Penang Property Talk

Celesta Residency is a modern and low density with 89 units condominium that exudes a high level of opulent sensation for those who seek for distinctive and luxury lifestyle.

Filled with opulence in every aspect, Celesta Residency exudes great excellence in style fits for individuals and families that long for ultimate luxury and relaxation in lifestyle. The gated and guarded living environment provides soothing freedom with serenity.

Celesta Residency offers a strategic development located along Jalan Sultan Azlan Shah, diagonally opposite three public schools, namely SJK(C) Kwang Hwa, SJK(C) Shih Chung and SMK Sungai Nibong, in the established township of Sungai Nibong.

As the development is under the privilege of Home Ownership Campaign (HOC), it offers an amazing experience to all house buyers. Despite its limited 89 units of residential condominium and the mix of commercial components surrounded, Celesta Residency is a freehold property with residential title.

Celesta Residency takes this opportunity to invite you to their Official Launch on 21-22 of September 2019 (11.00am – 5.00pm) at 1-2-10, Elit Avenue, Jalan Mayang Pasir 3, 11950 Bayan Baru, Penang, understand more of this perfect residency for yourself.

Project Details

• Project Name: Celesta Residency
• Location: Sungai Nibong, Penang
• Property Type: Condominium
• Indicative Price: RM652,800 onwards
• Developer: Red Blue Development Sdn. Bhd. (Subsidiary of TGB Group)

Key features

• Freehold with Residential Title.
• 25-storey Condominium equipped with polished facilities.
• Super low density with 89 units only.
• With only 6 units per floor.
• Gated & guarded development.
• Located exclusively along Jalan Sultan Azlan Shah in the heart of Sungai Nibong is in close proximity to Penang International Airport and Georgetown.
• Prime location of ultimate convenience with amenities such as Queensbay Mall, Setia SPICE Arena, schools, petrol station and many infrastructures located nearby.

If there is any enquiries, feels free to contact us or visit our website:

Contact number: 012-497 0009
Website: www.tgbgroup.com.my

Ideal United Bintang International Berhad (IUBIB) has announced to Bursa Malaysia its proposed acquisition of 1st Avenue Mall in George Town at RM153 million last week.

The company’s subsidiary, I Homes Properties Sdn Bhd (IHomes), entered into a conditional sales and purchase agreement with 1st Avenue Mall Sdn Bhd (1AMSB) for the proposed acquisition of the property located along Magazine Road based on a willing-buyer willing-seller basis.

IUBIB, in a statement issued last week, said the agreement was signed after taking into account the market value of the property of RM220 million and the purchase consideration was at a 30.45 per cent discount of the market value.

1st Avenue Mall, opened nine years ago, has 407,076 sq ft of net lettable space and is sited within the inner city of George Town. It is connected to Komtar and another mall, Prangin Mall, through indoor pedestrian bridges.

In the same announcement, IUBIB said the proposed acquisition will result in the diversion of 25 per cent or more of its consolidated net assets into property investment holding, which is different from its core business of property development operations.

“As such, IUBIB will seek approval from the shareholders of the company at an Extraordinary General Meeting (EGM) for the proposed diversification in conjunction with the proposed acquisition,” it said.

It added that the proposed acquisition is the group’s first venture into property investment holding and it is confident that it will generate positive returns from appreciation in real estate prices and also from rental income from the mall which currently has a 90 per cent occupancy rate.

“The group intends to continue renting out 1st Avenue as a source of income and recognises that the property has potential to be redeveloped in future as it is in a prime location within the city of Penang,” it said.

The proposed acquisition and diversification are subjected to approval of shareholders at an EGM and other relevant authorities.

Source: MalayMail.com

Green City Garden Hotel & Residences, a proposed luxury development in the centre of George Town by Green City Garden Development Sdn. Bhd. Strategically located on a half acre land along Macalister Road, adjacent to the People’s Movement Party headquarter building in Penang. It is only 2km away from KOMTAR, less than 15 minutes drive to Penang Bridge.

This luxury development will see the demolition of the existing building, for the construction of 29-storey building. It will feature a 100-room hotel and 52 units of luxury suites. Automated robotic parking system will be built to allow more car parking bays.

Project is still pending for approval. More details to be available upon official launch.

Project Name : Green City Garden Hotel & Residences (to be confirmed)
Location : George Town, Penang
Property Type : Mixed development
Built-up Size: (to be confirmed)
Land Area: (to be confirmed)
Total Unit: 52 (suites), 100 (hotel rooms)
Indicative Price : (to be confirmed)
Developer : Green City Garden Development Sdn. Bhd.

Location Map:

Penang Island is sometimes known to have some resemblance to Singapore. Both Penang Island and Singapore are separated from the mainland by a narrow strait with a lack of land for development. The government in both Penang Island and Singapore generally encounters similar challenges whenever there is a need to have a balance between economic development and environmental protection; making many individuals often use Singapore as a reference in topics related to urbanization in Penang.

Let’s hear from Penang Chief Minister on his views whether will Penang mirror Singapore by 2030.

FIND OUT MORE:
Penang CM speaks to Penang Property Talk on Vision 2030

Land is a scarce resource on Penang island.

Luckily, in these modern times, we do not have to go to war to seek territorial expansion.

There is something called reclamation, which is common in the world nowadays.

For Penang, reclamation is nothing new as it was done in Bayan Lepas back in the 1970s.

The state’s economy was effectively transformed, with people getting jobs and enjoying a good life as a result of the existence of the Bayan Lepas Free Industrial Zone (FIZ) then.

Thanks to the late Tun Dr Lim Chong Eu, we were branded the ‘Silicon Valley of the East’.

Fast forward to 2019, I feel Penang is no longer a force to be reckoned with.

We have been left out in the race to be a major player in the technologically advanced industries, losing out to the likes of Singapore and Taiwan.

We have even lost to countries like Vietnam and China, which have adapted fast to new technologies and appealed more to international investors.

Yes, we still have the Bayan Lepas FIZ, and the Prai and Batu Kawan Industrial Estates.

But to put things into perspective, Penang never moved forward, and the ‘old’ free industrial zones and industrial estates are testimonies to this sorry state of affairs.

Just take a quick trip to the Prai Industrial Estate, and one can see how dilapidated the roads are, coupled with factories that barely have cutting-edge technology.

Penang should have embraced the Industrial Revolution 4.0 but according to Muhamed Ali Hajah Mydin, who heads the Penang Skills Development Centre (PSDC), many companies have yet to tap into the RM2 billion allocated by the government towards achieving IR 4.0.

So when the Penang South Reclamation (PSR) was mooted, I was excited over this proposed development near Teluk Kumbar.

It is set to change the entire landscape of the island with development shifting to the south.

There will be three man-made islands measuring 1,800ha in total or the size of 3,600 football fields.

On July 5, the state government announced that the PSR had obtained Environmental Impact Assessment (EIA) approval with 72 conditions to be fulfilled.

It is expected to generate RM70bil, of which RM46bil will be used to fund the Penang Transport Master Plan.

No doubt critics will say that land is abundant on the mainland and it is needless to reclaim more land that could harm the environment and marine life.

But those on Penang island will agree that the ‘action’ is always here and the PSR augurs well to push the state to become a global industrial player once again.

We have a lot of catching up to do but it is better late than never, as the entire project will only be realised in years to come.

The first island – known as Island A – is touted as a continuation and expansion of the Bayan Lepas FIZ while Island B will be ‘a playground for city planners and architects’ with a tram system and green spaces.

As for Island C, it is meant for a mixed development project.

As pointed out by Chief Minister Chow Kon Yeow, the Bayan Lepas FIZ, in the past 50 years, had provided job opportunities, trained and produced small and medium enterprises to support multinational companies.

He said the state had moved from low-cost mass production to high-tech research development.

Such a continuity can help us grow with our neighbour Kedah, which has embarked on the development of the Special Border Economic Zone, a catalyst for the Kota Perdana development project near Bukit Kayu Hitam.

The Kota Perdana-Asean Industrial Metropolis is a joint project between Malaysia and Thailand, where 3,515ha of land is to be developed.

Upon completion, it will provide world-class facilities for manufacturing and commercial sectors, including free trade zones to encourage bilateral trade between Asean member countries.

The project has seven phases and is expected to be completed in 20 years.

I strongly believe the PSR can actually jump-start Penang’s advance into the industries of the future.

It will provide the much-needed transformation under the Penang 2030 vision.

It is not the time to ask ourselves whether the PSR is needed.

We should ask ourselves if we can afford not to have the PSR which is vital for the state’s economic progress in the next 30 years.

Source: TheStar.com.my