THE 24km-long second Penang bridge is 54% completed and it is on track to be completed by Nov, 2013, said former Prime Minister Tun Abdullah Ahmad Badawi.

He said this assurance was given by the host of contractors involved in constructing the super structure linking Batu Maung on the island to Batu Kawan in Seberang Prai.

Abdullah also said that the project would also incorporate a uniquely designed technology known as High Damping Rubber Bearing (HDRB).

The RM4.5bil project is the first to use the HDRB technology which is designed to withstand the effects of earthquakes.

“HDRB is an innovative tool to protect not only the structure but also the materials and contents inside the structure,” Abdullah said.

“This feature is useful for critical structures as it can stand the test of time.

“I an also proud that the HRDB is designed by a Malaysian and like all Penangites, I am eagerly awaiting the completion of the bridge.

“The bridge will definitely be breathtaking,” he said.

He was speaking after attending a briefing session on the bridge’s progress work at the China Harbour Engineering Co Ltd (CHEC) (M) Sdn Bhd office in Batu Maung yes-terday.

Present was Jambatan Kedua Sdn Bhd managing director Datuk Dr Ismail Mohamed Taib.

Abdullah also expressed satisfaction with the progress of the construction which comprised five packages. including the RM2.2bil substructure by China-based CHEC and the RM1.5bil superstructure by Malaysia’s own UEM Builders Bhd.

The three main contractors for overland connections are Cergas Murni Sdn Bhd (for the RM67mil Batu Maung link), IJM Corp Bhd (RM350mil Batu Kawan link) and HRA Teguh Sdn Bhd (RM152mil link to North-South Highway).

BUYERS and investors looking for modern contemporary living may want to consider the Legenda@Southbay resort bungalows by Mah Sing Properties.

Situated in Batu Maung, Penang, the Legenda@Southbay is a luxurious development project consisting of three-storey and four-storey resort bungalows in a gated and guarded community.

Mah Sing Properties northern region general manager Low Eng Hooi said that there are three variations to the bungalows – Scenic, Deluxe and Grande – which are complemented by a diverse range of features.

“Among the features are a private lift, home automation system, a personal pool with a spacious deck, as well as multiple-decked balconies,” he said.

A unique feature is that each variation is built on different types of terrain.

“The Legenda Grande, for example, has an infinity pool in the lower ground floor which makes it the only four-storey bungalow variation offered at Legenda@Southbay,” said Low.

“It is also convenient for the future residents there as it is only 1km away from the up-coming second Penang bridge that is expected for completion in 2013.”

Currently, the Legenda@Southbay is 40% sold and expected to be completed at the end of 2013.

The whole development of Legenda@Southbay comprises 76 units with built-up areas of between 6,800sq ft and 7,000sq ft, and a land area of 7,500sq ft.

The unit price ranges from RM4mil to RM4.7mil.

Mah Sing Properties will be highlighting the project to those in the northern states when it takes part in the Star Property Fair 2011 later this month.

Touted as Penang?s premier property expo, the fair?s ninth edition will be held at Gurney Plaza and the adjoining G Hotel from July 21 to 24.

To date, 28 major developers ? representing almost all the big boys in the industry ? along with several financial institutions have taken up booths in the fair.

The RM30,000 worth of prizes for the ?Surf, Click & Win? contest are sponsored by IJM Land.

The fair, to be open to the public from 10am to 10pm daily, is organised by The Star in collaboration with Henry Butcher Penang. Admission is free.

For enquiries, call 04-6473388 ext 3357 (Shirmein) or ext 3418 (Bessie).

SOURCE: The Star

The Penang-based developer's share price has appreciated by slightly more than 20 per cent this month, after slumping to a 52-week low of 90 sen on June 23 this year.

Last Friday, Ivory shares closed 2 sen higher to RM1.16 a share, after having reached an intraday high of RM1.19 a share.

Business Times understands that the Penang Development Corp's (PDC) board of directors are scheduled to meet early this week to decide on the matter.

The meeting will be chaired by Chief Minister Lim Guan Eng.

Apart from Ivory, SP Setia Bhd had also put in a bid to develop the landbank. The cost of developing the land surpasses the RM1 billion mark.

The Bayan Mutiara tender is part of the state government's efforts to unlock the value of the land it owns in selected areas.

The reserve price for the tender is believed to be in the RM200-per- sq-ft range.

The Bayan Mutiara area is considered prime land for hotels and resorts as it is located south of the Penang Bridge, overlooking Pulau Jerejak.

Early this year, the Penang state government had asked for a request for proposal (RFP) via PDC to develop an initial 24.8ha.

The RFP comes with the potential to develop an additional 14ha via a future reclamation after the development of the initial 24.8ha.

The property developer, listed barely a year ago, last month confirmed that it had indeed submitted a bid to help develop the land.

"I can confirm that we have submitted a bid by responding to the Penang government's request for proposal to develop the land and are now awaiting word from the state authorities," the company's deputy chairman and executive director Datuk Seri Nazir Ariff Mushir Ariff told Business Times about a month ago.

SOURCE: Business Times

THE Star regional operations manager (north) Chung Chok Yin and Henry Butcher Malaysia (Penang) Sdn Bhd director Dr Teoh Poh Huatrecently met up with developers to ascertain the impact of a slower GDP forecast for 2011, rising interest rates, and escalating property prices amidst global challenges on the direction of the Penang property market.

Chung and Teoh moderated The Star Property Fair 2011 Roundtable discussion held at the Star Northern Hub on July 5.

The panellists included DNP Land Sdn Bhd (northern region) general manager K.C. Tan, IJM Properties Sdn Bhd general manager (north) Toh Chin Leong, Ivory Properties Group Bhd deputy chairman and executive director Datuk Seri Nazir Ariff, Lone Pine Group of Companies general manager Mabel Ooi, SP Setia Bhd (north) general manager S. Rajoo,Mah Sing Group Bhd general manager (northern region) Low Eng Hooi,Sunway City Bhd general manager Tan Hun Beng, and Real Estate Housing Developers’ Association (Penang) chairman Datuk Jerry Chan.

The roundtable talk was a prelude to the ninth Star Property Fair 2011 in Penang that will be held at Gurney Plaza and the adjoining G Hotel from July 21 to July 24.

The fair is organised by The Star in collaboration with Henry Butcher Malaysia (Penang) Sdn Bhd.

The following are excerpts of the discussion:

StarBizWeek: How do you perceive the property market outlook in Penang for 2011 and next year?

Chan: The outlook is stable. Landed properties with unique concepts will see appreciation. The demand is still there. It’s just that people will be more discerning in their decision making when it comes to the high-end high rise developments.

Should steps be taken to ensure Malaysian owners still retain ownership of heritage properties in the core and buffer heritage zone?

Nazir: That’s going to be difficult. That is disturbing the market. How many foreign people own heritage properties now? Some might have foreign names but they may be locals.

Will the property market in Penang experience phenomenal growth as it did last year?

Rajoo: As long as there is expansion, there is going to be ample job opportunities. More people will enter the job market and they will need homes. We expect a good year.

Toh: There is fear that if you don’t buy property now, you can never afford it again in the future. The interest rate is increasing, and the price of oil, materials, land, and compliance costs are going up also. These are driving people to keep buying houses now.

K.C. Tan: The mainland and island are now better connected in terms of distance, and accessibility, which will be further enhanced with the completion of the second bridge.

We can expect a shift in the property market towards Batu Kawan, especially when the second bridge and the Electrified Double Track Project (EDTP) connecting Ipoh and Padang Besar are completed.

The trend appears to be less focused on super-condominium lifestyle living, according to a recent report. What do you feel about this?

Ooi: That is what we hear from the locals. The trend is to go for smaller units. I would say there is still a demand for big units, as there are buyers attracted by unique concepts.

Purchasers of our 1 Tanjong beachfront-condominium project in Tanjung Bungah intend to stay there.

In future, the supply of this type of properties along certain stretches will be limited.

How will developers strategise to promote their properties this year in view of the slower economic growth locally and globally?

Nazir: Penang developers are now more organised. Developers like IJM, SP Setia and Mah Sing have set benchmarks that we local developers have followed.

They have given Penang companies competition and a challenge, and you can see better designs in houses and apartments in Penang because of that.

Has Mah Sing made the right move to enter the Penang property market?

Low: The local market, particularly in Batu Maung, has accepted the new concept. Buyers expect different concepts, innovation and designs. They buy into the lifestyle aspect, and they are willing to pay more for it.

All these factors will steer the property market and make it just as favourable if not more favourable than the outlook this year.

Source: The Star

Seven developers from Penang and Kuala Lumpur are launching properties, comprising largely residential projects with over RM2.271bil gross sales value (GSV), for the island and Seberang Prai beginning the second half of 2011 and in 2012.

Some 1,722 units of the properties with an RM1.899bil GSV are planned for the island, while the remaining 1,389 units with an RM372mil GSV are for Seberang Prai.

Sunway City Bhd, Mah Sing Group Bhd, Lone Pine Group of Companies,Ivory Properties Group Bhd, MTT Properties and Development Sdn Bhd,Asas Dunia Bhd, and DNP Land Sdn Bhd are the developers with plans for new launches.

In April 2011, IJM Land Bhd (RM413mil), Mah Sing (RM1.08bil), and SP Setia (RM615mil) had announced RM2.108bil worth of landed and high-rise properties for launching on the island.

Sunway City is launching RM1.43bil worth of properties in the south-west district of the island.

“This comprises 50 units of three-storey terraced houses, priced from around RM900,000 to RM1.1mil, with RM50mil GSV to be launched in September for the Sunway Cassia project.

“Another 170 units of three-storey terraced and semi-detached properties with RM170mil GSV will be launched in early 2012 for the Sunway Cassia project.

“We will launch around 600 units of landed properties and condominiums on an 81-acre site with RM1bil GSV in Sungai Ara in 2012,” Sunway Citygeneral manager Tan Hun Beng said.

He spoke after the Star Property Fair 2011 Round-Table Dialogue held at the Star Northern Hub in Bayan Lepas, Penang, on July 5.

The dialogue, moderated by Star Publications (M) Bhd regional manager (operations) Chung Chok Yin and Henry ButcherMalaysia(Penang)director Dr Teoh Poh Huat, is a prelude to the Star Property Fair 2011 that will be held from July 21 to 24 at G Hotel and Gurney Plaza.

Mah Sing is launching the RM200mil South Plaza project, comprising 206 residential suites and 47 lifestyle retail lots, for its Southbay City scheme in Batu Maung this fourth quarter.

Its northern region general manager Low Eng Hooi said construction work for the project would start in 2012.

Lone Pine Group of Companies general manager Mabel Ooi said the group planned to launch over 100 three-storey semi-detached villas, with an approximate GSV of RM100mil, in Paya Terubong at the end of 2011.

“In the first half of 2012, we will launch over 200 apartment units of RM100mil GSV in Paya Terubong,” she said.

Ivory Properties Group Bhd deputy chairman Datuk Seri Nazir Ariff said the group would launch 220 condominium units and 20 shop lots for the RM168mil The Latitude project in Mount Erskine, Tanjung Tokong in the fourth quarter.

“The condominium units are priced between RM686,000 and RM2.92mil,” he added

MTT Properties and Development Sdn Bhd general manager Jason Tansaid the company was launching its luxurious home scheme in Balik Pulau in the fourth quarter 2011.

MTT group general manager Jason Tan said that the project, comprising 29 hillside 3-storey villas, had an RM87mil GSV.

“Located in the group’s Botanica. CT project, these will be the most expensive homes to be built in Balik Pulau, as each unit would be priced above RM3mil,” he said.

“MTT is also targeting to launch 80 units of affordable town-houses with an RM24mil GSV for the Botanica. CT project in 2012, which would be priced around RM300,000 each,” Tan said.

In Seberang Prai, Asas Dunia is launching some 1,253 terraced, semi-detached, low-cost town-house properties in central and south Seberang Prai with an RM292mil GSV from now till 2012.

Group managing director Datuk Jerry Chan said “the price for a low-cost town-house is RM38,000, while that of a double-storey semi-detached house is priced from RM454,150 onwards.”

Meanwhile DNP Land Sdn Bhd general manager (North) K.C. Tan said the company would launch 136 semi-detached houses with an RM80mil GSV for the first phase of the Jesselton Hills project in Bukit Mertajam this third quarter.

“The pricing of the units starts from RM550,000 onwards,” he said.

Meanwhile, Chan, who is also the Real Estate Housing Developers’ Association (Penang) chairman, said the price of landed properties in Seberang Prai was expected to grow by double digit in Seberang Prai.

“On the island the rise of landed property prices would depend very much on the location, as they have already risen appreciably over the past one year.

“Property buyers would adopt a more discerning approach towards investment in luxurious high-rise properties.

“However, property prices in Penang would remain stable, due to the rising cost of land and building raw materials,” he said.

On overseas investment into Penang’s property, Chan said the foreign participation was still low, as some foreigners still prefer to rent due to low rentals.

Henry Butcher Malaysia (Penang) director Dr Teoh Poh Huat said Penang was still not well known as an international destination for property investment.

“Penang’s appeal to foreign buyers has improved, as it is a city with vibrant commercial and lifestyle activities and rich heritage attractions,” he said.

“However, on an annual basis, less than 5% of the property purchase in the country is taken up by foreigners. A lot of work needs to be done to rebrand and reposition Penang in the international market.

“Property prices in Penang are expected to rise by a single digit this year in tandem with anticipated inflation of about 5%,” he added

IJM Land Bhd general manager (north) Toh Chin Leong said there was currently no bubble in Penang’s property market due to the scarcity of land on the island.

“This is why properties in prime locations are still in demand. Furthermore, local investors are still investing to hedge against inflation,” he added.

Source: The Star