GEORGE TOWN (Mar 1): The Penang Government planned to develop a "drain mapping system" to enable the mitigation and detection of flood-prone areas in the island, said state executive councillor Law Choo Kiang.

He said the state government had instructed the public works department, irrigation and drainage department and the Penang Municipal Council to identify hotspots which were frequently struck by flash floods.

Speaking to reporters here on Thursday, Law said, most of the hotspots were located at old housing schemes which were geographically lower. – Bernama

SOURCE: The Edge Property

THE luxurious Andaman sea-facing condominiums at Tanjung Seri Pinang in Tanjung Tokong, Penang, have now been launched.

Built by Eastern & Oriental Berhad (E&O), a premier lifestyle property developer listed on Bursa Malaysia Main Board, the Quayside project is touted to be the finest on Penang island.

It is sited on 8.5ha of the final prime plot of E&O’s acclaimed world-class masterplan development, likened to those of Sentosa Cove in Singapore and Sanctuary Cove in Australia.

E&O deputy managing director Eric Chan said Andaman is conceptualised to celebrate the best facets of the Pearl of the Orient with 75% of all suites meticulously aligned to provide unobstructed views of the sea and Gurney Drive.

“The Andaman at Quayside sits within the island’s largest seafront development at the northenmost cape, which is the most sought-after residential address.

“Imagine being greeted by spectacular views of the sea each morning as you awake, hearing the sound of the waves rippling across the shore from the comfort of your Andaman home,” said Chan.

This signature E&O development boasts nearly 60% of green lung and recreation area that includes a 1.8ha waterpark, the first of its kind in the region, and another 2.8ha of verdant parks.

Units range from 914sq ft for a one-bedroom suite, priced from RM973,800, to the 4,755sq ft penthouse. There are also 1+1 (one bedroom and one study), two-bedroom and three-bedroom suites at 1,188sq ft, 2,047sq ft and 4,755sq ft respectively.

Chan said Andaman’s excellent location and outstanding value proposition were expected to attract healthy local and foreign demand.

On the timing of the launch, he said the developer was encouraged by the thriving response to its earlier launches and with Andaman, it was confident that a project of this calibre was a blue-chip investment.

According to E&O (Penang) marketing and sales head Christina Lau, the condominiums are based on a hotel suite concept and all units are fully fitted with furnishing, including the kitchens and bathrooms.

Designed by GDP Architects, the Andaman series boasts eight layouts offering a range of living choices.

State-of-the-art integrated security systems, developed by GDSS Security Consultants, include perimeter fencing with fibre optic cable, CCTV and video motion detector, a home intercom and call-assist button linked to a 24-hour manned security control room, and a scanning system which electronically records the faces of drivers, vehicle registration numbers and vehicle types.

Source: The Star

BOLTON Berhad’s second tower block of the Surin condominium project is on schedule to be completed by the first quarter of 2013.

Group executive director Chan Wing Kwong said about 60% of the block comprising 192 units had been completed.

He said: “The buyers of the Surin are mainly locals. They buy with the objective to stay. There are no sub-sales.”

He was speaking at an exclusive preview of the Surin’s completed first tower block of 198 units for business partners and associates, real estate agents, and the media.

Initially when launched in 2008, the price per sq ft of a Surin condominium was around RM300, compared to about RM600 presently,

Chan said that currently, there were only 13 units still available, and they were the three-bedroom unit (1,307sq ft) and four-bedroom penthouse (2,827sq ft) priced from RM690,988 and RM1.35mil respectively.

Residents of Surin will be able to enjoy amenities such as an infinity swimming pool, a rooftop garden, two covered car park bays per unit, three-tier security, a barbeque area and sky decks.

“Surin residents get unparalleled vistas of the sea and green hills during the day, offering probably one of the best all-round views amongst the newer condominiums in Penang.

“Surin is equipped with facilities that include a swimming pool, gymnasium and playground,” he added.

The completed first tower block of 198 units is completely sold with certificate of fitness obtained, while the second tower block of 192 units is 93% sold.

Source: The Star

KUALA LUMPUR: Lifestyle developer Mah Sing Group Bhd has reported a RM168.6 million net profit on the back of RM1.6 billion revenue for its financial year 2011.

This represents 43 per cent and 41 per cent increases respectively against the net profit and revenue achieved in 2010.

Property development projects that contributed to Mah Sing's revenue and profit during the year under review included Garden Residence in Cyberjaya, Kinrara Residence in Puchong, Perdana Residence 2 in Selayang, M-Suites in Jalan Ampang, One Legenda, Hijauan Residence and Bayu Sekamat in Cheras, and Icon Residence in Mont' Kiara.

The group closed 2011 with some RM2.26 billion locked in property sales, surpassing the previous year's full sales target of RM2 billion.

Group managing director and chief executive officer Tan Sri Leong Hoy Kum said the 2011 financial performance marks a new record high and represents more than 46 per cent improvement from the RM1.55 billion achieved in 2010.

As for this year, Leong said the group is on track to meet its sales target of RM2.5 billion. "We achieved about RM338 million as at February 15," he said in a statement.

Meanwhile, Mah Sing also intends to roll out at least RM3 billion worth of property launches this year to achieve its sales target.

Leong said the greater Kuala Lumpur projects are expected to make up the bulk (68 per cent) of the launch targets, while Penang and Johor Baru are expected to contribute 20 per cent and 12 per cent respectively.

"We have a clear focus on residential projects this year, and our high-rise and landed residential projects make up 75 per cent of our launch targets.

"Commercial projects are expected to be a strong contributor, at 22 per cent of launch targets, and industrial projects to make up the balance 3 per cent," he said.

Leong said close to 70 per cent of Mah Sing's launches will come from products with an average unit price of RM1 million and below, in view of the current market sentiment and pent-up demand in this segment.

Launches planned for this year include new and existing residential projects such as Kinrara Residence, Garden Residence 2 in Cyberjaya, Garden Plaza in Cyberjaya, M-City in Jalan Ampang, Icon Residence in Georgetown.

SOURCE: Business Times

PLB Engineering Berhad is launching, via its subsidiary PLB Land Sdn Berhad, a RM270mil mixed-development project on a 20.2ha site in Balik Pulau, Penang.

It is called Prestige III Central Park City and the project will commence in the second quarter of 2012.

Group executive chairman Datuk Ong Choo Hoon (pic) told a press conference that the project comprised 919 units — 322 single and double-storey terrace homes, 40 double-storey semi-detached houses, 57 double-storey shop offices, and 500 medium and low medium-cost apartments.

“The project, comprising three phases, will be completed in 2016.

“The first phase should be completed in 2014.

“We will kick off the project in April or May with the launch of 242 units,” he said.

The prices of the single-storey terrace and double-storey terrace houses are RM360,000 and RM460,000 respectively.

The double-storey semi-detached houses cost RM600,000.

The highlight of the project is a 1.2ha park for the residents to enjoy the greenery, the river and streams.

“The project has received overwhelming response,” Ong said.

He said the group would also launch 98 medium-cost apartments on a site larger than one acre in Sungai Nibong this year.

“The project is planned according to the new density guidelines of the state government which allows for 87 units per acre. Under the new ruling, 15% of the units have to be priced between RM200,000 and RM300,000,” he said.

“We are also targeting to launch a RM1bil township project in Paya Terubong on a 28.3ha site in two years,” he said.

The group is also planning a RM45mil low density medium-cost apartment project in Teluk Kumbar later this year.

“We have also submitted plans for light industry factories in Juru Auto City and Mak Mandin.

“The estimated sales revenue for these projects is around RM115mil,” he said.

Source: The Star