Malaysia | Aspen Group Penang | First Affordable Housing Scheme In Penang Island

First affordable housing scheme on Penang Island is schedule to kick off on the fourth quarter of 2014. Aspen Group Penang with facility of RM95.5 mil Islamic loan from Malaysia Building Society Berhad (MBSB) set to launch RM400 mil Tri Pinnacle Penang project located on a 4 ha site at Jalan Persiaran Halia 3, Mount Erskine in Tanjong Tokong. It will be opened to first time housebuyers registered with Penang State Government. The approval process for genuine applicants is said to be done by the state government. The #MBSB loan facility will be used to finance the purchase cost of the freehold site for the Tri Pinnacle project, its founder and group CEO Datuk Manokharan Murly said.

Tri Pinnacle will housed 390 units of 650 sq ft low medium-cost (#LMC) apartments priced at RM72,500 and 859 units of 800 sq ft affordable condominiums priced at RM299,000 . It'll be equipped with high quality ambience, landscaping and standard condo facilities.

Refer to http://vulcaninternational.blogspot.com/2013/12/20142015-penang-property-my-musings-on.html for more details on LMC and affordable homes.

Why Aspen Group heading this LMC and affordable homes? Why not other established developers or 'A listed' developers?

The answer is Corporate Social Responsibility (CSR). Aspen Group Penang might be new kid on the block but their involvement in Batu Kawan where they going to build IKEA is a mega project. Back in January this year, Aspen Group has joint ventured (JV) with Ikano Pte Ltd, the franchisee for IKEA in Malaysia, Singapore and Thailand to develop an integrated shopping mall in Batu Kawan, with IKEA as anchor tenant. The joint venture as Aspen-Ikano, brought up 245 acres of land from Penang Development Corporation (#PDC) for RM483.95 million (RM45.35 psf).

IKEA store and first phase of the shopping mall is said to take up 30 acres while another 45 acres is set for phase two of the shopping mall and remaining 170 acres for mixed development.   

This article has been written by VULCAN INT'L Real Estate Research Institute http://www.vulcanresearch.blogspot.com for VULCAN INTERNATIONAL Real Estate Investors Club http://www.vulcaninternational.blogspot.com .

VulcanInternational could be contacted at +6 016 451 1321 .

You're welcome to write your constructive comment below.

Malaysia | Top Developer In Penang | Titijaya | Land For Sale Transaction

With recently inception of the iconic Second Penang Bridge been official opened on 1-March-2014, the real estate properties especially on landbanks have been fast fetch-up by top developers on the southern region of Penang, Seberang Perai Selatan (#SPS). The acquisition is so glaring as in my previous report: http://vulcaninternational.blogspot.com/2014/05/property-hunter-batu-kawan-penang_17.html. 

Newly listed property developer Titijaya Land Bhd wholly-owned unit City Meridian Development Sdn Bhd is said to acquire 8.25 ha in SPS, Penang from Titijaya Group Sdn Bhd for total value of RM126 mil (RM142 psf). The figure of RM142 psf might be on high side as compared to current transactions.

Titijaya Land chief operating officer Mr Lim Poh Yit said the acquisition is the company's first venture outside Klang Valley. He mentioned that they're in the midst of planning and exploring the right mix of development products best fit market's demands and trends with respect to its landbank strategic location and development opportunities anticipated from surrounding catchment area.

He hinted that the mixed development with gross development value(GDV) of RM2 bil, will be launched at the end of next year on a location within walking distance of the second Penang Bridge, the Sultan Abdul Halim Mua'dzam Shah Bridge. In that sense, it'll also close by Penang's IKEA.

Titijaya Land Bhd(http://www.titijaya.com.my/), which listed last year recorded pre-tax profit of RM25.1 mil for its third quarter ended 31-March-2014 with revenue amounted to RM62.5 mil.

This article has been written by VULCAN INT'L Real Estate Research Institute http://www.vulcanresearch.blogspot.com for VULCAN INTERNATIONAL Real Estate Investors Club http://www.vulcaninternational.blogspot.com .

VulcanInternational could be contacted at +6 016 451 1321 .

You're welcome to write your constructive comment below.

Property Hunter | Batu Kawan | Penang Science Park | Industrial Land For Sale Or Joint Venture (JV)

Batu Kawan Development | Penang Science Park is an extension of Bukit Minyak Industrial Park. Vibrant pieces of land with populated factories begin to mushroom with the current flux of #IKEA, University of Hull, #KDU University College and Second Penang Bridge.

Demand of lands has increase since then and in tandem with that a piece of industrial land of 7.2323 acres is for sale or joint venture (JV) by proposal plan submission. The land is 3 minutes away to 2nd Penang Bridge, 3 minutes to Juru Toll and 5 minutes to Juru AutoCity, Penang.

Interested do call Vulcan Lau, mobile: +6 016 451 1321 for more details.

Factsheet:

Ecoworld Penang & Tambun Indah & OCBC Bank's lands are close to Tambun toll:

#Ecoworld Penang (60 acres at RM30 psf) and Tambun Indah (24 acres at RM14 psf) with recent land purchase. OCBC Bank brought 30 acres (12.1 ha) of land in Batu Kawan, Penang recently from Penang Development Corporation (PDC) for RM65.55mil to build a university college campus and mixed development. OCBC Bank is the Malaysian subsidiary of Oversea-Chinese Banking Corp Ltd, Singapore's second largest banking group.

Next year, Eco World will launch the RM920mil mixed development EcoMeadows scheme on 24.28ha (60 acres) in Bukit Tambun.

Its freehold land status and location near the second link and adjacent to the North-South Highway gives it great potential to be developed as a mixed development project.

IJM & Mahsing's lands are close to Jawi toll:

Mahsing has joined Seberang Perai property feast by acquiring 76.38acres of freehold land in Jawi for RM42.6mil, or RM12.80 psf.

 

The land which is said to be opposite the Bukit Jawi Golf Resort, will be developed into a mixed township with an estimated GDV of RM400mil known as Southbay East(in Jawi, Seberang Prai Selatan).

 

The location of the land is very close to #IJM Land's recent acquisition in Jawi (70 acres at RM18.50 psf) that valued at RM56mil.

 

MASPEX 2014 Penang | Malaysia Secondary Property Expo 2014

18 June 2014: Latest news update...This year MASPEX 2014 Penang is expected to offer 2,500 listing of secondary residential properties at Penang Times Square this weekend. Organising chairman Mr Michael Geh mentioned that many of the properties' prices are ranging from RM300,000 to RM800,000 , were in strategic locations. He further added, the prices are 20%-30% lower compared to the new properties sold by developers.

"The secondary market is the biggest driver in the overall property sector in the country, taking up 70% of the total market share," he added. This is based on NAPIC database. 

Meanwhile, Mr Jagdeep Singh (Penang State Town and Country, Planning, and Housing Executive Committee chairman) said the state government will setup a booth at this expo to facilitate the registration for first-time buyers of low medium cost houses priced at RM72,000 and affordable housing projects, which are priced between RM200,000 and RM400,000 . Currently in the pipeline there're 10 affordable projects being developed in the state. One of them Malaysia | Aspen Group Penang | First Affordable Housing Scheme In Penang Island

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By the time of this writing the #MASPEX2014 KL for the Central Region has passed by. It was held from 9-11 May 2014 at Tropicana City Mall, Petaling Jaya, Selangor D.E. This is the same venue for #MASPEX 2013.

As for the Northern Region: MASPEX2014 PENANG, it'll be held from 20-22 June 2014 at Penang Times Square, Jalan Dato Keramat Georgetown, Penang. Again this is the same venue for last year. This year event has been brought forward from September month. If you want to know how was the response for last year MASPEX2013 Penang do refer to: MASPEX Malaysia 2013 | Facts and figures about Malaysian Secondary Property Exhibition and MASPEX Malaysia 2013 | Penang | New Homes To Cost More? Option For Buyers .

With the banned on #DIBS and increased in #RPGT, see Malaysia Real Estate Budget 2014 and My Musings On Penang Properties there is a speculation that secondary properties will drop by about 15 per cent in transactions as compared to last year.

#MIEA as the organising body are inviting interested real estate agents to participate in the exhibition. A total 30 booths is expected. Additional information on MASPEX Penang 2014 is available from their website: www.miea.com.my

Southern Region of MASPEX 2014 JB schedule to be held from 8-10 August 2014 at Sutera Mall, Johor.

There will be live update for MASPEX2014 PENANG as I'll be covering the event. So do stay tune!

This article has been written by VULCAN INT'L Real Estate Research Institute http://www.vulcanresearch.blogspot.com for VULCAN INTERNATIONAL Real Estate Investors Club http://www.vulcaninternational.blogspot.com .

VulcanInternational could be contacted at +6 016 451 1321 .

You're welcome to write your constructive comment below.

Prai | 2 Units Of Factory/Factories For Sale

Two units of 1 1/2 storey factories light industry at Perai, Penang for sale. Land area: 29.6'x71' (2101.6 sq ft), Build up: 3,009 sq ft. Asking price is RM650,000.00 per unit. 

Location: The factory is about 7 minutes drive from Juru AutoCity and 5 minutes drive from Penang Bridge. These factories are in non-FIZ area.

Suitable of use(SOU): Injection moulding, frame stamping, machinery repair, final assembly line, fixture fabrication, warehouse, commerical unit.

Condition of sale(COS): With the production area been expanded through the mid-section of wall, this sale is of two(2) units.

Interested do call Vulcan Lau, mobile: +6 016 451 1321 for more details.