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.

Saturday, October 6, 2012

Top property firms bidding for prime Penang plot

GEORGE TOWN: At least three major property developers are believed to have put in bids for a prime plot of land on the island, which currently houses a residential and training centre for the visually handicapped.

Business Times understands that the three that have submitted bids for the land in Pulau Tikus, where the St Nicholas' Home now stands, are SP Setia Bhd, Sunway Group, and Penang's very own BSG Property, the property arm of the Boon Siew Group.

"The bidders made their presentations to the island-based landowners the Anglican Church. They are awaiting word for a second round of presentations in Kuala Lumpur to the Anglican Church," said an industry source.

It is further understood that the earliest a decision will made on the status of the land sale by the Anglican Church will be next year.

The 74-year-old home (which used to be known as St Nicholas School for the Blind) sits on a 2.4-hectare piece of land, which serves as the nation's first education and rehabilitation institution for the blind.

The source said that the proposed sale will likely involve a land swap and the successful bidder will also have to build a new school for the home at an alternative site.

"The owners are also insisting that a new church be built at the existing site to replace the Bagan Jermal Anglican Church," added the source.

The 2.4ha site, which is currently zoned for education purposes, is valued at about RM300 psf, according to property experts.

The location is considered to be prime, as it is nearby major amenities such as the Penang Adventist Hospital and the Penang Chinese Girls High School.

Other assets owned by the Anglican Church in Penang include the landmark St George's Church along Lebuh Farquhar which was built in 1816 and serves as Southeast Asia's oldest Anglican church.

In 2007, the federal government declared the building one of 50 National Treasures of Malaysia and it underwent a major restoration exercise in 2009.

By Business Times

No comments: