KUALA LUMPUR: Sunway City Bhd (SunCity) is acquiring a parcel of freehold land in Penang for RM38.765 million, intended for a residential project.

SunCity via its subsidiary, Sunway City (Penang) Sdn Bhd entered into a sale and purchase agreement with Sungei Ara Holdings Sdn Bhd on Aug 4, 2010.

The 81-acre land is located within the vibrant South-West of Penang island and when fully developed, it is expected to provide SunCity with an estimated gross development value (GDV)of RM800 million.

“This land acquisition is aligned with the Group's strategy to expand its presence further in Penang which enjoys strong economic growth and is second only to Kuala Lumpur. With this acquisition our land bank will increase to 118 acres with a GDV of RM1.1 billion,” said Ho Hon Sang, managing director, property development of SunCity in a press statement on Monday, Sept 27.

The proposed product mix will consist of semi-detached houses and bungalows, Ho added.

The proposed acquisition is also near SunCity's existing Sunway Merica project, which is under construction. Sunway Merica is a freehold landed development comprising of 86 units of 3-storey terrace homes and 12 units of 3-storey semi detached homes.

SunCity, which began developing properties in Penang in 1992, recently launched Sunway Aspera in March 2010. The development comprises 76 units of 2-storey terrace homes and nine units of 3-storey terrace homes in Sungai Batu, Penang.

SOURCE: The Edge Property

KUALA LUMPUR: Plenitude Bhd is acquiring 20 parcels of freehold land in Balik Pulau, Penang, measuring about 56.63 acres for RM40.12 million (RM17.50 psf) to be developed as a mixed development.

Plenitude, via its wholly owned subsidiary, Plenitude Estates Sdn Bhd entered into two separate sales and purchase agreements with United Formula Sdn Bhd and Affluent Base Sdn Bhd on Monday, Sept 27.

The proposed strategic acquisition allows the company to establish a greater presence in Penang island and to replicate the success of its first development project on the island, the company said.

The proposed development will comprise double-storey and super-link houses and a neighborhood commercial centre consisting of 2- to 3-storey shops. The project has an estimated gross development value of RM230 million.

Construction is expected to start in the first half of 2012 and it will be developed over a span of five years.

SOURCE: The Edge Property

BOULEVARD Condominium, consist of two elegant 37 and 38-storey condominiums development, located within Ayer Itam township. WIth 428 condominium homes with size ranging from 936 sq.ft. to 2,336 sq.ft. with full condo’s facilities, which will offer a sanctuary for homeowners and their guests. Each unit comes with 2 covered car park bays.

Features:

• 2 Covered Carparks
• Swimming Pool
• Jacuzzi
• Spa
• Squash Court
• Gymnasium
• Centralised Astro B.yond Signal Provides
• Interactive Children’s Playground
• BBQ Pit With Eating Corner
• Community Hall
• Reflexology Path
• Smart Card Access
• 24-hours Security With CCTV

Location : Air Itam, Penang
Property Type : Condominium
Land Tenure : Freehold
Total Units: 428
Built-up Area: 936 sq.ft. – 2,336 sq.ft.
Developer : Reka Indah Development
Contact No.: +604-645 8800

KUALA LUMPUR: Ivory Properties Group Bhd plans to build residential condominiums and commercial complex with a with an estimated gross development value (GDV) of RM368 million on a proposed site in Tanjong Tokong, Penang island

Ivory said on Wednesday, Sept 15 this project followed its proposal to acquire an additional 847,059 shares representing 94.12% of Tanjong Tokong Garden Development Sdn Bhd (TTGD) for RM37.64 million.

Ivory said it currently owns 52,941 shares or about 5.88% in TTGD. The 94.12% stake would be acquired from the shareholders of TTGD.

TTG, it said, was the registered and beneficial owner of all several pieces of land in Bandar Tanjong Tokong. The land was about 600 ft from the main road and opposite Island Plaza shopping complex.

“The land offers a high potential development in light of its strategic location with roads and other infrastructure in place,” it said.

Ivory said it intended to develop the land under a proposed project named “City Mall” consisting of approximately 175 units residential condominiums and commercial shopping complex with an estimated GDV of RM368 million and estimated gross development cost of RM173 million.

“The expected profit before tax to be derived from the development is RM154 million,” it said.

Ivory added that it had submitted plans to the relevant authority to develop the land and application for planning permission has been approved by the relevant authority.

The proposed development is expected to start in 2011 and complete in 2014.

SOURCE: The Edge Property

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