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Thursday, June 11, 2009

Belleview launching projects worth RM500mil on Penang island

GEORGE TOWN: Belleview Group is launching residental and commercial properties on the island with an estimated gross development value (GDV) of more than RM500mil this year.

Group managing director Datuk Sunny Ho told a press briefing that the projects comprised 227 houses for Palmyra Residences in Balik Pulau, 1,300 condominiums at three high-rise schemes in Air Itam, 62 terraced and semi-detached properties in Bukit Dumbar, and the 1st Avenue shopping mall complex in George Town.

“We are launching now because of the lower raw materials prices. Steel, for example, is now about RM2,000 per tonne from about RM4,000 earlier this year.

“The prices of other materials have dropped by about 30% compared with earlier this year,” he said.

Banks were also offering attractive housing loans at an all-time low interest rate of 2.2% per annum, he said, adding that Belleview also believed the global economy was on its way to recovery.

The Palmyra Residences comprises double-storey terraced and semi-detached houses priced from RM373,000. The properties have built-up areas ranging between 1,625 and 1,976 sq ft.

In Air Itam, the condominium units under Melody Homes, All Seasons Park and All Seasons Place will be built on a 20-acre site, which will also house a 250,000 sq ft commercial complex.

In the third quarter, Belleview will launch 1st Avenue, a shopping mall with an estimated gross commercial area of 600,000 sq ft, next to Komtar.

By The Star (by David Tan)

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