Abel Residence, an upcoming gated and guarded housing scheme by Jayamas Property in Bukit Tengah, Penang. It is located next to Taman Sejati, easily accessible via Jalan Bukit Tengah. The newly open Starbuck drive-thru concept store at Icon City Commercial Hub is only a five-minutes walk away.

This development comprises a mix of landed properties and high-rise building:

• 15-storey condominium (112 units)
• 3-storey bungalow (4 units)
• 3-storey zero lot bungalow (11 units)
• 2-storey zero lot bungalow (10 units)
• 2.5-storey terrace (12 units)

Facilities:

• Clubhouse
• Grand Lobby & Lounge
• Rooftop Garden
• BBQ Area
• Swimming Pool
• Sauna Room
• Gymnasium
• Children Playground

by Charles Tan

I have always been telling everyone that the reason until today I do not own a single unit of a landed property is because condo is the future. Landed would become so expensive that the current units and even future supply will not be so easily available or even affordable. Thus, growth would not be huge when compared to condo. After you buy one unit, who can you sell to? Well, honestly when I look at just Penang, I am wrong. Haha. Yes, please take a look at the chart below provided by my good friend, Michael Geh, the senior partner of Raine & Horne International Zaki + Partners Sdn Bhd. It shows that whether it’s 2013 or even 2014, landed terrace homes of 2-3 storey remain the most popular in Penang. This is despite the fact that one row may have just 30 units of these but a few acres of land may be housing a few hundred condo units.

Thus the conclusion from this chart is simple. Penangites are very rich or if they are not rich, it meant that they are crazy for these landed units. Perhaps Penangites are both. Actually, the supply of these landed units would be very limited because the available land within the island is getting lesser. Even for developers who reclaims land, they have to build a lot of high-rise and not these landed ones because it would not be able to cover their costs or even obtain high profits. Besides a usual 2 storey landed is already easily RM1 million in Penang. How many people can afford to buy one anyway? Refer to some samples of latest listings below:

The conclusion from the chart and these landed properties tells us that I may be wrong for now but I may not be wrong for too long once all the high-rise units bought in 2011, 2012, 2013 and even 2014 are continuously coming into the market. Just assuming the prices increase by 3 percent per year would meant that these terrace houses would be considered ‘super grossly unaffordable’ to majority of the usual full time employees like you and me just a few more years down the road. It is now ‘grossly unaffordable.’ For those who can afford to buy a few and wait, I guess the choice is clear yeah. For Penang, landed would always be a premium, then, now and future. Happy owning one.

>> This opinion article comes courtesy of my friend, Charles, the founder of kopiandproperty.com. He is popular for sharing his thought on property investment mostly based on his own 12 years experience as well as from all the readings and conversations with property gurus in the industry. (Source)

The Design Village premium outlet mall development in Batu Kawan, Penang is on schedule for a Christmas 2016 opening, said PE Land (Penang) Sdn Bhd. Previously named Penang Designer Village, the name change is to reflect the collaborative design efforts of the mall, Savills Malaysia managing director and retail development adviser for the project Allan Soo told reporters at the press conference on the launch of Design Village’s construction phase in Penang yesterday.

Besides the mall, the development will also include a hotel and condominium blocks. The total estimate gross development value for the entire project is in excess of RM1 billion.

The single-storey open-air mall features weather-protected walkways and tropical landscaping. Luxury and premium brand anchor stores will be situated in distinctive “jewel box” design lots.

Soo said the mall will have a “loop system” making every lot accessible to shoppers.

He said the Design Village is being built at a development cost of RM300 million and will have net lettable area of 400,000 sq ft and contain 150 stores. The tenants will be a mix of luxury and premium brands. There will also be F&B outlets. So far, the tenants that have signed a memoradum of understanding include Hugo Boss, Armani Exchange, Calvin Klein, DKNY,Esprit, Samsonite, and Starbucks.

Soo said with the support of the Penang Development Corp, there will be no other outlet mall in Batu Kawan, making any of the brands that sign up for a lot having exclusivity in the area.

Design Village is looking to attract 5.7 million people in the northern region and, according to Soo, the over six million tourists who visit Penang.

PE Land’s executive director Joanna Ling said: “Conservatively, we will be creating about 900 jobs at Design Village where most of the employees will be local … We are thinking of setting up a training institute to raise the level of retail service.” The construction of the mall is at the moment about 10% completed, she said.

Design Village will be a short distance from Penang’s second bridge, the Sultan Abdul Halim Muadzam Shah Bridge.

Help in Design Village’s concept will also come from Seiichi Mizuno, former president of Seibu department stores and also senior retail and brand adviser for Roppongi Hills and Omotosando Hills.

Also chipping in is Richard Hsu, who is a professor at Graduate school of Design and Innovation at Tongji University in Shanghai, and senior advisor to PE Land. Finally, Joe Sidek, the organiser of the annual George Town Festival, will work with Hsu to develop the creative and art design village.

PE Land (Penang) is a subsidiary of PE Land, the engineering, construction, retail and property development arm of Borneo-based conglomerate Pan Sarawak Holdings. It is also the developer of The Spring Shopping Centre in Kuching.

Source: TheEdgeProperty.com

A proposed affordable housing by Exclusive Charm Sdn. Bhd. along Jalan Sungai Rusa in Balik Pulau, Penang. It is located immediately opposite of Pinang Village housing scheme, next to SK Sungai Pinang. This development comprises a 30-storey building with 220 affordable units, and six units of shop lots.

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

READ MORE ABOUT AFFORDABLE HOUSING:

• Eligibility and the requirement of buying affordable housing
• Full list of affordable housing in Penang

For registration details, you may refer to http://erumah.penang.gov.my/

Property Project: (Pending)
Location : Balik Pulau, Penang
Property Type : Affordable housing
Land Tenure : Freehold
Indicative Price : RM400,000 and below
Developer : Exclusive Charm Sdn. Bhd.

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Perennial Real Estate Holdings Limited (PREH) announced on Tuesday (Apr 21) that it has entered into a joint venture to acquire a freehold waterfront site in Penang, Malaysia to be developed into a large-scale integrated mixed-use development.

The 50-50 joint venture between the group’s Singapore-incorporated subsidiary Perennial Penang Pte Ltd and IJM Land Berhad will turn the site into what it describes as “Penang’s first mega integrated waterfront icon” with “retail, entertainment, recreational, residential, business, hospitality and Meetings, Incentives, Conventions and Exhibitions components”.

When ready, the 1.4 million sq ft waterfront site in Gelugor town along Penang’s eastern coastline will be converted into a complex housing a shopping mall, thematic shops, residential towers, an office tower, two hotels with more than 750 rooms, as well as a convention centre, spanning across 4.1 million sq ft in total gross area.

In close proximity will be landmarks such as the first and second Penang Bridges, and Phase 1 of The Light Waterfront Penang, a residential development by IJM Land. The total development cost is estimated to be more than 3 billion ringgit (S$1.1 billion).

The waterfront integrated mixed-use development will be jointly managed by the two partners and is expected to complete in phases, starting from 2018.

PREH’s chief executive officer Mr Pua Seck Guan said the prime sizeable development offers “a unique opportunity to establish a one-stop retail-cum-lifestyle destination imbued with the life and spirit of Penang’s cultural heritage”.

He also expressed his confidence in turning it into “one of the finest waterfront integrated precincts in Penang that will appeal to both locals and tourists” considering both partners’ “complementary expertise and experience in developing and managing large-scale integrated commercial developments in China and Singapore”.

Mr Pua added: “The joint venture in Penang also marks the Group’s first foray into a new market which will augment our existing business in core markets of China and Singapore and diversify our investment portfolio to generate sustainable returns over the longer term.”

Chief executive officer and managing director of IJM Corporation Berhad Mr Soam Heng Choon believes the development will boost Penang’s tourism and economic standing.

“The development of the integrated waterfront city will transform the waterfront landscape of Penang and will further position the state at the forefront among investors and tourists,” he said.

Source: Channel NewsAsia