Ideal Property Group shows its persistence in delivering quality housing projects with two project completion within the first half of year 2019. A number of 835 first time home buyers are now celebrating in great joy for Ideal Property Group has completed their dream homes at the first phase of I-Santorini, located in Penang Tanjong Pinang.

On the other hand, Ideal Property Group looks forward to achieve the completion for phase 2 of I- Santorini before December this year, where the construction progress for the second phase is currently at around 95%.

I-Santorini, an award-winning community-oriented project, features Greek island’s architectural and landscaping elements, offers an impressive lifestyle at an affordable price with a complete range of condominium facilities and quality finishes for first time home buyers in Penang.

The 9.98 acre development consists of 2,155 units housed in 3 blocks of high-rise condominiums with 68 units of shop-lots on the ground and first floor. All units have a standard built-up area of 850ft in practical design to configure a 3 bedrooms and 2 bathrooms layout, yet affordably priced at only RM300,000 and above.

I-Santorini offers great convenience with its location sited within a well sought after neighbourhood. It is complemented by 14 schools of local primary, secondary, international school and colleges. Other major amenities include Tanjung Medical Center, Mount Miriam Hospital, clinics, financial institutions, eateries, which all available within a stone throw’s distance. Straits Quay Marina Mall, Gurney Plaza and Tesco Seri Tanjung Pinang for shopping pleasure while recreation park such as Penang Youth Park and Penang Botanical Garden are just within a 15-minutes’ drive away.

Awarded the ‘Best Mass Market Development (Condo)’ category at Property Guru Asia Property Awards (Malaysia) 2019 , I-Santorini was recognised for its modern designed units, strategy location, leisure needs as well as the affordable price. This accomplishment for I-Santorini is an addition recognition to that of two other awards obtained namely Asia Pacific Property Award 2016-2017 and StarProperty.my Awards 2017, where the project was granted with “5-Star High Rise Residential Development” and the “Best Starter Home in Malaysia” respectively.

“Hence, I-Santorini draws a high interest to be compared with high end luxury condominiums, not just in coveted Tanjung Pinang, but all across Penang island.” said Dato’ Ng Tyan Ping, Chief Operating Officer of Ideal Property Group.

“I-Santorini exude a calm and peaceful ambiance of the Greek islands, creating a dream holiday lifestyle that popularly demanded by the mass buyers.”

The project offers a luxury lifestyle at an affordable price that combine well-planned living space and a host of lifestyle amenities for the family members at all age. More than 30 recreation facilities are available in 6 zones to foster a quality lifestyle.

Ideal Property Group is currently one of the major player to transform the skyline of Penang Bayan Lepas. On-going developments include The Amarene、Sunsuri Residences、ForestVille、Imperial Grande、Queens Residences 1 and Queens Residences 2.

In particularly Sunsuri Residences, an AirBnB serviced residence that provides lifestyle living spaces at 600 to 800 sqft, is receiving a remarkable response from property investors. Strategically located along Jalan Tun Dr Awang, Sunsuri Residences is less than 2km away from Penang International Airport and is merely 10 minutes or less from Free Trade Zone for a driving distance.

Source: TheStar

The Penang South Reclamation (PSR) scheme near Teluk Kumbar has been given the thumbs-up by the Environment Department (DoE), says Chow Kon Yeow.

The Penang Chief Minister confirmed that the state government had received an approval letter via fax from the DoE on Thursday (July 4) over its application to implement the PSR.

“We will be waiting for an official copy to be sent to us.

“At the moment we are still studying the content. It is quite a big document.

Chow said the approval came with specific conditions that ahd to be complied with.

“There are about 72 conditions.

“When we implement the project, we will comply with those conditions and regulations,” he said.

When asked if the new conditions would increase costs, Chow said they needed time to study the conditions first.

The Star reported on Thursday (July 4) that the state government had secured approval for the Environmental Impact Assessment (EIA) report of the PSR scheme near Teluk Kumbar.

It is learnt that the Energy, Science, Technology, Environment and Climate Change Ministry had green-lighted the project, paving the way for three man-made islands totalling 1,800ha to take shape off the southern coast of the island.

The report incorporates 23 conditions proposed by the relevant government agencies and non-governmental organisations. It is prepared by project delivery partner SRS Consortium.

Source: TheStar.com.my

The Penang government has decided to proceed with the rejuvenation of the ‘5 Point Blocks’ flats in Lorong Mahsuri 10, Bayan Baru.

State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the decision to amend the existing laws or enacting a new law with regard to urban regeneration programme must be made.

“It will be tabled to the National Land Council next month (August). The reason is to get a clear understanding of the law concerning urban regeneration programme.

“In the meantime, we will go ahead with our first urban regeneration project – the ‘5 Point Blocks’ flats in Lorong Mahsuri 10 – using an alternative option based on the existing laws that we have.

“We have discussed our decision (to proceed with the regeneration of the ‘5 Point Blocks’ flats) with the legal advisors to get their views.

“A three-year timeline flow chart has been drawn and hopefully by the end of the third year, the newly-rejuvenated flats will be ready,” Jagdeep told a press conference at his office in Komtar today.

Jagdeep showed the flow chart to the media during the press conference; which include re-surveying the demography of the project, appointing a property consultant to compile the list of unit owners, submitting planning permission and building plans, obtaining Certificate of Completion and Compliance (CCC) and delivering vacant possession with strata title.

The entire process is scheduled to complete three years from now.

“We have discussed with the residents of ‘5 Point Blocks’ flats. We are at the advanced stage of discussion.

“The response is very good with over 90% of them agreeable to the urban regeneration programme,” he said.

He added that the ‘5 Point Blocks’ flats have 300 units, ranging in sizes from 256sq ft to 429sq ft, now.

“The plan is to tear them down in stages and build 1,150 units on the same site – 345 units of low medium-cost units (700sq ft) and 805 affordable housing units (850sq ft).

“Each LMC unit is priced at RM72,500 while the affordable housing unit at RM300,000. Each unit comes with a parking lot.

“Currently, there is no parking lot allocated for each unit,” he said.

Jagdeep said that the unit owners and Penang Development Corporation (PDC) would have to sign the conditional Sale and Purchase Agreement (SPA) and Transfer in escrow; and that each unit owner would get an LMC unit as compensation.

“They will also be given the option and privilege to upgrade to the affordable housing units by topping up the amount,” he said.

Jagdeep said the state had also identified four other old housing schemes to undergo urban regeneration.

They are the Rifle Range Flats, Taman Free School Flats, Mak Mandin Flats and Jalan Siakap Flats.

Source: Buletin Mutiara

The Penang state government has yet to receive any formal approval for the Penang South Reclamation (PSR).

In a statement today, Penang chief minister Chow Kon Yeow refuted a media report titled “Penang gets nod to develop islands” and said that the state government has been working with various parties to obtain the necessary approval, in compliance with the process. Once the approval is obtained, the state government will give the stimulus to get on with the job, he said.

Chow also added that there were factual errors in the report on July 4, which irresponsibly misrepresented to the public.

“Since the information is not from an authorised source, the State Government shall not bear any responsibility for the misinformation contained in the article,” he said.

Chow said the state government will disclose the conditions of approval as soon as it receives the official letter.

“When the EIA [Environmental Impact Assessment] approval is obtained for the PSR, a detailed design will then be worked on, before tenders are called for, in the first half of 2020.

“The information contained in the newspaper report is incorrect, as the details are being worked out and will be shared with the media and stakeholders when they are ready,” he said.

Source: EdgeProp.my

The Boon Siew group is not involved in the purchase of a piece of land that the state of Penang had alienated to a private company with the mandate to undertake RM6.34bil worth of infrastructure projects.

In a statement, the Boon Siew group said one of its shareholders was approached pertaining to the purchase of land measuring 22.92 acres from Consortium Zenith Construction Sdn Bhd (CZC), but no decision has been made by him in respect of his involvement in the transaction, as all matters are at a very preliminary stage.

Three days ago, StarBiz reported that the Boon Siew group had acquired the land at RM845 per square foot for RM843.64mil, a transaction that would clear some amount of uncertainty on the financing of the RM6.34bil infrastructure projects.

The infrastructure projects comprise three toll-free highways on the island and an undersea tunnel between Butterworth and Gurney Drive. Work on the first of the three highways is due to start in September this year.

However, financing has been an issue because the project is to be done on a land-swap basis. The state will alienate a total of 110 acres of reclaimed land in stages to CZC in return for the company carrying out the projects, including the feasibility study and detailed design.

The undersea tunnel project has been awarded to China Railway Construction Co and is slated to start only in 2023.

However, the job for the first of the three highways, which is a 5.7-km stretch worth RM815mil, has been awarded to the joint venture of Vertice Bhd and Vizione Holdings Bhd

The other two highways are to start next year and the year after. According to reports, the RM6.34bil project is due for ground-breaking, with the commencement of the highway project happening by the end of next month.

Source: TheStar.com.my