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Gurney Bay: Major boost for Penang

Property News/ 26 August 2023 No comments

Malaysia’s largest seafront city park will open here by the end of the year, seeking to captivate visitors from around the world with its waterfront views and dining options.

The RM200mil 20.2ha Gurney Bay will feature, among others, a water body reclamation area, children’s playground, skate park, viewing decks, promenade, hawker stalls, and retail shops under its first phase.

“It will be an international treasure, not just a state or national one. This project will eventually draw millions of visitors across the globe, I guarantee you,” Deputy Chief Minister II Jagdeep Singh Deo told The Star.

Malaysia has a popular recreational park – Danga Bay – which is the largest recreational park in Johor. However, it is about 7km outside of Johor Baru.

In contrast, Gurney Bay is sited within the city’s prime residential and commercial neighbourhood facing the sea.

“There’s nowhere else in Malaysia that you can see such a mammoth urban public park by the sea.

“Gurney Bay will be a premier tourist attraction offering a picturesque seafront experience with an array of dining facilities that includes George Town’s famous hawker fare,” Jagdeep said.

Once completed, he said it would revitalise the tourism industry.

He said the project will complement the Penang 2030 vision of being a family-focused, green and smart state, and the first phase of Gurney Bay would open before the end of the year.

The second phase, which is due for completion in 2025, will feature a hawker centre, retail mall, convenience stores, viewing decks, a water garden, water taxi jetty, man-made beach and boardwalk, among others.

Jagdeep said the food court at Gurney Drive will be shifted to Gurney Bay later.

“The food court, the second phase of Gurney Bay’s development to be completed in mid-2024, will be 1.5 times bigger than the present one,” he said.

On whether there will be a light rail transit (LRT) at Gurney Bay, Jagdeep said: “Given the crowd, we need to ensure there are no traffic issues at Gurney Bay.

“It will be a good idea to have an LRT stop within the vicinity of Gurney Bay. Since it’s an iconic site, we must address the traffic situation, although we will have ample car parks at Gurney Bay.”

When it was first mooted in 2016, the project was called the green space Gurney Wharf before it was renamed Gurney Bay to better reflect the location and concept of the project.

Penang Chief Minister Chow Kon Yeow said the name change was apt as there was no wharf or pier at the project site.

Source: TheStar.com.my

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Rossa @ Taman Ilmu

Nibong Tebal/ 25 August 2023 No comments

Rossa-2-scaled

Rossa @ Taman Ilmu, is the latest addition to the series of landed residential developments by JKP Sdn. Bhd. in Nibong Tebal. Located within the vicinity of Taman Ilmu, in close proximity to the Engineering Campus of University Science Malaysia. It  roughly a 10-minute drive from the North South Expressway – Jawi Interchange, also just a few kilometers away from the border between Penang and Perak.

Consisting of 77 units of 2-storey terrace houses, Rossa offers a generous built-up area that includes four bedrooms and three bathrooms. Indicated selling price starts from RM582k onwards.

Project Name : Rossa @ Taman Ilmu
Location : Nibong Tebal, Penang
Property Type : 2-Storey Semi-Detached
Land Area: (to be confirmed)
Built-up Area: (to be confirmed)
Total Units: 40
Tenure : Freehold
Indicative Price: RM582,000 onwards
Developer : JKP Sdn. Bhd.

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E&O lines up projects worth up to RM20bil

Property News/ 24 August 2023 1 comment

eno-andaman-island

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

proposed-development-mastiara-construction

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.

SITE PROGRESS: Terraces Condominium (Aug 2023)

Property News/ 21 August 2023 No comments

terraces-condominium-site-progress-aug-2023-2

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.