Foreigners buying Penang homes

PURCHASERS from Indonesia, Singapore, Hong Kong and South Korea have snapped up almost 40% of the units at Pearl Regency in Penang even before its official launch in September.

IJM Land Bhd Group general manager (North) Toh Chin Leong attributed the brisk sales to the project’s unique landscape,open courtyards, gardens, and recreational facilities which appealed to foreign investors.

He said the project, with built-up areas ranging from 958sq ft to 2,131sq ft, comprised two blocks of 574 condominium units and a commercial podium priced from RM478,314 to RM1.3mil.

“We will go to China next month to promote the project,” he said, adding that the scheme would also be showcased at The Star Property Fair 2010 later this month.

Organised by Star Publications (M) Bhd in collaboration with Henry Butcher Malaysia Penang, the three-day extravaganza will be held at G Hotel and Gurney Plaza in Penang from July 23 to 25.

The RM494mil Pearl Regency, which is part of the Metro East commercial and residential project in the Gelugor area, is scheduled for completion in 2013.

Toh said the three-storey commercial portion comprised 83 retail units with an estimated gross built-up area of 177,640sq ft.

“The commercial portion is designed to accommodate banks, tour agencies, medical centres, book stores, and food and beverage outlets,

“We want to ensure that the foreign buyers have accessibility to essential amenities,” he said, adding that the commercial phase was all sold out.

IJM, which is taking up six booths at The Star Property Fair, will also promote other key projects such as the Maritime scheme, comprising 87 four-storey commercial lots and 228 service suites located in two blocks of 18 and 20-storey buildings.

“The project’s selling point is the sea-fronting 4.6km promenade that IJM Land is currently constructing,” he said.

Toh said IJM would showcase The Address, a RM113mil condominium project in Bukit Jambul, and Permatang Sanctuary, a RM370mil landed residential property scheme in Bukit Mertajam, targeted for launching respectively in January and February 2011.

“The other projects that would be exhibited include the RM30mil Sierra Vista and the RM190mil Platino Luxury, which have received certificates of fitness (OC),” he added.

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