E&O anticipates good sales for Quayside condominiums

GEORGE TOWN: E&O Bhd anticipates sales of between 40% and 50% of its Quayside seafront luxury condominiums in the next one to two months after its official launch last Sunday.

E&O managing director Datuk Terry Tham said at least 110 units or 30% of the 298 units of the first block have already been booked by prospective buyers since the soft launch of the project.

The 1,200-unit project with a gross development value of RM1.8 billion is located within the Seri Tanjung Pinang development and touted to be on par with the world’s elite waterfront communities like Australia's Sovereign Islands and Sentosa Cove in Singapore.

Quayside will be located on 21 acres of prime seafront land and is said to be the first development in the region to create a sprawling RM20 million 4.5-acre waterfront park exclusively for residents.

The development consists of seven blocks of condominiums, five of which are high-rises of 26 storeys and 298 units per block, while two are low-rise with seven-storey blocks of 51 units each.

On Phase 2 of the project, Tham said a masterplan, including environmental process for the reclamation works, was ongoing.

"We have a timeline until 2017 when the concession for reclaiming 740 acres ends and we will work towards that goal," Tham said during a media briefing with Quayside consultants Cynthia Jacobs, the vice-president and managing director of WATG Seattle, the Quayside concept master planner; Jerry Coburn of GCH Seattle who are the landscape architects; and security expert Richard Dimmick the managing director of GDSS Malaysia.

Also present was E&O's executive director Eric Chan Kok Leong.

Chan said the Seri Tanjung Pinang project would be the new Millionaires Row in Penang, withthe prices of PROPERTIES [] launched in the earlier phases now being valued above RM1 million.

"It will be the upscale enclave of Penang, the likes of Damansara in the Klang Valley, as it is lifestyle living in the city with its own marina and other amenities," Chan added.

Meanwhile, Tham said E&O has scaled down the height of the annexe of the E&O Hotel from the original approved plan of 28 storeys to 15 storeys and that it would be completed by 2012.

Tham said the RM150 million project was initially scaled down to 17 storeys after it was said to contravene Unesco heritage guidelines for George Town, and now it has been reduced further.

The annexe will have 139 suites, bringing the total number of suites to 240, with more restaurants, retail outlets, a podium and larger swimming pool with extensive meetings and banqueting facilities.

Meanwhile, Tham said the RM50 million upgrading works of E&O's Lone Pine Hotel in Batu Ferringhi would be completed by end-2010.

The hotel was closed down in April last year to facilitate the upgrading exercise, which will see the number of rooms increased from 50 to 90.

By The EDGE Malaysia

HwangDBS stays positive on Malaysia property sector

The research house's top picks include SP Setia, Eastern & Oriental, DNP Holdings and Sunrise.

HwangDBS Vickers Research Sdn Bhd remains positive on the local property sector with top stock picks including SP Setia Bhd, Eastern & Oriental Bhd, DNP Holdings Bhd and Sunrise Bhd.

The research house said there were several myths surrounding the property market, such as a rise in interest rate is a negative sign and that property sales strongly correlate to interest rates.

"The overnight policy rate rises would likely be gradual (2010 forecast: 75 basis points) and unlikely to recoup the cumulative 150 bps cut from November 2008," it said in a report yesterday.

Mortgage rates may not rise in tandem given the intense competition among banks and every 25bps rise would increase monthly instalment by 3 per cent.
Secondly, property sales are driven more by economic outlook, income growth, windfall gains from share market or commodities and policy changes.

Therefore, sales should be robust as long as banks are willing to lend. Developers could also offer more attractive products or incentives to stimulate demand.

Finally, the myth that there is a property bubble in Malaysia is inaccurate as property prices here have been appreciating at a much slower rate compared to income growth.

"There is limited hot money as locals make up more than 90 per cent of total sales. High-end property prices in KLCC and Mont' Kiara are still 20-30 per cent below peak, unlike Singapore and Hong Kong which have set new benchmarks," the report said.

It also said that household gearing levels remain at a comfortable 42 per cent while mortgage non-performing loans have inched lower to 4.2 per cent compared to 5.6 per cent in 2008.

By Business Times

E&O Hotel’s extension to be ready in 2012

GEORGE TOWN: Eastern & Oriental Bhd is targeting 2012 for the completion of the Eastern & Oriental Hotel extension project known as the Annexe.

Group managing director Datuk Terry Tham told a press conference that about RM150mil was spent on the construction of the Annexe, which would add another 139 suites for Eastern & Oriental Hotel, increasing its total number of suites to 240.

”The other components include a spa, a swimming pool, restaurants, and retail outlets,” he said.

Tham added that the original 28-storey height of the Annexe had been reduced to 15 storeys to comply with George Town’s heritage conservation guidelines. He was speaking after the presentation of the group’s RM1.8bil Quayside project by the US-based consultants.

Tham said the group’s Lone Pine Hotel, currently under renovation, would be ready in the final quarter of 2010.

”The completion of the renovation will increase the number of rooms to 90 from 50 previously.

”We are spending RM50mil for the renovation,” he said, adding that the last time Lone Pine Hotel underwent a facelift was in 1999.

On the group’s Quayside project, Tham said between 30% and 40% of Quayside’s gross sales value of RM1.8bil was spent for consultants on security, landscape, and architecture.

”We have received queries for about 110 condominium units of the first block Quayside project,” he said.

The first block of Quayside has 298 units and is located next to Straits Quay, which comprises a serviced suite component and a 250,000 sq ft marina and retail space that will be leased to food and beverage outlets.

”We will be going overseas in March to promote Quayside,” Tham said.

Tham said the master plan for the second phase of Seri Tanjung Pinang would be ready by 2017.

”We are taking into account the environmental factors in doing the master plan.

”We have till 2017 to reclaim 740 acres of land at Tanjung Tokong for the second phase,” he said.

By The Star

E&O hospitality activities set to rise this year

PROPERTY developer Eastern and Oriental Bhd (E&O) sees its hospitality activities in Penang receiving a boost this year with the reopening of its four-star Lone Pine Hotel along Batu Ferringgi.

The company, which is synonymous with the 125-year-old Eastern & Oriental Hotel (E&O Hotel) in George Town, is also expecting this hotel's extension, known as the Annexe, to be completed in 2012.

E&O managing director Datuk Terry Tham said the 50-room Lone Pine, which closed its doors for a RM50 million refurbishment in April last year, will reopen by the fourth quarter of the year.



"The refurbished property will boast of a spa, restaurants, a bigger pool and upgraded rooms," Tham told a media briefing in Penang yesterday.
Also present was E&O executive director Eric Chan.

Tham was in Penang to launch E&O Property Development's Quayside Seafront Resort Condominiums.

The upscale project is a component of the Seri Tanjung Pinang waterfront development, which is being tagged by the developer as the new millionaires' enclave on Penang island.

On the Annexe, Tham said the 15-storey extension, when completed in 18 to 20 months, will see the E&O Hotel offering an additional 139 guest suites along with retail, food and beverage components as well as a spa.

"The podium area will have more extensive meeting and banqueting facilities and we will also offer a bigger pool," he added.

Meanwhile, ahead of its official launch, the Quayside condominium project has already received some 100 bookings from both foreigners and locals for the more than 300 units in the first block, Chan said.

Conceptualised by international achitects WATG, Quayside's point-block design comprises five high-rise towers and two low-rise blocks.

By Business Times (by Marina Emmanuel)

Hunza plans multi-billion ringgit township in Penang

By BUSINESS TIMES


A MINI township is set to take shape on the southwestern end of Penang island in three years, if Hunza Properties Bhd's (HBP) (5018) plan takes off.

The developer, which recently bought about 6.48ha land in Bayan Baru for RM82 million, is eyeing a multi-billion ringgit integrated development, which will serve as a mini city, executive chairman Datuk Khor Teng Tong said yesterday.

"We expect to complete the proposed acquisition latest by the end of our 2012 fiscal year and hope to get the project off the ground in that year," he told a media briefing in Penang announcing HBP's 2010 second quarter earnings.

The group's financial year ends on June 30.
Khor said HPB is currently looking to relocate an estimated 800 squatter households occupying the land in Bayan Baru.

"I am confident we can find a solution to the relocation issue," Khor said, add-ing that Hunza is well-versed with the issue through experience in previous projects.

The company is now looking for professionals like architects to develop the proposed mini city.

"We need the expertise of both local and foreign consultants," he added, saying that an international performing arts centre, residential high-rises and serviced apartments may be some of the features in the new development.

On the financial front, Khor said the gearing ratio of HPB is currently at a minimum level.

"The rights issue exercise currently being carried out will further strengthen our financial position.

"Added to this is the anticipated strong cash inflow from the current level of over RM200 million of unbilled sales," he said.

For the second quarter ended December 31 2009, the company recorded RM59.4 million in revenue and RM13 million in profit after tax. Revenue more than doubled while net profit surged 92 per cent from the same period in 2008.

Four Seasons KL may rope in MidEast partner

A Middle Eastern consortium may become the partner for the RM2.5 billion Four Seasons Place Kuala Lumpur, which will occupy a site next to the Petronas Twin Towers.
Sources said the group is one of the largest investors in the Gulf region and it is now in talks with project developer Venus Assets Sdn Bhd.

The project has been delayed because of minor changes and the fact that Venus Assets has had a lot of suitors.

One source denied that the developer - owned by Tan Sri Syed Yusof Syed Nasir, the Sultan of Selangor and Ipoh-born tycoon Ong Beng Seng - was having financing problems and said that half a dozen prominent suitors had approached Venus Assets for tie-up talks.

"Venus Assets has one chance to get it right and wants no stone to be left unturned, and for it to be a perfect development that can enhance the Kuala Lumpur skyline and the property market," the source added.
In fact, the Gulf investors came into the picture after talks with state investment agency Khazanah Nasional Bhd ended.

It is believed that Khazanah had wanted 30 per cent ownership, a stake that would be worth about US$60 million (RM205 million).

Officials from Venus Assets could not be reached for comment.

Venus Assets is owned by Venus Pacific Sdn Bhd.

Venus Pacific is 30 per cent owned by ISY Equity Sdn Bhd, a company controlled by Syed Yusof and the Sultan, while the balance is held by Attesa Investment Ltd, which is controlled by Ong and partner.

Previously, it was speculated that the Kingdom Group, the vehicle of Saudi Arabian Prince Alwaleed bin Talal bin Abdulaziz Alsaud, was supposed to have taken a stake in Venus Assets.

However, that did not happen.

There was also talk that Venus Assets had spoken to KLCC Property Holdings to possibly build a twin towers development on a larger piece of land.

That, too, did not materialise.

Business Times reported in November last year that the completion of the hotel might be delayed as the developer was in the process of getting a new partner. Venus Assets was said to be undergoing an internal restructuring of its shareholding.

Minor changes to the 65-storey building - comprising a hotel, apartments and a retail area - were also said to be cause for delay.

Venus Assets bought the prime 1.05ha site for RM90 million in 2003 from the estate of the late Khoo Teck Puat, the former major shareholder of Standard Chartered plc.

By Business Times

39,000 houses worth RM4.11b sold via Mapex

KOTA BAHARU, Feb 2 (Bernama) -- The Real Estate and Housing Developers Association (Rehda) Kelantan Branch sold 39,355 houses worth RM4.11 billion through the Malaysia Properties Expo (Mapex) held yearly over the past 10 years.

However, demand for houses dwindled of late due to global recession that impacted Malaysia's economy, said State Rehda chairman Sekarnor Che Omar.

"Demand has dropped by about 30 per cent though the overall property market is still stable," he told Bernama.

Last year, a total of 1,774 houses costing RM210 million were sold by Rehda members as compared with 2,044 units worth RM237.2 million in 2008 and 5,020 units in 2007 valued at RM448.4 million.
Sekarnor said housing developers' profit margin has been affected by spiralling prices of raw materials, particularly cement, steel and labour costs.

Established in 1999, Kelantan Rehda has 33 members comprising local housing development companies, including subsidiaries of State Economic Development Corporation - Binaraya PKINK Sdn Berhad and SPP Development Sdn Berhad.

Sekarnor hoped more houses would be sold during the four-day Mapex 2010 beginning Feb 12.

By Bernama

Green plans for IJM's The Light

Property developer IJM Land is putting about 5 per cent of the construction costs of the Penang waterfront project into green-related technologies

Property developer IJM Land Bhd's efforts in turning "The Light" waterfront project into Penang's first green development, will see the company putting about 5 per cent of its construction costs into green-related technologies.

Its managing director Datuk Soam Heng Choon said the company is fine-tuning basic design or passive design to cut its reliance on high-technology products for IJM Land's flagship waterfront development in Penang, which carries a development value of RM5.5 billion.

Among others, emphasis will be placed on tapping into natural lighting and cross-ventilation of buildings.

"Our first approach is to reduce materials usage for the project, rather than specifically source for recycled materials," he told Business Times.

Referring to the use of optic cables as an example, Soam said a single core of fibre optics would tremendously reduce a lot of copper cables and yet provide better quality of service to the occupants.

"However we are still sourcing for appropriate sustainable recycled materials for this project, where possible," he said.

Among the few green construction materials identified by IJM Land so far include recycled pavers and composite timber.

The Light, which serves as IJM Land's crown jewel, spans 60.8ha of reclaimed land along the eastern coastline of Penang island. The project stretches from the Penang Bridge to the city centre.

IJM Land is the property arm of IJM Corp Bhd, and is the result of a merger of IJM Properties Sdn Bhd and RB Land Holdings Bhd.

Phase one of The Light is a 16.8ha residential precinct which includes The Light Linear and The Light Point condominiums.

Both The Light Linear and Light Point will be built according to green standards.

Soam said IJM Land, which is working towards complying with Malaysia's Green Building Index (GBI) certification, said rainwater harvesting would be incorporated to reduce water consumption for landscape purposes.

"We also plan to provide a dedicated space for the recycling of household waste for all residents of The Light.

"Educational talks on recycling will be conducted regularly for residents and proceeds from the recycling programme can be donated to charitable organisations," he said.

Apart from using energy-saving lights and air-conditioners with built-in invertor technology in every unit in The Light, Soam said that a centralised vacumn system would be fitted in all units of The Light Point and The Light Collections to reduce the amount of airborne particles that might be reintroduced into the habitable space.

On the advantages of having these green-technology items installed in each unit, Soam said that the inverter air-conditioner, for instance, could help the user lower the power consumed by 60 per cent.

By Business Times (by Marina Emmanuel)

IJM project aims to rival other landmarks

IJM Land Bhd, which serves as the property arm of IJM Corp Bhd, was the result of merging IJM Properties Sdn Bhd with RB Land Holdings Bhd.

As part of its greening mission with "The Light" waterfront project, IJM Corp seeks to tap the indigenous environmental elements which have contributed to the Penang essence, or Penang air, which the locals and foreign visitors love, seek and enjoy.

For The Light project, new trees will be planted and ample greenery integrated to create green zones that will enhance a visit to the site.

The RM5.5 billion project, to be developed over the next 12 to 15 years, has been designed to rival landmarks such as Canary Wharf in London, the UK; Docklands in Melbourne, Australia; and Queens Quay in Toronto, Canada.
The developer has appointed six Malaysian architectural firms to design the residential components in the first phase. The project will be developed over three phases.

Among the eco-friendly initiatives that will reportedly be carried out by IJM in developing The Light is the harvesting of coral reefs in the waterways that will be built around the residential units.

Apart from ensuring a healthier marine life, the coral reefs will add aesthetic appeal to the development, notably at night, when they will be lit with a soft underwater glow.

The underwater glow, to be powered by wind generators, is expected to give residents a view of what is underwater from the balconies or windows of the units.

By Business Times

2010: Whats in store for agents?

Hi all! I have found an interesting article on the Internet for your interest!

2010: What’s in Store for Agents?

Technology trends predictions for agents
Posted Date: Jan 21, 2010
By: Alice Allan


With the effects of the global financial crisis still being felt in plenty of places around the world, many real estate agents will be more than happy to see 2009 come to a close. ‘Recovery’ is the word on everyone’s lips as we start the first year of the next decade, even though no one can really predict how long it will take.

The new year’s technology trends are probably just as difficult to pinpoint, but that won’t stop us from trying. Here’s what propertyadguru.com sees in its crystal ball for 2010:

A mobile presence will become a necessity. With the number of smart phone users growing by the day, there is an increasing expectation that your listings will be accessible via mobile. Whether it’s a website optimised for mobile, a downloadable application, or a yard sign that brings listing information to house hunters’ handsets, people will be looking for some way to access what you have to offer while they’re on the move.

Layar will start to gain real ground. As the number of smart phones grows steadily, so too will the number of mobile applications that make use of Layar’s Augmented Reality (AR) view of the world. With many real estate advertisers already putting AR to work, expect Layar to become much less unusual in 2010.

Mash-up applications – those that merge maps, real estate listings, and other neighbourhood information – will blow our minds. There are all kinds of possibilities for consumers and agents when it comes to online real estate: everything from finding the suburb with the lowest pollution levels to gauging where people most want to move to through an analysis of geo-tagged tweets.

Google will keep surprising us. 2009 saw Google make huge strides in online real estate. While there are still plenty of challenges to overcome, it seems highly unlikely that Google will slow down in 2010. For agents, the trick will be to stay on top of Google’s movements and focus on how each release can be used to their advantage.

Social media fatigue will set in. 2009 could easily be described as the Year of the Tweet, and Facebook, LinkedIn, and YouTube all saw substantial growth. But amongst people who use these tools for business, we predict 2010 will be the year the excitement wears off and many begin to focus on the return their social media use is bringing in.

Newspapers will sell even fewer ads. mediapost.com suggests 2010 could be the year newspapers hit bottom in terms of advertising revenue. Whether 2010 is the worst year for newspapers or if there are even slower years to come, the bottom line is that online advertising is only going to consolidate its position as the default option.