Archive for the ‘Property News’ Category

Residents appeal for construction work to stop at 6pm instead of 10pm

May 11th, 2011 No comments

Some 100 residents of the Gurney Park condominiums have signed a petition urging the Penang Municipal Council (MPPP) to shorten the working time of a neighbouring project.

Stating that loud noises coming from the upscale Gurney Paragon construction were affecting their daily lives, the group asked for daily working hours to be brought down to until 6pm instead of 10pm.

“For 14 hours daily, we have to keep our windows and doors shut to keep the dust out and to minimise the noise disturbance caused by the construction works,” read a letter accompanying the petition that was recently sent to MPPP president Patahiyah Ismail and Chief Minister Lim Guan Eng.

The group’s legal advisor Gooi Hsiao Leung said they had been made aware that the project’s latest work permit, which allowed construction to go on until 10pm, had expired on May 2.

“Following this, we hope MPPP will consider the residents’ request that the next permit limits working hours to between 8am to 6pm,” Gooi said in a press conference at his office. Currently, the working hours are from 8am to 10pm.

Gurney Paragon, an integrated development project, includes twin 43-storey buildings, a lifestyle mall, festival square and the restored St Joseph’s Novitiate — a 1925 heritage building.

Calls to MPPP president Patahiyah Ismail were not returned.

When contacted, Datuk Khor Teng Tong, executive chairman of Gurney Paragon’s developer Hunza Properties Berhad, said if construction hours were shortened, it would take a longer time to complete the project.

“I know there is inconvenience, but with shorter hours, the inconvenience will be prolonged.

“Give me 15 months and we’ll finish the project,” Khor said, adding that the construction project was located in a commercial area where longer construction hours should be allowed.

He also said that residents in the area stood to gain in the long run as property prices were set to rise with the building of Gurney Paragon.

SOURCE: The Star

Categories: Property News Tags:

TM Residency

May 10th, 2011 130 comments

TM Residency is located along Jalan Dato Ismail Hashim within the established township of Relau, Penang. It comes with two layout types with build-up area ranging from 820 to 1240 sq.ft.

Property Project : TM Residency
Location : Relau, Penang
Property Type : Condo/Apartment
Tenure : Freehold
Total Units : 80 (Type A & A1), 20 (Type B – Penthouse)
Developer : Koperasi Tunas Muda Sungai Ara Bhd.
Contact No: 04-643 8515
Indicative Price: RM 250,000 onwards

Categories: Property News, Relau Tags:

Rate hike unlikely to impact on property market

May 10th, 2011 No comments

PETALING JAYA: The property market will not be impacted by the recent increase in the overnight policy rate (OPR), said property consultants.

Last Thursday, Bank Negara raised the overnight policy rate (OPR) by 25 basis points to 3% and increased the statutory reserve requirement (SRR) by one percentage point to 3%.

Henry Butcher Marketing Sdn Bhd chief operating officer Tang Chee Meng said the slight increase meant that borrowing cost was still reasonable.

“With banks offering base lending rate (BLR) minus 2%, this means effective interest rates are still below 5%. However, property investors will look at the slight rate hike with caution,” Tang told StarBiz.

He pointed out that demand in the property market might be curbed slightly if the central bank raises the OPR by another 25-basis points before year-end.

“Property investors look closely at micro situations and factors such as location, possible further interest rate hikes in the short-term, rental yields and capital appreciation,” he said.

Zerin Properties chief executive officer Previndran Singhe said the recent rate hike was not significant.

KGV-Lambert Smith Hampton Sdn Bhd director Anthony Chua said the rate hike would not “put brakes” on the property market.

“It will not have a significant impact, although there may be some minor adjustment in buying sentiment,” said Chua.

CB Richard Ellis (CBRE) Malaysia managing director Allan Soo said the impact on property buying sentiment would be negligible.

“At this level, the property market is not interest sensitive,” Soo pointed out.

CBRE Malaysia executive director Paul Khong pointed out that property prices, especially in the Klang Valley, still soared despite a rate hike last July.

“Property buyers will continue to make decisions based on their repayment capability, and also factor in their expected rental yields in view of the rate hike,” said Khong.

SOURCE: The Star

Categories: Property News Tags:

Guidelines for private car parks

May 10th, 2011 No comments

THE Penang Municipal Council (MPPP) may introduce guidelines for private car park operators in the wake of the controversy surrounding the chaining up of car wheels for unauthorised parking.

MPPP financial management sub-committee alternate chairman Tan Hun Wooi said they were studying the possibility of drafting the do?s and don?ts for such operators.

He said the council currently did not have specific regulations for private car parks apart from ensuring they were suitable as parking lots and had closed-circuit televisions (CCTVs).

?There are also no conditions in their licences that they can or cannot clamp people?s cars,? he said when contacted yesterday.

Tan was responding to the StarMetro North story titled ?Bitter pill to swallow after dinner? on Saturday where three people who parked their cars at a private food court parking lot without dining there found their vehicles chained up by the proprietor.

The trio had to pay RM100 which the owner demanded to remove the chains during the incident in Tanjung Tokong last Sunday.

The car owners claimed it was too dark to see the posters and banners which state that those who failed to patronise the food court but parked their cars at the parking bays would have their cars chained up.

The same day, StarMetro Mail also published a letter by a reader XINZ who was upset over the RM50 parking fee he had to pay at the same food court car park for dining at another restaurant.

National Consumer Complaints Centre senior manager M. Matheevani said the property owner had the right to impose the charges on the vehicle owners but chaining their cars was a ?harsh action?.

?The property belongs to the operator and he can set the parking procedures and standard fees but it did not justify chaining the cars,? she said.

Penang Consumer Protection Association president K. Koris echoed similar views, saying the proprietor had the right to impose the charges as it was his property.

?It is justified for him to ask for RM50 parking fee. He can even ask for RM300!,? he said.

Koris said the proprietor had put up banners saying those who did not dine there would be fined.

?It is also principally wrong to park at a car park of a private food court but not dine there,? he added.

Penang Ratepayers Association chairman Datuk Eddy Choong said he personally felt that chaining the cars was ?too harsh?.

?It is justified to ask for the RM50 parking charges for not dining there but there?s no need to chain up the cars,? he added.

SOURCE: The Star

Categories: Property News Tags:

Sunway Cassia

May 9th, 2011 24 comments

Sunway Cassia, an intimate neighbourhood nicely tucked away in Batu Maung, close to the Second Penang Bridge. Sunway Cassia is a green haven, thoughtfully conceived to offer you a healthy and ecological setting to live and enjoy life. It’s a holistic lifestyle perfect for your family.

Sunway Cassia – Phase 2

Property Project : Sunway Cassia
Location : Batu Maung, Penang
Property Type : 3-Storey Terrace
Tenure : Freehold
Total Units : 33
Developer : Sunway City
Contact No: 04-643 9898
Indicative Price: RM 946,000 onwards

Categories: Batu Maung, Property News Tags:

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