RM4bil in projects lined up for Penang this year

KUALA LUMPUR and Penang-based property developers are undertaking fresh projects with a gross development value (GDV) of RM4.04bil in Penang this year to ensure variety in the market.

Eco World Development Group Bhd (with a GDV of RM280mil), Mah Sing Group Bhd (GDV of RM651mil), Ideal Property Development Sdn Bhd (GDV of RM2.72bil) and IJM Land Bhd (GDV of RM393.7mil) are some of the well-known property companies with projects planned for this year.

Penang-based Ideal Property executive chairman Datuk Alex Ooi, dubbed “Penang’s Condo King”, says the group is undertaking RM2.72bil worth of condominium projects on the island this year.

The projects are Summerskye Residences with a GDV of RM378mil launched in January, Forest Ville with a GDV of RM495mil launched in May, Bukit Ayun Development with an RM1bil GDV launched in August, Queens Residences with a GDV of RM550mil and Amarene with a GDV of RM300mil launched in August.

These upcoming projects are strategically located in Bayan Lepas in the South-West District, which is close to the Penang International Airport and the first and second bridges.

“We are introducing a new range of properties for the Forest Ville scheme that are priced slightly higher than the affordable properties targeting first-time house buyers.

“Priced tentatively from RM459,000 onwards, the Forest Ville properties are not restricted to first-time buyers.

“They are open to all buyers eligible for bank loans,” Ooi says.

Ideal Property is the parent company of Ideal United Bintang Bhd.

Mah Sing will launch the RM651mil Ferringhi Residence 2, a high-end condominium project in Batu Ferringhi.

The group will also launch the second block of The Loft soon, which is part of the RM2bil Southbay City project.

“We have received positive feedback on Ferringhi Residence, especially with its completion six months ahead of schedule.

“In addition, we have gotten positive comments on the superior quality of the development and its resort-styled living concept.

“Batu Ferringhi is a favourite among tourists, as they are attracted to resort-themed properties.

“Recently, The International School of Penang (Uplands), one of the oldest and most established international schools in Malaysia, opened its boarding homes in Ferringhi Residence, which would boost the capital appreciation and the rental potential of the properties,” says Mah Sing managing director-cum-group chief executive Tan Sri Leong Hoy Kum.

Ecoworld will launch the RM280mil Eco Bloom project soon in Simpang Ampat, comprising 490 condominium units in a 33-storey mixed residential-commercial block located on a 1.96-ha plot within the 23.8-ha Eco Meadows project.

“Priced below RM400,000, the Eco Bloom residential units are split into two wings, and residents can enjoy facilities like a swimming pool, a gym, a jogging track, a BBQ area, a multi-purpose court, a multi-purpose hall and a children’s playground.

“There are two-storey shop-lots of 23 units located below the tower,” says the company’s northern region general manager Khoo Teck Chong.

Next year, Ecoworld will unveil an RM7.76bil mixed-development project in Batu Kawan, which is probably the largest scheme to be undertaken by a single developer for 2017.

Khoo says the group will submit the plans for the project to be located on two parcels of land with a total acreage of 374 to the local authorities for approval soon.

“We expect to soft launch the first phase of the project in early 2017.

“There will be two components, Eco Horizon and Eco Sun, comprising gated and guarded strata landed properties and integrated commercial projects to be developed over a period of 10 years,” says Khoo.

According to Khoo, as Batu Kawan is set to become the third satellite town of Penang after Bayan Lepas and Seberang Jaya, Ecoworld wants to be well-positioned to tap into its eventual growth.

“Batu Kawan’s positioning as a high-tech and high-value-added manufacturing and services hub on a 1,500-acre site is expected to spur the transformation of the township over the next 15 years till 2030,” Khoo adds.

For example, the first phase of the Batu Kawan Industrial Park has reportedly garnered interest from 29 local small medium enterprises, with a total investment of around RM196mil that will create employment for approximately 2,000 people.

Ecoworld is currently undertaking the development of Eco Terraces (RM400mil GDV) in Paya Terubong and Eco Meadows (RM300mil GDV) in Simpang Ampat.

IJM Land senior general manager Datuk Toh Chin Leong says the projects planned for launch this year are The Trehaus (RM64.7mil GDV) in Bukit Jambul, The Senjayu (RM69mil GDV) in Jawi, South Seberang Prai, and The Waterside Residence (RM260mil GDV) for the second phase of The Light Waterfront.

Ivory Properties Group Bhd is carrying out RM1.8bil worth of projects on the island this year.

These are the first phase of Penang WorldCity called Tropicana Bay Residences with a GDV of RM933mil, The Wave with a GDV of RM494mil, and The City Residence and City Mall with a GDV of RM313mil.

Group chief operating officer Goh Chin Heng says The City Residence and City Mall and The Wave will be the main contributors to the group’s current fiscal year revenue ending next March 31.

“The City Residence and City Mall is expected to contribute RM40mil, while The Wave, RM90mil.

“Both projects have done very well and should enable the group to achieve better results for the current fiscal year.

“There are only a handful of units left for both projects,” he adds.

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