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Asia Property Report

Daily, Bangkok
Up-to-date news and coverage of industry trends and innovations from Asia with an in-depth special focus on real estate hot spots, as well as key interviews with important industry figures.
 

Naim launches first phase of Bintulu Paragon

Feb 12, 2013
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The Bintulu Paragon is located on the site of the old airport


Naim Holdings Bhd (Naim) has launched Phase One of its Bintulu Paragon integrated development, reported the Borneo Post. Property showcases will be held in Bintulu and Sibu from February 12 to 14.


The Bintulu Paragon is situated at the Bintulu Old Airport site, and will be developed in two phases. The project integrates residential, business, retail and hospitality components.


Upon completion the development will offer 1.4 million sq ft of retail space, office suites, condominium units, office towers and hotels.


“Bintulu Paragon is the largest integrated development to impact Bintulu. It will change Bintulu’s skyline with the tallest condominium building, sleek office towers and iconic buildings. We are currently launching the street mall component first,” said Leong Jee Van, Naim’s deputy chief operating officer for property.


“Think of street mall as something similar to a shopping mall but with cheaper entry cost for your investment. A typical shopping mall in Sarawak, Sabah, Penang or Johor may cost you RM1,500 (US$484) to RM2,500 (US$806) per sq ft, but our street mall starts from as low as RM898 (US$289) per sq ft to RM1,123 (US$362) per sq ft,” said Leong.


Street malls are good investment propositions, according to Leong.


“Just look at the well-known street malls such as the Giza, Curve and Pavilion in Peninsula Malaysia. For example, when Giza started, its price per block was approximately RM2.5 million (US$806,842) and monthly rental was approximately RM14,000 (US$4,518) to RM17,000 (US$5,486) per block, depending on type. Now, each block can command approximately RM5 million (US$1.6 million) and monthly rental of approximately RM16,000 (US$5,163) to RM19,500 (US$6,293) per month
 It’s definitely worth some consideration,” Leong added.


Leong also commented on the street mall’s unique design.


“Firstly, it is built to meet the CONQUAS (Construction Quality Assessment System) certification standard, an internationally accepted and recognised benchmark for construction quality. Each unit is 24 feet wide, which is larger than a normal shop house unit in Sarawak,” he said.


The street mall was also designed to capitalise on natural ventilation and is not air conditioned, making the mall an environmentally friendly development.


The street mall is managed in consultation with a Singaporean property management firm and was designed by Kuala Lumpur based architecture firm SA Architects Sdn Bhd.


“Street malls are a popular feature in Kuala Lumpur as they create an exciting and lively place for shoppers. In short, its concept and ambience create a ‘destination’ that attracts the crowd,” said Low Mun Wai, director of the street mall.


Bintulu Paragon’s street mall will redefine the shopping and dining experience in Sarawak, according to Low.


“We are creating a benchmark, not only for Bintulu, but also Sarawak,” Low added.