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

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