PETALING JAYA: UK online real estate investment platform Shojin Property Partners will acquire 20 apartment units within Muze, the first residential phase of the Penang International Commercial City (PICC).
Shojin has raised over £850,000 (RM4.84 million) from more than 40 global investors for its first international project outside the UK. The funds will be used as an initial deposit for the acquisition.
PICC is a new 43-acre smart city development by Malaysian developer Hunza Properties Group. The mixed-use development contains 11 components, including an 800,000 square foot shopping mall, serviced apartments, five-star hotel, A-grade offices, medical centre, central park and food & beverage boulevard. Muze is the first phase of the residential development at PICC and comprises two towers of 52 and 58 storeys. Block A will be formed of 394 residential units and communal facilities across 41 storeys, and Block B will be formed of 452 residential units and communal facilities across 47 storeys.
In recent years, Penang has emerged as a popular property investment destination among Asian investors due to its flourishing economy. Penang is a prominent semiconductor manufacturing hub, contributing 8% of all global semiconductor output. Penang houses manufacturing facilities for more than 300 multinational corporations and over 3,000 small and medium enterprises including Intel, HP, Dell and Sony.
Shojin Property Partners CEO Jatin Ondhia said Penang is a hugely valuable and significant location, especially with the world’s growing reliance on microchip technology, as it takes this first step into the global property investment landscape.
PICC’s exclusive agent based in Hong Kong Jade Land Properties managing director Theresa Fok said Penang is a highly attractive location for Hong Kong investors looking to purchase a property abroad for investment, self-use or retirement, due to striking similarities between both cities. Given that there is limited developable land on Penang Island, property prices are steadily rising.
Shojin was created to make investing into mid-market property developments simple and affordable through co-investment while providing developers with a consistent and trusted source of junior finance. Shojin enables investors from over 40 countries to access this market from as little as £5,000. To date, Shojin has raised over £34 million across 29 projects.
Source: The Sun Daily
A word from our sponsor:
Need Help With Your Personal Finance / Money Issue or need a coach to help you structure or just want to learn the financial skill to self manage your financial matters and retirement. iLearnFromCloud.com
Need to solve a problem quickly, now you can solve it by learning the art of problem solving Art Of Problem Solving
Feeling hungry. Latest food news from Best Restaurant To Eat Malaysian Food and Travel Blog
Memory loss. Need to organize better. Solve problem fast with Free Mind Mapping Software Mind Mapping 101
Need A Customized System Development for your business or Going Paperless XPERT TECHNOLOGIES - Empowering The Paperless Economy
No comments:
Post a Comment