Pearl Indah, the latest addition to Pearl City by Tambun Indah. This new development is located at self-contained township with good Feng Shui and supported by well-planned infrastructure. It comes 4 spacious bedrooms, wet & dry kitchen, spacious balcony & backyard.

Property Project : Pearl Indah 1 & 2
Location : Pearl City, Simpang Ampat, Penang
Property Type : 2-Storey Terrace
Land Area: 22′ x 70′ (Pearl Indah 1), 20′ x 70′ (Pearl Indah 2)
Built-up Area: 22′ x 40′ (Pearl Indah 1), 20′ x 40′ (Pearl Indah 2)
Tenure : Freehold
Developer : Tambun Indah
Indicative Price: RM 288,000 onwards

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) has proposed to dispose of a property on Penang Island that will result in a gain of RM66.26 million for the group.

In an announcement to Bursa Malaysia on Monday, the group said its indirect wholly-owned subsidiary E&O-Pie Sdn Bhd had entered into a sale and purchase agreement with Soaring Profit Sdn Bhd to sell a piece of freehold land measuring 27,743.7 sq m in Bandar Tanjong Pinang section 1, together with the building erected thereon for RM134 million in cash.

E&O's original cost of investment in the land in May 2004 was RM13.57 million while the construction cost of the building from March 2009 to May 2011 amounted to RM54.17 million.

The property, which is situated on the east side of Jalan Tanjong Tokong, forms part of the mixed development known as Phase 1 of E&O's Seri Tanjung Pinang project. Construction of the property was completed on May 23 this year. The building consists of approximately 269,418 sq ft in gross floor area and 1,042 parking bays. The property has been leased to a hypermarket operator since May 26 for 20 years.

"The proposed disposal is in line with the group's strategy of preserving capital value and strengthening the balance sheet through realising cash resources which can then be deployed in other projects and investments to maximise the returns of the E&O group and/or for repayment of borrowings," said E&O.

SOURCE: The Edge Property

George Town: Ivory Properties Group Bhd is believed to have won the right to develop over 40ha of land at Bayan Mutiara on Penang Island.

Business Times has learnt that the decision to award the tender to Ivory was made during Penang Development Corporation's board meeting which ended late yesterday evening.

Ivory and SP Setia Bhd were in the race to develop the landbank, which was put out by the Penang state government via a request for proposal (RFP), for which the reserve price was reportedly set at RM200 per sq ft.

It is learnt that Ivory had submitted the higher bid to develop an initial 24.8ha, which is located south of the Penang Bridge. The cost of developing the land surpasses the RM1 billion mark.

The RFP comes with the potential to develop an additional 14ha, by way of a future reclamation after the development of the initial 24.8ha land.

The Bayan Mutiara tender is part of the state government's efforts to unlock the value of the land it owns in selected areas.

Ivory's success leaves SP Setia in the lurch, as currently, it is the only developer without any development projects along Penang's southern corridor where its rivals are present.

The rivals include Mah Sing Group Bhd, which is planning a mixed-development property project in Batu Maung. Ivory Properties is present via "The View Twin Towers" development in Batu Uban, while IJM Land Bhd had already embarked on its landmark waterfront development of "The Light", close to the Penang Bridge.

In January this year, the Penang state government announced that SP Setia – via subsidiary Eco Meridean Sdn Bhd – had won a RM300 million project to build and operate the Penang International Convention and Exhibition Centre in Relau on the island.

The project was reportedly meant to create a "Penang People's Park" that includes the country's first subterranean Penang International Convention and Exhibition Centre , a 2.8ha public park on the rooftop, a refurbished and upgraded Penang International Sports Arena, a refurbished and upgraded aquatic centre as well as a four-star hotel with retail outlets and a spacious parking lot.

SOURCE: Business Times

Eastern and Oriental Bhd, a Malaysian property group, rose the most in almost two weeks in Kuala Lumpur trading after agreeing to sell a piece of land and building in Penang state for RM134 million.

The stock advanced 1.3 per cent to RM1.54 at 9:19 a.m. local time, bound for the biggest gain since June 29. — Bloomberg

SOURCE: Business Times

BUYERS looking to invest in homes where they can be closer to nature should look into Sunway Cassia located in Batu Maung, Penang, which is built with the green concept in mind.

True to its theme, the developers of Sunway Cassia, Sunway City Berhad, has set up 0.8ha (two acres) of Nature Reserve Park in its vicinity where residents can jog or go jungle trekking to unwind after an arduous day at work.

According to Sunway City general manager Tan Hun Beng, the nature park is the first of its kind in Penang and the concept would be well received by buyers and investors.

“Besides designing a conducive home, the environmental aspect is also very important as you do not want to come home to an unpleasant environment,” said Tan.

“The environment has to blend in with the home and this will make residents who live there feel fresh and energetic whenever they come home.”

The Sunway Cassia is divided into two phases whereby Phase 1 will involve the completion of 33 units of three-storey terrace houses with a built-up area of 2,808sq ft to 3,265sq ft. The price per unit will start from RM850,000 onwards.

Phase 2 of Sunway Cassia is expected to be completed in 2012, while other future developments for Sunway City include Sunway Merica in Sungai Ara and Sunway Aspera in Sungai Batu.

For Sunway Merica, there will be 98 units of three-storey terrace houses as well as semi-detached units.

Expected to be completed at the end of the year, the Sunway Merica units have a built-up area of 2,715sq ft to 3,021sq ft for the terrace houses priced from RM919,700 onwards, while the three-storey smi-detached units will be of 3,973sq ft at a starting price of RM1.5mil.

The Sunway Aspera consists of 85 two-storey and three-storey terrace house units, with a gross built-up area of 1,840sq ft to 2,718sq ft for the two-storey terrace houses, and about 2,040sq ft for the three-storey houses.

Expected to be completed by next year, the project is within proximity to the Penang Interna-tional Airport via Jalan Sultan Azlan Shah and the second Penang bridge link in Batu Maung.

Touted as Penang’s premier pro-perty expo, the fair’s ninth edition will be held at Gurney Plaza and the adjoining G Hotel from July 21 to July 24.

To date, 28 major developers —representing almost all the big boys in the industry — along with several financial institutions, have taken up booths in the fair.

The RM30,000 worth of prizes for the ‘Surf, Click & Win’ contest are sponsored by IJM Land.

The fair, which will be open to the public from 10am to 10pm daily, is organised by The Star in collaboration with Henry Butcher Penang. Admission is free.

For enquiries, call 04-6473388 ext 3357 (Shirmein) or ext 3418 (Bessie).

Source: The Star