Archive for the ‘Property News’ Category

First-time house purchasers to get up to 105% financing

July 6th, 2011 No comments

Datuk Seri Najib Tun Razak launched the 1Malaysia People’s Housing Programme (PR1MA) for first-time buyers to own homes of up to 1,400sq ft.

The Prime Minister said depending on the location, the houses would be priced at between RM150,000 and RM300,000 while the minimum size would be 800sq ft.

He said that buyers, making up those who earn not more than RM6,000 a month, would enjoy financing of up to 105% from selected financial institutions.

“The additional 5% is for insurance and Sales and Purchase legal fees.”

“Also, the stamp duty is exempted as part of the Government’s initiative to lighten the people’s financial burden,” he said at the launch of the programme’s first phase at Precinct 11 here.

Najib said a special corporation, to be known as 1Malaysia Housing Programme Corporation, would be set up to plan and coordinate the programme.

The corporation would be placed under the Prime Minister’s Depart-ment and would be responsible for distributing the houses to eligible recipients.

“An Act governing the new corporation is being formulated and will be tabled in Parliament at the next sitting,” he said.

“It is hoped that this special corporation will propel PR1MA in line with the concept of 1Malaysia, People First, Performance Now,” he said, adding that the scheme was open to Malaysians, including the self-employed and those in the private sector.

Najib said a total of 42,000 houses would be built in 20 strategic locations in the Klang Valley, Rawang and Seremban with eight projects expected to commence this year.

The Government was also identifying locations in other major towns for the programme, he added.

Source: The Star

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Cabanna Court

July 5th, 2011 4 comments

Cabanna Court is located next to Emerald Park within the established township of Teluk Kumbar, Penang. This residential property development comprises 16 units 3-storey townhouse, 2 units 3-storey semi-detached and 1 unit 3-storey bungalow houses.

Property Project : Cabanna Court
Location : Teluk Kumbar, Penang
Property Type : 3-Storey Townhouse, Semi-detached & Bungalow
Tenure : Freehold
Total Units : 16 (Townhouse), 2 (Semi-detached), 1 (Bungalow)
Developer : Rich Entrepreneur
Indicative Price: RM 568,888 onwards

Image Gallery
Categories: Property News, Teluk Kumbar Tags:

Gated homes in Tanjung Bungah

July 5th, 2011 No comments

HOUSE buyers looking for distinct homes which are strategically located can check out BSG Property’s Permai Gardens at the four-day Star Property Fair 2011.

Strategically located in Tanjung Bungah with its plethora of amenities, Permai Gardens is conceptualised as a gated and guarded landed property.

The exclusive project by BSG Property, a proud division of Boon Siew Group, comes equipped with various advantages such as in-house club and its many facilities.

The project consists of 31 units of three-storey villas and 132 units of three-storey terrace houses, and buyers will get to enjoy their own swimming pool, gymnasium, clubhouse and state-of-the-art security system.

With such amenities available, one can actually save the hassle of driving out to the gym for regular workouts.

Some of the villas come with a full view of the pool and have their own private and instant access to the pool via the living room.

Located close to the Permai Linear Park, Permai Gardens will provide residents with a safe trail for walks, jogs and cycling.

Buyers will also get to enjoy the project?s prime location with access to malls like Gurney Plaza and Island Plaza as well as hypermarkets like Tesco and Cold Storage.

Within close proximity are institutions and recreational facilities like the Tenby International School, Tunku Abdul Rahman (TAR) College and the Penang Swimming Club. Residents will also be spoilt for choice with the various entertainment outlets, cafes, shopping, nightlife or just going for a stroll by the beach.

Permai Gardens terraces have a gross floor area from 3,200sq ft (297.2sq m) to 3,400sq ft (315.8sq m) while the villas cover an impressive 4,300sq ft (399.4sq m) to 5,400sq ft (501.6sq m).

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

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.

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

The fair, to be open to the public from 10am to 10pm daily, is organised by The Star in collaboration with Henry Butcher Penang. Admission is free.

For enquiries, call 04-6473388 ext 3357 (Shirmein) or ext 3418 (Bessie).

SOURCE: The Star

Categories: Property News Tags:

Take the lead in building affordable homes, state urged

July 5th, 2011 No comments

THE state government should take the lead when it comes to building affordable housing.

This call was made by the Real Estate and Housing Developers’ Association (Rehda) Penang chapter chairman Datuk Jerry Chan (pic).

“Developers are not supermen. They alone cannot construct affordable homes.

“The cost of subsidy is borne initially by developers but ultimately such costs are passed on to buyers of non-subsidised property,” said Chan during a local government forum entitled ‘Affordable Housing A Possi-ble Dream?’ at the state Caring So-ciety Complex on Monday .

He said housing developers also had to pay income taxes just like those in other industries.

“Are we then to expect car manufacturers to build a certain stretch of road for every car sold?” he said in reference to the difficulty faced by deve-lopers in construc-ting affordable units in Penang.

He added that his members also had to contend with rising costs of materials and land.

“Now developers building low medium-cost units are also required to contribute towards building schools as part of the projects’ concessions,” he said.

Chan said the state government could do more in this context.

The state is able to provide land and has the right to build, reclaim, convert, degazette, collect contri-butions, impose charges, change policies and guidelines as well as enact new laws.

“The state government must also re- consider the requirement for additional structures imposed on developers such as being asked to erect hawker sites, schools or religious buildings.

“The private sector should not be asked to do what the (state) government is not prepared to,” he said.

To overcome the acute shortage of land in Penang, Chan suggested more reclamation, updating of planning guidelines and removal of redundant requirements.

State Local Government and Traf-fic Management Committee chairman Chow Kon Yeow who chaired the forum said the state noted the call for its greater involvement in providing affordable housing and would now be more involved instead of just providing guidelines.

“In the past, there were complaints that the Penang Development Corporation or other agencies were competing for higher-end development instead of providing affordable homes. I hope the setting up of the state Housing Board will help mobilise all resources to resolve the issue,” he said.

On availability of affordable housing, Chow said: “In southern Sebe-rang Prai, there are a lot of empty low-cost units. As such, it is important to study the needs of various locations to avoid a mismatch of supply and demand.”

SOURCE: The Star

Categories: Property News Tags:

CIMB Research: Penang property scene looks promising

July 3rd, 2011 No comments

One of the highlights of the November 5 2009 report titled "Pounding the Pavement in Penang" was the potential property development projects by the state.

They include:

* 12ha of strategically located land for commercial and residential development at Bayan Mutiara,

* 2,400ha of land in Batu Kawan on the mainland where the 2nd Penang Bridge will link up to Batu Maung on the island,

* Potential reclamation for Penang's famous seaside promenade Gurney Drive,

* 2ha of land earmarked for rehabilitation/redevelopment where the former Prangin Market and 46 units of pre-war houses were sitting in the heart of George Town, and

* 160ha of hill land with elevation of 250-1,700 feet perched on the Relau/Paya Terubong Hill.

"The Penang state government plans to invite proposals for the development of these five parcels of land," said CIMB.

"We understand that big developers are showing keen interest in some of the strategically located landbank, particularly the Bayan Mutiara and Gurney Drive Offshore projects," it added.

Noting that although the Batu Kawan land is sizeable and well-located, the report said the soil is swampy and difficult to develop.

"We view favourably the participation of the big developers in these projects as it will not only help accelerate development of Penang but could also be a significant share price catalyst if pricing is fair."

For Penang-based property player MTT Properties and Development Sdn Bhd, its garden township development called "Botanica CT" in Balik Pulau, is set to make waves when the first full-boarding international school comes up.

The school, which will offer the British curriculum system, will have the infrastructure to house 800 students and the first enrolment is planned for September 2011.

Ivory Properties Group, which is planning an initial public offering, also has several condominium and landed property projects lined up, along with a tourist mall.

CIMB also said that feedback from developers on what it is like operating under the Pakatan state government compared to before was that the new officials are working hard but need time to move up the learning curve.

"Also, the civil service remains relatively unchanged and, therefore, both sides need to cooperate better to facilitate speedier processing. Certainly, hidden monetary costs are minimal but the trade-off is more bureaucracy and slower approvals.

"The slower approvals contributed to delays in launches and construction progress, which in turn partly explains the firmer-than-expected property prices in the state," said CIMB.

SOURCE: Business Times

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