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Eco World plans RM1.3bil projects in Penang and Seberang Prai

May 12th, 2014 Leave a comment

Chang: (right): ‘We plan to preview the project in August 2014, which will attract a broad spectrum of buyers.’ EcoWorld executive director and CFO Heah Kok Boon is on the left.

Eco World Development Group Bhd plans to launch two residential and commercial property projects in Penang, with a gross development value (GDV) of RM1.26bil, in 2014 and 2015.

Group president and chief executive officer Datuk Chang Khim Wah told StarBiz that the projects, EcoTerraces and EcoMeadows, would be launched on the island and Seberang Prai, respectively.

The RM340mil EcoTerraces, comprising luxury landed homes, condominium units, and a private residents’ club, is sited on 5.26ha, about five minutes from Air Itam town in the northeast district.

“We plan to preview the project in August 2014, which will attract a broad spectrum of buyers, as the location has easy access to the airport and George Town,” he said.

On its other land-bank at Macalister Road and Anson Road junction on the island, Chang said the group did not have immediate plans to develop the site.

“Due to its unrivalled location, we plan to use it as our Penang Show Gallery to introduce our brand and development philosophy of creating world-class eco living,” Chang said.

Next year, Eco World will launch the RM920mil mixed development EcoMeadows scheme on 24.28ha in Bukit Tambun.

“Its freehold land status and location near the second link and adjacent to the North-South Highway gives it great potential to be developed as a mixed development project.

“We will be introducing both landed and strata properties supported by a mini mall, comprising shops and offices all designed in line with our Eco theme which emphasises sustainability and livability,” Chang said.

“Over time, we aim to build up our presence in Penang so that it will be able to consistently contribute around 10%-15% to total group’s sales. There will be terraces, superlinks, semi-detached units and condominiums for both of these projects,” he said, adding that the price of the properties would range from RM600,000 to RM3mil.

.On Seberang Prai as an alternative development site, Chang said the fact that there were so many developers interested in Seberang Perai is proof that the area was rapidly turning into a growth location.

“I am confident that if we concentrate on ensuring that our products stand the test of time, and we focus on delivering excellence, be it in service, product design or product quality, we will do well,” Chang added.

Chang said while there had been some slowdown at the start of the year, as a result of the cooling measures by Bank Negara, they expected the property market to regain momentum towards the latter part of the year as all participants were adjusting to the new realities of the market.

“The more challenging outlook has also caused developers to up their game and we expect new launches to showcase some good development concepts to attract buyers to continue to invest. With the completion and opening of the second Link, interest in mainland Penang has picked up significantly and we believe this will be the new hotspot for properties up north.

“Overall, we remain positive about the Penang property market which is supported by solid fundamentals of strong underlying demand, good economic prospects and continued job creation both on the island and the mainland,” he added.

Meanwhile, Henry Butcher Seberang Prai associate director Fook Tone Huat said that vacant land prices in Seberang Prai, especially those in South Seberang Prai where the second bridge is located, were now hovering around RM40-RM50 per sq ft, compared with RM8-RM9 per sq ft prior to the announcement of the second link project in 2006.

Source: StarProperty.my

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  1. Hu
    May 12th, 2014 at 15:56 | #1

    Interesting.

  2. godzilla
    godzilla
    May 12th, 2014 at 16:43 | #2

    Great, in future there will be more quality houses built with proper planning in perai

  3. Chocolate
    May 12th, 2014 at 18:04 | #3

    In term of top rank developer, IJM is the first coming to mainand, now is Eco World and Mah Sing. Hope to see more top developer with good planning here.

  4. Concern buyer
    May 12th, 2014 at 18:18 | #4

    @Chocolate
    But nobody will buy the house because too expensive. What for?

  5. Concern buyer
    May 12th, 2014 at 18:19 | #5

    godzilla :
    Great, in future there will be more quality houses built with proper planning in perai

    Yeap. But it will be ghost town especially in Mainland because nobody got money to buy Eco World house. T_T

  6. Chocolate
    May 12th, 2014 at 18:50 | #6

    Nobody?? Problem is lu ada luit boh?

  7. Concern buyer
    May 12th, 2014 at 18:54 | #7

    @Chocolate
    Got money one already stuck in property cannot sell in subsale. Only left those Penangites that have no money. So Penang property bubble is bursting now. Just waiting for 50% discount.

  8. Chocolate
    May 12th, 2014 at 19:03 | #8

    No everyone like u la..

    Burst? Bubble? Yes but when? U think price for landed will crash?

    I will still buy if i can get Eco project, the problem only hard to get their unit.

  9. Concern buyer
    May 12th, 2014 at 19:14 | #9

    @Chocolate
    Actually not everyone like you la. You might be multi millionaire. But bank now reluctant to give loan. 60% rejected. So no subsale buyer. You can buy ECO world and live inside because cannot sell bro. But its ok la. ECO World product is very nice. Only rich people can live inside. But mostly ghost if its in Simpang Ampat. Hahaha.. coz ECO World land is in Simpang Ampat.

  10. Concern buyer
    May 12th, 2014 at 19:16 | #10

    @Chocolate
    Actually not everyone like you la. You might be multi millionaire. But bank now reluctant to give loan. 60% rejected. So no subsale buyer. You can buy ECO world and live inside because cannot sell bro. But its ok la. ECO World product is very nice. Only rich people can live inside. But mostly empty neighbor house if its in Simpang Ampat. Hahaha.. coz ECO World land is in Simpang Ampat.

  11. IsaacTan
    IsaacTan
    May 13th, 2014 at 11:41 | #11

    Penang property price really like rockets. Shoot up even higher than KL.
    Roughly how much psf on landed proprty for the ECO project?
    Anyone got the news for Penang undersea tunnel?

  12. Mau beli
    May 13th, 2014 at 12:20 | #12

    IsaacTan :
    Penang property price really like rockets. Shoot up even higher than KL.
    Roughly how much psf on landed proprty for the ECO project?
    Anyone got the news for Penang undersea tunnel?

    Don’t worry. It’ll drop like rocket without fuel. Because rocket want to fly high also no point if no fuel (no people buying subsale or Sui Yi).

  13. None
    May 13th, 2014 at 12:29 | #13

    @chocolate
    Ignore these properties crash wishing ppl lo… Instead of looking for properties that they can afford, they go to every new launch project and kaka cau cau…they wish that gurney area super condo or d residence drop till 200k, so they can buy mar….

  14. SimYewKin
    May 13th, 2014 at 15:13 | #14

    Is it true that EcoMeadows is in simpang ampat? Can someone confirm if this is beside SA65? Thanks.

  15. Mau beli
    May 13th, 2014 at 15:31 | #15

    @SimYewKin
    Not beside SA65la. It’s beside PLUS highway in Simpang Ampat. Quite far from SA65.

  16. interested buyer
    May 14th, 2014 at 15:18 | #16

    @Mau beli

    Beside PLUS highway in Simpang Ampat…? the toll there?

  17. Chocolate
    May 14th, 2014 at 16:58 | #17

    Bro, u can clearly see a big signboard beside the highway la..They already fencing up their land.

  18. Swan
    May 14th, 2014 at 21:49 | #18

    @Concern buyer
    first of all, by looking at your comment, there are points and opinions not convincable but its kind of dream, it makes no sense to this figure discount rate 50% which unlikely to happen, of course, everyone wish the price to be declined which to curb the pricing from going up further, unfortunately, the extreme decline in price as you dream of may only happen when it is really major economic crisis, but when it is going to be in this situation? none of us would precisely predicted on this unless you can see through with a crystal ball.

    In inspite of the matter of decline in term of transaction or pricing, by realistic, it might be a price correction, but it is unlikely to drop more than or until 50% unless our market situation resulted in the way like the Dubai or US property supreme.

    In fact, the current market is toward healthy direction with a series of cooling measure in place, at least, it controls the debt is getting higher and higher. besides, to curb the property speculation or flipping, for instance, Gain tax 30% dispose property within 3 years, tighten mortage loan, minimum pricing 1M for foreigner to buy apartment or 2M for landed and so on.

    Lastly, you may reconsider your comment by restudying the fact as a strong point to support your logic, every consequence always has its triggering point and reason at behind. anyway, if you intended to buy a home for own stay, anytime is the right time as long as it is within your budget, of course, you may set your right expectation by aiming 20% decline in pricing before purchasing it, that would be the realistic target to be achieved.

  19. SimYewKin
    May 15th, 2014 at 09:45 | #19

    @Mau beli
    if bside Plus highway along jalan paboi, where got far from SA65? still sound quite near to me. Unless they have other lands around simpang ampat.

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