City Mall is a trendy new concept mall of the current times, located in Tanjung Tokong, Penang. Situated below the much anticipated City Residence, this mall is likewise as its counterpart freehold. Whilst the residential part of it is expected to be completed in late 2016, there is no news for the mall's completion date at the moment. The developer of this development is no other than the Ivory Properties Group.Space will be limited with high exclusivity at City Mall as there are only 23 units of retail shops available. Each unit will stand 3-storey tall with built ups that range all the way from 3,750 sf to 14,200 sf. Prices for these exclusive units have not been released, but the indicative selling price is RM700 psf. Units here will be sold bare therefore the shop owners will be able to give full reign to their creative side for the shop's layout. The developers claim that the most dramatic feature of City Mall will be its tropical styled interior that will involve giant palm trees, landscaped elements and water features. It will bear the new age open concept style, ensuring abundant natural light and proper ventilation. City Mall will almost definitely have a range of high class regular customers considering that they are directly below a condominium that caters to the upper market; especially since the residents should have direct access to the mall from their homes. Besides that, they are also situated close to the capital of Penang, Georgetown; which almost guarantees a regular flow of customers. Access to City Mall will be highly convenient by car owners as they are set beside Jalan Tanjung Tokong which is one of the heaviest travelled roads in Penang. As public transportation and taxis are abundant on the main road, this shopping mall will see its fair share of public transportation commuters as well.
Property Details
Name: City Mall Address: Jalan Tanjung Tokong, 10470 Tanjung Tokong, Penang Developer: Ivory Properties Group Type: Mixed Development Tenure: Freehold No. of Blocks: 1 No. of Storey: 3 No. of Units: 23 Land Area: 2.42 acres Built-up: 3,750 sf - 14,200 sf Launch Price: From RM700 psfAnalysis
Ivory Properties Group is a highly successful developer concentrated in the northern part of Malaysia, namely Penang. Their past projects includes Birch Regency, Moonlight Bay and Island Resort 10. They have many ongoing projects like The Latitude and The Peak Residences, as well as many other projects such as Aston Villa, Penang Times Square and Island Resort Bungalow in the waterworks.City Mall shows great promise of being another one of their quality development especially since it is being built in a highly promising area. The traffic congestion that is highly notorious in Penang now could be a good thing for City Mall as it could be a stopping point for people after work during peak hours to stop and have their dinner or do a bit of shopping. The clientele that City Mall can expect will be a mix of middle to upper class as Tanjung Tokong is a queer mixture of both. With Island Plaza located opposite them, they should have a good afternoon lunch crowd as well. Considering the current property market in Penang, City Mall is going to be a great investment. Not only is it in a well populated area, it also has a condominium of 202 units built on top of it which is already a promise in itself of a steady flow of customers; therefore getting a unit and subletting it out seems a good way of earning a tidy monthly sum.
