Property developer and builder TSR Capital Bhd, together with Lembaga Tabung Angkatan Tentera (LTAT) and bumiputera-owned Pembinaan Bukit Timah Sdn Bhd (PBT), will redevelop the existing 1,007-acre (407.52ha) air force base in Butterworth, Penang into an integrated mixed-use project with a potential gross development value (GDV) of more than RM10 billion.

TSR said in its announcement to Bursa Malaysia yesterday that it had received the government’s approval in principle to set up a joint-venture (JV) company to enter into negotiations with the latter to redevelop the Royal Malaysian Air Force (RMAF) base as part of a proposed land-swap deal with the federal government.

The three companies will also develop a new RM3 billion air force base for the RMAF near mainland Penang. Under the partnership, TSR Capital will have a 51% stake in the JV, while LTAT and PBT will hold the remaining 30% and 19% respectively.

“The government will be able to participate in the redevelopment of the government land through LTAT’s equity interest in the JV company,” said TSR Capital in the filing.

Under the deal, the JV will undertake to relocate the existing air force base and reconstruct it on land to be identified. “The JV company will [also] design, build and finance the development and construction of the new air force base. The government will pay the JV company for the new air force base through a land swap at current market value of government land.

“The government land includes, but is not limited to, a tract measuring 1,007 acres where the existing RMAF Butterworth is situated,” it added.

According to TSR Capital group accountant Ng Kim Keong, the location of the new air force base will be “not far from mainland Penang” and the JV company will serve as the master developer of the redevelopment of the government land.

Ng told The Edge Financial Daily yesterday that negotiations on the deal are expected to be finalised in a year. “All this is subject to approval by all parties. We need to get approvals on the cost, design and so on before we can start construction,” he said, adding that construction of the new air force base will take about four years.

On the land where the existing air force base is located, Ng said the proposed mixed-use development is estimated to have a GDV of more than RM10 billion, and that project will only start after the new air force base has been completed and the existing RMAF Butterworth base, which remains operational for now, is relocated.

On the reasons for the relocation, Ng said the existing air force base is near residential areas and the RMAF equipment as well as buildings are not up to date and need fixing.

The company added that it will provide further details after definitive and conclusive terms have been agreed upon and a formal agreement has been entered into by the parties.

Source: The Edge Property

Quattro Light, a luxury condominium development by Marvellous Esteem Development Sdn. Bhd. in Bukit Dumbar, Penang. This 24-storey tower comprises 76 residential units with size ranging from 1,000 sq.ft. onwards. There are 5 units on each floor and comes with at least two parking bays.

Property Project : Quattro Light
Location : Bukit Dumbar, Penang
Property Type : Condominium
Built-up Area : 1,000 sq.ft. – 1,400 sq.ft.
Total Units : 76
Developer : Marvellous Esteem Development Sdn. Bhd.

Location Map:

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Quattro Primera 6, six exclusive semi-detached homes located within Bukit Dumbar township in Penang. It is nearby Bukit Dumbar Recreational Park and easily accessible to the Penang Bridge and Georgetown.

Priced from RM2.5mil each, the semi-detached units have a 3,600 sq.ft. built-up area and a 3,500 sq.ft. land area. Each unit comes with a private home lift and a master suite equipped with jacuzzi bath.

Property Project : Quattro Primera 6
Location : Bukit Dumbar, Penang
Property Type : 3-storey semi-detached
Built-up Area : 3,600 sq.ft.
Land Area : 3,500 sq.ft.
Total Units : 6
Indicative Price: RM 2,500,000 onwards
Developer : Marvellous Land Sdn. Bhd.

More soon: Tan shows a scale model of Sunway Wellesley Phase 1.The company will begin the RM150mil second phase of the project end of this month.

Sunway Bhd plans to develop a RM450mil high-rise residential property project and a RM1.05bil shopping mall over the next two years on 9.82ha in Paya Terubong which it acquired recently.

Group senior general manager Tan Hun Beng told StarBiz that the residential project would likely begin next year, while the shopping mall, in 2016.

“We are now drawing up plans for the two projects.

“We have yet to fix the selling price for the condominiums but the pricing will be very competitive,” he said, adding that residential high-rise properties in Paya Terubong were already selling at around RM600 to RM700 per sq ft.

Tan said the mall would have a built-up area of about 1.4 million sq ft, which was larger than the Sunway Carnival Mall in Seberang Jaya in Seberang Prai.

“There is a need for a shopping mall in Paya Terubong as the population in the area is growing.

“We are planning a tenant-controlled mall, which will be leased out,” he said.

Sunway purchased the four parcels of land totalling 24.46 acres (9.82ha) for RM267.4mil or RM251 per sq ft.

Tan said the four parcels were close to the Kek Lok Si Temple and the lower train station to the Penang Hill Resort.

“The acquisition of the land in Penang, a rapidly growing state, is in line with Sunway’s business plan to expand its landbank profile.

“The state’s sound economic health and the strategic location of the land should give the projects a positive boost when they are launched.

“The selling price of residential properties are likely to go up further in view of the rising cost of raw materials,” Tan said.

For 2014, Sunway planned to launch some RM290mil worth of residential and commercial projects on the island and in Seberang Prai.

“We will kick off with the RM150mil second phase of Sunway Wellesley, a mixed-development project in Bukit Mertajam, at the end of this month.”

The third phase, costing RM60mil, comprising resort condominiums, will kick off in October 2014.

“On the island, we will launch the RM80mil third phase of Sunway Cassia comprising double-storey semi-detached and three-storey terraced houses, in Batu Maung in June 2014,” he said.

Source: StarProperty.my

ALTUS, a 31-storey high-rise commercial development by Airmas Group along Jalan Jelutong in Penang. This project comprises 11 units 2-storey shop-lots  and 196 SOHO units with common facilities. SOHO unit size ranging from 900 sq.ft. to 1,400 sq.ft.

Property Name: Altus
Location : Jelutong, Penang
Property Type : Commercial development
Built-up Area: 900 sq.ft. – 1,400 sq.ft. (SOHO)
Land Tenure : Freehold
Developer : Airmas Group