Singapore-based Azea Property Investment is expanding its property portfolio in Malaysia with a new commercial complex project in Georgetown worth RM43 million.
In a statement Thursday, the company said it would be building a five-storey building called "Anson Cube", touted to become Penang's newest meeting point and business hub because of its strategic location and easy accessibility to major landmarks. .
"The property market is hot across the causeway and we are actively looking for more investment opportunities," said Azea Property's chief executive officer Tan Yang Po.
For the Penang project, Azea Property would team up with Dot Greenland Sdn Bhd, to undertake the project through a joint-venture company, Tri Mega Venture Sdn Bhd. .
Its other properties in Malaysia include the luxury high-rise serviced apartment units in Setia Sky Residences near the Kuala Lumpur City Centre as well as a 30 per cent stake in the RM500 million high-end waterfront condominium development in Johor Baharu. - Bernama