KUALA LUMPUR: Singapore-based Azea Property Investment (API) has teamed up with local partner Dot Greenland Sdn Bhd to undertake the development of a commercial complex in the heart of George Town, Penang.
The freehold project called Anson Cube will be on a 28,000 sq ft site. It has an estimated development value of RM43 million and will be developed via a joint-venture company Tri Mega Venture Sdn Bhd.
The George Town project comes on the heels of API’s 30% investment in a soon-to-be-launched RM500 million high-end waterfront condominium development in Johor Bharu. It is teaming up with two companies linked to the Danga Bay group to develop Azea Properties @ Danga Bay.
API had also purchased 20 luxury high-rise serviced apartment units in Setia Sky Residences near the Kuala Lumpur City Centre for RM28 million late last year.
“The property market is hot across the causeway and we are actively looking for more investment opportunities,” said Tan Yang Po, API founder and CEO, in a statement.
Under API, Tan set up the Azea Property Investment Club whose members — comprising working adults, housewives and retirees — pool their financial resources to acquire and invest in properties. The club has close to 2,000 members currently, she said.
|An artist impression of Anson Cube.|
“I am really excited about the Penang project as we envisage it to become Penang’s newest meeting point and business hub due to its strategic location and easy accessibility to major landmarks like Gurney Drive and the first Penang bridge,” she said.
She added that the project site is also in an area earmarked for major urban rejuvenation, with two private high-end condominiums also coming up in the locality.
“I am optimistic that this property will do very well. We already have a lot of enquiries even before launch,” she said.
Anson Cube will be a five-storey building with the ground floor designated for food and beverage outlets and the first floor exclusively for al fresco dining.
The second floor will have a bridal theme with shops offering wedding-related goods and services. The higher floors will house corporate offices.
Since its inception in 2008, API has invested in properties around the world, including £3 million (RM14.85 million) worth of Victorian-styled apartment blocks in London and another 200 units of landed properties valued at over US$7 million (about RM21.3 million) in Houston, US.
This article appeared on the Property page, The Edge Financial Daily, May 27, 2011.
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