Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Friday, April 15, 2011

E&O aims to begin reclamation work for RM12bil Penang project

Aerial view of Seri Tanjung Pinang phase one, showing Straits Quay festive retail mall.The upcoming Quayside Seafront Condominiums is superimposed on this actual site photo.

PETALING JAYA: Eastern & Oriental Bhd (E&O) is targeting to commence reclamation work next year for 740 acres of land in Tanjong Tokong in the north-east coast of Penang for its RM12bil Seri Tanjung Pinang phase two (STP2) development.

Executive director Eric Chan said the group's subsidiary, Tanjung Pinang Development Sdn Bhd, had received the approval in principle for the masterplan of STP2 from the Jabatan Perancangan Bandar dan Desa Pulau Pinang via a letter dated April 11.

“It should take two years from the start of the land reclamation before the first project launch can be embarked upon.

“Phase two will be a mixed integrated development comprising two islands of approximately 740 acres in size. At three times the size of phase one, phase two is expected to generate RM12bil in gross development value,” Chan told StarBiz.

As in phase one, he said residential property would be the key component in STP2, besides commercial and public spaces.

“In totality, Seri Tanjung Pinang phases one and two will embrace a range of residential, commercial, recreational and leisure properties within an integrated masterplanned development.

“We expect this iconic development to ultimately redefine Penang island on the world map as a vibrant new seafront resort destination to reside, holiday, work and invest,” he added.

Chan said STP2 would take the E&O brand to the next level and support the group's aspiration to extend the brand regionally and globally.

“The development will also be a symbol of pride and progress, gaining worldwide publicity and prestige; and attract capital inflows and investment, employment and business opportunities, especially for Penang's tourism. It will complement other major projects to turn the state into a world class city and an international property destination,” he added.

In 1992, TPD was granted the exclusive right to reclaim and develop approximately 980 acres of land in Tanjong Tokong.

It has to date reclaimed and is continuing to develop phase one of the project comprising about 240 acres of land.

The total GDV for phase one of Seri Tanjung Pinang is approximately RM4bil.

The E&O group, through TPD, had sought the state's approval to reclaim the balance concession area of about 740 acres.

In a filing with Bursa Malaysia on Tuesday, E&O said while the in-principle approval was a vital step towards being able to reclaim the balance concession area, there were other steps still to be undertaken and approvals to be obtained before reclamation works could actually commence.

It said while it was too early to outline the detailed effects of the approval in respect of the masterplan or its implementation timetable, “the board of directors of E&O is of the view that in the longer term, the group will derive substantial benefits with a successful implementation of the in-principle approval.”

On the progress of Seri Tanjung Pinang phase one, Chan said more than 600 landed residential units and 217 serviced suites had already been completed and sold to date. There will also be seven condominium towers.

The landed properties include the Ariza range of courtyard and seafronting terraced houses, Avalon and Acacia semi-detached homes, and the Martinique, Skye and Abrezza villas by-the-sea.

Last February, the first tower of the 21-acre Quayside Seafront Resort Condominiums was launched and another two towers were launched in the last 12 months. The overall take-up of the launched condominiums is about 75%.

Meanwhile, the commercial area includes the Straits Quay festive seafront mall which has 270,000 sq ft of net lettable area; a 7-acre parcel of TESCO hypermarket development and a few other smaller plots.

Chan said since its soft opening last November, the Straits Quay mall had recorded a tenancy occupancy of close to 60%, comprising a myriad of marina-fronting food and beverage outlets, fashion, and lifestyle stores.

By The Star

Spacious semi-Ds for the family in Rawang

Modern and simple: An artist’s impression of the three-storey semi-detached units in Rawang.

The Puteri Height’s latest three-storey semi-detached Saffron units by Hartawan Pasific Sdn Bhd (HPSB) in Rawang is focused on space, privacy and indoor/outdoor living.

The new housing development neighbouring Bandar Country Homes and priced from RM611,000 onwards, is close to shopping facilities, hypermarket, schools, parks and playgrounds, lakes with water sports facilities, the 27-hole Tasik Puteri Golf and Country Club and the 18-hole Kundang Lakes Golf Country Club and is linked to major roadworks.

HPSB chief executive officer Low Gee Teong said these 96 semi-D units, with plot sizes from 46ft x 100ft and built-up sizes from 3,100 sq ft, offered spacious living spaces for larger families, with six bedrooms, including two master bedrooms.

The units come with contemporary finish and design.

Located on a hilltop, residents will get to enjoy a panoramic view of the city from their lanai terrace.

The interiors have also been designed to allow for natural light to stream in and the courtyard has space for four cars with auto-gate facilities.

Located just 10 minutes away from the Rawang interchange, residents will also appreciate the easy access via existing trunk roads linked to the North-South Expressway (NSE).

“From Saffron, it is a 30-minute drive to Kepong and 45 minutes to the city centre,” said Low.

This is the second phase of the development and; so far, 50% of the units have been sold.

By The Star

SP Setia to redevelop Singapore property

SP SETIA Bhd is buying the Leong Bee Court strata development in Singapore for RM159 million, and it plans to redevelop the place into a new apartment with a gross development value of RM318 million.

Work is expected to start in 2012 and finish in three years, it said in a statement to Bursa Malaysia yesterday.

Leong Bee Court sits on a parcel of freehold land of 29,436 sq ft within a matured residential enclave of Potong Pasir.

It is also within close walking distance to the Potong Pasir North East MRT Station

By Business Times

SP Setia buys site in Singapore for RM156.65mil

KUALA LUMPUR: SP Setia Bhd, through its unit SP Setia International (S) Pte Ltd, has entered into a private treaty with owners of all 27 units of Leong Bee Court to buy the site for S$65mil (RM156.65mil).

The company said in a statement yesterday it would build on the acquired site measuring 29,440 sq ft a high-rise building comprising 105 units of one, two and three-bedroom apartments and launch the project by the middle of next year.

Its president and chief executive officer Tan Sri Liew Kee Sin said the group had been carefully crafting its strategy to expand its development base to include integrated commercial-cum-high rise residential projects as well as international expansion.

“We see this as a good timing to participate in the upturn of Singapore's economy,” said Liew.

By Bernama

Mutiara Goodyear unit in Thai project

MUTIARA Goodyear Development Bhd’s unit Pembangunan Bandar Mutiara, Bangkok, Thailand.

It will subscribe for 3 million Redeemable Preferred Shares (RPS) in Agathis One Ltd.

Proceeds from the RPS will be used by Agathis to invest in a proposed joint venture development project on a 25.6 acre land area in Tambon Bang Kaew, Ampur Bang Phi, Samutprakam Province, Thailand.

The investment will enable Mutiara Goodyear to participate in a potential high growth area in Bangkok, Thailand

By Business Times