RM2.5 bil GDV property development kicks off in Perai

BUTTERWORTH: Penang-based property developer Belleview Group today kick-started its latest flagship project, GEM Master Development, following the groundbreaking of its GEM Soho project in Perai.

Belleview Group managing director Datuk Sonny Ho Kiong Chan said GEM Master Development, with a total gross development value (GDV) of some RM2.5 bil, and would be developed over three phases on about 8ha of land.

The group would jointly develop the first phase, named GEM Soho, with LTC Group on about 2.16ha, featuring 978 residential units within four blocks of 38 storeys each.

“GEM Soho is expected to be completed by 2022. Sales of units have been very positive after its launch in December last year, priced at about RM400 psf,” he told reporters after the GEM Soho groundbreaking ceremony by Penang Chief Minister Chow Kon Yeow.

Ho said the second phase of the project would be GEM Megamall, touted to be the largest shopping mall in the northern region, spanning some 4.45ha.

“The mall will offer more than 400 retail shops and we have also confirmed the anchor tenants, SOGO Department Store and Golden Screen Cinemas,” he said, adding the mall would also feature a 38-lane bowling centre and a first in Malaysia, an Olympic-sized ice skating rink.

He said the third and final phase of the project would be a four-star international hotel with 320 rooms.

“With all these exciting retailers coming together under one roof, it will definitely be a game changer and will certainly boost shopper traffic. All these projects (three phases), will begin construction this year and are expected to be completed in 2022,” he added. – Jan 6, 2020 Bernama

Source: Focus Malaysia

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