RUMOURS

We keep an ear out for upcoming developments from our verified sources.

These rumours are only indications of intent from developers and therefore subject to change.

SUBANG JAYA CITY CENTER (SJCC)

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Launched in 1976, Subang Jaya has grown to become the flagship of self-contained townships.As part of its urban renewal effort, developer Sime Darby is giving Subang Jaya its own city centre, front...

Launched in 1976, Subang Jaya has grown to become the flagship of self-contained townships.As part of its urban renewal effort, developer Sime Darby is giving Subang Jaya its own city centre, fronting the Federal Highway in SS16, on the 30 acres between Subang Parade and the KTM railway tracks. It is centered on a public transport hub, which includes integrated bus and taxi services, KTM commuter trains, Park 'n' Ride facilities, and the upcoming LRT line part of the Kelana Jaya Line Extension that extends ot the Putra Heights Integrated Station. Designed by UK-based Benoy (which also designed Singapore's ION Orchard), this mixed-use development project will comprise The Glitz premium SOHOs, the Suave serviced residences, the Union Square retail mall and office towers.The yet-to-launched Suave Residences includes two 30-storey blocks with 361 units only. Built-up is expected to range from 624 to 1,001 sf, priced from RM1,000 to RM1,200 psf.The SJCC will also feature a 1km landscaped boulevard with retail shops lining the bridges connecting the LRT station to the development. MBSJ-required road upgrading is currently being done before work on SJCC can begin.SIGN UP with Propertypricetag.com to check the latest transacted prices and to list your property for FREE today. You can also follow our Facebook page for more insights and updates on the property market in Malaysia. 

DESA KUDALARI

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The first condominium in Malaysia is forging ahead to make history again as the first condominium to be sold en masse in this country.Developed by Tan & Tan Developments in 1984, Desa Kudalari ...

The first condominium in Malaysia is forging ahead to make history again as the first condominium to be sold en masse in this country.Developed by Tan & Tan Developments in 1984, Desa Kudalari condominium is located between Menara Tan & Tan and Lembaga Tabung Hajis office tower on Lorong Kuda in the city center. It comprises a 19-storey condominium tower and four blocks of three-storey buildings, with a total of 186 units, on a sprawling 7.35 acres of freehold land. Strong InterestThe call for submission of expression of interest closed on April 27, 2016. According to WTW, the call for bids attracted 12 local and foreign interested parties.While unnamed, they are said to include local and international firms, some of whom owned properties and land near Desa Kudalari.Besides Tan & Tan Developments, other developers in the area include Eastern & Oriental (E&O), GuocoLand (Malaysia), Mah Sing Group, BRDB Developments and KLCC Property Holdings.Submission of expression of interest (EOI) for the Desa Kudalari condo development closed on April 27, 2016.The next town hall meeting by the condos joint management body will be held on May 22 to draft an agreement for the bidders to comply with and to answer questions on related issues, such as tax implications, and sale and purchase agreement details.Interested parties are expected to do their due diligence and submit their bids by end-June. The entire process is expected to be completed by October 2016.Realising ValueThe en masse sale has largely come about due to rising land prices and the various developments in the area.Last year, a unit at Desa Kudalari was sold at RM1,250 per sq ft, while the indicative price of land in the vicinity is between RM2,000 and RM3,500 per sq ft. There is, therefore, a huge gap between the price of the abode and the land it sits on, which many owners are waiting to unlock. Recent land transactions in the city include the Oxley land, Jalan Ampang, at about RM3,300 psf in 2013; the German Embassy land at RM3,188 psf in 2015; and the French embassy land at RM2,600 psf also in 2015.Furthermore, there's the issue of plot ratio. Currently, DBKL has raised the plot ratio for newer developments up to 8 times or more.  Desa Kudalari was built on a plot ratio of 1:0.8, with a current built-up of 246,000 sf. This could potentially be redeveloped with a built-up of 2.6 million sf or more.  All in AgreementThe key would be to get all the owners on the same page. At present, there are some 140 owners, and the condominium is 70% occupied.Unlike an en bloc sale, an en masse sale means most, but not all, of the owners are agreeable to sell. The owners will have to collectively reach an agreement for the sale to proceed.In this case, a survey by property consultancy CH Williams Talhar and Wong Sdn Bhd (WTW) showed that some 90% of the 140 owners are keen to realise their investment, while the remaining 10% are adopting a "wait and see" attitude.If they do decide to go ahead, it would be a historic milestone, and open up even more redevelopment in the area.SIGN UP with Propertypricetag.com to find out what other condos in the Klang Valley were sold for. You can also list your property for FREE. Follow our Facebook page for more insights and updates on the property market in Malaysia. 

KL: CITY OF CONTRAST & DIVERSITY

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As of April 25, 2016, Kuala Lumpur is branded as 'A City of Contrast And Diversity'.This is the very first time that Kuala Lumpur is given a destination brand, leading up to the year 2020, in effor...

As of April 25, 2016, Kuala Lumpur is branded as 'A City of Contrast And Diversity'.This is the very first time that Kuala Lumpur is given a destination brand, leading up to the year 2020, in efforts to drive more travel and tourism into the city.This is in line with the Kuala Lumpur Tourism Master Plan 2015-2025's aim to double foreign tourist arrivals and quadruple tourism income fro mRM19 billion in 2013 to RM79 billion by 2025.Mayor Datuk Seri Mhd Amin Nordin Abd Aziz said the words "contrast" and "diversity" protrayed the distinctive advantages of Kuala Lumpur its heritage, multi-cultural and multi-religious society, and diverse attractions."Kuala Lumpur needs a distinctive identity which all residents believe in and the identity values must be able to create curiosity among international travellers."KL branding will also focus on building pride. It will boost and elevate our own sense of pride and to take the KL brand to the world stage," he said at the launch of the bew brand.Three other attributes exciting, surprising and enticing are tagged onto the brand name to highlight the various attractions and features of the cityKuala Lumpur City Hall planned to allocate around RM3 million for advertising purposes, including putting up landmarks of the brand around the city.What do you think of the new brand logo, which cost RM15,000 to design and will soon be plastered all over town? [Update] Apparently not many people liked the new logo. As highlighted in an online daily, many netizens were quick to mock the logo, even describing it as "shameful".Twitter user, Iced Nyior, posted a similar logo recreated in just five minutes using WordArt. Another Twitter used, Faizal Hamssin, compared the logo to those of other "branded" cities. All are vibrant global cities. Now, can you see the difference? he wrote.Perhaps DBKL should take a leaf from other cities on how to put their best face forward.SIGN UP with Propertypricetag.com to check the latest transacted prices and to list your property for FREE today. You can also follow our Facebook page for more insights and updates on the property market in Malaysia. 

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Recently, there have been a lot of hoo-ha about ministers and how much they paid for their houses. Apparently paying too low for a property is just as open for public scrutiny as paying too high.(I...

Recently, there have been a lot of hoo-ha about ministers and how much they paid for their houses. Apparently paying too low for a property is just as open for public scrutiny as paying too high.(In case anyone, minister or otherwise, is wondering what the market value is for a home you are planning to buy, PropertyPricetag.com has the latest transacted facts and figures for you at our website.)Anyhow, PropertyPricetag.com decided to do a just-for-fun study to see what sort of Klang Valley properties our elected Parliamentarians would be able to afford.First, crunch the numbers Of course, we would assume that elected representatives, like the rest of us mere mortals, have to pay mortgages. Here, we use only their MP salary as their sole income source without taking into account spouse, co-borrowers or other earnings.The year 2015 was a year for salary increases for our politicians. In April, our 222 Members of Parliament (MPs) got a 39% raise from RM11,500 to RM16,000. (Our elected representatives in 7 out of 13 state assemblies also received pay hikes in 2015.)Since we do not have access to any of their other financial information, such as loan commitments, we cant use the debt-service ratio method.Hence, we use a general 30% benchmark of their gross income to calculate the maximum loan instalment they are eligible for.So for an MP, 30% of RM16,000 is RM4,800.and work out the budget Most banks have a maximum loan tenure of 35 years or up to 70 years of age.Based on our calculations, the average age of our KL and Selangor MPs is slightly more than 50 years old. So we suppose they would only be able to get a 20-year loan.And at age 50, we can assume that they would have other properties, so they would probably only be eligible for a 70% loan margin, which means they have to put a 30% down payment.So with a 30% down payment, 20-year tenure and, say, a 4.25% interest rate a monthly instalment of less than RM4,800 would mean our MPs can afford to buy a RM1.1 million property!But if our MP did qualify for a 90% loan and only put 10% down, then for the same monthly instalment, he or she would only be able to get an RM800,000 home.And the options are PropertyPricetag.com takes a look at the average prices of Klang Valley properties transacted in 2015 and gives some recommendations of neighbourhoods that would fit in that budget.In the sub-RM1 million price range, there is:For those with an RM800,000 budget, they can start looking in:What is out of their reach?These neighbourhoods have an average home price of RM1.4 million to RM3.6 million:PropertyPricetag.coms InsightsBy any counts, a RM800,000 to RM1 million house budget is not too shabby. You can still get a home in a centrally located and established Klang Valley neighbourhood. But even with their 5-figure salary, some of the more prime neighbourhoods in KL and PJ may still be out of reach no condo flipping in KLCC. So like the rest of us, our MPs have to do their budgeting and spend within their means. Hopefully they will be more motivated to work towards creating a sustainable affordable housing industry for all Malaysians.SIGN UP with Propertypricetag.com to check the latest transacted prices and to list your property for FREE today. You can also follow our Facebook page for more insights and updates on the property market in Malaysia. 

BIJI LIVING @ SEC 17, PJ

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Something is taking root in the centre of the small commercial square in Section 17, Petaling Jaya. Biji Living, developed by Conlay Construction Sdn Bhd, is a new mixed development situated at t...

Something is taking root in the centre of the small commercial square in Section 17, Petaling Jaya. Biji Living, developed by Conlay Construction Sdn Bhd, is a new mixed development situated at the former Sentosa Cinema site. This project comprises two 17-storey towers of serviced apartments and a 10-storey podium, which includes one floor of recreational facilities, seven floors of car park and two floors of retail shops, with AEON Maxvalue as anchor tenant. On the west side of the building, on Jalan 17/27, is a sheltered area for the existing wet market, which has been in Section 17 for more than four decades. Due for completion in end-2016, the new market facility will have proper drainage, toilets, refuse chamber, electricity and water, and will be managed by MBPJ. Location, location, location Biji Living sits on a commercial site of about two acres, surrounded by old shop lots. After the cinema was burnt down many years ago, the site had been left empty as a parking lot and park. A new massive structure, built in rather close quarters, would raise concerns about congestion, especially since the market area will now be a permanent fixture on one of the roads. The commercial square in Section 17 is made up of just a few roads, so the congestion will definitely spill over to the surrounding residential areas Still, it cannot be denied that the macro location is prized freehold land in a central part of Petaling Jaya. Section 17 is a matured township in Petaling Jaya, bordering other established communities such as SS2, Sections 16 and 19, and close to Damansara Jaya, Damansara Utama, Sections 13 and 14. Development wise, it has been seen as a sleepy hollow, with many long-time residents who have stayed in the area for some 40 years. However, it is strategically located between Kuala Lumpur and Subang, connected via the Sprint Highway and Federal Highway, making it a good mid-way point. It is also popular among students as its close to UTAR and Universiti Malaya. An Inside Look: Biji Living The two towers house 425 serviced apartments with balconies. Each unit comes furnished with kitchen cabinets, hob and hood, and air-conditioning in the rooms and living area, and hard timber flooring in the bedrooms. Tower A comprises the larger 3-bedroom units, with 8 units per floor sharing 3 lifts. The intermediate units (Type B) measure 1024sf and are priced from about RM780 psf. The corner units (Type C) measure 1095sf and are priced from RM809 psf. Type C looks most inviting, with its squarish layouts and more airy design.  On the west end, a unit on the 20th floor is going for about RM898,000, or RM820 psf. Tower B comprises studio units, with 17 units per floor, also sharing 3 lifts! The 550sf narrow intermediate units (Type A2) are packed quite closely together and are priced from RM471,000, or RM856psf. The corner units (Type A1) are a little more spacious at 789sf, with 1 bedroom; these are priced from RM686,000, or RM870 psf. What comes with itThe facilities deck separates the two towers by about 100 feet. It includes a 33-metre lap pool, a gym, childrens playground and a function hall. Maintenance fee is 27 sen psf. Do note that this project has a commercial title, so utility and assessment rates would be slightly higher than condominiums with residential titles. The 3-bedroom units get 2 car parks each, while the studio units get 1 car park each. Residents carparks are located from the 5th storey onwards, while the lower floors are for the public, so expect to make many turns to get to your allocated lot. Residents can enter the building via the retail entrance or via the car park to their lift lobbies, which are secured by access cards. PropertyPricetag.coms Insights: Biji Livings price tag of RM750 to RM850 psf is definitely raising the bar (and some eyebrows) in the Section 17 neighbourhood. According to PropertyPricetag.com data, existing high-rise residences were recently transacted at about RM575 psf, while landed houses were sold at an average of RM692 psf. No doubt this would spur Section 17 prices upwards, considering that other new launches in neighbouring areas, such as Tropicana City Tropics and Uptown Residences, are on the upwards of RM900 psf. In leasehold Section 13, Pacific Star Towers, which will house the Star Publications headquarters upon completion in end-2016, sold its 3-bedroom 988sf serviced suites from RM914,000, or RM925 psf. PJ Midtown by IOI Properties and Sime Darby Brunsfield was launched from RM850psf in Feb 2015. At these prices, the question is whether you can get good yields from these investments. One concern is that landlords would resort to cramping student tenants into each studio units to get the rental they need. The joint management body would need to come up with adequate guidelines to prevent overcrowding of the units. Its also worth noting that Section 17 is a relatively older residential neighbourhood, so its environment is a little different from the industrial-turned-commercial Section 13 area or the more modern Damansara Uptown, which is distinctly separated from the housing area. The 27-storey Biji Living development towering like a giant beanstalk over single and double-storey homes is enough to rattle the neighbourhood. How much that would change the face of Section 17, and in what way, remains to be seen. For more insights and updates on the property market in Malaysia, follow PropertyPricetag.com on Facebook.

SECOYA RESIDENCES @ PANTAI SENTRAL PARK

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Pantai Sentral Park, a joint venture between IJM Land Bhd and Amona Development Sdn Bhd, is a 58-acre mixed residential-commercial development, located between between Pantai Dalam and Bukit Kerinc...

Pantai Sentral Park, a joint venture between IJM Land Bhd and Amona Development Sdn Bhd, is a 58-acre mixed residential-commercial development, located between between Pantai Dalam and Bukit Kerinchi, Kuala Lumpur. The leasehold township, to be developed over the next 10-15 years, will have seven residential phases and six commercial phases. Its first residential phase, the 211-unit Inwood Residences, saw all 140 non-bumiputra units snapped up via e-balloting at its launch in August 2014. Its second condominium, the 243-unit Secoya Residences, was officially launched in September 2015. Location, location, locationWhile the location is currently a little deeper in from the main roads, the developer is building a new RM50 million link to the New Pantai Expressway east of the development. Theres also a possibility of a new MRT station at Pantai Dalam that would enhance Pantai Sentral Parks accessibility. An Inside Look: Secoya Residences Secoya Residences stands at 41 storeys tall, with 5 floors of carpark space a facilities deck and 2 sky gardens. The condominiums shallow floor plate design, which refers to the buildings narrow rectangular footprint, allows for greater sunlight penetration for maximum natural lighting. The units adopt an open concept for the living, dining and kitchen areas with wide frontages and large windows for ventilation and to make the most of the view. Generally, each floor has eight units four on each side, facing either north or south. The north-facing units get the city view, which includes public housing flats and the Desa Aman PDRM 2 apartments. These are smaller in size 1,050 to 1,460 sq ft and are popular among investors. The south-facing units get the views of the pools and the 200-acre Bukit Kerinchi forest reserve. These larger units range from 1,450 to 1,670 sq ft and come with a balcony. Preview prices for Secoya Residences start at RM715 psf. As expected, the smaller Type A units were the first to be booked. The cheapest available unit is said to be on the 32nd floor, priced at RM814,800 or RM776 psf. For the south-facing units, the cheapest Type B unit (on the lowest floor) is going for RM1.1 million or RM760 psf. In comparison, Inwood Residences units had larger built-ups (from 1,125 to 1,965 sq ft) and were priced from RM660 to RM806 psf. What comes with itEach unit comes with at least 2 car parks, while the larger units have 3. Maintenance fee is 32 sen, including sinking fund. The facilities deck includes an infinity edge swimming pool along with sunken sundecks, Jacuzzi and wading pool, a basketball court, games and reading rooms, childrens playground and a multipurpose hall, among others. In keeping with the developments green theme, the condominium also boasts a sky garden, an adventure trail, yoga deck, lake and cascading waterfall. Of course, being part of a larger township has its benefits. Pantai Sentral Park positions itself as a nature-centric and pedestrian-friendly development, with a network of green connectors, bicycle tracks, lakes and a linear forest walk with direct access to the forest reserve. PropertyPricetag.coms Insights: Secoyas average pricing of RM730 to RM750 psf is relatively lower than neighbouring Bangsar Souths recent launches. UOAs South Views freehold serviced residence and Suez Domains leasehold KL Gateway Premium Residences were launched at an average of RM900 to RM1,000 psf in September 2013 and May 2014, respectively. Of course, Bangsar South is more developed compared with Kerinchi, and the Pantai Sentral Park township would take another 10-15 years to mature. However, Pantai Sentral Parks masterplan is very promising, and if you buy into the idea of an urban forest city, its worth investing in for the future, either as a place to raise a young family or to spend ones golden years. For more insights and updates on the property market in Malaysia, follow PropertyPricetag.com on Facebook.

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Where to buy a home is one of lifes great decisions along with who to marry and perhaps where to eat tonight.And with property prices going through the roof in recent years, its becoming a toughe...

Where to buy a home is one of lifes great decisions along with who to marry and perhaps where to eat tonight.And with property prices going through the roof in recent years, its becoming a tougher decision for many Malaysians, especially in Kuala Lumpur.Some choose to live small but right in the middle of everything.Others choose to move farther out to find a larger home they can afford. After all, prices do tend to drop as you move towards the fringes and outskirts of the Klang Valley.For example, the median prices of residential property sold in areas such as Mont Kiara, Bangsar Baru and Taman Tun Dr Ismail are in the six-digits, whereas in areas such as Balakong, Rawang and Shah Alam, the median price is less than RM500,000.(Of course, there are relatively cheap homes close to the city that are usually much older or with ownership restrictions). AT WHAT COST?But with most of the jobs and action still located in central Kuala Lumpur, this translates to a lot of time on the road going to and fro work. And theres petrol, toll and time involved in that which can add up to a lot at the end of the month.According to the World Banks 2015 Malaysias Economic Monitor report, commuters in Kuala Lumpur wasted between 270 and 500 million man-hours in traffic jams last year! This was translated into at least RM3,100 each year for each person in Greater Kuala Lumpur up to RM24.7 billion or 2.2% of our GDP in 2014!So apart from the price of the property, you should take into account all the other costs involved when making a decision on where to buy. The distance and time it takes to get to ones workplace is a huge factor you should not neglect.PropertyPricetag.com compared six similar-sized condominiums in a few locations south of Kuala Lumpur and crunched some numbers.Some basic assumptions:Housing loan repayments calculated based on 4.75% for a 30-year 90% loan Distance and time calculated based on Google Maps infoPetrol cost calculated on RM0.13 per litre20 working days in a month HOW THEY STACK UPPRICE TRENDS: Property prices to the South East of KL seem relatively flat, so there doesnt seem to be significant savings the farther down you go. On the other hand, prices in the South West of KL show a gradual decrease as you move westward.CHEAPEST PROPERTY: Seri Pulai condominium in Serdang is the cheapest property in this survey, but being one of the farthest away from the city, daily toll and petrol costs add up to quite a bit.MOST EXPENSIVE PROPERTY: Faber Ria in Taman Desa is the second closest to the city, and at RM618,000, it is the most expensive in this survey. So the mortgage, with petrol and toll, is the highest.CLOSEST: Casa Ria condo in Maluri, Kuala Lumpur, about 7km from the city. Price-wise, it is fourth on the list, but when you add in daily travel expenses, it jumps to second place.FARTHEST & LOWEST MONTHLY COST: Casa Tropika in Puchong tops the list of the farthest from KLCC, but with its low price, it also boasts the lowest monthly cost, even after taking into account toll and petrol. But you have to be prepared to spend one-and-a-half hours on the road each day to and fro.ALL ABOUT TIMEAs mentioned earlier, you cant look at the numbers without taking into account the time factorIts is not unusual for people to travel farther to work the world average for time to and fro work is 40 minutes, although in many cities, workers can spend three times more on the road. Our neighbours in Bangkok, Thailand, have the longest average commuting time of two hours every day!But if we work for 30 years, the less time we spend sitting in traffic every rush hour, the better. Time is money, no? And shorter commutes usually mean lower blood pressure and stresses of modern living. (More time for dating, too.)For this survey, we assumed a RM5,000 monthly salary; and using the World Bank calculations, we divided it by 20 work days a month, with 8 hours a day, to find out how much an hour is worth RM31.25 an hour.While intra-city traffic jams are a reality, living closer to the city usually means shorter commuting time.So while Casa Tropika costs least in terms of monthly payments, the time cost of sitting in traffic add up to almost an additional thousand ringgit each month. In fact, it would cost more than staying in a RM618,000 home in Taman Desa, which is 12km from the city.Jalil Damai in Bukit Jalil costs the most as the property is more expensive (RM515,000) and it is a fair distance away from the city, which takes an hours drive to and fro each day.In our books Casa Ria in Maluri seems to be a clear winner it is closest to the city, yet costs the least. Even without the time-cost savings, it is the second cheapest option.PROPERTYPRICETAG.COMS INSIGHTSAs you can see, there is no set formula in finding the right balance between a lower house price and commuting costs. But with a little bit of homework, you can decide if it makes sen-se to move farther away or not.Of course there are other factors to consider, such as availability of public transport you can use the same method to calculate whether buying a home close to an LRT station is worth it or not although many Malaysians still tend to prefer driving.To get started on your home search, check out PropertyPricetag.com. And you may find many more value buys that are both central and easy on the pocket.

NEW APARTMENTS IN BUKIT JALIL

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LBS Bina Group Bhd has submitted plans for the development of several high-rise residential buildings on two plots of land (about 8.5 acres) in Bukit Jalil. It is located next to Taman LTAT, a new ...

LBS Bina Group Bhd has submitted plans for the development of several high-rise residential buildings on two plots of land (about 8.5 acres) in Bukit Jalil. It is located next to Taman LTAT, a new medium low-cost apartment in Bukit Jalil, which is close to Bandar Kinrara.The first plot will have two condominium towers with 50 and 47 storeys, respectively, including a facilities and car park podium. Tower A will have 612 units, while Tower B will have 730 units, with a combined GDV of RM888 million.The second plot will have two blocks of affordable housing under the "Perumahan Penjawat Awam 1Malaysia" (PPA1M) with a GDV of RM348 million. Both blocks will have 38 storeys and 680 units, with a car park podium. That's a total of 1,360 apartment units.These are two of the 15 projects LBS Bina is planning to launch this year. Other projects in the pipeline include Bandar Saujana Putra (BSP) 21, BSP Village shop offices, Skyvilla and Nautilus 2 in DIsland Residence, Puchong, and the Telok Gong Industrial Park in Klang.Despite the current economic situation, managing director Tan Sri Lim Hock San has reported that the group is optimistic that it would be able to rake in RM1.2 billion in sales for 2016. To date, LBS has 1,076 hectares of undeveloped land and an estimated future GDV of RM21.5bil. For regular updates on the property market, follow PropertyPricetag.com on Facebook.

BANDAR MALAYSIA

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Located 7km from the city centre, Bandar Malaysia is part of the governments grand plan to transform 486 acres in Sungai Besi from a military air force base to a high-end integrated development mar...

Located 7km from the city centre, Bandar Malaysia is part of the governments grand plan to transform 486 acres in Sungai Besi from a military air force base to a high-end integrated development marketed as the transport hub of the future.Its where all routes and roads lead to, including the new DUKE 3 highway, the MRT Line 2, KTM, ERL, buses, and even the upcoming super-fast train to Singapore.At the brink of the New Year, asset owner 1Malaysia Development Bhd (1MDB) announced the sale of 60% of its stake in Bandar Malaysia.The buyer is a Malaysia-China consortium the Putrajaya and Johor-linked Iskandar Waterfront Holdings (IWH) (of Iskandar Malaysia fame) and global construction company China Railway Engineering.At a price tag of RM7.41 billion, it is easily the largest property sale in the country.Or RM5.3 billion, depending on whether you calculate costs and liabilities. (The deal includes a share of the RM2.4 billion sukuk/bond and relocation costs for the air force base.)The land had a book value of RM4.2 billion, and this deal values the land at RM12.35 billion. It'll bring in a tidy sum for 1MDB meant to pay down the investment funds massive debts.The first 10% should be in soon, and the sale is expected to be completed by end-June 2016. Actual development would probably take off in 2018 after the air force base is relocated, and will spread over 15 to 25 years. So do expect to read more about Bandar Malaysia in the news. For regular updates on the property market, follow PropertyPricetag.com on Facebook.

HOLIDAY INN EXPRESS KUALA LUMPUR

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InterContinental Hotels Group (IHG) will open its first ever Holiday Inn Express hotel in Malaysia in 2016. IHG signed management agreements with the Winbond Group in April 2015 for two Holiday Inn...

InterContinental Hotels Group (IHG) will open its first ever Holiday Inn Express hotel in Malaysia in 2016. IHG signed management agreements with the Winbond Group in April 2015 for two Holiday Inn Express hotels in Kuala Lumpur.The first will be the 383-room Holiday Inn Express Kuala Lumpur City Centre will be housed in the redeveloped Menara ING, which will also inclcude offices, restaurants and cafes. (The second hotel, the Holiday Inn Express & Suites Kuala Lumpur Ampang, off Jalan Tun Razak, is scheduled to open in 2018, with 240 rooms and 60 suites.)Built in the 1980s, Menara ING had served as headquarters for the ING Insurance group, which was subsequently bought over by AIA Bhd in 2013. Hong Leong group's Tower REIT acquired 83% of the office space (with a net lettable area of 160,413 sf) in 2007 from ING on a sale and leaseback arrangement.In March 2015, Tower REIT sold its share of office space, comprising 19 office parcels and 190 car park bays on two basement parking levels, to Goldstone Kuala Lumpur Sdn Bhd for RM132.34 million. The remaining office space are located at Menara ING's three-and-a-half-storey annexed block, which will be retained.Goldstone is linked to Datuk Dr Tang Yong Chew, who is also redeveloping Wisma Longrich at Jalan Yap Kwan Seng into Kuala Lumpur's first Ibis Hotel, via Winbond Properties Sdn Bhd.Plans for another two Holiday Inn Express in Malaysia are in the pipeline, with 16 others across Southeast Asia over the next five years. Targeting the upper-economy traveler, Holiday Inn Express hotels offer free Wi-Fi ,complimentary "Express Start Breakfast", self-service business centres and gym, among its regular features. For regular updates on the property market, follow PropertyPricetag.com on Facebook.