Archive for June, 2007

Focus on Gurney Drive, Penang’s property hotspot – Part II

Monday, June 25th, 2007

Gurney Drive (Location Map), Penang’s famous sea-front promenade, is one of the popular housing development hotspots on the island favored by both housing developers and property investors / expatriate communities. The stretch, once lined with mansions belonging to some of the region’s rich and famous, has in recent years been transformed into a business and high end residential enclave.

Existing hotels and a shopping center sprouted along Gurney Drive are Evergreen Hotel and Gurney Hotel and Gurney Plaza, a premier lifestyle shopping mall completed in 2001 with a retail space of 700,000 sq ft. The mall is currently undergoing expansion with a RM83 million new wing and when completed, the retail space of the premier mall will be increased to 850,000 sq ft.

Notable sea-front super condominiums located along Gurney Drive vicinity include 11 Gurney Drive, Silverston, The Regency, Millennium Tower, Mayfair, Gurney Palace, The Palazzo. Other luxury condominiums and apartments include No 1 PG, Gurney Villa, Gurney Park, Gurney Beach Resort, Bella Vista, Mutiara Villa etc

Besides the luxury lifestyle condominium facilities, some of which also offers splendid sea views, high-rise but low density with only 1 or 2 units per level with enhanced privacy as well as round-the-clock security, spacious floor area with superior interior decorations. Prices for super condominiums and luxury condominiums along Gurney Drive generally ranges from RM300 psf to RM450 psf whilst monthly rental ranges from RM7,000 to RM10,000 per month for super condominiums of sizes from 4,000 sq ft and above.

Like Mont’ Kiara of Kuala Lumpur, Gurney Drive / Kelawei area is the preferred expatriate address as there is a relatively high expatriate population residing in some of these exclusive luxury condos. Recent reports indicated that foreign purchases on sea-fronting luxury condominiums are also on the rise as more units were bought and owned by foreign nationals over the last few years.

For more information on property investments and advisory on your property needs and expatriate accommodation in Penang and Kuala Lumpur, email to us or call us at +604 6588333 (Penang) or +603 92839782 (KL), we would be pleased to assist.

Some of these super condominiums located within Gurney Drive vicinity are:-

Silverton, a super condominium scheme with build-up area 4,123 & 4,230 sq. ft. Comprises One block of 36-story tower (total 70 units) with 2 units per floor.

11 Gurney Drive - is a brand new 35-storey modern luxury condominium comprising 61 units and two pool villas. Each units has a floor area ranges from 3,466 to 4,200 sq ft.

Gurney Palace – another newly completed super condominiums – a 33-storey block tower comprises only 20 units with a floor size of 6,000 sq ft each.

My residence at Millennium Tower – a super condo with a block of 35-storey tower with 20 units (5,880sq ft to 6,380 sq ft )

The Regency – completed in 1999, comprises a block of 37-storey tower with total 100 units. Floor areas ranging from 4,000 sq ft to 5,000 sq ft priced from RM1.5m to RM1.7m.

The Palazzo, a newly completed 17-storey tower block with only 14 units and 1 duplex penthouse. A typical unit with a floor area of 4,000 sq ft has 4 bedrooms and 4 bath plus a study room. Sales price from RM1.5m per unit.

Other super condo in the vicinity of Gurney Drive is Mayfair, a super condominium due for completion this year and comprising 49 units with floor areas ranging from 5,000 to 5,200 sq ft and a super penthouse of 12,000 sq ft, and Kelawai View, a 30-storey super condo project with total 34 units with floor areas ranging from 4,600 to 11,000 sq ft. Kelawai View is due for completion in 2008. More info on Mayfair ; Billed to be the bestand Kelawai view; Super condo in Pulau Tikus.

Other high rise luxury condominiums within Gurney Drive vicinity are:-

No1 Persiaran Gurney – one of the pioneer luxury condominium schemes along Gurney Drive, completed in 1986 & 1988, comprises 2 blocks with total 198 units inclusive of 6 penthouses. The standard unit has a floor area of 1,900 sq ft. The selling prices ranging from RM550,000 to RM650,000 per unit whilst rental per month ranges from RM2,500 to RM4,000 perunit.

Sri Pangkor – developed by IJM Properties and completed in 1999, comprises 2 low rise blocks and 1 high rise block with a total 171 units. Built-up areas ranging from 1,820 sq ft to 2,310 sq ft.

Gurney Beach Resort Condo- completed in 1998, 1 block of 39-storey tower with a total of 146 units with a floor area of 2,760 sq ft each.

Gurney Villa - completed in 1996, it consists of 1 block of 18-storey tower with total 68 units. Each unit has a floor areas of 1,120 sq ft to 1,160 sq ft. Monthly rental rates from RM2,400 per unit.

Gurney Park – Completed in 1999, comprises 2 39-storey tower blocks with a total 588 units. Each typical unit has a floor area of 970 sq. ft. Market prices for a standard unit range from RM330,000 to RM360,000 per unit whilst current rental rate per month – RM1,800 to RM2,500 for fully furnished unit.

Bella Vista – 1 block of 7-storey condo with 38 units with a floor size of 1,050 sq ft.

Mutiara Villa – 1 Block of 30-storey tower with total 104 units. Built-up area ranges from 1,180 to 1,420 sq ft.

Located along the northeast coast of Penang Island and just minutes away from Gurney Drive is the ongoing Penang’s largest integrated sea-front development of Seri Tanjung Pinang [Click here to view Seri Tanjung Pinang master plan]. This mega water-front development, which spread over 980 acres of reclaimed land, is being developed by E & O Property Bhd. Phase One of the development involves 240 acres of reclaimed headland while Phase Two consists of 740 acres including islands which are linked via two bridges. For more related info on Seri Tanjung Pinang, see web articles; Waterfront project to take shape in Penang, Gurney Drive set for a big change and Project to woo yachting community.

Other upcoming project along Gurney Drive include a RM700 million redevelopment project - Gurney Paragon on a 10.21 acres heritage site by PENANG-based Hunza Properties Bhd. The proposed mixed developments, scheduled for completion in 2010, comprises a shopping mall and 2 phases of super condominiums comprising 270 units and Hunza’s corporate headquarters.

On the longer term, the landscape of Gurney Drive coastal area will likely to see changes following the Malaysian Government’s decision to built a privatized 17 km dual carriageway, Penang Outer Ring Road (PORR) connecting from Tanjung Tokong / Gurney Drive area to Penang Bridge near Gelugor area. See Star online’s link on PORR and updated link on PORR-shareholder agreement on PORR Project ready.

A stretch of Penang Outer Ring Road (PORR) will be built on the 52ha reclaimed land off the shore of Gurney Drive. A new Gurney Drive is being planned that will include a ten acre public park and two-kilometre promenade that will be beside the road, on the seafront. More info on PORR, click here.

Intproperties.com has blogged a website which offers lots of online messages and comments and nice pictures on Gurney Drive. Read more on Gurney Drive! .

Sea view overlooking Gurney Drive skyline

View of the new developments along Gurney Drive

The skyline of Gurney Drive. Located at the forefront is No 1, Persiaran Gurney Condominium.

The skyline of coastal area along Northam Road (Jalan Sultan Ahmad Shah) between Georgetown city centre and Gurney Drive. The newly completed super condominium - Mayfair is located along this stretch.

Focus on Penang Bridge-Bayan Lepas coastal area-Penang’s property hotspot – Part I

Wednesday, June 6th, 2007

Penang Island’s south-eastern coastal area, stretching from Gelugor–Batu Uban-Sungai Nibong-Bayan Lepas area, is poised to be one of the Penang’s property hotspots. This strategic coastal area, supported by a good network of coastal highways ie. Jelutong Expressway and Bayan Lepas coastal highway as well as good accessibility to the mainland Penang via Penang Bridge and close proximity to the island’s main industrial hub of Bayan Lepas and Penang Cyber City, is gradually transformed into a vibrant business and affluent residential enclave.

In recent years, the Penang property sector has witnessed the successful completion of several developments along the south-eastern coastal area and the opening of Queensbay Mall, E-gate and Tesco hypermarket whilst new developments are being launched and built. Notable development schemes located along this sea-front reclaimed area are 73-acre Queensbay, 155-acre Bayan Mutiara and Techware’s four condominium schemes at Sungai Nibong (click here for location map). When both Queensbay and Bayan Mutiara developments are fully completed, this south-eastern enclave would also become Penang’s new waterfront resort precinct like Singapore’s Sentosa Cove.

Queensbay – A 73 acre mixed development project, formerly known as Bayan Bay, was revived by developer CP Group. This mixed development comprises existing commercial 3-storey shopofffices and Queensbay Mall, the largest shopping mall on the island with a built up area of 2.5 million sq ft and more than 1 million sq ft net lettable area of which about 255,000 sq ft is occupied by anchor tenant, Japanese-owned Jusco Store. Other ongoing and planned projects within Queensbay Master development plan include BayCapita, Baystar, Baygarden, Bayvillas, a 380 room three star hotel and a five star hotel. More update info as at 5.1.2008 on Queensbay Lure .

Bayan Mutiara – Penang Development Corporation (PDC)’s flagship mixed development project. D’Residence, sited on 96 acres reclaimed land and forming part of Bayan Mutiara master development plan, is the first upmarket housing project by PDC Properties in Penang. Phase one of D’Residence was launched last year comprises 113 units (70 units of superlinked houses, 14 units of twin bunglows, 15 units of supreme bunglows and 14 premium bunglows) at selling prices ranging from RM880,000 up to RM2.8mil.

Two newly completed condominiums scheduled to make entry into Penang’s luxury condominiums this year are Bayswater Condominium and Putera Marina Resort.

Bayswater Condominiums – a new freehold luxury sea-facing condominium project developed by IJM Properties and located adjacent to E-gate and Tesco hypermarket. It comprises 2 blocks of 26 storey condominiums with floor areas ranging from 1,173 sq ft to 1,636 sq ft each. The developer’s selling price ranges from RM321,000 to RM435,000 per unit. Whilst Putra Marine Resort is the latest condominium block developed by Techware and has a total of 126 sea-facing units. Each unit has a floor area of 2,027 sq ft to 2,723 sq ft priced at RM275.00 per square foot onwards.

Other existing condominiums located along this enclave include The View Condominiums, Putera Place, Gold Coast Condominiums, Sunny Ville, E Park and Villa Emas. Other medium range apartments include Bukit Dumbar Indah.

The View – a newly completed super twin tower condominiums with a skybridge developed by Penang-based developer, Ivory Sdn Bhd. The units are sea-facing and overlooking the Penang Bridge and has a built-up areas of 2,068 sq.ft for a typical unit that come with 5 +1 bedroom and 4 baths and 5,580 sq.ft for a penthouse unit. Prices ranging from RM633,000 to RM1.62 Million. Related link on The View Twin towers.

Gold Coast Condominiums- This resort condominium, completed in 1999, is sited on 11 acres of leasehold residential land, comprises 3 condominium blocks with a total 412 sea-frontage units. The floor area of the units ranges from 1,042 sq ft, 1600 sq ft up to 4,290 sq.ft. The market price ranges from RM300,000 to RM340,000 for a standard 3 bedroom condominium unit and RM450,000 to RM500,000 per unit for a bigger size units of 1,600 sq ft. Monthly rental rates from RM2,500 to RM3,000 per month.

Putra Place condominium is another condominium scheme by Techware with total units of 626 and completed in mid 2006. Each typical unit has a floor area of 1,000 sq ft whilst duplex and penthouse unit have floor areas of 1,872 sq ft and 2,000 sq ft respectively.

Villa Emas is the first scheme developed by Techware and completed in 1998. It is sited on over 10 acres of leasehold residential land and comprises 3 blocks of 16 storey condominiums with a total of 488 units. Each standard unit has a floor size of 850 sq ft to 950 sq.ft. Located alongside with the Bayan Lepas coastal highway, the scheme is popular amongst Penangites and recorded high occupancy rate. Individual strata titles has been issued. The market prices for a standard unit ranges from RM180,000 to RM240,000 depending on the condition / improvement of the unit whilst monthly rental ranges from RM750 for vacant unfurnished unit up to RM1,500 for furnished units.

Sunny Ville– An integrated resort condominium completed in 1994, comprises a total of 6 blocks of 22 storey in height with more than 500 units. Each typical unit has a floor area of 900 to 1,090 sq ft. Market price for a standard 3 bedrooms type ranges from RM220,000 to RM230,000 per unit whilst monthly rental rate for furnished unit ranges from RM1,000 to RM1,500.00.

E Park – completed in 1996 and located adjacent to Sunny Ville. It comprises 3 blocks with 350 standard units of 800 sq ft and 7 penthouses of 1,600 sq ft.

Lavinia Apartments – completed in 1994 and comprises 5 condominium blocks with a total 236 units with sea-view. Standard floor area ranges from 980 to 1,140 sq ft.

There are growing interest by foreign purchases and increasing numbers of expatriate communities residing in some of these sea-facing resort condominiums. For more information on property investments and advisory on your property needs and expatriate accommodation in Penang and Kuala Lumpur, email to us or call us at +604 6588333 (Penang) or +603 92839782 (KL), we would be pleased to assist.

Located close to Queensbay and a short distance away is Pulau Jerejak, an island that has vast potential to be an eco-tourism destination. Presently, only a small part of the island is being leased to Jerejak Resort whilst major part of the island has recently been gazetted by Penang state government as forest state park. There are plans to built a cable car connecting Queensbay mall to Pulau Jerejak and a theme park.

Intproperties.com has blogged and found that there are two websites that offer lots of photos and information on Pulau Jerejak, here and here.

View of Bayswater Condominiums, located near to E-gate and Tesco hypermarket.

The View twin towers condominiums as seen from Penang Bridge.

View of the Sunny Ville and E Park as seen from Penang Bridge. Sited on the coastal front is the Penang’s new marine police complex cum quarters.