The second Penang bridge is now 99% complete and the launching date will be determined by the Federal Government some time next month. Jambatan Kedua Sdn Bhd (JKSB) managing director Datuk (Ir) Dr Ismail Mohamed Taib said they hoped to wrap things up by Nov 8. The Batu Maung interchange ... Read More

Real Estate and Housing Developer’s Association (Rehda) national treasurer DatukN K Tong recently said that the escalating prices of properties, was significantly caused by the supply and demand factor. “As land prices continue to rise, there is also the issue of not producing houses fast enough to cater to the increasing ... Read More

NOTHING is certain in life except death and taxes. With the current economic climate and ever-escalating property rates these days, it is increasingly difficult for the average young professional and budding families to afford their own property, much less those in the low-income group. Even well-to-do families are looking at ... Read More

The Penang Development Corp (PDC) has signed a purchase and development agreement for the construction of a premium retail outlet in Bandar Cassia, Batu Kawan. The agreement, signed between PDC and developer PE Land Sdn Bhd, will see the nation’s second premium outlet after the Johor Premium Outlet. Commercial real estate services ... Read More

The local property sector may only see a real property gains tax (RPGT) increase in Budget 2014, according to a report by Kenanga Research. It said it was expecting the tax rate to increase to 30% from 15% for properties sold within two years and 15% from 10% for properties ... Read More

Some 70% of residential property transacted in the country today are in the secondary market, while the remaining 30% are newly launched projects. Raine & Horne Malaysia (Penang) director Michael Geh said more people were going after secondary property because of the pricing which ranged between RM72,000 and RM350,000. “This ... Read More

Three expressways to ease traffic flow in the state will be completed before the 6.5km undersea tunnel is ready. This was revealed by Chief Minister Lim Guan Eng after the signing of a preliminary agreement for the construction of a few major traffic-related projects yesterday. Under the state’s comprehensive package ... Read More

Despite facing severe criticisms over four mega projects totalling RM6.3bil, the Penang Government is pushing forward with the signing of an agreement. Chief Minister Lim Guan Eng said that the agreement would be signed tomorrow with the related companies here. It is learnt that the Environmental Impact Assessment would be ... Read More

A TOTAL of 1.7 million sq ft of office space is expected to be built and completed as the new business process outsourcing (BPO) hub in Penang within the next three to five years. Penang Chief Minister Lim Guan Eng said the state government had set aside about 6.88ha of ... Read More

Hunza Properties Bhd expects about RM1.4bil in revenue from its three mixed development projects in Tanjung Bungah, Seberang Perai and Kepala Batas over the next three years. Executive chairman Datuk Khor Teng Tong said Hunza would be focusing on its key property market in the northern region where the group has about 364.2ha ... Read More