THOUGH Penang lacks natural resources such as oil and gas, it can depend on its human talent to move forward.

Chief Minister Lim Guan Eng said the human capital would enable Penang to propel forward in this new century.

“We should harness the best and the brightest of our human talent and human capital. I am confident Penang will achieve the target of becoming a world-class international city.

“To be an international city, we must have international standards and adopt the best international practices,” he said in his keynote address at the Penang International Property (PIP) Summit 2010 at the Penang International Sports Arena (PISA), Relau recently.

He added that Penang had to find its own niche, which were sustainable and green, to become an international city.

“More than 70% of the global population will be living in cities by the year 2050. With so many people living in cities, how do we distinguish Penang from the rest?

“I think Penang must project itself as an intelligent city for it to find its niche.

“Apart from the three traditional aspects of intelligence which are human, collective and digital intelligence, we must also have integrity intelligence and institutional intelligence,” he said.

“In short, we are looking for peace and security for the people, equal opportunity for all and democracy so that everyone can realise their potential,” he said.

The property summit, organised by PIP Creation Sdn Bhd with support from Raine & Horne International and Penevents Sdn Bhd, showcased properties from 30 exhibitors such as S P Setia, Ivory, DNP, Ideal Homes, Seal Incorporated, Plenitude and MTT.

Among the highlights was the three-day trade forum which provided critical awareness of local and regional trends in the property market.

SOURCE: The Star

MORE than 200 villagers staying in 50 houses on stilts along Jalan Tokong Batu, Jelutong in Penang have been living with rubbish underneath their houses and the foul stench for more than 20 years.

Sungai Pinang assemblyman Koid Teng Guan said the topography of the village, which was located by the sea like Chew Jetty in Weld Quay, had changed following development in the area.

“The village was by the sea just like Chew Jetty but when the area was developed the sea was cut off from the village. The water from the sea flows in via a waterway during high tide, making the village, with houses on stilts, look like it is in a huge pond,” he said.

Koid said that during the high tide, rubbish would flow in with the tide and remain trapped in the village when the tide ebbed.

“We can only clean the rubbish when it floats during high tide because the rubbish is stuck to the bottom during low tide,” he said.

He said besides the difficulty in scraping the rubbish out during the low tide, the process emitted a pungent stench causing the villagers to suffer even more.

Koid added that he had carried out five cleanup operations this year with his service team but the problem persisted due to poor infrastructure and public apathy.

“I have written to the state Department of Irrigation and Drainage (DID) continuously requesting them to build a filtration system or a device to block the rubbish at the waterway,” he said.

However, he claimed that the suggestion was always turned down due to lack of funds.

When contacted, a state DID spokesperson said the department would look into the matter.

Koid hoped more villagers would co-operate with his service team during cleanup operations.

“Some 70% of the rubbish comes from the sea and the remaining 30% is from the villagers. We hope the residents will help us more during the cleanup operations and also avoid throwing rubbish into the water,” he said.

Most of the rubbish consist of plastic bag and polystyrene containers.

A 60-year-old resident, who did not wish to be named, said the water was clear in his childhood days.

“We could even see fishes swimming in the water compared to the ‘small crocodiles’ that we have right now,” he said referring to the large monitor lizards foraging for food in the rubbish-filled waters.

He added that the land development for the Jelutong waste treatment plant and Jelutong Expressway had worsened the situation.

SOURCE: The Star

GEORGE TOWN: Two foreign property development companies – one based in Singapore and another in Hong Kong – and Eastern & Oriental Bhd (E&O) are among seven candidates shortlisted to bid for the new Penang Turf Club (PTC) development project.

Most of the four remaining candidates are headquartered in Kuala Lumpur.

StarBiz learnt that the Singapore-based group is one of Asia’s largest real estate groups which has public-listed companies in Hong Kong and total assets worth over US$40bil.

Those shortlisted for the tender have the option of buying the 23.09ha site for RM200 per sq ft or developing the site jointly with PTC.

It is learnt that those who submitted for the second round of bidding, which closed on Sept 30, had to pay a tender deposit of RM500,000.

When contacted, E&O executive director Eric Chan Kok Leong confirmed the group had submitted a bid in relation to the PTC land.

“Details are restricted by the confidentiality requirements of the competitive bidding process,” he said.

According to sources, one of the proposals submitted by a Kuala Lumpur-based developer was for the development of more than 1,000 units of landed residential properties and condominiums over a eight- to nine-year period.

The gross development value of the project was estimated at around RM1.5bil, based on the present market value of the PTC land of about RM500mil, the sources said.

Because the PTC land is located close to the Jesselton residential area, the succesful bidder would be able to build six landed residential properties or 15 condominium units per acre, according to the present plot ratio guidelines set by the Penang Municipal Council.

Over 20 property development companies, which included Penang-based developers, submitted their company profiles for the pre-qualifying round, which closed on June 16.

After the 2008 general election, the state government rejected a proposal from Abad Naluri Sdn Bhd, an associate company of Equine Capital Bhd, to develop the RM25bil Penang Global City Centre on the PTC site, due to its failure to submit plans as required by the state.

SOURCE: The Star

The sea-fronting Straits Quay retail marina enclave, which covers a net lettable area of 270,000 sq ft, which will be operational by the end of November.

It is expected to raise the bar for the island state, as efforts are being made by its developers to place the mall on the tourism map.

The mall which is made up of three levels and will accomodate 100 tenants, forms a component of E & O's waterfront development Seri Tanjung Pinang which is located at Tanjung Tokong on the island.

Besides boasting the entry of new local and international brands into Penang at Straits Quay, E & O is also looking to set up Penang's first performing arts centre at the same site.
"Negotiations and discussions are underway at the moment to set up a performing arts centre in collaboration with one of the foremost performing arts proponents in the country," E & O Bhd executive director Eric Chan Kok Leong told Business Times.

He also said that an arts and crafts enclave is also under negotations which is set to showcase Malaysian works, with a special emphasis on Penang craftsmen.

E & O is also set to bring its Delicious Cafe to Straits Quay.

With projected investments of RM5 million, "Delicious at Straits Quay" will serve as E&O's sixth Delicious Cafe outlet and its first foray outside the Klang Valley.

"Future plans include being on the lookout for more prime sites within high-traffic retail areas, as well as the ambition to branch overseas, such as in Singapore," Chan said.

He said nearly 80 per cent of the prime lots or those facing the marina on the ground floor have been leased.

Among the confirmed tenants are the Melium Group's Aseana Cafe, Cheeky Duck chinese restaurant, Hisago Japanese restaurant, French deli Agua and Italian eatery Marina Aperitivo.

Other confirmed tenants include Finnegan's Irish Pub and Restaurant, an English language education centre, Italian fashion label Versus Versace and home-grown fashion label Bran-et-daguet.

"Straits Quay will be targeting the middle to upper income, family-oriented consumers, as well as local and international tourists," Chan said.

"The marina setting, water limousine as well as the unique complement of outlets and attractions will provide a strong draw for local and foreign visitors," he added.

He said that E & O will be introducing a water limousine service in the future which will establish a strategic connectivity between Straits Quay, the Eastern & Oriental Hotel and Lone Pine Hotel, which are properties owned by the company.

SOURCE: Business Times

Sunway City (Penang) Sdn Bhd, a wholly-owned subsidiary of Sunway City Berhad (SunCity), has entered into a sale and purchase agreement with Sungei Ara Holdings Sdn Bhd to acquire 81 acres of freehold residential land held in Barat Daya, Penang at RM38.765 million.

When fully developed, the proposed acquisition will provide SunCity with an estimated gross development value of RM800 million. Strategically located within the vibrant south-west of Penang Island, the land is also surrounded by other matured townships.

Ho Hon Sang, Managing Director, Property Development, Malaysia, SunCity said, “This land acquisition is aligned with the Group’s strategy to expand its presence further in Penang, which enjoys strong economic growth, and is scond only to Kuala Lumpur. With this acquisition, our land bank will increase to 118 acres with a GDV of RM1.1 billion.”

He added, “The proposed product mix for the new land bank will consist of semi-detached houses and bungalows, which will increase SunCity’s presence in the Penang property market. To date, we have successfully developed quality residential and commercial properties in Penang. We trust that this land acquisition will enable us to provide Penang homebuyers with another good opportunity to purchase quality homes that is synonymous with the Sunway brand.”