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

United Bintang Bhd (UBB), an importer and exporter of used and reconditioned heavy machinery, will pursue property development plans in Penang under the direction of its new majority shareholder, Datuk Alex Ooi.

Ooi, who now owns 32% of UBB, is the executive chairman of UBB and chief executive officer of Ideal Property Group.

He said UBB would work with Ideal Property Group, a Penang-based developer with 12 years of experience in the business, to pursue some of these projects, as the latter owns about 80ha of landbank on the island, located largely in the south-west district.

“We are looking at building more condominium properties priced between RM500,000 and RM700,000 per unit.

“The plan for this year is for UBB and Ideal Property Group to jointly launch some RM1.5bil worth of such projects on the island in the second half of 2014,” he said.

UBB is also looking to tap into the growing tourism market in Penang, which has attracted some six million visitors since it was declared a Unesco World Heritage Site in 2008.

“We plan to take this opportunity to invest in the development of new tourist attractions in the coming years as part of our diversification strategies, which include building a theme park in Penang.

“To cater to the increasing number of tourists in Penang, we plan to build two new hotels in Bayan Baru,” he said.

Ooi said UBB saw more future benefits for its shareholders from the development of high-quality premium development projects.

“This initiative will consolidate, strengthen our current finances and transform UBB and Ideal Group into one of the top property developers in Penang.

“With new funds, we want to be more than just a property developer. Being a Penang home-grown developer, Ideal Property wants to create a legacy for Penang, not by encouraging the appreciation of asset values but build properties that promote great appreciation of life for the next generations to come with great emphasis on wellness,” Ooi added.

He added that UBB’s board of directors had already endorsed the change of UBB’s name to Ideal United Bintang Bhd (IUBB).

The name IUBB has been approved by the Companies Commission of Malaysia and is now waiting for the shareholders’ approval at the forthcoming EGM.

Source: StarProperty.my

Consortium Zenith BUCG Sdn Bhd expects to complete feasibility studies for the controversial RM6.3 billion Penang undersea tunnel infrastructure project and major roads in April this year, said its chairman Datuk Zarul Ahmad Zulkifli.

Consortium Zenith is a joint-venture between Zenith Construction Sdn Bhd and China Railway Construction Co Ltd, together with Beijing Urban Construction Group, Sri Tinggi Sdn Bhd and Juteras Sdn Bhd.

Zenith PMC Sdn Bhd, a unit of Zenith Construction, signed a joint-venture agreement with Astral Supreme Construction Sdn Bhd in September 2013 to carry out a feasibility study, design and environmental impact assessment (EIA) for the undersea tunnel.

“We should be able to complete the feasibility studies in April. At the moment, we’re ahead of time. We’re supposed to complete the feasibility studies by June but we’re now bringing it forward,” he told reporters after the signing a memorandum of agreement with Koperasi Staff CIDB Malaysia Bhd (KoCIDB) here yesterday.

He added that after the completion of the feasibility studies, it will also need to undertake the detailed design works.
“Things are still not defined until we complete the feasibility studies,” Zarul added.

When asked if the undersea tunnel project is going to exceed its budget, he said it is a business risk that the company has to take but is being managed.

“Even if it (costs) overshoots, it would be the businessman’s problem and not the state’s problem. The state has capped it at RM6.3 billion, and we have to work within the RM6.3 billion,” said Zarul, who remained mum on the financing of the RM6.3 billion project.

Consortium Zenith was awarded the contract for the mammoth project by the state government in March 2013. A contract to seal the deal however was only signed in October 2013 after protests from the public brought into question the viability of the project.

Earlier, Consortium Zenith signed a memorandum of agreement with KoCIDB for a labour supply and management package, estimated at some RM200 million, for the construction of the Penang undersea tunnel infrastructure project and major roads.

It is expected to start construction of the first local Integrated Construction Workers Complex (ICWC) by the first quarter of 2015, which will accommodate for an estimated 2,000 workers who will be involved in the construction of the 6.5km George Town-Butterworth undersea tunnel project.

Zarul said the construction of the complex is to be completed by end of 2015 or early 2016. The construction of the first phase of ICWC is estimated at RM10 million to RM15 million.

“ICWC will be working hand in hand with a consortium of KoCIDB which is financially sound and has the experience at building complexes of similar kind in the country,” he said.

The complex is spread across a land area of 14,164 sq meters in Penang. It will provide a full range of amenities including housing, business conference centres, cafeteria, sports centre, recreational facilities, mosque, clinic and supermarket.

He said this is the first time KoCIDB, a society under the Construction Industry Development Board (CIDB), is participating in the supply of workers to a construction company and hopes this will be a template for other companies to follow.

KoCIDB has credentials and experience in recruiting and training certified labour for the construction industry. It has the resources, expertise, efficient systems and capacity to recruit and manage labour, and coordinate work permit, medical and insurance requirements.

Source: TheSunDaily

The Glades, a gated and guarded development by Metrio Development Sdn. Bhd. in Alma, Bukit Mertajam. This development is located next to Jesselton Hills housing scheme by DNP Land, easily accessible via Jalan Rozhan.  Comprises 77 units of 2 & 3-storey semi-detached, bungalow and zero-lot bungalow houses.

Property Project: The Glades
Location : Alma, Bukit Mertajam, Penang
Property Type : 2 & 3-Storey Semi-detached, Bungalow and Zero-lot
Total Units: 77
Indicative Price : RM700,000 onwards
Developer : Metrio Development Sdn. Bhd.

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