BLand to buy land from Penang Turf Club

PETALING JAYA: Berjaya Land Bhd (BLand) has entered into a conditional sale and purchase agreement with Penang Turf Club to acquire 57.3 acres of prime freehold land for RM459mil cash for high-end residential property projects.

In a filing with Bursa Malaysia yesterday, BLand proposed development that includes (but not limited to) the construction of bungalows, semi-detached houses, condominiums and apartment units on the newly acquired land.

“The salient features of the development are a low-density exclusive guarded and gated-up housing development comprising bungalows, semi-detached houses, condominiums and low medium cost housing (as required by the local regulations) cum abundance of landscape and greenery,” it said.

BLand added that estimated GDV of the project was RM1.52bil, However, the total development cost and the source of funds for the development would only be ascertained once the development plans were finalised. The property development is expected to be developed over five years.

Prime land: Tan says the development on the 57-acre site will not affect the turf club horse-racing activities.

Upon the execution of the sale and purchase agreement, BLand has to pay a deposit of RM20mil to Penang Turf Club while the balance of the deposit of RM25.9mil to be paid within 14 days after obtaing the planning approval. Subsequently, BLand will make the first payment of RM137.7mil within 12 months from unconditional date of the sales and purchase agreement while second payment to be paid within 12 months after the first payment followed by a third payment at a 12 months interval from the second.

BLand said the purchase price at about RM8.01mil per acre or RM184 per square feet.

“The purchase price will be funded through the internally generated funds of the BLand group and borrowings. The actual mix will be decided at later stage after taking into consideration the BLand group's gearing, interest costs and other working capital requirements,” it said.

Meanwhile, Bernama quoted Berjaya Corp Bhd founder Tan Sri Vincent Tan as saying: “We've won the bid to buy 57 acres of land and we're now planning to develop the land into an exclusive residential area comprising bungalows, semi-detached houses and low-rise condominium.”

Given the strong demand for high-end landed properties in Penang, Tan hoped the exclusive homes could further boost value of suburban housing in the area.

“In fact, at first, I wondered whether we've overpaid the price for the land, but we believe in the long term, it will turn out to be a good investment. We're confident that with Berjaya's commitment, this property will be developed into an important residential landmark in Penang,” he said.

Tan said Berjaya established its first property and hotel development in Penang in mid-1990s. “We're happy to be back here again and to be associated with an established and reputable name like Penang Turf Club,” he said.

He said development of the 57 acres would not affect the turf club horse-racing activities which would be held on the newly repaired and rejuvenated main racing track.

Tan also said BLand was looking for other strategic and attractive places in Penang for investment.

In 2004, BLand has won the bid to relocate the Selangor Turf Club in Sungei Besi for RM640mil, and in return BLand gets the club's land in Sungai Besi and plans to carry out a mixed development project valued at RM6.3bil.

By TheStar

THE LIGHT Waterfront Penang

THE LIGHT Waterfront Penang

Designed as Penang’s first integrated leisure, retail and cultural destination within an upmarket and luxurious waterfront enclave, THE LIGHT Waterfront Penang promises a totally new experience for its residents and visitors.


Location
Located along the eastern coastline of Penang island, the project is easily accessible via Lebuhraya Tun Dr Lim Chong Eu. This exclusive development is also ideally located beside the Penang Bridge.

It is a mere 15 minutes drive to Penang Free Trade Zone and Penang International Airport, 10 minutes to George Town and 15 to 20 minutes to mainland Penang via the Penang Bridge.

PHASE II consists of shopping malls, waterfront alfresco dining, hotels, Cultural & Performing Arts Centre, marina, corporate gallery offices with office naming rights, grade A offices, a high tech business park and an IT Precinct which consists of an IT Mall, IT offices and IT incubators.


Built-up area
THE LIGHT Residential, featured under PHASE I, is a semi-furnished development with tastefully done fittings. It consists of six projects as follows:

THE LIGHT LINEAR comes with inverter air condition units, water heaters for all bathrooms and a centralised water filtration system while THE LIGHT COLLECTION (THE LIGHT POINT, THE LIGHT COLLECTION I, II, III & IV) come complete with fittings such as kitchen cabinets with hood, hob & oven, centralised vacuum system, inverter air condition units, water heater for all bathrooms and a centralised water filtration system.

The indicative price starts from as low as RM639,800.


Facilities and amenities
THE LIGHT LINEAR offers a comprehensive range of special amenities and facilities to suit a luxurious lifestyle, including a swimming pool, wading pool, jacuzzi, tennis court, gymnasium, games room and study area. Other facilities include a sky lounge, putting green, reflexology path, jogging and cycling path, and a children’s playground.

For those who enjoy entertaining guests, there’s a BBQ area and community hall to cater to various functions and events.

Facilities for THE LIGHT COLLECTION (THE LIGHT POINT, THE LIGHT COLLECTION I, II, III & IV) comprise of 8 swimming pools, 5 gymnasiums, marina facilities, tennis and squash courts, basketball court, children’s pool, and sauna and steam bath.

Additionally, it also has games room, kid’s play room, children’s playground, coral waterways, reading rooms, multi-purpose halls, sky lounge and a linear park.

Launch
The soft launch for THE LIGHT LINEAR was held in August 2009. Approximately 80% of the units were sold within the first two days of launch. THE LIGHT POINT saw over 65% of the units sold within the first few hours of its soft launch in December 2009 .

Launched in May 2010, THE LIGHT COLLECTION I which consists of 24 units of Water Villas was the talk of the property market in Penang. So far, 65% of the units have been sold.

The most recently launched project is THE LIGHT COLLECTION II. The uniqueness of the Pier Apartments was a hit with buyers. Within the first day of soft launch in December last year, 60% sales was achieved.

THE LIGHT COLLETION III is scheduled for soft launch in August this year while THE LIGHT COLLECTION IV is scheduled for soft launch in early 2012.

The first series of residences is targeted for completion in the third quarter of 2012, and the rest will be staggered for completion every six months after that. The last phase featuring THE LIGHT COLLECTION IV will be ready in early 2015.

There will be a 5% rebate for Bumiputra purchasers.


The Developer
The RM6.5bil project is undertaken by Jelutong Development Sdn Bhd - a subsidiary of IJM Properties Sdn Bhd. THE LIGHT represents IJM’s pioneering challenge to showcase the biggest and the best integrated waterfront living, with residential, recreational, entertainment, business, hospitality, education and commercial components all in one dynamic hub.

IJM Land Bhd is the listed property development arm of IJM Corp Bhd. It is a product of a merger between IJM Properties and RB Land, and now stands as one of Malaysia’s leading property developers with a presence in prominent locations in Penang, Klang Valley, Negeri Sembilan, Melaka, Johor, Sarawak and Sabah. IJM Land is a reputable developer of a wide range of property products including integrated developments, townships, residential projects, offices, retail and recreational facilities.



--------------------------------------------------------------------------------

Developer Information :

Jelutong Development Sdn Bhd ( a subsidiary of IJM Properties Sdn Bhd)
THE LIGHT Sales Gallery
16-01, Menara IJM Land,
1, Lebuh Tunku Kudin 3,
11700, Gelugor,
Penang, Malaysia.
Tel: +604 - 2961 333
Email: tansh@ijm.com
Website: http://www.thelightwaterfront.com/




Disclaimers:
All information contained in this website are subject to change by the property developer and/or amendments as required by the relevant authorities without prior notice and cannot form part of an offer or contract. While every reasonable care has been taken in providing the said information, this website or the property developer cannot be held responsible for any inaccuracies. All illustration are artist's impression only. Please contact the property developer for more details.

By http://www.starproperty.my/

Foreign firms keen to build major roads in Penang

INTERNATIONAL contractors from several countries have indicated that they are interested to build four proposed major road projects in Penang.

Chief Minister Lim Guan Eng said the contractors were from China, Singapore, Hong Kong, Japan and Korea.

He said the state government would invite those interested to bid for the projects via request for proposals (RFP) at the end of the year.

“The RFP will be out at the end of the year. It will take another six months before the contracts can be awarded to the successful bidders,” Lim said in an interview on Friday.

He said the time was needed for the state to evaluate the bids and for the bidders to conduct feasibility studies for the projects.

The proposed projects are the 4.2km Gurney Drive-Lebuhraya Tun Dr Lim Chong Eu by-pass, the 4.6km Lebuhraya Tun Dr Lim Chong Eu-Bandar Baru Air Itam bypass, the 6.5km Penang-Butterworth Tunnel, and a 12km proposed road connecting Tanjung Bungah and Teluk Bahang.

The Beijing Urban Construction Group (BUCG) is now carrying out a study for the 6.5km Penang-Butterworth Tunnel project that will connect Gurney Drive on Penang island and Bagan Ajam in north Seberang Prai.

Lim has said earlier that BUCG had stated that they had secured RM10bil in funds should the project move forward.

The Penang-Butterworth Tunnel project stemmed from a memorandum of understanding between BUCG and the state government signed in Putrajaya in April.

It was one of eight agreements signed between Malaysia and China in the presence of Prime Minister Datuk Seri Najib Tun Razak and Chinese premier Wen Jiabao.

Lim had earlier also said that while the state welcomed all proposals, the project would be awarded by open tender.

BUCG is an established state-owned company in China whose projects included the Bird’s Nest Olympic Stadium in Beijing.

By TheStar

'Property bubble burst unlikely in Malaysia'

A property bubble burst is unlikely to happen in the Asia Pacific, including Malaysia, as there are no signs to indicate such a trend in the next two years, says AmInvestment Bank Group.

Director for Retail Funds Ng Chze How said real estate investment trusts (REITS) would also not experience a burst including those acquired by the group.

"I don't see a burst or a crash in the property market. "You have high wages, ample liquidity, small percentage of non-performing loans and these plus steps taken by the government to prevent the economy from
overheating, augur well for the property market.

"I don't see a property burst (happening) in the next six months, one year or two years down the line," he told reporters at the launch of Malaysia's first


Asia Pacific REITs fund, AmAsia Pacific REITs, here today.

He said with these factors in place coupled with an economic recovery, there
would be more upside in the market. AmAsia Pacific REITs invests in a diversified portfolio of REITs listed in the Asia Pacific region.

Ng was optimistic the REITS selected by the group would see high occupancy
rate and increasing rental.

"Selected Asian properties have yet to reach their previous peak, as such,
there is room for potential growth," he said, adding that properties were seen
as a good hedge during the current inflationary period. -- Bernama

By Business Times

Property bubble building up but still at the comfortable level

KUALA LUMPUR: There is a property bubble building up in Malaysia and the region but it is nowhere near alarming levels as the main indicators are still at comfortable levels, AmInvestment Bank Group said.

"As an investor, I love bubbles because that's where the money is. At this juncture, I see a small bubble in the property market, it's no where near big yet and I'm not seeing any property bubble bursting soon," AmInvestment Bank Group director of retail funds Ng Chze How said.

"For that to take place, I think you need to see a few factors taking place. Firstly, you need to see very high overall borrowings and leveraging, which is currently not happening. Secondly, is to look at the non-performing loans (NPLs). Across this region, the NPLs are still very healthy. Thirdly, you need to look at the liquidity in the market. There's so much liquidity, so much cash sitting in the system."

Ng was speaking to the media after the launch of the country's first Asia Pacific REITs unit trust fund by AmMutual here yesterday.

The unit trust funds will be solely investing in REITs in Asia.

For a start, it is looking at Australia, Hong Kong, Singapore, besides a minimal exposure in Malaysia. The fund will be managed by Funds Management Division (FMD) of AmInvestment Bank Group.

"When we are creating this fund, we want it to be riskier than bonds but safer than equities. This fund does that. It offers investors opportunities to diversify away from stocks and bonds and thus, reducing investors' overall portfolio risks," said FMD chief executive officer Datin Maznah Mahbob.

She added that investors will receive high dividend yields from investing in REITs as the fund is structured to distribute a high percentage of its profit to shareholders.

Over the past five years, the performance of REITs in Asia had outperformed global REITs by more than three times. During the period, REITs in Asia grew 46.2 per cent, while REITs globally grew 14.4 per cent.

"We are comfortable with Asian properties, in line with the region's continued growth, which will lead to an increasing demand for commercial occupancy rates in Asia, which are averaging to above 90 per cent.

"For certain countries in Asia Pacific, we are seeing an uptrend in rental rates for both offices and the retail sector, which will bode well for unitholders of REITs as this translates to higher income distribution," said Andrew Wong, chief investment officer of equity, asset allocation, and fund management.

The approved fund size is 200 million units with an initial offer price of 50 sen per unit. The initial offer period ends this Sunday, and its minimum investment being RM1,000 for Malaysian residents and the minimum additional investment for Malaysian residents is RM500.

The fund is distributed by all AmBank branches, AmBank Agency sales force, AmPriority Banking, AmPrivate Banking and Hong Leong Bank.

By Business Times

Ivory wins Bayan Mutiara project

GEORGE TOWN: Ivory Properties Group Berhad will develop the Bayan Mutiara mixed development project tendered out by the Penang Development Corp (PDC).

In a press release, its board of directors announced that the group had received and accepted the letter of acceptance from PDC on July 25.

“We received the letter for the proposal for purchase and development of 102.56 acres of land located in Bayan Mutiara of which 67.56acres are existing land and 35 acres are to be reclaimed for a proposed mixed development.

“The proposed project shall be subjected to the terms and conditions to be mutually agreed upon between the parties in an agreement to be entered into at a later date. Ivory will undertake to make the necessary announcements in due course.

“None of the directors or substantial shareholders of Ivory or persons connected with them has any interest, whether direct or indirect in the proposed project,” the statement said.

It was earlier reported that Ivory and SP Setia Bhd were bidding for the Bayan Mutiara mixed-development project via a request for proposal, which set the reserved price at about RM200 per sq ft.

Ivory won the project as it had submitted a higher bid to develop the site.

In a recent talk at the ninth Star Property Fair 2011, investPenang executive committee chairman Datuk Lee Kah Choon said the Bayan Mutiara mixed-development project would see the building of offices, special medical facilities, commercial blocks, residential enclaves, retail and public spaces.

A rousing success for ninth year

EXHIBITORS at the Star Property Fair 2011 in Penang enjoyed good response to their projects over the four-day event held at Level 2 of G Hotel and the ground floor of Gurney Plaza.

Ivory Properties Group Bhd assistant manager (corporate property) Michael Wong said they had a lot of enquiries over the first two days and began closing sales on the third day.

At press time yesterday, he said the company recorded about RM7.2mil in sales of its Moonlight Bay, The Peak Residences and Island Resort, and received enquiries and registration for The Latitude.

IJM Land Bhd senior sales and marketing manager Patsy Lee said the crowd was good and the company enjoyed good response at its booth over the four days.

“We have sold RM17mil of our Pearl Regency project and are also collecting registration for our other projects such as The Address and Permatang Sanctuary,” she said.

Eye-catching design: Visitors checking out a project of Mah Sing Group Berhad at G Hotel in Penang during the Star Propoerty Fair 2011

Belleview Group senior manager (sales administration) Anne Lee said the response was very encouraging and they received hundreds of enquiries, especially for their Winter Tower at All Seasons Park and three-storey terrace houses at Bukit Dumbar Residences.

“Many also went to check out our sales gallery after making enquiries at our booth,” she said, adding that they closed sales on the spot for the two projects by receiving booking fees.

The ninth Star Property Fair 2011, which ended yesterday, was touted as Penang’s premier property expo.

Organised by The Star in collaboration with Henry Butcher Malaysia (Penang) Sdn Bhd, the fair, in its ninth edition, featured 36 exhibitors.

Among them were DNP Land Sdn Bhd, Nusmetro Venture (Pg) Sdn Bhd, Sunway Grand Sdn Bhd, Mah Sing Group Bhd, MTT Properties and Development Sdn Bhd, Reka Indah Development (Pg) Sdn Bhd, Ideal Property Sdn Bhd, SP Setia and Boon Siew Group (BSG Property).

There were also Plenitude Heights Sdn Bhd, Triental Land Sdn Bhd, GD Development Sdn Bhd, Lone Pine Group of Companies, ResCom Asia Sdn Bhd, Capitawealth International Sdn Bhd, KPWG International Sdn Bhd, Tambun Indah Development Sdn Bhd, Bukit Kiara Properties Sdn Bhd, E&O Bhd and Jalin Realty.

Henry Butcher also featured projects by Magna Putih Sdn Bhd and several property in Australia and England by various developers.

While most people would love to have their own landed property, there are many others who opt for apartments. Among them was university lecturer Rosli Saad, 51, who was visiting the fair for the first time with his daughter Athirah, 12.

“We’re looking for an apartment on Penang island. I don’t like landed property. The main reason I prefer apartments is because there is better security, with only one entrance to the whole place. And it’s easier to maintain an apartment unit without having to worry about the compound and all that,” said Rosli.

Dr R. Sentil and Dr S. Karthik, both 27, were seen checking out the Meridien Residence project in Sungai Ara by Reka Indah Development (Pg) Sdn Bhd.

“We read about the fair and wanted to check it out. The property market in Penang is good and we are looking for either a place to stay or to invest in.

“Looking around, we find that some of the property have sold out,” said Dr Sentil.

Dr Karthik said he preferred to live further from town, “away from the hustle and bustle”, although he would probably have to brave the traffic jam to go home.

Many visitors also attended the various talks held over the duration of the fair. The talks were, among others, related to property, investment, financing, law, heritage and feng shui. There was also an exhibition of restored heritage buildings carried out by George Town World Heritage Inc.

A popular feature of the fair was the ‘Surf, Click & Win’ contest sponsored by IJM Land where visitors stood a chance to win prizes totalling RM30,000, including a 32” Samsung LCD television, Acer Iconia Tabs, Samsung Galaxy Tabs and Parkson vouchers daily.

Visitors also got to redeem mystery gifts, on a first-come-first-served basis, with cut-out coupons printed in The Star over the four days. Hong Leong Bank Bhd sponsored RM5,000 worth of mystery gifts.

By TheStar

Two Hot Areas In Penang

BAYAN Lepas and Batu Maung in Penang’s southwest district and Batu Kawan in the south Seberang Prai district will be the new corridors of growth to boost the state’s development, said investPenang executive committee chairman Datuk Lee Kah Choon.

He said projects coming up at these places were the RM300mil Subterranean Penang International Convention and Exhibition Centre (sPICE), the Bayan Mutiara mixed-development project and Batu Kawan’s planned development as an integrated city.

“sPICE, under a public-private partnership agreement with SP Setia Bhd, will have a Penang People’s Park that includes the country’s first subterranean convention and exhibition centre,” he said in his talk titled ‘Live Market Update — What is the future for Penang’ at the Star Property Fair 2011.

“There will also be a seven-acre public park on the rooftop, a refurbished Penang International Sports Arena, an aquatic centre and a four-star hotel with retail outlets.

“The project is scheduled for completion by 2014.”

Big plans for the state: The audience listening to Lee during his talk on the future development of Penang

“The Bayan Mutiara mixed-development project on a 40ha site will see the creation of presti-gious offices, special medical fa- cilities, commercial blocks, resi-dential enclaves, and retail and public spaces meeting contemporary and iconic global standards,” Lee said.

He said the planned development of Batu Kawan included the next Penang industrial park.

“The plan is to turn Batu Kawan into an integrated city with residential, commercial and business zones incorporating education, leisure and medical facilities.

“These developments will create new jobs and spillover economic effects,” he said.

Lee also said recent investments by Bosch Solar Energy, Aviatron and Ibiden would generate new jobs for small-medium vendors in Penang.

“Last month, Bosch announced a RM2.2b investment in a crystalline solar cells plant in Batu Kawan.

“Aviatron and Ibiden announced their investments in avionics components and a printed circuit board facility respectively in April,” he said.

By TheStar

Great Demand For Penang Landed Homes

LANDED homes in Penang are still in great demand despite their high prices.

SP Setia Bhd’s sales and marketing executive Eunice Lee said many people were eyeing landed property due to expected limited and costlier supply in future.“We have sales every day for our Setia Greens and Setia Pearl Island projects comprising terrace and semi-detached and villa units,” she said.

She said the number of visitors to the fair had been “fantastic”, especially during the weekend.

BSG Property’s sales and marketing executive Chong Hock Aun said the company was getting more enquiries on the landed segment as visitors felt that such pro- perty were likely to be more expensive if they did not buy them now.

Strategically located: Lee (left) showing B.C Lok, his wife and daughter the units of a project available at the SP Setia booth

Chong said there seemed to be more young couples who visited the fair during the weekend while older folk were the bigger crowd on the first two days.

Ideal Homes Properties Sdn Bhd sales and marketing manager Teh Yeow Jin said many visitors preferred landed property but their prices were generally out of reach.

“Take for example a landed property in Batu Maung. It could easily cost between RM700,000 and RM800,000,” he said.

The fair was an eye-opening experience for the director of Australian real estate agent Uniq Property, a first-time exhibitor at the event.

“We received enquiries from some 200 qualified buyers throughout the event for all four apartment projects in Melbourne showcased by us. Many of them had children studying in Australia or holders of permanent residence status there,” said Veki Brdjanin, adding that they sold two units of apartments.

By TheStar

Set for value appreciation

Cool design: An artist's impression of Permatang Sanctuary in Bukit Mertajam, one of IJM's projects.

FUTURE residents of the Pearl Regency Condominium can look forward to a luxurious and cosmopolitan sky-high lifestyle when IJM Land Bhd’s iconic development at the MetroEast Udini is completed at the end of 2013.

Located on a 2.78-acre parcel of land and a stone’s throw away from Tesco and e-Gate along the coastal highway, the 35-storey freehold mixed-development project comprises residential and commercial components with a gross sales value of RM244mil.

Its residential units, in 10 different layouts ranging in size from 1,313sq ft to 2,131sq ft and priced between RM734,000 and RM1.4mil, have been well received thus far. Currently, only limited units are still available.

According to IJM Land northern region general manager Toh Chin Leong, 15% of those already taken up are from foreign buyers, testament to the project’s centralised location, innovative design and luxurious finishing.

A gem: Toh showing off a model of the company's Pearl Regency Condominium.

“For today’s lifestyle, people also like to live close to amenities such as supermarkets, F&B and retail outlets, and our location makes it very convenient for them.

“Most places on Penang island are also within easy reach, while the Penang Bridge and the mainland is also nearby,” he said.

All units come semi-furnished with quality fittings — from air- conditioners to kitchen cabinets, ovens, refrigerators, gas hob and hoods, water heaters and wardrobes — that saves residents the headache of hunting for furniture later on.

A comprehensive set of facilities ensures that residents will always have a haven where they can return to. These include a swimming pool, Jacuzzi and pool bar, children’s playground, barbeque pit, gymnasium, reflexology path, putting greens, games room, reading room and community hall.

One is also in touch with nature, with a maze and sky gardens adding a touch of lush greenery. Otherwise, one can simply admire gorgeous panoramas of the channel from the viewing deck.

“On top of that, units have unobstructed views of the sea,” Toh added.

Toh believes that with their nearby The Light waterfront development poised to be a small city in itself and change the entire skyline, it will have positive knock-on effects for the entire area, especially in terms of value appreciation.

“For most of our projects, from the day they’re launched till the day we hand over the keys, we’ve seen appreciation of easily between 30% and 50%.

“Together with our excellent after sales service, buyers have great confidence in our projects,” he said.

As land on the island is scarce and prices of materials on an upwardly trend, in addition to Penang become more well-known internationally, he is optimistic about market prospects and advises prospective home owners to take the plunge once they’ve found something that fits their budget and location needs.

Patsy Lee, the senior manager of sales and marketing, added that specially for the four-day Star Property Fair, the company is offering zero-interest during construction, and free legal fees on sales and purchase agreement and loan. Buyers also get a free utility room averaging 40sq ft, located at the basement, for convenient storage purposes.

Also, the commercial component of Pearl Regency is set to be launched in the fourth quarter of the year, with a GSV of RM80mil. It comprises 76 lots ranging in size from 377sq ft to 2,852sq ft and priced from RM310,000 to RM2.2mil.

Upcoming projects targeted to launch by year-end are The Address at Bukit Jambul comprising low density Boutique Condos and four-storey Duplex Loft, and Permatang Sanctuary at Bukit Mertajam, a 131-acre township, with seven phases and four themed parks.

IJM Land is also sponsoring RM30,000 worth of prizes for the ‘Surf, Click & Win’ contest at the Star Property Fair.

Touted as Penang’s premier property expo, the fair’s ninth edition will be held at Gurney Plaza and the adjoining G Hotel from July 21 to 24.

To date, 28 major developers — representing almost all the big boys in the industry — along with several financial institutions, have taken up booths in the fair.

The fair, to be open to the public from 10am to 10pm daily, is organised by The Star in collaboration with Henry Butcher Malaysia (Penang) Sdn Bhd. Admission is free.

By TheStar

THE 24km-long second Penang bridge is 54% completed

THE 24km-long second Penang bridge is 54% completed and it is on track to be completed by Nov, 2013, said former Prime Minister Tun Abdullah Ahmad Badawi.
He said this assurance was given by the host of contractors involved in constructing the super structure linking Batu Maung on the island to Batu Kawan in Seberang Prai.
Abdullah also said that the project would also incorporate a uniquely designed technology known as High Damping Rubber Bearing (HDRB).
The RM4.5bil project is the first to use the HDRB technology which is designed to withstand the effects of earthquakes.

Super structure: Abdullah on a boat passing under the half-completed second Bridge at Batu Maung on the island

“HDRB is an innovative tool to protect not only the structure but also the materials and contents inside the structure,” Abdullah said.
“This feature is useful for critical structures as it can stand the test of time.
“I an also proud that the HRDB is designed by a Malaysian and like all Penangites, I am eagerly awaiting the completion of the bridge.

Project on track: Part of the ongoing construction work at the second Penang bridge linking Batu Maung on Penang Island to Batu Kawan in Seberang Perai

“The bridge will definitely be breathtaking,” he said.
He was speaking after attending a briefing session on the bridge’s progress work at the China Harbour Engineering Co Ltd (CHEC) (M) Sdn Bhd office in Batu Maung yes-terday.
Present was Jambatan Kedua Sdn Bhd managing director Datuk Dr Ismail Mohamed Taib.
Abdullah also expressed satisfaction with the progress of the construction which comprised five packages. including the RM2.2bil substructure by China-based CHEC and the RM1.5bil superstructure by Malaysia’s own UEM Builders Bhd.
The three main contractors for overland connections are Cergas Murni Sdn Bhd (for the RM67mil Batu Maung link), IJM Corp Bhd (RM350mil Batu Kawan link) and HRA Teguh Sdn Bhd (RM152mil link to North-South Highway).
The bridge is set to be the longest in South-East Asia

By The Star

Ivory surges on hope of land award

Kuala Lumpur: Ivory Properties Group Bhd's share price has surged on anticipation that the Penang state government will decide this week if it is to award the company the rights to help develop 40ha of land in Bayan Mutiara.


The Penang-based developer's share price has appreciated by slightly more than 20 per cent this month, after slumping to a 52-week low of 90 sen on June 23 this year.


Last Friday, Ivory shares closed 2 sen higher to RM1.16 a share, after having reached an intraday high of RM1.19 a share.


Business Times understands that the Penang Development Corp's (PDC) board of directors are scheduled to meet early this week to decide on the matter.


The meeting will be chaired by Chief Minister Lim Guan Eng.
Apart from Ivory, SP Setia Bhd had also put in a bid to develop the landbank. The cost of developing the land surpasses the RM1 billion mark.


The Bayan Mutiara tender is part of the state government's efforts to unlock the value of the land it owns in selected areas.


The reserve price for the tender is believed to be in the RM200-per- sq-ft range.


The Bayan Mutiara area is considered prime land for hotels and resorts as it is located south of the Penang Bridge, overlooking Pulau Jerejak.


Early this year, the Penang state government had asked for a request for proposal (RFP) via PDC to develop an initial 24.8ha.


The RFP comes with the potential to develop an additional 14ha via a future reclamation after the development of the initial 24.8ha.


The property developer, listed barely a year ago, last month confirmed that it had indeed submitted a bid to help develop the land.


"I can confirm that we have submitted a bid by responding to the Penang government's request for proposal to develop the land and are now awaiting word from the state authorities," the company's deputy chairman and executive director Datuk Seri Nazir Ariff Mushir Ariff told Business Times about a month ago.




Read more: Ivory surges on hope of land award

By Business Times

Developers try to ease property concerns in Penang

THE Star regional operations manager (north) Chung Chok Yin and Henry ButcherMalaysia(Penang) Sdn Bhd director Dr Teoh Poh Huat recently met up with developers to ascertain the impact of a slower GDP forecast for 2011, rising interest rates, and escalating property prices amidst global challenges on the direction of the Penang property market.

Chung and Teoh moderated The Star Property Fair 2011 Round table discussion held at the Star Northern Hub on July 5.

Nazir: Penang developers are now more organised.

The panel lists included DNP Land Sdn Bhd (northern region) general manager K.C. Tan, IJM Properties Sdn Bhd general manager (north) Toh Chin Leong, Ivory Properties Group Bhd deputy chairman and executive director Datuk Seri Nazir Ariff,Lone Pine Group of Companies general manager Mabel Ooi, SP Setia Bhd (north) general manager S. Rajoo, Mah Sing Group Bhd general manager (northern region) Low Eng Hooi, Sunway City Bhd general manager Tan Hun Beng, and Real Estate Housing Developers' Association (Penang) chairman Datuk Jerry Chan.

The roundtable talk was a prelude to the ninth Star Property Fair 2011 in Penang that will be held at Gurney Plaza and the adjoining G Hotel fromJuly 21 to July 24.

The fair is organised byThe Starin collaboration with Henry Butcher Malaysia(Penang) Sdn Bhd.

The following are excerpts of the discussion:

StarBizWeek: How do you perceive the property market outlook in Penang for 2011 and next year?

Chan: The outlook is stable. Landed properties with unique concepts will see appreciation. The demand is still there. It's just that people will be more discerning in their decision making when it comes to the high-end high rise developments.

At the roundt able are: (from left) Dr Teoh, Chan, IJM Properties’ Toh, SP Setia’s Rajoo and Sunway’s Tan.

Should steps be taken to ensure Malaysian owners still retain ownership of heritage properties in the core and buffer heritage zone?

Nazir: That's going to be difficult. That is disturbing the market. How many foreign people own heritage properties now? Some might have foreign names but they may be locals.

Will the property market in Penang experience phenomenal growth as it did last year?

Rajoo: As long as there is expansion, there is going to be ample job opportunities. More people will enter the job market and they will need homes. We expect a good year.

Toh: There is fear that if you don't buy property now, you can never afford it again in the future. The interest rate is increasing, and the price of oil, materials, land, and compliance costs are going up also. These are driving people to keep buying houses now.

Low: Buyers expect different concepts, innovation and designs.

K.C. Tan: The mainland and island are now better connected in terms of distance, and accessibility, which will be further enhanced with the completion of the second bridge.

We can expect a shift in the property market towards Batu Kawan, especially when the second bridge and the Electrified Double Track Project (EDTP) connecting Ipoh and Padang Besar are completed.

The trend appears to be less focused on super-condominium lifestyle living, according to a recent report. What do you feel about this?

Ooi: That is what we hear from the locals. The trend is to go for smaller units. I would say there is still a demand for big units, as there are buyers attracted by unique concepts.

Purchasers of our 1 Tanjong beachfront-condominium project in Tanjung Bungah intend to stay there.

In future, the supply of this type of properties along certain stretches will be limited.

How will developers strategise to promote their properties this year in view of the slower economic growth locally and globally?

Nazir: Penang developers are now more organised. Developers like IJM, SP Setia and Mah Sing have set benchmarks that we local developers have followed.

They have given Penang companies competition and a challenge, and you can see better designs in houses and apartments in Penang because of that.

Has Mah Sing made the right move to enter the Penang property market?

Low: The local market, particularly in Batu Maung, has accepted the new concept. Buyers expect different concepts, innovation and designs. They buy into the lifestyle aspect, and they are willing to pay more for it.

All these factors will steer the property market and make it just as favourable if not more favourable than the outlook this year.

By TheStar

Redefining town lifestyle

THE Meridien Residence in Penang offers much needed relief for those looking for a sanctuary away from the hustle and bustle of modern living.

Under Reka Indah Development, the Meridien Residence was designed with a low-density concept – 160 units only.

Located in Sungai Ara, the project consists of a 30-storey single exclusive block.


Room to breathe: The spacious living room of a Meridien condo unit

Every unit, which range from 1,260sq ft to 1,916sq ft, features an open air concept balcony to let in the breezy air and natural light.

The all-inclusive tower offers residents full condo facilities such as an infinity pool, indoor gymnasium, community hall, jogging track and more.

All units also come with two covered parking spaces.

Buyers can also check out the landed three-storey semi-detached houses — only four units available. Each features a porch that can accommodate three cars.

The houses have a spacious built-up area of 3,911sq ft and are built on a 35ft by 85ft land area. A passenger lift is also installed in each unit.

The Meridien Residence is situated near Setia Pearl Golf & Country Club and is mere minutes away from the Penang Bridge, township of Bayan Baru and the Penang Interna-tional Airport.

Another upcoming project of Reka Indah Development is Boulevard Condominium in Air Itam. It consists of two towers of 37 and 38 storeys. The built-up area of the condo units ranges from 936sq ft to 2,325sq ft.

Located at the junction of Lorong Batu Lanchang and Lebuhraya Thean Teik, the condominium is just 10 minutes’ drive from the Penang Bridge and Tesco Hypermarket, 15 minutes’ drive to George Town and 25 minutes’ drive from the Penang International Airport.

Condominium residents can use a list of facilities including an infinity pool, Jacuzzi, indoor gymnasium, centralised Astro signal and two covered car parks.

Touted as Penang’s premier property expo, the fair’s ninth edition will be held at Gurney Plaza and the adjoining G Hotel from July 21 to July 24.

To date, 28 major developers — representing almost all the big boys in the industry — along with several financial institutions, have taken up booths in the fair.

The RM30,000 worth of prizes for the ‘Surf, Click & Win’ contest are sponsored by IJM Land.

The fair, which will be open to the public from 10am to 10pm daily, is organised by The Star in collaboration with Henry Butcher Malaysia (Penang) Sdn Bhd. Admission is free.

For enquiries, call 04-6473388 ext 3357 (Shirmein) or ext 3418 (Bessie).

By TheStar

In the isle of dreams

SURROUNDED by lush greenery and blooming aromatic flowers that is bound to capture an oasis of peace and serenity, the development of the Setia Pearl Island will definitely be many property buyers’ cup of tea.

Dubbed the Island of Dreams, the project is akin to a tropical island of dreams with magnificent homes and well-designed landscapes, sprawling across 45.56ha (112.6 acres) of the former Pearl Island Country Club in Sungai Ara, Penang.

Property buyers would be spoilt for choice as the project is being touted for its six distinctive isles, namely, the Isle of Life, Isle of Aroma, Isle of Palm, Isle of Connifer, Isle of Discovery and Isle of Views, each with its own special characteristics and landscaping theme which would fulfil both the buyers’ wants and needs.





In the making: SP Setia Berhad Group, Property Division (north) general manager S Rajoo (left) and Sales and Marketing, Property Division (north) manager Yeoh Chee Beng showing a Setia Pearil Island model house

Among the six isles, the Isle of Connifer — featuring three-storey link houses, semi-detached homes and the four-storey villas, which is better known as the Pearl Villa — stands out.

With only 35 units available, the Pearl Villa is the cream of the crop as it boasts a swimming pool as well as lift in the four-storey luxury villas.

With a built-up area of 6,577sq ft and a price range starting from RM2.98 million, the villa is definitely a master class development.

The Setia Pearl Island is in a perfect location as it is well located at the heart of modern conveniences linked to a network of roads, bridges and expressways.

The Tun Dr Lim Chong Eu Expressway, Penang Bridge and the upcoming second bridge link from Batu Maung to Batu Kawan will enable easy access to the four corners of the island and mainland.

Meanwhile, landmarks such as the Penang International Airport, Free Industrial Zone, Penang International Sports Arena, shopping complexes, colleges and many more are just a stone’s throw away from Setia Pearl Island.

Apart from that, the architectural design of the project emphasises a relaxing and comfortable lifestyle with green surroundings.

Also available for buyers are clubhouse facilities such as swimming pool, tennis court, ballroom, outdoor jacuzzi and many more.

Touted as Penang’s premier property expo, the fair’s ninth edition will be held at Gurney Plaza and the adjoining G Hotel from July 21 to July 24.

To date, 28 major developers — representing almost all the big boys in the industry — along with several financial institutions, have taken up booths in the fair.

The RM30,000 worth of prizes for the ‘Surf, Click & Win’ contest are sponsored by IJM Land.

The fair, which is open to the public from 10am to 10pm daily, is organised by The Star in collaboration with Henry Butcher Penang. Admission is free.

For enquiries, call 04-6473388 ext 3357 (Shirmein) or ext 3418 (Bessie).

By TheStar

Fiera Vista - has a full range of sports and recreational facilities

Prime location: Teh showing the project models of Fiera Vista Condominium at his office at Krystal Point Corporate Park.

IF you are looking for an ideal home which promotes healthy living, then check out the Fiera Vista Condominium at the coming Star Property Fair 2011.

The latest project by Ideal Homes Properties Sdn Bhd located along Jalan Tun Dr Awang in Bayan Lepas, Fiera Vista boasts of having comprehensive sports and re- creational facilities to complement an energetic and healthy lifestyle.

Its sales and marketing manager Teh Yeow Jin said besides a swimming pool, jacuzzi, half basketball court and children’s playground, other facilities available include rock climbing, badminton court and a gym.
“This is a testimony of our commitment to providing a healthy living environment for residents investing in our project,” he said.

Teh said each of the 470 units features a semi-detached and bungalow concept, with two types of built-up area of 1,450 sq ft (135 sq m) and 1,650 sq ft (153 sq m).

He said each unit with a starting price of RM478,000, was deemed affordable, considering the pro-ject’s prime location which is close to the bustling Bayan Baru township.
“The four blocks of buildings are 16-storey high each and they are located amidst greenery to invoke a sense of peace and calm without compromising on current lifestyles,” he added.

Construction for the freehold residential project is scheduled to start end of the year.
Teh said the project was open for registration during the four-day property fair, adding that they had received thousands of enquiries for the project. For details, call 04-6456888.
He said besides Fiera Vista, limited units of 1-World and 1-World 2 would also be put up for sale during the fair.

Touted as Penang’s premier property expo, the fair’s ninth edition will be held at Gurney Plaza and the adjoining G Hotel from July 21 to 24.

To date, 28 major developers — representing almost all the big boys in the industry — along with several financial institutions, have taken up booths in the fair.

The RM30,000 worth of pri- zes for the ‘Surf, Click & Win’ contest are sponsored by IJM Land.
The fair, to be open to the pu-blic from 10am to 10pm daily, is organised by The Star in collaboration with Henry Butcher Penang. Admission is free.

For enquiries, call 04-6473388 ext 3357 (Shirmein) or ext 3418 (Bessie).

By TheStar

Mah Sing continues expanding

KUALA LUMPUR: Mah Sing Group Bhd will continue to acquire prime land and enter into joint ventures in future, to further boost its expansion strategy.
Managing director Tan Sri Leong Hoy Kum said the group was keen on both privately held and government land that could be developed as it had the track record, experience, branding and financial capacity to unlock and enhance the value.
“This year should be another good year, particularly for developers with a knack for creative product development and market strategies, among others.
“The mid to high-end residential segment in well-established locations should continue to thrive together with the mass housing market, echoing the Government's call to provide affordable housing,” he told reporters after Mah Sing's AGM here yesterday.
To date, the group has a total of 34 projects, all in Greater KL (Kuala Lumpur and Klang Valley), Penang and Johor Bharu, which yield a combined remaining gross development value (GDV) and unbilled sales of approximately RM14bil to last for five to seven years.
Leong also expected the positive sentiment for the property market to continue, riding on the favourable employment conditions and stable economic growth.
“It is a good time to buy properties now in view of the rising construction cost environment as buyers can lock in current property prices and enjoy borrowing rates, which are still very reasonable.
“Buyers should consider the developer's track record in terms of product delivery, quality, service and potential upside of the property,” he said.
He added that the group would maintain its focus on the local property market for its expansion plan.
For the first quarter ended March 31, Mah Sing reported a net profit and revenue of RM41.2mil and RM311.8mil respectively.
“We surpassed our shareholders' expectations last year and are working hard on achieving another good year in 2011 with more launches coming up in the second half,” Leong said.
Macquarie Equities Research, the latest research firm to have initiated coverage of the group, had forecast Mah Sing' earnings to grow at a compound annual growth rate of 54% over financial years 2011-2013.
In order to provide continuous value enhancement to shareholders, the group was aiming for a RM5bil market capitalisation within five years, from its present RM2.2bil. Bernama

By TheStar

Tanjung Bungah’s only super condo to be ready in two years

1 TANJONG which represents Lone Pine Group of Companies’ maiden foray into the luxury super condominium market, is set for completion by 2013.
The group’s marketing and corporate affairs general manager Mabel Ooi said work on the two 41-storey towers was on track.
“We’ve incorporated eco-friendly features that reduce heat absorption as well as energy and water consumption and have applied for the Green Building Index (GBI) certification. The targeted completion date is two years from now.
“So far, response from both local and foreign buyers is good. We have potential purchasers from Singapore, Kuala Lumpur as well,” she said, adding that 1 Tanjong, a freehold project, was among a rare breed of luxury condominiums along the Tanjung Bungah beachfront in Penang.
“There is limited land along the state’s beautiful coastline. 1 Tanjong sits on the former Tanjong Country Club site, just beside Penang Swimming Club. Residents will have direct access to the beach,” she said.
Ooi said the project was developed for “resort style living”.
She said the group had studied the various super condominium projects in the region to ensure that 1 Tanjong was a step up from what is available in the market.

Green structures: Ooi showing models of 1 Tanjong super condo
 “With 1 Tanjong, we wanted to make improvements on complaints that we had heard from residents in other luxury living projects. For instance, the car park does not have a spiral ramp. You drive straight in so there is no risk of scratching your car,” she explained.
1 Tanjong comprises 147 freehold units, with each floor having only two units.
There are three layouts — a typical unit (4,760sq ft), penthouse (9,600sq ft), and top penthouse (18,600sq ft).
On the group’s Pine Valley Business Centre in the Paya Terubong township, Ooi said 34 freehold units were available for rent and purchase.
“It is Paya Terubong’s first trendy, modern commercial business centre,” she said.
For more details, visit the Lone Pine Group of Companies’ office at the Pine Valley Business Centre, 1077, Jalan Paya Terubong or call 04-827 8566.
Lone Pine will also be showcasing many of its properties at The Star’s Property Fair 2011.
Other key exhibitors include IJM Land, Sunway Grand, Vienna Home (Mah Sing), Ideal Property Develop-ment, SP Setia Group, Taman Sri Setia (Boon Siew Group), Ivory Pro-perties Group, Nusmetro, MTT Pro-perties & Development, Reka Indah Development, Lembaman Develop-ment (Belleview Group), DNP Land, GD Development and Tambun Indah Development.
To date, 28 major developers —representing almost all the big boys in the industry — along with several financial institutions, have taken up booths in the fair.
Touted as Penang’s premier pro-perty expo, the fair’s ninth edition will be held at Gurney Plaza and the adjoining G Hotel from July 21 to July 24.
The RM30,000 worth of prizes for the ‘Surf, Click & Win’ contest are sponsored by IJM Land.
The fair, which is open to the public from 10am to 10pm daily, is orga-nised by The Star in co-operation with Henry Butcher Penang.
Admission is free. For more enquiries, call 04-647 3388 ext 3357 (Shirmein) or ext 3418 (Bessie).

By The Star

Middle class homes

PETALING JAYA: Middle class Malaysians who are aspiring to buy a home will soon be able to do so once a new Government-led initiative to build apartments costing less than RM300,000 in major cities is launched this year, Housing and Local Government Minister Datuk Chor Chee Heung said.

The affordable housing scheme, which is an addition to the My First Home Scheme for units costing between RM100,000 and RM220,000, will see stratified units priced between RM220,000 and RM300,000 being built for those with a household income of less than RM6,000 a month and who do not yet own a house.
“The Government will do whatever it can to ensure the lower income group will have a house and the medium income group will have a chance to buy a property of their own,” he said in an interview with The Star.
Chor said the plan was for units to be between 850 sq ft and 1,000 sq ft and each apartment would have a minimum of three rooms.
The ceiling price of RM300,000 will be for units built in Kuala Lumpur, Penang and Johor Baru and the price will be lower in other parts of the country.

- By The Star

Upcoming Plaza / Malls in Penang Island

All Season Park (BELLEVIEW) - Farlim

Botanica CT Mall (MTT) - Balik Pulau

Elit Mall (SEAL) - Bayan Baru

Golden Triangle Mall (GIM) - Sungai Ara

Maritime Square (IJMLAND) - Jelutong Expressway

Paragon Mall (HUNZA) - Gurney

Penang Time Square phase2 (IVORY) - Georgetown

Setia Commercial Park - Sungai Ara

Southbay Plaza (MAH SING) - Batu Maung

Straits Quay (E&O) Tanjong Tokong

The light phase2 (IJMLAND) - Jelutong Expressway

The One (IDEAL) - Bayan Baru

Tourism Mall (IVORY) - Tanjung Tokong

Downtrend in property loans

Higher deposit to curb market speculation seems effective
PETALING JAYA: Bank Negara's move to require house buyers to pay a higher deposit seems to be weeding out speculation in the property market, some analysts said.
Its monthly statistical bulletin last week showed that for fourth consecutive months since November, the number of loan applications to buy residential property has reduced.
On Nov 2 last year, the central bank announced a 70% loan-to-value (LTV) cap on a borrower's third and subsequent house-financing facility, meaning that these buyers would have to fork out 30% of the purchase price.
The move was prompted by fears of a retail credit bubble fuelling speculation on the prices of residential properties. Certain areas reported price spikes that are indicative of speculation and multiple-unit purchases by individuals.
However, analysts cautioned that the data was not conclusive.

Some analysts said the decline in the first couple of months might be seasonal and believed data from March would accurately show the effects of the LTV rule.
RAM Rating Services Bhd's head of financial institutions ratings Promod Dass said: “Household financing facilities now account for approximately 55% (or RM489bil) of the local banking system's loans, with loans for the purchase of residential property comprising about half (RM238bil) of total household loans.
“Although the full impact of this move has yet to filter through given the short time since its implementation, loan applications for residential property purchases have started slowing down in the last two months of 2010 and January.
“The heftier down payment because of the more stringent 70% LTV cap is aimed at discouraging excessive over-leveraging in the property market. While the early signs are that this move has weeded out a degree of speculation in the residential property market, it will take at least six more months to gain a conclusive feel on whether such speculation has been curbed,” Promod said in an e-mail.
Malaysian Rating Corp vice-president and head of financial institutions ratings Anandakumar Jegarasasingam said the LTV ruling was insufficient to control the level of household sector debt in the economy or an unhealthy property price appreciation.
“Any individual who is purchasing a third residential property is either likely to be affluent or a reasonably savvy property speculator. If property speculation is to be curbed, the authorities should perhaps explore more direct measures involving taxes and prudential restrictions,” he said.
Another issue was whether the current trend of lower applications for housing loans could eventually lead to a softening of the property market.
ECM Libra said in its banking report yesterday that “residential property and non-residential loans approved have shrunk and are set to continue their downtrend.”
ECM Libra's analyst Bernard Ching said “loans growth are expected to taper off due to our expectation that property sales growth may slow down later this year as a result of the imposition of loan-to-value cap.”
Another analyst said the drop in housing loan applications, and the reduction in the number of loans approved, would eventually lead to a softening of the property market. “Increasingly, developers will find it more difficult to push sales and this will lead to a softening,” he said.
For Bank Negara statements click here

The Star