Important agreement: Murly (second left) exchanging documents with Zaini after the signing ceremony between MBSB and Aspen Group. With them are Nazir (left) and Abdul Halim.

Aspen Group Holdings Sdn Bhd’s RM400mil Tri Pinnacle project will be the first affordable housing scheme on Penang island with a high quality ambience.

Its chief executive officer Datuk Manokharan Murly said the project, located on a 4ha site in Mount Erskine in Tanjung Tokong, was open to first-time house buyers registered with the state government.

It will be launched in the fourth quarter of 2014.

Tri Pinnacle will have 390 units of 650sq ft low medium-cost (LMC) apartments priced at RM72,500 and 859 units of 800sq ft affordable condominiums priced at RM299,000.

Also present were MBSB President and chief executive officer Datuk Zaini Othman, MBSB chairman Tan Sri Abdul Halim Ali and Aspen Group chairman Datuk Seri Nazir Ariff.

Murly added that the state government would expedite the approval process of genuine applicants to buy the condominiums.

The MBSB loan facility will be used to defray the cost of the freehold site for the Tri Pinnacle project, according to Murly.

“We are here to dispel the common negative perception associated with LMC and medium cost (MC) developments which usually suffer from shoddy architectural design and quality, lack of facilities and security,” said Murly.

“Tri Pinnacle will stand out as an attractive spot to work and live.

“Landscaping, designed with vertical gardens, plays a prominent part in the scheme.

“It will create a natural buffer between the adjoining roads and car park podiums, and mitigate the heat effect,” he said.

Murly said the project would be designed with a 24-hour two-tier security access system.

There will be an elevated garden, a swimming pool, a basketball court, gymnasium, BBQ pits and children’s playground.

Meanwhile, Zaini said the collaboration enabled the company to be part of a vibrant project that would contribute to Penang’s property development sector.

“Other than providing financing facilities to Aspen Group, we will also extend an attractive financing package to its home buyers.

“MBSB is managing several property development projects on the island through contract financing, bridging projects as well as structured financing initiatives,” he said.

Source: StarProperty.my

The Amarene, the next phase of Ideal Vision Park by Ideal Homes in Bayan Lepas, Penang. This development is strategically located near learning institutions including the proposed new schools: Chung San Primary School and Heng Ee Primary and Secondary Schools as well as the Straits International School.

More details to be available upon launching.

Property Project : The Amarene
Location : Ideal Vision Park, Bayan Lepas, Penang
Property Type : Mixed Development
Total Units: 410 (condo), 72 (shop office)
No. of Storey: 23
Land Tenure : Freehold
Developer : Ideal Property

Venti, being part of the development known as Skycube Residence in Sungai Ara, Penang. It comprises 20 units of 3-storey semi-detached houses with typical built-up area of 2,952 sq.ft.. Enjoying swift access to Skycube Residence ‘s resort facilities which includes:

• Beach-inspired Swimming Pool
• Children’s Waterpark Pool
• Sun-rich Decking Area
• Waterfront Gym
• Designer Landscaped Playground
• BBQ Area
• Reflexology Paths
• Scenic Jogging Trails
• Fun Kids Zone
• Expansive Open Spaces

An artist's impression of the sky lounge and bar of the Beacon project in Sungai Pinang.

ASPEN Group Holdings Sdn Bhd plans to launch RM2.1bil worth of residential and commercial properties in Penang later this year and next year.

The projects are the RM780mil first phase of Aspen Vision City in Batu Kawan, the RM400mil Tri Pinnacle in Tanjung Tokong, the RM700mil HH Residence in Tanjung Bungah and the RM226mil Beacon in Sungai Pinang.

Aspen Group chief executive officer Datuk M. Murly said that of the RM2.1bil, about RM1.3bil would comprise affordable and high-end residential property.

‘They will be sold at sub-sale prices which are usually 20% to 30% lower than the pricing in the primary market.

“We believe that sub-sale prices are a more accurate reflection of the market trend.

“For example, the Tri Pinnacle affordable condominiums are priced at about RM375 per sq ft.

“The Beacon high-end residential executive suites are priced at about RM700 per sq ft.

“Current new high-end residential property of the same range and in strategic locations are selling for around RM1,000 per sq ft,” Murly said.

He said the Tri Pinnacle project comprised 1,249 low medium-cost apartments while the Beacon would offer 258 residential executive suites.

He said Tri Pinnacle would be launched in the last quarter of this year and Beacon in the first quarter of next year.

“Both projects are equipped with comprehensive recreational facilities.

“The Beacon, for example, is designed with a sky lounge, sky bar, sky pool, and sky garden on the 37th floor,” Murly said.

He said the prices for HH Residence had yet to be fixed.

“Although the property market has softened in the past 12 months due to the tightening of credit, we are optimistic that our competitive pricing will stir interest among house buyers,” he added.

Murly said the Aspen Vision City project would be built on a 99.1ha plot next to the second bridge.

He said the first phase, to be developed over five years on 14.1ha, would have about 500 retail and shop office units.

“The value of the first phase will be enhanced by the Ikea shopping mall that we are building next to it.

“We will subsequently carry out the remaining phases comprising hotels, serviced apartments, homes and a mini central banking district over a 10-year period.

“Our strategy for Aspen Vision City is to build the commercial property first.

“There will be workers who want to stay near their place of employment.

“This will create the need for residential property which are attractive in pricing.

“The objective is to develop Batu Kawan in such a manner that it mirrors the vibrancy of the island,” Murly said.

He said that Aspen’s objective was to provide more affordable housing and mixed development projects.

“This will allow for public and private land owners to create a sustainable business model that not only maximises the full potential of the development but also meets the community’s cultural, communal and income level needs and adheres to the requirements of local councils.

“Since our inception in 2013, Aspen Group has believed that success comes from a relentless focus on innovation, creativity and execution.

“This concept and vision is not only vital to our property development but also to our efforts to create ecologically-balanced communities.

“We are committed to providing the people homes of unmatched quality at affordable prices,” Murly said.

Souce: StarProperty.my

Jesselton Villas, a 23.9ha freehold guarded project by Berjaya Land Development Sdn. ith a total gross development value (GDV) of more than RM1 billion. This exclusive freehold development is strategically located next to Penang Turf Club, comprises 5 parcels with residential components to be developed over the next 10 years. It is only 5 minutes drive to Youth Park and Botanical Garden and close to an abundant of amenities.

Parcel 1 – Kensington Gardens (69 units)

Parcel  2 – Courtyard villas (low-rise condominiums) with built-ups ranging from 2,800 sq.ft. onwards. (222 units)

Parcel 3 – 32-storey low-medium cost apartments known as Mutiara Jesselton. (505 units)

Parcel 4 – Affordable housing (271 units)

Parcel 5 – Condominium (1,380 units)

Property Project : Jesselton Villas
Location: Penang Turf Club, Jalan Batu Gantong, Penang
Property Type : Luxury Bungalow Land
Tenure : Freehold
Developer : Berjaya Properties
Indicative Price: RM 600 psf