Penang Property Talk

Work on the next phase of the Penang South Reclamation (PSR) project has started following approval from the Department of Environment (DoE) early this month.

Chief Minister Chow Kon Yeow (pic), however, did not elaborate on the works being carried out by project delivery partner SRS Consortium.

“The agreement was that SRS cannot move into the second stage of the project until the approval was obtained, which was a prerequisite for them to claim from the government.

“Since the approval has been given, some of the works will subsequently be reimbursed,” he told newsmen after flagging off the SXI Padang Kota Run here yesterday.

MP to explain further about the project.

“I met Anwar in Parliament, and we exchanged views on the PSR. We will arrange a briefing session for him if needed,” he said.

Chow said those who criticised the PSR were actually not against the project, but were rather concerned about certain aspects of the reclamation.

“Right now, I cannot say otherwise as we are already moving into the second phase, and I hope it will proceed in the bigger interest of the state and the people of Penang.”

Chow said the state would announce the 72 conditions im­posed by the DoE tomorrow.

The PSR project near Teluk Kum­bar is a massive plan to reclaim three islands, measuring 1,800ha or the size of 3,600 football fields.

About 75% of the three islands will be for sale via open tender.

The project is expected to generate RM70bil, of which RM46bil will be used to fund the Penang Transport Master Plan.

Source: TheStar.com.my

Eco World Development Group Bhd (EcoWorld) has started to hand over the completed units at its Eco Terraces condominium project on Penang Island.

Sitting on a 12.79-acre freehold site, Eco Terraces is a condominium that houses 333 units within a 33-storey building at Jalan Paya Terubong, Paya Terubong. Residents get to enjoy a clubhouse that offers a wide array of wellness services and programmes.

With a gross development value of RM405.61 million, the project is Penang’s first multi-generational wellness-themed residences and the first project by EcoWorld on Penang Island, said EcoWorld divisional general manager Chan Soo How.

“This is a project that caters to people of all ages, from toddlers to elders by providing a full range of wellness services.

“We understand that a lot of buyers have multi-generational families that include young kids and elderly parents, so we designed this project to cater to all — young, middle -aged to elderly,” Chan said during a media tour of the project recently.

Launched in 2015, Eco Terraces has recorded a take-up rate of about 70%. The units have built-ups of between 1,095 sq ft and 2,008 sq ft priced at an average RM880 psf.

Chan noted that the project’s wellness concept is one of its main pull factors. Buyers were mostly locals staying in the vicinity.

“There are also buyers from other states, such as Kuala Lumpur and Kedah. The wellness concept attracted many to come and buy and we have been receiving a lot of interest from both local and overseas buyers,” he said.

Eco Terraces’ clubhouse boasts comprehensive services including wellness, childcare and concierge. The clubhouse has a care hub that offers 24/7 nurse-on-call service and monthly doctor consultation for the residents.

There is also a multi-purpose sports hall, karaoke rooms, mini theatre and golf simulation room.

The nurse-on-call service is a collaboration between EcoWorld and home nursing service provider Lifeline, to offer services such as first aid; blood pressure, blood sugar and cholesterol monitoring; and medical assistance during emergencies.

A certified nurse will be stationed at the clubhouse during the day and then switch to a designated centre located on the eighth floor of the condominium at night. This is to ensure that in the event of an emergency, the nurse will be able to attend to the situation as soon as possible, rather than having to rush over from the clubhouse, which is a separate building, explained Chan.

“The care hub aims to help those who find it difficult to take care of their elderly parents for example, due to financial or time constraints. It can act as the first line of support for the residents. Depending on future demand, more nurses can be added to be stationed at the care hub,” he said.

Furthermore, the residents can engage Lifeline for personalised care services, including home nursing service, post-hospitalisation care and hospice service at a chargeable rate.

Regular wellness programmes such as yoga, badminton and dance classes will be hosted at the clubhouse, he added.

To ensure the sustainability of the services, EcoWorld will continue to help the homeowners in future to handle the maintenance and management work.

“Although Eco Terraces will eventually be handed over to the MC (Management Corporation) due to the fact that it is a stratified development, we have the confidence that the owners will continue to engage us to provide management services to them, just like every other EcoWorld project,” he said.

Source: EdgeProp.my

Ideal United Bintang International Berhad (IUBIB) had on July 9, 2019 submitted to Bursa Malaysia, announcing the acquisition by IUBIB of the 100% equity interest in Ideal Greencity Sdn. Bhd. (‘Ideal Greencity”). The 100% equity interest which comprises a total of 1,000,000 ordinary shares of RM1.00 each, was purchased for a total of RM994,000 with internally generated funds.

Following this acquisition, the new subsidiary, Ideal Greencity had ventured into property development activities. Its major upcoming project is a joint venture development project with Koperasi Kampung Melayu Balik Pulau Berhad, to develop 5 parcels of land measuring approximately 88.45 acres situated in Balik Pulau, Penang. This proposed integrated development will comprise of a resort/ hotel, 320 units of condominium, 360 units of low costs apartments, 67 units of double storey bungalow, 216 units of double storey semi detached houses, 222 units of double storey terrace houses, a private hospital, 24 units of retail shop and bazaar.

The proposed development is expected to carry a Gross Development Value (“GDV”) of approximately RM600 million over a period of 10 years. With this new injection of a wholly- owned subsidiary company into the Group, Ideal Greencity will be a new addition to the Group’s existing 7 development projects with a total GDV of 4.062b. The acquisition of Ideal Greencity is expected to contribute positively to the IUBIB Group in the long term.

Currently, 3 existing affordable housing projects undertaken by the Group are namely, One Foresta, Forestville and I-Santorini. These affordable housing projects which carries a total GDV of RM1.97b has received strong demands from purchasers and are now averagely 90% sold for each projects. Located in the established neighbourhood of Bayan Lepas and Tanjung Tokong respectively, the 3 projects have proven to be a popular catch amongst purchasers given its location and affordable pricing. Unbilled sales and remaining unsold GDV for the 1st quarter of 2019 stands at RM613m.

Meanwhile, 4 other projects within IUBIB Group had just entered into initial development stage and have achieved approximately 15% completion. Priced at an average of RM450,000 to RM600,000 per unit , these projects are located at strategic location within South West of Penang. The development projects which mostly comprise of apartment/condo units, landed houses, shoplots and office units, brings a total GDV of RM1.56b.

A proposed luxury development by PPH Resorts Sdn. Bhd. in Sungai Ara, Penang. Situated on the hill next to Setia Pearl Island, with panoramic views over Penang International Airport and second bridge. It is only 3km away from the airport, less than 15 minutes drive to the bridge.

This development comprises 68 units of 3-storey bungalow houses, with four different design layouts.

This is still in proposal stage. More details to be available upon official launch.

Project  Name : (To be confirmed)
Location : Sungai Ara, Penang
Property Type : 3-Storey Bungalows
Built-up Area : (To be confirmed)
Total Units : 68
Tenure : Freehold
Developer : PPH Resorts Sdn. Bhd.

Location Map:

First-time homebuyers burdened with student loans will now be able to buy their own home as they will no longer be blacklisted from buying a house under the Central Credit Reference Information System (CCRIS).

“This is only for the purpose of buying homes. They cannot buy cars or anything else,” said Housing and Local Government Minister Zuraida Kamaruddin.

She said borrowers could be eligible for any housing loan.

Zuraida said her ministry received approval for the exemption from the Education Ministry through the National Higher Education Fund Corporation (PTPTN).

This move will be included in the Youth Housing Policy that is expected to be launched in October, said Zuraida, adding she had discussed the matter with PTPTN chairman Wan Saiful Wan Jan.

“I called him about a month ago when I was in the process of finding solutions for end-financing packages for homes,” she said after attending the briefing on the Hi Home property conference to be held on July 25.

The conference will feature a three-month online property expo on www.hihomes.my, which highlights about 100 housing developments, 50% of which are listed under affordable housing.

The expo ends on Oct 31.

Meanwhile, Zuraida said the stalled affordable housing project under Perbadanan PR1MA Malaysia (PR1MA) in Rantau, Negri Sembilan, will be completed by its deadline of May 2020.

She said PR1MA was conducting due diligence and streamlining its processes with the ministry.

She said work on the Rantau project could start again soon as payments to contractors had been made.

“The team has discussed the solutions, which will be presented some time this week before they are executed next week,” Zuraida said.

It was reported that work on PR1MA homes in Rantau had stopped as contractors claimed they were not being paid, while homebuyers had already started servicing their loans.

Source: TheStar.com.my