KUALA LUMPUR (April 30): Iconic Worldwide Bhd’s latest condominium development dubbed Iconic Harmony in Bukit Mertajam, Penang, has been 70% taken up since its soft launch on April 22.

This was revealed in a press statement on Tuesday announcing Iconic Worldwide executive chairman Datuk Seri Tan Kean Tet as the group’s new controlling shareholder. Following the company’s corporate exercise that raised RM95.6 million via an oversubscribed rights issue, Tan’s stake in Iconic Worldwide has increased to 36.59%.

With a total gross development value (GDV) of RM300 million, the 36-storey Iconic Harmony comprises 751 residential units that come with two bedrooms and two bathrooms. Iconic Harmony units’ selling price starts from RM280,000. There are also 16 units of two-storey shop lots, selling from RM1.6 million, which have been fully taken up during the soft launch.

Commenting on the achievement, Tan said “We are highly encouraged by the success of Iconic Harmony, where we achieved a 70% take-up rate within two days of our soft launch. This will further establish our development segment and put us further on track for a turnaround in FY2025.”

Besides that, the developer recently acquired a 15-acre parcel of freehold land for RM39.8 million in Paya Terubong. The statement said the group will submit a proposal to the Penang state authority for planning permission to construct a residential development on this newly acquired asset. The GDV of this project is expected to be over RM300 million.

To further boost the group’s hospitality segment, the developer will begin managing Iconic Regency, a serviced apartment in Sungai Nibong in 4Q2024. The 42-storey Iconic Regency comprises 268 serviced apartments with built-ups ranging from 500 sq ft to 850 sq ft.

In addition to that, the developer is also looking to venture into more hospitality and leisure developments in Penang, including resorts, villas and theme parks.

“The implementation of visa-free travel for tourists from China and India has delivered a positive impact to the local tourism industry, which will support the growth of our hospitality business. In addition, the expansion of Penang International Airport’s capacity from 6.5 million to 12 million passengers a year, slated for completion in three to four years, will deliver a major boost to the local tourism industry. This is a major, catalytic infrastructure project that I believe the market has yet to appreciate.”

Meanwhile, with Tan as the new shareholder, the statement said he will embark on a new strategy that will enable the group to fully realise the potential of its property development and hospitality management businesses.

“With strong growth in tourism and key infrastructure projects that kick off this year, such as the Penang LRT and the expansion of the Penang International Airport, I remain highly convinced that the future is bright for real estate and hospitality in Penang.

“On the property side, we have begun early discussions with potential partners to explore opportunities to develop mega township and industrial real estate projects in Malaysia. I believe that demand will only grow for these projects due to Malaysia’s unique appeal as a destination for foreign direct investments and domestic direct investments,” Tan said.