Penang Property Talk

Bank Negara Malaysia (BNM) is expected to roll out a special housing loan scheme tailored for the low-to-middle income group with regard to first-home ownership by next month, according to the ministry of finance (MoF).

“BNM is in the process of finalising a new financing scheme for the purchase of first homes for the low-to-middle income group with several pioneer banks, Cagamas Bhd and the housing and local government ministry,” the ministry said in a written reply to a parliamentary question by member of parliament for Padang Besar Datuk Zahidi Zainul Abidin, who asked about the government’s strategy to help people obtain bank loans for affordable housing and first-home financing for youth in view of BNM’s strict conditions and procedures.

The features of the scheme include giving flexibility to banks in lending guidelines for first-home buyers, requiring first-home buyers to attend financial counselling to ensure they receive adequate financial advice before taking a housing loan, and reducing the overall cost of first-home ownership such as stamp duty and insurance.

The ministry said for the time being, homebuyers who intend to purchase their first home can access the schemes offered by financial institutions in collaboration with the government such as My First Home Scheme, Skim Jaminan Kredit Perumahan, Skim Pembiayaan Fleksibel PR1MA and Skim Sewa-Beli Hartanah.

Source: EdgeProp.my

A proposed mixed development by GVC Property Sdn. Bhd. at Bayan Baru. Strategically located along Persiaran Bayan, adjacent to SK Sungai Ara and SJKC Chong Cheng. It is about 1km to Setia SPICE Arena, under 5 minutes drive to Penang International Airport.

This development comprises a mix of residential and commercial components in 4 parcels:

Parcel 1:

• 39-storey condominium (389 units)
• Shop office (23 units)

Parcel 2:

• 6-storey building with shop offices, hawker stalls and multipurpose hall

Parcel 3:

• 3-storey office block

Parcel 4:

• Future development (Football field)

This is still pending for approval. More details to be available upon project launch.

Project Name: (to be confirmed)
Location : Bayan Baru
Property Type : Mixed development
Built-up Size: (to be confirmed)
Total Units: 389 (condominium), 23 (shop office)
Indicative Price: (to be confirmed)
Developer : GVC Property Sdn. Bhd.

Location Map:

Located within the heart of Northern Seberang Perai, Bertam looks all set to undergo a “complete makeover” with the upcoming launch of 1,675-acre Setia Fontaines world-class integrated township in 3^rd quarter of 2018.

Setia Fontaines’ development has an estimated gross development value of RM9.6 billion, to be developed over the next 20 years.  It comprises 16 residential precincts, 270 acres of commercial and retail components and 100-acre of greeneries which include a 63-acre man-made lake with musical fountain and a 37-acre town park. The residential enclave will have clubhouse facilities, green landscapes, scenic waterways and houses with modern designs. The developer plans to have water taxis that can ferry residents from designated locations in the township to commercial areas via the waterways.

Shop Offices Launching Soon

The first commercial component to be launched at Setia Fontaines will comprise 111 units of shop offices at City Centre Business Hub (C.C.B.H.), offering 2 and 3-storey units with lot sizes ranging from 22ft x 70ft onwards. Located next to Setia Fontaines City Centre, the business hub is within walking distance to the future Setia IWC, Setia Experience Centre, Town Park and the signature lakes (future commercial and residential development). It will also has direct access to the open market place located in the center of the business hub.

The Marketplace – a proposed area that features day-to-night activities for all ages. It will be a place where celebration and magical moments are created. It is also crafted to be the the new hub of celebration with exciting line ups of events and activities and is expected to attract all people of Northern Malaysia and even to as far as across the border! Some of the proposed activities includes kids play zone, go-kart circuit, festivity bazaar, expo ground, food street, outdoor theatre, art market and so on. Besides, there will also be a shuttle station where visitors can just hop on a free shuttle to go around the eco-themed township.

Being centrally located within several established townships in Seberang Perai and Kedah state, the new business hub will enjoy a ready catchment of close to half a million residents and patronage from Butterworth, Bukit Mertajam, Sungai Petani and Kulim. The new Setia Fontaines Link Road will be built to connect Bertam and Tasek Gelugor, shortening the traveling time from 15 minutes to 3 minutes.

Innovative Shop Layout

The shop offices promise an urbanistic and innovative shop layout suitable for all commercial activities. They are designed to have 22-foot wide shop frontages and a ceiling volume of 4.3m for the ground floor units, making it possible to build a mezzanine floor while having a functioning area below it. Ample parking bays are also allocated around the units to ensure convenient and easy access for visitors.

Enjoy the peace of mind that the property will come with 5 years complimentary security rounding service. Priority business support will be given to the owner who planned to start their business at Setia Fontaines business hub. SP Setia is also offering an innovative and added value features – “Business Powered by Setia”, to provide additional support to the business owners at C.C.B.H. To know more about this, you may drop by Setia Fontaines Welcome Centre, Bertam or call 04-5762255 for more info.

City Centre Business Hub

• The 1^st business hub in the 1,675 acres of integrated township
• Simultaneous completion with first phase residences project
• Ready catchment of existing neighbouring residential population
• Within walking distance from Setia International Waterfront Centre and upcoming commercial and residential development
• Featuring The Marketplace – in the heart of the business hub where celebration and magical moments are created

RELATED ARTICLES:

• Untapped Potential of Northern Seberang Perai

Finance Minister Lim Guan Eng has announced that building materials and construction services will be exempt from the Sales and Services Tax (SST) which will come into force in September.

“With the proposed exemption of goods from SST and the difference in GST (Goods and Services Tax) implementation, I hope both the developers and the buyers can benefit from the reduction of this tax burden,” he said in a statement today.

He noted that during the GST regime, basic construction materials such as bricks, cement, sand as well as construction services were subjected to GST at 6%.

“This had led to increased construction costs under the GST era, including the increase in house prices.

“The pressure on house prices, industrial and commercial buildings is expected to be eased by the abolition of GST and the exemption of SST. The Federal Government hopes that the construction costs can be reduced with the exemption of SST.

“Some of the building materials that will not be subjected to SST are cement, sand and iron,” he said.

The SST will impose a 6% services tax on any taxable services provided in Malaysia by a registered person while they are carrying out a business as well as a 10% sales tax on any taxable goods made in Malaysia and sold, used or disposed of by a registered manufacturer.

The 10% tax will also be imposed on taxable goods imported into the country by any person.

In early August, Parliament had passed the Sales Tax Bill 2018 and Services Tax Bill 2018.

Source: EdgeProp.my

The approvals from the federal authorities for the RM8.4bil Bayan Lepas light rail transit (LRT) and the massive Penang South Reclamation (PSR) scheme on the southern coast of the island are expected to be obtained before the end of the year.

Sources told The Star that the approvals would be from the Department of Environment, the federal regulator overseeing Environmental Impact Assessment (EIA), and the Transport Ministry.

The sources said if everything goes on as scheduled, the reclamation project for the three man-made islands would start early next year.

“The LRT project might begin in January 2020,” they said.

The LRT, together with a monorail, cable cars and water taxis, is part of the state government’s RM46bil Penang Transport Master Plan (PTMP).

It will begin from Komtar in the northeast corner of the island and pass through Jelutong, Gelugor, Bayan Lepas and Penang International Airport before ending at the proposed PSR development comprising three man-made islands totalling 1,800ha near Teluk Kumbar.

It is expected to provide a fast route to the airport and will traverse densely populated residential, commercial and industrial areas.

There are 27 LRT stations along the alignment, with the maintenance depot located on the first island that is to be reclaimed on the island’s south coast.

The alignment also factors in interchanges with future LRT, Sky Cab and monorail lines that are being planned, including one that will cross the channel to connect Gelugor on the island with the Penang Sentral transport hub in mainland Butterworth. The success of the PTMP depends on funding from property development on the PSR scheme.

The Pan Island Link 1 is another component which came to light recently as its Detailed EIA was on display at 10 locations in Putrajaya, Kuala Lumpur and Penang until yesterday.

The proposed 19.5km highway links Gurney Drive to the Penang International Airport.

SRS Consortium Sdn Bhd, the Project Delivery Partner (PDP), will call for the tender of the LRT and PSR via a Request for Proposal (RFP) exercise early next year, the sources said.

SRS’s role is to supervise the projects until their completion and scale down the cost.

It is learnt that there are currently six or seven companies interested in carrying out the LRT project and the reclamation work for the islands.

“SRS will scale down the cost of the urban rail transport link connecting Komtar and Bayan Lepas, and also consider alternative proposals such as a monorail,” said sources.

It is learnt that Scomi Engineering has recently proposed a monorail project costing about RM6bil, to the state government.

A China company has also proposed to build a LRT link costing less than RM6bil.

On the three man-made islands, it is said that more than RM4bil would be spent on the reclamation.

“The cost is estimated to be over RM4bil because there will be a need to construct a dam and three power plants for the islands.

“One of the islands will be used for indus­trial activities. There will be industrial lots developed for sale to overseas and local investors to generate funds for the urban rail transport link.

“The other two islands will be used for building commercial and residential properties,” sources explained, adding that about RM17bil, which includes the cost for the LRT and PIL 1, has been approved.

On the viability of trams as an alternative to LRT, the sources said the move would require relocating underground sewage infrastructure, power and telecommunications cables.

“They have to be relocated because laying the rails for trams involves a lot of costly road digging. The LRT is constructed on an elevated platform and does not involve digging into the ground.

“Furthermore, the roads in Penang are narrow, so using trams with other vehicles on the same road could cause accidents,” a source added.

SRS Consortium, a 60:20:20 joint venture involving Gamuda Bhd, Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd, was appointed by the Penang government as the PDP for the implementation of the PTMP.

Meanwhile, Chief Minister Chow Kon Yeow said he has written a letter to Prime Minister Tun Dr Mahathir Mohamad on June 29 to seek funds for the LRT project.

“We have yet to receive a reply.

“If the South island reclamation projects are not carried out, the state has no choice but to seek federal funds for the LRT,” he said during his speech at the state assembly yesterday.

Chow had earlier said the major components of PTMP would be fully funded by revenues generated from the sale of reclaimed land of the PSR project.

He said the fully funded nature of the components – the LRT and the PIL 1 – was unlike any other mega infrastructure projects currently being critically reviewed by the Council of Eminent Persons.

The SRS Consortium was concluded to have the best overall proposal among six local and international bidders, which were evaluated based on qualities such as transport master plan proposal, delivery track record, financial standing and funding/business models.

Source: TheStar.com.my