GEORGE TOWN (May 18): YTL Land and Development Bhd sold the final units of its low-rise condominium project – Penang Shorefront – at a preview last weekend.
YTL Land and Development executive director Datuk Yeoh Seok Kian remarked: "It’s amazing to witness the way the market responded to our Shorefront project, a niche upmarket, low rise and low density development right in the heart of George Town and neighbouring the historic Eastern and Oriental (E&O) Hotel.
"We strongly believe in innovation and invested heavily in our concept and design to complement Shorefront’s unrivalled location – a landmark seafront address within this unique heritage zone in Penang’s capital city," he said in a recent press statement.
YTL Land and Development said the project is now fully sold before the launch, with the remaining 45 units being snapped up at the preview last weekend. The first two blocks of the same project, which offered 67 units, were previewed over a weekend in February and were fully sold then.
The three-acre freehold project comprises 115 units across three five-storey blocks. It sold from RM1,300 psf to RM2,100 psf while the maintenance fee is 65 sen psf, which includes a 10% sinking fund.
Shorefront units come with built-ups ranging from 1,400 sq ft to 3,400 sq ft and the project has a gross development value of RM310 million.
Slated for completion in 2017, it will be developed in a single phase.
“At RM2,100 psf, this is a new record price for the upmarket luxury lifestyle segment in Penang. This new benchmark reflects a strong demand for quality homes in a premium location, and is a very positive sign for the market, which had been slowing down under a subdued economic climate,” Yeoh added.
It is located in George Town city and adjacent to the E&O Hotel. Its nearby amenities include Penang’s local food havens, hotels, restaurants, entertainment outlets, schools, shops, bazaars and historical sites.