The RM1.1bil Penang International City, located on a 100-acre site in Bayan Lepas, will be the most expensive and largest project unveiled on the island this year when it is launched in October, said Ideal Property Development Sdn Bhd managing director Datuk Alex Ooi.
Ideal Property is developing the project through a joint venture with Koperasi Tunas Muda.
It comprises some 1,800 landed residential and high-rise properties, which make up 80% of the project, with commercial properties taking up the rest, according to Ooi.
“Our strategy is to first launch the residential components, strengthen the infrastructure, and then move on to the commercial phase, comprising a four-star hotel, a 250,000 sq ft lifestyle shopping mall, and a 150,000 sq ft resort office building, equipped with recreational facilities, besides modern IT infrastructure,” he said.
“The landed residential components, over 500 terraced and semi-detached units, will be launched in three phases between October 2009 and April 2010.”
Subsequently residential high-rise properties, comprising over 1,000 condominium units will be launched while “sometime in late 2010 or early 2011, the commercial components will be launched,” he added.
Ooi said the landed properties would be priced between RM550,000 and RM780,000, while the apartments between RM300,000 and RM500,000, adding that a 12-acre site would be allocated for the development of an education institution.
“We will also create a one-acre man-made lake as part of the project,” he said.
The project would be marketed in Hong Kong, Singapore, Indonesia, and other parts of Asia, Ooi said.
“We are confident as the property market in China has rebounded, which will have a positive impact on the regional market,” he said.
The recent brisk sales of the One World and One Sky high-rise projects in Bayan Baru showed very strong demand for residential properties on the island, Ooi said.
“The One World and One Sky high-rise properties by Ideal Property and Kuwait Finance House were respectively sold out after their launches in May and July.
“Both projects have over 500 condominium units, priced between RM235,000 and RM410,000,” he said.
Ooi said Ideal Property was also exploring to launch other projects with Koperasi Tunas Mudas, which owns other strategically located sites in the southwest district of the island.
“We are considering the development of modern office buildings next year,” he said.
Ideal Property is part of the Penang-based Ideal Group, comprising over 20 companies, involved in property development, property investment holding and business process outsourcing.
In property development, the group has since 2002 developed over 600 units of landed and residential high-rise properties in Penang and Kuala Lumpur.
The group currently owns and manages three properties on the island, including the landmark Northern Tower at Jalan Sultan Ahmad Shah (or the millionaires’ row) and a light industrial park in Kepong.
Besides Penang, the group also has property investment businesses in Cambodia, Shanghai and Beijing in China. - By David Tan (The Star)
20 comments
Ideal Properties, related to Rich Focus and Krytal Point.
Unfortunately the image for the group is badly damaged by the projects (Country Home, Semi-D behind BJ Complex, and the boutique bungalows on the way to EQ which is now taken over by Asia Hill).
It's a sad thing that the company started early, but has not take good care of the brand name.
I hope they will take this new project as an opportunity to turn the company name around, just like how PDC has done it thru it's D'Residence project.
Anyone now the actual location for this 100-acra locate at? Bayan Lepas is big....
Hi KW,
It's just opposite Motorola there.....
Anyone know this project is under leasehold or freehold?
Could be at Sg.Tiram, behind Star Office....
It is opposite Setia Pearl Island 2.5 storey terrace house from RM550K ~ RM780K. So, you can register now according to they sale personal.
scott, who;s the developer opposite the SPI? where's their office?
They office is in krystal point so u can contact they sale person to register.
Ok, check from map base on Scott comment, is between Jalan Dato Ismail Hashim (to Sungai Ara) & Jalan Tun Dr Awang (behind Sungai Tiram, ppl use this alternative road to air port); that mean when fully develop/occupy SPI & this PIC, there will be huge population in this area, interesting…
Penang international city by ideal and keperasi tunas muda, haha, very funny combination.
ideal is famous with their bad track record of delaying or imcompleted project. koperasi tunas muda is a malay developer, mostly on developing low cost or medium cost aparment, their marketing really not up to standard.
wonder who goin to open shop at the shopping mall and office shop there, so far inside, times square only able to get local sunshine to open there, dunno what anchor tenant ideal & tunas muda able to acquire, dun think those big foreign company such as tesco, jusco, parkson will open there.
ideal not yet complete develop the one at bayan baru, already start another international city, not sure whether they can complete 1-world or 1-world 2 on time, the project may get impacted if the company not strong enough.
Many people questions about the credibility on this developer? Can they really make this become a success? Either it is too ambitious or real effort to repair the reputation. I personally do not understand why they are launching the project while the One, the CEO is not fully established yet.
Ideal OR Rich Focus OR Krystal, they are all from the same family. Their track record is cutting corner.
If you've time, take a drive to the houses at the Country Homes and behind Country Homes (on the way to Teluk Kumbar), AND the semi-D behind BJ Complex.
Take a closer look at the road and their car porch, and how "creative" the water meter is placed because the road is too narrow.
This is what I meant by cutting corner. I pitty those who had purchased those houses. I was about to buy when it was launched, and I consider myself EXTREMELY LUCKY to have changed my mind.
true, this developer ALWAYS CUT CORNERS. But somehow or rather ppl still buy cos their product always priced below market price. So these ppl are buying proton, BIG & CHEAP BUT HAVE HIGH MAINTENANCE COST IN THE FUTURE. If as per press releases, the 2 storey terrace at 550k is not bad, compared to S.P. Setia sub-sale price and the upcoming Sunway project. The price is definitely very low and it has better location.
Their other lousy proj is Krystal Court. Look at the pathetic very narrow internal roads. Good for buggy only. Krystal Garden equally bad. Those interested in the new proj better check out the width of the internal roads. The One hearsay sales is doing well. If so, they may complete on time because the profit is there for their taking. The Ceo most likly poor sales = slow progress. Conclusion, all developers not financially sound will end up in late delivery if sales is poor. So watch out for these sign when buying a newly launch proj from small organisation especially those with bad track records!
As the saying goes.... You pay peanuts, you get monkeys! Would you want a monkey?
Contacted Rich Focus @ Krystal Point but they say that project is not under them. Trying to search Ideal Property but can't find any contact either. Anyone have any information on developer?
fredphua, Rich Focus, Krystal, and Ideal are from the father and son, the same family. They will never recognise this, but the "smell" is always there. This developer has to get a good lesson from their "cheating" to their buyers.
I urge you to go for a drive around Krystal Country Home on the left hand side while driving towards Teluk Kumbar. Just drive around those "houses" there, even if you see a small lane. Don't take those "small lane" as "back lane", but those are the road leading to the houses. You'll feel for pity the owners of those houses.
Figures will not lie, and below is the comparison between Ideal vs. SP Setia, both in Sg Ara.
Ideal vs SP Setia
Total Land Size (acre) 100 vs 112
Landed (Terrace + SD) 500 vs 600
Condo 1000 vs 300
Others (eg. Low-Mid Cost) 300 vs 200
====== ======
TOTAL RESIDENTIAL 1800 vs 1100
Commercial for Retail Yes vs Yes
Hotel Yes vs NO
Resort Office Yes vs NO
The above gives you some feel on the density of the project, and that's why Ideal can sell below the market price. Do you think they're doing charity? I think more like another "cutting corner" strategy.
Local purchasers have been conned, and now they're focusing on Hong Kong, Singapore, Indonesia, and other parts of Asia.
I'm just worried that Ideal will further turnish the name of Penang in the foreign market.
The ideal property website is as follows
http://www.idealhomes.cc/html/projects/projectscompleted.html
Koperasi Tunas Muda is a multicultural koperasi which obtained large tracts of land during the 60's / 70's, by great fortune.
You can check their website.
Their most wellknown joint venture was with Sunway for the Sunway Tunas project. They reward their members by allocating units or houses ( a portion of the project) to them (for free or at big discounts). The profit derived from the projects are used to buy more land.
i am looking for an apartment(saujana damai) ..If anyone has any available unit, please contact me(0174541272).NO AGENT PLEASE!!