Hunza and Ideal to come up with RM13bil schemes

The south-west district of Penang island will attract RM20bil worth of new residential and commercial projects over the next five to 10 years.

About RM13bil worth of projects are new ones planned by Hunza Properties Bhd and Ideal Property Sdn Bhd, which are large-scale schemes expected to generate thousands of fresh job opportunities.

From Ideal Property, the projects are a RM2.4bil mixed development project on Pulau Jerejak, the RM520mil Imperial Grande in Bayan Lepas, a RM300mil condominium development known as The Rain in Sungai Ara, the RM486mil Queens Residence 2 at Persiaran Bayan Bay Indah, and a RM1.4bil landed property scheme in Balik Pulau.

The projects from Ideal Property will be developed over a five-year period till 2022.

Hunza Properties plans to develop the RM8bil Penang International Commercial City (PICC), a mixed development project comprising condominiums and serviced apartments, a shopping mall, retail outlets, hotels, a business process outsourcing (BPO) tower and a medical centre.

The PICC project will be developed over a 10-year period on a 43.35 acres in Bayan Baru.

The other projects are from IJM Land Bhd and Mah Sing Group Bhd.

IJM Land will start construction work for the second phase of the Light Waterfront project in March 2017.

The second phase has a RM4bil gross development value, which includes the RM240mil Waterside Residence condominium, a convention centre, a four and five-star hotel, retail mall and an office tower.

Mah Sing will continue to develop and launch future phases for its RM3bil Southbay City project on 83 acres in Batu Maung.

Mah Sing has recently completed the Trends Mall@Southbay shopping mall at Southbay City.

It is not surprising that the location continues to draw interest from developers for large-scale projects amid uncertain times.

“The lower pricing of vacant land in the south-west district compared to other parts of the island is a key attraction.

“Development land in the prime location of the district is priced at RM250-RM450 per sq ft (psf), compared to RM800-RM1,200 psf in the prime location of the north-east district,” says Raine & Horne senior partner Michael Geh.

The stability of housing prices in the south-west district provides a compelling reason for house buyers to invest in the area.

“When an investor looks for a property to buy, a top consideration is always in the stability and the potential of property prices to appreciate in an area.

“High-rise residential properties with a built-up area of 1,000 sq ft and above are priced from RM450 psf to over RM600 psf, which is more or less the same as in 2013.

“Similarly landed residential properties with a land area of about 1,400 sq ft are priced from RM1.2mil to RM1.4mil and above.

“The interest to launch on the island will ensure that there will be sufficient supply to hold property prices from spiralling upwards,” Geh adds.

Ideal Property executive chairman Datuk Alex Ooi says the Pulau Jerejak mixed development project and Queens Waterfront development at Queensbay are the biggest projects the group plans to launch in 2017.

The Pulau Jerejak mixed development scheme is on 75 acres, while Queens Waterfront sits on 26 acres reclaimed land.

“Local buyers are looking for sizeable residential units within a strategically located well-planned scheme.

“From our feedback, high-rise residential units should have a built-up area of over 1,000 sq ft and a price tag of over RM850 psf.

“The masterplan of our new projects is based on the need to have easy access to amenities, sizeable living space and competitive pricing.

“As landed properties are scarce on the island, we plan to launch single-storey terraces on 100 acres with competitive pricing in Balik Pulau over a five-year period,” Ooi says.

Ideal Property plans to inject some of its affordable and medium range properties which will be launched next year into Ideal United Bintang Bhd (IUBB), subject to approval from relevant authorities.

IUBB, which is part of Ideal Property Group, is involved in developing medium-range properties.

Hunza Properties managing director Datuk Khor Siang Gin says the PICC masterplan caters to the population growth of the southern part of the island, which is expected to experience 60% growth by 2020, according to the Penang Institute.

“The masterplan incorporates thousands of residential units within a commercial development to be developed in three phases, incorporating businesses that complement the needs of various individuals within the area.

“Upon completion, this self-sustainable city will create about 20,000 jobs within the BPO offices, hotels, shopping mall, retail outlets and medical centre,” Khor adds.

IJM Land Bhd (North) senior general manager Toh Chin Leong says the group expects to complete the entire second phase by 2021, four years after construction work starts in 2017.

“By that time we expect the excess supply of housing to ease and purchasing activities to pick up again,” Toh adds.

Mah Sing executive chairman Tan Sri Leong Hoy Kum says the group’s Southbay City still has unbilled sales of RM3bil, which will be able to sustain the group’s growth in Penang for the next few years.

Property review for 2017

The housing industry is facing the possibility of banks imposing higher interest rates, according to Toh, who heads the Real Estate & Housing Developers’ Association (Rehda) Penang.

“Interest rates for housing loan is hovering around 4.6%, which is expected to rise in the near future in response to the rate hike in the US and to the higher yield of Malaysian government bonds.

“Since the subprime crisis in 2008, the property market has been propped up by a low interest rate regime.

“Although the banks have tightened the loan conditions, the fact that interest rates are still low makes it possible for borrowers to service the loans.

“Any upwards adjustment in interest rates will have a crippling effect on the whole property market, impacting also foreign interest in local properties,” Toh says.

Since the recent budget didn’t provide any significant stimulus for the housing industry, Rehda expects transactions for 2017 to remain low.

“Prices of landed properties are expected to hold on.

“Properties within an integrated scheme will continue to capture the attention of investors.

“We are seeing new high rise properties with slightly over 1,000 sq ft of built-up area being launched nowadays,” Toh says.

According to Toh, Rehda expects the interest to rent to increase as property prices are high and remain beyond the reach of wage earners due to tight loan conditions.

“To make housing prices affordable, Rehda had proposed to the state government last year to increase the density to 128 units from 87 presently.

“The current density of 87 units per acre entitles developers to build larger apartments with average built-up areas of 1,400 sq ft.

“The proposal of 128 units per acre will allow developers to construct smaller units with built-up areas of 950 sq ft, thus making them more affordable.

“The total built-up per acre will remain at 2.8 times the land area of development.

“The total number of units is still lower than that for the affordable housing schemes, which is 143 units per acre, priced at RM300,000,” Toh adds.

Source: TheStar.com.my

Work on the alternative road linking Lebuhraya Thean Teik in Bandar Baru Air Itam to Lebuh Bukit Jambul in Penang is progressing on schedule.

The 6km-long paired road via Jalan Bukit Kukus is 27.5% complete, said state Local Government, Traffic Management and Flood Mitigation Committee chairman Chow Kon Yeow.

“The project, which began on Jan 15, 2016, is slated to be completed on Jan 14, 2019.

“It will comprise a dual carriageway with a bicycle lane, walkway and LED street lights along the whole stretch,” he said during a site visit yesterday.

The current access linking the same two points via Jalan Paya Terubong is 5.2km long.

According to Chow, the number of vehicles using Jalan Paya Terubong now is 60,000 per day.

Once the alternative route is completed in 2019, there will be a reduction of 30% of vehicles using the existing road. Chow said this would eventually reduce to 50%.

He also said that on a normal day, travelling time on the new road would be shorter by 15 minutes compared to the old route.

On another matter, Chow said the revival project of the market-cum-hawker complex in Paya Terubong, developed by Patsifit Construction Sdn Bhd, was 25% complete.

“The four-storey complex will have a community hall on the ground floor, a wet market, dry market and a hawker centre.

“The wet market will have 60 stalls while the dry market will consist of 50 stalls and the hawker centre will have 51 stalls,” he said adding that the complex would also have over 80 parking lots.

Chow said the complex, which will be completed at the end of the year, would be disabled friendly.

Source: TheStar.com.my

All art renderings shown are artist’s impressions only.

Westlite Juru, another proposed workers village in mainland Penang, also undertaken by Westlite Dormitory (Juru) Sdn Bhd.

The proposed housing is well located along the major thoroughfare of Jalan Juru in the Central District of Wellesley. It provides easy access to the Penang Bridge as well as established industrial parks such as Prai and Bukit Minyak, which houses numerous MNCs and large corporations.

This development comprises see six blocks of 5-storey buildings, offering 339 units of dormitories for foreign workers. According to the developer’s website, it will be able to accommodate up to 6,100 workers.

Location Map:

All art renderings shown are artist’s impressions only.

Westlite Bukit Minyak, a proposed purpose built workers village in Penang, undertaken by Westlite Dormitory (Bukit Minyak) Sdn Bhd.

It is strategically located near Bukit Minyak on the mainland of Penang, close to the North-South Expressway exit at Plaza Tol Bukit Tambun and Jalan Perindustrian Bukit Minyak, a key highway leading into the Bukit Minyak Industrial Park. The location provides easy access to Science Park, a new hi-tech industrial park as well as the new Batu Kawan Industrial Park.

The idea is to house the foreign workers in a properly planned and designated areas so as to minimize any problems that may arise while working in Penang. It is also expected to address some of the following issues:

• Safety and security of Malaysians as well as the foreign workers themselves
• Shortage in low cost housing and surge in rentals
• Cleanliness and comfort of the environment
• As a means to control proliferation of illegal workers
• To address the issue of depreciation of the value of properties whenever a sizable number of foreign workers chose to stay in a certain area

This development will see the construction of three 11-storey buildings, comprising 369 units of dormitories for foreign workers. According to the developer’s website, it will be able to accommodate up to 5,000 workers.

Location Map:

Building dreams, a ground-breaking transformation next to the millionaire’s enclave of Seri Tanjung Pinang. Commanding some of the most impressive waterfront and promenade views of Gurney Drive. City of Dreams offers the pinnacle of luxurious living with an exclusive location providing the finest living experience with convenient access to nearby world class dining, shopping and attractions.

City of Dreams, the latest edition from Ewein Zenith Sdn Bhd., is a two 38-storey towers of luxury seafront serviced apartment that enables its residents to enjoy supreme living akin to five-star hotels. The 3.67-acre project is part of the 50-acre Wellness City of Dreams development, which covers part of 110-acre freehold reclaimed tract in Seri Tanjung Pinang and Gurney Drive.

Wellness City of Dreams is a mega development, located next to Gurney Wharf, which includes wellness apartments, retirement and healthcare wellness residential suits, serviced apartments with wellness facilities, resort suites and ambulatory services. The massive development will compliment the City of Dreams’ unobstructed seafront experience with eye-catching view of the public recreation park and greeneries.

Wellness City of Dreams Development Master Plan

Five-star family oriented living with breathtaking view

City of Dreams futuristic stylish building with its architectural design elements emphasized, bear a resemblance to glowing precious diamonds embodied in the structure. Diamonds to symbolize the pricelessness of a harmonious home along with the naming of the towers, Elaine for Tower A and Chloe for Tower B signifies the commitment of having a family-oriented atmosphere home.

With an elegant and classy concept, the 572 units offers a breathtaking view where all its unit faces the sea. Buyers are spoilt for choices with five types of design with sizes ranges from 1097 sq.ft. to 2315 sq.ft, type A are corner units, type B & C are intermediate units and type D are duplex. The floorplan encompasses 3 bedrooms, 2 bathrooms, a spacious living hall, dining hall and a sleek open concept kitchen. Envisioned to emphasize on privacy, only 10 units on each level and each unit comes with access to two private elevators.

World-class facilities

Designed to pamper your family with world-class living, City of Dreams is furnished with more than 60 luxurious facilities, providing only comfortable yet superbly relaxing atmosphere. It is typical for facilities area to be located at one floor but for this unique development, the facilities covers more than 120K sq ft area and are located at the ground floor, Level 1, 6, 36 and 37 with different themes offering endless possibilities.

The royal feeling starts the minute you enter the Grand Lobby of this beautiful building.  Bejeweled with landscaped water features, it has undoubtedly one of the best design with spacious function area for large reception and banquets. Equipped with finest designer furniture and art sculptures, the Grand Lobby is absolutely an impressive entrance.

To live a healthy lifestyle, eating habits and regular exercise are the key factors. The 6^th floor named Indulgence Floor comes with convenient facilities such as fitness centre, aqua gym, Jacuzzi, Olympic-sized swimming pool and wading pool will absolutely be able to provide a soothing lifestyle. For those who wanted to have a big event, a grand ballroom with pre-function gallery is readily availability to cater up to 240 people.

At the 36^th floor called Blissful Floor offers Private Lift Lobby Lounge, Infinity Sky Pools, Day Bed, Sky Garden, Sky Lounges and Sky Terrace. The 37^th floor known as Delighted Floor has Sky Wine Lounge, Sky Library, Sky Deck, Sky Dining Room, Sky Cigar Bar and Sky Gallery.

Being a green development, the importance of eco-friendly features is one of the key focus in City of Dreams. It offers a rainwater system, food waste management system, trash valet with reduce, reuse, recycle features and key design is the installation of a solar power system.

Chauffeured Rolls-Royce and yacht charter service

Apart from the top-notch facilities, the state of art eight-tier security system, chauffeured Rolls-Royce and yacht charter service will make City of Dream one the safest and most exclusive lifestyle living in Penang.

Chauffeured Rolls-Royce service will be readily available to provide personalized service and comfort with total reliability for the residents. This is perfect for airport pickups, weddings, business meetings and more.

Yachting lovers will find City of Dreams to their liking as the yacht charter service offers elegant experience on water with premium facilities onboard. Best of all, the residents will get to enjoy the many wonderful pleasures of yachting without the associated high ownership costs and responsibilities.

City of Dreams, which was awarded the Best Luxury Lifestyle Development in Malaysia, is attractively priced from RM1,350 psf onwards, with an affordable maintenance fee of 30 cents psf. The project is currently 65% sold.

That’s not all! Purchasers will also stand a chance to drive home a Ferrari Sports car in the City of Dreams lucky draw.

For more details, please contact Zeon Properties at +6012 443 8888.