Penang Property Talk

The standardization of several issues including regulations, licensing and taxes involving the hotel sector and global online accommodation service provider, Airbnb will be finalized by the end of this year.

Housing and Local Government Minister Zuraida Kamaruddin (pictured) said the standardization should take into account various aspects and determine the best methods that can be beneficial to both parties, as the Airbnb sector also has the potential to contribute to the national economy.

“The matter is still under discussion as to how we want to classify Airbnb and it takes into account the agreement to allow private homes to be involved with the sector as well as discussions with the management bodies in housing estates.

“It involves the Housing and Local Government Ministry together with the Tourism, Arts and Culture Ministry, the state government and the Malaysian Productivity Corporation (MPC) to find a way on how we can standardize the issue as a whole,” she told reporters after the Inauguration Ceremony of the Taman Murai Jaya Community Hub, Durian Tunggal yesterday.

On Monday, Minister in the Prime Minister’s Department (Economic Affairs) Datuk Seri Mustapa Mohamed was reported to have said that the government would finalize the standardization of a number of issues including regulations and taxes involving hotels and Airbnb, in an effort to help the sector which was severely affected by Covid-19.

Source: EdgeProp.my

A nearly century-old Hillside Bungalow in Penang Hill has been restored to enhance visitors’ experience on the hill.

The project, named Hillside Retreat, is among the state government’s initiatives to further promote Penang Hill as the ‘hill resort of choice’ in Malaysia and the region.

Chief Minister Chow Kon Yeow, who attended the opening ceremony of the bungalow, said that the initiative was in tandem with the state government’s effort in promoting eco-tourism.

“The bungalow, which is classified as a Category (II) Heritage Building under the Penang Hill Local Plan (1998) and Penang Hill Special Area Plan (2016), has its unique features.

“The project is a partnership between Penang Hill Corporation (PHC) and a private company, Pembinaan YSBT (M) Sdn Bhd, who will be managing the bungalow stay,” Chow said.

PHC is also working on the restoration of the Edgecliff Bungalow to be turned into an information centre-cum-gallery.

A few other restoration works such as the Woodside Bungalow , Convalescent Bungalow and Fernhill Bungalow are ongoing.

“All development proposals in Penang Hill will be evaluated by the corporation’s technical panellists. The panellists will follow strict guidelines when evaluating the proposals.

“PHC will ensure the sustainability of Penang Hill and will not work against it,” Chow said.

The project architect and designer Thesis Architects Sdn Bhd, applied a mixture of contemporary and British colonial style in its interior design.

The newly restored bungalow has four boutique rooms with four bathrooms, four bunker rooms, and a space with 14 tents to accommodate a total of at least 66 people at any one time.

Those who are interested can check out Hillside Retreat’s facebook page at https://m.facebook.com/hillsideretreatpenang/

On a separate note, Chow said the Cabinet has approved the application by PHC for Penang Hill to be recognised as a Unesco Biosphere Reserve.

“Now, we await the relevant ministry to submit the application on behalf of PHC.

“If PHC gets the approval from Unesco, the impact on Penang Hill would be great, just like when George Town was declared as a Unesco World Heritage Site.

“However, it may take two, three or five years before more tourists from all over the world visit Penang Hill – a hill that is 130 million years old,” he said.

PHC general manager Datuk Cheok Lay Leng said the Ministry of Energy and Natural Resources would be sending the application to the Malaysian National Commission for Unesco (MNCU).

“The approval may take a year or two and the officials from the Unesco may be visiting us. We just have wait. We will follow the matter closely.

“The 12,481ha proposed Penang Hill Unesco Biosphere Reserve encompasses the Penang Hill, the permanent forest reserves, Penang National Park and the marine park,” Cheok said.

Source: Buletin Mutiara

Today land costs account for about 30% of any property development cost. If you are wondering how much does the land costs in Penang, below is an infographic that shows several land deals transacted in 2019 with a value of more RM10 million. This report is based on data published by The National Property Information Centre (NAPIC) for the year of 2019.

Land transacted at more than RM10mil in 2019

An 11,000 sq.ft. commercial land with pre-ware building near Penang Times Square was the most expensive land transacted in 2019 at RM12mil, which is about RM1,080 per sq.ft. Technically, one piece of land with a size of 1 car park lot would cost around RM125k. It is also 72 times more expensive than the development land in Tasek Gelugor.

The 144-acre freehold land in Tasek Gelugor was acquired by Scientex Bhd at a cost of RM14 per sq.ft, for the development of 2,332 affordably priced double-storey terrace houses.

Will developers start to build fewer facilities in their future integrated developments or high-rise residential projects to reduce cost and lower the selling price for home seekers?

Reducing home prices are the right thing to do if developers want to stay afloat amid the current Covid-19 pandemic and they can entice buyers with more affordable properties, said a senior property consultant.

He said developers are bracing for tough times ahead with the prolonged Covid-19 pandemic and they are implementing cost-cutting measures to reduce their expenses and improve profitability.

“To achieve their sales target and maintain profitability, developers are building smaller apartments with fewer facilities. Some developers tend to build more than 30 facilities, including an infinity pool with floating cocoon, pavilion garden, BBQ deck, herb and zen garden and they take up valuable land resources. These are not free for the property buyers as the developer has incorporated the cost in the selling price.”

“There is no developer that is going to give you more than 20 or 30 facilities to use for free. If they can reduce the number of facilities, then surely they are able to bring down the property price and this would make it more affordable for people.

“I think the priority now for home seekers when looking for a property to purchase is the unit size, price, location, and the reputation of the developer. With the Covid-19 pandemic, they are no longer giving priority or considering the facilities that are featured in the development,” he said.

According to the PropertyGuru Malaysia Consumer Sentiment Study H2 2020, 84 per cent of younger home seekers would consider purchasing properties in developments with fewer facilities such as a swimming pool and badminton court, in exchange for lower property prices.

The study, among others, focused on the impacts of Covid-19 on domestic property and how the market here is evolving as a result.

It showed that the demand for property in Malaysia remains healthy despite the Covid-19 outbreak and the implementation of Movement Control Orders (MCO).

PropertyGuru Malaysia country manager Sheldon Fernandez said that about 81 per cent of Malaysian first-time home seekers were eager to purchase a home by the end of 2021.

“There is a surge of interest among younger home seekers and renters, whereby 47 per cent and 51 per cent of whom respectively shared that Covid-19 had not caused them to delay their property transactions,” Fernandez said.

He said these demographics are prioritising homeownership following months of restricted movement under the MCO.

Source: NST Online

Garden Superlink, is the 3rd Garden Homes Collection offering by Wing Tai Asia in Bukit Mertajam. It is part of the 120-acre Jesselton Hills development, which was first launched in 2011. The residential enclave is strategically located near Jalan Rozhan, with easy accessibility to an abundance of nearby amenities. AEON Mall and SJKC Sin Ya primary school are only five minutes drive away.

This development comprises 70 units of 2-storey superlink homes surrounded by lush greens with 3 layout options to choose from. Each unit comes with a minimum land size of 22′ x 79′, including an extra green space for gardening purposes or future extensions.

Project Name : Garden Superlink @ Jesselton Hills
Location : Alma, Bukit Mertajam, Penang
Property Type : Residential
Land Size: 22’ x 79’  (Type A), 23’ x 79’ (Type B) & 24’ x 79’ (Type C)
Total Units: 70
Indicative Price: (to be confirmed)
Developer : Wing Tai Asia

Location Map: