Jalan PSPN (Penang Science Park North) 2 is now open for traffic as an alternative route to enable traffic from Batu Kawan and Bukit Tambun to continue to Juru using the passage way to the Bukit Tambun toll plaza.

The newly opened road is 30m wide with a three-lane dual carriageway design stretching 1.6km.

“The project was executed in two phases, with the first phase stretching about 0.8km with a construction cost of RM9.6mil which was completed in 2016.

“The second phase was about 800m costing RM9.5mil,” Chow added.

He said the construction for both phases cost RM20mil, which was fully funded by PDC.

Chow was speaking at the opening of the new road in Juru near Bukit Mertajam recently.

“With Ikea opening in March, we expect traffic volumes here to be quite high and that is why PDC is adding a new road.”

Chow stressed that the Batu Kawan area could expect to see rapid growth and the additional road networks were crucial.

Source: TheStar.com.my

File Picture (for illustration only)

Ewein Bhd is looking to launch the second phase of its maiden project — City of Dreams next year (2020) following the completion of the first phase by the end of this year.

Dubbed City of Dreams 2, Ewein Bhd group founder and managing director Datuk Ewe Swee Kheng told reporters that the second phase will be on a 4.5-acre freehold site fronting G Hotel, Penang. It has an estimated gross development value (GDV) of RM1.2 billion.

“We will launch the second phase, which has a similar concept to the first phase, sometime next year, after the completion of the first phase,” said Ewe in a media briefing during its buyers’ appreciation Penang-Port Klang-Langkawi-Penang cruise trip from organised by Ewein from Jan 3 to Jan 6.

City of Dreams is a 3.67-acre seafront development located in Bandar Tanjong Pinang, overlooking Gurney Drive. Ewe said 15 out of 37 storeys of the serviced apartment project’s first phase have been built so far and it was on track for completion by the end of this year.

“The first phase has hit about 80% take-up rate so far and hopefully it will be fully sold by the end of this year,” Ewe shared, adding that the first phase has a total of 572 units.

He added that he has confidence in the Penang property market despite the overall industry slowdown over the past three years.

Appointed marketing agency Zeon Properties Sdn Bhd CEO Leon Lee attributed the good take-up rate of the luxury project to its unique selling points.

“It is a luxury project that everyone can afford. The bank value of the first phase is RM1,800 psf but we are selling at RM1,350 psf inclusive of all the fittings, such as lighting, air-conditioners, television and 60 other luxury common facilities,” Lee noted.

Some of the facilities in the 2-block first phase include private lift lobbies, yacht services, Rolls Royce limousine service, private cinema, and a ballroom that can accommodate 250 to 300 people.

The built-up size of the first phase units range from 1,097 sq ft to 1,335 sq ft. All are 3-bedroom units.

For the second phase, Ewe revealed that it will be a single block offering smaller sized units with a majority of them being two-bedroom units.

“Just like the first phase, we are targeting local buyers (for the second phase). We hope to achieve at least 70% local buyers for phase two. We will have smaller units because the family size in Malaysia is getting smaller and it will also be more affordable,” Ewe said, adding that about 30% of phase one buyers are foreign buyers from Thailand, Singapore, Indonesia, China and Europe.

City of Dreams is part of a 50-acre mixed development which consists of university, hotel, offices, residential and commercial properties.

The entire development will be developed over 10 years and has an estimated GDV of RM15 billion.

“We are currently in talks with an international hotelier and university to join us in City of Dreams. Hopefully, we will announce some good news this year or next,” said Ewe.

Source: EdgeProp.my

A proposed mixed development by Definite Harmony Development Sdn. Bhd. (a subsidiary of WHH Land) at Sungai Ara, Penang. Strategically located along Jalan Tun Dr. Awang, next to The Clovers condominium by Asia Green Group. It is less than 2km away from Penang International Airport.

This piece of land will be developed in 3 phases:

PHASE 1
The initial phase of the development comprises a 31-storey condominium, offering 174 residential units with 6 levels of car park and facilities located at level 7.

PHASE 2
35-storey condominium (260 units) with 8 units of shop lots located at the ground floor.

PHASE 3
25-storey hotel (326 rooms) with commercial lots.

This project is still pending for approval, more details to be available upon official launch.

Property Project : (to be confirmed)
Location : Sungai Ara
Property Type : Mixed development
Tenure: Freehold
Built-up Size: 1,075 sq.ft. (Phase 2)
Total Units : (to be confirmed)
Indicative Price : RM475,000 onwards (Phase 2)
Developer : Definite Harmony Development Sdn. Bhd. (WHH Land)
Last Updated: June 2020

Location Map:

If you are looking for an early Chinese New Year celebration while searching for your dream home, Asia Green Group will be giving away free iPhone XS MAX for any purchase during their roadshow at Queensbay Mall (16 – 21 January 2019).

Venue: Queensbay Mall (in front of Sephora)
Date: 16 – 21 January 2019
Time: 10:00 am – 10:30 pm

By Timothy Tye

By “now”, I am referring to January 2019. To answer that question, I need you to take a moment to look back at the Penang property landscape for the past 5-6 years. In particular, I want you to pay attention to Penang Island, for that’s the context of this article.

You will notice that many parts of Penang Island have undergone a huge transformation. Where once was rural or even forested, there are now new condominiums in its place. Indeed, many of us are taken aback by the speed of the development. What is even more astonishing is that many of the latest developments are snapped up as soon as they are launched.

Naturally, due to the high number of housing units entering the market, we are momentarily experiencing a “buyer’s market”. If you are sub selling – that is, selling off what you have bought from a developer – you will have a harder time than if you were the buyer.

It is worth noting therefore, that Penang Island at this point in time is not a place for property speculators –local regulations are in place to prevent the price from overheating – and, it’s not a time to sell. It’s a time to buy!

For as long as anybody can remember, Penang Island has always experienced land scarcity. For that reason, its real estate prices have always remained among the highest in the country (aside from choice localities such as the KLCC neighbourhood of downtown Kuala Lumpur).

The situation in Penang Island today is different from the Penang Island of a decade ago because land that can be developed into residential properties on Penang Island is fast depleting. Previously, although the land was scarce, there was still much land on the eastern side of Penang Island to be developed. Nowadays, almost all that land has been used. You should notice the gravity of the situation when you see high rises being developed in hilly places including Mount Erskine, Paya Terubong and Bayan Lepas. This thirst for housing has even clawed its way to Balik Pulau.

I observe that the desire to buy is not matched by the desire to occupy. Unless you are purchasing in a good location, you might have difficulty finding tenants. Therefore, if you purchase your property to let, it is worth your trouble to understand every neighbourhood in Penang, to know what sort of people stay there, where they go to work, what’s the traffic situation, all this will lead to your ease (or difficulty) of securing a tenant.

My general advice is not to touch Penang Island properties as a speculator. Now is not the time for the impatient. It will be so difficult for me, and for any real estate agent you engage, to provide you quality help if you are in a hurry. However, if you approach Penang Island properties as an investor or would-be occupant, then this is the time. Property options (as of Jan 2019) are plentiful, and at prices which are generally lower than it was a year or two ago.

If you enter the Penang Island property market to buy and sell, you are a speculator. In other words, a gambler. Gamblers sometimes lose the game. But if you enter as investor, you will win. To do that, get a real estate agent that provides you with the knowledge for the long-term growth of your assets. Not one that encourages you to gamble.

Property prices on Penang Island will not stay in the doldrums forever. As mentioned, land for residential development is depleting. What we are experiencing now is a “rubber band phenomenon”. It takes a while for the glut to be absorbed, but the underlying demand remains strong, largely because Penang Island is a desirable place for home ownership. That alone benefits those who are willing to wait.

Timothy Tye is a renowned Penang blogger who writes Penang Travel Tips. He serves as the spokesperson for AnakPinang, a Penang-based civil group. He is also a real estate negotiator with IQi Global, and has established property websites Timothy Property and The Property Investor.