fbpx

Transforming Gurney Drive

August 26th, 2013 Leave a comment

An artist’s impression of the Seri Tanjung Pinang phase two project showing bridges connecting Straits Quay and Gurney Drive to the proposed island.

The 1.7km Gurney Drive will sport a new, greener look under the proposed Seri Tanjung Pinang (STP) phase two reclamation project to be undertaken by Eastern and Oriental (E&O) Bhd.

It will incorporate some 20ha of greenery area including a new parkland, water features, a cycling route and palm-tree lined promenade.

There will also be a 400m-long bridge connecting Gurney Drive to a new 307ha man-made island to be developed in the same project.

The bridge will be close to a popular seafood restaurant near the Gurney Drive roundabout.

Penang Works, Utility and Transportation Committee chairman Lim Hock Seng said the 53ha of land in Gurney Drive to be reclaimed by the group for the state government would mostly be used for recreation and not for commercial purposes.

“The seafront promenade will be wider and there will be more lanes on the road after the project.

“Now the road has three lanes. It will be extended to become nine to 10 lanes with parking space as well.

“Besides a new cycling route and jogging track, there may be a few eating outlets but there will be no high-rise buildings.

“This is the proposed concept. There may be changes but rest assured, the land will not be for commercial purposes,” he said when contacted yesterday.

On the portion of reclaimed land on Gurney Drive, 20.23ha will be government reserve land, 21ha for open spaces and buffer area, 6.87ha of land for the expressway and 4.85ha for amenities, utilities or infrastructure.

It will be fronting Gurney Reach, the new name for the seafront promenade on the man-made island to be created in the sea between Gurney Drive and Straits Quay in Tanjung Tokong.

On Saturday at a public dialogue in Straits Quay, E&O managing director Datuk Terry Tham had said Gurney Reach, which will complement Gurney Drive, would have open air cafes, restaurants and either an aquarium or a museum.

The dialogue was held with affected residents and relevant government agencies.

The aim was to obtain feedback on the project that will be incorporated into the detailed environmental impact assessment.

The island, part of a RM25bil project to be completed over the next 20 years, will be linked to Straits Quay and Gurney Drive by two 400m-long bridges.

The project will be carried out by Tanjung Pinang Development, jointly owned by E&O Property (Penang) with a 78.8% stake and the Penang Government with 21.2% stake.

The other government reserve land in the project are a 24.28ha plot in phase two of STP (to begin in Tanjong Tokong) and 8ha for the Penang Outer Ring Road.

Source: StarProperty.my

Categories: Property News Tags:
RELATED PROPERTIES FOR SALE/RENT AT
  1. STP 2
    August 26th, 2013 at 17:16 | #1

    there will be another Marina right across Straits Quay in the future called Harbourside. It is going to be of international standards and bigger than the current one.

  2. HUAT
    August 26th, 2013 at 17:36 | #2

    Time to prepare and earn money! Save up for your future investment.. Or maybe dream home on that mini island!

  3. jo
    August 26th, 2013 at 18:47 | #3

    Federal goverment plan to scrapped mega projects announced previously, while here more costly project coming up.

  4. Tarmizi
    August 26th, 2013 at 20:42 | #4

    U r wrong…this peoject is means for real penang development that benefited Rakyat, not certain group@jo

  5. PK LU LU
    August 26th, 2013 at 21:37 | #5

    This is most LUXURY project in Island.
    Also The most Un-secure project design i ever seen.
    Penang is an island and any emergency just got two escape way, by ferry n bridge.
    Island In island design seen nice but if you think twice for security, there is no no for me.
    Just can invest, but i never stay there.

  6. King
    August 26th, 2013 at 22:37 | #6

    Same go to singapore, hong kong, hawaii,phuket,bali,etc…all are small island. Are they too many scared staying there? Or we too envy with the great development? Fruit for thot seriously @PK LU LU

  7. condomana
    August 27th, 2013 at 00:04 | #7

    @Tarmizi,

    In what way do you think this project can benefit the rakyat, instead of just a certain group?

  8. lol
    August 27th, 2013 at 06:36 | #8

    @condomana
    Why doesnt it benefit the rakyat?

    You stay at the brezza right? This will increase the value of your property in the future.
    Increase jobs for people: new restaurants, new hotel, new marina, new offices, new commercials, new museum, new shopping mall etc.

    Contractors will get up to rm12 billion worth of jobs.

    Tourism enhancement. More people will visit Penang.

    Infrastructure upgrades: 9 lanes for future gurney drive, out penang ring road, underwater sea tunnel, more green public spaces, no more muddy gurney drive.

    All in all it does benefit the economy of Penang.

    Obviously if you are rich you get to stay there. What is wrong with that? That is how capitalism works.

    If you can afford it you can stay there too. Otherwise settle for something further away and enjoy the amenities there. Its open for everyone. Just like how gurney drive is open to everyone.

  9. condomana
    August 27th, 2013 at 12:46 | #9

    @lol

    “benefit the rakyat” has a wide definition. Example, the state builds a 5000sqft public playground, does that “benefit the rakyat”? Yes, it does. The state builds another similar playground in another taman, does that “benefit the rakyat”? Why not, sure does.

    Now one costs RM20,000 while the other costs RM200,000 (similar quality, size etc), does it benefit the rakyat?…..:) So now we’re talking about more bang for the buck.

    In other words, are we getting more than what we (the rakyat) will be paying for? Paying in terms of quality of life, affordability of housing, quality of jobs, pollution, traffic, etc. This reclamation is a major change to Penang. It has the potential to transform not only Gurney Drive, but Penang. But transform for the worse or for the better ?

    And by the way, I cannot remember who started this Brezza thingy, but it’s really getting a bit boring….:)

  10. lol
    August 27th, 2013 at 14:49 | #10

    @condomana
    Bang for bucks? Then why did you buy brezza? Might as well buy Bukit Mertajam? More abng for bucks? Same amount but can own semi-D at Bukit Mertajam.

    Not forgetting, all the benefits in terms of employment,tourism,economy, that this project can contribute at no cost to the rakyat but a cost to the future buyers. Not to mention its going to elevate Gurney Drive status and get rid of all the mud. Isnt that a good thing?

    The Brezza thingy, it is funny that you mention it. I read a lot of your posts on the brezza previously and its funny how negative you are about the property market (bubble is going to burst, crash coming soon etc) . You were unwilling to buy at that time for a cheaper price and upon completion you paid a higher price for it.

  11. STP 2
    August 27th, 2013 at 15:17 | #11

    @lol

    I guess buying at a premium is what he calls “bang for bucks”?

  12. Bryant
    August 27th, 2013 at 16:05 | #12

    @lol
    Aren’t you that guy from AG? Any news about that condo at penang world city?
    When launch?

  13. lol
    August 27th, 2013 at 16:17 | #13

    My boss owns the front portion of PWC.

    Still finalizing the floor plan.

    I can’t share too much here. Later if he finds out who i am i might get fired….

  14. Bryant
    August 27th, 2013 at 16:25 | #14

    Is it ok to update me via e-mail then?

  15. yeahright
    yeahright
    August 27th, 2013 at 16:39 | #15

    condomana :
    @lol
    This reclamation is a major change to Penang. It has the potential to transform not only Gurney Drive, but Penang. But transform for the worse or for the better ?

    Let’s see, 10 lanes meaning ….. woooww that’s an extremely wide highway indeed , near a bridge and a tunnel, with cycling routes and jogging track ? Really ? ….. hmm , who would want to exercise near such a wide dusty and noisy highway ? Another The Light in the making ! So Gurney drive will eventually turn out to be another jelutong gelugor expressway afterall , muahahaha, so much for development !

  16. yeahright
    yeahright
    August 27th, 2013 at 16:48 | #16

    HUAT :
    Time to prepare and earn money! Save up for your future investment.. Or maybe dream home on that mini island!

    Next to penang bridge and The light there is a mini island , what are you waiting for ? Go built your dream home there , hurry !

  17. HUAT
    August 27th, 2013 at 16:53 | #17

    The light is old news to me. I prefer this one. Need time to print money and dry them up one by one.

  18. jo
    August 27th, 2013 at 16:57 | #18

    Jelutong expressway up to batu maung with 10 lanes still ok, good for FTZ industry not this gurney area, i think after implemantation no tourist wil visit this area scared kena langgar, not safe any more.

  19. yeahright
    yeahright
    August 27th, 2013 at 16:58 | #19

    Those who own the millionringgit properties along the gurney drive will have their properties facing the widest highway in the future , imagine all the noise and dust, and not forgetting the ocean will be located further out across the highway …. what a sad ending for such expensive properties !

  20. jo
    August 27th, 2013 at 17:02 | #20

    Everyone in future want to own dream Island around penang island, wish you all good luck, later on you all can declare you own independent country, no more under malaysia.

  21. jo
    August 27th, 2013 at 17:20 | #21

    Most if sunday after breakfast i love to drive from gurney up to teluk bahang area, enjoy the side seeing, i love this area very much, feel sad when think abt the development going to destroy our Wonderful island in future, very bad our future genaration no chance to see what we are enjoying now, l@yeahright

  22. yeahright
    yeahright
    August 27th, 2013 at 17:33 | #22

    jo :
    Jelutong expressway up to batu maung with 10 lanes still ok, good for FTZ industry not this gurney area, i think after implemantation no tourist wil visit this area scared kena langgar, not safe any more.

    Now all vehicles have to move very slowly along the gurney drive making it safer for pedestrians to enjoy sitting around or walking along the promenade , but with 10 lanes , of course its not safe anymore for the area to be used as promenade , well the mat rempit gangs might use the lanes for racing !

  23. yeahright
    yeahright
    August 27th, 2013 at 17:37 | #23

    jo :
    Most if sunday after breakfast i love to drive from gurney up to teluk bahang area, enjoy the side seeing, i love this area very much, feel sad when think abt the development going to destroy our Wonderful island in future, very bad our future genaration no chance to see what we are enjoying now, l@yeahright

    We don’t see tourists flocking to The Light area , the same will happen to gurney drive once the 10 lanes, the bridge and the tunnel are there .

  24. HUAT
    August 27th, 2013 at 18:20 | #24

    The island will be the center of focus. It will replace gurney drive to some extend. Gurney drive itself will be just another expressway with mass vehicle. Just like other expressway. Maybe the road will be named gurney expressway. Haha.

  25. jo
    August 27th, 2013 at 18:27 | #25

    Good, in future my factory have chance to open one more plant at gurney area.@HUAT

  26. jo
    August 27th, 2013 at 18:37 | #26

    Of course, no tourist at The light area, very soon foreigner worker indon, nepal and banga ppl will flocking to this area similar to Quensbay area, good for business can open ice kacang, rojak stall. The light area need have good security system, so that this area wont turn up like Quensbay. @yeahright

  27. HUAT
    August 27th, 2013 at 18:44 | #27

    Jo, cannot open factory..
    “Penang Works, Utility and Transportation Committee chairman Lim Hock Seng said the 53ha of land in Gurney Drive to be reclaimed by the group for the state government would mostly be used for recreation and not for commercial purposes”

    So recreation area will filled with foreigners. All of the sudden, Whoever reclaim that area will be blamed for not carrying out their so call social responsibility to ensure no foreigner Linger around that area. In this case I assume E & O will kena. Buta kena just like other developer..

  28. yeahright
    yeahright
    August 27th, 2013 at 20:08 | #28

    HUAT :
    The island will be the center of focus. It will replace gurney drive to some extend. Gurney drive itself will be just another expressway with mass vehicle. Just like other expressway. Maybe the road will be named gurney expressway. Haha.

    The state gov need to advertise to the public by putting up a big billboard near McDonalds roundabout clearly stating that ” the gurney drive will be transformed into expressway” !

    For sure will crash the price of the very expensive properties along the gurney drive in no time , from million ringgit value to underwater mortgages! Ya think wealthy ppl like to live in front of an expressway ? Who would want to buy their properties ?

    And in the future wealthy investors will be reluctant to buy million ringgit properties by the beach in penang because ” by the beach” can be turned into “by the expressway” through land reclamation ! So much for wanting to turn Penang into the playground for the super rich !

  29. lol
    August 27th, 2013 at 21:21 | #29

    @yeahright
    You must be very new in the property scene.
    It tells a lot about your character from the way you speak.

  30. Colleen
    August 27th, 2013 at 21:29 | #30

    Well, you can always ignore new comer… Always the loudest but empty….

  31. J
    August 27th, 2013 at 21:37 | #31

    Should just wait for another 6 mths to see the impact of post QE….

  32. J
    August 27th, 2013 at 21:44 | #32

    Recently, at least 2 condo and 4 landed projects with >1 million price tag just get into sub sale market – Light Collection, Quayside, Setia Casuarina, Setia Green, Shineville & Sunway Cassia.

    Tree Residence and Minden Garden will join the sub sale pool in a month or two.

    Let’s see the response.

  33. yeahright
    yeahright
    August 27th, 2013 at 21:51 | #33

    lol :
    @yeahright
    You must be very new in the property scene.
    It tells a lot about your character from the way you speak.

    from blah blah blah to condomana , but only two sentences for me ? What happened ? Muahahaha , stucked already kaa ?

  34. yeahright
    yeahright
    August 27th, 2013 at 22:19 | #34

    Colleen :
    Well, you can always ignore new comer… Always the loudest but empty….

    Show me laa where else in Penang apart from the gurney drive that got wealthy ppl who bought millionringgit properties by the beach but instead end up with by the expressway years later down the road …… such a property scene has never happened before in Penang , this is a first !

  35. yeahright
    yeahright
    August 27th, 2013 at 22:25 | #35

    I’m sure all the developers who had built those million ringgit properties at Gurney drive did promise their buyers that the properties would be by the beach right ? And those buyers that bought the properties did expect to get properties by the beach as promised hence they were willing to pay so much money to buy those properties ! None of them expected their properties to be by expressway !

  36. Strange1my
    August 27th, 2013 at 22:46 | #36

    Still oleh jln property there coz the big shooping complexes are there plus close to the man made island… Probably nice look also. Also there sea still there but just a little. bit far away… Anyway, nobody swim there also… So no rugi…

  37. lol
    August 27th, 2013 at 22:53 | #37

    The reason why I didnt want to elaborate further with you because I fear you are going to give me this kind of reply. LOL.

    People are visionaries and all you see or interpret is an expressway.

    Gurney drive will boom further with the upgrades.

  38. STP2
    August 28th, 2013 at 07:32 | #38

    Honestly, I dont think the rich bothers about the nitty gritty stuff.

    I personally spoke to a few residents of Gurney drive and STP1 on that public consultation day and they were happy with the future developments of STP2. Some even added by saying that they will buy properties there.

    Those complainings were majority the fishermen that will be affected.

    The owners on the other hand applaud the new island and the reclamation along gurney drve. They wanted something to be done with the traffic and the siltation of mud along the shorefront.

  39. yeahright
    yeahright
    August 28th, 2013 at 08:06 | #39

    lol :
    The reason why I didnt want to elaborate further with you because I fear you are going to give me this kind of reply. LOL.
    People are visionaries and all you see or interpret is an expressway.
    Gurney drive will boom further with the upgrades.

    Man made islands “The World” in Dubai was envisioned as the ultimate luxury retreat, however a property tribunal recently cited evidence that the islands have begun to erode and the waterways that separate them are dissolving due to the influx of sand.

    Natural Islands sit on top of very compact sand that took thousand of years to form hence strong enough to withstand the onslaught of ocean waves , but man made islands sit on top of very loose sand that has not yet settled so the sand will get eroded by the ocean waves and the islands will simply slowly sink back into the ocean , that mini island will face a similar fate no doubt.

    Now the public can enjoy the promenade at gurney drive for free, but the mini island will not be free, just like the bridge and the tunnel laa all must pay tol what to access , capitalism will give no free access to infrastructures, profits come first !

    And ppl must cross the bridge to reach the mini island on foot because massive amounts of vehicles moving to and from the tiny island will only cause massive traffic jam that could accelerate its sinking into the ocean even further , so have to park the vehicles somewhere , resulting in parking problem near the bridge connecting the mini island !

    No one like to admit these sort of problems now and they tend to ignore them altogether thinking by doing that the problems will simply go away, they just like to dream the good things only but when these problems creep up on them later on once everything is ready , then its too late already, the damaged has been done by then no more Gruney Drive promenade but left only with sinking mini island !

  40. yeahright
    yeahright
    August 28th, 2013 at 08:33 | #40

    STP2 :
    Honestly, I dont think the rich bothers about the nitty gritty stuff.
    I personally spoke to a few residents of Gurney drive and STP1 on that public consultation day and they were happy with the future developments of STP2. Some even added by saying that they will buy properties there.
    Those complainings were majority the fishermen that will be affected.
    The owners on the other hand applaud the new island and the reclamation along gurney drve. They wanted something to be done with the traffic and the siltation of mud along the shorefront.

    In 2011 , CM himself made a promise in the media that the state government will not allow any new land reclamation along Gurney Drive as part of its deal with developers to construct infrastructure projects , but walla in 2013 the state gov easily broke that promise by allowing an expressway to be constructed there just to solve the problems of traffic and siltation.

    So whatever the state gov promise you now will easily be broken in the future for the same reason of solving whatever problems later on lah . Duh ! They promise you now the reclamation project will only be for recreation and not for commercial purposes , but when the silt start to accumulate back then they will just simply go against their promise just to solve the problem , they know only to built , built and built !.

  41. yeahright
    yeahright
    August 28th, 2013 at 08:37 | #41

    Correction – “build , build and build !
    Solving problems by creating more problems !

  42. Chris
    August 28th, 2013 at 10:18 | #42

    I hear a lot about development, and then hear people complain about how much traffic problem it will cause. How come people only complain and never want to be part of the solution?

    Just the other day I was jogging along at the sidewalk of the road, an electric scooter flew by, making no more noise than an electric shaver, and no smoke! Almost made me want to get one. Wouldn’t it be cool if Penang has the most electric scooter/bike per capita in the world? Cleaner air, less noise pollution, definitely less stress on the road when the population grows.

  43. Roti Boy
    August 28th, 2013 at 15:22 | #43

    Penang is crippled with haze again. But for the last few months, it seems like Penang is gonna to have another round of election, cause they are mending new roads on lots of places in penang. Good jobs.

    It is good to have big development in penang. Maybe some are pro BN and dont’ like to see much development during the ruling of the new party.

    It is indeed a great move by ruling party for Spice and now new island despite the limited fund by federal. You need development to survive the market today, else you will go backwards if you just standing.

  44. STP 2
    August 28th, 2013 at 18:16 | #44

    @yeahright
    I can tell how unhappy you are with development but that is the way forward. Let’s leave politics out from development. As long it doesn’t involve stealing public funds to fund such projects, i am ok with it.

    Something has to be done to enhance Penang further. Hence, i believe this project will not only boost Penang’s economy and job opportunities but will place Penang on top of the list in Malaysia.

    As far as i am concern, a comprehensive DEIA has been done by UK’s leading consulting firm and our local experts.

    In anytime if they find that such development would bring further harm than good to Penang , they will stop it.

    Majority who attended the public consultation are not against it. A few did question about the environmental impact and the questions were quickly dealt with by the panel and they were happy with the answers.

    Even the ones affected the most, the fishermen, said they are not against it. They welcome it but in return they want something. They did list a few requests that they are hoping that E&O will fulfill.

    Either ways, you have a choice, jump on board or sit and wait because this development is going forward anyhow and it doesn’t help much if you keep complaining. Time will tell everything.

    If you are not happy you can always choose not to visit the man made island or use the promenade.

    You have a choice.

  45. Bn
    August 28th, 2013 at 20:50 | #45

    @yeahright ig bring benefit to penang, what is the problem here? Only good work done by dap to bring real develoment to penang. This is what Rakyat want and Penang has maje it to real promised

  46. Numbers Man
    August 28th, 2013 at 21:18 | #46

    Project worth = RM25 billion
    Commercial area = 28.45 Million
    Residential area = 56.9 Million (Commercial to residential ration of 1 to 2)
    Total area = 85. 35

    Per square foot = RM293 sq. ft.

    The developers all say their profit margins are low??? Lets say a high profit margin of 30%

    so Selling Price = RM381 sq. ft.

    This means most of the properties in Gurney drive and the rest of Penang are over priced by 30% to 150%…

    Hahahahahahaha Pop goes the Property Bubble.

  47. ho
    August 28th, 2013 at 21:40 | #47

    @Numbers Man
    Should call yourself funny man….

    Regardless of land cost.

    We all know that location determines the buyers and sellers market.

    If everyone agrees to pay RM600/sft. Hence that will be the average market price. If everyone agrees it is RM900/sft then it shall be the market price.

    So what if you think it is over priced? To others, it is under priced. So it just a difference in perception. Your view of expensive might be cheap to others.

  48. Numbers Man
    August 28th, 2013 at 23:31 | #48

    @ho
    “” Regardless of land cost” ???? The figure is for the whole development which includes the building…

    There is no market price… It’s the developer price and what the developer thinks ignorant people who have no idea about property are willing to pay as a result of all the lies they are told…

    If Penang Property is such a great investment why are the developers just keeping them for themselves??? E&O say they have enough cash for the development so they don’t need to sell… Right…

    Why no keep it let it appreciate in value… Why sell Phase 1, then raise prices artificially then sell phase 2, then raise prices artificially and so on… In reality the value of property hasn’t gone up… It’s just an illusion that is coming to an end…

    Open your eyes and see what is happening to the economies in Asia right now… Malaysia is not immune… I’m just on here warning people about Property Prices here already at their Peak since end of 2012 there has been no rises in the sub sale market… which is the real market not the new development market that is all just speculation build on a huge credit bubble…

  49. condomana
    August 28th, 2013 at 23:44 | #49

    I can still remember vividly how Goh Choon Aun got massacred during a dialogue with the public, who were mostly against the PORR project in the early 2000. He was just standing on the podium, head down while getting all sorts of whacking from the people attending.

    Those who attended include NGOs, reps from all the affected areas and a lot of condo owners in Gurney Drive….:) There were many forums to seek feedback and communicate with the public back then, especially with the group of rich people who own many units of condos in gurney.

    A few years after that, it was Abad Naluri’s turn with the penang turf club project. Same concept, big development, big money, but the people didn’t like it so lots of resistance.

    Fast forward another few years after that, we’re back on the same issue again. Major development project, big money. But this time, they have learnt from past lessons.

    The term “PORR” is no where to be heard or seen. Instead, words like “new parkland, water features, cycling route and palm-tree lined promenade” were featured prominently, with this little “expressway” hiding behind….:)

  50. ho
    August 28th, 2013 at 23:52 | #50

    @Numbers Man
    Let’s set things straight shall we

    I am not denying that there is a credit bubble. Neither am i saying that it will pop or not.

    Obviously, the future man made islands will be build for the rich, whether you and I like it or not.

    The banks don’t lend that easily anymore. So, if you notice, those buying the properties there either has a lot of money and at this price they are willing to pay the premium to be part of the elite.

    Hence, back to my theory. What seems expensive to you is cheap to the filthy rich and elite people.

    A bank is a place that will lend you money if you can prove that you don’t need it. This is true at the moment.

    Try borrowing money now and you will see what i mean. Easy money has run dry. It was easily available after 2008 and now those money men has decided to bring out their vacuum and suck away all the liquidity that was flushing through our financial system over these 4-5 good years.

    So, E&O will still build because they know there is a market for the rich.

    They have the money and their gearing looks good.

    They have a time frame to reclaim the land before it expires hence they have to reclaim it. So keeping it is not an option. As we all know, inflation sets in and it will also cost more to reclaim and build.

    Obviously, they will artificially raise prices because if i were to run a property company i would do the same.

    Not forgetting the partners for this project consist of Temasek, Sime Darby, Mitsui and a few other wealthy tycoons.

    So, in terms of bullet RM25 billion is nothing to them when their combined market capital is easily 100 times the value of this.

    Open your eyes. At the end of the day it is all about holding power. The rich keeps getting richer. Look at history, property prices corrects along the way but at the end of the day it goes higher.

    In Malaysia, i am more concern on the countries debt to GDP rather than our household debt that is kept in check with the recent stringent measures and be rest assured once GST comes in as early as October this year. Prices of materials will go up.

  51. joyce
    August 29th, 2013 at 00:05 | #51

    @condomana

    I was there during the public consultation and they did mention about the PORR and the future sea tunnel.

    I believe the public consultation was the final hurdle for E&O.

    No one really object to the development on that day. They just wanted it to be carried out in a responsible manner.

    The fishermen even agreed to it but in return they want some upgrades to their fishing village.

    So, i guess people are happier now and are willing to adapt to change.

  52. Numbers Man
    August 29th, 2013 at 00:12 | #52

    @ho
    The rich don’t concern me… They most likely paid cash or have very low leveraged… The rich didn’t drive this property market up 150-200%.. It was the average person that took on the huge debt because of the easy credit that was available… These are the people that are going to be decimated by this property crash…

    I have friends in Ireland and the US who have their whole lives destroyed by the property crashes in those countries… And I know enough about what drives asset bubble, like I’m sure you do as well… Nothing to do with shortage of land or population growth or inflation they only have a small effect… It’s the availability of cheap, easy credit and banks lending irresponsibly to people who can barely afford it…

    Penang’s Property appreciation has averaged about 8% per year… it has been 30-40% per year in the last 5 years… now that the credit tap has been turned of there is no more acceleration of money being pumped into the property market… As a result property prices go down…

  53. ho
    August 29th, 2013 at 00:23 | #53

    @Numbers Man

    Property prices would probably stabilize or correct along the way.

    However, future property purchases on the island or else where will be done by the rich people as affordability will be out of range for the average people. Hence, i am not worried future bubbles going out of hand but the current bubble that the average people have committed themselves in but then again those average people that bought back in 2008-2010 would still be safe since they purchased their properties at below the current market price. So, even if it will to correct it will not fall below their purchase price. That is for sure.

    I am actually more concerned for those average buyers that bought in 2011. I am not worried about 2012 because banks started tightening their credit and hence the slow down in the property sector we are experiencing right now.

    What happened in the USA is a different case scenario. The banks and the government agencies were lending consumers money that they can’t afford to start with. Whenever their property rises, the banks says “here you go, take more money and spend it to stimulate the economy”.

    That doesn’t happen here in Malaysia.

    What happened in Europe was the same thing and they were holding “rubbish mortgage packages” from America.

    A property bull run can last for many years through job creations, boost in populations, upgrades in infrastructure, employment, high value service sector, tourism, eco city etc

    It is not easy to pop a bubble. That’s for sure.

  54. J
    August 29th, 2013 at 05:24 | #54

    Holding power is the key factor.

    I noticed there are many landed properties in Sg Ara (Taimina area and Kenari area) especially the Semi D and Corner house (with asking price >RM 1.2 million) have been stuck for 1-2 years.

    Worse still, many more new projects in this area are getting OC recently. Already flooded with too many landed properties.

  55. Block_R
    August 29th, 2013 at 07:39 | #55

    Numbers Man :
    Project worth = RM25 billion
    Commercial area = 28.45 Million
    Residential area = 56.9 Million (Commercial to residential ration of 1 to 2)
    Total area = 85. 35
    Per square foot = RM293 sq. ft.
    The developers all say their profit margins are low??? Lets say a high profit margin of 30%
    so Selling Price = RM381 sq. ft.
    This means most of the properties in Gurney drive and the rest of Penang are over priced by 30% to 150%…
    Hahahahahahaha Pop goes the Property Bubble.

    Sorry but something is missing here:- residential area built-up area

    We don’t know how much built-up area it’s going to be.

  56. Block_R
    August 29th, 2013 at 07:41 | #56

    @Block_R

    residential area not equal to built-up area

  57. jo
    August 29th, 2013 at 09:46 | #57

    I though this tranformation project is for Penang people for rakyat, now someone here tell us different story this man made iskand for rich ppls to live, what happening.

  58. Rachael Choong
    August 29th, 2013 at 12:11 | #58

    @jo
    If you are poor, you are nothing. Nothing about you matters at all. you simply do not exist in the eyes of the rich. Simple as that. That’s life. Face it or try to improve yourself and earn more!

  59. yvonne sim
    August 29th, 2013 at 12:34 | #59

    http://www.thestar.com.my/Business/Business-News/2013/08/29/Support-for-increase-in-RPGT.aspx

  60. Rachael Choong
    August 29th, 2013 at 12:36 | #60

    @jo
    Those with nimble minds and able to adapt well will succeed better than those who just sit on their hands and do nothing except to complain endlessly

  61. jo
    August 29th, 2013 at 13:06 | #61

    Aiyoo, pls dont look down on poor ppls, we need poor an uneducated ppl to survive on this planet, goverment never stop stupid, uneducated, poor ppls from voting, u no need to teach ppls how to make more money. I know how penang ppl became rich. @Rachael Choong

  62. condomana
    August 29th, 2013 at 14:31 | #62

    Oh man, Rachael Choong, the Goddess of Capitalism, is back! Run for your life!!

  63. Numbers Man
    August 29th, 2013 at 16:23 | #63

    @Block_R
    The commercial and residential area I am referring to is the build up area for each…

  64. TonySceptic
    August 30th, 2013 at 07:26 | #64

    Where is the road to be linking Gurney Drive to Tanjung Bungah and on to Battuferringhi? It seems like a nightmare bringing an overflow of traffic and people to what was once the pleasant island of Penang. Horrendous !

  65. upupup
    August 30th, 2013 at 08:11 | #65

    From the penang government website, the highway linking gurney drive to tanjung bungah is in front of marina bay at the seafront. It then goes in through the river mouth into pantai molek and out to fettes residence crossroad. So those marina bay dwellers will have their balcony facing the highway noise and dust everyday. Ooooooo!

  66. nikko
    September 1st, 2013 at 18:33 | #66

    yeahright :
    Correction – “build , build and build !
    Solving problems by creating more problems !

    If you do not like development, please move to the mainland with plenty of choices. They are CHEAP some more!

  67. tsunami
    September 1st, 2013 at 18:36 | #67

    upupup :
    From the penang government website, the highway linking gurney drive to tanjung bungah is in front of marina bay at the seafront. It then goes in through the river mouth into pantai molek and out to fettes residence crossroad. So those marina bay dwellers will have their balcony facing the highway noise and dust everyday. Ooooooo!

    Great! It is nice to stick it up to the you-know-what of the rich people!

  68. Chocolate
    September 1st, 2013 at 19:18 | #68

    @nikko

    So u are very pround of staying in Island? Dont put your eye on top your head.

  69. anti-di
    September 3rd, 2013 at 15:31 | #69

    Gurney Islands! Amazing project

  70. Tony
    October 26th, 2013 at 20:49 | #70

    The best thing to do is live very far away from the Gurney Highway which you can stay on when you visit ,look down on the island and the luxury,soon to be tenement ,condos . Be above the flooding and go home to your pollution free shack somewhere. ! Now in Penang you cannot be sure what will happen in the future so rent a caravan as you may have to move as the developers and highways come. Better still buy in Butterworth for life quality and visit the soon to be polluted island of Penang. Go back 20 years and fast forward ? If you are a true resident of the island which do you prefer ? Jobs brought by environmental blight and big hotels have their consequences. Tourists prefer tranquility ,unless they are from underdeveloped places with money to throw away..China, Russia, etc …who like shopping . This is not progress. This is construction and developers vandalism .With whom are they connected ? Who gains from these projects ? Financially . We know who will lose.

  1. No trackbacks yet.
(You can also Login/Register to submit your comment using unique ID)


Comment Guidelines
  • Avoid political discussion.
  • Comments with inappropriate wordings or personal attack may be moderated or deleted.
  • Developer must register before comment. All anonymous comments claimed to be from developer without registration will be deleted.
  • All advertisement in the comment will be deleted. Please contact us for advertising details.



To advertise your property in this page under "Related Properties for Sale/Rent":
 1. Submit your property at PenangPropertySale.com, it's FREE!
 (Please do not advertise your property in the comment)