“Less is more” is the design philosophy of notable architect Ludwig Mies van de Rohe. With the Tree Residency, the values of minimalism are fully exuded, conveying a sense of harmony that comes from simplicity.

The minimalism in Tree Residency, however, is not one of emptiness, but one that is out of the box, with bold use of lines, geometry and ratio instead of fluff to achieve a clean and elegant look. More importantly, the materials used to construct Tree Residency are environmentally friendly, as such bringing its inhabitants close to nature.

The overall design of Tree Residency is skewed towards garden living, with eight different designs to suit the different requirements of buyers. The club facility of Tree Residency is complete with badminton court, half-sized Olympic pool and other recreational facilities that will bring out the athlete in you.

Location : One Residence, Sungai Ara, Penang
Property Type : Corner Duplex, Link Duplex, Twin Villa
Land Tenure : Freehold
Total Units: 316
Developer : Ideal Property

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Dua Villas is a blend of Chinese chic and contemporary design that combines the best of both elements. With Dua Villas, the architects have put together a home that is balanced, harmonious and ecological. Element that are often neglected in today’s busy lifestyle.

It features a glass canopy which enables daylight to penetrate the home, with French windows, a small backyard and European-styled balcony to provide that opportunity to get in touch and relax with nature.

Dua Villas is built around a courtyard home concept. The 135-unit development forms a small community that is connected with each other through the recreational space that is connected with each unit’s courtyard. This small community lining concept will certainly forge the ties between each family within Dua Villas, Bringing each closer to each other.

In addition, residents can indulge in a relaxing environment while enjoying extensive recreational facilities and equipments offered by an aesthetically pleasing clubhouse.

Location : One Residence, Sungai Ara, Penang
Property Type : 2-Storey Terrace
Land Tenure : Freehold
Total Units: 135
Developer : Ideal Property

GEORGE TOWN: The state government should allow more reclamation, higher plot ratio, development above 250 feet in certain areas and development of other parts of the island to address the current land shortage for property development.

Penang Real Estate and Housing Developers Association (Rehda) chairman Datuk Jerry Chan said with land scarcity on the island, land prices have "hit the roof".

"Developers are being branded as greedy by some parties due to the escalating prices in property on the island, but land is not cheap here.

"Public housing should not be made the burden of the private sector and we have the right to make our business viable and our profit margins are not high.

"The state government does not privatise land out for developers and we have to buy at market rates.

"The Penang property market is open, transparent and vibrant but there is the problem of supply which is not enough to meet the huge demand for land," said Chan at a press conference.

Hence, Chan suggested the state government look into ways to address the matter.

"There is no much landbank left on the island and the only other option would be for the state government to allow more reclamation.

"Another option would be increase the density by revising the plot ratio in certain areas in addition to those which were revised recently.

"We welcome the revision but more areas should also be allowed to increase the plot ratio.

"What happened in the past is due to the restrictions on plot ratio and exorbitant land prices in place over the past 30 years, developers were handicapped and were forced to build super condos due to rising costs.

"We lost a lot of land due to this low density and low built-up condition that was imposed," Chan said.

The Penang Island Municipal Council (MPPP) in July revised the plot ratio guidelines for high rise properties on the island which allowed developers to build up to 87 units with a total built-up area of 122,000 sq ft per acre compared with 42,000 sq ft per acre previously but has imposed pricing conditions on the units.

Previously, the plot ratio guideline for high-rises on the island was 60 units per acre or 42,000 sq ft per acre.

The new plot ratio guidelines are not applicable for prime residential areas such as Jalan Tunku Abdul Rahman (popularly known as Ayer Rajah Road), the Jesselton area, existing established housing zones and general housing areas, the George Town Heritage Site (which includes the buffer zone), certain areas in Tanjung Bungah and Tanjung Tokong.

Chan said areas like Balik Pulau and Teluk Kumbar, most of which are zoned as agriculture land, should also be opened up for property development.

He also suggested that in certain areas, the 250 ft restriction on hill slope development be relaxed.

"We appeal to the state government to relook into all these aspects and see what can be done.

"They should do away with requirements and guidelines which are unnecessary and allow developers greater freedom instead of imposing limitations," Chan added.


SOURCE: The Edge Property

THE completion of a lifestyle shopping mall along with an office tower by 2012 is set to transform Hunza Properties Bhd (HPB) (5018) from a property developer to that of a real estate landlord.

The Penang-based company, which is due to announce two new anchor tenants for its Gurney Paragon retail development next week, has no plans to sell the mall.

"We will instead hold and manage this mall. We believe that the consistent income stream from the mall will enable the group to have a strong base of recurring income," HPB executive chairman Datuk Khor Teng Tong told reporters after a shareholders' meeting yesterday.

Apart from the 8-storey mall and 10-storey office block, Khor said the project's 700,000 sq ft net lettable area will include a podium, along with the sea-fronting former St Joseph's Novitiate building in Pulau Tikus.
St Joseph's Novitiate and a chapel inside is a heritage building on the grounds of the project, which is bordered to the north by Gurney Drive and south by Kelawai Road.

The 94-year-old building, which is touted by many as a heritage masterpiece and is being conserved by HPB, is set to be transformed to a space which will house boutique retailers and restaurants.

HPB bought the 4ha freehold site in 2004 for an integrated project which will include two condominium blocks with a development value of RM450 million.

The residential component of the project, which boasts an average RM700 per sq ft, is currently 85 per cent completed and the company expects to have vacant possession by April next year.

Khor yesterday announced that HPB had recorded its highest ever net profit of RM50.9 million for the 2010 fiscal year ended June 30. This compared with RM27.6 million in 2009.

SOURCE: Business Times

GEORGE TOWN: The Real Estate and Housing Developers' Association (Rehda) of Penang is claiming that the high cost of land is the main reason for houses being sold at high prices in the state.

Chairman Datuk Jerry Chan Fook Sing said the high cost of land was also the reason for developers' inclination towards building upmarket homes in the state.

The limited land in Penang Island has caused landowners to sell their land at very high prices and this directly impacts the price of houses, he said.

"When the land is bought for a high price, developers are forced to sell the houses at a high price as well.

"Therefore it is not fair when only the developers are blamed in this matter," he told reporters here on Thursday, Dec 9.

To ensure affordable housing prices for all levels of society in the state, the government would have to find a suitable mechanism to overcome the problem, he said.

A recent report quoted Senior Fellow at the Social, Economic and Environment Institute (Seri) Dr Michael Lim Mah Hui as saying that the average price of a house in Penang was RM540,000 last year.

The report also said the price of house in the state exceeded that of the average house price in Kuala Lumpur at RM390,000. – Bernama

SOURCE: The Edge Property