Land at Juru, Seberang Perai Wanted

We are delighted to announce that we have ready buyer looking to own a piece of land in Juru, Seberang Perai, Penang, , therefore if you are contemplating a move or know of someone who is, please contact us by clicking here.

For your kind information, the potential client is a serious and motivated buyer. Therefore, if you are serious in selling yours, you are welcome to contact us.

Behind every successful sale is a Professional Realtor!

We are pleasure to be of service!

Don't wait, contact us immediately if you would ever like your property RENTED instead of JUST LISTED. We have a proven marketing programs for getting your property sold. 

For the list of Property Wanted, please click here.

For the list of Land Wanted, please click here.

If you would like a FREE *Market Analysis on the property, please contact us by clicking here. 
There is no obligation.

We make it our business to know you better to serve you to your full satisfaction. Welcome abroad.

Land at Bukit Mertajam, Seberang Perai in Penang Wanted

We are delighted to announce that we have ready buyer looking to own a piece of land in Bukit Mertajam, Seberang Perai, Penang, , therefore if you are contemplating a move or know of someone who is, please contact us by clicking here.

For your kind information, the potential client is a serious and motivated buyer. Therefore, if you are serious in selling yours, you are welcome to contact us.

Behind every successful sale is a Professional Realtor!

We are pleasure to be of service!

Don't wait, contact us immediately if you would ever like your property RENTED instead of JUST LISTED. We have a proven marketing programs for getting your property sold. 

For the list of Property Wanted, please click here.

For the list of Land Wanted, please click here.

If you would like a FREE *Market Analysis on the property, please contact us by clicking here. 
There is no obligation.

We make it our business to know you better to serve you to your full satisfaction. Welcome abroad.

Georgetown UNESCO World Heritage Site Prewar Houses Wanted Urgently

We are delighted to announce that we have ready buyers looking to own a Prewar Houses at Georgetown UNESCO World Heritage Site in Penang, therefore if you wish to sell yours or know of someone who is, please contact us by clicking here.

She is a motivated buyer so you may get your property SOLD soon.

Behind every successful sale is a Professional Realtor!

We are pleasure to be of service!

Don't wait, contact us immediately if you would ever like your property SOLD instead of JUST LISTED. We have a proven marketing programs for getting your property sold. It is even easier when we have ready buyers now. 

For the list of Property Wanted, please click here.

For the list of Land Wanted, please click here.

If you would like a FREE *Market Analysis on the property, please contact us by clicking here.  
There is no obligation.

We make it our business to know you better to serve you to your full satisfaction. Welcome abroad.

Zan Pavillion Wanted

We are delighted to announce that we have ready buyers looking to own a unit at Zan Pavillion Condo at Sungai Ara in Penang, therefore if you wish to sell yours or know of someone who is, please contact us by clicking here.

She is a motivated buyer so you may get your property SOLD soon.

Behind every successful sale is a Professional Realtor!

We are pleasure to be of service!

Don't wait, contact us immediately if you would ever like your property SOLD instead of JUST LISTED. We have a proven marketing programs for getting your property sold. It is even easier when we have ready buyers now. 

For the list of Property Wanted, please click here.

For the list of Land Wanted, please click here.

If you would like a FREE *Market Analysis on the property, please contact us by clicking here.  
There is no obligation.

We make it our business to know you better to serve you to your full satisfaction. Welcome abroad.

Good news for buyers

UNIT owners of Taman Paya Terubong (Majestic Heights Phase 2A) in Penang will only need to contribute RM10,000 for the revival of the project under property development company PLB Land Sdn Bhd.

Penang Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the developer had initially proposed that each purchaser contribute a sum of RM45,000 as part of the rehabilitation and the revival exercise.

“But after considering the appeals made by the pro-tem committee representing the purchasers, the state government negotiated with the developer and managed to get the developer to agree to reduce the sum to RM10,000,” he told a press conference in Komtar yesterday.

Jagdeep Singh said the developer had agreed to undertake the rehabilitation and revival of the abandoned project and had committed to complete the project within 18 months from the date of work commencement.

“The abandoned project consists of several phases but only Phase 1 obtained the certificate of fitness on Dec 31, 2003 while Phases 2A, 2B and 3A were abandoned.

“When Phase 2A was abandoned, the physical completion was already at 70%,” he said.

Jagdeep Singh said the state government also managed to get the developer to agree to build 7,658 units of affordable housing in the adjoining land purchased by the developer.

“The size of the units will range from 750 to 1,000sq ft (69.67 sqm to 92.9 sqm) costing between RM292,500 and RM390,000.

“The affordable housing project is to be completed within six years from the date of commencement of works,” he added.

Jagdeep Singh said as of July 31 last year, four private development projects had been identified as having been delayed, 13 projects categorised as “sick” and four projects abandoned.

“Now that the Majestic Heights Phase 2A is to be rehabilitated, three projects are considered abandoned at this juncture.

“The Phase 2B and Phase 3A of the Majestic Heights will not proceed, and are not included in the rehabilitation and revival project. This is because the two phases have not started at all,” he said.

Taman Paya Terubong (Majestic Heights Phase 2A) pro-tem committee vice chairman Chee Eng Hooi said this project consisted of 342 low medium-cost units, six shoplots and 22 light industrial units.

“We urge the purchasers to contact us as soon as possible to discuss the matter further.

“We are happy with the outcome as we have waited almost 18 years for our units. It will be challenging to contact all the owners for a meeting to update them,” he said when met at the press conference.

For details, visit www.facebook.com/majesticheightp2a or http://majesticheightp2a.blogspot.com/.

Alternatively, e-mail majesticheightp2a@gmail.com or call Chee at 012-4310118.

Villa Emas Wanted Urgently

We are delighted to announce that we have ready buyers looking to own a unit at Villa Emas Condo at Sungai Nibong in Penang, therefore if you wish to sell yours or know of someone who is, please contact us by clicking here.

She is a motivated buyer so you may get your property SOLD soon.

Behind every successful sale is a Professional Realtor!

We are pleasure to be of service!

Don't wait, contact us immediately if you would ever like your property SOLD instead of JUST LISTED. We have a proven marketing programs for getting your property sold. It is even easier when we have ready buyers now. 

For the list of Property Wanted, please click here.

For the list of Land Wanted, please click here.

If you would like a FREE *Market Analysis on the property, please contact us by clicking here.  
There is no obligation.

We make it our business to know you better to serve you to your full satisfaction. Welcome abroad.

E&O crosses major hurdle

Actual photograph of Seri Tanjung Pinang Phase One including Straits Quay with illustration of Quayside Condominiums superimposed on it.

PETALING JAYA: After three years, Eastern & Oriental Bhd (E&O) has crossed a major hurdle by obtaining the conditional approval from the Department of Environment (DOE) to develop phase two of its Seri Tanjung Pinang (STP) project involving the reclamation of 891 acres (361ha) of sea-fronting land in Penang.

The company disclosed to Bursa Malaysia the progress of STP, prompting analysts to rerate the stock. The stock was up 21 sen to RM2.46 on a volume of 27.99 million shares yesterday.

Interestingly, the closing price yesterday surpassed the RM2.30 per share thatSime Darby Bhd had paid in 2011 for its purchase of a stake amounting to almost 31%. The transaction sparked controversy because some minorities claimed that Sime Darby should have been forced to undertake a mandatory general offer for E&O. The authorities, however, ruled against it.

Analysts expect a significant positive impact, as the estimated gross development value (GDV) of STP2 is about RM25bil, six times the GDV of the first phase of STP, which stood at about RM4bil.

AmResearch is maintaining its net asset value (NAV) of RM4.61 for E&O, but narrowing the discount to 15% from 35% previously, hence raising its fair value to RM3.90.

The company announced that its subsidiary, Tanjung Pinang Development Sdn Bhd, had received the approval in principal from the DOE for the detailed environmental impact assessment (DEIA) study and conceptual masterplan of STP.

The DEIA conditional approval is applicable only to the proposed reclamation of 760 acres (307.60ha) of man-made islands and 131 acres (53ha) of the Gurney Drive foreshore, and dredging activities at the “flushing channel”.

Among other terms, it was only valid for two years from the date of issuance, the company stated.

With the approval in principle from the DOE in the bag, E&O now needs to get clearance from the state government before it can start work on phase two. However, approval from the state is not expected to be an issue. STP2 is 78.8% owned by E&O, with the balance 21.2% by the Penang Government.

Under STP1, E&O has already reclaimed some 239 acres (97ha) for development.

AmResearch said that financing for the reclamation was not an issue, given E&O’s strong balance sheet. It has a net gearing of 31% and access to strong global partners such as Mitsui Fudosan Residential Co Ltd and Temasek Holdings Pte Ltd.

“The approval from the Federal DOE is a very significant one. E&O may soon proceed to call for tender proposals for the reclamation of STP once it receives formal approvals from the Penang Government. Formal submission to the state government will soon be in motion,” said AmResearch.

“We expect STP2 to usher in a new era of exponential growth trajectory for E&O. STP2, with its high development potential and lucrative profit margin, is the primary valuation driver,” said AmResearch.

In an earlier report, HwangDBS property analyst Yee Mei Hui had mentioned that E&O was aiming to accelerate growth via RM1.5bil to RM2bil worth of annual launches for its financial year ended March 31, 2014 (FY14) to FY16, and RM3bil to RM4bil thereafter.

This is to achieve a sustainable net profit of RM270mil to RM300mil from 2017 onwards. Her target price of RM2.65 is based on a 40% discount to a revised NAV of RM4.40.

For the nine months to Dec 31, 2013, net profit dropped 31.55% to RM62.74mil on the back of a 39.33% drop in revenue to RM267.45mil. - The Star