UPCOMING: Bukit Mertajam / Hua Yang Bhd.

January 24th, 2017 No comments

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Proposed commercial development by Tinggian Development Sdn. Bhd. (subsidiary of Hua Yang Berhad) within the established township of Bukit Mertajam, Penang. It is strategically located adjacent to Jit Sin Independent High School and only a mere minutes drive to The Summit Bukit Mertajam.

The proposal comprises 2 blocks of 34-storey high-rise towers, offering a total of 646 serviced suites and 38 shop offices at the ground levels.

More details to be available upon project launch.

Project Name : (Pending approval)
Location : Bukit Mertajam, Penang
Property Type : Mixed development
Land Tenure: Freehold
Total Units: 646 (service apartment), 38 (shop lots)
Developer : Tinggian Development Sdn. Bhd. (Hua Yang Bhd.)

Register your interest here

Location Map:

 

Categories: Bukit Mertajam Tags: , ,

Underpass from Krystal Point to Bukit Jambul

January 24th, 2017 1 comment

spice-visitAn estimated 0.5km-long underpass may be constructed from Krystal Point in Bayan Lepas to somewhere nearby the Kompleks Bukit Jambul to facilitate traffic flow and solve traffic congestion in the area.

The consultant of Hunza Properties Berhad is preparing to submit a planning permission to the Penang Island City Council (MBPP) for the underpass at the Bayan Baru roundabout.

“The planning permission is expected to be submitted by the quarter of the year.

“The underpass can facilitate traffic flow and solve traffic congestion in the area,” Hunza Group managing director Datuk Khor Siang Gin said.

It was reported that Hunza Properties plans to develop the RM8bil Penang International Commercial City (PICC) — a mixed development project comprising condominiums and serviced apartments, a shopping mall, retail outlets, hotels, a business process outsourcing (BPO) tower and a medical centre.

The PICC project will be developed over a 10-year period (estimated to commence next year) on a 17.54ha (43.35 acres) beside Jalan Tun Dr Awang in Bayan Baru.

“The PICC development is set to be a new landmark for the state. It will stimulate population and economic growth and provide job opportunities for the locals here,” Khor said when contacted yesterday.

The proposed site of the PICC would be located near the planned underpass.

Penang Local Government, Traffic Management and Flood Mitigation Committee chairman Chow Kon Yeow said the underpass could take between three and five years to materialise.

“We will have to wait for the developer to submit their planning permission before going into the details,” he told a press conference after visiting the Setia SPICE Convention Centre yesterday.

Chow said that the underpass for vehicles could assist in dispersing traffic to the Tun Dr Lim Chong Eu Expressway.

Earlier, Chow congratulated SP Setia Bhd for its Setia SPICE Convention Centre project, which is scheduled to complete by middle of next month.

“The council will be monitoring the traffic arising from the opening of the Setia SPICE Convention Centre.

“Adjustment can be made to the traffic lights and if necessary, widening of certain stretch of the roads can be undertaken,” Chow said.

Family and children could enjoy the roof garden, the green space and playground after the project is completed.

Chow was visiting the project site together with MBPP mayor Datuk Patahiyah Ismail, several councillors and VIPs.

“Penang will soon have a very modern convention centre.

“The completion comes at the right moment with the state earning much recognition, be it as a tourist destination or a MICE (meetings, incentives, conventions and exhibitions) destination.

“We have been placed on the world map. What was lacking before this was a modern convention centre.

“I am glad that the project is completing after about six years since the idea came about,” he said.

According to SP Setia Bhd general manager (North) Ng Han Seong, the Setia SPICE Convention Centre is scheduled to be officially opened in either May or June this year.

Read More: TheStar.com.my

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Ramah Pavilion – Combining luxury with affordability

January 23rd, 2017 Comments off

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M Summit Group recorded a new milestone through its latest project combining luxury with affordability in an exciting way for Penangites. They are the first private developer to take on Penang’s affordable housing scheme and taking it on “in style”.

Ideally located with panoramic seaview and lush greenery

Ramah Pavilion, comprises two blocks of 39 and 36 storey, is billed as one of the first private affordable housing developments to be completed in Penang. As of January 2017, the facade and foundation of the new resort-style condominium has been built hence providing an idea the size of the building along with the selection of on-site amenities.  Even at this stage of construction, it is obvious that the end result will be a modern building that embraces the landscape around it, offering lush views of many of the hills and greenery surrounding it. There will definitely be some impressive panoramic seaview from the upper floors.

Ideally located for both families and business professionals alike; situated within the township of Teluk Kumbar, with the new Yong Chern Chinese school just minutes away (perfect for busy mornings with the kids!) and the Penang International Airport less than a 15-minutes drive away. Upon the completion of the federal road upgrade from Teluk Kumbar to the Penang International Airport, the location of Ramah Pavilion will become more accessible and convenient as the new road will massively enables a smoother drive to Bayan Lepas Free Trade Zone and the airport. Furthermore, the proposed government reclamation off the southern tip of Penang Island and the creation of three new man-made island will be one of the greatest catalysts for both residential and commercial growth at the southern part of Penang Island, especially in Teluk Kumbar.

Resort-style living with rooftop garden

The freehold, high-rise resort-style living at Ramah Pavilion features top-of-the-line amenities like pools for both adults and children, a Jacuzzi for chilly nights, an expansive indoor and outdoor playground for children, a game room for all ages, a relaxing reading room/library, a barbeque area that is perfect for hosting family get-togethers and events with friends, and indoor and outdoor function areas for groups large and small. The state-of-the-art indoor function hall with air conditioned atmosphere and a full scale kitchen accommodates up to 300 pax of seating subsequently permits catering event; starting from largest weddings, reunions, up to birthday parties while being literally at home at the same time!

One of the most unique features that Ramah Pavilion condos will offer is a huge, one-of-a-kind roof-top garden where residents can grow organic vegetables year round. This allows you to enjoy urban city living while still having land to cultivate your favorite fruits and vegetables. M Summit Group is even planning on bringing in gardening experts to help residents grow vegetables in the roof-top garden and to answer questions or concerns that residents might have about urban gardening.

Speaking of the best in urban city living, the spacious condominium of Ramah Pavilion, which range from around 800 sq ft to about 1,350 sq ft are built over a ground storey of premium businesses, including on-site laundry, a convenience store, a hair dresser and salon as well as restaurants and a grocer. Tenants will be carefully selected to ensure the residents feel safe from any unwanted activities.

Security as top priority

Ramah Pavilion, focusing on the security of residents as top priority, promises an enjoying affordable urban living that doesn’t have to come at the expense of your safety. Both the businesses located in Ramah Pavilion and the residential areas will be monitored by security. Ramah Pavilion offers an on-site three-tier security system which will monitor and protect the premises and residents 24 hours a day. Ensuring utmost privacy, resident’s access key card is only accessible to the floor(s) which it’s programmed.

Show unit in progress

Show unit in progress

Quality is the focus

One of the key features that sets Ramah Pavilion apart from other affordable housing is the focus on quality. No expense has been spared in this development, and the high-rise units will feature top-of-the-line building materials carefully selected by the developer and its construction professionals. Offering 6 design types catering young, single professional or a more mature family raising children

In even more surprising news, the fact that Ramah Pavilion units are already 85% sold doesn’t halt the developer from upgrading amenities and features on the condominium. Instead, the developer has opted to offer high-quality finishes like anodize aluminum windows and sliding door frames with tempered glass that meets high safety standards and resident expectations.

Affordable price and easy ownership

Selling price for Ramah Pavilion open market unit starting at just RM468K for 1,150 sq.ft. with two car parks, as well as some renovation options to the homeowner at no additional cost. Do expect a move-in conditioned home with air conditioning piping, plastered ceilings, build-in water heaters and upgraded 60cm x 60cm porcelain tile, an added grill main door, shower screens in all bathrooms, and additional power points in each home. Best of all, the developer will absorb bank interest incurred until vacant possession.

You are invited to view the show unit which is available on site during the topping-up event to be held on 30 January 2017 (3rd day of Chinese New Year), with Penang Chief Minister as the Guest of Honor. Food will be provided.

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Meet up personally with M Summit Group on 30 Jan for a deal that’s definitely not to be missed! Or you may also call 04-2292232/04-2917921/04-2917915 to arrange for a personal meeting and viewing of the show unit.

Site Location

 

Eco World, EPF in RM7.76b township projects in Penang

January 23rd, 2017 No comments

ecoworld-epf-batu-kawanEco World Development Group Bhd (EW Bhd) and the Employees Provident Fund Board (EPF) will jointly develop 375 acres of prime land in Batu Kawan, Penang into two townships.

The combined gross development value of both townships is about RM7.76bil.

EW Bhd, which had inked a conditional subscription and shareholders’ agreement (SSA) with the EPF on Monday said: “The lands will be developed by Eco Horizon Sdn Bhd into two complementary townships, known as Eco Horizon and Eco Sun.”

Eco Horizon Sdn Bhd (EHSB or JVCo) is currently a unit of EW Bhd. Under the agreement, the EPF will subscribe for four million shares or 40% in Eco Horizon and will provide shareholders advances to the JVCo to fund the proposed developments.

EW Bhd will continue to own 60% of the JVCo and Eco World Project Management Sdn Bhd (EWPM), a unit of EW Bhd, will be appointed as the development manager for the projects.

The JVCo will also enter into a brand license agreement with EWPM to enable both Eco Horizon & Eco Sun to be marketed as Signature EcoWorld developments.

EW Bhd chairman Tan Sri Liew Kee Sin, said: “We are truly gratified for EPF’s support as we take on the challenge of transforming the development landscape of the Penang Mainland together.

“This will be our third venture together after two successful projects in the Klang Valley, namely the iconic Bukit Bintang City Centre at the heart of Kuala Lumpur’s shopping & tourism district and Eco Grandeur + Eco Business Park V in Ijok in the North-Western Klang Valley emerging corridor.”
Among those present at the signing of the agreement were EPF CEO Datuk Shahril Ridza Ridzuan, Tan Sri Liew Kee Sin, Eco World Development executive director, Datuk Voon Tin Yow, EPF deputy CEO for investment Datuk Mohamad Nasir Ab Latif and Eco World Development president and CEO Datuk Chang Khim Wah.

Recall that on Nov 15, 2016, EWB and EPF formalised an agreement to jointly develop 2,198 acres of land in Mukim Ijok in Selangor into a mixed residential and commercial development known as Eco Grandeur and an integrated business park known as Eco Business Park V.

EcoWorld’s first JV with EPF was in early 2015 for Bukit Bintang City Centre, a fully integrated inner-city high-rise urban regeneration project which is jointly developed between EW Berhad, UDA Holdings Berhad and EPF.

The 300-acre Eco Horizon is just off the primary interchange linking the Second Penang Bridge to the North-South Highway right opposite the proposed IKEA.

Eco Sun covers 75 acres and it is along Lebuhraya Bandar Cassia close to the Penang State Stadium.

President & CEO of EW Bhd Datuk Chang Khim Wah, said the latest venture in Penang would be its first opportunity for the group to showcase the full spectrum of its development capabilities in Penang.

“The lands’ size and location present a unique competitive advantage – at approximately 375 acres in total, it will allow the Group to offer our Signature EcoWorld gated & guarded strata townships as well as integrated commercial components, which to date has yet to be seen so close to the island,” he added.

Eco Horizon and Eco Sun are accessible from the Batu Kawan Interchange of the North-South Highway via expressway linking to the Second Penang Bridge and thence onto Lebuhraya Bandar Cassia.

Alternatively, it is accessible from the Bukit Tambun Interchange of the North-South Highway via Jalan Bukit Tambun, Jalan Batu Kawan and thence onto Lebuhraya Bandar Cassia.

“EPF’s confidence and trust in EcoWorld will spur us to further improve on our development concepts to create ground-breaking twin townships in the Batu Kawan growth corridor that will capture the hearts of not just the Penang market but also those of aspiring homeowners and upgraders in the Northern Region of Peninsular Malaysia,” Chang said.

Source: TheStar.com.my

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Penang RM11.3bil property project on hold

January 23rd, 2017 2 comments

BPOPrimeThe Business Processing Outsourcing Prime (BPO Prime) and Penang International Technology Park (PITP) projects worth a combined RM11.3 billion, which involve the Penang Development Corp (PDC) and Singapore’s Temasek Holdings Private Ltd, have been deferred due to current property market conditions.

The BPO Prime project with a gross development value (GDV) of RM1.3 billion in Bayan Baru, Penang was to be completed in 2019.

However, it has been postponed indefinitely, inadvertently pushing back the commencement of the PITP project, slated to begin after the BPO Prime project.

On May 23, 2014, Penang’s investment arm PDC signed a memorandum of understanding (MoU) with Temasek and Economic Development Innovations Singapore Pte Ltd (EDIS). The MoU was also to facilitate the setting up of a joint-venture company (JVCo) with PDC holding a 51% stake with the remaining stake held by investors, including Temasek. EDIS will provide project management services to the JVCo. The JVCo is in the midst of being set up.

The Penang government said in 2014 that the PITP and BPO Prime will be completed over the next five to 10 years.

“The BPO Prime will be part of the efforts by the state government to fulfil Penang’s destiny as one of the 31 BPO hubs of the future,” it added.

On July 31, 2015, PDC signed a RM1.3 billion JV agreement with Temasek and EDIS to develop the BPO Prime that would be built on a 2.8ha piece of land, currently housing PDC in Bayan Baru on the island.

Invest-in-Penang Bhd (investPenang) said the BPO Prime project is an integrated and multifunctional development, providing high-quality BPO space amid a green urban setting. It would feature two towers, 29 and 25 stories high respectively.

EDIS senior development director Eng Gim Hwee said BPO Prime is “very much market-driven” in terms of meeting the demands of BPO tenants and buyers of quality residential developments. “Given current property market conditions in Malaysia, we are monitoring the situation before deciding on the next steps,” he told The Edge Financial Daily via email.

EDIS is involved in two key areas in BPO, he said, noting that the first was to drive a global investment promotion strategy that would bring overseas investors to Penang.

“Here, EDIS is working with investPenang to attract overseas investors to Penang and help them set up operations. The global investment promotion strategy is ongoing. As the programme involves a process of engagements and the programme only started in 2016, it is too soon to comment on its [investment] results,” he said.

According to the EDIS webpage, it is a privately owned international economic development company that works with governments and investors to leverage Singapore’s development experience for the benefit of other countries.

In the development of BPO Prime, EDIS is involved in the design and development of BPO Prime as an integrated residential and commercial development based on a “live-work-play” concept.

“These efforts are intended to introduce Grade A offices and a good residential development that will attract multinational corporations to set up operations in Penang.

“As we are monitoring current market conditions on these sectors, we are unable to comment on the demand and supply situation and the next steps for the project now,” he said, when questioned on the property demand in Penang.

EDIS also said as BPO Prime is currently in the design stage, it is unable to share the projected return on investment.

On PITP, which sits on an 83.4ha piece of land, Eng said the project will only take off after BPO Prime.PITP, when completed, will feature two advanced technological parks, residential and commercial units, a medical hub and a green lung.

Meanwhile, investPenang general manager Loo Lee Lian said Temasek and EDIS have yet to indicate a time frame for the construction of BPO Prime. “They are reviewing the design due to the current market condition. The [business] model is for the residential units to be sold and the commercial units — for lease, and it is supposed to encompass a ‘work-play and live’ concept, so that those who work in BPO can stay there. So it is a comprehensive package altogether. It is integrated.

“I think they have asked valuers to look at the property market again, especially the residential segment in Penang and [other parts of] Malaysia,” Loo said in an interview with The Edge Financial Daily.

She said the state is focusing on developing Bayan Lepas into a BPO zone with Multimedia Super Corridor (MSC)-status buildings such as One Precinct, SunTech and Mayang Mall in the vicinity.

“Penang remains a very attractive site for BPO and investors want to go to a second-tier city (first-tier being Cyberjaya and Kuala Lumpur) because it is cheaper and smaller-sized.

“We never depend on one single solution. We always have multiple solutions. We will leave it to EDIS to do their review on the market. Everyone is being prudent. Let them do the analysis, and we will decide then.

“From our point of view, we can always find another alternative for investors. This is only one of the elements of the BPO,” Loo added.

Recall that Penang Chief Minister Lim Guan Eng reportedly said in 2015 that the state aimed to tap into the global shared services and outsourcing (SSO) sector that had doubled to RM12.8 billion in 2013.

“In Penang alone, the cumulative investments for SSO companies with MSC status between the years 2009 and 2014 have reached RM4.1 billion,” he said then.

Global tech researcher Technavio-Infiniti Research Ltd expects the global market share for shared services to grow at a compound annual growth rate of more than 14% by 2020.

The sector provided more than 8,000 high-income jobs to locals who served regional and global markets, with numbers expected to increase by 60% from 2015 to 2018.

The collaboration with Temasek marked the first venture with PDC. As at March 31, 2016, Temasek’s net portfolio value was S$242 billion, according to its website.

Read Source: TheEdgeProperty.com.my

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