Eco World Development Group Bhd plans to launch the first residential phase for its RM10bil Eco Marina project in Batu Kawan in nine to 12 months.

Group chief executive officer Datuk Chang Khim Wah (pic) said the residential component of Eco Marina comprised high-rise and landed properties in gated and guarded schemes.

“The residential properties will be priced similarly to those on the island.

“There will be mid-end and high-end properties planned for Eco Marina,” he said.

Chang was speaking after accepting the letter of award to develop a mixed-development project on a 129.4ha site in Batu Kawan from Penang Development Corp general manager Datuk Rosli Jaafar.

Also present were Penang Chief Minister Lim Guan Eng and Eco World chairman Tan Sri Liew Kee Sin.

Chang said the commercial components would eventually include a retail scheme, an international brand-name hotel, international schools and food and beverage outlets.

Chang said the golf course on a 60.7ha site would be developed behind the residential and commercial components, fronting the sea and overlooking the island.

“There will be a 2.5km coastline on the north-western boundary of the project.

“The entire development will take over 10 years to develop,” Chang added.

Meanwhile, Liew said Eco Marina would be marketed across the world.

“We are an international brandname, so there will be cross-market selling,” Liew said.

On the economic challenges facing the property market, Liew said there would always be good and bad times.

“In bad times, there is a need for more meticulous planning to adopt the best strategy to stay on top and simply be the best,” Liew said.

Source: TheStar.com.my

The light rail transit (LRT) project is expected to be completed in 2030.

Chief Minister Lim Guan Eng said that all the LRT lines and routes should be ready by that year.

“The LRT project will pass through Batu Kawan, linking up the mainland and the island to ensure that Seberang Prai will not be neglected.

“This is what differentiates the Penang Transport Master Plan from previous plans to ease traffic congestion in Penang,” Lim said.

Lim was speaking at a press conference after witnessing Eco World chief executive officer Datuk Chang Khim Wah accepting the letter of award for a mixed development project on a 129.4ha site in Batu Kawan from Penang Development Corporation (PDC) general manager Datuk Rosli Jaafar here yesterday.

Also present was Eco World chairman Tan Sri Liew Kee Sin.

Lim said the state government would call for another request-for-proposal (RFP) exercise to develop a theme park next to the Eco World’s proposed mixed development project.

He said the state government was committed to turning Batu Kawan into the most modern satellite township in Malaysia.

On the Eco World mixed development project, Lim said about 60.7ha would be for the development of a golf course.

He added that the Eco World project known as Eco Marina would be a gated and guarded strata township scheme that would set a new benchmark for residential, lifestyle, and commercial developments in Penang.

Source: TheStar.com.my

Eco World Development Bhd has confirmed the estimated gross development value (GDV) for the proposed Eco Marina development comprising of mixed development and the golf course in Batu Kawan, Penang would be RM10bil.

The property company said on Tuesday the development period would be about 10 years, with the construction for the mixed development and the international standard golf course to start within six months and three months.
“However, at this juncture, it is too preliminary to ascertain the development costs, expected profit and additional financial commitment for the proposed Eco Marina Development.

“Nonetheless, the development costs for the proposed Eco marina development are expected to be funded through a combination of bank borrowings and/or equity funds, the quantum of which cannot be determined at this juncture,” it said.

The proposed Eco Marina Development is a 299.64 acres of leasehold land worth RM730.93mil.

The group is leasing about 150 acres of land for 30 years to develop the golf course, with an option for a renewal of another 30 years, for an estimated lease consideration of RM65.34mil.

Meanwhile, the initial payment of RM156.25mil was paid by Eco World Development via a combination of bank borrowings and proceeds raised from the Rights Issue of Warrants.

The group said that the payment of the total reimbursable sum would be used to finance the initial payment of proposed project.

Furthermore, the company said the location of the proposed project attracts varied pool of investment across various sectors via the development of a SME village that offers ready-built factory units and a service centre for the development of local investors.

“Batu Kawan is set to become the third satellite town of Penang after Bayan Lepas and Seberang Jaya due to its strategic location and close proximity to the Second Penang Bridge which connects Bandar Cassia with Batu Muang on the Penang Island,” the company added.

Moving forward, Eco World Development is confident that the proposed project would contribute positively to the future earnings of the group.

Source: TheStar.com.my

Proposed gated and guarded development by Northern Skyline Sdn. Bhd. in Balik Pulau, Penang. It is located along Jalan Kampung Terang, about 10 minutes drive away from Balik Pulau town center.

This development will consists of 76 units of 2-storey semi-detached and 1 unit of bungalow houses.

More details to be available upon project launch.

Project Name : (Pending approval)
Location : Balik Pulau, Penang
Property Type : 2-storey semi-detached & bungalow (Gated & Guarded)
Total Units: 76 (semi-detached), 1 (bungalow)
Developer : Northern Skyline Sdn. Bhd.
Contact No: 04-226 6734

[streetview width=”100%” height=”250px” lat=”5.328442″ lng=”100.21352100000001″ heading=”-66.32248293228142″ pitch=”-19.079611116071277″ zoom=”0″][/streetview]

For the very 1st time, GM Training Academy is bringing you a Hokkien Property Convention this Saturday at Sunway Hotel Georgetown. This is a FREE event by veteran property speakers from Penang, covering…

• Where to invest?
• How to get your loan approval?
• How to protect yourself legally?
• Want to know how to declare your taxes?
• How GST impacts you?
• To buy MRTA or MLTA?

Yes! This property event is fully in Hokkien and it will be very interesting for the speakers to do it in Hokkien too.  If you are curious to learn more, sign up now. Your parents may be interested too!

> Click here to sign up now, it’s FREE! <