• Quayside Insider

Big plans for Gurney foreshore

The City of Dreams is set to be a new landmark in Tanjung Tokong.

EWEIN Bhd is expected to roll out several developments at the Gurney Drive foreshore following the success of its RM800mil City of Dreams (COD) serviced apartments in Tanjung Tokong, Penang.

Its founder and managing director Datuk Ewe Swee Kheng said a single-block serviced apartment, an international brand hotel, a university and office towers were among some of the projects that would be carried out on the reclaimed land.

He said priority would be the serviced apartment that is expected to take off next year.

To be known as COD 2, he said the project with a gross development value of RM1.2bil would be built on a 1.8ha site fronting G Hotel.

“In Penang, the family size is getting smaller. There are also parents who want to buy smaller units for their children.

“They will be our target market,” said Ewe while on board a four-day cruise on the Star Cruises’ SuperStar Gemini recently.

More than 1,000 people, including buyers of COD, were treated to the City of Dreams Appreciation Cruise for a round-trip from Penang to Port Klang and Langkawi courtesy of Ewein.

Ewe said they expected foreigners to snap up 30% of COD 2.

Ewe (right) and Lee showing electronic brochures promoting the City of Dreams.

“We haven’t decided on the pricing yet.

“It will feature rock climbing, wave pool, music recording room with all the musical instruments.

“There will be a cafe-type setting with library and laundry services, where you can read books while doing your laundry.

“You do not need a home helper anymore,” he said.

Ewein’s subsidiary, Ewein Zenith Sdn Bhd, was awarded Entry Point Project 10 (EPP 10) under the Economic Transformation Programme by the Domestic Trade, Cooperatives and Consumerism Ministry.

EPP 10 is for the development of a wellness resort city, which will be located on the City of Dreams development, which takes up some 20.2ha of land.

The project is located on the reclaimed land (Gurney Drive foreshore) given to Consortium Zenith Constructions Sdn Bhd by the Penang Government in return for building the RM6.3bil undersea tunnel and three road bypasses.

These projects will have a gross development value of RM15bil over the next 10 years.

Ewein Zenith has been given the exclusive right to purchase the parcels of land owned by Consortium Zenith over a period of 10 years.

On the hotel, he said they would make an announcement on its partner soon.

As for the university, they are still identifying the right partner.

“The 20.2ha will see a mixed development. But there won’t be a hospital or a shopping mall."

“We are creating something that complements each other in this area."

“There won’t be a shopping mall where we have to compete with Gurney Plaza or Gurney Paragon Mall."

“There will also be no hospitals here as Penang already has many good hospitals. Our medical tourism is doing well as there have been patients coming from Medan, Southern Thailand and Singapore,” he said.

On COD, a luxury sea-front development overlooking Gurney Drive, Ewe said the take-up rate was more than 80%.

He said between 25% and 30% of the buyers were foreigners from China, Taiwan, Hong Kong, Singapore, Indonesia, Thailand and European countries.

“Construction has reached 15th floor and we are targeting to hand over the units end of this year.

“Hopefully, we can hold a New Year countdown celebration at the building,” he said.

The project was strategically designed in such a way that all residential units have sea-views, with sizes ranging from 1,097sq ft to 1,335sq ft.

Residents also have access to a wide range of luxury facilities such as private lift, yacht services, Rolls Royce limousine, private bowling alley, private cinema, sky lounge, sky pool and many more.

All in all, there are more than 60 world-class facilities over 120,000 sq ft in COD.

Zeon Properties is the marketing agent for the project.

Its founder and group chief executive officer Leon Lee said the design concept and direction of COD were carefully planned and executed based on understanding of consumer needs.

“It is perfectly client-oriented, and that is our unique selling point.

“By owning a RM1.5mil condominium, one gets to enjoy yacht services or Rolls Royce limousine.

“There are also butler and housekeeping services, and we even have a hair salon here.

“You will never get this facilities elsewhere. It’s like we are selling you a lifestyle,” he said.

Lee said another plus point was that while COD was being sold at RM1,350 per sq ft, the bank is valuing the project at RM1,800 per sq ft.

“It is definitely a great investment,” he said.

source from The Star

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