The state has expanded the industrial land in Batu Kawan, Penang, to accommodate demand from investors as Bukit Minyak Industrial Estate and Penang Science Park in Seberang Prai have been fully taken up.

Chief Minister Lim Guan Eng said the state had expanded the industrial land in Batu Kawan to 1,619ha.

“When completed, the Penang Science Park, which is located in Bukit Minyak, will be the coun- try’s largest technology park.

“The state has plans to turn Batu Kawan into a satellite town, just like Bayan Baru and Seberang Jaya,” he said at the opening of the Ixora Hotel in Bandar Prai Jaya in Butterworth on Wednesday.

Also present were Indonesian Consulate-General Chilman Arisman, Deputy Chief Minister II and Batu Kawan MP Dr P. Ramasamy, state exco member Lim Hock Seng, hotel managing director Datuk Ng Swee Chin and general manager Winston Toh.

Strategically located along Jalan Baru, the 326-room hotel is right next to Megamal Pinang and within walking distance to shops, restaurants and cafes. It is also close to an industrial estate.

Lim said the first phase of eco-tourism projects in Batu Kawan, which involved the Batu Musang jetty, had been completed while

the second phase involving the construction of a seafood centre, gallery and chalets was under con-struction.

Ng said he decided to name the hotel after a flower.

“Our aim is to provide extraordinary services to our customers,” he said.

Toh said 90% of the hotel staff were locals, adding that they aspired to make Ixora one of the best hotels in Penang.

Source: The Star

SUNWAY Bhd is targeting RM50 million in sales at the Sunway Integrated Properties Show 2011 – Christmas Edition at Sunway Pyramid in Bandar Sunway this weekend.

The group’s property development division is introducing a variety of properties at its 12 on-going projects in Greater Kuala Lumpur, Ipoh and Penang.

The projects are Sunway Nexis SOHO and Sunway Rymba Hills at Sunway Damansara, Sunway Velocity serviced apartment in Kuala Lumpur, Sunway 27 Square and Sunway Alam Suria at Shah Alam, Sunway Vivaldi at Mont Kiara, Sunway Montana and Sunway Rydgeway at Melawati, A’marine, BayRocks and LaCosta at Sunway South Quay Bandar Sunway, and MontBleu Residence in Ipoh.

Ong Ghee Bin, chief operating officer of Sunway’s property development division, said it will be showcasing properties priced between RM481,000 for a townhouse in Ipoh, and about RM6.5 million for a luxury bungalow in Greater Kuala Lumpur.

“A lot of investors are looking for integrated developments to buy properties. For Sunway, we are the pioneer in integrated developments and have a strong following. Therefore, we are bullish of meeting our sales target,” Ong said in an interview with Business Times yesterday.

To appeal to buyers, the division is introducing, for the first time, a down-payment of only RM10,000, which can be spread over a year. However, this is subject to a 90 per cent loan margin and applicable to selected properties like Sunway Nexus SOHO, Sunway Velocity and LaCosta.

“We believe the RM10,000 low down-payment scheme will attract many first-time buyers. We plan to hold this event annually, but each year the incentives will differ,” Ong said.

Sunway is expecting 15,000 visitors at the property showcase, which ends tomorrow. This is the first time Sunway is showcasing all its products as a merged entity. Sunway, which has a market capitalisation of RM3 billion to RM3.5 billion, is the result of a merger between Sunway Holdings Bhd and Sunway City Bhd.

SOURCE: Business Times

GEORGE TOWN: Hunza Properties Bhd will submit plans to the local authorities next year for a mixed-development project in Bayan Baru with a gross development value (GDV) of RM6bil to RM7bil.

Executive chairman Datuk Khor Teng Tong told a press conference after the company’s AGM that the group had engaged a couple of architects from Singapore to draw a master plan for the project sited on over 16.2ha, opposite the Bukit Jambul Complex.

Khor said the group had just acquired 2ha for the development of 1,000 units of low-cost homes for the households currently occupying the over 16.2ha site.

“We have initiated steps to obtain approval from the local authorities to develop the low-cost homes. Once the approval is obtained, it will take about 18 months to complete the low-cost project,” he said.

On the Gurney Paragon Mall, Khor said the second phase of the project would be completed next year-end and would open in March 2013. The second phase, comprising the corporate headquarters and shopping mall, was now 50% completed.

“The first phase has been completed with certificate of fitness obtained,” Khor said.

SOURCE: The Star

Hunza Properties Bhd (HPB) expects to submit plans to the relevant authorities by the middle of next year for its proposed integrated development in Bayan Baru on Penang island.

The company’s executive chairman Datuk Khor Teng Tong yesterday said that international consultants have begun working on a masterplan for the development, which is expected to carry a development value of between RM6 billion and RM7 billion.

The company had purchased a 6.48ha prime land in Bayan Baru for RM82 million, which it plans to turn into a project that will incorporate both residential and commercial components.

“Our plans will be in tandem with the Penang state goverment’s vision to turn the island state into an international city,” Khor told reporters after the company’s annual shareholders meeting.

Khor said the company has initiated getting the necessary approvals from the state authorities to build affordable housing units for squatters affected by the proposed project.

“Over and above the 6.48ha land, we also purchased more than one hectare of land in the surrounding area in order to build around 1,000 low-cost units to house the affected squatters,” he added.

“Once all approvals are obtained, we expect to complete building the affordable homes within 18 months.”

Khor also said the Gurney Paragon condominiums, which are located at the sea-fronting Gurney Drive promenade, are now 70 per cent sold with its certificate of fitness for occupation obtained in June this year.

“Construction work on our Gurney Paragon lifestyle shopping mall continues and is targeted for completion during the second half of 2012,” he said, adding that the first phase of the Gurney Paragon mall (which comprises food and beverage outlets housed in the historical St Joseph’s Novitiate premises) will open soon.

He added that HPB’s leasing team has been tasked with ensuring an optimum tenant mix and one of the main features of the new mall would be to bring in established shops and operators that are not present in Penang as yet.

For its 2011 financial year ended June 30, HPB recorded RM63.7 million in net profit after tax and minority interest. This compares with RM50.9 million during the previous corresponding year.

SOURCE: Business Times

LUXURY homes will continue to sell in 2012 despite the uncertainty in economy outlook.

SP Setia Bhd general manager (property division – north) Datuk S. Sundarajoo said people would still buy homes although there could be a slowdown as they wanted to make observations before deciding.

“It won’t come to a crunching standstill,” said Kuala Lumpur-born Sundarajoo, who helms the company’s three substantial housing projects in Sungai Ara and Relau.

Sundarajoo said luxury homes would definitely sell given the right pricing, product and timing.

He added that it was also important to sell the right amount of units.

Sundarajoo was speaking to reporters at the official launch of the four-storey Pearl Villas at Setia Pearl Island in Bayan Lepas on Saturday.

The 49-year-old described the five-bedroom villas as “cream of the crop” in luxury homes.

“It’s the last piece of landed property in Setia Pearl Island.

“Built under the ‘Zero Lot Villas’ concept, the freehold villas are the first of their kind in Penang,” he said, adding that he was confident the units would be selling fast.

Priced from RM2.98mil onwards each and with a spacious built-up area of 6,577sq ft onwards, the villas offer exceptional value for money.

“Our terrace units are already selling at around RM400 per sq ft, while the villas are priced at RM456 per sq ft,” he said, commenting that the difference was not much.

He said there was a demand for such homes by buyers who were keen to upgrade their homes.

“There are also many multinational corporations (MNCs) interested due to the proximity to the airport and the Bayan Lepas Free Industrial Zone (FIZ),” Sundarajoo said.

He added that there were only 35 units of the villas with eight already sold and three reserved since the project was opened for sale on Dec 9.

The villas feature a viewing and function deck which can be converted into rooms, home automation as well as a private pool and lift.

The villas are also built and designed according to Singapore?s Construction Quality Assessment System (CONQUAS) certification to ensure that only homes of high quality standards and excellent workmanship are delivered to homeowners.

The expected date of completion is end of 2013.

A promotion is on-going until end of the month which will allow buyers to enjoy savings of about RM400,000.

For more details, call Setia Promenade Sdn Bhd at 04-6422255.

SOURCE: The Star