Ewein Bhd is partnering Consortium Zenith Construction Sdn Bhd (CZC) to jointly develop land in Penang as a RM159.75 million development.

In a bourse filing today, Ewein said its unit Ewein Zenith II Sdn Bhd, a wholly-owned unit of Ewein Zenith Sdn Bhd, which in turn is an 89%-owned subsidiary of Ewein Land Sdn Bhd, has entered into a joint venture (JV) with CZC on Nov 30, 2019 to undertake a proposed development.

Ewein said the proposed development is to develop a freehold land situated in Section 1, Bandar Tanjong Pinang, Daerah Timur Laut, Negeri Pulau Pinang measuring approximately 4.34 acres marked as Plot 1 in the JV agreement (the said land) for RM159.75 million.

“Taking into consideration the experience and expertise of CZC and its group of companies (CZC Group) in the construction industry, the proposed JV allows Ewein to leverage on the CZC’s experience and expertise in property construction which will facilitate a successful execution of the development to be undertaken by EZII,” it said.

Furthermore, Ewein said this proposed JV will be the second development project both Ewein and CZC will jointly develop. Currently, both parties are involved in the development of a luxury sea-front property development project, known as City of Dreams in Bandar Tanjong Pinang, which is in completion stage.

As such, Ewein said it has a proven track record in a JV for a property development project with CZC, and the board of directors of Ewein is confident of replicating the same success in working together with CZC as both parties continue to have a strong relationship.

“With the strategic location of the said land, the board envisages the development potential of the said land to be favourable and in line with the group’s long-term strategic plan to enhance the group’s property development business.

“Thus, it is expected to contribute positively to the financial position of Ewein and in turn deliver greater value to the shareholders of Ewein,” it added.

After taking into consideration all aspects of the proposed JV, the audit committee said the agreement is in the best interest of the Ewein. The audit committee also added that the JV is fair, reasonable and on normal commercial terms, and is not detrimental to the interest of the minority shareholders.

Ewein said the proposed JV is expected to be completed within 24 months from the date of agreement.

“The proposed joint venture will be funded via internally generated funds and/or bank borrowings by Ewein, the breakdown of which has yet to be finalised at this juncture,” it said.

Approximate location of project site

Source: EdgeProp.my

Artist impression

The first Ascott-branded serviced residence – Ascott Gurney Penang is set open in 4Q 2021. Singapore-listed CapitaLand Ltd’s wholly-owned lodging business unit, The Ascott Limited (Ascott), has secured the contract from Bursa-listed Plenitude Bhd to manage Ascott Gurney Penang.

Located along the Gurney Drive promenade in George Town, The Gurney Resort Hotel & Residence will be redesigned and rebranded as Ascott Gurney Penang. It has 37 storeys comprising 250 luxury studio apartments and two-bedroom apartments that will be exquisitely designed by award-winning interior designer Kian Liew. Average unit size is 57 sq m. All units will come with fully furnished kitchenettes, built-in washers and dryers.

Source: EdgeProp.my

GEM Residences – a new freehold condominium located at Jalan Baru, Prai, Penang is primed to bring a new standard of living to Prai, Penang by offering a range of well-designed modern living spaces for a wholesome lifestyle experience.

Named after beautiful gemstones – Coral, Ruby, Sapphire and Diamond – the four towers are low density with eight and nine units per level serviced by four dedicated lifts per tower. Available are eight layout designs ranging from 441sq. ft. to 1,445 sq. ft. 1 to 4 bedrooms with 1 to 3 car parks featuring full condominium facilities and amenities located at the Sky Park on 38th floor and the Sports & Recreational Club on 8th floor; be the envy of all with the upscale architectural concept that delivers an aura of prestige and prominence. Every elegant residence artfully curated to pamper the senses.

Strategically located along the six-lane Jalan Baru connecting the North-South Expressway and Butterworth Outer Ring Road (BORR), The development is thoughtfully positioned to capture the magnificent seaview facing the spectacular Penang Bridge, Penang Island and the cityscape of Butterworth and Bukit Mertajam that is also remarkably accessible with a short 7-minute drive to the Penang Bridge and 30-minute drive to the Penang International Airport

To cater to every facet of living GEM Residences is equipped with a 3-tier security system that offers a wide variety of facilities and amenities at the Sky Park on 38th floor with viewing pavilion, sky lounge, Jacuzzi & jogging track and an Olympic-sized ocean pool, signature gym, KTV room and jumbo chessboard at the Sports & Recreational Club on 8th floor.

GEM Sales Gallery
Lot 10292, Jalan Baru,
Seberang Jaya,
13700 Perai, Pulau Pinang, Malaysia.

Monday to Friday
9am to 6pm

Saturday, Sunday and Public Holidays
10am to 6pm

For sales enquiry, please contact +604 379 9999 or email us at sales@belleview.com.my

Details about GEM Residences

Location: Prai, Penang
Property Type: Soho
Total Units: 978 (4 tower)
Built-up Area: 441sqft to 1,445sqft
Land Tenure: Freehold
Indicative Price: RM351,800 onwards
Developer: Belleview Group & LTC Group

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About QuayWest Residence

Luxury residential development located next to Penang World City in Bayan Mutiara, Penang. This development comprises 1,235 condominium units in two 24-storey towers. Tower A offers 669 units with built-ups from 1,246 to 3,222 sq ft. Tower B comprises 566 units of various types, 253 units of which are categorized under affordable housing.

Find out more about QuayWest Residence

The Federal Court here yesterday ruled that the housing controller has no power to grant an extension of time (EOT) to developers to complete their property development projects.

Chief Justice (CJ) Tan Sri Tengku Maimun Tuan Mat, leading a five-member panel, held that Regulation 11 (3) of the Housing Development (Control and Licensing) Regulations 1989 conferring power on the controller to waive and modify the terms and conditions of the contract of sale between purchasers and the developer is ultra vires the Housing Development (Control and Licensing) Act 1966.

“By modifying the prescribed terms and conditions and granting the developer the EOT, the controller has denied purchasers’ right to claim for liquidated damages (LAD),” she said.

Justice Tengku Maimun said the modification and granting of EOT to the developer does not appear to protect or safeguard purchasers but rather the developer and that militated Parliament’s intention.

She also said there is no provision enabling the controller to exercise the urban wellbeing, housing and local government minister’s powers.

The CJ said whether or not the developer is granted an EOT does not necessarily determine the project’s fate, adding that the EOT only determines payment of LAD.

Justice Tengku Maimun said the argument by counsel for the developer that the minister had delegated his power to the controller to decide on an EOT cannot be sustained.

She also said there was no decision by the minister to grant an EOT to the developer because the letter was signed by one K Jayaseelan on behalf of the controller to convey a decision by the ministry.

She said there was absence of the minister’s affidavit to explain the discrepancy and to state the minister had indeed decided to allow the developer’s appeal.

The other judges were Chief Judge of Malaya Tan Sri Azahar Mohamed, and Federal Court Judges Tan Sri Idrus Harun and Datuk Nallini Pathmanathan. Another judge, Datuk Alizatul Khair Osman Khairuddin, who heard the appeal in May, has retired this year.

The apex court yesterday allowed the four appeals filed by 104 purchasers of condominium units in Sri Istana Condominium in Old Klang Road and dismissed two appeals brought by the project’s developer BHL Construction Sdn Bhd.

In February 2017, the High Court, in allowing a judicial review application by the purchasers, set aside the minister’s order to give a 12-month extension to BHL Construction to complete the project.

In their application for judicial review, they sought an order to quash the decision allowing BHL Construction an EOT for delivery of vacant possession from 36 months to 48 months.

The developer failed to complete and hand over the units to the purchasers and wrote to the Controller of Housing under the ministry for an EOT. The controller rejected the developer’s application.

The developer then appealed to the urban wellbeing, housing and local government minister who, on Nov 17, 2015 allowed an extension of 12 months. As a result, the purchasers were unable to claim for LAD as provided for in the sale and purchase agreement.

The Court of Appeal last year reversed the High Court ruling, stating the controller has wide powers under the Act.

Source: Bernama