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Saturday, December 8, 2007

Belleview eyes Western Avenue

Property developers Belleview Group of Companies has plans to expand its land bank by acquiring additional land within the Western Avenue area near Pulau Tikus, to cash in on the potential of the proposed Penang Global City Centre (PGCC).

The company believes that property values in certain areas around the PGCC, especially those along the Western Avenue belt, will sky rocket once the work on the RM25 billion project kicks off in the near future.

Yap: Land along the Western Avenue belt is already considered a prime area

Belleview marketing manager Jeffery Yap said, the company had recently acquired a 0.65ha site there for future development to add to its 0.54ha site purchased earlier for the development of its ultra-high-end 6 Western Avenue luxury bungalow project.

“We believe in the potential of land along the Western Avenue belt as it is already considered a prime area on the island and a prominent area to live in,” he told PropertyPlus.

He said news of PGCC has already created a lot of interest in Belleview’s 6 Western Avenue project and was confident that PGCC would continue to attract high-profile people to the area.

“We are well positioned to tap into the potential of this area, which is home to most of the who’s who of Penang,” he said.

Its 6 Western Avenue project, comprising the development of six double-storey bungalows is mainly targeted at expatriates on the island and has so far seen encouraging response with two units sold since its private preview last month.

“We intend to capitalise on the expatriate market here in Penang, especially those with families and who enjoy lots of space as well as high-end exclusivity,” Yap said.

The RM32 million freehold development, which boasts of being the most luxurious in terms of its finishes, comes with built-up areas ranging from 6,500sq ft to 7,000sq ft.

Priced between RM4.5 million and RM6.35 million, the project also offers units with massive land areas ranging from 6,200sq ft to 10,800sq ft, designed with modern contemporary looks coupled with tropical architectural features.

However, Yap said most properties in the area were privately owned estates, with most owners unwilling to sell their land due to sentimental reasons.

Belleview’s past residential projects are Miami Green, Bellisa Court, Bella Vista, Taman Kheng Tian, Miami Bay, Belle Residence and Symphony Park, while their commercial developments include Island Plaza, Bellisa Row and Burmah House.

Its most recent development is Slim Villas, with a gross development value of RM53 million comprising 66 three-storey terraced houses built on a 1.9ha site in the heart of Jelutong.

By theSun (by Jonathen Chen)

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