessary documents as proof of purchase to facilitate compensation.

They have been given until July 31 to submit all papers pertaining to the sale and purchase agreement, and original receipts issued by the original developer Plaza Rakyat Sdn Bhd (PRSB).

Gabungan AQRS in PR1MA project tie-up

Gabungan AQRS Bhd, via wholly owned subsidiary Gabungan Strategik Sdn Bhd (GSSB), will be co-developing PR1MA Homes in Kuantan, Pahang, for RM424.23mil.

In a filing with Bursa Malaysia, Gabungan AQRS said GSSB had entered into a joint-venture (JV) agreement with contractor Monolight IBS Building System Sdn Bhd to construct, develop and complete the development of PR1MA Homes on 182,000 sq m of land in Kuantan.

Sime Darby launching Quarza Residence this Sunday

Sime Darby Property Bhd – the property arm of Sime Darby Bhd – is set to officially launch the Quarza Residence serviced residences in conjunction with its Lifestyle Collection Campaign this Sunday, the group said in a press release today.

Quarza Residence – which is located at Melawati, KL East – will comprise two residential towers with 508 units.

Paramount Corp banks on diversification

A meeting with a banker would probably be all about the numbers. This also seems to ring true for former bankers, like Paramount Corp Bhd group CEO Jeffrey Chew. During his interview with City & Country recently, he started off with a presentation of the company’s financial performance, before going on to highlight numbers from the National Property Information Centre.

Chew had been a high-profile senior banker, with more than 20 years of experience in the financial sector, prior to joining Paramount Corp where the two core businesses are property and education. He says he always joins an industry where he “has no qualification and experience”. He started his career at PricewaterhouseCoopers (PwC), then joined Citibank Bhd for 12 years and later, OCBC Bank (M) Bhd for 11 years. He took on the role of Paramount Corp CEO in July 2014.

Mapex Property Showcase 2016 to kick off on May 11-15

The 2016 Mapex Property Showcase organised by the Real Estate and Housing Developers’ Association Youth (Rehda Youth) will kick off on May 11-15 at the 1 Utama Shopping Centre from 10am to 10pm, the organisers announced in a press release today.

According to the organising chairperson, Carrie Fong Kah Wai, the main objective of the event is to provide an opportunity for Rehda Youth and Rehda members to showcase their properties to the public and to engage with them.

Mah Sing to launch well-connected yet green Cerrado

Mah Sing Group Bhd’s latest project, Cerrado Residential Suites, is in the Klang Valley and yet is surrounded by greenery, thanks in part to its location near the Bangi Forest Reserve. The project is within the developer’s largest township, Southville City, in Bangi.

“It is quite rare to find modern developments that are both well-connected and green. Cerrado embodies the concept of work, live and play, while being surrounded by lush greenery,” Ong Chou Wen, chief operating officer of Southville City, tells City & Country.

MCT to launch phase 3 of Cybersouth in Cyberjaya

MCT Bhd will be launching the third phase of Cybersouth – townhouses with built-up areas from 1,100 sq ft and indicative prices from RM400,000 – here soon, said the developer in a press release today.

Apart from that, in line with the Selangor Government's initiative to offer affordable homes to the rakyat, Cybersouth will be launching Rumah Selangorku homes in 2016.

Setia Eco Templer set for launch next month

Setia Eco Templer, S P Setia Bhd’s upcoming 194-acre township, is on track for its launch in two weeks’ time, as the company inked an agreement with AmBank (M) Bhd yesterday for banking facilities worth RM315mil for the development of the township.

AmBank has also granted RM200mil working capital term loan to S P Setia.

Eco World to bank on Iskandar’s attraction

Eco World Development Group Bhd is banking on the progress and development taking place in Iskandar Malaysia to attract buyers for its commercial and industrial development projects in south Johor.

Eco World’s Eco South divisional general manager Hoe Mee Ling opined Iskandar Malaysia’s close proximity with Singapore was an added advantage for the company to attract prospective buyers.

The Parque Residences first phase 30% sold before official launch

The first phase of The Parque Residences in Eco Sanctuary has seen 30% of its condominium units sold since the project opened for sale early this year, said Eco World Development Group Bhd (EcoWorld) general manager Ho Kwee Hong.

She told TheEdgeProperty.com that sales were moving slowly but steadily and the company plans to officially launch phases one and two, either at the end of this year or early next year.

UEM Sunrise to unveil Melia Residences this weekend

UEM Sunrise Bhd will launch Melia Residences, the first freehold landed strata residential development in Gerbang Nusajaya, Iskandar Malaysia, this Saturday with selling prices from RM596,000 to RM1.5 million.

The company’s chief operating officer (commercial) Raymond Cheah said phase one of Melia Residences comprises 125 units of 2-storey terraced houses with built-up sizes ranging from 2,006 sq ft to 2,594 sq ft.

Half of overhang units are homes priced at RM300,000 and below

Deputy Finance Minister Datuk Chua Tee Yong expects the Malaysian housing property market to further soften this year. He sees developers focusing on the more affordably-priced homes.

He is correct on both counts.

i-City property showcase to display homes below RM500,000 this weekend

The i-City property showcase, which will run from April 22 to 24, will showcase the integrated development’s properties priced below RM500,000 such as its Liberty Tower, Parisien Tower and Hyde Tower projects at the i-Gallery @ i-City in Shah Alam.

i-City is a 72-acre freehold project in Shah Alam developed by I-Bhd.

Prasarana to develop projects worth RM4bil

Prasarana Malaysia Bhd plans to develop seven property projects here and Selangor with a gross development value (GDV) of RM4bil in the next four years.

Chairman Tan Sri Ismail Adam said this was in line with the company’s mission to increase non-fare revenue contribution to 50% by 2020.

Bank Negara: Loan rejection rate lower

With the overall rate of housing loan rejections being reduced from about 30% in 2014 to about 20% in 2015, there is no reason to ease lending conditions, according to Bank Negara sources.

The source said housing loans are, in fact, “robust and growing at double digits”.

Fewer property launches seen due to softening market and bleak household sentiment

There will be fewer new property launches this year in light of the softening market and bleak household sentiment.

According to the National Property Information Centre’s (Napic) 2015 Property Market Report, the number of new launches fell to 70,273 units, down by 19.2% against 2014 (88,997 units).

More uncertainties expected in Malaysia property market

The residential property sub-sector is expected to experience further softening in 2016 in view of the various internal and external uncertainties, while issues on affordable housing and affordability of home purchasers will continue to top the national agenda this year, according to Deputy Finance Minister Datuk Chua Tee Yong.

In conjunction with the launch of 2015 Property Market Report by the National Property Information Centre (NAPIC) on Tuesday, he said the commercial sub-sector is anticipated to moderate, while the office market is expected to plateau in 2016.

Commercial property transactions down

Commercial property transactions were down in both value and volume last year compared to the previous year.

According to the National Property Information Centre’s (Napic) 2015 Property Market Report, a total of 31,776 transactions worth RM26.4bil were recorded in the commercial property segment last year.

Latitud 8 at Jalan Ampang to be unveiled by year-end

Crest Builder Holdings Bhd has enterd into a joint venture (JV) with Prasarana Malaysia Bhd and Detik Utuh Sdn Bhd to develop Latitud 8, a mixed-commercial development which has a total gross development value (GDV) of RM1.1 billion.

Crest Builder group managing director Eric Yong said the 43-storey single block mixed commercial development, which is located at the Dang Wangi LRT station at Jalan Ampang, Kuala Lumpur, will feature a lifestyle retail podium with business and convention facilities, office space, small office/flexible office (SoFo), small office/home office (SoHo) and duplexes, as well as a rooftop lounge and bar.

Napic: Overall property market slowed down in 2015

The overall property market slowed down marginally in 2015 from a year ago – with volume down by 5.7% to 362,105 transactions from 384,060 transactions and value down by 8% to RM149.9 billion from RM162.97 billion, said the National Property Information Centre (Napic) in its “Property Market Report 2015” released today.

The residential sub-sector still took up the largest share of the market, contributing 65.2% in volume and 49% in value.

Property sales recovery likely in H2

Property sales are expected to recover in the second half of 2016, driven by higher consumer confidence and improved economic outlook.

CIMB Research in a report said it is maintaining an “overweight” call on the local property sector, adding that the situation was “not as dire as initially thought.”

EcoWorld set to launch Eco Somerset in Eco Sanctuary

Eco World Development Group Bhd (EcoWorld) will be unveiling the first phase of its Eco Sanctuary City development – Eco Somerset lifestyle shop offices in the Eco Sanctuary township at the south of Kota Kemuning – on April 24, said Eco Sanctuary general manager Ho Kwee Hong.

Ho said the 62-acre Eco Sanctuary City is part of the integrated development in the 308-acre Eco Sanctuary township, and comprises wellness apartments, shop offices, office towers, a hotel and a convention centre.

Artistic touch to sales gallery

Sales galleries are no longer just simple venues to present the mock-ups and models of projects.

They are places for developers to strengthen their branding and express their vision to the public. Customers can gain an enjoyable experience of the lifestyle a development has to offer.

No new offices for KL in near future

The Ministry of Territories has tightened the approval for the construction of new office buildings in the face of an oversupply in the market.

Federal Territories Deputy Minister Datuk Loga Bala said new office building projects will not receive the green light from the ministry, the exception being the construction of corporate buildings for businesses’ own use.

MB: We will ensure prices of homes are affordable

The Johor government is committed to ensuring that the prices for affordable homes in the state remain within the means of the rakyat.

Mentri Besar Datuk Mohamed Khaled Nordin said among all the states in the country, Johor ensured the rakyat would be able to afford to own a house with reasonable price.

Sime Darby Property to launch Cantara Residences in Ara Damansara this month

Sime Darby Property Bhd will launch its RM586.84 million transport-oriented development called Cantara Residences (pictured) in Ara Damansara said managing director Datuk Jauhari Hamidi.

Cantara Residences has a gross development value (GDV) of RM586.84 million and is slated to be launched this month.

Be aware of the prescribed by-laws for stratified homes

Strata living is the norm in land-scarce areas such as Kuala Lumpur and other cities in Malaysia. The concept of strata was introduced in Peninsular Malaysia in 1985 as a form of property ownership and development format that caters for the subdivision of buildings to ensure higher density and better efficiency of land utilisation.

In 2007, the format of strata development was expanded to cover the gated and guarded schemes with shared common property.

Melati Ehsan eyes commercial development in Selayang

Melati Ehsan Holdings Bhd plans to undertake a mixed development project on three parcels of land in Bandar Baru Selayang, Selangor, that it bought on Friday for RM77.74mil.

In a filing with Bursa Malaysia, the turnkey contractor and property developer said its unit Bayu Melati Sdn Bhd (BMSB) had signed a conditional agreement to buy the commercial development land, with a combined area of 37,078 sq m, from Aturan Utama Sdn Bhd.

Selayang residents protest against condition of their condo

A group of 50 residents from Kepong Sentral Condominium turned up at Selayang Municipal Council (MPS) office to demonstrate their dissatisfaction over the sorry state of facilities at their condominium.

Leading the group was Kepong Sentral Condominium Residents Association president Johnny Khoo who said management company New Light Century Sdn Bhd (NLC) and MPS Commissioner of Buildings (COB) were dragging their feet over the forming of a joint management body.

WCT Holdings to launch first phase of OUG luxury condos in 2Q2016

WCT Holdings Bhd is set to launch the first phase of luxury condominium development The Waltz Residences at Paradigm Garden City, Overseas Union Garden (OUG), Kuala Lumpur in 2Q2016, said WCT Holdings managing director Taing Kim Hwa.

The Waltz Residences comprises two tower blocks and 419 units. Taing, however, declined to provide further details such as built-ups and prices of the condo units.

When your dream home becomes a nightmare

Victims of abandoned projects often feel like they are trapped in a nightmare and usually blame themselves.

That was how Christopher Rozario felt when he found out that the Selayang Springs Condominium in Selayang, Selangor which he had purchased in 2009 was declared an abandoned project in April 2014.

Astaka Holdings anticipates sales to spike in 2017

Despite the generally pessimistic outlook of Johor’s property market, Johor-based developer Astaka Holdings Ltd is confident things will look up next year as the market exits its “corrective phase” and embarks on another surge of activity prompted by the growth of Iskandar Malaysia’s core sectors.

Astaka Holdings CEO Datuk Zamani Kasim noted that many analysts have pointed out that Johor’s population of just over 3.5 million residents – coupled with a 2% annual growth – is not able to meet Iskandar’s goal of housing 3.5 million residents by 2025, let alone sustain the state’s aggressive residential developments over the past three years.

Johawaki Development to launch final phase of Avanti Residences

Johawaki Development Sdn Bhd is set to launch the third and final phase of its Avanti Residences in Saujana Permai U17, Shah Alam over two days starting May 7.

“The final phase [with 38 units of semi-detached houses] of the development will be the bigger units, with built-ups from 3,090 sq ft onwards. The gross development value (GDV) of the final phase is around RM40 million to RM50 million,” said Johawaki Development director Mohamad Akmal Datuk Johari at a media briefing today.

Developers rebuilding strategies

More developers are ramping up their marketing strategies to boost sales and counter the slowdown in the property industry, according to a report by AllianceDBS Research.

It said developers were introducing various innovative schemes to alleviate financing burden for home buyers.

Eco World to leverage on partnership to boost sales

Eco World Development Group Bhd will be leveraging on its partnership with Mitsui Fudosan to boost sales of the property developer’s budding 19.4-acre Bukit Bintang City Centre (BBCC) project here.

Mitsui Fudosan, Japan’s largest real estate conglomerate, will take up a 50% stake in developing a 1.4 million sq ft retail mall in the integrated development, while BBCC will also be working with Zepp Hall Network Inc, a subsidiary of Sony Music Entertainment (Japan) Inc to operate a concert hall right next to the retail mall.

Eco World confident of hitting RM4bil sales target

Eco World Development Group Bhd (EW Bhd) is confident of meeting its sales target of RM4bil for this financial year (FY) ending Oct 31, 2016.

The property developer, which recorded RM3bil in sales in FY15 and had maintained its sales target of RM4bil this year despite external headwinds, said in a statement that its confidence was based on strong year-to-date group sales of RM607.8mil achieved as at Feb 29 and positive reception to the recent unveiling of its strata offices at Bukit Bintang City Centre (BBCC).

Mah Sing targets homes costing below RM500,000

Mah Sing Group Bhd is targeting to launch RM2bil properties this year with 50% priced below RM500,000.

"In the next two years we are focusing On the affordable house segment to capture the current market demand," executive director Datuk Steven Ng told reporters at Invest Malaysia 2016.

EcoWorld to launch maiden project in BBCC within two months

Eco World Development Group Bhd (EcoWorld), which is confident of meeting its sales target of RM4 billion for the financial year ending Oct 31, 2016, said the maiden launch of its Bukit Bintang City Centre (BBCC) mixed-use development here is expected to be within the next two months.

EcoWorld president and chief executive officer Datuk Chang Khim Wah (pictured) said it had already received positive responses from buyers to the 45-storey block with strata offices in BBCC, known as The Stride, which is targeted at small and medium enterprises.

Worst is over for Malaysian property market, says Mah Sing

Mah Sing Group Bhd sees the worst to be over for the Malaysian property market as various market indicators appear to have bottomed out with residential property transactions seen to be contracting at a slower pace, while growth in house prices moderates.

"If you look at the house price index, it has moderated to a more sustainable level, from 11.8% to now a single-digit growth of 5.8%, ever since the cooling measures were introduced in 2012.

L&G to officially launch Astoria this weekend

Land & General Bhd (L&G) will introduce a new buyer’s package for its serviced apartment project Astoria Ampang here which will be officially launched this weekend.

Astoria Ampang will come up on a 5.7-acre leasehold parcel on Jalan Ampang and is divided into two phases, with each comprising two 43-storey blocks.

Property market to remain weak throughout 2016, says AllianceDBS Research

Optimism from certain quarters about a recovery in the property market during the second half this year is likely to be misplaced as sentiment and fundamentals remain weak, said AllianceDBS Research in a note today.

The research house said that 2016 could be an even more challenging year for the sector in light of the tepid economic outlook and persistently poor consumer sentiment.

SP Setia wins Project of the Year award

S P Setia Bhd took home the Project of the Year prize at the Malaysia Landscape Architecture Awards (MLAA) 2015 for its Lepironia Gardens project at Setia Eco Glades in Cyberjaya.

The project also won the Excellence Award under the “Parks & The City” category.

Stop-work order for Section 17 project after construction mishap

A stop-work order has been issued to the developer of a mixed-development project in Section 17, after a part of the fixtures almost came tumbling down if not for the safety nets on Saturday.

Issued almost immediately by the Petaling Jaya City Council (MBPJ), the stop-work order is in effect until all safety aspects of the development are rectified.

Couple gets to own apartment for RM270k

For years, insurance officer Mohd Ridzuan Kamaruddin dreamt of getting an affordable house for his family of three.

Property prices in the Klang Valley had kept his dream on hold but Mohd Ridzuan, 30, received a pleasant surprise recently.

MK Land ready to help state govts on affordable housing projects

MK Land Holdings Bhd is ready to help any state government that wants to implement affordable housing projects, said its founder Tan Sri Mustapha Kamal Abu Bakar.

He said they had also found a lot of land in several states that could be developed to carry out affordable housing projects in assisting home buyers to own houses.

Sime Darby Property confident of RM2.5b sales by June

Sime Darby Property, the property arm of Sime Darby Bhd, is confident of achieving its sales target of RM2.5 billion by its financial year ending June 30 this year.

“To date, we have transacted over 1,000 sales with a sales value of RM1 billion. We have 18 project launches in the pipeline this year, and we are very confident of achieving that target,” said Sime Darby Property managing director Datuk Jauhari Hamidi at the Sime Darby Property Lifestyle Collection 2016 campaign launch today.

MyDeposit to aid middle-income first-timers to buy homes

On Wednesday, Prime Minister Datuk Seri Najib Razak (pictured) announced the launch of the First Home Financing Scheme (MyDeposit) as tabled in Budget 2016. He said the scheme is to help the middle 40% income bracket with household incomes of between RM3,000 and RM10,000. It involves a contribution of 10% of the sale price or a maximum of RM30,000, whichever is lower, to first-time house buyers to help them buy a house not more than RM500,000.

In order to encourage private developers to build houses costing below RM300,000, Najib said several incentives had been offered them, including the retention of deposits of RM200,000 from 3% of the estimated cost at present.

First property transaction value decline in six years

According to the latest preliminary Property Market Report released by National Property Information Centre (NAPIC), Malaysia’s property market transaction value fell by 8% to RM149.9bil in 2015.

MIDF Research gathers that is the first decline in six years as the last decline noticed was in the year 2009 when transaction value declined 8.3%. The negative growth in transaction value is consistent with the decline in lower transaction volume which slipped 5.7% to 362,105 units in 2015.

State roadshow to display development plans

Khaled (left) handing over the mock cheque to Johor Media Club president Mohd Fauzi Ishak while Johor Education, Information Entrepreneurial Development and Co-operative Committee chairman Md Jais Sarday looks on.

The Johor government will explain its development plans through a roadshow that will be held beginning next month in all 10 districts in the state.

Mentri Besar Datuk Mohamed Khaled Nordin said Jelajah Johor Berkemajuan would give the rakyat a chance to learn about the government’s plans.

Maybank's Farid says loan rejection rate for affordable housing only 20%

Maybank group president and CEO Datuk Abdul Farid Alias said the overall rejection rate for housing loans in Malaysia last year was only 20.39%

Maybank has denied claims that the loan rejection rate for affordable housing in Malaysia was over 50%.

Quoting figures from the Association of Banks Malaysia (ABM), group president and CEO Datuk Abdul Farid Alias said the overall rejection rate for housing loans in Malaysia last year was only 20.39%.

MyDeposit a solution for first-time homebuyers

Mah Sing lauded the implementation of The First Home Deposit Funding Scheme (MyDeposit) as one of the key measures by the government to increase house ownership amongst Malaysians.

“The scheme is a very viable solution for first time homebuyers to start building their asset base and own the roof over their heads, as the eligible ceiling price is RM500,000, with household income capped at RM10,000.

Integrated developments set new trends

Scarcity of development land in Kuala Lumpur is resulting in newer developments with integrated concepts.

Titiwangsa is a thriving Malaysian hospital hub that brings together several medical institutions, highways and transportation infrastructure. However, new catalysts are expected to transform this neighbourhood.

Mapex offers smart financing scheme for home buyers

Malaysia’s most awaited and largest property exposition – Mapex is making its first appearance for the year from April 15 to 17 at Mid Valley Exhibition Centre (MVEC), Kuala Lumpur.

Mapex is honored to have Minister of Federal Territories Datuk Seri Utama Tengku Adnan bin Tengku Mansor to officiate the opening of the expo on Friday, April 15, at 3.30pm.

MyDeposit programme starts now

The MyDeposit scheme, which was announced in Budget 2016 to assist the middle-income group, was implemented yesterday, said Prime Minister Datuk Seri Najib Razak (pictured).

Those interested can apply online via the urban wellbeing, housing and local government ministry’s website, Najib told reporters after a meeting with the National Housing Council.

Pay nothing for up to 12 months for selected IJM Land homes

IJM Land Bhd is allowing buyers of homes in selected schemes to pay nothing for up to 12 months upon vacant possession, as well as a zero-interest instalment scheme for up to 36 months under its Free Stay @ No Pay campaign, the group announced in a press release today.

The promotion will run from now until July 31, covering seven of its current development projects: The Bandar Rimbayu and Shah Alam 2 townships in Selangor, the Seremban 2 township and Seri Binjai in Negeri Sembilan, Pantai Sentral Park in Kuala Lumpur, Epic Residences in Johor and Riverine Diamond at Kuching Riverine Resort in Sarawak.

Desa Kudalari land has drawn interest from local and foreign buyers

Property consultancy CH Williams Talhar and Wong Sdn Bhd (WTW) has received a number of enquiries from local and foreign buyers – including investment funds and developers – to bid for the 7.35-acre Desa Kudalari condominium land for redevelopment purposes, said deputy managing director Danny Yeo.

“At the moment, there are some Singaporean developers who have expressed their interest. We believe there will be interest coming from Chinese, Japanese and Korean developers in the later stages,” Yeo said during a press conference on the en-masse sale briefing today.

Titijaya enhances profile with Ascott tie-up

(from left): Titijaya deputy group MD Lim Poh Yit and group MD Tan Sri Datuk Lim Soon Peng.

Titijaya Land’s latest tie-up with The Ascott Ltd will enable it to tap into the latter’s global presence and expansive network, said AmInvestment Bank.

Titijaya entered into an agreement with The Ascott Ltd for two of its upcoming developments in Shah Alam and Penang (combined GDV: RM4.1bil). The Shah Alam development - Emporia@Monfort - has an indicative GDV of RM2.6bil. While the Penang development, located in Batu Maung, has its GDV pegged at RM1.5bil.

Gabungan AQRS sells land for RM50.38mil

Gabungan AQRS Bhd has entered into a sale and purchase agreement with Stratmont Development Sdn Bhd for the disposal of a piece of land for a total consideration of RM50.38mil.

The 7.98-acre land forms part of a larger piece of land in Petaling district, Selangor, and has a net book value of RM29.93mil as at Dec 31, 2015.

PR1MA, TNB in property tie-up

Perbadanan PR1MA Malaysia has signed a definitive agreement with Tenaga Nasional Bhd (TNB) to develop two blocks of apartments on 3.33 ha land owned by TNB in Kajang.

PR1MA chief executive officer Datuk Abdul Mutalib Alias said that under the development plan, which was expected to be completed by end-2019, one block would be given to TNB for its employees and the other would be sold by PR1MA.

Financial boost for developer

It was a momentous affair for property developer Sinerjuta Sdn Bhd, associate company of Aset Kayamas Sdn Bhd, as it signed a collaboration with Malayan Banking Berhad (Maybank) for its latest project, The Henge.

Maybank will be providing financial support in the form of a RM229mil bridging loan and RM400mil end-financing loan.

Property sector under continued pressure

A major concern was the escalating oversupply situation in both the residential and commercial space, while at the same time, sellers were struggling to secure sales due to the prevailing weak economic environment.

The prospect of prolonged headwinds in the property sector has prompted a research house to revise its rating for three companies, advising investors to trim their exposure following the recent strong rally in equities.

In a series of reports, RHB Research revised its rating on IOI Properties Group Bhd (IOI Prop) to “neutral” from a “trading buy” previously. Similarly, UOA Development Bhd’s stock rating was revised downwards to “neutral” from a “buy”, while UEM Sunrise Group Bhd now carries a “sell” rating from “neutral” previously.

Aset Kayamas goes full steam ahead with launches

Unperturbed by low profit margins in the affordable segment, Aset Kayamas Sdn Bhd, a privately held property developer, is going full steam ahead with its launches this year as it banks on volume growth to improve its earnings.

“This volume game is our company’s strategy to focus on the affordable segment. Our properties are generally priced 20% to 30% lower than the market price,” its managing director Tan Sri Chai Kin Kong told reporters after a loan agreement signing ceremony between Aset Karyamas and Malayan Banking Bhd (Maybank) yesterday.

Good intentions could elevate household debt

Real estate developers have become more creative in luring prospective homebuyers into committing to a purchase, even as property price growth in the country moderates. It is a sign of the times.

Compared with the years immediately after the 2008/09 global financial crisis, the property market is now in a kind of lull. Data from the National Property Information Centre (Napic) shows property prices registering a compound annual growth rate of 8.44% from 2010 to 2014, based on its all-house price index. In the second quarter of 2015 (2Q2015), though, property price growth had slumped to 0.3% quarter on quarter.

Imbalanced property market may have negative repercussions

An undersupply of affordable housing, particularly in major urban areas, coupled with an oversupply of office and retail spaces, may lead to deeper imbalances in the property market, says Bank Negara Malaysia in its 2015 annual report, which was released recently. Despite a 35% increase in housing stock since 2005, the gap between the housing stock and the number of households widened from 2.1 million units in 2005 to 2.5 million in 2015. Annual housing completion has declined considerably in the past five years as the number of households continued to grow. There was an estimated average shortage of 85,911 housing units per year between 2011 and 2015.

Bank Negara says the most acute shortage has been in affordable housing. Half of Malaysian households earned RM4,585 per month and below in 2014. According to the Median Multiple, a methodology recommended by the World Bank and the United Nations to evaluate urban housing markets, a house is considered affordable if a household can finance it with less than three times its annual household income. This suggests that houses priced up to RM165,060 would be affordable to a median Malaysian household. Only 21% of new residential launches in 2014 were priced below RM250,000, says Bank Negara.

If can’t afford to buy, why not rent?

Dissatisfaction over expensive home prices has been escalating in Malaysia in recent years, with prices now reportedly beyond the reach of an average worker in key states like Kuala Lumpur and Penang. The situation, as many have lamented, is also not helped by the government’s move towards rationalising subsidies and the introduction of the goods and services tax last year.

An urban worker in such states, according to news reports citing Bank Negara Malaysia (BNM), will need to work for five years — and spend on nothing at all — to be able to afford a home. Houses priced up to RM165,060 are considered affordable to a median Malaysian household with a monthly income of RM4,585 and below, according to BNM, but only 21% of new housing launches in Malaysia were priced below RM250,000 in 2014.

Shift to affordable sector may strain developers’ margins

The shift of focus to affordable housing below the RM500,000 per unit range, which has been seeing more resilient demand than higher-end properties, may strain the margins of developers, especially those who are not traditionally involved in this housing category, said Kenanga Investment Bank.

This is because the target market for the affordable segment faces one of the highest loan rejection rates — 28% — according to survey statistics from the Real Estate and Housing Developers Association Malaysia in the second half of 2015 (2H15), said the research house, noting that a 28% loan rejection rate was faced by buyers of properties priced between RM250,000 and RM500,000, and 30% for properties priced from RM500,000 to RM700,000. Higher-end properties priced between RM700,00 and RM1 million only saw about 16% rejection rate.

Johor Rehda to help buyers secure housing loans

Nice houses: Mohd Rafi (second from right), Hoe (right), Johor Rehda deputy chairman Wong Kuen Kong (second from left) and Rehda Johor organising chairman Simon Heng Kwang Hock at the launch of Johor Mapex 2016 in Johor Baru.

Members of the Johor Real Estate and Housing Developers Association (Rehda) will continue engaging with the commercial banks to secure housing loans for eligible house buyers.

Johor Rehda branch chairman Hoe Mee Ling hoped the engagement between both parties would able to solve the issue of eligible house buyers who failed to get bank loans to finance their purchase.

No plans to increase affordable house prices

Era Universe Development director and chairman Zulkifli Jafar (left) briefing Mohamed Khaled (third from right) and other guests on the Bandar Alam Masai integrated township development project.

There are no immediate plans to review the current prices of low-cost, medium-cost and affordable houses in Johor despite the escalating cost in the construction industry.

Mentri Besar Datuk Mohamed Khaled Nordin said the state government would ensure that the prices of houses in these three categories remained until 2020.

Houses with intelligent layout

Chen (right) and PanaHome Malaysia Sdn Bhd managing director Haruhiko Kuwano discussing the advantages of having the Puretech ventilation system installed in homes

Joint-venture company PanaHome MKH Malaysia Sdn Bhd has taken its first steps in introducing a new way of building homes in Malaysia.

The company, a subsidiary of PanaHome Corporation Japan, marks its first foray into the local housing business by developing 490 units of two-storey terrace houses in the Maple precinct of Hillpark Shah Alam North.

Evolve Concept Mall for sale

JAKS Resources looking to sell the property in bid to strengthen balance sheet

In a bid to strengthen its balance sheet, construction company JAKS Resources Bhd wants to fully divest its Evolve Concept Mall at Ara Damansara at Petaling Jaya.

“Yes. We do have the intention to divest our Evolve Concept Mall in Ara Damansara if the right buyer comes along,” Jaks’ chief executive officer Andy Ang tells StarBizWeek.

Get your home loans first, location second

In light of high loan rejection rates experienced by many homebuyers recently, Huttons One World Sdn Bhd real estate group executive director Daniel Goh said it is likely because youths may be focusing too much on getting their dream home in the perfect location when they should be focusing on getting their house loans approved first.

“Sometimes loan applications are rejected because they are applying for loans that exceed their repayment capabilities. They are too focused on getting houses that are beyond their financing capabilities,” Goh said after a briefing by TheEdgeProperty.com on the one-stop property portal’s array of tools.

Tropicana Corp’s online property bidding campaign starts today

Tropicana Corp Bhd has launched its property bidding campaign, where the lowest unique bid wins, starting from a floor price of RM538,888 (for a Tropicana Metropark condominium).

Said to be Malaysia’s first online property bidding campaign, the Tropicana Just Bid It campaign, which runs from April 1 to May 20, features five Tropicana properties.

Opportunities in a soft market

The outlook for Malaysia’s property market may not be bright at the moment but JLL Property Services (Malaysia) Sdn Bhd country head and managing director YY Lau (pictured) thinks pockets of opportunities can be found if you know where to look.

“The property market is expected to continue to be subdued in the light of the weakened economy,” she says. “[However], many opportunities exist. For instance, one may arise because of the seller’s financial circumstances or need to relocate because of his job.

Conezion Condominium launch receives encouraging response

Hundreds of prospective homebuyers converged at the launch of Conezion Condominium IOI Galleria in IOI Resort City, Putrajaya, last weekend.

Strategically located in a world-class lifestyle destination, this freehold condominium is the residential component of Conezion, the first-ever integrated development in IOI Resort City, which is just 700m from IOI City Mall.

Launch of The Henge’s last two towers on April 9

The remaining two towers of The Henge in Kepong will be put on the market by developer Aset Kayamas Sdn Bhd next month. “Based on the enquiries and the response, we are expecting the 736 units to be snapped up when we launch on April 9,” founder and managing director Tan Sri Chai Kin Kong tells City & Country.

The Henge, inspired by Stonehenge in the UK, comprises four towers, each 45 storeys high, with a total of 1,472 units. The development has a gross development value of RM790 million and sits on six acres of leasehold land next to the lake in Taman Metropolitan Kepong.

Sunway to launch Sunway Geo Residences 3 next month

Sunway Bhd plans to launch Sunway Geo Residences 3 condominium next month, with indicative selling prices starting from RM850,000.

The group unveiled the show unit of the project, which is the final phase of Sunway Geo Residences, today.

High-rise project beside school freaks out parents

An aerial view of SJK (T) Jalan Cheras. The empty plot of land behind it is the site of the approved 27-storey development, a mere one metre away.

Fearing for the safety of their children at SJK(T) Jalan Cheras that is next door to a high-rise building project, the parents are asking for the school to be temporarily relocated.

Sunway Property offers buyers financial help amid softer economy

Sunway Bhd’s property arm is providing financial assistance under its guaranteed loan scheme to help buyers own its products.

Under the Sunway Property Certainty Campaign, the group offers three packages which include the guaranteed loan, deferred payment and voluntary exit plan.

Mammoth Empire strikes back at critics

“I have no time for gossip. My work, and focus, is to complete and deliver the project,” Datuk Danny Cheah replies when asked about market talk of delays and other issues at the company’s Empire City @ Damansara KL development.

“From our point of view, we want to do a good job in delivering to our purchasers, investors and bankers. So, we can’t be bothered with the rumours and market talk,” says Cheah, group executive director of Mammoth Empire Holdings Sdn Bhd.

Lembaga Getah monetising its KLCC land

Lembaga Getah Malaysia (LGM) is monetising its prime land in Kuala Lumpur City Centre (KLCC), in what some believe is a move to shore up its coffers.

On March 15, the company held a briefing for qualified international and local hotel operators to invite tenders for a proposed five-star hotel to be developed on a parcel in Persiaran Stonor, within a stone’s throw of the Petronas Twin Towers.

How the Bukit Bintang City Centre project came about

The history of the redevelopment of the old Pudu prison site, which is now called Bukit Bintang City Centre (BBCC), can be traced back some 20 years when the 19.4-acre prime land first became vacant.

There were several suitors who had wanted to partner the Urban Development Authority (UDA), but none could come up with a solution that was acceptable to it. It was one of the last big parcels of prime land left in the heart of Kuala Lumpur.

New LRT stations to open in Puchong

With the opening of the IOI Puchong Jaya, Pusat Bandar Puchong, Taman Perindustrian Puchong and Bandar Puteri stations, there will be a total of eight LRT stations along the Sri Petaling Line.

Prasarana president and group chief executive officer Datuk Azmi Abdul Aziz said the new stations were expected to draw commuters as the stations were equipped with excellent park-and-ride facilities.

End of a 20-year wait

The development of 19.4 acres touted as Kuala Lumpur’s last major strategic parcel of land will finally take off in June this year after a 20-year wait.

The first phase of the RM8.7bil mixed development Bukit Bintang City Centre (BBCC) will kick off by the middle of the year, following the securing of partnerships with Japanese retail property developer Mitsui Fudosan (Asia) Pte Ltd and Zepp Hall Network Inc, a unit of Sony Music Entertainment (Japan) Inc.

MoF puts prime Damansara land out to tender

With its finances in a tight spot, the government hopes to raise at least RM833 million from the sale of a 19-acre piece of prime land located at the corner of Jalan Duta and Jalan Semantan near Istana Negara.

A notice was issued by the Ministry of Finance (MoF) recently and the tender closes on April 6.

KL prime land for sale

Land in golden triangle put on tender after 27 years of legal battles

A 7.4-acre tract of freehold commercial land in Kuala Lumpur city has finally been put up for sale by tender, after a series of legal battles spanning 27 years and a few countries.

Soon-to-open flyover promises convenience

Shah Alam residents are looking forward to the opening of the new flyover from the Federal Highway into Section 7, Shah Alam, which they believe will ease traffic congestion woes.

Hafizul Nizam, who works as a despatch, said people would be able to get to i-City, Shah Alam and Klang without getting caught in traffic jam when the flyover was opened.

Little or no change in residential property prices

The Klang Valley residential property monitor saw little or no change in prices on a quarterly basis in 4Q2015. In his presentation of the data, Savills (Malaysia) Sdn Bhd vice-president Jeffri Rahim says that both 3Q2015 and 4Q2015 were similar in the “flattening” of residential prices.

“The softening of the market is a more recent occurrence, seen in the last two quarters, with prices hardly rising since 1Q2015 or 2Q2015,” he remarks.

Special online property bidding

Ung introducing the ‘Just Bid It’ campaign and the five properties that will be open for auction.

Tropicana Corporation Bhd is launching a one-of-a-kind online property bidding campaign.

A stir in Empire City

Buyers cry foul but developer says it has fulfilled all obligations

The low level of activity at the massive development of the RM5bil Empire City along the Damansara-Puchong Highway has caused a stir in the soft property market.

Bukit Bintang City Centre serviced apartments priced indicatively at RM1,600 psf

Bukit Bintang City Centre’s (BBCC) serviced apartments – which will be open for a public preview this weekend – will be priced indicatively at RM1,600 psf, said a personnel from developer BBCC Development Sdn Bhd.

The serviced apartments – which are part of phase 1 – have tentative built-ups from 500 sq ft to 1,000 sq ft, she told a prospective buyer.