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