Penang Property Talk

Sunshine Residence, an upcoming 38-storey serviced residence by Suiwah Group at Bandar Baru Air Itam. It is part of the masterplaned development of Sunshine Tower on the old Sunshine Farlim site.

The entire project will be over 3.7mil sq ft of gross area, spread over three blocks of 38-storey buildings. Sunshine Residence will be the first residential component offering 270 units of serviced apartments, with an indicative price ranges from RM900,000 onwards.

More details to be available soon.

Property Project : Sunshine Residence
Location : Bandar Baru Ayer Itam (Farlim), Penang
Land Tenure: Leasehold
Property Type : Serviced apartment
No. of Storey : 38-storey
Total Units: 270
Indicative Price: RM985,000 onwards
Developer : Crimson Omega Sdn. Bhd. (Suiwah Berhad)

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SenzVilles, an upcoming residential development by Corfield Development Sdn. Bhd. in Sungai Ara, Penang. It is strategically located next to Skycube Residence, just a mere minutes drive away from sPICE.

This development will see the construction of a 34-storey building, offering 397 residential units with size ranging from 1,080 sq.ft. onwards. Indicative selling price starts from RM480,000, come with at least 2 car parks.

Project Name : Senzvilles (formerly known as Senzo Residence)
Location : Sungai Ara, Penang
Property Type : Condominium
Total Units: 397
Indicative Price: RM480,000 onwards
Land Tenure : Freehold
Developer : Corfield Development Sdn. Bhd.

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Most developers are pessimistic on future sales performance, with 76% out of 153 respondents anticipating that their sales will be below 50% in 2H2017 and 1H2018, according to a survey by the Real Estate Housing Developers Association (Rehda) titled “Property industry survey 1H17 and market outlook for 2H17/1H18” in Peninsula Malaysia.

Rehda president Datuk Seri FD Iskandar Mohamed Mansor said 48% of the respondents planned to launch a total of 17,535 units of properties in 2H2017.

Among the 17,535 properties, 9,647 are high-rise residential properties, 7,386 are landed houses and 502 are commercial properties.

As purchasers are taking a longer time to secure their loans and market sentiment remains weak, a majority of the developers are taking a conservative view of the performance of future launches.

The survey results showed that 39% of respondents expected sales in 2H2017 and 1H2018 to be around 26% to 50%, while 17% expected sales to stay below 25%.

Despite this, 16% of the respondents anticipated future sales to be around 51% to 75%, while 2% are optimistic about achieving above 75% sales in 2H2017 and 1H2018.

Meanwhile, as developers anticipate dampened market sentiments to extend to next year, most of them are adopting flexible pricing strategies to attract buyers.

For instance, the survey showed that Penang developers tend to lower the selling price range to RM250,001 to RM500,000, from RM500,001 to RM1 million in 1H2017.

In terms of market outlook, 48% of respondents have a pessimistic view of 2H2017 and 37% of respondents remain negative on the property market performance in 1H2018.

Besides this, the survey also revealed that 45% of property purchasers in 1H2017 are first-time homebuyers, followed by upgraders at 33%.

FD Iskandar noted that most buyers are buying for their own stay, upgrading homes or buying for family members.

Source: TheEdgeProperty.com.my

Eastern & Oriental Bhd expects a strong financial performance this year from the ongoing sale of its properties and the planned disposal of several major non-core assets.

The property developer has RM840.6mil in unbilled sales, which will be recognised progressively over the next two years.

It has also identified seven non-core assets including several parcels of land and retail malls to be divested.

Group MD Kok Tuck Cheong pointed out the group would also be recognising profit from the disposal of a portion of the company’s Seri Tanjung Pinang phase 2 (STP2) project in Penang to Kumpulan Wang Persaraan (Diperbadankan) (KWAP) for RM766mil.

Setia water themed development concept (Lepironia Garden @ Setia Eco Glades)

Setia Fontaines, an upcoming 1,675-acres freehold township development by SP Setia at Bertam. Strategically located adjacent to Bandar Putra Bertam, less than 25 minutes drive to Penang bridge and Butterworth.

This development will feature two residential collections, offering park homes of single and double storey terrace, cluster, semi-detached and bungalow houses. Lush greenery and scenic waterways designed around nine islands and nine regions, adorned with fountains and water features.

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

Project Name : Setia Fontaines
Location : Bertam, Penang
Property Type : Township development
Land Tenure: Freehold
Total Units: (to be confirmed)
Built-up Size: (to be confirmed)
Indicative Price: (to be confirmed)
Developer : SP Setia

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