By Sharen Kaur
Published in NST Property, July 20, 2017
YTL Land & Development Bhd executive director Datuk Yeoh Seok Kian said the company was eyeing expansion in Penang and one of the options for growth was to develop projects jointly with land owners.
He said YTL Land was open to joint ventures and might look for opportunities to develop prime landbanks, especially within the island.
He said Penang had always been highly favoured as a destination for luxury properties — largely due to its attractions (history, diversity in local culture and heritage) and Malaysia’s competitive pricing compared with other countries in the region.
“Two years ago, we had proven to the Penang market that an innovative product within an unrivalled location had sold well, even amid a challenging economic environment.
“Today, we believe there will still be demand for niche upmarket properties, given the correct packaging — namely product, location and pricing.
“In spite of moderation in the property market, prices in Penang should hold due to scarcity of land as well as escalating land and development costs,” he said.
YTL Land is developing Shorefront — a luxury low-rise condominium project in George Town, located adjacent to E&O Hotel.
Yeoh said the company had confidence in its target market in this price segment for Shorefront — discerning purchasers seeking premium properties, but who are selective of the product and location.
Shorefront comprises three blocks (five-storeys) of 115 units. The average selling price is RM2,000 per sq ft.
The first preview for Shorefront was held in February 2015 and all units released were sold out in the weekend ahead of the official launch.
The final preview was held in May 2015. The last block sold out within two hours of sale.
Yeoh said there were three premium units (duplex units with direct sea-facing views), which had not been released yet.
“Many parties have expressed interest to purchase right from the very beginning. To be fair to all parties, we have intention to sell these units by way of open-bidding after the project’s completion,” he said.
Meanwhile, Raine & Horne Malaysia senior partner Michael Geh advised potential home buyers to look at the type of property that they needed and could afford before making a buy decision.
They should also look at the location that is most suitable for them.
“My advice to potential home buyers and investors is to buy and live you and your family’s dream and not the dream presented to you by estate agents and developers,” he said.
Geh said the current trend in Penang showed newer properties priced below RM500,000 were selling the most.
On whether properties in Penang were overpriced, he said it was the affordability factor which had dropped for purchasers generally.
Published in NST Property, July 20, 2017
YTL Land & Development Bhd executive director Datuk Yeoh Seok Kian said the company was eyeing expansion in Penang and one of the options for growth was to develop projects jointly with land owners.
 |
| YTL Land & Development Bhd executive director Datuk Yeoh Seok Kian |
He said YTL Land was open to joint ventures and might look for opportunities to develop prime landbanks, especially within the island.
He said Penang had always been highly favoured as a destination for luxury properties — largely due to its attractions (history, diversity in local culture and heritage) and Malaysia’s competitive pricing compared with other countries in the region.
“Two years ago, we had proven to the Penang market that an innovative product within an unrivalled location had sold well, even amid a challenging economic environment.
“Today, we believe there will still be demand for niche upmarket properties, given the correct packaging — namely product, location and pricing.
“In spite of moderation in the property market, prices in Penang should hold due to scarcity of land as well as escalating land and development costs,” he said.
YTL Land is developing Shorefront — a luxury low-rise condominium project in George Town, located adjacent to E&O Hotel.
 |
| Artist impression of Shorefront |
Yeoh said the company had confidence in its target market in this price segment for Shorefront — discerning purchasers seeking premium properties, but who are selective of the product and location.
Shorefront comprises three blocks (five-storeys) of 115 units. The average selling price is RM2,000 per sq ft.
The first preview for Shorefront was held in February 2015 and all units released were sold out in the weekend ahead of the official launch.
 |
| Shorefront - a luxury resort living |
Yeoh said there were three premium units (duplex units with direct sea-facing views), which had not been released yet.
“Many parties have expressed interest to purchase right from the very beginning. To be fair to all parties, we have intention to sell these units by way of open-bidding after the project’s completion,” he said.
Meanwhile, Raine & Horne Malaysia senior partner Michael Geh advised potential home buyers to look at the type of property that they needed and could afford before making a buy decision.
They should also look at the location that is most suitable for them.
“My advice to potential home buyers and investors is to buy and live you and your family’s dream and not the dream presented to you by estate agents and developers,” he said.
Geh said the current trend in Penang showed newer properties priced below RM500,000 were selling the most.
On whether properties in Penang were overpriced, he said it was the affordability factor which had dropped for purchasers generally.
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