KUALA LUMPUR: Kumpulan Jetson Bhd, through its 51%-owned subsidiary Jetson Development Sdn Bhd, has acquired three tracts in Penang from Malaysia Building Society Bhd for RM14 million, according to its statement on Bursa on Jan 18.

The three separate tracts – measuring 21,671 sq ft, 23,277 sq ft and 3,346 sq ft – are all situated in George Town.

The company said that there are plans for high-end property development with an estimated gross development value (GDV) of approximately RM93 million. The acquisition is in line with the company’s strategy in focusing on boutique developments.

“Penang’s property market is second to Kuala Lumpur and has shown substantial excitement in this industry. The property outlooks remains vibrant despite signals of slowing down in other sector and high-end properties market is more resilient to softening market condition,” the statement said.

The company believes the strategic location of the properties, with proposed innovative design and concept, offering exclusivity will appeal to both local and international prospective purchasers.

SOURCE: The Edge Property

Last Thursday, Business Times reported that the property developer was the front runner and on the verge of winning the job.

Securing the project should bode well for SP Setia, which posted sales of RM1.74 billion and a net profit of RM251.81 million in the year ended October 31 2010.

The project aims to create a "Penang People's Park" that includes the country's first subterranean sPICE, a 2.83 hectares public park on the rooftop, a refurbished and upgraded Penang International Sports Arena (Pisa), a refurbished and upgraded Aquatic Centre and a four-star hotel with retail outlets and a spacious parking lot.

The project will be developed through a public-private partnership agreement between the Penang Municipal Council (MPPP) and developer SP Setia Bhd's unit Eco Meridean Sdn Bhd.
On September 3 2010, SP Setia had bought 2 ordinary shares of RM1.00 each in Eco Meridian Sdn Bhd, resulting in the private company becoming a wholly owned unit of SP Setia.

Financing for the Penang project will see MPPP injecting some RM50 million, through a combination of land and cash, while Eco Meridean will finance the rest.

The proposed sPICE, which initially came with a RM50 million priceline, has been mired in controversy ever since Lim proposed it.

One of the concerns raised was that the project would incur huge expenditure, which could result in the council becoming insolvent.

Lim, however, claimed the council could save some RM25 million from the refurbishment, repairs and upgrading work on Pisa and the Aquatic Centre and that Eco Meridean will pay RM13.5 million for land to build a four-star hotel to complement sPICE.

This means that the net sum of MPPP's investment in the project would be RM11.5 million.

Work on the project is expected to start within three to six months' time and will be completed in three years.

SOURCE: Business Times

ARENA place of pride

The Arena’s overall design is inspired by the ancient Roman amphitheater. Its unique architectural style is not only spectacular but also a breathtaking visual monument to meaningful design. It is destined to be a place of pride for owners and a landmark in Penang.

The Arena is a commercial center mirroring the courageous magnificence of the ancient Roman amphitheater. It is set to be a thriving business hub and an engine for commercial growth by gathering the leading lifestyle proponents under one roof.

This lifestyle building is sure to attract the best in food and beverage, retail, financial services, entertainment, leisure, beauty and fashion to make this the most high profile and popular lifestyle center.

Arena Curve’s unique design differs from the rest as the escalators are outside the building and shops her are given equal prominence to display their offerings to potential customers thereby promoting commercial opportunities and driving business growth.

Super luxurious executive suite, The Arena, takes this development to a whole new level with its unique architectural design to create a superior home environment for the discerning.

Location : Bayan Baru, Penang
Property Type : Commercial, Residential Suite
Developer : Golden Virtue Capital Sdn. Bhd.

Contributed by Reader – Nov/2013

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Sources say SP Setia is likely to get a 30-year concession to build and operate the Penang International Convention Centre

Property developer SP Setia Bhd. has emerged as the leading contender to build the Penang International Convention Centre (PICC) on the grounds of the Penang International Sports Arena (Pisa).

According to sources, SP Setia is likely to get a 30-year concession to build and operate the convention centre, which will include other components like a hotel and retail outlets.

“The proposed project is likely to cost over RM200 million,” one source told Business Times yesterday.

Another source said SP Setia is one of four companies which had responded to a request for proposal from the Penang state government. The Penang Island Municipal Council had closed the tender in September last year.
The other companies said to be in the running are Singapore-based exhibition contractor Pico Global Services Ltd, which has operations in Malaysia, and a host of local contractors.

Pisa (picture) is an indoor sports arena located close to Penang international airport.

The project was completed in 2000 and serves as the largest and most comprehensive multi-purpose indoor venue on Penang Island.

The arena, which is owned by the Penang Island Municipal Council and managed by Penevents Sdn Bhd, boasts an Olympic-sized swimming pool and a spacious air-conditioned area, which has been designed to host conventions, exhibitions and entertainment shows, along with major sporting events.

A source said that if SP Setia succeeds, it plans to build a public rooftop park in the convention centre building.

The proposed PICC, which was initially tagged at RM50 million, has been mired in controversy ever since Penang Chief Minister Lim Guan Eng proposed it.

One of the concerns raised was that the project would incur huge expenditure, which could result in the council becoming insolvent.

SP Setia’s entry into Penang dates back five years to its maiden development “Setia Pearl Island” in Sungai Ara near the Penang international airport.

The project, which is sited on a 45.2ha of land, serves as the company’s flagship project in Penang.

Since then, SP Setia has made its mark in several other property projects dotting the island and these include high-end landed properties in the upscale Jesselton neighbourhood and an upcoming exclusive condominium project facing Penang’s famed promenade, Gurney Drive.

The company is said to be aggressively in expansion mode to increase its landbank in Penang.

SOURCE: Business Times