GEORGE TOWN: Berjaya Land Bhd (BLand) plans to build a low-density gated residential project with an estimated gross development value of RM1.52 billion on its new Penang land.

The project will be marketed as high-end exclusive residences which will include bungalows, semi-detached and condominium units.

The company is also planning to site the required low and medium housing units within the site, but at a different location.

"We see a growing demand for upmarket landed properties in Penang and we hope to meet this demand with our development," Berjaya Corp's chairman and founder Tan Sri Vincent Tan said yesterday during the signing of a sales and purchase agreement for the land.

Signing on behalf of BLand was Tan, the company's chief executive officer Datuk Francis Ng and its non-independent executive director Tan Thiam Chai.

Penang Turf Club (PNTC), meanwhile, was represented by its committee members Datuk Seri Teh Choon Beng and Saw Lip Khai, general manager Leow Khin Ming and legal adviser Khoo Boon Chye.

The history of the PNTC dates back to 1864, and is the oldest of three turf clubs in Malaysia.

PNTC is located on 108ha of land with a racetrack of about 1,900m long and 24m wide, and the present usage of the site includes horse stables and equestrian masters' quarters and an 18-hole golf course.

Tan said the development of the project on the grounds of the PNTC will not affect the club's horse-racing activities which will take place on the newly-repaired and rejuvenated main racing track.

"However, the proposed sale will include the upper nine of the 18-hole golf course but the club will continue to maintain the bottom nine of the golf course."

The club is situated next to the upmarket Jesselton residential area.

In a filing to Bursa Malaysia yesterday, BLand stated that it paid RM184 per sq ft for the land and the purchase would be funded with internal funds and/or borrowings.

SOURCE: Business Times

 Berjaya Corp Bhd founder and chairman Tan Sri Vincent Tan yesterday said the company is happy to be back in the state.

“I was unhappy 18 years ago and I had said then that I don’t want to invest in Penang anymore.

“But I am pleased to be back here now as Penang has done well over the last few years,” he said in his speech at the signing ceremony of the sale and purchase agreement between Berjaya Land Development Sdn Bhd (BLand) and Penang Turf Club (PNTC) at the latter’s premises here yesterday.

BLand is buying 22.8ha of freehold prime land within PNTC for RM459 million cash.

BLand is proposing to develop a low-density exclusive guarded and gated housing development comprising bungalows, semi-detached homes and low-rise condominiums with an abundance of landscape and garden areas to complement the serenity and exclusivity of the surrounding areas.

Berjaya’s existing property development investment in Penang is Berjaya Penang Hotel in Pulau Tikus.

In early 1990s, Berjaya had plans for a futuristic theme park on Penang Hill which was aimed at reviving tourist trade.

The proposed project which included a 200-room hotel, a 350-unit condominium complex, omnimax theaters and a cable car at a cost of RM500 million, had met with strong protest from citizens’ groups who feared, among others, ecological damage to the hill.

The project was subsequently scrapped.

Speaking at a press conference later, Tan, without naming names, expressed dissatisfaction with the previous state government, helmed by former chief minister Tan Sri Dr Koh Tsu Koon (it was under Koh’s watch that the Penang Hill project was called off).

“Under the leadership of the late Tun Dr Lim Chong Eu,” noted Tan, “we received very strong support.”

“However, we were not happy with the government after that … but we are now back and looking for more opportunities to invest because we think Penang is an attractive place to grow,” he added.

Tan is not the first local investor to voice unhappiness with the previous government.

In 2005, renowned hotelier and property developer Tan Sri Low Yow Chuan said he had enough of the suffocating red tape and numbing bureaucracy in Penang, and threatened to pull out of ever doing any projects on the island.

Low then cited several plans for projects that had taken years to be approved.

However, one particular incident had made him raise his voice.

He recalled that his group had had approval for a 24-storey condominium block near where the historic E&O Hotel is now sited.

Ten years after obtaining approval and spending millions of ringgit for piling and engineering works to meet the local council requirements, the Penang authorities reverted to him and said he had to scale the building down to eight storeys.

Low was chairman of Asia Pacific Land Bhd from 1984 to 2002.

SOURCE: Business Times

A LONG-DELAYED housing project in Batu Kawan in south Seberang Prai comprising 798 houses including 330 low-cost units has been completed and awaiting certificate of fitness (CF) approval.

Equine Capital Berhad chief operating officer Ranjeet Singh said the low-cost houses are priced at RM42,000 unit while the remaining 468 units cost between RM70,000 and RM138,000.

“We have been working hard hand-in-hand with the state govern-ment and the Penang Development Corporation (PDC) to get the project completed at its earliest,” Ranjeet told a press conference at the Equine Home Gallery, Bandar Cassia, Batu Kawan recently.

Also present were Deputy Chief Minister (II) Dr P. Ramasamy, PDC deputy general manager Datuk Abdul Rahim Isahak and Seberang Prai municipal councillor M. Rama-chandran.

Dr Ramasamy said the project which was launched in September 2005 was supposed to have been completed in 2007.

Dr Ramasamy, who is also Batu Kawan MP, said priority for the low cost houses was given to former Batu Kawan estate workers.

“We are working out a scheme with the PDC whereby those who cannot obtain bank loans can rent and buy the house,” he said.

Source: The Star

UNIQUE retail centres should be introduced in heritage buildings as a way to modernise them, according to a French expert who specialises in city and cultural development.

“I encourage small independent businesses that promote local culture and sell meaningful goods and services where a balanced blend of traditions and contemporary creati-vity is the key,” said Sali Sasaki.

In an e-mail to clarify her statement in StarMetro North on Aug 8 titled ‘Heritage appeal with a twist’, she said her idea of retail in George Town was an opposite model from that of shopping malls.

“Therefore, designers have an important role to play in this context to strengthen George Town’s identity as a cultural place as well as establishing the area as a strong asset within the country and the region,” she added.

Source: The Star

BALIK PULAU: Penang Barisan Nasional is now claiming that the DAP-led state government is piling on the pressure on developers here by demanding that they contribute more funds to Penang.

This has inadvertently led to the rise in property prices as the builders have to pass on the additional costs to the buyers, Penang Barisan working committee chairman Datuk Dr Teng Hock Nan said.

Dr Teng claimed that the state also ?arm twisted? the developers to maintain and to landscape open grounds, beautify roundabouts as well as to conduct more corporate social responsibility (CSR) programmes.

As a result, he said, house buyers were charged higher prices as the developers had to spend extra to meet the state?s requests.

?This state policy is burdening the rakyat. The prices of houses today are definitely beyond the reach of many, especially those from middle down to low-income groups,? said the former state executive councillor.

?The costs of maintaining open spaces should be borne by the local authorities, not developers.?

Dr Teng said Penang?s property prices had recorded an average increase of between 50% and 100% over the last three years because of the state policy and consent to the increase in land premium charges.

The state government is reportedly charging developers a premium of RM40,000 for each low-cost housing unit not constructed in a given quota.

This is much higher than the RM8,000 penalty imposed by the former government for each unit.

Dr Teng noted that market prices of condominium units in 2008 were RM250 to RM300per sq ft, but the rate is now RM350 to RM600per sq ft,

?Whereas the terrace house price in 2008 was RM400,000 to RM550,000 per unit, it is now RM700,000 to RM1.4mil per unit.?

?The state is also imposing development charges of RM5 to RM15, which is three times higher,? he said before leading a Barisan walkabout at a Pasar Ramadan here yesterday.

Present were Bukit Gelugor MCA division deputy head and state Barisan working committee treasurer Loh Nam Hooi, Penang Barisan Information head Datuk Dr Loga Bala Mogan as well as state Umno liaison deputy chairman Datuk Musa Sheikh Fadzir and Teluk Bahang assemblyman Datuk Seri Dr Hilmi Yahya.

Penang Rehda chairman Datuk Jerry Chan Fook Sing, commenting on the claims, said the previous state government had also asked developers to make similar commitments.

He said many developers were willing to play their part in the CSR programmes voluntarily such as to adopt roundabouts and beautify open grounds.

?The main factor in the rise of housing prices is the jump in land prices of between 100% and 200%.?

Penang Town and Country Planning, Housing and Arts Committee chairman Wong Hon Wai could not be reached for comment.

SOURCE: The Star