E&O to award STP2 reclamation job by July

March 3rd, 2015 1 comment

Chan: We have notified the successful qualified contractors who will be submitting their formal tender documents by the end of this month.

Eastern & Oriental Bhd (E&O), a lifestyle property developer, will award a tender for the RM25 billion Phase Two of the Seri Tanjung Pinang (STP2) reclamation project by July.

Seven contractors have been shortlisted for the proposed reclamation project.

E&O deputy managing director Eric Chan Kok Leong said the group will select the successful bidder after the seven companies shortlisted submit their formal tender documents by the end of this month.

“Following our notice of pre-qualification of contractors for the proposed reclamation for STP2 that appeared on Dec 8 and 9 last year, we received a total of 17 submissions from local and foreign firms,” he told The Edge Financial Daily via email.

“From this, seven qualified contractors satisfied the comprehensive and vigorous pre-qualification conditions.

“We have notified the successful qualified contractors who will be submitting their formal tender documents by the end of this month,” Chan said.

The proposed STP2 project entails the reclamation of 760 acres (307.56ha) of sea land that will feature a 5km extension to the existing first phase of STP measuring 240 acres, and two islands separated by a 50m wide canal.

About 130 acres of the STP2 reclamation land will be handed over to the state, which will in turn use it to fund the RM6.3 billion integrated infrastructure project in a land swap deal with Consortium Zenith BUCG Sdn Bhd.

STP2, which is expected to be completed in 30 years, is part of the 980-acre reclamation project that E&O (fundamental: 1.5; valuation: 0.6) took over in 2003 after it was stalled in 1998 due to the Asian economic crisis.

According to reports, the reclamation project with an estimated gross development value (GDV) of RM25 billion will feature a mixed development and a marina.

Chan pointed out that the group is working within its timeline following the approval received from the Department of Environment (DOE) for its detailed environmental impact assessment (DEIA) report on April 10 last year.

On June 10 last year, the Penang state government endorsed STP2’s land-use master plan. This was followed by the group’s pre-qualification for reclamation exercise in December before it was closed in February this year.

On any possibility the proposed reclamation works would be affected as the DEIA of one of the sand mining companies in Perak had lapsed, Chan said the successful contractor was required to determine the location of the sand sourced.

“As stated in the pre-qualification document, it is the responsibility of the reclamation contractor to determine the location of the sand sourced for reclamation purposes,” he said.

“The contractor is also responsible to obtain approval for the sand source from the DOE before dredging works commence,” Chan added.

In STP2’s DEIA report, 33.1 million tonnes of sand will be extracted from the coast of Perak from an area measuring 43ha and about 3,820 trips will be made over five years for this project.

Source: TheEdgeMarkets.com

Categories: Property News Tags:

10 Most Popular Projects in February 2015

March 2nd, 2015 12 comments

Last month PenangPropertyTalk.com has recorded a total of 126,000 visits, about 28% month-on-month increase (Feb’15 vs Feb’14), according to the latest Google Analytic web traffic report. Although this does not necessarily translate into a strong property market rebound, it does show that the interest in Penang property continue on the rise.

Now let’s take a closer look at the most popular projects in February 2015.

10 Most Popular Projects in February 2015

  1. The Tamarind
  2. Chelliah Park City
  3. One Foresta
  4. Ramah Pavilion
  5. TRI Pinnacle
  6. The Clovers (Affordable)
  7. Artis 3
  8. Urban Suites
  9. The Signature
  10. U1 @ Batu Uban

The #1 slot is taken by The Tamarind with a whopping 15,823 views in February 2015. This is an upcoming freehold executive apartments by E&O Property at Seri Tanjung Pinang, with an indicative selling price starting from RM700,000 onwards. This project has been listed in the top 10 for three consecutive months. Last month’s surge was primarily due to the project preview activities which has started recently.

Once again, affordable housing projects come out high in popularity among penangites. The five projects approved and announced by Penang State Government earlier this year are all in the list, taking second through sixth spots.

To know more about the current and upcoming affordable housing projects and location, below is the page that you should not missed out:

Affordable Housing Projects & Location

It is also worth mentioning that this page was viewed more than 20,000 times last month and it was shared more than 2,400 times in Facebook.

* Projects are ranked based on the actual number of clicks & views in Google Analytic web traffic report for PenangPropertyTalk.com.

>> PREVIOUS MONTH: 10 Most Popular Projects in January 2014

Categories: Monthly Statistics, Property News Tags:

Penang records RM8b in investments last year, more than double 2013

February 27th, 2015 No comments

Penang more than doubled its total investments by recording a total RM8.162 billion in investments last year, shored up largely by injections to its electronics and electrical sector as well as biomedical industry.

In comparison, Penang recorded a total RM3.912 billion in investments in 2013.

Penang Chief Minister Lim Guan Eng said this means the state recorded a 109 per cent increase in total investments last year as compared to 2013.

Citing figures released by Malaysian Industrial Development Authority (Mida), Lim said Penang’s ranking in bringing in investments also went up to third place last year as compared to fourth placing in 2013.

In 2014, Penang is ranked just behind Johor and Sarawak, which recorded RM21 billion and RM9.6 billion in investments respectively.

Lim said the investments were mostly in the electronic and electrical sector and some from the bio-medical sector.

Of the total RM8.162 billion in total investments, RM5.113 billion are foreign direct investment (FDI) last year.

In 2013, the state’s FDI only totalled RM1.794 billion.

Lim said the increase is sign of sustainable progress for the state especially when total investment are looked at on a six-year period basis.

“This is because industries make year end decisions, so the investment might spill over to the next year so we are more focused on total investments in a six year period rather than on annual basis,” he said.

Penang recorded a total RM40 billion in investments between 2008 and 2013 as compared to RM21 billion between 2002 and 2007.

Source: TheMalayMailOnline.com

Categories: Property News Tags:

The Miller

February 26th, 2015 No comments

The Miller, an upcoming light industrial park by Island Landcap Development Sdn. Bhd. at Bukit Minyak. Strategically located next to Jalan Permatang Tinggi, with easy access to the neighboring industrial area. This is development comprises 28 units of 3-storey semi-detached  and 9 units of detached factories.

Property Project : The Miller
Location : Bukit Minyak, Penang
Property Type : SME factory
Total Units: 28 (semi-detached), 9 (detached)
Tenure : Freehold
Developer : Island Landcap Development Sdn. Bhd. 

Location Map:

Street View

Image Gallery

Categories: Bukit Minyak Tags:

New life for landfill site

February 24th, 2015 No comments

To be transformed: Filepic of the Jelutong landfill which is currently taking in only construction and demolition waste and marine clay. A new site for the disposal of the waste has been proposed.

The 21.44ha Jelutong landfill, which has been in operation for the last 20 years, will be rehabilitated by the state to make the land suitable for mixed integrated development.

The Penang government has called for request for proposal for the safe rehabilitation and development of the Jelutong dumpsite and proposal for a new site for the landfill, which is currently taking in only construction and demolition (C & D) waste and marine clay.

Domestic waste is still being sent to Pulau Burung on the mainland.

The closing date for the RFP is Sept 14.

State Local Government, Traffic Management and Flood Mitigation Project Committee chairman Chow Kon Yeow said that the successful bidder would be required to undertake an action plan to resolve dumpsite peat fires as well as to undertake rehabilitation/remediation work to make the landfill suitable for development.

“The bidder is also required to propose and procure new sites, which should be on the island, for the disposal of C & D waste and marine clay,” said Chow at a press conference in Komtar yesterday.

He said a mixed integrated development on the site would only be allowed after the completion of the rehabilitation process and the dumpsite is deemed fit.

He said the Penang Develop-ment Corporation (PDC), which undertook a two-year study to determine if the place could be developed, has received positive feedback from the consultants.

“But any successful bidder will have to conduct a more in-depth study including coming out with a comprehensive geo-technical report,” he added.

Chow also said the proposed development must take into consideration a proposed project nearby and the existing road network around the site and the master plan must incorporate a tentative connectivity to both.

The present market value of the site is RM500 per sq ft (0.09m), which puts the land price at more than RM107mil.

On the proposal for a new site, Chow said it would only be for the disposal of C & D waste and marine clay and it would have to be approved by the Penang Municipal Council.

He said the new place should have a minimum life cycle of 20 years, a 150m buffer zone from residential areas and must not go through housing schemes or villages.

“The company which gets the tender must surrender the new dumpsite to the state free of charge, as in exchange, it gets to rehabilitate and develop the Jelutong landfill.

“The new dumpsite need not be the same size as the present landfill, as it is only for C & D waste,” he said.

Interested bidders are required to propose the project schedule for the whole development to the state government for consideration. The schedule should not exceed more than 15 years.

Tenders will be open from March 12 to Sept 14, and bidders can submit their proposal to PDC at Bangunan Tun Dr Lim Chong Eu, No 1, Pesiaran Mahsuri, Bandar Bayan Baru, 11909 Bayan Lepas, Penang.

Source: StarProperty.my

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