Property developer Asia Pacific Land Bhd (AP Land) will launch its first prestigious ecology-friendly development in Penang, also the first for the island, by the third quarter of 2009.
The RM400 million project, dubbed "Island Bay Resort", will comprise 172 units of low density resort bungalows, villas and boutique apartments, built on a 16.2ha (40-acre) freehold site at Batu Ferringhi beach.
AP Land executive director of architectural services, Wee Beng Sang, is confident that the units will be fully taken up in six to nine months from its date of launch.
The bungalows and villas, which make up 70 per cent of the project, will be priced between US$1 million and US$1.5 million ((RM3.26 million and RM4.89 million) each. The apartments with resort- style setting, will be priced from RM500,000.
"We are targeting foreign buyers. The selling point is the elevated ground, undulating terraces, matured trees and view of the Andaman Sea," Wee said at a media briefing in Kuala Lumpur yesterday..jpg)
Island Bay, which will be completed by 2012, is aimed at high net worth individuals. It will include a clubhouse and a view platform, while AP Land will incorporate a green concept in preserving the environment for sustainability.
"There is a growing number of millionaires in the world who are looking at setting up homes in foreign countries.
"Penang has a lot to offer in terms of natural resources, but it does not have a prestigious development to attract high net worth people.
"We firmly believe that Island Bay would be a much sought-after development with its environmentally-friendly approach. Our project will set a new benchmark and put Penang on the map," added Wee.
AP Land, which acquired the land in the early 1980s, will use its own money for the initial stage of development and the rest would be self-funded.
This is AP Land's last parcel of land in Penang. - By Business Times
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