Chin Hin Group Property Bhd has announced its first foray into Penang’s real estate market with the development of the iconic Crown Penang. The development will be a joint venture with Ivory Meadows Sdn Bhd, a wholly-owned subsidiary of Penang-based property developer Ivory Properties Group Bhd.
The 41-story Crown Penang has an estimated gross development value of RM 475 million and will comprise 588 units of residences featuring cutting-edge smart home technologies within a tranquil urban resort setting. The development is targeted for completion in 2027.
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Chin Hin Group
Stellar Platinum Sdn Bhd a subsidiary of Chin Hin Group Property, will fund the entire project development cost through capital injection, internal funds, and secure financing facilities while Ivory Meadows will manage the development of the project, including planning, construction, as well as marketing and sales. Chin Hin Group Property is seeking a collaborative partner to take up 30% of its stake.
The development of Crown Penang is sustainability-focused and low-density, with minimalist architecture. 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. 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.
Crown Penang
The residences within Crown Penang range from studios to three-bedroom residences from 495 sq ft to 1,367 sq ft in sizes. The development is located adjacent to the up-and-coming Gurney Wharf, a 60-acre waterfront public recreation area by the Penang state government, which will have its first phase completed in May this year.
Chin Hin Group Property’s Non-Independent Non-Executive Director, Datuk Seri Chiau Beng Teik, believes strongly in forging strategic partnerships to accelerate growth and value creation for customers and shareholders.
He says, “We are delighted to take another leap forward with our first foray into Penang’s exciting real estate market, which is expected to continue to trend upward post-pandemic. We are 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.”
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