City of Dreams

KUALA LUMPUR (Jan 16): Ewein Zenith Sdn Bhd is planning to launch the RM800 million City of Dreams in Bandar Tanjong Pinang, Penang in the first quarter of this year.

Ewein Zenith is jointly owned by public listed Ewein Bhd (60% stake) and Consortium Zenith BUCG Sdn Bhd (40% stake).

The freehold 3.67-acre City of Dreams sits opposite the busy Gurney Drive. The luxury seafront serviced apartment project comprises two 38-storey towers with 572 units. The built-ups range from 1,097 sq ft to 2,350 sq ft.

Besides offering more than 50 facilities, the development is also positioned to ensure all units face the sea and have Gurney Drive views. There are only 10 units on each level and each apartment has its own lift lobby.

The serviced apartments are priced from RM1,500 psf. It is relatively lower than the high-end residential projects in the vicinity, which are going as high as RM1,800 psf. The maintenance fee for City of Dreams is only 30 sen psf, compared to 60 to 80 sen psf in nearby projects.

“While neighbouring projects are charging 60 to 80 sen psf for monthly maintenance fees, I think 30 sen psf is sufficient,” explains Ewein Zenith deputy chairman Datuk Ewe Swee Kheng. He is also the founder and group managing director of Ewein Bhd

“Every unit will contribute over RM300 per month if I charge 30 sen psf. For 500 over units, I will get at least RM200,000 per month for maintenance fees. Do you know if you have RM200,000 per month, you have enough to manage a hotel?” adds Ewe.

Read the full story in the Jan 18 issue of City&Country, the property pullout of The Edge Malaysia business weekly. Subscribe here for your personal copy.

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