Monday, July 02, 2007

Penang's prime residential properties

PenangPiling 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 generally 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.

“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.”

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. “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.

PenangThe Ivory Properties Group will develop high-rise and landed properties with a gross sales value of about RM380mil over the next 12 months

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.

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. 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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