Belleview Group unveils GEM Master Development with RM2.5 bil GDV

BUTTERWORTH (Jan 6): Penang-based property developer Belleview Group kick-started its latest flagship project GEM Master Development on Monday, following the groundbreaking of its GEM Soho project here in Perai.

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

He said the group would jointly develop the first phase of the project named GEM Soho with LTC Group on about 2.16-hectares (ha) of land, featuring 978 units of well-designed modern living spaces housed within four residential blocks of 38 storeys each.

“GEM Soho project 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 per square feet.,” he told reporters, after the GEM Soho groundbreaking ceremony by Penang Chief Minister Chow Kon Yeow here.

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

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

He said the final phase or third phase of the GEM Master Development project would comprise 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 start construction this year and expected to be completed in 2022,” he said.

Source: The Edge Markets

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