18/07/2025

BIZ & FINANCE FRIDAY | JULY 18, 2025

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E&O optimistic on foreign demand for luxury residences

Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) is banking on sustained demand for luxury residences among foreign buyers, with more than 70% of its landmark Conlay by E&O development already taken up by international purchasers, led by investors from Taiwan, China, Singapore, Japan and Western countries. Meanwhile, Conlay Signature Suites, the upper-tier second phase of Conlay by E&O, has recorded a take-up rate of 40% since its soft launch in May, with overall project sales reaching about 76%. E&O managing director Kok Tuck Cheong said the group remains optimistic about the resilience of the luxury property segment, especially in the Kuala Lumpur City Centre (KLCC) area, where discerning buyers continue to prioritise quality, location and service over price. “Projects like Conlay are not driven by cost alone. Buyers in this segment are looking at quality, location and architectural identity, and we have delivered that,” he said at the official launch of Conlay Signature Suites yesterday. The premium freehold development, located near the Conlay MRT station and the KLCC, has seen strong market traction despite global economic headwinds and Malaysia’s evolving property market. He added that international buyers see Kuala Lumpur as undervalued compared to other regional capitals. “Our buyers, especially from East Asia and Europe, view KL as offering excellent value for lifestyle property. With our collaboration with Mitsui Fudosan, we are giving them both luxury and legacy,” Kok said. The 491-unit project, developed in collaboration with Japan’s Mitsui Fudosan Group, sits on 1.44 acres of freehold land and has a gross development value of RM968 million. Unit prices in the Signature Suites range from RM1.52 million to RM12 million, offered fully furnished under a build-and-sell concept. While Conlay Signature Suites nears completion, Kok revealed that E&O is preparing to launch a development in Elmina, on the outskirts of Kuala Lumpur in the fourth quarter

of this year. This marks the company’s ongoing push into affluent growth corridors beyond the city core. The Elmina development will reflect what we have learned from Conlay Signature Suites; it won’t just be about square footage, but lifestyle integration. We’re observing the evolving demand patterns,” he said. When asked about landbank expansion, Kok said E&O remains open to acquiring new plots but stopped short of disclosing specific locations or land size. “We’re selective. It’s not about how much land we have but where it is and what we can do with it.” The move to Elmina reflects a broader trend among developers repositioning themselves in Klang Valley’s high-growth outer ring, amid rising land and construction costs in the city centre. Touching on policy issues such as the Foreign Source Income Tax and the change in the Overnight Policy Rate, Kok said current E&O projects are unaffected due to fixed-price, opt in contracts. “Any changes in tax policy will ultimately affect the entire value chain, including end buyers. But for Conlay and our ongoing projects, we’re not impacted.” Kok acknowledged that building Conlay discerning buyers prioritise quality, location and service over price o Developer launches Conlay Signature Suites, says

The construction of Conlay Signature Suites was particularly challenging due to its architectural demands.

The Signature Suites range from 635 sq ft to 3,617 sq ft, featuring facilities such as sky dining, music rooms, wellness floors, a heated infinity pool, and 24-hour concierge services, including a personal chef. The development has secured provisional GreenRE Gold certification for sustain ability. “This building will be a landmark not just architecturally, but as a symbol of urban resort living in the heart of Kuala Lumpur,” Kok said. As the group moves towards launching its Elmina project and explores future oppor tunities, E&O appears set to retain its niche in delivering high-end, lifestyle-driven develop ments for both local and international buyers.

was particularly challenging due to its archi tectural demands. The contractor, KPI Prospect, had to undertake meticulous coordination to deliver the iconic design envisioned by Kerry Hill Architects and GDP Architects. “The structure is deceptively simple, but technically complex. We had to coordinate precision detailing, from facade fins to interior finishes, and we’re proud of the result,” Kok said. E&O faces stiff competition in the luxury high-rise segment, particularly in the KLCC precinct. However, the group believes Conlay Signature Suites’s design pedigree, wellness driven amenities, and full-service offerings have helped it stand out.

SCCI, Maybank in pact to drive investments in Southeast Asia, with focus on JS-SEZ

Malaysian halal businesses secure RM345 million potential sales at JFEX 2025

ment, and environmental, social and governance-linked products and facili tate faster account onboarding for businesses. SCCCI members will also benefit from capacity-building programmes in areas such as sustainability, halal advisory, and financial services, sup ported by dedicated advisory services from Maybank’s JS-SEZ Desk. The MoU is expected to benefit some 5,000 SCCCI corporate members. SCCCI president Kho Choon Keng said this strategic partnership between SCCCI and Maybank strengthens its members’ competitiveness for the future. “In the face of an increasingly complex and rapidly changing business landscape, strong financial capabilities and deep regional insight are critical. “By combining SCCCI’s business network with Maybank’s financial strength, we will help our members and local businesses access cross-border financing, build ESG competencies, and gain valuable market insights. Together, we will open up new economic opportunities and help our members and businesses succeed in Malaysia and across Southeast Asia,“ he said. The SCCCI-Maybank Mid-Year Business Forum: Outlook 2025 held in Singapore yesterday highlighted the momentum of this collaboration.

become the world’s fourth-largest economy by 2030 and a projected combined gross domestic product of US$4.5 trillion (RM19 trillion), the region offers significant growth oppor tunities, particularly in the digital and green economy sectors. In this regard, Malaysia positions itself as a key investment hub for Singaporean businesses due to its diversified economy. Against this backdrop, Singapore and Malaysia are working colla boratively to advance the JS-SEZ and other bilateral initiatives aimed at strengthening economic growth, improving connectivity, enhancing supply chain integration, and creating employment opportunities, therefore unlocking Southeast Asia’s significant economic potential. Building on this momentum, SCCCI and Maybank will collaborate on initiatives aimed at promoting eco nomic development, investment and trade, with the JS-SEZ as a strategic focal point. This will include jointly organising meetings, visits, conferences, workshops and networking events, while launching new initiatives to advance shared objectives. In addition, Maybank will provide tailored solutions including green lane financing, trade finance, cash manage

PETALING JAYA: Malaysia is set to benefit from a landmark memorandum of understanding (MoU) signed between the Singapore Chinese Chamber of Commerce and Industry (SCCCI) and Maybank Singapore Ltd. The MoU aims to enhance cross border business collaboration and stimulate investments across South east Asia, with a strategic focus on Singapore, Malaysia and the Johor Singapore Special Economic Zone (JS SEZ). Maybank Singapore CEO Alvin Lee Han Eng said with a dual-market advantage in Singapore and Malaysia, as one of the earliest proponents of the JS SEZ, Maybank is committed to supporting businesses with a comprehensive suite of banking solutions, while identifying twinning opportunities for expansion into the zone. “Beyond deepening economic cooperation between Singapore and Malaysia, Maybank also brings the strength of its presence across all 10 Asean markets to support SCCCI members in pursuing regional growth ambitions,“ he said in a statement. The MoU signing was witnessed by Singapore’s Minister of State for Foreign Affairs and Trade and Industry Gan Siow Huang. With Southeast Asia poised to

This initiative aligns with Strategic Thrust 2 of the Halal Industry Master Plan 2030, which focuses on creating new and larger market spaces for Malaysia’s halal products and services. “HDC’s presence at JFEX 2025 provided a strategic platform for 50 Malaysian halal-certified exporters and export-ready companies to present their products and services to the Japanese market and neigh-bouring countries. This showcase was to promote the Halal Malaysia brand and open valuable trade as well as investment opportunities for Malaysian businesses,” said Mohamad Romzi. Furthermore, HDC sought to increase awareness, understanding, and acceptance of the Halal Malaysia brand by promoting not only halal products but also a comprehensive halal ecosystem, including training, consultancy and advisory services within Japan and its surrounding markets. “Our participation in JFEX 2025 demonstrates Malaysia’s commit ment to strengthening halal busi nesses’ ties with Japan. The over whelming response and busi-ness interest we received show the growing trust in Halal Malaysia as a global brand.”

PETALING JAYA: Malaysia’s halal industry continues to make waves on the global stage, with Halal Development Corporation Bhd (HDC) achieving a notable break through at the JFEX Summer Show 2025 in Tokyo, Jaoan. Held at Tokyo Big Sight from July 9 to 11, the international food and beverage expo saw HDC play a central role in connecting Malaysian halal businesses with high-calibre Japanese and international buyers. During the three-day showcase, HDC facilitated more than 100 business-to-business meetings, unlocking potential sales estimated at RM345.2 million. This strategic participation not only highlights the growing inter-national demand for Malaysia’s halal products and services but also reinforces the country’s position as a global hub for halal products and services. The HDC Pavilion was officially launched by Anwar Udzir, deputy chief of mission at the Malaysian embassy in Japan and led by HDC’s head of international cooperation, Mohamad Romzi Sulaiman. Their presence underscored Malaysia’s strong commitment to growing its halal presence in Japan and the region.