Towards high-income economy: Lim speaking about the master plan for the BPO hub. Beside him is his special advisor Datuk Lee Kah Choon

A TOTAL of 1.7 million sq ft of office space is expected to be built and completed as the new business process outsourcing (BPO) hub in Penang within the next three to five years.

Penang Chief Minister Lim Guan Eng said the state government had set aside about 6.88ha of land in Bayan Baru for Phase 1 and Bayan Lepas for the next BPO hub under Phase 2.

“Part of the master plan is to develop BPO office towers, serviced apartments, commercial units, SOHO with top class amenities and facilities,” said Lim during the Second Shares Services & Outsourcing Conference in G Hotel recently.

He said having the BPO hub was essential here because Penang, which does not offer any natural resources, has talent and work force.

“This is important because it will elevate Penang’s status to become a high-income economy as well as improving the status of the people, especially the middle-income group,” he said.

Lim cited the example of the Citigroup Transaction Services Malaysia here which is the largest Citigroup regional Trade & Cash processing centre handling at least 20 million transactions with a total of RM18.27tril across the business.

“Today, 1,300 professionals are employed at the centre and servicing the interest of customers around the world,” he added.

He also said that all these would not be possible if the state could not offer the necessary facilities such as schools, hospitals and leisure outlets.

Lim stated that many multinational companies had chosen Penang over Kuala Lumpur because of the high quality of living at a lower cost.

Source: StarProperty.my

The Signature, a 27-storey residential development by Excel Focus Properties in Perai, Penang. This development is strategically located along Jalan Baru within mere minutes drive from Penang bridge. It comprises 148 condominium units with indicative price from RM362,000 onwards.

Property Project : The Signature
Location : Jalan Baru, Perai, Penang
Property Type : Apartment/Condominium
Tenure : Freehold
Total Units: 148
Indicative Price: RM362,000 onwards
Project Website: http://www.thesignature.my
Developer : Excel Focus Properties Sdn. Bhd.

Show Unit (with ID) – Contributed by developer (06/12/2013)

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Show Unit (standard) – Contributed by developer (06/12/2013)

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Site Progress – Contributed by developer (06/12/2013)

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Hunza Properties Bhd expects about RM1.4bil in revenue from its three mixed development projects in Tanjung Bungah, Seberang Perai and Kepala Batas over the next three years.

Executive chairman Datuk Khor Teng Tong said Hunza would be focusing on its key property market in the northern region where the group has about 364.2ha of landbank.

He said these three projects – Alila 2 in Tanjung Bungah, the Juru projects in Seberang Perai and Bandar Putra Bertam in Kepala Batas – would contribute significantly to the group’s revenue over the next three years.

“With the robust Penang property market and the increasing demand for the state’s properties, we foresee that revenue contribution from these three projects will be around RM1.3bil to RM1.4bil in the next three years,” he told reporters after an analyst briefing on the group’s financial results yesterday.

Khor explained that the Alila 2 projects, with a gross development value (GDV) of RM450mil, would have two blocks of 270 residential units on four hectares of land in Tanjung Bungah.

He said the 14.5ha in Juru would comprise residential units, hypermarket, hotel and two-storey shoplots, while the Bandar Putra Bertam projects with a GDV of over RM200mil would comprise residential terraced and commercial units.

“All these projects will be launched within the next three years as construction work is expected commence in 2014,” he said.

On Hunza’s Bayan Baru land, he said the group was currently in the process of relocating the estimated 800 squatter households, and the project was expected to commence in 2016.

Meanwhile, Khor said he was optimistic that the Gurney Paragon Mall would achieve full occupancy next year from the current 75% to 80%, citing the positive market and demand from prospective tenants as Gurney Paragon Mall offers a different experience of shopping and entertainment in the heart of Gurney Drive.

“We are confident of achieving 98% to 100% next year, as the mall is fully managed and owned by Hunza, a Penang-based developer, thus giving confidence to potential tenants,” he said.

Located along Gurney Drive, the iconic development on a 4.08ha piece of freehold land was launched on July 23. It offers premium lifestyle shopping, and houses al-fresco dining areas with leading international retailers built around the restored St Joseph’s Novitiate, a heritage building with unique architecture. – Bernama

Source: StarProperty.my

The Real Estate and Housing Developers’ Association Malaysia (Rehda)’s immediate past president Datuk Ng Seing Liong has ruled out that house prices are increasing by double digits.

Reports of rising property prices are not reflective of the entire market situation as prices are increasing only in selected areas due to strong liquidity in the market, scarcity of land, and a mismatch between demand and supply, Ng said.
There is an increase in labour and construction costs but it is minimal and not reflected in existing housing projects.

“Construction cost has increased by between one and three per cent recently, but it is still negligible.

“The key here is a mismatch between demand and supply which is causing house prices to increase in some locations,” he said.

Ng was speaking to Business Times here yesterday after a briefing on the Malaysia Property Exposition (Mapex), which will be held at the Mid Valley Exhibition Centre from October 25
to 27.

Ng said there is strong demand for gated communities and the more affluent groups are willing to pay higher prices for such properties.

“Properties in gated communities can cost between 30 and 50 per cent more than basic houses because of value-added privileges.

This is where, I believe, there is a misconception that property prices are increasing,” he said.

Source: Business Times

Site identified: (From left) Wong, PDCP senior project manager Tan Yeow Song and architect Johnny Ooi checking out the project plans with other architects present during the press conference

THE tender to build 694 affordable high-rise units in Teluk Kumbar, Penang, is now open.

The project by Penang Develop-ment Corporation Properties Sdn Bhd (PDCP), which is the state government’s construction arm, is open to local contractors for bidding.

PDCP chairman Wong Hon Wai said the proposed site for the project was just directly opposite the Puspakom office in Teluk Kumbar.

He said the successful bidder would be required to build a low medium-cost (LMC) block with 346 units, a medium-cost block with 348 units, a seven-storey car park and seven shoplot units.

The deadline to submit tenders is noon on Oct 16.

Wong said work on the project was expected to start either at the end of this year or beginning of next year for completion in three years from commencement.

He said the LMC units would have a built-up area of 700sq ft while the size of the medium-cost units would be 850sq ft to 1,000sq ft, adding that the state government would announce the prices later.

It was, however, reported earlier that the units would be priced at RM72,000, RM200,000, RM300,000 and RM400,000.

The Teluk Kumbar project is one of the eight affordable housing projects that have been proposed by the state government.

For more information on the tender, call PDCP at 04-6340111.

Source: StarProperty.my