Penang Property Talk

A newly proposed development by Viva Prima Development Sdn. Bhd. at Bukit Minyak. Located near Jalan Bukit Minyak, this development is adjacent to BM Utama housing scheme by DND Land. It is 20 minutes drive away from Penang Bridge, under 5km to AEON Mall at Bukit Mertajam.

This development comprises 52 and 2 units of 2-storey terrace and semi-detached houses respectively.

The project is still pending for approval. More details to be available upon official launch.

Project Name : (to be confirmed)
Location : Bukit Minyak
Property Type : Terrace & semi-detached
Built-up Size: (to be confirmed)
Land Area: (to be confirmed)
Tenure: Freehold
Total Units : 54
Indicative Price : (to be confirmed)
Developer : Viva Prima Development Sdn. Bhd. (WHH Land)

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The proposed Pan Island Link 1 (PIL1) highway project has hit a snag after the state government failed to obtain a RM1bil bridging loan.

Chief Minister Chow Kon Yeow said since the loan from the federal government was not forthcoming, the project delivery partner would now have to source for the funds.

“This is an additional option we are looking at,” he told the Sunday Star regarding the loan from the federal government which had been pending for some time.

Chow said the government was still waiting for the Environmental Impact Assessment approval for the Penang South Reclamation (PSR), the funding model for the RM46bil Penang Transport Master Plan (PTMP) encompassing the PIL1.

When asked if the PSR projects would be approved in June as mentioned early this year, Chow said “hopefully”.

However, SRS Consortium, the project delivery partner, said the state should stick to the agreement in the Request For Proposal that mentions that the state would come up with RM1bil, while the company looks for the RM1.3bil bridging loan to kick-start the project.

“That was what was agreed upon,” said SRS Consortium project director Szeto Wai Loong.

“In fact, we are looking at the overall approval for the PTMP projects if the PSR funding could be obtained by June.”

He said the necessary regulatory works and awarding of contracts would take place after the approval and the actual construction could only begin a year after that.

“We understand the state is looking at all aspects for the project, as such it would take some time to get the approvals,” he said.

The controversial PIL1 is designed to solve the island state’s traffic congestion and cater to the economic needs of Penang over the next five decades.

The first phase of the PTMP is the construction of the PIL1 and the Bayan Lepas LRT.

Presently, the Tun Dr Lim Chong Eu (LCE) Expressway is Penang’s only spine road, which is perpetually congested.

The PIL1 is expected to serve as a second link with a ring traffic dispersal system connecting the North Coast Paired Road, Gurney Express­way, the LCE expressway, the Penang International Airport and the first as well as second Penang brid­ges.

The RM7.5bil PIL1 (19.5km six-lane highway) will meander along the foothills of Penang Hill from Gurney Drive to the airport.

The highway is designed to enable motorists to reach the airport in 15 minutes from Gurney Drive compared with 90 minutes now through the city’s traffic.

Source: TheStar.com.my

The Seri Tanjung Pinang Phase 2A (STP2A) development and the reclamation of STP2B and STP2C will provide Eastern & Oriental Bhd (E&O) with future launches for the next 15 years and beyond.

E&0 said reclamation works on STP2A, a massive property development off Tanjung Tokong in Penang island, are almost completed.

STP2A is expected to have a gross development value of over RM17 billion and will be developed over 15 years.

E&O said a detailed master plan is being finalised to create Penang’s foremost investment, residential, commercial and tourist destination.

Managing director Kok Tuck Cheong said in a statement recently that the development of STP2A and reclamation of STP2B and STP2C are key to value enhancement of the group.

Kok said the reclamation of STP2B and STP2C will open the company to more joint venture (JV) opportunities like the JV master development of STP2A it has with Retirement Fund Inc (KWAP).

E&O’s 78.78 per cent-owned Tanjung Pinang Development Sdn Bhd (TPD) had in 2017 signed a sale and purchase agreement to sell 20 per cent of STP2A to KWAP as a strategic investor for RM766.02 million.

TPD was granted a concession by the Penang government to reclaim and develop about 307.56ha off the foreshore near Mukim 18 of Tanjong Tokong.

The reclamation work is divided into three phases, namely STP2A, STP2Band STP2C. STP2A and will comprise gross area of about 102.31ha.

Meanwhile, Kok said E&O’s property development segment has shown improvement for the period under review despite soft market conditions.

The company recorded cumulative sales of about RM251 million for the third quarter ended December 31 2018, which is 6.45 per cent higher year-on-year.

Kok said the E&O Luxury Living Campaign launched in July last year recorded successful sales figures for selected E&O landmark properties in Penang, Iskandar Malaysia and Kuala Lumpur City Centre.

On the hospitality front, E&O said its namesake, Eastern & Oriental Hotel (E&O Hotel) in Penang, will be undertaking extensive renovation and upgrading works.

The Heritage Wing will be closed from this month and re-open in December this year with new F&B concepts and fully-refurbished suites.

“These updates are designed to keep the E&O Hotel relevant to the evolving luxury travel market.

At the same time, careful consideration has been taken to ensure we retain E&O’s treasured style of timeless elegance that is unique to this cherished heritage landmark,” said Kok.

Source: NST Online

Up to 20,000 people thronged IKEA Batu Kawan on its first day of operations, yesterday.

Excited patrons from across northern Peninsular Malaysia made their way through the 470,146 square foot store and explored its 49 different showrooms.

During their visit, customers also tucked into IKEA’s iconic cafeteria fare – according to the Swedish home furnishing giant, 32,000 Swedish meatballs and 23,600 curry puffs were snapped up on Thursday.

“We can confirm that IKEA Batu Kawan surpassed its visitation goal of 20,000 customers on its first day of operations yesterday.

“It is a surreal feeling to finally welcome our beloved fans to our new home here in Batu Kawan. We have been gearing up for this very moment and the turnout was phenomenal.

“From today onwards, even more Malaysians will enjoy easier access to well-designed, functional, quality and low-priced Swedish home furnishings,” said Pathmalingam Arumugam, store manager of IKEA Batu Kawan.

With more than 8,000 home furnishing solutions, the unique IKEA shopping experience is now available to 6.6 million potential customers across the northern region. More notably, the Swedish company has created a more customised environment and experience for visitors to its fourth store in Malaysia.

“In addition to the consistent IKEA experience that Malaysians have known and loved, customers will enjoy customised offerings suited for the local market, including room sets that are fitted to the local living style; an original wall mural entitled ‘The Trishaw Captain’, hand-painted by Penang resident artist Thomas Powell; and favourite local delicacies served together with our well-known Swedish favourites,” added Pathmalingam.

Customers visiting the store throughout this opening weekend are in for a treat, as special deals and a wide variety of family-friendly activities await. In-store activities include face painting, balloon sculptures, clown performances, balloon giveaways and mascot appearances.

Visitors can also look forward to exclusive deals for IKEA members, food offers, a limited-edition Trishaw Captain canvas print, and a meet-and-greet session with Thomas Powell.

IKEA Batu Kawan is open every day from 10am to 10pm, while the IKEA Restaurant operates from 9.30am – 10pm daily.

Source: NST Online

Vivo Executive Apartment, the latest addition to Aspen Vision City township development at Batu Kawan. It is strategically located next to the upcoming Integrated Shopping Mall, walking distance to the Central Island Park.

The units will be built complete with communal co-sharing working space and a social kitchen to support the modern lifestyle of young working adults. Indicative price for a 730 sq.ft. unit starts from RM238,000 onwards.

Project Name: Vivo Executive Apartment
Location: Aspen Vision City, Batu Kawan, Penang
Property Type: Executive Apartment
Built-up Size: 730 sq.ft. onwards
Land Tenure: Freehold
Indicative Price: RM238,000 onwards
Developer: Aspen Vision City Sdn. Bhd. (Aspen Group)

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