Property News


Mahsuri flats to be torn down under Penang’s urban regeneration initiative

The Penang government has decided to proceed with the rejuvenation of the ‘5 Point Blocks’ flats in Lorong Mahsuri 10, Bayan Baru. State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the decision to amend the existing laws or enacting a new law with regard ... Read More

Penang yet to receive formal approval to develop islands

The Penang state government has yet to receive any formal approval for the Penang South Reclamation (PSR). In a statement today, Penang chief minister Chow Kon Yeow refuted a media report titled “Penang gets nod to develop islands” and said that the state government has been working with various parties ... Read More
gurney drive reclamation

Boon Siew Group NOT buying land near Gurney Drive reclaimed area

The Boon Siew group is not involved in the purchase of a piece of land that the state of Penang had alienated to a private company with the mandate to undertake RM6.34bil worth of infrastructure projects. In a statement, the Boon Siew group said one of its shareholders was approached ... Read More
RM3.15 mln fees for foreign property purchases in Penang exempted

RM3.15 mln fees for foreign property purchases in Penang exempted

Penang Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo (pix) said yesterday that the state government has “lost” RM3.15 million in approval fees that have been waived for foreign property purchases in the state. He said the state government had received 55 applications relating to the waiver of ... Read More

MAHB to proceed with Penang International Airport expansion plan

Malaysia Airports Holdings Bhd (MAHB) is ready to proceed with its plan to expand the Penang International Airport after getting the approval from the Ministry of Finance. Group chief executive officer Raja Azmi Raja Nazuddin said MAHB has been working on the expansion project over the past two years, bringing ... Read More

Construction work for The Light City will only start next year

IJM Land Bhd is expected to start the construction work for its RM4bil The Light City project by the second quarter of next year. The property group had earlier planned to start construction for the integrated mixed development scheme, which is located near the Penang bridge, sometime this month. Senior ... Read More

2019 HOC extended until the end of December

The Home Ownership Campaign (HOC) 2019 which should end this month is extended until the end of December to open more opportunities for home ownership among Malaysians. Minister of Housing and Local Government, Zuraida Kamaruddin said the campaign launched by the Prime Minister, Tun Dr. Mahathir Mohamad has received a ... Read More

Penang property market seen to be challenging in medium term

The Penang property market, over the short to medium term, is expected to be challenging as a result of strong incoming supply of new units. At the end of 2018, the incoming supply of housing rose to 49,543 units versus 44,046 units in 2017, an increase of 12.5%. The National ... Read More

Stratified property owners in Penang must pay parcel rent directly to land office

From this year, owners of stratified properties in the state will have to pay parcel rent directly to their respective district and land offices. Chief Minister Chow Kon Yeow said the parcel rent, replacing quit rent for stratified properties, is effective from January this year. "Prior to this, the quit ... Read More

Aspen Group acquires freehold land in Paya Terubong

Aspen Group, through its subsidiary Aspen Park Hills Sdn Bhd, has acquired 29.05 acres (11.62 hectares) of land in Paya Terubong from Geo Valley Sdn Bhd to be developed into mixed-residential development. Aspen Group executive deputy chairman Datuk Seri Nazir Ariff said the seven pieces of freehold land would be ... Read More