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We have ready buyers looking for The Waterfront Condominium. For serious sellers of The Waterfront Condominium, kindly contact us to further discuss on the sale of your The Waterfront Condominium. On the other hand, if you know someone who is interested to sell his or her The Waterfront Condominium, you are also welcome to contact us.

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Ideally suited for Penangites

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

S’pore moves to keep new flat prices affordable

SINGAPORE: National Development Minister Khaw Boon Wan said the government has de-linked the prices of new flats from the prices of resale flats by varying the discounts given to first-time buyers.

This was to keep the prices of flats steady and affordable for Singaporeans buying public housing for the first time, and were in addition to the housing grants these buyers also enjoyed, he said in Parliament.

“I vary the discounts so that the prices can remain steady,” he said, in reply to a question from Lee Bee Wah (Nee Soon group representation constituency or GRC).

Khaw also took questions on resale levies, saying the government could reduce or waive the interest charges on resale levies to help families for whom the levy had become a barrier to a subsequent home purchase.

The levy can also be incorporated into the price of the new flat, so that it can be paid in installments or out of their Central Provident Fund. This is because of a revision of the resale levy formula in 2006.

“Yes there are some families where the levy has become a barrier, when the levy was calculated on a different formula. When policy changes, it won’t be fair to families who paid already on the old formula.

“If the transaction happened many years ago, it can be very large and we try to help,” he said. — The Straits Times/ Asian News Network

PR1MA affordable homes oversubscribed

KUALA LUMPUR: Perumahan Rakyat 1Malaysia (PR1MA)’s affordable homes in Nusantara Prima project have been oversubscribed by six times.

The 201 affordable homes, which would be built by private developer DeniaDevelopment Sdn Bhd, was still open for application and those interested can register online at www.pr1ma.my, PR1MA said in a statement yesterday. Its chief executive officer Datuk Mutalib Alias (pic) said they would stop accepting applications on Feb 8.

He said the balloting of homes would be conducted by PR1MA on Feb 12 and applicants would be invited to attend the event which would be graced by Prime Minister Datuk Seri Najib Tun Razak.

Nusantara Prima is a joint-venture between Denia Development as the developer and UEM Land Holdings Bhd as the landowner, while PR1MA lends support for the facilitation fund provided by Unit Kerjasama Awam Swasta and would manage the balloting process.

With a starting price of RM199,000 for an intermediate unit, the Nusantara Prima affordable homes were open for application on Dec 13. The development offers two types of four-room double-storey terrace homes measuring 18ft x 65ft offering a build-up area from 1,384 sq ft.

The development is targeted to be completed and ready in 2015.

To be eligible for an affordable home within Nusantara Prima, applicants must be a Malaysian citizen aged 21 years and above and have an individual or combined gross household income of between RM2,500 and RM7,500 a month. They also need to work or live in Iskandar Malaysia, Johor Bahru, Pulai or Pontian, and should not own more than one property in Malaysia, other than a low-cost or low medium-cost property. — Bernama

MBSB upbeat on Penang property prospects

GEORGE TOWN: Malaysia Building Society Bhd (MBSB), which is optimistic about the property market in Penang, plans to finance more development projects in the state.

MBSB president and chief executive officer Datuk Ahmad Zaini Othmansaid the group had so far financed RM1.3bil for seven projects in Penang over the past 12 months, of which two were in Seberang Prai and five on the island.

“The property prospects in Penang, especially on the island, still look strong. There are property projects on the island which were 60% sold two weeks after the launch, according to feedback from local developers.

“There is strong demand in Penang particularly for properties priced from RM350 per sq ft onwards.

“The challenge in Penang is to come out with the right products for the customers,” he said after signing an agreement with Geo Valley Sdn Bhd chief executive officer to provide RM109mil financing for its two projects Pine Residence Condominium Development and Pine Sanctuary Semi Villas.

Also present were MBSB chairman Tan Sri Abdul Halim Ali, Geo Valley executive chairman Dr Zainol Che Mamat, Geo Valley chief executive officer Ooi Boon Seng and Geo Valley general manager (marketing and corporate affairs) Mabel Ooi.

Ahmad Zaini also said that MBSB wanted to work with developers which had good reputation and track record in delivering projects on schedule.

Mabel said the RM109mil would finance 288 units of three-storey villas in the Pine Sanctuary Semi Villas project and 222 units of Pine Residence Condominium.

Both projects are located in Paya Terubong, which is about 9km from here.

“About 60% of the Pine Residence Condominium has been sold since the launch in mid-2012.

“The units with built-up areas of 1,500 sq ft to 1,674 sq ft are sold at RM350 per sq ft to RM400 per sq ft.

“The Pine Sanctuary Semi Villas will be launched in either March or April,” she said.

Mabel said the company was now exploring modern and innovative designs which are in compliance with requirements of the Green Building Index. - The Star

Integrated transport system should be looked at first, says PHT

GEORGE TOWN: An integrated public transport system should be put in place first before the implementation of the RM8bil infrastructure package unveiled by the Penang Government.

Penang Heritage Trust (PHT) president Khoo Salma Nasution said the state should look at it in order to ensure sustainability of the environment and also the heritage sites of George Town.

“An integrated public transport system should be looked at first rather than create an infrastructure that will bring more cars to the island, which has a fragile ecology and impact it.

“We hope for a long-term vision for the future of Penang and the planet,” Salma said here yester-day.

The infrastructure package comprises the 6.5km Gurney Drive-Bagan Ajam undersea tunnel, a 4.2km Gurney Drive-Lebuhraya Tun Dr Lim Chong Eu bypass, a 4.6km Lebuhraya Tun Dr Lim Chong Eu-BandarBaru Air Itam bypass and a 12km road connecting Tanjung Bungah and Teluk Bahang.

Chief Minister Lim Guan Eng had been quoted on online news portals as saying that the state executive council had decided to award a company a contract to construct the four roads.

Although Lim did not name the company, it is known that the package of projects will begin in 2015.

Malaysian Nature Society Penang branch adviser D. Kanda Kumar had said the proposed undersea tunnel linking the island to the mainland is redundant.

Penang Consumer Protection Association president K. Koris Atan, however, said he was in full support of the projects. - The Star

Penang construction boom, RM6bil worth of jobs expected over 8 years

GEORGE TOWN: The construction and renovation industry in Penang can expect about RM6bil worth of jobs over the next eight years, courtesy of the RM9.73bil worth of properties planned for launch this year.

This, said Penang Master Builders' and Building Materials Dealers Association (PMBBMDA) president Lim Kai Seng, was the largest amount in Penang from the private sector since the early 1990s when the construction sector was booming.

“The RM6bil figure is based on the calculation that about 60% of the gross development value (GDV) of the projects would be spent on construction and renovation work. Approximately RM5bil is linked to commercial projects, which would take seven to eight years to complete, while the remaining RM4.7bil is residential schemes, which usually take three to four years to complete,” Lim told StarBiz.

Commercial projects such as IJM Land Bhd's RM346mil Penang Waterfront Convention Centre (PWCC) next to the Penang Bridge andSP Setia Bhd's RM450mil subterranean Penang International Convention and Exhibition (sPICE) Centre and hotel projects in Bayan Baru are expected to generate about RM477mil worth of construction and renovation jobs.

“The sPICE project is expected to be completed in 2015,” he said.

In 2013, IJM Land (RM5.4bil GDV), Mah Sing Group Bhd (RM248mil),Sunway Bhd (RM120mil), Ideal Property Development Sdn Bhd (RM2bil), SP Setia (RM945mil), Eastern & Oriental Bhd (RM500mil) andIvory Properties Group Bhd (RM520mil)) are among the developers with plans for new residential and commercial schemes on the island.

The North-East district, which covers prime residential-cum-commercial neighbourhoods such as Tanjung Tokong, Batu Ferringhi, Pulau Tikus and Bayan Mutiara, will see some RM6.67bil worth of projects taking off this year.

The South-West district, covering residential-cum-commercial neighbourhoods such as Relau, Batu Maung, Bukit Jambul, Bayan Lepas, Sungai Nibong and Teluk Kumbar, meanwhile, will see the development of the remaining RM3.07bil worth of projects.

“We expect about 60% of the RM6bil worth of construction and renovation jobs to be tendered out to Penang-based contractors. Most of the jobs for Penang-based contractors would involve the supply of raw materials and the provision of mechanical and engineering jobs.

“The remaining 40% would usually be outsourced to Kuala Lumpur-based contracting firms that provide specialised jobs, especially for the commercial projects,” he said.

On the value of construction jobs tendered out in Penang in 2012, Lim said the value obtained was RM4.4bil, which fell short of the targeted RM5bil set by PMBBMDA.

“This is according to the latest Construction Industry Development Board or CIDB report for 2012.”

There were 415 jobs tendered out in Penang in 2012, with a value of RM4.4bil, of which about RM348mil was from the government sector, with the remaining RM4.07bil from the private sector.

“In 2011, there were 508 jobs tendered out, with a value of RM5.16bil, of which RM1.14bil were government jobs and the remaining RM4.03bil from the private sector,” he said.

The value of construction jobs tendered out in Penang this year should grow by a single-digit percentage, in view of the new projects planned for the island this year, according to Lim.

“There are other smaller projects on the island and mega projects in Seberang Prai which have not been included. If included, the value of construction and renovation jobs that can be expected to be tendered out would exceed RM6bil,” Lim added.

On the rising cost of raw materials, Lim said the price of sand had increased to RM1,600 per load of 30 tonnes from RM1,200 in early January.

“The cost of construction so far has not risen very much, due to the smaller volume of jobs available, offsetting the impact of rising sand prices,” he added. - The Star

Koay agrees to assist in land issue

GEORGE TOWN: Bukit Gelugor Barisan Nasional coordinator Datuk Koay Kar Huah will help look into the plight of residents of 465 houses in Bukit Gelugor who want the land to be converted from leasehold to freehold.

He said that he and Bukit Gelugor MCA division legal advisor Teh Beng-Yeam would advise the residents.

Speaking at a dialogue with the residents at the Tarbiah Islamiah religious school in Lebuhraya Bingham in Gelugor, Koay, who is state MCA advisor, said he would raise the matter with Prime Minister Datuk Seri Najib Tun Razak and Deputy Prime Minister Tan Sri Muhyiddin Yassin during their visit to Penang on Feb 11 and Feb 5 respectively.

The association’s chairman K. Chandra Mohan said according to Penang Chief Minister Lim Guan Eng, the National Land Council (NLC) had rejected the state government’s application to convert the land. He claimed Lim had told the residents this during a dialogue with them on Saturday.

To this, Koay urged the residents to provide him with the letter by the NLC which was allegedly given to the state government. - The Star

Developer clears the air over road encroachment fears

THE developer for the proposed 27-storey commercial complex project in Leng- kok Moulmein in Penang has spoken up to assuage concerns that the development had encroached into a public area.

Responding to a news report on Tuesday, Belleview Group managing director Datuk Sunny Ho blamed the problem on a construction technical constraint.

He explained that they merely installed metal sheet piles to construct a basement car park.

He assured the public that the hoarding for the piling works was a temporary measure.

“This is not about road encroachment.

“The temporary hoarding was set up to prevent those who walk past the construction site from being hurt,” he said.

On Tuesday, it was reported that some residents living near the construction site situated across the Pulau Tikus market had claimed that the development had encroached into a public area.

One of the residents alleged the deve-loper had taken advantage of a public road by constructing a pavement, causing the road to be narrower.

To this, Ho said that all the construction works were approved by the Penang Municipal Council (MPPP).

“One of the requirements set by MPPP was to build a basement car park to solve parking issues faced by the locals,” he explained.

He was speaking during a press briefing about the company’s current and up-coming projects at Straits Quay on Saturday.

Ho added the project, named Moulmein Rise, would comprise four-level commercial retail outlets as well as 84 luxury suites.

The basement car park can accommodate 90 vehicles. - The Star

E&O leveragingon its brand in KL and Johor

LEVERAGING from its success in Penang, Eastern & Oriental Bhd (E&O) will be expanding the depth and breadth of its property and hospitality business, going forward, deputy managing director Eric Chan Kok Leong says.

Chan says “the continued interest” in property development and the hospitality industry in Kuala Lumpur, Penang and Johor is encouraging the company to look into new concepts and lifestyles.

“We want to expand the brand further out here (in Kuala Lumpur's hospitality sector) and in Johor's (property development scene),” he says.

“The various ongoing Economic Transformation Programme (ETP) means there will be more consultants arriving in Klang Valley. Our serviced apartment concept will allow them a certain amount of flexibility,” he says at a media event.

The lifestyle property developer recently expanded its hospitality business for the first time into Kuala Lumpur with the opening of luxurious serviced apartments E&O Residences in Jalan Tengah, on the same site as its condominium project St Mary Residences. The company is managing the E&O Residences on a 10-plus-five years lease for the Anglican church, the former owner of the land.

The St Mary development, which comprises the 200-suite E&O Residences, the 457-unit St Mary Residences and retail centre St Mary Place, brings together E&O's core business of property development and supporting lifestyle pillars of hospitality and food and beverage within one location.

The group is known for its flagship hospitality business E&O Hotel in Penang city and sea-fronting Lone Pines on Penang's Batu Ferringhi stretch. It also has a property project, Seri Tanjung Pinang, in Penang.

E&O Residences KL’s beautifully landscaped garden courtyard with swimming pool.

Chan says there is “so much pedigree and history” in E&O Hotel and the company would like to leverage on what it has built over the years on the island and bring that influence and branding into its hospitality business in Kuala Lumpur.

The company officially opened its Kuala Lumpur's hospitality business, E&O Residences, in the middle of December and currently has about 20 long-staying guests. It is targeting a 60% occupancy for its first year, Jamie Case, chief operating officer of Eastern & Oriental Hotel Management, says in an e-mail.

Chan says E&O Residences is “very niche” and he notes that there are a couple of international brands entering the Kuala Lumpur hospitality scene, the likes of Pavilion Banyan Tree Signatures, Four Seasons and W Kuala Lumpur Hotel and The Residences. The past week, the to-be-built Harrods Hotel and Four Seasons Place created considerable interest in the market.

“Can we be on par with these brands? If we want to succeed in this business, we have to. We have to go global with our brand,” he says.

On the property development front, Chan says the company is working on a June launch for the first phase of its terraced linked houses in its wellness-themed Medini township in Iskandar Malaysia, an economic corridor three times the size of Singapore.

The 210-acre site, the largest of its upcoming projects, has an estimated gross development value of RM3.5bil. That project will take five to eight years to be fully developed. The first 100 units are expected to be priced at more than RM800,000. Property in Iskandar has been generating considerable interest the last couple of years.

The company is also working towards the launch of Princes House in London, currently a popular destination among Asian investors as a result of the weak pound and its potential capital growth. Located in Zone One, the Central London project will have between 60 and 80 apartments to be launched at more than £1,000 per sq ft.

In Kuala Lumpur, the company will also launch The Mews in Jalan Yap Kwan Seng. It is “an understated development” with emphasis on security, storage, conveniences and with larger-than-normal parking space.”

The 38-storey freehold development will have 256 units in two towers, with emphasis on small units beginning from 900 sq ft.

A source says the special element about this project is that it is targeted at women purchasers, hence its emphasis on security. Notwithstanding that, the source says there should be a lot of interest from men too.

Over the next 12 months, E&O aims to roll out some RM2.5bil worth of properties. - The Star