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

ASIA Pacific Land Bhd (AP Land) (1716), founded in 1961, was initially involved in textile business, operating under the name of Min Ngai Knitting Factory (Malaya) Sdn Bhd.

It was listed on the Kuala Lumpur Stock Exchange and the Singapore Stock Exchange in 1969. In 1990, it was delisted in Singapore.

The company changed its name to Public Textile Bhd in 1973. It diversified into property development in 1981 and was known as Public Corp Bhd.

In 1983, Public Corp took over the business of Mount Pleasure Corp Sdn Bhd, and changed its name to Mount Pleasure Holdings Bhd.
Mount Pleasure became a major property investor in 1990 when it bought City Square Centre, the country's first integrated commercial development.

City Square comprised the Empire Tower, Crown Princess Hotel and City Square mall, located at the junction of Jalan Tun Razak and Jalan Ampang.

AP Land assumed its present name in 1990. It ventured into oil palm plantation in 1997 and marked its foray in Indonesia's plantation sector in 2007.

In the same year, it sold City Square to MGP I (Mal) Sdn Bhd, which was advised by Macquarie Global Property Advisors, for RM680 million.

Its current projects are myHabitat in Kuala Lumpur, Bandar Tasik Puteri in Rawang, Selangor, and Penang Island Bay Resort.

SOURCE: Business Times

South Homes is nested in the ultimate location for getting to any destination efficiently, near or far! It boasts a short drive to major international travelling gateways such as the airport and Penang Bridge.

Location : Bayan Lepas, Penang
Property Type : Shop-office, Terrace, Semi-Detached
Tenure : Freehold
Developer : Kobay Properties
Contact Number : 04 228 8777 or 019 415 1122

Indicative Price: RM888,000 onwards

The project which carries a gross development value of RM27 million will comprise only 11 units of the resort-style development which is located within a hillside setting with an ocean view.

The company's deputy chairman and executive director Datuk Seri Nazir Ariff Mushir Ariff said Ivory Properties will also unveil this year a luxury condominiums project known as "The Latitude" in Tanjung Tokong, Penang.

"The Island Resort semi-detached villas will be launched by the middle of the year and we expect to complete the project by 2014," he told Business Times.

Also present at the interview was the company's head of investor relations Ang Kung San.

Nazir said each of the four-storey villas, comprising four plus one bedrooms and 5 bathrooms, will boast its own lift and private plunge pool.

Tagged between RM2.33 million and RM3.98 million, the 11 units are part of Ivory's "10 Island Resort" project, which is sited at Batu Ferringhi's Miami Beach.

The villas come in various sizes, with built-up areas ranging from 3,820 sq ft to 6,450 sq ft.

Nazir said the villas, along with the 220 units of the upscale "`The Latitude" (which is sprawled on a 0.82ha and carries a development value of RM137 million) are among the 300 units of property which Ivory Properties will be lining up for sale this year.

The company currently has an undeveloped landbank of between 160ha and 200ha in both Penang and Tanjung Malim, Selangor.

"We are actively looking for land and joint-venture partners in Penang and the Klang Valley," Nazir said.

Meanwhile on Ivory's plans for a four- to five-star hotel within its Penang Times Square development in George Town, Nazir said:

"We intend to construct and sell the proposed hotel and are seeking for investors to co-build the hotel with us."

He also said that work on Phase 3 of Penang Times Square, which will comprise luxury condominiums, a convention centre, cineplex and a 150,000 sq ft departmental store, is expected to take off by the end of this year.

SOURCE: Business Times