PENANG: Berjaya Land Bhd (BLand) has sold more than 40% of the first parcel of its Jesselton Villas development on Penang island, since the official launch in May last year.

BLand executive director Eason Phan said the buyer portfolio of Parcel 1 is a combination of owner-occupiers and investors, most of whom are locals.

“Our priority is the locals as the project is promoting the lifestyle of ‘home’,” he told a press briefing here yesterday.

Jesselton Villas is a 58-acre (23.4ha) guarded freehold development, consisting of three parcels. The first parcel, dubbed Kensington Gardens, is 26 acres and offers 69 bungalow lots sized between 5,995 and 9,634 sq ft. The average selling price is RM674 per sq ft.

The construction of the RM321 million Parcel 1 and major infrastructure will commence by the end of this year.

Jesselton Villas, which is located next to the Penang Turf Club, is BLand’s first bungalow lot development in Penang.

The developer has several design options for purchasers, who also have the option to design their own homes.

Parcel 2 consists of 18 acres, while Parcel 3 spans 14 acres, but the developer has not confirmed the launch date for the remaining two parcels.

In total, Jesselton Villas has a gross development value of RM900 million, with 207 bungalow lots. It translates into four bungalow lots per acre.

The concept of Jesselton Villas is that of communal living and security, while providing a livable and sustainable environment for residents. For example, the developer will transplant more than 300 trees to maintain the green environment of the area.

BLand also has an undeveloped parcel of more than 40 acres in Bukit Mertajam. However, it has no concrete plans for that parcel yet.

This article first appeared in The Edge Financial Daily, on July 9, 2015.