Penang Property Talk

The state government today announced an ambitious project to alleviate traffic congestion on the island, which will be undertaken through a 10.5km-long tunnel that will cut through hills and is part of the Pan Island Link 1 (PIL 1).

Chief Minister Chow Kon Yeow said the project will be challenging task, as apart from the 10.5km tunnel, it would also cut through several hill slopes.

Amongst the hill slopes involved are Bukit Bendera, Paya Terubong and Sungai Ara.

“When we build the tunnel, we believe the environmental impact will be similar to that building a highway through the hills,” he said.

Chow hopes that the public would review the report prepared by the consultant appointed by the state government.

The report can be referred by the public at 10 locations including National Library, Environment and Natural Resources Ministry in Putrajaya, Penang Island City Council (MBPP) apart from Department of Environment (DOE) and state government’s website.

“After receiving the feedback from the public, the consultant and the state government will provide explanations on the raised issue to the DOE,” he said.

The 20km PIL 1 is part of the three main roads which was included in the PTMP.

It is expected to reduce travelling time from Persiaran Gurney to Penang International Airport (PIA) to only 15 minutes, compared to current travel time which takes between 45 minutes to one hour.

Chow was speaking after visiting the Environmental Impact Assessment (EIA) report for PIL 1 which was set up for public display for 30 days from July 11 to August 30 this year.

Meanwhile, he said the state government might seek funding assistance from the Federal Government if the proposal to build three man made island at the southern part of the island, dubbed Penang South Reclamation (PSR) were not approved.

He said it would be the its last resort by the state to ensure Penang Transport Master Plan (PTMP) would materialise.

“If the man made island are not approved, then we will be forced to request the Federal Government to bear the financing of the PTMP.

“However we have not come the stage to think other funding modal. Everything is under control,

The Penang government plans to reclaim three man-made islands to fund the ambitious PTMP and has appointed SRS Consortium as the project delivery partner.

The PTMP project which was first announced in 2015 consist of light-rail transit (LRT), undersea tunnel and three paired highways.

The project will be funded through the reclamation of three man made island with the size of 809 hectares, 526 hectares and 324 hectares respectively for industrial, housing and commercial purposes.

Source: NST.com.my

The Real Estate and Housing Developers Association Malaysia (Rehda) Institute has identified today nine structural problems which it said are behind why the country is struggling to ensure a sustainable supply of public housing.

The report titled “Affordable Housing Report” released this morning cited fragmented playing field between public and private sectors, rigid housing policies, unsuitable location, land scarcity, cross subsidies that purportedly made houses more expensive, rising material costs, unproductive use of public funds that led to oversupplies, lower financial approval rate for the lower income groups, and absence of latest market data.

“At the moment, there is a lack of coordination between the public and private sectors in providing affordable homes,” Rehda Institute chairman Datuk Jeffrey Ng said at the media briefing session.

“There are various definition of what affordable means and the median household income differs from state to state,” he added.

Ng explained that there were many agencies within the government sector that were in charge of providing affordable housing projects and likewise in the private sector.

He pointed out that this led to a lack of coordination, which has resulted in the mismatch of supply and demand, thus, leading to the tens of thousands of unsold units.

As of the first quarter of this year, Malaysia recorded a total of 23,599 in residential overhang.

Most, however, are contributed from properties worth RM500,000 and above, and mostly came from Selangor, Johor and Penang.

“Every housing project approval is imposed with affordable housing quota which is scattered in various locations including where there may be no demand and lack of a suitable eco system,” the report said.

To address this problem, Ng said Putrajaya needs to set up a Special Purpose Central Agency (SPCA) under the housing ministry to redefine the roles of public and private sector in providing a holistic master planning for affordable homes.

“SPCA should streamline the functions and policy formulation based on household income and demographics in respective states and local areas,” he said.

For example, he said the Bumiputera quota policy needed to be re-examined as he explained that unsold units contributed from this category not only added to the unsold units in country, but also cost developers for holding such units.

“The release mechanism of unsold Bumiputera quota must be transparent and within reasonable time,” the report said.

The report also pointed that an unsustainable crossed subsidy model in private developments resulted in purchasers of non-quota houses to pay a higher price for subsidised affordable housing units.

“If the government can define the price range for affordable homes price range, public sectors can focus on that while the private sector can focus solely on properties based on market demand,” Ng explained.

Other initiatives to tackle this problem, the report cited, include converting subsidies to social housing stock such as rental programmes and sale of affordable homes to those who can afford, especially for the middle and bottom 40 groups.

The report also proposed for banks to offer 100 per cent housing loan to the lower income groups and first-time home buyer, as well as to reintroduce the Developer Interest Bearing Scheme (DIBS) with a proper mechanism.

Source: MalayMail.com

Seriously, this piece of narrow land valued at RM13,000,000?

Steel products maker Atta Global Group Bhd is proposing to acquire two property development companies, Eminent Potential Sdn Bhd and Scanrite Sdn Bhd, for RM7.5 million, as part of its diversification into the property business.

In a filing to the exchange yesterday, Atta Global said its wholly-owned subsidiary Atta Properties Sdn Bhd had entered into two share sale agreements with the joint owners of the two companies, Chan Kok Leong and Leng Mei Kuan, for the acquisitions.

The agreements would see Atta Properties acquiring Eminent for RM4 million, and Scanrite for RM2 million. Eminent has a principal asset which is a piece of land in Daerah Barat Daya, Penang. Atta Properties has agreed to fork out an additional RM1.5 million for cost and expenses for the eviction of all squatters on the said property.

According to Henry Butcher Malaysia, the value of the was RM13 million as at Jan 3, 2017.

Atta Properties will also acquire Scanrite, which owns a piece of land in Kulim, Kedah for RM2 million. In a valuation dated Aug 6, 2015, Rahim & Co indicated the value of the land was RM2.88 million.

Atta Global said the proposed acquisitions will provide the group with opportunities to obtain additional land bank for future development. “The board is optimistic that the proposed acquisitions would generate synergistic benefits to the group in future.”

Source: EdgeProp.my

It was a merry evening where visitors enjoyed multi-cultural performances, scrumptious food and fun activities at the Hari Raya open house hosted by SP Setia Berhad.

There were also various workshops and a beautiful fireworks display during the event at Setia Sky Vista in Lebuh Relau, Bayan Lepas.

The celebration attended by 700 guests also saw the opening of the Setia Sky Vista sales suite.

Showcasing one of the 11 types of units found in Setia Sky Vista, the sales suite features a model of the 1,195sq ft unit that comes with partial furnishing.

SP Setia is also offering a slew of promotions and incentives to buyers as part of its Setia Property North Campaign to celebrate its 15-year presence in Penang.

The ‘Ka Ki Lang’ Bonanza Campaign offers rewards like zero payment until the vacant possession delivery of the unit, RM30,000 worth of electrical vouchers, bank loan instalment subsidy, rental guarantee for a year, free maintenance fee and sinking fund, loyal customer rebates and introducer cash rewards among others.

There will also be an additional 1% rebate in conjunction with the new sales suite until July 31.

Find out more about Setia Sky Vista

Source: TheStar.com.my

Tired of renting? Join the upcoming First Home Convention to equip yourself making informed decision when buying your 1st home.

VENUE:
Level 4, Sri Perak Room, Bayview Hotel Penang

DATE/TIME:
21 July 2018, 2PM – 6PM