Belleview Group's GEM Residences in Seberang Perai tops out with 60% sold

• GEM Residences also consists of 15 commercial units on the ground floor which are to be leased out.

KUALA LUMPUR (Jan 23): Property developer Belleview Group and LTC Corporation Limited, a Singapore Stock Exchange-listed company, have topped out the transit-oriented development GEM Residences with 60% of units sold, according to a press release dated last Thursday. The development is located in Seberang Perai, Penang.

With a gross development value of RM600 million, GEM Residences sits on a 5.34-acre freehold land and consists of 978 units spread across four 38-storey towers namely Coral, Ruby, Sapphire and Diamond. With eight layout types, unit built-ups range between 441 sq ft to 1,445 sq ft and comes with one to three bedrooms. Selling price starts from RM400,000, with completion expected by 3Q2024.

“GEM Residences and GEM’s 20-acre master development will transform the city skyline and living standards of Seberang Perai. With the topping out ceremony, we have reached a pivotal moment in GEM Residences’ development journey. We are committed to delivering quality homes and elevating the standards of real estate development in Seberang Perai,” said Belleview Group managing director Datuk Sonny Ho in the statement. 

GEM Residences also consists of 15 commercial units on the ground floor which are to be leased out. The rental rates have not been disclosed by the developer.

Meanwhile, facilities in the development include a viewing pavilion, sky lounge, jacuzzi, jogging track, an Olympic-sized pool, gymnasium, KTV room, a jumbo chess board and a three-tiered security system.

GEM Residences is located in Jalan Baru, Seberang Perai, which connects to the North-South Expressway and Butterworth Outer Ring Road. The development is a seven-minute drive away from the first Penang Bridge and a 30-minute drive to the Penang International Airport. There are plans for an LRT station and a Monorail station to be located in front of the development as part of the Penang Transport Master Plan.

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