The Ivory Properties Group is showcasing landed residential and high-rise residential and commercial property worth over RM250mil on Penang island and the mainland at The Star Property Fair next month.
The projects include the Zen @ The View comprising seven bungalows in Batu Uban, the RM150mil 10 Island Resort, a condominum-cum-resort villa development on a four-acre site in Batu Ferringhi, and the RM90mil Aston Villa, a mixed development project comprising landed residential and commercial property in Bukit Mertajam.
The bungalows for Zen @ The View, each with a land area measuring 3,800 sq ft to 7,707 sq ft, are sold from RM1.8mil onwards.
The 10 Island Resort condominiums have built-up areas ranging between 1,100 sq ft and 3,200 sq ft, while the built-up for the resort villas ranges between 3,850 sq ft and 4,250 sq ft.
The price of the condominiums starts from RM499,000 onwards, while the resort villas are tagged between RM1.8mil and RM2.3mil.
Group director Ron Loh said the selling points included the project’s prestigious Batu Ferringhi address, the green landscape and the ocean-fronting hillside setting.
He said about 30% of earthwork had been completed, and foundation works were scheduled to start before mid next month.
“We are targeting for completion in three years,” he added.
The Aston Villa, located on a 16-acre freehold site in Bukit Mertajam, comprised 87 units of terraced and semi-detached houses and 12 units of four-storey commercial lots.
“The landed homes, with built-up areas ranging between 3,100 sq ft and 4,200 sq ft, are priced between RM473,000 and RM693,800, while the commercial lots, with a built-up area of 4,580 sq ft, are sold from RM1mil onwards,” he said.
The selling point of the Aston Villa project was its strategic location in the heart Bukit Mertajam town, he added.
“There are banks and a shopping mall literally at your doorstep,” he said, adding that the project was scheduled for completion in two and a half years.
Besides the 10 Island Resort and Aston Villa, Ivory Properties will also exhibit the remaining units of its property from older projects such as the Birch Regency in Times Square which is 90% sold, and Moonlight Bay in Batu Ferringhi which is 87% sold.
On the property market in Penang, Loh said the market’s environment turned more positive in the second quarter of 2009, following the government’s liberalisation measures as well as the improvement of the global economy.
“Generally, the property industry on Penang island is witnessing a better demand for the middle and higher category residential property.
“The central bank’s move to lower interest rates allows most of the investors to have more disposable income,” he said.
The Star Property Fair 2009, organised by The Star in collaboration with Henry Butcher Malaysia and supported by The Expat Group, will be held at the G Hotel. - The Star