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SITE PROGRESS: Queens Residences 3 (Mar 2024)

Property News/ 2 March 2024 No comments

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About Queens Residences 3

The third phase of the Queens Waterfront development by Ideal Property Group (also known as Q3), situated near Queensbay in Penang. Positioned strategically on reclaimed seafront land directly opposite Queensbay Mall, it’s an expansion of the successful Q1 and Q2. The new phase of development will introduce another 532 residential units, offering a choice of five different layouts ranging from 950 sq.ft. to 1,400 sq.ft.

Find out more about Queens Residences 3

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Chief Minister foresees bright future for BKIP 3

Property News/ 1 March 2024 No comments

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The Penang Development Corporation will ensure that the development of Batu Kawan Industrial Park 3 (BKIP 3) continues to enhance the state’s reputation as the ‘Silicon Valley of the East,’ says Chief Minister Chow Kon Yeow.

During the PDC Chinese New Year 2024 celebration at the PDC Atrium yesterday, Chow, who also serves as the PDC chairman, said PDC has achieved many significant successes, with the development of BKIP 3 marking a milestone achievement as its 10th industrial park.

“This is not just a historic achievement for PDC but for the entire Penang. I believe the development of BKIP 3 will generate high-income job opportunities, especially for residents, to improve their quality of life.

“The BKIP 3 development will also drive Penang’s potential as an investment destination of choice for local and international companies.

“PDC also plays an important role in providing physical infrastructure and logistics facilities to improve connectivity and the needs of the industry.

“Among them are the global business service hub or Global Business Services (GBS), Workers Village and Logistics Hub.

“All these facilities are for long-term economic growth thus supporting the implementation of various new projects such as the development of the third new town of Bandar Cassia in Batu Kawan, which includes residential, commercial, recreational and industrial development.

“With over five decades of experience, PDC has not only built an excellent reputation but has also taken Penang to a proud notch,” Chow said in his speech during the luncheon.

Chow is optimistic about PDC’s ongoing role as a catalyst for the state’s growth that aligns with Penang Vision 2030, which is to make Penang a ‘Smart and Green State that Inspires the Nation.’

He expressed hope that all PDC employees can work as a team under the leadership of its chief executive officer, Datuk Aziz Bakar. The goal is to ensure the smooth implementation of high-impact strategic projects outlined in the PDC Strategic Plan 2024-2028 for the continued development of the state.

During Prime Minister Datuk Seri Anwar’s recent working trip to BKIP 3 in Batu Kawan, he observed that the escalating development in Penang requires federal support to fortify its infrastructure.

To expedite the development, the Cabinet approved last week for the expansion of the Penang International Airport. The proposed Light Rail Transport (LRT) project is another major project that has obtained the green light from the federal government.

Chow expressed his gratitude to the PDC organising committee for organising the PDC 2024 Chinese New Year Celebration, describing it as a meaningful occasion in fostering the spirit of goodwill and harmony among its employees, regardless of religion, race and culture.

As the primary development agency of the Penang State Government since 1969, PDC boasts a diverse staff and always appreciates the importance of celebrating festivals like this together.

Organising chairperson Lim Be Hong said as part of PDC’s corporate social responsibility, PDC presented CNY goodies and RM500 each to six needy families in Bayan Lepas.

Even though the Lunar New Year celebrations had concluded on Feb24, the festive spirit lingered on as the attendees enjoyed a lion dance, a cultural performance by Phor Tay students and a musical performance by Milky Way Chinese Orchestra.

Among the distinguished attendees were Bukit Tambun assemblyman Goh Choon Aik, PDC chief executive officer Datuk Aziz Bakar, and PDC deputy chief executive officers Roslan Hassan and Abdul Latiff Abd Aziz.

Source: Buletin Mutiara

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Paramount to launch 7 projects in Penang, Kedah and Klang Valley in 2024

Property News/ 29 February 2024 No comments
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Sinaran Residences @ Utropolis, Batu Kawan

Paramount Corp Bhd will launch seven projects (including new phases of existing projects) in 2024 with a projected gross domestic product (GDV) of RM2.4bil at its existing project locations in Penang, Kedah and the Klang Valley.

The three largest launches (in GDV) for the financial year ending Dec 31, 2024 (FY24) are The Ashwood (high rise condominiums, duplexes, and low-rise villas at the prestigious U-Thant enclave in Kuala Lumpur), Phase 2 of The Atera and a new phase of high rise residential development with commercial components at Utropolis Batu Kawan, Penang.

“The group’s unbilled sales as at Dec 31, 2023 stood at RM1.4bil, and would provide some visibility on the group’s cashflow in the near term,” the developer said in a statement.

Paramount’s net profit jumped 49.3% to RM28.2mil in the fourth quarter ended Dec 31 compared with RM18.9mil a year ago.

Revenue for the period rose 26% to RM309.4mil versus RM245.2mil last year while earnings per share climbed to 4.53 sen against 3.04 sen previously.

For FY23, Paramount posted a 38% jump in net profit to RM82.8mil on revenue of RM1.01bil.

Paramount declared a second interim dividend of 4.0 sen for FY23, which would be paid on March 27 to shareholders who are in the record of depositors on March 13.

Group chief executive officer Jeffrey Chew said Paramount achieved double-digit growth in revenue and pre-tax profit for the third year.

“We also touched RM1bil in revenue for the first time. It was also our second consecutive year of achieving sales above RM1bil.”

“Our property division achieved RM1.1bil sales despite a 27% lower launched GDV of RM886mil. The encouraging property sales achieved will contribute positively to the group’s revenue as construction of these properties progresses,” Chew said.

“The top three contributors to FY23 sales were Sejati Lakeside 2 and The Atera developments in Selangor, and Utropolis Batu Kawan development in Penang,” he added.

Chew said the unchanged overnight policy rate at 3.0% coupled with the expected expansion of the Malaysian economy and improving labour market boded well for the property market in 2024.

Source: TheStar.com.my

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Green light for Penang International Airport expansion project

Property News/ 28 February 2024 8 comments

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The Cabinet has approved the expansion of the Penang International Airport (PIA) which is estimated to cost RM1bil, says Anthony Loke.

The Transport Minister said the green light was received during a Cabinet meeting last week.

He added that Malaysia Airports Holdings Bhd (MAHB) would be in charge of the tender process and financing of the project.

“The actual figures (of the project) will only be determined once the tender is completed,” he told the media after launching Routes Asia, hosted by MAHB and Tourism Malaysia, according to Guang Ming Daily.

Prime Minister Datuk Seri Anwar Ibrahim had earlier said the Federal Government would look in expediting the PIA expansion project in Penang.

He said with Penang becoming a top world destination, there was an urgent need to speed up the project in Bayan Lepas.

The expansion of PIA would increase the terminal’s annual handling capacity from 6.5 million passengers to 12 million.

Source: TheStar.com.my

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Casa Tiara

Teluk Kumbar/ 27 February 2024 6 comments

casa-tiara

Casa Tiara, an affordable housing development by Wisma Dayamas Sdn. Bhd. in Teluk Kumbar. Located off Cangkat Bukit Belah 2, diagonally opposite D’ Starlingtton condominium by the same company. It is just a stone’s throw away from the upcoming Penang Silicon Island, about 5 minutes drive to Penang International Airport.

This development features a 25-storey apartment tower, offering a total of 115 low-cost units and 115 low-medium cost units. Additionally, it includes a three-level car parking podium for residents’ convenience. At the ground level, there will be 14 units of shop offices.

READ MORE ABOUT AFFORDABLE HOUSING:

Project Name : Casa Tiara
Location : Teluk Kumbar
Property Type : Affordable housing
Land Tenure: Freehold
Total Units: 230
Built-up Size: 650 sq.ft. & 700 sq.ft.
Indicative Price: RM42,000 onwards
Developer : Wisma Dayamas Sdn. Bhd.

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