RM2.94 billion property development slated for Penang

The northern Penang road is slated to receive a property boost this year as about RM2.94 billion worth of properties in the residential and commercial segments will be built there. This was confirmed by 6 developers from both Penang and Kuala Lumpur which include 1,275 units of residential and commercial properties in the south and south-west of the island. This is estimated at around RM1.45billion of GSV (Gross Sales Value). The rest of the GSV (RM1.49 billion) will involve the development of around 1,166 units in around the north-east district.

In the south and south-west district, commercial property will record for RM221 million of GSV or 156 units while for the north-east, it will cover the value of RM160 million that include 308 units of shop lots and serviced suites. Property Development Sdn Bhd, a Penang based property developer will be responsible for most of the projects in the south-west accounting to RM793million of GSV. Meanwhile the other big players with new projects in Penang include SP Setia Bhd, IJM Land Bhd, Mah Sing Group Bhd, Wabina Holdings Sdn Bhd and Ideal Property Development Sdn Bhd.

Datuk Alex Ooi, the Managing Director of Ideal Property said that they will be launching the Fiera Vista and Valencia Park in Bayan Lepas in July or August this year while the Taipan project will be launched later.

One of the country’s major property development company, IJM Land meanwhile will be launching off its Light Collection III development in June which is typically a 150 unit condominium project strategically located next to the Penang Bridge while come September, they will launch The Address in Bukit Jambul.