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Tuesday, January 22, 2008

SDB set to make its mark on Batu Ferringi

PETALING JAYA: In its maiden venture into Penang, Selangor Dredging Bhd (SDB) is looking to develop boutique serviced apartments along the tourist belt of Batu Ferringi, Penang said SDB
managing director Teh Lip Kim (pix).

“We may look into boutique serviced apartments and villas complimented by hotel and resort facilities, but this depends on what we find is best suited for the land. This is the last parcel of land on this stretch that has Batu Feringgi beach frontage, thus it has excellent potential,” said Teh.

Teh added that Batu Feringgi is popular with locals and foreigners and the purchase matches the company’s strategy of obtaining land in locations that will add value for future developments.

SDB, through its wholly-owned subsidiary Crescent Consortium Sdn Bhd had recently entered into a sale and purchase agreement with Alpine Accord Sdn Bhd to acquire three freehold parcels of land measuring a total of 4.7-acres for RM24.5 million or about RM120 psf.

The three parcels are situated on Batu Feringgi, with Jalan Batu Feringgi on one side and the Batu Feringgi beach on the other. It is also between two hotels — the Grand Plaza Parkroyal Penang and Bayview Beach Resort. Work on the land is slated to commence mid-2009 onwards.

On the purchase price, Henry Butcher Malaysia (Penang) chief executive officer Lim Ewe Tatt said it was a fair one. “SDB would have to build a highend development on the site to be able to recover the purchase cost. A highquality product with the right concept, preferably landed, would fare well.

However, supply for upmarket properties has been constant in that area, so there might be a need to look abroad for purchasers,” Lim told theSun.

ED Bid Properties Sdn Bhd executive director Edward Eow agreed, saying that the land was acquired at a reasonable price as a nearby plot of 32,000 sq ft was sold at RM150 psf. “SDB’s land is in a prime location with beach and mainroad frontage. It would be suitable for something tourism-related,” Eow said.

SDB started off as a tin mining company and is now focused on property activities such as property management and leasing, hotel and property development.

By theSun (by Allison Lee)

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