File Picture (for illustration only)

Ewein Bhd is looking to launch the second phase of its maiden project — City of Dreams next year (2020) following the completion of the first phase by the end of this year.

Dubbed City of Dreams 2, Ewein Bhd group founder and managing director Datuk Ewe Swee Kheng told reporters that the second phase will be on a 4.5-acre freehold site fronting G Hotel, Penang. It has an estimated gross development value (GDV) of RM1.2 billion.

“We will launch the second phase, which has a similar concept to the first phase, sometime next year, after the completion of the first phase,” said Ewe in a media briefing during its buyers’ appreciation Penang-Port Klang-Langkawi-Penang cruise trip from organised by Ewein from Jan 3 to Jan 6.

City of Dreams is a 3.67-acre seafront development located in Bandar Tanjong Pinang, overlooking Gurney Drive. Ewe said 15 out of 37 storeys of the serviced apartment project’s first phase have been built so far and it was on track for completion by the end of this year.

“The first phase has hit about 80% take-up rate so far and hopefully it will be fully sold by the end of this year,” Ewe shared, adding that the first phase has a total of 572 units.

He added that he has confidence in the Penang property market despite the overall industry slowdown over the past three years.

Appointed marketing agency Zeon Properties Sdn Bhd CEO Leon Lee attributed the good take-up rate of the luxury project to its unique selling points.

“It is a luxury project that everyone can afford. The bank value of the first phase is RM1,800 psf but we are selling at RM1,350 psf inclusive of all the fittings, such as lighting, air-conditioners, television and 60 other luxury common facilities,” Lee noted.

Some of the facilities in the 2-block first phase include private lift lobbies, yacht services, Rolls Royce limousine service, private cinema, and a ballroom that can accommodate 250 to 300 people.

The built-up size of the first phase units range from 1,097 sq ft to 1,335 sq ft. All are 3-bedroom units.

For the second phase, Ewe revealed that it will be a single block offering smaller sized units with a majority of them being two-bedroom units.

“Just like the first phase, we are targeting local buyers (for the second phase). We hope to achieve at least 70% local buyers for phase two. We will have smaller units because the family size in Malaysia is getting smaller and it will also be more affordable,” Ewe said, adding that about 30% of phase one buyers are foreign buyers from Thailand, Singapore, Indonesia, China and Europe.

City of Dreams is part of a 50-acre mixed development which consists of university, hotel, offices, residential and commercial properties.

The entire development will be developed over 10 years and has an estimated GDV of RM15 billion.

“We are currently in talks with an international hotelier and university to join us in City of Dreams. Hopefully, we will announce some good news this year or next,” said Ewe.

Source: EdgeProp.my