A mixed development proposed by Eonlite Ventures at Jalan Patani in Georgetown. This development will see the demolition of the existing office and warehouse building located next to Jalan Patani Flat, for the construction of a 21-storey condominium and shop offices.

The new condominium will consist of 108 residential units in two different sizes. There will also be 6 units of 4-storey shop offices with underground car parks.

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

Project Name: (to be confirmed)
Location: Georgetown, Penang
Property Type: Mixed development
Built-up Area: 1,000 sq.ft. & 1,250 sq.ft. (condo)
Indicative Price: (to be confirmed)
Total Units: 108 (condo), 6 (shop office)
Developer: Eonlite Ventures Sdn. Bhd.

Location Map:

Aerial view of Bandar Tanjung Pinang / Gurney Drive

Ewein Bhd’s subsidiary is buying 50 acres of land at Bandar Tanjong Pinang, Penang for RM2.83bil for a proposed “Wellness City of Dreams” resort.

The Penang-based property company said on Friday its 60% owned Ewein Zenith Sdn. Bhd had inked a memorandum of agreement to buy the land from Consortium Zenith BUCG Sdn. Bhd at RM1,300 per sq ft.

At 2.178 million sq ft, the purchase price would be RM2.83bil, it said.

The development would comprise a wellness resort, apartments, resort, retirement and healthcare residential suites, serviced apartments with wellness facilities, SOHO and ambulatory services.

“The proposal will be funded entirely by internally generated funds of Ewein,” it said.

Ewein said the proposal was in line with the group’s strategy to increase its land bank in order to expand the group’s revenue base particularly in the property development division.

The directors of Ewin Senith are Datuk Ewe Swee Kheng, Datuk Zarul Ahmad Mohd Zulkifli, Chan Gooi Yew, Datuk Lee Chee Hoe and Chuah Poh Lim.

Consortium Zenith’s core activities are construction and project management. The directors of are Datuk Zarul Ahmad Mohd Zulkifli, Datuk Lee Chee Hoe, Datuk Abdullah Sani Ab Hamid, Shahidan Shafie, Wong Kwai Wah, Harjinder Singh A/L Saudagar Singh, Ibrahim Sahari and Li Guangyao.

Ewein said on Dec 28 last year, Consortium Zenith had signed a sale and purchase agreement with Ewein Zenith II Sdn Bhd, a 60% subsidiary of Ewein to dispose all that piece of freehold land in Section 1, Bandar Tanjong Pinang.
The 4.4252 acres (192,761.7 square feet) of land was for RM162mil.

According to the statement then, the proposed acquisition is in line with Ewein’s strategy to increase its landbank in order to expand the group’s revenue base, particularly in the property development division.

“In light of the strategic location of the land, which is in a matured and established prime area for residential and commercial purposes, the board opines that the said land is strategic for the future development of the group,” deputy chairman and group managing director Datuk Ewe Swee Kheng had stated then.

The remaining 40% of Ewein Zenith II is held by Consortium Zenith, a construction company that was awarded the works for the major roads project and the third link (tunnel) project in Penang by the State Government of Penang for RM6.3bil.

Ewein expects to complete the acquisition in the first half of 2016. The company plans to develop residential and commercial properties on the land.

Source: TheStar.com.my

Sapphire, a small residential development by Seal Properties Sdn. Bhd. in Batu Maung, Penang. Located along Jalan Batu Maung, accessible via Lorong Batu Nilam 1. It is adjacent to Sunway Mutiara scheme, only 2km away from Penang Second Bridge.

This development comprises 14 units of 3-storey semi-detached and terrace houses.

Project Name : Sapphire
Location : Batu Maung, Penang
Property Type : 3-Storey Semi-Detached & Terrace
Land Area: 1,905 sq.ft. (terrace), 2,511 sq.ft. (semi-d)
Built-up Area: 3,415 sq.ft. (terrace),  4,284 sq.ft. (semi-d)
Total Units: 14 (semi-d), 14 (terrace)
Tenure : Freehold
Indicative Price: RM1,900,000 onwards
Developer : Seal Properties Sdn. Bhd.

Location Map:

While we are excited to keep you updated with more development news in 2016, let’s take a look at the 5 most popular projects in previous year. These projects are ranked based on page views recorded in 2015.

1. The Tamarind (95,200 views)

Freehold executive apartments by E&O Property at Seri Tanjung Pinang, Penang. Located along Jalan Seri Tanjung Pinang 1, within walking distance to Straits Quay and Tesco. It was first published on 2nd December 2014 and has been popular since then.

This project has recorded a whopping 95,200 page views and received 2,196 comments in 2015.

2. Ramah Pavilion (76,570 views)

Affordable housing development by M Summit Group in Teluk Kumbar, Penang. It is located next to Puspakom Teluk Kumbar, comprising 759 affordable units in two blocks of 36 & 38-storey building. This project was first published in September 2014, and was viewed 75,570 times last year. Is has also received a total of 1,329 comments in 2015.

3. One Foresta (70,073 views)

The first i-Condo affordable housing by Ideal Property Group in Bayan Lepas, Penang. It is strategically located along Lengkok Kelicap, only a few minutes away from Penang Internation Airport, It is just a stone’s throw away from Setia Pearl Island housing scheme.

The residential component comprises 4 blocks of 41 and 42-storey towers with a total of 2,334 affording housing units. Each unit will have a built-up area of 900 sq.ft. and comes with 3 bedrooms.

4. TRI Pinnacle (56,378 views)

Affordable homes located at Jalan Persiaran Halia 3 at Mount Erskine. The first of its kind by Aspen Group that create a high quality affordable housing development and help to enhance the surrounding area to provide the residents with a well conceptualized, modern, airy environment to live, relax and work!

This is one of the first private-initiated affordable housing project in Penang. Standard unit price starts from RM299,000, with option to upgrade it with full IKEA furnishing.

5. The Clovers (46,729 views)

Freehold residential development by Asia Green Development. Strategically located within the established township of Sungai Ara, few minutes away from the Penang International Airport, factories, Queensbay mall and etc. It comprises 892 units with size ranging from 699 sq.ft. onward, 180 units of which are categorized under affordable housing.

The Clovers and its affordable units have registered a combined page views of 46,729 in 2015.

Traffic Summary for 2015

Thank you for the confidence that you have placed in us and your continued support. PenangPropertyTalk.com has served more than half a million unique visitors (users) last year and recorded a total of 1.61 million visits (sessions) with 3.57 million page views in 2015.

2015 web traffic summary by Google Analytic

READ MORE: Penang Property Outlook 2016

Consortium Zenith BUCG Sdn Bhd (CZBUCG), the main contractor for the RM6.3 billion undersea tunnel project in Penang, will commence the construction on June 15, slightly later than its original schedule.

The construction of the mega project is expected to begin in the first quarter of this year.

CZBUCG chairman Datuk Zarul Ahmad Mohd Zulkifli said the consortium will first begin construction of the three highways, which form part of the project, before embarking on building the 7.2km undersea tunnel linking Penang island to the mainland.

The three road projects are the paired-road from Jalan Tanjung Bungah to Teluk Bahang, the Air Itam to Tun Dr Lim Chong Eu Expressway bypass and the bypass from Gurney Drive to Tun Dr Lim Chong Eu Expressway, which have a combined length of 21.2km.

Zarul said the consortium is currently waiting for the Penang state government to conduct an independent environmental assessment of the three road packages.

“What is pending now is that the state government is going to appoint an independent environmental consultant to look at it (the road projects), and to get approval from the Department of Environment (DoE) for the three highways,” he told The Edge Financial Daily in an interview last week.

“It will not take long because the DoE has already given us the go-ahead, but we have to get the state’s independent environmental consultant’s assessment, and submit with the preliminary environmental impact assessment (EIA), to get a formal approval,” Zarul explained.

He said the environmental assessment of the three highways can be done relatively faster than for the undersea tunnel, which would take up to 18 months.

“Unlike the undersea tunnel, where there are more environmental concerns, the DoE has already given us a letter for the three highways, which stated that we only need a preliminary-EIA to start construction,” Zarul added.

As the highways would take about six years to complete, Zarul estimates that CZBUCG would begin the EIA application for the undersea tunnel by 2017 or 2018.

“We probably would start (construction on) the undersea tunnel by 2021.

“We have to complete the three highways first. Otherwise, traffic volume from the tunnel would have no channel to disperse,” he said, adding that construction of the tunnel would take up to two years to complete.

CZBUCG was awarded the RM6.3 billion integrated road transport project on Oct 6, 2013 by the Penang government. In return for building the infrastructure, the state government will compensate CZBUCG with 110 acres of freehold reclaimed land at Tanjung Pinang.

After the completion of the three highways, Zarul said CZBUCG will claim about 50 acres of the said land from the state government.

“We will claim the land from the state government every time we achieve a certain milestone in the construction, which commensurates with the value of the land,” he said.

The consortium has appointed China Railway Construction Corp Ltd (CRCC) as its engineering, procurement, and construction contractor for the project, on favourable terms.

Under the partnership with CRCC, Zarul said the Chinese company will only get paid after the land parcels claimed from the state government are monetised.

CZBUCG has formed two joint ventures (JVs) with public-listed precision sheet metal manufacturer-cum-property developer Ewein Bhd.

After securing the land parcels from the state government, CZBUCG will dispose of them to these JVs (it owns 40% stakes in both entities) to monetise the properties and pay the construction fees to CRCC.

Moving forward, Zarul said CZBUCG may consider lowering its stake in the JVs to 20% each, in order to reduce the consortium’s capital expenditure.

“When we start construction, we need more cash, so probably we would reduce our stake to 20%,” he said.

So far, Zarul said the project has incurred expenditure of about RM160 million.

A check with the Companies Commission of Malaysia showed that the shareholders’ structure in CZBUCG has been updated to 98.10% owned by Zenith Construction Sdn Bhd, with the remaining held by Juteras Sdn Bhd (1.89%) and Beijing Urban Construction Group Co Ltd (0.01%).

Source: TheEdgeProperty.com.my