Penang Property Talk

There is still no indication as to when construction work will start on the PenangUndersea Tunnel project, as the contractor is still waiting for the relevant land to be dredged.

“We are supposed to start in March, but the Penang state government’s land is not ready. Until we receive the land we won’t be able to start work,” said Vertice Bhd executive director Wong Kwai Wah.

Vertice is part of Consortium Zenith Construction Sdn Bhd (CZC), which has been awarded a RM6.34 billion integrated infrastructure project that includes the tunnel as well as the construction of three major roads and the development of the Seri Tanjung Penang.

Speaking after Vertice’s extraordinary general meeting (EGM) yesterday, Wong said the group plans to start work on the tunnel once the land that the Penang government has gazetted for the project is ready for construction. This land, situated on Gurney Drive’s foreshore, is currently being reclaimed by Eastern & Oriental Bhd (E&O).

Wong said the state government can only schedule construction for the tunnel once the land is made ready for construction.

“At the place where they construct, they have to give us sand. So unless the land is ready, we can’t move in as it would be risky for us,” he said.

Wong said based on conversations with E&O before the Chinese New Year, the land should be ready for handover to the state government in June or July.

However, he said the state government has not indicated whether the project’s feasibility study has been concluded, and when the group can start work.

“I think they (state government) are going ahead [with the project], but we suspect they are trying to get the federal government to support them,” Wong said.

He added that any development concerning the project would most likely be concentrated in the second half of this year.

Replying to a question, Wong said the group did not have to seek federal approval for the project. “Actually there are no more approvals [required]. We just want the state to get the land ready,” he said.

The tunnel, which is set to be 7.2km long, is to connect Gurney Drive on Penang island to the mainland.

Both CZC and the Penang government came under heavy criticism under the previous Barisan Nasional-led federal government prior to the 14th general election, which prompted an investigation by the Malaysian Anti-Corruption Commission into the project’s price tag and the RM305 million cost for the roads and tunnel’s feasibility studies. The choice of a tunnel instead of a bridge was also questioned, besides the project’s land-swap funding model.

Vertice, which holds a 13.21% stake in CZC, maintains that the consortium participated in an open tender by the state government and that it competed against 60 rival bids for the megaproject.

Source: EdgeProp.my

 

An upcoming 90-acres mixed-use development with a minimum gross development value (GDV) of RM600 million by Ark Resources at Balik Pulau. It is close to the west coast of Penang Island, about 10 minutes drive from Balik Pulau town centre.

This development comprises a mix of commercial and residential properties:

• 2-storey commercial blocks (2 units) & a bazaar
• 2-storey terrace houses (276 units)
• 2-storey semi-detached houses (214 unots)
• 2-storey bungalows (91 units)
• 16-storey condominium (2 blocks)
• 16-storey low cost apartment (2 blocks)

This project is still pending for approval. More details will be available upon official launch.

Project Name: (to be confirmed)
Location: Balik Pulau, Penang
Property Type: Mixed development
Built-up Area: (to be confirmed)
Land Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer: Ark Resources

Location Map:

 

In conjunction with the Chinese New Year, Mah Sing Group Berhad (Mah Sing) decorated their Southbay Sales Gallery in Batu Maung with the Old Street concept and hosted an open house for the local community and their customers. During the celebrative event over the weekend, it attracted a huge crowd sharing the festive season joy together.

Visitors get to experience the traditional Chinese New Year ambiance with the redemption booth and photo wall having a makeover into groceries stores from the olden days. The two-day Chinese New Year open house also featured more than 40 food stalls selling variety of local street foods such as Char Koay Teow, Laksa, burger, snack and many more. Part of the revenue from the food sales will be contributed to the National Kidney Foundation as a charity initiative for the needy group.

 

Other than providing mouth-watering cuisines, the special appearances of the God of Prosperity at the event was also warmly welcomed by the attendees, especially the children. The 24 Festive Drum, acrobatic lion dance, Diabolo performance and the Chinese dancing troops also left the audience in awe with their energetic performances. Special snacks like Kuih Kapit and Dragon Beard’s demo and tasting were also presented to the crowd while they explored the event.

“Celebrating the Chinese New Year together with the local community is one of the interactive events we have planned this year. It’s great to see the overwhelming response and support from the attendees. This will be our motivation to come up with more creative initiatives to enhance the lives of our home owners and surrounding communities,” shared Mah Sing’s Chief Operating Officer, Everlyn Khaw.

Mah Sing also showcased its latest developments in Penang: The Loft, M Vista and Ferringhi Residence 2, to the attendees during the Chinese New Year open house. The Loft and M Vista are strategically located only 1km from Penang’s second bridge while Ferringhi Residence 2 is situated at the heart of Batu Ferringhi’s tourist belt.

Celebrating the Chinese New Year with the Spin and Win Campaign
This year, Mah Sing is celebrating the Lunar New Year with a Spin and Win campaign, whereby all buyers of selected Mah Sing properties are entitled to spin the Wheel of Prosperity and win a guaranteed prize worth up to RM25,000.

The participating projects in the Northern region include M Vista in Batu Maung, The Loft in Southbay City, and Ferringhi Residence and Ferringhi Residence 2 in Batu Ferringhi.

Interested buyers have up till 28th February 2019 to book their units for the participating projects. By booking now, buyers are able to enjoy special Chinese New Year deals including free legal fees, low down payments, attractive savings and prizes! For more information, please visit www.mahsing.com.my/cny2019 or call 1300-80-6888.

 

Iconic Regency is a freehold development nestled within the established commercial district and residential neighbourhoods for both local and expatriates in the middle of Sungai Nibong, Penang. Iconic Regency is linked to the Iconic Hotel – 4-star business class hotel and within walking distance of the proposed LRT Station. The 42-storey Iconic Regency features 268 units of fully furnished Residential Serviced Suites offers from studio to three bedroom apartments, a greater flexibility for residential and investment purposes.

Bespoke lifestyle is now becoming a reality by Iconic Regency. With a total of 268 units only, the low density exclusive Residential Serviced Suites come with 6 different layouts. Built-up area up to 850sqft and Dual Key Concept (1,200sqft) designed to suit a variety of lifestyles. The fully-furnished unit’s efforts have been spared to carefully design every space and rooms. All the fitting and finishing is selected with the utmost design to magnify the finest characteristic of its personal space.

 

Facilities Deck @ Level 42, Rooftop and Level 13

Staying up high in Penang isn’t hard but the challenge of pampering yourself swimming at the top is hard. The infinity pool of Iconic Regency comes with a panoramic view of Penang City and Penang Bridges. Tell apart from the rest, there are multiple possibilities to pass time with your loved one here at the sky-high BBQ pit, Children Playground, Gymnasium, Jacuzzi and many more awaits you at Iconic Regency. A perfect blend of relaxation and intimacy created just for your enjoyment both at the rooftop Level 42 & Level 13. Situated within the bustling areas of an employment hub, Iconic Regency awards fuss-free rental assurance that come with “Exclusive Maintenance Management Services”.

 

Strategic Location

Iconic Regency location offers the convenient access to Georgetown City within 13km via Tun Dr Lim Chong Eu Expressway. Also, the easy access to the main interstate bus terminal for traveller’s commuting into and out of the Penang Island to Butterworth. It is just minutes away by numerous of amenities:

• Queensbay Mall • Eastin Hotel • Bayan Lepas Free Trade Zone • Penang International Airport • Vistana Hotel • Tesco • E-Gate Commercial Centre • Sunshine Square Supermarket • Giant Hypermarket • Bukit Jambul Complex • University of Science Malaysia • Inti College • Subterranean Penang International Convention and Exhibition Centre (SPICE) • Bukit Jambul Country Club • Sungai Nibong Bus Terminal • Pantai Mutiara Hospital

In addition, Iconic Regency situated between the two proposed LRT stations by State Government; Pesta Station & Sg. Nibong Station which enhances the seamless connectivity to Penang International Airport & Georgetown City.

Invitation to Iconic Regency Soft Launch

Iconic Development cordially invites you to the soft launch on 23rd & 24th February 2019 (Saturday & Sunday) from 10am to 6pm. During the soft launch event, there will be early bird special rebates & priority unit selections with pricing starting from RM398,000++ onwards. Kindly RSVP for Iconic Regency upcoming soft launch event with the contact below:

•   04-643 1888
• 012-739 7888
• 012-739 7999

Iconic Regency show units open daily from 10am-6pm.

IKEA Malaysia today surprised the Penang-based media with an exclusive sneak preview of its highly anticipated store, IKEA Batu Kawan. Held in line with the store’s Roof Capping event, a Swedish tradition to celebrate the end of construction, IKEA took the opportunity to unveil features of this store while expressing gratitude to those who helped in the building phase.

With 49 showrooms spanning across 470,135 square feet (approx. 43,677 square metres) of retail space, this store presents a localised take on its home furnishing solutions, offering inspiration that matches closely to the living spaces of Penangites and Northern Malaysians. Located at Bandar Cassia, this First IKEA store in the northern region will offer easier access to over 8,000 well designed, functional and affordable Swedish home furnishings.

 

Additionally, with a restaurant that sits 756 people, customers will be able to enjoy a wide selection of tasty Swedish and locally inspired food. IKEA also shared that this store will also have a bakery with freshly baked bread and pastries, an added treat to the Swedish Food Market and IKEA Bistro.

Pathmalingam Arumugam, Store Manager of IKEA Batu Kawan shared “We are just 26 days away from the official opening! As we inch closer towards welcoming the many people through our doors, our passionate team made up of over 300 IKEA coworkers are going the extra mile to ensure the necessary preparations are in place as we live up to our vision of creating a better everyday life for the many people in the community.”

The team at IKEA Batu Kawan is now in its final phase of operational set~up, merchandising and interior fittings. Together, they will provide customers with the unique IKEA store experience many Malaysians have come to know and love!

“On top of providing a great day out for customers, we are also committed to inspiring people to live a more sustainable everyday life. Our range of home furnishings will also include numerous sustainable products such as LED light bulbs, food savers and recycling solutions among others,” added Pathmalingam.

With sustainability rooted at its core, IKEA Batu Kawan is pre-installed with many features to ensure it operates in a sustainable way. These features include photovoltaic solar panels, rainwater capture, energy recovery equipment, parking bays for eco-friendly vehicles and more.

IKEA Batu Kawan is easily accessible via the second Penang Bridge from the island and’ major highways, such as Lebuhraya Bandar Cassia and North-South Expressway. For greater convenience, the store is complemented with 1,950 parking bays. Situated at 752, Persiaran Cassia Selatan 8, 14110 Bandar Cassia, Penang, the store will begin operations at 10.00 am on 14 March 2019 (Thursday).