KUALA LUMPUR: Property developer Eastern & Oriental Bhd (E&O) expects to launch four new blocks at its Quayside Seafront Resort and Condominiums project in Penang this year.

Its deputy managing director Eric Chan said the company was optimistic about the project.

"So far, out of the total seven condominium blocks planned under the project, three have been launched with more than 75 per cent taken up," he said, noting that phase one will be completed by 2013.

The Quayside project is also home to Malaysia's largest water themepark.

Speaking to reporters after signing a marketing agreement with Mitsui Fudoson Co Ltd yesterday, Chan said one more condominium block will be launched next month while the rest is scheduled for launch either by the year-end or early 2012, with gross development value at more than RM2 billion.

Mitsui, Japan's largest property developer, through its unit, Mitsui Real Estate Sales Co Ltd, will market E&O properties to its high net worth clientele in Japan.

Chan said the collaboration is the first step that marks the beginning of efforts to bring the homegrown E&O brand to the Japanese market.

"We are honoured and excited by the opportunities presented by this collaboration with a giant like Mitsui," he said.

Besides E&O's Quayside project, other projects to be marketed in Japan include the company's St Mary Residences in Kuala Lumpur, due for completion next year.

"Our products are local but we believe demand can be global, especially if our standards of quality and innovation are international," he said.

SOURCE: Business Times

"I can confirm that we have submitted a bid by responding to the Penang government's request for proposal to develop the land and are now awaiting word from the state authorities," the company's deputy chairman and executive director Datuk Seri Nazir Ariff Mushir Ariff told Business Times after Ivory Properties' first annual shareholders' meeting.

Last Tuesday, Business Times reported that Ivory and SP Setia Bhd are in the race for a multi-billion ringgit development of some 40.47ha land at Bayan Mutiara.

Both companies have already established their presence as property players in the southwestern part of the island via existing developments.

The Bayan Mutiara tender is part of the state government's efforts to unlock the value of the land it owns in selected areas.

Sources had said that of the two companies, Ivory Properties had submitted the higher bid, for which the reserve price was reportedly set at RM200 per sq ft.

Nazir, however, declined to comment on this.

The state government had asked for a request for proposal (RFP) via Penang Development Corp to develop an initial 24.8ha, which is located south of the Pe-nang Bridge, overlooking Pulau Jerejak.

The RFP comes with the potential to develop an additional 14ha via a future re- clamation after the development of the initial 24.8ha land.

Meanwhile, Ivory Properties' operations director Murly Manokharan said luxury condominiums are set to be the group's next offering in Batu Ferringhi, where Ivory has already established its presence as a property developer.

Unlike its Moonlight Bay and Island Resort developments, which are sited on hillslopes commanding ocean views, the proposed The Bay development is set to be located on the beachfront.

Murly said the proposed development will comprise a single block of low-density condominiums, in compliance with environmental and developmental requirements set by the local authorities.

"We are hoping to offer units with large built-up areas ranging from 3,000 to 5,000 sq ft and they will likely be priced between RM600 and RM650 per sq ft," he said.

Ivory Meadows, a wholly-owned subsidiary of Ivory Properties, entered into a conditional agreement last year with Lim Soon Hin and Lim Soon Vin to buy 0.49ha of freehold land in Batu Ferringhi for RM25 million.

The project is expected to be completed three years after construction begins.

Also on the cards for Ivory Properties is the proposed City Mall located in Tanjung Tokong, which is set to be a mixed development project of luxury condominiums perched above a shopping mall.

"We are awaiting approvals from the local authorities before proceeding with this project which we hope to launch by the fourth quarter of this year," Murly said.

The project, with RM433.3 million gross development value, is set to offer 300,000 sq ft of shopping space and is expected to cater to tourists in meeting their dining, rest, travel and information needs.

Murly said the resident component, meanwhile, is set to cover 120,000 sq ft.

Property watchers said the proposed development is set to boost the area's new positioning as Penang island's new lifestyle and commercial hub.

Fronting the Island Plaza shopping mall, Ivory's proposed mall is set to join the ranks of projects that include Eastern and Oriental Bhd's master-planned Seri Tanjung Pinang development, Boon Siew Property Group's Precint 10 food and beverage mall, and IOI Properties' upmarket Fettes Residences condominium project.

SOURCE: Business Times

THE Malaysia My Second Home (MM2H) programme is set to get a push from the Penang Govern-ment.

State Tourism Development and Culture Committee chairman Danny Law said a committee would be formed to promote the programme, adding that the state was hoping to get more foreigners to come to Malaysia, especially Penang.

?Penang is now one of the best places to live. We can see Japanese, Australians and Europeans enjoying their long stays here.

?When they like living here long-term, they will buy property in Penang,? he told a press conference in Komtar yesterday.

Law said they wanted to gather travel agents, developers, tourist guides and parties who were keen to promote the programme.

?There are already guidelines in the MM2H programme but they keeps changing.

?The committee will look into it and come out with a standard brochure.?

He added that the biggest tourist arrivals at the Penang International Airport last year came from Indonesia, followed by Singapore, China, Japan, the United States and Taiwan.

?Foreigners who come and buy property here can generate an economic spin-off, for example, on food, education and medical tourism,? he said.

?Developers, travel agents and hotel representatives are among those who will participate in the China (Guangdong) International Tourism Industry Expo 2011 in Guangzhou from Sept 1 to Sept 4 and they can promote MM2H and tourism in Penang.

?The population in Guangzhou is more than 10 million and Penang is an ideal place for them to come for education, investments and tourism,? he said.

Those who are interested to join the committee can contact Law?s office at 04-6505136/2619012.

He will chair a meeting with parties related to the MM2H programme today at his office in Komtar at 3pm.

SOURCE: The Star

GEORGE TOWN: Deputy Prime Minister Tan Sri Muhyiddin Yassin said the affordable quality housing programme for urban centres that was launched under a public-private partnership initiative, previously limited to the Klang Valley, would now be extended to the entire country.

Muhyiddin said Prime Minister Datuk Seri Najib Tun Razak gave the nod to extend the programme to enable the younger generation of Malaysians to own a house.

Muhyiddin said the Government had set out to identify suitable areas for this social development programme.

The Government, through the My First Home Scheme, would provide sites for the construction of houses priced at RM220,000 and below by the private sector based on industrial building standards.

Under the scheme launched by the Prime Minister on March 8, citizens aged 35 and below with a monthly salary below RM3,000 qualify to purchase a house that is priced at no higher than RM220,000 with 100% financing.

Najib said the scheme was formulated following comments made on hisFacebook page as well as in newspapers regarding the difficulties faced by the younger generation to own a house within the price range, especially in the Klang Valley.

Muhyiddin added that the affordable houses were for people in the middle-income group who did not own a house.

In line with the aspirations of the Low-Income House­holds National Key Results Area (NKRA) of the Government Transformation Programme(GTP), the affordable quality housing programme has been designed to prevent people from falling into the low-income bracket due to the increasing cost of living.

Anson Cube, a new commercial development by AZEA Property Investment (API), a Singapore-based company, and its local partner Dot Greenland Sdn Bhd. It is strategically located along Jalan Anson within UNESCO World Heritage Site in George Town. This project comprises 1 block of 5-storey retail lots and offices.

* This project is currently abandoned. Please let us know if you have any update *

Property Project : Anson Cube
Location : Jalan Anson, Georgetown, Penang
Property Type : 5-Storey Complex
Built-up Area: 400 sq.ft to 4,809 sq.ft
Indicative Price: from RM234k to RM2.8m
Land Tenure: Freehold
Developer : Tri Mega Venture

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