First release of Shorefront in Penang a sell-out success
Penang, 7 February 2015
Home buyers share YTL Land’s vision of Shorefront as a niche lifestyle development in Penang’s most coveted sea-front location.
An overly enthusiastic crowd snapped up all 67 units in the first release of Shorefront during its preview at E&O Hotel in Penang. Buyers queued up as early as 7.30am on both preview days which saw the release of only one block for each day.
Shorefront is YTL Land’s first foray into Penang. The 5-storey condominium development comprising 3 blocks with only 115 units is located on a freehold site next to the E&O Hotel and fronting the island’s pristine shore front.
“We have been watching Penang’s property market very closely, and noted the impact of the recent cooling measures adopted by the Malaysian government. Buyers have maintained a cautious approach and are very selective in their purchase. We are also reaching out to a generation of buyers who are both savvy and well-researched. The imposition of additional restrictions by the Penang government to curb speculative activities poses another challenge. However, we remained confident with the state’s long term economic and investment fundamentals,” said Dato’ Yeoh Seok Kian, Executive Director of YTL Land & Development Berhad.
The success is largely driven by YTL Land’s well-articulated product in terms of concept and design to complement the landmark address. The price of a 3+1 bedroom unit with a built-up area of 1,600 sq ft averages at RM1,200.00 per sq ft. Selected units feature sky terraces and private gardens. A private lift lobby creates a sense of added exclusivity and privacy.
“We had this fantastic opportunity to develop this last piece of sea-fronting land in George Town, a UNESCO World Heritage Site. This is a low density development and we have only very limited units. Hence, our decision to preview the first release in Penang to give Penangites and the Penang diaspora working abroad this special privilege to own an exclusive seafronting property in their home state. We are humbled with the overwhelmingly positive response, and would like to thank and congratulate our home buyers for sharing our vision of Shorefront. The outcome this weekend reflects the strong appetite for quality and luxury by developers with a proven track record. Moving forward, the focus will be project execution to deliver the quality lifestyle comforts featured in each of this distinguished home,” added Dato’ Yeoh.