A new high-end exclusive condo project, City of Dreams, has set tongues wagging in the property scene while raising several issues that require clarification.
More artist impressions here.
These are expensive condos purportedly valued at RM1000psf onwards (freehold).
Scores of potential buyers are believed to have expressed their registered their interest in the project. According to the City of Dreams Facebook page, the project has started “taking registration with only RM5,000 fully refundable deposit”.
The project involves about two or three blocks somewhere behind or near Island Plaza in Tanjung Tokong. But the exact location is unclear.
The name of the developer has apparently not yet been revealed, but it is believed to be a local company with international connections.
The project is being marketed by Zeon Properties Group, according to the project’s Facebook page.
Although the property is located in or around the Seri Tanjung Pinang area, it is unrelated to E & O (which is developing Seri Tanjung Pinang Phase II on reclaimed land), said a sales agent for the project. He added that the name of the developer would be unveiled in a couple of months.
Under Phase II of the Seri Tanjung Pinang project, E & O is supposed to hand over 110 acres to the government, which the state government may use as compensation-in-kind for the tunnel contractor. Of the 110 acres, 60 acres would come from the Phase II reclamation and 50 acres from Gurney Drive.
This raises further questions. Can anyone enlighten me about the following:
- the name of the developer
- the precise location for the project. On the City of Dreams Facebook page and other property websites, the site of th project is said to be at “Seri Tanjung Pinang” though this project has nothing to do with E & O.
- the circumstances when a developer can collect a ‘refundable deposit’ upon registration
Make a note of this project. I am sure we will be hearing more about it when the name of the developer is unveiled.
P.S. Incidentally, directly across this plush new condo project, across the North Channel, lies the shabby Taman Tun Dr Awang low-cost flats in Bagan Ajam, Butterworth on the mainland, with the channel perhaps illustrating the gulf between the rich and the poor (see map below).
As you can see from the slideshow below, the flats badly need a coat of paint while rubbish disposal remains a serious problem.