These are seen in the take-up rate for The Binjai on the Park condominium project at the Kuala Lumpur City Centre, which has picked up from 10 per cent in July 2009 to 35 per cent out of its 171 units.

"Compared with the initial launch in August last year that coincided with the onset of the global financial meltdown, the average sale price (of The Binjai) has been reduced from RM2,800 per sq ft to RM2,400 per sq ft for units measuring 3,200-3,700 sq ft, while the smaller units (2,200 sq ft) were released at RM1,700 per sq ft," HwangDBS Vickers said in a report yesterday.

However, the average sale price of The Binjai is set to rise after its take-up rate exceeds 40 per cent. The project is expected to be handed over by December this year.

"This is positive for (property) developers with ready-to-launch products to capitalise on this early recovery," said HwangDBS Vickers, naming DNP Holdings Bhd, Eastern & Oriental Bhd (E&O) and SP Setia Bhd as its top stock picks.

In a separate report dated September 4, HwangDBS Vickers also revealed that the Penang property market is heating up.

"Recent launches were well received with new price benchmarks being set – catching up closely to Kuala Lumpur's," it said.

These included E&O's Seri Tanjung Pinang link houses, SP Setia's Reflections condominiums at Setia Pearl Island and IJM Land Bhd's Light Linear condominiums.

"Developers are also looking to gradually pull-back incentives and raise selling prices. Buyers are mainly locals and Penangnites working outstation or overseas," it added.

HwangDBS Vickers said despite the current financial crisis, land prices in Penang have remained "sticky" and huge contiguous parcels are hard to come by.

"Therefore, developers with large prime landbank will hold an upper hand in riding on the strong demand for Penang properties," it said.

E&O is the largest landowner on Penang Island with a total of 1,123 acres, including reclamation rights to 740-acres Seri Tanjung Pinang Phase 2 and 365 acres at Gertak Sanggul.

SOURCE: Business Times

Vertiq, rising majestically as the tallest development in the prominent Metro East area offers a signature lifestyle like no other. This is an upcoming freehold mixed development by IJM within MetroEast-Unidi, Penang. Located next to Pearl Regency and just a stone throw away from TESCO, an international known hypermarket. Comprises 318 residential units.

Facilities:

• Sky Garden & Lounge
• Basketball Half Court
• Children Playground
• BBQ Area & Tea Garden
• Forest & Indoor Gym
• Jungle Tai Chi & Jogging Track
• Splash Pool, Children Pool, Pool Deck, Mini Water Theme Park, Jacuzzi, Swimming Pool
• Community Hall

Property Project : Vertiq
Location : MetroEast, Gelugor, Penang
Property Type : Condominium
Land Tenure : Freehold
Built-up Area : 1,044 sq.ft. onward
Total Units : 318
Indicative Price: RM540,000 onward
Developer : IJM Land

GEORGE TOWN: Penang-based property developer Belleview Group will unveil new projects with a development value in excess of RM500 million this year in the northern region.

Its managing director, Datuk Sonny Ho, yesterday said besides two launches on Penang island, the company is also set to launch first condominium project in Alor Star, Kedah.

"We are working with the state authorities to try and change Kedah's landscape and introduce condominium living by bringing in projects similar to the ones we have been doing in Penang for three decades," he told reporters after the official opening of the 1st Avenue mall here yesterday.

1st Avenue is a joint-venture project between Asian Retail Mall II Ltd (a pan-Asian fund managed by the Pramerica Real Estate Investors Asia Pte Ltd), Belleview Group and the Lion group.

Ho said the Amansuri Residences project along Jalan Darul Aman in Alor Star will boast two towers, comprising 22 and 24 levels respectively.

"The project will be sited on a 1.21ha of land and will comprise 277 units, with floor areas ranging from 1,200 to 3,000 sq ft and priced at around RM350 per sq ft," he added.

On Penang island, Belleview will launch its RM200 million Moulmein Rise mixed development project in the Pulau Tikus area by the middle of this year.

"We will offer, among others, commercial, small-office, home-office type units, along with upmarket condominiums in a 27-storey block close to the Pulau Tikus market," Ho said.

Also to be launched are eight bungalow units along Jalan Utama (also known as Western Road). The "W Residence" project, which carries a gross development value of between RM70 million and RM80 million, is expected to be completed by the middle of 2014.

Meanwhile, Pramerica Real Estate Investors Asia chief executive officer Victoria Shigera Sharpe said despite continued chaos in the global economic environment, the year 2011 was a very successful year for Pramerica in the Asia-Pacific region.

The S$3 billion (RM7.3 billion) fund, which is managed by the Singapore-based company, last year consolidated its popular closed-end Asian Retail Mall funds into a private open-end property fund for institutional investors looking to take advantage of opportunities in Asia's growing retail sector.

"What this new fund structure means for our investors, Pramerica and Malaysia is quite significant as the conversion allows us to maintain a more long-term position in the Singapore and Malaysian markets, where we do not have exit assets because of structural reasons, namely the term of our investment funds coming to an end," Sharpe said.

SOURCE: Business Times

THE state government is not efficient in tackling traffic woes in Penang, especially on the mainland, claimed state Gerakan Environmental Bureau chief Tan Chai Liang.

“If anything, the so-called effort by the state government through its car-free day campaign and bicycle-riding programmes failed to counter the worsening traffic problems in Penang,” he said.

Describing such efforts as short-term measures, Tan said traffic congestion in Penang was at its worst at the Butterworth-Kulim Expressway (BKE) roundabout near the Seberang Jaya Hospital during peak hours.

He said that the merging of numerous lanes near the roundabout from the North-South Expressway (NSE), Penang Bridge and Free Trade Zone area as well as from Megamal Pinang or Pacific Hyperstore in Butterworth caused bottleneck traffic congestions daily from 3pm onwards until about 9pm.

“The problem has been there for years but the state government has done nothing about it, which clearly shows that it does not view the problem seriously.

“We have seen a lot of political shows, like state exco members taking public buses, but there is no real effort to solve the matter effectively,” Tan told a press conference at the state Gerakan headquarters yesterday.

He said that as short-term measures, the state government should get traffic police to guide and control traffic flow in the area besides closing other inlets during peak hours to ease the flow of the exit.

“This is to prevent a traffic pile-up on the NSE,” he said.

Tan also said the state government should consider building a flyover or a tunnel to replace the existing BKE roundabout.

He also warned that the traffic congestion on the Penang Bridge and PLUS highway would jeopardise efforts to develop the Batu Kawan area, as investors would be put off by the traffic con- gestion.

State Public Works, Utilities and Transportation Committee chairman Lim Hock Seng said that a proposal had been submitted by the state Public Works Department for a flyover to be built on the NSE (with the Seberang Jaya mosque on the left) leading to Kulim (near the Road Transport Department).

“The proposal is submitted yearly but it has always been rejected,” he said.

Lim added that the BKE roundabout is part of the Butterworth Outer Ring Road maintained by Lingkaran Luar Butterworth (Penang) Sdn Bhd which comes under the Malaysian Highway Authority under the purview of the Federal Government.

Source: The Star

The Residence – Phase 2, strategically located in Bagan Lallang, easy access to North-Sourth Expressway, Perai Industrial Area, Butterworth and a mere minutes drive to Penang bridge. This is a non-gated residential development comprises 14 units of 2-storey semi-detached and 2 units of bungalow houses.

Phase 1: The Residence (Gated and guarded)

Project Name : Taman Cengkeh Indah (The Residence)
Location : Bagan Lallang, Butterworth
Property Type : 2-Storey Semi-Detached and Bungalow
Indicative Price : RM840,000 onwards
Developer : Airmas Group
Contact Number : 1700 818 333 / 04-380 6000