Mansion One
MAGNA Putih Sdn Bhd is investing RM200mil to upgrade and refurbish Mansion One (formerly Northam Tower) at Jalan Sultan Ahmad Shah, Penang, to comprise suites and hotel rooms.
Its director Adrian Tan said in an interview that the refurbishment work for Mansion One would be completed in 24 months.
There would be 277 semi- furnished suites of one to three bedrooms with built-up areas ranging from 581sq ft to 1,470sq ft.
The selling price for the suites ranges from RM670 per sq ft to RM950 per sq ft.
“There will be 110 hotel rooms. All the suites and hotel rooms face the sea and George Town city,” he said.
Tan said the suites would be targeted for local investors.
“The competitive edge of Mansion One is its prestigious address and that its management would be provided by a well-known hotel chain group with strong presence in Asia and the Middle-East,” he said.
Tan said the suites in Mansion One had room to appreciate by about 20%, as the neighbouring properties were already selling for about RM750 per sq ft.
“To add further value to Mansion One, the Hardwicke House, a heritage building, would be renovated to become a fine dining restaurant,” he said.
The Mansion One project will be showcased by Henry Butcher Malaysia (Penang) Sdn Bhd at the ninth Star Property Fair 2011 in Penang, which will be held at Gurney Plaza and the adjoining G Hotel from July 21 to 24.
Tan said Magna Putih was now negotiating to acquire two sites, one in Bayan Lepas and the other in the north-east district, for the development of boutique hotels.
“We are also negotiating to take over two pieces of land in Sungai Dua and Batu Gantong for condominium projects,” he said.
Organised by The Star in collaboration with Henry Butcher, the fair will be open to the public from 10am to 10pm daily, and admission is free.
To date, 28 major developers – representing almost all the big boys in the industry – along with several financial institutions, have taken up booths at the fair.
The fair will also see RM30,000 worth of prizes to be won for the “Surf, Click & Win” contest which is sponsored by IJM Land.
SOURCE: The Star
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This should be one of the prime project right? Why so quiet, nobody interested? Priced at >600psf, and there is option for reno or not. The biggest concern is the need to fork out huge upfront of 35% base on selling price before discount (5+10%), easily talking about 150k here, and there is no assurance given when this can be re-funded back. The only statement given is that this amount would be re-funded within 1 month after the first draw-down from the bank, but if the S&P and sunsequent documents never being submitted, this can be delayed forever.
And this is from Ideal. You know what my concern is
is this mean this is not a good buy? what is the concern with Ideal?
For those are in the property industries long enough will know the track records of Ideal (and it’s brother/sisters company).
Some of the projects developed by their related companis are:
- Taman Krystal Park (under Cantum Kaya SB. – project abandon after 30% and declared brankrupt)
- The CEO (under Ideal Property – launched 2006. Only deliver in 2011. Some buyers yet to receive keys till todate)
- I-avenue (Rich focus)
- I-regency
Now… Another new company – Magna Putih SB? You can guess who is behind this company.
Try to get loan from a bank which is NOT thier panel. Then you can ask the banker more question. They know more than us
wow, ya …thank u so much
Yeah..the deal is attractive but the risk is high, in fact my friend managed to get one 583sf, 1 car park, facing MBF tower but with side seaview, without reno/furnished option at ~580psf after 5+10% discount. This price is very reasonable considering the strategic location (centrally located, and next to gleneagle, could get tenant easily, nearby to gurney drive), and also when compared to the similiar projects currently (118@island plza >700psf seaview with no car park, SOHO@Gurney heard >800psf, studio at the light >700psf, studio at E&O >750psf sub-sale). Well I am still in the queuing list, i would observe how the banks reaponse to this project, and also the response during the property show to further decide.
OMG ! i start worry… i’ve made RM5,000 deposit… You sure all his record are all BAD ? Totally no successful record at all ?
The reputation is indeed bad…I checked with quite a few real-estate agents and bankers, all of them basically given bad remarks about this developer. Accepting booking fees and not sending S&P for stamp, delay in projects, poor sales service, cash-flow problem, and much more. But putting all these factors behind, provided they can still deliver at the end, their building quality and design i would say still reasonable, I-regency, krystal point, I-avenue, I-suria, CEO, and also the under consutruction One Residence at Sg. Ara. Anyway back to this project, at least the northam tower building is already existing, i doubt that they can just run away from this. Anybody can help verify whether they ate the official owner of the building?
Magna Putih Sdn. Bhd. has bought over the building for RM70mil on 2008. Since the tower is named as “Ideal Suites”, the relationship between Magna and Ideal is a question.
I think as long as the project is making profit for them, then you don’t have to worry.
What concern me is the huge amount up front.
I think they don allow to sign S&P even you pay 10%, but only when you pay 25% that time only. Perhaps, not much details they provide, and they have to right to change all the terms and condition if not mistaken, with their poor reputation, they might hardly complete within timeline again if there are poor sales response
Guys ……….
from what I heard, you could probably sign the s&p, but the developer ain’t gonna send it for stamping until it suits their jolly purposes.
same case with “The CEO” project. s&p signed for 2 years, didn’t send for stamping, therefore the purchasers couldn’t claim for late delivery.
Interesting. So in this case of CEO, can buyers secure the loan, and can developer ask for bank draw-down without S&P being stamped?
i smell some bullshitter already
with regards to the ceo project, the developer had a 3 year zero-interest thing, whereby the bank was not required to release the funds.
in addition to that, people should check what caveats there are on the previous developments by this group.
from what I’ve heard, not even half the purchasers received the individual titles……..
For those buying this properties, better think properly. From what i heard, henry butcher will be selling a part of the building only, another part by another selling parties (not sure who). And a lot of banks cant finance or dont favour this project .
better be very careful …
Anyone here have paid the 10% deposit, sign S&P and got the letter offer from bank?From what I know RHB,PBB & HLB had KIV the loan application of buyers.
I paid for the first 10% but then decided to pull out. Too much a risk considering the subsequent 20% cash (to eligible for the discount) which have no guarantee as of when can be re-funded. There was a huge dilemma at that time but I have decided on this option, I do think that this is a good project in a strategic location with great neighbourhood and have huge appreciation potential upon completion – if successful.
hi, no bank welling to loan for this project?? but, now inside office for rent all already move out, and they wanna to start the project… pls advise, i am in consider to buy… how much for the availabe unit, floor and price right now?
northam, i was about to make a purchase, after listening to my banks,valuer friends, i decided to drop off my unit
Can share What did your banker, valuer & friends said on this project? Thanks
Pls share wat bankers or real estate valuers talk abt it? I was at PIP and they now giving 5%+5k. Upfront is now high actually. Will only strt repayment when project completed. I am keen but pls help to give more info.
thinking to withdraw..anyone give up for this project?
Iam one of the early bird who booked early and opt for the >30% lump sum deposit. I have withrawn some months back as I don’t want >=140k of my money being held indefinitely.
by the way, what is the main reason you withdraw?
@john lim
I am not sure you are the early buyer. When this project was first launched, they offered some additional discount with condition that you have to put up some heavy deposit (cant remember exactly how many percent now). Some portion of this deposit can only be claimed back after bank has disbursed certain amount of money to them.
So why i withraw? Because i don’t think it is worth it if i do not get the additional discount, at the sametime i do not want my cash being held.
Same here. Just don’t feel comfortable with the this project and how this is planned. Furthermore the company has no track of record (obviously it is a Ideal’s related company), who know what will happen after pay them big lump sum.
Simple theory, why Ideal want to buy a new company (Magna Putih) to run this project instead of using their existing developer profile which already has good number of project running?