Penang Property Talk

IJM Land Bhd’s construction subsidiary, Jurutama Sdn Bhd, is set to develop the stalled RM4.5bil The Light City project, which is located next to the Penang Bridge.

According to IJM Perennial Development Sdn Bhd general manager Tan Hun Beng, the details of the contract for the project were now being finalised and the contract should be awarded in early April.

IJM Perennial is a joint-venture company between IJM Corp Bhd and Singapore-based Perennial Real Estate Holdings Ltd to oversee the project.

“The loan facility for over RM1bil was signed between OCBC Bank Bhd, RHB Bank Bhd, CIMB Bank Bhd and MALAYAN BANKING BHD last December, ” he told StarBiz recently.

Initially, IJM Land had planned to start work on The Light City in 2018, but given the property market slowdown, the plan had to be put on hold temporarily.

“We revised the plan so that the project could be launched in two phases, according to the pace of market demand.

“The new plan can now accommodate more food and beverage outlets and possibly, an experiential themed park in phase two, ” Tan said.

In the revised plan, the first phase will have a mall with a 680,000-sq-ft net lettable area, the Penang Waterfront Convention Centre, a four-star hotel with 500 rooms, offices and the Mezzo residential condominiums.

The second phase will have a 300,000-sq-ft mall, a five-star hotel with 250 rooms, offices and the Essence residential condominiums.

“The work on the first phase should create some 1,000 jobs for the local construction industry.

“The first phase is scheduled for completion in 2024, ” Tan said.

Tan said the commencement of the second phase would depend on the sales of the Mezzo condominiums and the occupancy of the mall.

“If the response to the condominium and the mall is good, we will start the second phase as soon as possible, ” said Tan.

“The retail mall and the hotel business would be well supported by the convention centre, which is expected to bring in the crowds.

“The demand for convention centre space is driven by the meeting, incentive, convention and exhibition market, which is booming in Penang.

“Our location is well-centralised around the airport, free industrial zone, George Town city and the mainland. This is also an added advantage, ” he added.

Earlier, Penang Master Builders and Building Materials Dealers Association adviser Datuk Lim Kai Seng said the The Light City project would generate about RM2bil worth of jobs for the local construction industry.

“About 40% of the RM4.5bil gross development value would need to be spent on construction works and another 10% for renovation works.

“The first phase alone should generate over RM1.3bil worth of construction jobs, ” Lim said.

IJM is one of Malaysia’s leading conglomerates with businesses in construction, property, plantations, industry and infrastructure. It has operations in 10 countries, with the primary focus on Malaysia, India, the United Arab Emirates, China and Indonesia.

Perennial is an integrated real estate and healthcare company headquartered and listed in Singapore.

As a real estate owner, developer and manager, Perennial focuses strategically on large-scale, mixed-use developments. It has operations in China, Singapore, Malaysia, Indonesia, Myanmar and Ghana with a combined portfolio spanning over 65 million sq ft.

Source: TheStar.com.my

PLB Engineering has signed a conditional joint development agreement (JDA) with the Penang state government and its development arm to undertake rehabilitation works for the Jelutong dumpsite along Lebuhraya Tun Dr Lim Chong Eu in Penang in exchange for three-fourths of the rehabilitated land.

PLB said it will be undertaking rehabilitation works of the existing dumpsite — currently used for the disposal of various types of waste — on state land measuring approximately 84 acres, and additional area in excess of the existing area.

The group will be constructing and operating a new integrated recycling centre on the site to be acquired by PLB for the sorting and recovery of construction and demolition waste, green waste, and excavation waste, for reuse or recycling, according to an exchange filing today.

In carrying out the rehabilitation works, PLB may also procure the use of an area in the Phase 3 site of Pulau Burung sanitary landfill in Seberang Perai Selatan as an interim site for the storage and processing of such waste.

According to the filing, the JDA — signed between PLB, the state government and Penang Development Corp (PDC) — will allow PLB to undertake the project with PDC being the project manager to oversee the implementation of the project.

Under the JDA, PLB will pay project management fees and other costs to the Penang government, which will in turn be paid to PDC.

PLB will also deliver to the Penang state government a performance bond for an aggregate guaranteed sum being 5% of the estimated total cost of the rehabilitation works, with 50% in the form of a bank guarantee issued by a financial institution and 50% in the form of a corporate guarantee.

In turn, PLB will be entitled to 75% of the existing area and 70% of the additional area after rehabilitation, whereas the remaining 25% and 30% of the existing and additional areas, respectively, will go back to the Penang state government.

PLB plans to develop its entitled land into residential, commercial, and tourism developments with the state government’s approval.

“The project will enable PLB and its subsidiaries to undertake the rehabilitation works and in return, gain ownership of land for the development and construction of residential, commercial and tourism developments or projects within the proximity of Georgetown.

“Notwithstanding such proximity, the land is expected to be free from social and heritage restrictions for development and contribute positively to the group’s financial performance going forward,” said PLB.

PLB said it intends to fund the project by obtaining funding from the engineering, procurement and construction company that will serve as the main turnkey subcontractor for the project, or via external loan or bank borrowings, or a combination of both. The quantum is not currently determined.

The time for completion of the rehabilitation works is within five years from the unconditional date, while the construction works and operational commencement at the new integrated recycling centre is within three years from the JDA, with an extension of two years, if necessary.

The project is subject to shareholders’ approval at an extraordinary general meeting to be convened.

Source: EdgeProp.my

A newly proposed small scale strata development by Continental Rise Sdn. Bhd. at George Town. Located on a 0.42-acre land along Jalan Makloon, between Taman Nusantara and Taman Soon Boon Kee flats. It is less than 3km away from KOMTAR, about 10 minutes drive to Penang Bridge.

This development will feature 8-units of 3-storey terrace houses within a gated community.

The project is still pending for approval. More details will be available upon official launch.

Property Name: (to be confirmed)
Location : George Town, Penang
Property Type : Strata residential development
Total Units : 8
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer : Continental Rise Sdn. Bhd.

Location Map:

Ideal United Bintang International Berhad (IUBIB) has achieved yet another proud accomplishment with the completion of its hillside development – Forest Ville, which consists of 991 units of semi-detached concept condominium embraced within a lush and natural surrounding.

The project has a gross development value of RM519mil and recorded a 99.9% of sold out rate as at to-date.

Forest Ville is poised to be another livable community in Penang. It forms a self-contained community where major amenities such as market, recreation spot and school are purposely built for the convenience of the community.

“We are extremely excited and delighted to welcome the residents to Forest Ville, one of our convenient and sustainable neighbourhood development in Bayan Lepas, and we can’t wait to move into the next phase! Which see the construction of SRJK(C) Shih Chung.”

“Forest Ville offers a sustainable living while convenience stores and eateries are available in the development with dry and wet market, hawker stalls, badminton courts, community hall, leisure spot, nursery centre, day-care centre, kindergarten and school placed within walking distance.” said Tan Sri Datuk Alex Ooi, the Executive Chairman of Ideal United Bintang.

The development is prudently planned with care and concern for young generation. The education starts from preschool, primary to higher education is greatly taken care of.

Besides SRJK(C) Shih Chung, Tan Sri said those with school-going children need not have to travel far as SRJK (C) Chung Shan, SMJK Heng Ee (2) and The Straits International School are just around the corner.

The development is also in close proximity to existing Penang International Airport, Penang Second Bridge, bus stop, hospitals, finance institutions, recreation parks and leisure mall.

Moving forward, the Group will be focusing on The Amarene and Imperial Grande, where both projects are targeted for completion in 2021.

Forest Ville’s Project Information

Forest Ville offers a comfortable living area at 1,000 & 1,050 sqft where each units is adequately planned for a maximum utilisation of space that comes with 3 bedrooms and 2
bathrooms. Sitting on an undulating prime land at Bayan Lepas , Forest Ville offers a refreshing greenery retreat and each unit is thoughtfully designed so that the residents would get in touch with natural environment and landscape at ease.

The project emphasises on the “close to nature” concept and therefore the landscape is showcasing a tropical escape. The landscape covers a few level at 1st floor, ground floor, 2nd lower ground, 3rd lower ground and levelling down to Hillside Terrace Lounge where a recreation park is located at 7th lower ground.

The Hillside Terrace Lounge serve as a viewing deck for sightseeing around the green gorgeous nature. The facility podium at 2nd lower ground is pleasantly designed to include a cascading waterfalls, Jacuzi Dome with Cage, water features facility such as the infinity pool and wet play corner.

An indoor children’s traffic playground is made available for adorable children on the 1st floor. The playground is a perfect place for kids’ cycling activities with a safe environment. Its ground provides variety of traffic circumstances, consisting of roads for vehicles and bicycles, designed to create children’ traffic awareness.

Other indoor facilities include jogging track, yoga room, zumba & aerobic room, gym room, meditation room, dancing room, creative arts room, reading room, elderly, teenagers as well as kid’s games room.

To further enhance the development, residents will also enjoy leisure facilities such as lounges, outdoor equipment, BBQ area as well as viewing decks on Block A 29th floor, the rooftop’s Sky Garden.

Join the official launch of Taman Mengkuang Ria on 22.2.2020 (Saturday) and enjoy the many benefits of Metrio HOC (T&C apply).

Lucky draws for buyers during the promotional period until 29.2.2020.

• FREEHOLD
• 2 & 3-storey terrace and 2 storey semi-D houses
• 62 Units only
• Strategic location
  • 1.5km to Butterworth
  • 1km to Kulim Expressway (BKE)
  • 7km to BM town
  • 10km to Seberang Jaya
  • 10km to Kulim Hi-tech Park
• Zero Entry
• Zero legal fee

Do visit Taman Mengkuang Ria show house at the site to know more about Metrio HOC 2020 or call 1700 816 898.

Website: www.metrio.com.my

Facebook: Taman Mengkuang Ria
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