Prime Jalan Kelawai land fetches RM130m

In response to The Edge Malaysia, one of many key properties belonging to the belief of the late Cheah Leong Keah has been bought in a deal that underscores continued curiosity in prime Penang actual property.

Sources informed The Edge that the two.32-acre freehold plot on the nook of Jalan Kelawai and Leandro’s Lane, situated nearly 100m from Gurney Paragon Mall, was bought through a young train for RM130 million, translating to roughly RM1,287 per sq ft. The location is at present occupied by eight single-storey bungalows, and the transaction is predicted to take round 9 months to conclude.

The client is alleged to be Sevenco Sdn Bhd, a comparatively new firm. An organization search revealed a number of administrators, with Koe Peng Kang standing out. In response to Sevenco’s web site, Koe is its group managing director, whereas the group chairman and government director is Jeffrey Chung.

Koe is a well-recognized identify within the property business. He joined S P Setia Bhd in 1997 as a mission supervisor and rose via the ranks to grow to be deputy president and chief working officer earlier than leaving in September 2022. Throughout his tenure, he was instrumental in pioneering Setia’s eco-themed township developments, in addition to initiating the group’s hospitality and abroad ventures. He later ventured into mission administration and consultancy, specializing in boutique and joint-venture developments.

At press time, Sevenco had not responded to queries from The Edge. Nonetheless, it’s understood that the corporate plans to develop a resort and branded residences on the prime Jalan Kelawai website.

Sevenco’s web site lists a number of initiatives throughout Malaysia, together with developments in Kedah, Penang, the central area and a number of upcoming initiatives nationwide.

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