Archive for the ‘Property News’ Category

MOU Signing between PDC, Temasek and EDIS

May 26th, 2014 5 comments

High-tech industry: An artist impression of the BPO Piazza and the BPO Prime building (right).

Penang Development Corporation (“PDC”) inked a Memorandum of Understanding (“MOU”) with Temasek and Economic Development Innovations Singapore Pte Ltd (“EDIS”) on 23 May 2014. PDC and Temasek intend to form a joint-venture company to develop Penang International Technology Park (“PITP”) and Business Process Outsourcing Prime (“BPO Prime”). PDC will hold 51% in the joint-venture company with the remaining stake held by investors, including Temasek. EDIS will provide project management services to the joint-venture company. The gross development value for this project is estimated to be around RM11.3 billion. The MOU is subject, among other things, to the finalisation of definitive documents.

Located in Batu Kawan and in Bayan Baru respectively, PITP and BPO Prime have been identified by the Penang State Government as priority projects for Penang’s development. The PITP and BPO Prime with a size 206.8 acres will be completed over the next 5 to 10 years. BPO Prime will be part of the effort by the state government to fulfil Penang’s destiny as one of the 31 BPO hubs of the future.

Penang has experienced two growth transformations – industrialisation and clustering in the past to become a successful industrialised economy and this development focusing on the services sector will help Penang’s economy move up the value-chain, by driving the third growth wave of knowledge intensive and innovation-led growth.

The project’s vision is to create new clusters of economic development with opportunities to live, work, learn and play in sustainable and innovative urban spaces. The strategies are:

  1. Economic development – The influx of activity to the project will provide a significant boost to Penang’s economy and act as a major catalyst for further development
  2. High value manufacturing and innovation – The focus will be on attracting market leaders in knowledge-based sectors such as Business Process Outsourcing (BPO), Information Communications and Technology (ICT) and advanced manufacturing that leverage Penang’s existing comparative advantage and capabilities in the electronics industry.
  3. Job creation – Job creation will be at the core of the project’s success. The project is expected to generate about 25,000 to 30,000 high income and quality jobs.

This MOU demonstrates the success of PDC’s efforts to collaborate with foreign investors in attracting world-class international companies. Penang witnessed the completion and opening of the Penang Second Bridge on 1st March 2014. On that same day, Penang launched the RM3.3 billion BPO Hub in Batu Kawan and Bayan Baru, which is one of the main components in the MOU signing ceremony today. Over the next three years, Penang is expecting the realisation of a premium outlet, theme park and international golf resort, and the sprouting up of universities in the Education Hub and other business establishments as well as building of over 20,000 units of affordable housing. The new BPO is the beginning of the growth cycle on Penang.

Source: Buletin Mutiara

Categories: Property News Tags:

Good news for housebuyers

May 24th, 2014 5 comments

Jagdeep: I'm happy land has been bought for the PR1MA project.

THE Federal Government has bought 80.94ha of land in Teluk Bahang for the 1Malaysia People’s Housing Scheme (PR1MA), said Datuk Shah Headan Ayoob Hussain Shah (BN -Teluk Bahang).

He said he had checked with PR1MA Corporation Malaysia which confirmed that the land had been bought for the Federal Government’s initiative for affordable housing.

He said this is response to a question raised by Jagdeep Singh Deo (DAP – Dato Keramat) during the latter’s winding-up speech at the state assembly yesterday.

Jagdeep had asked how many of the 133,000 PR1MA units to be built nationwide would be built in Penang.

In response to Shah Headan’s reply, Jagdeep said he was happy to receive the news that a piece of land had been bought for the housing scheme.

“Hopefully by next month, I can get a positive reply that PR1MA will be carried out in Penang, where the project will be carried out and the timeline for the project.

“We will try to assist to expedite the project because this type of housing is important,” said Jagdeep who is the state Housing, Town and Planning Committee chairman.

In his winding-up speech earlier, Jagdeep had also said that applicants of low-cost, low medium-cost and affordable houses were facing difficulty in obtaining bank loans.

He said the rejection rate was 50%, adding those who were successful in obtaining the loans were slapped with high interest rates.

Jagdeep also said applicants for public housing units in Penang must be at least 21 years old and a voter in the state.

He said this was a new condition set by the Selection Process Enhancement Committee.


Categories: Property News Tags:

Good fortune abounds in township, says feng shui expert

May 22nd, 2014 18 comments

CURRENT and future buyers of Botanica.CT Garden Township will continue to be surrounded by good fortune for the next 20 to 40 years, according to renowned feng shui consultant Datuk Joey Yap.

He made the remark when he arrived at the launch of Botanica.CT’s Botanica 4 show villas to give a talk on Sunday.

He also claimed that fortune was shifting to the southwest side of Penang island or Balik Pulau where the garden township was located.

MTT & Priority Group of Companies group general manager Jason Tan Khee Kwong said Yap was engaged to give a talk to potential homebuyers, adding that having mountains all around was good feng shui.

Meanwhile, the group’s executive chairman Datuk Dr Kenny Ong said response to the launch had been good with 10 people placing their bookings and many more making enquiries, adding that they hoped to sell at least half of the 29 units by the end of the year.

“Our next phase will be the commercial units.

“We hope to start building the pedestrian mall to be called Botanica Walk as soon as the building plan is approved.”

Botanica 4 will have 29 three-storey villas on a plateau with each having a built-up area of 6,000sq ft onwards and land area of 9,000sq ft to 16,000sq ft.

Each villa, priced from RM5.5mil and with seven exclusive designs to choose from, will have a swimming pool and a home elevator.

Botanica.CT has nine residential phases altogether. A heritage club house is due to open soon followed by the pedestrian mall, a medical centre, a health resort and a retirement resort.

There will be a two-day Botanica.CT roadshow from June 7 at Marina Bay Sands Hotel in Singapore from 10am to 7pm in conjunction with Property Guru’s Malaysia Property Showcase 2014.

The launching ceremony of the Botanica 4 show villas was also witnessed by Botanica.CT’s existing residents and potential buyers who were treated to lunch and a lion dance blessing ceremony.


Categories: Property News Tags:

First Penang property project for GUH

May 20th, 2014 13 comments

Group managing director Datuk Kenneth H’ng told StarBiz that the project, comprising 322 units of landed properties on 16 acres or about 35% of the 46-acre site, had been approved by the local authorities.

GUH Holdings Bhd is planning the initial launch of an RM238mil residential project in south Seberang Prai next year following the acquisition of a 46-acre land bank for RM69.68mil in Simpang Ampat.

Group managing director Datuk Kenneth H’ng told StarBiz that the project, comprising 322 units of landed properties on 16 acres or about 35% of the 46-acre site, had been approved by the local authorities.

“The purchase of the land came with the master plan for the project, which has been endorsed by the local authorities,” H’ng said after the company’s AGM, which saw the signing of the sale and purchase agreement for the said land bank.

The site was purchased from Million Crest Sdn Bhd by Notable Empire Sdn Bhd, a wholly owned subsidiary of GUH, for RM69.68mil cash. The acquisition is scheduled to be completed in July.

“We plan to launch the project in the first half of 2015. Based on today’s property prices, we can expect the project to generate about RM92mil to the group’s revenue over the next five years.

“With the launch of our maiden property project in Penang, we expect our property division to contribute over 20% to the group’s revenue next year compared with 15% in 2013,” H’ng added.

He said the group was optimistic about the project, as it is close to the second bridge and 2.5km from residential and commercial projects such as Bandar Tasek Mutiara, Pearl City, Taman Tambun Indah and Taman Simpang Ampat.

At present, the group still has 150 acres of undeveloped land bank in Taman Kepayang, Seremban. The group has so far developed about 350 acres of its land bank there.

On its water treatment business, H’ng said the group was presently tendering for about RM170mil of water projects in the country.

“The unbilled contracts for our water projects to date is RM40mil. We should know the status of the tenders by the end of 2014,” he added.

On its printed-circuit board (PCB) business, GUH has in hand some RM60mil worth of orders for double-sided and single-sided PCBs to be delivered by the end of the second quarter.

“The orders are coming from the home audio, car audio, television and refrigerator manufacturers,” H’ng said.

For its first quarter ended March 31, the group posted a pre-tax profit of RM8mil on the back of RM77mil in revenue, compared with RM7.8mil and RM62mil respectively achieved in the previous corresponding period.


Categories: Property News Tags:

E&O awaiting state govt clearance for Seri Tanjung Pinang phase 2 project

May 19th, 2014 6 comments

Artist’s impression of Seri Tanjung Pinang phase two.

The development of Seri Tanjung Pinang (STP) phase two in the north-east coast of Tanjung Tokong here by Eastern & Oriental Bhd’s (E&O) unit, Tanjung Pinang Development Sdn Bhd has entered a critical phase with the company awaiting the endorsement of the state government for its proposed masterplan before it can proceed with the reclamation work.

Although the state had granted an in-principle approval to E&O for the masterplan in 2011, E&O still needs the state’s clearance for the masterplan before reclamation work of the STP phase two can proceed.

The STP phase two project will involve the reclamation of 760 acres of man-made islands and 131 acres of the Gurney Drive foreshore that will be handed over to the state government for infrastructure development of a new expressway, a new Gurney Drive Promenade, and a parallel linear park for public recreational purposes.

It will be the sequel to the 240-acre STP phase one and is expected to have a development horizon of 15 years.

Time is also of the essence as E&O’s concession agreement with the Penang state government to reclaim and develop the land is subject to the completion of the reclamation work by 2019 when the reclamation concession expires. Given that the reclamation for the more sizeable STP phase two will be done further offshore in deeper waters compared with the smaller STP phase one that is closer to shore, the project is expected to incur higher costs and take a longer time.

In a recent interview here, E&O managing director Datuk Terry Tham said the company had submitted applications to the state government with regard to the endorsement of the proposed STP phase two masterplan.

“We can start reclamation only after obtaining approval from the state government, which we hope to obtain by the fourth quarter of this year. Reclamation work is expected to commence thereafter and may take three to five years for full completion.

“We should be on track to meet the deadline for reclamation of 2019 as long as we comply with all requirements set by the regulatory authorities. Development can only start after reclamation work has been completed,” Tham told StarBiz.

The Department of Environment had on April 10 granted an approval in principle for the detailed environmental impact assessment (DEIA) study and conceptual masterplan of the STP phase two project, subject to compliance to conditions set out by the DOE to ensure the project is carried out in an environmentally responsible manner and is consistent with the prevailing regulatory framework.

Tham said E&O was ready to comply with all conditions set by the authorities, which included the necessary requirement of a DEIA study and its approval. “As a responsible developer, E&O has appointed local consultants familiar with local conditions and reputable international consultants with the experience and expertise of reclamation projects worldwide, to verify and help monitor that each stage of reclamation work is consistent with international standards, irrespective of whether it is imposed on us.

Penang chief minister Lim Guan Eng told StarBiz earlier this month that E&O would be given the approval by the Penang state government if it complied with all the technical and regulatory requirements for the project.

“If all the conditions are fulfilled by the developer, the state government will have to respect the sanctity of the agreement, otherwise it will have to pay compensation to the developer for non-compliance,” Lim explained.

If given the go-ahead, E&O will proceed to call for tender proposals for the reclamation work for STP phase two with the actual reclamation work expected to begin only early next year.


Categories: Property News Tags: