GEORGE TOWN: After recently acquiring 21.3 acres in Tanjung Bungah for RM185.6mil, SP Setia Bhd is now looking at an adjacent 14-acre site.

SP Setia Property (North) divisional general manager Datuk S. Rajoosaid the group was now in an advanced stage of negotiation to buy the property.

“We expect to ink the deal soon. The two properties are an integral part of the group’s business plan to launch about RM2.5bil worth of properties on the island this year and in 2013,” Rajoo said.

“Land on the island is becoming scarce. Since SP Setia wants to continue playing a dominant role in the property market on the island, it is seizing every opportunity to expand its landbank, capitalising on attractive deals,” he said.

SP Setia’s business plans for Penang include the launch of residential and commercial properties worth over RM638mil in the second half of 2012.

In 2013, besides the RM1.1bil project in Tanjung Bungah, SP Setia will also launch a RM175mil condominium project in Sungai Nibong, and the Wave and Breeze condominium projects for Setia Pearl Island, with a gross development value (GDV) of RM350mil and RM300mil respectively.

“In the second half 2012, the key projects include the RM250mil Setia Triangle, the RM335mil Setia Greens 2, and a RM53mil condominium project in Teluk Kumbar,” he said.

The Setia Triangle project on 6.8 acres in Setia Pearl Island comprises two-, three-, and four-storey shop offices with built-up areas of 3,000 sq ft, 4,500 sq ft, and 6,000 sq ft respectively. Each unit will be priced between RM1.95mil and RM3.6mil.

“There will also be a residential component comprising a 225-unit condominium, priced between RM575,000 and RM1.2mil,” Rajoo said.

The Wave consists of 535 condominium units priced from RM300,000 to RM750,000, while the Breeze comprises 450 units with a price tag of RM500,000 onwards.

“The scheme in the Teluk Kumbar development comprises 98 condominium units with built-up areas of 1,000 sq ft and 1,4000 sq ft, priced between RM500,000 and RM700,000.

“To date, we have launched over RM1.1bil worth of residential properties in Setia Pearl Island. Once the Setia Triangle, Wave, and Breeze are launched, the GDV for Setia Pearl Island will rise to RM2bil,” he said.

Rajoo said SP Setia had also recently acquired two pieces of land in Balik Pulau for RM38mil, where the group planned to develop both landed and high-rise properties.

He added that the group’s projects in Penang should generate about 15% of the its revenue for the fiscal year ending Oct 31.

Source: The Star

PENANG will see its first hotel with water chalets opening soon in Teluk Kumbar.

State Tourism Development and Culture committee chairman Danny Law Heng Kiang said that the hotel with water chalets was among three new hotels that will be opening in the near future.

“The other two hotels will be located in George Town and Bayan Baru,” he said.

He said that tourism was increasing in the state and the hotels were being built to meet the demand.

“We have been aggressively promoting Penang food and culture in other countries and the results are showing with the increased number of tourists in the state,” he said.

He said the most number of tourists coming to Penang were from Indonesia followed by Singapore, China, Japan, United States of America, Taiwan, Australia and Thai- land.

“With the opening of these new hotels, we expect to see a higher increase in tourists,” he said.

Source: The Star

AFTER being out of use for more than six months, the unstable berth at the Pengkalan Raja Tun Uda ferry terminal in Weld Quay will be rebuilt starting next month at a cost of RM2.15mil.

Penang Public Works, Utilities and Transport Committee chairman Lim Hock Seng said Penang Port Sdn Bhd (PPSB) had appointed a contractor to carry out the work which was scheduled to be completed in six months’ time.

“The old berth which is more than 30 years old will be dug out and the contractor will lay new foundation,” he said after a site inspection at the terminal on Monday.

Lim said he went to the ferry terminal for inspection after a complaint by email was sent to the Penang Chief Minister’s off-ice.

“We received several complaints like the air ventilation at the passenger’s waiting area at the ferry terminal was not good as the fans were not working.

“Part of the ceiling has also broken and it leaks when there’s heavy rain. Cleanliness is also an issue as rubbish can be seen scattered on the floor,” he said.

He added that the sender also complained of long waiting time for the ferries to arrive.

“The waiting time should be around 15 minutes,” he said.

PPSB operation coordinator Jamil Mordipi, who was also present during the inspection, said the administration would look into fixing the facilities.

Lim said PPSB had suffered losses even though the ferry service was widely utilised by the public.

“Last year, PPSB spent RM16.5mil to subsidise the service and in 2010, PPSB suffered losses of RM15.6mil.

“The main factors for the losses are the high fuel price and maintenance for the ferries,” he said.

He said PPSB had written to the Federal Government to request for fuel subsidy.

“But the government doesn’t allow subsidy for PPSB as transportation by sea does not qualify for subsidy. Only transportation by river qualifies for subsidy,” he said.

Source: The Star

Marinox Sky Villas, strategically located within Seri Tanjung Pinang, opposite of The Brezza, mere minutes drive to Straits Quay and Tesco hypermarket. It comprises 301 unit of Sky Villas with size ranging from 1,250 sq.ft. onwards.

Property Project : Marinox Sky Villas
Location : Tanjung Tokong, Penang
Property Type : Condominium
Tenure : Leasehold
Built-up Area: 1,250 sq.ft. onwards
Total Units : 301
Indicative Price: RM650psf onwards
Developer : Masmayer Development Sdn Bhd

BUKIT MERTAJAM: The Seberang Prai Municipal Council (MPSP) has lifted a stop work order issued on a construction site in Alma near here earlier this month.

A team of MPSP councillors and officials, who visited the site, lifted the stop-work order after the developer was found to have complied with the necessary requirements.

“We issued the stop work order during our visit to the construction site about two weeks ago when we found the developers failed to comply with requirements such as constructing a retaining wall and retention ponds to prevent flooding in the area,” said councillor Soon Lip Chee at the site yesterday.

Also present were MPSP councillors Johari Kassim and Steven Sim Chee Keong.

Soon said the stop work order was issued after MPSP president Maimunah Mohd Sharif and a team of councillors visited Taman Saujana Indah following complaints that muddy water from higher ground had flooded the houses in the area.

The developer has now built a 1.5m-high retaining wall and three retention ponds, as required by MPSP according to the layout plan.

Sim said this would serve as a lesson to other developers.

“We do not want construction works to affect the daily life of residents in the area.

“Developers should be responsible corporate citizens and comply with the requirements according to the layout plans,” he said.

Johari said the OSC committee would make regular visits to the construction site to ensure they complied with the requirement.

“We are not against development, but we want corporate citizens to be concerned about the welfare of the people.

“It is important to make sure that development projects should not affect the daily life of the people,” he said.

Source: The Star