Trigon @ SetiaWalk Puchong

80% SetiaWalk Occupancy By Q1 2012

SP Setia Bhd expects the occupancy rate at its boutique lifestyle development project, SetiaWalk, to increase to 80 per cent from 60 per cent when it opens its doors by the first quarter of 2012.

Spanning 8.32 hectares of prime land fronting Jalan Puchong, SetiaWalk offers an eclectic mix of retail offices, serviced apartments, dining delights, a boutique hotel and entertainment centre.

SetiaWalk, with a gross development value of RM1 billion, has a gross floor area of 2.3 million sq ft and a net lettable area of 2.4 million sq ft.

"There will be more exciting things to look forward to at SetiaWalk, one of them being the proposed light rail transit station opposite our project," said its divisional general manager, Wong Tuck Wai, at the ceremony to welcome three anchor retailers of its entertainment centre.

"We welcome TGV Cinemas, Celebrity Fitness and Superstar Karaoke as our business partners," he said.

Wong said the last anchor tenant would be the Chinese restaurant chain and the name was expected to be revealed soon.

SetiaWalk targets its retail offices to open for business in April next year with the entertainment centre operational by December 2011.

Meanwhile, the company said as part of its continuing efforts to ensure the success and vibrancy of SetiaWalk, it would provide pre-leasing services to match owners of the retail offices with the right tenants.

"A dedicated pre-leasing team has identified a list of potential suitors and matched with the buyers to ensure an exciting tenancy mix and add value to the entire development," it said.

Superstar Karaoke's consultant-cum-operations manager, Richard Law, said the outlet at SetiaWalk would be its fourth nationwide and it would occupy about 12,000 sq ft and offer a touch screen song-selection system.

TGV Cinemas chief operating officer, Kenny Wong, said the cinema would have nine cineplexes with 1,900 seats.

Celebrity Fitness would occupy two levels of 22,000 sq ft in total, said its managing director of Malaysia Kwangho Choi.

SetiaWalk, which can be access via Lebuhraya Damansara-Puchong and Persiaran Wawasan, has also managed to attract retailers such as Starbucks, BMS Organics, STADT German Cuisine, Ponytail Salon, Hock Hua Tonic, Bata and La Primavera.

Source: Bernama

Vio Serviced Apartment @ Setia Walk

SP Setia Proceeds With Two Scheduled Launches

The 5% real property gains tax or RPGT from the disposal of all real estate announced in Budget 2010 on Oct 23 did not go down well with many property players and investors. Nevertheless, SP Setia Bhd decided to proceed with two scheduled launches on Oct 31– Brio Tower serviced apartments in Setia Walk, Puchong and landed homes in Phase 8B of Setia Eco Park, Shah Alam.

As it panned out, there were queues for both products. Those keen on the Brio Tower serviced apartment units had lined up the night before at about midnight in front of the Setia Walk Galleria. The queue in Setia Eco Park, meanwhile, started at about 6am that morning, eyeing the 28 units of 2-storey semi-detached homes and four units of 2-storey bungalows.

SP Setia president and chief executive Tan Sri Liew Kee Sin attributes the response to Malaysia’s stable macro factors and the developer’s recently launched “The Best for The Best” campaign which incorporates the developer’s successful 5/95 financing scheme where the buyer needs only to pay 5% of the purchase price upon signing the sales and purchase agreement. A loan is secured for the remaining 95% but this will only be required to be serviced when the unit is handed over.

Introduced in January this year in the face of the global credit crunch, the financial package ended in July, after raking in about RM1.39 billion in sales.

The Best for The Best campaign which is on till April next year. The programme basically emphasises and promotes the developer’s unique development concepts which are geared at differentiating the SP Setia brand from its competitors.

The developer is looking to launch two more phases before end-2009, and it expects these to be a sellout as well.

Source: The Edge Property

Sign Of Quick Rebound In Property Sector

The slew of property launches and speedy take-up rates lately are signs that the local (property) sector is on a quick rebound from the global economic downturn.

In its latest report, HwangDBS Vickers Research said the local high-end property sector had been on an uptrend, with developers raking in quick profits from project launches.

Among them were DNP Bhd’s Verticas condominiums in Bukit Ceylon, Kuala Lumpur, which saw 60% of the 50 units soft launched being taken up.

En bloc buyers also snapped up 93% of non-bumiputra units launched (last month) at IJM Land Bhd’s Light Linear project in Penang.

“We see demand for high-end units returning, which could re-rate the sector,” said HwangDBS.

It also highlighted Eastern & Oriental Bhd’s St Mary serviced apartments in Kuala Lumpur (launched in June, 80% take-up in five days) and SP Setia Bhd’s Sky Residences condominiums in KL (previewed in September 2008, with an average 70% take-up so far).

“Developers are more confident now to resume launches, which should lead to faster earnings recovery. Selling prices may soon be raised and incentives gradually pulled back, resulting in margin expansion for developers,” HwangDBS said.

An analyst from a local bank-backed brokerage said the take-up rates were not surprising, given the developers’ good reputation.

“These developers aren’t your fly-by-night type of developers. They have very good reputation and solid track record. The average investor or house-buyer is more likely to park his money with a well-known developer, knowing that his money would be safe,” he said.

Another analyst said the property sector was making a comeback in the region. In the last few months, Hong Kong, Singapore and China had seen strong surges in property demand, she said.

“There’s so much liquidity with nowhere to go. This is one of the safest ways to fight inflation. Putting your money in the bank basically means being eaten up alive by inflation.

“Malaysian property is generally still very affordable. If you don’t buy one now, it will be even more difficult to afford it next time. The 2% interest you get from banks is nothing,” she noted.

HwangDBS also highlighted the Malaysia Property Inc, a joint public-private sector initiative aimed to attract foreign investments worth RM20bil in the domestic real estate sector over the next 10 years.

“The recent liberalisation measures (abolishment of local equity ownership requirement for mergers and acquisitions and Foreign Investment Committee approvals) should help boost both foreign and local demand for Malaysian properties.

“Previous policy changes (waiver of real property gains tax and monthly EPF withdrawals) introduced just before the financial crisis have yet to be fully felt and could be strong catalysts during a recovery,” it said

Source: The Star

Zen Residence @ Asplenium Condominium

Sentral City Development Group recently launched its maiden condominium project Zen Residence in the highly evolving township of Puchong. Since its soft launch in mid-November last year, support from purchasers has been overwhelming despite the current economic slowdown.

Many have seized the opportunity to invest in this landmark property in a prime location of Klang Valley. Zen Residence has won much praise for its distinctive building design and product innovation; some have labelled it ambitious while others have hailed it inspiring.

Prime location

Zen Residence’s location, which is within the ‘growth centre’ of the fast developing Bandar Puteri and Puchong commercial centre, is a key factor and major driving force for the project’s exceptional take up rate. IOI Mall, IOI Boulevard, Setia Walk and Puteri Financial Centre are all mere minutes away.

Affordable entry cost, zero financial burden

The popularity of Zen Residence is due in part to its innovative financing package. Purchasers can own a piece of the property with a minimal RM8,000 only and enjoy zero financial burden during the construction period, as the developer is funding all interest payments until handover. Almost 100 per cent loan packages with low interest rates are available by end financiers. Other goodies thrown in to the purchasers are two free covered car parks, high quality floor and wall tiles, built-in kitchen cabinets with solid surface counter tops, tempered glass shower screens for all bathrooms, centralised water heaters for bathrooms, branded air-conditioners with ionizers for the living room and bedrooms, and a home alarm system.

Zen living concept

Zen defines the concept of living lifestyle, which embraces nature, peace, purity and tranquillity. At Zen Residence, minimalist architecture and landscaping with serene water elements have been incorporated to accentuate the Zen living concept. It strives to inspire the mind and brings into physical presence the sense of refuge, safety, sanctuary and well-being.

Tallest condominium building in Puchong

The architecture of Zen Residence is an expression of minimalism in the form of two identical gleaming white towers. The architecture seeks to project simplicity and structural clarity, while the incorporation of large glass panels and a series of cantilevered structures in its façade lend the building a feel of transparency and lightness.

The use of predominantly white and grey shades heightens the architectural concept of purity and unpretentiousness, which is the very essence of Zen. Each of the 21-storey twin tower features an oversized roof structure soaring high over the building to impart the notion of ‘floating’ crowns, thus glorifying the building’s status as the tallest residential towers in central Puchong.

Quadrant security

Zen Residence aims to provide a safe haven and refuge from the chaotic and unruly world outside. The building control incorporates a multi-tier security system, which utilises CCTV, card access and guard tour at all the six access points via the guarded entrance/exit, multi-level car park, lift lobby, lifts, quadrant access and main doors of condominium units.

This system deserves special mention as it is another first for condominium design. All units are clustered into groups of four with each group sharing a common access door. To reach an individual unit’s main door, a resident who lives within the quadrant must first access through a common secured door with CCTV and card access, providing an additional level of private security.

Low density

Zen Residence comprises 286 units on a 4.1 acre site. In the effort to preserve more green space at the ground level, only two towers with 21 floors were conceived. There are only two quadrants or eight units per floor, accessible by means of three high-speed lifts equipped with CCTV and card access system that take residents only to their respective floor.

Spacious unit with lanai

Zen Residence is available in various unit sizes ranging from 1,178 to 1,493 sqf with three or four bedrooms each. Instead of offering a standard condominium unit, the developer set out to impress by providing an extra large living hall that measures 12 to 14 ft in width. The living hall opens to an enormous lanai purposefully designed to enable resident to carry out landscaping or add a water feature. The idea that they will be able to enjoy nature despite living high up is definitely reflective of the Zen living concept.

The most impressive innovation from the architect is, however, the enormous master bathroom with a glassed external wall. The overall effect is a light-filled and airy bathroom interior as opposed to the conventional gloomy, wet and musty bathroom in most other apartments or condominiums. By making some of the units cantilever over the edge of the building, the architect has managed to turn its bathrooms open to the sky and admit rain into the interior. This so-called ‘sky shower’ is an unusual creation and surely a first in condominium design.

Clubhouse facilities and Zen-inspired hot springs

The 12,000 sqf clubhouse at Zen Residence houses two squash courts and a cantilever gym on the first floor. A café is provided on the ground floor with an extended dining deck, practically hanging over a huge free-form swimming pool.

To provide further impetus to an exclusive Zen experience, the developer is presenting two Japanese Zen-inspired hot springs for the enjoyment of residents. These hot springs are housed in a separate single storey Japanese style building set amidst a Japanese rock and bamboo garden. Though not mineral-rich pools, they nevertheless bestow the atmosphere the soothing affects of real hot springs.

To find out more about Zen Residence, please visit www.zenresidence.com or www.sentralcity.com.my. You could also call (603) 8061 1238 to make an appointment for a visit to the sales office and show unit.

High Demand Seen For Commercial Space

There is robust demand for commercial space in Southern Klang Valley but inadequate supply of quality commercial space.

With the increasing land value in the central business district of the Golden Triangle, buyers are slowly moving from the KL city centre to some areas outside the city.

Reapfield Properties Sdn Bhd corporate services head David Wong said the upcoming commercial projects in Puchong included the SetiaWalk project by SP Setia Bhd, expansion of the IOI Mall by IOI Properties Bhd as well as a mixed development project that would include office towers and shophouses in Bandar Puteri near the Giant hypermarket.

SetiaWalk, located on 20.8 acres in the mature township of Pusat Bandar Puchong, is one of the main commercial projects in Puchong. At its soft launch, 57 shop office units were sold.

PPC International Sdn Bhd Thiruselvam Arumugam said Puchong was an area with limited commercial development projects.

Most of its commercial developments centre along Jalan Puchong in Bandar Puchong Jaya and focus on sundry businesses.

He said the Giant hypermarket in Bandar Kinrara, Tesco hypermarket in Pusat Bandar Puchong and IOI Mall Puchong were among the significant commercial buildings in Puchong that drew in the crowd to the area.

Shopping malls such as the Alamanda Putrajaya, Jusco Equine Park and Subang Parade have continued to receive good occupation and rental prices. In Seri Kembangan, Equine Park was the only dominant commercial project, said Wong, adding that there was no upcoming commercial development in the area.

Demand for corporate offices was lower in Seri Kembangan than for retail shops.

Developers are competing to launch high-end condominium projects in Subang on commercial-titled lands.

According to Wong, there is a trend to build commercial buildings within five km from the KL city centre.

However, there would be a limit to the supply of commercial buildings in Southern Klang Valley as there was limited demand for corporate offices beyond this five km fringe, he said.

Source: The Star, 28 April 2008

Residential Property Prices & Rental Rising

The many developments that have sprouted in the southern corridor have given a boost to property values. These developments range from townships and niche residential enclaves in Puchong, Bandar Kinrara and Seri Kembangan to the intelligent cities of Putrajaya and Cyberjaya.

Zerin Properties chief executive officer Previndran Singhe said that in the past five years, prices of residential properties had appreciated by at least 30% to 40% while rental rates in Cyberjaya were more than RM4.00 per sq ft.

With Puchong fast transforming into a robust residential and commercial address, the iconic Putrajaya and Cyberjaya cities are in line to see a boom next.

The federal administrative capital of Putrajaya with the advantage of a well thought-out master plan incorporating the best of what technology and nature have to offer has shaped up as the country's first intelligent garden city.

The city also benefits from first-class amenities such as the Garden International School, Alamanda Shopping Centre and a medical centre.

Cyberjaya is also shaping up well as a world-class intelligent city for international information and communications technology (ICT) enterprises, complete with residential and commercial enclaves.

IOI Properties Bhd director Datuk David Tan said the garden concept of Putrajaya and Cyberjaya was setting the tone for development in the other parts of the southern corridor with more inclination towards modern aesthetic buildings with lush landscaping.

IOI Properties, which is one of the pioneer property companies that have made it big in the southern corridor, notably Puchong in the early 1990s, still believes in the corridor’s potential.

According to Tan, the company's developments in the Klang Valley have been moving southwards, stretching from Taman Mayang in Petaling Jaya to Bandar Puchong Jaya and Bandar Puteri Puchong.

Having built the 926-acre Bandar Puchong Jaya and 930-acre Bandar Puteri Puchong, the company has gone on to develop the IOI Resort City on 788 acres on the fringe of Putrajaya.

Tan said the next project lined up would be Sierra Puteri on 550 acres at the entrance to Cyberjaya, which has direct access from the LDP-Serdang Interchange.

“Sierra Puteri has been carefully planned after taking into consideration the needs of house buyers. We have gained valuable feedback from our buyers and have new concepts and ideas on housing and environmental designs that will fulfil their more discerning expectations,” he added.

Earthworks for the new township have been completed and infrastructure work is in progress now. Sierra Puteri will comprise terrace and semi-detached houses, bungalows and apartments as well as a town centre fronting the Damansara-Puchong Expressway (LDP) and South Klang Valley Expressway (SKVE).

In Puchong, IOI Properties will be launching IOI Boulevard comprising retail/office blocks with lifts and basement carparks next month.

Coming up next will be the Puchong Financial Corporate Centre (PFCC) in Bandar Puteri Puchong comprising Class A office buildings.

At the IOI Resort, which still has 540 acres available for development, plans are underway to build lake-front offices fronting the main entrance into Putrajaya; exclusive bungalows in Diamond Hill that overlook the scenic Putrajaya views; a mega shopping mall and office buildings along the SKVE; and condominiums.

At IOI Resort's Beverly Row, 80 exclusive bungalows will be built for long-term lease to corporate clientele. So far, 37 bungalows have been completed.

SP Setia group managing director and chief executive officer Tan Sri Liew Kee Sin said that with the sophisticated population flocking to Puchong from all parts of the Klang Valley, “the time is ripe for more commercial action in the area.”

SP Setia Bhd's 700-acre Pusat Bandar Puchong has grown into a mature township with 8,000 units of properties and a population of some 32,000.

“Our next challenge is to change the face of Puchong with a niche commercial project, SetiaWalk, that will revolutionise the people's lifestyle experience. The integrated residential and commercial development comprising retail blocks, offices, an entertainment complex, service apartments and residential apartments will appeal to the trend-conscious younger clientele.

“SetiaWalk is set to combine all the elements of live, learn, work and play through a seamless blend of astute planning, imaginative architecture and creative landscaping,” Liew said.

In Putrajaya, SP Setia's associate Setia Putrajaya Sdn Bhd is developing Precincts 9 and 15.

Park Village - a high-end residential private condominium villa complex within a secure, gated compound – will be launched in Precinct 15 in the third quarter of this year.

The project comprising 120 luxury villas in the sky will incorporate contemporary tropical designs.

Source: The Star, 28 April 2008

Setia Walk Set To Transform Puchong

Located on 20.8 acres in the matured township of Pusat Bandar Puchong, the project enjoys good frontage and visibility to the LDP and Jalan Wawasan, the township's main thoroughfare. At the recent soft launch of the shop offices, 57 units were sold. Phase two will comprise the hotel, entertainment complex and an office tower. The apartments will be built under phase three.

Liew said with projected rental of RM15 to RM16 per sq ft for the shop offices and RM8 per sq ft for space in the entertainment complex, property owners could expect annual rental yields of 10%.

“While preference would be given to owner occupiers, we are going the extra mile to provide pre-leasing services to match the owners with the right tenants.

“Our dedicated pre-leasing team has identified a list of potential suitors to be matched with the buyers to ensure a vibrant tenancy mix and add value to the entire development,” he added. For the office space, the company is targeting investors and owner-occupiers such as consultancy firms and clinics. Explaining the concept of the commercial component, Liew said it would have three main zones - active zone (child development centre, play-zones and children-centric products); sanctuary zone (fine dining, spa and beauty care centres) and the escape zone (ideal for relaxing and unwinding with alfresco dining, cafes and bistro). The business hotel and entertainment complex will be the anchors on both ends of the commercial precinct. The entertainment complex with over 300,000 sq ft of gross lettable area will have cineplexes, bowling alleys and karaoke lounges.

Liew said the many attractions and experiences would make Setia Walk ideal for families and businesses. Among the value added features provided for the business operators and customers are round-the-clock security, two-level basement parking, elevator and escalator access and pedestrian-only walkways. Lush landscaped pedestrian areas will link the activity nodes while soothing waterways complete with children-friendly facilities will form the central spine of Setia Walk. The water features consist of water jets, fountain, water column, cascading waterfall, sand dunes, wading pool and modern sculptures.

Meanwhile, home seekers in search of a refreshing and unconventional lifestyle should consider the residences at Setia Walk that come complete with facilities. There are three, 27-storey blocks comprising 759 apartment units that are priced from RM210,000. There are also 46 units of small office home office (Soho).

As the site is just opposite the proposed new light rail transit station for Puchong, the market response for the residential units looks promising.

Source: Angie Ng, The Star