From left: Lu, Ramasamy, Chow, Ho, Rozali and LTC Group managing director Lionel Cheng at the groundbreaking ceremony
Photo by Belleview Group
The RM600 million GEM Soho in Seberang Perai, Penang, has seen a 40% take-up rate so far. It is jointly developed by Penang-based Belleview Group and Singapore-based LTC Group.
Occupying a 5.34-acre freehold parcel, GEM Soho is the first phase of the 20-acre GEM Master Development, which includes GEM Mall and a four-star hotel and has an estimated total gross development value (GDV) of RM2.5 billion. The development will be launched in three phases.
“This project is the first transit-oriented development, aimed at transforming Seberang Perai into a modern living location with good shopping experiences and four-star hotel facilities,” Belleview managing director Datuk Sonny Ho said at the groundbreaking ceremony on Jan 6.
The project comprises four 38-storey blocks with 978 small office/home office units and 15 retail shops in total.
“There is demand in the area and thus we are optimistic that it will be well received by local and foreign buyers/investors, as we offer unique features and attractive pricing,” Ho says in a statement.
Due for completion by 2022, the project offers eight layout designs of one- to four-bedroom units, with built-ups ranging from 441 to 1,445 sq ft and prices at an average of RM500 psf.
Penang Chief Minister Chow Kon Yeow officiated the groundbreaking ceremony. Also present at the event were Penang Deputy Chief Minister Ramasamy Palanisamy, Mayor of the Seberang Perai City Council Datuk Rozali Mohamud and Lu ShiWei, consul-general of the People’s Republic of China in Penang.
Facilities include an Olympic-sized ocean pool, a signature gym, karaoke room, jumbo chess board, Jacuzzi and jogging track. The maintenance fee, including sinking fund, is 25 sen psf.
The second phase — GEM Mall — occupies an 11.32-acre parcel adjacent to GEM Soho. Ho says it will be the largest shopping mall in the northern region.
The mall has a total net lettable area of 1.2 million sq ft covering six levels, with about 400 shops and 3,800 parking bays.
Its anchor tenants include the first Sogo department store in the north, the first Olympic-sized ice-skating rink and the largest Golden Screen Cinema Cineplex featuring 20 screens. A 38-lane bowling alley, fitness centre, family entertainment centre, karaoke box and food court are also part of the tenant mix.
“Retailers can look forward to a ready and untapped market catchment of 6.5 million, with shoppers from the northern region,” says Ho.
The final phase of the master development will feature a 320-room, four-star hotel.
GEM Master Development is easily accessible via the North-South Expressway and Butterworth Outer Ring Road. It is seven minutes’ drive from the Penang Bridge and 30 minutes’ drive to the Penang International Airport.