KUALA LUMPUR: Straits Quay retail mall, developed by Eastern & Oriental Bhd (E&O) in its Seri Tanjung Pinang development in Penang, is scheduled for opening by end-November, E&O executive director Eric Chan said.

Chan said the retail mall is expected to house about 100 tenants, including the pewter brand Royal Selangor, Enhance Education Learning Centre, F&B outlets as well as lifestyle and entertainment outlets.

“Our aim in establishing Straits Quay was to create a unique festival marina lifestyle like no other in Penang, and to do so by putting together a mix of inimitable retail outlets and experiences,” he added.

Dubbed “the first retail marina enclave in Penang”, Straits Quay has a net lettable area of 270,000 sq ft, on a 12-acre retail and commercial development within the 1,000-acre Seri Tanjung Pinang waterfront community. Above the 2-storey mall are 217 serviced apartment suites known as "Suites at Straits Quay", which were launched in July 2007 and are in the process of being handed over to purchasers.

Royal Selangor will set up a visitor centre there – making it its second in Malaysia and the third in the world – with 4,000 sq ft of space.

The pewter manufacturer currently has visitor centres in Kuala Lumpur and Singapore, with the Kuala Lumpur centre attracting more than 150,000 local and international visitors each year.

Royal Selangor Marketing Sdn Bhd general manager Chen Tien Yue said Penang has always been an important market and currently has five retail outlets in the state.

“Like the visitor centre in Kuala Lumpur, the Penang Royal Selangor Visitor Centre will have all the key elements of a guided tour, a pewter-smithing demo area, retail and our popular visitor activity – School of Hard Knocks – in a more compact environment. But the main difference is that it will showcase our retail identity and will serve as our flagship store in the north,” he added.

SOURCE: The Edge Property

GEORGE TOWN: The Penang property market is expected to enter another boom cycle, following signs of a gradual rise in prices due to a limited supply of land in prime areas.
Hunza Properties Bhd (HPB) group executive chairman Datuk Khor Teng Tong said the local property industry was well on the road to recovery as the impact of the financial crisis faded.

Speaking at an analysts' briefing on its financial results for year ended June 30, 2010 (FY10) and update of the group's projects, Khor said prices in the island had been appreciating due to the scarcity of land.

“The Penang property market is on the uptrend following the economic recovery. According to press reports quoting government sources, supply of Penang island properties for the previous year was reduced by 2,600 for various types of residences,” Khor said.

He said this was the best time to invest in property. “With the increase in building materials and rising labour costs, restriction on working hours have also resulted in the increase of property prices on the island. Going forward, the shortfall in supply cannot be addressed and overcome in the short term,” Khor added.

HPB yesterday annnounced an 80% rise in net profit to RM50.8 million – its highest ever – in FY10 from RM28.3 million in the previous year, while revenue rose 172% to RM248.7 million from RM91.4 million.

The increase in revenue was due to the group acquiring 100% of Diamaward (M) Sdn Bhd, accounting for RM104 million of group turnover. Basic earnings per share rose to 31.85 sen from 19.02 sen. It proposed a final single-tier dividend of 5.6 sen per share.

Another factor has been the construction works on the two residential towers of Gurney Paragon which have been progressing well and contributing to higher revenue and attributable profit on percentage of work done and stronger sales this fiscal year.

Khor said once completed, the RM450 million gross development value (GDV) project would be a landmark in Gurney Drive with two blocks of 43-storey condominiums, a shopping mall and an office tower.

He said the RM245 million GDV Infinity project, which obtained its certificate of occupancy recently, had also contributed to the year's result and profit. Contributions were derived from its other projects, the Mutiara Seputeh, with a GDV of RM203 million, and from Hunza Trading.

HPB is expecting major contributions from Gurney Paragon in the new financial year as it will be completed by April/May 2011.

Alila II, with a GDV of RM300 million, a project undertaken by its subsidiary Hunza Properties (North) Sdn Bhd is expected to be launched and to commence construction in the new financial year. Bandar Kepala Batas, a jointly-owned project with Yayasan Bumiputra Pulau Pinang Bhd, is also expected to be launched with 120 units of semi-detached houses.

Another project also in the pipeline is the Segambut highrise project with a GDV of RM300 million.

SOURCE: The Edge Property

The Golden Triangle area in Kuala Lumpur has been so named because it is the city's most vibrant commercial, retail and entertainment hub. And it is this vibrancy that G.I.M. Group of Companies wants to replicate up north in Penang.

G.I.M., a homegrown developer, aims to achieve this through its biggest project to date in terms of value – The Golden Triangle in Relau, named after KL's Golden Triangle. It is the group's second project on Penang Island, with an expected gross development value (GDV) of RM360 million.

Incorporated in 2004, G.I.M. began its property development business in Kedah and has completed two housing projects – Taman Sejahtera Jaya and Taman Sutera Indah – in the state. These were fully sold.
G.I.M. then ventured into Penang with a project called Taman Selesa Ria on the mainland last year, before expanding its presence on the island with two other projects.

Located in the residential district of Alma, Bukit Mertajam, the freehold 6.8-acre Taman Selesa Ria comprises 22 bungalow lots, and more than 75% have been sold.

Subsequently, G.I.M. developed Oasis Residences in Relau, its first project on Penang Island. This low-density project offers 28 units of 3-storey bungalows, 3-storey semi-detached homes and 3-storey terraced homes on a 3.3-acre site.

The freehold project has been 80% sold since November last year, although it has yet to be officially launched. The project is expected to be completed in December next year.

The Golden Triangle
The Golden Triangle in Relau is being developed by GIM Smart Venture Sdn Bhd, a subsidiary of the group. The Golden Triangle will be the group's flagship project for the next three years, GIM Smart Venture chief executive Terrence Lim tells City & Country. The project's gross land area is 11 acres, while the net land area is 7.84 acres.

“Another reason the project is called The Golden Triangle is because the site is shaped like a triangle. The land is divided into two by a monsoon drain. We will build a pedestrian bridge to connect the two sides,” he says.

With the project fronting the busy Jalan Datuk Ismail Hashim and Jalan Paya Terubung, the developer plans to build a new road to connect the freehold project with the two main roads to smoothen traffic flow. This will also allow the development to have three access frontages.

GIM Smart Venture, which has an authorised and paid-up capital of RM1 million, plans to launch the mixed development in two phases. Phase One, which was launched at the end of last month, consists of a 5-storey podium and two 19-storey condominium blocks.

The 5-storey podium comprises 68 units of 1-storey, 2-storey and 3-storey shoplots, as well as 28 serviced duplex suites. These units, with sizes from 500 sq ft, are priced from RM400 psf.

The 672 condominium units have built-ups from 1,165 to 1,410 sq ft. These are tagged at RM265 psf onwards

Some 90% of the shoplots have been sold, while the two condominium blocks have been fully sold.

The developer plans to launch Phase Two by the middle of next year. It will put on the market 14 units of 3-storey shoplots and 36 units of 2-storey shoplots, housed in a 3-storey podium, as well as 220 condo units in a high-rise block.

This project is a joint venture with Koperasi Tunas Muda Sungai Ara Bhd, to which the developer will release four progressive payments over the next five years, Lim says, without revealing the amount.

He adds that the developer won the project via an open tender, and that the cooperative had got all the approvals and the development order when the agreement was signed in January this year.

“This cooperative owns over 100 acres of land there, and this particular parcel (The Golden Triangle) is part of it. The cooperative started their master layout plan for this landbank before 2003, and the latest subdivision is based on the master plan. It will develop some parcels on its own and some through joint ventures.

“We hope to have more joint-venture opportunities with this cooperative, but many developers have that in mind as well,” Lim says.

Another development is already on the company's plate – Riverside Residences, which is also in Relau off Penang Island. This project is scheduled for launch by the middle of next year, after it launches Phase Two of The Golden Triangle.

Lim says the freehold site for Riverside Residences was purchased last year. The proposed development is for 3-storey terraced homes and semidees, as well as condominiums. He adds that the group is exploring two projects on Penang mainland but nothing is concrete yet.

Property development
Lim, who is from Kuala Lumpur, joined the company in December last year to help the company get the tender for The Golden Triangle project, and stayed on to manage it.

He graduated with a Bachelor of Electrical Engineering from Ohio State University in 1994, and worked in the engineering industry for eight years. He also obtained his master's degree in business administration from Heriot-Watt University, Edinburgh, in 1997.

Lim made his initial foray into property development in 2003, when he and a friend got involved in a development in Bukit Mertajam. It was a turnkey project; they didn't need to pay for the land, all they had to do was the development and marketing.

In 2005, Lim joined an investment company that had been trying to explore development opportunities in China.

“In business, a few things are related. The structure of business [for engineering and property development] is quite similar and my engineering background trained me to be more analytical. So when it comes to property development, I look more into the quantitative methodology of project management.

“I didn't have the so-called transition shock because it was quite gradual. After I finished my MBA, I did sales in another organisation. Sales are the driver of any business because it is where the money comes from. So when I joined the property development business, the first thing was also sales. When a project is ready, it is how you push it into the market and how people perceive your product,” he says.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 816, July 26-Aug 1, 2010

SOURCE: The Edge Property

Inspired by the concept of exclusive boutique living. The Address is destined to be home to the privilege few who appreciate the finer thing in life. It is a landmark residence that is truly in a class above.

Special Features

• Green Building
• Lifestyle living
• Low density 148 units only – Boutique Condo 124 units & Duplex Loft 24 units
• Good finishes & fittings
• Complete with Air-cond units to Rooms & Living HD cable ready for SMATV
• Broadband
• Duplex lower lofts comes with private Jacuzzi and direct excess to swimming pool from the units
• Duplex upper lofts has double volume ceiling height at the living area

Property Project : The Address @ Bukit Jambul
Location : Bukit Jambul, Penang
Property Type : Condominium
Built-up Area : 1,431 – 2,476 sq.ft.
Total Units : 148
Indicative Price: RM660,000 onwards
Developer : IJM Land
Website : www.ijmland.com

Driving up the winding road to the tourist belt of Batu Ferringhi in Penang, it's hard to miss the grand homes being built atop a nearby hill. Penang-based Ivory Properties Group says that with its iconic development, Moonlight Bay, it is raising the bar for luxury living on the island.

Moonlight Bay was inspired by the charm of the southern European-Mediterranean seaside towns, where villas are built on terraces with sweeping views of the sea.

Ivory touts the development, with a GDV of RM190 million, as being like no other in the country.

Sprawling over 5.6ha, Moonlight Bay comprises only 70, 4-storey villas and 20 “condovillas” equipped with state-of-the-art-security systems, landscaped gardens, pocket parks, cascading water features, swimming pools, indoor and outdoor gyms, a 3-storey club house and service lift towers to allow residents to move easily from the top tier 250 ft above sea level to the bottom tier.

Addressing concerns over building on hillsides, Ivory group managing director Datuk Low Eng Hock says the project adheres to local hillslope development guidelines as well as the guidelines for similar developments in Hong Kong, where they are common.

A retaining wall system that meets both US and European safety standards was built. Because of Moonlight Bay's elevation there is a low density requirement, but Ivory opted to build 50% fewer units than permitted under the guidelines. The project has been described as an engineering and technical feat because of the challenges of the construction. Each stage was monitored and certified by three teams of independent engineers.

The foundation of each invidividual 4-storey villa is reinforced with caisson piles strong enough structurally to support a 10-storey building.

Retaining as much of the greenery as possible, the entire site has been landscaped into a resort-style garden.

Low says creating Moonlight Bay was not easy but it is a masterpiece among Ivory's projects and it has already won several international property awards.

The villas, each with its own private lift, have land areas ranging from 2,350 sq ft to 6,550 sq ft and built-ups from 3,800 sq ft to 5,500 sq ft. They are priced from RM2.7 million to RM4.6 million (RM646 per sq ft).

The condovillas range in size from 1,950 sq ft to 2,200 sq ft with prices starting at RM1.2 million to RM1.4 million (RM618 per sq ft). Fifty-eight of the villas and seven of the condovillas have been sold.

Buyers come from as far away as the US, the UK, Italy, Hong Kong, Taiwan, the Middle East, Singapore and Indonesia. The keys should be handed over to the owners in August.

Just a stone's throw away from Moonlight bay is another Ivory project – 10 Island Resort at the famed Miami Beach in Batu Ferringhi, with a spectacular seafront hillside setting.

10 Island Resort, with a GDV of RM193 million, comprises three blocks with 266 condominiums and 15, 4-storey resort villas. The density of the condos is low, with only four units per floor on the regular levels, two units on the executive floors and one unit on the penthouse floor. Each unit has a sea view.

Prices range from RM479 per sq ft, with built-ups from 1,100 sq ft to 3,200 sq ft. Completion is expected in 2012. Facilities include a swimming pool and other recreational facilities.

Listing end-July
Ivory, which was established in 1999, has an impressive record of completed, ongoing and upcoming projects on the island, the mainland and in Tanjung Malim with a GDV of more than RM2.1 billion. The company is expected to list on Bursa Malaysia on July 28.

Its first property project was the RM103.5 million Tanjung Park development in Tanjung Tokong, which was completed in 2003. The design is inspired by classical French architecture and all units face the sea. The project comprises 285 units in two 25-storey blocks and 14 townhouses.

Its next project in Bukit Gambier, Plaza Ivory, was a mixed development with 272 condominiums, 38 shophouses and 56, 2-storey retail lots with a GDV of RM87 million which was completed in 2004. At the same time, Ivory also completed Palace Hill in Bukit Gambier – four bungalows and 36 semi-detached houses with a GDV of RM38.7 million. Its next project was The View Twin Towers, with a skybridge connecting the two towers, in Batu Uban just next to the Penang Bridge. With a GDV of RM109.5 million, the project was completed in 2006 with 152 standard suites, six duplexs and six penthouses.

The standout among Ivory's projects in Penang is the RM1.3 billion mixed development, Penang Times Square, in the heart of George Town. Designed to rehabilitate the town centre and bring in more residents, Phase 1 of the project has been completed and Phase 2 will be ready later this year. Several more phases will be built over the next few years.
Other ongoing projects include Zen @ The View, an RM15.3 million project of 3-storey bungalows in front of the View Twin Towers; the RM60.8 million Aston Villa in Bukit Mertajam, consisting of 99, 3-storey terraced houses, semi-detached houses and shop offices, which will be completed in 2011; The Peak Residences in Mount Erksine with 609 condominiums with a GDV of RM237 million to be completed in 2013; and the RM42.3 million Taman Bukit Erskine with 564 apartments to be completed in 2013.

Its most ambitious project is in the Ivory Eco Park in Tanjung Malim, on a 480-acre site. Ivory is planning a RM420 million mixed development which will include a hypermarket, street mall, shops, office block, bungalows, semi-detached and terraced houses, including low- and medium-cost houses. The project is scheduled for completion in 2018.

This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 815, July 19-25, 2010

SOURCE: The Edge Property