BSG Property's business development manager Koay Wei Loong said the proposed street mall comprising food and beverage offerings in Malacca is likely to be ready by the end of 2013 and the company has earmarked some RM40 million.

"The positive response we have received from tenants of Precinct 10 and customers since we opened in Penang has been encouraging and we see no reason why the same model cannot be successful in Malacca," he told Business Times.

Precinct 10 is located at Tanjung Tokong on Penang island and consists of 2-storey shop offices and F and B outlets.

Since its soft opening last month, the project has seen the entry of Burger King, Chez Weng, Winter Warmers, Old Town White Coffee, Sushi Zento and HSBC Bank as tenants.

"We are looking at potentially bringing in one more financial institution, an Italian food-dominated wine house, and a Chinese restaurant chain here," added Koay.

"With the surface parking offered to customers at Precinct 10, our plan is to enable the medium to upscale eateries transform this location into a Penang version of Bangsar in Kuala Lumpur."

Precinct 10 sits on a 1.7ha area and boasts a net lettable area of 47,000 sq ft.

BSG Property invested RM16 million in the project.

SOURCE: Business Times

The Belleview Group is undertaking the development of RM1.724bil worth of property this year for Penang island and Kedah.

Its managing director Datuk Sonny Ho said some RM360mil worth of property projects including All Seasons Park’s final phase, Moulmein Rise and W Residence were planned for the island.

“The remaining RM1.364bil worth of property included the third and fourth phases of the Kulim-Techno City (KTC) project, Amansuri Residences, Aman Central and Star Centro in Kedah.

“Kicking off the launch for Penang island in April is the RM200mil Moulmein Rise project in Pulau Tikus, Penang, a 27-storey iconic structure comprising 84 life-style suites and a two-level podium of retail shoplots, with views of the sea-fronting Gurney Drive,” he said.

Designed architecturally to be a modern building, it would include a host of desirable amenities with five-star features and state-of-art security system, he added.

In May, Belleview will launch the RM100mil Autumn Tower comprising 220 condominium units for the All Seasons Park project in Bandar Baru Air Itam (popularly known as Farlim), Penang.

The built-up area for the units ranges between 850sq ft and 1,323sq ft. The project also features a full range of modern recreational facilities.

Ho said the sales of the Summer, Spring and Winter Towers had been a roaring success, with only a handful of units available.

“The third project launching on the island in June is the RM60mil W Residence on Jalan Utama.

“W Residence comprises eight freehold bungalows with a gated community that provides a safe and secure environment, monitored by closed circuit television cameras and protected by a two-tiered security electronic card system,” he said.

For Kedah, Belleview kicked off with the launch of the RM180mil Amansuri Residences in Alor Setar on Tuesday.

The Amansuri Residences, Ho said, comprised 277 condominiums with built-up areas of 1,248sq ft onwards.

“Equipped with an advanced three-tiered security system, the project has extensive water features, landscaped greenery and a grand guest drop-off atrium,” he said.

Belleview will then launch the RM34mil third and fourth phases of the KTC project at the Kulim Hi-Tech Park in the second half of this year.

Ho said both phases comprised 1 1/2 storey and double storey terraced houses, single-storey and 1 1/2 storey semi-detached houses, and single storey bungalows.

“The KTC project is about 20 minutes away from the Penang Bridge, and is a self-contained township with schools, hospitals, a hypermarket, a recreational park, a golf course and multi-national factories nearby,” he said.

In June, Belleview will launch the RM150mil Star Centro in Alor Setar, a multi-functional commercial centre with 32 units of three-level shop offices and a leading hypermarket as the anchor tenant.

The project is located at the intersection of Jalan Tambang and Jalan Gangsa near the edge of the city on the west side which is accessible from all directions.

Ho said the project would offer a vibrant retail mix of restaurants, lifestyle cafes, banks, telecommunication centres, pharmacy, and personal care outlets.

Belleview Group recently started the construction of the RM1bil Aman Central, the largest shopping mall in Kedah.

The project, located along the busy Lebuhraya Darulaman, will have six floors of retail outlets, providing food and beverage services, entertainment, fitness centre, and bowling alley. All the projects, he added, had received overwhelming response and enquiries.

Meanwhile, Henry Butcher Malaysia (Penang) director Dr Teoh Poh Huat said the sentiments in the property market would remain cautiously optimistic.

“However, there are still a strong propensity to buy in preferred locations and an interest in well conceptualised schemes with good quality finishes and security.

“Presently, foreigners comprise less than 8% of the property buyers in Penang. The foreign segment is expected to grow in tandem with Penang’s popularity as a second home paradise,” he said.

SOURCE: The Star

GEORGE TOWN: The state government will not run away from problems faced by the people such as the issues of affordable housing, traffic congestion and civil services, Chief Minister Lim Guan Eng said.

He said the state had allocated RM500mil to ensure affordable homes were made available to Penangites.

“To deal with traffic congestion, we have open tenders on a proposal to construct three bypass highways and a sea tunnel costing around RM8bil,” he said in his speech at the DAP Chinese New Year open house at Penang Chinese Town Hall on Jalan Mesjid Kapitan Keling yesterday.

On Nov 15, it was reported that the proposed traffic alleviation projects are a 6.5km sea tunnel connecting Gurney Drive to the northern side of Butterworth, a 4.2km road from Gurney Drive to the Tun Dr Lim Chong Eu Expressway bypassing the city centre, a 4.6km road linking Bandar Baru Air Itam to the same expressway and a 12km dual carriage road from Tanjung Bungah to Teluk Bahang to pair with the existing coastal road.

Source: The Star

La Ferringhi, a residential development located next to Eden Fairway Condominium, within the establish township of Batu Ferringhi, Penang. It comprises 20 units of 3-storey terrace house.

Property Project : La Ferringhi
Location : Batu Ferringhi, Penang
Property Type : 3-Storey Terrace
Tenure : Freehold
Total Units : 20
Built-up Area : 2,750 sq.ft.
Land Area : 1,335 sq.ft. onwards
Indicative Price : RM 1,318,000 onwards
Developer : Tat Boot Development Sdn. Bhd.
Contact No: 012-407 9900

GEORGE TOWN: Hunza Properties Bhd is launching about RM650mil of residential properties in Kepala Batas in Seberang Prai and Tanjung Bungah on Penang island this year.

Group executive chairman Datuk Khor Teng Tong told StarBiz that residential properties worth about RM300mil in gross development value (GDV), comprising double-storey semi-detached, terraced, and low-medium cost houses, had been planned for Kepala Batas.

“We have already started work on the houses and will launch the properties for sale in the second half of 2012,” Khor said. “After the launch, the group will still have about 350 acres of undeveloped land-bank in Kepala Batas, which will be used for residential development.”

In Tanjung Bungah, Khor said the group would launch Alila 2, a 265-unit condominium project, in the second half of this year. It would have a GDV of about RM350mil.

“The condominium units will have built-up areas ranging from 1,700 to 3,000 sq ft,” he said.

On the group’s proposed mixed-development project with an approximate GDV of RM6bil to RM7bil on a 16.2ha site in Bayan Baru, Khor said the group had engaged two internationally renowned architect consultants to advise on the master plan.

He said the group had just acquired a 2ha land to develop 1,000 low-cost homes for the households currently occupying the over 16.2ha site. “We have initiated steps to obtain approval from the local authorities to develop the low-cost homes.”

Khor also said the group was targeting to complete the Gurney Paragon shopping mall in November 2012.

“So far we have committed to lease out about 45% of the over 700,000 sq ft of nettable area of the shopping mall,” he said.

On the preservation of St. Joseph’s Novitiate building in Gurney Paragon, now known as St. Jo’s, Khor said the group had spent RM10mil to restore the heritage structure and a further RM3.5mil to transform it into a new dining and entertainment hub in Penang.

“Hunza will work hard to continue to bring in established names that have yet to set up a presence in Penang to open their businesses in Gurney Paragon,” he said.

Khor said the multi-purpose hall of St. Jo’s would be used for hosting events such as meetings, conventions, and weddings.

St. Jo’s was completed and formally opened in 1918 by the De La Salle Brothers, who pioneered education in Malaysia and around the world.

SOURCE: The Star