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Monday, February 22, 2010

Developers to launch RM1b projects in Penang

An artist’s impression of water villas at The Light Collection project by IJM Land.

GEORGE TOWN: Four major Kuala Lumpur-based developers plan to launch some RM1.16bil worth of luxurious residential properties in Penang this year, in view of a recovering domestic economy and continuing demand for high-end homes.

The properties are IJM Land Bhd’s RM422mil The Light Collection I & II, SP Setia Bhd’s RM60mil Brooks Residences, RM230mil Reflections condominium and semi-detached schemes for its Setia Pearl Island project, E&O Property Development Bhd’s RM380mil first phase of the Quayside project, and Mah Sing Holdings Bhd’s RM71mil first phase of the Legenda@Southbay.

Datuk Soam Heng Choon says residential properties in the mid to h igh-end categorie s will be the main growth drivers this year.

The RM165mil Light Collection I, scheduled for launch in the second quarter on a 7-acre site next to the Penang Bridge, comprises 152 condominiums and 24 water villas, priced at RM650 per sq ft and RM800 per sq ft respectively.

The built-up areas for the condominiums range from 1,375 to 1,580 sq ft while the water villas have a built-up area of 3,169 sq ft.

The RM257mil Light Collection II, scheduled for launching on a 8.58-acre site in the second half of 2010, comprises 297 condominiums with built-up areas ranging from 516 to 3,528 sq ft, priced at about RM700 per sq ft onwards.

IJM Land managing director Datuk Soam Heng Choon said residential properties in the mid to high-end categories had proven to be good hedging instruments and would serve as the main growth driver for the property sector this year.

He said IJM Land also planned to launch in May its RM123mil Maritime Square, which comprises 244 serviced suites and 67 shop and office units.

SP Setia Property (North) general manager S. Rajoo said the RM150mil Reflections condominium scheme and the 54 semi-detached homes for the Setia Pearl Island project in Sungai Ara would be launched in the first and second quarter respectively.

“The Reflections comprises 317 condominiums with built-up areas of 1,077 to 1,512 sq ft and priced from RM378,800 onwards.

“The Brooks Residences project, located in the prime residential vicinity of Jesselton Road, is expected to be launched in the final quarter of 2010,” he said.

Rajoo said the group planned to introduce an innovative financing package for its new projects in Penang soon.

“The special financing package is for the new launch of semi-detached homes in the Setia Pearl Island scheme and a new project, Setia Ara, on a 28-acre site in Sungai Ara,” he said.

Mah Sing deputy chief operating officer Teh Heng Chong said the first phase of the RM284mil Legenda@Southbay project would offer 19 bungalows with an estimated gross sales value of RM71mil.

Comprising a total 76 bungalows, the Legenda@Southbay is a gated and guarded project that comes with a clubhouse and is equipped with features such as personal pool, smart-home features, solar hot water system and rain water-harvesting system.

“We also plan to launch the first phase of the RM911mil Southbay City commercial project in Batu Maung this year.

“The Southbay City is an integrated commercial hub comprising serviced residences, commercial lots, lifestyle mall, and four and five-star hotels,” Teh said.

Eastern & Oriental Bhd executive director Eric Chan Kok Leong said the company’s property arm E&O Property would launch the first phase of the RM1.8bil Quayside luxurious condominium scheme for its sea-fronting Seri Tanjung Pinang project in Tanjung Tokong early next month.

“The first phase is a 26-storey block, comprising 298 units,” he said.

Quayside, resembling sea-fronting home projects in Sentosa, and Sovereign Island in Gold Coast, comprises seven high and low-rise blocks surrounded by 4.5 acres of water park.

The Quayside is located within the first phase of the 908-acre Seri Tanjung Pinang housing project.

By The Star

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