PLB Engineering Berhad is launching, via its subsidiary PLB Land Sdn Berhad, a RM270mil mixed-development project on a 20.2ha site in Balik Pulau, Penang.
It is called Prestige III Central Park City and the project will commence in the second quarter of 2012.
Group executive chairman Datuk Ong Choo Hoon (pic) told a press conference that the project comprised 919 units — 322 single and double-storey terrace homes, 40 double-storey semi-detached houses, 57 double-storey shop offices, and 500 medium and low medium-cost apartments.
“The project, comprising three phases, will be completed in 2016.
“The first phase should be completed in 2014.
“We will kick off the project in April or May with the launch of 242 units,” he said.
The prices of the single-storey terrace and double-storey terrace houses are RM360,000 and RM460,000 respectively.
The double-storey semi-detached houses cost RM600,000.
The highlight of the project is a 1.2ha park for the residents to enjoy the greenery, the river and streams.
“The project has received overwhelming response,” Ong said.
He said the group would also launch 98 medium-cost apartments on a site larger than one acre in Sungai Nibong this year.
“The project is planned according to the new density guidelines of the state government which allows for 87 units per acre. Under the new ruling, 15% of the units have to be priced between RM200,000 and RM300,000,” he said.
“We are also targeting to launch a RM1bil township project in Paya Terubong on a 28.3ha site in two years,” he said.
The group is also planning a RM45mil low density medium-cost apartment project in Teluk Kumbar later this year.
“We have also submitted plans for light industry factories in Juru Auto City and Mak Mandin.
“The estimated sales revenue for these projects is around RM115mil,” he said. – Star Property