Business as usual: Shoppers, unperturbed by the controversy, looking for good deals at M Mall in Penang.

GEORGE TOWN: The Mpire Residences is being developed for MBI members to invest in and will be officially launched at the end of the year, according to a real estate agent.

The agent said the RM1bil mixed-develoment project is open for registration and has attracted mainly bookings from overseas MBI members.

“The project is also open to local buyers who are not MBI members,” he said, adding that Mpire Residences is expected to do well because of its strategic location near the Penang Bridge and the Penang International Airport.

He said the high-rise residential units were priced from RM980,000 each, with built-up areas starting from 1,200sq ft.

“Given the location and facilities available, the pricing of Mpire Residences is very competitive,” he said.

A source said the project developer Paramount Solaris was a joint-venture company set up by Penang and Kuala Lumpur-based investors.

A local investor, who declined to be named, said regardless of whether MBI was involved or not in developing the project, he was considering booking a unit.

“I have confidence that the project will generate a steady rental revenue for long-term investors,” he said.

A Penang-based company is the turnkey contractor for the project. The role of a turnkey contractor is to develop a finished product for buyers.

Meanwhile, it appears to be business as usual at M Mall in Penang Times Square here where MBI members can still use loyalty reward points to shop.

There were pockets of Chinese tourists shopping for bargains at the stores there while a sizeable crowd could be seen at a cafe.

A salesgirl said there has been a continuous stream of small groups of Chinese tourists to the mall over the past few days.