Kuala Lumpur and Penang-based property developers are undertaking fresh projects with a gross development value (GDV) of RM4.04bil in Penang this year to ensure variety in the market.

Eco World Development Group Bhd (with a GDV of RM280mil), Mah Sing Group Bhd (GDV of RM651mil), Ideal Property Development Sdn Bhd (GDV of RM2.72bil) and IJM Land Bhd (GDV of RM393.7mil) are some of the well-known property companies with projects planned for this year.

Penang-based Ideal Property executive chairman Datuk Alex Ooi, dubbed “Penang’s Condo King”, says the group is undertaking RM2.72bil worth of condominium projects on the island this year.

The projects are Summerskye Residences with a GDV of RM378mil launched in January, Forest Ville with a GDV of RM495mil launched in May, Bukit Ayun Development with an RM1bil GDV launched in August, Queens Residences with a GDV of RM550mil and Amarene with a GDV of RM300mil launched in August.

These upcoming projects are strategically located in Bayan Lepas in the South-West District, which is close to the Penang International Airport and the first and second bridges.

“We are introducing a new range of properties for the Forest Ville scheme that are priced slightly higher than the affordable properties targeting first-time house buyers.

“Priced tentatively from RM459,000 onwards, the Forest Ville properties are not restricted to first-time buyers.

“They are open to all buyers eligible for bank loans,” Ooi says.

Ideal Property is the parent company of Ideal United Bintang Bhd.

Mah Sing will launch the RM651mil Ferringhi Residence 2, a high-end condominium project in Batu Ferringhi.

The group will also launch the second block of The Loft soon, which is part of the RM2bil Southbay City project.

“We have received positive feedback on Ferringhi Residence, especially with its completion six months ahead of schedule.

“In addition, we have gotten positive comments on the superior quality of the development and its resort-styled living concept.

“Batu Ferringhi is a favourite among tourists, as they are attracted to resort-themed properties.

“Recently, The International School of Penang (Uplands), one of the oldest and most established international schools in Malaysia, opened its boarding homes in Ferringhi Residence, which would boost the capital appreciation and the rental potential of the properties,” says Mah Sing managing director-cum-group chief executive Tan Sri Leong Hoy Kum.

Ecoworld will launch the RM280mil Eco Bloom project soon in Simpang Ampat, comprising 490 condominium units in a 33-storey mixed residential-commercial block located on a 1.96-ha plot within the 23.8-ha Eco Meadows project.

“Priced below RM400,000, the Eco Bloom residential units are split into two wings, and residents can enjoy facilities like a swimming pool, a gym, a jogging track, a BBQ area, a multi-purpose court, a multi-purpose hall and a children’s playground.

“There are two-storey shop-lots of 23 units located below the tower,” says the company’s northern region general manager Khoo Teck Chong.

Next year, Ecoworld will unveil an RM7.76bil mixed-development project in Batu Kawan, which is probably the largest scheme to be undertaken by a single developer for 2017.

Khoo says the group will submit the plans for the project to be located on two parcels of land with a total acreage of 374 to the local authorities for approval soon.

“We expect to soft launch the first phase of the project in early 2017.

“There will be two components, Eco Horizon and Eco Sun, comprising gated and guarded strata landed properties and integrated commercial projects to be developed over a period of 10 years,” says Khoo.

According to Khoo, as Batu Kawan is set to become the third satellite town of Penang after Bayan Lepas and Seberang Jaya, Ecoworld wants to be well-positioned to tap into its eventual growth.

“Batu Kawan’s positioning as a high-tech and high-value-added manufacturing and services hub on a 1,500-acre site is expected to spur the transformation of the township over the next 15 years till 2030,” Khoo adds.

For example, the first phase of the Batu Kawan Industrial Park has reportedly garnered interest from 29 local small medium enterprises, with a total investment of around RM196mil that will create employment for approximately 2,000 people.

Ecoworld is currently undertaking the development of Eco Terraces (RM400mil GDV) in Paya Terubong and Eco Meadows (RM300mil GDV) in Simpang Ampat.

IJM Land senior general manager Datuk Toh Chin Leong says the projects planned for launch this year are The Trehaus (RM64.7mil GDV) in Bukit Jambul, The Senjayu (RM69mil GDV) in Jawi, South Seberang Prai, and The Waterside Residence (RM260mil GDV) for the second phase of The Light Waterfront.

Ivory Properties Group Bhd is carrying out RM1.8bil worth of projects on the island this year.

These are the first phase of Penang WorldCity called Tropicana Bay Residences with a GDV of RM933mil, The Wave with a GDV of RM494mil, and The City Residence and City Mall with a GDV of RM313mil.

Group chief operating officer Goh Chin Heng says The City Residence and City Mall and The Wave will be the main contributors to the group’s current fiscal year revenue ending next March 31.

“The City Residence and City Mall is expected to contribute RM40mil, while The Wave, RM90mil.

“Both projects have done very well and should enable the group to achieve better results for the current fiscal year.

“There are only a handful of units left for both projects,” he adds.

Source: TheStar.com.my

Utropolis @ Batu Kawan, a mixed commercial development by Paramount Property in Batu Kawan, Penang. Strategically located next to the upcoming KDU university college, just a stone’s throw away to the most anticipated IKEA furniture store. There is also a proposed linkage to the Design Village (Premium Outlet).

The initial phase of this development features two blocks of 18-storey studio suites and 196 units of commercial suites. The lifestyle commercial suites are slated to soft-launch in Q3 2016, followed by studio suites in fourth quarter of the year.

Project Name : Utropolis @ Batu Kawan
Location : Batu Kawan, Penang
Property Type : Mixed development
Total Units: 612 (studio suites), 196 (commercial suites)
Built-up Area: 420 sq.ft. onwards (commercial), 500 sq.ft. onwards (residential)
Indicative Price: RM283k (commercial), RM270k (residential) onwards
Developer : Paramount Property

Location Map:

SITE PROGRESS

SITE PROGRESS: Suasana @ Utropolis (July 2020)

SITE PROGRESS: Utropolis @ Batu Kawan (Dec 2019)

Property hunters should take advantage of the low bank interest rates to buy properties now as a hedge against inflation.

Eco World (North) general manager Khoo Teck Chong said the current rates were among the lowest in the history of housing loans in the country.

“This should spur buying which would help clear the excess stock in the market. We can expect the property market to pick up again in the second half of 2017,” he said at the four-day StarProperty.my Fair here which began yesterday.

Following Bank Negara’s move to cut the overnight policy rate (OPR) by 25 basis points to 3%, banks are expected to adjust the interest rates for housing loans to about 4.25% from about 4.4%.

Khoo said as market sentiments improved gradually, Eco World expected its projects in Penang to generate about RM600mil this financial year ending Oct 31, 2016, compared with RM200mil in the previous year.

Eco World is among the developers showcasing projects at the StarProperty.my Fair which is being held at Gurney Plaza and Gurney Paragon Mall.

Landed residential properties, which are becoming scarce on Penang island, are among the key attractions of the fair.

Zeon Properties chief executive officer Leon Lee said landed projects marketed by his company were located strategically on the island and in Seberang Prai.

“The properties, priced from RM1.5mil to RM3.5mil, received very encouraging queries from visitors, even on the first day of the fair.

“This is because landed projects, especially those in strategic locations, are rare items in property fairs nowadays due to land shortage and high land cost,” he added.

Check out our Latest Projects Gallery for future launches. You won’t find these projects in property fair!

Source: TheStar.com.my

Setia Eco Forest, a long awaited residential development scheme proposed by SP Setia in Tanjung Bungah, Penang. Situated on a 35 acre land along Jalan Lembah Permai, just a stone’s throw away from Leader Garden Condominium.

While there is no official proposal submitted yet, the company’s initial proposal was to create an Eco-themed mixed-residential development featuring terrace houses and condominiums with an estimated gross development value of RM1.1 billion.

This project is only at concept stage and the final design may be different from the images shown in this post. More details to be available upon planning submission.

Property Project : Setia Eco Forest
Location : Tanjung Bungah, Penang
Property Type : Mixed residential
Land Tenure: Freehold
Built-up Area: (to be confirmed)
Total Units : (to be confirmed)
Indicative Price: (to be confirmed)
Developer : SP Setia

Location Map:

The ‘Bloom Gardens’ in front of the development is great for leisurely strolls and also makes Eco Bloom’s commercial lots ideal for alfresco dining outlets.

Eco World Development Group Bhd’s exciting Eco Bloom is set for launch soon, and the StarProperty.my Fair 2016 in Penang is the best time to register your interest.

Those who sign up during the event from Thursday to Sunday will get priority privileges likefirst choice of units in the mixed residential-commercial project along Jalan Paboi in Simpang Ampat.

There will be 490 condominium units in a 33-storey tower block. Priced from RM388,000 onwards, they represent affordable luxury and are great for first-time homebuyers.

The RM283mil development is located on a 4.86-acre plot within the well-received, 59-acre Eco Meadows project which has been mostly sold out.

Eco Bloom will have similarlyelegant English neo-royalty architecture, and is touted as the first high-rise on mainland Penang to feature such charming aesthetics.

Construction is expected tocommence by next month, and unit choices start with the 802sq ft, Type A with two bedrooms which young families and individuals should find ideal for their needs.

Those seeking bigger living spaces are catered to with the 901sq ft Type B and 1,101sq ft Type C, both with three bedrooms and also have balconies.

All are well-designed with modern and practical layouts that suit lifestyles today. The vast expanses of windows enable the units to look brighter and more airy.

Future inhabitants here will be pampered by the comprehensive array of facilities that include a swimming pool, gymnasium, jogging track, barbecue area, multi-purpose court, function hall, children’s playground and others.

Beneath the residential units, which are split across two wings, is the podium block with 23 units of double-storey shoplots, sized at 22ft x 60ft for the lower ones and 22ft x 68ft for those on the upper level.

The developer will carefully select potential buyers and tenants to create an optimum mix of retail offerings and services so residents would have convenience at their doorstep.

Facing these commercial lots will be the 24,000sq ft Bloom Gardens that is perfect for alfresco dining or leisurely strolls with loved ones.

The development is expected to be completed within three years. Its show units were recently launched and can be viewed at the EcoWorld Gallery @ Eco Meadows.

Alternatively, one can find out more about the project by visiting the company’s booth at M1 and M2 in Gurney Plaza during the four-day fair which is open from 10am to 10pm daily. Admission is free.

Star Property Fair offer early bird discount 9% for Eco Bloom residential and 8% discount for commercial shop lot.

Source: TheStar.com.my