New Developments In Penang, Klang And Genting In April 2022

By: Fahri Ahmed
29th May 2022
Property News

It is already the middle of the second quarter of 2022, and the property industry is now in full gear to showcase its upcoming developments. Here are 3 such developments launched in April 2022 to ramp up the housing market as well as business and investment.

  1. Residential development by Kerjaya Prospek Group in Penang

    Kerjaya Prospek Group Bhd has secured a RM265 million contract at Kawasan Terbusguna Tanah Seri Tanjung Pinang (Phase 2A) in Penang. The contract is awarded to Kerjaya Prospek (M) Sdn Bhd, Kerjaya’s wholly-owned subsidiary, by Persada Mentari Sdn Bhd, Eastern and Oriental Bhd’s indirect subsidiary to develop a project.

    Kerjaya would be responsible for building two blocks of apartments housing 1,020 units, a basement car park, a 4-storey car park and 2-storey commercial units.

    On 6 April 2022, during bourse filing, Kerjaya stated that the completion date of the contract is set 32 months from the commencement date of operation on July 1 2022.

  2. Signature Series 2022 Campaign in Klang Valley by Sunway Property

    Sunway Property launched 8 existing and new housing projects in Klang Valley in their Signature Series 2022 Campaign on 22 April 2022. The projects showcased in the campaign include:

    • Sunway Serene in Petaling Jaya
    • Sunway Velocity TWO in Cheras
    • Sunway Belfield in Kuala Lumpur
    • Sunway Artessa in Wangsa Maju
    • Sunway d’hill Residences in Kota Damansara
    • Sunway Alishan in Cheras
    • Jernih Residence in Kajang
    • Sunway Flora in Bukit Jalil

    In total, the projects have a gross development value (GDV) of RM5.38 billion.

    Sunway aims to support homebuyers with affordable and convenient housing that promotes a healthy lifestyle. So, they have come up with sustainable homes in strategic locations with easy accessibility and amenities.

    Chong Sau Min, Sunway Property’s central region senior executive director, says Covid-19 has changed people’s work and life balance. So many things are done indoors or via online means. As such, they have incorporated natural elements into their buildings, such as a green landscape, natural lighting and ventilation to provide a ‘green lung’ within the building.

    The campaign will exhibit its properties till 31 July 2022 with the following incentives:

    • Sales promotion deals.
    • Free memorandum of transfer.
    • Interest-free period until December 2022.
    • 100% financing from Maybank Islamic’s Houzkey programme.
    • Selected units with free kitchen cabinets.
  3. Investment in Antara at Genting Highlands by Vortex Consolidated Bhd

    Vortex Consolidated Bhd, Information technology and property construction company, bought 187 units of serviced apartments in an ongoing development named Antara at Genting Highlands in Pahang. They acquired the units from Aset Kayamas Sdn Bhd in cash for RM246.35 million.

    On 28 April 2022, during bourse filing, Vortex stated that they had entered into a conditional sales and purchase agreement (SPA) with the developer, Aset Kayamas, for the proposed acquisition.

    Antara at Genting Highlands has 4 blocks of serviced apartments with an elevated car podium, common facilities, and commercial and retail space. The construction is being carried out in 2 phases, both of which are expected to be completed by the third quarter of 2025. The development estimates that GDV for the project will be RM2.24 billion.

    Vortex will fund the property purchase via internal funds, proceeds from prior fundraising exercises, other fundraising options such as earnings from investment properties or divestment of non-core assets and bank borrowing.

    Currently, they have a mixed portfolio of commercial and residential real estate. They believe the proposed acquisition will allow the group to venture into a large investment property in strategic locations. They expect this will diversify their portfolio and contribute to future income via rental earnings.

Want to know more about the current developments in Malaysia? Stay tuned to the Guyub news portal.

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