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E&O lines up projects worth up to RM20bil

Property News/ 24 August 2023 1 comment

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Eastern & Oriental Bhd (E&O) plans to launch developments with a combined gross development value (GDV) of between RM17bil and RM20bil within its township project in Andaman Island, Penang over the next 15 years.

E&O managing director Kok Tuck Cheong said the Andaman Island would be the primary focal point for the property developer in the coming decades.

To date, E&O has launched about RM1.1bil worth of projects there comprising two condominium developments.

“We are looking to launch landed properties development as well as higher end condominium projects within the Andaman Island by end of this financial year,” he said during a media and analysts briefing on the group’s first quarter ended June 30, 2023 (1Q24) results.

For 1Q24, E&O recording a net profit of RM32.95mil or earnings per share of 2.16 sen versus a net loss of RM1.65mil or loss per share of 0.11 sen in suffered in corresponding quarter in 2022.

Revenue for the quarter rose by 12% year-on-year to RM85.41mil due to improved contribution from the properties segment as a result of the land reclamation and newly launched development, Arica, within the Andaman Island.

Kok said the Arica development achieved about 70% sales to-date and is anticipated to be fully sold out by the end of the year on improving sentiments.

Kok said earnings visibility will be driven by E&O’s township development which will have a cumulative GDV of up to RM20bil over the next 15 to 20 years.

Alongside luxury homes, the group is also in the process of incorporating 1,000 units of affordable housing within its township development.

He added the construction of a bridge linking Gurney and Andaman Island is scheduled for completion by the end of 2024 which will improve accessibility to its development and thus make it more attractive for consumers.

“A crowd attracts a crowd. Once the Gurney bridge is completed, it will definitely attract even more,” Kok said.

Kok said the property market environment appears to have become significantly more stable and the group’s financial situation is showing signs of improvement.

Source: TheStar.com.my

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UPCOMING: Sungai Jawi / Mastiara Construction Sdn. Bhd.

Sungai Jawi/ 23 August 2023 No comments

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A proposed development by Mastiara Construction Sdn. Bhd. in Sungai Jawi. Situated adjacent to Taman Sungai Nuri Indah and within close proximity to the Penang-Kedah border. Merely a brief 10-minute drive from the heart of Sungai Bakap town center and about 5km from North-South Expressway Jawi Toll plaza.

This development comprises 37 units of single-storey semi-detached houses and 49 units of single-storey cluster houses. These might likely be among the most affordably priced landed housing options available in Penang.

The project is still pending approval. More details about the development to be available upon its official launch.

Project Name: (to be confirmed)
Location : Sungai Jawi
Property Type : Residential
Built-up Size: (to be confirmed)
Land Area: (to be confirmed)
Total Units: 37 (semi-detached), 49 (cluster)
Land Tenure: (to be confirmed)
Indicative Price : (to be confirmed)
Developer: Mastiara Construction Sdn. Bhd.

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DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider, or party in question.

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SITE PROGRESS: Terraces Condominium (Aug 2023)

Property News/ 21 August 2023 No comments

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About Terraces Condominium

A highrise residential development by IJM Land at Bukit Jambul, Penang. Strategically located on 9.32 acres of land next to INTI International College. It comprises a 34-storey condominium tower, featuring 410 residential units with two different design types to choose from.

(Photo taken in July 2023)

Find out more about Terraces Condominium

Register your interest here and we will keep you updated.

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.
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Types of properties to buy or invest in Penang

Readers Column/ 20 August 2023 No comments

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by Anders Ong

We always think about shops and condominiums whenever we are buying or investing property in Penang. But what are all the types of property which are not always mentioned or not so popular? What is the best type of property for you to buy in the Pearl of The Orient and what is the most unique?

Residential

FLATS / APARTMENTS Flats and apartment in Penang are refers to basic residential units within a multi-story building. Technically flats are mostly comprised of Low Cost and Low Medium Cost low rise and have smaller size of less than 700 square feet and have basic facility like security, parking spaces and community areas.

Meanwhile, apartments tend to be bigger layout which is less than 900 square feet compared to flats with more facilities such as swimming pool, gym playgrounds, security and multipurpose hall which is upgrade of flats and priced below RM400,000.00.
CONDOMINIUM Condominium is another type of high-rise residential units with full range of facilities such as swimming pools, gyms, playgrounds, gardens, function rooms, security services and etc.

Normally, condominium sizes range above 800 square feet with nice building façade and higher material quality provided and priced higher compared to flats and apartment which will be RM400,000.00 and above.
TOWNHOUSE Townhouse is a hybrid of landed house and low-rise condominium stacked as multilevel design normally two or three stories with shared common areas like high rise property.

Some townhouse may provide amenities such as swimming pools, playgrounds, or community halls but not as much facilities as condominium.

Upper floors unit may be accessible by staircase and sometimes lift is provided as well, and units are separated by level.
TERRACE / LINK Terrace or link house are property which linked or connected with a sharing wall in a row, which can be single storey or up to five storey.

In the golden days most, landed terraces are without gated and guarded facilities. But nowadays most landed terrace is gated with 24 hours guard services and come with clubhouse to cater to market demand and modernizations.
SEMI D / SEMI DETACHED Semi Detach is a property that shares a common wall with its neighbor on one side, while the other side is open with extra land area.

Normally the extra land can be use for gardening, storage or extension of the property to enlarge and expand the house built up area.
BUNGALOW / DETACHED Bungalows or detach property is standalone house that do not share any walls with neighboring properties which provides a higher degree of privacy.

Detach house normally have huge land area and bigger built up which is considered as a more exclusive luxury property compared to other categories.

 

Commercial

RETAIL LOT Retail lot are commercial property or spaces within a shopping malls or retail centers that can be leased or sale for business activities.

Retail lot business success depends on location, foot traffic, popularity and the right business mixture of the buildings.
OFFICE Office is a commercial space used for most indoor business operations and administrations. It serves as a place for businesses to do their day-to-day back-end activities.

Office typically consists of working areas, meeting rooms, a reception area, and common spaces like pantry and restrooms.
SERVICE SUITES Service suites or serviced apartments are accommodations that provide hotel-like stays and amenities for short terms durations.

These suites are mostly rented fully furnished and equipped with kitchen facilities, making them a popular choice for families for short stay instead of hotel.
SHOP LOT Shop Lot are commercial property that are primarily designed for carrying out business activities such as restaurant, cafes, retails and offices.  Mostly found in commercial hub areas, shopping districts, and city center as the areas will have more foot traffic to sustains businesses.
SHOP HOUSE Shop house is a traditional style blend of commercial and residential property mostly found in urban or historic city center like Georgetown UNESCO Historic Site.

The ground floor will be used for commercial usage like shops, restaurant, café and other type of businesses. Then the upper floor can be used as living spaces.
HOTEL Hotel is a short-term establishment that provides accommodation, meals, and various guest services to travelers and tourists.

All hotels offer rooms with basic amenities like beds, private bathrooms, air conditioning, and Wi-Fi. Hotel also provide services such as housekeeping, concierge, room service, laundry, and 24-hour front desk assistance.

Additional facilities like swimming pools, fitness centers, spa services, and conference rooms may also be available depending on the Hotel sizes.

 

Industrial

WAREHOUSE / STORAGE Warehouse is a building which is designed to store goods and material for businesses or products before they are distributed, sale or produce.

It can also be used as a place for businesses packing, sorting, and labeling of goods. Normally warehouse is specially designed to withstand heavy load of products storage.
FACTORY / MANUFACTURING Factory is a building designed as a manufacturing facility or industrial plant where goods are produced, processed, or assembled.

Many manufacturing industries may be located in industrial zones and require certain guideline or factory compliances for operations such as electronics, automotive, textiles, food processing, chemicals, pharmaceuticals and recycling’s.

 

Land

AGRICULTURE Agriculture land are land that can be used for farming vegetations, cultivation of large-scale crops, and raising livestock for foods which are usually located in remote areas.

Example of the produce through agriculture land includes commercial plants and fruits cultivations, livestock farming for meats, and aquaculture with fish pond for fish breeding.
BUILDING Building land are land for building development such as residential, commercial, retail, office, and sometimes even recreational or industrial.

Building land can be developed into mixed development land to create a self-sustaining township with commercial, residential, leisure and educations facilities cohesively.
INDUSTRIAL Industrial land is land to build factories and warehouses for industrial activities, such as manufacturing, warehousing, logistics, processing plants, research and development, and other industrial-related functions.

There are two types of industrial land which are heavy industry where pollution is likely to be high, and light industry which may include smaller, cleaner industries.

Industrial land must be strategically located to facilitate efficient transportation, access to infrastructure, and proximity to their industrial chains for business efficiency.

Anders Ong – PEA, Property Investor, Writer & Author of Back to Property Investment to Create Wealth.

 

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Penang LRT to go underground and undersea

Property News/ 19 August 2023 18 comments /中文版

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Penang has agreed to have some of its LRT stations underground instead of elevated, says chief minister Chow Kon Yeow.

Chow said following the latest presentation by the transport ministry and MRT Corp yesterday, the underground sections proposed would be in the city centre in George Town.

One of the underground stations there would serve as a major interchange for a future undersea train line connecting the island and Seberang Perai.

“(The transport ministry and MRT Corp) have proposed to go underground so as to support a cross-channel link. These underground stations on the island would serve as interchanges (to the undersea train link to Seberang Perai),” he told reporters in Bayan Baru today.

Chow said that under the proposal, the undersea train link would be part of a future phase of LRT lines that would extend to the entire length of Seberang Perai – from Kepala Batas to Simpang Ampat.

In May, Putrajaya announced that Penang’s 27-station LRT project would be fully funded by Putrajaya through MRT Corp, including an extension of the line from Komtar to Tanjung Bungah. The Komtar station will be the main station and is set to be located next to Sia Boey, an old market next to Komtar.

The price tag for the LRT project had originally been estimated at RM10 billion when it was to be self-financed by the Penang government through land reclamation.

Work on the project connecting Bayan Lepas near the airport to Tanjung Bungah is set to start later this year, and is to be completed in five years, transport minister Loke Siew Fook had said.

Source: FMT Online

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