The Oasis project under Nusmetro Venture (P) Sdn Bhd, comprising three residential blocks situated on Jalan Kaki Bukit in Gelugor, promises to be ‘different’ from other projects in Penang.

Nusmetro Venture senior manager Lee Phoy Yeong said the company wanted its customers to feel special as soon as they enter their home, as first impressions were very important.

“The Oasis possesses a first of its kind car park where a straight flight ramp allows owners to access their respective parking bays without having to circle floor after floor. There are three levels of parking situated below each block,” he said.

Lee said the Oasis would consist of two 12-storey blocks and a 34- storey block, and have a range of luxury facilities, including a fan-shaped swimming pool, a fully equipped indoor gym, a squash court and WiFi.

“There will also be an outdoor barbecue facility and indoor deck beside the swimming pool where owners can chill out with family and friends.

“On the 14th floor of the 34-storey building, there will be an area where owners can enjoy breathtaking views of the Penang Bridge while taking a dip in the Jacuzzi pool or watching television by the ‘sky lounge’,” he said.

Lee said the 14th floor would also have a gaming room where residents could enjoy a few rounds of billiards and snooker with their friends.

“There are 536 units where the owners can choose to have their balcony facing the Penang Bridge or the swimming pool. Our units are available in four layouts of built-up areas ranging from 1,041sq ft to 1,183sq ft.

“Now there are only 25% of bumiputra units left and the project is scheduled for completion in April next year,” he said.

Another project which would be showcased by Nusmetro Venture at the coming Star Property Fair 2011 is the Arte which comprises a 23-storey and a 25-storey high residential building.

Arte would be located at Kuchai Lama in Kuala Lumpur and the project is set to be launched in August this year.

“The project will have 254 units, and there would be elevators that bring the owners to their own units only,” said Lee.

The ninth edition of the Star Property Fair, touted as Penang’s premier property expo, will be held at Gurney Plaza and the adjoiningG Hotel from July 21 to 24.

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

The RM30,000 worth of prizes for the ‘Surf, Click & Win’ contest are sponsored by IJM Land.

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

Pearl Indah, the latest addition to Pearl City by Tambun Indah. This new development is located at self-contained township with good Feng Shui and supported by well-planned infrastructure. It comes 4 spacious bedrooms, wet & dry kitchen, spacious balcony & backyard.

Property Project : Pearl Indah 1 & 2
Location : Pearl City, Simpang Ampat, Penang
Property Type : 2-Storey Terrace
Land Area: 22′ x 70′ (Pearl Indah 1), 20′ x 70′ (Pearl Indah 2)
Built-up Area: 22′ x 40′ (Pearl Indah 1), 20′ x 40′ (Pearl Indah 2)
Tenure : Freehold
Developer : Tambun Indah
Indicative Price: RM 288,000 onwards

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) has proposed to dispose of a property on Penang Island that will result in a gain of RM66.26 million for the group.

In an announcement to Bursa Malaysia on Monday, the group said its indirect wholly-owned subsidiary E&O-Pie Sdn Bhd had entered into a sale and purchase agreement with Soaring Profit Sdn Bhd to sell a piece of freehold land measuring 27,743.7 sq m in Bandar Tanjong Pinang section 1, together with the building erected thereon for RM134 million in cash.

E&O's original cost of investment in the land in May 2004 was RM13.57 million while the construction cost of the building from March 2009 to May 2011 amounted to RM54.17 million.

The property, which is situated on the east side of Jalan Tanjong Tokong, forms part of the mixed development known as Phase 1 of E&O's Seri Tanjung Pinang project. Construction of the property was completed on May 23 this year. The building consists of approximately 269,418 sq ft in gross floor area and 1,042 parking bays. The property has been leased to a hypermarket operator since May 26 for 20 years.

"The proposed disposal is in line with the group's strategy of preserving capital value and strengthening the balance sheet through realising cash resources which can then be deployed in other projects and investments to maximise the returns of the E&O group and/or for repayment of borrowings," said E&O.

SOURCE: The Edge Property

George Town: Ivory Properties Group Bhd is believed to have won the right to develop over 40ha of land at Bayan Mutiara on Penang Island.

Business Times has learnt that the decision to award the tender to Ivory was made during Penang Development Corporation's board meeting which ended late yesterday evening.

Ivory and SP Setia Bhd were in the race to develop the landbank, which was put out by the Penang state government via a request for proposal (RFP), for which the reserve price was reportedly set at RM200 per sq ft.

It is learnt that Ivory had submitted the higher bid to develop an initial 24.8ha, which is located south of the Penang Bridge. The cost of developing the land surpasses the RM1 billion mark.

The RFP comes with the potential to develop an additional 14ha, by way of a future reclamation after the development of the initial 24.8ha land.

The Bayan Mutiara tender is part of the state government's efforts to unlock the value of the land it owns in selected areas.

Ivory's success leaves SP Setia in the lurch, as currently, it is the only developer without any development projects along Penang's southern corridor where its rivals are present.

The rivals include Mah Sing Group Bhd, which is planning a mixed-development property project in Batu Maung. Ivory Properties is present via "The View Twin Towers" development in Batu Uban, while IJM Land Bhd had already embarked on its landmark waterfront development of "The Light", close to the Penang Bridge.

In January this year, the Penang state government announced that SP Setia – via subsidiary Eco Meridean Sdn Bhd – had won a RM300 million project to build and operate the Penang International Convention and Exhibition Centre in Relau on the island.

The project was reportedly meant to create a "Penang People's Park" that includes the country's first subterranean Penang International Convention and Exhibition Centre , a 2.8ha public park on the rooftop, a refurbished and upgraded Penang International Sports Arena, a refurbished and upgraded aquatic centre as well as a four-star hotel with retail outlets and a spacious parking lot.

SOURCE: Business Times

Eastern and Oriental Bhd, a Malaysian property group, rose the most in almost two weeks in Kuala Lumpur trading after agreeing to sell a piece of land and building in Penang state for RM134 million.

The stock advanced 1.3 per cent to RM1.54 at 9:19 a.m. local time, bound for the biggest gain since June 29. — Bloomberg

SOURCE: Business Times