Vista Jambul, strategically located within the established township of Bukit Jambul, Penang. This is a Gated and Guarded residential development comprises 24 units of 3-storey terrace, 2 units of 3-storey  semi-detached and 7 units of 3-storey bungalow houses.

Property Project : Vista Jambul
Location : Bukit Jambul, Penang
Property Type : 3-Storey Terrace, Semi-Detached & Bungalow
Tenure : Freehold
Developer : Enrich Heritage Sdn. Bhd. (Airmas Group)

Indicative Price: RM 1,280,000 onwards

CAUCASIANS comprise the bulk of those purchasing the RM255mil Infinity Beachfront Condominium that recently clinched the FIABCI Malaysia Property Award 2011 under the residential (high rise) category.

Hunza Properties Berhad executive chairman Datuk Khor Teng Tong said the project attracted Caucasians because it had access to a 105m-long beachfront as well as a 136m-long river frontage.

“Beachfront accessibility is a key attraction for Caucasians as they prefer a beach resort lifestyle.

“While the project was still under construction in 2008, we adopted Sungai Kelian to beautify and maintain its cleanliness for the long term.

“Hunza and the FIABCI Penang Branch used the effective microorganism (EM) biotechnology to clean the river. It is now free of sludge and its water clearer,” Khor said.

“The Caucasians, forming about 65% of the buyers, are from countries such as Britain, the United States, Australia, Belgium, Switzerland and Canada,” he said.

He said other foreign buyers came from countries such as Vietnam, Hong Kong, Indonesia, Korea, Macau and Singapore.

Khor also said the company?s RM480mil Gurney Paragon condominium project attracted many purchasers from Singapore, Indonesia, Hong Kong, Korea and Macau as the project was close to shopping malls and lifestyle facilities.

He said this at a recent cocktail event in Penang to celebrate Infinity’s FIABCI award win.

The event was attended by business partners of the project and corporate leaders.

The project, comprising 119 condominiums units and penthouses, obtained the certificate of fitness (CF) in 2010.

It is all sold out except for four of the eight penthouses.

Initiated 19 years ago, the FIABCI Malaysia Property Award invites the best projects in Malaysia to contest in various categories.

The winning projects this year will represent Malaysia in the international competition FIABCI Prix d? Excellence awards which will be held in St Petersburg, Russia, in May next year.

FIABCI is the acronym for Federation Internationale des Administrateurs de Bien-Conselis Immobiliers (International Real Estate Federation).

SOURCE: The Star

That was ended when it roped in Dijaya Corp Bhd. They now plan to build residential and commercial properties on the land, estimated to generate sales of some RM10 billion.

This is not their first tie-up. Within the Batu Ferringi tourism belt, Dijaya has a joint-venture project called “10 Island Resort” with Ivory.

In Bukit Mertajam, Dijaya has a mixed development project dubbed Aston Villa, in which Ivory is the turnkey developer.

But that partnership has overshadowed an interesting fact. Penang has now seen the entry of two highly successful businessmen and both happen to be brothers.

Dijaya is controlled by Tan Sri Danny Tan Chee Sing, the younger brother of Berjaya Corp Bhd founder and chairman Tan Sri Vincent Tan Chee Yioun.

Barely three months ago, the senior Tan made a comeback to Penang as a property developer after a hiatus of nearly two decades.

The Berjaya Group – via Berjaya Land Development Sdn Bhd – signed a deal to buy 22.8ha of prime freehold land within the Penang Turf Club for RM459 million.

At the signing ceremony in Penang, Vincent did not mince his words in expressing his displeasure with the previous state government.

Vincent’s approval of the current state administration is a strong signal to other developers that the island state has plenty of potential.

And this probably explains Danny’s continued interest.

The latest alliance with Ivory is a very big undertaking and one which will ensure its presence in the state for many years to come.

Danny, the man behind Petaling Jaya’s Tropicana Golf and Country Resort, will have his hands full with the latest venture. As for Vincent, he did not discount the possibility of enlarging Berjaya Group’s footprint in Penang.

Together, the Tan brothers will be a force to be reckoned with in Penang. marinae@nstp.com.my

SOURCE: Business Times

ALONG-AWAITED dream has come true for sistes Yap Siew Bee, 41, and Siew Thoo, 26, who have received a new low medium-cost home.

“I am so happy today and I can’t wait to move into our unit when it is completed,” said Siew Bee.

Siew Thoo said that previously, their large family of 10 all stayed under one roof.

“Now, we will have two units for all of us to live in,” she said when they visited the soon-to-be completed Central Park project in Penang.

They were among 10 families living along Lebuhraya Batu Lanchang who were forced to move out in 2008 to make way for the project’s development.

The families were compensated with units at the project after the state government intervened.

Another resident who declined to be named said he was looking forward to moving in.

“The unit looks very nice and trendy,” he said.

Batu Lanchang assemblyman Danny Law met the affected families at Central Park and took them on a tour of their units.

Law said there were a total of 175 low medium-cost units at Central Park, with each unit measuring 16.25sq m.

“The families should be able to move into their units next month,” he added.

KUALA LUMPUR: The number of applications for property development licences is expected to be slightly lower in 2012, according to Housing and Local Government Minister Datuk Seri Chor Chee Heung.

“This year there is a very high number of applications. Also, the trend for the property market next year is optimistically cautious,” Chor said after the launch of the Star Property Fair 2011. Chor reiterated that the construction sector was expected to grow 3.4% this year compared with 5.1% in 2010.

He pointed out that speculative activities in the property market might be dampened in the first half of next year due to the recent measures such as the 5% increase in the real property gains tax to 10% for units sold within the first two years after purchase and Bank Negara’s guidelines on responsible lending.

However, Chor said he believed that demand in the housing market would be stronger in the second half of 2012.

“Towards the second half of next year, once purchasers are used to these measures, they would be back in the market.”

Chor said he was expecting a “rationalisation” in residential property prices although they were not expected to be lower due to increases in the cost of land, raw materials and wages.

“This is because the Federal Government has put in place measures to build affordable homes for first-time buyers or those with household incomes not exceeding RM7,000 a month. When the Federal Government starts to do this, property developers would invariably build homes at affordable prices.

“But they would not be right in the middle of Kuala Lumpur; maybe they would be in Rawang and Semenyih. The price of housing cannot go up every year; it has to reach equilibrium at some point.”

Chor said that one reason for the rise in property prices in Penang and Selangor was the high premium paid by developers for the conversion of land use.

The Star Property Fair is being held until Nov 27 at the Kuala Lumpur Convention Centre.

Developers such as SP Setia, IOI Properties, Naza TTDI and Mah Sing are exhibiting their property offerings at 130 booths.

SOURCE: The Star