Property players see price rise in Penang

A general uptrend in Penang property prices is expected this year as property developers offer better quality products to more discerning buyers.

Penang-based property players interviewed by Business Times have cited construction material prices and inflation as reasons for them to price their units higher this year.

They, however, gave no indication on the quantum of the price increase.

"Despite the risk of price increases in raw materials, the outlook for the property market remains positive this year," SP Setia Bhd general manager S. Rajoo said.

"As the population increases, the demand for properties will increase as well," he added.

Rajoo said available property units in the state have been decreasing tremendously over the past 10 years due to strong demand for selected property types.

"We anticipate demand for landed properties to remain strong, due to the scarcity of land in Penang."

Eastern and Oriental Bhd said the prices of its properties are determined closer to their launch dates and hinge on prevailing market conditions, raw material prices and market sentiment.

E&O owns and develops Seri Tanjung Pinang masterplan township on Penang island that offers a range of properties including landed homes and high-rise residences by the sea.

"Consumers are highly discerning nowadays and they desire a complete package which includes built-in wardrobes and cabinets, quality fittings along with fine finishing and appliances, said its executive direc-tor Eric Chan Kok Leong.

"This in turn affects the eventual pricing of properties," Chan added.

Hunza Properties Bhd group executive chairman Datuk Khor Teng Tong concurred, saying that the rising trend in property prices tend to reflect an upgrading of quality for the said units.

"As buyers demand for better and higher quality, the price of building materials and land contribute to this rising trend," he said, adding that demand for properties in Penang continues to be strong for residential units in the face of a supply shortage.

For Ivory Properties Group Bhd, better finishings and amenities, teamed with larger liveable spaces are expected to result in a higher range of property offerings.

"With impending inflation, increase in prices of construction materials and factors such as all government-driven economic programmes like the Economic Transformation Programme, National Key Economic Area and the economic corridors which are due to drive the economy towards a higher per capita income, we foresee mid- to high-end properties continuing to be in demand," said its deputy chairman Datuk Seri Nazir Ariff Mushir Ariff.

Ivory's ongoing and upcoming projects in the first half of the year, he noted, will comprise commercial, landed residential and high-rise residences in Penang.

IJM Land Bhd, whose flagship "The Light" development is set to keep the company busy for the next 12-15 years, is looking at a slight price increase for its offerings.

IJM Land general manager Toh Chin Leong cited construction materials and inflation as reasons for the revision of prices.

With a gross development value of RM5.5 billion, The Light is a 60.8ha freehold waterfront development which will be built over the next 11 to 15 years.

"We had a good year in 2010 and we foresee the market to be stable and consistent and look forward to another good year ahead," Toh said.

By Business Times

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Tambun Indah unit buys land in Penang

TAMBUN Indah Land Bhd's wholly-owned unit, Epiland Properties Sdn Bhd is buying two parcels of land in Butterworth, Penang from Hussain Imam Md Ismail and Ayesha Mohamed Ismail for RM11 million.

The deal is in line with its strategy to increase its land bank.

By Business Times

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Elegant and fashionable

Posh: The semi-detached houses by BSG Property in Tanjung Bungah.

BOON Siew Group Property’s (BSG) NineTen project comprising 40 semi-detached houses located in Tanjung Bungah will be completed by July.

The project, which is part of the upcoming 48.5ha Permai Village township, will have the Tunku Abdul Rahman College (TARC) and Tenby International School (scheduled for completion in August) as “neighbours”.

BSG property business development manager Koay Wei Loong said the units, aimed at the middle and upper middle class, have been bought by locals and foreigners mainly from Europe, Hong Kong and Singapore.

“We made sure that everything is of the highest quality, because these buyers are usually very choosy. Most of our buyers are also repeat customers.

“Besides buying for occupancy or as a holiday home, the customers will sometimes buy it for investment,” he said after holding a private preview for selected guests recently.

BSG property executive director Alfred Chew said that the units priced from RM2.4mil to RM5.8 mil are almost completed.


Luxurious: Houses in NineTen project come complete with swimming pool.

“We have sold 60% of the NineTen project. Landed property in Penang is in demand because of land scarcity on the island. These days, we see that buildings in Penang are moving upwards,” Chew said.

By The Star

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TILB focuses on mainland Penang projects

KUALA LUMPUR: Newly-listed Tambun Indah Land Bhd (TILB) expects to complete the first of its seven ongoing property projects on mainland Penang in the first quarter of this year.

The company will complete the second phase of its RM79mil Juru Heights bungalow project by March, according to managing director Teh Kiak Seng.

“We have seven projects ongoing this year with a GDV (gross development value) of RM530mil. They include medium-cost apartments and mid-range housing developments,” he said after the listing ceremony of TILB on the Main Market of Bursa Malaysia yesterday.

Going forward, Teh said TILB would continue to develop projects on mainland Penang (as opposed to the island) as properties there were more affordable.


Teh Kiak Seng (second from left) and Tambun Indah Land directors monitoring the company’s share price on Tuesday.

“We are getting more purchasers coming to the mainland because they can't afford prices on the island,” he said, adding that it would be more viable for TILB to tap the mainland property market.

“The Penang state population is about 1.6 million. The island has 700,000 people. There are more people staying on the mainland and it is also attracting a lot of FDI (foreign direct investments),” Teh said.

He cited, as an example, Japan-based printed circuit board maker Ibiden Co Ltd, which has invested in a RM1bil plant at Penang Science Park. He also mentioned Nasdaq-listed Rubicon Technology Inc, a leading global light-emitting diode (LED) manufacturer, as well as US-based Honeywell Aerospace, a leading provider of avionics and electronics, which have also invested substantially in the mainland.

“Connectivity (in Penang) is also being improved with the construction of the second Penang bridge,” Teh said, adding that the Federal Government had big plans to develop Butterworth.

“Expansion at Butterworth Port has just been completed. The main railway station is also in Butterworth. All of this will create opportunities such as new jobs and attract more people, who will need to buy houses to be closer to the job market.”

Teh also said the Penang mainland property market was more active and had better growth prospects.

“During the recession in 2009, the Penang island property market grew by 0.3%, but mainland Penang grew by 9.3%,” he said.

“Also, from 2002 to 2010, the island housing market grew by 4%, but mainland grew by 5.4%.”

According to Teh, TILB has a land bank of close to 300 acres, all located on the mainland.

“We have an option of another hundred acres. We move very fast, we buy land and develop. We don't buy land to keep as it's too costly. This has been our business model since the beginning.”

TILB was negotiating with land owners in Penang to acquire land for projects in 2012 and “actively seeking” land in the Klang Valley, he said, adding: “We've seen some land in the Klang Valley but we haven't bought any. We're still looking but the project must be viable.”

On another note, Teh said the company had set a dividend payout policy of 40% to 60% of its annual net profit.

TILB recorded a net profit of RM25.37mil for its financial year 2010.

The company opened at 80 sen and closed at 80.5 sen, a 10.5 sen premium over its issue price of 70 sen. A total of 41.5 million shares were traded, making it the second most active counter of the day.

By The Star

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Bolton eyeing 44ha site in Penang

PROPERTY developer Bolton Bhd is looking to expand its landbank in Penang with a potential acquisition in Teluk Kumbar this year.

Bolton executive chairman Datuk Azman Yahya yesterday said it was hopeful to conclude the proposed acquisition of the 44ha site within two to three months.

The land on the south-western end of Penang island is estimated to cost Bolton RM150 million, Azman added.

"Our maiden project in Penang - Surin, has been encouraging and we are now looking at expanding our landbank on the island via acquisitions and joint ventures," he told reporters after a topping out ceremony for the Surin Tower B project located in Tanjung Bungah.
Surin is a two-block 28-storey luxury condominium project which is built on a freehold parcel of elevated land and carries a development value of RM199 million.

Of the project's 390 units, about 77 per cent had already been sold out and about 30 per cent to 35 per cent of the buyers were foreign, Azman said.

The units, which were sold at prices ranging from RM345,998 to RM1.2 million, offer amenities such as an infinity pool, rooftop garden, two covered carpark bays per unit, three tier security, a barbeque area and sky decks.

On the planned purchase of the Teluk Kumbar land, Azman said Bolton was looking at building landed property units, along with apartments in a gated community.

"Our target investors for this proposed project would be locals," he added, saying that Bolton remains on the lookout to buy land in Tanjung Bungah.

"We remain convinced of Penang's vibrancy and growth prospects and we are actively looking for development opportunities.

"The residential market remains buoyant and this is a segment which we want to focus on," Azman said.

In the Klang Valley, he said the company will soon unveil a block of luxury serviced residences at Jalan Bukit Ceylon, an exclusive gated community in Ukay Perdana, and the 51 Gurney development.

The latter project is touted as Malaysia's first and only super luxurious condominium which comes complete with spacious driveway on every floor and a car park within every unit.

By Business Times

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Jetson Development buys land in Penang

KUMPULAN Jetson Bhd’s 51 per cent-owned subsidiary, Jetson Development Sdn Bhd, is buying three plots of first grade freehold land in Penang from Malaysia Building Society Bhd for RM14 million.

The company said the purchase fits into its strategy to implement boutique developments in Penang, which will appeal to the niche local and foreign property buyers, who demand luxury and secluded prestigious address.

By Business Times

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SP Setia wins Penang convention centre deal

SP Setia Bhd, the country's largest developer by sales has won a RM300 million project to build and operate the Penang International Convention and Exhibition Centre (sPICE), Bloomberg reported, citing an email statement from the Penang Chief Minister Lim Guan Eng.

Last Thursday, Business Times reported that the property developer was the front runner and on the verge of winning the job.

Securing the project should bode well for SP Setia, which posted sales of RM1.74 billion and a net profit of RM251.81 million in the year ended October 31 2010.

The project aims to create a "Penang People's Park" that includes the country's first subterranean sPICE, a 2.83 hectares public park on the rooftop, a refurbished and upgraded Penang International Sports Arena (Pisa), a refurbished and upgraded Aquatic Centre and a four-star hotel with retail outlets and a spacious parking lot.

The project will be developed through a public-private partnership agreement between the Penang Municipal Council (MPPP) and developer SP Setia Bhd's unit Eco Meridean Sdn Bhd.
On September 3 2010, SP Setia had bought 2 ordinary shares of RM1.00 each in Eco Meridian Sdn Bhd, resulting in the private company becoming a wholly owned unit of SP Setia.

Financing for the Penang project will see MPPP injecting some RM50 million, through a combination of land and cash, while Eco Meridean will finance the rest.

The proposed sPICE, which initially came with a RM50 million priceline, has been mired in controversy ever since Lim proposed it.

One of the concerns raised was that the project would incur huge expenditure, which could result in the council becoming insolvent.

Lim, however, claimed the council could save some RM25 million from the refurbishment, repairs and upgrading work on Pisa and the Aquatic Centre and that Eco Meridean will pay RM13.5 million for land to build a four-star hotel to complement sPICE.

This means that the net sum of MPPP's investment in the project would be RM11.5 million.

Work on the project is expected to start within three to six months' time and will be completed in three years.

By Business Times

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SP Setia leads race for PICC deal

Sources say SP Setia is likely to get a 30-year concession to build and operate the Penang International Convention Centre

Property developer SP Setia Bhd has emerged as the leading contender to build the Penang International Convention Centre (PICC) on the grounds of the Penang International Sports Arena (Pisa).

According to sources, SP Setia is likely to get a 30-year concession to build and operate the convention centre, which will include other components like a hotel and retail outlets.

"The proposed project is likely to cost over RM200 million," one source told Business Times yesterday.

Another source said SP Setia is one of four companies which had responded to a request for proposal from the Penang state government. The Penang Island Municipal Council had closed the tender in September last year.
The other companies said to be in the running are Singapore-based exhibition contractor Pico Global Services Ltd, which has operations in Malaysia, and a host of local contractors.

Pisa (picture) is an indoor sports arena located close to Penang international airport.

The project was completed in 2000 and serves as the largest and most comprehensive multi-purpose indoor venue on Penang Island.

The arena, which is owned by the Penang Island Municipal Council and managed by Penevents Sdn Bhd, boasts an Olympic-sized swimming pool and a spacious air-conditioned area, which has been designed to host conventions, exhibitions and entertainment shows, along with major sporting events.

A source said that if SP Setia succeeds, it plans to build a public rooftop park in the convention centre building.

The proposed PICC, which was initially tagged at RM50 million, has been mired in controversy ever since Penang Chief Minister Lim Guan Eng proposed it.

One of the concerns raised was that the project would incur huge expenditure, which could result in the council becoming insolvent.

SP Setia's entry into Penang dates back five years to its maiden development "Setia Pearl Island" in Sungai Ara near the Penang international airport.

The project, which is sited on a 45.2ha of land, serves as the company's flagship project in Penang.

Since then, SP Setia has made its mark in several other property projects dotting the island and these include high-end landed properties in the upscale Jesselton neighbourhood and an upcoming exclusive condominium project facing Penang's famed promenade, Gurney Drive.

The company is said to be aggressively in expansion mode to increase its landbank in Penang.

By Business Times

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Ivory to offer seaview villas in Batu Ferringhi

Semi-detached villas with unobstructed sea views along Penang's famous tourism belt Batu Ferringhi are poised to be one of Ivory Properties Group Bhd's latest offerings this year.

The project which carries a gross development value of RM27 million will comprise only 11 units of the resort-style development which is located within a hillside setting with an ocean view.

The company's deputy chairman and executive director Datuk Seri Nazir Ariff Mushir Ariff said Ivory Properties will also unveil this year a luxury condominiums project known as "The Latitude" in Tanjung Tokong, Penang.

"The Island Resort semi-detached villas will be launched by the middle of the year and we expect to complete the project by 2014," he told Business Times.

Also present at the interview was the company's head of investor relations Ang Kung San.

Nazir said each of the four-storey villas, comprising four plus one bedrooms and 5 bathrooms, will boast its own lift and private plunge pool.

Tagged between RM2.33 million and RM3.98 million, the 11 units are part of Ivory's "10 Island Resort" project, which is sited at Batu Ferringhi's Miami Beach.

The villas come in various sizes, with built-up areas ranging from 3,820 sq ft to 6,450 sq ft.

Nazir said the villas, along with the 220 units of the upscale "`The Latitude" (which is sprawled on a 0.82ha and carries a development value of RM137 million) are among the 300 units of property which Ivory Properties will be lining up for sale this year.

The company currently has an undeveloped landbank of between 160ha and 200ha in both Penang and Tanjung Malim, Selangor.

"We are actively looking for land and joint-venture partners in Penang and the Klang Valley," Nazir said.

Meanwhile on Ivory's plans for a four- to five-star hotel within its Penang Times Square development in George Town, Nazir said:

"We intend to construct and sell the proposed hotel and are seeking for investors to co-build the hotel with us."

He also said that work on Phase 3 of Penang Times Square, which will comprise luxury condominiums, a convention centre, cineplex and a 150,000 sq ft departmental store, is expected to take off by the end of this year.

By Business Times

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Tambun Indah to buy 3.2ha in Penang

KUALA LUMPUR: Tambun Indah Land Bhd, a leading property developer in Penang, is planning to acquire 3.2ha of land next year.

Managing director Ir Teh Kiak Seng said the group had identified 1.6ha on the mainland and another 1.6ha on Penang island with a gross development value (GDV) of approximately RM36mil and RM170mil respectively.

According to an independent market researcher, the residential property market in Penang was valued at RM3.7bil last year, and the mainland accounted for approximately 30% of Penang's residential property market.

“Mainland Penang (Seberang Perai) is one of the fastest growing districts in Penang due largely to a growing working class population as a result of rapid industrialisation,” he said during the launch of the group's initial public offering (IPO) here yesteday.

Tambun Indah is scheduled for a main-market listing on Jan 18. “We are still eyeing for landbank in the Klang Valley like in Shah Alam and Kajang but are cautious about the cost; therefore, we have not finalised anything yet.

“As we all know, Klang Valley is a good market to do housing, but we want to build our name by building quality homes at an affordable price. We, however, have no plans to expand overseas at the moment,” Teh said.

Last year, the group garnered a 10% share of the Seberang Perai residential property market.

“We expect after the IPO, our market share will increase above 10%,” he added. To date, Tambun Indah has sold more than 2,800 residential units, mostly in mainland Penang with a GDV of more than RM800mil.” Teh said the group achieved commendable financial performance over the years and had maintained a low-borrowing financial model so as not to burden the balance sheet. As at Dec 31, 2009, the group was in net cash position.

“Tambun Indah has adopted a progressive dividend policy of paying between 40% and 60% of group net profit to shareholders.

“At an IPO price of 70 sen per share, the annualised net dividend yield is (about) 7% in financial year 2010,” he said.

By Bernama

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Tambun Indah to acquire land in Penang

Tambun Indah Land Bhd, a leading property developer in Penang, is planning to acquire 3.2 hectares of land next year.

Managing Director Ir Teh Kiak Seng said the group had identified 1.6 hectares on the mainland and another 1.6 hectares on Penang island with a gross development value (GDV) of approximately RM36 million and RM170 million, respectively.

According to an independent market researcher, the residential property market in Penang was valued at RM3.7 billion last year, and the mainland accounted for approximately 30 per cent of Penang's residential property market.

"Mainland Penang (Seberang Perai) is one of the fastest growing district in Penang due largely to a growing working class population as a result of rapid industrialisation," he said during the launch of the group's initial public offering (IPO) here today.

Tambun Indah is scheduled for a main-market listing on January 18.

"We are still eyeing for landbank in the Klang Valley like in Shah Alam and Kajang but are cautious about the cost, therefore, we have not finalised anything yet.

"As we all know, Klang Valley is a good market to do housing, but we want to build our name by building quality homes at an affordable price.

"We, however have no plans to expand overseas at the moment," Teh added.

Last year, the group garnered a 10 per cent share of the Seberang Perai residential property market.

"We expect after the IPO, our market share will increase above 10 per cent," he added.

To date, Tambun Indah has sold more than 2,800 residential units mostly in mainland Penang with a GDV of more than RM800 million.
Teh said the group achieved commendable financial performance over the years and had maintained a low-borrowing financial model so as not to burden the balance sheet.

As at December 31, 2009, the group was in net cash position.
"Tambun Indah has adopted a progressive dividend policy of paying between 40 and 60 per cent of group net profits to shareholders.

"At an IPO price of 70 sen per share, the annualised net dividend yield is estimated to be approximately seven per cent in financial year 2010.

"We believe this policy will go a long way in not only attracting investors but also ensuring value-creation for the long-term," he added.

Tambun Indah's IPO consist of a public issue of 32 million new ordinary shares and an offer-for-sale of 22.1 million vendor shares at an IPO price of 70 sen per share.

Of the 32 million new ordinary shares under the public issue, 11.05 million shares will be allocated for the Malaysian public.
Meanwhile, it has also allocated 9.9 million shares for private placement and 11.05 million shares for eligible directors, employees and business associates of the group.

The 22.1 million offer-for-sale shares will be allocated for placement to identified investors.

Additionally, the group's IPO will raise RM22.4 million in proceeds for the group.

Of this, RM12.70 million will be allocated for working capital, RM7.10 million for repayment of borrowings and the remaining RM2.60 million to defray listing expenses.

MIMB Investment Bank Bhd is the adviser, sponsor, underwriter and placement agent for the group's IPO exercise.

By Bernama

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CapitaMalls buys Queensbay Mall

CapitaMalls Asia Ltd is buying Queensbay Mall in Penang for about RM658 million.

The acquisition will be made through CapitaMalls Asia's subsidiaries and an asset-backed securitisation structure.



CapitaMalls Asia will buy about 90.7 per cent of the mall's retail strata area and all its car park spaces, the company said in a statement yesterday.

Queensbay Mall is Penang's largest mall located at Bayan Lepas along the southeastern shorefront of Penang island and about 20 minutes' drive from Penang International Airport.

It is a family-lifestyle mall located at the heart of a 29.57ha prime waterfront integrated development which comprises a hotel, a wide range of residential homes and planned office towers.

It is easily accessible from the north of the island via the Jelutong Expressway and from the south via the Bayan Lepas Expressway.

This will be CapitaMalls Asia's second mall in Penang and fourth in Malaysia.

The other three malls - Gurney Plaza in Penang, an interest in Sungei Wang Plaza in Kuala Lumpur and The Mines in Selangor - are owned through CapitaMalls Asia's stake in CapitaMalls Malaysia Trust.

"Gurney Plaza, which we already own through CapitaMalls Malaysia Trust, and Queensbay Mall are the two best malls in Penang.

"The acquisition of Queensbay Mall, the largest shopping mall in Penang, will substantially strengthen CapitaMalls Asia's market leadership in the state.

"This acquisition signals our ongoing commitment to invest in Malaysia's retail sector for the long-term, following our listing of CapitaMalls Malaysia Trust in July this year," CapitaMalls Asia chief executive officer Lim Beng Chee said in the statement.

By Business Times

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Penang to become 'preferred regional hub'

The Federal Government is to make Penang the preferred hub in the region, Prime Minister Datuk Seri Najib Tun Razak said Monday.

He said several development strategies designed to stimulate the state's economy and provide jobs were driving the federal government towards that goal.

The development in Penang would result in encouraging economic growth in the national interest, he said at the ground-breaking for an extension project at the Bayan Lepas International Airport here. Penang Chief Minister Lim Guan Eng was present at the ceremony.

Najib said 10 infrastructure projects had been identified for implementation, and they included the expansion of the airport, Penang Port and the Penang Bridge, construction of the second bridge and the creation of a multimedia super corridor in the state.

"These initiatives will not only facilitate economic activities but also support our nation's objective to increase tourism revenue from the RM53 billion in 2009 to RM168 billion by 2020," he said.

Najib said Penang had many unique advantages which positioned the state well to become a hub for the northern corridor and the growth triangle comprising Indonesia, Malaysia and Thailand.

"For example, Penang already offers the highest economic density and the shortest distance to market for a city in the growth triangle," he said.

The total development of the airport expansion project, targeted to be completed by 2012, costs RM250 million, which is provided for under the RM60-billion fiscal stimulus package announced by the federal government last year.

Najib said the project was yet another federal government initiative to enhance facilities and services as Penang was a catalyst for growth of the tourism industry.

From the commercial perspective, airports enjoyed a competitive advantage and a captive market and, today, the modern airport offered much more than just a place to catch a flight, he said.

He said that following the example of successful airline hubs around the world, Malaysia envisioned its airports as a platform to drive commercial business.

In today's interconnected world, the abilities to offer high quality reliable air travel services and facilities served as a catalyst to attract trade and investment into any country, he said, adding that this directly supported employment and wealth generation which in turn would help Malaysia's drive to become a high-income nation.

Najib said the Penang international airport had seen encouraging traffic growth, receiving more than 3.4 million passengers this year up to September, up by 30.5 per cent from the corresponding period last year.

"As such, I am sure the expansion of the airport will enable Penang to achieve greater economic growth," he said.

By Bernama

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Penang property a goldmine

Property in Penang will continue to remain a favourite choice among investors as it is expected to show returns that are above the national average.

Henry Butcher Malaysia (Penang) Sdn Bhd director Dr Jason Teoh said property investment was generally perceived to have a longer term horizon as it was not so volatile compared to stocks.

He said investing in property had proven to be a good hedge against inflation because the returns ge-nerated were higher than the Con-sumer Price Index.

“In fact, seasoned real estate in-vestors from Hong Kong and Singa-pore have predicted that real value will increase over the next few years.

“Among the reasons is Malaysia’s recent positioning in the top 10 list of the world’s most competitive countries,” he said in a statement in conjunction with the official launch of the lifestyle suites, 118@Island Plaza, at level seven of Island Plaza, Penang, this weekend.

The public is invited to the sales gallery to view the show unit between 10am and 6pm on Satur-day and Sunday.

Response to the initial sales preview had been overwhelming with 50% of the 106 suites sold prior to the official launch.

Henry Butcher Malaysia (Penang) is the sole and exclusive marketing consultant for the contemporary suites owned by Omega Moments Sdn Bhd.

Teoh said foreign real estate investors had complimented Pe-nang’s progress in offering some of the most attractive product designs, but at prices which were only a fraction of those in their home countries.

“Penang’s real estate market can now be benchmarked against some of the best schemes in Kuala Lumpur and Singapore,” he said.

He added that Penang, being voted among the eighth most liveable cities in Asia, on par with KL and Bangkok by ECA International, had created further excitement, especially among foreigners seeking a second home.

118@Island Plaza is the first alteration and amendment development of its kind, which when completed, will offer much demanded housing and office units for professionals and expatriates.

Each unit, ranging from 500 sq ft to 1,160 sq ft, is thoughtfully conceptualised and designed as part of Island Plaza’s remodelling programme to bring in greater vi- brancy.

For enquiries, contact Henry Butcher Malaysia (Penang) Sdn Bhd at 04-2298999.

By The Star

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