On final lap of development
 
 

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.

 

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.

 
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.
 

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.

 
“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.
 
Although Farlim is actually the name of the developer, many Penangites still refer to the township as “Farlim” rather that Bandar Baru Ayer Itam.
 
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.
 
Good feng shui happens when good planning meets good architectural design!” he said.
 
 
 
Source : The Star 21/6/2006 Close Window