Image source: Kwong Wah Yit Poh

Foreshore Residence, one of Penang’s most strategically located affordable housing developments, has been completed, with homeowners set to receive the keys to their new homes during an official handover ceremony on Aug 31.

Located along the Jelutong waterfront, the development stands out for offering affordable homes in the heart of George Town, where land values have reached nearly RM1,000 per sq ft. Despite its prime location, the Rumah MutiaraKu units were priced below RM300,000, making city-centre homeownership more attainable for Penangites.

State Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu described the project as one of the state’s premier affordable housing developments, citing its strategic location, affordability, accessibility and scenic sea and city views. He added that the development’s connectivity will be further enhanced by the proposed Penang Light Rail Transit (LRT) line.

The Foreshore development comprises two residential components. Foreshore Residence features 402 fully sold Rumah MutiaraKu Category C3 units measuring 900 sq ft, together with 80 fully sold Category C2 units sized at 800 sq ft. Residents will enjoy a dedicated facilities floor, five lifts and a low-density design with just 16 units per floor.

The development also includes 192 serviced apartments, of which about half have been sold. Available in three layouts ranging from 689 sq ft to 1,187 sq ft, the serviced apartments come with tandem parking and may be legally operated as short-term accommodation.

In addition, the project incorporates 14 double-storey shop offices, with seven units still available for sale.

Sundarajoo said the project had overcome numerous challenges since its inception, including land acquisition and technical issues, through close collaboration between the state government, the developer, consultants and relevant agencies.

The official handover ceremony, themed “Penyerahan Impian”, will take place on Aug 31, fulfilling the dreams of hundreds of homebuyers.

The completion of Foreshore Residence also marks another milestone in Penang’s housing agenda. The state has around 180,000 housing units completed, under construction or in various planning stages, keeping it on track to achieve its target of delivering 220,000 homes by 2030 and expanding homeownership opportunities for Penangites.

Kerjaya Prospek Group Bhd (KPGB) has strengthened its position in Penang through the completion of a strategic investment in Aspen Vision Land Sdn Bhd (AVL) and the acquisition of full ownership of Tanjung Bungah Development Sdn Bhd (TBD), both entities linked to Aspen (Group) Holdings Ltd.

In a filing with Bursa Malaysia, KPGB said its wholly owned sub-subsidiary, Kerjaya Prospek Ventures Sdn Bhd (KPV), has completed the subscription of new shares in AVL, giving it a 49% stake in the company. Separately, KPV has entered into a share sale agreement with Aspen Vision Tanjung Sdn Bhd to acquire the remaining 40% equity interest in TBD for RM80, resulting in TBD becoming a wholly owned subsidiary within the KPGB Group.

The move follows an earlier joint venture arrangement established in July 2025 to jointly develop two freehold parcels in Tanjung Bungah under Lot 2601 and Lot 3603. The land transaction, valued at RM117 million, together with estimated development expenditure of about RM124 million, represented 10.91% of KPGB’s net assets based on its audited financial statements for the year ended Dec 31, 2024.

The site was previously proposed for HH Park and Residence, a mixed development by Aspen comprising residential and commercial components. The project, which had been unveiled several years ago, has yet to materialise. With KPGB now taking full control of Tanjung Bungah Development Sdn Bhd following the termination of the earlier joint venture and shareholders’ agreements, attention is likely to shift to the group’s plans for the strategically located parcels overlooking the northern coast of Penang.

DEVELOPMENT SITE:

Located within Aspen Vision City, a 247-acre freehold township, Versa forms part of a thoughtfully master-planned township where homes, shops, parks, offices and lifestyle conveniences are seamlessly connected. As homebuyers increasingly seek more than just a desirable address, Versa delivers a balanced living experience defined by space efficiency, flexibility and long-term value.

Designed for How People Live Today

Versa features two 37-storey towers, with 490 units in each tower, and is targeted for handover in 2027. Units come in 2-bedroom layouts ranging from approximately 703 sq ft to 868 sq ft, a size range that makes perfect sense for urban living.

Versa Upgraded Option is now available for selected 2-bedroom units, allowing buyers to upgrade to a smart and functional 3-bedroom layout with semi-fitted finishes. It is the kind of flexibility that becomes genuinely useful in real life, whether that extra room becomes a study area, a guest room, a child’s room or simply more usable space as life evolves.

A Location That Is Already Well-Connected

Versa enjoys excellent connectivity, with key transport links and amenities already in place. Located just minutes from the Penang Second Bridge, it offers seamless access between the mainland and Penang Island’s major business districts. Residents also benefit from close proximity to prominent lifestyle destinations such as IKEA Batu Kawan, Design Village Outlet Mall, and Klippa Shopping Centre; placing dining options, retail experiences and daily essentials within effortless reach.

Complementing these conveniences is the 25-acre Central Park within Aspen Vision City, which provides a vibrant green sanctuary for recreation, wellness and community engagement. The development is also strategically positioned near the Batu Kawan Industrial Parks, home to a growing concentration of multinational corporations and manufacturing investments that continue to drive employment opportunities and economic growth in the region.

Together, these advantages contribute to Batu Kawan’s growing prominence as a dynamic urban hub, where residential, commercial, industrial and lifestyle components converge to create a well-connected, highly liveable destination.

Facilities That Go Beyond the Standard List

Versa does not stop at the usual pool-and-gym formula. It includes sports court, a putting green and even a skating rink, alongside a swimming pool, a fully equipped gym, yoga spaces, a multi-purpose hall, BBQ areas and landscaped gardens.

There is also a sky facilities deck on Level 35, with views of the city, surrounding greenery and even the distant coastline.

Part of a Bigger Township Story

Versa makes even more sense within the context of Aspen Vision City. The township includes residential areas, education hubs, healthcare facilities such as Columbia Asia Hospital Batu Kawan, and lifestyle conveniences like Soccer Experience, a Caltex petrol station and a 25-acre Central Park.

Add major nearby attractions such as IKEA Batu Kawan and Klippa Shopping Centre, the township begins to feel less like a development in progress and more like a place with its own daily rhythm.

Aspen has also committed approximately RM561 million in infrastructure investment to support and enhance the wider development. That investment has contributed to the improvement of road networks, connectivity and key facilities, making the township easier to live in, get around and better supported for long-term growth.

Why Versa Deserves Attention

Versa’s strength lies in how well it fits the way people live now and in the foreseeable future. It is practical, well-planned and easy to live in, with seamless connectivity that adds convenience to everyday life.

For first-time home buyers, upgraders and investors, Versa offers a compelling residential proposition in a well-connected location backed by robust infrastructure and growing momentum, presenting long-term value potential.

This is what makes Versa worth a closer look. If you are curious about the layouts, pricing or how Versa feels in person, click here to connect https://bit.ly/LiveChatWithAspen_Versa.

The Seberang Perai City Council (MBSP) has been urged to strengthen its existing planning approval requirements to ensure open spaces in new residential developments are equipped with quality recreational facilities from the outset, instead of remaining underutilised for years.

State Exco for Trade and Community Unity, Goh Choon Aik, said developers are currently only required to allocate 10% of the development land for open spaces and provide basic playground facilities. He proposed that MBSP incorporate clearer conditions under its Planning Permission (KM) approvals to require more comprehensive amenities.

These could include jogging tracks, exercise stations, aerobics plazas and underground drainage systems, allowing open spaces to enhance residents’ quality of life while preventing water ponding after heavy rain.

According to Goh, if technical constraints prevent developers from setting aside the full 10% of land, the shortfall should be compensated through the provision of more complete recreational facilities.

He made the remarks during the launch of the upgraded open space at Taman Mutiara Teratai in Bukit Tambun on 24 June.

The completed project features a jogging track, pedestrian walkways, underground drainage, children’s playground, outdoor fitness equipment, plaza, benches, waste bins, safety signboards and additional landscaping.

Goh, who is also the Bukit Tambun assemblyman, said the high-quality upgrade carried out by MBSP should serve as a benchmark for future residential developments.

Earlier, MBSP Mayor Datuk Baderul Amin Abdul Hamid said the local authority spent approximately RM176,006 to upgrade the 3,000-square-metre open space with various recreational facilities.

He added that MBSP remains committed to enhancing open spaces in existing residential areas in the future, subject to additional allocations or stronger financial resources.

The proposal aims to ensure residents in new townships can enjoy well-planned and functional recreational spaces without having to wait for future public funding.

Eden at Botanica CT and AIA Pension and Asset Management Sdn Bhd (APAM) have entered into a Memorandum of Understanding (MoU) to introduce the integration of Private Retirement Scheme (PRS) solutions into a senior living offering, supporting greater financial preparedness for Malaysia’s ageing population. The collaboration reflects a growing focus on combining lifestyle and financial planning solutions, with PRS providing a structured approach to long-term retirement savings.

This collaboration reflects a growing trend to integrate retirement financial planning into senior living developments. Centred on the government-launched Private Retirement Scheme (PRS), it underscores the growing importance of planning for retirement in supporting Malaysia’s seniors with active, independent and financially secure ageing.

The collaboration comes as a timely, strategic move that responds to the country’s gradual transition towards becoming an ‘aged nation’, with 19.8% of the total population and 26.2% of Penang’s population projected to be aged 60 or above by 2040.

The signing ceremony saw the Memorandum of Understanding formalised by Dato’ Seri Kenny Ong, Director of Eden at Botanica CT Sdn Bhd and Group Chairman of MTT Group of Companies; representing Eden at Botanica CT, and Puan Nur Aini Ali Kasim, General Manager of APAM. The ceremony was witnessed by YB Puan Lim Siew Khim, Penang State Executive Councillor for Social Development, Welfare & Non-Islamic Religious Affairs; Mr. Leonard Theng, Group Property & Asset Director, MTT Group of Companies; alongside invited guests, partners and stakeholders.

The PRS solution provides a structured approach to long-term retirement savings and complements Eden at Botanica CT’s senior living offering by supporting residents’ financial preparedness. It combines healthcare, financial preparedness, lifestyle products and community care into a complete ecosystem to deliver sustainable retirement solutions.

Under the collaboration, purchasers receive a contribution of RM 25,000 from Eden at Botanica CT to be invested into AIA Pension and Asset Management’s PRS funds upon purchasing a residential unit at Eden at Botanica CT, which is set to complete in 2027 within the Botanica.CT township in Balik Pulau. Buyers will also obtain a complimentary Personal Accident (PA) insurance coverage as part of this collaboration, reinforcing a holistic approach to supporting wellbeing throughout retirement.

As rising medical costs become a growing concern, this collaboration supports individuals in buildinggreater financial resilience for retirement. By empowering their retirement aspirations, it ensures they are equipped to handle challenges that may arise in their golden years.

“Our ageing population is both a challenge and an opportunity to rethink what retirement living should look like. Eden at Botanica CT’s commitment extends beyond accommodation to building a holistic ecosystem that supports healthy and active ageing, enabling seniors to live independently, access the support they need and enjoy greater peace of mind in their retirement years,” said Dato’ Seri Kenny Ong.

“Healthcare is a growing concern for seniors, which is why we continuously look to strengthen our care ecosystem. Through our partnership with APAM, innovation and undivided focus on our residents, we aim to play a key role in shaping the future of senior living while simultaneously helping Malaysians embrace retirement as a rewarding, enriching stage of life.”

Leonard Theng, Group Property & Asset Director – MTT Group of Companies

Mr. Leonard Theng said: “This partnership is an important step towards advancing a more holistic approach to senior living. Beyond having a place to call home, proper retirement planning is becoming increasingly critical as people seek greater financial preparedness for their later years. Our scheme sets Eden at Botanica CT apart, and combined with our end-to-end approach, we hope to empower seniors to plan ahead, live independently and embrace retirement with greater confidence, security and peace of mind.

Puan Nur Aini Ali Kasim said: “Retirement is no longer something abstract or distant, Malaysia is moving steadily towards becoming an ageing society. APAM’s focus has always been on helping individuals build something progressively over time, through a structured and disciplined approach. What matters most to us is the role we play in helping individuals prepare, quietly, but meaningfully for the future.” She frames APAM’s philosophy as one rooted in long-term stewardship, an understated yet deliberate commitment to guiding individuals toward financial readiness over time, rather than chasing short-term outcomes.

“What makes PRS particularly important is the reality it addresses – many Malaysians risk outliving their savings. PRS was designed as a proactive solution.” Additionally, she continues, “We are extending complimentary personal accident coverage of up to RM250,000. It is about reflecting something we believe is important – that as individuals plan for the future, they should also feel protected in the present.” In doing so, she highlights that PRS is not merely a savings instrument, but a more holistic proposition, one that acknowledges both longevity risk and the immediate need for protection, reinforcing confidence for individuals at every stage of their financial journey.

Enabling buyers to own a unit rather than merely leasing one, is among the key aspects that differentiate Eden at Botanica CT from other retirement projects. Comprising 350 residential units, the development embraces a vibrant community that integrates home, wellness and meaningful connection. While the residence is primarily for those aged 60 and above, it welcomes secondary residents, including adult children below the age 60 to build an inclusive, dual-generational environment.

Further enhancing the resident experience, Eden at Botanica CT will also introduce a range of move-in-ready benefits designed to provide greater convenience and peace of mind for purchasers. Each unit will come fully fitted with kitchen cabinets and wardrobes, selected furnishings, including air-conditioning units and beds. This thoughtful approach enables residents to settle into their new homes with minimal hassle, allowing them to focus on enjoying an active and fulfilling retirement lifestyle from day one.

Residents also enjoy access to amenities that include lifestyle facilities, supplemented by licensed nursing care, 24-hour carers, smart safety & assisted living technology by Corricare Malaysia, bespoke wellness and activity programmes as well as optional on-demand services. To complete the entire health eco-system, there will also be a Care Residence nearby and a medical centre located within the wider Botanica.CT township.

To learn more about retirement at Eden at Botanica CT and how it offers quality living within a thriving community or to register your interest, please visit https://www.edenatbotanicact.com.my, email edenatbotanicact@gmail.com or call +6017-311 2699.