Penang Development Corp (PDC), the state’s investment arm, will call for a fresh request for proposal (RFP) for the mixed development plan in Batu Kawan on mainland Penang, after the mutual rescission of the RM10 billion Eco Marina with Eco World Development Group Bhd (EcoWorld).

PDC general manager Datuk Rosli Jaafar said a fresh RFP is necessary since the “new technical conditions” to make the project viable would depart from the original RFP.

“PDC is also of the view that the calling of the fresh RFP by open tender is the best way forward to enable the development of the 18-hole international golf course and related mixed development to proceed smoothly, in line with making Batu Kawan, the new satellite township, into an industrial, tourism and services hub of the northern region,” he said in a statement.

Rosli did not specify the new technical conditions under the fresh RFP, only noting that the original RFP was for the development of an 18-hole international golf course on a 60.7ha plot, with the remaining lands allocated for mixed development.

The RFP was conducted by open competitive tender and there were only two bids, he said, adding that the other company lost out not only on price but also did not meet the technical requirements.

He said the mutual agreement to rescind was made in view of the fact that the studies procured by EcoWorld showed that the golf course development would require significant additional acreage than the 60.7ha originally planned, largely due to the hilly and rocky terrain. “In view of this, the project could not proceed as originally planned in compliance with the RFP,” he added.

Source: TheEdgeProperty.com.my

You are cordially invited to the private sneak preview of Eco Bloom Show Unit on 12 June 2016, 10AM at EcoWorld Gallery @ Eco Meadows

* Click HERE to find out more about Eco Bloom @ Eco Meadows *

EcoWorld: Award for 449.64-acre land in Batu Kawan rescinded

Eco World Development Group Bhd (EcoWorld) has agreed with the Penang Development Corp (PDC) to rescind a letter of award dated March 26, 2015 for the purchase and development of 449.64 acres of land in Bandar Cassia, Batu Kawan.

Accordingly, their plans to build an 18-hole international golf course on 150 acres of land and a mixed-use development named Eco Marina on the remaining acres of land fell through.

“However, extensive studies undertaken as part of the detailed planning process have revealed that the acreage required for the golf course development will be significantly higher than originally contemplated which adversely impacts the viability of the project,” said EcoWorld.

EcoWorld president Datuk Chang Khim Wah (pictured) said while the group accepts the unavoidable circumstances that led to the rescission of the letter of award, it remains keen on Penang, calling it a “valued market”.

“We are confident that Batu Kawan holds much promise as Penang’s future engine of growth and are keen to play a role in making it a key development hotspot for the nation. Accordingly, we will continue to look for other opportunities to acquire good landbank here to develop more townships. This will enable us to replicate and build on the success we have enjoyed with our Eco Meadows project on the mainland,” he said.

PDC is expected to execute a deed of rescission soon, said the group.

Source: TheEdgeProperty.com.my

A new centre of connectivity is fast appearing….where a new hub for integrated transportation, integrating rail, ferry and bus services, will soon rise in the north.

Serving as the centre of transportation for Penang and the northern corridor, the hub also integrates retail, commercial and residential development within the planned 6 million square feet of development.

This is currently under construction. When completed, it will be the main integrated transportation hub for Penang, combining rail, road, sea and other transportation services – some 200,000 passengers are expected to use the terminal daily when it become fully operation.

Location Map:

Contributed by reader [6 Nov 2017]

Penang-based developer Ideal Property Group plans to launch RM2.723 billion worth of condominium projects, with more than 3,600 units in total, on the island this year.

Having launched the RM378 million SummerSkye Residences in Bayan Lepas, it is now looking to unveil its biggest project in terms of value in the area — Queens Waterfront. Executive chairman and CEO Datuk Alex Ooi says the freehold development sits on 36.53 acres, of which 24.79 acres are reclaimed land.

With a total gross development value (GDV) of RM2.15 billion, the development will comprise an 11.74-acre residential component known as Queens Residences, a 6.1-acre marina, a waterfront promenade known as Queens Waterfront Promenade, the Queens Sports Centre and an international school.

“The sports centre will have a 200m velodrome, basketball and volleyball courts, a Fina (Fédération Internationale de Natation) standard competition pool and diving pool as well as a leisure football field,” says Ooi. “The centre will be given to the state government upon its completion in 2019 and it will be open to the public.”

Queens Waterfront Promenade will be a public pathway with viewing decks, open plazas and a place for gatherings with seating, playground and kite-flying area. It will feature three concepts — marine life, sculpture park and beach habitat.

According to Ooi, Queens Residences will have four blocks of 22, 24, 26 and 30 storeys respectively. They will be launched over four phases.

Phase 1 will have 500 units in a 22-storey tower and will be soft-launched this month. The units will have built-ups of 950 to 1,650 sq ft and be partially furnished. With an average selling price of RM780 psf, the phase has a GDV of RM550 million.

Facilities of the residential component include a seafront garden, children’s pool, infinity pool and sandpit.

“Queens Waterfront will be located next to Queensbay Mall and will face Jerejak Island,” says Ooi. “The residential component will be on part of the reclaimed land and there will be more than 2,100 units. We have already started the reclamation works and will start the piling works early next year.”

For the development, Ideal Property is targeting property investors from Penang and abroad, residents from neighbouring states who are looking for holiday homes as well as expatriates and professionals from the Bayan Lepas Free Trade Zone.

“I choose to develop projects on the island because developments there have higher density and it is easier to attract buyers … some 30% to 40% of my sales come from Kedah, Butterworth and north Perak,” Ooi explains.

Phase 2, meanwhile, will be launched early next year.

“The unique selling point of the development is that it is located opposite a well-known shopping mall, Queensbay Mall, and it is well connected via the Bayan Lepas Expressway, Penang bridge and Penang second bridge,” Ooi says.

“Also, it is surrounded by major amenities such as the Penang International Airport, Penang Golf Club in Jalan Bukit Jambul, Pantai Hospital Penang, Universiti Sains Malaysia and Penang International Convention and Exhibition Centre.”

Phases 1 and 2 will also have two storeys of commercial shoplots that Ideal Property plans to keep for recurring income. There will be a total of 72 units of 1,400 sq ft each.

With a plan to create an al fresco dining area similar to that of Clarke Quay in Singapore, the developer has engaged Singaporean architecture and design studio Lead8 for the commercial design of the shoplots. It has also appointed DTZ to bring in tenants for the shoplots.

The project’s symbolic icon is the regal seahorse that represents “the hope of the future and the promise of today”, says Ooi. There will be five towering seahorses encircling the driveway of the development, representing the unity of the universal elements and the proud heritage of the island, he adds.

Ooi established Ideal Property in 2002 with investment, property development and business process outsourcing as its core businesses. Its investment portfolio includes hotels, serviced apartments, commercial shoplots, development land, palm oil estates and office lots while its property development division is involved in the building of residential, commercial and light industrial properties and office suites.

Business process outsourcing comprises property design and concept service, property marketing advisory, property evaluation and monitoring services and project financing advisory services.

Ooi says the group had completed the construction of more than 10,000 condominium units from 2008 to 2015, and over 3,600 units are under construction now.

He has been the executive chairman of Ideal United Bintang Bhd (IdealUBB), an importer and exporter of used and reconditioned heavy machinery, since October 2013. There is an ongoing corporate exercise to turn IdealUBB into a property development company.

Ongoing projects and future launches

Ideal Property is also looking to unveil Forest Ville, Bukit Ayun Development and Amarene this year.

Scheduled to be launched by the end of this month, the RM495 million Forest Ville will have 991 condos with sizes ranging from 1,000 to 1,050 sq ft.

One of its developments that was launched recently, SummerSkye Residences, is a mixed-use project in Ideal Vision Park, Bayan Lepas. It will comprise 507 condos and 78 shopoffices.

The group’s other ongoing projects include I-Condo @ One Foresta, I-Condo @ I-Santorini, Tree Sparina, Imperial Residences and Solaria Residences. These developments are scheduled to be completed in the next two years.

Source: TheEdgeProperty.com.my