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| On final lap of development |
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Farlim Group executive director Ng Bok Tye gives an insight into one of the Penang 's biggest and most successful single development projects by a private company – the Khoo Kongsi's Bandar Baru Ayer Itam township. |
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Five years from now, the remaining segment of Bandar Baru Ayer Itam – popularly known as Farlim – that is still undeveloped will be built up, Farlim Group executive director Ng Bok Tye said. |
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| To date, about 90% of the 144ha township has been developed, with more apartments, shophouses and landed property homes to be constructed soon on the last segment, he said. |
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He said plans to develop the entire 144ha were approved by the local authority in 1985 and since then, the Farlim Group has transformed the area into a full-fledged township.
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| “The development value is more than RM1bil to date. Our single-storey and double storey homes are estimated to be worth between RM300,000 and RM500,000 now – that's more that double the original price. |
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| Although Farlim is actually the name of the developer, many Penangites still refer to the township as “Farlim” rather that Bandar Baru Ayer Itam. |
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| While some feng shui consultants believe that Thean Teik Estate (“blessing from heaven” in Chinese ) – the land's original name, is auspicious and thus has a positive influence on the property's growth, Ng offers a more pragmatic explanation. |
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| Good feng shui happens when good planning meets good architectural design!” he said. |
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