UPCOMING: Nibong Tebal / Mapahill Development

December 11th, 2017 No comments

proposed-by-mapahill-development

A proposed 21-acres mixed development by Mapahill Development Sdn. Bhd. within the township of Nibong Tebal. Located between Jalan Sungai Daun and Jalan Ooi Kar Seng, adjacent to Taman Bistari. It is only 4km away from Jawi toll plaza, about 20 minutes drive to Penang Second bridge.

This development comprises a mix of residential and commercial components, to be development in four phases:

PHASE 1

  • 2-storey semi-detached (12 units)
  • 2-storey terrace (42 units)

PHASE 2

  • 2-storey terrace (42 units)

PHASE 3

  • 2-storey shop office (3 units)
  • 2-storey semi-detached (58 units)
  • 2-storey bungalow (15 units)
  • 2-storey terrace (14 units)

PHASE 4

  • 2-storey terrace (9 units)

The project is still pending for approval, more details to be available upon official launch.

Project Name : (to be confirmed)
Location : Nibong Tebal
Property Type : Bungalow, semi-d, terrace & shop houses
Tenure: (to be confirmed)
Built-up Size: (to be confirmed)
Indicative Price : (to be confirmed)
Developer : Hooi Hwa Development Sdn. Bhd.

Register your interest here

(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)

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No bubble in property sector

December 8th, 2017 6 comments

Some global property markets are overheated at the moment, but Malaysia certainly is not in the bubble territory.

In those markets that are overheated, home prices are rising faster than salaries amid slow demand. There is also rising interest rates, and shaky loans become the norm.

These are probably the signs to watch out for. Despite all the negativity about the Malaysian property market, it is still safe.

penang-market-view

Aerial view of Seri Tanjung Pinang

 

According to Zerin Properties founder Previndran Singhe, Bank Negara Malaysia’s early intervention to remove the developers interest bearing scheme has stabilised the market.

“I don’t think the local real estate market will crash, or there is any kind of bubble. We have not experienced the typical run-up to a bubble, which is exuberance, high price increase, demand outstripping supply and banks taking huge risks in mortgages.

“Yes, unsold units have increased. Developers need to restrategise, where either the price or product will have to change,” Previndran told NST Property.

He said although launches in the first half of this year have been slow, they are expected to pick up.

He opined that other than a drop in stamp duty and interest rates, proper communication of government policies and the impact on the market are required to boost the sector.

“We expect next year to be better as the positive economic growth this year will be felt next year. Also as a benchmark, we always lag six months to a year from Singapore, and the Singapore market has started to improve,” he said.

Still a buyers’ market

Malaysian Institute of Estate Agents past president Siva Shanker said the real estate market will continue to have mixed demand.

“I think the segment that will suffer the most in the next two years are properties in the RM500,000 to RM1 million range. Anything above RM1 million would still do well as there is less competition in that price segment. Properties below RM500,000 won’t have a problem as the market is huge.

“What will carry all these projects through is the developer’s branding, location and the quality of the properties.”

Shanker also expects the secondary market to do better because it is not speculative.

He said people buy properties in the secondary market for their own use or for their children.

“When there is no speculation in a sector, there is no adrenaline rush. Of course, the secondary market doesn’t have the look and feel of the primary market, but price-wise it is 40 per cent cheaper than new launches.”

PropertyGuru Malaysia country manager Sheldon Fernandez said unaffordability is still a major issue among many potential buyers who are dissatisfied with prices.

According to the PropertyGuru Market Index, which tracks the asking prices of homes in Malaysia, prices of residential homes on the whole remain stable, with a 0.2 per cent decrease from the second quarter to the third quarter of this year.

On a year-on-year comparison (third quarter of last year to third quarter of this year), asking prices continue to show a drop of 2.3 per cent.

Fernandez said there are many Malaysians who wish to transact within this year.

However, although the current market is in a stable condition and developers are providing incentives, they feel that properties are still overpriced.

Source: NST Online

 

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Discover Balik Pulau

December 7th, 2017 Comments off

my-balik-pulauGM Training Academy will be organizing “Discover Balik Pulau”, a holiday event at Botanica Mansion on 16th December 2017.

Event highlights:

  • Discover Balik Pulau Tour
  • Balik Pulau talk by Miichael Yeoh
  • Botanica Mansion heritage tour
  • Kids Coloring contest (Please bring you own coloring set)
  • Goats Farm
  • and many more

At Discover Balik Pulau tour, you will go through the history of Balik Pulau ,attractions, the upcoming development and also projects showcase.

* For Discover Balik Pulau tour please be there by 10.30am. The tour will take approximately 2 hours.

Click here to register for the event

After lunch, Miichael will be talking on “The future of Balik Pulau”. Facts and findings will be revealed on the day itself.

Balik Pulau because this is the only place where you can experience “live,learn,work,play,hill and farm” at the same time. Yes, you can experience paddy field, goat farming, rabbits, fishing village, Balik Pulau Food and many more.

Date: 16th December 2017

Venue:
Botanica Mansion,
Jalan Sungai Air putih,
Balik Pulau, Penang

Time: 10am – 6pm

[Sponsored Ad]

 

Categories: Property News Tags:

Penang has its own unique demand, pricing and prospects

December 5th, 2017 2 comments

penang-housing-1Penang-based property developer Asas Dunia Bhd said the Government’s blanket freeze on properties worth RM1mil and above is not the solution to the rising unsold properties in the country.

Its managing director Datuk Jerry Chan said: “A blanket freeze is not practical as each location, either within a city or state, has its own unique demand, pricing and prospects.”

Chan, who is also the immediate past chairman for the Penang branch of the Real Estate and Housing Developers’ Association (Rehda) said instead of a blanket freeze, a study needed be done to determine what type of properties remain unsold and for how long.

“Track the numbers closely as to where they are located, their price points and why there is no demand for them,” he said. “This is a more positive move than a blanket freeze,” he said.

Chan was commenting on the federal government’s move to freeze luxurious property developments announced in late November by Second Finance Minister Datuk Seri Johari Abdul Ghani as a result of a decade-high of unsold properties in the country and the oversupply of office and shopping mall space.

The move followed a Bank Negara report on the glut of unsold real estate in the country. The unsold and unutilised properties include high-rise residentials, mall and office space.

Bank Negara said up to 130,690 units of residentials were unsold in the country as at the first half of 2017, close to double the historical average of 72,239 units a year between 2004 and 2016.

These unsold properties included units which are completed but unsold, technically known as an overhang, as well as units which are unsold during construction and small offices/home offices which are built on commercial land but with a housing element to them.

The figure of 130,690 varied markedly from the National Property Information Centre’s overhang of 20,876 units, a rise of 41% from 14,792 as at the end of 2016.

Another Penang-based developer Ideal Property Development Sdn Bhd said the federal government should allow market forces to decide.

Its executive chairman Tan Sri Alex Ooi told StarBiz that there were a number of such projects planned on reclaimed land strategically located on the island.

“With the freeze, these developers would not be able to pursue their business plans to sell to overseas investors.

“However, they would still have to service the bank loans for their land bank. So the move would hit hard at them and the overall construction industry,” Ooi said.

Ooi said if developers felt they could successfully market their high-end products to overseas investors, they should be allowed to take the risk (of building units priced RM1mil and above).

“However, we fully support the move to freeze the development of new shopping malls and office buildings,” Ooi added.

Eastern & Oriental Berhad (E&O) managing director Kok Tuck Cheong said the group was waiting further clarity on the matter.

“We would like to reiterate that E&O remains invested in the communities it operates in. As a responsible developer, we will continue to ensure that our offerings cater to the cross-section of society,” he said.

Property consultancy Raine & Horne (Malaysia) senior partner Michael Geh said the freeze on residentials priced RM1mil and above would impact Penang significantly, as there are many high-end projects planned on the island that falls under that segment.

“There are also some new projects priced above RM1mil being planned in Batu Kawan,” he said.

There are developers who are unaffected by the RM1mil freeze as they have moved into the affordable segment range, Mah Sing Group being one of them.

Its senior chief operating officer Seth Lim said the new ruling would not affect its recent launch in Southbay, which is M Vista, priced from RM345,800 onwards.

“Southbay’s overall masterplan has already been approved.

“Nevertheless, we conduct market studies before we launch any new projects in order to ensure that we are meeting market demand,” Lim added.

Penang Master Builders & Building Materials Dealers Association’s (PMBBMDA) immediate past president Datuk Lim Kai Seng said construction jobs for high-end residential properties made up about 20% of total contracts given out to members in Penang.

“Most of our members are involved in the affordable and medium-pricing projects, those priced between RM250,000 and RM750,000,” he said.

As for malls and office space, he said there are “very few” shopping mall and office projects in Penang nowadays.

Currently, as a result of the shortage of new projects, the cost of construction dropped slightly by about 5%.

“The new measure would cut the supply of new high-end projects into the market and reduce further the cost of construction,” he added.

Source: TheStar.com.my

 

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Loft 28

December 3rd, 2017 No comments

loft-28-main-f

Loft 28, an upcoming commercial development located within the established township of Bukit Minyak. Located at along Jalan Bukit Minyak. This is a development by WHH Land, featuring 293 units of partly furnished serviced apartments and 7 units of shop offices. It also comes with comprehensive facilities and 24-hour security.

The project is still pending for approval, more details to be available upon official launch.

Project Name : Loft 28
Location :
 Bukit Minyak, Penang
Property Type : Commercial
No. of Storey: 29
Built-up Area :  550 sq.ft. – 933 sq.ft onwards (to be confirmed)
Total Units : 293 (suites), 7 (shop offices) (to be confirmed)
Land Tenure : Freehold
Developer : WHH Land

Register your interest here

(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)

Location Map:

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