KUALA LUMPUR (Dec 15): Subang Parade, the iconic shopping centre of the 1980s and 90s will be undergoing asset enhancement to meet the growing demands of its customers and stay relevant to the community. Real estate investment trust Hektar REIT acquired the property in 2006 and has upgraded the mall over time. The latest exercise sees it setting aside RM41 million to upgrade the mall while retaining its charm.
“What we are trying to do with the design elements is to turn the mall into something modern-looking while retaining the charm. We are trying to redefine what a community mall is,” COO Sabrina Halim tells City & Country.
The mall will have a new kids’ zone, with a facelift for both its interior and exterior. There are also plans for a recycling centre and various placemaking activities in the pipeline.
Meanwhile, the Hyatt Centric City Centre Kuala Lumpur will be opened on Dec 18. It was developed out of the former Wisma KFC and, according to Hap Seng Land director of property management Manfred Weber, the hotel is part of the group’s efforts to diversify its property investment segment by going into the hospitality business.
Also in this issue, in our My Space column, Olive Tree Property Consultants CEO Samuel Tan gives his views on Johor’s affordable housing schemes that are helping deserving Malaysians buy their own homes and offers suggestions on how to further improve its allocation and delivery.
We also have the Johor Bahru Housing Property Monitor 2Q2024. In collaboration with Olive Tree Property Consultants, Tan reveals that the housing data has shown positive activity in the second quarter of the year. He believes this would continue thanks to the catalytic developments in the state such as the Johor-Singapore Special Economic Zone, which is made up of Iskandar Malaysia and Pengerang, covering an area of 3,505 sq km.
From our Singapore counterpart EdgeProp Singapore, a unit in freehold condo Gallop Gables topped the list of condos that saw new psf-price high between Nov 19 and Nov 22. It achieved S$2,299 psf for a 2,669 sq ft four-bedroom unit on the second floor that went for S$6.14 million (RM20.2 million) on Nov 20.
Last but not least, in our Offshore column, South Africa’s luxury estates are doing booming business where the high-net worth individuals are willing to fork out millions to stay in gated and guarded communities to shield themselves from crime and deteriorating infrastructure.
Read all this in the Dec 16 issue of The Edge Malaysia weekly.
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