Semi 8, a small scheme residential development located in the heart of Balik Pulau Township. It is just next to the new Police Head Quarter which also surrounded by existing residential homes. Its strategic location allows easy access to the nearest market, school, bank, bus station and other government department in town.

Property Project : Semi 8
Location : Balik Pulau, Penang
Property Type : 2-Storey Semi-detached
Tenure : Freehold
Built-up Area: 2,100 sq.ft. onwards
Land Area: 4,416 sq.ft. onwards
Indicative Price: RM886,000 onwards
Developer : Venn Group

GEORGE TOWN: Excitement is clearly growing with the state’s second Penang Bridge having passed its three-quarter completion mark.

Workers on the ground are beginning to have a sense of an ending now that the bridge is taking shape literally.

Jambatan Kedua Sdn Bhd construction director Hamizol Ngah said progress on the island’s second link had been tremendous over the last two and half years.

“As at April 26, the bridge was 76.22% completed. It is great to be able to say that the bridge is (1.2%) ahead of schedule and in another 15 months, there will be traffic on it,” he said at the China Harbour Engineering Co Ltd (M) Sdn Bhd (CHEC) office in Batu Maung here recently.

The bridge, scheduled for completion by Sept 8 next year after work began in 2008, is set to be the longest in South-East Asia.

Hamizol said although working on the bridge had posed several personal challenges, the end result was worth it.

“I cannot swim. I’m afraid of heights and get seasick, but at work, I put on my fierce face. When you have to deal with things, you will,” said the retired Public Works Department senior assistant director.

He said he felt a great satisfaction from having worked on a project that would benefit the public on a daily basis, citing experiences of spotting schools of dolphins and being stuck on pier platforms during rough weather as the highlights.

Teng Jit Poh, a CHEC construction manager, said the bridge’s Package One was 93.8% completed, about 4.35% ahead of schedule.

“With the structures up, you can basically see the whole alignment of the second bridge from the first,” he said before giving The Star the first close-up look at the link’s main navigation span.

Teng, who is from Sungai Bakap, said that although working on the second bridge was challenging, it was also satisfying.

“Compared to building a bridge on land, you are fighting both time and tide here. The time window is very tight and you only have two to four hours of low tide to complete everything you need to do,” he said.

“It’s great to be involved with one of Penang’s mega projects more so as a Penangite.”

Source: The Star

Capita View, a gated development on Penang Hill by Capitawealth International. Hillside living which spanning 2.76ha (6.83 acres) with scenic views. It comprises bungalow lots where buyers can opt for the company’s panel of architects to built their dream home.

Property Project : Capita View
Location : Penang Hill, Ayer Itam, Penang
Property Type : Bungalow lots
Tenure : Freehold
Total Units : 26
Developer : Capitawealth International

THE Penang Government has identified a total of 31.16ha of land on the mainland and island for phase two of its affordable housing project.

Chief Minister Lim Guan Eng said details of the project would be released after acquiring a report from the Penang Development Corporation (PDC) and other experts.

“Meanwhile, under phase one, 4ha of land in Kampung Jawa in north Seberang Prai has been earmarked for mixed development, while 7.68ha in Ampang Jajar is catered to low-cost housing.

“Other identified plots of land included Bukit Mertajam in central Seberang Prai, Juru Heights, Teluk Kumbar and Lebuh Bakau,” he told a press conference during lunch break at the State Assembly building yesterday.

Lim said the state government was committed towards building more affordable housing in the state.

“Though we are building affordable houses, developers are still required to build 55% of houses that cost below RM500,000 in certain high density areas, including 30% of affordable houses,” he explained.

He said phase three of the affordable housing development would be announced later.

Source: The Star

KUALA LUMPUR: The responsible lending guidelines issued by Bank Negara for banks since the beginning of this year may have less of a downside impact on loans growth than initially thought, Hong Leong Research said.

Hong Leong Research’s banking analyst Low Yee Huap said in a report that the impact of responsible lending has so far affected mainly the lower income group which consisted 12.7% of total loans.

This is also premised upon the latest banking statistics for March which showed that year-on-year (y-o-y) loans growth accelerated to 12.2% from a growth of 11.9% in February, after two consecutive months of slowdown due to seasonal and festivities factors.

In March, banking statistics showed a higher y-o-y loans growth to the business sector for the purposes of construction and working capital with a y-o-y growth of 19.2% and 10.4% compared with 16.2% and 10% respectively in February; while the household segment slowed to 11.9% from 12.1% in the previous month likely due to the responsible lending guidelines.

Low had maintained loans growth target of 9% in 2012 with an overweight call on the banking sector adding that a boost from the economic transformation programme (ETP) and would also positively impact consumer credit.

“The (banking) sector is the best proxy to the domestic economic growth and will enjoy significant multiplier effect from implementation of ETP projects.

“Continued consumption will indirectly boost demand for hire purchase, mortgage, personal loans and credit cards,” he said in the report.

The overweight call is also underscored by the banking system’s health which is in a “better position” today but also highlighted that the stress point to the system’s health would most likely be from the lower income group, while the middle to higher income group are financially sound.

“As for the lower income group, we laud Bank Negara’s preemptive moves and the role played by Agensi Kaunseling dan Pengurusan Kredit in ensuring the system’s health,” he said.

Meanwhile, CIMB Research analyst Winson Ng Gia Yann, who maintained a neutral stance on the banking sector , had a less sanguine view despite the higher y-o-y loans growth in March as compared with the previous month.

“We do not view this as a surprise because the improvement (in loans growth) was small, and loans approval, which is a leading indicator, increased by 17.6% y-o-y in February,” Ng said in his report.

“We still see downside risks for loan growth from March’s level given the moderating trend for the leading loan indicators in March,” Ng added with an industry wide loans growth forecast of 9% to 10% for the entire 2012.

Source: The Star