Eco World Development Group Bhd, driven by a vision to ‘create tomorrow and beyond’, is gradually transforming Penang’s skyline with unique projects.

Its Eco Terraces is taking shape in Paya Terubong on the island, so too are Eco Meadows and Eco Bloom in Bukit Tambun on the mainland.

Towards the yearend, the company will unveil the eagerly anticipated Eco Marina in Bandar Cassia on the mainland near Sultan Abdul Halim Mu’adzam Shah Bridge.

Eco World Penang general manager Khoo Teck Chong said all the projects have a verdant touch inventively crafted around different lifestyle concepts.

The RM430mil Eco Terraces, launched in mid-2015, is unique because 70% of its overall 12.79 acres are dedicated to landscaping and greenery.

These are split into five zones — The Lawn, The Arch, The Commune, The Mesa and The Trail — which surround a 33-storey residential tower of 333 units, with 40% already taken up.

“We finished The Lawn during Chinese New Year. It has open green spaces, a gazebo and small cafe that has attracted many visitors.

“Work has started on the tower’s foundations, and one can expect to see it rise within a month or two,” said Khoo.

The road in front of the project has been upgraded, while a paired road from Air Itam to Relau and an artery linking Air Itam to the Tun Dr Lim Chong Eu Expressway are being worked on.

At the RM918mil Eco Meadows, the 375 units of double-storey Northampton Terrace homes have been well-received, with all but the bumiputra units already sold out.

“Many are drawn to its stately English elegance, landscaped surroundings, security features, and fully gated and guarded concept, which is rather novel to the mainland,” Khoo said.

Piling for the terraced homes has commenced, and the company estimates completing the units ahead of schedule by early 2018.

First-time property buyers should keep a lookout for Eco Bloom, a mixed residential-commercial development located on a 4.8-acre land within Eco Meadows.

It will have 490 condominiums in a 33-storey block. They are sized at 800, 900 and 1,100sq ft, with either two or three bedrooms. Priced below RM400,000, they will be among the most affordable and lowest priced properties of its kind.

“Our surveys show that the younger generation doesn’t need big units and they prefer affordable average-sized ones.

“We cater to this need while keeping to the lifestyle luxuries Eco World properties are synonymous to,” Khoo noted.

There are 23 double-storey shoplots on the first two podium levels, sized at 22ft x 60ft for the lower ones and 22ft x 68ft for those on the upper level.

“We will carefully select potential tenants to ensure an optimum mix of retailers.

“We’ll also play matchmaker and help pair shop lot owners with suitable tenants,” he added.

Shop lot owners who wish to run their own enterprises, buy then lease out or apply for franchise licences are also eligible for Eco World’s newly launched Pioneer, Investment and Franchising Grants to help offset their start-up costs.

These grants provide them with funding of up to 3.5% of the property’s purchase price.

It will be disbursed monthly for three to 12 months after commencement of their businesses, subject to certain thresholds and conditions.

Facing Eco Bloom’s commercial lots will be the 23,000sq ft Bloom Garden for al fresco dining and residents’ leisure needs.

Khoo said the property would be launched by the middle of this year, with a targeted mid-2019 completion.

The Eco Marina at Bandar Cassia — along the Sungai Jawi rivermouth where the Pulau Aman Jetty is — has entered the final planning stage and would be unveiled by the third quarter this year.

Among the planned components in the 470-acre and RM10bil project will be an 18-hole international golf course with mixed residential and commercial components on rolling hills by the water.

“It will be the first integrated waterfront development on the mainland and perhaps the only one in Penang built on solid and not reclaimed land.

“The hill at its back affords good feng shui with a waterfront view of both Penang’s bridges,” said Khoo.

The company also launched its Eco World Home Plus campaign in partnership with OCBC Bank, offering easy entry for home buyers, which runs until the end of September.

For details, visit EcoWorld Galleries@Macalister Road (04-2292255) and Eco Terraces in Jalan Paya Terubong (04-8275522) or Eco Meadows in Jalan Paboi (04-5102255).

Source; TheStar.com.my

* UPDATE: Design Village grand opening – 23 November 2016 @ 6PM *

Design Village Penang – the northern state’s first premium outlet mall – aims to open by this November in time for the school holidays, said its general manager Tay Ai Leen.

This is slightly earlier than its previous targeted launch date of around Christmas this year.

The mall’s operator PE Land (Penang) Sdn Bhd is confident that international brands will want to have a presence at the mall – coming up at Batu Kawan on Penang’s mainland – as it will be the only premium outlet mall in Peninsular Malaysia’s northern corridor, she told TheEdgeProperty.com.

PE Land is also the owner and operator of The Spring shopping mall which is based in Kuching, Sarawak.

According to her, Design Village is expected to provide a unique experiential retail journey and attractive offerings of premium brands at discounted prices for shoppers.

The 400,000 sq ft Design Village Penang is part of a 40-acre mixed-used development that will include a hotel, serviced apartments and high-end condominiums.

The entire development will have a total estimated gross development value (GDV) of RM1 billion, while Design Village itself will have an estimated GDV of between RM200 million and RM300 million.

“The residential and hotel components will complement Design Village’s development, making it a place for living and leisure. The residential units will be linked to Design Village and a linear park, and the hotel will provide affordable accommodation to tourists,” Tay added.

However, she did not disclose more details on the residential and hotel developments as the company’s current focus is on the premium outlet mall.

According to data from the Penang Tourism Development Committee, the state is expecting more than six million tourists to Penang this year. It had recorded 6.25 million tourist arrivals in 2015.

On the market outlook, Tay noted that Penang’s property market is spearheaded by strong foreign direct investment results and strong international support.

“The second Penang bridge as well as a list of developments in Batu Kawan, including a theme park, golf course, mid-to-high end housing, IKEA, universities and medical centres, will be growth catalysts for Batu Kawan and attract tourists here,” she said.

Source: TheEdgeProperty.com.my

Location Map

Figure 1: Property Indicator

* Article by Freemind Works *

The year 2015 has seen significant highlights in the property market.

The year started with the implementation of GST in April 2015. The predictions of frenzy buying before and after the GST did not come true. Majority of investors, instead, took a wait and see approach.

We then witnessed the oil prices dropped to historical low, and O&G companies started laying off people. Then China decided to devalue the Yuan to make its goods more competitive. Closer to home the Malaysian Ringgit depreciated alarmingly against the US dollar. Gloomy global economy outlook and local homeground political instability all added to the uncertainty in the market.

To know more about property outlook, please click >>>> http://bit.ly/stratagemspng

With all these negative news, it is no wonder many Malaysian’s confidence were shaken and not too eager to commit to a property, especially from a property investor’s point of view. And guess what, even the first time home buyer/owners are NOT buying? We know this because the rules for affordable housing (which was meant for first time home buyer) have been relaxed to the extend that non-first time home buyer are also eligible to buy.

Now, let’s change gear and look at data and ask the next big question – what is in store for us in 2016?

In overall, Penang’s performance was fair as compared to the other major property market i.e. Klang Valley and Johor Bahru according to Property Indicator by WTW Research (Figure 1). The Penang’s residential property prices is still on the uptrend while the residential property prices in Klang Valley and Johor Bahru remain flat. Point to note is that the declining prices for high rise residential in Johor Bahru is due to the over supply in the Iskandar region.

Now let’s focus on the performance of residential properties in Penang. Due to the various cooling measures implemented, challenging economic outlook and weakening sentiment, the Penang property market is not spared. This is demonstrated by the consecutive quarter-on-quarter decline in the residential property transactions since 2013 (Figure 2).

Figure 2: Average transacted price vs volume

It was observed that the property transaction volume declined from Q3 2014 to Q3 2015 especially on the Penang Island. However, on the contrary, the value of properties have some how maintained or increase marginally, which means that the property prices on the island is still on the uptrend.

Adding to the current property market woes is the tight credit control environment. This has resulted in a high loan rejection rates from the bank, which forced many home buyers and investors at bay. According to a Savills Research (Figure 3), approximately 50% of loan application is rejected since year 2010.

Moving forward in 2016, the market sentiments will be no different from 2015. As long as the cooling measures remains and economic outlook is less than promising, the residential market will remain sluggish. And distressed.

Figure 3: Residential loan applications and loan approved

As a property investor, how do we strategize for the year 2016? Notwithstanding the above, is the property market going to rebound and pick up again by 2016? Or even 3 years later by 2019?

For me, now is the good time to buy. Why?

In the current distressed market, there are opportunities to grab good deals. As a smart investor, look for bargains and below market value (BMV) properties. Individuals I am currently coaching found properties that is 20% – 30% lower than the market value. Essentially, these group of people will make money when they buy.

The market condition we are experiencing now is almost similar to the 2008-2009 sub-prime crisis in the year 2008 – 2009 crisis when the market was quiet and opportunities abound. Even property developers were more willing to offer low entry packages. I was reminded of the quote by Warren Buffet “Be greedy when others are fearful and be fearful when they are greedy”. But then, something is stopping you. What? Do you fear the uncertainty?

Then, what better way to counter that than to learn more and research more. Learn and research about the property market, do the math on the rental return and bang! You are ready to take on your next property.

I’m now a better investor than I was five years ago, all because I was ready to unlearn and relearn. I re-learned the fundamentals of property investment and used the no money down strategy.

And you are in a treat because for the first time in the Northern Region, all in one place, I have invited and assembled the best of the best Property Strategist and themselves Property Millionaires to share with you their view of the market in 2016 and the strategies to adopt for the year 2016.

If you want to get started on your property investment journey, is stuck (because of LTV) or uncertain how to proceed, then this is for you. If you are asking why your property loan is rejected or want to know how to still continue to get loans from the bank, then this is also for you.

This event is called the Property Strategems and will take place on Sat and Sun, 23 & 24 April, 2016 (2 full days) in Northam All Suites Penang. Seats are selling fast.

Quickly reserve your seats before it runs out:

>> http://bit.ly/stratagemspng

by Kaygarn Tan

Founder of Freemind Works, graduated with a Masters Degree from University of Science Malaysia. He started his property investment journey very early on, while still working in the corporate world. After sucessfully building a sizeable property portfolio using a tested and proven strategies, he decided to quit his day time job and go full time into property investment. He is now a Property Coach and as a testament to the strategies he used, he have personally coached hundreds of individuals to buy properties with profitable returns and generating positive monthly cashflow.

[Sponsored]

Bayan Lepas LRT, the very first LRT line in Penang, will be about 30 km in length with 27 stations running from KOMTAR to the future reclaimed islands in the south.

Besides passing through must-go-points at KOMTAR, Bayan Lepas FIZ and the Penang International Airport, the line will also serve established and planned residential townships and employment hubs in Jelutong, The Light, Gelugor, Batu Uban, SPICE in Bayan Baru, Sg Tiram and Batu Maung.

The proposed alignment of the Bayan Lepas LRT serves the heavier travel demand corridor in the eastern or Bayan Lepas belt – from KOMTAR all the way to the Penang International Airport. The LRT system is most suitable to cater for future increases in travel demand from:

• Expansion of the Penang International Airport from 6.5 million passengers per annum to potentially 20 million passengers per annum;
• Expansion of the Bayan Lepas industrial zone; and
• The developments in the southern coast reclaimed islands.

Click on the detailed map below to find out exactly where the 27 proposed LRT stations will be built.