Some time in 2010, a public uproar erupted when it was quietly revealed that the maximum density would be raised to 87 homes per acre from 15-30 per acre previously.
It had been assumed that 87 units per acre would only be allowed at transit nodes. But then, developers apparently began applying for 87 units per acre all over the place. The policy was then put under KIV in October 2012.
Now, talk has emerged that the maximum density could be raised to 122 acres. The Consumers Association of Penang has already expressed concern. The state government must clarify the real situation regarding maximum densities.
But what about the City of Dreams project (See the Edge report below)? Correct me if I am wrong: the 572 homes over 3.67 acres works out to 155 homes per acre. Mind you, at RM1,172psf, this is hardly affordable housing, for which the local authorities tend to allow higher density.
So what is the real position regarding maximum densities allowed? No one knows for sure, in the absence of the Penang Island Local Plan, which was approved by the MBPP in 2008 but never put up for public display or gazetted. After eight years, the excuses for this delay (waiting for this and that special area plan, waiting for translations, etc) have long since worn thin.
Ewein Zenith ready to launch City of Dreams in Penang
By Racheal Lee / theedgeproperty.com | January 16, 2016 7:15 AM MYT
KUALA LUMPUR (Jan 16): Ewein Zenith Sdn Bhd is planning to launch the RM800 million City of Dreams in Bandar Tanjong Pinang, Penang in the first quarter of this year.
Ewein Zenith is jointly owned by public listed Ewein Bhd (60% stake) and Consortium Zenith BUCG Sdn Bhd (40% stake).
The freehold 3.67-acre City of Dreams sits opposite the busy Gurney Drive. The luxury seafront serviced apartment project comprises two 38-storey towers with 572 units. The built-ups range from 1,097 sq ft to 2,350 sq ft.
Besides offering more than 50 facilities, the development is also positioned to ensure all units face the sea and have Gurney Drive views. There are only 10 units on each level and each apartment has its own lift lobby.
The serviced apartments are priced from RM1,172 psf. It is relatively lower than the high-end residential projects in the vicinity, which are going as high as RM1,800 psf…