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New developments to share
- Thread starter wuqi256
- Start date
http://iskandarmalaysiaproperties.w...iskandar-waterfront-sells-15ha-to-spore-firm/
Hao Yuan director Du Jia Nam (2nd from left) exchanging documents with IWH chairman Datuk Mohd Othman Yusof. With them are Hao Yuan president Du Zhen Zeng (left) and IWH managing director Tan Sri Lim Kang Hoo.
27 Dec 2013
PETALING JAYA: Iskandar Waterfront Holdings Sdn Bhd (IWH) has sold 15ha of seafront land in Danga Bay for RM1.6bil to a Singaporean firm, which is planning an RM8bil development featuring, among others, Peninsular Malaysia’s tallest tower.
The master planner for Danga Bay said in a statement yesterday that it had signed the sale and purchase agreement with Hao Yuan Investment Pte Ltd for six parcels of land, which would be developed by Pristine Sun Properties Sdn Bhd, a 60:40 joint-venture (JV) between Hao Yuan and IWH.
The price tag of RM1.6bil works out to a land cost of 20% of the RM8bil gross development value, within the range of 15%-20% typically paid to a landowner in Malaysia.
At some RM998 per sq ft (psf), the sale set a new benchmark for commercial land transactions in Johor Baru, besting even the landmark RM4.5bil deal between the Johor Sultan and China’s Guangzhou R&F Properties Co Ltd, which was agreed at RM891 psf.
Hao Yuan has drawn up plans for several high-end residential, commercial and retail properties for its project, including the tallest tower in Peninsular Malaysia and a “landmark tower”.
Hao Yuan’s portfolio in Singapore includes the Forestville Executive Condominiums, Sea Horizon and the Woodlands New Executive Condominium. The little-known firm is believed to be a China-linked company registered in Singapore.
This marks yet another JV for IWH’s Danga Bay land-bank, which is undergoing rapid development as part of Iskandar Malaysia.
A spokesperson for IWH said he could not disclose details on the plot ratio, gross floor area and net saleable area of the project, but property executives estimate a plot ratio of up to 10 times, allowing its owners to extract maximum value from the prized land along Johor’s coastline.
IWH was also expected to ink more property deals in the coming months, as interest picked up in Iskandar Malaysia despite the curbs on speculation announced in recent months, market observers said.
“Danga Bay hasn’t seen much development in the past 20 years. Up to now, it’s mostly been reclamation work,” PA International Property Consultants Sdn Bhdexecutive director V. Sivadas told StarBiz.
“There are only a few blocks of shoplots currently. It is good to have new and foreign developers entering the market and providing new ideas and products.
“Danga Bay needs to be transformed and developed faster, and this is made possible by new entrants,” he said.
But Sivadas also underscored concerns about the pricing, which he felt would likely exceed what most of the local population could afford.
“Almost every single development here is targeting the high-income group, which inIskandar Malaysia isn’t large, as well as foreigners. Whether this is sustainable is a question mark.
“A lot of the hype in buying over the past two years is riding on the expectation of the MRT (mass rapid transit) being built, but this is many years down the line,” he said.
Johor Baru-based Sivadas added that he was puzzled by the proposed skyscrapers. “It doesn’t make sense, considering that Danga Bay is a low-density township,” he said.
IWH, which is developing 1,700ha in Danga Bay, Desaru, Tebrau and Johor Baru, has shelved its US$300mil (RM957mil) listing to the final quarter of next year on worries that measures to rein in property prices could crimp demand from foreigners.
Hao Yuan director Du Jia Nam (2nd from left) exchanging documents with IWH chairman Datuk Mohd Othman Yusof. With them are Hao Yuan president Du Zhen Zeng (left) and IWH managing director Tan Sri Lim Kang Hoo.
27 Dec 2013
PETALING JAYA: Iskandar Waterfront Holdings Sdn Bhd (IWH) has sold 15ha of seafront land in Danga Bay for RM1.6bil to a Singaporean firm, which is planning an RM8bil development featuring, among others, Peninsular Malaysia’s tallest tower.
The master planner for Danga Bay said in a statement yesterday that it had signed the sale and purchase agreement with Hao Yuan Investment Pte Ltd for six parcels of land, which would be developed by Pristine Sun Properties Sdn Bhd, a 60:40 joint-venture (JV) between Hao Yuan and IWH.
The price tag of RM1.6bil works out to a land cost of 20% of the RM8bil gross development value, within the range of 15%-20% typically paid to a landowner in Malaysia.
At some RM998 per sq ft (psf), the sale set a new benchmark for commercial land transactions in Johor Baru, besting even the landmark RM4.5bil deal between the Johor Sultan and China’s Guangzhou R&F Properties Co Ltd, which was agreed at RM891 psf.
Hao Yuan has drawn up plans for several high-end residential, commercial and retail properties for its project, including the tallest tower in Peninsular Malaysia and a “landmark tower”.
Hao Yuan’s portfolio in Singapore includes the Forestville Executive Condominiums, Sea Horizon and the Woodlands New Executive Condominium. The little-known firm is believed to be a China-linked company registered in Singapore.
This marks yet another JV for IWH’s Danga Bay land-bank, which is undergoing rapid development as part of Iskandar Malaysia.
A spokesperson for IWH said he could not disclose details on the plot ratio, gross floor area and net saleable area of the project, but property executives estimate a plot ratio of up to 10 times, allowing its owners to extract maximum value from the prized land along Johor’s coastline.
IWH was also expected to ink more property deals in the coming months, as interest picked up in Iskandar Malaysia despite the curbs on speculation announced in recent months, market observers said.
“Danga Bay hasn’t seen much development in the past 20 years. Up to now, it’s mostly been reclamation work,” PA International Property Consultants Sdn Bhdexecutive director V. Sivadas told StarBiz.
“There are only a few blocks of shoplots currently. It is good to have new and foreign developers entering the market and providing new ideas and products.
“Danga Bay needs to be transformed and developed faster, and this is made possible by new entrants,” he said.
But Sivadas also underscored concerns about the pricing, which he felt would likely exceed what most of the local population could afford.
“Almost every single development here is targeting the high-income group, which inIskandar Malaysia isn’t large, as well as foreigners. Whether this is sustainable is a question mark.
“A lot of the hype in buying over the past two years is riding on the expectation of the MRT (mass rapid transit) being built, but this is many years down the line,” he said.
Johor Baru-based Sivadas added that he was puzzled by the proposed skyscrapers. “It doesn’t make sense, considering that Danga Bay is a low-density township,” he said.
IWH, which is developing 1,700ha in Danga Bay, Desaru, Tebrau and Johor Baru, has shelved its US$300mil (RM957mil) listing to the final quarter of next year on worries that measures to rein in property prices could crimp demand from foreigners.
I just visited Capital 21 at Tampoi (the advertised integrated residence-hotel-mall in TV). Only level 3-6 are for sale. Level 1 and 2 are reserved for future balloting. Total is about 1500 shop units and push-carts. About $3000-4000 RM psf 
Typical shop is about 300-400 sqft, so min $1mil RM per shop after 10% discount. Unfortunately it is located at the boundary of the Tampoi industrial area and the roads leading to it can be quite jammed. VP in 2018 with 2 years of guaranteed rental return of 7% and 8% in sequence. Anyone bought?
Typical shop is about 300-400 sqft, so min $1mil RM per shop after 10% discount. Unfortunately it is located at the boundary of the Tampoi industrial area and the roads leading to it can be quite jammed. VP in 2018 with 2 years of guaranteed rental return of 7% and 8% in sequence. Anyone bought?
I just visited Capital 21 at Tampoi (the advertised integrated residence-hotel-mall in TV). Only level 3-6 are for sale. Level 1 and 2 are reserved for future balloting. Total is about 1500 shop units and push-carts. About $3000-4000 RM psf
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I just visited Capital 21 at Tampoi (the advertised integrated residence-hotel-mall in TV). Only level 3-6 are for sale. Level 1 and 2 are reserved for future balloting. Total is about 1500 shop units and push-carts. About $3000-4000 RM psf
Those buyers of the Jentayu apartment next door very lucky, got such a nice shopping centre right beside them. I went to visit the showflat before last time, the apartments were so nice and cheap like Rm300k plus only for the 3 bedroom, highest floor and corner unit...
I saw a banner still selling some left-over or sub-sale units. But the traffic into/out of the area is only 2-lane each so it was a slow moving traffic getting in and out on a Saturday late afternoon. However, the industrial area right next to it sort of limit the potential and future customers. As the units are quite highly priced, each unit rental is from $9k RM per month assuming $25 RM psf rent. The neighbourhood and industrial area don't seem capable of supporting this type of megamall and with 1500 units, competition will be intense between the units' owners for tenants as well as between tenants for customers. Tread with care.
I just visited Capital 21 at Tamil (the advertised integrated residence-hotel-mall in TV). Only level 3-6 are for sale. Level 1 and 2 are reserved for future balloting. Total is about 1500 shop units and push-carts. About $3000-4000 RM psf
Just went to Capital 21. Psf range from RM1,700 -4,000. Was told there will be road extension.
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Are you referring to shops or SOHO?
They are only releasing shop lots from 3rd to 6th floors.
Are foreigners allowed to buy shop lots and SOHO?
You mean the giant banner hanging on the side of the Jentayu apt block advertising units available from 3xxk? I believe it is for Capital 21 as the corner shoplot at the ground floor of Jentayu apt seem to be rented to them with the front of the shop all pasting Capital 21 sticker. I'm not sure whether the location is good but it seems they have a nice concept and I hope they'll succeed, the more shopping centres the merrier to be to a window shopper like me haha..
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Oh I tot it was for e leftovers at e condo. Concept is good but location wise is not, unless it has an integrated transport hub right next to it like Jurong Point. It can be very challenging to generate e profit to sustain the high rental. Every investor is hoping for 7-8% yield.
Visited Taman Gaya office, after I saw an advert on new launch in the Chinese papers on Sat. No showroom available though, only some toy models & a less than sumptuous buffet.
Clusters (from [35 x 70] to [35 x 90]) ranged from RM 818k to RM 998K. Built up is between 2,400 to 2,900 sq ft. This is mainly a locals market I guess, serving interested residents of Taman Gaya, Pelangi Indah, Desa Tebrau, Johor Jaya etc.
Clusters (from [35 x 70] to [35 x 90]) ranged from RM 818k to RM 998K. Built up is between 2,400 to 2,900 sq ft. This is mainly a locals market I guess, serving interested residents of Taman Gaya, Pelangi Indah, Desa Tebrau, Johor Jaya etc.
i saw the houses there, they're not bad.
MPJB should go shoot the birds there though. too many of them.
Was at T21 (Terminal 21) in Bangkok last week. Capital21 looks very similar to it in concept. Things are not cheap in there. I suppose it is going to be the same for Capital21.
I really wonder how a 'high end' mall with atas prices is going to make it in an area that doesnt have any high end housing. Also it is not a place that is worth going to, all the way, when there is nothing much else there. Right now, Tampoi is a place locals go to to shop as opposed to BI which is higher end, more expensive and caters to foreigners and SPRs.Marketing in Kipmart is much cheaper. As for shopping, its way out there and also has Angsana as competition. At the prices they are launching the commercial, rents will be high.Its going to be hard for business to survive.Although there are new condos in the vicinity, the residents are unlikely to have the same spending power as those who live in other higher end areas like HH, BI and EL. Tampoi is now a cheaper option for locals who are priced out of the more expensive localities, but Tampoi is still more EX than Kulai and Senai as it is still preferred due to proximity to JB and Nusajaya.
$818k RM for a 35x70 cluster with 2,400 sqft built up is value for money. Any idea how well are they selling, please?
Capital21 is still trying to secure an anchor tenant for this development. Some agents also co-purchase several units for investment.
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