Tropicana Bay Residences, the first phase of the RM10bil Penang WorldCity (PWC), has been selling briskly since it opened for booking in February.
A total of 85% of its 906 condominium units have been snapped up, generating RM540mil for the developer Tropicana Ivory Sdn Bhd (TISB).
TISB is a joint venture company formed by Tropicana Corporation Bhd and Ivory Properties Group Bhd.
Tropicana founder and executive vice-chairman Tan Sri Danny Tan Chee Sing said PWC, developed on prime freehold land of 41.5ha, was conceptualised to combine the quiet charm of island living with the convenience of a vibrant city life.
“Since the special preview of Tropicana Bay Residences early this year, we are pleased that it has recorded an 85% take-up rate.
“We are encouraged by the positive response and happy to commence this waterfront development.
“We believe this integrated development that consists of residential towers, office blocks, recreational and retail offerings, a wellness centre, a hotel as well as an international school will further add vibrancy to Penang’s economic landscape,” he said at the groundbreaking of PWC at Bayan Mutiara.
Present at the event were state Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo, Ivory chief executive officer Datuk Low Eng Hock, Tropicana chief executive officer Datuk Yau Kok Seng, Tropicana managing director Datuk Dickson Tan and TISB managing director Datuk Andy Khoo.
Low said the ground-breaking ceremony marked the beginning of an amazing phase.
“There is a lot of construction to do and we are still on a mission to set a new benchmark in urban living as well as provide comfortable luxury green homes for our first batch of privileged buyers,” he said.
Low said that over the last few years, Penang had emerged as a property hub, catching the attention of both Malaysians and foreigners alike.
“The property market in Penang is expected to see further growth with the current population of Penang standing at 1.61 million.
“The population is expected to increase by 40% in 2020.
“One-third of this total consists of those aged 25 to 44, thus pointing towards constant demand for residential property,” Low said.
Strategically located within Bayan Mutiara, PWC will be an integrated waterfront city at the gateway of Penang island, right off the Penang Bridge.
It is in the eastern part of the Tun Dr Lim Chong Eu Expressway and in the vicinity of Sungai Nibong. It can be easily accessed from George Town and from the Penang International Airport. - By David Tan (The Star)