Highway project from Gurney Drive to airport a boost to property market

An Ivory Properties Group Bhd staff member explaining about The Zen project to visitors at the StarProperty.my Fair 2018 at Gurney Plaza in Penang. — Photos: GARY CHEN and CHAN BOON KAI/The Star

The proposed 19.5km Pan-Island Link I (PIL I) from Gurney Drive to the airport will stimulate interest in property investments once more in Penang and boost the value of properties in strategic locations.

Zeon Properties chief executive officer Leon Lee said the proposed highway, a component of the Penang Transport Master Plan (PTMP), runs along Gurney Drive, Gottlieb Road, Penang City Park, Bukit Bendera, Paya Terubong, Sungai Ara, Bukit Gedung and Sungai Kluang.

“We can expect the housing projects along these routes to appreciate if PIL is implemented,” Lee said.

Lee added that infrastructure played a vital role in determining a property’s value.

“For example, the price of a landed home in Batu Maung prior to the opening of the second Penang bridge was worth about RM700,000 in 2007.

“Today, the value has easily doubled.

“The appreciation of property prices will certainly catch the attention of investors,” he said.

The model of Straits Residences by Kerjaya Prospek Property Sdn Bhd at the fair.
The model of Straits Residences by Kerjaya Prospek Property Sdn Bhd at the fair.   

Lee was commenting at the four-day StarProperty.my Fair 2018 yesterday at Gurney Plaza and Gurney Paragon Mall, which started on Thursday.

The developers exhibiting include Ivory Properties Group Bhd, Hunza Properties Bhd, Ideal Property Group, Ewein Zenith Sdn Bhd, Bandar Utama Development Sdn Bhd, Kerjaya Prospek Property Sdn Bhd, Mah Sing Group Bhd, BTK Land Sdn Bhd, Sepakat Mewah Sdn Bhd, Hatten Group Sdn Bhd, Bionic Land, East West One Group, GIC Group, Penang Development Corporation, Devoteshens Sdn Bhd, Aroma Development Sdn Bhd, and Cosmopolitan Homes.

Zeon Properties is marketing projects from Ewein Zenith, Sepakat Mewah, Bionic Land, Devoteshens, Cosmopolitan Homes and Aroma Development.

Lee added that since Penang and the Federal Government are now under the same political leadership, the other components of the PTMP such as the LRT project could be implemented without hindrance as well.

Ivory Properties Group Berhad senior marketing manager Alan Lim said all the group’s projects in Penang were in prime locations with easy access to public amenities.

“Tropicana Bay Residences and City Residence are completed projects that are ready to move in, while The Wave and Zen Commercial are scheduled for completion in 2020 and 2021 respectively,” he said.

He added that potential buyers could opt to view actual show units of the completed projects.

“We are also offering special discounts and rebates for purchasers who sign up during the fair,” he said.

Visitors making enquiries about the My Sakura 28 project by Devoteshens Sdn Bhd.
Visitors making enquiries about the My Sakura 28 project by Devoteshens Sdn Bhd.  

Ivory Properties is showcasing several of their award-winning projects during the fair, namely The Wave (Penang Times Square), Tropicana Bay Residences, Zen Commercial (both are part of the Penang WorldCity development in Bayan Mutiara) and City Residence (Tanjung Tokong), which have a total gross development value (GDV) of over RM1.75bil.

Apart from these projects, Ivory is also displaying units from its previous projects like Moonlight Bay, The Peak Residences, Island Resort and The Latitude.

Meanwhile, Mah Sing chief operating officer Evelyn Khaw said the group was showcasing properties from Ferringhi Residence, The Loft, M Vista, and Legenda@Southbay schemes, which have a total GDV of RM600mil.

“The property market is improving with a feel-good effect as the cost of living is reduced due to measures taken by the government such as the temporary zero-rated Goods and Services Tax (GST), petrol and diesel subsidies, as well as delayed repayments of study loans from National Higher Education Fund Corporation for fresh graduates who earn less than RM4,000.

“In Penang, we expect the implementation of PTMP and the airport expansion to improve infrastructure and the investment climate,” Khaw added.

Hunza Properties Berhad sales and marketing director Karen Thein said the group was targeting 300 registrations for the TREEO affordable project in Sungai Ara.

“The projects Alila2 in Tanjung Bungah and phase one of Mekarsari in Kepala Batas have obtained their certificate of completion and compliance.

“The majority of Alila2 units have been sold, while the unsold units for Mekarsari is less than 30%,” Thein said.

Hunza is showcasing RM1.23bil worth of properties at the fair, which includes the RM86mil Mekarsari phase two.

“We are also opening for registration the Penang International Commercial City, an integrated development project in Bayan Baru,” she added.

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