Malaysians who have settled in foreign countries for many winters, often dream of relocating back to our sunny shores. Artist Eric Quah realised how much he missed his home-town of Penang when he turned 50.
Having lived 31 years abroad in Australia, China and even New York City, artist Eric Quah finally decided that there’s no place like Penang to call home. And he found the incentives under the Malaysia My Second Home programme, the easiest way to come back.
Quah grew up in Reservoir Garden in Air Itam till his 20s and as fate would have it, he has returned to the same neighbourhood, where the sights, sounds and smells bring back fond memories.
Quah in his downstairs living room surrounded by his collectibles and art works
A major part of Quah’s professional life was spent in Australia where he studied and had a relatively successful career as an artist. He even bought a house in Melbourne and collected works of Australian artists. Interviewed at his Reservoir Garden house, Quah, 61, recalls his happy and sad days in Australia and what “home” means to him.
Quah's 2000 painting entitled Good Earth dominates the guest room. It is apparent that the artist has a fondness for blue and yellow walls to contrast with the colours of his paintings
“In 1972, I applied to study at fine art institutions in the UK, USA and Australia. They all accepted me. However, Australia offered me free tuition and they started the semester in March instead of September as in the UK and USA. That was why I chose to go to Melbourne,” says Quah.
“I rented a house at first when I was a student and at the beginning of my working stint in Australia. The first house I owned was a Victorian single-storey terraced-house. I sold it after a few years and upgraded to a nice bungalow in Kew. It has a huge garage which I converted into my studio.”
What made Quah stay so long in Australia?
“After I obtained my degree, I was offered a teaching position. At the same time, my art was shown at the Young Originals Gallery owned by the late Carlotta Bush. She was my agent, mentor and best friend. She handled my work for more than 20 years until she died of an illness in 1994. Those years were good as I was gradually recognised as a successful artist in Australia.
“After Carlotta died, I returned to Malaysia often. I even stayed for nine months in Kuala Lumpur to create my Rose series in memory of her. In 1996, my series Melalui Jendela Masawas shown at the Art Salon gallery in Bangsar, in conjunction with my 50th birthday. This series of oil-andcollage works brought back childhood memories of Penang and Kedah.”
Apparently, working on those paintings made the artist realise that living in Penang might be a good idea. He even laments that should anything happen to him in Melbourne, nobody would be any wiser. But in Penang, his sister, brother and other relatives are always dropping in on him and dinner is usually with family members.
Then in 2002, Quah had to return to Penang to see his mother who was ill and chanced upon a terraced house. “I came back to Penang to be with her for months. I stayed at my elder brother’s house, which is nearby.
The side extension to the corner house now serves as the kitchen
"One afternoon, on the way back to his home, I saw this rundown double-storey corner-house for sale.
“Although dilapidated, the house looks solid and there were happy vibes to it. Apparently it was on the market for a long time but there were no takers. At the time, rumours were rife about a proposed outerring road cutting across this area. I researched on that and knew that the road would be far away or, at least, far enough. I paid my deposit the next day. It was meant to be mine. I paid $360,000. The current value of the same type of basic house can easily cost RM500,000.
“After purchasing this house, I rushed back to Australia to sell my home there. By then, my Melbourne house had gone up 10 times its original value, since I bought it 20 years earlier. When I packed up and shifted my things back here, I decided to keep most of the old features in this Penang house. Things like floorboards, metal doors, 1950s windows, etc. I extended the kitchen, built a patio with a fish pond and planted bamboo in the front yard.”
After having spent about RM100,000 on the house, Quah is proudest of the upstairs living space. He removed all the walls of the three tiny bedrooms to create a huge open space. A Chinese screen from an antique shop in Australia now shields the bed from the rest of the lounge area.
Quah tranformed a linked-house into his studio which is just a stone's throw away from his home
But Quah, who describes his decorating style as a “fusion of the East and West”, isn’t quite finished with his home improvements. He wants to change the tiles on the ground floor and kitchen. The guest bathroom downstairs also needs an upgrade.
“My decorating style includes Chinese antique furniture and porcelain pieces, yet the walls are all decorated with modern abstract paintings. I designed it all by myself. It has to be stylish and comfortable but not glitzy.
“I collected a lot of Australian contemporary art but sold most of the works through Christie’s in Australia before I moved back here. I still have a red abstract painting by Robert Grieve hanging upstairs. There are also abstract works by Sydney Ball and Bruno Leti. Among the other paintings hung on my walls are my own works from the series, Seeking the Roots.
“The lounge downstairs has colourful cushions with ceramic and porcelain pieces. My paintings which I did in different periods are hung on the walls. The work that I treasure is a beautiful calligraphy work by Chinese painter Chen Da Yue, who did it for my solo exhibition in Nanjing in 1984.”
An eclectic collector, Quah even has a couple of wooden horses. His oil-and-collage work, For Love and Fortune, hangs in his dining room
Quah’s studio is located in another single-storey linked-house that he bought for a song. It is within walking distance from his home. He only carried out basic renovations like installing lighting fixtures and airconditioning.
He describes it as functional and intends to expand the space by building a mezzanine floor.
This is also where he keeps his larger works before sending them off for exhibitions.
“My art is expressionistic. I like strong movement and colours. When I paint, I let my emotions go. That is why it is important for me to be totally isolated. Music on and phone off. Afterwards, I stare at my work, with an analytical mind, trying to find room for improvement. It is always a balance. My latest series, Sawah Padi, comprises a total of 44 oil-and-collage on canvas. They will be shown at the Gallery@ Star Hill, Kuala Lumpur, in December this year.”
Can a Penang-based professional artist really make a good living? “I don’t depend on the sale of my paintings to survive. The art market in Penang is still relatively small but things are happening. I had a sell-out solo show in Nanjing last year. Now they are proposing another show in Beijing in 2009.
“I have been back in Penang for four years now. I enjoy each day staying in my house, working in my studio and surrounded by family and good friends. I have made the right and sensible choice of returning to Penang to live.”
Besides his painting and decorating skills, Quah also prides himself on his culinary talent and will, at the very least, insist on making gourmet coffee for “important” friends.
“I love cooking. My food tends to be modern fusion. I may start off with my own spring roll served with fresh lemon and lettuce, then soup, pan-fried chicken breast with wine and herbs served with rice and all colours of vegetables. Then guests are served with a salad. The dessert can be anything local like my favourite Sago Gula Melaka and finally, brewed coffee with cheese, grapes and chocolate.”
But when this writer points out that he has instant coffee in his pantry, the artist sheepishly replies that they are meant for “casual” visitors.
Showing posts with label Penang. Show all posts
Showing posts with label Penang. Show all posts
Wednesday, October 31, 2007
Monday, October 22, 2007
The IJM Group is unveiling its RM4bil Waterfront City, a seafront luxurious mixed development next to the Penang Bridge next month.
The IJM Group is unveiling its RM4bil Waterfront City, a seafront luxurious mixed development next to the Penang Bridge next month.
The developer, Jelutong Development Sdn Bhd (JDSB) is a subsidiary of IJM Properties Sdn Bhd, which owns an 80% stake in the company.
IJM Properties managing director Teh Kean Ming told StarBiz that the 152-acre project at the Jelutong Expressway comprised three components:
# Over 1,000 units of luxurious low-rise, high-rise, and landed residential on 42 acres;
# Mixed development scheme, comprising about 80% commercial properties such as hotels, corporate offices, food and beverage outlets and, retail shops and 20% residential high-rise properties and
Teh Kean Ming
# A seven-acre park fronting the sea.
Teh said the residential component of Waterfront City would be a gated community, comprising strata-titled properties.
“There will be waterways constructed to surround the properties, fronting the sea. This is one of the unique features of the project,” he said, adding that the other special feature was a six km sea-fronting promenade with a 10m width, stretching from the Penang Bridge to Sungai Pinang in George Town, where the Jelutong Expressway ends. There will also be a 2km green belt, with a 20m-25m width, to separate Waterfront City from the Jelutong Expressway.
The Waterfront City project would be launched after the Chinese New Year next year.
He said the properties, targeted at the regional market would be launched in phases over a 10-15 year period. JDSB’s RM1.2bil Bandar Sri Pinang project, also along the Jelutong Expressway, was 85% completed.
“We will also be launching the Nautilus Bay landed residential scheme and The Spring condominiums for the Bandar Sri Pinang project next month. The Nautilus Bay, comprising 78 three-storey terraced houses, has been completed and will be launched for sale soon.”
“We plan to launch next year the Summer Place, the final residential phase of Bandar Sri Pinang comprising 531 units of condominiums,” he said, adding that the RM680mil Metro-East mixed developments, also along the Jelutong Expressway, was about 60% completed.
“We still have two more key residential and commercial projects to launch for Metro-East,” he added.
Fraser Hospitality to manage YNH project
PENANG: YNH Property Bhd has engaged Fraser Hospitality Pte Ltd, a wholly-owned subsidiary of Fraser & Neave Ltd, to manage its RM300mil Lot 163 Suites project at Jalan Perak, Kuala Lumpur.
Fraser Hospitality is an international branded serviced residence management company providing consultancy and other services in relation to Gold Standard residences in key gateway cities of the world.
YNH corporate services head Daniel Chan said a memorandum of understanding was signed with Fraser Hospitality last month.
The five-year contract would start at end-2008 upon completion of the 217-unit project, which is 95% sold to date, he said, adding that most of the buyers were keen to let Fraser Hospitality manage and lease their properties
“Under our profit sharing agreement with Fraser Hospitality, it will get 3% of the annual gross operating revenue from rentals, which is about RM20mil a year.
“Fraser Hospitality will also get an incentive fee, which is 4% of the yearly gross operating revenue for the first year. The incentive fee will increase to 5% of the yearly gross operating revenue in the second year and 7% in the third,” he told StarBiz.
Chan added that there was an option to renew the contract for another five years.
Chan said the capital value of Lot 163 Suites, previously named 163 Residence, had appreciated between 30% and 40% since their launch in 2005.
“When they were first launched, the selling price was about RM800 per sq ft. It is now between RM1,000 and RM1,200 per sq ft,” he said.
On the group’s RM1.2bil Menara YNH project, Chan said the local authorities had last month approved the construction of the iconic 35-storey office tower, Menara YNH , in Jalan Sultan Ismail.
“Negotiations are progressing well and we will soon enter a second round of meetings with the prospective joint-venture partners.
“They are very keen to undertake the development of Menara YNH as soon as possible in view of the lack of premium commercial spaces in Kuala Lumpur. We intend to start construction work for the tower by end-2007,” he said.
Fraser Hospitality is an international branded serviced residence management company providing consultancy and other services in relation to Gold Standard residences in key gateway cities of the world.
YNH corporate services head Daniel Chan said a memorandum of understanding was signed with Fraser Hospitality last month.
The five-year contract would start at end-2008 upon completion of the 217-unit project, which is 95% sold to date, he said, adding that most of the buyers were keen to let Fraser Hospitality manage and lease their properties
“Under our profit sharing agreement with Fraser Hospitality, it will get 3% of the annual gross operating revenue from rentals, which is about RM20mil a year.
“Fraser Hospitality will also get an incentive fee, which is 4% of the yearly gross operating revenue for the first year. The incentive fee will increase to 5% of the yearly gross operating revenue in the second year and 7% in the third,” he told StarBiz.
Chan added that there was an option to renew the contract for another five years.
Chan said the capital value of Lot 163 Suites, previously named 163 Residence, had appreciated between 30% and 40% since their launch in 2005.
“When they were first launched, the selling price was about RM800 per sq ft. It is now between RM1,000 and RM1,200 per sq ft,” he said.
On the group’s RM1.2bil Menara YNH project, Chan said the local authorities had last month approved the construction of the iconic 35-storey office tower, Menara YNH , in Jalan Sultan Ismail.
“Negotiations are progressing well and we will soon enter a second round of meetings with the prospective joint-venture partners.
“They are very keen to undertake the development of Menara YNH as soon as possible in view of the lack of premium commercial spaces in Kuala Lumpur. We intend to start construction work for the tower by end-2007,” he said.
KL factor in Penang property
KL factor in Penang property
Property prices in the south and southwest districts of Penang island have gone up over 20% compared to a year ago, due to the launch of high-end projects by KL-based developers such as SP Setia Bhd, Jelutong Development Sdn Bhd, E & O Property Development Bhd, Abad Naluri Sdn Bhd, CP Land Sdn Bhd and Mah Sing Bhd.
Property prices in the south and southwest districts of Penang island have gone up over 20% compared to a year ago, due to the launch of high-end projects by KL-based developers such as SP Setia Bhd, Jelutong Development Sdn Bhd, E & O Property Development Bhd, Abad Naluri Sdn Bhd, CP Land Sdn Bhd and Mah Sing Bhd.
Wednesday, October 10, 2007
Third phase of RM100mil Sri Saujana by year-end
PENANG: PLB-Wonder Bay Development Sdn Bhd is launching at year-end the third phase of the RM100mil Sri Saujana project, comprising over 700 apartments, at Gat Lebuh Macallum here.
PLB-Wonder Bay representative Darren K.K. Lee showing a model of the Sri Saujan project
The first phase, comprising about 700 units, was completed recently, said manager Lau Eng Hee.
“We are now applying for the certificate of fitness for the first phase. Over 30% of the second phase, comprising over 700 units, has been sold since the launch earlier in the year,” he said.
The second phase is scheduled for completion next year.
PLB-Wonder Bay is a joint venture between PLB Leisure Sdn Bhd and Wonder Bay Sdn Bhd.
PLB Leisure is a subsidiary of main board-listed PLB Engineering Bhd.
Lau said Sri Saujana sold well because it was located in the heart of Georgetown, a stone’s throw from the ferry terminal, downtown shopping malls, Komtar and the Jelutong Expressway.
“The government has planned for the future monorail station to be next to Sri Saujana,” he said.
Lau said the apartments were priced at RM75,000 for a three-bedroom unit.
“Where else today can you find a 650 sq ft or 60 sq m apartment at the heart of a city for such a price? All the units have a view of the sea or the city,” he said.
PLB-Wonder Bay representative Darren K.K. Lee showing a model of the Sri Saujan project
The first phase, comprising about 700 units, was completed recently, said manager Lau Eng Hee.
“We are now applying for the certificate of fitness for the first phase. Over 30% of the second phase, comprising over 700 units, has been sold since the launch earlier in the year,” he said.
The second phase is scheduled for completion next year.
PLB-Wonder Bay is a joint venture between PLB Leisure Sdn Bhd and Wonder Bay Sdn Bhd.
PLB Leisure is a subsidiary of main board-listed PLB Engineering Bhd.
Lau said Sri Saujana sold well because it was located in the heart of Georgetown, a stone’s throw from the ferry terminal, downtown shopping malls, Komtar and the Jelutong Expressway.
“The government has planned for the future monorail station to be next to Sri Saujana,” he said.
Lau said the apartments were priced at RM75,000 for a three-bedroom unit.
“Where else today can you find a 650 sq ft or 60 sq m apartment at the heart of a city for such a price? All the units have a view of the sea or the city,” he said.
Friday, September 28, 2007
THE island of Penang continues to have its own fascination - the food, its laid-back quality reminiscent of a Singapore 30 years ago
MICHAEL GEH gives an overview of the island’s hottest developments and what’s in store for the future
THE island of Penang continues to have its own fascination - the food, its laid-back quality reminiscent of a Singapore 30 years ago, its frenetic night life. Whatever the reason, property continues to fly off the shelf as soon as it comes on to the market.
Even high-rise, low and medium-cost properties are fast selling. Standout example: Most of the newly launched schemes around the island’s north-east district were fully sold within a few months of their launch.
Meanwhile, high-rise apartments and condominiums are selling well as prices have shot up to record levels. That is also due to the fact that high-end properties around Gurney Drive, Tanjung Bungah and Batu Ferringhi (north-east district) are influenced by foreign buying into the market.
For all that, however, landed property is doing better than high-rise projects, with tremendous price escalations.
Consider the following examples. In Sungai Nibong, standard two-storey terrace houses have been transacted at around RM560,000 (S$244,730) for a plot size of 1,550 square feet. That is RM95,000 higher than in the first quarter of 2007.
Meanwhile, at Bukit Gambier - around the corner from Sungei Nibong - newly launched two-storey terrace houses are going for around RM700,000 for a 2,400 sq ft plot area with a built-up area of 1,400 sq ft. That is easily the price of a single storey semi-detached unit with a 7,600 sq ft plot area in the more established neighbourhood of Tanjung Bungah.
And prices will only go up once the Northern Corridor Economic Region (NCER) project, recently announced by Prime Minister Abdullah Ahmad Badawi, gets underway. So far, the announced projects under the NCER to promote Penang as a manufacturing, tourism, logistics and transportation hub are the Penang Outer Ring Road, the second bridge to the mainland and a monorail that will run around the island.
The NCER encompasses the four northern states of Kedah, Perlis, Penang and northern Perak, along the lines of the Iskandar Development Region that was launched earlier this year in southern Johor. Its aim is to transform and expand the agricultural, manufacturing, tourism and logistics’ sectors in the region.
Penang is poised to leverage on those developments by promoting new industries such as biotechnology and downstream agricultural activities amid the expansion of its existing electronics and electrical sector investments in Bayan Lepas.
Simultaneously, the island is being marketed as an international tourist attraction. The redevelopment of Pulau Jerejak, a former penal colony that is being rehabilitated, is expected to make Penang a destination for exhibitions and international conferences, as well as positioning it as a medical tourism destination. These strategies incorporating the ‘Malaysia My Second Home’ programme are expected to attract long-staying tourists to Penang’s property sector.
With all these things coming up, we estimate more development around the island’s south-west district, especially Batu Maung, Bayan Lepas and Sungai Nibong, to slake demand.
Coastal Towers, for example, offers renovated 803 sq ft apartments that are being transacted at RM235,000 a unit compared with RM180,000 previously.
The Curve Beach Condos (average unit: 5,820 sq ft), are selling for around RM1.45 to RM2.2 million. That’s already higher than 11 Gurney which was transacted at around RM1.75 million for similar sized units.
But perhaps the most ambitious development to date is the Penang Global City Centre, which is expected to be a top draw for investors to the island state. With an estimated gross development value of RM8 billion, the iconic development on 104 hectares on the existing Penang Turf Club is expected to be worth RM25 billion when it is completed in 18 years, its promoters say.
They also assure the ambitious ‘carbon zero development’ will see a significant jump in job opportunities and tourism upon the completion of the project. The Global City Centre will boast two iconic towers, a metropolitan park, the Penang Performing Arts Centre, high-end retail outlets, a convention centre and condominiums.
In summary, the island’s property development market is in a state of euphoria and is trending towards catering for the wealthy. Many projects in the pipeline are firmly upmarket and should position Penang as the luxury property and lifestyle destination in Malaysia.
Where should the canny investor put his money? Among the suggested places:
* Gurney Drive with yields of 5.5-9.1 per cent
* Tanjung Tokong, 6.8-8.1 per cent
* Batu Ferringhi, 8.6 per cent and above
* Gurney Park apartments - currently renting for around RM2,700 a month mainly by the Japanese
The writer is senior partner of Raine & Horne, Penang
Source : Business Times - 27 Sep 2007
THE island of Penang continues to have its own fascination - the food, its laid-back quality reminiscent of a Singapore 30 years ago, its frenetic night life. Whatever the reason, property continues to fly off the shelf as soon as it comes on to the market.
Even high-rise, low and medium-cost properties are fast selling. Standout example: Most of the newly launched schemes around the island’s north-east district were fully sold within a few months of their launch.
Meanwhile, high-rise apartments and condominiums are selling well as prices have shot up to record levels. That is also due to the fact that high-end properties around Gurney Drive, Tanjung Bungah and Batu Ferringhi (north-east district) are influenced by foreign buying into the market.
For all that, however, landed property is doing better than high-rise projects, with tremendous price escalations.
Consider the following examples. In Sungai Nibong, standard two-storey terrace houses have been transacted at around RM560,000 (S$244,730) for a plot size of 1,550 square feet. That is RM95,000 higher than in the first quarter of 2007.
Meanwhile, at Bukit Gambier - around the corner from Sungei Nibong - newly launched two-storey terrace houses are going for around RM700,000 for a 2,400 sq ft plot area with a built-up area of 1,400 sq ft. That is easily the price of a single storey semi-detached unit with a 7,600 sq ft plot area in the more established neighbourhood of Tanjung Bungah.
And prices will only go up once the Northern Corridor Economic Region (NCER) project, recently announced by Prime Minister Abdullah Ahmad Badawi, gets underway. So far, the announced projects under the NCER to promote Penang as a manufacturing, tourism, logistics and transportation hub are the Penang Outer Ring Road, the second bridge to the mainland and a monorail that will run around the island.
The NCER encompasses the four northern states of Kedah, Perlis, Penang and northern Perak, along the lines of the Iskandar Development Region that was launched earlier this year in southern Johor. Its aim is to transform and expand the agricultural, manufacturing, tourism and logistics’ sectors in the region.
Penang is poised to leverage on those developments by promoting new industries such as biotechnology and downstream agricultural activities amid the expansion of its existing electronics and electrical sector investments in Bayan Lepas.
Simultaneously, the island is being marketed as an international tourist attraction. The redevelopment of Pulau Jerejak, a former penal colony that is being rehabilitated, is expected to make Penang a destination for exhibitions and international conferences, as well as positioning it as a medical tourism destination. These strategies incorporating the ‘Malaysia My Second Home’ programme are expected to attract long-staying tourists to Penang’s property sector.
With all these things coming up, we estimate more development around the island’s south-west district, especially Batu Maung, Bayan Lepas and Sungai Nibong, to slake demand.
Coastal Towers, for example, offers renovated 803 sq ft apartments that are being transacted at RM235,000 a unit compared with RM180,000 previously.
The Curve Beach Condos (average unit: 5,820 sq ft), are selling for around RM1.45 to RM2.2 million. That’s already higher than 11 Gurney which was transacted at around RM1.75 million for similar sized units.
But perhaps the most ambitious development to date is the Penang Global City Centre, which is expected to be a top draw for investors to the island state. With an estimated gross development value of RM8 billion, the iconic development on 104 hectares on the existing Penang Turf Club is expected to be worth RM25 billion when it is completed in 18 years, its promoters say.
They also assure the ambitious ‘carbon zero development’ will see a significant jump in job opportunities and tourism upon the completion of the project. The Global City Centre will boast two iconic towers, a metropolitan park, the Penang Performing Arts Centre, high-end retail outlets, a convention centre and condominiums.
In summary, the island’s property development market is in a state of euphoria and is trending towards catering for the wealthy. Many projects in the pipeline are firmly upmarket and should position Penang as the luxury property and lifestyle destination in Malaysia.
Where should the canny investor put his money? Among the suggested places:
* Gurney Drive with yields of 5.5-9.1 per cent
* Tanjung Tokong, 6.8-8.1 per cent
* Batu Ferringhi, 8.6 per cent and above
* Gurney Park apartments - currently renting for around RM2,700 a month mainly by the Japanese
The writer is senior partner of Raine & Horne, Penang
Source : Business Times - 27 Sep 2007
Friday, September 14, 2007
Three decades after being dubbed the “silicon island”, Penang is set to move on to the world stage as a global city centre.
Three decades after being dubbed the “silicon island”, Penang is set to move on to the world stage as a global city centre.
The RM25bil Penang Global City Centre (PGCC) masterplan, covering 104ha at site of the Penang Turf Club, was unveiled yesterday by Datuk Seri Abdullah Ahmad Badawi.
The project will comprise, among others, hotels, condominiums, commercial centres and a central park.
The Prime Minister, a Penang boy, said this would be a “meaningful” project to the state and country.
Futuristic appearance: An artist’s impression of the Penang Global City Centre.
“As Prime Minister, I know that it will contribute significantly to the national economy,” Abdullah said.
“While Kuala Lumpur has its KLCC (Kuala Lumpur City Centre), Penang will have its very own PGCC. Both make me proud.
“PGCC is a high-impact project to complement the Northern Corridor Economic Region. I know Penang will do well,” he said when unveiling the masterplan at a hotel here.
Also present were Chief Minister Tan Sri Dr Koh Tsu Koon, Equine Capital executive chairman Datuk Patrick Lim and Abad Naluri chairman Datuk Seri Kamal Hashim.
Abad Naluri, an associate company of Equine Capital Bhd, will undertake the project.
Abdullah, who is the Finance Minister, said PGCC would offer excellent facilities to foreign investors and an alternative avenue for them to set up offshore offices beyond the Klang Valley.
“This project will make the northern region viable for economic development. I hope this project will be implemented as soon as possible after getting the necessary approvals from the relevant authorities,'' he added.
Abdullah thanked the Penang Turf Club for allowing the development of PGCC.
In it goes: Abdullah inserting a crystal key to mark the launching of the Penang Global City Centre project at a hotel in Penang yesterday. With him are (from left) Kamal, Dr Koh and Lim.
“If it is not for them, this will not happen,” he remarked.
Abad Naluri bought the land for RM488mil in 2002 when the Penang Turf Club committee felt that the existing facility could no longer cope with the demands of modern-day racing.
In Butterworth later, ZULKIFLY MOHAMAD reports that Abdullah presented Ramadan aid to 22 mosque representatives at the Seberang Jaya mosque.
He also dispensed some important advice to the people: “Drive home safely for the Hari Raya break.”
Reminding everyone that the festive period was a time when many road fatalities occurred, Abdullah said he wanted to remind them of this on the first day of the fasting month itself.
“I hope parents will advise their children to drive carefully when they return home to celebrate Hari Raya.
Abdullah also called on mosque committees to organise more activities during Ramadan to foster closer relations among Muslims.
The RM25bil Penang Global City Centre (PGCC) masterplan, covering 104ha at site of the Penang Turf Club, was unveiled yesterday by Datuk Seri Abdullah Ahmad Badawi.
The project will comprise, among others, hotels, condominiums, commercial centres and a central park.
The Prime Minister, a Penang boy, said this would be a “meaningful” project to the state and country.
Futuristic appearance: An artist’s impression of the Penang Global City Centre.
“As Prime Minister, I know that it will contribute significantly to the national economy,” Abdullah said.
“While Kuala Lumpur has its KLCC (Kuala Lumpur City Centre), Penang will have its very own PGCC. Both make me proud.
“PGCC is a high-impact project to complement the Northern Corridor Economic Region. I know Penang will do well,” he said when unveiling the masterplan at a hotel here.
Also present were Chief Minister Tan Sri Dr Koh Tsu Koon, Equine Capital executive chairman Datuk Patrick Lim and Abad Naluri chairman Datuk Seri Kamal Hashim.
Abad Naluri, an associate company of Equine Capital Bhd, will undertake the project.
Abdullah, who is the Finance Minister, said PGCC would offer excellent facilities to foreign investors and an alternative avenue for them to set up offshore offices beyond the Klang Valley.
“This project will make the northern region viable for economic development. I hope this project will be implemented as soon as possible after getting the necessary approvals from the relevant authorities,'' he added.
Abdullah thanked the Penang Turf Club for allowing the development of PGCC.
In it goes: Abdullah inserting a crystal key to mark the launching of the Penang Global City Centre project at a hotel in Penang yesterday. With him are (from left) Kamal, Dr Koh and Lim.
“If it is not for them, this will not happen,” he remarked.
Abad Naluri bought the land for RM488mil in 2002 when the Penang Turf Club committee felt that the existing facility could no longer cope with the demands of modern-day racing.
In Butterworth later, ZULKIFLY MOHAMAD reports that Abdullah presented Ramadan aid to 22 mosque representatives at the Seberang Jaya mosque.
He also dispensed some important advice to the people: “Drive home safely for the Hari Raya break.”
Reminding everyone that the festive period was a time when many road fatalities occurred, Abdullah said he wanted to remind them of this on the first day of the fasting month itself.
“I hope parents will advise their children to drive carefully when they return home to celebrate Hari Raya.
Abdullah also called on mosque committees to organise more activities during Ramadan to foster closer relations among Muslims.
PENANG'S first purpose-built MSC office building, SunTech@Penang Cyber-City in Bayan Baru, which is scheduled for completion by year-end
PENANG'S first purpose-built MSC office building, SunTech@Penang Cyber-City in Bayan Baru, which is scheduled for completion by year-end, has achieved 95% in sales.
Emerald Capital Group general manager Lee Ham Kong said only a few of the 162 units were still available.
SunTech offers full business facilities in a single building as well as indoor and outdoor cafes, and recreational facilities such as gymnasium and sauna, and two grand entrance lobbies on the ground floor and 10th floor for double security.
Emerald Capital Group general manager Lee Ham Kong explaining about the company's SunTech@Penang CyberCity and Perak Tourism Hub projects which will be showcased at The Star Property & Home Fair 2007.
Shared business facilities include meeting rooms, conference rooms, seminar rooms, lounge area for private discussions and a business centre.
“We have a data centre or server room, an incubation centre, and the fibre optics cabling is ready. We have four main distribution frame (MDF) rooms to cater for different telco companies, and the common area of the building is WiFi ready,” said Lee.
SunTech offers full business facilities in a single building as well as indoor and outdoor cafes, and recreational facilities such as gymnasium and sauna, and two grand entrance lobbies on the ground floor and 10th floor for double security.
He said SunTech Small Office Home Office (SOHO) suites concept was ideal for multi-nationals dealing with different time zones.
Another project that the company will also showcase at The Star Property & Home Fair 2007 is the RM250mil Perak Tourism Hub at Bandar Baru Medan, Ipoh.
Lee said the project boasts of a world-class development concept that includes a modern lifestyle mall, a grand double-volume column-free banquet hall that could hold 200 tables, and a comprehensive tourist information centre to be run by the company itself.
The community space for people to interact is a 30ft wide by 1,500ft long (9.1m by 457.2m) boulevard to cater for pedestrian traffic and alfresco dining.
A unique feature is its rooftop and recreational facilities on the five-storey podium. The area of about 0.4ha will have, amongst others, two swimming pools, a clubhouse, a gymnasium, jogging track and landscaped garden.
The groundbreaking was officiated by Mentri Besar Datuk Seri Mohamad Tajol Rosli Ghazali on Sept 6.
Another project that the company will also showcase at The Star Property & Home Fair 2007 is the RM250mil Perak Tourism Hub at Bandar Baru Medan, Ipoh.
Phase I comprising two blocks of serviced suites, the mall, the hall and the tourist information centre, is scheduled for com-pletion by end of 2009, with the remaining two blocks of serviced suites under Phase II to be completed by end of 2010.
The three-day Star Property & Home Fair 2007 will be held at the Penang International Sports Arena (PISA) in Penang from Sept 21.
About 100 exhibitors are expected to take part and they will showcase property, home financing packages and home-related products in over 200 booths.
The fair is open from 11am to 9pm. Admission is free.
Emerald Capital Group general manager Lee Ham Kong said only a few of the 162 units were still available.
SunTech offers full business facilities in a single building as well as indoor and outdoor cafes, and recreational facilities such as gymnasium and sauna, and two grand entrance lobbies on the ground floor and 10th floor for double security.
Emerald Capital Group general manager Lee Ham Kong explaining about the company's SunTech@Penang CyberCity and Perak Tourism Hub projects which will be showcased at The Star Property & Home Fair 2007.
Shared business facilities include meeting rooms, conference rooms, seminar rooms, lounge area for private discussions and a business centre.
“We have a data centre or server room, an incubation centre, and the fibre optics cabling is ready. We have four main distribution frame (MDF) rooms to cater for different telco companies, and the common area of the building is WiFi ready,” said Lee.
SunTech offers full business facilities in a single building as well as indoor and outdoor cafes, and recreational facilities such as gymnasium and sauna, and two grand entrance lobbies on the ground floor and 10th floor for double security.
He said SunTech Small Office Home Office (SOHO) suites concept was ideal for multi-nationals dealing with different time zones.
Another project that the company will also showcase at The Star Property & Home Fair 2007 is the RM250mil Perak Tourism Hub at Bandar Baru Medan, Ipoh.
Lee said the project boasts of a world-class development concept that includes a modern lifestyle mall, a grand double-volume column-free banquet hall that could hold 200 tables, and a comprehensive tourist information centre to be run by the company itself.
The community space for people to interact is a 30ft wide by 1,500ft long (9.1m by 457.2m) boulevard to cater for pedestrian traffic and alfresco dining.
A unique feature is its rooftop and recreational facilities on the five-storey podium. The area of about 0.4ha will have, amongst others, two swimming pools, a clubhouse, a gymnasium, jogging track and landscaped garden.
The groundbreaking was officiated by Mentri Besar Datuk Seri Mohamad Tajol Rosli Ghazali on Sept 6.
Another project that the company will also showcase at The Star Property & Home Fair 2007 is the RM250mil Perak Tourism Hub at Bandar Baru Medan, Ipoh.
Phase I comprising two blocks of serviced suites, the mall, the hall and the tourist information centre, is scheduled for com-pletion by end of 2009, with the remaining two blocks of serviced suites under Phase II to be completed by end of 2010.
The three-day Star Property & Home Fair 2007 will be held at the Penang International Sports Arena (PISA) in Penang from Sept 21.
About 100 exhibitors are expected to take part and they will showcase property, home financing packages and home-related products in over 200 booths.
The fair is open from 11am to 9pm. Admission is free.
Friday, September 7, 2007
Landmarks selling 26.6% stake in Shangri-La
Landmarks selling 26.6% stake in Shangri-La
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PETALING JAYA: Landmarks Bhd has proposed to sell its 26.6% stake in another listed firm Shangri-La Hotels (M) Bhd for a profit, as the company seeks to reduce debt and focus on its own hotel development project.
Shares in Landmarks surged to an intra-day high of RM2.26 yesterday, but settled up 30 sen at RM2.16 before trading was halted at 2.32pm after the announcement was made during the midday break.
The stock will resume trading today.
“The proposed disposal is consistent with Landmarks' long-term plan to focus its resources, both financial and management time, to be a regional player in resort development and management, as well as in the hospitality sectors,'' the company said in a statement to Bursa Malaysia yesterday.
Under the proposal, Landmarks plans to place out 117 million shares in Shangri-La for RM287mil, or RM2.45 per share, to investors to be identified by appointed placement agent CIMB Investment Bank Bhd.
Shangri-La shares jumped eight sen in thin trading to RM2.58 before their suspension yesterday. The counter will also resume trading today.
The shares' disposal would result in a one-off gain of RM102.7mil, or 21 sen a share, for Landmarks. “The prevailing market price for Shangri-La shares is favourable and (Landmarks) intends to realise its investment at a fair price,'' the company said.
Of the total proceeds, RM130mil will be used to reduce bank borrowings and the balance for working capital requirement of Landmarks and its subsidiaries. It is estimated that the lower debts would result in interest savings of RM6.1mil a year for Landmarks.
This is the second major disposal this year by Landmarks following the sale of its stake in Sungei Wang Plaza for RM284.8mil.
The company is also believed to be looking to sell its 20% stake in an independent power plant in Perlis.
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PETALING JAYA: Landmarks Bhd has proposed to sell its 26.6% stake in another listed firm Shangri-La Hotels (M) Bhd for a profit, as the company seeks to reduce debt and focus on its own hotel development project.
Shares in Landmarks surged to an intra-day high of RM2.26 yesterday, but settled up 30 sen at RM2.16 before trading was halted at 2.32pm after the announcement was made during the midday break.
The stock will resume trading today.
“The proposed disposal is consistent with Landmarks' long-term plan to focus its resources, both financial and management time, to be a regional player in resort development and management, as well as in the hospitality sectors,'' the company said in a statement to Bursa Malaysia yesterday.
Under the proposal, Landmarks plans to place out 117 million shares in Shangri-La for RM287mil, or RM2.45 per share, to investors to be identified by appointed placement agent CIMB Investment Bank Bhd.
Shangri-La shares jumped eight sen in thin trading to RM2.58 before their suspension yesterday. The counter will also resume trading today.
The shares' disposal would result in a one-off gain of RM102.7mil, or 21 sen a share, for Landmarks. “The prevailing market price for Shangri-La shares is favourable and (Landmarks) intends to realise its investment at a fair price,'' the company said.
Of the total proceeds, RM130mil will be used to reduce bank borrowings and the balance for working capital requirement of Landmarks and its subsidiaries. It is estimated that the lower debts would result in interest savings of RM6.1mil a year for Landmarks.
This is the second major disposal this year by Landmarks following the sale of its stake in Sungei Wang Plaza for RM284.8mil.
The company is also believed to be looking to sell its 20% stake in an independent power plant in Perlis.
Saturday, September 1, 2007
Equine associate to build RM140m flyovers at PGCC
Equine associate to build RM140m flyovers at PGCC
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By DAVID TAN
PENANG: Abad Naluri Sdn Bhd, an associate of Equine Capital Bhd, is spending about RM140mil to build two flyovers to connect the RM25bil Penang Global City Centre (PGCC) project with the Penang Outer Ring Road (PORR).
Equine holds a 25% stake in Abad Naluri, which is developing PGCC on the 260-site where the Penang Turf Club is now located.
Equine executive chairman Datuk Patrick Lim said the flyovers would come with underpasses.
“We are working with MHA (Malaysian Highway Authority) to determine how the flyovers, which are part of our traffic infrastructure project, could complement PORR and three other chain roads in smoothening traffic flow,” he told a media briefing.
Lim said construction work on the traffic infrastructure, which forms the first phase of PGCC, would start next year.
Datuk Patrick Lim with an artist impression of the Penang Global City Centre
“The phase will take about three years to complete,” he said, adding that its cost would be disclosed later.
Lim also said Abad Naluri would commit a substantial portion of the gross development value of PGCC for the creation of a green environment.
“About 40% of the project would be green and open spaces,” he said.
Abad Naluri would build facilities in PGCC to reduce carbon monoxide, recycle heat and treat waste, he said, adding: “These facilities will be put in place as we want to make PGCC a carbon-free city.”
Lim added that PGCC would be a “city of tomorrow”.
“We will not have the biggest or tallest tower in PGCC. We want PGCC to have good values and iconic buildings that will give it a unique identity.”
Scheduled for completion in 15 years, PGCC will have two five-star hotels, commercial and residential properties, and a state-of-the-art cultural centre.
Lim said the PGCC project would be officially launched on Sept 12.
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By DAVID TAN
PENANG: Abad Naluri Sdn Bhd, an associate of Equine Capital Bhd, is spending about RM140mil to build two flyovers to connect the RM25bil Penang Global City Centre (PGCC) project with the Penang Outer Ring Road (PORR).
Equine holds a 25% stake in Abad Naluri, which is developing PGCC on the 260-site where the Penang Turf Club is now located.
Equine executive chairman Datuk Patrick Lim said the flyovers would come with underpasses.
“We are working with MHA (Malaysian Highway Authority) to determine how the flyovers, which are part of our traffic infrastructure project, could complement PORR and three other chain roads in smoothening traffic flow,” he told a media briefing.
Lim said construction work on the traffic infrastructure, which forms the first phase of PGCC, would start next year.
Datuk Patrick Lim with an artist impression of the Penang Global City Centre
“The phase will take about three years to complete,” he said, adding that its cost would be disclosed later.
Lim also said Abad Naluri would commit a substantial portion of the gross development value of PGCC for the creation of a green environment.
“About 40% of the project would be green and open spaces,” he said.
Abad Naluri would build facilities in PGCC to reduce carbon monoxide, recycle heat and treat waste, he said, adding: “These facilities will be put in place as we want to make PGCC a carbon-free city.”
Lim added that PGCC would be a “city of tomorrow”.
“We will not have the biggest or tallest tower in PGCC. We want PGCC to have good values and iconic buildings that will give it a unique identity.”
Scheduled for completion in 15 years, PGCC will have two five-star hotels, commercial and residential properties, and a state-of-the-art cultural centre.
Lim said the PGCC project would be officially launched on Sept 12.
Friday, August 17, 2007
Hunza engages British consultant for project
Hunza engages British consultant for project
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By DAVID TAN
PENANG: Hunza Properties Bhd has engaged a well known British property consultant and a local research house to advise on its Gurney Paragon project in Kelawei Road.
Executive chairman Datuk Khor Teng Tong told a press conference a local research company was now compiling all the necessary data for the British company.
“The report, about 80% done, contains information on the income and purchasing patterns of those staying in the Pulau Tikus neighbourhood, covering Kelawei Road, Gurney Drive, Cantonment Road and Burma Road.
“The property consultant will then recommend the kind of retail and food and beverage tenants we should bring in for the shopping mall,” he said.
He said once construction commenced next year, it would take about 22 months to complete.
On the Gurney Paragon and Infiniti condominiums (in Tanjung Bungah), Khor said Hunza had generated about RM80mil from unit sales in the two projects.
“Construction has started for both projects and scheduled for completion in about 36 months,” he said.
For the year ended June 30,2007, Hunza posted RM39mil in net profit on RM60mil in revenue, compared with RM19.8mil and RM34.8mil respectively in the previous year.
Khor said the group proposed a rights issue with warrants which entailed the issuance of up to 39.4 million rights shares on the basis of one new share for every four shares held together with up to 39.4 million warrants on a basis of one free warrant for every right share subscribed.
“The rationale for issuing new shares is to raise funds for the group’s on-going projects. The proposed exercise will be completed in early 2008,” he said.
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By DAVID TAN
PENANG: Hunza Properties Bhd has engaged a well known British property consultant and a local research house to advise on its Gurney Paragon project in Kelawei Road.
Executive chairman Datuk Khor Teng Tong told a press conference a local research company was now compiling all the necessary data for the British company.
“The report, about 80% done, contains information on the income and purchasing patterns of those staying in the Pulau Tikus neighbourhood, covering Kelawei Road, Gurney Drive, Cantonment Road and Burma Road.
“The property consultant will then recommend the kind of retail and food and beverage tenants we should bring in for the shopping mall,” he said.
He said once construction commenced next year, it would take about 22 months to complete.
On the Gurney Paragon and Infiniti condominiums (in Tanjung Bungah), Khor said Hunza had generated about RM80mil from unit sales in the two projects.
“Construction has started for both projects and scheduled for completion in about 36 months,” he said.
For the year ended June 30,2007, Hunza posted RM39mil in net profit on RM60mil in revenue, compared with RM19.8mil and RM34.8mil respectively in the previous year.
Khor said the group proposed a rights issue with warrants which entailed the issuance of up to 39.4 million rights shares on the basis of one new share for every four shares held together with up to 39.4 million warrants on a basis of one free warrant for every right share subscribed.
“The rationale for issuing new shares is to raise funds for the group’s on-going projects. The proposed exercise will be completed in early 2008,” he said.
Wednesday, August 1, 2007
Emkay to build eco-tourism destination
Emkay to build eco-tourism destination
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PETALING JAYA: The Emkay group of companies will be developing a RM600mil world-class eco-tourism destination in Pulau Banding.
The group said in a statement it would develop the island as the gateway to the 130-million-year-old Belum-Temengor Forest Complex, which comprises the Royal Belum State Park, Belum Forest Reserve and Temengor Forest Reserve.
The group had on July 18 entered into a sale and purchase agreement with Kumpulan Fima Bhd to acquire another 294 acres in Pulau Banding for RM15.8mil, and now owned the entire 600-acre Pulau Banding, which lies within the Northern Corridor Economic Region.
It said the project would generate tourism income, job and business opportunities for the local community.
The project, which was scheduled for completion in 10 to 15 years, would also see extensive research being generated in the rainforest, harnessing its worth through various opportunities in biotechnology and pharmacology.
The first of the three-phase development would involve immediate refurbishment of the existing Banding Island Resort. The 27-room resort would be turned into a three-star resort with 120 rooms, complete with dining and meeting facilities.
Also to be developed are a rest and recreation centre, and a research centre donated by Yayasan Emkay for the use of non-governmental organisations or other interested parties keen to use the facilities to further their ongoing research into the Royal Belum and its surrounding rainforest.
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PETALING JAYA: The Emkay group of companies will be developing a RM600mil world-class eco-tourism destination in Pulau Banding.
The group said in a statement it would develop the island as the gateway to the 130-million-year-old Belum-Temengor Forest Complex, which comprises the Royal Belum State Park, Belum Forest Reserve and Temengor Forest Reserve.
The group had on July 18 entered into a sale and purchase agreement with Kumpulan Fima Bhd to acquire another 294 acres in Pulau Banding for RM15.8mil, and now owned the entire 600-acre Pulau Banding, which lies within the Northern Corridor Economic Region.
It said the project would generate tourism income, job and business opportunities for the local community.
The project, which was scheduled for completion in 10 to 15 years, would also see extensive research being generated in the rainforest, harnessing its worth through various opportunities in biotechnology and pharmacology.
The first of the three-phase development would involve immediate refurbishment of the existing Banding Island Resort. The 27-room resort would be turned into a three-star resort with 120 rooms, complete with dining and meeting facilities.
Also to be developed are a rest and recreation centre, and a research centre donated by Yayasan Emkay for the use of non-governmental organisations or other interested parties keen to use the facilities to further their ongoing research into the Royal Belum and its surrounding rainforest.
15 years to complete RM18b Penang City Centre
15 years to complete RM18b Penang City Centre
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By DAVID TAN
BUTTERWORTH: The RM18bil Penang City Centre (PCC) project by Abad Naluri Sdn Bhd, an associate company of Equine Capital Bhd, will take 15 years to complete.
Equine holds a 25% stake in Abad Naluri, which is developing PCC on the 260-acre site where the Penang Turf Club is presently located.
The PCC is one of the projects highlighted in the Northern Corridor Economic Region (NCER) blueprint.
Equine executive chairman Datuk Patrick Lim said two award-winning architects, one each from New York and Paris, would design the project.
“Hani Rashid from Asymptote Architecture in New York will design the architecture, which includes two iconic towers, while Nasrine Seraji from Atelier Seraji in Paris will design the master plan,” he told reporters after the launch of the NCER Penang portion blueprint by Prime Minister Datuk Seri Abdullah Ahmad Badawi yesterday.
Lim said the PCC master plan would be unveiled in September while the project would be launched in eight to 12 months.
The first phase would involve the development of a 26-acre park, and road infrastructure to smoothen the traffic flow for the project, he said.
“The park will be connected to the Botanical Garden. We will use the technologies such as thermal treatment, to develop PCC into a carbon-free city,” he said.
“We want to make PCC the first such city in the world. Shanghai is planning to be carbon free, but we are ready to implement the technologies to make it happen in PCC soon.”
Lim said the PCC project would have two five-star hotels, commercial and residential properties, and a state-of-the-art cultural centre.
Lim said there were many options to fund the project, including joint ventures and issuing capital bonds.
“We are also applying for MSC status to attract information and communications technology companies to set up regional offices at the park.”
On the Penang International Equestrian Centre in Batu Kawan, Lim said Abad Naluri would start work on the centre once construction work commenced on the second Penang bridge.
For latest Bursa Malaysia indices, charts and other information click here
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By DAVID TAN
BUTTERWORTH: The RM18bil Penang City Centre (PCC) project by Abad Naluri Sdn Bhd, an associate company of Equine Capital Bhd, will take 15 years to complete.
Equine holds a 25% stake in Abad Naluri, which is developing PCC on the 260-acre site where the Penang Turf Club is presently located.
The PCC is one of the projects highlighted in the Northern Corridor Economic Region (NCER) blueprint.
Equine executive chairman Datuk Patrick Lim said two award-winning architects, one each from New York and Paris, would design the project.
“Hani Rashid from Asymptote Architecture in New York will design the architecture, which includes two iconic towers, while Nasrine Seraji from Atelier Seraji in Paris will design the master plan,” he told reporters after the launch of the NCER Penang portion blueprint by Prime Minister Datuk Seri Abdullah Ahmad Badawi yesterday.
Lim said the PCC master plan would be unveiled in September while the project would be launched in eight to 12 months.
The first phase would involve the development of a 26-acre park, and road infrastructure to smoothen the traffic flow for the project, he said.
“The park will be connected to the Botanical Garden. We will use the technologies such as thermal treatment, to develop PCC into a carbon-free city,” he said.
“We want to make PCC the first such city in the world. Shanghai is planning to be carbon free, but we are ready to implement the technologies to make it happen in PCC soon.”
Lim said the PCC project would have two five-star hotels, commercial and residential properties, and a state-of-the-art cultural centre.
Lim said there were many options to fund the project, including joint ventures and issuing capital bonds.
“We are also applying for MSC status to attract information and communications technology companies to set up regional offices at the park.”
On the Penang International Equestrian Centre in Batu Kawan, Lim said Abad Naluri would start work on the centre once construction work commenced on the second Penang bridge.
For latest Bursa Malaysia indices, charts and other information click here
Monday, July 2, 2007
Malaysia to be made property hub
Malaysia to be made property hub
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RM50mil grant each from Govt and private sector for promos
By YAP LENG KUEN
THE Government, through one of its public/private sector initiatives, will be rolling out plans to make Malaysia an international property destination.
Datuk Seri Effendi Norwawi, Minister in the Prime Minister's Department, told StarBiz: “The idea is to make Malaysia a destination for foreigners to buy properties. Property prices here are so much cheaper than in places such as London and Singapore. We should show that we have real value for money.''
A matching grant of RM50mil each between the Government and private sector is likely to be introduced for international promotions.
“We should go out to the world with our best projects,'' he said. “In this respect, we are careful with the kind of properties and developers we promote.
A bungalow in Mont Kiara. Property prices here are so much cheaper than in places such as London and Singapore
“We do not want cases where investors buy properties they are not satisfied with, as these will give us a bad reputation. Self-regulation is important to maintain our image,'' he stressed.
Under the plan which is expected to be implemented soon, Malaysia's premier properties will be showcased at exhibitions overseas, with targeted markets in the Middle East, South Korea and Japan.
“We've been having dialogues with Fiabci and the Real Estate Housing Developers Association (Rehda) on the ways to reform the property sector,'' he said.
The Government has taken heed to the recommendations from the private sector and liberalised many areas in the property sector, the latest being the waiver on real property gains tax. “We are now ready to take on the challenge worldwide,'' Effendi said.
The Government's international marketing plan will be coordinated with Fiabci and Rehda.
Among others, real estate agents will be the ambassadors to tell the Malaysian property story. In this respect, their skills and professionalism will be further enhanced to ensure that the message gets across effectively and foreign investors are impressed.
“Our integrated efforts will include pushing the Malaysia My Second Home programme as well as health and ecotourism. There will be no more excuses this time,'' he said.
“We talk to Rehda and have a wonderful working relationship with them. They have brought many of the issues to the National Implementation Taskforce and we have freed all the restrictions.
“We are optimistic that this plan will work because many of our properties are so undervalued,'' he said.
However, he is aware that the speculative element would be something to watch out for. “We ought to be watching this carefully and be prepared to deal with it.
“But our main priority now is to get the promotions going. There is still quite a large property overhang and we have to release it,'' he said.
The first batch of properties to be showcased will probably be those located in the Klang Valley, followed by those in the Iskandar Development Region and Penang.
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RM50mil grant each from Govt and private sector for promos
By YAP LENG KUEN
THE Government, through one of its public/private sector initiatives, will be rolling out plans to make Malaysia an international property destination.
Datuk Seri Effendi Norwawi, Minister in the Prime Minister's Department, told StarBiz: “The idea is to make Malaysia a destination for foreigners to buy properties. Property prices here are so much cheaper than in places such as London and Singapore. We should show that we have real value for money.''
A matching grant of RM50mil each between the Government and private sector is likely to be introduced for international promotions.
“We should go out to the world with our best projects,'' he said. “In this respect, we are careful with the kind of properties and developers we promote.
A bungalow in Mont Kiara. Property prices here are so much cheaper than in places such as London and Singapore
“We do not want cases where investors buy properties they are not satisfied with, as these will give us a bad reputation. Self-regulation is important to maintain our image,'' he stressed.
Under the plan which is expected to be implemented soon, Malaysia's premier properties will be showcased at exhibitions overseas, with targeted markets in the Middle East, South Korea and Japan.
“We've been having dialogues with Fiabci and the Real Estate Housing Developers Association (Rehda) on the ways to reform the property sector,'' he said.
The Government has taken heed to the recommendations from the private sector and liberalised many areas in the property sector, the latest being the waiver on real property gains tax. “We are now ready to take on the challenge worldwide,'' Effendi said.
The Government's international marketing plan will be coordinated with Fiabci and Rehda.
Among others, real estate agents will be the ambassadors to tell the Malaysian property story. In this respect, their skills and professionalism will be further enhanced to ensure that the message gets across effectively and foreign investors are impressed.
“Our integrated efforts will include pushing the Malaysia My Second Home programme as well as health and ecotourism. There will be no more excuses this time,'' he said.
“We talk to Rehda and have a wonderful working relationship with them. They have brought many of the issues to the National Implementation Taskforce and we have freed all the restrictions.
“We are optimistic that this plan will work because many of our properties are so undervalued,'' he said.
However, he is aware that the speculative element would be something to watch out for. “We ought to be watching this carefully and be prepared to deal with it.
“But our main priority now is to get the promotions going. There is still quite a large property overhang and we have to release it,'' he said.
The first batch of properties to be showcased will probably be those located in the Klang Valley, followed by those in the Iskandar Development Region and Penang.
Still some momentum ahead
Still some momentum ahead
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By ONG CHEE TING
The Government may be considering measures to encourage more property ownership for the mass market after the earlier initiatives to spur activities in the medium to high-end segment.
SINCE the relaxation of residential ownership rules for foreigners and the real property gains tax (RPGT) waiver, high-end residential properties in Malaysia have attracted a fair amount of interest from abroad.
The changes initiated by the Government, which were targeted at stimulating property activities in the medium- to high-end segment, have thus far mainly benefited the high-end segment of the market.
In the last six months, we have seen greater interest from foreign buyers (as well as local buyers) looking to get into the Malaysian residential property market, which is relatively cheaper vis-Ã -vis global prices. The RPGT waiver was therefore timely in speeding up acquisitions in Kuala Lumpur.
With the recent spike in property prices, land prices around the KLCC vicinity are also seeing a spike
With the anticipated 4.3% appreciation of the ringgit against the US dollar to RM3.30 (from RM3.45 currently) by year end and eventually RM3.10 by end-2008, the investment proposition in Malaysian assets has an added sweetener.
Developers with ongoing developments were seen raising selling prices by 5% to 100% year-on-year from their launch prices. Just last year, eyebrows were raised when high-end properties around the Kuala Lumpur City Centre (KLCC) were going for RM1,000 per sq ft (psf). Today, the upcoming Four Seasons is said to fetch RM2,000 psf.
We expect the pricing gap between mass market and high-end residences in Malaysia to continue to widen in line with the regional phenomenon, as petrodollars and stock market wealth continue to have spill-over effects on property demand in Malaysia as prices remain cheap vis-Ã -vis regional peers.
With the recent spike in property prices, we are also experiencing a spike in land prices around the KLCC vicinity. We understand that a piece of land along Jalan Kia Peng, where the present Hakka Restaurant is located, was sold via tender for over RM1,300 psf in 2Q07 – a record price.
This was more than 30% above Glomac’s recent purchase of 1.3 acres of freehold commercial land at RM1,000psf (at the junction of Jalan P. Ramlee and Jalan Pinang) in 4Q06.
We believe the current high-end residential prices are sustainable and may continue to set new records as long as the political and economic climates of Malaysia and the world remain favourable, and Malaysia remains business friendly.
Unlike typical residential investments which require investment returns (in the form of rental), the high-end residential game plan differs with the surplus liquidity in the world. Buyers of these properties have varying reasons for such purchases – speculation, prestige, address, excess cash, and status, to name a few. We understand that high-end residences in Dubai are a classic example, whereby rental returns are almost non-existent, despite soaring prices of over US$1,000 psf.
More incentives to come
Following the initiatives benefiting high-end residences, we believe the Government is also looking at options to encourage more property ownership for the mass market. Among the speculated measures that the Government is considering are:
# Restructuring of EPF depositors’ acco-unts to allow for more withdrawals. We understand that there may be plans to restructure the monthly contribution to Accounts I and II from 70%:30% presently to about 50%:50%; and/or to allow simultaneous withdrawals from Account II for purchases of second houses without the need to sell the first house funded by EPF savings.
# A potential temporary waiver or reduction of stamp duty tax, as was the case in 2003, where for a period of one year starting from June 1, 2003, purchases of houses priced at RM180,000 and below from the developers were eligible for stamp duty exemptions, and the secondary market was exempted from RPGT.
# Further relaxation of property ownership. There are talks that the Government may consider extending the relaxation of rules to commercial properties, to encourage more direct investments. However, we note that foreign ownership remains a delicate issue in the country. And without a comprehensive restructuring plan to liberalise the economy in place, any long-term benefits of such a measure remain opaque.
# Fine-tuning the Malaysia My Second Home Programme. The present Malaysia My Second Home programme has had mixed results, with some suggesting that it is drawing the wrong group of people into the country. The Government is mindful of the present outcome, and we understand regulations may be fine-tuned to attract the “right” group of people to stay in Malaysia.
While this initiative is unlikely to have a significant impact on the property market in the short term, it will nonetheless draw more foreign investments into the country over the longer run and benefit retail spending, tourism and the healthcare industry in the country.
# Non-competitive REIT structure. One of the common complaints we gathered from local and foreign investors in our past roadshows, is a lack of tax incentives for real estate investment trusts (REITs) in Malaysia. Despite Malaysia’s introduction of a lower 15% withholding tax (WHT) for individuals (previously at individuals’ prevailing tax rates) and 20% WHT for institutional investors (previously at the corporate tax rate of 28%) in last year’s budget, Malaysia’s attractiveness as a REIT investment destination still lags behind its peers in the region.
Further REIT tax incentives to revive interest
The current withholding tax structure for Malaysian REITs is generally seen to be hampering REITs’ price performance, and an obstacle in attracting new equity issuances among existing players.
The existing structure is also discouraging others from joining the bandwagon, as potential players are enticed by better valuations in other regional markets.
We believe the Government is aware of the need to provide more incentives to make our REITs more competitive and on par with the regional peers.
We remain overweight on the property sector, as it is set to gain further boost ahead of the upcoming general election.
Among property sector players, we like Sunrise and YNH Property for exposure to high-end developments, Mah Sing for its unique business model, SP Setia and WCT Land for their exposure to the mass market, and Sunway City for both property development and asset reflation play.
Among REITs, we prefer exposure to commercial related REIT
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By ONG CHEE TING
The Government may be considering measures to encourage more property ownership for the mass market after the earlier initiatives to spur activities in the medium to high-end segment.
SINCE the relaxation of residential ownership rules for foreigners and the real property gains tax (RPGT) waiver, high-end residential properties in Malaysia have attracted a fair amount of interest from abroad.
The changes initiated by the Government, which were targeted at stimulating property activities in the medium- to high-end segment, have thus far mainly benefited the high-end segment of the market.
In the last six months, we have seen greater interest from foreign buyers (as well as local buyers) looking to get into the Malaysian residential property market, which is relatively cheaper vis-Ã -vis global prices. The RPGT waiver was therefore timely in speeding up acquisitions in Kuala Lumpur.
With the recent spike in property prices, land prices around the KLCC vicinity are also seeing a spike
With the anticipated 4.3% appreciation of the ringgit against the US dollar to RM3.30 (from RM3.45 currently) by year end and eventually RM3.10 by end-2008, the investment proposition in Malaysian assets has an added sweetener.
Developers with ongoing developments were seen raising selling prices by 5% to 100% year-on-year from their launch prices. Just last year, eyebrows were raised when high-end properties around the Kuala Lumpur City Centre (KLCC) were going for RM1,000 per sq ft (psf). Today, the upcoming Four Seasons is said to fetch RM2,000 psf.
We expect the pricing gap between mass market and high-end residences in Malaysia to continue to widen in line with the regional phenomenon, as petrodollars and stock market wealth continue to have spill-over effects on property demand in Malaysia as prices remain cheap vis-Ã -vis regional peers.
With the recent spike in property prices, we are also experiencing a spike in land prices around the KLCC vicinity. We understand that a piece of land along Jalan Kia Peng, where the present Hakka Restaurant is located, was sold via tender for over RM1,300 psf in 2Q07 – a record price.
This was more than 30% above Glomac’s recent purchase of 1.3 acres of freehold commercial land at RM1,000psf (at the junction of Jalan P. Ramlee and Jalan Pinang) in 4Q06.
We believe the current high-end residential prices are sustainable and may continue to set new records as long as the political and economic climates of Malaysia and the world remain favourable, and Malaysia remains business friendly.
Unlike typical residential investments which require investment returns (in the form of rental), the high-end residential game plan differs with the surplus liquidity in the world. Buyers of these properties have varying reasons for such purchases – speculation, prestige, address, excess cash, and status, to name a few. We understand that high-end residences in Dubai are a classic example, whereby rental returns are almost non-existent, despite soaring prices of over US$1,000 psf.
More incentives to come
Following the initiatives benefiting high-end residences, we believe the Government is also looking at options to encourage more property ownership for the mass market. Among the speculated measures that the Government is considering are:
# Restructuring of EPF depositors’ acco-unts to allow for more withdrawals. We understand that there may be plans to restructure the monthly contribution to Accounts I and II from 70%:30% presently to about 50%:50%; and/or to allow simultaneous withdrawals from Account II for purchases of second houses without the need to sell the first house funded by EPF savings.
# A potential temporary waiver or reduction of stamp duty tax, as was the case in 2003, where for a period of one year starting from June 1, 2003, purchases of houses priced at RM180,000 and below from the developers were eligible for stamp duty exemptions, and the secondary market was exempted from RPGT.
# Further relaxation of property ownership. There are talks that the Government may consider extending the relaxation of rules to commercial properties, to encourage more direct investments. However, we note that foreign ownership remains a delicate issue in the country. And without a comprehensive restructuring plan to liberalise the economy in place, any long-term benefits of such a measure remain opaque.
# Fine-tuning the Malaysia My Second Home Programme. The present Malaysia My Second Home programme has had mixed results, with some suggesting that it is drawing the wrong group of people into the country. The Government is mindful of the present outcome, and we understand regulations may be fine-tuned to attract the “right” group of people to stay in Malaysia.
While this initiative is unlikely to have a significant impact on the property market in the short term, it will nonetheless draw more foreign investments into the country over the longer run and benefit retail spending, tourism and the healthcare industry in the country.
# Non-competitive REIT structure. One of the common complaints we gathered from local and foreign investors in our past roadshows, is a lack of tax incentives for real estate investment trusts (REITs) in Malaysia. Despite Malaysia’s introduction of a lower 15% withholding tax (WHT) for individuals (previously at individuals’ prevailing tax rates) and 20% WHT for institutional investors (previously at the corporate tax rate of 28%) in last year’s budget, Malaysia’s attractiveness as a REIT investment destination still lags behind its peers in the region.
Further REIT tax incentives to revive interest
The current withholding tax structure for Malaysian REITs is generally seen to be hampering REITs’ price performance, and an obstacle in attracting new equity issuances among existing players.
The existing structure is also discouraging others from joining the bandwagon, as potential players are enticed by better valuations in other regional markets.
We believe the Government is aware of the need to provide more incentives to make our REITs more competitive and on par with the regional peers.
We remain overweight on the property sector, as it is set to gain further boost ahead of the upcoming general election.
Among property sector players, we like Sunrise and YNH Property for exposure to high-end developments, Mah Sing for its unique business model, SP Setia and WCT Land for their exposure to the mass market, and Sunway City for both property development and asset reflation play.
Among REITs, we prefer exposure to commercial related REIT
Penang real estate to benefit
Penang real estate to benefit
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Penang's real estate industry will gain from the state's position as hub for the proposed northern development region
By ANGIE NG
PENANG'S real estate sector is set to benefit substantially from the Government's upcoming initiative to designate it as the hub for the northern development region that also encompasses Perlis, Kedah and Perak.
The state's tourism and manufacturing sectors will benefit from the initiatives that will also see Penang taking on the role as the region's new transportation hub.
The Government is expected to unveil the new northern development region later this month.
Wong
Industry players lauded the proposed Government initiative and called for greater efforts by both the private sector and the Government to optimise the benefits and growth sustainability for the region.
Although Penang is endowed with various advantages, including an idyllic old world charm that makes it a natural tourist haven, more efforts are needed to enhance the state's potential in the real estate arena.
According to Sunway City Bhd senior managing director Datuk C.K. Wong, concerted efforts to promote Penang as a destination for property investments will raise its profile as an international real estate hub.
Given the many supporting factors such as a conducive environment for foreign purchasers and good capital appreciation of the state's residential properties, he said, Penang should take advantage of its role as the regional hub.
The presence of more Klang Valley-based developers in Penang will create greater competition among industry players, encouraging more quality and international-class developments to meet the market's changing needs.
“It is important to sustain the demand side by attracting high value add and environment-friendly industries as well as to promote the state's services sector. More jobs will eventually lead to more home purchasers,” said Wong.
Liew
Penang is already a favourite tourist destination and the top choice among participants of Malaysia My Second Home programme.
“There is a lot of potential to be tapped in the various property sectors, including more creative residential products, hotels, shopping complexes, offices and industrial facilities,” Wong said.
He said more incentives, such as those at the Iskandar Development Region (IDR), should be introduced for the northern development region.
“For a start, Penang could do with some upgrading of its existing infrastructure to enable it to catch up with the fast paced developments that are taking place.
“Improved safety and security measures for visitors and residents should also be given priority.”
SP Setia Bhd group managing director Tan Sri Liew Kee Sin concurred that the initiative would provide more employment opportunities and increase demand for houses both on the island and the mainland.
Coupled with the mega projects already announced such as the second Penang Bridge, Penang Outer Ring Road and the monorail project, strong demand from local and foreign buyers are expected.
Mah Sing Group Bhd president Datuk Leong Hoy Kum said the Government's northern development region initiative would rekindle Penang’s heyday when it enjoyed a free port status.
Similar incentives such as those enjoyed by the IDR, including exemptions from corporate tax and withholding tax would be helpful in developing the northern development region, he said.
“The property sector should see almost immediate benefits similar to what IDR has experienced, namely a resurgence of interest in industrial and commercial properties.
More iconic residential projects such as Ivory Tower condominiums will be sprouting in Penang
“This will have a positive spill-over effect on the demand for residential properties and may transform Penang into an international hotspot like Singapore,” Leong added.
E & O Property Development Bhd marketing and sales director K.C. Chong said all parties should look seriously into creating a first-class quality environment that would place Georgetown on par with some of the major cities around the world.
“Issues such as public transportation, public toilets and quality in delivery systems must all be looked into,” he added.
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Penang's real estate industry will gain from the state's position as hub for the proposed northern development region
By ANGIE NG
PENANG'S real estate sector is set to benefit substantially from the Government's upcoming initiative to designate it as the hub for the northern development region that also encompasses Perlis, Kedah and Perak.
The state's tourism and manufacturing sectors will benefit from the initiatives that will also see Penang taking on the role as the region's new transportation hub.
The Government is expected to unveil the new northern development region later this month.
Wong
Industry players lauded the proposed Government initiative and called for greater efforts by both the private sector and the Government to optimise the benefits and growth sustainability for the region.
Although Penang is endowed with various advantages, including an idyllic old world charm that makes it a natural tourist haven, more efforts are needed to enhance the state's potential in the real estate arena.
According to Sunway City Bhd senior managing director Datuk C.K. Wong, concerted efforts to promote Penang as a destination for property investments will raise its profile as an international real estate hub.
Given the many supporting factors such as a conducive environment for foreign purchasers and good capital appreciation of the state's residential properties, he said, Penang should take advantage of its role as the regional hub.
The presence of more Klang Valley-based developers in Penang will create greater competition among industry players, encouraging more quality and international-class developments to meet the market's changing needs.
“It is important to sustain the demand side by attracting high value add and environment-friendly industries as well as to promote the state's services sector. More jobs will eventually lead to more home purchasers,” said Wong.
Liew
Penang is already a favourite tourist destination and the top choice among participants of Malaysia My Second Home programme.
“There is a lot of potential to be tapped in the various property sectors, including more creative residential products, hotels, shopping complexes, offices and industrial facilities,” Wong said.
He said more incentives, such as those at the Iskandar Development Region (IDR), should be introduced for the northern development region.
“For a start, Penang could do with some upgrading of its existing infrastructure to enable it to catch up with the fast paced developments that are taking place.
“Improved safety and security measures for visitors and residents should also be given priority.”
SP Setia Bhd group managing director Tan Sri Liew Kee Sin concurred that the initiative would provide more employment opportunities and increase demand for houses both on the island and the mainland.
Coupled with the mega projects already announced such as the second Penang Bridge, Penang Outer Ring Road and the monorail project, strong demand from local and foreign buyers are expected.
Mah Sing Group Bhd president Datuk Leong Hoy Kum said the Government's northern development region initiative would rekindle Penang’s heyday when it enjoyed a free port status.
Similar incentives such as those enjoyed by the IDR, including exemptions from corporate tax and withholding tax would be helpful in developing the northern development region, he said.
“The property sector should see almost immediate benefits similar to what IDR has experienced, namely a resurgence of interest in industrial and commercial properties.
More iconic residential projects such as Ivory Tower condominiums will be sprouting in Penang
“This will have a positive spill-over effect on the demand for residential properties and may transform Penang into an international hotspot like Singapore,” Leong added.
E & O Property Development Bhd marketing and sales director K.C. Chong said all parties should look seriously into creating a first-class quality environment that would place Georgetown on par with some of the major cities around the world.
“Issues such as public transportation, public toilets and quality in delivery systems must all be looked into,” he added.
More well planned property projects needed
More well planned property projects needed
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By ANGIE NG
PENANG, being one of the most urbanised states in the country with more than 80% of its population residing in the urban area, needs to have more well planned property projects to cater to the needs of a broad spectrum of buyers.
The premium in the prices of and strong demand for landed residential properties on Penang island are the main magnet for Klang Valley-based developers to venture there.
In order to turn in decent profit after absorbing the high land cost, the developers have to launch more high-end products.
According to Raine & Horne, Zaki and Partners senior partner Michael Geh, there is a mismatch between the types of properties planned or launched recently with what the market actually needed.
He said the current trend of launching very large condominiums of 3,000 sq ft to 5,000 sq ft did not serve the needs of many local buyers and foreign long-term stayers as they were way too large.
“The foreign investors and participants of the Malaysia My Second Home programme, who on the average stay for between three and six months to escape the winter in their country, will need small and cosy residences, especially service apartments of between 1,200 and 1,500 sq ft,” Geh said.
However, Henry Butcher (M) chief operating officer Lim Ewe Tatt disagrees with Geh's views on product mismatch.
“Developers conduct feasibility studies before launching their products in the market to ensure there is no mismatch between what is supplied and what is demanded.
Lim said the luxurious lifestyle projects launched in Penang therefore met the needs of house buyers.
“The most popular type of residential properties are terraced houses priced from RM500,000 onwards and high-rise properties priced from RM150,000,” Lim said.
Sunway City Bhd senior managing director Datuk C. K. Wong said the constraints of land availability would result in a change in designs and project concepts by housing developers.
“More Penangites are looking for properties with bigger land areas, innovative design, big built-up areas and better finishes.
“Good security and safety features as well as homes that are user-friendly for the elderly folks are also important criteria for the Penang market,” Wong said.
E & O Property Development Bhd marketing and sales director K. C. Chong said the Penang market comprised a mixed bunch of people.
There are those that prefer the more traditional forms and styles while the more travelled buyers are happy to adopt new architectural styles, in keeping with their changing lifestyles.
“We also have the various foreigners of different nationalities, which have their own preferences. Hence, it is really up to the developer, the purveyor of style, to offer the right blend of product, concept and environment to his chosen target markets,” Chong said.
SP Setia group managing director Tan Sri Liew Kee Sin said demand for landed properties had always been strong on the island due to the limited land bank available.
“Buyers are becoming increasingly discerning and sophisticated. Lifestyle concepts are very much in demand now due to a lack of such developments in the past.
According to Mah Sing Group Bhd president Datuk Leong Hoy Kum, most Penangites are prudent spenders who seek good value for their purchases.
“Generally, there is a preference for landed residences, especially medium to medium-high end products, although high-rise living is also becoming a popular option,” he said.
The Penang market would welcome well designed landed properties including bungalows and semi-detached homes in good locations.
“For the commercial sector, we believe that projects that tap on Penang’s tourism appeal would do well. These include well planned offices, retail outlet, shopping complexes and dining facilities,” Leong said.
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By ANGIE NG
PENANG, being one of the most urbanised states in the country with more than 80% of its population residing in the urban area, needs to have more well planned property projects to cater to the needs of a broad spectrum of buyers.
The premium in the prices of and strong demand for landed residential properties on Penang island are the main magnet for Klang Valley-based developers to venture there.
In order to turn in decent profit after absorbing the high land cost, the developers have to launch more high-end products.
According to Raine & Horne, Zaki and Partners senior partner Michael Geh, there is a mismatch between the types of properties planned or launched recently with what the market actually needed.
He said the current trend of launching very large condominiums of 3,000 sq ft to 5,000 sq ft did not serve the needs of many local buyers and foreign long-term stayers as they were way too large.
“The foreign investors and participants of the Malaysia My Second Home programme, who on the average stay for between three and six months to escape the winter in their country, will need small and cosy residences, especially service apartments of between 1,200 and 1,500 sq ft,” Geh said.
However, Henry Butcher (M) chief operating officer Lim Ewe Tatt disagrees with Geh's views on product mismatch.
“Developers conduct feasibility studies before launching their products in the market to ensure there is no mismatch between what is supplied and what is demanded.
Lim said the luxurious lifestyle projects launched in Penang therefore met the needs of house buyers.
“The most popular type of residential properties are terraced houses priced from RM500,000 onwards and high-rise properties priced from RM150,000,” Lim said.
Sunway City Bhd senior managing director Datuk C. K. Wong said the constraints of land availability would result in a change in designs and project concepts by housing developers.
“More Penangites are looking for properties with bigger land areas, innovative design, big built-up areas and better finishes.
“Good security and safety features as well as homes that are user-friendly for the elderly folks are also important criteria for the Penang market,” Wong said.
E & O Property Development Bhd marketing and sales director K. C. Chong said the Penang market comprised a mixed bunch of people.
There are those that prefer the more traditional forms and styles while the more travelled buyers are happy to adopt new architectural styles, in keeping with their changing lifestyles.
“We also have the various foreigners of different nationalities, which have their own preferences. Hence, it is really up to the developer, the purveyor of style, to offer the right blend of product, concept and environment to his chosen target markets,” Chong said.
SP Setia group managing director Tan Sri Liew Kee Sin said demand for landed properties had always been strong on the island due to the limited land bank available.
“Buyers are becoming increasingly discerning and sophisticated. Lifestyle concepts are very much in demand now due to a lack of such developments in the past.
According to Mah Sing Group Bhd president Datuk Leong Hoy Kum, most Penangites are prudent spenders who seek good value for their purchases.
“Generally, there is a preference for landed residences, especially medium to medium-high end products, although high-rise living is also becoming a popular option,” he said.
The Penang market would welcome well designed landed properties including bungalows and semi-detached homes in good locations.
“For the commercial sector, we believe that projects that tap on Penang’s tourism appeal would do well. These include well planned offices, retail outlet, shopping complexes and dining facilities,” Leong said.
Penang's prime residential properties
Penang's prime residential properties
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By DAVID TAN
Piling works have started on the RM936mil Gurney Paragon mixed development project located at Jalan Kelawei and Gurney Drive
LUXURIOUS high-rise and landed residential properties, with a gross development value in excess of RM1.5bil, will be developed in prime locations of Georgetown and South Seberang Prai over the next five years.
These projects are from Hunza Properties Bhd, Ivory Properties Group and Asas Dunia Bhd. The three property development companies are genrally regarded as having the most anticipated projects on the island and mainland.
The RM936mil Gurney Paragon mixed development project from Hunza -located at Jalan Kelawei and Gurney Drive - is currently undergoing piling works.
“To attract local and foreign investors and second home buyers, Hunza is investing substantially to preserve and restore the St Joseph's Novitiate chapel as a living heritage (as well as a) masterpiece arts and culture centre,” Hunza executive chairman Datuk Khor Teng Tong said.
Datuk Khor Teng Tong
“Apart from being an arts and culture centre, it will also house boutique retailers and fine dining restaurants.
“To enhance its rich historical and heritage value, Hunza has set aside 60,000 sq ft of prime land as a public Festival Court, which will form the nucleus of all activities with the St Joseph's Novitiate chapel as the showpiece of the development. There will be beautifully landscaped gardens and water features with ample pedestrian walkways.”
Chok Keng Vui
At the heart of Gurney Paragon are two condominium towers facing the sea at Gurney Drive and a shopping mall.
“There are 260 luxurious condominium units, of which we have sold 10% since the soft-launch, generating about RM38mil.
Also currently under construction by Hunza is the RM220mil Infinity super condominium project, strategically located in the Tanjung Bungah area and facing the sea.
The Ivory Properties Group will develop high-rise and landed properties with a gross sales value of about RM380mil over the next 12 months
“We have sold 10% of the 260 units, which are priced from RM1.4mil upwards,” he said. The units have built-up areas between 3,800 and 4,800sq ft.
From Ivory Properties Group, some 873 high-rise and landed properties with a gross sales value of about RM380mil will be developed over the next 12 months on the island and the mainland.
Its general manager Chok Keng Vui said that of these, some 302 units were landed properties and high-rise condominium units which are part of the group's latest Island Resort project, yet to be unveiled.
“The Island Resort project is strategically located in Batu Ferringhi. It will be launched later this year during the festive season, targeted at local investors and foreign buyers,” he said.
The Asas Dunia Bhd group is moving towards developing higher-end properties
On the mainland, Asas Dunia Bhd is launching over 1,000 units of residential properties with a gross development value of about RM200mil in South Seberang Prai later this year.
Its managing director Datuk Jerry Chan said the group was now moving towards developing higher-end properties. “The projects are located in Nibong Tebal and Sungai Duri, close to the interchange of the upcoming second bridge,” he said.
Datuk Jerry Chan
In Nibong Tebal, Asas Dunia is building some 600 units of high-end houses.
In Sungai Duri, it is building 90 single-storey semi-detached houses, and 450 low-medium cost properties.
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By DAVID TAN
Piling works have started on the RM936mil Gurney Paragon mixed development project located at Jalan Kelawei and Gurney Drive
LUXURIOUS high-rise and landed residential properties, with a gross development value in excess of RM1.5bil, will be developed in prime locations of Georgetown and South Seberang Prai over the next five years.
These projects are from Hunza Properties Bhd, Ivory Properties Group and Asas Dunia Bhd. The three property development companies are genrally regarded as having the most anticipated projects on the island and mainland.
The RM936mil Gurney Paragon mixed development project from Hunza -located at Jalan Kelawei and Gurney Drive - is currently undergoing piling works.
“To attract local and foreign investors and second home buyers, Hunza is investing substantially to preserve and restore the St Joseph's Novitiate chapel as a living heritage (as well as a) masterpiece arts and culture centre,” Hunza executive chairman Datuk Khor Teng Tong said.
Datuk Khor Teng Tong
“Apart from being an arts and culture centre, it will also house boutique retailers and fine dining restaurants.
“To enhance its rich historical and heritage value, Hunza has set aside 60,000 sq ft of prime land as a public Festival Court, which will form the nucleus of all activities with the St Joseph's Novitiate chapel as the showpiece of the development. There will be beautifully landscaped gardens and water features with ample pedestrian walkways.”
Chok Keng Vui
At the heart of Gurney Paragon are two condominium towers facing the sea at Gurney Drive and a shopping mall.
“There are 260 luxurious condominium units, of which we have sold 10% since the soft-launch, generating about RM38mil.
Also currently under construction by Hunza is the RM220mil Infinity super condominium project, strategically located in the Tanjung Bungah area and facing the sea.
The Ivory Properties Group will develop high-rise and landed properties with a gross sales value of about RM380mil over the next 12 months
“We have sold 10% of the 260 units, which are priced from RM1.4mil upwards,” he said. The units have built-up areas between 3,800 and 4,800sq ft.
From Ivory Properties Group, some 873 high-rise and landed properties with a gross sales value of about RM380mil will be developed over the next 12 months on the island and the mainland.
Its general manager Chok Keng Vui said that of these, some 302 units were landed properties and high-rise condominium units which are part of the group's latest Island Resort project, yet to be unveiled.
“The Island Resort project is strategically located in Batu Ferringhi. It will be launched later this year during the festive season, targeted at local investors and foreign buyers,” he said.
The Asas Dunia Bhd group is moving towards developing higher-end properties
On the mainland, Asas Dunia Bhd is launching over 1,000 units of residential properties with a gross development value of about RM200mil in South Seberang Prai later this year.
Its managing director Datuk Jerry Chan said the group was now moving towards developing higher-end properties. “The projects are located in Nibong Tebal and Sungai Duri, close to the interchange of the upcoming second bridge,” he said.
Datuk Jerry Chan
In Nibong Tebal, Asas Dunia is building some 600 units of high-end houses.
In Sungai Duri, it is building 90 single-storey semi-detached houses, and 450 low-medium cost properties.
Japanese numbers to double
Japanese numbers to double
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They are attracted to the warm weather
By DAVID TAN
THE number of Japanese second-home buyers in Penang is likely to double over the next two years to 1,000.
Tropical Resort Lifestyle Sdn Bhd managing director Ishihara Shotaro, 48, said in an interview that Japanese were attracted to Penang because of the warm weather, a stable and friendly government, competitive property prices, and low cost of living.
Tropical Resort Lifestyle specialises in bringing Japanese second home purchasers into the state.
“There are 1,600 Japanese in Penang at present, comprising factory supervisors and second-home buyers. About 500 are second-home buyers. This figure is likely to double over the next two years due to the mushrooming of more attractively priced luxurious projects in prime locations of the island,” he said.
Toshima
Ishihara said that since 2002, he had arranged for 300 Japanese to buy second homes in Penang.
He said Batu Ferringhi, Tanjung Bungah, Tanjung Tokong, and Pulau Tikus were some of the most sought-after addresses for Japanese second home buyers.
Ishihara, whose company operates the Kristal Golf Resort in Sungai Bakap, Seberang Prai, said he planned to develop some 240 units of landed and high-rise properties around the golf resort next year to attract Japanese second-home buyers to stay on the mainland.
There are other Japanese second-home buyers who come to Penang to stay because of the unique private club membership system here and the presence of a large Japanese community.
Meanwhile, Y. Toshima, 65, said he invested in a second home here because of the unique private club membership system that existed in Penang.
Toshima, who is a member of the Penang Sports Club, bought an apartment in Tanjung Bungah for over RM400,000 a year ago.
“Many people in Penang do not realise that in other countries such as Japan, private clubs are run by large corporations. Members do not have a say in the management of the club,” he said.
Harumi Toida, 58, who is a potential second-home buyer, said she came to stay in Penang because of her friends here.
“I am now renting a house in Tanjung Tokong, and will consider buying a second home in Penang in the near future,” he said.
Toida
For Jeff and Dianna Sidebottom, second-home buyers from Britain, it was Penang's charm and serene environment that attracted them.
He said that they bought an apartment in Mount Pleasure, Batu Ferringhi, overlooking the sea three years ago for about RM260,000.
“The property is worth about RM360,000 today,” he added.
Fem Lighthart from Holland said the family invested in a second home in Tanjung Bungah because her husband operated a business in Penang.
“We bought two high-rise properties from Hunza Properties Bhd for over RM1mil some 18 months ago. The properties have appreciated by about RM80,000 since then,” she said.
Lighthart said Penang had very good international schools. “This is why we brought our daughter over to Penang to study,” she said.
According to her, Penang is a very popular second-home destination for many Europeans.
“I have many friends who have bought second homes in Penang, especially in the Batu Ferringhi and Tanjung Bungah areas,” she said.
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They are attracted to the warm weather
By DAVID TAN
THE number of Japanese second-home buyers in Penang is likely to double over the next two years to 1,000.
Tropical Resort Lifestyle Sdn Bhd managing director Ishihara Shotaro, 48, said in an interview that Japanese were attracted to Penang because of the warm weather, a stable and friendly government, competitive property prices, and low cost of living.
Tropical Resort Lifestyle specialises in bringing Japanese second home purchasers into the state.
“There are 1,600 Japanese in Penang at present, comprising factory supervisors and second-home buyers. About 500 are second-home buyers. This figure is likely to double over the next two years due to the mushrooming of more attractively priced luxurious projects in prime locations of the island,” he said.
Toshima
Ishihara said that since 2002, he had arranged for 300 Japanese to buy second homes in Penang.
He said Batu Ferringhi, Tanjung Bungah, Tanjung Tokong, and Pulau Tikus were some of the most sought-after addresses for Japanese second home buyers.
Ishihara, whose company operates the Kristal Golf Resort in Sungai Bakap, Seberang Prai, said he planned to develop some 240 units of landed and high-rise properties around the golf resort next year to attract Japanese second-home buyers to stay on the mainland.
There are other Japanese second-home buyers who come to Penang to stay because of the unique private club membership system here and the presence of a large Japanese community.
Meanwhile, Y. Toshima, 65, said he invested in a second home here because of the unique private club membership system that existed in Penang.
Toshima, who is a member of the Penang Sports Club, bought an apartment in Tanjung Bungah for over RM400,000 a year ago.
“Many people in Penang do not realise that in other countries such as Japan, private clubs are run by large corporations. Members do not have a say in the management of the club,” he said.
Harumi Toida, 58, who is a potential second-home buyer, said she came to stay in Penang because of her friends here.
“I am now renting a house in Tanjung Tokong, and will consider buying a second home in Penang in the near future,” he said.
Toida
For Jeff and Dianna Sidebottom, second-home buyers from Britain, it was Penang's charm and serene environment that attracted them.
He said that they bought an apartment in Mount Pleasure, Batu Ferringhi, overlooking the sea three years ago for about RM260,000.
“The property is worth about RM360,000 today,” he added.
Fem Lighthart from Holland said the family invested in a second home in Tanjung Bungah because her husband operated a business in Penang.
“We bought two high-rise properties from Hunza Properties Bhd for over RM1mil some 18 months ago. The properties have appreciated by about RM80,000 since then,” she said.
Lighthart said Penang had very good international schools. “This is why we brought our daughter over to Penang to study,” she said.
According to her, Penang is a very popular second-home destination for many Europeans.
“I have many friends who have bought second homes in Penang, especially in the Batu Ferringhi and Tanjung Bungah areas,” she said.
Friday, June 29, 2007
Majuperak plans project in Penang
Majuperak plans project in Penang
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KUALA LUMPUR: Perak state-owned Majuperak Holdings Bhd plans to launch a 17.9-acre commercial development in Seberang Prai, Penang, by early next year.
Majuperak, which yesterday began trading on the main board after taking over from United Chemical Industries Bhd (UCI) of the second board, has submitted the application to the Penang Government.
The application includes conversion of the land, on which UCI's factories are sited, to commercial use from industrial.
Chairman Datuk Seri Megat Najmuddin Megat Khas told a press conference that Majuperak, which has 4,000 acres, planned to develop 1,000 acres in Perak.
“We are looking at a township model, while our other smaller parcels mainly would be housing projects,” he said.
Datuk Seri Mohamad Tajol Rosli Ghazali signing the ceremonial plaque as Datuk Seri Megat Najmuddin Megat Khas looks on.
Planned in Simpang Pulai, the lake-fronting township would be targeted at buyers within and outside the state, he said.
Majuperak is currently also developing the 800-acre Bandar Tasek Idaman residential project in Batu Gajah, Perak. About 100 acres have been developed since the project was launched about three years ago.
On whether there were plans to list other state arms, Mentri Besar Datuk Seri Mohamad Tajol Rosli Ghazali said the State Government still had two such units – Perbadanan Pembangunan Pertanian Negeri Perak and the Perak Water Board – that were financially strong.
The Perak Water Board, which declared profits of RM54mil for 2005, is targeting annual profits of RM100mil by 2010. The board might be privatised, he said.
For the financial year ended Dec 31, 2006, Majuperak posted a net profit of RM12mil on revenue of RM37.9mil.
In its first-day trading, Majuperak opened at 80 sen but closed at 69 sen, down one sen from its issue price of 70 sen.
Digg this story Add to your del.icio.us account
KUALA LUMPUR: Perak state-owned Majuperak Holdings Bhd plans to launch a 17.9-acre commercial development in Seberang Prai, Penang, by early next year.
Majuperak, which yesterday began trading on the main board after taking over from United Chemical Industries Bhd (UCI) of the second board, has submitted the application to the Penang Government.
The application includes conversion of the land, on which UCI's factories are sited, to commercial use from industrial.
Chairman Datuk Seri Megat Najmuddin Megat Khas told a press conference that Majuperak, which has 4,000 acres, planned to develop 1,000 acres in Perak.
“We are looking at a township model, while our other smaller parcels mainly would be housing projects,” he said.
Datuk Seri Mohamad Tajol Rosli Ghazali signing the ceremonial plaque as Datuk Seri Megat Najmuddin Megat Khas looks on.
Planned in Simpang Pulai, the lake-fronting township would be targeted at buyers within and outside the state, he said.
Majuperak is currently also developing the 800-acre Bandar Tasek Idaman residential project in Batu Gajah, Perak. About 100 acres have been developed since the project was launched about three years ago.
On whether there were plans to list other state arms, Mentri Besar Datuk Seri Mohamad Tajol Rosli Ghazali said the State Government still had two such units – Perbadanan Pembangunan Pertanian Negeri Perak and the Perak Water Board – that were financially strong.
The Perak Water Board, which declared profits of RM54mil for 2005, is targeting annual profits of RM100mil by 2010. The board might be privatised, he said.
For the financial year ended Dec 31, 2006, Majuperak posted a net profit of RM12mil on revenue of RM37.9mil.
In its first-day trading, Majuperak opened at 80 sen but closed at 69 sen, down one sen from its issue price of 70 sen.
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