IF you are looking for a comfortable luxury residential condominium in the heart of George Town, Mah Sing’s the Icon Residence fits the bill.

Situated just 1km away from Komtar, the project features 294 units with breathtaking views of the heritage city and the sea. The Icon Residence also boasts of an award-winning Mediterranean vernacular design, three-tier security and diverse facilities.

Residents can relax among its water features, walk through the maze garden and outdoor relaxation area or even have a barbecue party.

Those with an athletic penchant can opt for a swim in the infinity pool or break a sweat at the gymnasium.

For those with an affinity for the nature, there’s the spice garden. You can also go for a yoga session at the Sky Garden.

Another project to be showcased by Mah Sing is the Ferringhi Residence 2, a three-block resort condominium in the tourism belt in Batu Ferringhi.

The 18.11 acre project at an approximately RM735mil gross development value offers a total of 632 units ranging from the 1,197sq ft 2+1 bedroom layout to the spacious 2,875sq ft 3+1 bedroom layout.

Residents can relax their mind and be at ease within the gated and guarded development, providing a resort condominium lifestyle surrounded by a lush green landscape.

Waking up to the breathtaking Andaman sea view will be a norm, while the whole family dines with the backdrop of the ocean.

In short, Mah Sing’s Ferringhi Residence has it all including a gymnasium, tennis court, infinity pool, wading pool, sauna and steam room.

The resort home is only 500m away from the Upland International School and just 900m away from the sun, sand and sea of the Batu Ferringhi beach.

For those who prefer condo villas instead, they can still opt for Ferringhi Residence Precinct 1 condo villas.

A gated and guarded residential project, the spacious condo villas in Precinct 1 comes with a 3+1 bedroom layout and built-up area of 1,510sq ft to 1,752sq ft.

Only 25% of the units are still available and interested buyers need to be quick before it is fully sold out. With the success of Precinct 1, Mah Sing has already opened Precinct 2 Resort Villas for registration too.

Mah Sing will also be featuring previous popular projects such as the Southbay City development.

Southbay City is an award-winning waterfront township development with a comprehensive mix of residential and commercial components.

Located strategically right next to the Sultan Abdul Halim Mu’adzam Shah bridge, the project provides easy access to the mainland and the island via the Bayan Lepas coastal highway and the Penang International Airport.

In the Southbay City development, prospective homeowners need to be quick to grab the remaining units of Legenda and The Loft (Tower A), which are approximately 75% and 60% sold.

Legenda is a resort bungalow development that features 76 exclusive units with award-winning architecture, rain water harvesting system, personal pool, private lift, centralised water filtration and solar hot water system.

The Loft, on the other hand, is perfect for those who prefer a suite lifestyle, offering 156 residential units and top-notch facilities such as a multi-layer swimming pool called ‘The Cascade’ and a low density design of 78 units per tower.

Another project in Southbay City is the Southbay Plaza, a mixed development with 206 residential suites and 47 commercial units.

To know more about the projects, visit the Star Property Fair 2015 from March 12 to March 15 at the Sunway Carnival Mall and Sunway Convention Centre.

Source: StarProperty.my

A proposed gated and guarded development by Airmas Group in Bukit Tengah, Penang. It is located next to Jalan Kebun Sireh, just a stone’s throw away from Taman Tanah Aman. The proposed development consists of the following:

• 19-storey condominium (117 units)
• 2-storey terrace houses (19 units)
• 2-storey bungalows (2 units)
• 2-storey semi-detached (10 units)

More details to be available upon project launch.

Project Name : (Pending approval)
Location : Bukit Tengah, Penang
Property Type : Gated & guarded residential
Tenure : Freehold
Developer : Airmas Group

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If you are interested and qualified to purchase an affordable housing at Tanjung Tokong and Bayan Lepas area, Penang State Government will be conducting on-site registration exercise for the following projects in the coming weekend:

Tri-Pinnacle

Project Location : Tanjung Tokong, DTL
On-site Registration Date : 7 & 8 March 2015
On-site Registration Venue : Aspen Group Office
Contact : Andrea Lee (04-227 5000)
Aspen Group
17, Green Mansion, Jalan Birch
10250 Pulau Pinang

One Foresta

Project Location : Bayan Lepas, DBD
On-site Registration Date : 6 – 8 March 2015
On-site Registration Venue : Ideal Property Show Room
Contact : Mr. Teh (04-645 6888)
Ideal Property Group
71, Ideal @ The One, Jalan Mahsuri
11950 Bayan Lepas, Pulau Pinang

(Click on the project name for more details)

If you are not able to make it, you may also register on normal working days at the site office of the respective developers and the developers will then forward the completed forms to the State Housing Department for vetting purposes in order to ascertain their eligibility.

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/

Eastern & Oriental Bhd (E&O), a lifestyle property developer, will award a tender for the RM25 billion Phase Two of the Seri Tanjung Pinang (STP2) reclamation project by July.

Seven contractors have been shortlisted for the proposed reclamation project.

E&O deputy managing director Eric Chan Kok Leong said the group will select the successful bidder after the seven companies shortlisted submit their formal tender documents by the end of this month.

“Following our notice of pre-qualification of contractors for the proposed reclamation for STP2 that appeared on Dec 8 and 9 last year, we received a total of 17 submissions from local and foreign firms,” he told The Edge Financial Daily via email.

“From this, seven qualified contractors satisfied the comprehensive and vigorous pre-qualification conditions.

“We have notified the successful qualified contractors who will be submitting their formal tender documents by the end of this month,” Chan said.

The proposed STP2 project entails the reclamation of 760 acres (307.56ha) of sea land that will feature a 5km extension to the existing first phase of STP measuring 240 acres, and two islands separated by a 50m wide canal.

About 130 acres of the STP2 reclamation land will be handed over to the state, which will in turn use it to fund the RM6.3 billion integrated infrastructure project in a land swap deal with Consortium Zenith BUCG Sdn Bhd.

STP2, which is expected to be completed in 30 years, is part of the 980-acre reclamation project that E&O (fundamental: 1.5; valuation: 0.6) took over in 2003 after it was stalled in 1998 due to the Asian economic crisis.

According to reports, the reclamation project with an estimated gross development value (GDV) of RM25 billion will feature a mixed development and a marina.

Chan pointed out that the group is working within its timeline following the approval received from the Department of Environment (DOE) for its detailed environmental impact assessment (DEIA) report on April 10 last year.

On June 10 last year, the Penang state government endorsed STP2’s land-use master plan. This was followed by the group’s pre-qualification for reclamation exercise in December before it was closed in February this year.

On any possibility the proposed reclamation works would be affected as the DEIA of one of the sand mining companies in Perak had lapsed, Chan said the successful contractor was required to determine the location of the sand sourced.

“As stated in the pre-qualification document, it is the responsibility of the reclamation contractor to determine the location of the sand sourced for reclamation purposes,” he said.

“The contractor is also responsible to obtain approval for the sand source from the DOE before dredging works commence,” Chan added.

In STP2’s DEIA report, 33.1 million tonnes of sand will be extracted from the coast of Perak from an area measuring 43ha and about 3,820 trips will be made over five years for this project.

Source: TheEdgeMarkets.com

Two years ago, a one-million-ringgit homes hitting the auction market was almost unheard-of, but today auctioneers say it is fast becoming the belle of the ball. So why are so many luxury properties going under the hammer?

Many local purchasers who took advantage of the developer interest bearing scheme (DIBS) to widen their real estate investment portfolio are also feeling the heat from having to furnish loan repayments and maintenance fees of high-end condos while battling for tenants in a market where occupancy rates hover at 40-50%.

With housing loan rates at about 4.25%, a RM1 mil property loan with a repayment tenure of 35 years incurs monthly loan repayments of about RM4,500. Maintenance fees at high-end, luxury condos run up to about 30 sen per sq ft.

Inclusive of sinking fund, a property owner needs to fork out monthly payments of at least RM360 for a larger upmarket condo.

Ishak Ismail, CEO of IM Global Property Consultants Sdn Bhd, tells FocusM that holding power among buyers is rapidly weakening. “There appears to be a correction of demand and supply in the high-end segment, contributing to a larger percentage hitting auctions than ever before,” he reveals.

Source: FocusMalaysia.my