(File pix) An artist’s impression of Mutiara Jesselton.
KENSINGTON Gardens, which is part of the Jesselton Villas neighbourhood in Penang Turf Club (PTC), is presumably the most posh and priciest area in Penang.
Located at the epicentre of Penang island, Kensington Gardens by Berjaya Land Bhd (BLand) is surrounded by the affluent neighbourhoods — Western Gardens, Jesselton Heights and Pulau Tikus.
It is also in close proximity to Penang Botanic Gardens and Penang City Park.
Kensington Gardens is the first of the five-parcel development in Jesselton Villas, a 23.9ha freehold guarded project with a total gross development value (GDV) of more than RM1 billion.
According to BLand senior general manager of property sales and marketing Tan Tee Ming, Jesselton Villas would take at least 10 years to be fully completed.
“The GDV we are looking at is very ambitious. There will be five parcels for development. Jesselton Villas will be another Bukit Jalil for us. We plan to build what we did in Bukit Jalil as that’s where the demand is,” he said.
PENANG TURF CLUB
PTC land is probably the most expensive plot to develop in Penang, said Tan.
About 23ha of land in PTC was sold to BLand for RM459 million cash, or at RM182 per sq ft in 2011.
Tan said Kensington Gardens covers a 10.5ha site and has a GDV of RM318 million. It comprises 69 bungalow lots with built-ups of between 5,995 and 9,634 sq ft.
A majority of the bungalow lots, which were launched three years ago, have sold from RM3.9 million, or at RM674 per sq ft on average.
Tan said there are remaining 15 to 18 bungalow lots for sale in Kensington Gardens.
“We are hopeful to sell the lots within the next one year as the area is more matured now. There is still demand due to land scarcity in Penang, said Tan, adding that the remaining lots are selling at RM4.5 million to RM6.8 million.
“We think the market is ready for luxury units. If you have RM5 million, then this is the product for you.”
Each bungalow lot is perched on elevated ground amidst natural terrain and set against the lush natural backdrop of the hills.
More than 300 mature trees were transplanted from the same site to maintain the essence of a sustainable green environment.
(File pix) An aerial view of Jesselton Villas and Penang Turf Club. Pix courtesy of Berjaya Land
FOUR PARCELS IN PLANNING STAGE
Tan said Parcel 2 to 5 are still under the planning stage.
Parcel 2, which spans 4.9ha, is a combination of courtyard villas (low-rise condominiums) and bungalows.
The built-ups for the courtyard villas are from 2,800 sq ft and they are priced from RM2.5 million, he told NST Property.
Tan said Parcel 2 is slated for launch next year and he is hopeful the courtyard villas would sell progressively over two years.
Parcel 3 comprises low-medium-cost apartments called Mutiara Jesselton, while Parcel 4 will offer affordable houses.
Mutiara Jesselton is a 32-storey residential tower with 500 apartment units selling from RM150,000 and 16 shop offices.
Tan said Parcel 5 will feature high-rise condominiums.
“We need to launch high-rise developments... Otherwise, it doesn’t make sense economically for us to develop the land,” he said.
The Jesselton concept is that of communal living and security, while providing a liveable and sustainable environment for residents.
(File pix) Berjaya Group executive chairman Tan Sri Vincent Tan hopes the exclusive homes at Penang Turf Club will further boost value of suburban housing in the area.
Berjaya Corp Bhd (BCorp) founder Tan Sri Vincent Tan had previously said that given the strong demand for high-end landed properties in Penang, he hoped the exclusive homes could further boost value of suburban housing in the state.
He also expressed confidence that with BCorp’s commitment, it would be developed into an important residential landmark in Penang.
BCorp established its first property and hotel development in Penang in the 1990s and returned after a 20-year hiatus.“We’re happy to be back here again and be associated with an established and reputable name like Penang Turf Club,” said Vincent Tan.
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