I received an invitation to the launch of the 1st phase of Aspen Vision City in early Feb15. However, I didn't go as I know that I can't afford it and I didn't have time as well.
The first phase "Verve" consists of about 451 units of 3-4 storey shop offices priced from RM1.2mil. I would say that this price is quite attractive.
It is a gated & guarded commercial precinct and owner needs to pay monthly maintenance fees. So does it mean that owners are not allowed to do extension or change the colour of the buildings? I think Verve will have its own regulation for this.
The location of Verve is good as it is sandwiched between the future IKEA and KDU University, and next to proposed International School and Financial Hub.
It is also the only landed property you can get in Aspen Vision City as future development are all high rise buildings.
If you go to Batu Kawan now, you will find that it is still a super "ulu" place with bushes and empty roads with cow dung. Can you imagine that it will turn into a modern city as illustrated in artist's impression below in the future?
Every township starts from scratch. IKEA has brought life to Mutiara Damansara, Damansara Utama and even Kota Damansara. I believe that it will do the same to Batu Kawan and its surrounding area.
Besides, Malton also owns a big piece of land opposite Aspen Vision City. Can we see another shopping mall like KL Pavillion here?
Anyway, the development of Batu Kawan is still in its "fetal" stage. There is a possibility that things can still go wrong. What if IKEA suddenly cancel its plan due to sudden economy crisis?
Ivory which initially owns 49% in Aspen Vision Land which holds 80% of this 245-acre Aspen Vision City, has just sold off all its stake in Jan15 for RM55mil. Ivory will gain about RM35mil from this divestment. The gain is not bad indeed as no single piling has been done for this project yet.
Ivory said that it will concentrate on Penang island and Johor's projects that can generate returns over a shorter gestation period.
Not patient enough?
Not patient enough?
Earlier, Ivory has also disposed its land in Penang island for RM150mil and entered into a JV to develop 7.1 acres land in Johor Bahru with a potential GDV of RM2bil.
It's still early to say that Ivory has made a wrong decision in divesting its stake in Batu Kawan. Perhaps it is in a dire need to reduce its gearing.
Overall, I think Batu Kawan is an exciting development, but it may take a long time to see its result.
From the first pic here, there seems to be a proposed access/interchange with PLUS highway from the middle part of Batu Kawan.
For me, it's a nonsense to build a third access to Batu Kawan from PLUS highway to let PLUS collect toll fees. The new road should fly over the highway and connect to federal/state road.
If this is the case, then the new access road will link directly to EcoWorld's Eco Meadows!
It's really good comments. I just want to point out one thing , being in Penang for 30 over years , the sentiment of penangites ate different from kl.Secondly they are very negative of mainland development. Hence it's a long shot but if it takes off the rewards are fantastic. High risk high gain.
ReplyDeleteThanks Sid.
DeleteI know many "islanders" moved to mainland Penang and stay in big landed house. However, some may still look down on mainland. Hopefully both island and mainland will get closer after the 3rd link and become one family.
Hi BD, Wishing you and your family a happy and joyous Chinese New Year. May year of goat bring more health, wealth and success !!!
ReplyDeleteThanks Chau. Wish you & family a prosperous new year!
Deleteyes, I believe of the artist impression in long term. Penang is a vibrant city with high level manufacturing (semi-con) as the economic pillar, with enough labor force and hardworking ppl.
ReplyDeletenot like KL is all about service n service industry.
ReplyDeleteif no tourist, dunno who to serve, u serve me i serve u ar
than Tun Razak exchange, dun we hv plenty of banks, now all internet banking dy
i can't think of any economic activity other money lxxxndering.
than Waswasan 2020, if by theory the more sky scrapper u build the more tourist will come, then just replace all forest reserve with buildings.
With more mega projects, shareholders of those construction companies will be very happy I guess :)
DeleteOnly need to upgrade the Jln Perusahaan Valdor to connect federal route 1 to BKIP.
ReplyDeleteYa, this is on-going I think, and also the north side to Juru.
Delete