Ivory Properties Group Bhd hopes to complete all the five phases of Penang Times Square by 2020.
COO Goh Chin Heng said the group is waiting for approval to start phases four and five by year-end.

“We hope to commence work by the first quarter of next year concurrently,” he told reporters after the company’s EGM yesterday.
Goh said the components of the two phases include business hotels , serviced suites and retail outlets. The group has identified parties interested in some of the components in the two phases.

“We are talking to some interested parties who want to buy the hotels, which are among other components in Phase 4 and 5 of PTS,” he added.

In a statement to the media Ivory Properties said it has obtained approval from its shareholders during the EGM for the sale of a plot of land worth RM150 million to another company.

The transaction for the 21.77ha of freehold land in George Town was finalised in January this year between Ivory Indah Sdn Bhd and Jesselton Peak Sdn Bhd.

The net gain for the group from the disposal is RM38 million, which will be recognised upon completion in December 2016 in the financial year ending March 31, 2017.

Source: TheSunDaily.my

Ferringhi Residence 2, the second phase of residential development by Mah Sing Group in Batu Ferringhi, Penang. Strategically located just a stone’s throw away from the famous tourist belt of Batu Ferringhi beach. It comprises low-rise condo villas and high-rise resort condos with built-up area ranging from 1,208 to 1,565 sq ft.

This development will offer 632 units in three blocks of 4, 10 and 32 storeys. Facilities include a multipurpose hall, gym, tennis court, infinity pool, barbecue area and playground. In addition, there will also be a man-made pond.

Project Name : Ferringhi Residence 2
Location : Batu Ferringhi, Penang
Property Type : Condominium
Total Units : 632
Built-Up Area : 1,208 sq.ft. – 1,565 sq.ft.
Tenure: Freehold
Estimated Completion: 2020
Developer: Mah Sing Group

Location Map:

Casa Utopia, the second phase of residential development by Streamville Sdn. Bhd. in Sungai Dua, Butterworth. It is strategically located next to Taman Cassa Maya, only a short drive from Sungai Due toll plaza. Schools, markets and eateries are also easily accessible.

This new development comprises three blocks of 3-storey townhouse and a 14-storey high-rise building with a total of 122 condo units.

Property Project : Casa Utopia
Location : Sungai Dua, Butterworth, Penang
Property Type : Condominium & Townhouse
Tenure : Freehold
Built-up Area: 1,000 sq.ft. onwards (condo)
Total Units : 122 (condo), 26 (townhouse)
Indicative Price: RM400 psf onwards
Developer : Pembangunan Rasa Sempurna Sdn. Bhd. (Streamville S.B.)

Location Map:

The Penang state Urban Regeneration Committee will hold its first meeting at the Penang Development Corporation on December 7, says its chairman Jagdeep Singh Deo, reports The Malaysian Insider.

The committee will look into regenerating decades-old public housing schemes in Penang at Rifle Range, Taman Free School, Taman Tun Sardon and Mak Mandin.

“As the units at the flats have owners, we have to study the legality of what we are trying to do. We have to iron out all kinks. Then, we have to educate the people and raise awareness. We have help them understand and see what is in store for them in this initiative,” he said.

The regeneration plan includes replacing old, low-rise blocks of flats, which are becoming costly to maintain, with new, taller and better-equipped flats.

“Some of the old (current) schemes are only five storeys high. If we replace them with new blocks of 15 or 20-storey flats, we can provide homes to more than 1,000 extra families. This is why this programme is so important,” said Deo.

He said the state government may consider building new blocks on available land, relocate a section of the residents in the neighbourhood to the new units, and demolish the old, vacant flats to make way for new blocks.

“We plan to build new flats and to equip them with proper facilities. Due to the population in those schemes also ageing, we will look into introducing the wellness concept to their living conditions too.

“This will include features like hand rails and panic buttons,” he said.

Jagdeep said the state would make a request for proposals to appoint the developers that can give the state the best deal to redevelop and rejuvenate the old neighbourhoods.

He admitted that a genuine urban regeneration project that benefited a large section of the public would be challenging to implement, but Penang would be the first state to attempt such an initiative.

He added that other countries such as Singapore, Hong Kong and Japan had been successful in regenerating old housing schemes.

Source: TheEdgeProperty.com.my

The first privately initiated Affordable Home Project by Aspen Group in collaboration with the Penang State Government, Tri Pinnacle, has opened its show unit on 21 November. Eligible buyers as well as those who are interested to experience how it truly feels to live in a unit at Tri Pinnacle are welcome to make an appointment for viewing.

The opening of the show unit was officiated by Yang Berhormat Jagdeep Singh Deo, Penang State EXCO for Housing and Town and Country Planning. Also present were Dato’ Seri Nazir Ariff, Chairman and Executive Director of Aspen Group and Dato’ M. Murly, Group Chief Executive Officer of Aspen Group.

The show unit has been furnished with lKEA furnishing according to the upgrading package offered by the Group, with added touches to enhance the interior as well as to create that homely ambiance that homeowner desires.

“I’m happy with the progress of Tri Pinnacle and the State Government will continue to work with private developers to provide more affordable housing choices to Penangites.” State Housing Committee chairman Jagdeep Singh Deo said.

Tri Pinnacle is strategically located in Tanjung Tokong, one of the most sought after addresses in Penang Island which is only 10 minutes from the city centre. It is also well connected with access to reputable schools, commercial centres, shopping malls as well as entertainment and leisure facilities.

To not judge a book by its cover, Tri Pinnacle though under the Affordable Home Scheme, will provide amenities and facilities that can be rivaled with those of high end condominiums. Amenities such as swimming pool, wading pool, gymnasium, children playground, multipurpose hall, landscape area, viewing area and a lot more are those that buyers can expect for the affordable price that they pay. Its prime location with freehold land title in Tanjung Tokong, also sets it apart from other Affordable Home projects.

“When we talk about affordability, it should not only refer to the price that the purchasers pay, other elements such as location, facilities and amenities should not be left out too. As such, Tri Pinnacle is not only affordable in terms of price, residents can also enjoy unparalleled connectivity and other amenities nearby the vicinity.”

“Now that we have complied with all the requirements after the changes of the new Strata Management Act, we will start the Sales and Purchase Agreement signing for every category, including the low medium cost apartment and regardless of which packages they opt for,” said Dato’ M. Murly, Group Chief Executive Officer of Aspen Group.

Tri Pinnacle is currently under construction as earthworks have been done and construction work has commenced since last month. The completion of this much awaited project is slated to be in 2018.

Eligible applicants are urged to register with the State Housing Department if they have fulfilled the stipulated terms and conditions set by the State Government.

This development has a GDV of RM479 million and offers 859 units of affordable condominium with an 800 sq.ft. build up and 390 units of 650 sq.ft. low medium cost apartment spread across 45—storey tower.

The Tri Pinnacle affordable condominium is priced at RM299,990 and eligible purchasers can also opt for the upgraded unit with enhanced specifications and an additional parking lot. Property buyers who do not fulfil the stipulated requirements set by the State Housing Department can also purchase Tri Pinnacle affordable condominiums by paying an additional 20% based on the standard price as state levy fees to the State Government. However, the public units are only limited to 30% out of the total units.

Interested parties can visit Tri Pinnacle’s show unit at Aspen Group, located at 300, Jalan Macalister or by calling Aspen Group toll free at 1800 30 5000. Show unit viewing is strictly by appointment only.