KUALA LUMPUR: Chin Hin Group Property Bhd, through its subsidiary Stellar Platinum Sdn Bhd, has signed a joint development agreement (JDA) with Ivory Meadows Sdn Bhd, a wholly-owned subsidiary of Ivory Properties Group Bhd, to develop Crown Penang.
This marks Chin Hin's first foray into Penang.
Under the JDA, Stellar Platinum will fund the entire project cost through capital injection and internal funds, and secure financing facilities.
Ivory Meadows will manage the development of the project, including planning, construction as well as marketing and sales.
Chin Hin said Stellar Platinum will be seeking a collaborative partner to take up 30 per cent of its stake.
The 41-story Crown Penang has an estimated gross development value of RM475 million, and will comprise 588 units of residences featuring cutting-edge smart home technologies within a tranquil urban resort setting.
The development is targeted to complete in 2027.
Chin Hin Property director Datuk Seri Chiau Beng Teik said it believed strongly in forging strategic partnerships to accelerate growth and value creation for its customers and shareholders.
"The company is delighted to take another leap forward with its first foray into Penang's exciting real estate market which is expected to continue to trend upward post-pandemic.
"We are thrilled to develop the landmark Crown Penang alongside Ivory Properties which will appeal to discerning homeowners and investors."
The company is confident that Crown Penang will be well-received and set a new standard for both the real estate market and the burgeoning tourism market in Penang.
Ivory Properties chairman Datuk Abdul Malik Abul Kassim said the partnership marked a significant milestone for both parties.
Crown Penang is envisaged by a curation of world-class award-winning firms including Quintrix Architects, Chaos Design Studio, Sputnik Forest Labs, Permata Green and Arup.
The only development with a double-story rooftop facilities deck which "crowns" its residential tower, it is located on the last plot of land in the prestigious seafront neighborhood of Seri Tanjung Pinang 1 with direct access to the Gurney Wharf via the Penang Outer Ring Road.
The residences within Crown Penang range from studios to three-bedroom residences from 495 sq ft to 1,367 sq ft in sizes.
It is located adjacent to the up-and-coming Gurney Wharf, a 24-hectare waterfront public recreation by the Penang state government, which will have its first phase completed in May this year.