Magna Putih Sdn Bhd is investing RM200mil to upgrade and refurbish Mansion One (formerly Northam Tower) at Jalan Sultan Ahmad Shah, Penang, to comprise suites and hotel rooms.
Its director Adrian Tan said in an interview that the refurbishment work for Mansion One would be completed in 24 months.
“There would be 277 semi- furnished suites of one to three bedrooms with built-up areas ranging from 581sq ft to 1,470sq ft.
“The selling price for the suites ranges from RM670 per sq ft to RM950 per sq ft.
“There will be 110 hotel rooms. All the suites and hotel rooms face the sea and George Town city,” he said.
Tan said the suites would be targeted for local investors.
“The competitive edge of Mansion One is its prestigious address and that its management would be provided by a well-known hotel chain group with strong presence in Asia and the Middle-East,” he said.
Tan said the suites in Mansion One had room to appreciate by about 20%, as the neighbouring properties were already selling for about RM750 per sq ft.
“To add further value to Mansion One, the Hardwicke House, a heritage building, would be renovated to become a fine dining restaurant,” he said.
The Mansion One project will be showcased by Henry Butcher Malaysia (Penang) Sdn Bhd at the ninth Star Property Fair 2011 in Penang, which will be held at Gurney Plaza and the adjoining G Hotel from July 21 to 24.
Tan said Magna Putih was now negotiating to acquire two sites, one in Bayan Lepas and the other in the north-east district, for the development of boutique hotels.
“We are also negotiating to take over two pieces of land in Sungai Dua and Batu Gantong for condominium projects,” he said.
Organised by The Star in collaboration with Henry Butcher, the fair will be open to the public from 10am to 10pm daily, and admission is free.
To date, 28 major developers — representing almost all the big boys in the industry — along with several financial institutions, have taken up booths at the fair.
The fair will also see RM30,000 worth of prizes to be won for the ‘Surf, Click & Win’ contest which is sponsored by IJM Land. - By The Star
11 comments
Very impressive NAME, location is Grade A but setback is actually an old office to be converted. Ultimately is the concern is whether this new developer in town can deliver. No track record...... Another concern is to entitle to the early bird discount is subject to paying huge cash upfront. It this developer financially stable????
Actually who is the developer? Magna Putih or Ideal Homes or both are the same.
I managed to book an unit, smallest type with seaview. Require to pay a huge upfront fee of 35% base on selling price before discount. Kinda worry as this is not a reputable developer, but i really like the location, and the price is considered reasonable when compared to other suites in penang. Observed quite a crowde during the preview days, but a bit surprise that not many people are sharing their thoughts in this blog.
Can see Ideal sales staff around and when asked whether this is their project. The answer is that the K.L co outsource the project to them. Ya agreed, quiet worry as Ideal reputation is bad and yet to deliver product of good quality. This a a refurnishment development and very obvious that they do not have the expertise. Another is that they asked for huge upfront which means that they have cashflow problem!
A friend went back on Sat to check and was surprised that they changed plan. Some big units are now changed to smaller units which means the density is higher. Hope what they says is true i.e. that a hotel is coming in to manage the hotel suite....if not then if the place is poorly managed. Will turn into another slump condo like one that is only two blocks away.
How much is the maintenance fees? Any facilities, e.g. swimming pool? Suites meaning it can be office or residential, right?
Mnt fee is 20cents/sf. Facilities include a infinity pool at roof top, and a gym. You get to enjoy all hotel services such as concierge, laundry, room service and so on. Suite means it is commercial title, you can use it as an Office, SOHO concept. I found out in the web that they are going to have a road-show in bejing in Sep11, perhaps that is the reason they are reserving those units above 23 floors. I am also kinda in dilemma now, potential good investment with huge risk, cant simply balance out...somebody can help me?
Dear propng,
Very nice statement you made there, most apt for current situation, ".....potential good investment with huge risk, cant simply balance out".
I think most people who visited the 25th floor felt the huge RISK.
Some chose the "easy" path of ignoring that negative feeling because they want to think positive, so they just focus their mind on the day when they would sell it to another buyer for a nice profit..:D
Some chose to embrace the negative feeling, so they think harder, talk to their lawyers on potential risk and the legal recourse in case things go bad, find out who the real owner of the property is(is it Ideal?Magna Putih?or WHO) and then do their risk to return analysis calmly.
And of course some were mesmerized by sweet words from the devilish agents of greed, therefore simply don't care anymore, just take out the cheque book and hantam lah..:)
It was one hell of an orgy indeed!!
Beware to check the terms of the Sale and Purchase Agreement before making commitment to purchase this property as the purchase is not governed by the Housing Development Act. The agreement terms are normally prepared by developer to favour them only. Also check on the redemption sum payable to chargee bank before paying booking fee if it is more than 10%.
May I know is it zero progressing interest during construction period ?
According to them & banker is 0% interest during construction. I had booked an unit of 863 sqf during raya. Most of the nice units already taken out especially higher floors. Regret or not need to wait 2-3 years, god bless all of us - the buyers!