Now, it’s land reclamation in front of Queensbay

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Land reclamation in front of Queensbay

More land reclamation in Penang. This time in front of Queensbay, south of the first Penang bridge, almost facing Pulau Jerejak, and north of the second Penang bridge.

Queens Residences at Queensbay

Looks like a swap deal too. If so, what are the specific financial and other terms?

And was there an EIA carried out?

In June, Penang Property Talk published an Edge report:

Penang-based developer Ideal Property Group … is now looking to unveil its biggest project in terms of value in the area — Queens Waterfront. Executive chairman and CEO Datuk Alex Ooi says the freehold development sits on 36.53 acres, of which 24.79 acres are reclaimed land.

With a total gross development value (GDV) of RM2.15 billion, the development will comprise an 11.74-acre residential component known as Queens Residences, a 6.1-acre marina, a waterfront promenade known as Queens Waterfront Promenade, the Queens Sports Centre and an international school.

“The sports centre will have a 200m velodrome, basketball and volleyball courts, a Fina (Fédération Internationale de Natation) standard competition pool and diving pool as well as a leisure football field,” says Ooi. “The centre will be given to the state government upon its completion in 2019 and it will be open to the public.”

Queens Waterfront Promenade will be a public pathway with viewing decks, open plazas and a place for gatherings with seating, playground and kite-flying area. It will feature three concepts — marine life, sculpture park and beach habitat.

According to Ooi, Queens Residences will have four blocks of 22, 24, 26 and 30 storeys respectively. They will be launched over four phases.

Phase 1 will have 500 units in a 22-storey tower and will be soft-launched this month. The units will have built-ups of 950 to 1,650 sq ft and be partially furnished. With an average selling price of RM780 psf, the phase has a GDV of RM550 million.

Facilities of the residential component include a seafront garden, children’s pool, infinity pool and sandpit.

“Queens Waterfront will be located next to Queensbay Mall and will face Jerejak Island,” says Ooi. “The residential component will be on part of the reclaimed land and there will be more than 2,100 units. We have already started the reclamation works and will start the piling works early next year.”

For the development, Ideal Property is targeting property investors from Penang and abroad, residents from neighbouring states who are looking for holiday homes as well as expatriates and professionals from the Bayan Lepas Free Trade Zone.

“I choose to develop projects on the island because developments there have higher density and it is easier to attract buyers … some 30% to 40% of my sales come from Kedah, Butterworth and north Perak,” Ooi explains.

Phase 2, meanwhile, will be launched early next year….

Phases 1 and 2 will also have two storeys of commercial shoplots that Ideal Property plans to keep for recurring income. There will be a total of 72 units of 1,400 sq ft each.

keting advisory, property evaluation and monitoring services and project financing advisory services.

Ooi says the group had completed the construction of more than 10,000 condominium units from 2008 to 2015, and over 3,600 units are under construction now.

He has been the executive chairman of Ideal United Bintang Bhd (IdealUBB), an importer and exporter of used and reconditioned heavy machinery, since October 2013. There is an ongoing corporate exercise to turn IdealUBB into a property development company.

Ongoing projects and future launches

Ideal Property is also looking to unveil Forest Ville, Bukit Ayun Development and Amarene this year.

Scheduled to be launched by the end of this month, the RM495 million Forest Ville will have 991 condos with sizes ranging from 1,000 to 1,050 sq ft.

One of its developments that was launched recently, SummerSkye Residences, is a mixed-use project in Ideal Vision Park, Bayan Lepas. It will comprise 507 condos and 78 shopoffices.

The group’s other ongoing projects include I-Condo @ One Foresta, I-Condo @ I-Santorini, Tree Sparina, Imperial Residences and Solaria Residences. These developments are scheduled to be completed in the next two years.

Penang Property Talk readers have commented below the report on that website that the Baystar condos premium “sea view” will probably be blocked. Others have expressed alarm at the land reclamation while a few others have questioned the affordability and pricing. All quite revealing.

Incidentally, Ideal Property Development Sdn Bhd has a 20 per cent stake in SRS Consortium, which has come up with a massive RM46bn proposal for Penang transport infrastructure. This proposal is radically different from what consultants Halcrow had proposed (improvements and infrastructure costing RM27bn) in their Penang transport masterplan, commissioned and adopted by the state.

The state wants to finance this RM46bn by reclaiming 4,500 acres off the southern coast of Penang Island, creating three artificial islands, mostly for high-end property development.
Critics are claiming this RM46bn sum is excessive, unsustainable and unnecessary in view of “better, cheaper, faster” options.

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James Justice

Reclaim enough and soon you can’t call it Penang Island, once you are joined up with the mainland

hee

Queensbay Mall got special pokemon to catch or not?

David Loman

Queensbay got Barter a Trade Carnival:

Mannan Thalapathi

too many condos for business speculation not for stay end up many many vacant units only for the wandering ghosts to reside when the gate opens up this 7th month chinese calendar ?

next time you move into a long long vacant unit must learn to live in harmony with spiritual presence !

tunglang

When I bought my first condo, I thought I had finally chased out the disembodied entities staying for free by simply singing religious songs together with a pastor in the hall (without even scanning all the rooms & dark corners). In the 3rd room (the dark one) which I initially used for storage & then later as my first child bedroom, one of these entities quietly resided there & must have had eavesdropped on my nightly story telling (to my daughter) of fairy tales & spooky stories. And at times (even in broad daylight), I got this hair-standing sensation on… Read more »

Damien

Tunglang can be script writer for David Teo Metrowealth movie production house with a bit of P Ramlee nostalgic spooky elements plus hokkien settings sure meletop box office at least for Penang-langs.

tunglang

Urban supernaturals are nothing compared to rainforest encounters with the disembodied entities (kuntilanak, tree spirits, waterfall banshees, saka harimau, flying Ramayana-like (of wayang kulit) entity in Mutiara Taman Negara oldest chalets, & si lor ban (haunt tengelong).
I have not driven a 4WD for 5 years but if given another chance to own one, I would love to once again x-plore our world oldest rainforests, homes to the oldest entities on earth!
Sorry, Anil for giving your the spooks!

David Loman

This 7th month better don’t play play with words, but pray pray (pai pai) at Tai Su Yeah (King of Hades) at Alor Setar:

http://www.thestar.com.my/news/nation/2016/08/04/selftaught-craftsman-makes-giant-effigy-of-king-of-hades/

zoro

call the ghost busters western or eastern

james k

Actually this was already revealed when LGE announced the state gov budget for 2016 last year: http://limguaneng.com/wp-content/uploads/2015/11/20151106_LGE_Budget-2016_BM.pdf (page 13) And one of the conditions is to build sports facilities (velodrome, pool, football field) for the people in exchange for reclamation rights. Anyway, unlike Gold Coast residents who protested vehemently when talk was rife that reclamation was to be done in front of them, none of the like has happened for Baystar residents. But then again, if look at the map, there already is an existing plot of empty land in front of them. Any shrewd property buyer/investor would have expected… Read more »

gk ong

Without funding. from federal government, Penang will need to collaborate with developers for development works. I think it is a fair deal. Even in Iskandar Johor the royalty is also having joint development with China firms to reclaim Danga Bay, Iskandar waterfront along Lido Brach and the controversial Forest City islands in return for the financial funding of JDT football team (which incidentally was held 1-1 by Penang team at City Stadium last nite) to unite Bangsa Johor.

Damien

Johor football got own private jet so may be SRS can sponsor at least renovate the City Stadium?

tunglang

What fair deal? is there in such unsavoury swap-deals when they continue to merrily build super-expensive properties knowing that more than 90% of potential local home buyers only need affordable homes & that the local economic dynamics do not favour expensive property investment & speculation? Even the PR exercise of building & selling low-cost & affordable houses come with ‘top-up$$$’ of surreally-priced parking bays & rich man’s renovation costs demanded by developer appointed contractors. (if don’t believe, go to one of the Sg Ara low cost properties & ask for renovation quotes). Homes are for greater social purposes, not as… Read more »

chikiboom

Goĺd Coast condo now have their feng shui blocked.

zoro

anil wanted tm mutaria fronting the sea to built low cost flats. must be special

Super Rajni Star

crazy condo prices and drastic land reclaimation can scare off Penangites.

however, hokkien song can cheer us up. so i dedicate this song to hokkien fans may the dialect lives on !

zoro

scare off pg lang? many went singland. see and make many singdollar. properties cost higher and dump money back in kg. pg kg cheaper. reclaimed land? no worries used to see all sides in singland

Awang Khenit
zoro

malaysian hawker in singland hawker centre earns 3 star award from french crusine. thousands fock and he is selling 175 chicken a day. no need professional. skill is good enough. but pg eat food prepared by bsngla and like us speak like bangla.but they are not bad people

Teh

The Story of HK Soya Sauce Chicken Rice and Noodle: the world’s first Michelin starred hawker stall

Malaysian hawker gets recognition in Singapore, expect more master chef hawkers to operate their stalls in Singapore.

Simon

Good hawkers move to Singapore, leaving their stall to Bangladeshi cooks to conform to halal guidelines to lure Muslim customers.

keith

lose the unique original taste when you halalise the food.

gk ong

It could well be a strategy by SingLand to lure good hawkers from Penang?

tunglang

Chi pai ho say liao,
Be e lang kui-kui, lai tua kui-kui, u bin-chui le,
Ua lang kin-kin than tua chi,
chi pai ho say liao!
(If you wanna ho say liao, kin-kin be a greedy developer, property agent or property guru!)

Super Rajni Star

Penang Condo prices start to decline now that we are witnessing retrenchments at FTZ.

Only The Star paper still publishing multi millions sales to boost buyers confidence but the reality is for you and me to see.

tunglang

Let’s drink more Kopi-O kau kau to stay alert (to these greedy-not-enough-developers & hallucinating property gurus).
Cheers!

gk ong

Property price is expected to drop as the economy is facing dark clouds and thunderstorms of more retrenchment. Soon we could hunt for bargains like hunting for Pokemon as many could default on their housing loans.

Drink your coffee, but beware of those celup ones that may harm your libido.

tunglang

Beware of Pulau Tikus kopitiam’s Kopi kau kau. Rm1.80 onwards. If still need a fix (of Kopi-O) while in Pulau Tikus, order one but sip-sip slowly until the last sip gets lukewarm to cold.
Btw, how much is the actual primary cost of a cuppa of Kopi? 40 cents?

Teh

How is the pricing of kopi at Kong Thai Lai?

You can get this new NESCAFE Gao Siew Dai Ipoh White Coffee in Singapore:

Gao = thick
Siew Dai = less sugar

But in Malaysia 3-in-1 Nescafé is too sweet and can cause obesity!

Damien

Pulau Tikus caters for Caucadian minded folks so kopi o tuned to mat salleh taste.

Stanley Ting

Beautiful, just beautiful.

LGE tak boleh

C.A.T state government? Where is the transparency?

Ideal Property again, after Penang Transport Master Plan? LGE’s buddy?

Damien

Baystar condo during launch time ~RM450k+, then escalated to million mark due to kiasu kiasi frenzied condo craze partially hyped by property circle. Now those premium owner of Baystar at balcony likely no view of blue sea green hill of jerejak but full panoramic view of hanging clothes of Queens Residence residents.

zoro

what is there to hide? work is carried in the open. must be sleeping. now taiping and belum folk can come and deluge pinang easy according to ideal properties making up to 40% client many thanks yo gelakan and cohorts building highway and outer ring road. easy go and easy come to pinang. worse with 2 bridges by gelakan. it spell death to feri. what is ker liang mate in pinang port commisson is doing?

Atila

Ahyooo….why quietly come up all these mega mewah elite projects ? Did I missed out EIA at MBPP ? When was it ? Is this illegal ?

Very unhappy with state government DIAM DIAM COOKING PORRIDGE behind us Penangites.

Damien

Soft launch of block 1 Queens Residence was reportedly carried out for aggregate purchase target foreign buyers, before the brochure with floor plan + prices for the locals later fyi.
Now you can see many Seahorses statues near present Qbay Mall open car park facing Jerejak island. Mind you they are not MPPP decor items but the status symbol of Queen Residence created by Ideal Properties, somehow their marketing a few inches ahead of Ivory Tropicana that needs to buck up to compete for foreign buyers $$$$.

Damien

Anil can take good Ariel view of the reclamation there from QBay Mall Queens Food court. Best spot at Penang Chendol location no need Nikon DSLR a normal phone good enough for any Penang-lang to witness the early stage of massive reclamation work.

In months to come many fishes in that vicinity shall migrate to the other side of Jerejak, so at Gold Coast condo coastline site you catch no kuihkow or groupa no matter how patience you can be.

Swat

Aiyoyo, the very, very high density in that area is threatening and of course, it’s just out of hand !
Caveat Emptor !

Damien

Aiyoyo Penangites boh bin chui to take Rapid buses, so state gomen need to satisfy the egos of these voters hence more reclamation in exchange for expressway roads do that top gear Penang cars can manuevere with no jam here and there since no Federal funding oredi, Faham my dear aiyoyo….

Tua Khang Tow

Queens Residence now offering block 1 starts from RM880k at its Ideal 1Mahsuri showroom 5th floor.

In the vicinity between the block and QBay mall a stadium and a international school.

When its ready, its just a short swim distance from this block to jerejak island.

Ideal is part of SRS, so the money you pay for Quuens Residence by rich foreigners (target buyers) will help to fund highways for you to speed your dream cars on the island.