Ideal Property to launch RM1.1bil project in Penang

Datuk Alex Ooi showing the scale model of the RM1.1bil Penang International City project

GEORGE TOWN: The RM1.1bil Penang International City, located on a 100-acre site in Bayan Lepas, will be the most expensive and largest project unveiled on the island this year when it is launched in October, said Ideal Property Development Sdn Bhd managing director Datuk Alex Ooi.

Ideal Property is developing the project through a joint venture with Koperasi Tunas Muda.

It comprises some 1,800 landed residential and high-rise properties, which make up 80% of the project, with commercial properties taking up the rest, according to Ooi.

“Our strategy is to first launch the residential components, strengthen the infrastructure, and then move on to the commercial phase, comprising a four-star hotel, a 250,000 sq ft lifestyle shopping mall, and a 150,000 sq ft resort office building, equipped with recreational facilities, besides modern IT infrastructure,” he said.

“The landed residential components, over 500 terraced and semi-detached units, will be launched in three phases between October 2009 and April 2010.”

Subsequently residential high-rise properties, comprising over 1,000 condominium units will be launched while “sometime in late 2010 or early 2011, the commercial components will be launched,” he added.

Ooi said the landed properties would be priced between RM550,000 and RM780,000, while the apartments between RM300,000 and RM500,000, adding that a 12-acre site would be allocated for the development of an education institution.

“We will also create a one-acre man-made lake as part of the project,” he said.

The project would be marketed in Hong Kong, Singapore, Indonesia, and other parts of Asia, Ooi said.

“We are confident as the property market in China has rebounded, which will have a positive impact on the regional market,” he said.

The recent brisk sales of the One World and One Sky high-rise projects in Bayan Baru showed very strong demand for residential properties on the island, Ooi said.

“The One World and One Sky high-rise properties by Ideal Property and Kuwait Finance House were respectively sold out after their launches in May and July.

“Both projects have over 500 condominium units, priced between RM235,000 and RM410,000,” he said.

Ooi said Ideal Property was also exploring to launch other projects with Koperasi Tunas Mudas, which owns other strategically located sites in the southwest district of the island.

“We are considering the development of modern office buildings next year,” he said.

Ideal Property is part of the Penang-based Ideal Group, comprising over 20 companies, involved in property development, property investment holding and business process outsourcing.

In property development, the group has since 2002 developed over 600 units of landed and residential high-rise properties in Penang and Kuala Lumpur.

The group currently owns and manages three properties on the island, including the landmark Northern Tower at Jalan Sultan Ahmad Shah (or the millionaires’ row) and a light industrial park in Kepong.

Besides Penang, the group also has property investment businesses in Cambodia, Shanghai and Beijing in China.

By The Star (by David Tan)