Density of Pandan Lake Club project markedly reduced

THE plot ratio and the number of home office and apartment units have been markedly reduced in the amended plans for the redevelopment of Pandan Lake Club in Pandan Perdana, Ampang.

Developer Beverly Group Sdn Bhd said the new plan incorporated requests of residents living near the 4.48ha land. The feedback was gathered during a public hearing at the Ampang Jaya Municipal Council (MPAJ) recently.

Among the major changes are reduced plot ratio from 3.99 to 3.48, SoHo units cut down from 1,390 to 1,284, apartment storeys reduced from 39 to 34 floors, and the removal of two proposed basement carpark floors.

Project manager Lee Yeow Hian said the scaled-down plot ratio would help reduce traffic impact by 21% in the congested Pandan Perdana area.

“We have also decided against the food and beverage pavilion on the lake, following protests,” he said during a media briefing at the Pandan Perdana Residents Association office yesterday.

The pavilion was designed as a platform on stilts over the lake for a restaurant and cafe.

Residents said they feared the lake would be filled up to make way for the development.

Besides the club, other developments included serviced apartments, SoHo units and commercial lots.

Members of the Pandan Lake Club, meanwhile, voiced out fears that the clubhouse would be demolished.

They claimed that they had been promised a recreational club as part of their sale and purchase agreement when they bought the properties there 20 years ago.

“We will preserve the lake, clean it up and upgrade the facilities around it, including the carpark and the playground,” assured Lee.

He said an independent traffic consultant was also brought in to assess the traffic impact in the area.

He added that with the recent changes, Beverly Group had decided to widen three roads and seven junctions for smoother traffic flow.

During the construction period, the main entrance routes will be blocked off, and a back route from Jalan Perdana 3/10 and Jalan Perdana 3/8 will be used.

Lee said that a resident had also voiced out concerns over the lack of a community hall in the area.

He said the temporary show gallery to be built for the project could be converted into a hall after the development was completed.

“It will be built on a plot of land identified by MPAJ and can be handed over to them to be converted into a hall, with toilet facilities for park users,” he said.

He said they had taken additional measures to reduce any inconvenience that might arise due to the development.

The amended proposal will be submitted to MPAJ soon for approval.

The briefing was also attended by Pandan Perdana Residents Association chairman Lim Ah Chai, Pandan Lake Club members pro-tem committee chairman Dr Thankan DeSilva, and another resident Lim Koo.

Dr DeSilva asked that club members’ appeal for compensation and access to the facilities in the apartment be considered.

He said club membership was RM4,200 and limited to 4,200 members.

He said most of the club members had accepted the compensation offer of between RM4,000 and RM7,000, while another 100 were fighting to save the club.

“We hope the 100 members’ views will be considered by MPAJ when making a decision,” Dr DeSilva added.

Lee said they would look into the additional requests as the clubhouse had a separate owner, adding that members should take up the matter with the owner.

On whether other residents would be briefed about the amendments, Lim said they could contact him or meet him at his office.

“We organised this media briefing to correct the misinformation that has been spread,” Lim said, adding that flyers would be sent out to keep residents informed about changes.

Teratai assemblymen Tiew Way Keng, said she was unaware of the changes and hoped the developer would conduct briefings for residents before work on the project began.

Pandan Glades Rukun Tetangga chairman Harichan Paul said many residents were still left in the dark about the project.

(The star Oct 2, 2013)

Singapore’s resale flat prices dip for first time since 2009

Resale HDB flat prices have fallen for the first time in more than four years as tighter loan rules and ownership restrictions take their toll on the market.

According to estimates by the Housing Board released yesterday, the HDB resale price index fell 0.7 per cent in the typically strong third quarter.

This is the first quarterly dip since the first quarter of 2009, which saw Singapore enter a deep recession as a result of the global financial crisis.

It also occurs as HDB resale volumes fall to a 16-year low.

Stricter controls on home loans are a key factor in the slide, said analysts, coupled with the rising attractiveness of new Build-To-Order (BTO) flats which have siphoned demand away from the HDB open market.

“This reversal of price growth is expected, given the slew of measures which impacted affordability,” said PropNex chief executive Mohamed Ismail.

The proportion of a buyer’s gross monthly income that can be used to service mortgages for HDB resale flats has now been capped at 30 per cent.

Maximum tenures for loans taken from HDB and private banks were also reduced to 25 and 30 years respectively. Another new rule limited the total debt obligations of buyers to 60 per cent of their gross monthly income.

All these have forced buyers to exercise prudence in their home purchases, said experts.

“Due to a cut-off in access to large loans or ‘easy money’, there are very few buyers looking at investing in large or well-located flats,” said R’ST Research director Ong Kah Seng. “Previously, many buyers were interested in getting a larger flat where they could sublet spare rooms to defray monthly loan repayments.”

The pool of buyers in the resale market is also shrinking, said analysts.

More buyers are being enticed by a ramped-up supply of new BTO flats in attractive locations, especially with the introduction of bigger grants for middle- income earners.

Singles have also been allowed to apply for two-room BTO flats since July. And permanent resident households now have to wait three years from the start of their residency before buying a resale flat.

Overall cash premiums paid above a flat’s valuation have dropped from $35,000 in January to $18,000 now, with larger flats the hardest hit.

This year’s resale volume is the lowest since 1997, and experts see the downward trend persisting into the fourth quarter, which normally sees less activity.

The slowdown was also reflected in the private property market, which saw a smaller 0.4 per cent rise in prices than in the previous quarter.

Suburban home prices rose 2.1 per cent but the other regions registered price declines. —

The Straits Times / Asia News Network (Oct 2, 2013)

Land Acquisition of D’sara Sentral (Sungai Buloh) Mah Sing

Land Acquisition of D’sara Sentral (Sungai Buloh) Mah Sing

According to Bursa Announcement, Intramewah Development Sdn Bhd (“Intramewah” or “Purchaser”), a wholly owned subsidiary of Mah Sing, had on 3 April 2013, entered into a sale and purchase agreement (“Agreement”) with Pulangan Elit Sdn Bhd (“Pulangan Elit” or “Vendor”) for the proposed acquisition of all that piece of prime land measuring approximately 6.54878 acres net in Seksyen U19, Daerah Petaling as more particularly described in section 2.3 herein (“Land”) for cash consideration of RM85,000,000 or approximately RM297.97 per square foot (“Proposed Acquisition”).

The Land is located in Seksyen U19, Daerah Petaling at the junction of Jalan Welfare along the main thoroughfare of Jalan Sungai Buluh-Shah Alam. The Land is diagonally opposite the upcoming MRT station next to the Rubber Research Institute of Malaysia (RRIM) land which is the first MRT station after the Sungai Buloh terminal. The proposed integrated development will be called D’sara Sentral.

Based on the preliminary plans, the Land is proposed for an integrated lifestyle commercial development with an estimated gross development value (“GDV”) of approximately RM800 million. D’sara Sentral will be a mixed development comprising SoVo (small office versatile office), retail space and service residences with proposed direct link to the MRT station via a pedestrian bridge.

Intramewah will be submitting the proposed development plans to the relevant authorities for approval. Subject to authorities’ approval, the development project is to be developed over a span of 3 to 5 years. Awareness programme and registration of interests for D’sara Sentral will commence within the second quarter of 2013 and preview is expected in the fourth quarter of 2013.

The Land is a strategic fit to the Group’s immediate-term plan to complement its existing portfolio with a range of products with mass market appeal to cater to the rising middle income group. Besides the scarcity of development land close to the catalytic MRT project, there is also a supply shortage of mass market products in property hotspots in the Klang Valley. The proposed development is also in line with the increasing trend and preference towards smaller sized residences within well planned integrated projects.

The success of the Group’s Star Avenue D’sara project just 6km away is testament to the potential of D’sara Sentral that is strategically located within the highly sought after northern growth corridor of the Greater Kuala Lumpur Strategic Development project. With the Proposed Acquisition, the Group now has 41 projects with combined remaining GDV and unbilled sales of approximately RM19.7 billion spread across Malaysia’s property.

The Land

The Land is held under title number H.S.(M) 11440, PT No. 4629, Pekan Baru Sungai Buluh, Daerah Petaling, Negeri Selangor with net land area measuring approximately 6.54878 acres (after deducting the area acquired by the relevant authority for the purpose of Mass Rapid Transit (“MRT”) measuring approximately 0.848 acres). The Vendor is the registered and beneficial owner of the Land.

The Land is a leasehold land subject to the category of land use “Perusahaan/Perindustrian”. The current category of land use zoning approved by Majlis Bandaraya Shah Alam is “Commercial” with plot ratio of 3. The Vendor will submit an application to convert the category of land use from “Industry” to “Commercial”. The lease term is 60 years with expiry date on 16 October 2028. As set out in section 2.6.2 herein, it is the Vendor’s obligation to apply for a full 99 year lease. Presently, there is an unoccupied factory building with approximate built up area of 70,000 square feet and age of 13 years erected on the Land.

Save and except for the charge in favour of United Overseas Bank (Malaysia) Berhad, the Land is to be acquired from the Vendor free from all encumbrances, caveats, charges, liens whatsoever, free from all squatters, tenants, occupants, invitees, licensees, structures, places of worship, burial grounds, encroachment and with vacant possession.

The Land is located in Seksyen U19, Daerah Petaling at the junction of Jalan Welfare along the main thoroughfare of Jalan Sungai Buluh-Shah Alam.The Land is diagonally opposite the upcoming MRT station next to the Research Institute of Malaysia (RRIM) land which is the first MRT station after the Sungai Buloh terminal.

As a well-established sub-urban centre of Kuala Lumpur, D’Sara Sentral enjoys a host of access routes including the North Klang Valley Expressway (NKVE), Lebuhraya Damansara Puchong (LDP) Guthrie Corridor and North South Highway. It is only a 15 minutes’ drive to Kuala Lumpur via various convenient routes. For example, the nearby Sungai Buloh Interchange along the NKVE provides easy access to both Kepong and Kuala Lumpur.

Established neighbourhoods within a 5km radius of D’Sara Sentral includes Sierramas, Valencia, Damansara Damai, Saujana Damansara, Bandar Sri Damansara, Kota Damansara, Bukit Rahman Putra, Taman Perindustrian KIP, Taman Industry Sungai Buloh, Bandar Baru Sungai Buloh, and Kampung Baru Sungai Buloh itself. Other affluent neighbourhoods within a 10km radius of the project include Kepong, TTDI, Damansara Utama and Selayang.

There are currently 4 major secondary schools in the area, namely Sekolah Sri Bestari, SMK Bandar Baru Sungai Buloh, SMK Bukit Gading and SMK Bukit Rahman Putra as well as numerous primary schools including SJK(C) Sungai Buloh. The elc International School in nearby Sierramas provides both primary and secondary education.

Other than the upcoming MRT station, there is also a KTM Komuter station in the middle of Sungai Buloh that connects to the Rawang - Seremban line. The Bukit Rahman Putra Golf Course is just a short drive away. The Sungai Buluh Hospital which has been identified as a center of excellence for various disciplines including emergency and trauma, neurosurgery and orthopaedics is also close by.

Basis of purchase

The purchase price of RM85,000,000 was arrived at between the parties on a “willing-buyer willing-seller” basis after taking into consideration the following:

·         the scarcity of strategic development land along the Sungai Buloh and Kajang MRT Line

·         the Group’s familiarity with marketability and development potential of land within the vicinity following the overwhelming success of the Group’s Star Avenue D’sara project 6km away; and

·         strategic fit of the Land to the Group’s fast turnaround development model with ready infrastructure connectivity and amenities.

·         Based on Mah Sing’s internal assessment of the Land, the purchase price is within range of acceptable land cost given the potential GDV to be generated. No valuation was carried out on the Land.