IJM’s new unbilled sales in Penang at RM160mil

The Nautilus Bay project

PENANG: IJM Properties Sdn Bhd has about RM160mil of unbilled sales from its new property launches in Penang since November 2007.

The amount was part of its total unbilled sales of some RM580mil, managing director Teh Kean Ming told StarBiz.

“In Penang the contribution comes from Nautilus Bay, a landed residential scheme located off the Jelutong Expressway, and Platino, a luxurious condominium project in the MetroEast mixed-development scheme next to the Penang Bridge,” he said.

The RM190mil Nautilus Bay project, completed recently, comprises 78 three-storey terrace houses with built-up areas of 2,600 sq ft.

Priced between RM780,000 and RM1.2mil, the Nautilus Bay is about 85% sold.

“The buyers are mainly locals and Singaporeans,” Teh said.

He added that Nautilus Bay was IJM’s first project in Penang to employ build-and sell concept and having obtained certificate of fitness.

On Platino which was launched last November, Teh said the scheme comprised two tower blocks of 228 detached condominiums.

“There are five units on each floor with built-up areas ranging from 1,800 to 2,800 sq ft.

“We have sold about 60% of the units, which are priced from RM700,000,” he said, adding that the project was scheduled for completion in 2010.

By The Star - StarBiz - (by David Tan)