Archive for the ‘Property News’ Category

Redevelopment deal of Crag Hotel stalled

December 1st, 2011 No comments

GEORGE TOWN: A deal for a developer to redevelop one of the state’s oldest landmarks on Penang Hill — Crag Hotel — appears to have stalled, due to an alleged exclusion of surrounding properties in the hotel’s vicinity.

Business Times has learnt that although Sri Nisuh Sdn Bhd had been initially promised several bungalows adjacent to the historic hotel when the contract was discussed, the said bungalows did not find their way into a draft agreement.

“Three bungalows adjacent to Crag Hotel were promised to be integrated into a memorandum of understanding between the Penang authorities and developer,” a source said.

“However, the said properties were excluded by the State Secretary in the draft agreement.”

In May, the state government announced that Amanresorts International Pte Ltd will run the famous Crag Hotel on Penang Hill, which was one of the earliest hilltop homes and later turned into a hotel in 1929.

The hotel has been in a neglected and derelict state since 1977 after the International School of Penang (better known as Uplands School) vacated the premises and moved to George Town.

The project was reported to have been awarded in April to Sri Nisuh Sdn Bhd and the company was said to be investing US$12 million (RM38.04 million) to finance the project, which was to be completed within 30 to 36 months.

Chief Minister Lim Guan Eng was quoted at the end of May as saying that redevelopment project will take off after an agreement is inked between the developer and the state government two weeks after he made the announcement.

He said the Aman Group would be awarded a long-term contract tenure by the state to manage the property.

Three months ago, Amanresorts’ media communications manager Anjali Nihalchand said that the firm would be forwarding its proposal to the state’s Chief Minister Incorporated on September 5 for final approval.

When contacted yesterday to enquire on the status of the approval sought from the state authorities, Anjali said in an email that there were no current updates as “this is still at its very early stage and we have not got anything further to share at the moment”.

Meanwhile, state-owned Penang Hill Corp director Datuk Lee Kah Choon did not comment on whether approval had been granted as yet to the developer of the proposed project. “This is a state project,” he said in a SMS reply, “and you may wish to check with the State Secretary’s office.”

State Seccretary Datuk Fariz Darus did not respond to an email enquiry from Business Times.

SOURCE: Business Times

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MRCB climbs on coastal works deal

December 1st, 2011 No comments

Malaysian Resources Corp, a property and construction group, rose to a two-week high in Kuala Lumpur trading after it won a RM40.3 million contract to carry out coastal protection works in Penang.

The stock climbed 2.6 percent to RM1.99 at 9:05 a.m., set for its highest close since Nov. 17. — Bloomberg

SOURCE: Business Times

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Resort lifestyle of condo a draw for westerners, says developer

November 29th, 2011 No comments

CAUCASIANS comprise the bulk of those purchasing the RM255mil Infinity Beachfront Condominium that recently clinched the FIABCI Malaysia Property Award 2011 under the residential (high rise) category.

Hunza Properties Berhad executive chairman Datuk Khor Teng Tong said the project attracted Caucasians because it had access to a 105m-long beachfront as well as a 136m-long river frontage.

“Beachfront accessibility is a key attraction for Caucasians as they prefer a beach resort lifestyle.

“While the project was still under construction in 2008, we adopted Sungai Kelian to beautify and maintain its cleanliness for the long term.

“Hunza and the FIABCI Penang Branch used the effective microorganism (EM) biotechnology to clean the river. It is now free of sludge and its water clearer,” Khor said.

“The Caucasians, forming about 65% of the buyers, are from countries such as Britain, the United States, Australia, Belgium, Switzerland and Canada,” he said.

He said other foreign buyers came from countries such as Vietnam, Hong Kong, Indonesia, Korea, Macau and Singapore.

Khor also said the company?s RM480mil Gurney Paragon condominium project attracted many purchasers from Singapore, Indonesia, Hong Kong, Korea and Macau as the project was close to shopping malls and lifestyle facilities.

He said this at a recent cocktail event in Penang to celebrate Infinity’s FIABCI award win.

The event was attended by business partners of the project and corporate leaders.

The project, comprising 119 condominiums units and penthouses, obtained the certificate of fitness (CF) in 2010.

It is all sold out except for four of the eight penthouses.

Initiated 19 years ago, the FIABCI Malaysia Property Award invites the best projects in Malaysia to contest in various categories.

The winning projects this year will represent Malaysia in the international competition FIABCI Prix d? Excellence awards which will be held in St Petersburg, Russia, in May next year.

FIABCI is the acronym for Federation Internationale des Administrateurs de Bien-Conselis Immobiliers (International Real Estate Federation).

SOURCE: The Star

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Tan brothers look to ‘conquer’ Penang

November 28th, 2011 No comments

title= That was ended when it roped in Dijaya Corp Bhd. They now plan to build residential and commercial properties on the land, estimated to generate sales of some RM10 billion.

This is not their first tie-up. Within the Batu Ferringi tourism belt, Dijaya has a joint-venture project called “10 Island Resort” with Ivory.

In Bukit Mertajam, Dijaya has a mixed development project dubbed Aston Villa, in which Ivory is the turnkey developer.

But that partnership has overshadowed an interesting fact. Penang has now seen the entry of two highly successful businessmen and both happen to be brothers.

Dijaya is controlled by Tan Sri Danny Tan Chee Sing, the younger brother of Berjaya Corp Bhd founder and chairman Tan Sri Vincent Tan Chee Yioun.

Barely three months ago, the senior Tan made a comeback to Penang as a property developer after a hiatus of nearly two decades.

The Berjaya Group – via Berjaya Land Development Sdn Bhd – signed a deal to buy 22.8ha of prime freehold land within the Penang Turf Club for RM459 million.

At the signing ceremony in Penang, Vincent did not mince his words in expressing his displeasure with the previous state government.

Vincent’s approval of the current state administration is a strong signal to other developers that the island state has plenty of potential.

And this probably explains Danny’s continued interest.

The latest alliance with Ivory is a very big undertaking and one which will ensure its presence in the state for many years to come.

Danny, the man behind Petaling Jaya’s Tropicana Golf and Country Resort, will have his hands full with the latest venture. As for Vincent, he did not discount the possibility of enlarging Berjaya Group’s footprint in Penang.

Together, the Tan brothers will be a force to be reckoned with in Penang.

SOURCE: Business Times

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Home sweet home

November 28th, 2011 No comments

ALONG-AWAITED dream has come true for sistes Yap Siew Bee, 41, and Siew Thoo, 26, who have received a new low medium-cost home.

“I am so happy today and I can’t wait to move into our unit when it is completed,” said Siew Bee.

Siew Thoo said that previously, their large family of 10 all stayed under one roof.

“Now, we will have two units for all of us to live in,” she said when they visited the soon-to-be completed Central Park project in Penang.

They were among 10 families living along Lebuhraya Batu Lanchang who were forced to move out in 2008 to make way for the project’s development.

The families were compensated with units at the project after the state government intervened.

Another resident who declined to be named said he was looking forward to moving in.

“The unit looks very nice and trendy,” he said.

Batu Lanchang assemblyman Danny Law met the affected families at Central Park and took them on a tour of their units.

Law said there were a total of 175 low medium-cost units at Central Park, with each unit measuring 16.25sq m.

“The families should be able to move into their units next month,” he added.

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