New developments to share

[Investor]

This is going to further push up property prices in Iskandar.

Lido Residences(Lido Boulevard) comprises eight blocks of 18-26 storey condominiums with 908 fully furnished units, ranging from 2,459 sq ft to 9,089 sq ft. The units are priced over RM2 million each, or around RM1,300 per square foot.

http://www.btimes.com.my/Current_News/BTIMES/articles/20121102000333/Article/#ixzz2B1cHaNVt

 

[IskandarRocks]

This is going to further push up property prices in Iskandar.

Lido Residences(Lido Boulevard) comprises eight blocks of 18-26 storey condominiums with 908 fully furnished units, ranging from 2,459 sq ft to 9,089 sq ft. The units are priced over RM2 million each, or around RM1,300 per square foot.

http://www.btimes.com.my/Current_News/BTIMES/articles/20121102000333/Article/#ixzz2B1cHaNVt

Hi Investor, the psf and the square foot range sounds a bit inconsistent in this piece of news. Quite likely they made a calculation mistake or a typo. If the units start at 2549 sq ft and priced over RM 2M, then the price will most likely be above RM 800 psf, which sounds more realistic to me at today's prices, given the sheer volume of the development. If it was really RM 1300 psf, they they would have reported the price to be above RM 3M, because the starting price at 1300 psf translates to around RM 3.3M

Ok. Technically they are correct, above RM 2M covers RM 3.3M as well. But newspapers will always make it more dramatic, and not less. They will never report anything above RM 3M as above RM 2M.

 

[potter]

Enough for the West, look at the East now...
http://www.tar.com.my/upcoming-projects/desaru-coast

KUALA LUMPUR: Destination Resorts and Hotels (DRH), an entity set up by Khazanah Nasional Bhd, got the cogwheels churning to change the face of Desaru, starting with its Desaru Coast Phase 1 carrying a gross development value of RM5bil.

DRH managing director Nadziruddin Basri said the first phase, covering 1,800 acres, was targeted to be completed in 2015 but its various components would be opened as and when they were ready.

“It is important to have Phase 1 come together at the same time. The idea is to stagger the project launches but have all ready in 2015.

“As for Phase 2 and 3 which are north and south of Phase 1, we have not done the details but the projects within them will be high-end tourism-focused,” he said at a briefing. “We want to raise the tourism industry in Malaysia by a few notches.”

DRH's operational vehicle Desaru Development Holdings One Sdn Bhd (DDH1) chief executive Firdaus Azharuddin said Phase 2 and 3 had not been finalised because tourism planning was not easy as consumer trends changed quickly.

“For us to tell you what we plan to build and when to complete exactly, we would be lying to ourselves. We have the land bank and we've put in key attractions in Phase 1 that we think will bring in the tourists.”

He said the remaining phases would be developed based on market demand.

Firdaus said DRH had the capability to expand outside the boundaries of Phase 1 and the infrastructure would also be ready for Phase 2 and 3 when the time came.

Phase 1 is 80% greenfield, with 15% pockets of land left for future development.

For this 15%, Firdaus said DDH1 was opening it up to other developers but whatever they brought into the area must add value to the luxury travel theme.

“We are also looking for private companies to come in and take equity ownerships in the resorts or projects we have under Phase 1 (after they are developed),” he said.

To date, there are four premium resorts featured in Phase 1 including Aman Country Club and Aman Villas, Datai Desaru under the Datai Langkawi brand, Sheraton Resort and Plantation Hotel.

Plantation Hotel will be linked to Themed Attractions and Resorts Sdn Bhd's two immersive water parks, Ocean Quest and Ocean Splash. The hotel will feature rooms and a dining area connected to the aquarium, giving an underwater atmosphere.

DRH will partner Themed Attractions and Resorts, another wholly-owned unit of Khazanah, to package services to tourists.

Other facilities available are a convention centre, golf courses, a man-made salt water river and a culinary and hospitality school.

Desaru Coast Phase 1 will also include residential development under a joint venture with UEM Land Bhd. DRH targets to have 3,000 to 4,000 mixed residential units.

Nadziruddin added that hotels and operators in Phase 1 were expected to break even two or three years after they begun operations.

The whole Desaru Coast development, stretching 17km over 3,900 acres, is estimated to take 15 to 20 years to be completed.

 

[Investor]

Hi Investor, the psf and the square foot range sounds a bit inconsistent in this piece of news. Quite likely they made a calculation mistake or a typo. If the units start at 2549 sq ft and priced over RM 2M, then the price will most likely be above RM 800 psf, which sounds more realistic to me at today's prices, given the sheer volume of the development. If it was really RM 1300 psf, they they would have reported the price to be above RM 3M, because the starting price at 1300 psf translates to around RM 3.3M

Ok. Technically they are correct, above RM 2M covers RM 3.3M as well. But newspapers will always make it more dramatic, and not less. They will never report anything above RM 3M as above RM 2M.

You are sharp, IR =) Maybe either the price psf or the size is stated wrongly.

 

[IskandarRocks]

You are sharp, IR =) Maybe either the price psf or the size is stated wrongly.

You are right, the size may be incorrect as well. In case it starts at 1549 sft, then 1300 psf takes it past RM 2M.

Actually on second thoughts, RM 1300 psf is more likely than RM 800, given the pricing and successes of both SKY 88 and Encorp Marina.

Also, let's keep in mind that the Reclamation work will cost them quite a bit and they would have to recover that as well.

 

[IskandarRocks]

Actually, they do start at 2549 sq ft. Here is more details and floor plans. Looks very high end. However, this seems very long term as the website states that land reclamation itself will take 2 more years from mid 2012.

http://www.cmpsb.com.my/v1/index.php?option=com_content&view=article&id=11&Itemid=27

 

[Valdez]

UEM plans to build auto city in Johor
Development will have racing circuit, car showrooms, F&B and retail outlets


[JOHOR BARU] UEM is developing plans for a multi-million ringgit auto city on a 32.37 ha site within Gerbang Nusajaya, an integrated mixed development located near the Sultan Abu Bakar Customs, Immigration and Quarantine Complex (CIQ) at Tanjung Kupang in Gelang Patah, Johor.

The Star newspaper quoted UEM Group Bhd chairman Ahmad Tajuddin Ali as saying that the auto city project would include showrooms for cars and related accessories, a racing circuit, retail outlets, entertainment and food and beverage outlets.

He said that the project was among several new works that would be launched or developed within one or two years.

UEM Land Holdings Bhd, which is part of UEM Group, is the master developer of the 9,308 ha Nusajaya, the key driver of Iskandar Malaysia, which was launched on Nov 4, 2006.

Mr Ahmad Tajuddin told The Star that Gerbang Nusajaya would also have a retail mall which would be unique and better than the Johor Premium Outlets.

Gerbang Nusajaya is divided into two parts, with a large parcel of land located on the left side of the CIQ (for motorists coming from Tuas in Singapore) and the other parcel on the right side of the complex.

UEM Land Holdings Bhd was still waiting for final approval to build the administrative complex to house the federal government's departments and agencies within Kota Iskandar, Mr Ahmad Tajuddin told a press conference at the launch of Iskandar Malaysia Sustainability Summit 2012 on Saturday.

He said that "interest from investors towards Nusajaya in Iskandar Malaysia remains strong" with the momentum likely to continue in years to come.

Nusajaya had attracted interest from domestic and foreign investors despite uncertainties in the global economic growth, he said, adding that the completion of some catalytic projects within the Nusajaya development zone had reaffirmed its status as the key driver of Iskandar Malaysia.

He added that notable projects included the Johor State New Administrative Centre's Kota Iskandar, Legoland Malaysia Theme Park, Puteri Harbour Indoor Theme Park and EduCity.

Nusajaya comprises eight catalyst developments - Kota Iskandar, Southern Industrial and Logistic Clusters, Puteri Harbour Waterfront Development, EduCity, Medical City, International Destination Resort and Nusajaya Residences.

Nusajaya is one of the five flagship development zones in Iskandar Malaysia. The other four are the JB City Centre, Eastern Gate Development, Western Gate Development and Senai-Kulai.

 

[Valdez]

REHDA: Property sector to experience skyrocketing demand

Nov 5, 2012 - PropertyGuru.com.my

by Cheryl Tay

Homes prices in Malaysia are expected to be stable, thanks to solid domestic demand and ample purchasing power, said Datuk FD Iskandar (pictured), Deputy President of the Real Estate and Housing Developers’ Association of Malaysia (REHDA).

“With the implementation of the Economic Transformation Programme and the Greater Kuala Lumpur, the real estate sector is set to experience skyrocketing demand in the coming years,” he told The Borneo Post.

Compared to other property segments, landed houses saw the highest demand this year and the same is expected for 2013 and 2014. One of the factors that contributed to the domestic demand was the country’s growth rate of between 2.2 and 2.3 percent, as well as the rapid urbanisation of Malaysia.

“In the 70s, the degree of urbanisation in Malaysia was only about 30 percent and it increased to 40 percent in the 80s. Now, the degree of urbanisation in the country is between 55 percent and 56 percent,” he said, adding that 200,000 houses were sold in 2011, of which 50 percent were new properties, with the rest being resale properties.

At the same time, people need not worry that a property bubble is looming. Of all the properties sold in 2011, only 1.8 percent was bought by foreigners, unlike in Singapore, where over 39 percent of properties were sold to expatriates, he said.

In addition, property prices in Malaysia are still one of the lowest in the ASEAN region.

“The best that we have is the KLCC area, with an average selling price of US$500 psf (RM1,525 psf). In Singapore, you will be paying US$2,000 (RM6,103) for the same area, while in Jakarta, you will get it in between US$700 and US$800 (RM2,136 to RM2,441),” he added.

 

[limmcd]

Grand dream: Nadziruddin (centre) giving details of the planned resort development while Desaru Development Holdings One CEO Firdaus Azharuddin (left) and Themed Attractions and Resorts MD and CEO Tunku Datuk Ahmad Burhanuddin look on.
KUALA LUMPUR: Desaru Coast, an up-and-coming development on the east side of Johor, will not only satiate the affluent's taste in luxury holidays but also the desire to own a holiday spot.

The group behind the development, Destination Resorts & Hotels (DRH), said Desaru Coast would flourish into not just a luxury travel destination, but also a resort township for recurrent holidaymakers.

“It's all part of our intention to make Desaru a resort township. The residential part of it will be more likely holiday homes or second homes for those who can afford it,” managing director Nadziruddin Basri told StarBiz.

He believed that with facilities already available in a neighbouring township, the resort township would be able to leverage off the necessities rather than having another set of its own facilities.

“If you look at the proximity between Desaru and Bandar Penawar, the latter is where the mass population is and has all the facilities like schools and hospitals,” he explained. “So when we look at the Desaru plan, we think it makes sense to keep it a resort township, not a full-fledged township.”

DRH is in partnership with UEM Land Bhd for its residential development in Phase 1. UEM Land owns 51% of the residential development, which will be a mix of mid- to high-end semi-detached houses, bungalows, villas and low-density condominiums.

Nadziruddin noted that the residential component was still in its preliminary planning stage but the projects would be launched “precinct by precinct,” depending on buyers' responses and the economy.

“There will also be a need for base population and this is when we look at Petronas' development in Pengerang, which would be complete about the same time as our Phase 1,” he said, noting that Petronas would likely bring in over 20,000 staff.

“There will always be the need for housing so the potential is there, even if we can lock in 10% of its staff,” he said, noting the strategic location close to Singapore and Iskandar Malaysia.

DRH, through subsidiary Desaru Development Corp Sdn Bhd (DDC), is also in talks with UKAS to obtain facilitation funds for infrastructure development. If obtained, DRH could get up to 10% of total infrastructure capex.

It has already a RM600mil loan from Malayan Banking Bhd and a seed capital from Khazanah Nasional Bhd, its parent company.

As for opening up equity ownership in some of the components, Nadziruddin said although it was welcomed, DRH would maintain a majority share in all projects carried out so that it ccould ensure the original luxury travel theme was always retained.

“We want the whole area to blend in well with the concept of a luxury holiday. With the names we are bringing in, we are prepared to invest to maintain the township because the operators have no qualms moving out if we are not up to standard,” he said.

Phase 1 will offer four premium resorts operated by Sheraton Resorts and Hotels, The Datai, Aman Resorts and another yet to be named for the plantation hotel. There will also be marine and water parks, Ocean Quest and Ocean Splash, which feature the world's biggest salt water wave pool.

Phase 2 and 3 have yet to be finalised as DRH has decided to plan them according to market demand in the coming years.

“We are a catalyst developer so we have to take a long-term view of the development,” Nadziruddin said of the 15-to-20-year timeline set for the three phases of Desaru Coast.

“We have to make sure not to overdevelop Phase 1 even though our investment is big, because we need it to benefit from Phase 2 and 3 too,” he added.

Desaru Development Holdings One Sdn Bhd is the operational vehicle of DDC to develop Phase 1. It is a 70:30 joint venture between Stulang Ventures Sdn Bhd and Permodalan Darul Ta'zim.

Desaru Coast covers 3,900 acres along a 17-km stretch of pristine coast.

 

[fing123]

Hey guys,

Bot TG 2bedrm @ 740psf.. I like its close prox to woodlands ciq.. Anyone else bot?
Am thinking of looking at encorp marina/teega next..

 

[K3LV1N]

Hey guys,

Bot TG 2bedrm @ 740psf.. I like its close prox to woodlands ciq.. Anyone else bot?
Am thinking of looking at encorp marina/teega next..[/QUO

Called UEM this morning and a staff from the office mentioned that Teega soft launce will most likely be next month. However interested parties may consider registering with UEM meanwhile. Heard from staff that the psf is arnd 670-770 psf. Do u guys think its a reasonable price?

 

[kienyap]

I couldn't find anyone discuss on Seri-Austin area. why? There is quite a number of projects with reasonable price.

 

[Valdez]

I wonder whether this stupid move by MOM will lead to more MNCs and talented expats moving over to iskander? Rules keep changing and parameters keep shifting. Where got confidence to work and live in Singapore anymore?

MOM tightens criteria for premium employment pass

Woo Sian Boon

Nov 07

Changes to pass for top-tier foreign talent in line with recent moves to raise quality of EP holders, says ministry

SINGAPORE - Amid the global economic uncertainties, it will soon be more difficult for highly-skilled foreigners to remain in Singapore for an extended period if they find themselves out of a job.

While this privilege is currently enjoyed by a small group of eligible foreigners - about 12,000, or less than 7 per cent of the 174,000 Employment Pass holders - the number is set to get smaller.

Starting next month, foreign professionals applying for a personalised employment pass (PEP) - which among other things, allows them to stay here continuously for six months while being unemployed - will have to meet more stringent criteria that includes a minimum annual fixed salary of S$144,000, up four-fold from the existing S$34,000 a year.

The validity of PEPs - which are non-renewable - will also be reduced from five years to three years.

The new criteria was put up recently on the Ministry of Manpower's (MOM) website. The MOM said that the changes ensure that the PEP "remains a premium pass for top-tier foreign talent working in Singapore and is in line with recent moves to raise the quality of Employment Pass holders".

It added: "Foreigners with in-demand expertise and skills should be able to secure a job and obtain an Employment Pass before too long a period."

Under the changes, apart from the higher minimum annual salary and shorter validity period, only P1 Pass holders - or the top tier of Employment Pass holders - who earn a fixed monthly salary of at least S$12,000 and overseas-based foreign professionals whose last drawn fixed monthly salary was at least S$18,000 may apply for the PEP. New PEP holders can also bring in their parents, spouses and children.

The MOM will give all existing PEP holders until Dec 31, 2014, to meet the revised minimum annual fixed salary requirement. Responding to TODAY's queries, an MOM spokesperson said that PEP holders whose passes are due to expire within six months after Dec 31, 2014, will be allowed to remain until expiry.

"Those who are not eligible under the revised PEP criteria can continue to work and live in Singapore on an Employment Pass or S Pass, subject to the prevailing assessment criteria," she added.

Foreigners' job concerns

Unlike the Employment Pass, the PEP is tied to the individual instead of a specific employer. It was introduced in 2007 to "strengthen Singapore's attractiveness to highly-skilled foreigners and facilitate their continued stay and contributions here", according to the MOM.

While PEP holders TODAY spoke to did not think that the MOM's latest move would diminish the attractiveness of Singapore as a destination for foreign professionals, they were concerned about the shorter validity period amid the uncertain economic climate.

Said a Canadian professor who is teaching at a university here: "To some ... (they) like a degree of certainty. Five years was reasonable because at the end of it, you can decide if you want to stay to become a resident or not. Reducing it would deter some people, but not everyone. It depends on their objectives and if they want to work in Singapore for a long time."

Mr Joel Hides, Associate Director of recruitment consultancy firm Robert Walters Singapore, noted that many foreigners who relocate to Singapore on an Employment Pass would subsequently apply for PEP "because they may want greater flexibility in employers".

The changes could come at a time when there is greater clamour for a PEP, he noted. "The fact that foreigners have to leave the country within a month of their Employment Pass ceasing encourages a lot of people to apply for PEPs, particularly in the currently uncertain outlook," he added.

Still, recruitment firm Kelly Services Vice-President Mark Hall felt that the more stringent criteria were "unlikely to discourage the majority of people from working in Singapore". "In terms of relocating for career purposes, Singapore remains very attractive," he said.

Welcoming the changes to the PEP regime, Members of Parliament TODAY spoke to reiterated that they would further differentiate top foreign talent, although Chua Chu Kang GRC MP Zaqy Mohamad felt that they may "impede our ability to attract top talent to Singapore".

He said: "If they want to relocate their families here, they might find that three years is a bit too short or disruptive."

Still, he added: "This will differentiate top talent against ordinary workers and give local PMETs some certainty in terms of stability and prospects."

Ang Mo Kio GRC MP Inderjit Singh agreed and said: "(The PEP) can be subjected to abuse where people may just be exploring opportunities without being firm about staying here. I'd rather someone who's got a firm offer be given a pass than someone who's just here to test the market."

 

[fing123]

Yea, it's a good price.. Not sure if EM tower 2 launch this weekend will affect Teega's prices tho.
I'll reg w UEM - thanks for making the call

Called UEM this morning and a staff from the office mentioned that Teega soft launce will most likely be next month. However interested parties may consider registering with UEM meanwhile. Heard from staff that the psf is arnd 670-770 psf. Do u guys think its a reasonable price?

 

[Dfiris]

No doubt the news will
come at a good time when Malaysia is trying to attract MNCs n foreign talent for their Economic Transformation Program. The push factor comes just in time.

 

[jasonjst]

No doubt the news will
come at a good time when Malaysia is trying to attract MNCs n foreign talent for their Economic Transformation Program. The push factor comes just in time.

Let them go , these are not the real top tier talents we are talking about Bro , how u define "talents" is very different from mine . PA pay of S$34K is too low for this group. Taxi drivers earning more , 7K x 12 = $84K liao .

 

[zoros]

Hi

I also bought a 2 bedder unit facing South.

Fyi, you can go into this website meant for TG discussion.

http://twingalaxy.freeforums.org/

Hey guys,

Bot TG 2bedrm @ 740psf.. I like its close prox to woodlands ciq.. Anyone else bot?
Am thinking of looking at encorp marina/teega next..

 

[Dfiris]

Let them go , these are not the real top tier talents we are talking about Bro , how u define "talents" is very different from mine . PA pay of S$34K is too low for this group. Taxi drivers earning more , 7K x 12 = $84K liao .

u are right. let the middle class mid talent all go to Malaysia and play complementary support to the top high talents in Singapore. The mid talents go there k drive better cars and stay bigger houses too.

 

[Dfiris]

Let them go , these are not the real top tier talents we are talking about Bro , how u define "talents" is very different from mine . PA pay of S$34K is too low for this group. Taxi drivers earning more , 7K x 12 = $84K liao .

u are right. let the middle class mid talent all go to Malaysia and play complementary support to the top high talents in Singapore. The mid talents go there k drive better cars and stay bigger houses too.

With theHigh Speed Rail and other better transport links up, they can still commute to Singapore with ease to have meetings.

 

[slash]

Hi all. I am intending to purchase a landed property. Any one can tell me the new developments? or whether there is left over completed properties that can purchase. a bit lost even after reading the threads. :(