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IJM’s Pearl Regency gets good response Print E-mail
Wednesday, 30 June 2010 00:00

GEORGE TOWN: IJM Land Bhd’s Pearl Regency project, created mainly to attract Malaysia My Second Home (MM2H) investors, has seen an impressive take-up of over 40% by foreign buyers, mostly Koreans.

The RM500 million gross development value (GDV) project is located on IJM’s last undeveloped five acres of its 30-acre MetroEast development. Block A will be launched this weekend and Block B in September.

The site is part of the 325 acres for which its subsidiary Jelutong Development Sdn Bhd was granted the right to reclaim by the previous state government as part of the privatisation agreement for the construction of the Jelutong Expressway.

IJM Land general manager Toh Chin Leong said most of the buyers were retirees and those who bought units for their children who were studying in Penang.
The project was presold in Korea at the end of last year. Other buyers are from Indonesia, Singapore and Hong Kong.

Toh said the project had proven popular among the foreign buyers due to what Penang had to offer.

“Lately, there has been an influx of Koreans and Japanese coming to live in Penang as they find Penang ideal for their needs, which they find is even better and cheaper than living in the Klang Valley.

“They find Penangites friendly, with good educational institutions, and easy accessibility, and convenience of moving around,” Toh said.

To date, the gross sales value is RM200 million, with the residential units making up RM110 million, while the commercial lots have been sold en bloc to a foreign company for RM90 million.

“We are forming a joint venture with a local company called Property Management Company (PMC) which will provide the services for the residential units.

“This project was conceptualised as a MM2H project and it was designed to provide the buyers with the necessary convenience required with commercial units located below the block,” Toh said at a press conference here yesterday.

He said facilities at the commercial block for the convenience of the expats would also include travel agencies, eateries and an outpatient clinic of a private hospital.

“The Pearl Regency is situated in the matured neighbourhood at one of Penang’s most strategic locations, just minutes away from the Penang Bridge, free industrial zone in Bayan Lepas and also George Town via the Jelutong Expressway,” Toh added.

The project consists of two 35-storey residential blocks with two- to three-bedroom units, interlinked with a bridge at the podium level and is located within the thriving neighbourhood of MetroEast in Jalan Udini and near IJM’s Light Waterfront development, located just off the Penang Bridge.

The commercial portion has 83 units, with a gross 177,640 sq ft, while there will be a total 574 residential units in both blocks.

The 387 Block A units (from 958 sq ft to 1,399 sq ft) will be sold from RM550 per sq ft at between RM478,314 and RM823,642 each while the 187 units of Block B (from 1,313 sq ft to 2,131 sq ft) will be sold from RM684,564 to RM1,303,821 each.

Toh expects the units to be taken up by the end of the year and the project is expected to be completed in 2013.


This article appeared in The Edge Financial Daily, June 29, 2010.

Source: http://www.theedgeproperty.com/news-a-views/3825-ijms-pearl-regency-gets-good-response.html



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