Penang Times Square’s phase four set to start in 2015

KUALA LUMPUR: Ivory Properties Group Bhd expects phase four of the Penang Times Square (PTS) to commence work in the first half of 2015, said group chief executive officer Datuk Low Eng Hock.

He told The Edge Financial Daily via email that phase four of The Central is expected to be completed by 2019. The Small office Home office (SoHo) has a gross development value (GDV) for phase four of about RM480 million.

The construction of the project’s third phase called The Wave, started in mid 2013 and will be completed by end-2017.

The Wave, with 312 office suites in four different designs, has an estimated GDV of RM263 million. The units are spaciously spread over 27 floors and sits on 11 storeys of commercial components, complete with car parks and facilities. Currently, the take-up rate for phase three has reached 80%.

“Despite the take-up rate, we will retain the commercial podium for long-term recurring income purposes,” said Low.

Ivory Properties will have a roadshow in conjunction with the Chinese New Year celebration from Jan 30 to Feb 9 at Gurney Plaza Central Atrium from 10am to 10pm.    

Low foresees the take-up rates for phase three and four will be good with the group’s upcoming roadshow.

“Most customers like to purchase or register their preferred units during Chinese New Year for it symbolises prosperity, particularly Penangites who have just returned from overseas.  

“Secondly, we are confident with The Central and The Wave for their good location in the Central Business District (CBD) of Penang and with George Town gaining its popularity following its Unesco World Heritage Site status,” Low said.

In addition, the group will offer 10% discounts and 5% cash rebates for all its projects during the roadshow.

Ivory Properties started developing PTS in 2006, with phase one called Birch The Plaza in 2006 and phase two called Birch Regency in 2007. Phase one and two were completed in 2008 and 2011 respectively.

The group said it achieved 100% take-up rates for both phases.

Other projects to be featured in the roadshow are The Latitude, The Peak and The Latitude commercial lots, Island Resort Bungalow, City Residence and Tropicana Bay Residences.

Commenting on the outlook of the property market in Penang, Low remains optimistic  despite new regulations imposed in the state.

“We are confident about the property market in Penang, especially on the Island. The 3% levy on foreign purchase will not significantly affect the Penang property market as transactions by foreigners only contribute a small percentage.  

“We believe that buying activities will resume with strong demand, especially in the second half of 2014, and the draw of strategic locations on Penang Island such as the CBD area in George Town where prime land for development is scarce,” said Low. — by Zatil Husna Wan Fauzi

This article first appeared in The Edge Financial Daily, on January 24, 2014.

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