November 18th, 2019 No comments


i-Jewel, a proposed freehold mixed development by GVC Property Sdn. Bhd. (Ideal Property Group) at Sungai Ara. Strategically located along Persiaran Bayan, adjacent to SK Sungai Ara and SJKC Chong Cheng. It is about 1km to Setia SPICE Arena, under 5 minutes’ drive to Penang International Airport.

This development will see the construction of a 39-storey condominium, featuring 389 residential units with 8 levels of multi-storey carpark. There will be 23 units of shop offices located at the lower floors.

The project is still in its planning stage. More details to be available upon official launch.

Project Name: (to be confirmed)
Location : Sungai Baru
Property Type : Mixed development
Built-up Size: (to be confirmed)
Total Units: 389 (condominium), 23 (shop office)
Indicative Price: (to be confirmed)
Developer : GVC Property Sdn. Bhd. (Ideal Property Group)

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Penang govt assures factory owners of fair land valuation

November 18th, 2019 No comments


The Penang government will have to study very carefully to come out with a win-win situation regarding the land lease premium rates for industrial land.

Chief Minister Chow Kon Yeow said currently the state Land and Mines Department is gathering all state agencies to discuss land development in the state.

“We want to look into the issue. They have completed their first round of discussion and will be reporting back to the exco.

“Of course, one of the issues is that since we started the industrialisation about 50 years ago, the land lease for industrial plot is usually 60 years and the 60 years are going to expire in the next five, 10 or 15 years.

“So for some of the investors, they are quite concerned about the amount of premium rates that the state would charge for a new lease of 60 years.

“But don’t worry. The state government ensures a clean and straightforward process to extend land lease,” Chow told reporters after officiating the Seminar & Book Launch – ‘From Free Port to Modern Economy: Economic Development and Social Change in Penang, 1969 to 1990’ at Penang Institute in George Town today.

Chow said the state government relies solely on the valuation by the state Land and Mines Department. It is the government valuation agency that decides the value of the land and recommends the premium rates to be charged.

“So, it is a very transparent process.

“The renewal rates should be calculated based on the current market value at the time of application and not based on the original price of the land.

“We cannot compare today’s land prices with the original prices of the land. It was cheaper then because some of the land were used to be coconut plantations, but today all of these land are matured industrial zones.

“So the department will consider all of these factors,” he added.

He also said that land revenue was the state’s biggest source of revenue and would require a very detailed discussion and consideration before making any decision.

“From the land revenue we get, the state can have a sufficient source to look after the people’s welfare and to spur the development in the state,” Chow said.

Speaking about the programme, Chow said the state government was committed to ensure the legacy left by the late Tun Dr Lim Chong Eu would be continued towards the path of industrialisation and modernisation.

He said the industrialisation and modernisation in Penang would never end because there was still so much work to do.

“The thing about this so-called ‘modern economy’ is that it is never modern enough.

“There is always more catching up to do, and once you slow down, you get left behind.

“So, today my administration has to continue the work and to continue responding to the challenges of the day,” he said.

According to Chow, the state government is always grateful and values the noble contributions by the Penang second chief minister to make the state what it is today.

“I am glad to be reminded of how much innovation and strategic boldness were needed for Penang to emerge from the bad times of the late 1960s to become the Silicon Valley of the East.

“We should all pause a minute to imagine the enormous task that Tun Dr Lim Chong Eu and his team took upon themselves.

“Much depended upon them to succeed at the time. If they have not succeeded, the brain drain from Penang would have been many times worse.

“But they succeeded and with that success, Penang’s connection to the global economy and to global possibilities, are kept alive. We are where we are today because of them,” he added.

Also present were Penang Development Corporation (PDC) general manager Datuk Mohd Bazid Abd Kahar, Penang Institute executive director Datuk Dr Ooi Kee Beng and PDC first general manager Datuk Seri Chet Singh.

Source: Buletin Mutiara


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UPCOMING: Tanjung Bungah / BSG Property

November 17th, 2019 No comments


Proposed commercial development by Taman Sri Bunga Sdn. Bhd. (subsidiary of BSG Property) at Tanjung Bungah. Located off Lebuh Sungai Kelian, adjacent to the upcoming Waterstone residence by the same developer. It is only a stone’s throw away from Tanjung Bungah public beach.

This project will be developed in two phases, featuring a 2-storey commercial complex and 22 units of 3-storey shop offices.

The project is still in its planning stage and pending for approval. More details to be available upon project launch.

Project Name : (to be confirmed)
Location : Tanjung Bungah, Penang
Property Type : Commercial
Total Units: 22 (shop office)
Built-up Size: (to be confirmed)
Land Tenure: (to be confirmed)
Indicative Price: (to be confirmed)
Developer: Taman Sri Bungah Sdn. Bhd. (BSG Property)

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Desa Impian 2

November 15th, 2019 No comments


Desa Impian 2, a landed residential development by Asas Dunia in Bukit Mertajam. Strategically located within established neighbourhood near Jalan Rozhan, less than 3km away from AEON Mall and Tesco Hypermarket at Alma. For those who are travelling to Penang Island, this is about 20 minutes drive to both Penang bridges.

This project was first introduced in early 2019, featuring 51 units of single-storey bungalow and 18 units of 2-storey semi-detached houses. The bungalow unit has a built-up size of 2,457 sq.ft. whereas the semi-detached offers 3,543 sq.ft. Indicative price starts from RM700,000 onwards

Project Name : Desa Impian 2
Location : Alma, Bukit Mertajam
Property Type : Semi-detached and bungalow
Built-up Size: 2,457 sq.ft. (bungalow), 3,543 sq.ft. (semi-d)
Land Area: 4,252 sq.ft. onwards.
Total Unit: 51 (bungalow), 18 (semi-d)
Indicative Price : RM700,000 onwards.
Developer Asas Dunia

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Residential property sales in Penang this year to be record high since 2016

November 14th, 2019 1 comment

Michael Geh

The housing market in the country is expected to be at a record high by the end of this year since 2016, a real estate agent forecasted today.

Raine & Horne International Senior Partner Michael Geh predicted that a RM71.03 billion worth of residential properties will be sold by the end of 2019.

The registered surveyor said a total 204,840 units of properties are expected to be sold for the whole of 2019.

“This will be the highest number of transactions in four years,” the Fiabci Malaysia president said.

“A majority of the transactions are in the secondary market, but we can see increases in sales in both the primary and secondary markets,” Geh said.

The primary market refers to new property launches while the secondary market refers to the resale of pre-owned properties.

He attributed the bullish residential property market this year to the housing policies introduced by Putrajaya such as the Home Ownership Campaign.

“Positive policies to spur the housing industry have been effective to move the market in the first half of the year and this trend is expected to continue for the rest of the year,” he said.

He said the reduction of threshold prices for foreign purchasers from RM1 million to RM600,000 will continue to give positive impacts to the housing market next year.

When asked about the residential property glut and overhang, Geh said this only affects projects located in less sellable locations.

“Property stocks are dependent on land economics so projects that are in a desirable location are easily sold compared to those located in inaccessible, poor connectivity areas,” he said.

Geh added that there will be overhang units if these properties are built-in undesirable locations as people would not want to buy and live in such areas.

He defined undesirable locations as places without proper infrastructure and public transport connecting it to the cities and areas that are too far from facilities and amenities.

Over in Penang, Geh also predicted that the state will record the highest total transactions in three years.

He estimated the total residential property transactions in Penang for 2019 to reach 12,956 units worth a total RM5.5 billion.

Last year, only a total 12,552 transactions valued at RM5.47 billion were recorded in Penang.

He said the increases are noted in both the primary and secondary markets.


Graphic Source: Malay Mail


He estimated a total of 984 transactions valued at RM480 million are expected in the primary market while a total of 11,952 transactions valued at RM5.02 billion are expected in the primary market for 2019.

“A majority of the residential property transactions in the first half of 2019, at 68 per cent or 4,112 units, are made up of properties valued at below RM400,000 while the remaining are of properties priced above RM400,000,” he said.

Only 6 per cent or 390 units of the transactions are for properties priced above RM1 million, 17 per cent or 1,023 units for properties priced between RM500,000 and RM1 million and 9 per cent or 514 units for properties priced between RM400,000 and RM500,000.

A majority of the properties transacted are two to three-storey terrace houses (18 per cent), flats (17 per cent), low-cost flats (16 per cent), condominiums and apartments (16 per cent) and single-storey terrace houses (11 per cent), he said.

“Most of the properties sold are in the Northeast district on the island (32 per cent) and this is followed by Central Seberang Perai (25 per cent), North Seberang Perai (17 per cent), South Seberang Perai (14 per cent) and Southwest district on the island (12 per cent).

Geh said Penang has a total of 3,929 units of overhang residential properties as at the first quarter of 2019 with a large number of it — 2,621 units — being condominiums and apartments.

This is followed by 364 units of two to three-storey semi-detached houses, 240 units of flats, 227 units of detached houses, 200 units of two to three-storey terrace houses, 152 units of low-cost flats, 92 units of townhouses and 33 units of single-storey semi-detached houses.

“A majority of the overhang units are on the island with 40 per cent in the Northeast district and 36 per cent in the Southwest district as at the second quarter of 2019,” he said.

The percentage of overhang units on the mainland as at the second quarter of 2019 was 16 per cent in Central Seberang Perai, four per cent in North Seberang Perai and four per cent in South Seberang Perai.

He said there was a large number of unsold units for residential properties still under construction which totalled at 9,907 units as at the first quarter of 2019.

“A majority of these are condominiums and apartments (8,956 units), to be followed by two to three-storey terrace houses (406 units), two to three-storey semi-detached houses (223 units), low cost flats (207 units), flats (79 units), detached houses (29 units) and cluster houses (7 units),” he said.

Most of these units under construction that are unsold are on the island (78 per cent) while the remaining are in Central Seberang Perai (11 per cent), South Seberang Perai (8 per cent) and North Seberang Perai (3 per cent).

Geh said the federal government’s policy to spur the residential housing market and to clear the overhang meant that the residential property market will continue to be strong next year.

Source: Malay Mail


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