The island may well be deemed land-starved, but Ivory Properties Group Bhd is not going to let that be a hindrance to Penang’s growth.
The property giant has launched a new and bold mixed integrated waterfront development to be built over the next 10 years. The project is named Penang World City (PWC).
This futuristic township will cover a total of 103 acres comprising 68 acres of existing land and 35 acres of reclaimed land.
The location could not be better; right along Tun Dr Lim Chong Eu Expressway, tucked between Penang Bridge and the second Penang bridge and a little under 10 minutes’ drive from the Penang International Airport.
“Island-wise, this is a rare location. Not only is it difficult to find development land, it’s even harder to obtain one that is flat, strategically located and best of all, sea-front,” said Ivory’s corporate communications manager Ann Tan.
Come Star Property Fair 2014 this Thursday to Sunday, Ivory is featuring Phase 1 of PWC – Tropicana Bay Residences (TBR).
Tropicana Bay Residences will comprise six condominium towers with a gross development value of RM835mil. Each tower will have 22 floors.
One of the towers, with units measuring between 872sq ft and 980sq ft each, will be open for registration at the fair, which will be held in G Hotel and Gurney Plaza from 10am to 10pm.
The average selling prices, Tan said, would vary from RM458,000 to RM1.3mil with an average selling price of RM867psf.
“Residents and guests alike will be greeted by an impressive drop-off point. It also boasts resort-style amenities such as overhanging pools, tennis courts, saunas and gymnasiums,” Tan said.
She also pointed out that 90% of the units in the first 4 blocks were sold at the soft launch.
Penang World City is set to be Penang’s newest tourism and business magnet and Ivory is set to pull out all the stops.
“It will be carved as a modern mini-international city where residents enjoy waterfront lifestyle living amidst the hustle and bustle of a thriving recreational and commercial centre,” Tan said.
She added that major components of Penang World City will include leisure and recreational amenities, consisting of, among others, a water-themed park, an international hotel, grade ‘A’ offices, a convention and performing arts centre, a wellness centre, an international school and al-fresco dining and high-end retail outlets.
Ivory is developing Penang World City in a joint venture with Dijaya Corporation Berhad under a subsidiary called Tropicana Ivory Sdn Bhd.
At the property fair, Ivory will also showcase The Wave at Penang Times Square.
There are four types of residential units – corner, intermediates, penthouses and duplexes – ranging from 1,205sq ft to 2,905sq ft at The Wave.
The distinctive feature of this condominium’s architecture is the elegant sun protection stripes that go around the tower in a wave-like pattern, Tan said.
“The elegant sun protection stripes corrugate around the glazed body, rhythmically arranged around each floor to give the impression that waves are going over the building.
“With different angles and lighting effects, the panels appear to be in different colours, creating the illusion of a vertically colourful sea with its corals,” she added.
Five vertical courtyard gardens sub-divide the building in two volumes, hence creating an elegant silhouette enriching the appearance of Penang Times Square and the island skyline.
The Wave comprises 312 suites covering 27 floors, which sit on 11 storeys of podium for car parks, facilities floor and commercial components.
Ivory is also featuring commercial shoplots of The Latitude in Mount Erskine during the property fair.
“It’s the ideal place for food and beverage businesses that will be serving over 1,500 residential units in the vicinity. These shoplots are great investment choices that offer the potential for capital appreciation,” Tan said, adding that the double-storey units will be priced at about RM820,000. - By Arnold Loh (The Star)