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Saturday, July 9, 2011

Developers to offer RM2.3bil projects at Penang expo

Seven developers from Penang and Kuala Lumpur are launching properties, comprising largely residential projects with over RM2.271bil gross sales value (GSV), for the island and Seberang Prai beginning the second half of 2011 and in 2012.

Some 1,722 units of the properties with an RM1.899bil GSV are planned for the island, while the remaining 1,389 units with an RM372mil GSV are for Seberang Prai.

Sunway City Bhd, Mah Sing Group Bhd, Lone Pine Group of Companies, Ivory Properties Group Bhd, MTT Properties and Development Sdn Bhd, Asas Dunia Bhd, and DNP Land Sdn Bhd are the developers with plans for new launches.

In April 2011, IJM Land Bhd (RM413mil), Mah Sing (RM1.08bil), and SP Setia (RM615mil) had announced RM2.108bil worth of landed and high-rise properties for launching on the island.

Sunway City is launching RM1.43bil worth of properties in the south-west district of the island.

“This comprises 50 units of three-storey terraced houses, priced from around RM900,000 to RM1.1mil, with RM50mil GSV to be launched in September for the Sunway Cassia project.

“Another 170 units of three-storey terraced and semi-detached properties with RM170mil GSV will be launched in early 2012 for the Sunway Cassia project.

“We will launch around 600 units of landed properties and condominiums on an 81-acre site with RM1bil GSV in Sungai Ara in 2012,” Sunway City general manager Tan Hun Beng said.

He spoke after the Star Property Fair 2011 Round-Table Dialogue held at the Star Northern Hub in Bayan Lepas, Penang, on July 5.

The dialogue, moderated by Star Publications (M) Bhd regional manager (operations) Chung Chok Yin and Henry ButcherMalaysia(Penang) director Dr Teoh Poh Huat, is a prelude to the Star Property Fair 2011 that will be held from July 21 to 24 at G Hotel and Gurney Plaza.

Mah Sing is launching the RM200mil South Plaza project, comprising 206 residential suites and 47 lifestyle retail lots, for its Southbay City scheme in Batu Maung this fourth quarter.

Its northern region general manager Low Eng Hooi said construction work for the project would start in 2012.

Lone Pine Group of Companies general manager Mabel Ooi said the group planned to launch over 100 three-storey semi-detached villas, with an approximate GSV of RM100mil, in Paya Terubong at the end of 2011.

“In the first half of 2012, we will launch over 200 apartment units of RM100mil GSV in Paya Terubong,” she said.

Ivory Properties Group Bhd deputy chairman Datuk Seri Nazir Ariff said the group would launch 220 condominium units and 20 shop lots for the RM168mil The Latitude project in Mount Erskine, Tanjung Tokong in the fourth quarter.

“The condominium units are priced between RM686,000 and RM2.92mil,” he added

MTT Properties and Development Sdn Bhd general manager Jason Tan said the company was launching its luxurious home scheme in Balik Pulau in the fourth quarter 2011.

MTT group general manager Jason Tan said that the project, comprising 29 hillside 3-storey villas, had an RM87mil GSV.

“Located in the group's Botanica. CT project, these will be the most expensive homes to be built in Balik Pulau, as each unit would be priced above RM3mil,” he said.

“MTT is also targeting to launch 80 units of affordable town-houses with an RM24mil GSV for the Botanica. CT project in 2012, which would be priced around RM300,000 each,” Tan said.

In Seberang Prai, Asas Dunia is launching some 1,253 terraced, semi-detached, low-cost town-house properties in central and south Seberang Prai with an RM292mil GSV from now till 2012.

Group managing director Datuk Jerry Chan said “the price for a low-cost town-house is RM38,000, while that of a double-storey semi-detached house is priced from RM454,150 onwards.”

Meanwhile DNP Land Sdn Bhd general manager (North) K.C. Tan said the company would launch 136 semi-detached houses with an RM80mil GSV for the first phase of the Jesselton Hills project in Bukit Mertajam this third quarter.

“The pricing of the units starts from RM550,000 onwards,” he said.

Meanwhile, Chan, who is also the Real Estate Housing Developers' Association (Penang) chairman, said the price of landed properties in Seberang Prai was expected to grow by double digit in Seberang Prai.

“On the island the rise of landed property prices would depend very much on the location, as they have already risen appreciably over the past one year.

“Property buyers would adopt a more discerning approach towards investment in luxurious high-rise properties.

“However, property prices in Penang would remain stable, due to the rising cost of land and building raw materials,” he said.

On overseas investment into Penang's property, Chan said the foreign participation was still low, as some foreigners still prefer to rent due to low rentals.

Henry Butcher Malaysia (Penang) director Dr Teoh Poh Huat said Penang was still not well known as an international destination for property investment.

“Penang's appeal to foreign buyers has improved, as it is a city with vibrant commercial and lifestyle activities and rich heritage attractions,” he said.

“However, on an annual basis, less than 5% of the property purchase in the country is taken up by foreigners. A lot of work needs to be done to rebrand and reposition Penang in the international market.

“Property prices in Penang are expected to rise by a single digit this year in tandem with anticipated inflation of about 5%,” he added

IJM Land Bhd general manager (north) Toh Chin Leong said there was currently no bubble in Penang's property market due to the scarcity of land on the island.

“This is why properties in prime locations are still in demand. Furthermore, local investors are still investing to hedge against inflation,” he added.

By The Star

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