Owners of affordable and low-cost homes in Penang will find it tougher to sell their properties as the state government plans to enforce strict rules to curb property speculation. From Feb 1 next year, owners of affordable homes (bought for below RM400,000 on the island and RM250,000 on the mainland) ... Read More

OWNERS of new high-rise units can expect to receive their strata titles upon moving into their property once the new Strata Management Act 2013 (Act 757) is implemented early next year. Penang Municipal Council (MPPP) president Datuk Patahiyah Ismail said that under the new Act, the developers had to submit ... Read More

TROPICANA Bay Residences, the first phase of the RM10bil Penang WorldCity (PWC), has been selling briskly since it opened for booking in February. A total of 85% of its 906 condominium units have been snapped up, generating RM540mil for the developer Tropicana Ivory Sdn Bhd (TISB). TISB is a joint ... Read More

Property sources said Bank Negara’s new circular which bans interest capitalisation schemes (ICS) is not an attempt to fine-tune the measures proposed for the property sector under Budget 2014 but is merely “a guide for banks” when they finance house purchases. The new circular, effective Nov 15, which strikes at the ... Read More

A new circular from the central bank that took effect last Friday will pile more pressure on an already hard-hit property sector, even if its merits are likely to be felt in the long-term, analysts and industry executives said. In a bid to make the property market sustainable, the new ... Read More

Banning DIBS is the right move FOR many years, the National House Buyers Association (HBA) has been urging the Government to take measures to stem the steep rise in property prices to avoid a “homeless generation” as current property prices are far beyond the reach of many low and middle-income families in ... Read More

Motorists eager to try out the second Penang bridge linking Batu Maung here and Batu Kawan on the mainland will have to wait a little longer. Expectations of travelling on the 24km bridge – the longest in South-East Asia and 20th longest in the world – ran high after it ... Read More

THE SMJK Heng Ee branch school building project in Sungai Tiram, Penang, is moving ahead. The project’s special committee deputy chairman Datuk Alex Ooi(pic), who is also a director of the Heng Ee School Board, said land clearing works were currently being carried out on the 3.23ha plot. He said ... Read More

The commissioning of power supply to the second Penang bridge has been completed. All the street lights on the 24km-long bridge was lit up during an exercise yesterday. It is understood that the bridge is expected to be completed by Nov 8 and will be opened to the public several ... Read More

KOMTAR — arguably Penang’s best known landmark — will be revitalised to become one of the top tourism draws in the state. Chief Minister Lim Guan Eng said the state wanted to bring back the past glory of the iconic tower. “At one time, it was the main shopping centre ... Read More