GEORGE TOWN: The Penang Heritage Trust (PHT) is concerned over the approach taken by the Penang Municipal Council (MPPP) to overcome floods in the state’s heritage enclave.

PHT president Khoo Salma Nasution said it lauded the effort by MPPP to mitigate floods but what was of concern, were the methods and approaches adopted.

“We are happy that the (local) authorities have listened to the people’s concerns. However, we have also received numerous complaints from the public over the scope of the implementation,” she said.

Khoo Salma said that in the past few weeks, the PHT had received complaints from ratepayers about damage to private property and shophouses when the historic granite fonts were removed and discarded.

“The excessive use of concrete to fight floodwaters is worrisome,” she said.

PHT council member Rebecca Wilkinson-Duckett said that the use of box culverts had altered the natural drainage ecology in George Town.

The original brick and lime structures were permeable and allowed for underground water to flow into the drains.

“The concrete box culverts prevent such action. The new drains also prevent smooth outflow of water from air wells of shophouses and have hampered PHT’s efforts to get owners to re-open their air wells.”

It was reported that the state government was disappointed that a few heritage-based non-governmental organisations (NGOs) had complained about MPPP’s works to upgrade drainage in the heritage areas.

State Local Government and Traffic Management Committee chairman Chow Kon Yeow said they should not have complained to the National Heritage Department without referring first to the council.

He said that the NGOs had complained that the drains should not be upgraded as they were part of Penang’s heritage.

“We are upgrading the drains because they are old and they cannot hold a heavy volume of water during the rainy season. This has resulted in floods. Flooding is a major concern to all. We are upgrading the drains to address the issue. The NGOs should consider this before lodging complaints,” he said.

SOURCE: The Star

KUALA LUMPUR: Penang MCA has slammed the state government for concentrating too much on mega-projects and losing sight of the need for affordable homes on the island state.

Penang MCA secretary Lau Chiek Tuan said that the construction of low-cost housing had ceased since DAP secretary-general Lim Guan Eng took over as Chief Minister.

He said Lim’s development direction in building “huge highways” and the Penang-Butterworth undersea tunnel would only jack up property prices in the state and leave low-income earners in the lurch.

Lau did not discount the benefits of traffic management through the construction of such mega-projects, but pointed out that motorists would end up paying expensive toll rates and also face soaring housing prices.

He dismissed Lim’s claim that better connectivity would allow islanders to migrate to the mainland, countering that property value in the project’s surrounding areas would skyrocket beyond the affordableprice range.

“Why did the Penang state government take great pains for this project instead of building low-cost housing for the people? After all, the land in Penang is more valuable than money.

“The Penang government has said the main objective of the mega-projects is to solve traffic woes. However, its good is countered by the rising house prices which will result in Penangites being unable to afford homes.

“The state government’s plan to ease traffic woes on the island is merely a ploy to gain votes as they want to tout their so-called ‘achievements’ by announcing large-scale projects. This will make the people feel that the Pakatan Rakyat government is doing something good,” Lau said.

Last month, Lim announced plans to build the 6.5km undersea tunnel to serve as the island’s third link to the mainland.

The Federal Government is currently building the second Penang bridge.

SOURCE: The Star

Setia Tri-Angle is the latest addition to the Setia Peral Island in Sungai Ara, Penang. This new development comprises 35 shop units, 70 SOHO units  and 235 apartment units.

Property Project : Setia Tri-Angle @ Setia Pearl Island
Location : Setia Pearl Island, Sungai Ara, Penang
Property Type : Shop office, SOHO and Apartment
No. of Units: 34 (Shop Office), 72 (SOHO) and 225 (Apartment)
Land Tenure: Freehold
Developer : SP Setia

Location Map :

[streetview width=”100%” height=”250px” lat=”5.302315″ lng=”100.26209799999992″ heading=”-75.23417111199858″ pitch=”10.120652768454141″ zoom=”1.33″][/streetview]

Contributed by reader (Update – 28/05/13)

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Contributed by reader (Update – 26/11/13)

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SHAH ALAM: SP Setia Bhd posted a 30% year-on-year jump in net profit to RM327.97mil for its financial year ended Oct 31, 2011 (FY11). The property developer attributed this mainly to higher selling prices for new launches and the stabilisation in the prices of construction materials. Revenue also increased 27.9% to RM2.23bil.

The group also set a new full-year sales record in FY11 of RM3.29bil, a 42% increase from the previous record of RM2.31bil set in FY10.

It was the fourth consecutive year of increase in the group’s sales and represented the second consecutive year that total group sales had exceeded the RM2bil mark, said SP Setia in a Bursa Malaysia filing.

(The sales figures are based on the retail pricing of properties sold, while revenue is recognised in the accounts when the developer is paid at the point of purchase and also when construction is completed in stages.)

SP Setia has proposed a final dividend of 9 sen per share. Together with the interim dividend of 5 sen per share, total dividend for the year works out to be 14 sen per share, representing a payout of about 59% of the group’s net profit.

The group’s profit and revenue were largely derived from property developments in the Klang Valley, Johor Baru and Penang.

Ongoing projects which contributed included Setia Alam and Setia Eco-Park at Shah Alam (Selangor), Setia Walk at Pusat Bandar Puchong (Selangor), Setia Sky Residences at Jalan Tun Razak (Kuala Lumpur), Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Baru and Setia Pearl Island and Setia Vista in Penang.

President and chief executive officer Tan Sri Liew Kee Sin said the group was aiming to achieve total new sales of RM4bil in FY12.

“This is despite factors such as the external headwinds from the economic uncertainty in Europe, and Bank Negara’s guidelines seeking to further encourage prudence in bank lending,” he told reporters.

About 90% of new sales in FY12 would come from Malaysia, with the balance from foreign markets.

Liew stated that the group had strong branding, and offered an extensive range of products that cater to diverse market needs.

The group’s recent launch of its integrated green commercial and mixed residential development, KL EcoCity (Kuala Lumpur), is expected to contribute strongly to sales in FY12.

Other recent launches like Fulton Lane and EcoXuan, the group’s maiden project in Melbourne and second project in Vietnam respectively, are expected to also help augment sales in FY12.

Meanwhile, Liew said he was not too concerned about the recent 10% increase in stamp duty for foreigners buying homes in Singapore.

“We target 70% of our product range in Singapore to cater to local upgraders. Foreign buyers will be about 30%, so we do not think there will be much of an impact,” he said.

Liew also said SP Setia was interested in making another bid to secure the project to redevelop London’s Battersea Power Station. SP Setia had submitted a 262mil (RM1.3bil) offer for the project in November that was turned down, before recently making a a second bid of 324mil (RM1.6bil) that was also rejected.

Source : The Star

Billed as the current government's biggest infrastructure exercise since it assumed office in March 2008, the projects have been tagged at RM8 billion and reportedly conducted via open tender.

Chief Minister Lim Guan Eng had said the projects would comprise a third (tunnel) link connecting Gurney Drive on the island to Seberang Perai on the mainland, a by-pass connecting Gurney Drive to the Tun Dr Lim Chong Eu expressway, a link between Bandar Baru Air Itam to the same expressway, as well as a paired road to the existing coastal road from Tanjung Bungah to Teluk Bahang.

Lim had also said that the state government will not provide any payments for the projects, and that the costs incurred will be recovered, via "competitive land swap" deals with prospective companies.

He was quoted as saying that the proposed land swap would involve the best prime land in Penang, which is in the Gurney Drive vicinity and that the price of land in Penang would increase in the next few years, and thereby benefit the companies that undertake the road and tunnel building projects.

Although it was reported that a prequalification exercise briefing for prospective companies would be held in Penang on November 29, the media does not appear to have been updated on how the briefing went, nor the interest shown by any potential firms.

Yesterday, the Penang state secretariat placed advertisements in selected print and electronic media, that a second briefing for pre-qualification exercise is to be held on January 14 next year.

The advertisement states that companies that had attended the first briefing on November 29, need not attend the second briefing.

The issue of the proposed land swap and the fact that Lim and his senior state executive councillor Lim Hock Seng were quoted as saying that the state would not incur any costs, appears to be quite mind-boggling, given the fact that prime land is going to be given away.

For the sake of argument, let us use the case of Ivory Properties Group Bhd which this year, won a bid to develop over 40ha at Bayan Mutiara on Penang Island.

Ivory Properties Group had in July this year disclosed that it received a letter of acceptance from Penang Development Corp on its proposal to buy and develop 41 ha of mixed development land in Bayan Mutiara for RM1.07 billion, or RM240 per sq ft.

Ivory is said to have paid RM240 for 70 per cent of ready-to-use land, while the remaining 30 per cent would be for reclamation rights.

If interested companies for the new plan unveiled get RM8 billion and land which will potentially triple in value, this renders an opportunity cost of RM16 billion (assets worth RM24 billion, minus costs of RM8 billion).

The question which now begs an answer is this: For RM16 billion, why does the Penang government not hire professionals and set up its own construction company like the Employees Provident Fund, which controls 40 per cent of Malaysian Resources Corp Bhd?

If the state is intent on proceeding with the projects – which are well-intended for traffic dispersal – it may be prudent for the authorities to borrow the RM8 billion needed to carry out the projects themselves and service the loan.

The current scheme announced appears to offer opportunity costs which are too low for the state and the people of Penang, and the move to privatise profits for such a venture may need to be revisited.

SOURCE: Business Times