Property

KUALA LUMPUR: ALAIA Titiwangsa, a premium serviced apartment development in Taman Tiara Titiwangsa, has been relaunched under the Windsor Collection. This follows the acquisition of Black Lotus Development Sdn Bhd, the project’s original developer, by Kenneth Lau, the founder of Windsor Collection, who is also serves as the Chairman of Multifield International Holdings Ltd, Hong Kong. With a gross development value of RM 285 million, Kenneth Lau made the acquisition as part of a strategic expansion in Malaysia. Recognising ALAIA Titiwangsa’s prime location and well-designed offering, he is relaunching the development under the Windsor Collection, bringing his international expertise to the local market. As the chairman of Multifield, Kenneth leads a company that has a strong presence across the Asia-Pacific region, with over three decades of experience in residential, commercial management and development, corporate housing, and hospitality projects. Under the Windsor Collection brand, he has successfully introduced international-grade hospitality and commercial projects across Shanghai and Zhuhai in China, and now Kuala Lumpur. This relaunch marks Windsor Collection’s first foray in Malaysia and reflects his commitment to enhancing urban living through quality design, curated facilities, and active community-building initiatives. Daryl Ng, the CEO of Windsor Collection said the relaunch signifies a new chapter for ALAIA Titiwangsa, injecting renewed energy and a refined living experience for homeowners and investors where community meets exclusivity. “We kept the design and features unchanged, and over 45% of our units have already been taken up, with strong demand expected to continue into the year. “The relaunch under Windsor Collection brings our international experience in delivering a high standard in property management and community-focused living, reinforcing our commitment to delivering homes that integrate luxury with functionality,” he said. Scheduled for completion in the fourth quarter of 2026, ALAIA Titiwangsa comprises 436 serviced apartments across 40 storeys, with unit sizes ranging from 635 sq ft to 1,012 sq ft. Units come in 1+1, 2+1 and 3+1 bedroom configurations with rectangular layouts to allow for easy furniture placement and minimise wasted space. Offering two distinctive view orientations, north-facing units offer scenic views of the Banjaran skyline, while south-facing units provide picturesque sight of the Kuala Lumpur city skyline and Titiwangsa Lake Gardens. This serviced apartment supports a work-from-home lifestyle with an integrated co-working space that includes a private meeting room. Residents can also enjoy various social spaces, including a vibrant social hub with 18 curated shop lots and Kebun, a green sanctuary featuring fruit trees and a spice garden. Additional amenities include the Green Folly and an array of sky facilities on Level 40, such as sky lounge, sky dining, jacuzzi, karaoke rooms, an infinity sky swimming pool, and sky cinema. The rooftop provides residents with breathtaking panoramic views of Kuala Lumpur city and the Titiwangsa range. It also offers a range of facilities, including electric vehicle charging stations, a jogging track, a sky gym, a kids’ playroom and a children’s pool. ALAIA features robust security measures, including 24-hour surveillance, CCTV coverage throughout the building, restricted access to lift lobbies and residential areas, as well as an additional security gate at night for enhanced safety. An activity van will also be available for weekend explorations of food, nature, art and to the nearby LRT and MRT stations. In conjunction with the relaunch, Windsor Collection is offering special Chinese New Year promotions for homebuyers. Customers who make bookings between 1st February to 13 March 2025 will receive an exclusive Angpau worth RM1,688, while a referral incentive programme will reward successful recommendations with a 2% referral fee. These incentives are part of Windsor Collection’s strategy to encourage greater community engagement and support buyers seeking a home in a prime Kuala Lumpur location. Daryl Ng emphasised that ALAIA Titiwangsa is designed to be more than just a residence, with Windsor Collection focusing on building a vibrant, well-connected community through thoughtfully curated experiences. He stated that the project’s facilities and amenities reflect a commitment to fostering an environment where residents can live, connect, and thrive. ALAIA is conveniently located to nearby international schools (Wesley Methodist, International School of KL and Sayfol International School); private and government hospitals (Tawakal, KPJ, HKL, Institut Jantung Negara and Columbia Asia, Gleneagles); hypermarkets and supermarkets (AEON, Giant, Jaya Grocers, Ben’s Independent Grocer); major banks and Titiwangsa Lake Gardens, which are all within a 10km radius. Adding a layer of convenience for residents, ALAIA also offers easy access to DUKE Highway for seamless city connectivity. For more information about ALAIA Titiwangsa, visit www.alaia.com.my or follow Windsor Collection on Facebook and Instagram.

SINGAPORE: The Asia-Pacific logistics sector is navigating shifting tides as rental growth slowed sharply to just 0.2% in 2024, a steep decline from 7.0% in 2023, according to Knight Frank’s latest Asia-Pacific H2 2024 Logistics Highlights report. The slowdown underscores widening disparities across the region, with China grappling with oversupply while Southeast Asia emerges as a bright spot for growth. Diverging Market Trends: China vs. Southeast Asia While 14 out of 17 tracked cities posted stable or increasing rents, the overall pace of growth masked stark regional contrasts. Beijing and Shanghai saw rents plummet by 14% to 15% amid a surging supply pipeline set to exceed 4 million sqm in 2025. Vacancy rates in both cities are projected to reach nearly 30%, putting sustained pressure on rents. Conversely, Southeast Asia bucked the trend, with Greater Kuala Lumpur leading the region in half-yearly rental growth of 5%. The city benefited from an influx of high-quality industrial spaces and strong e-commerce demand. Melbourne also outperformed with a 6.7% rental increase, fueled by land scarcity in key submarkets. Geopolitics and Supply Chain Realignments in 2025 The logistics sector faces further headwinds as global trade dynamics shift. With the potential for increased tariffs under a second Trump administration, supply chains are expected to realign more aggressively within Asia-Pacific and beyond. “As the world braces for Trump 2.0, manufacturers are doubling down on China-plus strategies,” said Tim Armstrong, Global Head of Occupier Strategy & Solutions at Knight Frank. “Southeast Asia and India are emerging as prime alternatives for companies looking to diversify their manufacturing and logistics footprint.” The Road Ahead: Stability Amid Market Adjustments Despite ongoing fluctuations, the Asia-Pacific logistics sector is expected to find equilibrium in 2025, with leasing volumes keeping pace with new supply. Prime logistics spaces—particularly those in well-connected hubs—are projected to maintain steady demand. “A flight-to-quality trend will continue to shape the sector, with occupiers focusing on modern, well-located logistics facilities,” said Christine Li, Head of Research, Asia-Pacific at Knight Frank. “Beyond China, most markets will experience balanced demand-supply conditions, supporting moderate rent growth of up to 2%.” Key Market Trends for 2025 Market dynamics shifting from landlord-favorable to neutral conditions Leasing volumes expected to match new supply, stabilizing vacancy rates Strategically located logistics hubs to benefit from geopolitical shifts As Asia-Pacific’s logistics landscape continues to evolve, well-connected industrial hubs with proximity to major trade routes will be best positioned to weather uncertainty and sustain long-term demand.

The Asia-Pacific office market experienced a challenging year in 2024, with prime rents resuming their decline after a brief period of stability. Global consultancy Knight Frank’s Asia-Pacific Prime Office Rental Index for Q4 2024 shows a 1.6% drop in prime office rents over the full year, an improvement from the 2.4% decrease observed in 2023. Despite the overall trend of declining prime rents in Asia-Pacific, 16 out of 23 monitored cities reported stable or increasing rents year-on-year, with Australian cities and Japan showing particular resilience. Australian markets are projected to see some of the most substantial rental uplifts due to a contracting development pipeline. Brisbane emerged as a bright spot, leading the region with a strong 11.8% rental growth in 2024. This growth was attributed to sustained occupier demand and property owners pushing higher face rents to support valuations.   Regional vacancies are expected to rise, with rents likely to soften by 2 to 3%, primarily due to weak demand in Chinese mainland markets. Tokyo saw 3.9% year-on-year and 0.8% quarter-on-quarter increases in the prime office rents, suggesting potential workspace expansions by Japanese companies could strengthen leasing activity, particularly in core business districts near major transport hubs.   On the other hand, occupier demand remained subdued in Chinese mainland markets, which continued to face slow economic growth and a high supply pipeline. This weakness in China significantly impacted the overall regional performance. In contrast, vacancies regionwide fell for the second consecutive quarter, dropping 0.3 percentage points to 14.5% in Q4 2024. This improvement was largely due to tightening availabilities in India and Southeast Asian markets.   Christine Li, head of research, Asia-Pacific, Knight Frank, said “Although the region’s rent is expected to decline in 2025, much of the weakness is largely concentrated in Chinese mainland markets. The rest of Asia-Pacific is still expected to see moderate increases of 1 to 2%, with leasing volumes anchored by markets in India. Leasing activity will also remain healthy in Tokyo, as strong demand for new office developments will gradually tighten availabilities in the city. As inflation concerns subside in the region, geopolitics will be the key variable to watch in 2025. This shift in focus is likely to influence occupier behaviour, with many adopting a defensive stance and showing a strong preference for renewing leases rather than relocating. The region’s softening rents and ample new supply will be conducive to those looking to upgrade their office spaces.”   Looking ahead, the Asia-Pacific office market is poised for significant changes in 2025, with a 7% increase in prime Grade A office space expected, up from 4% in 2024. Over 40% of the region’s new supply will be delivered to mainland Chinese markets.   Tim Armstrong, global head of occupier strategy and solutions, Knight Frank, said, “Despite challenges in Chinese mainland markets, office space demand across Asia-Pacific is expected to remain resilient. The region is well positioned for growth, with strong office utilisation driven by sustained employment growth and stabilising workplace arrangements. The ample development pipeline continues to provide occupiers with opportunities to transform their workspaces, focusing on fostering employee productivity and engagement. While sustainability and access to talent remain primary drivers of occupier decisions, proximity to amenities and connectivity are rapidly becoming key differentiators, particularly for companies aiming to increase office attendance. While well-located prime offices lead the market, occupiers must adapt to varied economic trajectories and supply conditions when developing their space strategies.”​   Forecast for the next 12 months: The full report can be found here.

KUALA LUMPUR: Gamuda Bhd (KL:GAMUDA), through its consortium, has secured the contract for the first civil works package of the Penang Light Rail Transit (LRT) project. The contract, valued at RM8.31 billion, marks a significant milestone for the long-awaited infrastructure project. SRS Consortium Sdn Bhd, a joint venture with Gamuda holding a 60% stake, will oversee the construction of the Mutiara Line. Spanning 24 kilometers from Komtar in George Town to Island A of the Penang South Reclamation (PSR) project, the line will include 19 stations and other related facilities. Expediting the Project Implementation “This contract aims to simplify and accelerate the initial execution of the project,” said Transport Minister Anthony Loke Siew Fook during the signing ceremony. The project is expected to ease Penang Island’s persistent traffic congestion. Once the notice to proceed is issued, Gamuda will have six years to complete the project. Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd each hold 20% stakes in SRS Consortium, while MRT Corporation Sdn Bhd (MRT Corp) acts as the developer and asset owner for the Mutiara Line. Future Tender Packages The tender for the second civil works package, which will connect Macallum Station in George Town to Penang Sentral in Seberang Perai, is scheduled for July, with the award expected by early next year. The third package, a turnkey systems contract, will cover design, construction, and maintenance of the railway systems. The Mutiara Line will ultimately feature 21 stations over 29.5 kilometers. However, the final land acquisition costs remain undecided. Federal Government Takes the Lead The federal government officially assumed responsibility for the project in March 2024, transferring ownership from the state government. MRT Corp, fully owned by the Minister of Finance Incorporated, will manage the project, which will be executed through an open tender process. Datuk Mohd Zarif Hashim, CEO of MRT Corp, highlighted that the direct project management approach would ensure seamless coordination and integration across various work packages. Priority will also be given to Penang-based subcontractors, creating local job opportunities and strengthening the supply chain. Additionally, the federal government has mandated that 40% of subcontracts be allocated to Bumiputera companies, reaffirming its commitment to equitable participation. Gamuda’s Commitment Gamuda views this award as recognition of its technical expertise and proven track record in delivering complex infrastructure projects. “The Mutiara Line is transformative for Penang’s public transportation. We are dedicated to delivering the project within budget and on time, enhancing connectivity and supporting Penang’s broader transportation master plan,” Gamuda stated. The completion of the Mutiara Line is set to significantly improve mobility, contributing to the state’s economic growth and alleviating traffic congestion across Penang Island.  

In the second half of 2024, Malaysia’s construction industry sustained its momentum with a robust 20% growth , a strong resurgence from 2023 driven by a surge in infrastructure projects, public and private investment and a rebound in tourism.  Aligning with industry trends, Nippon Paint Malaysia Sdn Bhd anticipates steady growth in the construction sector in 2025, fuelled by large-scale infrastructure projects, increased investments in industrial facilities and a growing demand for residential buildings. Government policies on infrastructure, manufacturing, digitalisation and sustainability have positively impacted Malaysia’s construction sectors, attracting foreign and domestic investment. Major infrastructure projects, such as the East Coast Rail Link (ECRL), Rapid Transit System (RTS) Link, Pan Borneo Highway and the expansion of data centres by global tech giants like Amazon Web Services (AWS), Microsoft and Google, are set to play a pivotal role in boosting the sector.  In addition, the rising demand for affordable housing, spurred by government initiatives under Budget 2025, has driven significant growth in the residential buildings’ subsector. This momentum is expected to carry into 2025, creating ongoing opportunities for developers and industry players. “As Malaysia embarks on these exciting projects, the construction industry must adopt innovative solutions and foster close collaborations to remain resilient and competitive. For the past two years, Nippon Paint has secured more than 100 Total Coating & Construction Solutions (TCCS) projects, and we anticipate further growth in 2025, reflecting the industry’s trust in our construction solutions,” said Tay Sze Tuck, General Manager of Nippon Paint Malaysia. Nippon Paint’s TCCS continues to push boundaries by offering comprehensive solutions for industrial, infrastructure and residential developments—from bare concrete surfaces to final finishes, including drymix solutions, waterproofing solutions, flooring solutions, architectural coatings, protective coatings and sealant adhesive filler.  Nippon Paint has identified a few key strategic areas of focus for 2025:  Addressing the Challenges of Malaysia’s Ageing Buildings Nippon Paint anticipates that refurbishments for residential buildings will be a growing segment for construction activities in 2025. Malaysia’s ageing buildings present a critical need for refurbishment, as many structures face issues such as structural safety risks, loss of property value, air quality and deteriorating aesthetics, with water leakages being one of the primary sources of these problems.  These problems threaten the integrity of the buildings and affect their functionality, value and appeal.  However, the industry acknowledges that residential properties continue to face challenges brought on by budget constraints when it comes to refurbishment, as it is often a costly endeavour.  “We find that building management often relies on cheap, temporary solutions rather than addressing waterproofing issues at their root which increases long-term cost,” said Tay. “When it comes to building refurbishment, Nippon Paint Malaysia’s Total Coating and Construction Solutions (TCCS) addresses these challenges by working closely with the building management, offering expert inspection services and tailored budget planning. TCCS prides itself on its excellent workmanship and materials know-how as we focus on providing customised compatible system solutions for a specific problem.” “When building owners neglect the root causes of water leakage, recurring issues and escalating maintenance costs often follow. Nippon Paint Malaysia is at the forefront of advancing waterproofing technologies, offering innovative rewaterproofing and repainting solutions. Designed to provide long-term protection, Nippon Paint’s comprehensive waterproofing systems minimise the need for frequent repairs and maintenance, ensuring lasting durability and offering property owners peace of mind.” he added. Industrial property boom expected in 2025 Several factors are contributing towards an industrial property boom in Malaysia. Malaysia’s manufacturing sector remains a key driver of the economy, recording a 5.3% expansion in the third quarter of 2024. ASEAN has set its sights on building economic resilience through enhanced supply chain connectivity, which is expected to lead to the establishment of more local manufacturing hubs. Additionally, Malaysia is strategically positioning itself as a regional data centre hub, creating opportunities for more data centres to set up operations in the country.  Nippon Paint believes that prospects for the manufacturing and data centre sectors are on a path of sustainable growth in 2025. The company is committed to becoming the leading coating and construction solutions provider for the anticipated industrial property boom. Industrial properties, particularly those in the manufacturing sector, must adhere to strict construction compliance codes. These codes address critical aspects such as structural safety, durability, and most importantly, occupational and hygiene.  To address these challenges, Nippon Paint is investing heavily in advanced flooring solutions that enhance durability, safety, and aesthetic appeal.  “Flooring, though often overlooked in construction, represents a significant and underappreciated market,” said Tay. “An expert understanding of high-quality flooring coatings plays a critical role in enhancing the durability and safety of industrial buildings. From industrial flooring for production facilities, chemical plants to food-safe options for food processing and cold storage as well as anti-static solutions for data centres and semi-con, these solutions are essential to ensuring industrial properties comply with current standards.” Nippon Paint’s Overall Outlook 2025 “With the industry’s primary focus on transformative infrastructure and industrial projects, we see immense opportunities to support both government and private sector initiatives.” “We remain committed to strengthening collaborations and expanding our footprint in refurbishment, industrial, infrastructure and residential developments, offering compatible system solutions for long-term durability, efficiency and enhanced performance.” Tay added. “For 2025, our aim is to grow Nippon Paint’s TCCS more aggressively and become the market leader in addressing the industry’s most pressing challenges, offering the reliability and efficiency that elevates the standards within the construction industry. Whether for new builds, industrial developments, or refurbishment projects, we are proud to enhance Malaysia’s thriving construction industry with innovative solutions that drive productivity and excellence,” Tay concluded. For more information about Nippon Paint and TCCS, please visit www.professional.nipponpaint.com.my.   References: 1. https://themalaysianreserve.com/2024/11/11/dosm-malaysias-construction-sector-continues-positive-growth-up-22-9-to-rm41-1b-in-3q/ 2. https://www.cidb.gov.my/eng/part-1-malaysias-construction-industry-roars-back-to-life-a-boom-fueled-by-investment-and-infrastructure/  3. https://thesun.my/business-news/major-infrastructure-works-keep-malaysian-construction-sector-busy-in-2024-CG13402404 4. https://theexchangeasia.com/malaysias-property-sector-set-for-growth-in-2025/ 5. https://www.mida.gov.my/mida-news/manufacturing-to-stabilise-in-2025/ 6. https://asean.org/wp-content/uploads/2024/09/SG-remarks_High-level-Forum-on-ASEAN-Supply-Chain-Connectivity-Final-clean.pdf 7. https://theedgemalaysia.com/node/730064  

KUALA LUMPUR: Developed by Triterra, The MET Corporate Towers (The MET) represents a groundbreaking addition to Malaysia’s commercial real estate. As the first Grade A Strata office office in KL Metropolis, The MET redefines corporate spaces with an innovative blend of functionality, lifestyle integration, and cutting-edge tenancy management. Positioned as “The New Business Class,” The MET introduces a future-focused approach to office environments, supporting SMEs—the backbone of Malaysia’s economy—while seamlessly merging productivity, lifestyle, and community. Prime Location in Mont’ Kiara Strategically located in the prestigious Mont’ Kiara enclave, The MET is perfectly positioned to serve as a hub for global and regional business activities. Its proximity to key economic landmarks such as the Malaysia International Trade and Exhibition Centre (MITEC), the Malaysia External Trade Development Corporation (MATRADE), and the Ministry of Investment, Trade, and Industry (MITI) offers unparalleled access to Malaysia’s economic nerve centers. Situated in a culturally diverse neighborhood with over 50 nationalities, The MET fosters innovation and collaboration among professionals worldwide. The 3rd Space Concept: Where Work Meets Lifestyle A defining feature of The MET is its innovative 3rd Space Concept, which integrates work, leisure, and lifestyle. Its culinary directory boasts renowned outlets such as %Arabica, Lacher Patisserie, Fiancée, Culinart, OR Gelato, Brotani, and SOL, a rooftop lounge on Level 40. The Malaysiana Food Garden transforms from a vibrant daytime food court into an event-ready venue by evening, providing tenants and visitors with a dynamic dining experience. Upcoming additions, including JHOL, Niko Neko, and Atlas Super Bar, will further enhance this offering. The MET also features premium amenities, including a state-of-the-art gym, a business theatre with a 70-seat auditorium, and versatile event spaces on Level 9 with stunning views. On Level 10, “The MET Club by Colony” provides a luxurious coworking hub designed for startups, solo entrepreneurs, and small teams. Thoughtfully crafted green landscapes and hospitality-inspired features further elevate work-life balance, making The MET a hub for dynamic, inspiring experiences. Flexibility and Tenant-Centric Solutions The MET offers flexible office layouts, from compact spaces ideal for startups to expansive, full-floor offices for larger corporations. Tower A provides a variety of options across its low, mid, and high floors, allowing tenants to scale their operations without relocating. The introduction of Strata-Tenancy-Management, pioneered by Trilink Real Estate, has transformed the landlord-tenant relationship. This system improves operational efficiency, reduces vacancies, and minimizes downtime through centralized management. Commitment to Connectivity and Community The MET will also launch Trek Rides, a Demand Responsive Transit (DRT) service designed to simplify commuting for tenants and visitors. This initiative reinforces Triterra’s commitment to accessibility and convenience. Beyond the tower, Triterra actively collaborates with local councils, community leaders, and stakeholders to enhance the surrounding environment—beautifying pavements, improving pedestrian safety, optimizing traffic flow, and organizing community events. A Magnet for Industry Leaders As the first Grade A strata office in KL Metropolis, The MET has already attracted leading tenants, including Siemens Healthineers, Siemens Malaysia, and CIDB, cementing its reputation as a premier choice for businesses seeking innovation, growth, and long-term success. A Vision for the Future of Workspaces “Our goal with The MET was to create more than just office spaces. We envisioned a community that empowers success, fosters innovation, and enhances daily experiences,” said Christopher Lim, CEO of Triterra. “The MET embodies our commitment to delivering excellence and innovation.” With its strategic location, forward-thinking design, and tenant-focused solutions, The MET Corporate Towers sets a new benchmark for modern workspaces. By blending functionality, elegance, and innovation, it reimagines what a corporate environment can achieve.