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First landed residences at Aspen Vision City to launch next year

Property News/ 13 November 2016 Leave a comment

AspenVisionCity-featuredAspen Vision City Sdn Bhd (AVCSB) is set to launch its first landed housing at Aspen Vision City in Bandar Cassia, Batu Kawan, Penang next year. AVCSB is a subsidiary of Aspen Vision Land Sdn Bhd (AVLSB) while AVLSB is a subsidiary of Aspen Vision Development Sdn Bhd (Aspen Group).

Aspen Vision City covers 245 acres of freehold land and is one of the biggest mixed developments in Penang offering a combination of condominiums, shopoffices, serviced suites, hotels, office tower, financial hub, medical centre, international school and a range of amenities. The northern region’s first IKEA furniture store will also be located there.

“This will be our first landed and luxurious designer bungalow development in Aspen Vision City which is named ViLuxe. These upcoming bungalows will raise the bar of luxury projects in mainland Penang. It will also have direct access to our 25-acre Central Island Park,” Aspen Group CEO Datuk Murly Manokharan told TheEdgeProperty.com.

There will be a total of 157 units with prices starting from RM2.5 million.

“Our target market is the elite group in mainland Penang and those who know how to appreciate the finer things in life,” said Murly.

According to him, Batu Kawan is the only landbank in Penang and the entire northern region that has infrastructure completed ahead of property developments.

“Billions of ringgit have been spent by the government to connect Penang Island to Batu Kawan.

“The North-South Highway at Batu Kawan makes it very attractive as a destination of choice for people from other northern states which is a largely untapped market. Batu Kawan is a well-planned satellite city — the infrastructure and public amenities are all well thought-out by the government. In other developments, developers need to pay high land cost and heavy infrastructure investment before they start their developments,” said Murly.

He added that due to its accessibility, the economy of scale in Batu Kawan will be better than in Penang Island as the area is well connected to almost all states in Peninsular Malaysia. The high-tech and light industries that are mushrooming in Batu Kawan also play key roles as job centres. With all these elements and the attractive land cost, it is not ambitious to say Batu Kawan will spearhead the future of Penang’s commercial and financial activities,” he said.

Meanwhile, the group will also officially launch another component of Aspen Vision City, Vertu Resort, in December.

Vertu Resort is a resort-inspired condo development with furnished move-in condition units. It is Aspen Vision City’s first residential development.

The project was soft-launched in February this year and is already 60% booked. The project has a gross development value (GDV) of RM620 million. It has 1,282 units with built-ups ranging from 1,030 sq ft to 1,290 sq ft. Prices start from about RM450,000.

Aspen Group had also recently launched Small-office Home-office (SoHo) units known as Beacon Executive Suites in George Town, Penang in September. It has achieved a 40% take-up rate so far.

“There are a total of 227 units with built-ups of 980 sq ft. Prices start from RM558,000,” said Murly, adding that the project has a GDV of RM150 million and is targeted for completion by 2019.

On the property market, he noted that the market has been challenging not only in Penang but in the entire region.

“However, it very much depends on the relevance of the product to buyers. The right product will still strike the market well. The property market will remain challenging next year and developers need to understand the needs of the market and put in more thoughtful details so that the new projects will remain relevant to buyers,” he offered.

Aspen Group has so far achieved RM850 million in sales and targets to hit RM1 billion sales by the end of the year.

The group has a current undeveloped landbank of RM13.1 billion GDV and is planning to acquire more potential land in Penang and the Klang Valley.

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Read Source: TheEdgeProperty.com.my

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  1. hehe
    November 14th, 2016 at 12:10 | #1

    2.5 million so cheeeeeaaaap…..

  2. ouch!
    November 14th, 2016 at 12:25 | #2

    @hehe

    2.5 mil is not a small sum of money, but whether cheap or not, we’ll have to wait and see what kind of bungalows they are offering.

  3. ouch!
    November 14th, 2016 at 12:26 | #3

    2.5 mil sounds about right, if you price it too cheap, then people will buy to house banglas, like what happened to that tambun indah bungalow project in Juru.

  4. Getha
    November 14th, 2016 at 13:44 | #4

    OMG! 2.5 mil for that location? The water closets installed must be made of gold..

  5. edisongan
    November 14th, 2016 at 14:31 | #5

    Seriously, BK’s bungalow now is RM 2.5 million really abit hard to swallow…Bukit Indah in BM is considered most prime Bungalow in BM already also around RM2.5 million…Really don’t play play with Aspen…They really dare to open price and sell…

  6. Gila
    November 14th, 2016 at 14:37 | #6

    With this kind of price, I’d rather to buy a decent property on the island…

  7. edisongan
    November 14th, 2016 at 14:55 | #7

    @Gila
    Dude, RM2.5million can only buy double storey terrace house at certain mature town nia..

  8. edisongan
    November 14th, 2016 at 14:56 | #8

    Only mainland can buy bungalow…island can only buy DST at certain area..Though I am from mainland but I also find it pricy…

  9. ouch!
    November 14th, 2016 at 17:28 | #9

    Anyway, this type of properties are good for own stay, but very difficult to make money as an investment asset.

  10. hehe
    November 15th, 2016 at 21:37 | #10

    Aspen are dare to put on this price..they have ikea, central park and other amenities within aspen vision city to attract. Moreover in front of them ecoworld land advertisement is coming up soon….

  11. Trump
    November 15th, 2016 at 22:30 | #11

    Honestly I feel AG and Ikano is a good brand to buy from.

  12. Trump
    November 15th, 2016 at 22:32 | #12

    AG is very strong financially I was inform by almost all the Bankers Friend. Their financial position is Super strong. And Ikano is worth more than 500billion euro

  13. edisongan
    November 16th, 2016 at 09:04 | #13

    @Trump
    Now we do not have doubt on developer’s financial status, but more on buyers’ status. Hahaha..RM2.5million bungalow can only cater for businessman for sure..And at this location, really no joking..on par with Butterworth, Prai and BM bungalow already…

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