Current project by Ewein – City of Dream

Ewein Bhd’s (Ewein) unit, Ewein Zenith II Sdn Bhd, has inked a sale and purchase agreement (SPA) with Consortium Zenith BUCG Sdn Bhd (CZBUCG) to acquire a 1.79-hectare freehold land in Section 1, Bandar Tanjong Pinang, Penang for RM162 million.

In a statement, Ewein said RM16.2 million would be deposited as refundable deposit upon the execution of the SPA.

“The whole proposed acquisition shall be financed through a combination of internally-generated funds and bank borrowings.

“The final composition of the funding will be determined by the management of Ewein Zenith II at a later stage, and this will depend on the cost of funding and cash requirements of the company’s business operations,” it said.

Ewein Zenith II is a 60 per cent-owned subsidiary of Ewein Land Sdn Bhd, which in turn is a wholly-owned subsidiary of Ewein.

The remaining 40 per cent is held by CZBUCG, a construction company that was awarded the works for major roads project and the third link (tunnel) project in Penang by the state government for RM6.3 billion.

Ewein Deputy Chairman and Group Managing Director Datuk Ewe Swee Kheng said the land was strategic for the company’s future development, and located in a matured and established prime area for residential and commercial projects.

“The proposed acquisition is expected to be completed in the first half of calendar year 2016,” he said.

The company plans to embark on a residential and commercial property development on the land.

Source: Bernama

Five developers will undertake RM4.33bil in property projects in Penang next year despite a challenging year for the property market.

The developers planned to price their mostly residential properties from between RM480,000 and RM3.3mil.

The price range came on the heels of this year’s launches of between RM200,000 and RM400,000 in strategic locations.

The developers would be shifting their focus to higher-priced residential properties.The condominium units in Bayan Lepas will be from 1,000 sq ft and priced from RM480,000 while three-storey houses with built-up of 5,300 sq ft will be priced at RM3.3mil in Seri Tanjung Pinang.

The developers are IJM Land Bhd with gross development value (GDV) of RM415mil, Ideal Property Group (RM1.46bil GDV), Hunza Properties Bhd (RM600mil GDV), Eastern & Oriental Bhd (RM650mil GDV) and Mah Sing Group Bhd (RM1.2bil GDV).

Real Estate & Housing Developers’ Association (Penang) chairman Datuk Jerry Chan told StarBiz that developers could be shifting their focus to properties priced from RM400,000 as there was a large supply of housing priced between RM200,000 and RM400,000 targeting first-time buyers.

This did not mean that buyers have lost interest in affordable housing with built-up of 900 sq ft and priced from RM500 to RM600 per sq ft.

Chan pointed out that developers would continue to build housing in the affordable range to leverage on the higher density for plots of land but there would be a gradual shift to the “non-affordable” range.

He added that there would be fewer launches in 2016, due to the difficulties in obtaining bridging and end-financing loans from banks.

Referring to the incoming supply of housing that were currently under construction, Chan said this would be spread over a five- to 10-year period, depending on market demand and the size of the schemes.

The National Information Property Centre (Napic) report revealed that the state would see an incoming supply of 72,114 units into the market.

According to the Napic report, the existing stock of houses in the state stood at 393,303, compared with 383,484 in the first half of 2014.

“We still foresee the volume and value transactions of properties to contract in 2016. However, the contraction this time won’t be so sharp,” Chan said.

Ideal executive chairman Datuk Alex Ooi said the group had developed 4,840 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 non-affordable range priced between RM400,000 and RM600,000.

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

“There are still 8,000 units of properties with more than RM4bil in GDV to be implemented over the next 10 years, priced between RM400,000 and RM600,000,” Ooi said.

‘Moderate to flat’ outlook

Ooi expected property market conditions to be “moderate” to “flat” in the coming year.

Mah Sing (North) senior general manager Law Wei Keong said the company had recently completed a survey on the preference of housing products in the country.

“The study revealed that a majority of the 6,000 surveyed favoured houses priced in the range of RM500,000 to RM700,000,” he said.

Of the RM2bil worth of housing projects launched in the country this year, about 16% were priced from RM1mil, while the remaining 84% are below RM1mil, according to Law.

IJM Land senior general manager (north) Datuk Toh Chin Leong said despite the weak market sentiment, the company would continue to launch properties priced below RM800,000.

“It will be a slow year for the property market in 2016,” Toh said.

IJM Land’s pipeline of projects for next year in Penang included the RM232mil Waterside Residence in The Light Waterfront project next to Penang Bridge, the RM64.7mil Trehaus Condo Villa scheme in Bukit Jambul, and the RM118.4mil Senjayu Terrace project in Jawi, South Seberang Prai.

The Trehaus and the Waterside Residences scheme would be launched in the second quarter of 2016, while the Senjayu Terrace would be introduced in late 2016.

“The price of the three property schemes ranged between RM730,000 and RM1.3mil,” he said.

Meanwhile, Ideal would be launching the RM460mil Forestville, RM600mil Queens Waterfront Residences, and RM400mil Camerlina, located in Bayan Lepas, priced between RM480,000 and RM800,000.

“There is still growing need for mid-range houses that is reasonably priced, located within mature township, surrounded and supported by amenities such as schools with good accessibility, lower density with lifestyle concept,” he said.

Eastern & Oriental will develop the recently launched RM482mil Tamarind and 50 units of terraced houses with a RM168mil GDV in Seri Tanjung Pinang.

The Tamarind units, ranging between 1,000 sq ft and 1,770 sq ft, are priced around RM691,000 and RM1.16mil, while the terraced units, with built-up areas of 5,300 sq ft, are priced from RM3.3mil.

Its general manager (marketing and sales) Christina Lau said the Tamarind was scheduled for completion in 2019.

No date has been set for the completion of the 50-terraced properties.

Mah Sing to unveil Ferringhi Residence 2

Mah Sing will launch the RM735mil Ferringhi Residence 2, the RM350mil Icon Residence and an unnamed RM150mil project in Southbay City, Batu Maung.

“We are targeting the Ferringhi Residence 2 launch in the first quarter,” Law said.

The Ferringhi Residence 2 consists of three blocks offering 632 units with built-up areas from 1,208 sq ft to 2,910 sq ft, priced from RM775,265.

Law said the pricing for the unnamed project would be below RM680 per sq ft.

“The units have built-up areas of 750 sq ft to 1,000 sq ft,” he said.

Meanwhile, Hunza will develop the RM600mil Alila 2 project in Tanjung Bungah, 270 units which have built up of between 1,900 sq ft and 3,300 sq ft, priced from RM775 per sq ft.

“We will promote the 9.8acre project in Indonesia, Hong Kong, and Singapore early next year.

“The key attractions are the size of the units, which are extremely scarce on the island nowadays,” group managing director Khor Siang Gin said.

Affordable housing is no longer a new topic for potential home buyers. So many yet it could be so few that is suitable. Today, let’s take a stroll into comparing the two most popular affordable housing projects in the north east district of Penang Island. Both projects are located within the township of Tanjung Tokong, less than 3km apart.

	Tri Pinnacle	i-Santorini
Developer	Aspen Group	Ideal Property Group
Location	Mount Erskine	Tanjung Pinang
Standard unit size	800 sq.ft.	850 sq.ft.
Price psf.	RM374	RM353
No. of carpark	1	1
Selling Price	RM299,000	RM300,000
Upgrade packages	RM399,000 for 2 carparks, fully renovated, IKEA furnishing and electrical appliances	RM350,000 (2 car park, MS Grill door for main entrance, Air con piping) RM400,000 (2 car park, FREE legal fees & disbursement for SPA & Loan, additional yard area & points etc)
Development land size	9.97 acres	9.975 acres
Land tenure	Freehold	Leasehold
Total units	859	2155
Expected completion	Dec 2018	2020
Highest floor	45	49
5 nearest schools	SRJK Peng Hwa Penang Chinese Girls High School (3.5km) Upland School (11km) Sekolah Tinggi Phor Thay (3km) TAR College University (4km)	Tenby International School (4km) Penang Chinese Girls High School (4km) Phor Tay Primary & High School (3km) TAR College (4.5km) Han Ming Primary School
5 nearest eateries	James Foo (1km) Fatty Loh Chicken Rice (1km) Prima Tanjung Food Court (1.5km) Charlie’s Mount Erskine Food Court (1.5km)	Daorae Korean Restaurant (1km) Old Town White Coffee (1.5km) Pizza Hut (0.5km) KFC (1km) SOHO Bistro & Bar (1.5km)
5 nearest malls	Gurney Plaza (3.5km) Island Plaza (2.5km) Tesco Sungai Pinang (2.5km) Gurney Paragon (3.5km) Straits Quay (3km)	Gurney Plaza (3.5km) Island Plaza (1.5km) Tesco Sungai Pinang (1km) Gurney Paragon (3km) Straits Quay (1.5km)
Web popularity (Past 90 days)	16,000 pageviews	20,000 pageviews
Travelling to (off peak) Penang Bridge 2nd Bridge Airport Komtar FTZ	14km (20 minutes) 22km (28 minutes) 22km (30 minutes) 8km (18 minutes) 19km (26 minutes)	14km (20 minutes) 22km (28 minutes) 22km (30 minutes) 7km (16 minutes) 19km (26 minutes)
Project highlights (by developer)	First private-initiated affordable housing project in Penang Affordably priced condominium units with condo facilities Land tenure: Freehold Practical & family-friendly layout Highly sought-after location in Tanjong Tokong Fully renovated and furnished with IKEA furnishings and electrical appliances Lowest density in terms of Affordable Home development	100% affordable home with no mixture of low cost or low medium cost Upscale neighbourhood Walking distance to Tesco Excellent accessibility Excellent public amenities Practical design and maximum utility of space Wholesome living concept for the family and with open lush recreational spaces
	More about Tri Pinnacle	More about i-Santorini

The people of Seberang Prai will have a say in the RM27bil Penang Transport Master Plan, said Chief Minister Lim Guan Eng.

“The plan will affect them. They must have a say and voice out whether they want it or not.

“If they reject the plan, it will not be implemented. If they want it, we will implement it,” he told reporters at the Christmas Open House at the St Chastan & Imbert Catholic Church in Chai Leng Park here yesterday.

Lim also said the proposed 28.4km-long Jalan Raja Uda-Bukit Mertajam monorail line, which is part of the master plan, would have 22 stations covering Alma, Bukit Mertajam, Bandar Perda, Taman Supreme, Sunway Carnival Mall and Penang Sentral.

“The people in Prai will be affected as a line will come out at the south of Prai next to the Penang Bridge and flow into Jalan Perusahaan through Taman Supreme before ending at Penang Sentral,” he said.

Recently, The Star reported on a light rail transit (LRT) track across the sea which would be built as the fourth link between Penang island and the mainland.

The LRT trains, which will travel on rails built near the Penang Bridge, will connect Gelugor on the island and the Prai Industrial Estate on the mainland before continuing northwards to Penang Sentral in Butterworth.

Source: TheStar.com.my

Two man-made islands, located near Permatang Damar Laut, spanning 930ha and 445ha- as a source of funding.

The business community in Penang hopes the ambitious RM27bil Penang Transport Master Plan (PTMP) materialises, stating that it would ease the growing traffic congestion on the island part of the state.

This was a contrast to voices of concern raised by some quarters on the risks of PTMP that would see the development of a light rail transit (LRT) system on the island, the Pan Island Link Highway projects and recently an LRT linking the island to the mainland.

For building the infrastructure, the project promoters would be paid by havings rights to reclaim land which some sections of the people have raised concerns.

PTMP would involve two man-made islands, located near Permatang Damar Laut, spanning 930ha and 445ha- as a source of funding.

Federation of Malaysian Manufacturers Penang chairman Datuk Dr Ooi Eng Hock told StarBiz that they had received overwhelming response from FMM members on the Bayan Lepas light rail transit (LRT) and the Pan Island Link (PIL) Highway in the PTMP as it would reduce their transportation cost.

“We have an estimated 165,000 factory workers who travel to work in Bayan Lepas Free Industrial Zone (FIZ) daily using vans and buses. This partially contributes to the congestion on Jalan Sultan Azlan Shah and the Tun Dr Lim Chong Eu Expressway. If at least 70% to 80% of our workers are able to use public transport, we can reduce a significant number of vehicles on the roads,” he said.

On the PIL highway, Ooi said it would be a strategic bypass from the second Penang Bridge to Gurney Drive and would divert regional traffic away from local roads.

“This is important as about 15 out of our 100 FMM Penang members in Bayan Lepas are planning to grow their operations here, given the supply of developable land. Their projected investment will range from RM75mil to RM500mil.

“Our Penang members annual combined turnover that has grown from about RM45bil in 2009 to RM50bil last year,” he said.

PTMP was among major issues publicly opposed by a some members of the public and NGOs that are concernedon the reclamation works given the unsavory experience of mudflats build-up and foul smell along Gurney Drive after the Seri Tanjung Pinang Phase 1 reclamation exercise.

Fishermen in Penang were also against the reclamation project on the island’s southern coast, saying it would affect their livelihood.

As of Dec 17, the state had yet to approve the proposed land reclamation in the south of the island by PTMP project delivery partner, SRS Consortium Sdn Bhd.

Meanwhile, the Real Estate and Housing Developers’ Association (Rehda) Penang chairman Datuk Jerry Chan felt that the PTMP was an integrated, comprehensive and workable plan.

“I understand the plight of the fishermen and would like to suggest that the PDP and the state government to help them to venture into fish farming instead.

“The reality is nobody wants to reclaim land unnecessarily, but with that amount of cost also for the benefit of the larger public, what other choice does the state have?” he said.

Apart from the PTMP project, Chan felt that the Bayan Lepas airport on the island should be upgraded.

“Penang needs at bigger airport or another airport. The runway now is not long enough to facilitate a fully-laden wide body aircraft such as the 747,” he said.

Inari Amertron Berhad executive director K.C. Lau said that the proposed PTMP would enhance the appeal of Penang as an attractive industrial and business hub.

“It could place Penang a step closer to the likes of mega-cities Singapore and Hong Kong – where public transport takes people from one place to another without hassle even during peak hours,” he said.

Lau said this is because traffic played a highly important role in businesses, especially for a business which has multi-plant operations.

“To meet customers’ demand, we need to constantly improve our logistics, which means shorter cycle time to delivery,” he said.

Source: TheStar.com.my