News by Sangeetha Amarthalingam

Bina Darulaman expects to derive a profit of RM14.5 million from the proposed development, which will comprise 255 units of two-storey terrace house and 40 units of two-storey shop offices, to be known as Phase 2.

Some 1,000 acres (404.69ha) of land on the two isles to the south of Penang island that will be reclaimed as part of the state government’s land swap deal with SRS Consortium for the Penang Transport Master Plan (PTMP) have been earmarked for industrial development.

Work at Penang TMP expected to start in 2018

Despite a slower property market, Tropicana delivered commendable sales performance in the first nine months of the current financial year, chalking up new sales of RM1.26 billion with unbilled sales at a record of RM3.1 billion as at end-September 2015.

The RM2 billion Penang Times Square project is broken into five phases, with the first two featuring a mall, residential units and commercial lots, while the third phase is currently underway.

GEORGE TOWN: Government strategic fund 1Malaysia Development Bhd (1MDB) only holds 20% or 23.47 acres (9.5ha) of the 116.89 acres of freehold land it purchased in Air Itam in 2013, revealed Chief Minister Lim Guan Eng last Friday.

The projects — Ferringhi Residence Two, condominium blocks at South Bay City in Batu Maung and Pykett, Jalan Burmah on the island — are expected to contribute about 10% to 12% to the group's sales.

Part of the land-swap deal with SRS Consortium, the project delivery partner for RM27 billion Penang Transport Master Plan.

1MDB Real Estate Sdn Bhd (1MDB RE) warned that Khidmat Runding Jatipadu had issued letters bearing the Malaysian government logo under a Perbadanan Bandar Malaysia letterhead.

Ivory Properties chief operating officer Goh Chin Heng said Tropicana Ivory Sdn Bhd will kick-start the tender process in a matter of months, which was postponed twice after having problems getting approvals from the local authorities within the stipulated time which were prerequisites for the tender.