Singapore-based Azea Property Investment (API) is looking to launch its second project — a RM43 million condominium project dubbed Anson Cube — in Malaysia soon.

In a press statement dated Wednesday, May 25, founder Tan Yang Po said the project is a joint venture (JV) with local partner Dot Greenland Sdn Bhd in Georgetown, where API holds a 30% stake in the JV company Tri Mega Venture Sdn Bhd.

The freehold property will occupy a 28,000 sq ft site in Georgetown, and offers two high-end condominium blocks and a 5-storey commercial building.

“I am really excited about this project as it is destined to become Penang’s newest meeting point and business hub because of its strategic location with easy accessibility to major landmarks, like Gurney and the first bridge,” she said.

“I am optimistic that this property will do very well. We already have a lot of enquiries even before launch.”

In the 5-storey building, the ground floor is designated for food and beverages shops, while the first floor is exclusively for al-fresco dining. The second floor, meanwhile, features a bridal theme, with all shops offering wedding-related goods and services. The higher floors in the building will house corporate offices.

API first ventured into the Malaysian property market last year with a RM500 million high-end mixed development on a 1.7ha site in Danga Bay, Johor Bahru. Known as Azea Residences@Danga Bay, it was a JV project between Imperial Marina Pte Ltd, Danga Bay Sdn Bhd and Pembinaan Sahabatjaya Sdn Bhd.

Imperial Marina — a sister company to API that is also helmed by Tan — invested RM150 million or 30% of the cost of the project, while Danga Bay put up RM185 million (37%) and Pembinaan Sahabatjaya invested the balance of RM165 million (33%). The proposed waterfront development in Danga Bay would comprise 700 units of serviced apartments spread over four tower blocks, selling from RM697 psf.

API also made a bulk purchase of 20 units of luxury high-rise serviced apartment units in Setia Sky Residences near the Kuala Lumpur City Centre late last year for RM28 million.

Under API, Tan set up the Azea Property Investment Club whose members — comprising working adults, housewives and retirees — pool their financial resources to acquire properties and invest in worthy projects. She is a personal business trainer, property consultant and chief executive officer of API.

Azea Property Investment Club now has close to 2,000 members, and invested in properties around the world, including £3 million (RM24.74 million) worth of Victorian-styled apartment blocks in London and another 200 units of landed properties valued at over US$7 million (RM21.42 million) in Houston, Texas.

Source: The Edge Property