Anson Cube to launch soon

Singapore-based Azea Property Investment (API) is looking to launch its second project — a RM43 million condominium project dubbed Anson Cube — in Malaysia soon.

In a press statement dated Wednesday, May 25, founder Tan Yang Po said the project is a joint venture (JV) with local partner Dot Greenland Sdn Bhd in Georgetown, where API holds a 30% stake in the JV company Tri Mega Venture Sdn Bhd.

The freehold property will occupy a 28,000 sq ft site in Georgetown, and offers two high-end condominium blocks and a 5-storey commercial building.

An artistic impression of Anson Cube.“I am really excited about this project as it is destined to become Penang’s newest meeting point and business hub because of its strategic location with easy accessibility to major landmarks, like Gurney and the first bridge,” she said.

“I am optimistic that this property will do very well. We already have a lot of enquiries even before launch.”

In the 5-storey building, the ground floor is designated for food and beverages shops, while the first floor is exclusively for al-fresco dining. The second floor, meanwhile, features a bridal theme, with all shops offering wedding-related goods and services. The higher floors in the building will house corporate offices.

API first ventured into the Malaysian property market last year with a RM500 million high-end mixed development on a 1.7ha site in Danga Bay, Johor Bahru. Known as Azea Residences@Danga Bay, it was a JV project between Imperial Marina Pte Ltd, Danga Bay Sdn Bhd and Pembinaan Sahabatjaya Sdn Bhd.

Imperial Marina — a sister company to API that is also helmed by Tan — invested RM150 million or 30% of the cost of the project, while Danga Bay put up RM185 million (37%) and Pembinaan Sahabatjaya invested the balance of RM165 million (33%). The proposed waterfront development in Danga Bay would comprise 700 units of serviced apartments spread over four tower blocks, selling from RM697 psf.

API also made a bulk purchase of 20 units of luxury high-rise serviced apartment units in Setia Sky Residences near the Kuala Lumpur City Centre late last year for RM28 million.

Under API, Tan set up the Azea Property Investment Club whose members — comprising working adults, housewives and retirees — pool their financial resources to acquire properties and invest in worthy projects. She is a personal business trainer, property consultant and chief executive officer of API.

Azea Property Investment Club now has close to 2,000 members, and invested in properties around the world, including £3 million (RM24.74 million) worth of Victorian-styled apartment blocks in London and another 200 units of landed properties valued at over US$7 million (RM21.42 million) in Houston, Texas.

Source: The Edge Property

  1. ttprop
    May 27th, 2011 at 16:52 | #1

    where exactly the location is for this project?

  2. Eric
    May 27th, 2011 at 17:05 | #2

    For the 5 storey commercial building, it’s located exactly opposite BHB electrical shop at the intersection between Siam road and Anson Road. RM1K psf with minimum retail shop size of 1187sqft and maintenance fee 60cents psf. Guarantee 5% return for the first 2 years.

  3. Eric
    May 27th, 2011 at 17:12 | #3

    Surrounding that area got 2 upcoming high end condo. One is Res21 by Appresquare and Icon Res by Mah Sing

  4. Kiat
    June 6th, 2011 at 17:02 | #4

    Any ideas whether any completed projects or track record by these people?

  5. wendy
    July 15th, 2011 at 21:36 | #5

    july 15th, 2011

    anybody knows where is the office in penang ?

  6. eric
    July 15th, 2011 at 22:14 | #6

    They have been soft launch for quite some time. By the way, i think you can find below link in mudah.my to communicate with the agents.

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