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Ideal Property to soft-launch Queens Residences

June 7th, 2016 Leave a comment

QueensWaterfrontPenang-based developer Ideal Property Group plans to launch RM2.723 billion worth of condominium projects, with more than 3,600 units in total, on the island this year.

Having launched the RM378 million SummerSkye Residences in Bayan Lepas, it is now looking to unveil its biggest project in terms of value in the area — Queens Waterfront. Executive chairman and CEO Datuk Alex Ooi says the freehold development sits on 36.53 acres, of which 24.79 acres are reclaimed land.

With a total gross development value (GDV) of RM2.15 billion, the development will comprise an 11.74-acre residential component known as Queens Residences, a 6.1-acre marina, a waterfront promenade known as Queens Waterfront Promenade, the Queens Sports Centre and an international school.

“The sports centre will have a 200m velodrome, basketball and volleyball courts, a Fina (Fédération Internationale de Natation) standard competition pool and diving pool as well as a leisure football field,” says Ooi. “The centre will be given to the state government upon its completion in 2019 and it will be open to the public.”

Queens Waterfront Promenade will be a public pathway with viewing decks, open plazas and a place for gatherings with seating, playground and kite-flying area. It will feature three concepts — marine life, sculpture park and beach habitat.

According to Ooi, Queens Residences will have four blocks of 22, 24, 26 and 30 storeys respectively. They will be launched over four phases.

Phase 1 will have 500 units in a 22-storey tower and will be soft-launched this month. The units will have built-ups of 950 to 1,650 sq ft and be partially furnished. With an average selling price of RM780 psf, the phase has a GDV of RM550 million.

Facilities of the residential component include a seafront garden, children’s pool, infinity pool and sandpit.

“Queens Waterfront will be located next to Queensbay Mall and will face Jerejak Island,” says Ooi. “The residential component will be on part of the reclaimed land and there will be more than 2,100 units. We have already started the reclamation works and will start the piling works early next year.”

For the development, Ideal Property is targeting property investors from Penang and abroad, residents from neighbouring states who are looking for holiday homes as well as expatriates and professionals from the Bayan Lepas Free Trade Zone.

“I choose to develop projects on the island because developments there have higher density and it is easier to attract buyers … some 30% to 40% of my sales come from Kedah, Butterworth and north Perak,” Ooi explains.

Phase 2, meanwhile, will be launched early next year.

“The unique selling point of the development is that it is located opposite a well-known shopping mall, Queensbay Mall, and it is well connected via the Bayan Lepas Expressway, Penang bridge and Penang second bridge,” Ooi says.

“Also, it is surrounded by major amenities such as the Penang International Airport, Penang Golf Club in Jalan Bukit Jambul, Pantai Hospital Penang, Universiti Sains Malaysia and Penang International Convention and Exhibition Centre.”

Phases 1 and 2 will also have two storeys of commercial shoplots that Ideal Property plans to keep for recurring income. There will be a total of 72 units of 1,400 sq ft each.

With a plan to create an al fresco dining area similar to that of Clarke Quay in Singapore, the developer has engaged Singaporean architecture and design studio Lead8 for the commercial design of the shoplots. It has also appointed DTZ to bring in tenants for the shoplots.

The project’s symbolic icon is the regal seahorse that represents “the hope of the future and the promise of today”, says Ooi. There will be five towering seahorses encircling the driveway of the development, representing the unity of the universal elements and the proud heritage of the island, he adds.

Ooi established Ideal Property in 2002 with investment, property development and business process outsourcing as its core businesses. Its investment portfolio includes hotels, serviced apartments, commercial shoplots, development land, palm oil estates and office lots while its property development division is involved in the building of residential, commercial and light industrial properties and office suites.

Business process outsourcing comprises property design and concept service, property marketing advisory, property evaluation and monitoring services and project financing advisory services.

Ooi says the group had completed the construction of more than 10,000 condominium units from 2008 to 2015, and over 3,600 units are under construction now.

He has been the executive chairman of Ideal United Bintang Bhd (IdealUBB), an importer and exporter of used and reconditioned heavy machinery, since October 2013. There is an ongoing corporate exercise to turn IdealUBB into a property development company.

Ongoing projects and future launches

Ideal Property is also looking to unveil Forest Ville, Bukit Ayun Development and Amarene this year.

Scheduled to be launched by the end of this month, the RM495 million Forest Ville will have 991 condos with sizes ranging from 1,000 to 1,050 sq ft.

One of its developments that was launched recently, SummerSkye Residences, is a mixed-use project in Ideal Vision Park, Bayan Lepas. It will comprise 507 condos and 78 shopoffices.

The group’s other ongoing projects include I-Condo @ One Foresta, I-Condo @ I-Santorini, Tree Sparina, Imperial Residences and Solaria Residences. These developments are scheduled to be completed in the next two years.

Source: TheEdgeProperty.com.my

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  1. Uncle
    June 7th, 2016 at 11:10 | #1

    800psf… Ban ban sell..

  2. BillyTheKid
    June 7th, 2016 at 11:40 | #2

    Uncle ah, land is not getting cheaper, neither is raw material. No doubt 800psf is future price, but by the time this is completed, the price should be almost there.

  3. Uncle
    June 7th, 2016 at 12:43 | #3

    @BillyTheKid

    The property price is coming down, not going up..

  4. WF
    June 7th, 2016 at 14:04 | #4

    BillyTheKid :
    Uncle ah, land is not getting cheaper, neither is raw material. No doubt 800psf is future price, but by the time this is completed, the price should be almost there.

    then should we buy after completion?

    at least 2100 units can choose let say 50% from investors

    …..how they guarantee no sinking issue on the non piling area such as car parks etc on the new reclaim land

  5. TiauToo
    June 7th, 2016 at 14:14 | #5

    @Uncle

    Ya, sure, it’s coming down now, but that won’t go on forever, once the macro situation settles down, and when there’s ample liquidity in the market (it seems there always is nowadays), things will start moving again.

  6. Kcs
    June 7th, 2016 at 16:52 | #6

    Kolian baystar condo residence, all kena block by this project , as u can see in the picture the condo behind

  7. TiauToo
    June 7th, 2016 at 17:54 | #7

    @Kcs

    In Penang, it is not worth while paying too much premium for “direct seaview”, as our local council does not give a damn to current owners of seaview condos, and has zero respect for owners’ rights of seaview enjoyment. Such pariah state gov.

  8. Kcs
    June 7th, 2016 at 18:45 | #8

    You re baystar residence ?

  9. Uncle
    June 7th, 2016 at 21:15 | #9

    @TiauToo

    Moving again? Ban ban tan..

  10. Getha
    June 7th, 2016 at 22:49 | #10

    Buy properties on Island anytime better than ulu mainland….

  11. TiauToo
    June 8th, 2016 at 07:35 | #11

    Uncle ah, yess, have to ban ban tan. That’s why prices are coming down now because there are sellers out there who cannot ban ban tan. But for those who positioned themselves with the luxury of time, this is the right time to replenish/top-up their “stock”.

  12. Uncle
    June 8th, 2016 at 08:51 | #12

    @TiauToo

    You must have a lot of “stock” now looking for waterfish. good luck with that..

  13. Getha
    June 8th, 2016 at 09:10 | #13

    Queensbay area is very good. Buy Island properties

  14. Mainland4u
    June 8th, 2016 at 09:44 | #14

    Because of people like Getha-intense, the houses in Island got value but no buyer

  15. Mainland4u
    June 8th, 2016 at 09:45 | #15

    BillyTheKid :
    Uncle ah, land is not getting cheaper, neither is raw material. No doubt 800psf is future price, but by the time this is completed, the price should be almost there.

    got value no buyer

  16. Getha
    June 8th, 2016 at 10:22 | #16

    Penang Island will always have buyers….mainland properties will be sad case. It is so obvious

  17. Jazz
    June 8th, 2016 at 16:43 | #17

    Penang buyer is all buying affordable housing , how many able to buy private one ?

  18. MJ
    June 8th, 2016 at 20:54 | #18

    sell at 800/sqft for time being???????? hahahahahahaha……… unless giving a lot incentives or fully furnished la… Some more, 2100 untis ah, hahahhahahahha…….. “ban ban tan”

  19. Feiloh
    June 8th, 2016 at 21:38 | #19

    Aiya…pity those baystar owner lah…. Totally block…..

  20. Jurong
    June 8th, 2016 at 22:43 | #20

    PWC first phase will be completed very soon. Does this 2100 units project going to hit the subsales market hard?

    So bear in mind, 800psf may be affordable for many investor, but does the market need this?

  21. John
    June 9th, 2016 at 09:19 | #21

    There goes Baystar’s sea view….
    On another note, me who will reach 40 years young next year is saddened with all of these reclamation projects…gone are those days where sea sides stretches on ends. I’m not sure whether this is the “development” that penangites want. On a personal point of view, I just wish that penang gov can sit back and think of the nature that we want to inherite for our children instead of being too developer friendly….

  22. jim
    June 9th, 2016 at 11:00 | #22

    how abt the infra? now alredi jam, terrible in future. how abt baystar owner? they lose their seaview, how can gov approved the reclaim? dev without proper planning

  23. JJ
    June 9th, 2016 at 11:12 | #23

    Many Baystar owners never stay there. Mostly are investor. Rental rate will be impacted.

  24. Gigi
    June 9th, 2016 at 15:23 | #24

    @Jurong
    This project is different.. Don’t compare with penang worst city.. That is third class property

  25. Miao
    June 9th, 2016 at 15:46 | #25

    PWC all small units. This is in front of QBM. People can just walk to Aeon to buy grocery and cook, everyday.

  26. LOL
    June 9th, 2016 at 17:14 | #26

    pity Baystar owners … price dropping

  27. williamyl
    June 10th, 2016 at 10:54 | #27

    @Gigi
    who fail to invest in PWC its time for them to grab one…..

  28. jackyclong
    June 10th, 2016 at 14:26 | #28

    anyone know is residence title or commerial title?

  29. what_when
    June 10th, 2016 at 15:58 | #29

    gone the Baystar buyer seaview……those who pay the premium for seaview really squeeze their ball hard….

    better buy Gold Coast / Putra Marine / Summerton…..though Leasehold

  30. WF
    June 10th, 2016 at 17:55 | #30

    or is it better buy nearby freehold landed? after all mostly touching or around RM1 mil?
    let’s say double storey RM1.2M have about 2000 sqft build up. RM600 per sqft . cheaper than condo and no maintenance fees?

    any thought?

  31. Jazz
    June 10th, 2016 at 21:06 | #31

    Soon gold coast , putra marine also will be block la, wait and see la ….if you want full sea view , buy reclaim land ! Then maybe wont block for another 30 yr

  32. Funny
    June 12th, 2016 at 11:19 | #32

    Jazz, Bayswater also on reclaim land, so no guarantees..

  33. Jimmy
    June 12th, 2016 at 17:25 | #33

    Same price range as Tamarind. Which one better location wise?

  34. HorSin
    June 12th, 2016 at 19:05 | #34

    @Jimmy

    Of course Tanjung Tokong is a better location. But unfortunately, you don’t have much choice as Tamarind is almost sold out, only left the very expensive and west-facing (very hot facing the sun in the afternoon) units. The next batch of reasonably priced new condos in Tanjung Tokong would be about 1000psf upwards. Keep in mind, E&O is negotiating to sell a big block of STP land to a china company, you should know the significance of that.

  35. Gayatri
    June 12th, 2016 at 21:33 | #35

    Tamarind.

  36. Player
    June 12th, 2016 at 22:18 | #36

    Blood sucker Margarine not worth even to compare.

  37. CYK
    June 13th, 2016 at 14:01 | #37

    @HorSin

    For FTZ folks, Queensbay area is more convenient. The high dense Tamarind is not even seafront. Future growth potential Queensbay wins. This project should compare with Quayside.

  38. Mainland4u
    June 13th, 2016 at 14:51 | #38

    @CYK

    The problem is, how many FTZ folks are able to afford such expensive properties in QB area except those top management people? and how many top management people in FTZ area that need to buy a unit in this area?

  39. CYK
    June 13th, 2016 at 16:20 | #39

    @Mainland4u

    Who are the target buyers for Tamarind then? Those working in the hospitals? You again under estimate the earning power of FTZ folks. Their stock options already enough to pay in cash.

  40. Mainland4u
    June 13th, 2016 at 16:43 | #40

    @CYK

    haha friend, I’m just focus on this project and not Tamarind. under estimate the earning power of FTZ folks? Haha I’m working at FTZ area, even an engineer with 8K of monthly income doesn’t afford a house worth 1 million with RM5000 monthly repayment.

  41. CYK
    June 13th, 2016 at 18:12 | #41

    @Mainland4u

    Not sure how come out with 1 million price. 900ft x 800psf = 720k. Apart from managers, those doing business with FTZ factory can easily afford the price.

  42. ppng
    June 17th, 2016 at 17:25 | #42

    heard today got preview… how was the response?

  43. MJ
    June 17th, 2016 at 21:21 | #43

    I think not worth to buy.. it is definitely overpiriced !!!!!!!!!! Seaview units about RM1100/sqft

  44. LOL
    June 17th, 2016 at 22:26 | #44

    Ideal looking for water fish to buy … ha ha

  45. water fish
    June 17th, 2016 at 22:38 | #45

    I dont care, I want be water fish, I sell 2k psf later, sure gt bigger water fish buy from me…

  46. Gigi
    June 17th, 2016 at 23:07 | #46

    @williamyl
    Those who bought penang worst city sure tekan bola 1..
    Those who bought queens waterfront..sure bcum..Water fish..

  47. Woot
    June 17th, 2016 at 23:22 | #47

    where is the soft launch?

  48. Big fish
    June 17th, 2016 at 23:40 | #48

    @water fish
    You can hold n wait for the big water fish bo? Afraid later you become burn fish loh

  49. MJ
    June 19th, 2016 at 12:33 | #49

    RM1000/sqft.. I think Putra Marine and Gold Coast seaview is a lot a lot more better than the this Ideal Queens Waterfront.. Mayb I ll try to look for Gold Coast now

  50. NP
    December 15th, 2017 at 18:07 | #50

    Do not buy from this developer. They built buildings out of specification from what they showed in showroom. Exterior building built by them can be totally different & they dun care. Property value by this developer reduce in price also.

  51. pikachu
    March 21st, 2018 at 13:31 | #51

    @Ng

    Thank you for your kind warning, I trust it’s a well intended advice from you. Many many years ago, my friends all warned me about Goh CA/CL’s projects, bad workmanship lah, will regret lah, developer never pay the contractors lah etc. But the fact is, I have made A LOT of money from their projects, from Gurney Beach, Gurney Tower to The Cove. TRUE, their quality is very inconsistent, sometimes good, sometimes bad, but the fact is, at the low price level they sell their projects plus premium locations, it’s nothing else but “HUAT AH” for the buyers.

    Again Ng, thank you for your sincere concern. I think for seasoned home buyers, they know what they are dealing with, and for those inexperience ones, they will get conned anyway somehow one way or another regardless of what developer! Hahahaha….Huat Huat Ah!!!!!!

  52. NG
    March 21st, 2018 at 15:43 | #52

    pikachu :@Ng
    Thank you for your kind warning, I trust it’s a well intended advice from you. Many many years ago, my friends all warned me about Goh CA/CL’s projects, bad workmanship lah, will regret lah, developer never pay the contractors lah etc. But the fact is, I have made A LOT of money from their projects, from Gurney Beach, Gurney Tower to The Cove. TRUE, their quality is very inconsistent, sometimes good, sometimes bad, but the fact is, at the low price level they sell their projects plus premium locations, it’s nothing else but “HUAT AH” for the buyers.
    Again Ng, thank you for your sincere concern. I think for seasoned home buyers, they know what they are dealing with, and for those inexperience ones, they will get conned anyway somehow one way or another regardless of what developer! Hahahaha….Huat Huat Ah!!!!!!

    don’t compare CA GOH/GL GOH with IDEAL. The former priced their property selling price lower at good location. IDEAL ? Suck location also priced with normal/high price……buyer how to earn ?
    Sure lose lah….

  53. Macha
    March 21st, 2018 at 16:08 | #53

    Ng :
    Buy from Ideal Property, u will regret for the rest of your life…..

    You must really hate Ideal so much until you have to post the same comment in every one of their property. Why not share in detail what exactly did you not like rather than a generic statement that serve no purpose. Good or bad is quite subjective, even good developer also won’t have consistent quality across all their project

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