View Full Version : Medini housing project attracts huge demand
http://www.businesstimes.com.sg/archive/wednesday/premium/top-stories/medini-housing-project-attracts-huge-demand-20130605
Published June 05, 2013
Medini housing project attracts huge demand
Temasek-Khazanah partnership proves to be a major draw for investors
By ong chor hao
[SINGAPORE] Close to 1,600 applications were put in for the 147 units at Afiniti Residences in Medini, within the Iskandar region in Johor, notwithstanding a tax-rate hike on foreign property owners that the state plans to unveil by the end of the year.
Singaporeans made up nearly a third of the 1,570 expression-of-interest applications for the residential component of the Afiniti Medini project, developed by Pulau Indah Ventures, a 50:50 joint venture between Khazanah Nasional and Temasek.
Malaysians made up 60 per cent of total applications, with the remaining registrants from countries including Indonesia, South Korea and Britain.
Johnny Chng, head of the international projects department at OrangeTee, said that investors were drawn by the Khazanah and Temasek names. "And I would say that probably this will be one of those very iconic projects which have this kind of response."
The entire Afiniti Medini development will comprise five components with a total of 700,000 square feet of gross floor area when completed in 2015.
These include: a wellness centre, a 33-storey Somerset Medini Iskandar serviced apartment, a corporate training centre, a retail component and the 21-storey Afiniti Residences. It is one of two landmark wellness developments, along with Avira which is also in Medini, unveiled by Singapore Prime Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak in February this year.
Mr Chng also said the ratio between Singaporean and Malaysian investors for Afiniti Residences was a good development, as it is a sign of local support from other states, which indicates a recognition of the potential of Iskandar.
Roslina Arbak, general manager for Pulau Indah Ventures, expects about 30 per cent of Afiniti Residences to be owner-occupied.
"We are encouraged by the overwhelming response to the residences," she said yesterday.
The strong interest from Singaporeans came despite news over the weekend that tax rates will go up on about 130,000 foreign property owners in the state. Ninety per cent of foreign property owners in Johor were reported to be Singaporeans.
"I think it will not deter them from investing," Mr Chng said. "It probably will just more or less slow down the investment pace, and it will be a short-term one."
To that end, Ms Roslina said that no applicants for Afiniti Residences have enquired about the pending tax-rate change, which will be introduced by the end of the year.
Consultants have said that they do not expect Singaporean interest in properties in Johor to be tempered by the tax changes, in part due to the price gap that still exists between properties in the two regions and that they do not expect drastic changes.
Prices for the 147 units at Afiniti Residences, marketed as premium homes, range from RM850 (S$344) to RM1,000 per square foot (psf).
This works out to prices that start from below RM500,000 to a maximum of less than one million ringgit for the apartments, which range from studio apartments to 2+1 bedroom (two bedroom plus one study) units.
Foreigners are exempt from a minimum purchase of RM500,000 and above for properties in Medini, which otherwise applies in Johor and across Malaysia. In Penang, the minimum price is one million ringgit.
There is also no quota on the number of units that must be set aside for bumiputeras in Medini.
Balloting for the units at Afiniti Residences will take place this Saturday, starting with registrants in the morning before catering to the public in the afternoon. Bulk purchases are not allowed.
http://www.straitstimes.com/archive/wednesday/premium/top-the-news/story/buzz-over-temasek-khazanah-condo-20130605
Buzz over Temasek-Khazanah condo
147 units at Afiniti Residences in Iskandar launching on Saturday
Published on Jun 05, 2013
By Yasmine Yahya
BUYERS are queueing up to get a foot in the door of the first property launch to emerge from the partnership in Iskandar Malaysia between Temasek Holdings and Khazanah Nasional.
All of the 147 units at Afiniti Residences will be launched for sale at a balloting exercise on Saturday morning at the Traders Hotel at Puteri Harbour in Iskandar.
About 1,570 people have registered their interest online for the 129-year leasehold condominium, which is next to Legoland in Nusajaya, with more signing up since registration closed last week.
Ms Roslina Arbak, general manager of Pulau Indah Ventures (PIV), the 50-50 joint venture firm formed by Temasek and Khazanah, said two-thirds of those who have registered are Malaysians, while 32 per cent are Singaporeans.
The enthusiasm does not seem to have been dampened by a weekend announcement by Johor Menteri Besar Mohamed Khaled Nordin that the state will increase tax rates this year for property-owning foreigners.Ms Roslina said there has been little impact: "We have not received any calls to ask about it and nobody has withdrawn their registration."
The units range from 484 sq ft to 1,064 sq ft, with completion expected in 2015. They cost between RM850 (S$340) psf and RM1,000 psf although homes overlooking Legoland will command higher prices. The smallest unit will cost just under RM500,000.
Afiniti Residences is the first property to be launched in the Medini area and the first batch of leasehold homes to be sold in Iskandar. Previous launches have involved freehold property.
This makes it hard to compare Afiniti's prices with past launches, said Mr Chris Koh, director of property consultancy Chris International. "Teega, a (freehold) condominium at Puteri Harbour, was launched at about RM800 psf in the last quarter of last year, and that was freehold, so it would seem cheaper," he said.
"However... although it's leasehold, because Medini is being touted as the next Orchard Road, it would appeal to people who want that kind of convenience."
The entire Afiniti Medini site spans 2ha and will feature Afiniti Residences, a five-storey wellness centre with health-related offerings and services, a 310-unit serviced apartment managed by The Ascott, a four-storey corporate training centre and some shops.
PIV and Malaysian developer Eastern & Oriental are developing Avira, an 85ha site in Medini with a similar wellness theme.
Avira will feature wellness services, landed houses, serviced apartments, condominiums and commercial space. The project will be launched in the coming months.
Afiniti Medini and Avira will have a total gross development value of RM3 billion.
Temasek and Khazanah's partnership arose from a historic land swop between Singapore and Malaysia over the KTM railway land.
In Singapore, the two firms formed joint venture M+S, which is developing the mega projects Marina One in Marina Bay and Duo in Ophir-Rochor.
These developments have not been launched for sale yet.
Separately, Temasek has tied up with CapitaLand and Iskandar Waterfront Holdings to develop a $3.2 billion township in Iskandar's Danga Bay.
[email protected]
Wow! Imagine one third of the registrants (500 people) present in the newly open Traders Hotel @ Puteri Harbour balloting tomorrow.:eek:
http://www.businesstimes.com.sg/archive/wednesday/premium/top-stories/medini-housing-project-attracts-huge-demand-20130605
Published June 05, 2013
Medini housing project attracts huge demand
Temasek-Khazanah partnership proves to be a major draw for investors
By ong chor hao
[SINGAPORE] Close to 1,600 applications were put in for the 147 units at Afiniti Residences in Medini, within the Iskandar region in Johor, notwithstanding a tax-rate hike on foreign property owners that the state plans to unveil by the end of the year.
Singaporeans made up nearly a third of the 1,570 expression-of-interest applications for the residential component of the Afiniti Medini project, developed by Pulau Indah Ventures, a 50:50 joint venture between Khazanah Nasional and Temasek.
Malaysians made up 60 per cent of total applications, with the remaining registrants from countries including Indonesia, South Korea and Britain.
Johnny Chng, head of the international projects department at OrangeTee, said that investors were drawn by the Khazanah and Temasek names. "And I would say that probably this will be one of those very iconic projects which have this kind of response."
The entire Afiniti Medini development will comprise five components with a total of 700,000 square feet of gross floor area when completed in 2015.
These include: a wellness centre, a 33-storey Somerset Medini Iskandar serviced apartment, a corporate training centre, a retail component and the 21-storey Afiniti Residences. It is one of two landmark wellness developments, along with Avira which is also in Medini, unveiled by Singapore Prime Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak in February this year.
Mr Chng also said the ratio between Singaporean and Malaysian investors for Afiniti Residences was a good development, as it is a sign of local support from other states, which indicates a recognition of the potential of Iskandar.
Roslina Arbak, general manager for Pulau Indah Ventures, expects about 30 per cent of Afiniti Residences to be owner-occupied.
"We are encouraged by the overwhelming response to the residences," she said yesterday.
The strong interest from Singaporeans came despite news over the weekend that tax rates will go up on about 130,000 foreign property owners in the state. Ninety per cent of foreign property owners in Johor were reported to be Singaporeans.
"I think it will not deter them from investing," Mr Chng said. "It probably will just more or less slow down the investment pace, and it will be a short-term one."
To that end, Ms Roslina said that no applicants for Afiniti Residences have enquired about the pending tax-rate change, which will be introduced by the end of the year.
Consultants have said that they do not expect Singaporean interest in properties in Johor to be tempered by the tax changes, in part due to the price gap that still exists between properties in the two regions and that they do not expect drastic changes.
Prices for the 147 units at Afiniti Residences, marketed as premium homes, range from RM850 (S$344) to RM1,000 per square foot (psf).
This works out to prices that start from below RM500,000 to a maximum of less than one million ringgit for the apartments, which range from studio apartments to 2+1 bedroom (two bedroom plus one study) units.
Foreigners are exempt from a minimum purchase of RM500,000 and above for properties in Medini, which otherwise applies in Johor and across Malaysia. In Penang, the minimum price is one million ringgit.
There is also no quota on the number of units that must be set aside for bumiputeras in Medini.
Balloting for the units at Afiniti Residences will take place this Saturday, starting with registrants in the morning before catering to the public in the afternoon. Bulk purchases are not allowed.
Waw... Huat Ah!
Wow! Imagine one third of the registrants (500 people) present in the newly open Traders Hotel @ Puteri Harbour balloting tomorrow.:eek:
Was driving back into Singapore from 2nd Link on Saturday around 1pm. Cars jammed all the way back to the bridge from Malaysian customs. :doh:
Most likely families going to legoland or something. But definitely frustrating to wait 2 hours to clear customs.
Was driving back into Singapore from 2nd Link on Saturday around 1pm. Cars jammed all the way back to the bridge from Malaysian customs. :doh:
Most likely families going to legoland or something. But definitely frustrating to wait 2 hours to clear customs.
Likely holiday + more than 600 potential buyers and agents for the Afiniti launch. But the jam is indeed getting worse. If Temasek aims to sell its Danga Bay project, it should request the Customs to work with Malaysia to look into the jam issues at Tuas and Woodlands. A lot of workers and products are from Malaysia too, so it makes sense to resolve this issue to also help Singapore's continuous growth.
HOT!
http://i332.photobucket.com/albums/m356/DC33_2008/NewsArticleST10Jun2013_Afinitisoldoutproject_zps480685ed.jpg (http://s332.photobucket.com/user/DC33_2008/media/NewsArticleST10Jun2013_Afinitisoldoutproject_zps480685ed.jpg.html)
Ours take 6 months to sell out. Not bubble yet. People take 6 hours to sell out. That smells more like a bubble.
Ours take 6 months to sell out. Not bubble yet. People take 6 hours to sell out. That smells more like a bubble.
Buy for own use is okay. I won't advise flipping condos because the potential supply is quite big.
Who to flip it to is the other question.
How to buy for own use if you need to work in Singapore & travel to Singapore frequently and the custom is jammed for >1-2 hours even at Tuas causeway? :beats-me-man:
Buy for own use is okay. I won't advise flipping condos because the potential supply is quite big.
Regulators
11-06-13, 00:50
i would rather buy KL, flying there takes only 45 minutes if no delay and the future high speed train takes only 1.5hrs. if really buying retirement home in KL, can choose between mont kiara, bangsar, damansara hts, klcc, sri hartamas...plenty of choices, these places are more livable than johor anytime. You can also consider penang but that place is out of my radar. Watch for the ringgit, when our currency strengthen further against ringgit, time to enter if buying in cash.
How to buy for own use if you need to work in Singapore & travel to Singapore frequently and the custom is jammed for >1-2 hours even at Tuas causeway? :beats-me-man:
Weekend, holiday or retirement house. Definitely not for daily travel.
i would rather buy KL, flying there takes only 45 minutes if no delay and the future high speed train takes only 1.5hrs. if really buying retirement home in KL, can choose between mont kiara, bangsar, damansara hts, klcc, sri hartamas...plenty of choices, these places are more livable than johor anytime. You can also consider penang but that place is out of my radar. Watch for the ringgit, when our currency strengthen further against ringgit, time to enter if buying in cash.
HSR may not materialise before 2030, and 1.5 hr excludes travel time to and from the stations and clearing the CIQ. KL is too far, and crime rate exceeds JB.
i would rather buy KL, flying there takes only 45 minutes if no delay and the future high speed train takes only 1.5hrs. if really buying retirement home in KL, can choose between mont kiara, bangsar, damansara hts, klcc, sri hartamas...plenty of choices, these places are more livable than johor anytime. You can also consider penang but that place is out of my radar. Watch for the ringgit, when our currency strengthen further against ringgit, time to enter if buying in cash.
Flight 45mins..check-in at least 2 hrs before flight....trip tp Changi and from KlCC...? all in 5-6hrs .....taxi from KLCC to KL is not cheap....
Don't miss the (last) boat to own a freehold gated and guarded terrace/ cluster under S$400k in good locations ;)
More snapping up homes in Iskandar M'sia
By Wong Siew Ying
POSTED: 10 Jun 2013 8:37 PM
More property investors are giving Singapore a miss and are snapping up homes in Iskandar Malaysia instead after the government raised the additional buyer's stamp duty (ABSD) earlier this year.
SINGAPORE: More property investors are giving Singapore a miss and are snapping up homes in Iskandar Malaysia instead after the government raised the additional buyer's stamp duty (ABSD) earlier this year.
Real estate agencies Propnex and OrangeTee said they have seen an increase in sales transactions and enquiries for homes in Iskandar Malaysia in Johor Bahru, and a lot of that demand is from Singaporeans.
From January 12, 2013, Singaporeans who already own one residential property will have to pay an ABSD of seven per cent when they buy a second property.
Apart from avoiding the additional stamp duty, Propnex said investors are also drawn to the lower prices of homes in Iskandar, with some costing just a third of current home prices in Singapore.
Mohd Ismail, CEO of Propnex, said: "The Iskandar story is exciting though because of a lot of planned activities, like the recent launch, which is a joint venture between Temasek and Khazanah. These are the things that give Singaporeans a greater confidence -- that Singapore companies are playing their part, as well as the intended MRT line that is supposed to go across and so on.
"About three weeks ago, when we were part of the marketing agent for Meridin@Medini, we had about 150 sales done. The bulk of it -- 95 per cent were all Singaporeans. The remaining five per cent comprised of PRs who are residing in Singapore and a small number of foreigners, like Chinese and Indonesians."
- CNA/ac
http://www.channelnewsasia.com/news/business/more-snapping-up-homes-in/704142.html
More detailed breakdown of the statistics of the buyers. Probably many of the Singaporeans were previously Malaysians too going back to retire. Hence I guess > 80% of the buyers are Malaysians. Going by the number of non-Johorean buyers, probably >50% of the buyers are flippers or investors.
All the units at Afiniti Residences in Medini North, Iskandar were snapped up during its launch last Saturday, with Malaysians accounting for 72 percent of the buyers, of which 37 percent were Johoreans. Singaporeans comprised 25 percent, while the remaining residential units were sold to buyers from China, India and Indonesia.
http://www.propertyguru.com.my/property-news/2013/6/9629/afiniti-residences-sold-out
Don't miss the (last) boat to own a freehold gated and guarded terrace/ cluster under S$400k in good locations ;)
More snapping up homes in Iskandar M'sia
By Wong Siew Ying
POSTED: 10 Jun 2013 8:37 PM
More property investors are giving Singapore a miss and are snapping up homes in Iskandar Malaysia instead after the government raised the additional buyer's stamp duty (ABSD) earlier this year.
SINGAPORE: More property investors are giving Singapore a miss and are snapping up homes in Iskandar Malaysia instead after the government raised the additional buyer's stamp duty (ABSD) earlier this year.
Real estate agencies Propnex and OrangeTee said they have seen an increase in sales transactions and enquiries for homes in Iskandar Malaysia in Johor Bahru, and a lot of that demand is from Singaporeans.
From January 12, 2013, Singaporeans who already own one residential property will have to pay an ABSD of seven per cent when they buy a second property.
Apart from avoiding the additional stamp duty, Propnex said investors are also drawn to the lower prices of homes in Iskandar, with some costing just a third of current home prices in Singapore.
Mohd Ismail, CEO of Propnex, said: "The Iskandar story is exciting though because of a lot of planned activities, like the recent launch, which is a joint venture between Temasek and Khazanah. These are the things that give Singaporeans a greater confidence -- that Singapore companies are playing their part, as well as the intended MRT line that is supposed to go across and so on.
"About three weeks ago, when we were part of the marketing agent for Meridin@Medini, we had about 150 sales done. The bulk of it -- 95 per cent were all Singaporeans. The remaining five per cent comprised of PRs who are residing in Singapore and a small number of foreigners, like Chinese and Indonesians."
- CNA/ac
http://www.channelnewsasia.com/news/business/more-snapping-up-homes-in/704142.html
I also hope Iskandar ppty launches will be successful, take some heat off Sg ppty and such MSM reporting is good....notice lately MSM has been reporting cooling prices in many districts, reduce HDB resale COV and transactions etc.
Whether it translates to real deals on the ground.....sellers not really willing to negotiate. Good or bad....depends if you are buying or selling.
Sunway plans world-class Johor amusement parks
Sharen Kaur
Published: 2013/06/11
SUNWAY Bhd, controlled by Tan Sri Jeffrey Cheah, plans to build world-class amusement parks at its two project sites in Johor.
Sunway owns 752ha in Medini and Pendas in Iskandar Malaysia, which can easily generate more than RM30 billion in gross development value (GDV).
The company is planning to develop an education hub, amusement parks, malls, hotels, residences, offices and hospitals there.
According to Bill Holman, the consultant director for Sunway Lagoon Sdn Bhd (SLSB), the new amusement parks, which will be the first of their kind in Malaysia, will be built on par with international standards.
Among the world's most notable theme parks are Universal Studios, Disneyland, Knott's Berry Farm and Six Flags Magic Mountain (United States); Dreamworld and Warner Bros Movie World (Australia); Alton Towers (United Kingdom); PortAventura (Spain); Tivoli Gardens (Copenhagen) and Europa-Park (Germany).
Holman, however, declined to say if Sunway will replicate any of these amusement parks or other models.
"We are currently working on the design and concept. There will be a theme park and an eco park.
"We will take advantage of the natural surrounding with full control of river-front development on both sides of Sungai Pendas, sea front and the natural mangrove forest.
"We will look at ways to preserve these natural elements and build the theme parks around that. Visitors will be both entertained and educated," he said in an interview.
SLSB is a unit of Sunway that operates the Sunway Lagoon theme park in Bandar Sunway, Selangor. Holman is one of the founding fathers of Sunway Lagoon.
Under a company called Australia Leisure Industries (M) Sdn Bhd, Holman designed and helped to develop Sunway Lagoon, which commenced operations in 1990.
Other notable projects under his belt include Starhill water park in Johor Baru, Bukit Merah Laketown in Perak, Clarke Quay adventure ride in Singapore, and several other projects in Indonesia, Hong Kong and China.
Holman also helped to develop the Lost World of Tambun at Sunway City in Ipoh.
Regulators
11-06-13, 13:29
From klcc, take bus to kl sentral at only 8 ringgit, later take monorail to klcc only 2.20 ringgit, much cheaper than taking taxi of course. If staying there for retirement, don't need to commute to and from Singapore every week, come back once in a month good enough. Kl has plenty of mega malls which Singaporeans like, mid valley mall alone don't know how many times the size of jurong pt, there is of course pavillion, sunway etc.
Flight 45mins..check-in at least 2 hrs before flight....trip tp Changi and from KlCC...? all in 5-6hrs .....taxi from KLCC to KL is not cheap....
From klcc, take bus to kl sentral at only 8 ringgit, later take monorail to klcc only 2.20 ringgit, much cheaper than taking taxi of course. If staying there for retirement, don't need to commute to and from Singapore every week, come back once in a month good enough. Kl has plenty of mega malls which Singaporeans like, mid valley mall alone don't know how many times the size of jurong pt, there is of course pavillion, sunway etc.
...wah old already still got to change from taxi/mrt to plane to bus to monorail with luggage in tow.....and so how long bus journey to kl central....taxi already take a long time to reach....then gotta hop on monorail....leceh lag....dunno how long need to check in before flight ...1 hr 2 hr? So if do not travel every day...JB can time to come in during off peak.....google cam can check got jam or not before driving in and out....grand children also can visit more often....crime ion KL is no lesser than JB...cost of living also higher...old already don't need so many megamall....
Regulators
11-06-13, 17:59
The bus is air conditioned and no different from taking a cab. Going to klcc in a cab is horrendous with the traffic jam, ten times worse than our expressway jam. Going around klcc in a monorail is a lot easier than taking a cab if you know the area.
...wah old already still got to change from taxi/mrt to plane to bus to monorail with luggage in tow.....and so how long bus journey to kl central....taxi already take a long time to reach....then gotta hop on monorail....leceh lag....dunno how long need to check in before flight ...1 hr 2 hr? So if do not travel every day...JB can time to come in during off peak.....google cam can check got jam or not before driving in and out....grand children also can visit more often....crime ion KL is no lesser than JB...cost of living also higher...old already don't need so many megamall....
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