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Old June 24th, 2007, 02:41 PM   #1
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PENANG | Projects & Construction



Penang
Penang is the name of an island in the Straits of Malacca, located on the north-west coast of peninsular Malaysia. A resident of Penang is colloquially known as a Penangite.



Code:
Capital	               George Town
Area
 - Total	        1,046.3 kmē
Population
 - 2006 estimate	1.47 million
 - Density	        1404.91/kmē
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Old June 24th, 2007, 02:42 PM   #2
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From Malaysian Forum
Quote:
Originally Posted by TYW
HIGH RISES
UNDER CONSTRUCTION
1. The Mayfair
2. 11 Gurney Drive
3. Harbour Place (Butterworth)
-Sea View Tower
4. Putra Marine Condominium
-Tower 1
-Tower 2
-Tower 3
-Tower 4
-Tower 5
5. Desa Bayan
-Block A
-Block C
-Block E
6. Prai Inai
7. Jelutong Park
8. Jelutong Palace
9. Krystal Suria
10. Penang Times Square
-Birch The Plaza
11. Metro East
-Bayswater Resort Condominium Tower 1
-Bayswater Resort Condominium Tower 2
-The Platino Tower 1
-The Platino Tower 2
12. Regency Heights
-Block 1
-Block 2
-Block 3
-Block 4
13. Greenlane Heights Block E3
14. Asia Heights
-Block 1
-Block 2
-Block 3
15. The View
16. Regency Hotel (Gurney Drive)
17. Fettes Villa
18. The Cove
19. D' Fairways
20. The Waterfront
21. Harbour City
-Sri Saujana Block 1
-Sri Saujana Block 2
-Sri Saujana Block 3
22. BL Garden
-BL Anenue Apartments
-BL Garden Apartments
23. The Palazzo
24. Springtide Residences
25. Serina Bay
-Tower 1
-Tower 2
26. i - Regency
-Tower 1
-Tower 2
-Tower 3
27. Alila Horizons Condominium
28. Taman Kheng Tian
-Block 1
-Block 2
TOTAL= 54 Buildings
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Old June 24th, 2007, 03:03 PM   #3
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The Mayfair







11 Gurney Drive





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Old June 24th, 2007, 03:10 PM   #4
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ELEVEN GURNEY (11 GURNEY)
Gurney Drive. Penang. Malaysia.

11 Gurney is a brand new modern luxury condominium located amongst the most sought-after address in the known suburb of the golden mile fronting the gurney promenade which is an exclusive area with luxury condominiums and star bucks cafe. Excellent security is enhanced with accessed through the use of proximity security card readers. With its low density of only two units per floor offering a stunning views of the gurney sea. Residents enjoy utmost low density living and privacy with only 62 units spread over 29 storey building. Amongst the immediate neighborhood landmarks are the Gurney Hotel, Laurel Evergreen Hotel and PG1 Condominium.





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Old June 24th, 2007, 03:13 PM   #5
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The Cove
Tanjung Bunga, Penang. Malaysia.

The Cove is a new luxury beach front condominium with full facilities including a swimming pool, sauna and gym. Also provided 2 covered car park bays for every unit of condominium. The Cove Condominium is located at Jalan Tanjung Bungah which is a suburb of the middle upper class residential area that perfectly matched your status. The immediate neighborhood are the Dalat International school, Crown Prince Hotel, Copthorne Orchid Hotel and Sandy Bay Paradise Hotel.



by cooltemper





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Old June 24th, 2007, 03:17 PM   #6
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Springtide residencess



SPRINGTIDE RESIDENCES and the cove

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Old June 24th, 2007, 03:21 PM   #7
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Suntech



by Adam Tan

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Old June 24th, 2007, 03:29 PM   #8
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SKY HOME





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Old June 24th, 2007, 03:32 PM   #9
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The Spring





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Old June 24th, 2007, 03:33 PM   #10
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Real estate in Penang set to boom
Saturday April 28, 2007
By TEE LIN SAY



THE dynamics of today's economy are demanding. In an increasingly borderless world where foreign investments are needed for wealth creation, a premium location is one which is both commerce and entertainment driven.

The Iskandar Development Region (IDR) in South Johor is quite precisely all of that – and some. Under the Ninth Malaysian Plan (9MP), the Prime Minister plans to spend RM12.2bil developing IDR into an “emerging special economic zone” to the likes of Shenzhen, Dubai and Mumbai where the best brains from around the world come to live, work and do business in a global growth centre.

Some 800,000 jobs are expected to be created over the next 20 years, and the IDR will be turned into a logistics hub and a centre for the development of services industries like medical, financial and educational.

The accessibility is already there via the airport, ports and the Causeway. What is needed now is the infrastructure and economic activity – this is the implementation part that is being rolled out under the 9MP.

Across the Causeway, our neighbour is busy, and will also be spending billions of dollars building their two integrated resorts in a bid to brand Singapore as the next Asian tourism heart. Because of its close vicinity to Singapore, the IDR is expected to benefit from the spillover effects of such mega expenditure.

South Johor is indeed headed for great times. But excitement is not only brewing down south.

There's another state in Malaysia, which almost seems to hold the same appeal but with a twist – from a technology and tourism hub perspective. The best part is that the development's done, and accessibility is about to be improved.

The food is good and its water quality superior. Land prices are skyrocketing and in recent times, property developers have been flocking this place for opportunities. Also known as the Silicone Island of The East, it's right up north.



Macro outlook

Penang has long been a favourite among tourists, and over the last 10 years, has welcomed more than 3 million visitor arrivals per annum, out of which more than 1 million are international visitors, with 37% being repeat visitors. Tourists are attracted to Penang’s beaches, rich heritage, large variety of local delicacies and cost advantage.

Due to this appeal, Penang is the state with the highest number of foreigners living in Malaysia registered under the Malaysia My Second Home programme (MM2H).

Job creation in Penang has been happening since the advent of foreign direct investments (FDI) in the 1990s. Penang’s FDI rose from RM1bil in 2004 to RM4bil in 2006, ranking it joint third in Malaysia in attracting FDI. About 75% of Penang’s FDI is largely in the electrical and electronics sector, with 40% contributed by US companies.

Penang's strength has always been its ability to attract semiconductor and information technology giants. It has served as an offshore base to technology giants, for instance Intel, Motorola, Agilent Technologies, Dell, Seagate, Komag, Robert Bosch and Osram.

More recently, the state government is attracting FDIs that are skewed towards high-tech industries that are less labour intensive – biotechnoly.

Recognising biotechnology as the next revolution, the Penang government has launched a biotechnology initiative to attract investment and research activities to the state in anticipation of the world market for biotech industries hitting US$1.76 trillion by 2010.

In 2003, the allotted 176 ha at the Bukit Minyak Industrial Park attracted three biotechnology projects with a total investment estimated at US$70mil. The biggest of the three was London-listed GeneMedix Plc.



Meanwhile under the 9MP, Penang is a big beneficiary, as it will be receiving RM6.6bil for large infrastructure developments (second Penang Bridge, monorail, outer ring road) and additional road upgrading work.

With a thriving economy yet being a pleasant enough retreat for tourists, it is not surprising that Penang has also made its maiden entry into the Top 10 most liveable Asian City list.

With developments brimming in Penang, a similar growth pattern to the IDR appears to be unfolding. Land prices in the IDR area are now going for RM40 per sq ft because of the major developments taking place.

House prices in Vietnam, Thailand and Indonesia have been skyrocketing, and Real Estate and Housing Developers Association (Rehda) Penang branch chairman Datuk Jerry Chan Fook Sing does not see why Penang should do less well.

“Penang has an international airport, a deepwater port, universities, international schools, a manufacturing hub and accessibility. There is commerce, tourism, greens, shopping and language. Best off, there is still affordability in Penang.”

He adds: “With the amount of economic activity in Penang, I wouldn't be surprised if another bridge is built up north within the next 20 years,”

Property in Penang

It is because of the economic activity and major projects in the pipeline, that Chan is becoming increasingly bullish on the property outlook in Penang.

He says that property prices in Penang have always done well, and will continue to be on the rise. Cost pressures alone will increase prices.

For instance, at the peak of the property cycle just before the market crash in 1997, land in prime areas of Penang cost anywhere between RM80 and RM200 per sq ft (psf). The supercondos in Gurney Drive were going for RM300 psf.

Today, these peaks have been surpassed, and land prices in prime areas of Jesselton, Green Lane, Tanjung Bungah and George Town are going between RM100 and RM250 psf. The supercondos are easily snapped up at RM400-RM450 psf.

Statistics wise, Penang has the highest sales growth in Malaysia (five-year compounded annual growth (CAGR) rate of 11% versus average of 8%). House prices on the island have risen to almost match the Klang Valley’s, growing at a five-year CAGR of 4.3% versus the national average of 2.9%.

“In terms of buying property, we do not need to look beyond Malaysia. We are much cheaper than our regional peers. With the level of economy we are going to be seeing in the state, land prices both on the island and mainland should continue appreciating by at least 5% to 10% over the next 5 to 7 years,” he says.

Chan sees this price appreciation even before taking into account the abolishment of real property gains tax (RPGT). Now that this ruling has been done away with, Chan opines that property investment is almost a “no brainer”.

“You don't get taxed anymore. I have always felt that property development is an honest business. Property is an immovable asset. It is tangible and it is safe. It will not depreciate, and over time will continue to appreciate. People spend too little on properties compared to cars and luxury goods. In a rising market, you cannot go wrong buying properties,” he says.

For those who are not assured, Chan says that the completion of the second Penang Bridge alone will act as a catalyst for major growth.

Penang has not seen major infrastructure activity since the first bridge was constructed back in 1985 and the last stretch of the North-South Expressway was completed in the early 90s. Chan says the amount of activity itself will see big spillover effects throughout the state.

“People have yet to see how they things will change because of the second bridge. You will notice that whenever there is an interchange, land prices zoom,” he says.

Since the opening of the first bridge, it has become the major lifeline to Penangites. Apart from water and electricity, the bridge is almost a living necessity. Problems, however, arose when the bridge reached congestion point earlier than expected.

In the last three decades, industrial development has been in the middle part of Seberang Prai. The southern part of Seberang Prai has seen the least development. But with the building of the Second Bridge, and a link connecting the bridge from Batu Kawan to Jawi, economic activity in the vicinity will automatically intensify.

Batu Kawan will be the first point between Penang island and Seberang Prai. From Batu Kawan, a link from the Second Bridge to Jawi will be built.

With the opening of the Second Bridge, Chan foresees more people moving to the mainland, especially to the southern part of Seberang Prai. With the escalation of house prices in the island far from ceasing, house buyers will view the mainland as a favourable alternative, considering that a home there would be 3 to 4 times cheaper.

Chan is of the opinion that the southern part of the corridor between the two bridges – (Simpang Ampat and Jawi) will see the greatest potential in land prices and development.

“There are many people who work in Singapore, yet stay in Johor Baru because it is cheaper. The same thing will happen between the island and the mainland. It is even more convenient as the island and the mainland are in the same state and under the same state government,” says Chan.

Location-wise, the distance from the first bridge to the second bridge is about 20 minutes, unlike the Causeway to the Second Link to Singapore, where the distance is huge. For southerners travelling up north, the second bridge will be the first point of entrance towards the island.

“When the first bridge was built, it was a nucleus for growth. We saw industrial areas mushrooming in the northern part of Seberang Prai. Hence, areas like Butterworth, Juru, Bukit Tengah and Bukit Minyak started growing, and land prices appreciated.

People have yet to see it, but what happened with the first bridge will happen with the second bridge. The government will not sink in RM3.5bil on a bridge without trying to recoup that money. A lot more land around that area will be opened. The Penang Development Authorities are now looking into it,” says Chan.

He adds that with the construction of the monorail from George Town to the airport in Bayan Lepas, previously not so prime areas like Bayan Baru will begin seeing the land prices appreciating.

“Whenever a road crosses a building, house or shop, the price always appreciates. We see that happening in the southern part of Seberang Prai – areas like Jawi, Sungai Bakap and Simpang Ampat. These areas have seen the least development, and where there is the least development, the potential is always the greatest,” says Chan.

Land prices in the southern part of Seberang Prai now range between RM8 and RM20 psf. With the kind of projects happening over the next few years, Chan sees land prices easily appreciating by 50%.

Meanwhile, piling works in the sea for the 24-km second link are scheduled to begin end of the year. Test piling are now being carried out in the sea to determine if the soil can withstand the load of the bridge. This should be completed in three months.

MM2H

Because of its local variety, delicacies, affordability and beaches, Penang has become a number one choice state for participants under the MM2H programme.

Penang has nearly everything – good colleges, private schools and universities and a favourable cost of living.

“We have some of the best private hospitals in the country, and about 30% of these private hospitals derive their revenues from patients in Medan and other parts of Indonesia,” he says.

Chan says that the number of participants under MM2H is increasing, and moving forward, this will become a significant source of FDI for the country.

As an example, an average participant that enters the country under MM2H pays a one-off expense (which includes buying their property and other fees) of RM1mil. Their monthly living expenditure easily amounts to US$2,000. So far, a big chunk of participants under MM2H comes from Britain, China, Japan, South Korea and Singapore.

In many ways, Chan sees Penang as being more attractive than Singapore. Not only are property prices 10-15 times cheaper, the cost of living is lower, and cars here are not taxed.

“MM2H will not stop at the island. It will spread to the mainland,” says Chan.
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Old June 24th, 2007, 03:53 PM   #11
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New launching!
KELAWEI VIEW


Kelawei View is a new luxury condominium project development located in prime Georgetown, the heartbeat of the city, close to the popular gurney drive and easily accessible to modern conveniences. Residents enjoys utmost privacy and low living density with a spacious built up area of approximately 4,303 - 6, 423square feet. Each unit offers a beautiful city twinkling lights with unending sea breezes and superb sunset view.

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Old June 24th, 2007, 03:57 PM   #12
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INFINITY

Infinity is a newly launched luxury condominium project development. Infiniti range of facilities include a host of attractive features with modern amenities and five star luxuries make the condo intensely desirable. Excellent security with accessed through the use of proximity security card readers and private lift lobby. The Infiniti Condominium is located in Tanjung Bungah which is a suburb of the upper class residential area that perfectly matched your status.





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Old June 24th, 2007, 03:58 PM   #13
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GURNEY PARAGON
Gurney Drive. Penang. Malaysia.



Gurney Paragon is the latest exquisite upmarket luxury condominium project development to be launched. Sited in prime Gurney Drive, the heartbeat of the city, with an abundance of amenities offering modern day city living & conveniences at its best. Gurney Paragon features a spacious built up area of approximately 2,829 - 4,600 square feet. Each unit offers unending sea breezes and superb sunset view which makes living in Gurney Paragon a delight. An enviable location. A place to reside in the heart of the city.

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Old June 24th, 2007, 04:05 PM   #14
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PENANG TIMES SQUARE and EAST WEST TOWER & MALL








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Old June 24th, 2007, 04:11 PM   #15
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Metro East, Penang
Projects under Metro East
-TESCO
-e-Gate
-Bayswater Resort
-The Platino Super Condominium
-Office Blocks



by TYW



by cooltemper



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Old June 24th, 2007, 04:49 PM   #16
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Next hot spot i think in Batu Gantong racehorse track, Harbor Place in Butterworth and along Jelutong Expressway
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Old June 24th, 2007, 05:15 PM   #17
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The tower are just awesome, is there any tall office being built/plan?
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Old June 24th, 2007, 06:37 PM   #18
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Penang International Equestrian Centre



ULTRA MODERN:An artist's impression of the new
Penang International Equestrian Centre at Batu Kawan.


The new turf club (Penang International Equestrian Centre) will be in Batu Kawan in the mainland and will look like this:



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Old June 24th, 2007, 06:38 PM   #19
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-edit-
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Old June 24th, 2007, 06:50 PM   #20
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The-ceo

The C.E.O comprises 250 office units with innovative stylish architectural designs. The SOHO at C.E.O is a well-planned office complex that consolidates the comfort of modern living with well-organized working environment.

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