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20 Most Active Projects in Penang (Q3 2018)

October 20th, 2018 No comments

No doubt 2018 is a tough year in the property industry. Penang housing continues to experience high overhang and developers are cautious in launching new projects. However, for buyers who have cash on hand, it presents an opportunity to secure a property at pricing that may not have been possible otherwise.

Despite a slow market, PenangPropertyTalk.com analytics data indicated a stable traffic in the past several months, with an average pageviews of 300,000 a month. Here is a list of 20 most active projects in Q3 2018.

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At a glance, more than half of the top 20 are affordable housing projects. Top in the list is the affordable housing at The Zen condominium, followed by Grace Harmoni. These two projects are located at Bayan Mutiara and Jelutong respectively, featuring a total of more than 1,600 affordable units.

3 Residence Condominium at Karpal Singh Drive by IJM ranked third in the list. It was launched in Q3 2018, offering 478 residential unit with built-up size ranging from 850 sq.ft. onwards.

Most of the projects in the top 20 list have already been launched with the exception of two projects – Straits City and Iconic Regency, which are slated to launch by end of this year.

Despite ranked 4th in the list, Straits City is probably the next project in everyone watch list, as it is an upcoming waterfront master-planned development in Mainland by STC Singapore, offering a mix of residential and commercial components.

* Projects are ranked based on the pageviews recorded in Google Analytic web traffic report for PenangPropertyTalk.com.

– Ken Lim
(Founder and Principal Reviewer, PenangPropertyTalk.com)

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Maximum 40 years loan tenure for affordable home buyers

October 18th, 2018 No comments

affordable-house-3-categoriesBank Negara Malaysia (BNM) is proposing a more flexible loan package with flexible interest rates and an extended maximum loan tenure for affordable home buyers, said Housing and Local Government Minister Zuraida Kamaruddin.

“We have engaged with Bank Negara and a few banks during a few sessions and Bank Negara has come up with some more flexible and relaxed terms with regards to loan application and approval. One of it is the extension of maximum loan tenure from the current 35 years to up to 40 years,” she told reporters at a press conference after the opening of the Housing Conference 2018 today.

Currently, the maximum loan tenure is 35 years or until the borrower turns 70 years old, whichever is earlier.

There are also flexi loans, flexi interest rates and a step-up scheme, which allows the amount of repayment to commensurate with the growth of the borrower’s income over the time, she added.

“This is something that is easier and more relaxed for the homebuyers so that they can plan themselves. With this sort of approach, we hope Malaysians can change our mentality and know how to plan [according to their] financial capability,” she continued.

“As an industry, we cannot remain static. We must know the needs of the market and respond positively to the demand of our customers. Our doors are always open for discussion, let us know how we can assist the industry to enhance efficiency,” she said.

Moving forward, the ministry will be working towards consolidating data and information and at the same time address data gaps that may exist, so that the policy makers, authorities and stakeholders can all count on an efficient centralised data or property information system that is effective, accurate, useful and timely, she said.

“The government will continue to provide strong support towards this important economic sector and we expect the industry to reciprocate by working closely together with us and play your part in order to satisfy the needs of the nation and make quality and affordable home ownership a reality,” she concluded.

Source: EdgeProp.my

 

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Overwhelming response at Penang Property Convention

October 16th, 2018 No comments

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To bring an overwhelming crowd to attend a property event is usually the toughest task for any organizers. However, Penang Property Talk have recently made a breakthrough and had proven to live up to its name as being the most popular property portal in Penang.

With the website and social media followers of more than 100,000, we have achieved yet another prominent milestone during the Penang Property Convention held recently. This yearly property convention is the biggest property event in Penang. A total of more than 600 pax registered for the event, a record-breaking number with an effort of publicity via the Penang Property Talk platform. We have spent zero fund on marketing budget for this event and yet it successfully caught the attention of many genuine buyers, property investors and property agents.

pptalk-presentationThe exclusive event that took place on 29th September 2018 at Vistana Hotel Penang saw the attendance from all over the state. Attendees had the opportunity to learn the latest Penang’s property market trends, including its unique demographic and property market zoning. In-depth analysis on Penang’s future growth, accessibilities and public transportation in Penang were shared. Several other property experts also offered their take on purchasing property the right way and minimizing risk.

Compared to the previous year, the turn-up rate has marked an increase of more than 20%. Developers who participated in the event took the opportunity to showcase their projects in the hall and had their chance to promote their projects on the stage for at least 10 minutes.

Despite a slow market, the developers were cheered with an extremely encouraging response during the event. It was beyond expectation when genuine leads were generated and some even sign-up on the spot.

Mah Sing presented Ferringhi Residences II, a luxury condominium located just a stone’s throw away from the famous tourist belt of Batu Ferringhi beach. Offering 632 residential units in three blocks of 4, 10 and 32 storeys.

MTT featured their latest 6.5-acre commercial development at Botanica.CT in Balik Pulau. The development is located at the intersection of Jalan Sungai Rusa and Jalan Sungai Air Putih. It’s within 10 minutes walking distance from Prince of Wales Island International School, about 5 minutes drive to Balik Pulau town centre.

Paramount Property showcased Suasana @ Utropolis, which is the second phase of their Utropolis development at Batu Kawan. It is situated next to the upcoming KDU University College, about 5 minutes walk to Design Village outlet mall. The upcoming IKEA store is only 2km away.

Datum Jelatek, despite its projects located at KL, it had managed to close a few deals on that day.

With this successful record and a new milestone achieved, Penang Property Talk is again set to bring the biggest property event to the next level. Stay tuned and see you again in 2019.

 

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New Chinese school to be built in Batu Kawan

October 16th, 2018 8 comments

batu-kawan-schoolThe federal government will build a new Sekolah Jenis Kebangsaan Cina or SJK(C) in Batu Kawan costing between RM8mil and RM10mil.

Deputy Education Minister Teo Nie Ching said the school, to be built on a 2.43ha plot provided by the Penang Development Corpo­ration (PDC), is expected to be ready in 2021.

She said they would either provide a new operating licence for the school or relocate SJK(C) Kuang Yu in Kuala Muda to the site.

She said there would be 24 classrooms, with 35 pupils in each class.

“There is already a Sekolah Menengah Kebangsaan (SMK) and a Sekolah Kebangsaan (SK),” she told reporters at the PDC office in Bandar Cassia after a site visit on Sunday.

Teo said upon completion, the new school could take in 840 pupils.

“The site is suitable for a new school as there will be a big space for the pupils to carry out their activities,” she said.

Present were Penang Chief Minister Chow Kon Yeow, PDC deputy general manager II Mohd Bazid Abd Kahar, Penang Education Department director Jamil Mohamed, Bukit Tambun assemblyman Goh Choon Aik, Chinese and Mission Schools Affairs Coordinating Committee secretary Sim Phoi Yong and its committee members.

Also present were SJK(C) Kuang Yu headmistress Lee Kha Luang, school board of directors chairman Bu Theng Uu and its committee.

In his speech, Chow said the state government and the PDC would assist the ministry in building the school.

Source: TheStar.com.my

 

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The Largest Eco-themed Township In Penang – Setia Fontaines

October 15th, 2018 No comments

Setia-International-Waterfront-Centre

S P Setia, well-known for its signature eco-themed townships in the central region of Malaysia, has once again embarked on the next exciting chapter in their development plans by bringing their award-winning concept to Bertam, located at the Northern Seberang Perai. Setia Fontaines queueing up in the pipeline of S P Setia, will ultimately be proclaimed as the largest township development in Penang. Spanning across a 1,675-acre land, it has an estimated gross development value of RM13.05 billion, to be developed over the next 20 years. A total of 10,000 units modern homes have been planned, set in a nature-inspired environment with 100 acres of greeneries and a man-made lake.

Setia Fontaines is probably best described as a replicate of Setia Alam – a similarly themed development at Shah Alam, is now fast rising as one of the most sought-after addresses in Klang Valley. The project which was first launched in 2004 by S P Setia started from a large tract of oil palm plantation with little to no amenities and transformed into an international award-winning integrated and self-contained township with nature-inspired sanctuaries. Setia Alam is where the wholesome, back-to-nature ambiance is perfectly complemented by bustling amenities and modern facilities.

Setia Alam homes have increased almost 200% in its price since first launch in 2004. The first phase of its 2-storey terrace house which was priced at RM240k is now selling more than RM640k in the secondary market. With the rapid growth of commercial activities in Setia Alam, the shop offices have even appreciated more than 300% in price after 14 years. Setia Fontaines is no doubt has the potential to see similar success as Setia Alam.

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Growth in Setia Alam

 

As a matter of fact, Setia Fontaines is not only set in the similar environment of Setia Alam but with more perks! It is strategically located within the Butterworth-Sungai Petani growth corridor, next to Bertam Perdana and has good accessibility from the North-South Highway via the Bertam Interchange. It is only 15 minutes from Butterworth and about 20 minutes from Penang Bridge.

Complemented by abundant of existing amenities and facilities, including schools, banks, hospitals, malls and even a golf resort. There are also at least five tertiary education institutions located within a 5km radius, with a ready catchment of several thousands of students and educators.

Being easily accessible via federal roads and highways, Setia Fontaines is within 30 minutes drive from all matured townships in Penang mainland, Sungai Petani and Kulim. Well connected to an estimated total population of over 1 million within the region. Besides, the proposed Penang 3rd Link and Sky Cab will render commuting to and from Penang Island a breeze.

Today, more than 55 percent of Penang population lived in the mainland. The share of population living in the island has shrunk moderately over the years. This is mainly attributed to the relocation of people from island to the mainland for cheaper houses and employment opportunities. The trend is likely to sustain and it is expected to strongly influence the nature of demand for housing in the coming years.

Setia Fontaines master plan featuring the prominent eco-friendly concept is undeniably an ideal township for those eyeing for a bigger family capacity with a healthier and greener living lifestyle.

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