60 | SPECIAL FOCUS | The second Penang Bridge Effect
01 The compound and impressive built-up for Sunway Merica’s 3-Storey Semi-Ds 02 The master bedroom comes complete with luxurious walk-in wardrobes for ultimate glamour
TI: We are developing a mixture of terrace homes and semidetached homes which will be affordable for the middleincome group.
02 Products & Population With a visible impact to land prices, the obvious follow-up to that would be how are developers building to attract purchasers, investors or otherwise, for a good take-up rate. When it comes to target market, we found out if purchaser demographics on the island would be vastly different from the mainland. iProperty: What types of projects are being developed in the area? SG: Our focus is on high-end residential development due to the cost of land, among others. The hill development will be one of the most luxurious developments in Penang, with a targeted preservation of almost 50% of the natural landscape and environment.
TJ: We are dedicated to developing a residential township with Tambun Royale City, made of three gated and guarded schemes for various market segments. We have designed the properties as bungalows, zero-lot bungalows and terrace homes for those who prefer landed properties. We also provide serviced apartments for the younger market and holiday home owner. In the mix is also a stripe of commercial property that serves the needs of this township. With a potential scarcity for quality homes being built compounded with the fact that Penang is a state seen as the most favourable destination for FDI in 2010/2011, there has been rapid development of three main industrial parks, namely Penang Science Park, Bukit Minyak Industrial Park and Valdor Industrial Park which will fuel the need for quality residences. iProperty: What are the nationalities and average age of your buyers or investors? SG: Most of our prospects for this Sungai Ara development will be from age 35 onwards and most likely exposed to foreign ideals as they would most likely have overseas experience. Both Malaysians and expatriates will find this project a suitable residence or even investment. TI: Most of our buyers fall within the 35-45 age group and are locals or Malaysians as we foresee that there will be good take-up of our projects by those working in the nearby areas. TJ: All age groups from 25 years onwards will love what we have to offer and regardless of whether they are Malaysian or non-Malaysian, they will definitely find something suitable for the means and their dreams.
“Since 2008 (which was when the construction commenced), the property prices have increased by 15% – 30% p.a. within the radius of Batu Kawan, Bukit Tambun and Bukit Minyak. Land prices have increased at an even faster pace at 20-40% p.a. from 2009 till 2011” - Mr. Hee Tee Theng (Taman Jadi Group)