Ageson Bhd will launch Prins Bay, a mixed development project comprising a hotel, serviced apartments, and retail shops in Penang next year.
The property and construction company is launching the project in Batu Ferringhi, and the estimated gross development value is RM178 million.
Executive director Datuk Sri Chin Kok Foong told NST Property there will be about 80 units of luxury hotel-managed serviced apartments in Prins Bay.
Chin is upbeat on the development which is located along the seaward side of Jalan Batu Ferringhi.
The location has other well-known hotels and resorts such as Bayview Beach Resort Penang, Hard Rock Hotel Penang, Parkroyal Penang Resort, Holiday Inn Resort Penang, Lone Pine Hotel, Golden Sand Resort Penang by Shangri-La, and Shangri-La's Rasa Sayang Resort & Spa.
Chin said the target market for the Penang project is young professionals, including engineers, financial accountants, legal advisors, and enterprises.
He said Ageson will introduce the Internet of Things (IoT) concept for the development to get the buyers in.
According to him, IoT features will be a necessity in property development in Penang, using new construction technology such as Building Information modelling (BIM) for better manage construction timeframe and costing.
"IoT features provide an obvious competitive advantage such as better property valuation and user-friendliness, Gen X living styles, safety and luxury feel for the residences," he said.
Chin said it will take about two to three years to complete the project.
Current projects by Ageson include Sri Gombak, comprising condominium units worth RM50 million collectively, and an affordable housing project in Pahang, with a GDV of about RM100 million
Chin said the two projects are developed using IBS (Industrialised Building System) and they also feature the IoT concept to create value for the purchasers.
"The IBS method and BIM will reduce construction cost, time, and future maintenance cost," he said.
On future plans, Chin said Ageson will focus on forming a collaboration with government agencies to jointly develop land on a profit-sharing structure.
Chin said Ageson's next major developments will come from various states.
He said the company is also exploring overseas ventures to expand the property development division.
On the outlook, Chin said despite the economic headwinds, the local property market is expected to remain resilient in the coming year.
"Developing affordable houses and finding the right solutions to the property overhang will continue to be the main agenda of the government," he said.
Chin said the close monitoring of the implementation of programmes under the National Housing Policy 2.0 (2018 – 2025) and various incentives introduced to promote homeownership among Malaysians are expected to contain the overhang situation in the coming year.
"The competitive advantage that Ageson possesses is our flexibility in the project launches. The joint venture structure allows us to be flexible in the type of projects that we are going to launch, as well as the pricing of the property.
"We have a profit-sharing structure with the landowner and partners with the latest construction technology companies to jointly develop our on-going project," he said.