Penang Island is one of the “11 Best Islands for Retirement Abroad”

November 26th, 2020 No comments

George Town

Penang has been named as one of the “11 Best Islands for Retirement Abroad” by International Living, a website that covers global retirement or relocation opportunities, earlier this month.

The other islands which made into the list were Mallorca in Spain, Ambergris Caye in Belize, Ireland, Roatan in Honduras, Isla Mujeres in Mexico, Malta, Isla Colon in Panama, Bali, Koh Samui in Thailand and Las Terrenas in Dominican Republic.

In an article published on thinkadvisor.com today, a caption on Penang read: “Penang, off the coast of Malaysia, is former British Empire outpost with an English-speaking populace.

“Penang’s largest city, George Town, is home to eclectic architecture, a vibrant art scene, and terrific street food.

“As Penang is located in the middle of Southeast Asia, resident can easily reach other destinations in the region as well as Australia and New Zealand.

“A couple can live well on a monthly budget of between $1,500 and $2,500.”

International Living’s executive editor Jennifer Stevens had said that on each of the 11 islands they highlighted, it was possible to live comfortably on a modest income.

Stevens had also said that with a budget from $2,500 a month for a couple, it stretched quite nicely in places where life was simple and the pleasures of sunshine, sand and surf were included, all for free.

Chief Minister Chow Kon Yeow has taken to his official Facebook page to say that Penang was proud to be named alongside 10 other best islands for retirement abroad.

Aside from being known as a cultural melting pot, he said, George Town in Penang was also listed as a Unesco World Heritage Site in 2008.

“In addition to that, Penang has already been recognised as the street food haven by many visitors.

“Most importantly, our Penang Lang (the people of Penang) are warm and friendly,” he added.

Last month, Penang’s assam laksa made it into the list of “The World’s 50 Best Foods” by CNN Travel.

In June, George Town made it into the list of “The 10 Best Destinations for Digital Nomads”, with good cost of living, ample co-working spaces, good level of free Wi-Fi and friendliness.

The survey carried out by Storage Cafe, an online platform that lists self-storage units for rent, polled a number of digital nomads to whip up the list of the best destinations for remote workers.

It conducted research on the 100 most recommended locations based on 20 factors such as cost of living, quality of life, friendliness to foreigners, internet infrastructure, safety, healthcare, air pollution and entertainment.

Source: NST Online


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Ivory Properties gets green lights to buy land opposite Queensbay Mall

November 26th, 2020 No comments 中文版


Ivory Properties Group Bhd (IPGB) said it has received the shareholders’ approval for the acquisition of two pieces of adjoining freehold land, totaling 1.98 hectares (ha), located opposite Penang Queensbay Mall.

The announcement was made following IPGB’s virtual Extraordinary General Meeting (EGM) today, in which shareholders and proxies participated in the meeting via live streaming, and voted in favour of the resolution.

In a statement, IPGB said the strategic purchase was in line with the company’s plan to expand its landbank in locations with growth potential and strengthen its foothold in the property market in Penang.

“The group’s landbank will increase to approximately 36.107ha from 33.99ha following the land purchase and thus provide it with greater sustainability to its future earnings,” it said.

IPGB chief executive officer Datuk Low Eng Hock said that there were big plans for the newly-acquired lands, which are considered to be one of southern Penang island’s prime land.

Low said the development plan would consist of commercial space and serviced apartments to complement the shopping demands of the increasing crowd in Penang.

“We foresee capital appreciation and rental yield in the serviced apartment which will suit the interest of young purchasers and investors,” he added.

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Source: Bernama


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Over RM20bil worth of residential properties remain unsold

November 25th, 2020 No comments


Some RM20bil worth of residential properties remain unsold due to an overhang, says Housing and Local Government Minister Zuraida Kamaruddin (pic).

“Based on the First Quarter 2020 Property Market Report by the National Property Information Centre (Napic), a total of 31,661 completed units remain unsold with a value of RM20.03bil,” she said when answering a question by Datuk Ahmad Jazlan Yaakub (BN-Machang) in the Dewan Rakyat on Wednesday (Nov 25).

She added that this was an increase of 3.3% in the number of unsold units and an increase in the value compared to the same period last year.

There were 30,664 unsold units worth RM18.82bil in the first quarter of 2019.

Zuraida said the overhang in residential units was due to several factors such as a mismatch in pricing and location.

She added that the difficulty for potential buyers in obtaining bank loans was also a factor.

To overcome this, she said that her ministry is currently developing a Housing Integrated Management System (HIMS) to replace the current data record system.

The new system, she added, would contain details such as developers’ licence, management and control of projects, enforcement, and residential ownership in private housing projects.

She said the new system is expected to be completed by the middle of next year.

However, she acknowledged that state governments have control over housing development projects in their states.

In this respect, Zuraida said her ministry will carry out an analysis on the housing sector in the first quarter of next year.

She added that the data from the analysis will be used as a basis for the ministry to advise the state governments to better plan and implement housing policies.

Source: TheStar.com.my


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Stern actions will be taken against Penang JMBs and MCs that fail to comply with SOP

November 24th, 2020 No comments


Stern actions will be taken against joint management bodies (JMBs) and management corporations (MCs) that fail to comply with the COVID-19 standard operating procedures (SOP) to curb the spread of COVID-19 in stratified buildings.

State Housing, Local Government and Town and Country Planning Committee chairman Jagdeep Singh Deo said that no punishment has been issued so far and a majority of the stratified buildings in Penang have adhered with the SOPs gazetted by the Ministry of Health (MOH) since April 6 this year.

He said that to date, over 1,400 high-rise buildings in Penang have conducted SOP compliance checks and recorded an SOP compliance rate of over 99%.

“Meanwhile, those (stratified buildings) that did not comply with the SOP have been given warnings so that they (JMBs and MCs) are aware and make necessary changes.

“I have warned both city councils that if any of these premises still did not comply with SOP, firm actions will be taken,” he told a press conference here today.

Jagdeep said that the SOP in stratified buildings should be highly addressed as the dense population within the small area served as a potential threat against COVID-19 infection.

According to him, there are 1,881 registered stratified buildings in Penang.

“Up until now, prevention is still better than cure and the only thing we, Penangites can do is to comply with the SOP. We do not want one or two individuals to jeopardise the health and security of every other Penangites,” he added.

Source: EdgeProp.my


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UPCOMING: Machang Bubok / TF Land Sdn. Bhd.

November 23rd, 2020 No comments


Proposed mixed development by TF Land Sdn. Bhd. at Machang Bubok in Bukit Mertajam. It is located on a 3.4 acres of land along Jalan Machang Bubok 1, right opposite of TF 65 shop offices. It is just a stone’s throw away from Tropicale Residency gated housing scheme, less than 10-minute drive to Bukit Mertajam Town Centre via Jalan Kulim.

This would probably the first serviced apartment in Machang Bubok, comprises two 17 and 18-storey residential towers with several retail and commercial units. The residential component will feature 192 and 126 serviced apartment units respectively.

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

Project Name : (to be confirmed)
Location : Machang Bubok, Bukit Merajam
Property Type : Mixed development
Total Units: 318 (residential), 20 (commercial)
Built-up Size: (to be confirmed)
Developer : TF Land Sdn. Bhd.

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DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.