Low-cost homeowners must evict their tenants and move into the units themselves within the month or face possible jail time, the Penang government warned today. Housing development state executive councillor Jagdeep Singh Deo told the owners that renting out the homes is a breach of their low-cost housing contracts. “So, ... Read More

RESIDENTS of the One World and One Sky condominium blocks in Bayan Baru, Penang, are disputing the annual property value (APV) fixed for their units by the Penang Municipal Council (MPPP). One World chairman Brandon Oon, representing the owners of all 538 units of both blocks, said the APV of ... Read More

The island, however, is seeing fewer residential property launches due to land shortage, higher land cost and a challenging property market environment. Nevertheless, Raine & Horne director Michael Geh says the gross development value (GDV) of the projects launched on the island this year will still be higher. Of this ... Read More

Penang will blacklist any developers found in cahoots with “gangster contractors” who intimidate home buyers into engaging them for renovations. The state government said it has arranged to meet with the Penang police chief to crack down on the group allegedly intimidating and threatening new home buyers into engaging their ... Read More

Paramount Corp Bhd has purchased 30 acres of freehold land in Batu Kawan, Penang for RM67mil from Penang Development Corp (PDC) to build a university college and mixed development project The land for the future KDU College Penang was priced at RM40.50 per sq ft while the land for the ... Read More

As proposed, with effect from Jan 1, 2014, the RPGT rates have been increased from the previous rates of 0% to 15% to the new rates of 0% to 30%, which are summarised as shown in Table 1. The new rates should not significantly affect long-term investors. Although many may ... Read More

The RM3.3bil Infor-mation Technology Outsourcing and Business Process Outsourcing (IT-BPO) Hub in Penang will generate some 30,000 high-paying jobs when the project is fully developed in 10 years. Chief Minister Lim Guan Eng said in the first five years, about 21,000 high-paying jobs would be created. “The fastest-growing sector in ... Read More

THOUSANDS converged on Batu Maung town on Penang island to witness a historical moment — the opening of the iconic second Penang bridge. The crowd cheered as Prime Minister Datuk Seri Najib Tun Razak announced the bridge had been named Sultan Abdul Halim Mu’adzam Shah Bridge. Fireworks lit up the ... Read More

TOLL rates of the new RM4.5 billion Second Penang Bridge will be  below RM10, said concessionaire Jambatan Kedua Sdn Bhd (JKSB). Its managing director, Datuk Dr Ismail Mohamed Taib, said the rates would be decided by the finance ministry. "They will be between RM7 and RM10." Ismail said the rates ... Read More

Property transactions dropped in the first nine months of last year, said the Valuation and Property Services Department, confirming observations by real estate professionals that the market is slowing down. Although the number of transactions was lower, there was an upward trajectory in value, an indication of rising prices. The ... Read More