Silverdale, strategically located at the end of Persiaran Perak in Georgetown. Built up area starts from 1,200+ sq.ft onward. Semi-detached in the sky concept with only 6 units per floor.

Location : Persiaran Perak, Penang
Property Type : Condominium/Apartment
Built-up Area: 1,200 sq.ft. onwards
Total Units: 403 (Condo), 244 (Low Medium Cost)
Indicative Price: RM388,000 onwards
Developer : Boon Siew Group

MAGNA Putih Sdn Bhd is investing RM200mil to upgrade and refurbish Mansion One (formerly Northam Tower) at Jalan Sultan Ahmad Shah, Penang, to comprise suites and hotel rooms.

Its director Adrian Tan said in an interview that the refurbishment work for Mansion One would be completed in 24 months.

There would be 277 semi- furnished suites of one to three bedrooms with built-up areas ranging from 581sq ft to 1,470sq ft.

The selling price for the suites ranges from RM670 per sq ft to RM950 per sq ft.

“There will be 110 hotel rooms. All the suites and hotel rooms face the sea and George Town city,” he said.

Tan said the suites would be targeted for local investors.

“The competitive edge of Mansion One is its prestigious address and that its management would be provided by a well-known hotel chain group with strong presence in Asia and the Middle-East,” he said.

Tan said the suites in Mansion One had room to appreciate by about 20%, as the neighbouring properties were already selling for about RM750 per sq ft.

“To add further value to Mansion One, the Hardwicke House, a heritage building, would be renovated to become a fine dining restaurant,” he said.

The Mansion One project will be showcased by Henry Butcher Malaysia (Penang) Sdn Bhd at the ninth Star Property Fair 2011 in Penang, which will be held at Gurney Plaza and the adjoining G Hotel from July 21 to 24.

Tan said Magna Putih was now negotiating to acquire two sites, one in Bayan Lepas and the other in the north-east district, for the development of boutique hotels.

“We are also negotiating to take over two pieces of land in Sungai Dua and Batu Gantong for condominium projects,” he said.

Organised by The Star in collaboration with Henry Butcher, the fair will be open to the public from 10am to 10pm daily, and admission is free.

To date, 28 major developers – representing almost all the big boys in the industry – along with several financial institutions, have taken up booths at the fair.

The fair will also see RM30,000 worth of prizes to be won for the “Surf, Click & Win” contest which is sponsored by IJM Land.

SOURCE: The Star

BM Utama and Jesselton Hills in Bukit Mertajam are two prestigious projects by DNP Land, with living spaces that are stylish and comfortable, and much thought given to the natural environment.

DNP northern region general manager K.C. Tan said Phase 3 of BM Utama is built around an ideal blend of modern and practical architecture that emphasises on a natural and healthy lifestyle, with pockets of lush greenery providing a tranquil setting.

Comprising 75 units of two-storey (Roystonea) and 63 units of three-storey (Mauritia) terrace houses on land sizes measuring 22ft by 60ft onwards, with built-up areas of approximately 2,500sq ft, each is geographically positioned to encourage better air flow and maximise natural lighting.

Spacious 200sq ft balconies give residents commanding views of the development?s other features, such as the Linear Park and gurgling Riverline trails.

?Mauritia features contemporary design elements with double volume ceiling height at family area that maximises natural ventilation and lighting, and split level concepts that allow room for more common areas where family members can interact.

“We have also tailored the unit sizes specially to cater for increasing family sizes nowadays,” he said, adding that prices range from RM468,000 to RM600,000.

Jesselton Hills is an upmarket residential neighbourhood located on a 120-acre parcel of land near the Alma precinct, and is a continuation of the earlier Taman Seri Impian. Comprising 900 over units, it is to be completed over four phases, with pockets of green in close proximity to all units.

The first phase of Jesselton Hills features two and two-and-a-half storey semi-detached units priced from RM550,000 onwards. Land sizes start from 2,604sq ft while the built-up areas range from approximately 2,478sq ft to 2,960sq ft.

The units? unique architectural features reflect a modern style, and consideration is given to make the units energy efficient. Its aesthetically appealing box design doubles up as shading for various functional spaces within.

They feature high ceilings up to 12ft, larger window openings that brighten interior spaces, high car porch, sheltered balcony with sun breaker, and spacious master bedrooms with en-suite bathroom. The seamless integration of the indoors and outdoors brings nature right into the living spaces.

Amenities include a complete range of clubhouse facilities such as swimming pool and gymnasium, outdoor fitness stations, children?s playground, lake gardens, designated cycling tracks and jogging trails.

For the Star Property Fair 2011, the company is absorbing legal fees and stamp duties on transfer, as well as early bird promotions for its units. Both projects have a total gross development value of RM150mil.

Touted as Penang?s premier property expo, the fair?s ninth edition will be held at Gurney Plaza and the adjoining G Hotel from July 21 to 24.

To date, 28 major developers ? representing almost all the big boys in the industry ? along with several financial institutions, have taken up booths in the fair.

The fair, to be open to the public from 10am to 10pm daily, is organised by The Star in collaboration with Henry Butcher Malaysia (Penang) Sdn Bhd. Admission is free.

For enquiries, call 04-6473388 ext 3357 (Shirmein) or ext 3418 (Bessie).

SOURCE: The Star

VISITORS to the Star Property Fair 2011 can look forward to winning up to RM30,000 worth of prizes in the ?Surf, Click & Win? contest sponsored by IJM Land.

Among the prizes that will be up for grabs at the four-day expo held at Gurney Plaza and the adjoining G Hotel from July 21 to 24, include 32? Samsung LCD televisions, Acer Iconia Tabs, Samsung Galaxy Tabs and Parkson vouchers.

IJM Land northern region general manager Toh Chin Leong said that IJM Land has been supporting the Star Property Fair for the past 10 years and would continue to do so.

“As one of the leading property developers in Penang, we want to keep up the tradition of sponsoring prizes for the Property Fair to reward the visitors,” Toh said.

To participate, visitors need to bring a cutout of the “Surf, Click & Win” advertisement which will appear in The Star from July 21 to 24 to the contest booth at the fair which will be set up on the ground floor of Gurney Plaza’s new wing (in front of TopShop) and near the entrance of G Hotel.

At the contest booths, visitors will need to fill the contest forms with their personal particulars and answer three questions online.

Those who answer all three questions correctly will be entitled to a lucky dip, while those who pick a cube marked “special draw” will be eligible to participate in the daily lucky special draws to win attractive prizes.

The lucky special draws will be held daily at 8.30pm on the ground floor of Gurney Plaza’s new wing during the fair.

SOURCE: The Star

The Star regional operations manager (north) Chung Chok Yin and Henry Butcher Malaysia (Penang) Sdn Bhd director Dr Teoh Poh Huat met up with developers at the Star Northern Hub in Bayan Lepas to ascertain the impact of a slower GDP forecast for 2011, rising interest rates, and escalating property prices amidst global challenges on the direction of the Penang property market.

The panellists included DNP Land Sdn Bhd (northern region) general manager K.C. Tan, IJM Properties Sdn Bhd general manager (north) Toh Chin Leong, Ivory Properties Group Bhd deputy chairman and executive director Datuk Seri Nazir Ariff, Lone Pine Group of Companies general manager Mabel Ooi, SP Setia Bhd (north) general manager S. Rajoo, Mah Sing Group Bhd general manager (northern region) Low Eng Hooi, Sunway City Bhd general manager Tan Hun Beng, and Real Estate Housing Developers’ Association (Rehda) (Penang) chairman Datuk Jerry Chan.

The roundtable talk on July 5 was a prelude to the ninth Star Property Fair 2011 in Penang that will be held at Gurney Plaza and the adjoining G Hotel from July 21 to 24.

The fair is organised by The Star in collaboration with Henry Butcher Malaysia (Penang) Sdn Bhd.

The following are excerpts of the discussion:

Q: How do you perceive the property market outlook in Penang for 2011 and next year?
Chan: The outlook is stable. Landed properties with unique concepts will see appreciation. The demand is still there. However, house buyers will be more discerning in their decision making when it comes to the high-end high rise developments.

Q: Should steps be taken to ensure Malaysian owners still retain ownership of heritage properties in the core and buffer heritage zone?
Nazir: That’s going to be difficult. That is disturbing the market. How many foreign people own heritage properties now? Some might have foreign names but they may be locals.

Q: Will the property market in Penang experience phenomenal growth as it did last year?
Rajoo: As long as there is expansion, there is going to be ample job opportunities. More people will enter the job market and they will need homes. We expect a good year.

Toh: There is fear that if you don’t buy property now, you can never afford it again in the future. The interest rate is increasing, and the price of oil, materials, land, and compliance costs are going up also. These are driving people to keep buying houses now, as property can hedge inflation.

K.C. Tan: The mainland and island are now better connected in terms of distance, and accessibility will improve with the completion of the second bridge. We can expect a shift in the property market towards Batu Kawan, especially when the second bridge and the Electrified Double Track Project (EDTP) connecting Ipoh and Padang Besar are completed.

Chan: There is a lot of confidence towards Penang, with locals and foreigners wanting to invest, both in production and in property. Penang has the right ingredients. The demand will be consistent and the supply will not outstrip demand.

Q: The trend appears to be less focused on super-condominium lifestyle living, according to a recent report. What do you feel about this?

Ooi: That is what we hear from the locals, that the trend is to go for smaller units. I would say there is still a demand for big units, as there are buyers attracted by unique concepts and ideas. Purchasers of our 1 Tanjong beachfront-condominium project in Tanjung Bungah intend to stay there. In future, the supply of this type of properties along certain stretches will be limited.

Q: How will developers strategise to promote their properties this year in view of the slower economic growth locally and globally?
Nazir: Penang developers are now more organised. Developers like IJM, SP Setia and Mah Sing have set benchmarks that we local developers have followed. They have given Penang companies competition and a challenge, and you can see better designs in houses and apartments in Penang because of that.
Rajoo: The healthy competition has made us think more creatively. The supply of properties now is a completely different breed of product than those completed five years ago.

Q: Has Mah Sing made the right move to enter the Penang property market?
Low: The local market, particularly in Batu Maung, has accepted the new concept. The buyers expect different concepts, innovation and design. They buy into the lifestyle aspect, and they are willing to pay more for it. All these factors will steer the property market and make it just as favourable, if not more favourable than the outlook this year.

Q: Going forward, would the market be sustainable, and why?
Chan: If the job creation is there for Penang in the years to come, the demand for housing will follow. We just need to consider the kind of supply situation. After every recession, there is inflation, which drives property prices up. Everything else goes up – fuel prices, energy costs, raw materials, transportation, labour costs, cost of living, compliance costs, construction costs, fees, land prices. Inflation is not suddenly going away, and these costs are not coming down.

Rajoo: If you’re doing high rise, it’s all about pricing and location. We were selling our Reflections condominiums in Sungai Ara for over RM400,000. The last few units we had sold at RM550,000. And there is a long list of people waiting for sub-sale units.

H.B. Tan: The branding for Penang has been done even 40 years ago when Tun Dr Lim Chong Eu was the Chief Minister. He moved Penang forward with industrialisation. Penang also had the branding of the free port status before 1969. When it comes to property, Penang has this macro branding and there is micro branding among every developer in terms of the location and type of development. Having said that, every square foot that we build on Penang island means there will be another square foot of land gone. Yet, the demand for property is continuous.

Q: Do you foresee what has been described by the media as a property bubble forming?
Toh: A lot of people say that property in Penang is driven by speculators. If you actually look at it, the number of people who own two to three houses is very small compared to the population. So, there is no bubble. People will still buy if the location is good. They also look at the product — the lifestyle, design, innovation and features — and reputation. The market was hot for the last few years but there were still houses that never sold. Yet, people still queue up for other houses and these are snapped within days of the launching.
Rajoo: About six years ago, we thought the market was going crazy because it was already very high. But people have actually made money. A year ago, we launched our Setia View houses and priced them from RM600,000 to RM998,000. I thought the bubble was up. I was wrong, it was taken up overnight.

Low: Basically, we have all unanimously agreed that there is no bubble.

The trend is going for products that have value for money. If you have good branding, innovative design, good concepts, the price will probably hold.

Q: What do foreign buyers look for, and how can we make Penang appeal more to them?
H.B. Tan: Penang it is still very much a local market. Most of the “foreign buyers” in Penang are former Malaysians who come back to invest. It is not really an international market.
Ooi: Foreigners buy in Penang because it is a good location, the environment is relaxing, and we have international schools. Some would like to retire here one day. They also like to buy seafront properties. And the prices here are cheap in relation to what they would have to pay for such a big unit in their country. But there is a lot of improvement that can be made to attract foreigners — infrastructure, transport system, hospitals and schools.

Q: Does Rehda think there is a need to look into possible strategies to attract more foreign buyers?
Chan: There are certain projects that will have a higher demand for foreign buyers. However, most of them who stay here do not buy property as they find that the rental is so low. Then, there is the Penang diasphora. Malaysians who probably are not going to stay in Penang may want to invest in Penang because of confidence.

It is a two-edge sword to go out and encourage more foreigners buying property. That would create additional demand but cause a backlash when property prices go up, as you’re not catering to the local market first. People are already blaming developers for marketing high-end properties overseas.

Q: How can the local infrastructure support further development in Penang to meet demands?
Ooi: Plans for a monorail and the Penang Outer Ring Road (PORR) which were earlier conceived should be revived. Taxis should be made more pleasant and regulated. By having a more efficient public transport, people will not drive and this will relieve congestion.

Chan: If you want to remove congestion, you have to make it expensive to drive to reduce traffic congestion. Only then can you improve public transport. The cheapest, fastest and most convenient system is the tram, as you don’t need purpose-built stations.

The existing road system can determine the routes, so you don’t need to create something new. The bus system can run concurrently for longer distances but within greater George Town, the tram system can run on certain roads. But we need legislations for that.
SOURCE: The Star