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Govt urged to extend home ownership incentives to secondary market

August 22nd, 2019 No comments

HOCThe Penang branch of the Malaysian Institute of Estate Agents (MIEA) has asked that the government extend the incentives under its Home Ownership Campaign (HOC) to encompass the secondary market.

MIEA Penang chairman Christina Choong said house buyers were given stamp duty exemption under the HOC but this only applied for the primary market.

“We hope the same incentive, stamp duty exemption, be extended to the secondary market which are existing properties being sold by owners instead of by developers,” she said in a joint press conference with state exco Jagdeep Singh Deo to announce its secondary property exhibition next month.

The secondary market refers to previously owned properties while the primary market refers to new properties by developers.

She said the stamp duty exemption under the HOC was mainly for the primary market and the exemption only applied for properties priced below RM300,000 in the secondary market.

She said some first-time homebuyers prefer to buy from the secondary market due to location and the immediate availability of property.

“They will have to fork out a higher deposit amount so we hope that there are incentives to help the secondary market too,” she said.

Choong said it is hard to determine the number of secondary units left unsold in the market.

“According to data from the Valuation and Property Services Department, there are about 3,000 overhang units priced above RM400,000 in the secondary market in Penang,” she said.

She also hoped the state would consider extending its approval fee exemption for foreign property buyers to the secondary market.

Jagdeep, who is housing development committee chairman, said he will bring up MIEA’s request for the approval fee exemption to be extended to second-hand properties.

In efforts to spur its property market, Penang had moved to exempt an approval fee of three per cent for foreign buyers who purchase properties in the state.

The exemption, initially until June, was extended until the end of the year and only applied for the primary market.

Choong also called on the government to tighten enforcement against unlicensed and unregistered real estate agents.

“The number of illegal agents is alarming so something must be done to stop them,” she said.

She also warned the public that these unregistered brokers do not have a governing body so there was no avenue for recource if the deal went wrong.

She added that homebuyers and sellers may lose their properties and money due to fraudulent transactions by these unregistered brokers who may not be easy to track down.

The Malaysian Secondary Property Exhibition (Maspex) Penang will be held from September 19 to 22 at Queensbay Mall.

Choong said thousands of second-hand properties including residential, commercial and retail will be for sale during the event.

Source: MalayMail.com

 

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UPCOMING: Butterworth / Fenley Development

August 22nd, 2019 No comments

proposed-development-fenley

A proposed commercial development by Fenley Development Sdn. Bhd. at Butterworth. Strategically located off the ever-bustling Jalan Raja Uda, right next to the exit from Butterworth Outer Ring Road (BORR). It will only take 5 minutes drive to Penang Sentral, less than 15 minutes to Penang Bridge.

This development will see the demolition of existing factory building for the construction of a commercial tower, featuring 70 units serviced suites and 4 units of shop offices at ground level. Residents facilities will be located at the rooftop.

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

Project Name : (To be confirmed)
Location : Raja Uda, Butterworth
Property Type : Commercial
Built-up Area : (To be confirmed)
Total Units : 70 (suites), 4 (shop offices)
Developer : Fenley Development Sdn. Bhd.

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*By submitting this Form, you hereby agree to our PDPA Consent Clause.
(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)

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Bayan Lepas LRT Public Inspection

August 21st, 2019 4 comments

lrt-station

The Penang Transport Master Plan (PTMP) is a comprehensive five-in-one transport blueprint consisting of light rail transit (LRT)/monorail, ferries, taxis, buses and water taxis to meet Penang’s needs over the next 50 years.

The Bayan Lepas LRT (BL LRT) is the first urban rail line to be built under the PTMP. It serves as the North-South public transport corridor and will form the backbone of rail transit on Penang Island.

The implementation of the PTMP demonstrates the State Government’s commitment to provide better and well-connected public transportation services, improve the standard of living for Penangites and turn Penang into an ideal business and tourism destination.

The PTMP aims to progressively increase the public transport modal share to 40% in the long term and will act as a major catalyst for Penangites to use public transport in an effort to reduce congestion.

The LRT network provides direct airport transit from the Penang International Airport to major destinations on Penang Island as well as future connectivity to the mainland. It will be served by a systematic feeder service network within a 3km radius to ferry commuters to and from the stations.

Bayan Lepas LRT

The BL LRT line will run from George Town to the Penang International Airport, terminating at the future Penang South Reclamation (PSR) Smart City.

The proposed alignment is 29.9km, of which 21.3km runs within Penang Island from Komtar to Permatang Damar Laut. Out of a total of 27 stations, 19 will be built on the island, with the rest to be built on the manmade islands in the south.

VENUES AND SCHEDULES

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FACTS & FIGURES

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PROJECT TIMELINE

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Elevated Alignment

lrt-buildThe elevated alignment of the BL LRT will be built on guideways supported by piers. The height of the guideway depends on various factors such as the terrain on which it is built and whether it has to span over roads.

Construction Method

The construction methods used for the BL LRT project are designed to be cost-effective and relatively quick to shorten the construction period; minimise traffic disruption and reduce risks to public safety. The main activities include utilities relocation; and viaduct, elevated station and depot constructions. Viaducts will generally be built either on the median or side of the road. Construction is expected to commence in the third quarter of 2020.A detailed Traffic Management Plan will be implemented by the appointed contractor throughout the construction period.

Source: PTMP Official website

 

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Penang may see more interest from Hong Kong investors

August 21st, 2019 1 comment

gurney drive reclamation

The current unrest and chaos in Hong Kong may create more business and property sale opportunities in Penang, says Chief Minister Chow Kon Yeow.

He said Penang had always been a destination for investment, tourism and business.

“In light of the problems in Hong Kong, we may see more businesses moving into Penang.

“It is still too early to say whether there will be relocation of some Hong Kong-based businesses to Penang.

“However, it has been reported that there is increased interest from Hong Kong for property in Malaysia, including Penang.

“I understand people in Hong Kong may be concerned over their future due to the unrest in recent weeks.

“Penang is always a preferred destination for many foreign investors and property buyers.

“I am sure our private sector including the property market will do the needful to attract them,” he said at a press conference at his office in Komtar recently.

Chow was responding to a question raised by the media about the possibility of businesses from Hong Kong moving to Penang in the long-term.

The demonstrations in Hong Kong against a controversial extradition bill began more than 10 weeks ago

It has since evolved into wider concerns about democracy in the semi-autonomous Chinese territory.

Mass sit-ins at the airport have led to the cancellation of hundreds of flights.

Source: TheStar.com.my

 

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The Garden @ Island Resort

August 19th, 2019 No comments

the-garden-main

The Garden, the third and also the final phase of Island Resort development scheme by Ivory Properties Group at Batu Ferringhi. Strategically located along Jalan Batu Ferringhi, The Garden is just mere feet away from the renowned Miami beach as well as just a short drive to Penang’s famous tourist belt of Batu Ferringhi.

With an estimated GDV of RM250 million, the development components include serviced apartments and commercial lots. It is currently in the planning stage and is scheduled to be launched in the last quarter of 2020.

Project  Name : The Garden
Location : Island Resort, Batu Ferringhi
Property Type : Mixed development
Built-up Area : (to be confirmed)
Total Units : (to be confirmed)
Tenure : Freehold
Developer Ivory Properties Group

Register your interest here

*By submitting this Form, you hereby agree to our PDPA Consent Clause.
(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)

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