Property developer Eco World Development Group Bhd is seeking shareholders’ approval for its multi-million ringgit mixed project in Penang.

The company issued a circular to Bursa Malaysia detailing two land parcels totalling 449.64 acres in Batu Kawan, which it is acquiring and plans to develop for a total consideration of RM796.27mil.

To recap, Eco World had in April received a letter of award from Penang Development Corp (PDC) to undertake the projects.

The projects comprise a 299.64-acre leasehold development – Eco Marina – which it is acquiring and developing into a mixed development of RM730.93mil, as well as the leasing of a 150-acre parcel as an international standard golf course with a minimum of 18 holes and a club house, for a 30-year period with an option to renew for a further 30 years for RM65.34mil.

This brings the total consideration for both sites to RM796.27mil.

Eco World said the total consideration for the 299.64 acres and 150 acres took into consideration the development potential and prospects of the land parcels in view of their strategic location being close to the Second Penang Bridge.

It added that both lease and purchase consideration were derived based on RM56 per sq ft (psf) and RM10 psf, respectively, based on the estimated land area of both parcels.

“There is also the potential gross development value of about RM10bil to be generated from the proposed Eco Marina Development based on management’s estimates.

“This is seconded by the market value of properties surrounding the land parcels from the sale of similar properties that were transacted recently as well as the asking prices of similar properties in the neighbourhood,” Eco World said.

Although the development parcel and the lease parcel were to be purchased and leased separately, both land parcels were to be viewed as one single parcel as both developments were “complementary to one another and inter-linked”.

Meanwhile, the company said it was in the midst of preparing the masterplan and layout plan for the land parcels for submission to the relevant authorities.

The immediate neighbourhood of the land parcels comprised the ongoing developments of the Batu Kawan Industrial Park on the south side of the road leading into the Second Penang Bridge, the residential Crescentia Park development as well as the Stadium Batu Kawan.

Nearby commercial developments include the Ikea store and shopping mall, Penang Designer Village and KDU University College campus, all of which are located within Batu Kawan.

The Eco Marina project has been targeted for a first-half 2016 launch and development will be carried out over the next 10 years.

The project will strengthen the developer’s presence in Penang since opening its first sales gallery in Macalister Road last year.

While expecting the remainder of the year to be challenging, the company’s board is confident of achieving its sales target of RM3bil for the current financial year as there would still be “demand for good quality products in the right location”.

The company said it would continue to invest in innovative campaigns to further raise EcoWorld’s brand profile and actively promote its 10 ongoing projects.

Shares of Eco World fell 1 sen to RM1.39 yesterday, settling at a midway point from a recent low of RM1.20 on Aug 28 and RM1.60 in mid-September.

Source: TheStar.com.my

Busy, busy: A file photo of the crowd checking out a booth at the Star Property Fair 2014 at Queensbay Mall in Penang.

Choice projects under one roof

The Star Property Fair is back for the third time this year, and with over 30 exhibitors showcasing choice properties, it will be the biggest held at Queensbay Mall, Penang.

Starting today and running until Sunday, it is spread across the mall’s North, South and Centre Atriums, as well as the Lower Ground Floor, and open from 10.30am to 10.30pm daily.

First-time homeowners, upgraders or discerning investors will be spoilt for choice at the northern region’s premier one-stop property showcase as there are options aplenty both locally and abroad.

The projects range from luxurious landed and high-rise residences to integrated developments, retail and office spaces, affordable homes, investment schemes, and more. Each offers unique lifestyle concepts and distinct features.

Major exhibitors include Eco World Development Group Bhd, BSG Property, Ewein Zenith Sdn Bhd, Mah Sing Group, UEM Sunrise Berhad, Sunway Berhad, Seni Bahagia Sdn Bhd, BDB Land Sdn Bhd and Asia Green Group.

Also making their presence felt are Nusmetro City Sdn Bhd, GSV Development Sdn Bhd, Reka Indah Development (PG) Sdn Bhd, Ideal Property Group, Tropicana Ivory Sdn Bhd, Putra Nilai Development Sdn Bhd, Tropicana Corporation Berhad and IOI Properties Group Berhad.

The list continues with Aroma Development Sdn Bhd, OSK Properties Sdn Bhd, Trimension Properties Group, Thriven, Tambun Indah Land Sdn Bhd, Southeast Asia Landmark, Atlantic Blue Sdn Bhd (Solarvest), Packet One Networks (P1-4G) and PTPTN.

Completing the 36 lots are Bionic Land Berhad, Kinta Berkat Sdn Bhd, GIC Great Investor Club, Metrio Group of Companies, Tropicana Indah Sdn Bhd and FORT.

Visitors will be able to obtain project details directly from developers, and get a feel of the actual developments through realistic scale models. And best yet, there are fantastic rebates and promotional packages.

Besides the wide selection of properties, there will also be talks and forums conducted by industry specialists to provide useful information and updates on property investment, financing and related topics throughout the four-day fair.

Not-to-be-missed sessions include ‘Market Outlook 2015: Investing In Uncertain Times’ by Leon Lee, ‘Demand Driven Property Investment’ by Dr Daniele Gambero, as well as ‘Landlord and Tenant: Agreement and Dispute Resolution’ by Lio Chee Yeong.

Also, make a date for talks titled ‘Mortgage Insurance: Should I Buy?’ by Elane Goh, ‘Maximise Your Property Profits Through Financing’ by Vince Chia, ‘How You Can Be The Next 9 To 5 Property Millionaire’ by B.K. Khoo, and ‘How To Minimise Tax in Property Investment’ by Richard Oon.

Equally informative are ‘How To Get Your Loan Approved’ by Miichael Yeoh, ‘The Mindset of a Savvy Investor’ by Alexander Woo and talks on feng shui by renown masters like David Koh, Prof Joe Choo, Mak Foo Wengg and Soon Gim Horng.

Visitors to the fair also stand a chance to win one of the many amazing prizes, worth over RM100,000, in the Spin & Win contest.

To participate, simply purchase a copy of The Star, cut out the contest coupon, fill in your personal particulars, answer a simple question correctly and redeem it for a spin on the wheel. This year, there will be two contest booths to cater to the expected crowd.

Among the main prizes up for grabs are Samsung Note 5 (four units), Samsung Galaxy Core Prime (four units), Samsung Tab 8 (four units), Samsung Tab 3V (four units) and Parkson shopping vouchers.

Every participant is guaranteed to take something home with an abundance of other fantastic prizes like Global Positioning System (GPS) units, perfumes, watches, vitamins, Crabtree & Evelyn products and many more.

Visitors who sign up for properties during the four-day fair stand to win some of the prizes as they will also get a go at the wheel.

For further details or enquiries, kindly call Maggie Ang at 04-6473388 (Ext 3023).

Admission to the fair is free.

Source: TheStar.com.my

The first phase of the Penang Transport Master Plan (PTMP), involving the construction of the LRT project,” is scheduled to take off in the first half of 2017.

State local government, traffic management, and flood mitigation committee chairman Chow Kon Yeow said the design and the alignment of the LRT would be finalised next year.

He was stressing on the issue during the Penang Master Builders & Materials Dealers Association (PMBBMDA) 138th anniversary celebration.

Chow said the Gamuda-led SRS Consortium would submit the plan which included the reclamation aspects of the project to the local authorities for approval.

“The consortium would also be applying to the Federal authorities for the licence to do the LRT in Penang.

“No licence means the LRT project will not take off,” he said.

The SRS Consortium is a triumvirate joint venture of Gamuda Berhad, Ideal Property Development Sdn Bhd and Loh Phoy Yen Holdings Sdn, appointed as the Project Delivery Partner (PDP) for the RM27bil Penang Transport Master Plan (PTMP) projects.

On the request from PMBBMDA to obtain jobs to be generated from the PTMP implementation, Chow said he would arrange a dialogue between SRS Consortium and PMBBMDA on the matter.

The PTMP is a massive effort to create new road networks, improve present carriageways and the pedestrian ecosystem.

This also includes significantly upgrading the public transport system by introducing new transport options including trams, a mass rapid transit (MRT) system and water taxis.

Source: TheStar.com.my

A proposed low-rise residential development by MTT Properties & Development Sdn. Bhd. This is part of the company’s Botanica.CT township development in Balik Pulau, situated on the south west region of Penang Island. The township is about 17 km from the Penang International Airport and 25 km from Georgetown

The proposed development is located along Jalan Sungai Air Putih 8 (map shows approximate location), comprises 3 blocks of 4-storey building with a total of 74 residential units.

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

Property Project : (to be confirmed)
Location : Botanica.CT, Balik Pulau, Penang
Property Type : 4-storey residential
Tenure : Freehold
Indicative Price: (to be confirmed)
Total Units : 74
Developer : MTT Properties & Development Sdn Bhd,

Exco man: Other affordable housing concepts not suitable

Penang will not emulate Singapore or Hong Kong in its bid to provide affordable housing to the people, said state Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo.

He said: “I do not want to be like Hong Kong or Singapore. There is a way to do it and I will teach them (developers) to do it the ‘Penang way’.

“We have our way of doing it without impacting the environment or making it more congested.

“Hong Kong’s development can go up to 300m high on hills but here we do not allow more than 76m high to take care of the greenery and hills.”

He was responding to a report in a Chinese daily, which said that developers had suggested to emulate Singapore’s shoebox units or Hong Kong’s micro apartment concept in the urban area with the support of infrastructure.

“Housing is not alone as it includes infrastructure. With the installation of the RM27bil Penang Transport Master Plan, it will open up many possibilities,” Jagdeep said on Saturday in Taman Free School.

He added that the most important issue now was to provide affordable housing and the developer should not ‘run away’ from doing it.

“Developers shouldn’t build all expensive units to make money.

“The reason why we are studying the possibility of an increase of density is because we want more affordable housing.

“No one is going to build cheaper houses if you want them to build the same number of units as expensive houses.

“However, we do not want the density to be too high or the price too expensive. It’s finding the right balance that is important,” he said.

Source: TheStar.com.my