KUALA LUMPUR (June 16): After a major transformation and rebranding exercise last year, Avaland Bhd (KL:AVALAND) — formerly MCT Bhd — intends to expand by doubling its launches in the Klang Valley within the next three years. Its new CEO Apollo Bello Tanco said the company is in the process of stabilising the business and achieving sustainable growth. To do that, it will focus primarily on five locations in the Klang Valley — Bangi, Seputeh, Cyberjaya, Damansara and Subang Jaya.

“We have several projects in five locations, and our target is to double this [figure] in the next three years. We don’t want to expand very rapidly or exponentially… We want to expand and sustain our growth [to the extent that] we are capable of managing. We [are open to] opportunities outside… We are studying the Johor and Penang markets as well, and other businesses like leasing and industrial,” he elaborated.

Tanco was appointed Avaland CEO effective from Jan 1, 2024, succeeding Teh Heng Chong. His appointment is expected to enhance operational alignment and create more synergy between Ayala Land and Avaland.

Representing its only investment outside the Philippines for Ayala Land, one of the largest real estate developers in that country, Avaland will be Ayala Land’s vehicle for its expansion overseas, in particular Southeast Asian countries such as Indonesia and Vietnam.

Meanwhile, IOI Properties’ Gems Residences condo units in Putrajaya have logged a 70% take-up rate since they were opened for sale in September 2021. The project is part of the larger 788-acre IOI Resort City master plan development, which comprises a mix of commercial, hospitality, healthcare and recreational components.

The 9.65-acre development features 676 units in four low-rise blocks of up to 16 storeys and four high-rise towers of up to 34 storeys. These buildings surround a central clubhouse with around two acres of lifestyle facilities and landscaped areas. The units have built-ups ranging from 969 to 1,690 sq ft with prices starting from RM650,000. The project has a gross development value of RM560 million.

This issue also features a rental market story on Kota Damansara, or Section PJU5, in Petaling Jaya, Selangor. While it is known as a low-density residential neighbourhood dominated by landed properties, there are a growing number of high-rise residential developments in the area. Several of these projects — including Sunway D’Hill by Sunway PKNS Sdn Bhd, Mahogany Residences by Asian Pac Holdings Bhd and Edelweiss @ Tropicana Gardens by Tropicana Corp Bhd — will be completed over the next few years. The three ongoing projects will contribute 2,284 units of serviced apartments and condominiums to the area over the next two years.

PPC International Sdn Bhd managing director Datuk Siders Sittampalam noted that there are a number of existing residential units available for rent, so the new supply will put additional pressure on the area’s rental market.

“We are of the view that with the completion of Sunway Medical Centre Damansara in Jalan PJU 5/1 [that is slated to open this year], there may be demand for accommodation. However, [with] Kota Damansara being almost fully developed, [future development will be limited]. Therefore, the rental market in general would sustain, although we do not anticipate a rise in rents in the short- to mid-term,” he said.

Also featured is a Streetscape story about the quiet commercial stretch of Jalan SS15/5A, located between Jalan SS15/5 and Jalan SS15/5G, across from the Subang Jaya Medical Centre (SJMC) and SS16 neighbourhood.

The offerings there, while not as varied as the SS15 commercial hub, are still aplenty. This row of shophouses features a diverse selection of food and beverage options such as Rata Restaurant, Souka Bakeshop, Big Singh Chapati, Yilo Restaurant & Bar and Hyotan Japanese Restaurant. There are also small hotels such as the Subang Valley Hotel and 1st Inn Hotel as well as several pharmacies, clinics and car workshops along that stretch.

Rahim & Co director of research Sulaiman Saheh says: “SS15 is located in the northern part of Subang Jaya, with its immediate neighbours being SS19 in the southwest, SS14 in the south, SS12 in the east and Glenmarie in the north. SS15 was developed as a mixed-use area with a mix of residential, commercial and educational components within its boundaries, making it a well-known bustling spot among the locals.”

Over in Singapore, the largest penthouse at The Nassim is up for sale at S$48 million (RM167.4 million). If the 9,300 sq ft penthouse at The Nassim is sold at the asking price, or S$5,161 psf, it will mark a record price psf at the ultra-luxury development. It will also be the first resale unit at The Nassim to cross the S$5,000 psf threshold.

Read all this in the June 17 issue of The Edge Malaysia weekly.

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