Quattro 360,  a condominium development by Marvellous Land in Bukit Dumbar, Penang. It features a total of 38 units with only two units per floor. Each unit has a built-up space of 1,900sq ft, and comes with four bedrooms, two of which are master bedrooms. The condo units also come with private lifts and lobbies as well as a double security system.

Property Project : Quattro 360
Location : Bukit Dumbar, Penang
Property Type : Condominium
Built-up Area : 1,900 sq.ft.
Total Units : 38
Developer : Marvellous Land Sdn. Bhd.

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PENANG: Penang Island's residential sector retained the lion's share of transactions in the property market in terms of total value and volume in 2011 and real estate consultancy Henry Butcher Malaysia (Penang) Sdn Bhd expects a more "cautiously optimistic" outlook for the sector this year.

In its Penang Island Real Estate Market 2012 Research and Forecast report, the consultancy said the Penang residential sector outperformed last year in terms of total value and volume of transactions due to the strong consumer confidence in Penang's residential market.

The report also noted that demand for residential property is strong even in non-traditionally preferred locations.

"Sentiments are anticipated to remain cautiosly optimistic whilst the general propensity for property investments is still strong for residential homes not only in the traditionally preferred locations but also for well-conceptualised homes of high quality specification, finishes, good security features and facilities," the report stated.

Penang island's current supply of residential property comprises mostly stratified properties with landed properties constituting approximately 16% in the North East and 56% in the South West. Future supply of residential properties see a similar trend.

Terraced houses are the highest performing residential property as prices have appreciated significantly. The report cited two terraced houses located in Greenlane which have seen prices appreciating by 785% over a span of 33 years.

The strong demand for Penang housing is partly due to the belief that property investing is a good hedge against inflation. Besides, Penang is also seeing a fair share of Klang Valley -based property developers looking towards the island for new opportunities.

S P Setia Bhd plans to launch four new projects on the island including Setia Greens in Sg Ara, Brooks Residences in Jesselton, Setia V Residences in Gurney Drive and Setia Villas in the Setia Pearl Island scheme. Others include Nadayu 290 by Nadayu Properties and The Wave by Ivory Properties at Penang Times Square.

According to the report, as office space supply has exceeded demand, the office market is expected to be challenging in 2012. Currently, older office space in George Town dominates supply as there are no new developments on the island while offices with Multimedia Super Corridor (MSC) status and Green Building Index certifications are expected to be in better position to secure tenants.

The report stated that the Office Tower at Island Plaza is undergoing a facelift which will convert the entire component into 106 units of commercial suites and will be renamed 118@Island Plaza. So far, more than 70% of the units have been taken up. Northam Tower office suites are also being refurbished into hotel rooms and suites in the 31-storey building.

Meanwhile, the retail sector should see steady growth. According to the report, the retail sector is the second highest performing sector in Penang real estate as yields of retail properties in premium locations are hovering around 5% to 7%.

"Most of the shopping complexes are located in the North East district and generally, the take-up rates in prime malls are high," stated the report.

Growth in tourism has also contributed to rising demand and interest in the island's hotels and pre-war/heritage houses. Media reports have suggested that the development of six hotels in George Town with a gross development value (GDV) of over RM860 million and the demand for pre-war properties with heritage characteristics in the inner city of George Town has outstripped supply.

The industrial and warehouse market however, is expected to hold steady in 2012 with existing supply mostly found in the South West District of Penang Island.

Overall, despite the adverse impact of the US/eurozone problems, Asia is expected to be on a robust growth path with Malaysia expected to achieve a gross domestic product (GDP) of between 5% and 6% in 2012 hence its property sector will remain positive.

SOURCE: The Edge Property

A condominium with a panoramic view is the latest property offering in Bukit Dumbar in Penang.

The exclusive project — Quattro 360 by Marvellous Land Sdn Bhd — features a total of 38 units with only two units per floor.

Each unit has a built-up space of 1,900sq ft, and comes with four bedrooms, two of which are master bedrooms.

The condo units also come with private lifts and lobbies as well as a double security system.

Marvellous Land director Yeow Jing Hooi said the project was expected to be open for sales by mid-June.

“So far, the response has been good as we have received about 1,000 enquiries already,” said Yeow, adding that the project was now open for registration.

For enquiries, call 04-6605555 or visit its sales office at 8, Jalan Mas, Penang (behind Caltexin Green Lane).

SOURCE: The Star

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