Archive for the ‘Property News’ Category

Developer sees positive financial contributions from projects

June 30th, 2011 No comments

PROPERTY developer Tambun Indah Land Berhad is anticipating at least 15% revenue growth this year from RM128mil recorded last year.

Its managing director Teh Kiak Seng said the company currently has six ongoing projects with total gross development value (GDV) of RM500mil.

“We will launch three more pro-jects at the end of the year, namely the BM Residence in Bukit Merta-jam, Capri Park in Butterworth and Kelisa Residence in Seberang Jaya with total GDV of RM110mil.

“We will have another project in Jelutong with three blocks of apartments and a block of office podium with GDV of RM200mil. Hopefully it can be launched by early next year,” he said after the company’s annual general meet- ing at Eastin Hotel in Penang last Friday.

The company’s ongoing projects include the Pearl Garden and Pearl Villas, Juru Heights, Carissa Park, Impian Residence, Dahlia Park and Tanjung Heights.

Teh said the company was also planning to develop an area called Pearl City consisting of over 445.15ha in Simpang Ampat.

“It will take a minimum of eight years to develop the place with GDV surpassing RM3bil.

“A business park will be sur-rounded by residential areas there and we are negotiating with hypermarkets, colleges and hospitals now. Hopefully, we can get one of them to come in.” Teh said.

He said more people from Penang island were favouring properties on the mainland.

“Last year we had about 10% purchasers from the island while this year, 35% of our purchasers are from the island.

“Properties over at the mainland are comparatively cheaper with a terrace house selling at about RM300,000,” he said.

SOURCE: The Star

Categories: Property News Tags:

Middle class homes

June 29th, 2011 No comments

PETALING JAYA: Middle class Malaysians who are aspiring to buy a home will soon be able to do so once a new Government-led initiative to build apartments costing less than RM300,000 in major cities is launched this year, Housing and Local Government Minister Datuk Chor Chee Heung said.

The affordable housing scheme, which is an addition to the My First Home Scheme for units costing between RM100,000 and RM220,000, will see stratified units priced between RM220,000 and RM300,000 being built for those with a household income of less than RM6,000 a month and who do not yet own a house.

“The Government will do whatever it can to ensure the lower income group will have a house and the medium income group will have a chance to buy a property of their own,” he said in an interview with The Star.

Chor said the plan was for units to be between 850 sq ft and 1,000 sq ft and each apartment would have a minimum of three rooms.

The ceiling price of RM300,000 will be for units built in Kuala Lumpur, Penang and Johor Baru and the price will be lower in other parts of the country.

Categories: Property News Tags:

BJCC to hasten upgrade

June 29th, 2011 No comments

TAIYO Resort (KL) Bhd is targeting the upgrading works at the Bukit Jambul Country Club (BJCC) golf course to be completed in 2012, a year before the scheduled completion.

Taiyo managing director Datuk Eiro Sakamoto said that the first nine holes of the 18-hole golf course was now 60% completed.

?The other 40% is scheduled for completion by end of the year.

?So far, we have completed replacing the grass at the putting greens with imported TifEagle grass.

?We have also completed the trenches on the fairway, which is topped up with sand to improve the drainage system of the golf course,? he said in an interview.

Sakamoto said the cow grass for the fairway was expected to be replaced with Bermuda grass by end of the year.

?We will start upgrading the second nine holes next year and this will take 12 months to complete,? he added.

Sakamoto said the renovation of the golf course would turn it into a buggy-course.

?The buggies are now restricted on only the buggy track.

?Once the renovation is done for the first nine holes, new buggies will be brought in to service the golfers, bringing them to the fairway,? Sakamoto said.

He also said Taiyo would spend about RM3mil to buy 110 new buggies.

He said renovation work for the clubhouse would start in July.

The renovation, which should be ready by December 2011, will see a restaurant serving Japanese, Chinese, and local cuisine, a terrace coffee-house and new changing rooms.

Sakamoto said the upgrading work for the 18-hole golf course is around RM6mil, while the clubhouse renovation would cost another RM3mil.

Taiyo is also allocating about RM30mil to maintain the golf course and the clubhouse for the next 10 years.

?We understand the importance of the club to attract overseas golfers to Penang and its role in promoting tourism,? he said.

Last November, Taiyo signed an agreement with Penang Development Corporation (PDC) and Island Golf Properties Bhd (IGP), a subsidiary of PDC, to undertake the management and operation of BJCC for 20 years.

Under the agreement, Taiyo will complete the upgrading works of the golf course by 2013.

?The name Bukit Jambul Country Club is expected to be changed officially to Penang Golf & Country Club soon,? Sakamoto said.

PDC general manager Datuk Rosli Jaafar said Taiyo should be given time to complete the upgrading works by 2013, according to the agreement.

BJCC liaison committee chairman Datuk Boonler Somchit said following a discussion by the liaison council and the management on May 26 regarding the poor maintenance of the second nine holes of the golf-course, Sakamoto agreed to take immediate action to improve conditions.

?Sakamoto also reassured that the renovation deadline of the first nine holes will be met by December this year,? he said.

SOURCE: The Star

Categories: Property News Tags:

Economists expect interest rates to rise

June 29th, 2011 No comments

PETALING JAYA: Inflation will most probably rise in June, driven by increasing non-food prices and the electricity tariff hike. But economists are mixed on the longer-term trend of inflation as global energy prices have started to recede.

May’s inflation, up from 3.2% in April, also marks the highest rise since March 2009.

“Inflation is increasingly becoming a nuisance … We expect inflation to further gain momentum in June, following the electricity tariff hike for the first time in three years. This will see some levels of transfer pricing to end-users by business,” said MIDF head of economics Anthony Dass.

He expects June inflation to hover around 3.5% as prices of housing, utilities and fuels continue to add pressure. Effective June 1, the average electricity tariff has been increased by 7.12%.

Thus, Dass expects the overnight policy rate to be raised by another 25 basis points as this will ease inflation pressure and also contain further erosion of the negative real returns now at 0.3%.

“We believe our outlook of a stronger ringgit (of RM3=US$1) and higher base comparison in the second half of 2011 is inadequate to contain inflation pressure,” Dass, who reiterated his 2011 inflation forecast of 3.3% from 1.7% in 2010, said.

Meanwhile, CIMB head of economics Lee Heng Guie believes that inflation pressure will gradually ease off going into the second half, thanks to the easing global oil price. He expects inflation to increase at a slower pace of 3% to 3.2% between July and December, taking inflation to average 3.2% in 2011.

Lee also maintains his expectations that Bank Negara will raise interest rate by 25 basis points to 3.25% in the third quarter. The timing will be a close call between July and September.

“Compared with the previous rate hike in May, we think the confluences of external headwinds have tilted the balance of risk towards the downside for the growth outlook.

“As such, this necessitates a careful assessment on whether the current soft patch will be short-lived or prolonged before making the next rate move,” said Lee.

Taking a closer look at the numbers, core inflation, which excludes changes in the prices of food and energy, headed higher to 1.8% from 1.6% in April as non-core inflation spilt over to the core components. In January to May, inflation increased 3%.

Breaking it down, food inflation eased to 4.5% from 4.9% in April amid higher prices of chicken and sugar, which increased by 20 sen per kg in May.

However, transport prices accelerated to 6% in May from 5.3% in April, driven by the 20 sen price hike in petrol RON97 on May 5.

“We expect inflation to peak in June at 3.4%, reflecting the combined knock-on effects of power tariff hike, the removal of diesel super subsidy as well as costlier fish as fishermen went on strike over diesel subsidy cut,” said Lee.

He said the good news was the 10 sen cut in petrol RON97 in June to RM2.80 per litre would help to offset the price pressure. Hence, price pressures should start to subside in the second half.

Source: The Star

Categories: Property News Tags:

Tanjung Bungah’s only super condo to be ready in two years

June 27th, 2011 No comments

1 TANJONG which represents Lone Pine Group of Companies’ maiden foray into the luxury super condominium market, is set for completion by 2013.

The group’s marketing and corporate affairs general manager Mabel Ooi said work on the two 41-storey towers was on track.

“We’ve incorporated eco-friendly features that reduce heat absorption as well as energy and water consumption and have applied for the Green Building Index (GBI) certification. The targeted completion date is two years from now.”

“So far, response from both local and foreign buyers is good. We have potential purchasers from Singapore, Kuala Lumpur as well,” she said, adding that 1 Tanjong, a freehold project, was among a rare breed of luxury condominiums along the Tanjung Bungah beachfront in Penang.

“There is limited land along the state’s beautiful coastline. 1 Tanjong sits on the former Tanjong Country Club site, just beside Penang Swimming Club. Residents will have direct access to the beach,” she said.

Ooi said the project was developed for “resort style living”.

She said the group had studied the various super condominium projects in the region to ensure that 1 Tanjong was a step up from what is available in the market.

“With 1 Tanjong, we wanted to make improvements on complaints that we had heard from residents in other luxury living projects. For instance, the car park does not have a spiral ramp. You drive straight in so there is no risk of scratching your car,” she explained.

1 Tanjong comprises 147 freehold units, with each floor having only two units.

There are three layouts : a typical unit (4,760sq ft), penthouse (9,600sq ft), and top penthouse (18,600sq ft).

On the group’s Pine Valley Business Centre in the Paya Terubong township, Ooi said 34 freehold units were available for rent and purchase.

“It is Paya Terubong’s first trendy, modern commercial business centre,” she said.

For more details, visit the Lone Pine Group of Companies? office at the Pine Valley Business Centre, 1077, Jalan Paya Terubong or call 04-827 8566.

Lone Pine will also be showcasing many of its properties at The Star’s Property Fair 2011.

Other key exhibitors include IJM Land, Sunway Grand, Vienna Home (Mah Sing), Ideal Property Develop-ment, SP Setia Group, Taman Sri Setia (Boon Siew Group), Ivory Pro-perties Group, Nusmetro, MTT Pro-perties & Development, Reka Indah Development, Lembaman Develop-ment (Belleview Group), DNP Land, GD Development and Tambun Indah Development.

To date, 28 major developers (representing almost all the big boys in the industry) along with several financial institutions, have taken up booths in the fair.

Touted as Penang’s premier pro-perty expo, the fair?s ninth edition will be held at Gurney Plaza and the adjoining G Hotel from July 21 to July 24.

The RM30,000 worth of prizes for the “Surf, Click & Win” contest are sponsored by IJM Land.

The fair, which is open to the public from 10am to 10pm daily, is orga-nised by The Star in co-operation with Henry Butcher Penang.

Admission is free. For more enquiries, call 04-647 3388 ext 3357 (Shirmein) or ext 3418 (Bessie).

SOURCE: The Star

Categories: Property News Tags:

Property For Sale/Rent

RENT - RM 2,400/mth
Tasek Mutiara Double Storey Sh
RENT - RM 2,500/mth
The Spring (Move In Condition)
RENT - RM 4,500/mth
The Light Collection 1 (Move I
RENT - RM 2,900/mth
The Light Collection1 (Nice V
SALE - RM 780,000
Elit Height (Garden Unit)Bayan
RENT - RM 3,000/mth
The Light Collection 1 (Nice v
SALE - RM 1,300,000
SALE - RM 920,000
Elit Heights Bayan Baru Penang
RENT - RM 1,800/mth
Putra Place Byaan Indah Penang
RENT - RM 9,500/mth
The LOOC Residence For Rent