AZEA Property Investment (API), a Singapore-based company, and its local partner Dot Greenland Sdn Bhd, are investing RM43mil to build a commercial complex.

API chief executive officer Tan Yang Po said the 28,000sq ft complex called Anson Cube would be located on Anson Road in Penang.

She added that it was destined to become Penang?s newest meeting point and business hub due to its strategic location.

?The project site is right smack in an area earmarked for major urban rejuvenation, with two private high-end condominiums also coming up in the locality.?

A joint-venture company, Tri Mega Venture Sdn Bhd, has been set up to undertake the Anson Cube project.

Anson Cube will be a stand-alone five- storey building with the ground floor designated for food and beverage shops and the first floor reserved for alfresco dining.

The second floor has a unique feature as it will be bridal-themed and there will be shops offering wedding-related items and services, while the higher floors in the building will house corporate offices.

?We are now working on getting branded retailers to take up the retail space and as anchor tenant,? said Tan.

?We are targeting high-end tenants for Anson Cube.

?We are now pre-qualifying some of the potential tenants, to ensure that we have the right mix,? she said.

Construction work is scheduled to begin in August 2011 and the building is due to be completed in early 2014.

The company also completed a bulk purchase of 20 luxury high-rise serviced apartment units in Setia Sky Residences near the Kuala Lumpur City Centre for RM28mil late last year.

API, since its inception in 2008, has invested in property around the world, including ?3mil (about RM15mil) worth of Victorian-style apartment blocks in London.

It has also bought 200 units of landed property valued at over US$7mil (about RM21.7mil) in Houston, USA.

In Johor, it is teaming up with two companies linked to the Danga Bay Group to develop Azea Properties @ Danga Bay ? a RM500 million high-end waterfront condominium development.

SOURCE: The Star