Central Way is a Gated and Guarded residential development located within the established township of Bukit Tengah, Penang. Phase 1 comprises 99 units of 3-storey terrace houses. Strategically located with easy access to Bukit Mertajam and Perai Industrial Area. A mere minutes drive to Juru Autocity and Penang bridge.

Phase 2: Central Way 2

Property Project : Central Way
Location : Bukit Tengah, Penang
Property Type : 3-Storey Terrace
Tenure : Freehold
Built-up Area: 2,347 sq.ft.
Land Area: 20′ x 63′
Total Units : 99
Indicative Price: RM 358,000 onwards
Developer : Oriental Max Group
Contact No.: 04-356 5860 / 04-356 6398 / 04-356 3848

Therefore, it makes sense for the likes of SP Setia Bhd to eye a stake in such companies as landbank in Penang is depleting and buying the plots there is not easy and cheap, they added.

“Having a stake in companies such as Eastern and Oriental Bhd (E&O) will directly give SP Setia access to present and future property projects in Penang,” an analyst said when asked to comment on reports that major shareholders of SP Setia are keen to buy a stake in E&O.

He added that such interest has also put a spotlight on the value of reclaimed land and its potential development in the state.

For example, analysts cited that Ivory Properties Group Bhd reportedly will have to fork out about RM1 billion to develop 27.34 hectares (ha) and reclaim up to 14.17ha of land that it won via a tender from the Penang Development Corp last Monday.

E&O, one of Penang’s top property developers and land owners, has some 200ha in Penang alone worth RM1.1 billion, according to information obtained from its annual report.

It also has sizeable landbank in Gombak, Ampang, Damansara Heights and other areas of Kuala Lumpur.

Analysts noted that several shareholders of E&O had been building up their stakes in the company between July 19 and July 22 2011, based on the latest announcements.

This could be an indication that something major is indeed happening in E&O, they added.

Singapore’s GKG Investment Holdings Pte Ltd, controlled by Goh Geok Khim, bought 250,000 shares, rising its stake to 11.49 per cent.

Datuk Azizan Abd Rahman bought 100,000 shares in E&O to raise his stake to 0.5 per cent.

E&O is currently 17 per cent-controlled by managing director Datuk Tham Ka Hon and his spouse.

Business Times (BT) reported last week that major SP Setia shareholders planned to buy a stake from E&O shareholders.

SP Setia’s three biggest shareholders are Permodalan Nasional Bhd with a 32.9 per cent stake, the Employees Provident Fund with a 14.47 per cent interest, and SP Setia president and chief operating officer Tan Sri Liew Kee Sin with 11.96 per cent share.

Meanwhile, Mah Sing group hinted that it would prefer to buy land in Penang instead of acquiring a stake in a listed firm with landbank there.

“We are open to opportunities that create value be they outright land acquisitions or joint ventures in Penang,” group managing director Tan Sri Leong Hoy Kum told BT.

SOURCE: Business Times

IVORY Properties Group Bhd has chipped in to become the venue sponsor for the Penang Starwalk which will have a new route this year.

The walk will be flagged off from Birch House which is the company?s office located next to the Penang Times Square which is developed by Ivory.

Ivory?s chief operating officer Datuk Ooi Chin Loo said he hoped the participants would be impressed by the 103-year-old colonial building.

?Birch House was built in 1908 as an office of a tin smelting plant and it eventually became Ivory?s office in 2005,? he said.

Ooi said the building was named after Sir Ernest Woodford Birch, a popular Briton who was a moving force in the development of the tin smelting works in Penang.

?The plant was formerly called Eastern Smelting in 1908, became Datuk Keramat Smelting in 1975 and finally Escoy Smelting in 1993.

?There is a corner on the ground floor of the building to showcase the history of Birch House and the tin-mining industry to let those who visit our office know more about the building,? he said,.

Ooi said the company was also sponsoring 2,000 T-shirts for the walk.

Penang Starwalk 2011 will be held on Sept 18. The new route passes heritage sites such as Fort Cornwallis, City Hall, St George?s Church, Goddess of Mercy Temple, Kapitan Keling Mosque and the Sri Mariamman Temple.

Star Publications (M) Bhd regional operations manager (north) Chung Chok Yin thanked Ivory for the support, saying that setting Birch House as the flag-off point was in-line with the aim to create an awareness to the rich historical and cultural aspects of George Town.

Chung urged those interested in participating in the walk to register early as registration for the non-competition category will close when the 20,000 participation mark is reached.

The route for non-competition walkers is 6km long while it is 10km for competition walkers.

The other sponsors of the walk are Magnum 4D Sdn Bhd, 100Plus, Ambank, BP Clinical Lab, Golden Screen Cinema, Malta, Maxis, Milo, Modenas, Nikon, One Community Worldwide, Pallas and Sunshine Wholesale Mart Sdn Bhd.

Penang Starwalk 2011 is endorsed by Penang Global Tourism, Penang Sports Council, the Penang Municipal Council and the Malaysian Association of Hotels Penang Chapter.

Registration fee is RM10 for non-competition walkers and RM15 for competition walkers.

The public can sign up from 9.15am to 5pm on weekdays at the Star Northern Hub in Bayan Lepas or the newspaper?s George Town office at 15, Jalan Masjid Kapitan Keling, or at the Penang Times Square?s information counter at its ground floor from 10am to 10pm daily.

Online registration is also available at http://sites.thestar.com.my/starwalk/.

A Facebook page has also been created for the event at http://www.facebook.com/StarWalk.my.

The closing date for registration is Aug 15 for the competition category and Sept 1 for the non-competition category or when the 20,000 mark is reached, whichever is sooner.

For enquiries, call Eric Voon at 04-6473388 ext 3021 during office hours or 012-5851612 (email: ericvoon@thestar.com.my).

SOURCE: The Star

SOME 90 low-cost units costing RM35,000 each will be built in Permatang Damar Laut in Batu Maung, Penang, this year.

Batu Maung assemblyman Abdul Malik Kassim, who is also a state exco member, said the units would have a built-up area of 700sq ft.

Without naming the developer, he said the project would kick off late this year and completed in two years.

He said this to reporters after the balloting for some 50 shortlisted candidates for a separate low-cost project, also in Batu Maung and comprising 88 units in a six-storey building, by Mah Sing Group Bhd.

Malik said so far some 400 units of low-cost properties had been handed over to buyers this year in Batu Maung.

?This include over 300 units handed over earlier this year and the 88 units by Mah Sing which are priced at RM35,000 each,? he added.

Of the 88 units, 73 were given as compensation to squatters in Batu Maung who were affected by Mah Sing?s Southbay Penang mixed-development project.

Seven names were picked from the balloting yesterday to purchase another seven units of the project.

The seven individuals were from a list of 50 eligible applicants for low-cost housing supplied by the State Housing Department to take part in the balloting.

The remaining eight of the 88 units were reserved for sale to those whose homes were affected by Mah Sing?s Residence@Southbay project.

SOURCE: The Star

Wellesley Residences, the fourth phase of Harbour Place township in Butterworth. A total of 401 new units will be built in a 27-storey and 30-storey blocks.

With emphasis on both practicality and appeal, the architectural design simply dwells in the extraordinary. Sensuous, soothing, indulging. Wellesley Residences hides a wealth of undiscovered appeal and character behind its sleek latter-day facade. This is where the possibilities are limitless.

With your peace-of-mind in mind, Wellesley Residences uses a 24-hour security system comprising the “3Cs” that are CCTV, Card Access & Communication Home Security. The adequacy and efficiency of this system means that your well-being and safety is always priority but at the same time, your privacy is never compromised.

Property Project : Wellesley Residences
Location : Harbour Place, Butterworth, Penang
Property Type : Condominium
Tenure : Freehold
Built-up Area: 650 sq.ft. onwards
Total Units : 401
Developer : PJ Development
Indicative Price: RM 191,000 onwards