Mah Sing to build a RM1.4mil Kota Kinabalu Convention City
Published May 30, 2013 by PropertyGuru.com.my
Mah Sing Group will transform a 9.33-acre land in Kota Kinabalu, owned by Yayasan Sabah Group (YSG), into a world-class waterfront project with a gross development value (GDV) of RM1.4 billion.
Along this line, Mah Sing’s 51 percent owned unit, Convention City Development Sdn Bhd, has recently inked a development agreement with YSG for an entitlement of RM163 million for the integrated project which will be called as the Kota Kinabalu Convention City.
“The total investment for the 9.33-acre piece of land at RM184.9 million is equivalent to 13.2 percent of the estimated potential GDV and will be paid over a minimum of 42 months,” said Mah Sing.
“Prime land in the heart of Kota Kinabalu is hard to come by, and we envision creating an iconic waterfront development. Kota Kinabalu Convention City will be to Kota Kinabalu what KLCC is to Kuala Lumpur, becoming a landmark in Sabah that will put it on the world map,” noted Group Managing Director Tan Sri Leong Hoy Kum.
Under the agreement, Mah Sing may also exercise an option for an adjacent 5.95-acre land. This could boost the project’s GDV by RM600 million, bringing its total GDV to RM2 billion.
“We may exercise the option for an entitlement price of RM117 million, within two years from the issuance of the separate issue document of title. This will provide further upside for our Kota Kinabalu Convention City project, and the overall entitlement price for both phases will be 15 percent of the potential GDV of RM2 billion to be generated should we exercise the option,” explained Leong.
The project is located along the Coastal Highway and is adjacent to the forthcoming Sabah International Convention Centre (SICC). It will comprise a luxury hotel, office towers, shop offices, lifestyle retail, F&B outlets, a business hotel, as well as serviced residences.
Phase I is expected to take four to five year, and registration of interest will start as early as Q3 2013, Leong added.
Source: http://www.propertyguru.com.my/property-news/2013/5/9473/mah-sing-to-build-a-rm1-4mil-convention-city
Thursday, 30 May 2013
Wednesday, 29 May 2013
Direction of housing sector uncertain
Published on 29th May, 2013 by New Sabah TimesKOTA KINABALU: The direction of housing development in Sabah is uncertain following the unresolved Euro debt crisis, the continuing high unemployment in USA and the recently concluded 13th general elections in Malaysia.
In view of the foregoing, investors are still cautious about making commitments, said Michael Lui Yen Sang, president of the Kota Kinabalu Chinese Chamber of Commerce & Industry (KKCCCI).
“However, real estate development is a major engine of growth leading other spheres of economic development,” he said in his opening remarks at the Seminar on Housing Development in Kota Kinabalu.
He said that over the past 10 years, Sabah’s vigorous growth had been spurred by continued property development.
Meanwhile, Datuk Chong Choon Kim, managing director of CH Williams & Talhar too was not overly optimistic about the property market due to several factors.
He said the market showed a continuous upward trend during the past five years but reckoned that the prospects for the next five years would be rather gloomy.
The BN government has allocated substantial sums of money for developing the infrastructure of the rural areas, Chong noted.
“Hence for the next five years, the government would likely reduce spending on schools, medical services such as hospitals, road construction and other essential services to cut budget deficit,” he said.
He was also not optimistic about more urban road development in Kota Kinabalu especially after the BN failed to retain Kota Kinabalu parliamentary seat and the state seats under the constituency.
“Hence, we would not see massive urban road development and opening up of more suitable land for development,” Chong said.
Nevertheless, in order to lower the land value for urban housing development, he said the government should continue to provide more urban roads.
Chong also expected housing demand to be sluggish because the young people are unable to pay for the rising prices of houses.
“Traditionally, Sabah is agro-based, and once the young people abandoned the rural life style, they tend to flock to the KK urban areas for job,” he said.
“Now in KK, over 50 per cent employees earn less than RM2,000 per month, 20 per cent earn between RM2,000 and RM3,500 per month, a further 20 per cent earn between RM3,500 and RM7,000 per month. Only 10 per cent earn more than RM7,000 per month,” Chong said.
The government has categorised houses at RM250,000 as affordable.
“For young people earning RM2,000 per month, they could only afford houses at RM150,000 with a payback period of 30 years,” Chong said.
He said only those earning RM3,500 per month could afford to buy the affordable houses.
“At the moment, the saturation point has already been reached for the high cost houses and the developers should instead build the RM250,000 affordable houses,” he said.
Chong was one of the speakers at the seminar.
Source: http://www.newsabahtimes.com.my/nstweb/fullstory/68856
Saturday, 4 May 2013
The Suritz to be launched
Published on 4th May, 2012 by New Sabah TimesKOTA KINABALU: SCland Group will be launching its new project called ‘The Suritz’, an upscale service apartment in the heart of Kolombong near here, this weekend.
With a total gross development cost of RM60 million, the project, which has already started, is expected to be completed by 2015, said SCland Group director Ang Loo Leong during a press conference at the developer’s office yesterday.
The Suritz is a gated and guarded service apartment with 128 units, built over 2.16 acres of land and offers two choices of built up areas, namely Type A — 1,428 sq ft and Type B — 1,346 sq ft.
“The prices are from RM359 per sq ft, ranging from RM482,000 to RM591,000 inclusive of two covered car parks (from third floor onwards) and two air-conditioning units,” said Ang.
Located just 20 minutes from the central business district of Kota Kinabalu, The Suritz is a 16-storey urban residence which is developed in two blocks and offers all corner units for the buyers, he said.
The property, boasting a modern living design, is accessible via Jalan Lintas and Jalan Tuaran, both major roads which run perpendicular to the site at a north-south axis with the 1Borneo development located at the north, he said.
Furthermore, he said the property is centrally located close to key transport hubs whereby the local bus station is situated further north at Inanam and the Kota Kinabalu International Airport is about 20 minutes away.
Other amenities within the vicinity include City Mall, Giant Hypermarket and the Sabah Golf & Country Club.
Major medical facilities such as Hospital Pakar Likas and Hospital Mesra, along with educational institutions such as Universiti Tunku Abdul Rahman Kota Kinabalu and Universiti Malaysia Sabah are also located just 10 minutes away, said Ang.
The Suritz, which is designed to foster family living, is equipped with facilities such as two-tier security card access at guardhouses and lift lobby; intercom and CCTV guest screening at the guardhouse; 24-hour security services; three bedrooms and store —suitable for family living; picturesque views of Likas Bay and scenic mountain views, among others.
The latest property is SCland’s third project after the Surian Residences launched in October 2010 where prices of the property have since appreciated from RM300 per sq ft to RM450 per sq ft, largely attributed to the aesthetic value of its practical design.
Recently, the developer launched its second project, Yijia, a luxury bungalow development.
The Suritz will be officially launched on May 5-6 at Function Room 4, Level 1, Magellan Sutera Harbour Resort from 10am to 6pm.
Attractive ownership packages exclusively for the buyers will be offered during the sales launch such as early bird rebate, free legal fees for sales and purchase agreement, and developer interest bearing scheme. Interested buyers can contact the developer sales gallery at 088-486808.
Source: http://www.newsabahtimes.com.my/nstweb/fullstory/58413
Friday, 26 April 2013
Good Feng Shui in Sabah
Posted on 26 April 2013 by nst.com.my
In recent years, property development has been on the rise in Sabah for some time now especially in Kota Kinabalu area. This coincides with the period 8th started from year 2004 to 2023 that provides more positive Qi in the Northeast sector of Malaysia. It is a better period for lots of property developments in Sabah.
Kota Kinabalu (KK), the capital of Sabah state, is located in the northwest sector of the Borneo island coastal line. It faces the South China Sea with strong backing from Mount Kinabalu located at the Northeast sector. This configuration forms a very auspicious good Feng Shui condition for KK.
Based on the Good Feng Shui theory, Mount Kinabalu is the ancestral roots of many other dragon veins that spread across many areas in the Southeast Asian countries. Thus the positive Qi gives very strong influence especially at the right time from the Feng Shui period of the 8th onwards.
In the Feng Shui period of the 8th (year 2004 – 2023), the Northeast and Southwest are the most auspicious sectors. We foresee that most of the new developments and those with potential to boom are within these two directions and sectors. These areas include Sutera Harbour, along the coastal road and Likas areas.
Likas area which is located at the East and Northeast of Kota Kinabalu, has very auspicious Good Feng Shui features mainly due the availability of the curvy sea bay in the Northwest direction. Good Feng Shui foresees that in the next 10 years, properties in Likas area will continue to appreciate and there will be more high-end types of properties that will be developed by various developers. In particular, those properties such as condominiums, link houses, bungalows or shop-lots facing the North and Northwest directions are further enhanced by the availability of more positive Qi from the sea.
Good Feng Shui expects that projects within or near Signal Hill such as The Peak Vista will receive very encouraging market response. Potential property purchasers there will show more concern for Feng Shui compliance in their decision-making simply because they want the external, natural good Feng Shui configuration to be paired with the interior, indoor space design.
In subsequent years, when Likas area becomes more saturated in terms of development, the next up-and-coming area will be towards the South sector of Kota Kinabalu. The land prices in this sector will begin to trend up faster especially from the third quarter of 2013 onwards. With more growing population and better living standards, there will be more high-end properties and mixed-development projects to be built within the next couple of years from now.
Thursday, 25 April 2013
Shareda protests the move on strata title fees
Published on: Thursday, April 25, 2013 by daily express
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Its President Francis Goh said members of the Royal Institute of Surveyors Malaysia (RISM), Sabah branch, especially licensed surveyors, should give an indemnity to the Housing Controller that they will process and obtain the subsidiary title on behalf of developers and housebuyers instead of the government putting the blame on delay caused only by the developers.
"Professional licensed surveyors are like architects, he said.
"They are the rightful profession who should give such assurance to Lands and Surveys Department or Housing Controllers as long as Shareda members have fully paid up the premiums and surveying fees to the survey board," he said.
To this, he urged the Board of Land Surveyors Malaysia to provide some form of guarantee on the performance or services rendered by its professional members to fully discharge their duties and obligations.
He also said that RISM should play a more important key role in assisting the developers especially in property management, land and building surveying fields, valuation or appraisal of property and other specialised surveying consultancy.
With their wealth of professional knowledge, he said, RISM is the right body to provide updated advice to the Ministry of Local Government and Housing including its agencies and the Housing Controller on matters relating to property management and process of subsidiary titles or subdivided titles.
He said this during a courtesy visit by Sabah RISM led by its Deputy Chairperson, Catherine Yen to the new office bearers of Shareda last Tuesday.
Goh and his Council Members welcomed the delegates who are looking forward to collaborate closely with Shareda members so as to encourage more active involvement by RISM in property development.
He also addressed several concerns on the roles and responsibilities of surveying professionals involving property development particularly land and building surveying and property management.
Yen stressed that RISM will provide more training syllabus and programmes to its members in order to meet the needs of the industry.
Presently, the shortage of qualified licensed building surveyors in the construction and real estate fields will affect the efficiency of the professions, she said.
"A competent licensed surveyor is expected to monitor and coordinate every aspect of building and development work and acts as a vital link in the project between affiliated professions included architects, engineers, planners and builders," she said.
To this, she said that both Shareda and RISM will co-ordinate and constantly engage the members with better knowledge on organising more talks, meetings and dialogues.
It is expected that more high rise condominiums and apartments will be completed in the next few years. In view of this, Goh urged RISM to play an active role in property management.
Most developers prefer to pass the management task to the professional property manager after the title is issued, he said.
"So, it is critical for property managers to discharge a higher professionalism and ethical standards by providing competent and quality services to their respective clients such as maintenance of building and equipment, collection of rental income to ensure optimum profitability and sustainable income to the property management," she said.
Meanwhile, Liaw Lam Thye thanked Shareda for accepting the invitation to be one of the speakers in the 6th Sabah Surveyors' Congress organised by RISM, Sabah Branch.
The two-day annual Congress will be held on May 14-15 at Pacific Sutera, Kota Kinabalu with the theme this year "Economic Turbulence: Survival or Opportunities?".
Several speakers from overseas countries and Peninsula Malaysia are invited to present their respective papers during the congress.
Dato' John Chee Shi Tong, who is also Shareda Vice President will be presenting a paper entitled "Supply Chain In Sabah Construction Industry" at the second day of the congress.
Also present were Deputy President, Chew Sang Hai, Vice President, Dato John Chee Shi Tong and John Tan, Secretary-General, Ben Kong and council members Ronnie Ang Guo Wei and Chua Soon Bing while RISM delegates comprised Yen, Samuel Chong, Liaw Lam Thye, Peter Yapp, Sunny Kelvin and Executive Secretary, Noryzan Kelim.
source: http://www.dailyexpress.com.my/news.cfm?NewsID=85127
Thursday, 28 March 2013
Francis Goh elected as new SHAREDA president
Published on 28th March, 2013 by New Sabah Times KOTA KINABALU: Kinsabina Sdn Bhd (Kinsabina Group) managing director Francis Goh Fah Shun was elected as the new president of the Sabah Housing & Real Estate Developers Association (SHAREDA) at its 20th annual general meeting and election of office bearers yesterday.
The meeting, held at SHAREDA secretariat at Beverly Hills Plaza, saw Francis garner 84 votes against incumbent president Datuk Susan Wong Siew Guen who obtained 69 votes. There were two spoilt votes.
Francis, who led the Revamp Team, won by a majority of 15 votes to unseat Susan who helmed the presidency for two terms since 2009 and was bidding for a final third term of two years to complete her unfinished jobs.
The candidates aligned to the Revamp Team won all the positions they contested except for a council member post which went to the Vision Team led by Susan.
There are a total of 163 SHAREDA members but only 155 of them turned out to cast their ballots for the president’s post.
In the contest for the deputy president’s post, Chew Sang Hai from Grand Merdeka Development Sdn Bhd polled 87 votes to defeat incumbent Datuk Robin Loh Hoon Loi from Dapan Holdings Sdn Bhd who obtained 67 votes. There were two spoilt votes.
Four candidates vied for the two vice president’s posts. Dato’ John Chee Shi Tong from J&M Development Sdn Bhd and Tan Duo Zer from Hap Seng Properties Development Sdn Bhd, respectively polled the highest votes of 92 and 83 to clinch the positions.
The two incumbents, Wong Ten An from Mega Sunwise Sdn Bhd and Wong Chen Yee from The W Property Collection Sdn Bhd, respectively obtained 69 votes and 49 votes.
Incumbent Ben Kong Chung Vui successfully defended the secretary-general’s post when he polled 88 votes to edge out Linda Wong Chung Hie from Sunyap Development Sdn Bhd who obtained 66 votes.
The post of treasurer-general was won by Chai Meng Kong from Top Green Development (Sabah) Sdn Bhd when he secured 84 votes against Datuk Chong Hon Len from Nadi Properties Development Sdn Bhd with 67 votes.
Ten candidates vied for five council member’s posts and the top five who polled the highest votes would be appointed to the committee.
Pengiran Saifuddin Pengiran Tahir from Sabah Urban Development Sdn Bhd and Quek Siew Hau from Velda Development Sdn Bhd emerged the joint top winners in the polls with 80 votes, followed by Chua Soon Ping from Remajaya Sdn Bhd (79 votes), Reggie Sua from Syarikat Perumahan Negara Berhad (78 votes) and Chew Fei Sean from Pembangunan Teluk Likas Sdn Bhd (75 votes).
The others were incumbent Wong Chik Hing from Gunung Ramai Sdn Bhd (74 votes), Ang Guo Wei from RA Concept Development Sdn Bhd (74 votes), incumbent Koh Yong Siang from Waterfront Urban Development Sdn Bhd (69 votes), Lawrence Wong Gine Kong from Wong Ka Tong & Sons Construction Sdn Bhd (68 votes) and Melvin Gregory Disimond from KKIP Sdn Bhd (33 votes).
Source: http://www.newsabahtimes.com.my/nstweb/fullstory/67162
Wednesday, 27 March 2013
Dept apologises to Shareda
Published on: Wednesday, March 27, 2013
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Kota Kinabalu: The Lands & Surveys Department Tuesday extended an apology to Shareda which has been waiting almost two years for the outcome of its application for reversal to the 999-year leasehold land titles.
"We wish to apologise to Shareda which brought the matter to our attention, and requested us to bring this issue to the higher-ups.
But we really need time because this is not an easy matter as it involves titles and properties.
"We had to carry out studies on the issue, including practices in Semenanjung and Sarawak, as well as current practices in the Sabah Lands & Surveys Department. We could only come up with the Official Paper last year," its Director, Datuk Hj Osman Hj Jamal, told a Shareda delegation that called on him.
He said prior to that, the department's Technical Committee met three times to discuss the proposed Paper. "We had to get the views of all officials in the Lands & Surveys Department."
The Sabah Housing And Real Estate Developers Association (Shareda) had applied seeking to maintain the original 999-year lease term after subdivision and conversion of the master title for landowners, developers and house owners, instead of the 99-year leasehold tenure.
Osman described Shareda as a most patient association, saying it is patient enough to wait until 2013. "I believe the State Government will give serious
attention to this outstanding matter which has been highlighted in the media since 2011," he said.
Following the application in September 2011, its President Datuk Susan Wong Siew Guen and her Committee had met up with the Director twice, apart from several letters of appeal in 2012.
Osman said his Department has prepared a technical paper on the issue of Country Lease (CL) 999-year leasehold land titles based on its practices before and after 2000 for the Government's deliberation and approval.
"The next step is to seek the legal opinions of the Sabah Law Association (SLA) relating to three important sections in the Sabah Land Ordinance 1930 (Cap 68)," he said.
These are Section 3 (Saving Clause), Section 40 (Subdivision of Land Title) and Section 54 (Conversion of Land Usage from Agriculture to Residential, Commercial or Industrial Development) that needed to be studied indepth. "As far as the Department is concerned, we have studied the sections before coming up with the paper. We are going to incorporate their opinions into our paper which will be submitted to the State Attorney-General for study. At the same time, we are seeking the AG's legal views on our paper.
"If all the legal opinions are positive on the matter, we will then submit our paper to the Pejabat Hasil Bumi (Natural Resources Office).
Hopefully, Hasil Bumi will also agree. As usual, Hasil Bumi will come up with a Draft Cabinet Paper to be submitted to the Chief Minister as the Minister concerned with land matters under the Sabah Land Ordinance."
If agreed upon, it would be tabled in the Cabinet for deliberation for a resolution or decision on Shareda's application, he told a press conference at its headquarters after briefing the delegation led by Wong.
Others were Deputy President Datuk Robin Loh and Council Members Datuk Ir Chong Hon Len and Johnson Koh Yong Siang. Also present was Deputy Director (Land Development), Mohd Yusrie Abdullah.
Osman, however, he could not decide on when the Draft Cabinet Paper would be tabled "as it is the prerogative of the State Government when to have the Cabinet Meeting."
On why it was necessary to obtain SLA's views, the Director said it would be good for NGOs to present their opinions in the interest of the public.
"It is an ongoing practice to refer to the SLA on anything that touches the Sabah Land Ordinance. If we want to amend the Ordinance, the AG's advice is to include SLA's views. This is exactly what we did when we wanted to amend the Land Acquisition Act."
Asked on the department's stand vis-ˆ-vis Shareda's application, Osman said: "The department would have rejected it if we had not agreed in principle but there is a case and we have to provide the Government with all the information. This includes Court decisions in the Peninsula pertaining to land matters."
He cited a case in Selangor where the landowner or developer asked for a judicial review by the Court against the Director of Minerals (Selangor).
"Based on the judgement, the developer won the case on the grounds that the Selangor Government cannot convert existing freehold titles (in perpetuity) to a 99-year lease term. That is the outcome of the judicial review. This information is also included in the department's paper for submission to the AG and subsequently Hasil Bumi."
Osman was commenting on Shareda's opposing camp's intention to seek a judicial review if the Government could not resolve the Country Lease (CL) 999-year leasehold issue.
In addition, he said there was also a case before Year 2000 whereby the department had approved and issued land titles with a 999-year leasehold tenure after the conversion of land use from agriculture to residential development.
"Ada title begitu, pernah berlaku (There is such a title, it has happened before). However, the matter was later referred to the AG's Office for interpretation of Section 54 of the Sabah Land Ordinance.
"Following the AG's views, we (department) stopped issuing subdivided titles with a 999-year lease for subdivision and conversion of original master titles.
"Then Shareda came in with its application for the 999-year lease to be retained," he said. According to Osman, the Sarawak Land Ordinance does not have a "Saving Clause" unlike the Sabah Land Ordinance.
"Which means titles issued in the past with a 999-year lease before the 1930 Land Ordinance cannot be batal (terminated), and must be continued.
Therefore, we have incorporated all those aspects into our comprehensive paper and it's up to the AG's Office to study it, he said.
Thanking Osman and his team for taking up the case, Wong expressed confidence that the matter would be resolved in due course, to which the Director replied, Insya-Allah (God Willing).
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