Many years ago, I thought Bayan Baru was a fully developed; matured neighbourhood. I could not see any huge pieces of vacant land. There were many older apartments here and there and even the landed terrace homes are also considered quite aged. Then, I found out that there are still many pieces of empty plots of land here and there. More developments came, in fact too many that I thought should ensure prices stay stagnant for some years. I was wrong then and I think I will be wrong for many more years. Hunza Properties Bhd will be developing their RM10 billion mixed-development in Bayan Baru. If the economy does well, I think half-way through we would see the gross development value (GDV) being revised even higher.
The proposed name for the project is Penang International Commercial City. This development would include serviced apartment and apartment towers, two hotels, a business-process outsourcing (BPO) tower, a medical centre, shopping mall, and 15,000 sheltered car-parking bays. There are three phases for the project with full completion by 2026. It will start with a Rm5 billion GDV comprising a shopping mall, medical centre, a BPO tower, a hotel, and serviced apartments and apartments.
Before anyone start asking if there are still space for one more mall, it’s best to ask what would be so special about this new mall. Looking at how majority of Penangites flocking into just two malls meant that the slightly smaller or less popular ones would continue to only be a second choice while the top two takes most of everything. During peak times, these two malls are full to the brim and getting into parking and out of parking would take plots of precious time. There are no further information about this mall from online. I do hope Hunza will get some famous mall management to come in with a diversified choice of brands instead of the same old, same old.
Hunza will only be selling the serviced apartments and apartments. There are a total of 1,792 units of serviced apartments and apartments. Yes, as usual, these days, it’s always in the thousands of units and no longer in the hundreds. In Greater KL, the thousands would not even start with 1. Haha. The first phase would be completed by 2021. The second and third phases would comprise of more apartments, a hotel and a college. Total gross floor area is 9.4 million sq ft and the project is on a 43.36 acre land.
Fancy Bayan Baru and believing this will be a new catalyst? You can choose to follow up with their first phase or buy strategic secondary properties nearby this new development instead. I do think Bayan Baru is a strategic area since Bayan Lepas Industrial area is nearby and these manufacturing concerns remain fully occupied. Happy following and investing.
written on 13 Feb 2016
Next suggested article: Tanjung Tokong vs Sungai Ara by a non-Penangite