KUALA LUMPUR (May 3): Chin Hin Group Property Bhd, via its subsidiary Stellar Platinum Sdn Bhd, signed a joint development agreement (JDA) with Ivory Properties Group Bhd, via its wholly-subsidiary Ivory Meadows Sdn Bhd, to develop the RM475 million Crown Penang, which is targeted for launch in 2Q2024. This will be Chin Hin’s first foray into Penang.
“At Chin Hin, we believe strongly in forging strategic partnerships to accelerate growth and value creation for our customers and shareholders. We are delighted to take another leap forward with our first foray into Penang’s exciting real estate market, which is expected to continue to trend upward post-pandemic,” said Chin Hin Group Property’s non-independent non-executive director Datuk Seri Chiau Beng Teik.
Ivory Properties Group Bhd’s chairman and independent non-executive director Datuk Abdul Malik Abul Kassim said the partnership marked a significant milestone for both parties and he is confident about the success of the collaboration.
Under the JDA, Stellar Platinum will fund the entire Crown Penang project costs through capital injection, internal funds and secure financing facilities, while Ivory Meadows will manage the development of the project including planning, construction, as well as marketing and sales. Stellar Platinum will seek a collaborative partner to take up 30% of its stake.
Crown Penang comprises 588 units within a 41-storey tower, and its units will feature smart-home technology in an urban resort setting. The units have built-ups from 495 sq ft to 1,367 sq ft, with studio to three-bedroom layouts. The units have an indicative selling price of RM620,000.
It will have a double-storey rooftop facilities desk, which “crowns” the residential tower and is located on the last plot of seafront land of Seri Tanjung Pinang 1. The development is located adjacent to the up-and-coming Gurney Wharf, a 60-acre waterfront public recreation area park by the Penang state government, and will be linked via the Penang Outer Ring Road. The development is targeted to be completed in 2027.
Nearby amenities include Lotus’s Tanjung Pinang, Straits Quay Retail Marina and a waterfront promenade, which will be in walking distance. A short drive away will allow residents to find banks, shopping malls, medical centres, schools, wet markets, restaurants, coffee shops and hawker centres.
The design and concept of Crown Penang was done with collaborative efforts of Quintrix Architects, Chaos Design Studio, Sputnik Forest Labs, Permata Green and Arup.