Penang Property Talk

The Penang government will spend RM10mil to refurbish the Mayang Mall building in Bayan Baru and turn it into a Global Business Services (GBS) centre for investors.

Chief Minister Lim Guan Eng said the GBS industry had huge growth potential and needed a conducive business environment in order to flourish.

“The refurbishment works will include a major facelift of the building facade and improvement of shared facilities,” he said in his speech during the launching of GBS@Mayang at the mall’s atrium on Friday.

Most importantly, he said the infrastructure upgrades would meet the standards of the MSC (Multimedia Super Corridor) Malaysia Cybercentre.

About 110,000sq ft of office space will be made available once the refurbishment is completed in January next year.

“Penang is second after Klang Valley in hosting the most number of MSC Malaysia status-companies in Malaysia,” he said.

He added that GBS@Mayang was part of the state’s master development plan to offer conducive enterprise space and environment for investors and supporting talents worldwide.

He said a second phase, tentatively called ‘GBS by the Sea’ at Phase 4 of the Bayan Lepas Free Industrial Zone (FIZ), would follow soon.

Penang Development Corporation general manager Datuk Rosli Jaafar said the rebranding of Mayang Mall was timely as it would create synergy and connectivity within the satellite township of Bayan Baru.

“Bayan Baru township was developed in the 1970s as an industrial town supporting and complementing the growth of the Bayan Lepas FIZ.

“Over the years, our industrial technology has grown by leaps and bounds as we move to high technology, R&D (research & development) and skilled labour force.

“Penang’s vision is to attract more GBS, both local companies as well as multinationals,” he said during a slide show presentation.

Source: TheStar.com.my

BPO Prime, an upcoming integrated mixed-development, is a joint venture between Penang Development Corporation (PDC), Temasek and Economic Development Innovation Singapore (EDIS).

Strategically located on a 2.7-hectare site in Bayan Baru, it will provide commercial space focusing specifically on business process outsourcing (BPO) activities, as well as residential space. The four-storey PDC building, currently located on the site, will be replaced by a proposed 29-storey and 25-storey BPO towers, which are being planned to accommodate retail outlets, recreational facilities and open spaces.

The project is currently in planning stage, its residential component is slated to be launched in early 2017.

Project Name: (to be confirmed)
Location : Bayan Baru, Penang
Property Type : Mixed development
Total Unit: (to be confirmed)
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer: PDC / Temasek / EDIS

Location Map:

Mahsuri Square, yet another proposed affordable housing at the South West district of Penang Island. It is strategically located within the established township of Bayan Baru, along Jalan Mayang Pasir.

This development will see two blocks of 29 & 26-storey buildings, offering a mix of affordable and low medium cost units:

Block 1: 29-storey building (408 affordable units)
Indicative Price: RM200,000 – RM490,000

Block 2: 26-storey building (130 LMC & LC units)

READ MORE ABOUT AFFORDABLE HOUSING:

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

Project Name : Mahsuri Square
Location : Bayan Baru, Penang
Property Type : Affordable housing
Built-up Area: (to be confirmed)
Total Units: 408 (affordable housing), 65 (LMC), 65 (LC)
Land Tenure: (to be confirmed)
Indicative Price: RM200,000 – RM490,000 (affordable)
Developer : Seraimas Bina Sdn. Bhd.

Location Map:

Penang International Commercial City, an upcoming RM10bil mixed development by Hunza Properties Bhd. in Bayan Baru. It is strategically located along Jalan Tun Dr. Awang, just a stone’s throws way from sPICE.

This development will be built in three phases and planned for completion by 2026. The first phase is expected to commence work in mid-2017, expected to have a gross development value of RM5bil. It comprises a shopping mall, medical centre, a BPO tower, a hotel, and 1,792 units of serviced apartments and apartments.

The first phase is scheduled for completion in 2021. The second and third phases would see the development of more apartments, a hotel and a college. The project is located on a 43.36 acre land. It will have a gross floor area of 9.4 million sq ft.

Details to be available upon project launch.

Project Name: Penang International Commercial City
Location: Bayan Baru, Penang
Property Type: Mixed development
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Total Units: 1,792 (Phase 1)
Developer: Hunza Properties Bhd.

Location Map:

Upcoming 43-acre mixed development by Hunza Properties Bhd., with an estimated gross development value of RM6bil.

Hunza Properties Bhd is buying 9.7 acres of freehold land in Penang for RM57.02mil to develop affordable houses for qualified buyers.

In a filing with the local stock exchange yesterday, Hunza said its wholly-owned unit, Diamaward (M) Sdn Bhd, had signed a sale and purchase deal with property developer WLB Properties Sdn Bhd to buy the land, located next to Hunza’s 43 acres in Bayan Baru.

Diamaward is also primarily involved in property development.

The group said the rationale for the deal was to build and develop affordable homes, in line with the Government’s call for more of such housing.

Under the proposed terms, Hunza is required to build and sell the affordable homes in the area to qualified buyers.

However, the number of such homes to be built has yet to be finalised.

“The proposed acquisition is not expected to have any material effect on the group’s earnings for financial year 2016.

“The total development cost and expected profits can only be determined once the development plan is finalised,” said the group, adding that details on funding the acquisition would also be finalised at a later date. The total consideration of RM57.02mil was arrived at on a willing buyer-willing seller basis, after considering the land’s market value, it said.

Source: TheStar.com.my