06/02/2025

PROPERTY THURSDAY | FEB 6, 2025

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Sultan of Selangor graces launch of Elmina Lakeside Mall & Elmina Outdoor Sculpture Museum SHAH ALAM: Sime Darby Property started off the year on a high note with the launch of the Elmina Lakeside Mall and Elmina Outdoor Sculpture Museum, officiated by Sultan of Selangor, Sultan Sharafuddin Idris Shah. diverse and growing community. Spanning over 200,000 sq ft of nett lettable area across 17.2 acres, it is strategically located within a 20 minute drive for a catchment population of 870,000 residents, making it a key driver of connectivity and convenience. Mall has exceeded their expectations from the outset, achieving an impressive 99% occupancy rate and attracting significant footfall, with over 180,000 visitors during the opening week and a sustained monthly average of 640,000. Malaysia’s finest contemporary artists to regional and international

Amirudin Shari, among other dignitaries and state agency officials. The mall, which has been operational since August 2024, serves as a vibrant retail and leisure hub for the City of Elmina and beyond. Anchored by key tenants such as Jaya Grocer, Harvey Norman, Kenny Hills Bakers, Nak Nak, and Ediya Coffee — a popular Korean coffee chain making its Malaysian debut — ELM caters to a

prominence. We believe that this initiative will elevate the City of Elmina beyond a residential and commercial centre into a destination for arts and culture,” said Azmir. The City of Elmina spans across 6,500 acres and integrates residential, commercial, and industrial developments.

“The Elmina Outdoor Sculpture Museum celebrates the significance of art and creative expression while providing a platform to promote

Also present at the launch event were Tengku Permaisuri Selangor, Tengku Permaisuri Norashikin; and Mentri Besar Selangor Datuk Seri

Sime Darby Property group managing director and CEO Datuk Seri Azmir Merican said Elmina Lakeside

DWSB hopes to wrap up sales of TuJu Residences by year-end

M’sian market entering upcycle, says Knight Frank KUALA LUMPUR: Malaysia’s property market is entering an upcycle on the back of stable government as well as the Asean chairmanship, according to Knight Frank. Knight Frank executive director of research and consultancy Amy Wong said 2025 is expected to be a “good year” for the property sector. “Malaysia currently has all its chess pieces in place. We have a stable government, a prime minister people recognise, and a group of ministers driving foreign investments. Our strategic location in Southeast Asia remains a key advantage, and with the Asean chairmanship, we are showcasing Malaysia as ready and open for business,” she told the media at the 18th Bursa-HLIB Stratum focus series titled “Property sector: Entering a new cycle” recently. Wong said Malaysia is positioned as one of the most attractive markets in the region outside Singapore. “Singapore is often compared to global financial hubs such as Hong Kong and Tokyo. But within the rest of Southeast Asia, Malaysia is very well-placed,” Wong said. She emphasized the country’s strategic advantages, including its relative safety from natural disasters as it lies outside the Pacific Ring of Fire. “We have everything going for us, and we’re actively sharing this story with the world,” she added. “With these factors in place, I believe 2025 will be a positive year for the property market,” Wong remarked. She identified industrial property as a sector likely to see continued growth on the back of government policies encouraging foreign direct investments (FDI). “FDIs drive the economy through manufacturing plants and multinational corporations setting up operations here. “Key areas benefiting from this include the Klang Valley, Johor with its strong port connectivity to Singapore, and the electronics hub in Penang and Kedah,” she said. Wong also addressed the impact of US restrictions on AI chips that could slightly temper the rapid growth of data centres but not derail their upward trajectory. “The demand for data centres stems from increasing cloud computing needs, daily internet usage, and essential services like banking and e-commerce. While Trump tariffs may slow the spike, the overall trend remains positive,” she said. Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

Ű BY JOHN GILBERT sunbiz@thesundaily.com

appreciate the range of unit sizes, from 710 sq ft to 1,442 sq ft, designed to meet evolving family needs. “Foreign interest primarily comes from Singapore, China, Taiwan, Hong Kong, Japan, Indonesia, and Myanmar, attracted by its strategic location, competitive pricing, and capital appreciation potential. “Young families and professionals dominate demand, valuing its blend of affordability, accessibility, and community-centric design, making it a standout in Kuala Lumpur’s dynamic property market,” Lai said. She said TuJu Residences embraces a wellness-centric concept, addressing the growing demand for homes that prioritise health, sustainability, and well-being. “With green living features, thoughtfully designed recreational spaces, and layouts suited for multi generational living, it offers a seamless blend of comfort and functionality. “Positioned at the forefront of Segambut’s transformation into the envisioned North Kiara township, the development reflects the area’s rejuvenation under the Kuala Lumpur Structure Plan 2040, driven by key players such as Tan Chong and Genting Bhd,” she said.

o Developer of RM750 million GDV project in Kuala Lumpur targets 75-80% take-up of units by first six months of 2025

KUALA LUMPUR: Distinctive World Sdn Bhd (DWSB), the property developer behind the TuJu Residences project, aims to achieve a sales rate of approximately 75% to 80% by the first half of 2025. Executive director and CEO Lim Ech Chan said looking further ahead, the company anticipates wrapping up its sales activities for the development by the end of 2025. “Our goal is to complete sales by the close of that year,” he told SunBiz . Commenting on pricing strategies, Lim said, “As we continue selling, we periodically adjust prices upwards. Buyers who come in later may face higher prices.” Lim also shared its ambition to move the majority of remaining units by the end of the current year, reflecting a confident outlook on market demand for TuJu Residences. With prices from RM440,000 and above, TuJu Residences offers strategic connectivity near Mont Kiara and Mitec, tapping into strong rental demand from business professionals and event attendees. Aligned with the PTKL 2040 vision for Segambut, it combines affordability, sustainability, and developments and the rise of emerging industries such as data centres and renewable energy. Rahim & Co executive chairman Tan Sri Abdul Rahim Abdul Rahman said the convergence of digitalisation, sustainability, environmental, social, and governance awareness, and rising demand for integrated urban living will shape Malaysia’s property market. “With continued government support, such as through incentives for affordable housing, investor friendly policies, as well as green building and tech-driven initiatives, the property market is expected to continue regenerating steadily,” he said at the preview of the company’s Property Market Review

sustainable urban district. “Our commitment remains focused on innovative, community oriented developments that drive this transformation. “Building on TuJu Residences’ achievements, our plans include Parcel 2, a proposed project at the current sales gallery site, designed to complement TuJu’s modern, sustainable living concept. “While Segambut remains a key growth area, we are also evaluating opportunities in other strategic locations across Greater Kuala Lumpur to expand our impact,” she said. Lai said TuJu Residences appeals to a diverse demographic, driven by demand for flexible, modern housing solutions. She said local buyers, particularly young professionals and families, are drawn to its affordable pricing, versatile layouts, and wellness focused amenities. Multi-generational households

access to highways and MRT, promising good rental yields and long-term growth potential. With a GDV of RM750 million, TuJu Residences reflects a significant investment for many Malaysians. TuJu Residences offers 10 distinct layouts ranging from 710 sq ft to 1,442 sq ft, catering to single professionals and multi-generational families alike. Its low-density design includes separate lift lobbies for each tower and a wellness-centric theme with over 50 recreational amenities. The development stands out for its sustainable design, practical layouts, and exclusive facilities, making it a compelling choice for both buyers and investors. Executive director Monica Lai said with the success of TuJu Residences, DWSB is exploring future projects aligned with the Pelan Pembangunan Kuala Lumpur (PTKL) 2040, which envisions Segambut as a wellness-centric,

Rahim & Co believes sector will see steady growth in 2025 KUALA LUMPUR: The local property market is poised for steady growth in 2025, driven by sustained momentum in owner-occupier residential 2024/2025 report. While challenges persist, the outlook remains positive for developers who can adapt to the market’s evolving needs.

Its research director Sulaiman Akhmady Mohd Saheh said strategic infrastructure investments including the East Coast Rail Link, Pan Borneo Highway and Rapid Transit System, will create new investment opportunities. “The refined Malaysia My Second Home programme and the upcoming Johor-Singapore Special Economic Zone are also expected to generate significant interest. “In the commercial sector, despite supply pressure, ‘flight-to-green’ and ‘flight-to-quality’ trends will redefine the office and retail markets, creating a new narrative within the segment,” he said, adding that the tone for 2025 is likely to be influenced by factors

Digitalisation, sustainability, and urban living trends will define Malaysia’s property market. – BERNAMAPIX

to improve as operators embrace innovation and mall instructiveness to boost visitors’ experience,” he said. In the office market, the shift towards remote and hybrid work models is transforming office space demand. – Bernama

such as fuel subsidy and electricity tariff adjustments and global uncertainties. “The retail sector is poised for gradual revitalisation, with new malls and stores thriving. The occupancy rate of shopping centres is expected

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