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Contents 
03 Transforming Vacant Offices into 
Impactful Solutions 
07 Container Homes: 
A New Kind of Living 
11 Ken Holdings Pioneers of Green 
Townships 
14 US & UK Retirement Villages and 
Their Success Factors 
18 Policy Update 
19 Newsflash 
20 Graphical Speaking 
ABOUT US 
Malaysia Property Incorporated is a Government initiative set 
up under the Economic Planning Unit to drive investments in real 
estate into Malaysia. 
As the first port-of-call for real estate investment queries, Malaysia 
Property Inc. connects interested parties through an extensive 
network of government agencies, private sector companies, real 
estate firms, business councils and real estate-related associa-tions. 
MPI has two core objectives; to create international awareness 
and to establish connections between foreign interests and 
Malaysian real estate industry players, ultimately contributing to 
real estate investments into the country. 
For further information and up-to-date tracking of Malaysian real 
estate data, visit: 
www.malaysiapropertyinc.com 
For further enquiry, write to: 
info@malaysiapropertyinc.com 
11 
07 
MPI’s Property Quotient (PQ) covers 
innumerable aspects related to the prop-erty 
industry. It is focused on real estate 
news, property market updates and current 
affairs interviews. 
Inputs and views from property players and 
related industries adds spice to the Prop-erty 
Quotient. MPI has over 6,000 subscrib-ers 
globally and is read by both local and 
foreign investors. 
Contributions of articles are most welcome. 
The Property Quotients are a platform to 
widen your networks and business opportu-nities. 
To contribute to our Property Quotient 
please contact us via email at 
research@malaysiapropertyinc.com. 
Follow Us
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BUILDING A 
STAND - OUT 
BRAND 
GLOBALLY 
& 
+"!*&%Y*&X"%* 
8&X*#*,W*Z&4569 
+"/',"&W)+%Z' 
CALL +603 - 7724 1878 
EARLY REGISTRATION 
i s now open 
Contact Kaarriena/Aisyah 
Tel: +603 - 7724 1878 
Emails: kaarriena@malaysiapropertyinc.com 
or 
aisyah@malaysiapropertyinc.com 
V3'(M$"#-#$&%-$;%-#$4#.*'3/
Container Homes: 
A new kind of living 
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The major disadvantage to these 
container homes are that the 
steel sheeting can absorb and 
retain maximum heat during a 
hot summer’s day whist absorb-ing 
the cold during winter. With 
proper designs and techniques, 
this problem can easily be over-come. 
Proper insulations and 
cross ventilations are key to 
making container homes a 
success. Another aspect that 
needs to be considered is the 
level of workmanship for the 
modification of these containers. 
Skilful welders are demanded to 
ensure the modification of these 
homes are done to achieve the 
optimum quality living standards. 
Malaysian architects have also 
joined this green bandwagon 
with one of the first being the 
firm Anand Bungalows which 
built a smart green container 
home in Bukit Tinggi, Pahang. 
This container home consists of 
six stacked shipping containers 
to create a two storey home. A 
double height atrium was con-structed 
for proper cross ventila-tion. 
The container home was 
completed within 4 months. A 
feat, considering the amount of 
time it usually takes for a normal 
house to be completed in Malay-sia 
which is 24 month. 
Picture: Malaysia’s first container home. Bukit Tinggi, Pahang. 
These homes have gained popularity in many coun-tries 
including in the United States, United Kingdom, 
Australia, New Zealand, and European countries like 
Netherlands, France and Germany just to name a few. 
Asian countries like Thailand are also on the fast track 
of making these container homes viable and available 
to the mass market. 
There is a bright future for container homes in Malay-sia. 
These shipping containers are suitable not only 
just as residential buildings but can be converted into 
commercial, resorts, educational or institutional 
buildings too. In the distant future, owning a con-tainer 
home will be considered as owning a luxury 
brand handbag or car, a symbol of status due to the 
uniqueness and popular demand of these container 
homes. Changing the perception of the public may 
be a challenge, but anything is possible when it is 
marketed and promoted correctly. Properties are 
tangible assets that with time appreciate in value. 
Regardless of the methods used to construct the 
property, whether traditional or modular methods, 
the value of the property remains. With the character-istics 
and potential of these container homes, it’s an 
investment opportunity not to be missed. 
Picture: Chaiwalla & Co. Café, The Curve, Mutiara 
Damansara, Selangor, Malaysia. 
PQ 10
Ken Holdings 
Pioneers of 
Green Townships 
PQ 11 
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PQ Issue 6_2014

  • 1.
  • 2. Contents 03 Transforming Vacant Offices into Impactful Solutions 07 Container Homes: A New Kind of Living 11 Ken Holdings Pioneers of Green Townships 14 US & UK Retirement Villages and Their Success Factors 18 Policy Update 19 Newsflash 20 Graphical Speaking ABOUT US Malaysia Property Incorporated is a Government initiative set up under the Economic Planning Unit to drive investments in real estate into Malaysia. As the first port-of-call for real estate investment queries, Malaysia Property Inc. connects interested parties through an extensive network of government agencies, private sector companies, real estate firms, business councils and real estate-related associa-tions. MPI has two core objectives; to create international awareness and to establish connections between foreign interests and Malaysian real estate industry players, ultimately contributing to real estate investments into the country. For further information and up-to-date tracking of Malaysian real estate data, visit: www.malaysiapropertyinc.com For further enquiry, write to: info@malaysiapropertyinc.com 11 07 MPI’s Property Quotient (PQ) covers innumerable aspects related to the prop-erty industry. It is focused on real estate news, property market updates and current affairs interviews. Inputs and views from property players and related industries adds spice to the Prop-erty Quotient. MPI has over 6,000 subscrib-ers globally and is read by both local and foreign investors. Contributions of articles are most welcome. The Property Quotients are a platform to widen your networks and business opportu-nities. To contribute to our Property Quotient please contact us via email at research@malaysiapropertyinc.com. Follow Us
  •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
  •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
  •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
  •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i s now open Contact Kaarriena/Aisyah Tel: +603 - 7724 1878 Emails: kaarriena@malaysiapropertyinc.com or aisyah@malaysiapropertyinc.com V3'(M$"#-#$&%-$;%-#$4#.*'3/
  • 7. Container Homes: A new kind of living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
  •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
  •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`YWVa5$ A.$ @*/$ +*;#4$ ."#$ b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`@"'("$ '/$ 3'M#$ B?..'+1$ B'#(#/$ %&$ c#1%/$ .%1#."#-a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d*4#$ (*+$ 0#$ /?0U#(.#4$ .%$ 4'&&#-#+.$ .-#*.;#+./$*+4$&'+'/"#4$.%$/?'.$."#$0?'34G '+1$+##4/$%-$'.$(*+$0#$3#&.$@'."$."#$%-'1'G +*3$ &*d*4#$ &%-$ *$ -%?1"#-$ #K.#-'%-$ 3%%M$ *+4$&##35$!"#$(%+.*'+#-/$*-#$4#/'1+#4$.%$ @'."/.*+4$ "#*),$ 3%*4/$ *+4$ "*-/"$ @#*."#-$ (%+4'.'%+/5$ !"#$ ?+'O?#+#//$ %&$ ."#/#$"%;#/$@'33$1')#$'./$%@+$'4#+.'.,$.%$ './$%@+#-/5 ['(.?-#$6$/.?++'+1$0#*("$"%?/#$;*4#$%&$/"'BB'+1$(%+.*'+#-/F$2#@$T#*3*+45
  • 10. The major disadvantage to these container homes are that the steel sheeting can absorb and retain maximum heat during a hot summer’s day whist absorb-ing the cold during winter. With proper designs and techniques, this problem can easily be over-come. Proper insulations and cross ventilations are key to making container homes a success. Another aspect that needs to be considered is the level of workmanship for the modification of these containers. Skilful welders are demanded to ensure the modification of these homes are done to achieve the optimum quality living standards. Malaysian architects have also joined this green bandwagon with one of the first being the firm Anand Bungalows which built a smart green container home in Bukit Tinggi, Pahang. This container home consists of six stacked shipping containers to create a two storey home. A double height atrium was con-structed for proper cross ventila-tion. The container home was completed within 4 months. A feat, considering the amount of time it usually takes for a normal house to be completed in Malay-sia which is 24 month. Picture: Malaysia’s first container home. Bukit Tinggi, Pahang. These homes have gained popularity in many coun-tries including in the United States, United Kingdom, Australia, New Zealand, and European countries like Netherlands, France and Germany just to name a few. Asian countries like Thailand are also on the fast track of making these container homes viable and available to the mass market. There is a bright future for container homes in Malay-sia. These shipping containers are suitable not only just as residential buildings but can be converted into commercial, resorts, educational or institutional buildings too. In the distant future, owning a con-tainer home will be considered as owning a luxury brand handbag or car, a symbol of status due to the uniqueness and popular demand of these container homes. Changing the perception of the public may be a challenge, but anything is possible when it is marketed and promoted correctly. Properties are tangible assets that with time appreciate in value. Regardless of the methods used to construct the property, whether traditional or modular methods, the value of the property remains. With the character-istics and potential of these container homes, it’s an investment opportunity not to be missed. Picture: Chaiwalla & Co. Café, The Curve, Mutiara Damansara, Selangor, Malaysia. PQ 10
  • 11. Ken Holdings Pioneers of Green Townships PQ 11 W,$[?.#-'$Q**--'#+* S*;$ !*+$ '/$ ."#$ #K#(?.')#$ 4'-#(.%-$ %&$ Q#+$ I%34'+1/5$ I#$ 3#*4/$ ."#$ B-%B#-.,$4#)#3%B;#+.F$(%+/.-?(.'%+F$ /*3#/$ *+4$ ;*-M#.'+1$ 4')'/'%+/5$ I#$ -#*4$ 3*@$ *+4$ #+1'+##-'+1$ '+$ YQ$ *+4$ *&.#-$ ."-##$ ,#*-/$ %&$ @%-M'+1$ '+$ ."#$ (')'3$ #+1'+##-'+1$ &'#34$-#.?-+/$"%;#$.%$0?'34$1-##+$"%;#/$&%-$P*3*,/'*5$I#$ "*/$ /?((#//&?33,$ 3*?+("#4$ ."#$ e-##+$ !%?-$ S#-'#/F$ e-##+$ b*.'+1$ *+4$ V*-0%+$ V*3(?3*.%-$ !%%3$ (*33#4$ ."#$ e-##+bf5$$ I*)'+1$ -#(#')#4$ ."#$ B-#/.'1'%?/$ S'+1*B%-#$ W?'34'+1$ g$ V%+/.-?(.'%+$6?."%-'.,C/$WV6$e-##+$P*-M$e%34$[3?/$6@*-4$ *+4$ !"#$ f41#h[6P$e-##+$ f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
  • 12. PQ 12 ;"#$%&#'()*#)-,#*(,#<,0,42*1#/4#6-,,0#*/+01(271#./=7)-,3#+2*(#./0>,0*2/0)5#*/+0? 1(2718 9:&#!"#$0#+#&'./$%&$1-##+$3')'+1$*/$@#C)#$#KB3*'+#4$.%$*33$%?-$0?,#-/$'/$@"#+$3')'+1$'+$*$1-##+$ "%;#$,%?$3')#$'+$(%;&%-.5$A.$'/$."#$'+.*+1'03#/$."*.$."#$0?,#-/$*-#$B?-("*/'+15$L"#+$%+#$ 1%#/$"%?/#$"?+.'+1$&%-$(%;B3#.#4$"%;#/F$@#$+##4$.%$;*M#$."#;$&##3$."#$&?+4*;#+.*3/$%&$ 3'&#$@'."$$0-'1".#-$*+4$*'-'#-$"%;#/5$Q#+$b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e#-;*+$S"#B"#-4/$."*.$"*)#$0##+$.-*'+#4$0,$."#$B%3'(#$(*+'+#$?+'.5 $$ L#$@%?34$3'M#$.%$."'+M$."*.$@#$"*)#$';B-%)#4$."#$O?*3'.,$%&$3'&#$&%-$B#%B3#$."*.$*-#$3')'+1$'+$ ."#$.%@+/"'B5
  • 13. PQ 13 H"#$%&#G0#C/B-#/7202/0I#+/B53#*(,-,#<,#)0#20.-,)1,#20#3,=)03#4/-#6-,,0#3,>,5/7=,0*1# 20#*(,#0,)-#4B*B-,8 9:&$!"#-#$@'33$*3@*,/$0#$*+$'+(-#*/#$'+$B-%B#-.,$4#)#3%B;#+./5$I%@#)#-$."#$&?+4*;#+.*3/$ %&$*$1-#*.$3%(*.'%+$*+4$*$1-#*.$B-%4?(.$'/$/.'33$."#$M#,5$W,$;*M'+1$'.$1-##+F$B#%B3#$@'33$3%)#$ '.$*/$'.$(-#*.#/$)*3?#$*+4$%)#-$.';#$B#%B3#$@'33$#+U%,$."#$0#+#&'./5$e-##+$3')'+1$'/$/.'33$)#-,$ +#@$'+$P*3*,/'*5$J?-$&'-/.$1-##+$4#)#3%B;#+.$@*/$Q#+$W*+1/*-$'+$788^5$!"'/$M'+4$%&$4#)#3G %B;#+./$.*M#/$.';#$.%$+?-.?-#$*+4$;*.?-#5 $$$$$$$$ c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bfI>6$"*/$ *3/%$(%;#$?B$ @'."$ *$ +%+GB-%&'.$ '+'.'*.')#$ %-1*+'R*.'%+$+*;#4$e-##+bfF$ '.$ '/$ 4#/'1+#4$&%-$*33$."#$-#*3$#/.*.#$*+4$(%+/.-?(.'%+$'+4?/.-,$.%$#+(%?-*1#$*+4$#+"*+(#$."#$ B*-.'('B*.'%+$%&$'+4?/.-,$B-%&#//'%+*3/5$!"#$'+4?/.-,$B-%&#//'%+*3/$*-#$#+(%?-*1#4$.%$4#/'1+$ *+4$0?'34$1-##+F$/?/.*'+*03#$0?'34'+1/$'+$*$;%-#$'+.#1-*.#4$;*++#-5 e-##+bf$*3/%$'+(%-B%-*.#/$'+.#-+*.'%+*33,$-#(%1+'R#4$0#/.$B-*(.'(#/$.%$B-%)'4#$."#$'+4?/.-,$ @'."$*$;%-#$#&&'('#+.$*+4$B-*(.'(*3$1-##+$.%%3$*+4$'/$*';#4$*.$B-%;%.'+1$*$1-#*.#-$*4%B.'%+$ %&$1-##+$B-*(.'(#/$*+4$.#("+%3%1,$*;%+1/.$."#$P*3*,/'*+$b#*3$f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
  •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b#.'-#G ;#+.$V%;;?+'.'#/F$/B-#*4$ *(-%//$."#$Y+'.#4$S.*.#/5 $ A+$ 9^_8$ >#)#3%B#-$ >#3$ L#00$0#1*+$@'."$."#$(%+G /.-?(.'%+$%&$."#$/#+'%-$.%@+$ iS?+$ V'.,i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j$ 7D8F888$ `*BB-%K';*.#3,$ bP$ ^78F888a5$ 6+$ *)#-*1#$ 6;#-'(*+$ "%;#$ (%/.$ j$ 788F888$ `*0%?.$ bP$ _N9F888a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`#515$ #4?(*.'%+a5P%-#%)#-F$ 4?#$ .%$ ."#$ /'R#$ %&$ S?+$ V'.,$ *$ @'4#$ -*+1#$ %&$ /"%BB'+1$ *+4$(*-#$&*('3'.'#/$*-#$B-%&G '.*03#F$'.$#)#+$"*/$'./$%@+$ "%/B'.*35$!"#$/;*33#-G/(*3#$ (%;;?+'.'#/$ *-#$ 3%(*.#4$ '+$."#$)'('+'.,$%&$*$"%/B'.*3$ '+$ %-4#-$ .%$ B-%)'4#$ ."#$ +##4#4$"#*3."(*-#5$$
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