The Latitude, just like its name, suggests the gravity-defying aura from the pinnacle. This masterpiece parades its 43-storey façade as one of the tallest residential buildings in the whole of Penang Island. Perched 500 feet above sea level, its elevated facilities level allows residents to enjoy the stunning cityscape of Penang. The Latitude is innovated to meet the needs of the market for mid-sized luxury condominiums that are affordably priced with living spaces ranging from 1,500 sq ft to 5,300 sq ft.

This prestigious area of natural environment and appealing sea view is located within a short 5-minute drive down to the well developed zone of Fettes Park, Tanjung Tokong and Gurney Drive. Amenities such as eateries, wet markets, schools, medical facilities and shopping malls are all readily available for one’s daily needs.

Two blocks of 220 units of condominiums with only 3 units per floor and 2 lifts serving each block

Location : Mount Erskine, Penang
Property Type : Luxury Condominium
Tenure : Freehold
No. of Blocks : 2
No. of Storey : 43
Total Units : 220
Built-up Area : 1,500 sq.ft – 5,300 sq.ft
Units per Floor : 3
Indicative Price : RM600,000 onwards
Developer : Ivory Properties
Website : www.ivory.com.my

Chief operating officer Lim Lian Seng said the projects are located in Sri Hartamas and Cheras in Kuala Lumpur, Butterworth in Penang, and Kuantan in Pahang.

"There is a surge in demand for new residential, commercial and retail properties in those areas. We expect the products to sell fast under the current market conditions," Lim told Business Times.

This would be the first round of major projects it is launching since 2009, he added.

PJD had spent the last two years working on new plans after the economic crisis in 2008.
"We incorporated new designs and elements as well as reduced the sizes for certain products in some of our approved projects to make them more affordable and appealing to buyers," he said.

In the high-profile locale of Sri Hartamas, PJD will launch Duta Kingsbury, near the high-end commercial hubs of Mont'Kiara Solaris and Dutamas Solaris.

Duta Kingsbury is one of few projects which PJD deferred after the crisis. The project was previously to feature some 200 condominiums of more than 3,000 sq ft and villas.

Lim said it will now comprise more than 300 units of condominiums, ranging from 1,400 sq ft and priced above RM700,000. The villas have been scrapped.

In Cheras, PJD will launch a mixed-integrated development consisting of three blocks of serviced apartments, two shop-office towers with entertainment areas, retail complexes and restaurants.

Lim expects the project to be the new iconic landmark for Cheras.

In Butterworth, PJD will launch phase four of its Harbour Place project, comprising over 300 units of serviced apartments with priced from RM300,000.

In Sungai Karang, Kuantan, the company will launch over 200 units of seaside serviced apartments, close to the Swiss-Garden Resort & Spa Kuantan. Each unit will be priced from RM200,000.

SOURCE: Business Times

Penang-based property players interviewed by Business Times have cited construction material prices and inflation as reasons for them to price their units higher this year.

They, however, gave no indication on the quantum of the price increase.

"Despite the risk of price increases in raw materials, the outlook for the property market remains positive this year," SP Setia Bhd general manager S. Rajoo said.

"As the population increases, the demand for properties will increase as well," he added.

Rajoo said available property units in the state have been decreasing tremendously over the past 10 years due to strong demand for selected property types.

"We anticipate demand for landed properties to remain strong, due to the scarcity of land in Penang."

Eastern and Oriental Bhd said the prices of its properties are determined closer to their launch dates and hinge on prevailing market conditions, raw material prices and market sentiment.

E&O owns and develops Seri Tanjung Pinang masterplan township on Penang island that offers a range of properties including landed homes and high-rise residences by the sea.

"Consumers are highly discerning nowadays and they desire a complete package which includes built-in wardrobes and cabinets, quality fittings along with fine finishing and appliances, said its executive direc-tor Eric Chan Kok Leong.

"This in turn affects the eventual pricing of properties," Chan added.

Hunza Properties Bhd group executive chairman Datuk Khor Teng Tong concurred, saying that the rising trend in property prices tend to reflect an upgrading of quality for the said units.

"As buyers demand for better and higher quality, the price of building materials and land contribute to this rising trend," he said, adding that demand for properties in Penang continues to be strong for residential units in the face of a supply shortage.

For Ivory Properties Group Bhd, better finishings and amenities, teamed with larger liveable spaces are expected to result in a higher range of property offerings.

"With impending inflation, increase in prices of construction materials and factors such as all government-driven economic programmes like the Economic Transformation Programme, National Key Economic Area and the economic corridors which are due to drive the economy towards a higher per capita income, we foresee mid- to high-end properties continuing to be in demand," said its deputy chairman Datuk Seri Nazir Ariff Mushir Ariff.

Ivory's ongoing and upcoming projects in the first half of the year, he noted, will comprise commercial, landed residential and high-rise residences in Penang.

IJM Land Bhd, whose flagship "The Light" development is set to keep the company busy for the next 12-15 years, is looking at a slight price increase for its offerings.

IJM Land general manager Toh Chin Leong cited construction materials and inflation as reasons for the revision of prices.

With a gross development value of RM5.5 billion, The Light is a 60.8ha freehold waterfront development which will be built over the next 11 to 15 years.

"We had a good year in 2010 and we foresee the market to be stable and consistent and look forward to another good year ahead," Toh said.

SOURCE: Business Times

JELUTONG MP Jeff Ooi claimed a developer who tried to sell low-cost housing at higher than the maximum recommended ceiling price had been blacklisted by the Hous- ing and Local Government Minist-ry.

The move to take the developer to task was initiated by the Penang Town and Country Planning, Housing and Arts Committee chairman Wong Hon Wai after a group of residents complained that the price of low-cost houses in Taman Pelangi Indah, Perak Lane, had been inflated from RM75,000 to RM135,000.

He claimed the developer was going against the state’s policy by selling the low-cost houses with a built-up area of 650sq ft beyond the maximum recommended price.

“The state government filed a complaint last year against the developer who is currently being investigated by the ministry,” he said.

In an earlier report, Ooi had said that applications by 13 residents to purchase low medium-cost flats costing RM72,500 in the Taman Pelangi Indah project had been approved by the housing unit in the state secretary’s office but then, they were told by the developer that such units had been sold out.

The developer then offered the residents other units of similar size but costing RM135,000 due to additional renovation works and the inclusion of a parking lot.

Ooi said he assisted 11 of the residents in buying the low medium-cost housing units at RM72,500 each from the same project.

“They have signed the sales and purchase agreement and are now waiting for the local government to issue the occupation certificates (OC),” he said, adding that two residents withdrew their applications.

Source: The Star

Residency @ Cendana, a guarded development with 24 hours security by Metrio Development Sdn. Bhd. This housing community is strategically located within Juru township, comprises semi-detached and bungalow houses. It is only a few minutes drive to Juru Autcity and with easy access to Penang Bridge via North-South highway.

Facilities:

• Club House
• Infinity Edge Swimming Pool
• Indoor & Outdoor Gymnasium
• Jacuzzi & Sauna
• Children’s Wading Pool
• Barbeque Pit
• Function & Reading Room
• Lounge with WIFI Facility
• Children Playground
• 3 Concept Garden with Executive Landscaping
• Garden Walkway