Kids spending too much is not the kids’ fault. THINK.

Do we realise kids spending too much is not the kids’ fault?

Millennials are usually faulted for being too soft (for those who are unable to handle even a little stress) or for being overconfident of themselves (wanting to be promoted to be a manager even before 30) and also being very materialistic (always wants the best and ahead of their peers). By the way, before everyone got carried away, it may not be their fault yeah. We focus only on the personal finance part.

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Perhaps we look at their parents instead? The saying in English? Like Father, Like Son? Well, not exactly that but when parents continue to give their kids things which are well above what they could even afford by themselves, then of course it will be an issue when the kids grow up. Come on, their whole lives until their first salary on their own, they were having lattes in cafes and some special cheesecakes every afternoon for probably RM35 or more. It’s impossible to expect them to suddenly realise they are in trouble if they continue spending like that, right?

“I could not accept this job as it pays me just RM3,000 every month. If I accept it, my father will laugh at me because he gives me RM4,000 allowance every month.”  An actual conversation from a fresh graduate candidate a couple of years back. Obviously she passed the interview and was being offered by the employer. When we think of her parent, an allowance of RM4,000 really tells a lot right. Yeah, she probably does not really need a job anyway. Lucky for her. Unfortunately, majority of all millennials do not have such luxury yeah.

There was this
article not too long ago. “millennials spending beyond their means.”
Inside the article, these were stated. Millennials or Gen Y – the generation born between 1981 to 1996 – spend well beyond their means due to “impulse-buying behaviour, easy access to personal loans and credit card financing, the want for instant gratification and seamless online purchasing”. 40% says they were spending more than they could afford. 70% says they were not satisfied with their current income.
Here’s that full article for reference. (click to read)

I have calculated. I could afford to go to the cafe for a latte and a cheesecake everyday too, currently. At the moment, I think my cafe moments are limited to just once or at maximum twice per week. As for my kids, they eat at home and must accept the deliciously cooked food by my wife. Haha. My daughter who’s just 7 years old rejected my wife’s money offer to buy food from the school canteen just a couple of days ago.

She said, “RM2 for that bowl of noodle is too much, I could not finish. You just give me two slices of bread with strawberry jam please.”  Hopefully, this would also mean they will not face such financial issues in the future when they start working? As for me, I will always finish all my food on my plate. My parents have taught me well I think. We used to have fish only once per week when we were much younger. Happy following kopiandproperty.com as I also see my kids growing up.

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How to invest when we are used to spending since young? Parents, take note.

It was 4pm on a weekend. My sister suggested a tea break session which was quickly agreed by my brother and I. We went to a nearby cafe. After ordering the food and drinks, we went to find a table. The whole cafe was full of people. Specifically, full of teenagers and young adults. I was definitely the oldest adult there. A latte and a slice of cake is around RM25. Some of the tables had main courses which meant that the total bill would be even higher. Most were chit-chatting and my guess is that they were spending their pocket money or their hard earned salaries. Perhaps they were there for the first time after saving for a few weeks. 🙂 Anyway, my point is simple. If they are already used to spending so much even before they start working, when they start working, it will be hard within their pay. That is why some articles point out the fact that fresh graduates ask for up to RM6,500 per month in starting pay.
Here’s that article in FMT.

Anyway, when the salary is not enough, credit card comes into the picture. Then, there would be those surveys that reveal that young people these days would not want to buy a home. Actually, the major reason would be because they have spent most of it.
Second reason would be acceptability.

It’s unacceptable to live in a flat or even a secondary apartment. There has also been many surveys which continue to show that salaries for fresh graduates have not changed much through the years. Some would claim that this happens only in Malaysia. Well, it happens in the UK too. Here’s one article in
The Telegraph. Retire today and you are 46 percent worse off than 10 years ago.
It happens in Australia too. Reported recently in
The Sydney Morning Herald: War on wages: Australians are working harder and going backwards
  Yes, it happens even in the most powerful nation in the world today. Article in
HuffingtonPost here: ‘income and wealth equality.’

I think it is very safe to say that if one were to rely only on salaries alone, it’s going to be a very tough future unless we are really disciplined and save, save and save. Statistically? Based on the usual pyramid of an organisation, perhaps just 20 percent of fresh graduates would move on to become a manager. Out of these managers, perhaps only 20 percent would move on to be
senior managers

and out of these senior managers, perhaps just 20 percent would become top management. Out of these top management, perhaps just 20 percent would be top management for hug public listed companies or multinationals. In other words, for most of those who started as a fresh graduate, the salary growth is likely to be capped since there are no continuous promotions after a while. Here’s one such story:
Don’t pressure your manager, just perform
 No wonder only a very small number of working professionals could ever afford a RM1,000,000 property in Malaysia. Work harder, work smarter so that we can rise up faster. For parents, perhaps can help by not cultivating a habit of having lots of pocket money to spend? At the same time, INVEST.

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written on 26 Aug 2017

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Kidex off but replaced by underground expressway?

For past few days, there has been many news report about a replacement for the Kinrara-Damansara Expressway (Kidex). Due to all the objections about Kidex which is going to be built above the ground, the suggestion was for the Kidex replacement is to be build underground. The reason is because no matter what happens, a new expressway has to be built to accommodate Klang Valley’s growing traffic volume. Today, reported in TheMalayMail online, the Works Ministry has clarified that there were no concrete plans for an underground highway to be built as an alternative to Kidex.

According to Works Minister Datuk Seri Fadillah Yusof, the federal government was open to any proposal to increase connectivity and to manage traffic but whatever being proposed should have sound and viable financial and technical aspects and this includes even an underground tunnel. Replacement for Kidex is needed because the public transportation alone is insufficient. In fact even the buses would face punctuality issue because of the traffic on existing roads. Of course, the approval for any new expressway would have to come from the Selangor government. This is because land and development approval is under state jurisdiction.

Kidex is no longer part of Selangor’s 2035 structural plan and it has been cancelled. The reason was because the developer, Kidex Sdn Bhd had failed to meet necessary pre-conditions. An independent review of Kidex by MDS Traffic Planners and Consultants also showed that the project suffered from a poor planning process between various government levels. It highlighted the concerns for the expressway as it was also encroaching into residential homes and public buildings like schools and hospitals.

My opinion remains the same. Decision on whether to have or not to have this should be based on studies done and the reasons based on the studies done why the expressway is needed. Always remind ourselves, any expressway construction would take many years but Greater KL is growing extremely fast due to the urbanisation. If an expressway is needed, put all politics aside and push it through. As for the underground option, I think it will cost much more than a conventional one built on the ground or even above the ground. Higher costs simply meant higher toll rates. I am not sure if there are any developers with deep enough pockets to fund this.

written on 30 Sept 2015

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Kiss your sales goodbye

Have you ever been to any developer’s showroom and the sales people ignored you? Perhaps it was because the said property is within the luxury segment while you were wearing a ‘I love Melaka’ T-shirt, wearing a bermuda short and slippers? Perhaps because the sales people did not see you? Perhaps they were too busy with their Facebook account? No matter what, that’s the end of whatever attractiveness that the said property has. I think there are only another 30 other similar projects being launched at the same time. Kiss your sales goodbye.

How about sales people who noticed you, rushed to you with a booking form and tell you that there are only very few units and that you must quickly make your decision. When you asked a few other details, the sales person told you in advance that all the cheaper units are sold and now left just the high end ones. When he saw you are still in the consideration mode, he told you that you can continue browsing and he left without even giving you a brochure? Kiss your sales goodbye.

What about sales people who answered your queries with, ‘you can read in the brochure.’ When you asked another question, he answered, ‘I do not know but it is not important, many people already booked.’ When you asked why did they book, he answered, ‘that day one buyer said this project is value for money.’ Irregardless of whether that sales staff is from the developer’s side or from the assigned agency side, what would be your response to such an awesome knowledge level?

I think the many years of good sales may have caused these arrogance? Perhaps the developers just never bothered to train their sales people well? Perhaps the agencies just could not get good people and have been hiring simply any Tom, Dick and Harry? Okay, maybe the main reason is because there were too many indecisive buyers or even arrogant buyers? I think it’s okay to let these people keep up their amazing attitude. They just need to remember this statement from their potential buyer, ‘kiss your sales goodbye.’

written on 21 Mar 2015

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KKIA – currently 9 million and up to 12 million passengers in future

I read an interesting piece of news for Kota Kinabalu in
propertyhunter.com.my
  In 2016, Kota Kinabalu International Airport (KKIA) handled 7.2 million passengers. (This means that it remains the second busiest airport in Malaysia after KLIA, ahead of even Penang International Airport (PIA) which many may see as the second busiest airport in Malaysia. In 2016,
PIA is expected to handle 6.4 million passengers. Read here.
) A difference of 800,000 meant that KKIA should continue to lead PIA even for 2017. Today, KKIA has a capacity to handle 9 million passengers and based on estimation, it will reach its full capacity by 5 years. Beyond that, with some renovation, it will be able to handle up to 12 million passengers. According to Malaysian Aviation Commission (MAVCOM) chief operating officer Azmir Zain, he has received an explanation from MAHB (Malaysia Airport Holdings Berhad) that with some adjustments and renovations, KKIA can handle up to 12 million passengers per year.

Azmir also shared that air connectivity is critical and that the rural areas in Sabah and Sarawak still need to depend on air connectivity. Thus the rural air service (RAS) will continue to have focus. There is also the Pan Borneo Highway project which seeks to connect all the coastal cities in Sabah and Sarawak. He also confirmed that MAVCOM will impose a levy of RM1 (US$0.23) on air travellers departing Malaysia airport as early as 2018. The levy will be tabled in Parliament in Oct 2017. If it goes through, the levy will apply to all departing passengers to both domestic and overseas destinations except for RAS routes in Sabah and Sarawak. The levy collected will be used to sustain the financial position of MAVCOM so that it will be ableto work independently in drawing up their airport services, setting and the enhancement of the Malaysian Aviation Consumer Protection Code 2016. (I think independence is pretty important in this case. Civil Aviation Authority of the UK also does not receive any direct government funding.)
The full article here.

One major reason why Ipoh will find it hard to compete with Penang or the Klang Valley is because it does not have a

proper international airport. It is the capital city of Perak.

Kota Kinabalu is the capital city of Sabah. It deserves all the attention and with more flights and passengers, it meant that there would be more economic activities happening within Sabah and indirectly everywhere else that the airlines fly to from Kota Kinabalu. With direct flights, tourism can fluorish. Even new investments would be flowing in more smoothly because there is no need to look for alternative accessibility links for example. I hope that the
international flights into KKIA
 would continue to increase. There are so many more destinations that low-cost airlines could develop with the more advanced cities within the 5 hour radius. Yes, current level of the ringgit helps too. See you soon KKIA. I usually go at least twice a year.

written on 19 Aug 2017

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KL as a Mega-City

Greater KL should have 10 million population by the year 2020. Is this a lofty goal? Well, the truth is, if everything is geared towards making this a reality, then it is no longer just a dream. It is a goal which is happening even as we speak. Greater KL has a population of around 7.2 million today and is expected to hit 10 million within the next 5 years. Oh yeah, by calculation, it needs 80,000 new homes on a yearly basis. KL city itself is 243 sq km and has an estimated population of two million but Greater Kuala Lumpur (KL City, Putrajaya, Klang Kajang, Subang Jaya, Selayang, Petaling Jaya, Shah Alam, Ampang Jaya and Sepang) covers an area of 2,793.27 sq km. This population will be connected via High Speed Rail (HSR) with the following towns and cities. Seremban with 556k people, Melaka with 790k, Muar with 248k, Batu Pahat with 417k and of course, close to 6 million people in Singapore. If you think by 2020 KL will be gridlocked, think again. MRT Line 1 will be ready within 2 years and MRT Line 2 has also been announced. Do not forget, MRT Line 3 may be next in line. Greater KL would be completed by a few extremely huge developments such as Tun Razak Exchange (TRX),
Bukit Bintang City Centre
 (BBCC) and
Kwasa Damansara
.

Using the United Nation’s projection, there would be 28 global megacities comprising 10 million inhabitants. Yeah, perhaps not the top 10 but top 28 within the world is still a huge achievement because Malaysia is considered a small nation when compared to the world. It said that today, 54% of the world’s population live in urban areas and this will increase another 10% by 2050. Projections also show that 90% of the new 2.5 billion people moving to urban areas would be from Asia and Africa. I hope everyone sees the main reasons why I am always pro-Asia instead of Europe. I love travelling to Europe, even more than travelling within Asia. However, for investment, make no mistake in selecting the right growth areas. Do not buy based on yesterday’s results. Buy based on what the future may be bringing. Think long term instead of the usual speculative thoughts of wanting fast money.

Personally, I prefer to invest in places which have lots of rooms for further growth. I am very sure the matured ones or the current hotspots would continue to appreciate in value but that’s the reason why I would prefer in newer areas. When these hotspots reaches a new high, the newer areas would be following suit. It’s just a normal transition. When we look at the potential new demand due to the continuous urbanisation, we can see that the potential continue to be huge, as long as we do not close our eyes and buy. In many developed nations, these opportunities are no longer there. In a young country where the growth is continuous, do not make the mistake of ignoring this altogether. It is true that one may not need property investment to be financially free or independent but it is also true that it would be easier to do so with the right investment; real estate. Happy understanding about KL as the next mega-city of the world.

written on 27 Dec 2014

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Average Value of residential properties in KL is RM673K

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KL average property price down, now at RM714,000

All charts were provided by Michael Geh , Senior Partner of Raine & Horne and also the Vice-President of FIABCI Malaysian Chapter with numbers from NAPIC. Great news if you are thinking of KL. The average property price in KL has showed a drop instead of staying stagnant like the average property price for Selangor or the slight increase for Penang. Yes, I am talking about the average property prices for KL, Selangor and Penang for Q1 2015 in comparison to  Q4 2014. The average property price in KL for Q4 2014 was RM729k and it has dropped to RM714k in Q1 2015. Read here for an earlier report one year ago:
Average Value of residential properties in KL is RM673k

So, we can see that the prices are still higher than one year ago but I am hoping that Q2 2015 may see another slight drop. We shall see when the report is out later in the year. Before everyone starts to hope that the prices would continue to drop and drop, I seriously think we must be cognizant of the property market. A continuous drop in property price is NOT considered an awesome thing. Prices must adjust to a good and affordable level but today, prices for secondary remain to be accessible even if many would debate with me on the term affordable.

So, what should be the strategy now? Well if there’s a drop in price, there must be some opportunities which we should try to identify. If you are buying for the first time ever, there’s no such thing as a best time or the worst time. As long as you buy within your means, it meant others can also buy from you in the future. If the prices go down and you are staying in it, you do not lose until you sell. Since you are saving on rental, there’s no need to sell and incur both losses and rental. Haha. However, if prices do move up, the one who is laughing to the bank would be, YOU. Happy thinking of KL properties or perhaps you can also expand a bit to cover Selangor properties. There are even more choices and lower priced too.

written on 10 July 2015

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KL is becoming too expensive? Now ranked 182 / 475 cities. Wow…

After travelling 18 days in Australia, specifically Sydney and Melbourne, all I can say is that I need real food, for example Nasi Lemak with Ayam Rendang and I don’t even mind if the rendang is not crispy. Just joking yeah. Anyway coming back to topic, it’s expensive here (Sydney and Melbourne for a Malaysian) and I know, people wants to tell me that it’s because of your currency, that’s why. Perhaps it’s also good to ask those Australians struggling to get a decent home closer to the working place instead of one that’s over an hour drive away? I would love for ringgit to be stronger, who does not? A BIG BREAKFAST set in Sydney is around AUD25-30, depending on the place inside CBD. Whether it’s a proper restaurant or inside a small cafe. This is not something very affordable even if our Australian friend is earning AUD and not RM. I know, one does not need to eat BIG Breakfast sets every morning… By the way, an Australian earning above AUD7,000 is already within the top 25 percent income earners in the country.
Source: sbs.com.au

The middle income Australians? They earn between AUD21,930 – AUD78,205 per annum. Monthly wise, that’s between AUD1,800 – 6,500 per month.

Cost of food is however not a major determinant for cost of living. It’s usually related to property… From renting that commercial space to running a business to buying a shop-office within a popular area and even all the way to buying a small SOHO within the CBD or a modern and spacious home in a suburb around an hours away, all these would determine where most of our earnings go to. Remember that big breakfast set? Well, even if one were to eat it every morning, that’s still just AUD900 per month. Eat it for lunch as well, that’s AUD1,800 per month and if we include dinner, it’s still only AUD2,700 per month. Meanwhile, a mortgage for a AUD1,000,000 home with a 10% downpayment? That’s about AUD4,560 per month for the next 30 years or around 360 months… This is just so that one has a home yeah. Please take a look at the image for the housing affordability for some countries in the world not too long ago.

Source: Edgeprop image

Do not worry that you did not see Kuala Lumpur being listed yet. We are on the way up, definitely. Latest ranking show that out of some 475 cities, KL is now ranked 182nd MOST EXPENSIVE among the world cities.
Here’s that article in edgeprop.my
  Some of the items the researchers used in their calculations include: a litre of petrol, cinema ticket, a cup of cappucino and even half a pint of beer at a bar. This is what ECA International Asia regional director Lee Quane said in a statement in the article, “In the case of Malaysia, especially in Kuala Lumpur, this shows that the inflationary impact of the imposition of GST (Goods and Services Tax) seems to have been brought under control. Rather, it is the relative appreciation of each country’s currency that saw Bangkok and Kuala Lumpur rise in our rankings to 99 and 182 respectively.” Here’s that article for everyone to read yeah.
They have many more examples too.

I hope everyone noticed that Thailand is ranked HIGHER than us despite RM1 equalling to Baht 8. A friend pointed out many months ago that the food in Thailand is cheaper than in Malaysia. Well, I do not wish to debate (though I am crazy over Thai food) but this morning I had a roti kosong and roti telur and LOTS of kari ikan and dhal plus a teh tarik for RM4.20 and I was so happy with it! (I just arrived from Melbourne yesterday…) My business partner meanwhile had a nasi lemak set with teh-O and total came to just RM3.60.  Would appreciate if anyone can tell me what kind of breakfast they can get in Bangkok, Thailand for around Baht 29-32 yeah. In a PROPER restaurant yeah, not some stalls along the street. Someone told me that they could have a good breakfast of fried mee hoon with egg and a cup of coffee in Singapore food courts for just S$3.50 It’s okay, I know their food courts are very clean even if it is not really a restaurant versus restaurant comparison.  All these calculations continue to tell us that currency strength does not necessarily mean higher affordability or even lower cost of living even if it’s much more advantageous when someone earning a higher valued currency travel to a place where the currency is lower. Yes, I am extremely happy with all the opportunities I get in Malaysia thus far and have zero intention to migrate. Travelling to Australia again? Of course! I love the first world experience there.  Happy travelling everyone.

written on 16 June 2018

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KL has the lowest cost of living within ASEAN? What’s the biggest cost of living usually?

We know the minimum wage is RM1,200 in major towns. However, do you know that the average cost of living in KL is RM3,262 per month? if we put both numbers together, that could only mean that many people working in KL now is actually spending more than what they earn every month. RM2,062 deficit every month if we use the average cost of living minus the minimum wage. In a year, this person would need to find extra RM24,744 as the monthly salary is just not enough. Before everyone questions the accuracy of the average cost of living estimation, let’s just read what the data from iPrice says.
This is the full and comprehensive article by iPrice.

Article in themalaysianreserve.com
.
    The cost of living for a single person in Kuala Lumpur (KL) is estimated at about RM3,262. This is the cheapest among its South-East Asian peers, according to data by iPrice Group Sdn Bhd.

According to Numbeo’s database, KL ranked second-highest in monthly average net salary of RM4,259, right behind Singaporeans, who are estimated to earn RM10,195 a month.

“Hence, the quality of life in KL is relatively better, especially after comparing it to other South-East Asian cities, such as Manila where its residents are estimated to earn only RM1,609 monthly. The cost of living in Manila even tops other South-East Asian cities such as KL by 33%, Vietnam (28%) and Jakarta (24%),” iPrice said in a recent statement.

There are a lot more details in the article including even the average salaries and expenses of others in South East Asia. Do read it here:
Article in themalaysianreserve.com

It’s an average number

When it’s an average number, it does say that there are those who earn higher and there are those who earn lower. This is not a median number where majority are earning around the same number. However, the study has also pointed out that the biggest portion of expenses would always be for that roof over our head. This is why without property, it’s usually poverty and this is also why property is a hedge against inflation.

There’s no need to think if it will happen. Just read the articles about those without homes in many advanced nations and understand that if it happens there, it will happen here.

Typical number to have a roof over our head?

We could rent an apartment / condo for RM1,000 or RM1,600 or even RM2,500 depending on how much we could afford. Most of the time, we will spend roughly 30% or higher of our salary on accommodation. Imagine earning RM3,000 and spending RM1,000 for accommodation or earning RM5,000 and spending RM1,600 on accommodation. How to break or reduce this typical average? Quite easy, stay where it’s cheaper and take the public transportation. In every major city in the world, rental varies tremendously for cheaper vs more popular and expensive areas.

Just remember to keep doing these 4 things

After we start working, stay focused and keep growing in our roles and responsibilities and thus our monthly salaries too. Manage our expenses (else no point in earning ever higher salaries) well so that when we grow our salary, we grow our ability to invest these extra money. Read, learn, attend free talks (where the speaker has nothing to sell you). Protect what we have with sufficient insurance cover and we should be just fine in the future.

Saying is easy, doing is way harder but if we look at the numbers, majority of the ones who moved to KL are still in KL. If it’s not working, the population growth should actually be negative instead. Happy understanding.

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My first visit to KL East Mall by Sime Darby Property

Just wanted to visit a new mall as I have NOT visited any new mall for at least 10 months? Dropped by KL East Mall by Sime Darby Property. Where is the location? Ask google map. Image below. Anyway, it’s really at the east of Kuala Lumpur. That’s why it’s called KL East. 😛  it has got nothing in common with many other ‘branded’ developments with north, south, east, west in their names as well.  So, KL East Mall is around 22 minutes away from KL city centre.  I think that’s considered okay.

Visitor Number
?

If I tell you KL East Mall’s number of visitors is like Mid Valley before the COVID-19 arrived, I think you will also be worried. (coz we need social distancing yeah) Anyway, the basement car park still has parking spots when I arrived at 11am but it’s definitely not considered empty even at 11am. Take a look.

When I stepped into the mall’s LG floor, there are already visitors walking around. At least 10 people were in the Starbucks. 3 persons sitting at Inside Scoop for ice-cream. Inside Scoop is just beside Starbucks. Yes… 11am, eating expensive ice-cream. (yes, I have eaten once and it’s good)

Are all shops open, yet?

Nope, there are still a number of lots which does not have tenants. There are also the lots where the tenant is certain (because the brand says it is coming…) but no idea when they will be moving in yet. This includes Decathlon as well. There are also lots where the renovation is completed and I could see the owner / operators inside the place doing some final touches. One of it is a bakery and cafe, did not see the name. As for the question of whether it’s worth visiting now, the answer is yes. There are sufficient brands there already and I had lunch at a place I have never tried before. Food’s good. Image below:

Other stuffs?

Car park is free at the moment for KL East Mall. No idea until when, there was no notice.  The layout is simple. Basically, escalators are available at the end, the middle and one could see all the shops easily whichever way one is walking. The Christmas decoration on ground floor is okay. One could take nice photos and pretend it’s cold.

There are also rest areas with retro chairs and tables along the floor too. During lunch time, many of the F&B outlets were full and this includes even the one I went which was full once I entered. Their menu is still not complete yeah, so choices are limited to mains. There’s one thing which I feel needs IMMEDIATE attention. There’s hardly any phone signal in the Basement and even in LG level in the mall. Fortunately as soon as one is on Ground floor and higher, there are no such issues.

Malls also need our support

These days, I make it a point to buy from different stalls / restaurants every morning. However, I think we need to also drop by malls because these outlets inside the malls are also employing Malaysians and they will also need to pay rental and salaries. Without support, we will soon see them closing down and well, this is how a mall will start losing even more visitors because no one would like to visit a mall with just half of the shops open. Especially everyone who’s staying nearby and wants to always have a community mall to be around when you need one.

Happy visiting KL East Mall yeah.

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KL Gateway Mall with 1,238 automated parking bays!

In my previous company, I used to travel to Bangsar South for meetings, at least on a monthly basis. I was still based in Penang then. I think Bangsar South is a good area. There’s MidValley megamall just minutes away (though finding parking during lunch time is not so easy). Else, there are also may stalls with cheaper alternatives. In my last visit there to have a good breakfast with my ex-CEO, I even wrote an article after that. Read here:
Bangsar South? Reasons and choices
 There’s an upcoming new mall called KL Gateway. It will open itself to competition from MidValley and of course all the other existing malls. There’s a recent article about it in
themalaymailonline.com

With regards to competition, Michael Chee, Head of Asset Management at Suez Domain Sdn Bhd (developer for KL Gateway) has this to say, “You have to carve a niche, to be unique in terms of retail. It’s not just about a shopping mall anymore, it has to be more than retail therapy.”  I support this statement and this is the reason why I feel that there will always be space for more malls, as long as they are not just another carbon copy of all the existing malls. People want choices, fresh ones please. According to him, the target group for KL Gateway would be the working, middle-class professionals and those from “affluent” neighbourhoods like Bangsar South, Damansara Heights, Seputeh and Taman Desa. He mentioned a few general brands like Daiso, H&M and Village Grocer plus the flagship of Korean fashion retailer The Twee. The occupancy rate for retailers is currently at 80 per cent. As long as there are enough choices, people would not visit once, feel a waste of time and tell all their friends.

Next would be something I would love to try myself. It will have automated car parking facilities. According to Michael, this will be the biggest of its kind in Southeast Asia and the second largest in the world. He explained, “You park your car in a lift and take a card which contains a 4-digit secret number, and after that the car is automatically parked at a bay. When you want to leave, just key in the number and the machine will tell you where the car is located.” There has been a few occasions that I had to spend some time looking for my car park space! I think this is also going to be a selling point because every friend I know hates to turn and turn and turn just to look for a car park. We are in a mall to shop! KL Gateway Mall will open to the public on March 2 this year. That’s less than 3 weeks away. Happy visiting and evaluating.

written on 12 Feb 2017

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KL Gateway – University monorail station. Cool.

A property developer’s marketing knows no bounds. Remember my earlier articles about how the developers are getting ever more imaginative? Read here:
Perhaps marketing is getting more sophisticated

 This was preceded earlier by all the awesome TV advertisements during the Chinese New Year of 2015. Read here:
Emerging Trend or Desperation?

Well, the latest one involved taking over the whole monorail station. Yes, branding at least in Malaysia has reached a new level. Three monorail stations were awarded to three companies who would now have the chance to brand the station to their wishes. They paid an undisclosed amount for the right to rebrand the stations.

The three rebranded stations would now be AirAsia – Bukit Bintang, Bank Rakyat – Bangsar and KL Gateway – Universiti.
Suez Capital, the developer of KL Gateway which is an
integrated development comprising of corporate office towers, residences and a retail mall will be rebranding the monorail station which is just opposite it. Prasarana introduced the Station Naming Rights concept last year. Of course this is not something new and has been done in other parts of the world including New York Metro, Metro Madrid (Spain) and even Dubai Metro (United Arab Emirates) Beginning August 2015, the new names would come into effect.

Would this branding help in selling more properties for Suez Capital? I certainly believe so even if no one would ever know how many actual units. The truth is, when the developers decided to advertise on billboards, HOW MANY actual units are they targeting to sell? What about their TV advertisement, after doing it during Chinese New Year period, how many units are expected to be sold? Last but not least and also I think the worst already, how many units do they think they can sell with a black and white advertisement in newspaper? Where the actual numbers in circulation is going down every year? I think the answer is very simple. Marketing is all about reaching out to the mass market successfully. Happy marketing.

written on 17 July 2015

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KL Hotels – 5th Cheapest in the world

This is something that I told many of my overseas colleagues and they AGREE. Yet, my colleagues and friends in Malaysia said, nolar, not true. Then they say, hotels in Myanmar, Thailand etc are cheaper. It is ok, just let it be because most of the time I am not staying in hotels in Malaysia anyway. According to TripAdvisor’s Tripindex Room Service 2014 , Kuala Lumpur is ranked 5th out of 48 other countries in terms of combined room service item prices and room rates. This is very reasonable First Class (4/4.5 star) hotel room rates in the world!

When it comes to combined rates, KL hotels are ranked 6th, with prices at about RM437.85. The items that they included into the room service include: a club sandwich (RM35.01), bottle of water (RM11.21), can of Coca-Cola (RM10.18), a mini bottle of vodka (RM18.93), packet of peanuts (RM9.54) and one dry-cleaned shirt (RM18.40).

Who’s BEST/FIRST? Well, our neighbour Jakarta has the cheapest combined rates for First-Class hotels. It is only at RM390.92 while New York City is most expensive, at RM1,421.90. Wait a minute, now people would say, of course we are cheap. It is calculated in RM. Dear all, the purpose of the study is for everyone in the world who is travelling to have an idea how much it really costs. The study was not meant for only Malaysians.

Actually, when we travel, do we really need FIRST CLASS hotels? I am very sure a lot of people would say of course. Personally, I would prefer a decent accommodation. When I travel, I never stay in dorms / hostels no matter how my friends say they are clean etc. However, I really do not think it is necessary to splash too much for hotel because as long as the hotel I am staying in has a good rating in Agoda, I would just book it. Thus far, majority of the time I stay in 3-3.5 star hotels instead. Sometimes, 2 star too, if their rating is really good. Ok, ok, I admit, that’s because I could not afford 5 Star ones. 🙂

written on 29 March 2014

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KL’s luxury condominium market? An update

My personal definition of a luxury condominium is one which is RM1 million or above. Yes, I personally do not think there are many Malaysians who can afford
RM900 per sq ft.

I do have friends who owns some of these units and actually none are desperately trying to sell the units, not yet anyway. One who owns such an older unit less than 2km away from KLCC has had to reduce her rental by 40 percent from the usual rate just 2 years ago. She said competition from newer units are too strong. For the same price, who would take an older unit? Full article in thestar.com.my
here
. Well, below is an update from many prominent property people.

According to Rahim & Co executive chairman Tan Sri Abdul Rahim Abdul Rahman, “At the moment, the market is tough but it’s a cycle.’
(He did not mention where are we in the cycle but then again, if we intend to invest, why worry too much)

Property consultant DTZ Nawawi Tie Leung managing director Eddy Wong says,“Some borrowers have trouble servicing their loans. But the situation isn’t dire, to the point that there have been fire sales. Nothing of serious concern.”
(I also do not see a huge number of distressed sellers yet. Adjustments however has happened, just compare the prices end 2013 and today and there’re definitely differences)

Historically, Abdul Rahim shared the following:

KLCC became a prime location for investors and buyers 10 years ago for high-end condominium. As the high-end world class homes became sought after, more developers started building similar type of homes. The trend carried on due to demand from expatriates and a bubble started building leading to an oversupply. Today the economy has been affected by the fall in oil prices and demand from expatriates for these luxury homes is on a downtrend. It will take at least two or three years to fully recover.

SK Brothers general manager Chan Ai Cheng says “It has been a challenging year for the property market at all levels. Market confidence (resulting in a lot of wait and see and not to over commit in uncertain times) contributes to most of it, topped with the cooling measures that targets high-end properties.
(I agree…
Sentiment is negative and it is not solely due to demand.
 Today, even if I have the money but I have a home to stay, why bother to do too much since everyone is saying worst is yet to come?)

Axis REIT Managers Bhd head of investments and Malaysian Institute of Estate Agents immediate past president Siva Shanker said, “We expect this segment to consolidate. Sales above RM1mil will slow; people don’t know when the market will recover. The market below RM500,000 is hot right now.”
(Based on my personal knowledge, I do not think the market below RM500,000 is hot right now. Moving perhaps. People with money are waiting while first timers are worried with all the negative news daily)

DTZ’s Eddy Wong said this about the luxury market. “It will move sideways. I don’t see the market crashing. Some places will see volumes decreasing, others maybe even increasing slightly. It will be a mixed bag.”
(I personally think crashing is unlikely as the slowdown started since 2014 or even earlier. If the market would crash, it should happen earlier. Of course, if the world collapses, then Malaysia will be affected too)

For those who believe in
property investment as a long-term thingy
, keep looking for the right one at the right price. I am still hopeful that the world may just grow a little faster next year, once Brexit and the new President starts to show a more positive sign. British PM is reported to be submitting the application for Brexit in March 2017. We will see how the other members respond by then. Perhaps they would not want to make it hard for both sides. Keep following and cheers.

written on 22 Nov 2016

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KL North? Selayang lah. Still affordable, really.

Maybe for many property buyers, Selayang does not sound that magnificent. Thus, there a developer has branded its project as KL North. What a cool idea. It’s like Damansara Damai which is also known as Damansara North. It’s like Bangsar South which was once Kampung Kerinchi. Or even Desa Parkcity which is within Kepong. Yeah, there is also North Kiara and many more but today, let’s focus on KL North and its availability, shall we? Checking through propertyguru.com.my we can safely conclude that as long as we are okay with Selayang, the affordable choices remain aplenty. Condos for less than RM400,000? Look at the image.

KL North is also not that super far away from KL city centre. As per google map, it’s around 20km away away. (Still 1-2km nearer compared to Damansara Damai to KL city centre) For the price acceptable lah. If it’s nearer, it would have been more expensive than today. Let’s also look at what
propsocial.my
 has compiled for Selayang. Please refer to the Image beside. In future, Selayang would have its own MRT station in the MRT Line 2. As per reported thus far in the media, the expected completion of MRT Line 2 is in 2021.

I think one major reason why Selayang is not that awesome for the younger working people would be that there is just one mall; Selayang mall. These days, many of Gen-Yers I know are buying simply because of a prominent mall today or in the future. Everyone seem to believe that the only way property prices will continue to appreciate is due to having a mall on top, beside or nearby. I hope they are right because there are huge number of malls coming. Read here:
Seriously, when there are just too many malls

 Anyway, we now have another choice if everything we are looking at today are way above what we would afford. Happy buying Selayang or KL North as per what a developer has described it to be.

written on 7 Feb 2016

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KL office rental under ‘threat’ due to over-supply.

There has been reports about KL office space under pressure due to the pulling out of some oil and gas companies. With the current oil price, I think it will be  some time more before any of these oil and gas companies hire aggressively again  Keeping that high paying job may be on the minds of all the il and gas professionals currently. For those who lost their jobs, it should a wake-up call that no matter how much we earn, it is far more productive to invest some portion of the monthly pay instead of driving around in the latest 5-Series especially if there’s not much savings in the bank. (Yes, I personally prefer BMW over Mercedes but only if I have unlimited funds to buy a car.)

This is not all, another report in local media based on The Edge / Knight Frank Klang Valley Monitor 3Q 2015 showed that within the KL, KL Fringe and Beyond KL (Selangor), a huge supply of office space would continue to put pressure on rental rates. Completion of Ilham Tower added 394,000 sq ft net lettable area (NLA), Menara Bangkok Bank (475,000 sq ft NLA), Q Sentral (one million sq ft NLA) and The Vertical 1 & 11 (830,000 sq ft NLA) meant that the cumulative supply of office space for KL City and Beyond KL stood at 91.97 million sq ft. This is not all, more are coming. The total cumulative office space under construction in KL City, KL Fringe and Beyond KL stood at 9.88 million sq ft.

My personal opinion about office over-supply in KL is that it’s just another report. If the oversupply is really that bad, why are the office rentals in some areas still going up? Is it because the older ones are really not attractive at all? Perhaps even unsafe? When we think really objectively, if there isn oversupply situation, all the owners of these office buildings should be worried about losing their tenants. There are no numbers but I seriously think these cumulative numbers must take out all the dilapidated and old office buildings or even those buildings where parking spaces within the outside is limited. For buildings where the total occupancy is already lesser than 50 percent, I think the maintenance funds may be lacking and within a few more years, these buildings would no longer be attractive even if the rental is lower than the established ones. It’s not hard to know. Just ask your friendly real estate agents for some office rental rates within the KL / KL Fringe. The difference is going to be HUGE. In fact in Penang, there are some offices where it is still RM1 per sq ft. Two major issues, parking and maintenance.

Knight Frank Malaysia managing director Sarkunan Subramaniam also disclosed that the latest occupancy rates in KL City is at 82.4 percent, after dipping by 1.7 percent. Meanwhile in the central business district (CBD) the occupancy has dropped 2.7 percent to 87 percent. The Golden Triangle is at 81.6 percent with a decline of 1.5 percent. However, in the KL Fringe area, the occupancy rose 0.3 percent to 89.1 percent. This was helped by the popularity of both Damansara Heights (up 0.8%) and KL Sentral (up 5.2%). Lots of other numbers were also mentioned in the article. Do read the original article if you want here:
KL office rates under pressure – TMI

I think everyone would have noted that occupancy remains healthy even if pressure may increase slightly due to the many new ones being built currently. If we are expecting the rental rates to suddenly drop by double digits for the next few years, I seriously doubt it would be happening unless the economy continue to be extremely slow and basically the whole world enters into a recessionary mode for many years. Oh yeah, renting in a good and popular office spot would also enable any organisation to hire better people. Truth is, good talents would hate working in a old building where they have to park extremely far away etc. Based on the potential returns from these staffs, it is by far better than the RM2 extra per sq ft that the organisation intend to save by moving from a better place to a worse place. Seriously, think about it. Happy leasing.

written on 3 Jan 2016

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KL prime office spaces rental rates on the way down, accelerating too.

To everyone who’s currently working within the KL Central Business District, can you just drop by your finance department and ask them if the company will be saving more money due to lower rentals? If the answer is no, then perhaps it’s because they did not bother to ask the owner for some rental reduction? Times are hard. Supplies are coming in. Reports are saying rentals are declining. Some of the reasons that the finance department could use when talking to the current owner / office management. I just got to know that my company should be paying a higher rental next year. Of course that’s because our current rental is pretty low. Due to expansion, we have to move to a much bigger place.

Reported in a few medias today was a news which could be a good news for the Kuala Lumpur even if it’s a negative one for owners of prime office space. According to independent global property consultancy Knight Frank in its Asia Pacific Prime Office Rental Index, KL’s rentals fell by 0.7 percent in 2015 and dropped 0.4 percent from Q4 of 2015 to Q1 of 2016. Even though this is very marginal but it said that the decline is expected to accelerate in the next 12 months due to the new supply coming into the market. Due to this new sup,y, some owners of these units are already reducing their rental rates.

One major industry has moved out, the oil and gas. This has been partially filled up by the technology, media and telecom (TMT) sector. There were also more start-ups which are moving into prime space and this was also happening in Jakarta. Before everyone starts spreading this gloomy news, do note that the rentals in Singapore dropped 9.9 percent and that of Jakarta dropped 9 percent. According to the firm, “Singapore continued to be mired in a double whammy of significant supply and weak demand.” Earlier article here:
2019 should have “cheap rental”for office space in KL

Some of the upcoming supply include Malaysia’s tallest skyscraper, the 118-storey
Merdeka PNB118
, and other integrated projects like the TRX,
Bandar Malaysia
 and KL Metropolis. All these are expected to be completed at almost the same period, thus causing supplies to suddenly jump upwards and this would outstrip the potential demand growth. As per JLL’s data from Q4 2015, the vacancy rates for KL’s CBD is at 13.5 percent. This is definitely considered healthy but let’s wait for their latest report to understand more. Happy following.

written on 1 June 2016

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KL property prices? Still up…….slowly

I missed a good condo nearby KLCC because a Chinese (China) buyer viewed and paid first. This happened just 2 weeks ago. Well, the price offered was lower than the usual but I did not have the time to view it yet. So, what’s happening to the KL property market in terms of prices? In brief, it’s still on an uptrend. According to
 a Bernama article
 quoting Knight Frank’s Global Residential Cities Index Report for Q4 2016, the house prices in Kuala Lumpur rose by 5.1 percent. Moving forward, Knight Frank Malaysia Managing Director Sarkunan Subramaniam said that prices will be resilient with moderate capital appreciation for residential properties in prominent and established areas in Kuala Lumpur. (Once loved, the usual areas would remain loved and in demand. This causes prices to rise, as usual. Here’s an article about it.
Please tell me honestly, who wants property prices to fall?
)

As for availability of reasonable priced properties within Kuala Lumpur but perhaps not right next to KLCC, there are still some potential buys. Image as per a very simple search from iproperty.com.my  By the way, would also like to remind everyone that
MRT Line 2 is already being built
while MRT Line 1 is about to be completed; the whole line. There’s also
LRT Line 3 too…

These are real options which is definitely more affordable BUT would require more time if you are working within the KL city. For those in
Klang, there’s even a ‘BRT
‘
 which is expected to be up and running in the near future. I think Mr. Sarkunan agree with my earlier articles too. He said,“Transit oriented developments along the Light Rail Transit and Mass Rapid Transit routes are expected to gather pace with improved connectivity,” An earlier article about the average property price for KL here:
KL average property price over RM700k

As usual, do note that this is average price and not median price. If only there’s a median price stats being released every quarter… For those who must buy new properties and yet still wants it to be even more affordable than those in the image, well,
there’s RUMAWIP too.

Where is KL when compared to the world? The same report by Knight Frank showed that global house prices rose by an average of 6.6 percent in 2016. (Yes, this meant KL is still lower than the world average) However, when the Chinese cities are excluded, this average would drop to just 4.9 percent. (Hey, KL is higher than the global average, oops) Within the report, Australian cities are also showing  significant price growth and this was buoyed by low interest and strong urbanisation rates. (Actually, it includes also the foreign participation in their property market. One such instance? Here:
28% of Melbourne’s apartments bought by foreigners

Of course, for now, the appreciation in these Australian cities are expected tomoderate because of stricter bank lending criteria and softening external demand. (Yes, China is definitely one of the cause)  Thank you Knight Frank, keep reporting yeah.

written on 20 April 2017

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KL property: SOHO, SOVO frozen for 6 months, for now

First of all, anyone who has been following kopiandproperty.com would know that I do not favour paying ever higher prices for SOHO. To be direct, I do think with the right locations, prices of these small units can be as high as a typical condo in a secondary area. However, I do not subscribe to the thinking among many that with lifestyle changes, everyone is going to opt for smaller units. Smaller units would only be extremely popular if all the bigger units becomes way too unaffordable for everyone. Just look at Hong Kong for Singapore for early notice of what may happen in the future. Yes, in Hong Kong, the ‘mosquito’ units are already a normal size for many.

With regards to SOHO, there was one piece of news which was forwarded by many people in Facebook. Of course, many may not think of this as a huge thing. Actually, I think it is a significant step. As per reported in The Sun Daily, all approvals for new new property projects involving serviced apartments, small office home offices (SOHOs) and small office versatile offices (SOVOs) has been frozen for until 30th June 2016 by the Selangor state government. This has been confirmed by the REHDA Selangor chairman Datuk Khor Chap Jen who said, “LPHS issued a letter informing of the decision, pending the issuance of new planning guidelines for such developments.”

The Malaysian Institute of Estate Agents immediate past president Siva Shanker was more direct. He said that this should have been done two years ago because there has already been an oversupply of apartments and condominiums and the market has started to feel it since last year. He further added that the SOHOs and SOVOs are severely affected by the oversupply and it will have the most effect during an economic downturn.

I think his (Siva) reasoning can be easily explained. The demand for these small units are just not that strong and during a slowdown, the sustainability of the premium pricing that some of these small units are enjoying becomes suspect. Not many couples I know are staying in these SOHOs or SOVOs and even my few single colleagues whom I know are either staying in the usual sized apartments or condos. Perhaps this freeze will enable the vacant units to be rented out and lessen the number of oversupply units. I personally also own one small unit in Kota Kinabalu and it gives me double digit returns but this was because I bought it many years ago at just RM180k and not RM400k or higher like today. Let’s wait and see what happens on 30th June 2016 then.

written on 11 Apr 2016

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Cheapest still, apartment rental in KL. (higher end market, not affordable ones)

How cheap is it to work in KL and renting a place not too far away from office? I think it is still cheap if not affordable. Reason? There are plenty of choices which meant that the homeowners are not the most powerful when it comes to bargaining power. Well, unless of course that property is in a hotspot and somehow we must stay there instead of elsewhere. Here’s an earlier article about my thoughts.
Once you rent high, you may never buy

Nothing wrong really, to enjoy life since it’s our hard-earned money and making that homeowner richer.

There are quite a number of people or company that agrees to my view. Anyway, they are experts, I am just a working professional like the majority of us. Here’s an article in freemalaysiatoday.com quoting a study by Rentcafe (
link to the original study here
) as well as comments from a
few industry experts.
According to Rentcafe, a US-based apartment search website, Kuala Lumpur is the cheapest place in the world to rent apartments. Their study showed that those renting apartments in Kuala Lumpur will need to spend just 20% of their income on rent. This means that if we earn RM5,000 we would most probably be spending RM1,000 for rental. Perhaps it’s true since those earning RM5,000 may prefer to rent the whole apartment to themselves instead of sharing? By the way, my younger relative pays SGD600 for room rental and he earns about SGD2,900. That’s around 20 percent too. Of course, if he save, he would soon be able to start his property investment in Malaysia. I hope he is reading this. For even more
interesting stuffs from Rentcafe, click here.

The article also quoted the Executive director of Jones Lang Wootton, Prem Kumar who shared this, “Almost 90%-95% of the market is domestically driven.”  (Since Malaysians could not afford to pay a few thousand to rent an apartment every month, it’s going to be still cheap…)  Chief executive officer of Zerin Properties Sdn Bhd, Previndran Singhe shared that apartment rentals in Kuala Lumpur were the most affordable among major Southeast Asian cities. (I inserted an image of rental in Bangkok,mostly apartments. From this and in comparison to the usual salaries of Thai professionals, I think KL is indeed cheaper than even Bangkok.
Find out more here
) For some developing ASEAN countries, the rental for similar apartments would be quoted in US$. By the way, in terms of actual numbers, this is what Rentcafe says. Median household income of those in Kuala Lumpur is US$22,400 (RM96,052) and that average rental per year is about US$4,500 (RM19,296).
Here’s that article in FMT again.

I just came back from Hong Kong not too long ago. Anything related to property is expensive there. Yes, it is still expensive even when we look at their earnings versus the Malaysian professionals. Food is cheap. In fact renting a badminton court and playing is very cheap since their (Hong Kongers) salaries are really far higher than us. However, add in any property related equation and everything goes haywire. Most of my managerial level colleagues with families own a car. However they do not drive to work because the car park is expensive. HKD25 per hour. 10 hours would thus be HKD250 per day. This is more than enough for 6 meals in Hong Kong’s char chan theng (our equivalent of kopi tiam). As for the homes, some recent ones launched include this:
Micro apartments vs Tesla
 Still think KL is expensive? Well, there’s Selangor for consideration too. Penang’s rentals are even more cheaper versus the property price!  🙂

written on 22 June 2017

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KL – Singapore High Speed Rail has huge interest

The original date is out but the High Speed Rail (HSR) between KL – Singapore is still moving ahead. In the current Request for Information (RFI) exercise launched by Malaysia’s Land Public Transport Commission (SPAD) and Singapore’s Land Transport Authority, a total of 70 companies and consortiums have expressed their interest by registering before the deadline of Friday (16th Oct). This exercise aims to gauge the market sentiment as well as gather the industry opinion on the commercial and technical aspects of the HSR. From these registered parties, those found eligible would then submit their responses to the RFI documents by Nov 18 at 12pm.

According to the report in Channel News Asia, these interested parties includes those based in Malaysia, Singapore and even overseas. According to National University of Singapore transport researcher Lee Der Horng, one major reason for such a huge interest is because the traditional HSR markets in Japan and Europe is getting saturated. Thus, the time is now for ASIA. Besides, the recently scrapped Jakarta to Banding HSR meant that attention has shifted to the Singapore-Malaysia project. As for how many would actually big for the HSR project, Prof Lee said that less than 10 would do so. This is because there are not many qualified companies in the world which can undertake such a project today.

I think the HSR project is not attracting the attention of just these 70 companies or consortiums. Even leaders of the few nations capable of building it has also expressed their interest too. China for one even casually mentioned that the original deadline of 2020 is still possible. I am still in awe of Japan’s bullet train system which is always on time, to the seconds. European nations would be an underdog for this HSR. Considering all three have a similar cost, then I would think either China or Japan would make more sense. Oh yeah, American companies are not experts in HSR, thus we are unlikely to see a serious bid from them even if I would love to see more competitors so that we have the most cost competitive system for both countries. I am still waiting for more details. I think everything remains preliminary thus far.

written on 18 Oct 2015

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[Sponsored Review] KL Wellness City (KLWC) – 9 Important Things We Need to Know

What is medical real estate?

Malaysia is a very popular destination for medical tourism. In 2019 alone, Malaysia received 1.3 million medical tourists. (Info Source: mhtc.org.my) It means non-Malaysians travel to Malaysia to get great medical care and doing things a tourist do as well. Visiting interesting places, eating amazing food and enjoying the sights, sounds and our beautiful country.

When they arrive, they will need a good hospital, they will need a place to stay before and after the medical procedure and they may need to visit the doctor again for further consultations. This is why if we have a property which could cater to these needs, we would be able to continuously profit from this demand for accommodation; real estate.

With most of the travelling restrictions lifted, Malaysia will again be receiving an increasing number of medical tourists. This is why every time a real estate development informs the world that they have secured an approval for a hospital within their township, the interest from buyers spike. Medical care will propel medical real estate to new heights because it is a need and Malaysia is a well-known destination worldwide.

#1 – Is KL Wellness City (KLWC) a hospital-based development?

Usually, a property development would be well sought-after if they advertise that a hospital will be built within or nearby the development. Buyers know that the properties they bought could be rented out to these potential medical tourists too. KLWC is beyond a typical development with a hospital.

KLWC is a master-planned development offering holistic facilities and services encompassing healthcare, wellness and fitness and it covers both Western and alternative medicine too. It is not a property development which has one hospital within the development or a hospital nearby the development.

#2 – Are there any similar developments like KLWC in Malaysia?

KLWC is the first-of-its-kind development in Southeast Asia. The management team developing this purpose-built development comes from medical background and they will also be the ones supervising the development and managing the hospital and all its other medical and wellness services after it has been completed too.

KLWC strives to establish a comprehensive, fully integrated and interconnected ecosystem of medical care, healthcare, wellness and fitness and this vision is led by medically qualified management team.

#3 – Who are the people behind KLWC?

The Managing Director for KLWC is DATO’ DR COLIN LEE who began his career as a medical doctor from University of New South Wales. He is an internationally recognised leader and innovator in the field of fertility technologies.

He has set up several medical and fertility centres, including the Damansara Fertility Centre, TMC Fertility Centre, Alpha Fertility Centre, and Genesis IVF Centre – including a world leading centre in pre-implantation genetic testing.

Dato’ Dr Colin Lee and his team are actively involved in medical tourism and work closely with the Malaysian Health Tourism Council to promote Malaysia’s medical services.

In 2003, he developed the Tropicana Medical Centre – a 5-star tertiary modern and prestigious medical centre at Kota Damansara, Selangor. Completing it within a short time period of 29 months, the design of Tropicana Medical Centre was nominated for the PAM award and featured in Roof and Construction, Malaysia Architecture, and Concept Architectural Magazines.
(Please Read his full list of achievements and firsts her
e
)

Executive Director for Branding, Sales and Marketing is Dato’ Sri Dr. Vincent Tiew Soon Thung. He has previously served as the managing director of Andaman Property Group of Companies, which specialised in property development and property management. During this time, he successfully spearheaded development projects amounting over RM 2 billion in value.

Dato’ Sri Vincent has also won numerous awards, notably the Ten Outstanding Young Malaysian (TOYM) Awards 2016 under the Business, Economic and/or Entrepreneurial Accomplishment Category by Junior Chamber International Malaysia. Others property related awards include:

Emerging Developer of The Year by Noble Excellent Awards 2016

Entrepreneur Par Excellence of The Year by McMillan Woods Global Awards 2016

Outstanding Young Developer of the Year for Prestigious Developer Awards by Property Insight 2016

ASEAN CEO of the Year for Property Development by ASEAN Outstanding Business Award 2016

Asia Pacific Entrepreneurship Awards Malaysia by Property Development Industry 2016

With his in-depth involvement across diverse associations and industries, Dato’ Sri Vincent’s contribution of knowledge and expertise in property and entrepreneurship is invaluable.

KLWC is also helmed by many other established and experienced members.
Please read about them here.

#4 What are the key numbers for KLWC?

KLWC is a 26.5-acre, wellness and healthcare-themed development in Bukit Jalil, Kuala Lumpur. It is only 300 meter away from Pavillion Bukit Jalil. KLWC has 7 parcels and these include a 624-bed tertiary hospital (with sufficient capacity for up to 1,000 beds). A typical 300-bed hospital is considered bigger than average. One example of such hospital is Parkcity Medical Centre. If we are to visit most established private medical hospitals today, the car park is always full. It may be more prudent to GRAB there instead.

KLWC’s other parcels include 379 medical specialist suites, wellness suites, business suites, independent and assisted living, a healthcare hub, residential units, commercial retail suites offering health and fitness-centric retail as well as food and beverage outlets, a Multimedia Super Corridor (Tier 1 status Malaysia Digital Status) business suites designated office space, and a 1.33 acres central park with cycling, jogging tracks and wheel chair friendly tracks. This is not just a hospital block surrounded by residential units.

Nobel Healthcare Park

#5 Is KLWC selling some units first and build the hospital later?

Usually developers would start selling the residential units and promising to build a hospital at a later stage. This is especially when approval for new private hospitals needs to go through all the relevant approvals and would take a significant amount of time. KLWC has already obtained the necessary approval for the hospital.

KLWC’s first phase is the hospital and the The Nobel Healthcare Park, both of which will be connected by link bridges. The Nobel Healthcare Park has gross development value of RM1 billion and will comprise 379 medical suites and business suites in two blocks, 512 wellness suites in one block, and retail shops on the ground floor of these blocks. The whole phase will be completed by end-2025.

International Tertiary Hospital

#6 What are the prices if I would like to be an early buyer into KLWC’s first phase?

The medical suites’ sizes range from 248 to 1,561 sq ft. This caters to many different needs from specialists who wish to own their own unit and not just renting a unit within a private hospital like the usual. Another plus point is that the units are only within a few minutes of walking distance from the hospital to the link bridges.  It will be sold at an average price of RM1,500 psf
.

Meanwhile, the wheelchair-friendly, healthcare-focused fully furnished wellness suites will have built-ups of 268 and 386 sq ft, and will be sold from RM1,300 psf. For understanding, a typical room with an attached shower room is around 200 sq ft. In other words, these built-ups provide a much bigger space so that it’s spacious enough and yet not too big; the size is just right for its purpose.

The suites are also equipped with a kitchenette and fridge and is an added convenience should the patient prefers to cook their own food.

#7 What is the difference between a medical suite in KLWC versus in a typical hospital?

Specialist doctors usually have their suites within a hospital. Their patients would visit them and get the necessary medical consultation and if procedures are needed, the specialist doctor would then conduct it at the operating theatres within the hospital. The sizes are usually predetermined and the specialist doctors would have to work within the predetermined sizes. The units are also not owned by the specialists too. Specialists need to pay rental on it.

Medical Suites

Meanwhile the medical suites in The Nobel Healthcare Park allow specialists to acquire and operate their own clinic. In other words, they have freedom to run it as they wish. For example, they could see the patients in their clinic, dispense drugs, minor procedure or some checkup and then walk over to the hospital to check on other patients. Beyond just as a clinic like a typical hospital, these suites could also be used by other medical and wellness-related businesses such as physiotherapy, chiropractic, medical device supplies and pharmaceutical. All these services are complementary but is not usually available within the same typical hospitals today.

Buying medical suites is another opportunity for specialist doctor to expand their career path. This is Singapore business model to allow specialist doctor to have more flexibility in setting up the clinic.

#8 Would there be sufficient demand for KLWC units?

Imagine a doctor or a healthcare practitioner working in a hospital and at the end of the day, they go home. Home could be nearby or home could be further away. However, if they were handling a critical patient, they would prefer to rest well and could provide quick attention if ever needed. This would not be for the long term but when circumstances happen, then the wellness suites would be ideal for them as well.

According to Dato’ Dr Colin Lee, “When the hospital is fully operational, we expect 8,000 units of accommodation will be needed per night due to the demand from medical tourists. The whole KLWC won’t have that many number of units, so we expect the wellness suites to be fully occupied.”

The suites also cater for patients who are in step-down care – those who have been discharged from hospital but are still recovering and may require some assistance such as daily physiotherapy or rehabilitation. We need to also remember that patients do not usually travel alone. They will come with their loved ones too. Their loved ones would want to be as close as possible to the patient undergoing medical procedures so that they could visit and care for them too.

Briefly, demand would follow the current trend; supply will play catchup with the ever increasing demand.

Business Suites

#9 Why is there a gap which KLWC is striving to fulfil for medical tourists?

KLWC is not just a hospital. It is an international tertiary hospital within a planned and purpose-built wellness development. It is focused on serving the needs of medical tourists in search of a one-stop healthcare service.

Imagine if I am travelling from another country, the last thing I want is to make an appointment with my medical specialist and then having to find an accommodation for my family and then learning that the hospital and the accommodation for my family is not nearby to one another. This is why KLWC will fill this gap.

Wellness Suites

Decision making can only happen after a visit to the actual site and asking lots of further questions. Here are the contact details:
(30 seconds to fill up a simple form or details as below)

Address
:
No 1, off, Jalan Bukit Jalil Indah 2, Bukit Jalil, 57000 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur

Phone:
+603-8090 7777

Email:
enquiry@klwellnesscity.com

It’s also awesome to know what’s really happening in the world of property investing coupled with the healthcare demand. Recent article with lots of actual numbers here:
The Dynamic Duo: Property Investment and Healthcare Demand

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Header Image Description: From Left to Right: Dato Sri Dr Vincent Tiew， KL Wellness City Executive Director; Dato Lee Lin Fong, Lee Partners， Managing Partner; Maisie Sew, CEO of Fitness Hunt; Lim Kim Yew, MD of Petsmore Sdn Bhd; Isaac Ong, Fitness Hunt Ambassador; Cecelia Teh Fui Wah, COO of Fitness Hunt; Christine Tan, CFO of Fitness Hunt; Dato Choi Wei Yee, TDOX Clinic Founder

Press Release : KL Wellness City – Healthcare Developer in Malaysia Supporting The #1 Fitness Hunt in Kuala Lumpur

Kuala Lumpur, 13 April 2023
 –
In line with KL Wellness City’s corporate philosophy of redefining wellness; KL Wellness City (KLWC) recognises the importance of cultivating a community that prioritises well-being, especially among the younger generation. KLWC, as a healthcare developer is thrilled to be venue sponsor and sponsor the media launch of Gear Up x Fitness Hunt.my that designed to encourage Malaysians and foreigners to get fit and healthy while having fun. The goal is to create a platform to wellness and fitness industry entrepreneur in order to lead the society to stay healthy lifestyle and to create better version of own self. It’s a great challenge that will give participant a sense of satisfaction after the competition.

The Gear Up x Fitness Hunt competition is open to individuals aged 18 and above, with separate categories for males and females. Auditions will take place from April 13th to July 2nd, with participants required to complete a dead hang for at least 20 seconds during The Dead Hang Challenge. The competition is open to all individuals interested in improving their fitness and overall health.

“As a healthcare developer, we recognise the importance of fostering healthy habits among young people. By providing opportunities for them to participate in wellness activities, we hope to instil healthy practices that will benefit them for years to come. We believe that a healthy community is a happy community, and we remain committed to advocating for activities that promote wellness and a balanced lifestyle,” said Dato’ Sri Vincent Tiew, Executive Director of KL Wellness City.

The Nobel Healthcare Park, will be the first-of-its-kind medical and wellness hub, revolutionizing the way medical professionals operate and manage their practices, as well as the way people live and reside, incorporating longevity and wellness in their daily lives. The ultimate goal is to make Malaysia the top destination for medical tourism and to set a new standard for hospitality, living and medical care through KLWC, as stated by Tiew.

The Gear Up x Fitness Hunt competition requires participants to register through the official Gear Up x Fitness Hunt website. The registration fee of RM350 includes access to the audition, a Gear Up x Fitness Hunt t-shirt, a medal, photo shoots, the challenges, and a chance to win prizes. The top three participants in the female and male categories who complete the most challenges will each win prizes worth a total of RM30,000.

The competition will select the top 100 participants from the audition, with 15 finalists selected from each female and male category to qualify for the final challenge in September 2023. Winners have the chance to become brand ambassadors too.

Partnering with local gyms like BELIEVE FITNESS and fitness centres to organise the audition gives participants from different areas the opportunity to enter the competition. TDox Clinic is the main sponsor for Gear Up x Fitness Hunt, and their dedication to promoting healthy living aligns perfectly with the event’s mission.

The co-organizer of this event is Gear Up®, a multi-brand activewear store that features performance apparel and footwear from the US. The brand combines industry expertise with market research and insights from athletes to create the best, engineered performance fit on your body. One of the brands carried by Gear Up®, Beachbody®, enhances certain properties and elevates your workout, using materials that integrate technology at the yarn level. Beachbody® creates highly technical apparel that balances function and wearability for ultimate support and comfort.

KL Wellness City would like to express sincere gratitude to Ebakzsports for choosing KL Wellness City as the audition venue sponsor for Gear Up x Fitness Hunt. Additionally, the company appreciates the support of presenting sponsors such as AMBER CHIA ACADEMY, ECOCAFE, LEE & PARTNER, and WONDROUS KOMBUCHA whose contributions have enabled the event to offer a wide range of fitness activities and prizes for participants.

Join us for an exciting fitness challenge and take the first step towards a healthier lifestyle.

For more info on the Gear Up x Fitness Hunt, please do not hesitate to contact Sabrina at 016-2613166.

Facebook –
https://facebook.com/fitnesshunt.my

IG –
http://www.instagram.com/fitnesshunt.my/

– END –

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Press Release: KL Wellness City Poised to Invigorate the Medical Tourism Industry in Malaysia

Kuala Lumpur, 10 January, 2023 – Following the opening of borders in April last year, the Medical Tourism industry has recorded RM726 million of revenue as of Q3 2022 and is on the way to achieving its RM1 billion target for 2022. It was projected that the sector will bring in RM2 billion annual revenue in 2025.

In line with projections, purpose-built township KL Wellness City (KLWC), aims to drive medical tourism in Malaysia through its vision of a 360-degree wellness hub centered around its township which encompasses all aspects of medical care, health, wellness, fitness, and business, complete with residential, retail, and commercial offerings.

KL Wellness City Sdn Bhd Managing Director Dato’ Dr Colin Lee said, “The Healthcare Travel Industry Blueprint 2021-
2025 by Malaysia Healthcare Travel Council has identified that “Step down, rehab and wellness development for healthcare travel” is one of the critical touchpoints that require key improvements.

KLWC is a city dedicated to healthcare and wellness living at its core. As the first real estate development in South East Asia to pioneer a comprehensive ecosystem of healthcare and wellness-centric living, KLWC is targeted to become a hub for local and international medical tourism. For tourists and visitors local and abroad, KLWC will position Malaysia as the ideal location in the South East Asia region to travel and visit, in addition to indulging in an environment of the best healthcare and wellness facilities designed for better living.”

Spanning over 26.49 acres, KL Wellness City is 45 minutes away from Kuala Lumpur International Airport (KLIA), it is a complete healthcare travel ecosystem anchored with The Nobel Healthcare Park, The International Tertiary Hospital, 379 medical specialist suites, retirement resorts for independent and assisted living, a healthcare mall, residential units, commercial shop lots offering health and fitness-centric retail as well as food and beverage outlets, a Multimedia Super Corridor-designated office space, and a central park.

The Nobel Healthcare Park and The International Tertiary Hospital

Located in the heart of Bukit Jalil, The Nobel Healthcare Park, which consists of the medical, business, wellness & retail suites, has a fully-connected ecosystem of specialists and ancillary medical services interlinked with adjacent International Hospital @ KL Wellness City, approved as a tertiary hospital with 624 beds and scalable to 1,000-bed capacity.

“Malaysia has been receiving medical tourists from various countries, including Indonesia, Singapore, Australia and China, for its affordable and good healthcare.

In terms of medical tourism, the wellness suites cater for patients who are in step-down care – those who have been discharged from hospital but are still recovering and may require assistance such as daily physiotherapy or rehabilitation.

The suites also cater to the families of medical tourists, who require accommodation closer to the patients and to various medical professional, amenities and facilities when required, particularly The International Tertiary Hospital.”

Lee added that The International Tertiary Hospital aims to be the most well-equipped and modern hospital in the region across areas including cardiology, spine health, neuro health, sports medicine, cosmetic surgery and fertility, with R&D laboratories and facilities for clinical studies across a variety of fields equipped with cutting-edge technology.

“Malaysia has a history of being one of the best locations for medical tourism and leveraging on that, The Nobel Healthcare Park, is more than just its services – it is part of the KLWC ecosystem that covers the aspects of healthcare,
including acute medical care, emergency care, wellness, and fitness in addition to cultivating a lifestyle that is healthcentric for its residents and medical professionals. Since the onset of the Covid-19 pandemic, there is a need to live healthily among people. KLWC was conceptualised around the idea of healthy living.

As the first-of-its-kind medical and wellness hub, The Nobel Healthcare Park is set to reinvent the way medical professionals operate and manage their practices, as well as the way people live and reside, incorporating a sense of longevity and wellness in their everyday lives. We share the ambition to make Malaysia the undisputed destination
for medical tourism, as well as setting a new benchmark for hospitality, living and medical care through KLWC” Lee concluded.

In conjunction with the coming Chinese New Year, KL Wellness City will be hosting its CNY celebration, the ‘Spring of the Auspicious 8’, for the first time at the newly opened KLWC gallery in Bukit Jalil on January 14th & 15th and February 4th & 5th with several fun-filled activities, performances, and rewards for both adults and children, such as:

Special Activities and Performances
• Acrobatic Lion Dance
• Chinese Orchestra Performance
• Tarot card reading by Cris Angel
• Kids DIY Workshops
• Cookie Baking Workshops
• Valentines Baking Workshops
• Spring Rewards Wheel of Fortune, where cash rebates of RM1888, RM2888 and RM3,888 when you
purchase a property at The Nobel Healthcare Park as well as other tokens.

In addition to the activities, attendees will enjoy traditional Chinese delicacies namely Dragon Beard Candy, Ting Ting
Candy, and Sugar Calabash. Attendees can also participate in KL Wellness City Spring Rewards by taking a photo in
KL Wellness City gallery with the CNY themed decorations, posting and tagging KLWC on Facebook or Instagram
platforms and get a chance to spin the Spring Rewards Wheel of Fortune.

– End –

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Press Release:
KL Wellness City Proudly Supports the 2023 ZL Cup – 12-Hour Ultramarathon Challenge

[Kuala Lumpur, 24th July 2023]
 — KL Wellness City is thrilled to announce its enthusiastic support for the highly anticipated sports event of the year, the 2023 ZL Cup – 12-Hour Ultramarathon Challenge (ZL Ultramarathon). The event is jointly organized by PUMM Negeri Sembilan and PUMM Penang, supported by the Malaysian Chamber of Commerce in the Philippines, Formosa Women Organization of Malaysia, and JPWK Padang Lalang.
KL Wellness City admires the spirit of Zhee Long and is excited to be part of an event that encourages health, wellness, and relentless determination. Dato’ Sri Dr. Vincent Tiew, the Director of Sales and Marketing, will be participating as the ambassador in this grand event.

The deputy chairman of the organizing committee, Fabian Hoong, introduced the founder of the ZL Cup 12-hour International Ultramarathon, Zhee Long. Despite suffering from cerebral palsy since childhood, Zhee Long discovered a deep passion for running in 2004 and became unstoppable in this sport. By constantly challenging himself, he has become a true warrior in life. Zhee Long set the world record for the farthest distance run by a cerebral palsy patient within 24 hours (100.906 kilometers). To date, he has achieved five world records, bringing numerous honors to Malaysia, and was awarded the Top 10 Outstanding Young Malaysians in 2015.

Zhee Long is renowned for his strong determination and boundless spiritual strength, making him an exemplary figure for Malaysian entrepreneurs and the entire population to learn from. Therefore, this year, he will be hosting the 2023 ZL Cup – 12-Hour Ultramarathon Challenge in Bukit Mertajam, Penang.

This event sincerely invites 300 entrepreneurs to participate in a three-day activity, especially those from Kuala Lumpur and Selangor, with the aim of setting a Malaysia record for the most participating entrepreneurs in a challenge. The ZL Cup aims to promote the spirit of never give up and challenge personal limits, foster sharing and exchange among businesses, raise funds for charity, inspire more people to engage in sports activities, and raise awareness about the value of life and the importance of health.

This challenge is open exclusively to entrepreneurs, with a limited quota of 300 participants. The registration fee is RM1500, and the three-day event includes a welcome dinner for participants and a business exchange meeting, half-day learning activities, entry passes, specially designed running attire, custom-made medals, company logo promotion, a limited edition NFT (1 piece) as proof of participation, an exclusive NFT (1 piece) featuring the participant’s running photo during the race, as well as food and support during the event.

The founder of the 2023 ZL Cup – 12-Hour Ultramarathon Challenge, Mr. Cheng Zhee Long, shared during a press conference that the event aims to promote the spirit of life warriors and encourage individuals to challenge themselves through the participation of entrepreneurs. It also seeks to foster communication and sharing among businesses while giving back to society through charitable donations.

Furthermore, this activity will take place at the Bukit Mertajam Stadium, where entrepreneur participants will challenge themselves from 8:00 PM to 8:00 AM, attempting to run as many kilometers as possible within the 12-hour duration. During the event, participants are allowed to take breaks, rest, eat, and walk, among other activities. It will undoubtedly serve as an excellent opportunity for entrepreneurs to exercise their determination and engage in self-challenge. Completing the challenge will earn participants valuable certificates of achievement.

In order to instill the importance of life and health from a young age, this event has also specially arranged the ZL Cup Fun Run, which will take place on Sunday, November 5, 2023, at 7:00 AM, covering a distance of 6 kilometers. The aim is to attract 1000 participants, encouraging every member of families and the entire community to join together, understand the spirit of Zhee Long, and cherish life collectively.

We extend our heartfelt gratitude to all our sponsors and organizations for their valuable support in making this event a resounding success. Their participation will help create a positive impact on our society, encouraging more people to embrace sports and lead healthy lives.

Zhee Long calls for more organizations and sponsors to participate in this meaningful event, especially from Kuala Lumpur and Selangor. He encourages all organizations and sponsors to use this platform to create more records for Malaysia.

This event is not just a competition; it has already reached the international stage. It is a platform to showcase sporting prowess and the power of unity. We believe that through this event, we can inspire more people to pay attention to sports, actively participate in them, and collectively create a healthy and positive social atmosphere.

We are looking forward to witnessing the charm of sports together during the Ultramarathon Challenge from November 3rd to 5th. Cheng Zhee Long also announced 3 brand ambassadors of ZL Cup. They are esteemed entrepreneurs such as Dr. Wilson Lin, Chairman, President, CEO of Doers Education Asean Ltd, along with renowned social media influencer and entrepreneur Dato Dr. Tony Looi, who serves as the chairman of Ban Lee Hin Group, and the esteemed triathlete entrepreneur Dato’ Sri Dr. Vincent Tiew, also known for his role as the KL Wellness City Executive Director of Branding, Sales & Marketing, will be gracing the event with their presence.

Here is the detailed schedule of the event:

1.) Entrepreneurs Welcome Dinner – Business Networking Dinner

November 3, 2023, from 6:00 PM to 10:30 PM

2.) Entrepreneurs Learning Day – by Dr. Wilson Lin, Chairman of Doer Education Asean Ltd

November 4, 2023, from 9:00 AM to 1:00 PM

3.) ZL Cup 12-Hour Ultramarathon Challenge

November 4, 2023, to November 5, 2023, from 8:00 PM to 8:00 AM

4.) ZL Cup Fun Run – For All Participants November 5, 2023, from 7:00 AM to 11:00 AM

Registration link:

2023 ZL Cup – 12-Hour Ultramarathon Challenge
https://www.ticket2u.com.my/event/27170/2023%E5%B9%B4%E5%BF%97%E9%BE%99%E6%9D%AF-12%E5%B0%8F%E6%97%B6%E8%B6%85%E7%BA%A7%E9%A9%AC%E6%8B%89%E6%9D%BE%E6%8C%91%E6%88%98%E8%B5%9B-zl-ultramarathon

If you are interested in participating in this event or have any other inquiries or need further assistance, please don’t hesitate to contact the following persons:

Nelson Beh: 012-217 2087

Fabian Hoong: 012-2078783

Alisy Chia: 019-955 0960

Amina Lee: 012-453 1388

-END-

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RM11 billion KL Wellness City to complete first phase by 2025

KL Wellness City will be first-of-its kind integrated healthcare based sustainable township in Bukit Jalil, Kuala Lumpur. There are two phases to this development with a gross development value (GDV) of RM11 billion. The first phase is targeted for completion in 2025. Eventually, when both phases are completed, it will also include office towers, a retirement resort and wellness-centric serviced apartments.

Its managing director Datuk Dr Colin Lee, “KL Wellness City will redefine the way Malaysian and international patients receive treatment, in a sustainable township complemented by a full suite of offerings across the health, medical, fitness, and wellness pillars.”

Artists’ impression of KL Wellness City

He added, “This can be achieved by integrating the medical, ancillary and support services into one purpose-built wellness hub like the one we are offering. We also aim for this healthcare hub to further strengthen Malaysia’s position as the leading destination for global healthcare tourists, and to contribute towards Malaysia’s economy.”

Lee also shared that KL Wellness City will be building a decided medical and wellness suite complex called The Nobel Healthcare Park and this is being planned as a one-stop hub from diagnosis to rehabilitation. This will have a GDV of RM1 billion. There will also be a 517-bed international hospital and construction has started about 6 months ago spanning an area of 7 acres.

He shared that the medical units are built in accordance with Ministry of Health specifications and are designed in a modular format, allowing specialists to choose the ideal size for their practice. The suites start at 223 square feet and they are selling from RM414,000.

He said, “The International Hospital will be built in two stages. The first phase will include 517 beds and is expected to cost around RM360 million. Phase two will see the hospital expanded to around 1,000 beds. The Nobel Healthcare Park’s GDC is estimated to be around RM230 million.”

Artist’s impression of Nobel Healthcare Park.

Datuk Sri Dr. Vincent Tiew, KLWC executive director (branding, sales, and marketing), said that the International Hospital and Nobel Healthcare Park are pursuing Green Building Index (GBI) certification.

He said, “Generally speaking, you will not be able to build this type of medical township if you are a typical property developer. If you are a hospital-related organisation, you will not be constructing a city or a township. You will be extremely hospital- or medical-driven.”

“What we are doing here is constructing an ecosystem that is fully integrated between five components. We have wellness, medical tourism, lifestyle (healthcare mall), a property component with serviced suites, lifestyle homes, retirement homes, and, most importantly, a true International Hospital.”

“Why are we optimistic about the retirement home market? Because we will be the sole owners of our International Hospital. It is not a small facility. It will be huge, with 1,000 beds and 22 operating theatres. Overall, we are very optimistic because we believe we have the right product to market and the right people in the company to take it forward.”

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