The year 2020 is a great opportunity to invest in the housing market! Planning to do so?

Well, mark your calendar down because MEGA PROPERTY EXPO will be showcasing various types of property developments including state government affordable housing projects together with the outstanding property developers in Penang!

Visit Mega Property Expo at Spice Arena from 6th to 8th March 2020 and awesome deals to make your dream home real. There are also a lot of awesome prizes and freebies up for grab!

Take note Home Buyers! 100% guaranteed lucky draw to win stunning prizes!

What are you waiting for? Bring along your loved ones and start your new chapter here!

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Ideal United Bintang International Berhad and its subsidiaries announced a consistent revenue above RM500 million in its financial year period ending 31 December 2019, with a Total Comprehensive Profit of RM87.9 million for the period. Profit attributable to owners of the company stood at RM58.15 million in 2019, representing an increase of 10.70%.  The increase was mainly due to the completion of three (3) development projects during the year namely One Foresta, I-Santorini and Forestville. As at 31 December 2019, the gross property sold value for these 3 projects stood at RM1.84 billion, representing an average 96% take-up rate.

“Given the challenging environment and the local economic headwinds, we are proud to achieve such performance. The Group would not be able to do so without the strong support from our customers as well as the certain policies introduced by the government, particularly the 2019 Home Ownership Campaign”, said Tan Sri Datuk Alex Ooi, Executive Chairman of IUBIB.

Going forward, the Group remains cautiously optimistic for financial year 2020 with its property projects pipeline, namely, Imperial Grande and Amarene, both strategically located residential development at the growth corridor of Penang’s south west section. Imperial Grande, a condominium project targeted for completion at end of the year 2020, carries a gross development value of RM505.8 million with unbilled sales of RM154 million as of 31^st December 2019.  Amarene, meanwhile, carries a gross development value of RM288.0 million with unbilled sales of RM49.5million as of 31^st December 2019. Both these projects shall contribute positively to the Group’s financials in the coming year.

Also, the Group’s proposed investment into 1st Avenue Mall during the 2019 period also comes in timely and strategically for the Group in diversifying its income stream, with the mall’s high occupancy rate of approximately 90%. This should provide the Group with a consistent rental income stream for the financial year 2020.

“We expect a busy year in 2020, barring any major unforeseen circumstances. We will be launching our 1^st PRIMA project – Ideal Residency – in quarter 3 this year”, said Tan Sri Datuk Alex. Located in the established neighbourhood of Island Glades Penang, Ideal Residency will comprise approximately 1,200 apartment units spread across 3 tower blocks with a gross development value of approximately RM828.6 million.

Tan Sri Datuk Alex also revealed that IUBIB will continue to source growth opportunities with emphasis on the development of value-added affordable housing schemes. With the line-up of existing and upcoming projects as well as the Group’s diversification into other stable revenue sources, the Group remains confident in recording another good performance in the financial year ended 2020.

Malaysia’s best-selling property magazine, Property Insight has revealed its inaugural ‘Malaysia’s Top 100 Property Developer Brand’ ranking in collaboration with Acorn Marketing & Research Consultants (M) Sdn Bhd (Acorn Marketing).

Acorn Marketing is the leading market research company and the largest independent Asian Marketing research and consultancy group across the region with full-service offices in 11 Asian countries.

With over 30 years of market research experience in Asia, Acorn Marketing is undoubtedly the pioneer in providing high quality work supported by innovative technology from data collection to delivery of insights and presentation.

The synergy between Property Insight which is a bimonthly publication under Armani Media Sdn Bhd and Acorn Marketing is fruitful with the launch of the first-of-its-kind ranking that lists the top 100 local property developers.

This was based on the feedbacks received from a survey that was given to over 700 respondents who had no affiliation to any property developer brand involved in the ranking.

Managing Director of Property Insight, Dato’ KK Chua says, the ranking can be used as a benchmark for property purchasers to have confidence and peace of mind before they decide to purchase any property.

“In this competitive and challenging time, any developer that do not have a strong brand will struggle to keep things going.

“Hence, we believe in the importance of telling the brand story as it is the best way for the client to recall the brand and resonate it,” he says.

He adds on that the ranking can justify the brand value of the local property developers.

“Other than that, it will also help the purchasers to identify which companies have invested more on value creation and is willing to give extra value to them.

This ranking also helps to elevate the local property developer’s branding as they will be able to gain confidence and trust from the purchasers.

Through it, this initiative was made with the sole purpose of helping potential property buyers to make a sound investment decision,” he says.

Meanwhile, General Manager of Acorn Marketing, Michael Chong says this is the very first such move has even been undertaken in Malaysia.

“We believe that it will be a game changer in the Malaysian property industry. It will also set an example to the developers to excel further in their work.

“It is with great hope that this ranking will be able to lend a helping hand to future property buyers to make a better decision without worries,” says Michael.

The Malaysia’s TOP 100 Property Developer Brand encompasses four main pillars:

A newly proposed small scale light industrial development by Urban Shine Development Sdn. Bhd. at Perai. It is located near Prai Industrial Estate, neighboring with many SME factories and manufacturing plants. Just a mere minutes drive from Penang bridge.

This development will offer 10 units of 2-storey semi-detached light industrial factories and 2 detached factories.

The project is still pending for approval. More details will be available upon official launch.

Property Name: (to be confirmed)
Location : Prai, Penang
Property Type : Light industrial factory
Total Units : 12
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer : Urban Shine Development Sdn. Bhd.

Location Map:

IJM Land Bhd’s construction subsidiary, Jurutama Sdn Bhd, is set to develop the stalled RM4.5bil The Light City project, which is located next to the Penang Bridge.

According to IJM Perennial Development Sdn Bhd general manager Tan Hun Beng, the details of the contract for the project were now being finalised and the contract should be awarded in early April.

IJM Perennial is a joint-venture company between IJM Corp Bhd and Singapore-based Perennial Real Estate Holdings Ltd to oversee the project.

“The loan facility for over RM1bil was signed between OCBC Bank Bhd, RHB Bank Bhd, CIMB Bank Bhd and MALAYAN BANKING BHD last December, ” he told StarBiz recently.

Initially, IJM Land had planned to start work on The Light City in 2018, but given the property market slowdown, the plan had to be put on hold temporarily.

“We revised the plan so that the project could be launched in two phases, according to the pace of market demand.

“The new plan can now accommodate more food and beverage outlets and possibly, an experiential themed park in phase two, ” Tan said.

In the revised plan, the first phase will have a mall with a 680,000-sq-ft net lettable area, the Penang Waterfront Convention Centre, a four-star hotel with 500 rooms, offices and the Mezzo residential condominiums.

The second phase will have a 300,000-sq-ft mall, a five-star hotel with 250 rooms, offices and the Essence residential condominiums.

“The work on the first phase should create some 1,000 jobs for the local construction industry.

“The first phase is scheduled for completion in 2024, ” Tan said.

Tan said the commencement of the second phase would depend on the sales of the Mezzo condominiums and the occupancy of the mall.

“If the response to the condominium and the mall is good, we will start the second phase as soon as possible, ” said Tan.

“The retail mall and the hotel business would be well supported by the convention centre, which is expected to bring in the crowds.

“The demand for convention centre space is driven by the meeting, incentive, convention and exhibition market, which is booming in Penang.

“Our location is well-centralised around the airport, free industrial zone, George Town city and the mainland. This is also an added advantage, ” he added.

Earlier, Penang Master Builders and Building Materials Dealers Association adviser Datuk Lim Kai Seng said the The Light City project would generate about RM2bil worth of jobs for the local construction industry.

“About 40% of the RM4.5bil gross development value would need to be spent on construction works and another 10% for renovation works.

“The first phase alone should generate over RM1.3bil worth of construction jobs, ” Lim said.

IJM is one of Malaysia’s leading conglomerates with businesses in construction, property, plantations, industry and infrastructure. It has operations in 10 countries, with the primary focus on Malaysia, India, the United Arab Emirates, China and Indonesia.

Perennial is an integrated real estate and healthcare company headquartered and listed in Singapore.

As a real estate owner, developer and manager, Perennial focuses strategically on large-scale, mixed-use developments. It has operations in China, Singapore, Malaysia, Indonesia, Myanmar and Ghana with a combined portfolio spanning over 65 million sq ft.

Source: TheStar.com.my