Modern homes: Visitors checking out the offerings by Ivory Properties during its recent Merdeka Roadshow at Gurney Plaza.

Ivory Properties Group Bhd will offer special promotional packages for its various developments in Penang during the three-day Malaysia Property Expo (Mapex) 2014 starting on Friday.

These include Tropicana Bay Residences, the first phase of the Penang WorldCity mega waterfront development in Bayan Indah, along with The Wave in Penang Times Square, and The Latitude in Mount Erskine.

Home buyers will also have the choice of assorted units from the developer’s already completed projects at the fair at the Subterranean Penang International Convention and Exhibition (SPICE) Centre.

Ivory corporate communications manager Ann Tan said they received overwhelming response to the Tropicana Bay Residences in their recent Merdeka Roadshow in Gurney Plaza.

Though the residences’ units come in eight different layouts sized between 455sq ft and 1,950sq ft, the 872sq ft units proved the most popular.

The development’s seafront location and overall concept were also appealing.

“We noticed that most were first-time buyers, newly married young couples or small families looking for homes that are modestly sized, affordable and strategically located,” she noted of the current trend.

The residences will be housed in six blocks of 22-storey towers and priced from RM458,000 to RM1.3mil, with an average rate of RM867 psf.

Conceptualised by an international architect, they are designed to foster healthy outdoor living, and feature resort-style amenities like an overhanging pool, tennis court, saunas and gymnasium, among others.

Visitors may also consider The Wave, whose unique design won it a ‘highly commended’ accolade in the ‘Residential High-rise Architecture, Malaysia’ category of the Asia Pacific Property Awards 2014-15 recently.

Tan said the revolutionary concept of The Wave, which is Phase Three of Penang Times Square in George Town, would make it one of the most sought-after addresses in the city.

“Its exterior features sun protection stripes over a glazed glass facade that appears to be in different colours when viewed from different angles and times of the day, creating the impression that waves are rhythmically lapping over the building,” she said

Inside, the 27-storey tower — which sits on an 11-storey facilities, retail and car park podium — will house 312 corner, intermediate, penthouse and duplex units ranging from 1,205 sq ft to 2,905 sq ft.

Those seeking a place to run businesses are catered to with the commercial units of The Latitude, sized at 1,390 sq ft and priced affordably at around RM600 psf.

“They are ideally located in a densely populated area with over 1,500 residential units in the vicinity,” Tan pointed out.

To find out more, visit Ivory’s booths at Mapex 2014, which is on from 10am to 9pm daily.

Source: StarProperty.my

Raintree Park 1, the latest addition to Pearl City township development by Tambun Indah. This is a gated and guarded development surrounded by choices of learning institutions, supermarkets, shops, and other facilities. It is mere minutes drive to the North-South Highway, Penang Science Park and the Penang Second Link and Up-Coming Pearl City Mall.

Types of property:

• Luxurious Duplex Villas
• 2 Storey Luxurious Terrace House
• 2 Storey Luxurious Link Semi-D

Property Project : Raintree Park
Location : Pearl City, Simpang Ampat, Penang
Property Type : Duplex Villas, 2-Storey Terrace & Semi-Detached
Tenure : Freehold
Developer : Tambun Indah
Indicative Price: RM 450,000 onwards

The Malaysia Property Exhibition (Mapex) 2014 in Penang this weekend will be more than just a property fair.

Real Estate and Housing Developers’ Association (Rehda) Penang chairman Datuk Jerry Chan Fook Sing (pic) said visitors could bring their children along as there would be a Kids Corner where they could play.

“There will also be a clown going around giving out candy floss and popcorn.

“We will also be arranging for a model to dress up as Captain Francis Light to escort Chief Minister Lim Guan Eng to the stage to launch the exhibition,” Chan told a press conference on Mapex 2014, which will be held at the Subterranean Penang International Convention and Exhibition Centre from Friday to Sunday.

The event is organised by Rehda and Henry Butcher Malaysia (Penang).

“The organisers will donate RM50,000, generated from the sales of the exhibition booths, to six charities at the launch.

“They are the D’Home Mental Health Association, The Salvation Army Penang Children’s Home, Grace Harmony Home, Penang Cheshire Home, Children Protection Society and St Nicholas Home Penang,” Chan said.

Rehda committee member Ng Chin-U said the exhibition would primarily showcase residential property projects in Penang.

He expects some 30,000 visitors to the event which will showcase projects with property prices ranging from RM346,000 to RM15mil.

Special sales packages will be offered during the exhibition which will also have lot of activities for kids and adults.

There will be a daily lucky draw at 7pm. The daily grand prizes are trips for two persons to Bali, Bangkok and Koh Samui.

The exhibition will open from 10am to 9pm daily over the three days. Entry is free.

Eco World Development Sdn Bhd is taking up the largest exhibition space at the event. The other exhibitors are SP Setia Bhd Group, IJM Properties Sdn Bhd, Asas Mutiara Sdn Bhd, Chong Company Sdn Bhd, Sunway Grand Sdn Bhd, BSG Property, Ivory Properties Group Bhd, Ideal Property Group, Airmas Group, Tambun Indah Land Bhd, Tropicana Macalister Avenue (Penang) Sdn Bhd, MTT Properties & Development Sdn Bhd, Palmex Industries Sdn Bhd, Inspirasi Elit Sdn Bhd and Plenitude Bayu Sdn Bhd.

Source: StarProperty.my

Dua Residensi, an affordable housing development by Penang Development Corporation in Teluk Kumbar, Penang. It is located opposite to Puspakom Teluk Kumbar, a mere minutes drive from Teluk Kumbar town center via Jalan Teluk Kumbar.

This development comprises 348 affordable units with size ranging from two different sizes – 850 sq.ft. and 1,000 sq.ft. There are also 346 units of low medium cost which are priced at RM72,000 a unit.

Indicative Price:

• Low medium cost: RM72,500 (700 sq.ft.)
• Affordable units: RM250,000 (850 sq.ft.), RM330,000 (1,000 sq.ft.)

For registration details, you may refer to our Affordable Housing page.

You may also click here to find out more about other affordable housing in Penang.

Project Name: Dua Residensi (formerly known as Duo Residensi)
Location : Teluk Kumbar, Penang
Property Type : Affordable housing development
Total Units: 348 (affordable), 346 (low medium cost)
Built-up Area: 700 sq.ft., 850 sq.ft. &  1,000 sq.ft.
Developer : Penang Development Corporation

Location Map:

by Charles Tan

A close friend asked me recently what’s the price that I would be willing to sell my condo in Tanjung Tokong. I said, RM700k. She laughed and said, my husband said that’s impossible. I laughed and said, it is ok. In fact at the price I wanted to sell, I was only looking to sell it at RM610 – RM630 psf.

Surely that is not something too high in Penang island. Furthermore, every condo in the neighbourhood are already above RM630 per sf despite giving just one car park. My unit comes with 2 car parks even if front and back. Nearby, E&O’s project was already selling at RM1,300 psf or higher. Just wanted to remind her that it is impossible for the whole Tanjung Tokong to rise in price but not my condo. The most recent offer came in at RM620K just two weeks ago which I told the buyer not to worry. Surely for RM620K he/she can get a decent unit, as long as he is ok with one car park and below 1,000sf. Then, today, I read the news from SP Setia in The Star.

Reported in The Star on 30 July 2014, SP Setia’s General Manager, Khoo Teck Chong said that over the next five years, SP Setia would be building more varieties of affordable housing that are able to cater to Penangite’ income level. This is because for the past few years, majority of all properties in Penang island has grown out of proportion in comparison to salary. Besides that, due to the stringent loan policies, it is getting tougher to sell high-end properties. He said that in the south-west district of the island, SP Setia would be developing properties prices from RM600 – RM700 psf range. The upcoming one would be Sky Vista at about RM600 psf. In SP Setia’s own survey, it was shown that properties priced between RM600 per sf and RM700 per sf are deemend to be affordable and thus are in demand by Penangites.

Personally, I rate South-West which is Balik Pulau as below Tanjung Tokong today. That’s why in terms of pricing, it should not be priced too high. RM600 per sf is a price which only more established developers like SP Setia would dare to price. However, if you ask me if I have just two choices today, where would I buy, it would be Balik Pulau and not Tanjung Tokong. Reason being, majority of all the working professionals would be on this side of the island instead of Tanjung Tokong. Of course, if you are a Penangite, then the choice is obvious. Penangites have their special preference for areas and always consider areas like Sungai Ara or even Relau as secondary instead of main areas. I guess it is ok. This is the reason why properties everywhere within the island has seen more than doubling of price within past few years.

>> This opinion article comes courtesy of Charles, the founder of kopiandproperty.com. He is popular for sharing his thought on property investment mostly based on his own 11 years experience as well as from all the readings and conversations with property gurus in the industry. (Source)