Update on Bayan Mutiara

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Latest on the Bayan Mutiara site. I think the public needs more details about the development and the financing of the land and whether there will be any green space provided for a park.

This report from Business Times:

Ivory lands Bayan Mutiara
By Marina Emmanuel
[email protected]
2011/07/12

It is learnt that Ivory Properties had submitted the higher bid to develop an initial 24.8ha at Bayan Mutiara on Penang Island.

George Town: Ivory Properties Group Bhd is believed to have won the right to develop over 40ha of land at Bayan Mutiara on Penang Island.

Business Times has learnt that the decision to award the tender to Ivory was made during Penang Development Corporation’s board meeting which ended late yesterday evening.

Ivory and SP Setia Bhd were in the race to develop the landbank, which was put out by the Penang state government via a request for proposal (RFP), for which the reserve price was reportedly set at RM200 per sq ft.

It is learnt that Ivory had submitted the higher bid to develop an initial 24.8ha, which is located south of the Penang Bridge. The cost of developing the land surpasses the RM1 billion mark.

The RFP comes with the potential to develop an additional 14ha, by way of a future reclamation after the development of the initial 24.8ha land.

The Bayan Mutiara tender is part of the state government’s efforts to unlock the value of the land it owns in selected areas.

Ivory’s success leaves SP Setia in the lurch, as currently, it is the only developer without any development projects along Penang’s southern corridor where its rivals are present.

The rivals include Mah Sing Group Bhd, which is planning a mixed-development property project in Batu Maung. Ivory Properties is present via “The View Twin Towers” development in Batu Uban, while IJM Land Bhd had already embarked on its landmark waterfront development of “The Light”, close to the Penang Bridge.

In January this year, the Penang state government announced that SP Setia – via subsidiary Eco Meridean Sdn Bhd – had won a RM300 million project to build and operate the Penang International Convention and Exhibition Centre in Relau on the island.

The project was reportedly meant to create a “Penang People’s Park” that includes the country’s first subterranean Penang International Convention and Exhibition Centre , a 2.8ha public park on the rooftop, a refurbished and upgraded Penang International Sports Arena, a refurbished and upgraded aquatic centre as well as a four-star hotel with retail outlets and a spacious parking lot.

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rilakkuma

Bayan Mutira latest update fyi :

Ivory Properties Group Bhd said that it has won the rights to acquire 41.50 hectares of land in Bayan Mutiara, Penang, from the Penang Development Corp (PDC).

“Approximately 27.34ha are existing land and 14.16ha are to be reclaimed for a proposed mixed development,” Ivory told Bursa Malaysia yesterday.

The announcement confirms a Business Times report on July 12 that Ivory had won the rights to help develop the Bayan Mutiara land from the PDC.

http://www.btimes.com.my/Current_News/BTIMES/articles/vory/Article/index_html#ixzz1TAOnwP3g

Erina

Just when I think Ivory will do its national service to help BN to build PR1MA housing in Penang ….

Erwin

Hills had been cleared at Balik Pulau and steep slopes were being levelled for multi-storey bungalows. Is this sustainable developement?

Is a eco-theme park to be built near the Teluk Bahang dam?

These questions are posed by NST:
http://www.nst.com.my/nst/articles/13yus/Article#ixzz1SoT8FAYN

rilakkuma

Anil This is a good article in today’s Biz Times to remind house shoppers to be aware of safe & green environment before purchase/investment :- http://www.btimes.com.my/Current_News/BTIMES/articles/monview18a/Article/ Quote from above link: IN THE face of spiralling property prices in Penang, where the average wage earner continues to struggle to find units, it may be timely for all property investors in the state to become more discerning “shoppers”. How does a buyer contend with pouring his or her life savings, bank borrowings and more into buying a property, only to find themselves “living dangerously”, exposing them and loved ones to danger, while… Read more »

rilakkuma

PENANGITES working in China and Singapore are taking up property in Penang, thus providing a stable demand to drive the growth of the local property market this year. Read : http://thestar.com.my/metro/story.asp?file=/2011/7/20/north/9008226&sec=North so don’t blame foreigners alone for snapping up houses in Penang. It’s the failure of our government now to provide better quality jobs with higher pay so that we can make “increasingly beyond local reach” house purchase in Penang. No wonder Najib promises Transformasi by 2020 for us to be higher income earner ? May be by then even with $ we can even catch up with these Penangites… Read more »

KK Tan

This is indeed an interesting observation that has plenty of truth in it. Local Penangites can continue to lament that they cannot buy new properties while not realising that those who chose to work in Singapore and China has earned much more (higher wages & more favorable exchange rate) to easily afford those high-priced properties in Penang. The foreigners who are snapping up properties are actually Penangites who have the foresight to venture out of Penang for employment during the sterile post-Lim Chong Eu Gerakan days. They are now back with their hard-earned money to live in Penang for retirement.… Read more »

Kumaran

Just imagine those Penangites who are now working in Singapore decide to return home to buy up Penang properties with their Singapore dollar!

Certainly good news for the developers (who have been doing road shows of Penang properties in Singapore) but a nightmare for the locals!

Gerakan Z

It’s capitalism in full force since Gerakan days ….. and DAP now without federal funding seems to lack choices but to engage property tycoons to ensure development ? As someone has pointed out, some of these developers could be a blessing in disguise as they can develop pathetic penang pedestrian walkways (just look at Straits Quay) as pre-discussed terms before certain contracts are agreed upon btwn Penang government & Developers. We are in catch 22 situation. probably the rakyat can for once have faith in these developers who can ensure no leakages for whatever public fund (contractors A to Z… Read more »

Bismila

Seems like Ivory is monopolisithe property development in Penang after its IPO. Must be a strong leadership of its CEO!

Rayof Light

In BPL, we have Big 4 in MU, Liverpool, Arsenal & Chelsea. In Penang, the Big 4 looks like IJM, SP Setia, Ivory & Mah Sing. We shall salute the winner in Penang Big 4 race to develop Penang in terms of win-win benefits i.e the Corporate earns money and the Rakyat gets to enjoy the amenities/facilities developed. Now these 4 have been listed, the rakyat of penang must be smart to ask for more Corporate Social Responsibilities from the CEOs of the big 4. My request is for any one of them to create green environemtn in the concrete… Read more »

Penang Property Observer

FYI Ivory CEO Datuk Low has the wisdom to turn concept into reality. His vision for Penang Times Square, though looks like a failure, is in fact a step ahead of a generation. In 30 years time people will cherish Datuk Low’s amazing vision if the MRT train vision also becomes a reality soon.
His successful formula to revive Macalister/Dato Kramat area will be measured by his collaboration with MPPP to improve the pedestrian walks leading to Times Square; and also solving the parking and navigation towards Times Square.

Rejab Relau

I doubt Datuk Low of Ivory will further enhance the facilities around Times Square as suggested, now that the project is completed and completely sold. This is a typical practice of local developers, the reality is very starkly different from the fantasy depicted in the property sales brochure. I hope to be proven wrong but I doubt I could see the LRT line in my lifeline.

tunglang

Many sandy beaches along Batu Ferringhi are decreasingly open to public access. Some hotels have the bile to prohibit locals from strolling in the vicinity of beaches fronting them.
There will come a time when one can only walk the beach at Monkey Beach or Pantai Keracut. Or worst black rocky beach at Queens Bay.
Penang Island should not be called an island if its beaches are prohibited private domains of the rich and famous of selfish private pursuits.

ting pei

probably tunglang is not aware that there are now young local entrepreneurs who ferry foreign tourists to Pantai Keracut & Monkey Beach for them to enjoy at special fee.

Forget about Feringghi beach and syiok sendiri still thinking Penang have beautiful beaches. Dream on….

I am contributing articles for Lonely Planet and probably you get to hear about new discovered beaches where locals are not aware of.

tunglang

It is not that locals (especially the nature lovers) are unaware of most beaches in Penang, not many would take the inconvenience of hiking to such ‘isolated’ but beautiful beaches. And most cannot afford to pay for boat rides just for a day’s picnic (imagine to pay for a family of 5!).

JohnSaxon

tunglang
you & yr wfe & 3 children (party of 5) can rent a boat for a day of frolicking at isolated penang beaches (bring along sandwiches etc). Such a full day activity is not costly compared to spending a day cruise at Phuket Phi Phi island. By doing so you also help our local “nelayan” and indirectly also help in Muhibbah Spirits now lacking among urban communities in Penang island.
Go and check it out …. those beaches are still pristine clean with clear water (no jelly fishes there) …. can skinny dip without getting bitten 🙂

rilakkuma

If indeed Ivory properties being selected via fair open tender, then the public should know besides concrete buidings whether allocated spaces for recreational use still available for public use. We may not be able to fly kites once land being used for development but with creative mind (trust Ivory have the moonlight bay skills to better utilise the flat portion meant for recreational). anyway, penang present gomen is “prihatin to rakyat fund” not to move state administration out of Komtar (and turn it into white elephant) to Bayan Mutiara. Now the general public (with help from Anil’s regular alerts) are… Read more »

Timmy

From the great publicity reports on Ivory and its CEO Datuk Low Eng Hock (on newspapers, magazines, Astro TV), Ivory is obliged to preserve the greenery and environment of Penang as part of its corporate social responsibility to promote sustainable development, although we do not seem to see such evidence in its Times Square project which is all concrete without any trace of green lung.

Maybe Anil can conduct an interview with the CEO to get the first hand news on this matter?

Hanifah

Yes. Anil should conduct exclusive interviews with those big developers like Ivory, IJm and Setia to see what’s their big plan.
We cannot trust those reports on newspapers as they could have paid to report only ‘good news’.

Also, is there any PR1MA housing from BN for Penang?

Marzuki

Those people who write good and positive articles for the housing developers (may be) paid to do so, or be given incentive (eg. discount) for their effort to sway buyers’ opinion.

So if Anil were to conduct an honest interview, I doubt the developer will agree to it knowing Anil’s impartial reputation and integrity.

Racheljansz

Quite right, I ALSO think the public needs more details about the development and the financing of the land. Unfortunately, investigative journalism is not encourage in this country yet. Rumors has it that there was some arm twisting and horse trading being being force upon the State gomen by you-know-who…

Ah Loy

if you are the staffs of ijm, e&o, mah sing & ivory, you can get daily doses of “penang property sandiwara”. so why not reveal some juicy bits for public consumption ?

Ong Eu Soon

One big problem of LGe is he can’t differentiate what is a RFP and an open tender. What kind of accountant is he? Graduated from the Bolehland University? All are rubbish when he talk about accountability and transparency when he refuse to differentiate what is a RFP and an open tender.

Ah Loy

Eu Soon must have been #_%_ by LGE b4 … no wonder his comments always target at LGE.

for once be grateful and positive like Anil – then more readers.

i’m sceptical Eu Soon can attract many to his blog since his reasoning kind of biased anti LGE.

ting pei

yes I agree.
Although Anil appears to censor some words for fear of certain Ops, i tend to believe Anil and some of his regular readers have more depths in reasoning.
Eu Soon appears to be too academic to get his desires to be fulfilled practically.
As for Anil, it’s about time he dwelves deeper like investigative reporting otherwise his articles will loose the critical “bites” to engage more mature lateral thinking readers.

Timmy

Ah Soon,

If your ‘capability’, you should run for election as an independent candidate (or on Gerakan of MCA platform). It will be interesting to see how much votes you can get. Not sure which U you graduated from.