Banks are lending MORE to the property market; 8 percent higher than 2015

Fewer people were able to borrow from banks for property purchase, true? In brief, it’s either loan approvals are down or loan rejections are rising. Perhaps quite true since total number of property transactions are down.
Property transactions and price, both dropping. (Jan – Sept 2016)

Overall, the total loans to the property market is still increasing, albeit slower growth.  Lending from the financial institutions to the domestic property market increased by 8 percent in 2016 versus 2015. Full
article in NST here
. Total exposure is now RM793.9 billion.  This is 26.7 percent of the total financial systems assets as at end 2016. This is as per Bank Negara Malaysia (BNM)’s Financial Stability and Payment Report 2016 released today. About 90 percent of the loans were given by banks in the form of end-financing for the purchase of residential and non-residential properties.

Some stats were also included in the report. BNM estimated that a household with a median income of RM4,585 (without any other debt obligations or savings) could only afford a house priced about RM260,000.  This meant that it’s tough for them to afford a home because the national average house price is RM334,736 as at end-September 2016. (NOTE: There are still
cheaper secondary properties
around plus the usual
affordable housing schemes
) The transacted house prices during the same period was between RM435,000 and RM1.1 million in urban centres. A total 456,197 housing loan applications were received in 2016 and 61 percent were for the purchase of houses priced below RM500,000 of which 50 percent out of this were for houses priced below RM250,000. Rejection rate is 23.6 percent for 2016 versus the 26.1 percent for 2012 – 2015 period.

Rejection rate is thus becoming better; more applications are approved when compared to the year before. This is better and perhaps show that people have started to go for more affordable properties based on their household incomes. Actually, lowering one’s expectations would enable more to purchase their homes. Perhaps not the ‘dream’ property for their first home. Even though my first home was a RM123k small 700 sq ft secondary apartment in a secondary area, I loved it and stayed there for 4 years before I finally was able to upgrade. Unfortunately, majority of us were not born with a silver / gold spoon. Fortunately however is that we can work hard,rise up the career ladder and learn to invest so that our lives can become better. Ready to buy / rent in 2017? This is what kopiandproperty.com readers have to say.
85% will still buy a property, as per kopiandproperty.com readers

Happy deciding.

written on 25 March 2017

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Banks ‘lost’ value but did not lose money.

Generally, banks in Malaysia are profitable.
One earlier article on how profitable are some of them here.
 It meant that as long as its share price is not overpriced, it should be safe to hold on to those shares for dividends and potential capital appreciation. This meant little  since the beginning of March, when the world is full of COVID-19 news. Stock markets worldwide had a bad day. Okay, many bad days… BURSA also dropped a lot and within the BURSA, all these listed financial counters lost as much as RM61 billion within less than one month.

Article inthemalaysianreserve.com
    The
BURSA
 Malaysia-listed financial counters lost as much as RM61 billion in market capitalisation since the start of March 2020. The total market cap of nine financial counters fell 25.52% to RM239.06 billion on Wednesday (March 18) from RM300.07 billion on March 1, wiping out RM61.01 billion in market value accordingto
Bloomberg
 data.  The nine stocks comprise Malayan Banking Bhd, AMMB Holdings Bhd, RHB Bank Bhd, Hong Leong Bank Bhd, Affin Bank Bhd, Hong Leong Financial Group Bhd, Public Bank Bhd, Alliance Bank Malaysia Bhd and CIMB Group Holdings Bhd.

Bank Negara Malaysia (BNM) said the SRR will be lowered by 100 basis points (bps) from 3% to 2%, effective today.  Each principal dealer will also be able to recognise Malaysian Government Securities (MGS) and Malaysian Government Investment Issues (MGII) of up to RM1 billion as part of the SRR compliance. The flexibility given to the principal dealers will be available until March 31, 2021.   BNM also said the SRR is an instrument to manage liquidity and is not a signal on the stance of monetary policy.
Article inthemalaysianreserve.com

A check on google showed the following for Public Bank. Based on the current share price, the potential dividend yield is 5.2%  This is 30% higher than the Fixed Deposit rate.  Of course no one knows if their profit numbers for 2020will be lower than 2019 yeah.

CIMB bank, based on its share price will give an even higher dividend yield. Take a look at below.

I do not own any unit in both banks and at the moment have not decided to buy either one. We should note that just because share price is dropping does not mean this is due to its dropping profitability. It may be due to the prevalent market sentiment which can be best described as jittery and well, just a follower of what’s happening in the world today.  Happy understanding.

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Banks’ profits is a good indicator of the market health

Beyond all the many differing views about the state of the economy, especially depending on everyone’s own ‘narrow’ viewpoints to suit what how they wish to influence, we could also look at the banks’ for a lot of clues about the market. The more important sign would be profitability. Let’s understand that if the whole market is not doing well, unemployment is up and businesses are closing down for example, there’s NO WAY that the banks can continue to report a healthy set of numbers. My opinion is that there are challenges in the market but the economic growth remains intact. Slower, maybe but continuously inching upwards. (discount the last one week of political manoeuvres) Two banks’ results as below:

Article in themalaysianreserve.com
   Maybank chairman Datuk Mohaiyani Shamsudin said, “While we are hopeful for a better year ahead, clouds of uncertainty continue to hover. This is expected to impact the economic outlook in the near term.”  Maybank as a group reported that net profit for financial year ended Dec 31, 2019 (FY19) has increased 1% year on year to RM8.2 billion. (WOW…) Full year revenue jumped 11.7% year on year to RM52.84 billion.

Article in theedgemarkets.com
  Public Bank Bhd’snet profit for financial year ended Dec 31, 2019 (FY19) has dropped slightly to RM5.51 billion from RM5.59 billion the year before. (By the way, RM5.51 billion is still very healthy!)  The reason for this slight dip is because of Bank Negara Malaysia’s overnight policy rate (OPR)
cut recently. (Read article here)
as well as higher operating costs. Full-year operating revenue came in 1.87% higher at RM22.45 billion, compared to RM22.04 billion in FY18.

There are two common things for these two major banks in Malaysia. The profit numbers are now facing pressure from many sides. Whether it’s due to the BNM’s decision to cut the OPR to support the market or even due to the pressure from competition in the market, this will continue to exert pressure on the profit numbers. This year itself, we will see a few Digital Bank licenses being given out by BNM too.

Thus, if the economy is no longer growing as fast as the year before, the banks’ current profit levels may not be sustainable yeah. Imagine the same sized cake which is not growing bigger but is now shared by more people… However, just as my opinion about malls versus online shopping, I do not believe digital bank will take over the traditional banks anytime soon.
(Earlier article on malls here)

In fact, the fiercest competition amongst banks will come from the other banks. The bank which could not keep its customers and lost it to the other banks will see their profits eroded. Till then, happy using your favourite bank and remember that to get the highest fixed deposit rates, staying with the same bank may not be enough yeah. Cheers.

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Banks will loan, they just want to manage their risks

I think there has been some misconception about the banks in Malaysia. Most young people I asked would tell me that there’s no way they could get their loans approved. It seems like the bank is unwilling to lend. Their reasoning, ‘The rejection of home loans are so high!’  By the way, the banks are in the business of LENDING money. They do invest some of the funds deposited with them but when they stop lending, they stop having profits.

Are banks doing well?

Earlier article here:

Banks’ latest results
 Perhaps some of these young Malaysians should also look at how they are spending their salaries instead and they may find the real answers why banks are not lending to them.

Statistically, take a look at the image from
housingwatch.my

I do hope everyone noticed that the approval rates for property purchasers in Kuala Lumpur is

as high as 85.2 percent (properties below RM250k) to as low as 73.2 percent (properties above RM500k).

This may also mean that some Malaysians are really stretching the limits of what they could afford in the hope of buying their ‘BEST’ home today and not thinking of upgrading in the future. Perhaps a better strategy is to get that loan approved and that meant buying a property well within our affordability and stop the bubble from building.

This advice came from our ex-BNM governor Tan Sri Zeti Aziz by the way. Read here.

For those buying properties in Selangor, the image on the right shows the approval rates for the different property price ranges.

It’s as high as 71.7 percent for RM250k properties or lower and as low as 70.6 percent for properties above RM500k.

If I am the CEO of a bank in Malaysia, I will always lend as long as my risks are managed.

If a property is already overpriced based on the opinion of my in-house valuer, I will decide to only lend based on 80 percent of the house price or lower instead of the 90 percent because I need to manage my risks too.

When we look at the auction market these days, we could see that sometimes, even when the property price is 20 percent below the market, it does not mean that there are ready buyers.

(Yes, I am a licensed auctioneer and I do follow some of the auction events in Malaysia). Happy borrowing within our means and the banks will lend to us.

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written on 22 Jan 2019

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Barclays: Oil prices rising to US$85 a barrel by 2020

One common factor said to be affecting Ringgit tremendously is the oil price. This is because with low oil prices, the revenues of the government would reduce and this meant a higher risk and thus contributing to a lower Ringgit versus the US$. Well, at least there is some good news for oil price, if the analysis by Barclay analysts. They said that Brent prices would rise to US$63 a barrel in 2016, US$65 in 2017, US$74 in 2018 and US$83 in 2019, before reaching US$85 in 2020. Of course this is just their analysis because even when we google for oil price news today, there are also many reports saying that due to the demand which is not going to rise faster than the current huge stockpiles and production of oil, prices will stay at current low levels for a long time.

On their low-demand scenario, the forecast is US$75 a barrel while on the high-demand scenario, it may hit US$100 a barrel. Current price for Brent is around US$49.50 a barrel. Their argument for this is simple. With current low prices, energy companies would not be trying to produce more oil for fear of losing money. Besides, the capital expenditure in the oil industry is still falling and no new projects are coming in to replace the fall. As usual, once it is clear that supply is down due to production, the potential supply crunch would start to show. With this, it meant that excess stocks may be used up by 2016 and 2017.

For Malaysia’s sake, I also hope they are right. I am however of the opinion that OPEC is not likely to do nothing if the oil price continues to decline. In terms of current oil price levels, I read somewhere that for some of these desert based oil production, the cost of production is still lower than the oil price. Besides, there are already some predictions about some of these oil producing countries going bankrupt in a few years time without a higher oil price. I think just this fear of bankruptcy may ensure oil prices not stay low for long. I know, if oil prices rise then it will affect petrol prices. However, with the current oil price, it is giving lots of pressure to the Ringgit besides just the expectations of Federal Reserves’ actions in the near future. Let’s see what happens next year then, Barclay’s.

written on 26 Oct 2015

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Barrington Square – Where’s this?

It is 5,000 feet above sea level. It includes apartments as well as shops. Gross built up is from 592 sf – 1,345 sf. The first sentence from this project is, ‘Enjoy life’s simple pleasure’. This is also a hill which I go with my family once every year, sort of a family steamboat cum mah jong trip. Yes, this is none other than chilly but not freezing Cameron Highlands. About 5 years ago, I was so interested in buying that I called up some agents, and even viewed two apartments. Alas I did not buy because the one that I wanted, Anthurium apartments was not available. I viewed two other apartments which are not as convenient as Anthurium. At that time, prices were only RM220,000 for Anthurium. Today, I think it should be nothing less than RM300,000 because there are so many new apartments / condos being developed and the price psf continued to inch upwards.

Today, I saw another, Barrington Square. At first I thought, another UK project. Then I saw chinese characters and I thought, huh, trying to attract Chinese (China) buyers as well? Upon closer inspection this is Cameron Highlands. Well, not bad for a name. No idea of the actual meaning but looks ‘English’ enough which means classy. Haha. In terms of price psf, I am not sure if it’s right but it came up to RM633 / sf. Rather steep but then again, it says that with the rental forecasted, you should still have surplus even after you have paid the loan installments. Many times, many people would say, the price has factored in the rental. I believe so too. Then again, it has ‘surplus’ every month. In other words, from the beginning of the day it is completed, you start to have positive yield of around 12% per annum. I think that’s pretty acceptable. Okay, after the maintenance fees etc, it should drop but come on, how many properties that you buy today gives you immediate positive yields anyway.

Would I buy? It’s attractive but answer is I will skip this project too. My aim remains the same, positive rental yield but concentrate only on Klang Valley or Greater Kl as they say. Everywhere else unless it is many times more attractive, I have to skip. Unlimited property choices but LIMITED funds. I seriously also hope that the bank would not simply lend money to anyone who just want to take up too much debts just so that he can get rich faster, or even bankcrupt faster. Would I go Cameron and rent this apartment in 2016 when it is completed, I think if there are special opening discounts then, answer is YES. Otherwise, will be going back to my usual Anthurium apartments which has become like my Cameron ‘family home’ for as long as I can remember.

written on 12 April 2014

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Barter trade still works. Fighter jets for tea, coffee, palm oil and some cash, of course.

This is the review for an amazing jet fighter called Su-35 from Russia.
“Why Russia’s Enemies Should Fear the Su-35 Fighter”
 It is one of the most advanced jet fighters of today with a maneuverability said to be second to none. Not even those from the nation with the biggest economy in the world. Just google for more information if needed yeah. Indonesia will get 11 of them by BARTER TRADE. 🙂 They (Indonesia) offers tea, coffee, palm oil and of course some cash. These 11 fighter jets are worth US$1.14billion (RM4.86 billion). Commodities worth US$570 million would be shipped to Russia and the delivery is expected to start in two years.
Full article in TheStar here.
One major reason for the barter-trade is also because the U.S. is imposing trade sanctions against Russia. (Please do not ask me who’s wrong or who’s right. Do google to understand the rationale and arguments from both sides)

Between the two nations, Indonesia has a trade surplus of US$411 million with Russia. It means Indonesia is exporting more to Russia than it is importing. The deal will be finalised soon. The article said that Indonesia is trying to modernise its ageing air force after a string of military aviation accidents. Of course, Indonesian airforce do have at least 97 fighter jets. (Those that does not have a propeller in front of the aircraft.)
Read here.
Indonesia is the largest palm-oil producing nation in the world but is currently facing consumption cuts by the European Union countries. In terms of actual type and volume of the commodities to be used for this deal, it is still being negotiated. As at end 2016, Russia is the 6th largest economy in the world. Indonesia is 8th.
By 2050 however, is PWC’s predictions come true, the Russia would still be the 6th largest economy
 in the world while Indonesia would leap to 4th. (Great prediction and good for ASEAN, as long as SMALLER countries take advantage and be friends with Indonesia)

I know, some may want to ask, since Russia could accept commodities, why not the whole deal is conducted in commodities then? Well, Russia would still need international currencies for their trading with other nations. Secondly, it will be an administrative hassle if Russia were to take those commodities and try to sell by themselves for cash instead. I guess more importantly, the cash they receive could be used to import goods for the production of these SU-35s. Seriously, it is not going to be ‘pick 11 of their current fighter jets which are in use, change the labels and then send to Indonesia.’ Perhaps Malaysia should follow what Indonesia has done. We can offer our palm oil too as the second largest palm oil producing nation in the world. Since some European nations have modern fighter jets but ‘dislikes’ palm oil, how about offering them palm oil as part of the payment? Maybe after trying, they may like our palm oil? Haha. Happy following.

written on 27 Aug 2017

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Base Rate (BR)? Base Lending Rate? (BLR) All here.

Do you sometimes wonder why you have awesome friends? I do. Here’s one of them, Ms. Jessica Jong who has diligently compiled all the Base Rate (BR) and Base Lending Rates (BLR) for our reference. Now you do not need to browse through pages after pages. It’s all in one place. By the way, she’s also the only friend of mine who could pay off her home loan in very few year… If you like to know more about how to repay your home loans super fast, do look for her okay.
This is her FB page. Drop her a message and LIKE the page for good sharing.
 Yes, she speaks very fluent English too if you do not know Mandarin.

Happy referring and remember to go to Jessica’s page to read even more good sharing on a periodical basis.

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Battersea by SP Setia and co, dismantling work has started

Remember the iconic Battersea Project by SP Setia and partners? My neighbour’s son, who’s about my age bought one unit! Sometimes I do  wonder why some people can be so rich. Haha. Anyway, if you want to know my neighbour’s son is in the financial market, some positions with a global bank and should already be a senior manager today, based in Singapore. Now, for the latest update. The iconic London project of Battersea by SP Setia and co has started! The work to dismantle the current chimneys of the Battersea Power Station has started and this will be the first part of the redevelopment project.

According to a report in Londonist, the process would take five months. I do not wish to go into details but basically, after it has been dismantled, a replica will then be reinstalled. This will take another 6 months. As usual, with the replica, I think the maintenance work in future would be much lesser compared to having the original one there which is definitely much dirtier etc. Overall, the project will take twelve (12) years and the total development size is 15.6 hectare. (1.7 million sf)

So, has anyone bought a unit in the first phase? While I believe this project will be very successful, do be reminded that there has been many reports about London property market having bubbles. Thus, any investment must be followed by a thorough assessment of your own risk appetite. On a longer term, markets such as London or Singapore, due to it’s international participation would continue to do well. The risk would only be should slow down really do come or a sudden fall in prices, are you able to stomach it. If you are able, that’s good for the project. Do remember that even during the 2008 mortgage crisis, property prices in Penang hardly moved. I think at that time, most of the property owners were all those who can weather a storm. I have personal interest in this biggest project outside Malaysia by Malaysian companies. So, will update if any.

written on 6th Sept 2014

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Battersea, London. 13x bigger than one year Penang new launches

Battersea London. Yes, there would be no launching event in South East Asia for this Phase 3, just like phase 2. Due to the expensive flight tickets, I have decided not to buy a unit. 🙂  Just kidding. The prices start from just £495,000 for studio apartments, one-bedroom apartments from £590,000, two-bedroom apartments from £1.2 million, three-bedroom apartments from £1.9 million and four-bedroom apartments from £3.2 million. With just £1.9 million your family of 4 can relax in one of London’s top new address once it is ready. If you are bringing your parents along, please do not be stingy, get the £3.2 million four-bedroom apartment instead. Actually, if I am closer to my neighbour, they may just invite me over to London for the housewarming of their unit which they bought in Phase 1. They own One (1) unit out of the 700 units in Phase 1.

Personally I feel Battersea is an amazing project. SP Setia may be the biggest developer in Malaysia and has ventured out of Malaysia before but Battersea is a project which not that many developer companies in the world can take up. Total GDV is expected to be RM52 Billion or higher. In comparison, the total GDV for new properties in Penang on a yearly basis based on an average of RM400,000 per unit and total of 10,000 units would reach only RM4 Billion. One Battersea project is around 13 X Bigger. In case you are wondering how can SP Setia be that big, well this project is jointly developed by SP Setia, Sime Darby and Employees Provident Fund of Malaysia (EPF). I think this project will contribute significantly to the dividend that EPF may be paying to us in the near future.

Want to know some of the reasons why the prices are so attractive? The designer, Foster + Partners have designed the ‘Battersea Roof Gardens’. This is a strongly delineated, rippling building creating a series of waves and it will have one of the largest roof gardens in London. Each unit would have winter garden with a three-storey high entrance lobby. On the east side of the Electric Boulevard, LA based Gehry Partners would have a cluster of five buildings each with sculptural facades inspired by London’s famous John Nash Regency terraces. This is known as ‘Prospect Place’. Of course, all these are complemented by a location which is right above London’s newest pedestrianised high street and impressive gateway to The Power Station. Just reading these would tell you how exclusive and elegant the whole design would be.

Official launch is on 31 October. If you intend to buy, you need to quickly pre-register and get invited for sales appointments in London beginning 24 October. As I have said, due to the flight ticket price, I have decided not to get a unit this round. I will wait eagerly for the next one.

written on 14 Oct 2014

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5 million visited Battersea Power Station since its opening a few months ago

Media Release:
FULL STEAM AHEAD AT BATTERSEA POWER STATION

•
Over 20 new shops, eateries and leisure experiences have opened inside the Power  Station and on Electric Boulevard in the last six months with more exciting openings  planned for 2023, including highly anticipated Arcade Food Hall and a UK debut from  Tasha’s

•
Riverside neighbourhood’s events programme is a big draw for visitors with London’s  newest ice rink, GLIDE at Battersea Power Station, and annual Light Festival proving  popular with the local community and visitors from further afield

•
Battersea Power Station has welcomed more than five million visitors since the Grade  II* listed building opened its doors to the public on 14
th
October 2022

4 April 2023

Caption: 2023 set to be another big year for Battersea Power Station with more  openings and an ongoing events programme

Battersea Power Station has welcomed
more than five million visitors
and
over 20 new shops,  eateries
and
leisure venue openings
, since the Grade II* listed building opened its doors to the  public for the first time in history on 14
th
October 2022.

New openings include
Jigsaw, Under Armour, ME +EM, Kiehl’s, Hackett, IWC, Swatch,  Reformation, Pinko, Bimba Y Lola, Theory, The North Face, Just Over The Top (JOTT),  Penhaligon’s, The Cinema in the Power Station, David Clulow, Oseyo, Leon, itsu, M&S Food  Hall
and
Gordon Ramsay’s Bread Street Kitchen and Bar.

Smaller, independent retailers inside the Power Station have also been extremely popular with visitors since the opening. Neighbourhood bookstore, the
Battersea Bookshop
, has been a hit with families  with
over 6,509 children’s books
flying off the shelves since October.
Curated Makers,
which sells homeware, candles, clothing and artwork from over 40 local independent small businesses, will be  adding more London based ‘Makers’ to its roster due to its popularity amongst visitors including vegan  friendly soaps from ‘The Naked Herb Soaps’, hand painted watercolour artworks by Ana  Gallego, including one of the newly restored Power Station, and jewellery from Kam Creates.

Since opening in November 2022, Battersea Power Station’s chimney lift experience,
Lift 109,
has  transported visitors to the top of the Grade II* listed building’s north west chimney to soak up the  beautiful 360 degree views approximately
7,029 times
, which is the equivalent of
18 marathons.

art’otel London Battersea Power Station
began welcoming guests from mid-December and on
21
st

February 2023,
the hotel’s rooftop bar and restaurant,
JOIA
, from acclaimed Portuguese chef,  Henrique Sá Pessoa opened. Diners at London’s newest skyline restaurant can enjoy traditional  dishes made with the finest Iberian and British produce, as well as a stunning view of the Power  Station’s four iconic chimneys.

More exciting brand openings within the historic landmark and on Electric Boulevard, a new  pedestrianised high street, will take place over the coming months including
LEGO®, MALIN+GOETZ,  Office Shoes, Bloobloom, A.P.C, NOBULL
and
Bounce.

Highly anticipated
Arcade Food Hall
, a 24,000 sq ft dining experience will be opening too with three  standalone restaurants, including award-winning Taiwanese restaurant
BAO,
and cocktail bar. More  details to follow soon.

Further bars and eateries opening at Battersea Power Station include the UK’s first
tashas
, serving timeless café classics with a South African twist,
Dishoom, Noci Pasta,
and
Searcys,
who will be  opening a permanent bar following a successful pop-up inside the Power Station.

Simon Murphy, CEO at Battersea Power Station Development Company (BPSDC), said:
“It has been brilliant to see so many people visiting the new riverside neighbourhood we have created  here at Battersea Power Station over the past six months. It was the aim of our shareholders to give  the much-loved Power Station a new lease of life and to open it up for the public to enjoy. To have  welcomed more than five million people down since the landmark opened has been a huge  achievement and we look forward to welcoming more visitors throughout 2023 to discover the new  stores opening, a greater food and drink offering, as well as lots of unique and family friendly events.”

Sam Cotton, Head of Asset Management at Battersea Power Station Development Company (BPSDC), said:

“To have had lots of new brands setting up shop at Battersea Power Station in a challenging retail  market, clearly demonstrates the appeal of this project. This year is set to see more fantastic openings  including some firsts for the UK with Tasha’s on Electric Boulevard, plus the highly anticipated Arcade  Food Hall in the Boiler House at the heart of the Power Station, which we’re sure will be hugely popular and will draw foodies from across the capital to enjoy new dining concepts in the most unique and  historic of settings.”

Battersea Power Station’s annual events programme has also proven to be a big draw for visitors  since October 2022. From the
‘Festival of Power’
– a free five day family friendly event hosted to  celebrate the historic milestone of the Power Station’s opening, which saw more than a quarter of a  million people visit during the first weekend, to a spectacular series of Christmas community  celebrations and London’s newest and only riverside ice-skating experience,
GLIDE
.

The third annual
Light Festival
returned bigger and brighter than ever between mid-January and the  beginning of March with eight spectacular pieces of artwork, curated in partnership with Light Art  Collection, on display both outdoors and inside the iconic Grade II* listed Power Station. The riverside  neighbourhood’s
Spring Festival
kicked off at the weekend and will be running until 16
th
April with an  exciting line up of family-friendly activities including a free giant flower trail, Mobile Farm, face painting,

a special visit from Colin The Caterpillar™, outdoor games and much more.

-ENDS

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Press Release: No18 Signs Up to Battersea Power Station

Press Release by Sime Darby Property:
No18 Signs Up To Battersea Power Station

First venue secured by No18 in the UK

Members club to create bespoke workspace offering called The Engine Room

More than half of commercial space in the Power Station now taken

Office space now fully pre-let; retail and leisure space is now actively pre-letting

Battersea Power Station is set to become the centre of one of London’s most   exciting tech and media districts

LONDON, 24 August 2018
– Battersea Power Station is pleased to announce that the remaining 40,000 square feet of office space within the Power Station itself has been leased to members club, No18, which will sit next door to Apple in the iconic building, when it opens in 2021.

No18 is a cosmopolitan members club for businesses with beautifully designed lounges, meeting rooms and high-end workspaces tailored to support all its members’ needs. It currently has two venues in Stockholm, Sweden. Since becoming part of IWG, a global operator of leading workspace companies that has a presence in over 110 countries, No18 has also secured a presence in the US and Switzerland during a gradual global rollout. As part of its expansion plans, the company has now secured its first presence in the UK.

No18 will create a bespoke offering for the Power Station called The Engine Room. Set over two floors overlooking the light-filled southern atrium, it will look down into the two turbine halls that will house over 100 shops and restaurants for occupiers to enjoy. No18 members will also be sharing the building with Apple, the anchor office tenant, and residents living in the Power Station’s new homes.

No18 provides a home for a rewarding business lifestyle. The company’s venues are akin to a blend of workspace and residence, with common areas featuring a unique eclectic aesthetic – serving as spectacular co-working spaces and casual meeting spots – and offices featuring the best conditions for work performance and potential for individual adjustments.

Of the one million square feet of commercial space available in the Power Station building, 52% has now been let as office space, with the retail and leisure space now actively pre-letting. Battersea Power Station is working closely with a wide collection of heritage and emerging retail brands from the UK and across the globe to complement its vision for the 1930s and 1950s turbine halls and looks forward to announcing some of the brands that will also be calling the Power Station home.

Andrew Hilston, Head of Leasing at Battersea Power Station Development Company (BPSDC), said, “On behalf of our Shareholders, we’re very excited to welcome No18 to the remaining space in the Power Station as their first UK venue and believe this bespoke concept will offer an extraordinary place to work and do business.”

“With Apple’s new London campus and now No18’s innovative, design-led offering moving here, Battersea Power Station is set to become the centre of one of the London’s most exciting tech and media districts. Having these two brands signed up forms a strong base for the rest of the 750,000 sq ft office space which will be delivered in our future phases.”

Michel Gordin, CEO and Founder of No18, said, “Battersea Power Station is a global icon. We believe it is the perfect fit for us – a place brimming with stories, where heritage meets novelty. We will be bringing The Engine Room, a concept that will complement the architecture of the Power Station building and provide a breath-taking environment – a true experience to visit – in which businesses and individuals can thrive in pursuit of the next big innovation.”

“We believe this location fits our ethos to create a sanctuary where productivity, inspiration, and style converge. We are excited to be a part of it and to open our doors.”

The Engine Room will be an exciting members club and workspace, benefiting from excellent facilities such as fantastic lounge spaces with a central bar and café; a variety of co-working spaces, modern offices and meeting rooms; an events venue; and various client services.

The Grade II* listed Power Station building, designed by WilkinsonEyre, is the second phase of the Battersea Power Station regeneration project, which will create one of the most exciting neighbourhoods in the world. It is located on the Thames riverside, minutes from Battersea Park to the west and the new US Embassy in the Nine Elms development area to the east. Battersea Power Station already has its own River Bus pier with frequent services to the West End, the City and further afield, and it will soon have its own Zone 1 Underground station. The first phase, Circus West Village, is already open with thousands of residents having moved in. The shops, bars and restaurants are open for business and there has been strong interest in the Power Station retail space.

At least another 750,000 square feet of offices will be available in future phases of the development.

The Malaysian shareholders of the Battersea Power Station project are committed to giving back to the communities in which they operate. They recognise the importance of creating shared value, and this is embedded in all their undertakings to ensure that they contribute to building a harmonious and considerate community.

Follow @BatterseaPwrStn to keep up with the latest news and events at Battersea Power Station and visit
batterseapowerstation.co.uk
 to find out more.

Visit
no18.com
 to find out more about the Swedish company’s unique, inspirational clubs and workspaces.

— end of press release —

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Press Release: Battersea Power Station Wins Prestigious Developer Of The Year At 2023 Property Awards

Battersea Power Station has been awarded ‘Developer of the Year- Commercial Property’ at the prestigious 2023 Property Awards, for the transformational restoration of the Grade II* listed landmark.

Celebrating the biggest achievements in commercial property over the past 12 months, the Property Awards singled out Battersea Power Station for its grand public opening in October 2022, delivering 254 apartments, 565,000 sq ft of office space and over 100 shops, restaurants, bars and unique leisure experiences, positioned inside the landmark.

Creating a new town centre for all, the judges also highlighted Battersea Power Station’s commitment to opening as much of the landmark to the public as possible, and providing a major boost to the local community. Battersea Power Station has created 2,500 jobs directly from the opening of the Power Station and Electric Boulevard, a new pedestrianised high street, and a total of 20,000 new jobs are expected once the 42-acre neighbourhood is complete. The developer has also connected Battersea to the rest of central London through the delivery of the Northern Line Extension, following the opening of the Zone 1 Battersea Power Station Underground station in September 2021.

Since opening in October 2022, Battersea Power Station has welcomed nearly six million visitors through its doors and its success will continue with more retail openings this summer, and new parts of the development completing later this year A 24,000 sq ft Arcade Food Hall, BAO, and Bounce Ping Pong will be opening later this year, joining the recently opened LEGO® and neighbourhood pasta restaurant, Noci.

A new state-of-the-art office space, 50 Electric Boulevard, is due to complete later this year, providing 200,000 sq ft of flexible commercial space with wellbeing and frictionless smart tech at its heart, as well as a new collection of 204 apartments, Koa at Electric Boulevard.

Battersea Power Station

Tan Sri Jagan Sabapathy, Chairman of Battersea Project Holding Company, said: “We are delighted to have received this coveted award at the Property Awards, which is a testament to the decade of hard work that has made this project such a success. Battersea Power Station could never have been transformed without extensive collaboration between the UK and Malaysia, public and private sectors, and every level of government. We look forward to progressing the next phases of the development to achieve future milestones, cementing Battersea Power Station as a place for everyone.”

Under the admirable custodianship of its Malaysian shareholders which together form Battersea Project Holding Company, Sime Darby Property, S P Setia and the Employees Provident Fund (EPF), Battersea Power Station has been expertly restored to its former glory, and the wider area has been transformed into a vibrant community. In 2019, leading fund management companies Permodalan Nasional Berhad (PNB) and EPF became the long-term commercial asset holders securing the future of the landmark for many generations to come.

For more information about Battersea Power Station please visit
http://www.batterseapowerstation.co.uk
 and follow @BatterseaPwrStn to keep up to date with the latest news and events
-END-

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Press Release: Battersea Power Station Welcome Further Residents Following Completion Of Switch House East

Switch House East is the second residential element of the Grade II* listed Power Station to complete
• The restoration respectfully enhances the building’s historical features whilst introducing a contemporary finish
• Interior architect, Michaelis Boyd, has developed the interior design and layout for the 119 new apartments taking inspiration from the building’s history
• 2022 will see the London landmark welcome residents and visitors, as more brands are set to join the retail line up ahead of the Power Station opening its doors to the public later this year

Battersea Power Station announced today that it is welcoming residents to the second residential element of the Grade II* listed building which has completed. The news comes as 2022 marks the start of an exciting phase for London’s largest regeneration project, as the destination is transformed into a place for all to live, eat, work and play.

Switch House East utilises the existing historic structure of the Power Station and offers studio, one, two- and three-bedroom apartments. Many of the building’s original elements have been restored during the redevelopment, overseen by WilkinsonEyre as lead architects, with the new homes featuring brick and steelwork from the 1940s, whilst introducing a contemporary feel to the industrial heritage of the building.

In addition to the apartments in the historic structure, Switch House East also offers modern duplex apartments, which are located in three glazed floors added to the top of the building. The new homes feature spacious living and dining areas with fully equipped open plan kitchens and wooden floors. Each home also comes with windows from the floor to high ceilings, maximising the stunning views across the River Thames and offering an abundance of natural light.

Designed by architect Sir Giles Gilbert Scott, Battersea Power Station was built in two stages with Battersea A (which includes Switch House West) being completed in 1933 and Battersea B (which includes Switch House East) coming into service in 1944. Taking inspiration from both these eras, renowned interior architect, Michaelis Boyd has curated two interior design palettes which reflect the Power Station’s history.

The Heritage 33 palette takes inspiration from the classically elegant styling of the 1930s, drawing on details such as the dark herringbone flooring in Control Room A, which once powered a fifth of London’s electricity, and glazed tiles from the Power Station’s Directors’ staircase. The Heritage 47 palette is fresh and contemporary with an “industrial” aesthetic to demonstrate the pared back style of the 1950s when the second part of Battersea Power Station was built.

Residents living in Switch House East also have direct access to two internal private landscaped courtyards and a rooftop garden with fantastic views of the Power Station and its iconic chimneys, allowing residents to really experience the uniqueness of living at the London landmark.

Simon Murphy, Chief Executive Officer at Battersea Power Station Development Company (BPSDC), said: “When our shareholders took over the site almost 10 years ago, Battersea Power Station – one of London’s most iconic and recognisable buildings – had stood derelict for over 20 years.

Thanks to their commitment, today it is fast becoming one of London’s most sought after and well-connected riverside neighbourhoods with the recent opening of the Battersea Power Station Zone 1 Underground station.

“We can say with confidence that Battersea Power Station will be one of London’s destination hotspots in 2022. This follows the development’s most transformational year to date in 2021, when we saw a succession of milestone announcements including welcoming our first residents, as the Power Station came to life for the first time in almost 40 years.

“Looking ahead into 2022, the completion of Switch House East marks the first milestone of the year, as we take another step closer to final completion. Opening the rest of this historic building to the public later this year, will see residents, members of the local community, Londoners and international visitors enjoy a mix of uses for years to come.”

Sebastien Ricard, Project Director, WilkinsonEyre, said:
“Switch Houses East and West form the “shoulders” of the massive power station, so it is appropriate that both have been sensitively but thoroughly repurposed as modern and innovative high-end residential accommodation. Having finished the 1930s Switch House West in 2021, the opening of the late 1940s Switch House East now completes the
vision.

Unique character has once more been celebrated – converting existing riveted girders found on site into a jaw dropping Concierge desk, exposing most of the industrial features, and reusing some of the electric switch gear as sculptures to stand in the gardens.

“Each flat has a bespoke layout optimising light and views out, and the offer is enhanced by the creation of an amazing rooftop garden above Turbine Hall B for residents’ use; a secluded urban oasis more than 25m above ground. Our design subtly weaves together history and modernity in a way that respects one of the most important industrial landmarks in the world.”

Alex Michaelis, Partner and Co-founder of Michaelis Boyd, said:
“The residences have a refined industrial quality to them – we wanted to create interiors that would reference the Power Station’s rich history but also stand the test of time, for the ultimate experience of modern city living. Our design for the two distinct interior palettes, Heritage 33 and 47, was inspired by the style and textures of the original 20th century building.

Grained wooden floors underfoot, exposed brick walls and durable, tactile finishes emphasize
materiality throughout and provide a timeless backdrop for evolving interior trends.

“Looking forward into 2022, there continues to be a focus on the importance of outdoor space and a connection with nature. At Switch House East, large Crittall screens and dual aspect glazed windows were designed to make use of natural daylight, encouraging flow between spaces and offering views out onto the riverside and landscaped courtyards and terraces, bringing the outdoors in.

The open-plan layouts of these loft-style apartments also remain more relevant than ever, as we continue to design versatile spaces that will lend themselves to news way of living, working, eating and relaxing from home.”

Once completed, Battersea Power Station will be one of the most exciting retail and leisure destinations in London, having recently announced that major international brands such as Ray-Ban, Ralph Lauren, Tommy Hilfiger, The Kooples, Aēsop and Calvin Klein will be opening inside the iconic building.

The Power Station will also be home to over 100 shops, bars and restaurants, 254 apartments, office space as well as unique events and leisure offering, including the Chimney Lift Experience. There will also be a new six-acre riverfront park that is open to the public.

The retail and leisure experience will continue on a new high street, Electric Boulevard, which runs from the south of the Power Station, between the stunning Frank Gehry designed Prospect Place and Foster + Partners’ Battersea Roof Gardens. Electric Boulevard will offer a mix of office space, shops, bars and restaurants, a park, playground and an exciting new 164 room hotel from art’otel®, the brand’s first hotel to open in London.

Residents currently living at Battersea Power Station can enjoy a great mix of cafés, bars, and restaurants where they can sample cuisines from all over the world. This includes modern Indian at Vivek Singh’s Cinnamon Kitchen, authentic Italian at Francesco Mazzei’s Fiume, bottomless pizza at celebrity chef Gordon Ramsay’s Street Pizza and delicious Japanese patisseries and bubble tea at the recently opened Kova, the first of the Power Station’s retailers to open.

A variety of entertainment and fitness venues can also be found beneath the railway arches on Arches Lane, including Battersea Brewery, which has its own microbrewery on site, spin studio Boom Cycle, DNA VR, London’s biggest virtual reality arcade, Birdies Crazy Golf, The Cinema in the Arches and The Turbine Theatre.

Battersea Power Station also hosts a variety of cultural events throughout the year with highlights including the Light Festival which is currently being hosted until 27th February, Summer Showtime on The Coaling Jetty, London’s first open-air cinema and theatre experience and The Winter Village.

With the Northern Line extended to give this new riverside neighbourhood its very own Zone 1 London Underground station, Battersea Power Station is now within 15 minutes of the West End and the City and is expected to draw visitors from across the capital and the globe, becoming one of London’s most visited destinations, boosting the local economy and creating over 17,000 jobs

— END —

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Joint Statement by Sime Darby Property and S P Setia – Battersea Power Station

Press Release – Joint Statement by Sime Darby Property and SP Setia

ARA DAMANSARA, 13 JUNE 2018-
The shareholders and management of Battersea Power Station (“BPS”) refer to the media article on 11 June 2018 relating to BPS and make the following statement.

Overview of Battersea Power Station

BPS is a prime central London development that was acquired by Sime Darby Property, SP Setia and the Employees Provident Fund (“EPF”) through a competitive tender process in September 2012.

Since 2012 the transformation of the site into one of the world’s most iconic and prestigious mixed-use locations has been underway creating in the process a profitable and highly valuable asset for the shareholders.

More than 99% of the residential units in the first Phase, Circus West Village, have been profitably sold and today more than 1,000 people and a range of businesses call the Battersea Power Station development home.

Work on the Power Station building itself is progressing well and is scheduled to open to the public in late 2020. Its c1.8m sqft of space will include 500,000 square feet of offices which have been pre-let to Apple, one of the world’s leading technology companies. This represents one of London’s largest ever office pre-lets.  In addition the Power Station will house 120 shops and restaurants, event space and visitor attractions, creating a new town centre for London.  In addition there will be 253 residential apartments (currently 90% sold).

The take-up of the space bodes well for potential investors as it is seen as a precursor to an exciting future for the Battersea Power Station development.

The development will also benefit from the opening in late 2020 of the 3km extension of the Northern Line underground to a new Zone 1 station at Battersea Power Station. This £1bn investment by Transport for London will support the rejuvenation of the entire Nine Elms area including the recently opened US Embassy and a further 20,000 new homes.

It is currently expected that when it opens 40 million people will visit Battersea Power Station annually.

Funding of Battersea Power Station

The site acquisition and the subsequent costs of the Battersea Power Station development have been fully funded by a combination of equity from the shareholders together with development debt provided on commercial terms by a mixed group of nine Malaysian and international lenders (of which more than 60% has been provided by the international lenders).

The £458m development loan for Phase 1 has been fully repaid ahead of schedule.

The initial capital invested into the project by the developers and the profit from the first Phase is now being reinvested into developing the subsequent phases.

Potential reorganisation of the ownership of Commercial Assets (being the Office, Retail, Food & Beverage and other commercial uses) within the Power Station building to Permodalan Nasional Berhad

(“PNB”) and the EPF.

In January 2018 it was announced that the shareholders and management of Battersea Power Station were considering a divestment of the Commercial Assets and had initiated conversations with the EPF and PNB.

Currently PNB and the EPF together own approximately directly and indirectly 67% of the equity in the Battersea Power Station development. PNB holds majority stakes in S P Setia and Sime Darby Property which jointly own 80% of the equity in the Battersea Power Station development whilst the EPF directly owns 20% of the Battersea Power Station development.

On 18 January 2018 PNB and the EPF signed a Heads of Terms with Battersea Phase 2 Holding Company Limited to initiate preliminary negotiations to purchase the Commercial Assets for an estimated total consideration of £1.608 billion.  The purchase price is subject to further due diligence and on the basis that the development is completed and fully tenanted.

As previously assured by all parties the decision to explore the potential reorganisation of ownership is purely an investment consideration initiated by the BPS Board and management team, together with the EPF and PNB.

From the perspective of Sime Darby Property and S P Setia, as property developers, the transaction will enable them to continue to reallocate capital to other areas of their development businesses.

PNB and the EPF view this as a strategic opportunity to secure ownership of a unique and iconic real estate asset which will be able to deliver sustainable income streams into the future to meet their respective income needs.  The transaction is expected to generate an attractive long term yield for the investors.

As announced on 15 May 2018 the exclusivity period for the transaction has been extended to 29 June 2018.  The parties are continuing to work positively and constructively together towards completing the proposed transaction and a further announcement will be made in due course.

— End of Press Release —

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Batu Ferringhi and nearly 1,500 new units.

I read a news article in a local English daily about Batu Ferringhi’s new huge development. Should we be concerned with new 1,500 units of homes being built right next to ours? Of course we would and we should. The first thing that comes to mind would be ‘congestion’. Second word would be ‘pollution’. 1,500 units meant a minimum number of 3,000 new vehicles and perhaps 6,000 new residents. The current main road would have to handle this new increase together with all the existing infrastructure such as the sewerage treatment plant. Hmm…. suddenly it gets serious right? What if the sewerage plant can’t handle this new increase in usage? It would get seriously dirty and messy. Penang’s State Planning Committee (SPC) has plans to double the permissible density from 15 units per acre to 30 units per acre in January 2015. The residents in Batu Ferringhi are against this because this would lead to congestion and over-population in the island’s most popular beach area. Of course, if approved, then it will be applicable to the whole of Penang and not just Batu Ferringhi in future.

Personally, I support higher density as long as the state has plans to ensure that all the needed supporting infrastructure are built. As for whether I think that part is being properly done as at now, I think it would never be. The reason is because it is highly unlikely for the state government to build these infrastructures well in advance. Who is going to pay for them? However, if the developer is developing that area, some of these would be borne by the developers and the revenues that the state government gets from the development, it may then use a portion for the necessary. As usual, it’s a chicken and egg situation.

There’s also claims of adverse effects on Batu Ferringhi’s environment and charm. I really do think that this development would give more pressure to the environment but it’s pretty unavoidable because Batu Ferringhi is considered a prime area and it’s not going to be easy not to develope a prime area. Yes, everyone would like to say, why not develop in those less popular areas instead since land is still plenty but…. if the developers develop there, who would be buying? Development is always based on demand. It is easy to say please develop in new areas but the truth is, if the current owners sell their homes which would gain them huge profits, they can also buy bigger and better homes at less popular areas. Ok, I can’t speak for the MM2H residents as there’s the minimum property value requirement. Prices in island is still way higher than prices in mainland. Having said that, if the developer flouts the environmental concerns, be strict and fine them to the maximum instead of letting them go easily. Once this example is shown, not many other developers would dare to go against the regulations.

Another reason stated was because many of the residents were assured of a green tranquil environment in a low-density development and due to this assurance, the new development should not take place. I am not sure if there are any such assurance because I have known of condos which once had great views until another new block is built right in front of them. For these affected residents, who can they go back to for such assurance? The state government? Or the previous developer’s sales team who had promised them such views? Or actually, these assurances are merely promises which can never be put on paper and made into a formal agreement?

There are many other reasons stated, for example Pattaya and Phuket which does not have high-density, high-rise projects. Well, those two are really just famous beach destinations but Penang is a state in its own right with lots of other supporting industries. Thus, the demand for housing is much higher and is a necessity. Penang also does not rely only on tourism. Let’s be very objective about this. In terms of preference, unless of course these demands can be satisfied in mainland, the continuous building within the island is necessary. I think development is here to stay. Some delay may be possible but if the plans are approved by the state government, then it will proceed. Happy protesting or accepting.

written on 29 Dec 2014

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Batu Kawan’s RM10 billion GDV by Eco World

A close friend forwarded a news which I read earlier. I guess she felt this may be the biggest thing to happen for Penang, especially where Batu Kawan is concerned. I do agree. I remember many months back someone told me that everyone should buy Batu Kawan because IKEA is coming. I said, please take note that IKEA is coming only in 2018, earliest. If you buy today, are you staying there? If answer is yes, by all means you should buy. If you buy today and intend to rent out, seriously, think again. The real reason why mainland is still lagging compared to island is because of ‘action.’ There’s little action in mainland when compared to island and when compared to Batu Kawan, I do not wish to comment.

However, what about Eco World Development’s RM10 billion gross development valued project in Batu Kawan? Okay, this may just be the first catalyst while waiting for more ‘actions’ to happen. Not many people would want to stay in a new place, especially if their neighbourhood is the only one there and there’s nothing to do beyond having a much bigger space compared to buying in island. Well, Eco World said they will be building residential and commercial properties. They also happen to have a very good image as a developer of great choice for many. Eco World chairman is also none other than Tan Sri Liew Kee Sin. Eco World is buying a 299.64 acre land from Penang Development Corp for RM730.93 million. They are also leasing another piece of 150 acres to build an international standard golf course with a MINIMUM of 18 holes and a club house. Now, what’s the chance of Penang hosting an international gold tournament? Quite a high possibility, really.

What happens if someone were to ask me again about buying Batu Kawan today? Haha. The answer remains the same, why not consider buying to stay? Why not consider buying today and moving there in a few years’ time? If you can answer yes to this, then buying today is totally risk-free and with very good potential for price appreciation few years down the road when they hand you the key. Any other reason than this, perhaps it may be better to wait to see what’s being launched by Eco World in the near future for the land that they have bought. Based on the usual speed, any land bought is not likely to be left idle. Just like many, I am waiting to drop by in the near future.

written on 19 Apr 2015

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Batu Kawan land sale… this time to Hewlett-Packard (HP)

This time it’s not another land sale to another developer who’s coming in with their integrated projects. It’s not related to IKEA too. If rumours in the electronics industry comes true, then HP would be buying a piece of 20.2 ha land in Batu Kawan for a new plant which will produce integrated circuit die for high speed inkjet printers. Total investment of the manufacturing plant is estimated at over RM1 billion. These days, new plants are no longer hiring huge numbers of manual workers by themselves and for this HP plant, it would be the same. It will be outsourced to the local small and medium enterprises and estimated to engage over 1,000 workers through this.

To those who did not know, HP has decided to split itself into two smaller but still huge companies. One would be on personal computers and printer while another would be on enterprise services. It said this would allow it to be more nimble in its operations and in fact more acquisitions may happen after this split. Generally, analysts in US are favourable of this split. I am not so favourable of small companies because they may not be able to face the larger companies in the same industry in the world but fyi, the two split companies would still have revenues of more than US$50 Billion, hardly a small organisation by any measure.

Ok, so now? Is it now? Let’s buy Batu Kawan now? You need to answer one fundamental question first, where would these new employers of this new plant be staying. If they are staying in Bayan Baru and HP provides them daily toll allowance, then it is highly unlikely for them to buy a new place, renovate and move. Oh yeah, buying a place plus renovation would take you nothing less than 6 months. Not to mention, a huge chunk of money and please remember, you have just started working in the new plant. Are you looking to do all this for a new job? Secondly, the rumour has yet to be confirmed and even if its confirmed, a typical construction to starting up day would be nothing less than 2-3 years. Hey, by then your main decision to buy may be IKEA and not this HP decision. Think about it.

written on 9 Oct 2014

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Batu Kawan properties? Look at cars. :)  It is also prime for G, G and G.

I was in Penang last weekend for an important lunch. As I was driving past the second bridge, I noticed that the condition was exactly the same when I drove across it last month and two months before. There were very few cars on the bridge! Ok, what’s the significance of that? These days, you often hear about people talking about the potential of Batu Kawan. Thus, you may feel that it’s time to buy something and wait, perhaps just 3 years later, you will get huge returns. Based on three key criterias, you may be right. First one is the second bridge is ready, second one is, there are already huge integrated plans and third would be top developers are buying up huge tracts of land. So, it’s just a matter of time, right?

Well, add one more sign which I think is more relevant.  Number of cars using the second bridge. Seriously, if the number of cars start to increase, you can be sure that there are more economic activities. Without any significant changes in the number of cars, I think the situation is still the same. Come on, Penang island may be expensive but for those who are working in Bayan Lepas, they may still choose Teluk Kumbar or even Balik Pulau over Batu Kawan at this moment. It takes more than just prices to lure buyers. The concept has to be very attractive. The developers should have a huge following which would enable them to price at a premium and thus have the ability to build something beyond the usual.

I read in a article that instead of Gated and Guarded, the trend is now moving towards Green, Gated and Guarded. Actually, Green is not considered a new trend. Balinese concept many years ago was already GREEN. Lots of trees, plants, flowers etc. For this concept to work in Penang island, be ready to admit you cannot afford one. However, I think this is a concept which is applicable, especially in huge integrated developments. Thus, mainland Penang may be the next place to carry this out. I await the first of such launches from a reputable developer. I sort of also know which developer would fulfill that criteria first.

written on 1st Oct 2014

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Buying Batu Kawan? Same price as island.

Yes, I think this would be a hot topic among Penangites. Batu Kawan property same price as island? You must be kidding me? Well, the developer we are talking about certainly is not a small one. In fact based on the projected sales turnover, Eco World would firmly be within the top few developers in Malaysia today. Its group chief executive offer Datuk Chang Khim Wah said that their residential properties in Batu Kawan would be priced similar to that of the island. It is the single largest project in Batu Kawan called Eco Marina. This similar priced project will be launched in between 9 to 12 months. The residential component of Eco Marina include high-rise and landed properties in gated and guarded schemes.

The project would include commercial components such as a retail scheme, an international brand-name hotel, international schools and good and beverage outlets. Another fully integrated project where it’s a self-contained ‘city’ by itself. As soon as one were to arrive home, there is little need to venture too far out. Anyway, there’s not a lot to venture currently. In the near future perhaps there’s IKEA but I am not sure if anyone would like to go IKEA every week? There would also be a golf course behind the residential and commercial development facing the sea and overlooking the island. RM10 billion gross development value cannot happen overnight. This while development would take over 10 years to develop. Tan Sri Liew Kee Sin said that Eco Marina would be marketed across the world. This can be done because of its already international brand name.

Well, when I check some of the comments at
penangpropertytalk.com
 it does seem that the commenters do not believe Eco World can price it similar to island and one even commented that international buyers are not likely to buy. Well, first point is, priced similar to island can mean a lot of things. This is because even within island itself, the prices per sf can range easily from RM1,200 to as low as RM450 for the same category of developments today. Thus, it may not be at the highest level in the island. Secondly, in terms of international buyers, there are certainly buyers who are super wealthy and may be buying because they just want to have a cheap vacation home. Yes, fortunately or unfortunately, sea fronting properties in Malaysia is still cheap versus many other countries. Plus, if the whole development is really a self-contained development, this fits the bill for these international buyers. They would definitely not like to buy a home and overtime they wanted to shop, having to drive over half an hour to the nearest shopping centre?

Their target is certainly not for people like me but this project is also unlikely to appeal to me even if I am still working in Penang. Perhaps the whole plan would have to be really appealing first. Penangites are still Penangites. Mainland is not their first choice and Batu Kawan at this moment is not their first choice when it comes to mainland. I await more details about Eco Marina.

written on 23 Apr 2015

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Bayan Baru – RM10 billion development starting 2017

Many years ago, I thought Bayan Baru was a fully developed; matured neighbourhood. I could not see any huge pieces of vacant land. There were many older apartments here and there and even the landed terrace homes are also considered quite aged. Then, I found out that there are still many pieces of empty plots of land here and there. More developments came, in fact too many that I thought should ensure prices stay stagnant for some years. I was wrong then and I think I will be wrong for many more years. Hunza Properties Bhd will be developing their RM10 billion mixed-development in Bayan Baru. If the economy does well, I think half-way through we would see the gross development value (GDV) being revised even higher.

The proposed name for the project is Penang International Commercial City. This development would include serviced apartment and apartment towers, two hotels, a business-process outsourcing (BPO) tower, a medical centre, shopping mall, and 15,000 sheltered car-parking bays. There are three phases for the project with full completion by 2026. It will start with a Rm5 billion GDV comprising a shopping mall, medical centre, a BPO tower, a hotel, and serviced apartments and apartments.

Before anyone start asking if there are still space for one more mall, it’s best to ask what would be so special about this new mall. Looking at how majority of Penangites flocking into just two malls meant that the slightly smaller or less popular ones would continue to only be a second choice while the top two takes most of everything. During peak times, these two malls are full to the brim and getting into parking and out of parking would take plots of precious time. There are no further information about this mall from online. I do hope Hunza will get some famous mall management to come in with a diversified choice of brands instead of the same old, same old.

Hunza will only be selling the serviced apartments and apartments. There are a total of 1,792 units of serviced apartments and apartments. Yes, as usual, these days, it’s always in the thousands of units and no longer in the hundreds. In Greater KL, the thousands would not even start with 1. Haha. The first phase would be completed by 2021. The second and third phases would comprise of more apartments, a hotel and a college. Total gross floor area is 9.4 million sq ft and the project is on a 43.36 acre land.

Fancy Bayan Baru and believing this will be a new catalyst? You can choose to follow up with their first phase or buy strategic secondary properties nearby this new development instead. I do think Bayan Baru is a strategic area since Bayan Lepas Industrial area is nearby and these manufacturing concerns remain fully occupied. Happy following and investing.

written on 13 Feb 2016

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Tanjung Tokong vs Sungai Ara by a non-Penangite

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[Paid Review]
Bayu Sutera @ Bandar Sri Sendayan as a home sweet home

What is a dream home? What is a home sweet home?

Many property advertisements tout the new launch as a dream home. In fact many sales people would also tell you that the home we are about to buy is our dream home too. This goes on for dream car, dream insurance policy and more dream too. Right?

Is a dream home the same as a home sweet home? For me, a dream home can be what we wanted to have and a home sweet home can be how we make that into a reality. My first apartment of 730 sq ft was a home sweet home for my wife and I even if it was not a dream home. Please do note that this does not mean we simply buy any home yeah. Whether dream home or a home sweet home, it has to fulfill many requirements too. Else, better keep looking.

Bayu Sutera @ Bandar Sri Sendayan

Today, we look at Bayu Sutera, a new series of residential homes at award winning development of Bandar Sri Sendayan. Bayu Sutera offers a mixture of modern and contemporary design layouts and there are a total of over 2,000 units of terraces to cater to small to medium families.

Please do note that if you are working nearby KLCC today, the distance between point to point (Bandar Sri Sendayan to KLCC) is around 71km. Driving duration is around 1 hour. Distance may be far but driving duration is not going to be too much difference versus staying in a ‘mature’ area and leaving home during peak hours in the morning.

If you are a single, there are many available choices along the way or closer to KLCC too. If you have the flexibility of time, have just gotten married and wife’s not working or if you have a young family of 3 and aiming to become a family of four, do read on to have another good option of a home sweet home.

Lifestyle is now a key element

There were days when a landed home is a landed home. Today, it’s important that the home has that modern and contemporary look. It does not start with just the home itself. It starts from driving into the enclave and seeing lots of greenery. It starts from the smile of the security officer who will keep your family and you safe. It ends with a good night sleep in the well designed and spacious bedrooms. Bayu Sutera offers all these to the owners.

Family is a key theme now and future

The median age is 29 for Malaysia currently. This is why when we go to supermarkets, we see a lot of baby related products everywhere and there are more and more brands too. This also meant that we have many small families of 3 or 4 currently. Bayu Sutera have the necessary ingredients for a family.

If you ask me, a family with young children should spend more time together. These days, everyone is just too busy with work or ‘busy’ replying Whatsapps or busy looking at other people’s FB updates.

What has happened to just a short stroll and chit-chat loved ones, what about bringing the children to the playground or even playing in the swimming pool? Perhaps even a gym session followed by a sauna session? It’s possible to do all these and more.

Family time is precious time

There’s Breezeway, a 9.5 acre Central Park. With this size, it houses the following too. Matrix Galleria, futsal court, bicycle track, parcourse, reflexology path, viewing deck, amphitheatre, shelter, water features, walkway and children’s play area.

Owners could also join a comprehensive club house called d’TEMPAT with the following facilities too. I think it has everything I need too as I love tennis, badminton, squash and table-tennis too. Not a great player but I love racquet sports.

Swimming pool, aqua gym, Jacuzzi, wading pool, splash pool & fun pool
Gym & aerobics room
Steam & sauna in our Members-only changing room
Tennis, badminton, squash & table tennis room
Bowling alley & snooker room
Mini theatre
Children’s playroom
Banquet hall & meeting rooms
Exclusive discounts on F&B

Conveniences include the S-M-S (School – Medical – Supermarket) too

There are over 8 – 10 schools within easy reach and they include choices from international to government funded schools and even Chinese and Tamil schools too. For example, Matrix Global school, SJK(C) Bandar Sri Sendayan, SK Sendayan, SJK © Tung Hua S2 Heights, SJK(T) Bandar Sri Sendayan too. There are even universities such as Nilai University and INTI International University too. All these provide conveniences to Bayu Sutera owners too.

Medical Centres are the other important element for housing developments. It’s always reassuring to have medical facilities nearby for unforeseen circumstances. Medical centres such as Columbia Asia Hospital, KPJ Seremban Specialist Hospital and Hospital Tuanku Ja’afar Seremban. All these medical centres are 11km, 12km and 14km away respectively.

Everyone has their favourite supermarket brand which they are a member of, probably. Owners of Bayu Sutera could visit one supermarket brand every weekend and have enough choices for many weeks. They include Mydin Hypermarket Seremban 2, AEON Seremban 2, Lotus’ Seremban 2, NSK Trade City Seremban and even Palm Mall.

Accessibility to Bandar Sri Sendayan

We can reach home via the North-South Expressway or the Seremban – Port Dickson Highway and there ‘s also the proposed Senawang – KLIA Expressway too. Anyway, if it means we could reach home, it also means that buyers of Bayu Sutera are also connected to everywhere via these expressways too.

By the way, Port Dickson Waterfront is just 26km away, the KLIA is just 30km away, A’Famosa in Melaka is only 96km away. It’s now possible to say, ‘Let’s drop by Melaka for Nyonya Food’ anytime someone craves for anything that’s delicious in Melaka.

Now, we talk about the home itself

The homes are under freehold status. Yea, I think many buyers find this to be very attractive.

These are 2-storey link homes (yes, terrace is also another name for it too). Sizes range from 20ft x 70ft to 24ft x 70ft. How wide is 20ft? A typical car width is 5.5 – 6ft. So, if you park two cars side by side, both these cars occupy 11-12ft leaving another 9-10ft for both the cars to have their doors opened widely. Anyway, this is also why homes which are smaller in width, say 16ft width would also advertise that it’s possible to park two cars side by side too. So, 20ft is considered ‘luxurious’ for two cars.

There are 4 bedrooms and 3 bathrooms and if one gets the corner unit, then there would be 4 bedrooms and 4 bathrooms.

Size matters in a home

Built-up is 2,212 sq ft which meant that there’s really ample spaces in the home and the rooms are spacious too. Do note that there’s a huge difference between a 2,212 sq ft space and 4 bedrooms versus a 1,000 sq ft space and 3 bedrooms yeah. This is why it’s always that choice between much bigger space and extra driving duration or smaller space but less driving duration.

It’s hard to imagine anyway.  Go drop by their sales gallery to see and also ask a lot of questions to their sales people.  I am sure you will be able to decide better after that.
Click here to know more.

Conclusion

For a couple thinking of a good place to start a family and a family with young children, Bayu Sutera is a good choice to call a home sweet home. Of course, Bayu Sutera is not nearby KLCC or Mid-Valley mall or within a walking distance to a new MRT station. So, let’s look at what matters more to the buyer; landed vs high-rise, distance vs size and all the above points too.

Bayu Sutera has all the necessary ingredients to make a home sweet home for a long time to come because Bandar Sri Sendayan is still a growing township. It could also be a dream home too but that’s for you to decide.
Here’s that link for you to find out more again.

*All images used in the article are artists impression only.

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Landed Homes – Yesterday, Today and Future

[Paid Review]
Space is always a luxury today and tomorrow

There was a recent article about Malaysians loving more space when it comes to their home sweet home. Frankly speaking, everyone loves more space. Everyone wants to buy as much space as possible even if they were only buying their first property. Prior to COVID-19, maybe that need for space may be slightly less important but today, space is certainly the most important. Many companies are also allowing their employees to work from home on some days too. In other words, the working professional would also need to have a proper working space too.

Landed home versus high-rise not the right comparison

I also had a conversation with someone just one week ago when he treated me to a good latte. He asked me about my personal thoughts about landed properties since I have high-rise properties in 6 cities / towns in Malaysia. I told him that I do not think it’s landed home versus high-rise properties. Actually, with the demand for lifestyle, landed homes would need to evolve to provide all the extras which many working professionals are looking for these days.

Landed home then and landed home now

Seriously, I am not too keen on landed homes just because they are landed homes. It has to be a landed home within a properly designed township. It has to give me the good vibes as I drive home and see lots of greenery. It should have a park within the township so that I could take a stroll anytime I want. It should have access to a proper club house with facilities.

There is no need to ask me how many times I intend to use the facility. It’s super important that when I want to have access, I do have access. My family may want to enjoy those facilities. My parents may want to have their morning stroll. My friends and colleagues would feel enchanted when they visit me for a party at my home.

By the way, this is lifestyle yeah. People also do NOT show and tell people about their luxury car but there would be time when they just want to show people their luxury car or their luxury watch or their premium handphone or whatever.

The developer is very important and must be a primary consideration

Frankly, a property will most probably be the most expensive asset we would ever buy in our lifetime. This is also why when we are choosing a property, it’s very important not to just believe whatever the developer tells us but we must also check the background of the developer.

How long have the developer been developing homes?

Are they a public listed entity? Could we take a look at their financial results to give us more assurance that this development will be completed?

Could we drive to that township which they said they are building and see if that club house they talked about is already completed or still one patch of land with nothing on it?

One key difference between an established developer and a new one would be track record(s). An established one would provide that extra assurance that all would be smooth and project completion would allow the developer to continue developing even more projects too.

The developer of bandar Sri Sendayan is Matrix Concepts. This is what they said publicly in their website.

“Matrix Concepts Holdings Berhad (“Matrix”)
 was listed on the Main Market of Bursa Malaysia Security Berhad on 28
th
 May 2013, In the following year, Matrix joined The Edge Billion Ringgit Club.

The principal business activities comprise five pillars of strength:
Property Development, Construction, Education, Hospitality and Healthcare.
 The Group, helmed by talented and experienced human capital and powered by a dynamic management team, has strategically emerged as one of the top leading developers in Malaysia.”

Meanwhile for its latest financial performance, this was reported in the media. “Matrix Concepts Holdings Bhd’s net profit increased 48.4 per cent to RM47.04 million in the first quarter (Q1) ended June 30, 2022 from the RM31.69 million recorded in the same quarter a year ago.

Its revenue increased 40.3 per cent to RM229.26 million from RM163.44 million.

The property developer said the improved performance was driven by a significant increase in revenue contribution from its residential and commercial properties.”

The property developer said the improved performance was driven by a significant increase in revenue contribution from its residential and commercial properties.

Now that we know the developer, let’s talk about the project and the township.

Landed homes a few notches higher than just a few rows of landed homes

Too many times we have grand promises. “The club house will be ready when you take your keys.” Or the promise that there are schools being planned. There are many more promises but for Bayu Sutera, they are not going to promise any of these. The reason is because Bayu Sutera provides all its buyers with iconic iconic landmarks such as d’Tempat Country Club, Matrix Global Schools and X-Park. In fact these are the main reasons for the success of this development.

Bandar Sri Sendayan is an award-winning township

Bayu Sutera is located within the award-winning development of Bandar Sri Sendayan. Bayu Sutera offers a mixture of modern and contemporary design layouts and there are a total of over 2,000 units of terraces to cater to small to medium families. By the way, buyers would love this latest Precinct 4 phase because this phase called Elonia is situated at the highest ground among all previous launches.

Success with earlier phases in Bayu Sutera

The reason for the positive take-ups for all earlier phases were because the development was located just a stone’s throw away from the iconic landmarks in Bandar Sri Sendayan such as d’Tempat Country Club, Matrix Global Schools and X-Park.
Elevated and Premium Living is possible with Bayu Sutera Precinct 4

Bayu Sutera provides an elevated and premium living. I think it caters for first-time homebuyers, empty nester, from small to medium families’ homes as well as homeowners who like to upgrade their lifestyle. There is a big difference in staying in just a landed property versus a landed property within the right location surrounded by lots of amenities yeah. This is Bayu Sutera Precinct 4 @ Bandar Sri Sendayan. The earlier Phase 1 and Phase 2 has been fully sold out. Meanwhile, Bayu Sutera Precinct 4 is open for sales now.

Let’s take a closer look at Bayu Sutera in Bandar Sri Sendayan.

Super spacious 4 bedrooms and 4 bathrooms with a fully extended layout

Older terrace homes would usually have a shared bathroom but Elonia comes with spacious 4 bedrooms and 4 bathrooms and the home has a fully extended layout which meant the home is very spacious too. Say goodbye to sharing and start enjoying privacy as well as convenience too. If you ask me, I do think all future landed homes would have these traits too.

Sizes range from 20ft x 70ft. It has a wide car porch. Parking two cars side by side is easy and one would not feel cramped. Some landed homes do advertise that parking two cars are possible but if it’s just 16ft wide, it will be cramped. So, 20ft width is considered ‘luxurious’ for two cars.

9.5-acre residents private Central Park @ Bayu Sutera

This is lush greenery within Bandar Sri Sendayan and there’s Carnelian Park, Sendayan Green Park and this meant that everyone can enjoy the outdoors when they like. Jogging within lush greenery is now possible everyday if you are really one of those loving to keep fit. Else, this new home may just start your morning exercise journey!

Comprehensive Club House (yes, it’s completed)

Owners could also join a comprehensive club house called d’TEMPAT with the following facilities too. I think it has everything I need too as I love tennis, badminton, squash and table-tennis too. Beyond these sports which I love, the club members would also have access to the following facilities too within d’Tempat.

Swimming pool, aqua gym, Jacuzzi, wading pool, splash pool & fun pool

Gym & aerobics room

Steam & sauna in our Members-only changing room

Tennis, badminton, squash & table tennis room

Bowling alley & snooker room

Mini theatre

Children’s playroom

Banquet hall & meeting rooms

Exclusive discounts on F&B

Excellent Connectivity

Bayu Sutera is located at the heart of Bandar Sri Sendayan, the key growth area within Malaysian Vision Valley 2.0. It is easily accessible through North-South Highway, it just not far away from Seremban toll. We can reach home via the North-South Expressway or the Seremban – Port Dickson Highway and there‘s also the proposed Senawang – KLIA Expressway too. Anyway, if it means we could reach home, it also means that buyers of Bayu Sutera are also connected to everywhere via these expressways too.

Meanwhile, it is now possible to go for trips! Port Dickson Waterfront is just 26km away, the KLIA is just 30km away, A’Famosa in Melaka is only 96km away. It’s now possible to say, ‘Let’s drop by Melaka for Nyonya Food’ anytime someone craves for anything that’s delicious in Melaka.”

Conveniences for all Bandar Sri Sendayan owners

School.
There are over 8 – 10 schools within easy reach and they include choices from international to government funded schools too. For example, Matrix Global school, SJK(C) Bandar Sri Sendayan, SK Sendayan, SJK © Tung Hua S2 Heights and more. Universities include Nilai University and INTI International University too.

Medical Centres.
 Nearby Medical centres include Columbia Asia Hospital, KPJ Seremban Specialist Hospital and Hospital Tuanku Ja’afar Seremban. All these medical centres are 11km, 12km and 14km away respectively.

Supermarket.
 Meanwhile for groceries, the supermarkets nearby include Mydin Hypermarket Seremban 2, AEON Seremban 2, Lotus’ Seremban 2, NSK Trade City Seremban and even Palm Mall.

No one buys a home without seeing the actual place

Okay, maybe there are people who have bought homes without ever been to the place. In my 19 years of buying property experience, I have just bought twice without ever been to the place. Both are not for a home sweet home yea. When I am buying a home sweet home; place to stay for a very long time, I will drive to the place and ask the sales people a lot of questions too.

Just need to remember that for the majority of everyone, it’s best to really know what are we buying, where are we buying and WHY are we buying as well

New launches in Bayu Sutera – Elonia

For those who missed out on the earlier phase, Elonia @ Bayu Sutera is open for sales now, which offers 4 bedrooms with ensuite bathrooms, bigger built up and it’s located on a higher ground. Those who are interested to register with Matrix Concepts to entitle for early bird benefits in Bandar Sri Sendayan & Others

Do visit and discover more about Bayu Sutera. The new sales galleria at Bayu Sutera now open for visiting.

https://elonia1.bayusutera.com/

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BBB + B? Buy, Buy, Buy is BACK?

Correction: Stamp Duty Exemption is STILL just for First-Time Home Buyers ONLY.
Earlier article here about the suggestion for stamp duty exemption to be open to all and not just the first-time home buyers.
The Finance Ministry has just announced stamp duty exemption for ALL purchases of properties during the Home Ownership Campaign (HOC) from 1st January – 30th June 2019. The below is an example of what stamp duty is for year of 2019 as well as the stamp duty during the HOC 2019. It’s 1st February 2019 today, so there are now just 5 months more before this campaign ends. How much could we save? Actually,it’s pretty significant. Assuming it’s an affordable property of RM300,000. Applicable stamp duty are as follows:

RM100,000 x 1% = RM1,000   and remaining RM200,000 x 2% = RM4,000.  Total stamp duty for a RM300,000 home is RM5,000. We are talking about a brand new iPhone (latest model)  or even a holiday for the whole family of 4. (Cuti-cuti Malaysia lah)

Finance Ministry says that this will also help Malaysian households from the B40 and M40 to own a property. This HOC will be supported by the Real Estate Housing Developers Association (REHDA) where all its members will provide a minimum discount of 10 percent on all completed properties while the government helps with the stamp duty exemption. The exemption will now cover homes which are RM300,000 all the way to RM2.5 million. However, the stamp exemption is limited to the first RM1 million of the RM2.5 million property price. The remaining value of the home will be based on 3% stamp duty. The stamp duty exemption also covers loan agreements of up to RM2.5 million. Previously, the stamp duty on SPA for the first RM100,000 of the property price was 1%, RM100,001 to RM500,000 was 2% and RM500,001 to RM1 million was 3%. For properties priced at RM1,000,001 to RM2.5 million, the S&P stamp duty will remain at 3%. Meanwhile, the stamp duty for loan agreement of properties priced below RM2.5 million was 0.5% previously. This offer is only for Malaysians.
Full press release from Ministry of Finance here.

So, is it back to the BBB + B period? Buy, Buy Buy is Back? A word of caution yeah. First-timers should take advantage of this and buy the properties which is within their budget. Please also make sure that after the 10% or more discounts, the price of the property is not much higher than other properties within the same area yeah. This is not the time to be gung-ho and try to stretch from that RM300,000 property to a RM400,000 property just to save an extra few thousand ringgit yeah. Buying is just the start. Paying instalments will take the next 30-35 years. Anyway, banks will still conduct their due diligence before granting you the loan. Happy buying during HOC 2019.

written on 31 Jan 2019

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7 things about home loans we should know before we apply for one.

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BBCC : Construction work started, 2021 for mall.

Bukit Bintang City Centre (BBCC) is definitely a huge development within a hot location. Okay, it was a former prison ground. That’s going to be the past and when it’s completed, after a while, the newer generation would not even remember or note that it was formerly a prison. BBCC has a gross development value of RM8.7 billion and it sits on a 19.4-acre land. Total gross build-up area is 6.7million sq ft. Today, many articles were talking about the groundbreaking ceremony. Here’s
one of it in NST
. It detailed the developments within BBCC. Phase 1 will be completed by 2020. It includes a retail mall, a 4-star hotel, an entertainment hub, serviced apartments, hotels, strata offices and an 80-storey 3-in-1 signature tower housing corporate offices, a 5-star hotel and luxury residences.

Always note that developers can build malls but only experienced mall operators would have a higher chance of success. This is especially when there is an oversupply of malls within the Klang Valley. There are some bleak predictions too actually except for the survivors.
Malls? 50 percent (tough),20 percent (sloe) and 100 percent up (survivors)
 The mall is going to be operated by a joint venture company between BBCC and Mitsui Fudosan. It will own and operate the estimated RM1.6 billion retail mall at BBCC, with Mitsui Fudosan Asia owning 50 per cent of the shares and the rest owned by UDA Holdings Bhd, Eco World Development Group Bhd and the Employees Provident Fund Board. Who is Mitsui Fudosan yeah?
Lalaport mall from Japan in Bukit Bintang City Centre by 2021

They are not a new company to Malaysia and I think as long as they have a good concept, it will do well.

Connectivity wise, it has these. It will have direct access to the Hang Tuah Station on the LRT and KL Monorail lines. A 5-minute walk would enable one to reach the Merdeka Station on the MRT Sungai Buloh-Kajang (SBK) Line. It should be operational next month.
Take MRT yeah. Save more than driving and parking
There will be approximately 300 stores in this mall. For even more readings on
Mitsui Fudosan’s plans, read here.
 Based on my office, I think a visit to this mall is most likely, perhaps on a Friday when I have a longer lunch break. The only issue? It will only open in 2021. 🙂  Perhaps by then I should take the MRT from my home instead. 🙂  Oh yeah, if we are a contributor to the Employees Provident Fund (EPF), let’s support this development as the profits would form a small part of the dividends to EPF members. EPF owns part of this development.

written on 21 June 2017

Next suggested article:
EPF: Investing direct, 5.7 pct dividend versus 6.4 pct in 2015

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