Wednesday, 16 October 2013

Premium Outlet Ticked. What's Next?

Agreement related to Batu Kawan development signed again!

This time it is the Penang Premium Retail Outlet.

On 12th October 2013, Penang Development Corp (PDC) has signed a purchase and development agreement with Sarawak-based PE Land Sdn Bhd for the construction of premium retail outlet in Bandar Cassia, Batu Kawan.

The outlet will cost about RM200 million and was won by PE Land in an open tender. This is PE Land's first development in peninsular Malaysia. It operates Sarawak's largest shopping mall tHE Spring in Kuching. CB Richard Ellis (M) Sdn Bhd will act as the principal consultant for the project.

This is part of the development in a 16-ha land (40 acres) which will include a 300-room international-class hotel, cafes, F&B outlets, landscaped garden and residential units, which forms part of the mixed development in Bandar Cassia called Penang Designer Village with a GDV of RM1 billion.

The premium outlet is expected to be completed within 3 years.

Next announcement that may follow perhaps is about the proposal of International Theme Park and golf course, in which the deadline for proposal submission is on 31 Oct 2013.

With so many good news flowing in Batu Kawan recently, one property developer will be a definite instant beneficiary - Global Oriental, who is the only developer with on-going residential projects there besides PDC. However, I think other developers will make their move once the 2nd bridge is completed.

       GOB upcoming launch: Camellia - 3 storey courtyard villas

       GOB's Crescentia Park at Bandar Cassia

After Bayan Baru and Seberang Jaya, Bandar Cassia will be PDC's third satellite township development. The former two are very successful. How about Bandar Cassia?

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