Clearwater Development will be launching their next development called Clearwater Estate at Bukit Tunku, an exclusive five villas only development. Their first maiden development is Clearwater Residences in Damansara Heights, launched last year and was sold closed-door. Utilizing their best assets to promote this new development, they have of course opted to splash Dian Lee, the 24-year old daughter of property tycoon Tan Sri Lee Kim Yew, on the cover of City & Country (The Edge) issue this week. She is the founding partner of Clearwater Development together with Sim Boon Yang, a Singapore-based architect. Here are some of the details of Clearwater Estate.

• Comprises five individually crafted villas, inspired by five different art movements
• Sits on 15,000sf plot, built-ups ranging from 16,000 to 19,000sf
• Each villa spread over four levels, with uninterrupted views of KL skyline
• Each villa will house six bedrooms, a covered garage, a car lift, a passegner lift, home theatre, home spa, walk-in wine cellar, a lap pool, ‘floating’ pavillions
• Launch date: 8th August 2008

Indicative price at RM1,200psf to RM1,500psf. That’s about RM20million for each villa. More photos after the jump

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By Tim Leonard
Email us your feedback at fd@bizedge.com

The weak US economy and a slowdown in mature markets should not cloud a potential investor’s decision on the real estate sector in Malaysia.
According to Zerin Properties CEO Previndran Singhe, Malaysia is a “decoupled economy” and is not very much linked to the US economy. “It is nothing more than market sentiment and this too shall soon pass.”

“People are talking about a global slowdown but there has been continuous purchase of KLCC properties by foreigners over the past two to three weeks,” says Previndran. On April 8, The Edge Financial Daily reported that YTL group set a new record for land transaction in the city centre following its RM85 million purchase of a less than an acre tract along Jalan Stonor. The price works out to about RM2,000 psf. He disclosed that the sales volume was still going strong for properties priced between RM1 million and RM1.5 million.
“I have personally seen foreigners and locals snapping up properties here, so what ‘slowdown’ are we talking here?”

Previndran feels that generally, people are cautious but he strongly believes that they will know local market conditions better by the end of the second quarter. “It is just based on ‘perception’ now but once potential investors realise that we in Malaysia are not affected, they will certainly continue snapping up properties here.”

However, he says products that do not match expectations will see slower sales this year. “There are some units built very low in quality and do not match the developer’s promises. These properties will be shunned as buyers are becoming more demanding and selective.”
Nonetheless, properties that match buyers’ expectations will continue being sold, he adds.

Previndran says the price per square foot for KLCC-based properties will have no problems breaching the RM2,500 mark this year. “A lot of positive developments are taking place on the national front following the general election and these only strengthen the country’s fundamentals. So I don’t believe in doomsayers. Things are going to be okay and business will be as usual.”

Previndran, who also runs the property portal www.klcc-living.com, says rents for prime properties in the KLCC area will hold at an average of RM6 to RM8 psf.

He will be presenting an in-depth view of the outlook for the Malaysian property market at the coming The Edge Investment Forum on Real Estate 2008 and whether it is time to make an exit.

LBI Capital Bhd has proposed to acquire land in Selangor for RM14.5 million to replenish its property development portfolio ahead of the completion of its three projects in the Klang Valley some time next year.

The purchase price, determined on a ‘willing-buyer-willing-seller’ basis, is at a 4.6% discount to the vendor, Pembinaan Amal Cekap Sdn Bhd’s original investment cost of RM15.2 million.

The land, measuring 197,199 sq ft in Taman Mutiara Puchong, Petaling, will be developed into 142 units of two- to three-storey shop offices over the next two to three years, the company said in a statement yesterday.

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By Sharen Kaur
sharen@nstp.com.my

BANDAR Raya Developments Bhd (BRDB) will spend at least RM250 million to upgrade Bangsar Shopping Centre and build an office tower next to the mall.

This is BRDB’s first major refurbishment plan for BSC since it opened its doors in 1990. Work started early this year and is set to be done by the end of 2009.

Chairman Datuk Mohamed Moiz Ali Moiz told Business Times that RM70 million is for an extreme makeover for BSC. (more…)

by Rosalynn Poh
Email us your feedback at fd@bizedge.com

There is a new face at the helm of TH Properties Sdn Bhd (TH Properties), but he is no green horn. In fact, Zaharuddin Saidon just happens to be one of the pioneers at TH Properties.

The previous general manager for solutions creations recently took over the post of CEO from Datuk Syed Mohamed Syed Ibrahim, and told City & Country last Friday that he is making slight adjustments, or rather some fine-tuning to ensure the company will be able to respond to change effectively.

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