Property developer IJM Land Bhd has seen overwhelming response from Korean buyers for its RM500 million The Pearl Regency development on Penang island.
Apart from an en bloc sale of the entire commercial portion of the project comprising 83 commercial units worth RM90 million to a Korean party, IJM has also seen 40 per cent of 574 condominiums sold to Koreans.
The units, which were launched in Penang yesterday, were pre-sold to the Koreans in December last year in South Korea.
"The buyers of the condos are mainly Korean retirees and families who send their children to Penang to brush up on their English skills," IJM Land general manager Toh Chin Leong told a media briefing in Penang yesterday.
IJM Land established a sales presence in South Korea at the end of 2008.
The residential units are priced from RM478,314 up to RM1.3 million each, while the commercial area is priced at RM750 per sq ft.
The project, which sits on a 20ha site close to the Penang bridge and next to the Tesco hypermarket and e-Gate, which is a popular retail and food and beverage hub, is slated for completion by early 2013.
The project, sited on freehold land, has been marketed to potential overseas buyers in countries like South Korea, Indonesia, Singapore and Hong Kong with the help of local private hospitals in Penang, international schools, along with golf and country clubs. - By Marina Emmanuel (Business Times)
3 comments
IJM's Pearl Regency, is a big fat Joke~ it's a total RIP OFF, i mean the pricing is RM600++ / SQ FT.??? WTH??? imagine buying a 1000 sq ft Apartment for RM600k+++??? WHY do you want to sell it to Korean's?? when we can sell it to locals?? nowadays it's hard for even Locals (Penangites) to even find a decent home~ we were already struggling when Penang properties were at RM300+ / sq ft. (1 year ago). Now the price has Jump to around RM450++ / sq ft. and NOW IJM has to go rub the salt on to the wound by increasing it to RM600++ / sq ft. Hey, Wake Up Man THESE all happen within a 2 year period?~??~ The State Government should do something about This~~ What do You Guys Think??
Pearl regency is a total failure to IJM.
- fail to capture korean market during launch at korea.
- fail to start the project on time ( i think drag for 1 year plus, then now just talking back on re-launch for local)
- fail to sell the product, causing to use henry butcher as agent.
Just wonder whether these Korean buyers are aware that Tesco moving out soon to Sri Tg Pinang. RM600 psf could be inflated so that the buyers will be given discount - says 10% - 20% and come out with small capital outlay. Usually this is what developers are doing after Bank Negara clamped down on properties by reducing loan to 70% for 3rd purchase.