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This article first appeared in City & Country, The Edge Malaysia Weekly on September 16, 2019 - September 22, 2019

Penang-based Iconic Group Sdn Bhd saw all 49 shopoffices at its upcoming Iconic Point development in Simpang Ampat, Seberang Perai, fully booked at a soft launch on Sept 7 and 8 at D’Piazza Mall in Penang.

“We received 70% bookings within the first 10 minutes of launch and 80% on the first day,” said Iconic Group executive director Katherine Tan. Each buyer is only allowed two units.

Iconic Point is a 65:35 joint venture between Iconic Maison Sdn Bhd and Iconic Development Sdn Bhd, a wholly-owned subsidiary of Iconic Group.

Iconic Maison Sdn Bhd was formerly known as Sanbumi Sawmill Sdn Bhd and is wholly owned by Iconic Worldwide Bhd. Iconic Group chairman Datuk Tan Kean Tet is the major shareholder and managing director of Iconic Worldwide, which was formerly known as Sanbumi Holdings Bhd.

Comprising 49 units of 3-storey semi-detached shopoffices, three detached commercial drive-through units and a stratified boutique hotel on a 8.7-acre parcel, Iconic Point has a gross development value of RM139.5 million.

The 25ft by 60ft shopoffices have built-ups of 4,350 sq ft each. Priced from RM2 million, each unit comes with a private lift. There will also be a detached shopoffice with a built-up of 5,556 sq ft. The freehold development will be completed by 1Q2022.

Amenities within a 10km radius include petrol stations, banks, a KTM station, GEMS International School, Batu Kawan Stadium, Design Village outlet mall, Ikea and Icon City. The Sultan Abdul Halim Mu’adzam Shah Bridge (also known as the Second Penang Bridge) and the Penang Bridge are 11km and 15km from the development respectively.

“This is the first time Simpang Ampat has seen such a development comprising semi-detached and detached shopoffices with lifts. The price we have set is similar to what we offered at Icon City [in Juru] when it was launched seven years ago. We have done this so that our customers can enjoy some price appreciation for products by Iconic. This has resulted in many return customers who have come back to support us for this new project,” Iconic’s chairman said in a press release.

Completed five years ago, Icon City has a GDV of RM161 million and comprises 68 three-storey semi-detached shopoffices and 3 four-storey detached shopoffices. The shopoffices with private lifts were priced at RM2 million when they were launched. Recently, a unit was transacted on the secondary market for RM4.1 million.

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