After gracing the unveiling ceremony of the scale model of STARK Tower, Penang social development, welfare and non-Islamic religious affairs committee chairman cum Sungai Pinang assemblyman Lim Siew Khim (sixth left), Stark Development Sdn Bhd deputy chairman Datuk Toh Chin Leong (centre), Stark Development Sdn Bhd managing director Leon Lee (fifth left) and IJM Land Bhd assistant general manager (contracts) Ch’ng Ewe Ghee (fourth right) posing for a group photograph with the other invited guests.

Stark Development Sdn Bhd has unveiled its latest and most ambitious project, “Stark in the Sky”, which promises to elevate Penang’s luxury and nightlife scene to new heights. The exclusive venue, located at the top of the 34-storey STARK Tower, is designed to offer a sophisticated blend of experiences and amenities, catering to diverse tastes and preferences. Set to open at The Light Waterfront in Gelugor, George Town, this venue will be a landmark of both luxury and innovation.

During the recent unveiling of STARK Tower’s scale model at the Stark X-perience Gallery at Maritime Automall, Karpal Singh Drive, Leon Lee, Managing Director of Stark Development, revealed that the top-floor venue is designed to cater to diverse tastes, providing a luxurious setting that redefines the standards of entertainment in Penang. The floor will include amenities such as a jacuzzi, an infinity sky pool, and an exclusive helipad for event purposes. Dining options will range from Chinese fine dining and premium BBQ to Japanese yakiniku and omakase. Additionally, the floor will house Malaysia’s first champagne bar and a whiskey jazz bar.

Lee emphasized the global interest in the venue, noting that various international brands have expressed interest in becoming tenants. He added that this level of interest speaks to the venue’s potential to attract a global clientele, underlining its appeal.

The unveiling of the 1:125 scale model of STARK Tower took place at the Stark X- Perience Gallery at Maritime Automall. Penang’s social development committee chairman, Lim Siew Khim, attended the event and signed the commemorative plaque, marking a pivotal moment in the project’s journey.

Penang social development, welfare and non-Islamic religious affairs committee chairman cum Sungai Pinang assemblyman Lim Siew Khim (centre) delivering her speech during the unveiling ceremony of the scale model of STARK Tower. With her are (from left) Air Itam assemblyman Joseph Ng Soon Siang, Stark Development Sdn Bhd managing director Leon Lee, Stark Development Sdn Bhd deputy chairman Datuk Toh Chin Leong and Seri Delima assemblyman Connie Tan Hooi Peng

The scale model, showcasing the tower’s intricate design and ambitious features, provided attendees with a detailed preview of what promises to be a landmark in luxury and innovation. The unveiling was attended by elected representatives, including Seri Delima’s Connie Tan Hooi Peng (right) and Air Itam’s Joseph Ng Soon Siang (left).

Lee expressed his aspirations for the company’s future, emphasising his commitment to delivering projects that leave a lasting impact.

He expressed hope that Stark would continue to produce developments that enhance Penang’s urban landscape and resonate with the community for years to come. Lee added that the presence of distinguished figures at the event is a testament to the significance and quality of Stark’s work, inspiring the company to achieve even greater heights.

About Stark Development

Stark Development is a forward-thinking real estate company focused on sustainability, innovation, and smart technologies. Their mission is to create transformative spaces that leave a lasting impact. The company’s tagline, “Crafting Green, Smart Futures,” reflects its commitment to eco-friendly practices and energy-efficient solutions. By incorporating artificial intelligence, Stark Development aims to optimize resource usage and create intelligent environments tailored to the needs of its occupants.

The company is also committed to Environmental, Social, and Governance (ESG) principles, emphasizing social equity, community engagement, and ethical practices. Their projects aim to benefit both clients and surrounding communities, reinforcing Stark Development’s dedication to leaving a positive and enduring legacy.

High-end property prices in Penang rose by 7% to 10% in 2024 from a year ago, reflecting the steady demand among locals and foreigners.

One Asia Property Consultants (Pg) Sdn Bhd executive director Chandra Mohan Krishnan said prices had increased in Bayan Baru, Pulau Tikus and Seri Tanjung Pinang as buyers went for properties priced above RM1mil.

“The rising cost of building materials such as sand and the increase in sales and services tax were among the reasons for the hike in property prices,” Chandra said.

The recent federal government approval for the Penang Light Rail Transit (LRT) project to ease traffic congestion in the state is also expected to enhance property value further.

“Segment one of the Penang LRT Mutiara Line project, connecting Komtar to Silicon Island, is expected to ease traffic congestion and enhance connectivity.

“Based on the alignment, several housing projects are expected to benefit from the LRT network.

“Among the projects that will benefit from the LRT project are the Queens Residences @ Queens Waterfront in Bayan Baru, Lumina Residence in George Town and Codrington Residence in Pulau Tikus,” Chandra added.

Chandra said they were the most sought-after condominiums with built-up areas between 1,000 sq ft and 1,500 sq ft priced from RM900 per sq ft.

“The residents of these projects will enjoy easy access to the LRT when it is ready. Purchasers prefer these medium condominiums as they are easier to upkeep. Nowadays, households tend to have fewer children,” he said.

Ideal Property Group general manager (sales and marketing) Nancy Teo said although the ringgit had strengthened, making Malaysian properties more expensive, there was still a healthy level of interest to invest in high-end properties in Penang,

Teo added that the enquiries came from Taiwan, Singapore and Hong Kong.

“Our best-selling condominium projects include Lucerne Residences and Queens Residences Q3 @ Queens Waterfront.”

Prices range from RM730,000 to RM850,000 for Lucerne Residences and RM950,000 to RM2mil for Queens Residences 3.

“The mainland Chinese are restricted from taking more than US$50,000 out of China, thus it is difficult for them to shop for properties here.

“Nevertheless, we noticed that the majority of the Chinese customers prefer completed units and are keen to move in immediately. The Chinese nationals who can buy properties in Penang are the ones with investments here and they already have their funds parked outside China.”

Teo said foreigners preferred high-end projects integrated in a mixed-development scheme that were close to schools and hospitals.

Eastern & Oriental Bhd general manager (marketing and sales) Ramesh Gnanasegaran said the high-end property market in Penang, particularly for properties priced above RM1mil, has seen a noticeable uptick, as evidenced by recent project launches.

“Penang’s economic outlook is further strengthened by significant government investments in public infrastructure, indicating readiness for ongoing growth and development.

“The state continues to be a favoured destination for investors from Singapore, Hong Kong, China and Indonesia, with an increasing interest from Taiwanese buyers as well,” he said.

The number of overhang residential houses in Penang dropped to 2,400 units in the first half of 2024 from 2,901 units in the same period a year ago.

The National Property Information Centre (Napic) report estimated the overhang value to be RM2.02bil.

According to Napic, Penang ranks fourth in the country with the most overhang properties, after Perak (4,161 units), Johor (3,219 units) and Kuala Lumpur (3,051 units)

In the country, the completed but unsold units fell to 22,642 units, worth RM14.24bil, in the first half of 2024, continuing the decline from 25,816 units worth RM17.68bil in the second half of 2023.

“Condominiums and apartments accounted for 59.8% or 13,535 units of the overhang.

“Terrace houses represented 24.4% or 5,524 units, while semi-detached and detached houses comprised 8.2% or 1,867 units. The remaining 7.6% consisted of other houses,” said Napic.

Source: TheStar.com.my

Ideal Business Hub, the latest industrial development located within Penang Technology Park @ Bertam. Spanning 28 acres of freehold land, this project features 88 light industrial factories, offering a mix of bungalow (6 units), semi-detached (42 units), and cluster factories (40 units). Situated in the well-established township of Bertam, this development caters to businesses looking for strategic industrial spaces with modern infrastructure.

Conveniently located just 5km from the Bertam toll plaza, Ideal Business Hub is well-connected to major transportation routes, making it an ideal location for logistics and manufacturing operations. It feature a spacious layout with a 9.14m high ceiling and column-free design, catered for all storage racks, and able to accommodate large machineries for the majority of light industry demand.

The project is expected to be completed between 2024 and 2026, offering businesses a prime opportunity to establish a presence in a thriving industrial zone in Penang.

Project Name: Ideal Industrial Hub
Location : Bertam
Property Type : Light industrial factory
Total Units : 88
Built-up Size: (to be confirmed)
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer: Ideal Property Group

PR1MA, the affordable housing agency under the Ministry of Housing and Local Government (KPKT), has successfully completed Ideal Residency (Residensi Bukit Gelugor) ahead of its original timeline. Initially projected for completion in August 2025, the project, consisting of 1,218 units, is now fully completed, marking a significant milestone as PR1MA’s largest development in Penang.

In a key handover ceremony held yesterday, 20 proud homeowners were presented with their keys by YB Tuan Nga Kor Ming, Minister of Housing and Local Government. The Ideal Residency project, a collaboration between PR1MA and Ideal Capital Venture Sdn Bhd, has a Gross Development Value (GDV) of over RM365 million. The project received its Certificate of Completion and Compliance (CCC) on August 22, 2024.

As of September 30, 2024, 1,198 units have been sold, with each unit priced affordably at RM300,000. These units, measuring 850 square feet, offer modern living spaces, including three bedrooms, two bathrooms, and a balcony. Additionally, each unit is equipped with fiber optic technology, ensuring residents have access to high-speed internet.

Ideal Residency offers not only comfortable homes but also a range of amenities, such as swimming pools, indoor and outdoor gyms, a badminton court, and a community hall, making it an ideal living environment for Penang residents. Its strategic location and affordability have attracted significant interest, further solidifying the project’s success.

The event was attended by several prominent figures, including YB Dato’ Seri Sundarajoo A/L Somu, Penang State Housing and Environment Exco, YBhg. Datuk Wira M Noor Azman bin Taib, KPKT Secretary-General, and key officials from PR1MA and Ideal Property Group.

About Sactuary Suria

The 6th phase of residential development at Permatang Sanctuary by IJM in Alma, Bukit Mertajam. Located along Lorong Santuari 25 & 27, adjacent to Sanctuary Court. It is only a short drive to an abundance of amenities namely AEON Mall, Lutos’s Hypermarket, eateries, schools and banks. This development features 20 units of 2-storey semi-detached houses, with two different built-up sizes to choose from.

*Photo taken Sept 2024

Find out more about Sanctuary Suria