Tuesday 06 Jun 2023
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This article first appeared in City & Country, The Edge Malaysia Weekly on March 25, 2019 - March 31, 2019

Ivory Properties Group Bhd is planning to launch the condominium and shoplot components of The Zen next quarter.

The Zen is a mixed-use development on a 7.6-acre parcel within the Penang World City integrated seafront at Bayan Mutiara, says Ivory Properties group CEO Datuk Low Eng Hock in an email interview with City & Country.

It has three residential blocks on top of a commercial and car park podium.

The condominium component — called Zen6 — will occupy one of the residential blocks. With a gross development value (GDV) of RM914.5 million, it will have 730 units with built-ups of 1,010 sq ft. The selling price is yet to be finalised.

The other two residential blocks — The Zen Affordable — were launched last year, offering 1,200 affordable homes with built-ups of 850 sq ft and are priced at RM300,000.

Also available for sale in 2Q are 86 commercial units on the ground floor and first floor of the podium. These units are 780 to 2,148 sq ft. With  a total GDV of RM80 million, these units will be priced at RM1,290 psf.

“The freehold project is located on Parcel Three of Penang World City, consisting of residential and commercial components. We believe The Zen complements Penang World City well — it is an add-on to the comprehensive township that ensures stable property value appreciation with a boost to the vibrant lifestyle and commercial components,” Low says.

A feature of Zen6 is the various sky gardens that allow residents to enjoy panoramic views of the area.

Other facilities include an infinity pool, outdoor gymnasium, children’s playground, reflexology path, viewing and yoga deck, whirlpool, children’s pool, sky deck, private terrace, outdoor lounge and barbecue pit.

Located next to Tun Dr Lim Chong Eu Expressway, The Zen enjoys easy accessibility to the Penang International Airport, Penang Bridge, Sultan Abdul Halim Muadzam Shah Bridge and Bayan Lepas Free Industrial Zone.

Low says the integrated lifestyle development is set to help its shoppers to escape the rush-hour traffic. The Zen is scheduled for completion in 2023.

“The challenge is to create a seamless connection within a mixed-use development that involves mixing housing, recreation, entertainment and retail with public institutions and local businesses. While we have to create welcoming accessibility to the retail component, we have ensured that the privacy of residents is not compromised,” he says.

The Zen is a collaboration between Asia Green Construction Sdn Bhd, Tropicana Ivory Sdn Bhd and Ivory Properties. Asia Green is the developer.

Apart from The Zen, Ivory Properties will be launching three projects this year — two in Penang and its maiden project in Perak.

One of the launches in Penang is The Millennium in Batu Uban. Spanning over six acres, the RM910 million mixed-use development will consist of three towers with a hotel component, condominiums and serviced apartments.

The Garden in Batu Ferringhi is a mixed-use development with a GDV of RM250 million.

Its first venture in Perak is the RM1.2 billion Sitiawan Square, which will likely comprise strata-titled shops, a department store, a supermarket, a cineplex, terrace outlet shops, hotels and other commercial buildings on a 64-acre tract.

Commenting on the property market for the next 12 months, Low says, “We will see a recovery in the property industry with the government introducing incentives to stimulate market growth, such as the Home Ownership Campaign that offers exemptions on stamp duties.”

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