Despite the dampened property market, developer Ivory Properties Group Bhd is anticipating its earnings for the financial year ending March 31, 2016 (FY16) to be comparable with FY15 — if not better — driven by two projects: the Penang Times Square and Penang WorldCity.

It saw a net profit of RM23.51 million on a revenue of RM270.19 million in FY15.

“We have good sales [for our developments], but of late the [housing] loan rejection rate of banks has been climbing. We still believe the market has buying power, and [that] property market sentiment will return,” Ivory chief operating officer Goh Chin Heng said last week.

The group aims to complete the remaining three phases of its five-phase Penang Times Square, which has a gross development value (GDV) of RM800 million, in the next three to five years.

“Work is in progress for The Wave serviced residences (Phase 3), which are 100% sold for non-bumiputera lots, while The Central [commercial suites] (Phase 4) are expected to be launched at the end of the year,” said Goh.

The Penang Times Square, which has a GDV of RM2 billion, is located in the heart of George Town, boasting one of the biggest malls in northern Peninsular Malaysia, with over a million sq ft and set to be completed by 2020.

“Location is key. With the light rail transit project rolling out, we believe this will boost the viability of our development,” said Goh.

As for Penang WorldCity, its joint development with Tropicana Corp Bhd ( Financial Dashboard) which carries a GDV of RM10 billion, it said there are some 80 acres (32.37ha) left for development.

“We may consider a mixed development [on a portion of the 80 acres] with a GDV of RM1 billion. However, this is still in the planning stage. Considering that we still have a substantial portion of undeveloped land, Penang WorldCity should keep us busy for the next 10 to 15 years,” said Goh.

Phase1A of Penang WorldCity, comprising six blocks of condominiums known as Tropicana Bay Residences, saw over 80% of its 1,343 units sold.

Ivory chief executive officer Datuk Low Eng Hock said the group is eyeing development opportunities in the Klang Valley and is in the midst of sealing an agreement with a potential partner there.

“We hope to be able to break the good news by early next year. It will be a mixed development,” he added.

Ivory shares closed unchanged at 36 sen last Friday, with a market capitalisation of RM162.62 million.

Source: TheEdgeMarkets.com

Over 500 houses in Hong Seng Estate in Penang may soon have to make way for a new housing project.

A resident who has stayed there for 30 years said he heard about the plans to redevelop the land but did not have any details.

“This is my ancestral house. If the offer is good, we may accept it,” he said, adding that they were paying RM40 rental per month.

Hong Seng Estate located off Jalan Mount Erskine was named after the original owner who purchased the land, which was then a jungle, in 1819. Hong Seng, who is buried there, had wanted to turn the land into a graveyard plot for his family.

The land is now surrounded by 50 family ancestral graves and backed by lush greenery.

According to former state executive councillor Datuk Khor Gark Kim, the administrators of the land spanning 62 acres approached him about the development project.

“Many developers had been invited to develop the estate but to no avail, partly due to a lack of legal access.

“The administrators then asked me if I could redevelop it since I was the assemblyman for Tanjung Bungah,” he said at his office in Midlands One-Stop shopping centre in Burmah Road yesterday.

Khor said he met with Chief Minister Lim Guan Eng twice last year about the plan, adding that Lim thought it was a good idea.

The project will have low medium-cost (30%), affordable (25%) and open-value (45%) housing.

“The residents will each be given a low medium-cost unit with three bedrooms and they will also be compensated with rental subsidy for three years while the project is ongoing.

“This is my open commitment to them if I develop the land,” he said.

Source: TheStar.com.my

Penang Affordable Housing Video

(courtesy of Penang State Housing)

Taman Daya Maju, a residential development by Airmas Group in Bukit Mertajam, Penang. Strategically located next to the junction between Jalan Song Ban Kheng and Jalan Megat Harun. It’s only few hundred meters away from the Maju Jaya Business Center, just a mere minutes drive to Bukit Mertajam Town Center.

This development comprises 54 units of 3-storey townhouse.

More details to be available upon project launch.

Property Project : Taman Daya Maju
Location : Bukit Mertajam, Penang
Property Type : 3-storey Townhouse
Total Units: 54
Indicative Price: RM468,000 onwards
Developer : Airmas Group

Location Map:

Pearl Tropika, is the latest development of the self-contained Pearl City township of Simpang Ampat in Southern Seberang Perai. It is just next to Raintree Park, only a mere minutes drive to the North-South Highway, Penang Science Park and the Penang Second Link and Pearl City Mall.

Property Project : Pearl Tropika
Location : Pearl City, Simpang Ampat, Penang
Property Type : 2-Storey Terrace & Semi-D
Land Area: 20′ x 56.5′ onward (Terrace),  30′ x 73′ onward (Semi-D)
Built-up Area: 20′ x 36.5′ onward (Terrace), 22′ x 45′ onward (Semi-D)
Tenure : Freehold
Indicative Price: RM428,000 onward (Terrace), RM566,000 (Semi-D)
Developer : Tambun Indah

Location Map: