IJM Land Bhd, the property development arm of IJM Corp Bhd, will be launching the Waterside Residence condominium project in Penang, with an estimated gross development value (GDV) of RM240 million, this October.

“The Waterside Residence is part of The Light Waterfront phase 2 which has a GDV of RM6.5 billion,” IJM Land managing director Edward Chong told TheEdgeProperty.com.

The 4.27-acre freehold condominium comprises 256 units of 2- and 3-bedroom units with built-up sizes of between 1,055 sq ft and 1,270 sq ft. The estimated selling price averages RM700 psf.

“Waterside Residence is situated next to a planned shopping mall and convention centre. We are targeting buyers who are looking for modern lifestyle homes,” Chong said.

Phase 2 of The Light Waterfront includes a proposed mall with a gross retail space of 1.5 million sq ft, thematic shops, a convention centre, two hotels offering a total of 750 rooms and an office tower.

“Registration of interest for the Waterside Residence is open currently. We are confident that it will be taken up quickly as it is very affordable.

* Find out more about Waterside Residence *

“In Penang, properties that are priced below RM1 million will be snapped up in no time. Not only that, many people are upgrading their homes from inland to the seaside, thus the Waterside Residence will be very attractive to them,” he said.

On the current economic slowdown, Chong argued that there is still room for property developers to thrive. However, he noted that the property segment is “definitely off its peak”.

“The fundamental of economics is that there will be ups and downs. And the property sector is a consumer sentiment-driven business, meaning it’s not so much about the demand.

“People will always buy property. The property segment has had a good run since 2009 up to about a year ago when we started to see the sector slow down a little but like I said, what goes up must come down,” he said.

“Yes, the current market is more challenging but the market is not dead. Because if you say it’s dead, you won’t see people at property fairs. To capture the market, a developer has to take in these three factors: pricing, product and location,” he added.

Chong believes that developers can thrive even in a slowdown. “It’s just that during downtime, you have to manoeuvre around the storm, after that you’ll be alright. There will always be another upcycle and you’ll have to be there when it arrives,” said Chong.

Source: TheEdgeProperty.com.my

Sunway Valley City, a proposed RM2.3bil integrated development by Sunway Property in Paya Terubong, Penang. It is strategically located on a 24 acres land along Jalan Paya Terubong, linked to Georgetown via Jalan Air Itam to the East, and linking to the FTZ area of Bayan Lepas and the Penang Bridge in the west through Jalan Relau.

The development will see a demolition of the existing Lee Rubbber factory, to be replaced by commercial, SOHO and high-rise residential units:

Phase 1: 24-storey commercial tower

• Shop offices(Level 1-7, 237 units)
• Office suites (Level 5-24, 205 units)

Phase 2: 2 block of 41-storey service residence

• Block A (368 units)
• Block B (368 units)

Phase 3: 29-storey commercial tower

• A mix of commercial floors, a private college, hotel and office suites.

Phase 4: 12-storey hospital

NOTE: This project plan is still pending for approval. More details to be available upon official launch.

Project Name : Sunway Valley City
Location : Paya Terubong, Penang
Property Type : Integrated development
Total Units: (to be confirmed)
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer : Sunway Property

Location Map:

Sunway Bhd will launch RM5bil worth of properties in Penang over the next eight years.

Sunway Property Development Division (Malaysia and Singapore) managing director Sarena Cheah said about 40% of them were long-term investment projects, which include hospitals, colleges and hotels.

“We are submitting plans to the local authorities for a RM2.3bil integrated project planned for a 23-acre site in Paya Terubong on the island in the third quarter of 2016.

“Construction work is scheduled to start in the third quarter of 2017,” Cheah said after the ground-breaking ceremony of Sunway’s new headquarters for the northern region at Anson Road here. Also present was state executive councillor Chow Kon Yeow.

In Seberang Jaya, Sunway would add another 500,000 sq ft to the Sunway Carnival Mall.

“We are also planning a 150-bedroom hospital. Both the expansion of the mall and the development of the hospital will take place in 2017. There is a plan to expand the present 200-room Sunway Hotel in Seberang Jaya,” she added.

Cheah said although the property market is soft, it is necessary to plan properly now.

“We will concentrate our plans on the Klang Valley, Johor Baru and Penang. In Penang, Sunway Property has about 196 acres of undeveloped land bank,” she added.

Meanwhile, Cheah said Sunway Property is committed to adopt a sustainable design for its new two-storey regional office at Anson Road on a 20,000-sq-ft site.

“Sunway aims to obtain the Green Building Index certification for its office building, which will open in April 2017. We are pleased to finally reveal our plans for Sunway Property @ Anson to all Penangites.

“The office and sales gallery will provide a state-of-the-art facility that offers convenience and quality experience for our customers and visitors to better understand our integrated products across various regions in Malaysia,” she said.

Source: TheStar.com.my

The state government will look into the issues and concerns facing the property industry during the Penang International Property (PIP) Mid-Term Review 2016.

State Housing Committee chairman Jagdeep Singh Deo said he would engage the practitioners, stakeholders and decision makers of property and related sectors before mapping the appropriate strategies for the industry’s growth.

“The conference will allow key personnel in public and private sectors to exchange news and views.

“I will begin the conference with a review of salient issues discussed during the PIP Summit Conference held in January this year.

“I will also update the attendees on developments since January including deliberations and changes to policies and guidelines pertaining to the industry,” Jagdeep said at a press conference in Komtar yesterday.

The PIP is scheduled to be held on Friday at St Jo’s Chapel of Gurney Paragon Mall on an invitation basis.

Highlight of the conference will be the evaluation by Jagdeep and state exco member Chow Kon Yeow on the proposed rent control of pre-war heritage buildings in the George Town precinct.

Jagdeep said the views and reactions from the participants on the rent control proposal were keenly anticipated.

“Chow will also update participants on the Penang Transport Master Plan (PTMP) and focus on public feedback received since the announcement of the PTMP.

“Chief Minister Lim Guan Eng will also give a luncheon address during the event,” said Jagdeep.

Jagdeep said a panel discussion on the ‘Prospects of the Property Sector in 2017’ should see lively exchanges among the panellists.

He said he would chair the panel with International Real Estate Federation (FIABCI) Malaysia vice-president Michael Geh as the moderator.

The other panellists are Real Estate and Housing Developers Association (Rehda) Penang chairman Datuk Toh Chin Leong, FIABCI Malaysia Penang Branch committee member Dr Teoh Poh Huat and Penang Chinese Chamber of Commerce’s Property Development Construction & Management Committee convenor Datuk Finn Choong Khuat Seng.

Proposed residential development by Wern Development Sdn. Bhd. at Balik Pulau, Penang. A small housing scheme located along Jalan Pulau Betong, approximately 400 meters away from SJKC Pulau Betong.

This development comprises 1 unit of bungalow and 16 units of 2-storey semi-detached houses with 4 different layout designs.

This project is still pending for approval. Details to be available upon official launch.

Property Project : (to be confirmed)
Location : Balik Pulau, Penang
Property Type : Semi-detached & bungalows
Total Units: 16 (semi-detached), 1 (bungalow)
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer : Wern Development Sdn. Bhd.

Location Map: