ATLAN Holdings Bhd has agreed to dispose of two pieces of land in Batu Ferringhii, Penang, together with a single-storey sales office for RM33 million cash.

The sales proceeds will be used to repay bank borrowings as well as for working capital, the firm told Bursa Malaysia yesterday.

The proposed disposal will allow it to capitalise on the opportunity arising from the appreciation in the market value of the properties and to streamline the group’s assets, it added.


SOURCE: Business Times

KUALA LUMPUR: Shareholders of Atlan Holdings Bhd have approved of the disposal of seven tracts of freehold land measuring a total 61.03 acres in Penang to Utara Malaya Realty Sdn Bhd for RM145 million cash.

In a filing to Bursa Malaysia on Wednesday, Mar 16, the group said its shareholders had given the green light for the transaction at an extraordinary general meeting on Mar 1.

To recap, Atlan Holdings's units Blossom Time Sdn Bhd and Radiant Ranch Sdn Bhd had entered into seperate sale and purchase agreements (SPAs) with Utara Malaya Realty on Nov 19, 2010.

Some of the parcels contain residential developments, including The Residences@Feringghi Park and Tropika Feringghi.

SOURCE: The Edge Property

Property values in the Klang Valley, Penang and Johor are expected to grow at a slower pace this year due to high supply and speculation activities, a real estate services company says.

CH Williams Tahir & Wong's managing director, Foo Gee Jen, said this year's growth in the prime areas was seen at between 10 and 15 per cent compared with between 20 and 25 per cent previously.

He, however, considered this healthy taking into consideration last year's gross domestic product (GDP) growth of 7.2 per cent.

"Property prices cannot exceed three times of GDP," he told reporters after a presentation on the local property market outlook for 2011 here today. – Bernama


SOURCE: Business Times

Prestige V, a freehold residential project comprises 74 terrace house, 6 semi-detached and 1 bungalow units.

Strategically located in Batu Maung, an easy access to Bayan Lepas Industrial Area and Penang International Airport. A mere minutes drive to the proposed Penang second bridge which is due for completion in 2013.

Location : Batu Maung, Penang
Property Type : 2-Storey Terrace, Semi-Detached and Bungalow
Indicative Price : RM894,000 onwards
Developer : Indah Mulia Development Sdn. Bhd. (PLB Homes)

Contributed by @eric (Site Progress – 8/1/2012)

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The Penang Government will provide incentives to encourage developers to build more low and medium-cost (LMC) houses as well as mid-range units on the island.

State Town and Country Planning and Housing Committee chairman Wong Hon Wai said the government would ensure there was sufficient supply of mid-price range housing to meet people’s needs.

He said there was a gap in mid-range housing in the island’s north- east district, adding that the state Planning Committee had on June 28 last year revised the plot ratio guidelines which provided for the construction of more housing units per acre.

To date, Penang Muncipal Council has approved seven applications under the revised guidelines.

“We need to strike a balance of LMCs, mid-range and high-end property in the state,” he told a recent press conference in conjunction with the three-day Penang International Property 2011 Expo starting this Friday.

Chief Minister Lim Guan Eng is scheduled to open the fair at the Penang International Sports Arena (PISA) the same day. The first 100 visitors will receive door gifts daily.

Event director Ong Ban Seang said the expo would be a good networking platform for the real estate industry along with the talks arranged for the public over the three days.

“The demand for high-end property in Penang exists because of the strong economy which attracted RM12.2billion in capital investments last year,” he said.

Ong added that the buoyant market was sustained by the developers’ innovative property products and the good response of foreign retirees under the Malaysia My Second Home (MM2H).

Raine and Horne senior partner Michael Geh (pic) said the expo would feature two roundtable conferences.

One will be on MM2H and it will have Tourism Malaysia deputy secretary-general Dr Junaidah Lee and MM2H president Jeremy Yeong among the panellists.

The other will be on ‘Salvaging Abandoned Housing Projects’, to be moderated by Dr Goh Ban Lee from Penang’s think tank Social Economic Research Institute.

A delegation from Indonesia will also visit the expo for business networking with local developers.

SOURCE: The Star