IDEAL Property Development Sdn Bhd is undertaking the development of RM3.3bil worth of residential and commercial property in south-west Penang island.
Group chief executive officer Alex Ooi said 3,529 condominiums and 200 shop offices would be developed in two separate schemes over a five-year period.
“The Ideal Vision Park to be located on a 25-acre site in Bayan Lepas will have 1,945 condominiums and 150 shop offices.
“The Sungai Ara project on a 19-acre site will have 1,584 condominiums and 50 shop offices.
”The Ideal Vision Park will have a gross development value (GDV) of RM2bil while the Sungai Ara project will have a GDV of RM1.3bil.”
Ideal Vision Park comprises four phases to be launched in stages over a five-year period, while the Sungai Ara project will have three.
”Both the projects will be launched after the Chinese New Year,” he said.
The condominiums for both schemes, with built-up areas of 900sq ft and 1,500sq ft, are priced at about RM450 per sq ft.
Ooi was speaking at the launch of Ideal Property’s new sales gallery in Bayan Baru.
Also present were Penang Chief Minister Lim Guan Eng, who officiated at the opening of the sales gallery, and Ideal Property executive director Datin Joanne Phor.
To fulfil its low-cost obligation, Ooi said Ideal Property would also be building 1,314 low-cost apartments.
“The units are 650sq ft each and priced at RM42,000. They will be built in the south-west district,” he said.
On the group’s ‘I Love Edu’ programme, Ooi said Ideal had allocated an initial sum of RM200,000 for Chinese primary schools in the south-west district.
“These Chinese schools can apply to us for financial assistance,” he said.
On low-cost housing in Penang, Lim said the state government had recently called for two request-for-proposals (REP) for the affordable home projects at Sandilands Fore-shore at Jalan CY Choy and Jalan SP Chelliah.
“Both projects are aimed at addressing the needs of middle-income earners for affordable homes.
“Private developers are invited to take part in the projects,” he said. - The Star
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