Chin Hin Group to acquire a parcel of land at Penang Times Square from Ivory

Property News/ 9 December 2023 No comments

Source: Google Street View

Ivory Properties Group’s unit Ivory Gleneary Sdn Bhd is divesting a piece of land in Georgetown, Penang to Chin Hin Group Property Bhd for RM40 million.

The land is about 1.218 acres within an existing project known as Penang Times Square.

Chin Hin Group plans to develop the land into a multi-storey serviced residence and has agreed that a company within the Ivory group of companies be appointed as the turnkey builder for the development.

In a filing with Bursa Malaysia Securities Bhd, Ivory Propertie said the disposal forms part of its regularisation plan, a critical corporate endeavour for Ivory, along with prospects for future dividend income from share of net profit of the development without actual cash flow as the initial cost of investment.

The turnkey builder work is anticipated to yield construction revenue.

The proposed disposal also entails granting Ivory an irrevocable exclusive right, allowing one of its subsidiary companies to subscribe to up to 20 per cent of the ordinary share capital of Chin Hin.

Source: NST Online

SITE PROGRESS: Damai Springs (Dec 2023)

Property News/ 8 December 2023 No comments


About Damai Springs

A small landed housing development by General Supreme Sdn. Bhd. (a subsidiary of Airmas Group) in Bukit Mertajam. Strategically located near Jalan Betek with direct access to Jalan Song Ban Kheng, diagonally opposite Harmoni Residensi gated and guarded community. This development comprises 26 units of 2-storey terrace and 4 units of bungalow houses.

Find out more about Damai Springs

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The Fame

Machang Bubok/ 7 December 2023 No comments


The Fame, a serviced residence development by TF Land Sdn. Bhd. at Machang Bubok in Bukit Mertajam. It is located on 3.4 acres of land along Jalan Machang Bubok 1, right opposite TF 65 shop offices. It is just a stone’s throw away from Tropicale Residency gated housing scheme, less than 10-minute drive to Bukit Mertajam Town Centre via Jalan Kulim.

This is set to be one of the first serviced apartment developments in Machang Bubok, consisting of two residential towers, one with 17 floors and the other with 18 floors, and several retail and commercial units. The residential component will feature a total of 318 serviced apartment units, offering a choice of 6 different layouts, ranging in size from 850 sq. ft to 1,350 sq. ft.

Project Name : The Fame
Location : Machang Bubok, Bukit Merajam
Property Type : Mixed development
Total Units: 318 (residential), 20 (commercial)
Built-up Size: 850 sq. ft – 1,350 sq. ft.
Tenure: (to be confirmed)
Indicative Price: (to be confirmed)
Developer : TF Land Sdn. Bhd.

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DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

MYEG to build RM108m foreign workers’ housing in BKIP 3

Property News/ 6 December 2023 1 comment /中文版


MY EG Lodging (NC) Sdn Bhd, a subsidiary of MYEG Services Bhd, today signed a lease agreement with the Penang Development Corporation (PDC) to build a RM108 million foreign workers’ housing in Batu Kawan.

The workers’ village project, located at Batu Kawan Industrial Park 3 (BKIP3), is expected to house at least 8,000 foreign workers upon completion.

According to MYEG director Datuk Mohd Jimmy Wong Abdullah, the project is expected to complete by 2026.

“Along with this project, MYEG will offer other services such as application for work permits, provision of fully equipped facilities and amenities for the foreign workers including surau, sundry store and recreational areas,” he said in his speech at the signing ceremony at Jen Hotel here today.

He said all facilities will be in accordance with the standards set by the International Labour Organisation (ILO).

“This MYEG-PDC workers housing project is the first such project in Penang,” he said.

Later, in his speech, Penang Chief Minister Chow Kon Yeow said PDC called for a request for proposal (RFP) for the project between September 29 and November 29 last year.

He said PDC received three proposals and the proposals were presented to the PDC board and PDC Acquisition Board before MYEG was selected.

“This project will involve building a workers’ hostel in BKIP3 on a plot of land measuring around 8.3943 acres,” he said.

He said the workers’ quarters will resolve issues such as foreign workers being placed in existing residential areas, influx of illegal foreign workers and manage the drop in property prices due to certain areas being used as foreign workers’ housing.

He said PDC currently has four other foreign workers’ housing projects in the pipeline.

“These projects will be able to house between 30,000 and 35,000 workers,” he said.

MYEG today signed a 30-year lease agreement with PDC at a sum of RM20.4 million for the 8.3943 acres land.

The workers village will consist of eight blocks of five-storey workers’ accommodations with 445 hostels to house an approximate 8,000 workers.

Source: MalayMail.com

PDC stays committed to spearheading economy with GBS initiatives and new industrial parks

Property News/ 6 December 2023 1 comment


The Penang Development Corporation (PDC) will continue to play a pivotal role in ensuring that development takes place in the state with the support of the public and private sectors as well as the community.

Chow said that apart from the existing Global Business Services (GBS), which are the GBS@Mayang, and GBS@Mahsuri, PDC is also developing its third project called GBS By the Sea.

“This is in line with the state government’s desire to drive the economy by making Penang a prime investment destination for global business services activities, research & development (R&D) hubs as well as technology hubs.

“Semiconductor company, AMD Global Services (M) Sdn Bhd will be one of the largest tenants, as the company will be renting almost 70% of the building’s (GBS By the Sea) floor space.

“This project (GBS By the Sea) is expected to be fully ready by 2024, and would be contributing a significant revenue to the PDC in the long run,” Chow said when he attended the Deepavali open house organised by PDC today.

“With the collaborative efforts from the public sector, private sector and the community, PDC will continue to play an important role in ensuring that development takes place in the state.

Additionally, Chow mentioned that this year, the PDC has introduced two new industrial areas in the south Seberang Perai district – namely, Bandar Cassia Technology Park and Batu Kawan Industrial Park 3, both adopting the Integrated Industrial Park concept.

“The Integrated Industrial Park concept aims to address the growing demand for industrial land.

“The development of a new industrial park by PDC aligns with the state government concept of Managed Industrial Park (MIP).

“This concept emphasises the need for re-branding and developing new industrial parks to enhance the investment climate in Penang,” he added.

Source: Buletin Mutiara