PETALING JAYA: Malaysia does not foresee a property asset bubble in the near future unlike China, Hong Kong and Singapore, which have such concerns.

Housing and Local Government Minister Datuk Chor Chee Heung said that many local developers were still rushing to submit their applications for various projects.

“No, I don’t think so because we have not reached that stage. If you think this (slower property sales) is the sign, then why are developers jumping in to continue to build?” he said after the opening of the 19th International Real Estate Federation Asia-Pacific Real Estate Congress 2011.

On another note, Chor said the increase in the real property gains tax (RPGT) was among the measures taken by the Government to curb speculation.

The Budget 2012 proposed that the RPGT on properties held and disposed of within two years be raised to 10% from 5%.

Chor said although the additional 5% was not too much of a deterrence, it would not give much room for speculators to buy property and flip it shortly, adding that the additional tax would not affect genuine home buyers.

Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, in his speech at the congress, said the real estate and business services sector was projected to expand by 6.8% and 5.7% respectively in 2011 and 2012.

“As we move forward, we cannot abandon the underprivileged and the poor. In this respect, we have put in place numerous measures to ensure that there is adequate supply of affordable homes. In March this year, the Government launched the My First Home Scheme.

“Under Budget 2012, the ceiling selling price of these homes has been raised to RM400,000 from RM220,000. The new ceiling would allow a greater number of aspiring homeowners to take advantage of the 100% financing scheme by participating financial institutions,” Husni said.

He also said unique public-private partnerships would be forming, where the Government would provide the land on which private property developers could build homes for the less fortunate group.

Source: The Star

GEORGE TOWN: The Natural Resources and Environment Ministry has decided to hand over the e-Tanah electronic land administration system to the Penang Land and Mines Office, Minister Datuk Seri Douglas Uggah Embas said on Thursday, Oct 13.

He said the handover will be carried out in stages and the process is expected to take six months starting from early next year.

"When the Barisan Nasional (BN) government implemented the (e-Tanah) project, we wanted to help the state land administration fully utilise ICT to improve its services to the public," he told reporters after a meeting with officers from the State Land and Mines Office, here.

He said the e-Tanah project was implemented in Penang in October 2005 and began operating in all the land offices and land and mines offices throughout the state two years later.

"Most divisions in the land and mines office are using the system and only several others need to be upgraded with the same," he added.

He said that since the implementation of the system, transactions recorded between January and September 2011 doubled to 250,000 compared to the previous year, reflecting the public's trust in the services offered by the system as a study revealed.

"The e-Tanah system has created a more conducive and customer-friendly environment, cut waiting time, improved service quality as well as provided greater confidence in the transactions," he said.

Earlier, Uggah stated that the cabinet approved the Environmental Performance Index (EPI), which will be developed with the cooperation of Universiti Teknologi Malaysia (UTM) under the 10th Malaysia Plan (2011-2015).

He said he hoped that Malaysia's EPI, which is a benchmark for environmental management in each state, could be carried out in 2012. – Bernama

SOURCE: The Edge Property

Orange Villa is a gated and guarded development, a prime residential enclave beckons with its 124 units of terraces, 16 semi-detached and two bungalows. This housing scheme is located just off the ever bustling Jalan Song Ban Kheng, Bukit Mertajam.  Within walking distance to schools and other public amenities, and a mere minute drives to Auto City and Penang Bridge.

Residents also have the assurance of peace of mind with the round the clock security besides reveling in clubhouse facilities such as swimming and wading pools, gymnasium, sauna, exercise corner, BBQ area, meeting room, jogging path and Jacuzzi.

3-storey Terrace

• Width: 22 feets
• Built-up Area: 3,770 sq.ft. onwards
• No. of Rooms: 5+1
• Roof Top Garden
• Indicative Price: RM 548,800 onwards

3-storey Semi-Detached

• Built-up Area: 3,915 sq.ft.
• No. of Rooms: 5+1
• Roof Top Garden
• Indicative Price: RM 693,800 onwards

Project Name: Orange Villa
Location : Bukit Mertajam, Penang
Property Type : 3-Storey Terrace & Semi-Detached
Other Phases: Orange Villa 2
Developer : Tah Wah Land

Contributed by @AhTu (17/2/2012)

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Contributed by  @Orange Juice (26/3/2012)

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GEORGE TOWN: The Penang Municipal Council (MPPP) has officially re-zoned four localities on the island from residential to commercial status.

Penang Municipal Council (MPPP) planning committee alternate chairman Felix Ooi Keat Hin said that be- tween 2009 and last year, MPPP had completed its study on the re-zoning of Gurney Drive, Jalan Kelawai, Jalan Masjid Negeri and Jalan Bagan Jer- mal from residential to commercial status.

The re-zoning applies for the whole stretch of Gurney Drive, Jalan Kelawai and Jalan Masjid Negeri while for Jalan Bagan Jermal, it is from the junction of Jalan Burma to Jalan Kelawai.

He added that the re-zoning exer- cise was due to the rapid development in the respective areas where there was growing demand for commercial activities.

“House owners, who wish to conduct business on their premises there, have to apply for the licencing changes from the council.

“However, those who want to maintain their premises for residential use need not apply,” he said when contacted yesterday.

Ooi said the council was also processing the application of planning permission and to change the status of the Bali Hai seafood restaurant from residential to commercial use.

Source: The Star

Orange Avenue comprising 61 units of three-storey shop offices promises a fascinating selection of dining, entertainment and retail possibilities. Strategically situated in Bagan Ajam, Butterworth, the development is framed by thriving neighbourhoods and come with contemporary architectural design, high ceiling and four private parking bays per unit as well as ample public parking lots.

Orange Avenue is also much sought after for its easy accessibility and the convenience of being surrounded by public amenities such as schools, wet markets and banks.

The same area will also see the development of a vibrant commercial precinct that will house a hypermarket and lifestyle mall to be undertaken by Tah Wah.

Project Name: Orange Avenue
Location : Bagan Ajam, Butterworth, Penang
Property Type : 3-Storey Shop Office
Total Units: 61
Developer : Tah Wah Land
Contact Number : 012-486 7898 / 012-502 7898 / 04-323 8688 / 04-331 4388