Based on the new report, a a business class hotel is scheduled to be completed in the plan of a mixed development project in Bandar Baru Air Itam (popularly known as Farlim) of Penang Island by Suiwah Corporation Bhd.
TWO main board listed companies are launching approximately RM2.131bil worth of property on Penang island from the fourth quarter 2011 until next year-end.
SP Setia Bhd is lining up residential properties with an estimated gross development value of RM1.131bil for launching beginning November 2011.
SP Setia Property (North) general manager Datuk S. Rajoo said the projects comprised a RM180mil commercial precinct for Setia Pearl Island, the RM62mil 11 Brook Residences, a RM175mil condominium project in Sungai Nibong, the RM412mil Setia V Residences in Jalan Kelawei and the RM302mil Setia Greens second phase in Sungai Ara.
This will be followed by launches in the second quarter 2012, which include the Setia Greens second phase, comprising bungalows, semi-detached, and condominiums, the condominium project in Sungai Nibong, and the Setia V Residences, a luxurious condominium scheme in Jalan Kelawei.
“These projects from Penang, planned for launching in November and the second quarter 2012 are expected to generate RM600mil in sales for the group’s 2012 fiscal year ending next October 31.
“For the group’s fiscal year ending October 31 2011, we expect the sales from Penang to be around RM350mil, compared to 250mil in 2010,” Rajoo said.
Suiwah Corporation Bhd is developing a mixed development project at Bandar Baru Air Itam (popularly known as Farlim) on the island with a gross development value (GDV) of RM1bil.
Group executive director Cynthia Hwang said that the project was strategically located on an over 3.64ha site within the Farlim township, which had direct access to a surrounding population of over 300,000.
“The entire project, which will have over 3.7mil sq ft of gross area spread over three blocks of 38-storey buildings, comprises 270 serviced apartments, 140 small home offices (Sohos), a hypermarket, 300 retail outlets, a medical specialist centre, a business class hotel, and cineplexes,” she said.
Hwang said construction work would start in November and scheduled for completion in 2013.
Listed on the main board, for the 2011 fiscal year ended May 31 2011, Suiwah posted RM20mil in pre-tax profit on the back of RM423mil revenue, compared to RM11mil and RM413mil achieved in 2010.
Headquartered in Penang, Suiwah is involved in the retail chain, flexi-circuit manufacturing, and property development businesses.
This brings the total GDV of the property launches planned for Penang in the second half of 2011 and 2012 to RM4.402bil.
In July 2011, it was reported that seven developers from Penang and Kuala Lumpur are launching properties, comprising largely residential projects with over RM2.271bil GDV, for the island and Seberang Prai beginning the second half of 2011 and in 2012.
Some 1,722 units of the properties with an RM1.899bil GDV are planned for the island, while the remaining 1,389 units with an RM372mil GDV are for Seberang Prai.
Sunway City Bhd, Mah Sing Group Bhd, Lone Pine Group of Companies, Ivory Properties Group Bhd, MTT Properties and Development Sdn Bhd, Asas Dunia Bhd, and DNP Land Sdn Bhd are the developers with plans for new launches.
