Building Investment (Mar - Apr 2015).pdf
As our magazine grows to become more of a regional publication, we will be bringing you even more news from around the region and beyond. e biggest change in Malaysia was the implementation of Goods and Services Tax on 1 April 2015 which impacted on property prices, raising costs by up to 2.6 per cent. As an oil-exporter, it is likely to see slower growth due to low oil prices and GST dampening private consumption. Singapore will continue to see property prices falling due to government cooling measures while both Indonesia and Philippines are expected to show strong growth even as China slows its pace to 6.7 per cent growth (World Bank). Overall, growth outlook for the region is expected to hover at 6.4 per cent for 2015 (Asian Development Bank). As we approach the second quarter of 2015, we will continue to work even harder to ensure that our magazine reaches a wider audience as we explore the various distribution channels for the electronic version of our magazine – more on these will be announced in later issues. Meanwhile in this issue, we highlight projects like the futuristic development called Harbour City in the historic city of Melaka (front cover feature); Sherwood Kinrara South residential project in Selangor; Epic Suites also in Selangor; and developer SP Setia’s new corporate headquarters in Shah Alam. In our features section, we report on Malaysian Timber Industry Board’s initiative to promote Malaysian-designed furniture; and market reports from some of the expert analysts like WTW and REHDA. Elsewhere in the magazine, we bring you a roundup on market news and updates on products and services while in the Design Feature section, you can read about some of the exciting designs from US and Canada. If you have suggestions to oer or events that you would like us to cover, please feel free to drop us a note.
As our magazine grows to become more of a regional publication, we will be bringing you even more news from around the region and beyond. e biggest change in Malaysia was the implementation of Goods
and Services Tax on 1 April 2015 which impacted on property prices, raising costs by up to 2.6 per cent. As an oil-exporter, it is likely to see slower growth due to low oil prices and GST dampening private consumption.
Singapore will continue to see property prices falling due to government cooling measures while both Indonesia and Philippines are expected to show strong growth even as China slows its pace to 6.7 per cent growth (World
Bank). Overall, growth outlook for the region is expected to hover at 6.4 per cent for 2015 (Asian Development Bank).
As we approach the second quarter of 2015, we will continue to work even harder to ensure that our magazine reaches a wider audience as we explore the various distribution channels for the electronic version of our magazine
– more on these will be announced in later issues.
Meanwhile in this issue, we highlight projects like the futuristic development called Harbour City in the historic city of Melaka (front cover feature); Sherwood Kinrara South residential project in Selangor; Epic Suites also in
Selangor; and developer SP Setia’s new corporate headquarters in Shah Alam.
In our features section, we report on Malaysian Timber Industry Board’s initiative to promote Malaysian-designed furniture; and market reports from some of the expert analysts like WTW and REHDA. Elsewhere in the magazine,
we bring you a roundup on market news and updates on products and services while in the Design Feature section, you can read about some of the exciting designs from US and Canada.
If you have suggestions to oer or events that you would like us to cover, please feel free to drop us a note.
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News & EventsAir Concept 1 (264cm X 371cm) Ice blue.Topping out of 30 Park Place in New YorkDesigned by Robert AM Stern Architects, the project is the tallestresidential tower in downtown Manhattan.DEVELOPER SILVERSTEIN PropertiesInc celebrated the topping out of 30 ParkPlace, Four Seasons Private Residences indowntown New York on 2 February <strong>2015</strong>.At 82 stories (282 metres), the tower is nowthe tallest residential building in downtownNew York, offering 157 graciously appointedresidences starting on the 40th floor withunrivaled views of the Hudson and East rivers,New York harbor, the Empire State buildingand all of midtown. The residences sit abovethe 189-room Four Seasons Hotel New YorkDowntown slated to open in 2016.“This historic milestone comes justas Downtown is completing its incredibletransformation into the world’s most vibrant,integrated, mixed-use destination on a scalenot seen in New York City since RockefellerCenter opened in 1939,” said Larry Silverstein,chairman of Silverstein Properties Inc. “Nextyear, when it opens, this will be the top hoteland condominium building in Tribeca.”Located at the corner of Church Streetand Park Place in Tribeca, 30 Park Placeis reflective of Silverstein Properties’commitment to Downtown Manhattanand brings the first Four Seasons Hotel andPrivate Residences to the neighbourhood.Internationally renowned Robert AM SternArchitects designed the exterior and interiorswith intricacy of shape and a powerful skylinesilhouette in mind. The array of one to sixbedroom residences feature oversized baywindows, ceilings as high as four metres(13’10”) and a refined selection of finishesfeaturing solid white oak floors, white oakframed Bilotta kitchen cabinetry and marblebaths with custom-designed vanities. Elevenunique half and full floor penthouses crownthe top of the building, each includingfireplaces and outdoor space.Financing for the approximately onebillion dollar project was provided by theChildren’s <strong>Investment</strong> Fund. Equity financingwas provided by an institutional investorclient represented by CBRE Global Investors.“All of us at Silverstein Properties areproud to play a role in creating what willsoon be one of the most impactful and iconicbuildings in New York,” said <strong>Mar</strong>ty Burger,CEO of Silverstein Properties.“It has been a wonderful journey seeingthis project continue to come to fruition,this time by completing its mark on theManhattan skyline. 30 Park Place is fullthrottle– first bringing the Four Seasonslifestyle to one of the hottest neighbourhoodsin New York, then selling 50 per cent ofthe units in just four months and fiercelycontinuing the momentum with the toppingout of the tower. We’ve created somethingunmatched by any other project, 30 ParkPlace is the new definition of luxury,” saidKelly Kennedy Mack, President of CorcoranSunshine <strong>Mar</strong>keting Group, the property’sexclusive marketing and sales agent.44 <strong>Building</strong> & <strong>Investment</strong> | www.b-i.biz
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