Property developer SP Setia Bhd is on the lookout to acquire more strategic pieces of land in Penang in a bid to extend its footprint in the state.

Presently, it is looking to buy three parcels of land on the island by the middle of the year.

The company, which currently boasts an undeveloped landbank totalling close to 40 hectares in the state, is in the final stages of negotiation to acquire land in Tanjung Bungah
and Jelutong.

SP Setia Property (North) general manager Datuk S.Rajoo told Business Times the company is eyeing two parcels of land in Tanjung Bungah totalling 10.2ha while the parcel of land in Jelutong measures 3.6ha.

“We are hoping to conclude the land acquisition deals by the middle of June and are planning mixed residential housing projects on the plots,” he said in an interview.

Present was the company’s deputy general manager for the northern region’s property division Khoo Teck Chong.

SP Setia made its entry in the state more than five years ago via the Setia Pearl Island development which is sprawled over a 45ha site and carries a development value of RM1.2 billion.

The project comprises three-storey terraced homes, semi-detached units and commercial lots, and is located between 4km and 5km from the proposed site of the second Penang bridge at Batu Maung and 20km from George Town.

“We would like to extend our presence to other parts of the island and have been doing so through our projects in George Town.

“We have acquired two pieces of land in Balik Pulau totalling 12ha for purposes of landed residential units,” Rajoo added, saying that the launching date of the project has yet to be determined.

Khoo said the last piece of undeveloped land at the Setia Pearl Island site is expected to be launched by the third quarter of 2013.

Carrying a development value of RM350 million and sprawled over 7.6ha of land, he said the project, called The Breeze, will
comprise low-rise and high-rise dwellings respectively.

“Our new launches,” Khoo said, “will include exclusive high-rise condominiums at Teluk Kumbar which we hope to launch by the second half of 2013.”

The QBees project, comprising 98 condominium units, will be sited on a 1.2ha plot and carries a gross development value of RM50 million.

Other planned launches include Penang’s first Green Building Index residential project, which will be sited in the second phase of its Setia Greens development at Cangkat Sungai Ara.

“We are looking at launching more eco-housing via this project, which will comprise landed houses and one condominium block on a 5.6ha site,” Khoo said.

Souce: Business Times

MAH Sing Group Bhd plans to develop a 1 million sq ft shopping mall for the Southbay City mixed-development project on a 13.7ha site in Batu Maung, Penang, next year.

Group chief operating officer Teh Heng Chong said the shopping mall would be positioned to attract shoppers from the northern region market.

“Once the second Penang bridge is ready next year, we can anticipate a strong flow of visitors from Seberang Prai to the island.

“Thus, we want to have a mall in Southbay City to tap into the business opportunities from the north and Seberang Prai,” he said in an interview.

He said they planned to start the project’s construction next year, adding that they had yet to work out the cost of the mall which would be part of the approved Southbay City master plan.

On the two residential suite towers in the RM329mil Southbay Plaza, which is part of the Southbay City project, he said Mah Sing had sold the bulk of the units for both the towers.

“Since the launch of the two towers late last month, we have sold 80% of 106 units belonging to the 32-storey Tower A and 75% of 100 units belonging to the 31- storey Tower B.

“The Tower A and Tower B units with built-up areas of between 1,107sq ft and 1,761sq ft, and 1,433sq ft and 1,714sq ft respectively, are sold from RM830,000 and RM1.2mil onwards,” he said adding that most of the units would be sea-fronting.

Teh said the two residential towers would be equipped with facilities such as infinity pools and gymnasiums.

“Below the two towers is a four-storey shopping podium with 100,000sq ft of retail space.

“There are a total of 731 car parking bays, of which 213 bays are for the commercial scheme while the rest are for theresidential suites,” he added.

Teh said the Southbay Plaza residential suites sold well because they were near to Queens-bay Mall, Eastin Hotel, Equatorial Hotel, Penang International Airport, and 1km away from the second bridge.

He said the entire Southbay City project would take five to eight years to complete.

Source: The Star

Semi 8, a small scheme residential development located in the heart of Balik Pulau Township. It is just next to the new Police Head Quarter which also surrounded by existing residential homes. Its strategic location allows easy access to the nearest market, school, bank, bus station and other government department in town.

Property Project : Semi 8
Location : Balik Pulau, Penang
Property Type : 2-Storey Semi-detached
Tenure : Freehold
Built-up Area: 2,100 sq.ft. onwards
Land Area: 4,416 sq.ft. onwards
Indicative Price: RM886,000 onwards
Developer : Venn Group

GEORGE TOWN: Excitement is clearly growing with the state’s second Penang Bridge having passed its three-quarter completion mark.

Workers on the ground are beginning to have a sense of an ending now that the bridge is taking shape literally.

Jambatan Kedua Sdn Bhd construction director Hamizol Ngah said progress on the island’s second link had been tremendous over the last two and half years.

“As at April 26, the bridge was 76.22% completed. It is great to be able to say that the bridge is (1.2%) ahead of schedule and in another 15 months, there will be traffic on it,” he said at the China Harbour Engineering Co Ltd (M) Sdn Bhd (CHEC) office in Batu Maung here recently.

The bridge, scheduled for completion by Sept 8 next year after work began in 2008, is set to be the longest in South-East Asia.

Hamizol said although working on the bridge had posed several personal challenges, the end result was worth it.

“I cannot swim. I’m afraid of heights and get seasick, but at work, I put on my fierce face. When you have to deal with things, you will,” said the retired Public Works Department senior assistant director.

He said he felt a great satisfaction from having worked on a project that would benefit the public on a daily basis, citing experiences of spotting schools of dolphins and being stuck on pier platforms during rough weather as the highlights.

Teng Jit Poh, a CHEC construction manager, said the bridge’s Package One was 93.8% completed, about 4.35% ahead of schedule.

“With the structures up, you can basically see the whole alignment of the second bridge from the first,” he said before giving The Star the first close-up look at the link’s main navigation span.

Teng, who is from Sungai Bakap, said that although working on the second bridge was challenging, it was also satisfying.

“Compared to building a bridge on land, you are fighting both time and tide here. The time window is very tight and you only have two to four hours of low tide to complete everything you need to do,” he said.

“It’s great to be involved with one of Penang’s mega projects more so as a Penangite.”

Source: The Star

Capita View, a gated development on Penang Hill by Capitawealth International. Hillside living which spanning 2.76ha (6.83 acres) with scenic views. It comprises bungalow lots where buyers can opt for the company’s panel of architects to built their dream home.

Property Project : Capita View
Location : Penang Hill, Ayer Itam, Penang
Property Type : Bungalow lots
Tenure : Freehold
Total Units : 26
Developer : Capitawealth International