Penang: 375 acres and RM7.76 billion townships

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Is Penang getting bigger? Well, reclamation wise there are plans but with its existing lands, Penang is geting bigger in terms of Gross Development Value (GDV). The latest one being announced is by Eco World in a joint development with Employees Provident Fund (EPF) is a RM7.76 billion development on a 375-acre piece of land. The land is in Batu Kawan, Penang (mainland area) and from this piece of land, there would be two townships.  The two townships are known as as Eco Horizon and Eco Sun.” Even though this is a joint venture project, it will be marketed as Signature EcoWorld developments under a brand license agreement. EW Bhd chairman Tan Sri Liew Kee Sin, said: “We are truly gratified for EPF’s support as we take on the challenge of transforming the development landscape of the Penang Mainland together.” Full article in NST here. 

ecohorizonThe 300-acre Eco Horizon is situated at a location that is very near to the primary interchange linking the Second Penang Bridge to the North-South Highway right opposite the proposed IKEA. I drive past it every time I go Penang because I prefer to use the Second Penang Bridge. Eco Sun meanwhile is another 75 acres ofland along the Lebuhraya Bandar Cassia close to the Penang State Stadium. The developments would include gated & guarded strata townships as well as integrated commercial components. (Yes, if I were to buy gated & guarded, I would prefer strata-titled because I do not wish to have some artistic person changing the colour of his unit to something I could not bear to see everyday.) Both the Eco Horizon and Eco Sun are accessible from the Batu Kawan Interchange of the North-South Highway via expressway linking to the Second Penang Bridge and thence onto Lebuhraya Bandar Cassia. Besides this, it is also accessible from the Bukit Tambun Interchange of the North-South Highway via Jalan Bukit Tambun, Jalan Batu Kawan and thence onto Lebuhraya Bandar Cassia.

Should we stay in Penang mainland or within the island? This is not an easy question to answer but if I work in the island, I would definitely stay in the island instead of mainland. If I would like to have a good shopping experience, I think at this particular moment, I would also choose the island. However, an equivalent property in the island is more expensive than the one in the mainland. That’s a negative as a choice. Design wise, I think it’s clear that newer landed homes are definitely in the mainland and not as many within the island. Within the island, land prices are too high to build landed and being able to price it attractive enough. In fact, the prices of these landed homes within the island are definitely prohibitive to many. Are there huge number of Penangites ready to jump into the mainland Penang property market? I think the focus is better on the non-Penangites who are working in Penang instead. If you are a Penangite, please feel free to share your thoughts. Happy reading.

written on 24 Jan 2017

Next suggested article:  Balik Pulau versus Mainland Penang 

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