The project — being jointly developed by Belleview and LTC Corp Ltd, a Singapore Stock Exchange-listed company — comprises 978 high-rise residential units with commercial titles. Located on a 5.34-acre freehold parcel along Jalan Baru, Seberang Perai, GEM Residences is part of a 20-acre mixed development, which also features GEM Megamall and a 4-star hotel, and has a total GDV of about RM3 billion. GEM Residences alone has an estimated GDV of RM700 million.
Banking on its strategic location, the developer hopes to attract a mix of working-class individuals, business professionals, millennials and retirees.
“Particularly, there is a huge employment pool of professionals in Prai Industrial Zone [the second-largest industrial park in Malaysia] as well as Kulim Hi-Tech Park. Foreign buyers of GEM Residences are also eligible for a reduced ceiling price of RM500,000 [instead of the usual RM1 million] for strata developments in Seberang Prai,” Belleview Group managing director Datuk Sonny Ho told EdgeProp.my.
According to Ho, GEM Residences is primed to bring a new standard of living to Prai. “Featuring 978 units with a variety of sizes and types ranging from 441 sq ft to 1,445 sq ft, 1- to 4-bedroom layouts and with one to three car parks per unit, GEM Residences also offers views of the Penang Island and Penang Bridge,” he said, adding that each unit is priced at RM500 psf.
The project is about seven minutes’ drive from the Penang Bridge and 30 minutes’ drive to the Penang International Airport. Jalan Baru is also connected by the North-South Highway and Butterworth Outer Ring Road.
The units are housed in four 30-storey towers above an 8-storey podium featuring 15 retail units on the ground floor known as GEM Shoppes, followed by car parks, and occupying the entire Level 8 will be an expansive private landscaped deck. On the rooftop will be some recreational facilities including an Olympic-sized ocean pool, signature gym, jumbo chess, barbecue pit, aqua gym, Jacuzzi and sky bridge.
Each residential tower will bear the name of various gemstones — Coral, Ruby, Sapphire and Diamond. Each floor consists of only eight or nine units and serviced by four elevators.
On the 11.32-acre GEM Megamall located next to GEM Residences, Ho said it will be the largest shopping mall in the northern region upon its completion in 2021.
“GEM Megamall is poised to take its place as the largest and trendiest lifestyle destination in the northern region of Malaysia. At 1.2 million sq ft in net lettable area extending over six levels with about 450 shops and over 3,500 parking bays, here is the next lifestyle benchmark.
“GEM Megamall will feature many firsts [for the northern region] — the first Sogo departmental store up north, the first Olympic-sized ice skating rink and the largest Golden Screen Cinema Cineplex with 20 screens, just to name a few. A 38-lane bowling alley, a lifestyle supermarket and an F&B and entertainment hub are also part of the tenant mix.
“Retailers can look forward to a ready and untapped market catchment of 6.5 million with shoppers from the northern region,” said Ho.
On the Penang property market’s performance in 2017, Ho said 2017 has been slow. “Despite that, projects with good design, in strategic location and at the right price point have registered good take-up. Properties below RM750,000 seem to have fared well and are easier to get financing approval.
“Moving forward, in 2018, with the ringgit and Malaysian stock market strengthening, it is almost definite that the property market holds a more promising outlook than last year,” he said.
This story first appeared in EdgeProp.my pullout on Feb 9, 2018. Download EdgeProp.my pullout here for free.