The City Residence and The Wave to be main revenue contributors for the group

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

This includes the first phase of Penang WorldCity (PWC) called Tropicana Bay Residences with a gross development value (GDV) of RM933mil, The Wave (GDV of RM494mil), and The City Residence and City Mall (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 2017 fiscal year’s 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. There are only a handful of units left for both projects,” he adds.

The project has done well because of its appeal to the market of young executives looking for a trendy, cosmopolitan-style home in a prime location that gives easy access to interchanges, public transport system, and essential amenities, according to Goh.

“The City Residence and City Mall is in a location where the undersea tunnel and new highway projects are being planned.

“These plans which are part of the Penang Transport Master Plan has enhanced the appeal of properties developed in the vicinity of Tanjung Tokong and Tanjung Bungah.

“The Wave in Penang Times Square (PTS) is located in a neighbourhood that has been earmarked for the upcoming LRT routes,” he said.

Goh says The City Residence and City Mall will be entered to compete for prestigious overseas and local development awards next year. Priced at RM1,100 per sq ft (psf),

The City Residence and City Mall units have built-up areas ranging between 492 sq ft and 7,882 sq ft.

It is a mixed-use development covering a 2.42-acre prime freehold land in Tanjung Tokong, which is opposite the Island Plaza.

There are 202 condominiums for the residential component, while the commercial segment, City Mall consists of 23 three-storey retail units, with built-up areas ranging between 3,750 sq ft and 14,200 sq ft.

The Wave, comprising 312 service suites and a commercial podium, is priced from RM1.3mil onwards.

The project is located within the RM1.75bil Penang Times Square mixed-development scheme which will have a mall, a cineplex and other lifestyle amenities.

Asia-Pacific awards

The Wave bagged the Asia Pacific Property Awards under the Highly Commended for Best Residential High-Rise Architecture Malaysia category in 2014 for its extraordinary exterior, where elegant sun protection stripes sync rhythmically and aesthetically over the glazed glass façade creating the impression that waves are riding over the building.

Although the property market has softened, there are still buyers who are willing to park their money in properties so long as the capital value of the product has strong growth potential.

“There are many locals with the buying power, but they have become more selective in their choice of properties nowadays.

“Some have adopted the ‘wait and see’ strategy due to the prevailing economic mood,” he says.

According to Goh, the rejection of bank loans from this category of buyers was still low.

“This is one of the reasons why we are launching high-end projects in prime locations.

“Give them an integrated project in a prime location with an innovative concept and investors will not mind parking their money in properties to hedge against inflation,” he says.

Moving ahead, Goh says the group would plan more integrated projects with substantial components in the commercial category like hotel, retail space and shoplots.

“Commercial properties in an integrated scheme that can always be leased out to generate long-term recurring income, especially if the integrated project is in a strategic and prime location, in proximity to well-connected public transportation services and facilities.

“This is why the properties in an integrated scheme tends to sell better,” he says.

The group is now planning to commence work early 2017 on The Central (RM610mil GDV), which is a serviced suite project in Penang Times Square that will have a mall, a hotel and other lifestyle amenities in the fourth phase while the fifth and final phase will consist of a hotel.

On completion, Penang Times Square will have 1.2 million sq ft of commercial space, making it one of the biggest malls in Penang.

Ivory Properties’ Moonlight Bay project in Batu Ferringhi was awarded in March The Niche and Unique excellence award at the inaugural StarProperty.my Awards 2016.

The company was also presented with a “Highly Commended” award for its Ivory Tower under office category at the Asia Pacific Property Awards in Kuala Lumpur last month.

Source: TheStar.com.my

The state government is in no rush to implement the RM27 billion Penang Transport Master Plan (PTMP) as it is a multi-stage project spanning a 15-year period, said local government and traffic management committee chairman Chow Kon Yeow.

He said the implementation of the PTMP will be done in stages and the two priority projects that the state government is looking into is the Light Rail Transit (LRT) line between Komtar and Bayan Lepas, and the first phase of the Pan Island Link (PIL) highway.

“I have said this many times before, the implementation is in stages , we are not rushing to build all systems at one go.

“We don’t have the capacity and the capability to do that,” he said in a press conference during the PTMP briefing at his office today.

Chow together with PTMP project delivery partner SRS Consortium today addressed the nine criticisms listed by non governmental organisations against the massive project.

The NGO had highlighted the issue of sustainability and funding for the project.

Chow said many of the issues highlighted by the NGOs’ had already been addressed.

He however added that the state welcomes feedback from all parties on the implementation of the PTMP.

More details about Bayan Lepas LRT and PIL 1:

Source: TheSundaily.my

Global key cities’ prime residential prices have increased on average by 3.6% over the past 12 months to March 2016, compared with a 3.9% growth in the same period to 1Q2015, according to Knight Frank’s Prime Global Cities Index for 1Q2016.

Knight Frank Residential Research partner Kate Everett-Allen said since 2014, the index has consistently recorded annual growth of 3% to 4%.

The Knight Frank Prime Global Cities Index, established in 2011, monitors and compares the performance of prime sales markets in 35 key global cities. The index is compiled on a quarterly basis using data from Knight Frank’s network of global offices and research teams.

According to the Index, Kuala Lumpur’s prime residential price movement is on a downward trend. Kuala Lumpur, which is one of the key global cities under review, saw prime residential prices dip 1.8% in the 12 months to March 2016.

Meanwhile, eight cities including Kuala Lumpur had seen their prime residential prices drop last year; Hong Kong and Taipei occupy the bottom rankings with luxury prices dipping 6.4% and 7.6%, respectively.

“However, no city has recorded a double-digit annual decline in prices since 2Q2015,” Everett-Allen added.

Overall, Vancouver leads the 1Q2016 Index followed by Shanghai, Sydney and Melbourne making up the top four cities with average price growth ranging between 12% to 26.3% since 1Q2015.

“Vancouver leads the Index for the fourth consecutive quarter as prices accelerated 26% in the 12 months to March 2016,” Everett-Allen said.

She noted that Shanghai, Sydney and Melbourne also recorded double-digit annual price growth, but the gap between the top-tier cities and the remaining cities has widened. Notably, strong price growth in Sydney and Melbourne indicate Australasia as the strongest-performing world region with prices rising 12% on average.

The other key global cities in the Top 10, including Cape Town, Bangkok, Beijing, Singapore, Jakarta and Los Angeles, have seen single-digit growth over 5% for the past 12 months.

Everett-Allen said some 20 global key cities’ residential prices are on the downward trend while 12 cities will continue to grow in the near term.

The Asia Pacific cities on an upward trend include Shanghai, Melbourne, Beijing, Singapore, Guangzhou and Mumbai.

Source: TheEdgeProperty.com.my

The George Town World Heritage guideline states that the future developments shall not impact or demolish any part of the heritage buildings. In compliance with the heritage guideline, the tram line within World Heritage Site will be at-grade (on-ground) and feeds into the KOMTAR interchange station to seamlessly integrate with the Bayan Lepas LRT and the two monorail lines. Tram is proposed to be the best transit solution to ensure the conservation of the characteristics and unique forms of architecture, culture, and cityscape of the heritage buildings. Therefore, the LRT and monorail systems will accordingly be aligned around the perimeter of the heritage site.

The George Town Tram line is a revival of a pre-independence feature in the historic George Town area, making it a truly unique tourist attraction at strategic points of interest. The almost 2km tram line with six designated stops will begin at KOMTAR and end at the Swettenham Pier Cruise Terminal. Besides providing convenient hop-on hop-off connectivity within the George Town World Heritage zone and complements the CAT e-Bus services, the stop at the ferry enables travellers to reach Butterworth by sea across the Malacca Straits.

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

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A proposed mixed development by Berjaya Land at Batu Gantong, Penang. It is strategically located next to the company’s guarded bungalow lots, just a short drive away from Penang Turf Club.

The proposal comprises 4 development parcels:

• Parcel 2: Mutiara Jesselton
• Parcel 3A: 22-storey condominium (228 units)
• Parcel 3B: 26-storey condominium (342 units)
• Parcel 4: 3-storey super link houses (110 units) with land area starting from 26′ X 85′ onward

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

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Project Name : (to be confirmed)
Location : Batu Gantong, Penang
Property Type : Condo, Terrace and Shop offices
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer : Berjaya Land Development

Location Map: