Buying Batu Kawan? Same price as island.

Yes, I think this would be a hot topic among Penangites. Batu Kawan property same price as island? You must be kidding me? Well, the developer we are talking about certainly is not a small one. In fact based on the projected sales turnover, Eco World would firmly be within the top few developers in Malaysia today. Its group chief executive offer Datuk Chang Khim Wah said that their residential properties in Batu Kawan would be priced similar to that of the island. It is the single largest project in Batu Kawan called Eco Marina. This similar priced project will be launched in between 9 to 12 months. The residential component of Eco Marina include high-rise and landed properties in gated and guarded schemes.
The project would include commercial components such as a retail scheme, an international brand-name hotel, international schools and good and beverage outlets. Another fully integrated project where it’s a self-contained ‘city’ by itself. As soon as one were to arrive home, there is little need to venture too far out. Anyway, there’s not a lot to venture currently. In the near future perhaps there’s IKEA but I am not sure if anyone would like to go IKEA every week? There would also be a golf course behind the residential and commercial development facing the sea and overlooking the island. RM10 billion gross development value cannot happen overnight. This while development would take over 10 years to develop. Tan Sri Liew Kee Sin said that Eco Marina would be marketed across the world. This can be done because of its already international brand name.
Well, when I check some of the comments at penangpropertytalk.com it does seem that the commenters do not believe Eco World can price it similar to island and one even commented that international buyers are not likely to buy. Well, first point is, priced similar to island can mean a lot of things. This is because even within island itself, the prices per sf can range easily from RM1,200 to as low as RM450 for the same category of developments today. Thus, it may not be at the highest level in the island. Secondly, in terms of international buyers, there are certainly buyers who are super wealthy and may be buying because they just want to have a cheap vacation home. Yes, fortunately or unfortunately, sea fronting properties in Malaysia is still cheap versus many other countries. Plus, if the whole development is really a self-contained development, this fits the bill for these international buyers. They would definitely not like to buy a home and overtime they wanted to shop, having to drive over half an hour to the nearest shopping centre?
Their target is certainly not for people like me but this project is also unlikely to appeal to me even if I am still working in Penang. Perhaps the whole plan would have to be really appealing first. Penangites are still Penangites. Mainland is not their first choice and Batu Kawan at this moment is not their first choice when it comes to mainland. I await more details about Eco Marina.
written on 23 Apr 2015
next suggested article: Balik Pulau properties – ‘I cannot accept’.