Ideal Property Development Sdn Bhd, the parent company of Ideal United Bintang Bhd (IdealUBB), will initiate a corporate exercise in the second half of this year to inject RM1bil worth of properties into IdealUBB.

The properties are priced below RM600,000.

“This is part of an on-going corporate exercise over five years to turn IdealUBB into a property company.

“We will initiate the corporate move after June, when IdealUBB closes its second quarter,” said Ideal Property executive chairman Datuk Alex Ooi.

According to Ooi, the company plans to undertake RM2.723bil worth of condominium projects on the island this year.

Of the amount, the group had launched the RM378mil Summerskye Residences in Bayan Lepas in January.

The upcoming projects, comprising 3,648 units, to be launched between May and November are located in Bayan Lepas in the South-West District, which is close to the Penang International Airport and the first and second bridges.

The projects are Forest Ville with gross development value (GDV) of RM495mil this month, Bukit Ayun Development (RM1bil) in August, Queens Residences (RM550mil), and Amarene (RM300mil) in August.

Besides the Queens Residences and Bukit Ayun Development projects which will be priced between RM600,000 and RM900,000, the rest of the schemes are priced between RM450,000 and RM600,000.

“Some of these projects are among those that will be injected into IdealUBB this year.”

Ooi said that while most developers were holding back launches, the group had decided to go ahead with a variety of property products priced between RM450,000 and RM900,000.

According to Ooi, properties within such a price range are still marketable, especially if the location is strategic.

“The group still has about 10,000 units of affordable homes, priced below RM400,000, which will be launched in the island over the next few years, and they will be injected into IdealUBB eventually.

“These 10,000 units will have an approximate GDV of RM3.8bil,” he added.

Ooi said the group had developed 3,498 units of affordable projects on the island for the last two years.

“We have sold about 60% of these properties.

“Moving ahead, the strategy is to move into the range of between RM400,000 and RM600,000,” he said.

Because of the number of condominium projects Ideal Property launched per annum, Ooi is now frequently referred to as the Penang Condo-King.

Ideal Property has 300 acres of land bank on the island. “We have some 25,000 units of properties planned for the land bank.

“About 20,000 units has been approved for more than 10 projects. But these properties will have to be injected into IdealUBB over a period of time in accordance with Security Commission regulations,” he said.

Ideal Property injected the RM925mil I-Santorni into IdealUBB last year.

I-Santorini, in Tanjung Tokong, comprises 2,155 units of condominiums priced below RM400,000 each.

To date, the project is 60% sold.

Source: TheStar.com.my

Raja Uda and Bukit Mertajam are two higher intensity development areas in Seberang Perai. Raja Uda, an upcoming development area is located in the northwest region of Seberang Perai and lies beyond the KTM rail corridor. The proposed Raja Uda-Bukit Mertajam Monorail line will provide much-needed connectivity between Raja Uda in the northwestern region and Bukit Mertajam in the southeastern region of Seberang Perai.

For the initial stage, the monorail line is proposed to begin from Raja Uda, passing through Sg Nyiur, Seberang Jaya, Bukit Tengah, Bandar Perda, Bukit Mertajam and continues on to Alma and terminates at Permatang Tinggi. The line will serve the Penang state administration offices at Seberang Jaya and Bandar Baru Perda.

Potential extensions of the transit line to further areas can be in the form of a BRT system:

• From Raja Uda towards Kepala Batas in the north
• From Alma towards Kulim in the east.

These identified transit corridors can be reserved as part of the State’s planning process.

* Click here to find out more about Penang Transport Master Plan (PTMP) *

Mark your calendar and visit PI’s Property Showcase at Queensbay Mall this coming weekend! You will have a chance to meet the experts for tips and guides on investment strategies.

The Penang property market has observed an upward trend in recent years. Those on the trail of luxury living space should look no further than the exclusive portfolio of residences nestled in the serene enclave of Seri Tanjung Pinang.

Here’s what residents of Seri Tanjung Pinang have to say about the prestigious address.

Ooi Kok Seng, KPMG partner

Question: What is home to you?

Home is where the family is. A comfortable and cosy surrounding that makes one feel at home is also vital. These two elements make for a welcoming abode.

Question: What prompted you to make Seri Tanjung Pinang your residence?

I used to take some time off from work to recharge myself through holidays but I have not been able to do so lately due to my tight schedule. Ever since I own this unit, it’s like vacation for me all the time. First-class facilities and quiet environment aside, its strategic location which is just a stone’s throw away from several malls allow me to do shopping and eating out by just a short-distance drive. Most importantly, I enjoy the beautiful seaview.

Sometimes, I’ll just sit by the balcony to soak up the enviable view of the tranquil sea. Jogging or riding bicycle along the seafront promenade is also my favorite past time.

Question: What are the things in life that have brought you the greatest sense of fulfillment?

I have a rather hectic work schedule during weekdays. So I prefer to unwind at home over the weekends and bake assorted cakes for my son. It is a great way of bonding which I enjoy doing the most.

It brings me great pleasure to enjoy Saturdays and Sundays with my family. The thought of getting home after work makes me feel happy and contented even after a long, tiring week at work.

Question: Please share your thoughts on Penang.

Well, Penang is perfectly sized and is definitely a great place to stay and live. It offers great cityscapes and countless interesting places as well as local delights to partake in. Besides, the pace of life is not as hectic as others, and that make the city ideal for retirement.

* Find out more about 18 East @ Andaman *

Ooi Chai Lye, Chartered Accountant & Chew Yoke Lin, Chartered Accountant

Question: What’s your definition of “home”?

A cosy living space for family members.. My wife and I are emphasizes on the quality of life and the surroundings. So long the home is comfortable enough to make us feel completely relaxed, then everything is worthwhile.

Question: Would you recommend the Seri Tanjung Pinang project to others?

The E&O is a trusted brand. Frankly speaking, the developer pays great attention to every single detail, be it the design or construction materials. We are pretty satisfied with the workmanship.

Above all, the transformation of a 4.5 acre of land into an exclusive residential waterpark is simply remarkable. Not to mention the exciting list of facilities that comes with it, with the artificial beach and a spa to name a few. The lush greenery featuring the boulevard also well-reflects the tremendous effort of E&O in this project.

Undeniably, E&O is a thoughtful developer who has the interest of its residents in mind.

Question: What are the notable improvements after moving into your new home?

It used to be very tiring after running errands. But it is very different now. No matter how exhausted we are, the living space just somehow lifts us up as soon we enter the house. Even our friends like to spend their weekends at our place. They would chit-chat or listen to the waves by the balcony, and leave reluctantly after that.

Basically, this has been our routine – enjoying life to the fullest while we can.

Question: What are the attractions in Penang that make you feel it is the best city to stay in Malaysia?

When we were young, we lived abroad for some time and we hardly enjoyed life. Along the way, a sense of belonging came into play, and that’s when we felt Penang is the best place to settle down.

Although it is just a small and lovely city, it has almost everything, from rich culture to great natural resources, entertainment centres, delicious hawker food and breath-taking sceneries. This is what we call work-life balance.

* Find out more about 18 East @ Andaman *

A Shaolin martial arts temple, international school, college, four-star hotel and over 2,100 residential units are planned for the huge piece of cleared hill slope forest near Teluk Bahang.

The temple will cover approximately 40,000 sq.ft. with a 4,800 sq.ft. meditation yard. The proposed hotel will be 25 storeys high on a 46,000 sq.ft. plot.

Housing units being planned include 1,378 affordable housing units in five 30-floor towers, 351 terraced and semi-detached houses, 135 two-storey bungalows and 216 “super condos” in a 32-floor tower.

The condo tower is laid on the development plan at the fringe of the land near Teluk Bahang Recrea­tional Forest, overlooking the dam.

According to the developer, this is still a concept and they have yet to start the feasibility study of the plan.

For the affordable housing, the developer is planning to build 1,000 sq.ft. unit with facilities such as swimming pools and gymnasiums, and price it around RM300,000 per unit.

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