Latest news with #ConlaySignatureSuites
BusinessToday
4 days ago
- Business
- BusinessToday
Klang Valley Property Market Shows Signs Of Recovery: HLIB
Hong Leong Investment Bank Bhd (HLIB) has maintained its OVERWEIGHT call on the property sector, with BUY ratings on Sunway (target price: RM5.90), IOI Properties Group (RM4.05), SP Setia (RM1.80), Mah Sing (RM1.85), Matrix (RM1.73), OSK (RM2.00) and Sime Darby Property (RM2.05), while UEM Sunrise is rated Hold with a target price of RM0.78. According to HLIB, the sector continues to demonstrate resilience despite early-2025 headwinds stemming from the US tariffs and AI chip export restrictions. In the Klang Valley, high-end residential demand is showing early signs of recovery, with premium projects such as TA Global's Clouthaus and E&O's Conlay Signature Suites recording encouraging sales. This improving sentiment, especially among investment-focused buyers, is expected to support better margins for developers, while the proposed Urban Renewal Act may unlock redevelopment potential in mature, high-value areas. In Johor, the Johor-Singapore Special Economic Zone (JS-SEZ) and enhanced connectivity to Singapore are driving robust property demand. Developers, including Sunway, Mah Sing and UEM Sunris,e have lined up major launches, although HLIB cautions that the surge in investor-driven projects near the RTS Link corridor may lead to oversupply and eventual price correction if not matched by genuine end-user demand. In Penang, a stronger Ringgit and ongoing trade uncertainties are seen as potential drags on the high-end market, particularly for developers like E&O, due to weaker tech-sector income. Negeri Sembilan, while facing intensified competition from Selangor and internal players, could benefit from the longer-term upside of MVV 2.0, which is being positioned as a cost-competitive industrial hub that could eventually lift residential demand. Outside the 2024 data centre boom, HLIB sees cooling demand in that segment as land acquisition has tapered and regulatory approvals have become more stringent, with feasibility further pressured by rising costs and regulatory concerns. However, industrial property demand beyond the data centre segment remains firm, supported by steady foreign direct investment, government backing and increasing attention to secondary growth hubs like Johor and Negeri Sembilan. The retail and hospitality segments are expected to weather the new 8% SST on leases, with most of the burden shared across tenants and consumers. The recent OPR cut and salary adjustments for civil servants are anticipated to boost consumer spending, helping retailers absorb the impact. Tourism strength continues to underpin the hospitality segment, with IOIPG well-positioned to benefit from its expanded hotel offerings and enhanced connectivity at IOI Resort City. HLIB noted that despite external headwinds, the KLPRP Index has staged a rebound, and the research house believes the broader industrial market remains on solid footing. With rising incomes and supportive policies, Malaysia's pivot toward a high-value economy supports the research house's Overweight stance, with IOIPG, OSK, Sunway and Sime Darby Property named as its top sector picks. Related
The Sun
4 days ago
- Business
- The Sun
E&O launches Conlay Signature Suites, optimistic on foreign demand for luxury residences
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. The 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 today. 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 was particularly challenging due to its architectural 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 explained. 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. 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 sustainability. '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 opportunities, E&O appears set to retain its niche in delivering high-end, lifestyle-driven developments for both local and international buyers.
New Straits Times
4 days ago
- Business
- New Straits Times
E&O shrugs off SST hike, sets sights on upscale expansion
KUALA LUMPUR: Eastern & Oriental Bhd (E&O) has assured that its current property developments, including the newly launched Conlay Signature Suites, will not be affected by the revised Sales and Services Tax (SST), although future projects will inevitably factor in the higher tax regime. Managing director Kok Tuck Cheong said all of the group's current developments, including the newly launched Conlay Signature Suites, were sold under fixed-price contracts before the SST revision and therefore remain unaffected. "SST is going to affect everyone in business. Ultimately, end-users and consumers will share some of the burden," Kok said at the launch of Conlay Signature Suites here today. He added that while future developments will be guided by updated government policies, E&O's focus on the luxury market means its customers are driven more by quality than by price. While acknowledging that SST may create cost pressures across the broader property market, Kok noted that E&O operates in a niche, premium segment where buyers in the premium segment prioritise distinctive architecture, thoughtful layouts, refined finishes, and exclusive amenities. "For signature projects like ours, price is not the key factor. Buyers in this segment are discerning; they look for quality finishes, iconic architecture, well-considered layouts, and lifestyle-driven amenities. These are what captivate buyers in this demographic." Despite broader concerns over the rising cost of construction and potential pressure on margins, Kok remained confident in the company's position, citing strong demand for design-led, high-end residences – even amid global economic uncertainties and geopolitical tensions. Located at the intersection of Jalan Kia Peng and Jalan Conlay, Conlay Signature Suites is a joint development with Japan's Mitsui Fudosan. It is the final phase of E&O's landmark luxury development, Conlay. Conlay is a 51-storey luxury serviced apartment with a total of 491 units, first launched in 2019. Conlay Signature Suites is positioned on the upper floors of the tower, featuring 194 fully furnished freehold units ranging from 635 sq ft to 3,617 sq ft. Prices start at RM1.52 million and reach up to RM12 million for the largest penthouse units. "Every detail of the Signature Suites reflects our deep commitment to hospitality and craftsmanship. We believe this offering will resonate with those seeking both a legacy address and a lifestyle investment," Kok said. He noted that E&O's focus remains on delivering distinctive, high-end developments, such as Conlay Signature Suites, and its upcoming project in Elmina, located on the fringe of the Kuala Lumpur city boundary, which is scheduled to be unveiled in the fourth quarter of this year. "The next project will be a headline-grabbing one," Kok teased, without revealing further details. Looking ahead, Kok believes Malaysia's steady economic fundamentals and growing appetite for premium properties will continue to support E&O's strategy. "We remain positive because our projects are designed to meet the expectations of our target buyers. Even Malaysians today are increasingly willing to pay for distinctive designs and iconic structures," Kok said.
