ASPEN Group Holdings Sdn Bhd plans to launch RM2.1bil worth of residential and commercial properties in Penang later this year and next year.
The projects are the RM780mil first phase of Aspen Vision City in Batu Kawan, the RM400mil Tri Pinnacle in Tanjung Tokong, the RM700mil HH Residence in Tanjung Bungah and the RM226mil Beacon in Sungai Pinang.
Aspen Group chief executive officer Datuk M. Murly said that of the RM2.1bil, about RM1.3bil would comprise affordable and high-end residential property.
‘They will be sold at sub-sale prices which are usually 20% to 30% lower than the pricing in the primary market.
“We believe that sub-sale prices are a more accurate reflection of the market trend.
“For example, the Tri Pinnacle affordable condominiums are priced at about RM375 per sq ft.
“The Beacon high-end residential executive suites are priced at about RM700 per sq ft.
“Current new high-end residential property of the same range and in strategic locations are selling for around RM1,000 per sq ft,” Murly said.
He said the Tri Pinnacle project comprised 1,249 low medium-cost apartments while the Beacon would offer 258 residential executive suites.
He said Tri Pinnacle would be launched in the last quarter of this year and Beacon in the first quarter of next year.
“Both projects are equipped with comprehensive recreational facilities.
“The Beacon, for example, is designed with a sky lounge, sky bar, sky pool, and sky garden on the 37th floor,” Murly said.
He said the prices for HH Residence had yet to be fixed.
“Although the property market has softened in the past 12 months due to the tightening of credit, we are optimistic that our competitive pricing will stir interest among house buyers,” he added.
Murly said the Aspen Vision City project would be built on a 99.1ha plot next to the second bridge.
He said the first phase, to be developed over five years on 14.1ha, would have about 500 retail and shop office units.
“The value of the first phase will be enhanced by the Ikea shopping mall that we are building next to it.
“We will subsequently carry out the remaining phases comprising hotels, serviced apartments, homes and a mini central banking district over a 10-year period.
“Our strategy for Aspen Vision City is to build the commercial property first.
“There will be workers who want to stay near their place of employment.
“This will create the need for residential property which are attractive in pricing.
“The objective is to develop Batu Kawan in such a manner that it mirrors the vibrancy of the island,” Murly said.
He said that Aspen’s objective was to provide more affordable housing and mixed development projects.
“This will allow for public and private land owners to create a sustainable business model that not only maximises the full potential of the development but also meets the community’s cultural, communal and income level needs and adheres to the requirements of local councils.
“Since our inception in 2013, Aspen Group has believed that success comes from a relentless focus on innovation, creativity and execution.
“This concept and vision is not only vital to our property development but also to our efforts to create ecologically-balanced communities.
“We are committed to providing the people homes of unmatched quality at affordable prices,” Murly said.