Penang’s First TOD Development to Begin Construction in 2020

GEM SoHo, Penang’s first TOD development, is slated to begin construction in 2020. A joint development between Belleview Group and LTC Group under Regata Maju Sdn Bhd (“RMSB”), the official groundbreaking ceremony was recently officiated by Chief Minister of Penang YAB Chow Kon Yeow.

The development is to be sited on 5.34 acres of prime freehold land along the 6-lane Jalan Baru, which connects the North-South Highway and Butterworth Outer Ring Road (BORR). The upcoming LRT and Monorail under the Penang Transportation Master Plan (PTMP) will also run through the area. Phase 1 of the GEM Master Development project, GEM SoHo will consist of 4 residential towers of 38 storeys each, and house a total of 978 units. Setting a new standard of living in Penang, the towers will be named Coral, Ruby, Sapphire, and Diamond. Buyers will 2/2 have 8 different layouts to select from, ranging in size from 441 sf to 1,445 sf. The Gross Development Value (GDV) for GEM SoHo will be approximately RM600 million.

Accessibility to the development will be excellent from all corners of Penang, as the Penang Bridge will be only 7 minutes away by car, and the Penang International Airport 30 minutes. Located in a matured area, residents will also be able to enjoy the many amenities of modern living a stone’s throw from home. This will include the GEM Mall, which upon completion in Phase 2, will be the largest shopping mall in the northern region of Malaysia. The GEM Master Development is slated for completion in the year 2022.

The developers aim for GEM SoHo to be the future address for local and foreign investors. According to Managing Director of Belleview Group Dato Sonny Ho, there is a demand for homes and investment in Seberang Perai. He further emphasised that “GEM development will transform Seberang Perai with modern living standards, mega shopping experiences and impressive 4-star hotel facilities.”

“We are very pleased with the joint effort of Belleview Group and LTC Group to bring GEM SoHo to life. We are optimistic that GEM will be well received by locals and foreigners with its unique features that is centred around conveniences, strong selling attributes, attractive pricing and announced public transportation plans for Seberang Perai.

“In addition, with an average selling price of RM500 psf onwards and RM500k threshold for foreigners to purchase urban high-rise properties in Seberang Perai only, I am confident that this will attract local and foreigner interest adding a huge boost to the economic development of Seberang Perai city.” Ho also believes that their collaboration with the LTC Group will increase the quality of property development, and standard of living in Seberang Perai.