EcoWorld would like to cordially invite you to  ‘Bringing Aspiration Close to You-EcoWorld Property Showcase’ from the 26 March to the 3 April 2016, from 10.30 am to 10.30 pm at Queensbay Mall, Central Atrium. Catch an exclusive preview of our much anticipated masterpiece-Eco Bloom which is  a continuity of the modern English Architecture language of Eco Meadows and is made up of the majestic high rise and the commercial components. Enveloped in carefully preserved greenery, this current addition to the Royal Meadows collection continues the EcoWorld legacy of offering stunning homes in refreshingly verdant and prestigious surroundings.

Also be sure to check out some of the exciting activities EcoWorld has prepared for you!

26/03/2016
Opening Orchestra Ceremony
Eco Bloom Project Sharing

27/03/2016
Franchise business sharing by Mr Albert Kong (CEO of Asianwide Franchise Consultant Singapore)

3/04/2016
Commercial Property Investment Talk by Ahyat Ishak

Looking forward to seeing you soon!

More info at 04-510 2255

Piling works for the first project under the Penang Transport Master Plan (PTMP) is expected to begin near the end of 2017.

Penang Local Government, Traffic Management and Flood Mitigation Committee chairman Chow Kon Yeow said the target was to get the relevant approvals in early 2017 with work anticipated to start by the end of that year.

He said the studies on three projects – the Komtar to Bayan Lepas Light Rail Transit (LRT), Pan Island Link (PIL) and the Penang Smart Reclamation (PSR) – were being conducted.

Chow said the studies being conducted now were scheduled for completion by the middle of this year, noting that PSR needed to be submitted by June to make the National Physical Planning Council deadline.

He said the Council, chaired by Prime Minister Datuk Seri Najib Abdul Razak, will meet in November this year, adding that approval was needed from the Council for the PSR to go ahead.

“If the approvals are obtained, we then can work on the technical aspects as well as finalise the design,” he said in a media briefing on the PTMP today.

The RM27 billion PTMP is an ambitious undertaking to link Penang Island and the mainland with rail transit systems, new highways, trams, rapid bus routes and water taxis.

Funding the massive project hinges on the proposal to reclaim some 1,618ha of land off the southern coast of Penang island.

Approval for the reclamation has to be from the federal government as reclamation of more than 100ha must be referred to the Council per the Town and County Planning Act 1976.

SRS Consortium was appointed by the Penang government last year as the Project Delivery Partner (PDP) to ensure the PTMP materialises.

On the funding mechanism, Penang Local Government Division chief engineer Lim Thean Heng said the finer details are still being worked on.

He said businesses are interested to see the funding architecture and how they can participate in the PTMP

“Those interested are from Germany, China, Hong Kong, Japan, France, (South) Korea and many others,” he added.

On concerns of fishermen being affected by the reclamation, Chow said more engagement and briefing sessions will be held.

He said the PDP was also exploring collaboration avenues with vocational colleges to provide relevant courses for fishermen and villagers.

“Those who complete their courses will be certified by the vocational college and will be able to work either for the Bayan Lepas LRT, PIL or PSR project,” he said.

Source: TheSundaily.my

A proposed residential development scheme on a small piece of land along Jalan Cheah Choo Yew in George Town. It is located next to Desa Singpora, about 10 mins walk away from Penang Times Square.

The proposed development will see the demolition of the existing warehouse for a 27-storey condominium, offering 44 residential units with a mixed of luxury and affordable options.

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

Project Name : (to be confirmed)
Location : Georgetown, Penang
Property Type : Residential
Built-up Area: (to be confirmed)
Total Units: 44 (11 affordable units)
Developer : Immense Properties Sdn. Bhd.

Location Map:

Picture: Bayan Lepas Expressway (elevated span expected to open April 4)

Motorist heading to Batu Maung in Penang can look forward to a smoother ride on the newly upgraded Tun Dr Lim Chong Eu Expressway.

The 4.4km two-way four-lane expressway will be opened to traffic from March 28.

As for the RM337mil Bayan Lepas Expressway (BLE) link to the Sultan Abdul Halim Mu’adzam Shah Bridge, better known as the second Penang bridge, it is tentatively scheduled to open on April 4.

UEM Builders Berhad construction manager Ismade Ismail said road safety auditors and the Public Works Department (JKR) would be visiting the elevated ramp on Saturday for an audit.

“All the final works are going according to the plan and most probably, we will open this expressway for motorists as scheduled.

“We are also proud to say that no untoward incidents happened among the workers during the construction works which took about a year,” he said during a visit to the BLE site yesterday.

Besides the elevated 3.2km-long two-way four-lane BLE, there is also a standard span and a special span measuring 3.16km and 390m long, respectively.

Penang Works, Utilities and Transportation Committee chairman Lim Hock Seng said the state also appointed independent safety checkers headed by Hillside Geotechnical Advisory Panel chairman Dr Gue See Sew following concerns about the special span.

“They were appointed for the sake of public safety.”

State executive councillor Datuk Abdul Malik Abul Kassim added that BLE was the longest elevated expressway in the state.

It is one of the four components under the RM810mil second Penang bridge traffic mitigation project.

The other components are the upgrading of the state road from Batu Maung to Jalan Sultan Azlan Shah, construction of a bridge across the Batu Maung junction- cum-roundabout at a cost of RM265mil and the upgrading of the federal road from Teluk Kumbar to the Penang International Airport.

Also present at the site visit were state JKR director Salleh Awang and Penang Island City Council Engineering Department deputy director A. Rajendran.

Source: TheStar.com.my

Two more companies have joined the race to bid for 1Malaysia Development Bhd’s (1MDB) land in Air Itam, Penang. Sources said that Suiwah Corp Bhd, a supermarket chain operator, and Titijaya Land Bhd, a Klang Valley-based property developer, have put in their bids for the 94.7ha in Air Itam.

Earlier, two other parties had submitted their bids after 1MDB opened the sale of the land through a request-for-proposal exercise.

They were a joint-venture between the Ideal Property and BSG groups, and a company related to Goh Choon Lye, a well-known developer in the state.

It is learnt that Suiwah and Titijaya recently submitted their bids to 1MDB.

“What they submitted is more or less the same deal as proposed by the earlier two bidders, which values the development at over RM180 per sq ft (psf), which is higher than the price 1MDB had paid for it in 2013.

“The price of RM180 psf is based on the development potential of the land over a period of time. When the land is fully developed, the price of the land will exceed slightly over RM1.8bil,” said a source familiar with the deal.

In 2013, it was reported that 1MDB had paid RM1.06bil for the property that came with encumbrances such as removing squatters, a process which was estimated to cost more than RM250mil.

At RM1.06bil, 1MDB had paid around RM104 psf for the Air Itam land.

The current valuation by CH Williams for the property without vacant possession is RM130 psf or RM1.325bil.

It is understood that the companies tendering for the land deal have also included a profit-sharing package with 1MDB from their proposed mixed-development projects.

The companies would also need to fork out at least another RM300mil to relocate the 3,000 squatters, which may not be sufficient.

Both Suiwah and Titijaya are strong contenders for the land deal, as both parties are involved in the property development business.

With their track record, both Suiwah and Titijaya will give Goh, who is another strong contender for the land deal due to his familiarity with the 94.7ha land, a good fight over the tender.

Suiwah is involved in the development of Sunshine Tower in Bandar Baru Air Itam (Farlim).

Sunshine Tower, with about two million sq ft of floor area, is a mixed-development project, scheduled for completion in 2019.

Titijaya, which has an impressive track record of development projects in Kuala Lumpur, will be undertaking that Areca@Penang project soon in Batu Maung, comprising four condominium blocks and four office towers.

It is learnt that the results of the tender will be released after mid-May this year.

It is learnt that the contenders were selected from a list that also included developers from Kuala Lumpur.

In 2013, the land was sold to 1MDB by Gerak Indah Sdn Bhd, AI Real Estate (formerly known as Farlim Properties Sdn Bhd), and Choong Lye Hock Estates Sdn Bhd, which controlled 85.7% of the undivided interest in the total land area.

Source: TheStar.com.my