Early 2016 seem far-fetched. I was thinking last Quarter of 2016, end of next year is more reasonable
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Puteri Harbour Community
- Thread starter Qube3
- Start date
Singapore
LOOMING residential supply in Iskandar Malaysia has prompted the master-planner for Medini - the designated Central Business District of Nusajaya - to take stock of its plan for the remaining landbank.
Medini Iskandar Malaysia Sdn Bhd (MIMSB) managing director and chief executive Khairil Anwar Ahmad said on Tuesday that the board has decided to stop selling land and to instead develop the commercial plots, which make up about half the area of Medini's 55 unsold plots.
The unsold plots have a total estimated gross floor area (GFA) of 41 million sq ft; the commercial plots span 26 million sq ft.
MIMSB is in ongoing discussions with developers, both local and foreign, to develop the commercial plots. It will also launch a rebranding campaign for Medini this year.
Mr Khairil said during a presentation to Singapore reporters in Nusajaya: "The last thing we want to do is to cannibalise the market. Most of the developers who have bought land in Medini are developing residential properties so that's the last thing we want to do.
"We would rather work with them to make them successful because their success is Medini's success."
MIMSB is 60 per cent owned by Iskandar Investment Berhad; the remaining 40 per cent is equally held by Dubai's United World Infrastructure and Japan's Mitsui & Co Ltd.
Its first office building, Medini 6, was completed in 2013. Its net lettable office space of 50,675 sq ft is fully tenanted with Huawei and Goldbury Communications among its key tenants.
Its second office project, Medini 7, will have a net lettable area of 106,333 sq ft and is expected to be completed soon.
MIMSB is now developing two other high-rise office buildings in view of the demand for quality office space. One of them, Medini 9, to have a net lettable area of 372,000 sq ft, will commence construction in May. It is scheduled to be completed in 2018.
Pointing to three recent launches by different developers in the past six months, Mr Khairil said all three developers were happy with the response they got, though they realised they had to be careful with the timing of the launches and the pricing.
"People understand that Nusajaya has its own identity, its own value proposition and I hope that, once we can finalise some of our public-transport initiatives - for instance, once we finalise the location of the high-speed rail station in Nusajaya - this will only add further value to Nusajaya's proposition," he said.
Iskandar - three times the size of Singapore - was launched as a special economic zone in Johor Bahru in 2006, but took off only in 2012, after several catalytic projects in Nusajaya were completed. These included:
EduCity, an International education hub;
Pinewood Iskandar Malaysia Studios, with over 100,000 sq ft of film stages;
Puteri Harbour, a waterfront development;
Horizon Hills, a luxury golf resort; and
Asia's first Legoland theme park.
Iskandar exceeded its target of achieving RM73 billion in investments during its second development phase from 2011 to 2015, based on figures from Iskandar Regional Development Authority (IRDA), the statutory authority for regulating and driving the development of Iskandar Malaysia.
Some RM88.7 billion of committed investments poured in during those five years, bringing the total cumulative investments committed to RM158.1 billion as at the end of last year. Singapore companies accounted for 8 per cent of the total committed investments.
So far, nearly half of those total committed investments have been realised, said Khaidzir A Raspi, IRDA senior vice-president for strategic communications told reporters on Tuesday. Property investments accounted for 52.3 per cent of the total investment commitments, followed by manufacturing at 36.5 per cent.
Having focused mainly on sectors like education and health care, IRDA is now turning its attention to developing sectors such as tourism and creative industries, he said. IRDA's goal is to reach RM383 billion in cumulative committed investments by 2025.
IRDA has been trying to attract small and medium-sized enterprises (SMEs) from the rest of Malaysia and Singapore to set up their offices or factories in Iskandar; the upcoming industrial parks managed by established developers will be a major selling point for Singapore companies.
Mr Khaidzir said that while the influx of mega projects by gungho Chinese developers in Iskandar was least expected, a property supply overhang was unlikely, given the efforts by the government to drive economic activity in Iskandar.
"We have to work even harder to bring in the investments to ensure that economic activities actually happen. With that, we can increase the population and create the demand for the properties," he said.
The Malaysian government has committed RM7.3 billion in Iskandar to build infrastructure and upgrade existing amenities. The ratio of private sector to public sector investment grew from 1:1 in 2006 to 13:1 in 2012.
In Nusajaya's Medini, master developer MIMSB intends to deploy and roll out Smart Integrated Township Management services, including information and communications technology (ICT) services and facility-management services, as part of its efforts in sustainable development.
http://www.businesstimes.com.sg/rea...oes+a+stock+take+of+its+land+bank]&xts=538380
LOOMING residential supply in Iskandar Malaysia has prompted the master-planner for Medini - the designated Central Business District of Nusajaya - to take stock of its plan for the remaining landbank.
Medini Iskandar Malaysia Sdn Bhd (MIMSB) managing director and chief executive Khairil Anwar Ahmad said on Tuesday that the board has decided to stop selling land and to instead develop the commercial plots, which make up about half the area of Medini's 55 unsold plots.
The unsold plots have a total estimated gross floor area (GFA) of 41 million sq ft; the commercial plots span 26 million sq ft.
MIMSB is in ongoing discussions with developers, both local and foreign, to develop the commercial plots. It will also launch a rebranding campaign for Medini this year.
Mr Khairil said during a presentation to Singapore reporters in Nusajaya: "The last thing we want to do is to cannibalise the market. Most of the developers who have bought land in Medini are developing residential properties so that's the last thing we want to do.
"We would rather work with them to make them successful because their success is Medini's success."
MIMSB is 60 per cent owned by Iskandar Investment Berhad; the remaining 40 per cent is equally held by Dubai's United World Infrastructure and Japan's Mitsui & Co Ltd.
Its first office building, Medini 6, was completed in 2013. Its net lettable office space of 50,675 sq ft is fully tenanted with Huawei and Goldbury Communications among its key tenants.
Its second office project, Medini 7, will have a net lettable area of 106,333 sq ft and is expected to be completed soon.
MIMSB is now developing two other high-rise office buildings in view of the demand for quality office space. One of them, Medini 9, to have a net lettable area of 372,000 sq ft, will commence construction in May. It is scheduled to be completed in 2018.
Pointing to three recent launches by different developers in the past six months, Mr Khairil said all three developers were happy with the response they got, though they realised they had to be careful with the timing of the launches and the pricing.
"People understand that Nusajaya has its own identity, its own value proposition and I hope that, once we can finalise some of our public-transport initiatives - for instance, once we finalise the location of the high-speed rail station in Nusajaya - this will only add further value to Nusajaya's proposition," he said.
Iskandar - three times the size of Singapore - was launched as a special economic zone in Johor Bahru in 2006, but took off only in 2012, after several catalytic projects in Nusajaya were completed. These included:
EduCity, an International education hub;
Pinewood Iskandar Malaysia Studios, with over 100,000 sq ft of film stages;
Puteri Harbour, a waterfront development;
Horizon Hills, a luxury golf resort; and
Asia's first Legoland theme park.
Iskandar exceeded its target of achieving RM73 billion in investments during its second development phase from 2011 to 2015, based on figures from Iskandar Regional Development Authority (IRDA), the statutory authority for regulating and driving the development of Iskandar Malaysia.
Some RM88.7 billion of committed investments poured in during those five years, bringing the total cumulative investments committed to RM158.1 billion as at the end of last year. Singapore companies accounted for 8 per cent of the total committed investments.
So far, nearly half of those total committed investments have been realised, said Khaidzir A Raspi, IRDA senior vice-president for strategic communications told reporters on Tuesday. Property investments accounted for 52.3 per cent of the total investment commitments, followed by manufacturing at 36.5 per cent.
Having focused mainly on sectors like education and health care, IRDA is now turning its attention to developing sectors such as tourism and creative industries, he said. IRDA's goal is to reach RM383 billion in cumulative committed investments by 2025.
IRDA has been trying to attract small and medium-sized enterprises (SMEs) from the rest of Malaysia and Singapore to set up their offices or factories in Iskandar; the upcoming industrial parks managed by established developers will be a major selling point for Singapore companies.
Mr Khaidzir said that while the influx of mega projects by gungho Chinese developers in Iskandar was least expected, a property supply overhang was unlikely, given the efforts by the government to drive economic activity in Iskandar.
"We have to work even harder to bring in the investments to ensure that economic activities actually happen. With that, we can increase the population and create the demand for the properties," he said.
The Malaysian government has committed RM7.3 billion in Iskandar to build infrastructure and upgrade existing amenities. The ratio of private sector to public sector investment grew from 1:1 in 2006 to 13:1 in 2012.
In Nusajaya's Medini, master developer MIMSB intends to deploy and roll out Smart Integrated Township Management services, including information and communications technology (ICT) services and facility-management services, as part of its efforts in sustainable development.
http://www.businesstimes.com.sg/rea...oes+a+stock+take+of+its+land+bank]&xts=538380
Bro, did u sign it or u can refuse to sign it?
I just signed it bro. In the grand scheme of things, I saw these to be minor issues. I also saw some logic behind their explanations.
If I look at the overall finish so far from outside, it has exceeded my expectations. Of course the final product is yet to be seen, but things are shaping up very nicely at Imperia.
I am just trying to learn to be more satisfied, particularly when I hear about cases where developers have gone bust and projects have been left incomplete.
Just my view.
I just signed it bro. In the grand scheme of things, I saw these to be minor issues. I also saw some logic behind their explanations.
If I look at the overall finish so far from outside, it has exceeded my expectations. Of course the final product is yet to be seen, but things are shaping up very nicely at Imperia.
I am just trying to learn to be more satisfied, particularly when I hear about cases where developers have gone bust and projects have been left incomplete.
Just my view.
Any idea what will happen if lets say we refuse to sign it? Seriously, its a matter of being short changed that pisses me off.....
With reference to the three changes/ amendment for Imperia, Puteri Harbour. I received two letters and an email one from the builders UEM and one from the law firm Ikbal Salam & Associate's in January 2015 for ownership of carpark. The letter did not mention any thing else i.e neither the library settings or the common Garbage hopper movement to the outside area near the elevators.
Thereafter I set an appointment Ist week of February with the law firm to get the only amendment for the car park signed as stated in their letters. Later in March I got to know through my bro in law who also owns a unit at Imperia there are three amendments which was to be signed. I was shocked to know that neither i was informed by the builders through their formal letter or the law firm. I then messaged the lawyer inquiring how many clauses/amendments did i sign. I was shocked and surprise to my knowledge that the lawyer mentioned 3 clauses. I asked the lawyer why have the builders or the law firm not mention this in their formal letter to me.. she had no reply however she mentioned she had informed me on the three clauses while getting the docs signed which is false otherwise i would have raised my objection while signing. I have now written to the responsible Manger Mr. Darek of UEM LAND who has committed they are looking into my case. There are some owners who have not signed also....so if any of you who has not been notified by a formal letter please place your objection to the builders.
Wah piang. The law firm can play this sort of game? Pretty one sided and we all know who's side they r on.......sheesh! Im not signing tats for sure.
I am curious what's their motive behind all these changes.
Renaming of central cooling is probably to avoid misunderstanding in the future, small issue. Library become reading room is a big difference, they can now give you an empty room with a few seats and call it reading room.
Waste disposal is probably a screw up by those responsible for the SPA, probably misrepresented the architect's design. The current design has to be there since beginning of construction, this is not something that can be changed overnight.
The last issue is the car park, now it becomes your property. More maintenance fees aside, does it mean now you can modify part of it to have a storage cabinet to keep golf set, for example?
In short, I think the owners have ground to ask for compensation.
Renaming of central cooling is probably to avoid misunderstanding in the future, small issue. Library become reading room is a big difference, they can now give you an empty room with a few seats and call it reading room.
Waste disposal is probably a screw up by those responsible for the SPA, probably misrepresented the architect's design. The current design has to be there since beginning of construction, this is not something that can be changed overnight.
The last issue is the car park, now it becomes your property. More maintenance fees aside, does it mean now you can modify part of it to have a storage cabinet to keep golf set, for example?
In short, I think the owners have ground to ask for compensation.
Hi Imperia Condo Friends,
UEM responded to my email last week, explaining WHY the insertion of the word “Reading Lounge” after the word “Library”; the terminology “Central Waste Vacuum” at Clause 9 of the Deed of Mutual Covenants shall be deleted and replaced with “Central Vacuum Waste Collection System” and Centralized Cooling System. (I think most of you knew it well)
They did not answer to my questions in my first email:
1. Accessorize Car Park, is there any fee charge (monthly maintenance fee) associate into it in respect to the accessorized car park? If yes, will the monthly maintenance fee delete accordingly from the Fifth Schedule of the S&P as these are meant for Common facilities?
2.The change of Central Waste Vacuum from the Clause 9 of the Deed of Mutual Covenants in which it shall be equipped in each parcel, to a common Central Waste Collection System at each floor, what is the compensation to the unit owners?
3.The reason why unit owners have not been communicated to the changes above officially at earlier stage?
Todate, we have not signed the Supplementary Agreement.
UEM responded to my email last week, explaining WHY the insertion of the word “Reading Lounge” after the word “Library”; the terminology “Central Waste Vacuum” at Clause 9 of the Deed of Mutual Covenants shall be deleted and replaced with “Central Vacuum Waste Collection System” and Centralized Cooling System. (I think most of you knew it well)
They did not answer to my questions in my first email:
1. Accessorize Car Park, is there any fee charge (monthly maintenance fee) associate into it in respect to the accessorized car park? If yes, will the monthly maintenance fee delete accordingly from the Fifth Schedule of the S&P as these are meant for Common facilities?
2.The change of Central Waste Vacuum from the Clause 9 of the Deed of Mutual Covenants in which it shall be equipped in each parcel, to a common Central Waste Collection System at each floor, what is the compensation to the unit owners?
3.The reason why unit owners have not been communicated to the changes above officially at earlier stage?
Todate, we have not signed the Supplementary Agreement.
Too many issues. I wrote to the developer to ask further explanation. However, their reply is just the one showed by the lawyer. I am not signing with that
Got a letter from UEM today that Imperia will be delayed until the end of Q2. I am not too sure if thy can do it by then though.
Have a feeling its gonna be towards the end of Q3 or early Q4 coz even after they completed, paperwork n final approvals with the relevant govt agencies mite take some time.......and we all know too well how the govt take their time.
Luckily its all DIBS for people whom took finance.
Actually no DIBS for Imperia. However the compensation for delay that is @10% per year, more than covers the interest that is charged on only on the drawdown amount. The drawdown amount will be less than the full loan as 20% of the purchase price is disbursed only after the possession letter is issued.
Looks like in this case most owners will get around a year as soft launch started in September 2011 with 3 years for completion.
The compensation for the delay shall be comprises of two components, first will be the 10% p.a. on the purchase price for the VP, second will be 10% p.a. on the 20% of the purchase price for the readiness of common facilities, calculated after 36 months.
What about owners who have purchased a unit in cash and have not used a bank loan? i figured out the late payment @ 10% staright based on the purchased price..
Whether you take loan or not, compensation for late delivery will be @ 10% of purchase price.
If i remember correctly, there was DIBS but it was offered only to those who bought 2bedder n smaller units.....Because when I bought my 3 bedder, i did ask about DIBS but the salesperson said its not available for all 3 bedder n above......
That central waste vacuum thingy that they didnt implement, saved them millions of ringgits at the very least......they r short changing us for sure.
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