Island LandCap plans exclusive waterfront villas in Batu Ferringhi

KUALA LUMPUR (July 6): Penang developer Island LandCap Properties Group is planning to build three exclusive waterfront villas in the popular Batu Ferringhi area in Penang. The villas will be built based on the build-then-sell concept and are expected to start construction by the second quarter of 2013.

Oon says the Penang property market is very vibrant and generally, the properties are reasonably priced.

Executive chairman Oon Weng Boon told The Edge Financial Daily that the 50,000 sq ft tract on which the villas will be built was acquired early this year.
The European-style villas will be within a gated and guarded area and will offer built-ups of about 9,000 to 10,000 sq ft and are indicatively priced between RM15 million and RM25 million. Each of the 4-storey villas comes with a home lift.
“This is a blue chip property… a class above the ordinary. I am not in a hurry to sell them. Marketing for the villas will start early next year and we are looking at buyers from Singapore, Hong Kong and the UK,” Oon said.
The first project by the developer is Taman Tun Hussein Onn in Seberang Jaya, Seberang Perai in 2001, with a gross development value (GDV) of RM30 million.
Among its completed projects is Cassia Resort Condominium in Jalan Raja Uda, Butterworth, which was one of the few projects there built with full condominium facilities.
Launched in 2006 for RM150,000 with built-ups of 1,150 sq ft, units there have recently changed hands on the secondary market for RM300,000 each.
In total, the developer has completed projects with a total GDV of RM400 million. Meanwhile, the developer is currently developing an integrated condominium development on a 7-acre (2.8ha) plot in Butterworth which is said to be the first project in Butterworth with a private water park.

An artist’s impression of the Pinang Laguna, Palma Laguna and Laguna Indah projects.

It comprises two medium-cost condominium developments namely Pinang Laguna (27-storey) and Palma Laguna (38-storey), as well as Laguna Indah apartment (16-storey) with GDV of RM80 million, RM100 million and RM20 million respectively. Pinang Laguna and Palma Laguna, which were launched in 2010 and early 2011, are fully sold.
The two towers share the 50,000 sq ft facilities area and Pinang Laguna units were sold around RM190 psf to RM290 psf. Palma Laguna units with an average built-up of 1,070 sq ft were sold between RM250 and RM290 psf. Laguna Indah, offering 220 units, has been open for registration since last month.
On the Penang property market, Oon said: “I think it is a very vibrant market and generally, properties are reasonably priced. For Island LandCap, my short term plan is to make the company an IPO-ready company by 2016 or 2017.”
Penang-born Oon, who is a Universiti Sains Malaysia physics graduate, started out as a negotiator for Henry Butcher in 1994 upon graduation. “I always had a passion for property development. Growing up, I used to admire the new developments around me as well as the entrepreneurship of the developers.
After a little over six years as a negotiator, I quit and started my own company. I think it is important to be passionate in what you do. When you promise the buyers a property that is of good quality, make sure you deliver on time,” he said.
This article appeared in The Edge Financial Daily July 6, 2012.