Archive for the ‘Property News’ Category

Married couples with joint income below RM3,500 are eligible

June 17th, 2011 No comments

MARRIED couples in Penang will have the opportunity to purchase their first home at RM67,500 in Paya Terubong.

State Town and Country Planning, Housing and Arts Committee chairman Wong Hon Wai said that buyers who fulfilled the criteria would be eligible to buy the low medium-cost Suria Vista apartments.

“Interested buyers have to be Malaysian citizens above the age of 18 who have never owned a home, with a monthly household income that must not exceed RM3,500,” he said.

Wong said the project had 123 LMC units but only 90 units were opened to the public because the remaining 33 units were meant for relocating squatters from the Air Itam area.

“Interested buyers can fill up the application form which will be submitted to the online portal of the state secretary’s office (SUK) for screening and assessment,” he said.

OHM Group marketing executive Saw Chong Seng said each of the 700sq ft units had three bedrooms and two bathrooms and did not come with a parking space.

“Parking space and renovations come with an optional price of RM22,500,” he said, adding that the project was 68% completed and expected to be ready by year-end.

He said eligible buyers could visit the show unit in Suria Vista Apartment at Paya Terubong between 10am and 6pm, from now until this Sunday, and fill up an application form there.

They can then go to to check the status of their application.

Source: The Star

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New township geared for middle and high income group

June 16th, 2011 No comments

THE Pearl City new township project in Simpang Ampat is the pride of Tambun Indah Land Bhd, boasting of a mixed development that would cater to the future needs of the population in mainland Penang.

The project consists of Pearl Garden, with 152 double-storey terrace units and 164 semi-detached double-storey units, and Pearl Villas with 19 bungalows catering to the middle and high income group.

Tambun Indah executive director Teh Theng Theng said the project is expected to be completed in 2013.

She said there is a growing demand for the project, which is located in south Seberang Prai, as the second Penang Bridge linking Batu Kawan on the mainland and Batu Maung on the island would also be completed around the same time.

She added that the project would have 24-hour security, CCTV, exclusive clubhouse and swimming pool.

Their two other projects are Tanjung Heights, a 12-storey condominium in Jalan Raja Uda, and the Capri Park 15-storey luxury condominium project located in Jalan Heng Choon Thian in the heart of Butterworth town.

The 142 units would be built with a semi-detach concept of four bedrooms with a built-up area of between 444.6sq m and 513sq m.

The property will be showcased at The Star?s Property Fair 2011. Touted as Penang?s premier property expo, the fair?s ninth edition will be held at Gurney Plaza and the adjoining G Hotel from July 21 to 24.

To date, 28 major developers ? representing almost all the big boys in the industry ? along with several financial institutions, have taken up booths in the fair.

The key exhibitors include IJM Land, Sunway Grand, Vienna Home (Mah Sing), Ideal Property Development, SP Setia Group, Taman Sri Setia (Boon Siew Group), Ivory Properties Group, Nusmetro, MTT Properties & Development, Reka Indah Development, Lembaman Development (Belleview Group), DNP Land, GD Development, Lone Pine Group and Tambun Indah Development.

The RM30,000 worth of prizes for the ?Surf, Click & Win? contest are sponsored by IJM Land.

The fair, which is open to the public from 10am to 10pm daily, is organised by The Star in co-operation with Henry Butcher Penang. Admission is free.

For enquiries, call 04-6473388 ext 3357 (Shirmein) or ext 3418 (Bessie).

SOURCE: The Star

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E&O plans 4 new Quayside condo blocks

June 16th, 2011 No comments

KUALA LUMPUR: Property developer Eastern & Oriental Bhd (E&O) expects to launch four new blocks at its Quayside Seafront Resort and Condominiums project in Penang this year.

Its deputy managing director Eric Chan said the company was optimistic about the project.

"So far, out of the total seven condominium blocks planned under the project, three have been launched with more than 75 per cent taken up," he said, noting that phase one will be completed by 2013.

The Quayside project is also home to Malaysia's largest water themepark.

Speaking to reporters after signing a marketing agreement with Mitsui Fudoson Co Ltd yesterday, Chan said one more condominium block will be launched next month while the rest is scheduled for launch either by the year-end or early 2012, with gross development value at more than RM2 billion.

Mitsui, Japan's largest property developer, through its unit, Mitsui Real Estate Sales Co Ltd, will market E&O properties to its high net worth clientele in Japan.

Chan said the collaboration is the first step that marks the beginning of efforts to bring the homegrown E&O brand to the Japanese market.

"We are honoured and excited by the opportunities presented by this collaboration with a giant like Mitsui," he said.

Besides E&O's Quayside project, other projects to be marketed in Japan include the company's St Mary Residences in Kuala Lumpur, due for completion next year.

"Our products are local but we believe demand can be global, especially if our standards of quality and innovation are international," he said.

SOURCE: Business Times

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Ivory confirms bid for Bayan Mutiara project

June 16th, 2011 No comments

"I can confirm that we have submitted a bid by responding to the Penang government's request for proposal to develop the land and are now awaiting word from the state authorities," the company's deputy chairman and executive director Datuk Seri Nazir Ariff Mushir Ariff told Business Times after Ivory Properties' first annual shareholders' meeting.

Last Tuesday, Business Times reported that Ivory and SP Setia Bhd are in the race for a multi-billion ringgit development of some 40.47ha land at Bayan Mutiara.

Both companies have already established their presence as property players in the southwestern part of the island via existing developments.

The Bayan Mutiara tender is part of the state government's efforts to unlock the value of the land it owns in selected areas.

Sources had said that of the two companies, Ivory Properties had submitted the higher bid, for which the reserve price was reportedly set at RM200 per sq ft.

Nazir, however, declined to comment on this.

The state government had asked for a request for proposal (RFP) via Penang Development Corp to develop an initial 24.8ha, which is located south of the Pe-nang Bridge, overlooking Pulau Jerejak.

The RFP comes with the potential to develop an additional 14ha via a future re- clamation after the development of the initial 24.8ha land.

Meanwhile, Ivory Properties' operations director Murly Manokharan said luxury condominiums are set to be the group's next offering in Batu Ferringhi, where Ivory has already established its presence as a property developer.

Unlike its Moonlight Bay and Island Resort developments, which are sited on hillslopes commanding ocean views, the proposed The Bay development is set to be located on the beachfront.

Murly said the proposed development will comprise a single block of low-density condominiums, in compliance with environmental and developmental requirements set by the local authorities.

"We are hoping to offer units with large built-up areas ranging from 3,000 to 5,000 sq ft and they will likely be priced between RM600 and RM650 per sq ft," he said.

Ivory Meadows, a wholly-owned subsidiary of Ivory Properties, entered into a conditional agreement last year with Lim Soon Hin and Lim Soon Vin to buy 0.49ha of freehold land in Batu Ferringhi for RM25 million.

The project is expected to be completed three years after construction begins.

Also on the cards for Ivory Properties is the proposed City Mall located in Tanjung Tokong, which is set to be a mixed development project of luxury condominiums perched above a shopping mall.

"We are awaiting approvals from the local authorities before proceeding with this project which we hope to launch by the fourth quarter of this year," Murly said.

The project, with RM433.3 million gross development value, is set to offer 300,000 sq ft of shopping space and is expected to cater to tourists in meeting their dining, rest, travel and information needs.

Murly said the resident component, meanwhile, is set to cover 120,000 sq ft.

Property watchers said the proposed development is set to boost the area's new positioning as Penang island's new lifestyle and commercial hub.

Fronting the Island Plaza shopping mall, Ivory's proposed mall is set to join the ranks of projects that include Eastern and Oriental Bhd's master-planned Seri Tanjung Pinang development, Boon Siew Property Group's Precint 10 food and beverage mall, and IOI Properties' upmarket Fettes Residences condominium project.

SOURCE: Business Times

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Penang all out to attract more long-term foreign visitors

June 14th, 2011 No comments

THE Malaysia My Second Home (MM2H) programme is set to get a push from the Penang Govern-ment.

State Tourism Development and Culture Committee chairman Danny Law said a committee would be formed to promote the programme, adding that the state was hoping to get more foreigners to come to Malaysia, especially Penang.

?Penang is now one of the best places to live. We can see Japanese, Australians and Europeans enjoying their long stays here.

?When they like living here long-term, they will buy property in Penang,? he told a press conference in Komtar yesterday.

Law said they wanted to gather travel agents, developers, tourist guides and parties who were keen to promote the programme.

?There are already guidelines in the MM2H programme but they keeps changing.

?The committee will look into it and come out with a standard brochure.?

He added that the biggest tourist arrivals at the Penang International Airport last year came from Indonesia, followed by Singapore, China, Japan, the United States and Taiwan.

?Foreigners who come and buy property here can generate an economic spin-off, for example, on food, education and medical tourism,? he said.

?Developers, travel agents and hotel representatives are among those who will participate in the China (Guangdong) International Tourism Industry Expo 2011 in Guangzhou from Sept 1 to Sept 4 and they can promote MM2H and tourism in Penang.

?The population in Guangzhou is more than 10 million and Penang is an ideal place for them to come for education, investments and tourism,? he said.

Those who are interested to join the committee can contact Law?s office at 04-6505136/2619012.

He will chair a meeting with parties related to the MM2H programme today at his office in Komtar at 3pm.

SOURCE: The Star

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