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Upcoming affordable housing by EcoWorld

December 9th, 2019 No comments 中文版

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Penang State Government in partnership with Eco Horizon Sdn. Bhd. will develop another Type-A affordable housing project near Kalidonia Farm at Southern Seberang Perai (SPS).

Chief Minister, Y.A.B. Mr Chow Kon Yeow said the project which features 272 low-cost housing units on 15.106 acres owned by the Chief Minister’s Corporation (CMI) would be built in two phases at a cost of RM50.94 million funded by Eco Horizon Sdn. Bhd.

He said the project would relocate the existing residents of the Kalidonia Farm, while the rest would be offered to applicants who are registered with the State Government under the Type-A affordable housing to help people in the state own homes, especially the low-income group.

 

“The plans for the project have already been approved by the Seberang Perai City Council (MBSP) to provide 112 housing units for Phase I and 160 units (Phase II),” he explained during a press conference here yesterday.

Commenting on this, Kon Yeow, who is also the Exco of Land Affairs & Land Development, Transportation and Communications, explained that the project will be built in two phases as residents were still living in the affected areas.

“Phase I of the project does not affect the population as developers will begin construction in areas that do not involve existing residents.

“When completed (Phase I) is expected to be completed by 2022, residents will be relocated and only Phase II work will commence,” he said.

For the record, the company Eco Horizon Sdn. Bhd. is a subsidiary of Eco World Development Group Berhad which has carried out three developments in the state namely Eco Terrace near Paya Terubong, Eco Meadows (Simpang Ampat) and Eco Horizon (Batu Kawan).

 

Source: Buletin Mutiara

 

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Strong interest from mainland Chinese buyers expected next year

December 9th, 2019 No comments

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Chinese international property portal Juwai.com, forecast there will be stronger interest from Chinese buyers next year with the lowering of the minimum price threshold for foreign buyers on high-rise property.

In its 2020 budget, the government proposed helping the industry sell some of its unsold new homes by temporarily lowering the minimum price threshold for foreign buyers on high-rise property in urban areas from RM1 million to RM600,000.

The lower threshold will only apply between January 1 and December 31, 2020, after which date the threshold reverts to RM1 million.

Juwai IQI executive boardmember, Kashif Ansari said, the real estate industry views positively the government’s move to temporarily reduce the minimum price threshold for foreign buyers.

That is the conclusion of the Juwai IQI survey of 386 Malaysian real estate agents, conducted between 6 and 21 November 2019, he said.

“With the lower threshold in 2020, we forecast stronger interest from our buyers. Is it good, or is it bad? Nationwide, 71 per cent of surveyed agents approved, calling the lower threshold either “a little good” or “very good.” More than one-third, or 35.1 per cent, of surveyed agents believe the lower threshold is “very good.”

“The fact that everyone agrees upon is that the markets are suffering from an excess of unsold property. By lowering the price threshold for a short time, the government hopes some of these unsold properties will find buyers. Developers will then have the funds to invest in and begin construction on projects more suited to the local buyer in today’s market,” said Kashif.

Kuala Lumpur, Penang, Selangor, and Johor combined have an overhang of 9,315 high-rise units valued at RM6.775 billion.

Data from the Valuation and Property Services Department of Malaysia (JPPH Malaysia) shows that Kuala Lumpur has the highest overhang of unsold completed condominiums and apartments. As at the first quarter of 2019, the high-rise overhang in Kuala Lumpur stood at 2,544 units, worth about RM2.338 billion, followed by Penang with 2,684 units valued at RM2.13 billion, Selangor (2,113 units; worth RM1.144 billion) and Johor (1,974 units; RM1.163 billion).

According to Kashif, the property market was most positive about the lower thresholds in Kuantan, Penang, Melaka, and Sarawak.

Kuantan had the highest rate of approval, with 75 per cent of agents from that state calling the initiative “very good,” he said.

In every state with sufficient survey responses for analysis, at least 62.5 per cent of respondents consider the lower threshold to be “a little good” or “very good.”

The states with the highest number of negative responses, in which agents call the lower price thresholds either “a little bad” or “very bad,” are Melaka (15.8 per cent), Kuala Lumpur/Selangor (7 per cent), and Sabah (8.1 per cent). Nationwide, 8.6 per cent called the change “a little bad” or “very bad,” said Kashif.

Malaysia a good market for mainland Chinese

Kashif said, recent reports by Juwai found that mainland Chinese buyers accounted for RM8.4 billion (US$2 billion) of total Malaysia residential property sales per year, and less than one per cent of all transactions.

He also said, Chinese buyers made 16.5 per cent more enquiries on Malaysian property in the third quarter of this year than in the same quarter of 2018.

In the first half of 2019, Malaysia was the fifth most popular country for Chinese property buying inquiries in the world, he added.

“Malaysia is especially appealing to buyers motivated by lifestyle, retirement, or education. It has affordable standards of living, high quality of life, medical facilities, and accessible educational institutions. Malaysia consistently ranks among the best places to live,” he said.

Kashif said the trade war encourages global corporations to relocate their operations to Malaysia due to the country’s productive labour force and strategic location.

These new investments in factories and distribution centres also lead to a certain amount of housing investment as foreign business people move to Malaysia.

“Malaysia is an essential player in the Belt and Road Initiative, as 80 per cent of China’s trade moves through the Straits of Malacca. The difficulties in Hong Kong have contributed to a strong increase in demand from Hong Kong. Total numbers of Hong Kong buyers will not be as large as some imagine because Hong Kong itself has a relatively small population,” he said.

Source: NST Online

 

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Penang South Islands

December 7th, 2019 1 comment

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The Penang South Island (PSI) project embodies the social and economic goals at the heart of Penang 2030. Measuring 4,500 acres of state-owned land, the project will span three islands that comprise an advanced new ecosystem and serve as a model for the future of work and livability in Malaysia.

psi-map-srsOn the lifestyle front, PSI will deliver 20,000 new homes including affordable housing, mixed-used residential and landed residential. Future residents will enjoy over 13 kilometers of public beaches, 140 acres of coastal parks, 12 kilometers of cycling tracks and plenty of open green spaces. Smart city components including digital connectivity and energy management will future-proof infrastructure across the islands, while eco-conscious development will ensure a sustainable environment that takes the challenges of climate change into account.

PSI will attract a new wave of tourists to Penang, which is already one of Malaysia’s top tourism destinations. An idyllic waterfront area dubbed “Heart of the Island” will be the main draw with its public square, retail walk, convention center and Instagram-worthy views. It will also offer a vibrant mix of entertainment and lifestyle options that rival those in popular high streets around the world.

A robust integrated transit system will make it easy for residents and tourists to commute throughout PSI. The system will include highway, light rail transit, trams and water taxi services. Walkability and bike-ability also make personal mobility a great option for thoughtful connectivity.

A Place to Live, A Place to Work

Where electronics and manufacturing for low-value sectors once drove Penang’s economy, the future lies in advanced manufacturing and R&D facilities for the next generation of digital technologies in aim for high-value E&E sector.

PSI will include an 800-acre Smart Industrial Park that will create a range of new jobs for the country’s young population and draw global companies looking to expand their businesses and tap into the potential of Southeast Asia’s burgeoning middle class. The Smart Industrial Park will cater to companies producing everything from automotive electronics and mobile devices to cloud computing technology and digital medical devices.

The Smart Industrial Park will be a boon for companies looking for new industrial land to locate high-tech production facilities, house a campus for software and business services and much more. With 480 multinationals already operating in nearby Bayan Lepas Free Industrial Zone – an area that has driven economic growth in Penang for forty years – the challenge won’t be attracting companies, it will be finding space for everyone that wants to take advantage of what the Smart Industrial Park has to offer.

Laying the Foundations of the Future

Like all of the best things, developing PSI will take time. Phase one of the PSI work is scheduled to commence in the second half of 2020, and will focus on developing the first 2,300-acre island over the course of ten years. Yet, the first benefits will come as soon as that begins. Reclamation during phase one is expected to create 9 billion ringgit worth of new construction jobs.

Throughout the course of its development and long after its completion, PSI will be a catalyst for Malaysia’s economy and help the country achieve high-income status along the way. Once PSI reaches its full potential, it will serve a model for how people in one of Asia’s most dynamic countries will live, work and play in the future.

Source: Penang State Government

 

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SITE PROGRESS: Utropolis @ Batu Kawan (Dec 2019)

December 7th, 2019 2 comments

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About Utropolis @ Batu Kawan

A mixed commercial development by Paramount Property in Batu Kawan, Penang. Strategically located next to UOW Malaysia KDU Penang University College, just a stone’s throw away from IKEA furniture store. There is also a proposed linkage to the Design Village Outlet Mall.

Find out more about Utropolis @ Batu Kawan:

 

Penang to sign key agreement on Penang South Islands in Jan 2020

December 6th, 2019 No comments

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Penang Chief Minister Chow Kon Yeow today said the state will sign a major agreement next month to realise its 1,821ha three-island project (Penang South Islands), which forms an important part of the RM46 billion Penang Transport Master Plan (PTMP).

He said once the agreement was signed, the project’s delivery partner, SRS Consortium Sdn Bhd, would come up with a detailed design and plan for the PTMP, which includes reclamation, rail, roads and other associated works.

Besides the detailed design, once the agreement is signed, tenders will be called and the contractors will be hired later.

Chow said this agreement can be only signed once all relevant approvals are obtained.

In the meantime, he said the state government would now await a RM10 billion sukuk bond to be issued and a federal government guarantee for the bonds.

“Depending on the financial arrangement and the bond guaranteed by the government, we will decide what to start off with first,” he said at a press conference in Komtar today.

Chow said the top priority was the three-island project, now dubbed Penang South Islands (PSI), followed by the Bayan Lepas Light Rail Transit (LRT) and the Pan Island Link 1 (PIL1) highway.

The 30km LRT line will cost about RM8 billion and will begin in June next year. It will take five years to complete.

The 20km PIL 1 highway will cost about RM7.5 billion.

Chow also revealed that 27 groups had been shortlisted for the PSI master plan competition. A total of 124 consortiums had earlier indicated their interest, he said.

Two-thirds of those shortlisted are foreigners.

The competition is co-organised by the northern chapter of the Malaysia Institute of Architects. Winners will be announced next April.

He said an honorarium of US$125,000 (RM520,000) will be paid to each of the five shortlisted groups. The state government has set aside RM5 million for this purpose, along with the cost of organising the competition.

The PSI is the Penang government’s RM46 billion project to reclaim three islands and later sell them to the highest bidder to build highways, the LRT line and other modes of transport.

The project will be undertaken by SRS Consortium Sdn Bhd, a joint venture between Gamuda Bhd and Penang real estate development firms Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd.

The Edge Markets recently quoted Gamuda Bhd managing director Lin Yun Ling as saying that the first package of the Bayan Lepas LRT would be awarded by mid-2020.

 

Source: Free Malaysia Today

 

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