Penang Property Talk

About 3,000 jobs will be created for locals with the opening of a RM200 million high-end Global Business Services (GBS) complex near the second bridge by 2020, Chief Minister Lim Guan Eng announced yesterday.

He said the complex, called “GBS by the Sea”, would be housed in two buildings, one eight storeys and the other nine storeys, with a total floor space of 411,000 sq ft and 2,500 parking lots.

Lim said the Penang Development Corporation (PDC) would build the project next to the current Motorola Solutions building at the Free Industrial Zone in Bayan Lepas.

GBS is a term referring to businesses housed under one roof that offer shared services and outsourcing to improve service delivery and reduce costs.

Last month, Lim launched GBS@Mayang, a similar set-up which involved the refurbishment of a mall in Bayan Baru.

The Mayang initiative is part of the Bayan Baru Improvement District under the Penang Cyber City plan.

“Penang’s concerted efforts to enhance GBS infrastructure will provide higher value jobs in the manufacturing industry through expansion and diversification of the GBS business,” Lim said in a press conference at Komtar.

“We aim to be part of the Industry 4.0 Transformation, which revolves around big data analytics, e-commerce, crowdsourcing, cloud computing and the Internet of Things.

“GBS by the Sea is expected to attract many key international players.”

According to PDC general manager Rosli Jaafar, GBS by the Sea is envisioned as a centre for tech and R&D companies.

It will be an MSC Malaysia cybercentre-standard building incorporating retail and food outlets, he added.

Outsourcing Malaysia, the industry association, projected that Malaysia’s GBS sector would see a compounded annual growth rate of 10%-15% in the next three years.

According to Malaysia Digital Economy Corporation, GBS companies with MSC Malaysia status recorded a total revenue of RM18.4 billion in 2016.

The Malaysian Investment Development Authority, in its 2016 report on investment performance, listed Penang in second place after Kuala Lumpur in investments for Global Establishments for Services or “Principal Hub”, with an investment value of RM4.1 billion.

Source: FreeMalaysiaToday.com

Fairview Residence, an upcoming affordable housing development at Sungai Ara, Penang. Strategically located next to Setia Pinnacle by SP Setia, about 10 minutes drive away from Setia SPICE. This is a joint venture development between VST Group and BSG Property.

This development will features 34-storey condominium offering 750 units of affordable housing, with an indicative selling price of RM368,000 onwards.

READ MORE ABOUT AFFORDABLE HOUSING:

• Eligibility and the requirement of buying affordable housing
• Full list of affordable housing in Penang

Project Name: Fairview Residence
Location : Sungai Ara, Penang
Property Type : Affordable Housing
Built-up Area: 900 sq.ft.
Total Units: 750
Indicative Price: RM368,000 onwards
Developer: VST Group and BSG Property

Location Map:

The Penang Waterfront Convention Centre (PWCC) spanning 25,083sq m is poised to turn the state into a hub for conventions and exhibitions in Southeast Asia.

Its multipurpose hall will be a sprawling 7,060sq m, the largest ever planned for Penang.

But the best news is that PWCC is part of the 381,000sq m seaside development, The Light City, which will have a retail mall, two luxury hotels, a 28-storey office tower and two premium condominium blocks.

This RM4.5bil freehold project, about 32 acres, is located along Tun Dr Lim Chong Eu Expressway near Penang Bridge and The Light Waterfront.

The project, expected to be ready by 2021, was unveiled by IJM Perennial (IJMP) Development Sdn Bhd recently at a ceremony attended by Chief Minister Lim Guan Eng and 200 guests in The Top@Komtar.

This is a joint venture between IJM Corporation Berhad and Perennial Real Estate Holdings Ltd from Singapore.

Perennial chief executive officer Pua Seck Guan said The Light City would be at a coveted location and designed with a good asset plan.

“It will feature modern architecture with a heritage setting.

“When completed, it will be one of the iconic landmarks in Malaysia,” he added.

He said the five-storey retail mall will cover a total gross floor area of about 140,000sq m, built in such a way that the ambience mimics heritage areas such as Armenian Street.

IJM Land Berhad managing director Edward Chong said the two luxury hotels would offer 745 rooms.

Chong added that the two condo towers, christened Mezzo and Essence, would be 34 storeys tall.

Source: TheStar.com.my

The Light City, a large-scale integrated mixed-use waterfront development in Gelugor, Penang. This is a joint venture development between IJM Corp Bhd and Perennial Real Estates Holdings Ltd.

Positioned as Penang’s premier integrated waterfront precinct, The Light City will have a total gross development value of over RM4.5 billion, said IJM Perennial Development in a statement.

The Light City will have a total gross floor area of about 4.1 million sq ft, comprising a retail mall, Penang’s largest convention centre to be called Penang Waterfront Convention Centre, two hotels to be operated by renowned hotel brands, a 28-storey office tower, and two premium residential projects named The Mezzo and The Essence.

The luxury hotels will be housed in a 37-storey tower, consisting a total of 745 rooms. The Mezzo will have two 34-storey residential towers with 456 homes and The Essence will house 315 units of homes over two 37-storey residential towers.

According to IJM Perennial Development, The Light City is designed as a ‘Smart City’ and will be equipped with fibre optics and Wi-Fi infrastructure, providing shoppers, Meetings, Incentives, Conventions and Exhibitions (MICE) delegates, hotel guests, office tenants, and residents with endless access to new digital solutions and online connectivity.

Construction at the 32.76-acre freehold site is expected to commence soon and the project is slated for completion by 2021.

Property Project : The Light City
Location : Gelugor, Penang
Property Type : Integrated development
Total Units : (to be confirmed)
Indicative Price : (to be confirmed)
Developer : IJM Perennial Development

Location Map:

Yet another newly proposed mixed development by Iconic Development Sdn. Bhd. at Sungai Nibong. Strategically located along Jalan Sultan Azlan Shah, next to SK Sungai Nibong. It is only 10 minutes walk to two future LRT Stations – Sungai Nibong & Pesta Stations.

This development will feature a mix of 49-storey condominium (268 units) and 36-storey office suites (176 units).

This project is still pending for approval. More details to be available upon official launch.

Project Name : (to be cofirmed)
Location : Sungai Nibong
Property Type : Mixed development
Built-up Size: (to be confirmed)
Total Units: 268 (condo), 176 (suites)
Indicative Price: (to be confirmed)
Developer : Iconic Development Sdn. Bhd.

Location Map: