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Penang developer aims high with RM800mil Queensville project

PENANG-BASED developer Seal Inc Bhd is set to make a grand entrance in the Klang Valley with its flagship project in Cheras, Kuala Lumpur.

The usually quiet suburb of Bandar Sri Permaisuri, just off the East-West Link, will be the site for Seal’s 12.5-acre mixed development dubbed Queensville – a play on the Malay word permaisuri, or queen – valued at RM800mil to RM1bil.

The leasehold project on commercial land comes in five parts – serviced residences, flexible suites and an office tower, shoplots, all anchored by a mall.

Seal CEO Chuah Chong Ewe tells StarBizWeek that the land, just a stone’s throw from Taman Tasik Permaisuri, a popular recreational park for Cheras folk, is possibly one of the last remaining contiguous parcels within a ready township.

In February last year, Seal inked a turnkey agreement with Dwitasik Sdn Bhd, the master developer of Bandar Sri Permaisuri, and Kuala Lumpur City Hall to develop Queensville.

Under the pact, City Hall is the landowner, and Seal and Dwitasik the developers. City Hall is entitled to 20% of the gross profit from Queensville, plus a minimum guaranteed profit of RM30mil, provided it is exempted from any requirements for affordable housing.

An artist’s impression of Queensville development.

Take away the 20% owed to City Hall, and the remaining profit will be shared on a 60:40 basis between Seal and Dwitasik.

In addition, City Hall will charge a sum of RM38mil for the land premium for the purpose of alienating the land to City Hall from the state. Seal’s portion of this is RM36mil, with the rest to be settled by Dwitasik.

While the terms of this arrangement may be puzzling to some, Chuah thinks it provides an attractive entry point, especially for smaller-sized property players that don’t have the firepower of an established developer.

“We don’t mind sharing the profit as long as we don’t have to fork out huge upfront investments,” he says.

The directors of Dwitasik include Datuk Seri Raja Eleena Raja Azlan Shah, who is the younger sister of Perak regent Raja Dr Nazrin Shah, and her brother-in-law Datuk Seri Tunku Kamel Tunku Rijaludin.

Venture forth

But why take the plunge so far from its home base up north?

“We decided that we had to have to something sizeable for our first flagship project in KL,” Chuah quips. “Integrated developments are the flavour of the moment. If you try to sell just one block of apartments, there are no takers.”

One year on, Queensville is close to being launched in the third quarter of this year.

Chuah: ‘We don’t mind sharing the profit as long as we don’t have to fork out huge upfront investments.’

Registrations will open this month for phase 1, comprising three and four storey shoplots, flexible suites and an office tower.

The flexible suites, totalling 480 units spread across eight levels and three blocks, start from RM300,000. The suites sit on top of the shop lots.

The offices, with a total gross floor area (GFA) of 65,000 sq ft, is six-level high.

Phase 2 of Queensville, meanwhile, will see the rollout of three of the five blocks of serviced residences by end-2015.

Unit sizes for the 12 and 21-storey residences have been set at 800 sq ft to 1,200 sq ft. The three blocks are to feature 492 units, indicatively priced at RM500,000 and above.

The 412,000 sq ft mall will also be launched under phase 2. Seal intends to keep the mall for rental income.

The final two blocks of 31-storey serviced residences in Queensville – and the tallest buildings in the development – are scheduled for sale in 2016.

The final release of apartments come in sizes of 800 sq ft to 1,200 sq ft and 480 units.

Queensville will serve a walking distance population of 200,000, and enjoys proximity to a number of KTM and LRT stations.

The entire project, which will be fitted with over 3,000 parking bays, is expected to be fully-launched within five years and completed in about seven years, Chuah says.

For the first phase, Seal is targeting a take-up of at least 50% within six months of launching.

“The caveat emptor is whether the market can take it. In Penang, for example, we rolled out 1,000 apartments in nine months because demand was that strong at the time,” Chuah notes.

Queensville has obtained the development order and is awaiting the approval of its building plans, after which it will finalise the costing.

Asked why Seal won’t hold on to the shoplots, Chuah replies candidly that “we need the money”.

“We don’t have a rich parent like YTL or Sunway. The money (from selling the shoplots) will be a big help for construction.”

Despite the prudent lending guidelines and other tightening measures imposed on the property market since earlier this year, Chuah maintains that the sales pipelines for Queensville still look healthy.

“Our shoplots are not aimed at the speculative market. We will sell them en bloc at RM3.5mil per block and higher.”

Profit margins for the whole project are expected in the range of 20%, executive director Doris Fang says.

In a stock exchange filing dated Feb 22, 2013, Seal had said Queensville was estimated to deliver a net profit of RM80mil.

Mall manager

Queensville isn’t Seal’s first foray into the Klang Valley.

“Some people may ask if we have what it takes to build and manage a mall. But we have been managing Selayang Mall for 15 years, and it is 100% occupied,” Chuah explains. “We are one of the few developers in town that understand leasing.”

Selayang Mall, near Batu Caves, has a GFA of 850,000 sq ft. The building was sold to AmanahRaya seven years ago for RM120mil, before AmanahRaya became a real estate investment trust.

“We sold Selayang Mall because we needed cash for the restructuring,” Chuah says.

Seal continues to manage the mall under a 10-year sale and leaseback agreement with AmanahRaya, under which the latter reaps an average yield of 8% per annum.

“Anything above their (AmanahRaya’s) fixed return belongs to us. After paying for the lease to AmanahRaya, we still make RM3mil to RM4mil per year, or RM250,000 a month.

“This arrangement is an incentive for us to create value, and also a source of recurring income,” Chuah points out.

The lease expires in three years, but Seal has a first right of refusal if anyone else intends to take over management of the mall.

The complex, which counts Parkson as an anchor tenant, generates rental of roughly RM20mil per annum, Fang explains. Seal charges its tenants between RM2 and RM20 per sq ft for rental.

“Suburban malls tend to deliver better margins than regional malls. Imagine how much the central malls have to spend on festive attractions and international brands, which usually bargain for lower rentals,” Chuah says.

Seal’s property investment arm raked in a turnover of RM19mil for the financial year ended June 30, 2013 (FY13) and gross profits of RM3.5mil, which translates to a margin of 17%, making it the company’s second most profitable business behind property development.

In FY13 the group’s property development revenue rose to RM139.1mil, with a gross profit of RM51.39mil and margin of 37%, boosted by sales of the first phase of its Bayan City mixed development in Bayan Baru, Penang.

That project was also developed on a joint-venture (JV) basis with the landowner.

JV for the win

“It’s tough for a developer to borrow. We don’t have the balance sheet of the big boys.

“And we can’t build just a few rows of shop houses – that won’t get us anywhere. The only way for us to stamp our mark is through these JV deals.”

The JV approach has helped Seal stay asset-light and relatively debt-free – not an easy feat for a property developer.

Its total debts as of end-December stood at RM1.21mil against cash and near cash of RM14.32mil, putting in a net cash position of RM13.11mil.

Chuah says the company will borrow money if it needs to buy land and is comfortable gearing up to 50% or 60%.

Fang also acknowledges that its impressive property development margins of near 40% in FY13 will be a tough act to follow.

“We work hard, but we were also lucky. That kind of margin is difficult to see again in the current property cycle,” Chuah quips, adding that Seal’s margins are likely to normalise to the 20% to 25% range.

Besides Queensville, Seal is working on phase 2 of its 22-acre Bayan City integrated development. Having completed phase 1, Seal has 12.5 acres left for the project on the southern side of the island.

The firm has also acquired up to 200 acres of greenfield land in Sungai Petani, Kedah, which it may use to build landed homes and commercial buildings.

In addition, Seal owns 1.92-acre in Langkawi’s Kuah town, but it has no plans for the freehold tract at the moment.

“The land doesn’t incur any holding costs and there’s value in it. But Langkawi isn’t a fast market,” Chuah says.

In the meantime, Seal intends to beef up its landbank in the Klang Valley and Penang.

“Land is expensive now, but prices are unlikely to drop. If we don’t act, we will be priced out of the market,” Chuah stresses, adding that Seal will remain focused on pocket land of eight to 10 acres.

“That will help us save on infrastructure costs as well. The property market isn’t as lucrative as it was three years ago. We need the right landbank, at the right location and right price. Our expansion will be cautious.”

E&O share price rises to RM2.30 in tandem with progress in STP project

PETALING JAYA: Eastern & Oriental Bhd (E&O) has taken another step in realising the development of phase two of its Seri Tanjung Pinang (STP) project in Penang.

Last Friday, the company completed the public display of the detailed environmental impact assessment (DEIA) report, and is now awaiting approval from the Department of Environment (DOE) to begin reclamation works on the project that is slated to cover an area of 760 acres of reclaimed land.

In tandem with the development in Penang, what is more telling is E&O’s share price inching closer to the RM2.30 mark, which was the entry price of Sime Darby Bhd into the company in 2011.

That acquisition had sparked off a controversy because Sime had acquired almost 31% from three major shareholders of E&O, including the group managing director (MD) Datuk Terry Tham. The other shareholders were Tan Sri Wan Azmi Wan Hamzah and GK Goh of Singapore.

Post-disposal, Tham remained as group MD. Along with Wan Azmi, the duo still continued to hold some shares in E&O.

Some minorities had alleged that Sime should be compelled to undertake a mandatory general offer (MGO) because they contended that the conglomerate was acting in concert with the majority shareholders.

Sime’s acquisition was a huge 60% premium over E&O’s market price then, which was about RM1.45.

Subsequently, after a lengthy process, the Securities Commission (SC) finally ruled that Sime was not acting in concert with Tham and the other two vendors, and that the conglomerate need not undertake an MGO.

This prompted minority shareholder Micheal Chow Keat Thye to file a suit seeking a judicial review of the SC’s decision. The case is still pending.

E&O shares closed at RM2.20 yesterday, which is just 10 sen short of Sime’s entry price into E&O in 2011.

An analyst said the lift in the share price valuation was happening at a time when the timeline to the launch of STP phase two (STP II) was drawing closer.

If the STP II development in Penang materialises, then it is set to give a boost to the project developer, E&O’s sales and earnings potential in the years to come.

The DEIA report has been submitted to the DOE for approval and had also been displayed to the public for feedback until March 28.

The STP II project, which is a continuation of the 240-acre STP phase one in Tanjong Tokong, is expected to be developed over 15 years.

E&O group deputy MD Eric Chan said the company was targeting a cumulative profit after tax of between RM450mil and RM500mil for the financial year ending March 31, 2014 (FY14) through to FY16.

He said the cumulative earnings figure was a realistic mid-term goal post, given the nature of the property development business that spans a timeframe involving planning, construction and delivery.

“E&O has always looked beyond short-term goals, as a longer-term approach is more sustainable and holistic since it also allows the company to achieve meaningful progress in qualitative aspects such as branding and positioning. The earnings streams will be supported by a number of ongoing developments within and outside the country,” he told StarBiz.

Within the first quarter of this year, E&O is targeting the maiden launch of Avira, a joint venture between E&O, Khazanah Nasional Bhd and Temasek Holdings Pte Ltd to develop a 207-acre wellness sanctuary of mixed development in Iskandar Malaysia.

The project, with a gross development value (GDV) of RM3.5bil, will take five to seven years to complete. The Avira terraces and serviced residences with a GDV of approximately RM1bil is targeted for launch in the first and second half of this year.

Chan said an ongoing project, The Mews, comprising two towers of serviced apartments in Kuala Lumpur with a GDV of RM400mil, is also available for sale. The project was launched at the end of 2013.

In Penang, the Andaman Edition 18 East condominiums in STP with a GDV of RM800mil will be launched in the first half of this year.

He said the stylish residences on the most prime lot overlooking the Andaman Sea was the only condominium project in the country with a 4.5-acre residents’ waterpark and another seven acres of greens.

In London, E&O’s maiden offshore project, Princes House, launched last month has received positive response, with close to 80% of the units being taken up.

Located at the heart of the arts, shopping and business scene, Princes House is a prime freehold building in the Borough of Westminster.

The RM250mil project involves the refurbishment of the building into a tastefully-designed high-end apartment block with 20 residential units and 34 serviced apartments ranging from 428 sq ft to 2,714 sq ft. Prices average £1,800 (about RM9,844) per sq ft.

Chan said while the focus of E&O was on its existing growth engines, the company was also looking at other new potential growth areas that were aligned to its values and brand positioning.

“The company’s hospitality and lifestyle arm is also a vital complement to its core activity of property development that enables E&O to become an aspirational lifestyle developer. We are progressing well on this front, targeting a revenue of RM100mil for FY14-FY15,” he said.

Errant housing developers face stiffer penalties, blacklist, from June

KUALA LUMPUR: Housing developers who abandon their projects will be blacklisted and subjected to stiffer penalties when amendments to the Housing Development (Control and Licensing) Act 1966 come into force in June.

“Once blacklisted, the developer and company’s board of directors will not be able to apply or renew their advertising permit and sales license,” Deputy Urban Well-being, Housing and Local Government Minister Datuk Halimah Mohd Sadique said when answering a question raised by Gobind Singh Deo (DAP-Puchong) in Parliament Wednesday.

She added that errant developers would also face stiffer penalties if they were hauled to court and convicted.

The ceiling for fines will also be increased to RM500,000 from RM200,000 previously.

Halimah said the names of blacklisted developers would also be published on the Ministry’s website.

Earlier, Halimah informed lawmakers that from 2009 to Feb 28 this year, the Ministry had declared 206 housing projects as abandoned.

Of this, she added, a total 149 projects were revived, with 22,868 homes built.

Halimah also said the Act only applied in the Peninsula, but she would propose to the Cabinet for the law to be enforceable nationwide. - The Star

Developers' focus shifts with the opening of the second Penang bridge

DESPITE a softening property market on Penang island and Seberang Prai, Kuala Lumpur and Penang-based developers will be undertaking projects to the tune of RM4.56bil this year, a check with various developers show.

The island, however, is seeing fewer residential property launches due to land shortage, higher land cost and a challenging property market environment. Nevertheless, Raine & Horne director Michael Geh says the gross development value (GDV) of the projects launched on the island this year will still be higher.

Geh says the price of vacant land in Batu Maung has increased to RM250-RM300 per sq ft.

Of this RM4.56bil, about RM1.86bil will be residential and commercial projects planned in Seberang Prai, while the remaining RM2.7bil will be on the island.

Although in value terms the island will have a lion’s share, much of the focus is expected to be on Seberang Prai, located on Peninsular Malaysia.

To a large degree, the focus on Seberang Prai has been triggered by the announcement of the second bridge by Malaysia’s fifth prime minister and Penangite Tun Abdullah Ahmad Badawi in the Ninth Malaysia Plan in August 2006. Since then, property prices in Seberang Prai and on the island have risen significantly. One can consider 2006 as the watershed where Seberang Prai is concerned.

The opening of the RM4.5bil second Penang bridge on March 1 is also expected to spur a second wave of interest.

The connectivity is expected to boost retail, for a start. There are plans to develop a RM200mil premium retail outlet known as Penang Designer Village and an integrated shopping mall which will be anchored by an IKEA store in Seberang Prai.

Fook says land prices in south Seberang Prai has jump to RM40-RM50 per sq ft.

PE Land Sdn Bhd will undertake the Penang Designer Village, while the integrated shopping mall with residential components will be developed by Aspen-Ikano.

Residential development is also expected to improve with the entry of big players into that area in terms of style and design.

Last December, Mah Sing Group Bhd acquired 30.9ha in Jawi, comprising 20 pieces of prime freehold contiguous land, for RM400mil. Its group managing director and chief executive Tan Sri Leong Hoy Kum says the group plans to introduce an integrated township called Southbay East.

Leong says the township is currently at the planning stage. He says the freehold township located just 6.6km from the Jawi toll plaza on the North-South Expressway is expected to attract those who work and live in Southbay East’s immediate surroundings. The property developer is proposing linked homes, semi-detached units and town houses. There will also be a club-house.

But land prices may become an issue. Henry Butcher Seberang Prai’s associate director Fook Tone Huat says vacant land prices in the area, especially those in south Seberang Prai where the second bridge is located, are now hovering between RM40 and 50 per sq ft, a huge jump from 2006’s RM8-RM9 per sq ft.

Land prices in Central and North Seberang Prai were then between RM20 to RM40 per sq ft, compared with today’s range of between RM50 and RM100 per sq ft. The increase in land prices has translated into higher property prices.

“New landed properties such as double-storey terraced units in South Seberang Prai are now priced between RM350,000 and RM400,000 compared with between RM150,000 and RM200,000 prior to 2006,” Fook says.

Double-storey terraces in prime locations in Central and Northern Seberang Prai have doubled from RM200,000-RM270,000 range to RM400,000-RM600,000.

“We are also seeing a lot of life-style condominium projects being planned in Bukit Mertajam this year with new units priced at at around RM300 per sq ft,” Fook says.

As for the secondary or sub-sales market, double-storey terraced houses have a wide price range of between RM250,000 and RM500,000, depending on location.

Landed properties in the sub-sales segment command the best pricing in Bukit Mertajam and Butterworth town.

Despite the interest in Seberang Prai, Fook expects the volume of property transactions to soften this year, due largely to the difficulty in obtaining housing loans.

“There will definitely be fewer transactions this year compared with about 12,000 registered for 2013.

“Since January, we have seen fewer enquiries for primary and secondary market properties as the rejection rate of housing loans is currently at about 60%. Property prices are expected to remain more or less the same as last year,” Fook adds.

Real Estate and Housing Developers’ Association (REHDA, Penang) chairman Datuk Jerry Chan says due to the tightening of bank loans, he expects the volume of property transactions to decline by about 30% this year.

“The overall transacted value will also fall by about 20%,” he says. Raine & Horne’s Michael Geh expects properties in the secondary segment to remain stable, while those in the primary market might soften slightly.

“There will definitely be a dip in the volume of transactions, due to the stringent loan conditions,” Geh says.

Despite issues about buyers getting the margin of financing they would like to have, this does not seem to have deterred developers from entering the Seberang Prai market in a fairly big way.

DNP Land, which is part of Singapore’s Wing Tai group, will be developing a RM250mil condomonium project known as Bukit Mertajam Mahkota and the RM550mil Jesselton Hills landed property scheme in Bukit Mertajam, located in Central Seberang Prai. Tambun Indah Land Bhd is also planning RM616mil worth of landed property launches for Bukit Mertajam and Pearl City in Simpang Ampat, south Seberang Prai.

DNP Land (North) general manager K.C. Tan says the Bukit Mertajam Mahkota project will be the town’s first high-end condominium development. As for Jesselton Hills in Alma, it will have 200 units of semi-detached and terraced houses.

“The projects are strategically located between the first and second bridges, and is close to Jalan Song Ban Kheng, a prime residential district. They are also surrounded by the Prai and Bukit Minyak Industrial Parks and Penang Science Park.

“We expect buyers from Kedah, especially from Kulim High Tech Park, as Bukit Mertajam is the main connecting point between Penang and Kedah,” Tan says.

IJM Land, known for its Penang island Light project, is also launching RM236.5mil worth of properties comprising double-storey houses in Jawi, south Seberang Prai, and double-storey linked bungalows in Bukit Mertajam, central Seberang Prai. One of Kuala Lumpur’s heavyweight, Sunway Bhd is also planning to launch some RM150mil worth of residential and commercial projects for the second phase of Sunway Wellesley in Seberang Prai, a mixed-development project in Bukit Mertajam, at the end of this month, while the RM60mil third phase, comprising resort condominiums, will kick off in October.

Sunway Bhd general manager Tan Hun Beng says the group will be launching more properties in Seberang Prai as the lower land prices there has allowed the group to price its properties affordably. In June this year, Sunway will launch the RM80mil Sunway Cassia third phase, double-storey semi-detached and three-storey terraced houses, in Batu Maung, in Seberang Prai.

The focus on Seberang Prai, by no means, mean that there is less interest on the island. In fact, property prices have grown by leaps and bounds the last several years. This year, however, will see less launches of landed units, due largely to land shortage and high prices.

Raine & Horne Malaysia director Michael Geh says the price of vacant land has increased to around RM250 to RM300 per sq ft in Batu Maung in the southern part of the island, where the second bridge is located, from about RM50 to RM60 per sq ft prior to 2006. This effectively means that in just eight years, land prices have increased by 400%.

However, Geh also says land prices depend on what the land is being zoned for, whether it is agriculture, commercial or residential usage. This increase in land prices coupled with other factors have resulted in higher property prices.

New two- and three-storey terraced houses on Penang island now cost about RM1.2mil in the south of the island, compared with about RM450,000 prior to 2006.

“New condominiums in similar locations are now priced at RM700,000-RM800,000, compared with RM250,000-RM300,000 prior to the second-bridge announcement in 2006. In the prime locations of the north-east districts such as Tanjung Bungah, Tanjung Tokong, and Pulau Tikus, new lifestyle high-rise units start from RM800,000 onwards, doubled what it used to be in 2006,” Geh says.

How sustainable are these prices? The reponse to launches will be an indication.

Eastern & Oriental Bhd will be launching its RM800mil Andaman Edition 18 East condominium scheme on the island in the first half of this year. IJM Land will introduce its RM125mil Trehaus@Bukit Jambul. This comprises condominium villas and semi-detached villas, and a yet-to-be-named medium and low-medium cost project, which has a RM177mil GDV, in the fourth quarter of this year.

S P Setia will launch in the second half the RM300mil Setia Sky Vista, a condominium project, in Relau.

These launches will be keenly watched. - The Star

Consumer groups call for transparent house buyer selection

PETALING JAYA: There must be transparency in the selection of qualified buyers and the final balloting under the MyHome Scheme, said consumer groups. 

“We must hold true to the principle that whoever deserves a house (under the scheme) should get it regardless of race,” said National House Buyers Association honourary secretary-general Chang Kim Loong said.

“The Housing and Local Government Ministry should also ensure that buyers meet all the eligibility criteria for the loan before they grant the incentive,” he added.

Fomca secretary-general Datuk Paul Selvaraj stressed the importance of transparency in the selection process.

“We must ensure that those who qualify would be entitled to a house. The process must be transparent so that those who do not get the incentive or house will still feel the selection process was carried out fairly,” he said.

Paul added that the scheme would help more Malaysians, especially the younger generation, to realise their dream of owning their first home.

Chang commended the inclusion of a 10-year moratorium, which prohibits a buyer from re-selling or transferring ownership of the home unless it was transferred to immediate family members.

“This will make sure there will be no flipping of properties,” he said.

Property developer Mah Sing Group Bhd also lauded the scheme.

“We are keen to find out if we meet the conditions (to file an application for the scheme),” said its corporate communications general manager Lyanna Tew. - The Star

MyHome requests to start on April 1

PUTRAJAYA: The MyHome Scheme, which provides a RM30,000 incentive for each affordable house, will be open for applications starting April 1.

Private sector developers and house buyers interested in the scheme may file their applications online via http://ehome.kpkt.gov.my.

The scheme, announced by Prime Minister Prime Minister Datuk Seri Najib Tun Razak last year, consists of a RM300mil incentive allocation offering 10,000 units of affordable homes nationwide.

“MyHome is part of a continuous effort by the Federal Government to provide affordable homes to the rakyat (people) of all levels,” said Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan at the launch of the scheme here yesterday.

Under the scheme, qualified private sector developers will receive an up front incentive of RM30,000 per affordable home sold.

The incentive would cover the 10% deposit required of buyers after the sales and purchase (S&P) agreement is signed.

A 10-year moratorium would apply from the effective date of the S&P agreement, prohibiting a buyer from re-selling or transferring ownership of the home except if the latter is carried out to immediate family members.

The scheme is expected to benefit two categories of households. While MyHome1 is open for households with an income of between RM3,000 and RM4,000, MyHome2 is for those with a household income of between RM4,001 and RM6,000.

Houses under the MyHome1 would cover a minimum of 800 square feet of space with a market price of between RM80,000 and RM120,000 in the peninsula and between RM90,000 and RM120,000 in Sabah and Sarawak.

MyHome2 prices would range between RM120,001 and RM200,000 in the peninsula and between RM120,001 and RM250,000 in Sabah and Sarawak for homes measuring a minimum of 850 square feet.

MyHome2 houses will have three bedrooms and two washrooms as well as basic amenities such as parking spaces, a community hall, a surau and a playground.

Interested buyers must be Malaysians aged 18 years old and above who are buying a property for the first time.

“Qualified buyers will be reviewed by the ministry and a selection will be done through a balloting process,” Abdul Rahman said. - The Star