Sovo will incur gst 4 subsale. Rental also kena gst. Residential units r excluded fr gst. This makes buying sovo less attractive..

Dear Investors

I have 2 units of Q SOVO for sale. Owner letting it go with FREE SPA and LOAN agreement.
Interested please kindly contact me.

Have both Town and Lake view.

Size: 485sf

Regards
Jerome

U got 2 check out d GST tax implication on sovo. Its under commercial loan, so when u flip it post 1 april 2015, it will attract 6% GST unlike residential units which dont attract GST.

Focus Malaysia
Assets
Nov 9-15 2013

SoVos that

target

younger

investors

Bandar Sri Permaisuri’s small office

versatile office project aims to attract

buyers with small size, price and facilities


PPC Glomac Sdn Bhd,

which is developing Q

Sovo in Cheras, Kuala

Lumpur, is confident that

Bandar Sri Permaisuri’s

first small office versatile office (SoVo)

development will draw interest from

younger investors, especially first-tim-

ers, in commercial property.

With the launch targeted for next

month, PPC Glomac’s project director

Choong Wei Min tells

FocusM

: “It is

attracting young investors with the

low overall price due to its small size.

Everything is under 500 sq ft and the

price is from RM550 per sq ft.”

Sited on 0.4ha of commercial lease-

hold land in Bandar Sri Permaisuri

(BSP), each SoVo unit has a built-up

ranging from 480 to 1,439 sq ft. There

are 189 units in a single block of 12

storeys. Q Sovo will be BSP’s final

phase of development.

Its square design sees a modern

functionality to cater to the younger

crowd. Promoting good air ventilation

and natural lighting, it has a sliding

door at the balcony where its office

space is at as well as windows in its

single bedroom and bathroom.

The units also have an option of the

KL-city skyline or scenic lakeside.

The project comes with facilities such as gym, sky lounge and confer-

ence room, business centre, covered

parking and 24-hour security. It also

has retail components with sizes rang-

ing from 741 to 1,429 sq ft.

The project has an estimated gross

development value (GDV) of RM70

mil.

Choong says the main attraction is

an upcoming medical centre in Plaza

Dwitasik, located next to the SoVo

project. The specialist and wellness

centre is supported by Universiti

Kebangsaan Malaysia, and is expected

to take up four floors in Plaza Dwitasik

and operational within the next few

years.

As BSP’s final product, he says

such a development was chosen due

to the acreage and that the company

was ready to meet the readiness of the

market for such a project.

According to Choong, registration

for Q Sovo has been strong with

pre-bookings of more than 50%. Con-

struction is expected to begin by early

next year and be completed by 2017.

Choong, however, is confident that

the project can be completed ahead of

schedule.

Choong is confident that the project

will bring good rental yield and as per

BSP’s history of capital appreciation, a

10% capital appreciation is possible.

“Those who buy here always make

money,” he says.

Bandar Sri Permaisuri

A 87.4ha township located in southern

Kuala Lumpur, Bandar Sri Permaisuri

is the result of a joint venture between

PPC Glomac and the mayor of Kuala

Lumpur back in 1993.

Sandwiched betweenKuala Lumpur

city centre and Cyberjaya and Putra-

jaya, the cost of building the township

stood at RM1.1 bil. BSP also claims to

have a green lung consisting of a park

reserve of more than 16.1ha and two

lakes of 24.2ha for recreational and

leisure facilities.

Among the few completed devel-

opments in Bandar Sri Permaisuri are

690 units of Bayu Tasik Condominium,

640 units of Bayu Tasik 2 Condomini-

um, 1,140 units of Cemara Apartment,

790 units of Cengal Condominium,

770 units of Cendana Apartment, 176

units of Dataran Dwitasik shophouse,Plaza Dwitasik which has 380,000 sq

ft of space, 2,040 units of low-cost Sri

Penara Apartments and 386 units of

Villa Laman Tasik Townhouse.

Once its final phase of development

is completed by 2017, the township

will consist of 16.2ha of commercial

and retail space as well as 8,022 homes

catering to a population of 50,000.

For accessibility, all it takes is

five minutes from BSP to the Kuala

Lumpur city centre and 20 minutes

to Petaling Jaya. Its entrance and exit

points are via the East-West Link, New

Pantai Expressway, Jalan Loke Yew,

Jalan Cheras, Seremban Expressway,

Middle Ring Road II, Federal Highway,

Jalan Sungai Besi and Kesas Highway.

Neighbouring public transport

hubs are the existing Salak South LRT

station, Mulia LRT station and Cheras

LRT station. The BSP community will

also benefit from the upcoming Taman

Bukit Ria mass rapid transit (MRT)

station on the Sungai Buloh-Kajang

line.

As a self-contained township, it

boasts a vast array of amenities: pri-

mary and secondary schools, nearby

colleges and a smart school; medical

centres, namely Hospital Universiti

KebangsaanMalaysia (HUKM) inKua-

la Lumpur and Cheras Pantai Medical

Centre in Taman Cheras.

Shopping centres in the vicinity are Jaya Jusco in Taman Maluri, Mid Val-

ley City, Leisure Mall in Taman Segar

and Tesco Extra in Taman Midah.

PPC Glomac is also undertaking

two other developments in Selangor.

They are the Aman Putri project in

Sungai Buloh and Galleria@Cyberjaya,

a retail mall.

Aman Putri

This township development is located

next to the upcoming Kwasa Land.

The 68.4ha freehold land with a GDV

of more than RM1 bil is nestled amidst

lush greens and one of the “longest

linear parks” in Malaysia.

Developed in seven phases, the first

comprises 162 double-storey terrace

houses measuring 20ft by 70ft and

with built-up areas from 1,694 sq ft.

According to Choong, the projects

in the area have received a healthy

take-up rate. To date, its first few

residential phases have been sold out.

The company is now focusing its

attention on two- and three-storey

shops called Putri Square. With a

choice of 20ft by 70ft and 22ft by 75ft,

the shops are priced fromRM888,000.

As one of the main beneficiaries of

the upcoming Sungai Buloh-Kajang

MRT line, Aman Putri is well placed

to being connected to the whole Klang

Valley and KL city centre.

It is also located in a matured neighbourhood of Sungai Buloh which

is conveniently accessible via the New

Klang Valley Expressway (NKVE),

Lebuhraya Damansara-Puchong

(LDP) and Guthrie Corridor, granting

easy access to the KL city centre and

Petaling Jaya.

Neighbouring estates are Valencia,

Sierramas, Bandar Baru Sungai Buloh,

Bukit Rahman Putra as well as the

upcoming RM10 bil Kwasa Land

township.

Galleria in Cyberjaya

Designed to be the “first mini retail

mall experience in Cyberjaya”, Galle-

ria@Cyberjaya in Selangor is located

in the centre of the ICT township and

adjacent to Prima Avenue, the F&B

hub of Cyberjaya.

With most of the units taken up,

Choong reveals that the company will

be launching its final phase consisting

of units on the top floor.

The project is undertaken by a

joint venture between the company

and Perak-based property developer Chye Hin Development Sdn Bhd. The

two companies have some common

shareholders.

Asked if a potential oversupply is

building up in the area, Choong was

quick to note that themany residential

units in the vicinity will spur activity

for the retail element that Galleria is

set to offer.

“We are situated in the upmarket

commercial area in the centre of

Cyberjaya and the vibrancy to the area

that this first retail gallery concept

will bring is exciting. We will provide

the Cyberjaya population a wider

array of lively work spaces, food and

conveniences. CIMB and Maybank are

also adjacent to our site.”

With a GDV of more than RM90

mil, the development comes with

modern, tropical features. It has a

dual-frontage block facing a 40ft wide

covered gallery, similar to a retail and

F&B mall concept.

Despite being in a covered atrium,

visitors are able to view all levels due to

the glass facade and viewable signage

space, thus maximising exposure even

for stores located on the upper floors.

As an MSC-compliant building,

the Galleria is incorporating green

concepts in its design such as green

parking, green landscape and green

features at the facade of each unit.

A green feature is having deep

overhang shading on the windows to

reduce heat by 50%. This overhang

doubles as a service ledge, making

building maintenance easier and cost

effective.

PPC Glomac: A family of builders

PPC

Glomac Sdn Bhd, a subsidiary

of the PPC Group, came from a family

of builders, says its third-generation

family member, Choong Wei Min, who

is also the company’s project director.

His grandfather, Datuk Choong Chin Liang,

set up Chye Hin Construction

Company in 1965 before the company

changed its name in 1972 to what was

then known as Mudajaya Construction

Sdn Bhd. In 2002, a management

buy-out took over Mudajaya and its

listing exercise changed its name to

what is now known as Mudajaya Group

Bhd.

Mudajaya was one of the three

bedrocks that formed IJM Construction

Bhd back in the early 1980s. The

local construction industry was then

monopolised by foreign contractors

leaving dribs and drabs for local

contractors.

Thus, friends from IGB Corporation

Bhd, Jurutama and Mudajaya

Construction came together to set up

IJM Engineering and Construction Sdn

Bhd.

In 1986, the company was listed

as IJM Corporation Bhd after IGB

Construction acquired all its shares

from Jurutama and Mudajaya. IGB

made IJM Construction its holding

company for its construction interests.

Chye Hin Development Sdn Bhd,

which is owned by the Choong family,

is based in Perak and is still active in

property development. Its latest project

is the lifestyle commercial units Atrio

@ Lang Valley in Ipoh. The company is

managed by Wei Min’s cousin.

Chye Hin is a subsidiary of the

PPC Group of Companies which was

established by the second-generation Choong family, namely Datuk Jeffrey

Choong Moh Kheng and Choong Moh

Guan, among other investors.

Wei Min’s uncle, Datuk Jeffrey

Choong, is PPC Group’s managing

director. He was involved in projects

such as the S$55.1 mil Astrid Meadows

Luxurious Condominium project and

the S$150 mil Gleneagles Hospital

Extension in Singapore. He is also an

independent non-executive director of

Salcon Bhd since January 2011.

Established in 1990, PPC Group

started with major infrastructure,

civil works and engineering services,

namely the Muda Irrigation Scheme in

Kedah and Terengganu Hydroelectric

Saddle dams.

The company then moved into

construction via Pembinaan Punca

Cergas Sdn Bhd which provides

general contracting services. It is also

a class ‘A’ contractor registered with

the Construction Industry Development

Board Malaysia and Bumiputra

Construction Industry. PPC Glomac, the PPC Group’s

property division, began after a joint-

venture with listed property developer

Glomac Bhd. The latter has a 30%

stake in PPC Glomac, hence its name.

As an investor, Wei Min says

Glomac is not involved in the

company’s day-to-day activities.

Another property development

subsidiary under the group is Emerald

Domain Development, a joint-venture

with Chye Hin Development. Emerald

Domain is the developer of Galleria @

Cyberjaya in Selangor.

Wei Min adds that PPC Group has

no plans to seek listing on the local

bourse as funding is still available

internally. Its biggest gearing thus far

has been for the Aman Putri project in

Sungai Buloh, Selangor.

On the recent budget, Wei Min

comments: “We have a reputation of

changing RPGT (real property gains

tax) rates fairly often and there should

be some consistency when it comes to

the setting of rates.”

I totally agree. It's not walking distance...It's a jogging distance...