RESIDENTS of Gambier Heights Apartment in Penang are urging the Commissioner of Building (COB) to call for an Extraordinary General Meeting (EGM) after the parcel owners claimed that they were not given the audited financial report by the Joint Management Body (JMB).

The apartment is located in Persiaran Bukit Gambier near Bukit Gelugor.

They claimed that matters arising at the second Annual General Meeting (AGM) were also not forwarded to them during their third AGM held on May 3 last year.

Teacher S.C. Tan, 45, said the EGM was needed to vote and endorse a licensed property manager to manage the overall operations and administration of the apartments.

“We were also not given the audited financial statements for 2007, 2008, 2009 and 2010.

“According to the Building and Common Property Act 2007 (Act 663), the EGM could be called if a quarter of parcel owners signed for it.

“We submitted the petition together with 202 signatures by parcel owners to COB requesting an EGM but was later informed that the request had been rejected.

“In their letter dated November 1, it was stated that the rejection was because 25 owners had withdrawn from the petition, three had duplicated their signatures and six were not parcel owners.

“This left us with 168 signatures. Hence, the petition was rejected,” she said after a meeting with the MPPP president Patahiyah Ismail at Komtar recently.

Engineering site supervisor Stephen Lee, 49, said there were 737 units in Gambier Heights Apartment and at least 185 signatures were required.

“The law is silent on whether it allows ‘withdrawal’ from petition or if it rejects the ‘add-on’ of signatures,” Lee said.

“If the COB had allowed the ‘withdrawal’ of those who are for the EGM, why can’t they allow the ‘add-on’ of signatures?” he asked.

Lee claimed that a decision would be made known after the COB’s meeting on April 13.

Patahiyah declined to comment when met after the meeting.

Source: The Star

BUYERS of low-cost and low medium-cost housing units in Halaman Kenanga in Sungai Dua, Penang, came out smiling after a meeting with project developer Penang Development Corporation Properties Sdn Bhd (PDCP).

The buyers of the 715 units were earlier not allowed to move into their units although they had received the keys to their units from Chief Minister Lim Guan Eng on March 5.

However, they were now allowed to enter their units, some 50 buyers were told during an hour-long meeting with PDCP officers at the Penang Development Corporation (PDC) headquarters in Bayan Baru yesterday.

Halaman Kenanga action committee chairman Habibur Rahman said the buyers were not allowed to install lights and fans in their units by project main contractor Cheras Pinang Sdn Bhd (CPSB).

“We had a meeting with PDCP because we were wondering why we could not move in.

“They agreed to let us move in straight away and all the issues have been resolved,” he said.

“We would also like to thank all the relevant authorities,” he said.

In a statement, PDCP, a subsidiary of PDC, stated that it was served an injunction by CPSB on March 21.

The injunction prevented it from allowing contractors or any third party from carrying out renovation to any part of the building until any further order was made by the court during the inter parte hearing on April 2.

“The grounds cited by CPSB was that it was concerned that any renovation may affect its liability during the defect liability period as per the contract,” the email stated.

PDCP added that the injunction order was set aside yesterday.

Source: The Star

Renowned for its large scale gated and guarded development on the mainland, namely in Simpang Ampat, Bukit Mertajam and Butterworth, the reputable Tambun Indah Land Berhad continues with great strides to expand its distinctive garden-living concept.

With only limited units remaining, Pearl Garden with certificate of fitness (CF) to be obtained soon, offers purchasers a chance of a lifetime to own a landed property by paying only a minimum downpayment RM6,800 for the double-storey terrace house and RM8,800 for the double storey semi-detached.

Spreading over 726 acres of freehold land in Pearl City, Tasek Mutiara, the project’s strategic location within the vicinity of established amenities and easy accessibility to the Penang second link and North-South Expressway has attracted many home seekers from the island.

An equally notable gated development adjacent to Pearl Garden is the luxurious Pearl Villas featuring double-storey semi-detached homes with built-up ranging from 24ft x 43ft on a land size of 35ft x 76ft. The units are priced from RM488,000 with buyers paying only a RM5,000 down payment until completion.

With the escalation of property prices on the island, keen home seekers searching for spacious and affordable properties to accommodate their bigger sized families will be pleased with the launching of Pearl Indah III’s double storey semi-detached homes.

Boasting built-ups starting from 24 ft x 43 ft on a land size of 35 ft x 75 ft onwards, the homes are priced from RM448,000 and come with a fantastic home package that includes free legal fees on the S&P agreement, loan and stamp duty on transfer of the titles.

By paying only a minimum RM5,000 until Vacant Possession, many buyers from the island have signed up for these properties which offer them a huge savings of up to RM50,000.

Offering a similar home package is Pearl Indah’s double-storey terrace homes that are affordably priced from RM318,000 for a spacious land area of 22ft x 70ft.

Interested purchasers need only pay a RM1,000 down payment and a monthly instalment of RM500.

Over on the island is the latest project of Straits Garden in Jelutong. This high-rise development consisting studio and executive suites attracted a lot of local and foreign interest during the recent MAPEX 2012 property fair in Straits Quay.

Source: The Star

Reputable developer Asas Dunia Berhad has done it again in delivering an architectural wonder that is the envy of all with its prestigious Asas Murni development in Bukit Minyak, central Seberang Prai.

Comprising 40 exclusive units of two-and-a-half storey townhouses that have been completed with CF, this prestigious gated and guarded community features units with built-up areas ranging from 2,120sq ft. Only limited units of these freehold homes are still available and selling from RM380,000.

Every contemporary unit features five bedrooms with individual bathrooms, two spacious balconies and two living rooms.

A place that you would be proud to call home, the low density Asas Murni also stands out with its lush and beautiful landscaped gardens.

The project also prides itself on its optimum location that is within close proximity to the Bukit Minyak Industrial Estate, Penang Bridge and the bustling Bukit Mertajam town.

A name that is synonymous with quality, value and reliability, Asas Dunia needs no further introduction having carved its niche in Penang over the years with various stunning residential and commercial developments.

It has choice parcels of land extending from south Seberang Perai to central Seberang Perai namely in prime areas of Bukit Mertajam, Nibong Tebal, Jawi, Sungai Bakap and Simpang Ampat.

All the landed property sold also have unencumbered individual titles.

Thus one can buy with confidence knowing that his dream home would be completed ahead of time.

Asas Dunia has also taken the extra initiative to assist prospective home owners in the application of housing loans (at very attractive rates and terms) and EPF withdrawals.

Source: The Star

GEORGE TOWN: Tropicana Ivory Sdn Bhd’s (TISB) RM10bil Penang World City (PWC) project in Bayan Mutiara will have affordably priced high-rise units and a world culture’ component, featuring different cultural residential enclaves.

TISB is a joint-venture company in which Dijaya Corporation Bhd holds a 55% stake, while Ivory Properties Group Bhd the remaining 45%.

Ivory group chairman and chief executive officer Datuk Low Eng Hocksays about 15% of the properties for the 800 to 1,000 high-rise units for the first phase will be priced between RM300,000 and RM500,000, depending on the built-up area which ranged between 600 sq ft and 800 sq ft.

The first phase, to be located on a 10-acre site and scheduled for launch in the third quarter of 2012, will have a gross development value (GDV) of around RM600mil to RM700mil.

Subsequent phases for PWC will also see 15% of the properties priced in the affordable range of between RM300,000 and RM500,000, Low adds. Low said the group might consider using the plot ratio guidelines introduced in 2010 for the island to build medium-priced properties.

Under the revised guidelines of 2010, developers have to allocate 5% of the total units in a development scheme to be priced at RM200,000, 10% to be priced at RM300,000, and another 5% not exceeding RM500,000.

The affordable components were in the planning of the entire master plan as a value-added component from the very early stage, even during the tender exercise, according to Low.

“As we are planning for a world class city within World City, economies of scale is of the essence.

“In order for this to happen, we need a huge number of Penangites to call World City their home.

On the world culture’ component in PWC, Low says there will be residential enclaves where the properties will reflect the architectural and cultural themes of a particular country.

“For example, we will create Chinese, Korean, Middle Eastern and European villages in PWC, so that the properties can be marketed in that particular country through an appointed real estate agent.

“We want to create a world culture to attract tourism and foreign investors and to differentiate PWC from the other mega-development projects on the island.

“These parcels will be solely for en-bloc sales to expatriates,” he says.

On the impact of the global slowdown on PWC, Low says at present the group has not felt the impact of the global slowdown yet, at least not in the financial and real estate sectors.

“Our banks are well positioned and the central bank played a very proactive role to mitigate any possible impact or threat to our economy. The scale of foreign direct investments is very encouraging not only for Penang but for Malaysia as a whole,” he says, adding that the group does not foresee any slowdown in the next two to three years. “In fact, property prices in Penang are still very attractive and have yet to reach its peak. Many magazines, including those from Hong Kong, have been mentioning and promoting Penang as the ideal home destination.

“Investors from China, Japan and Korea, for instance, are very much interested in coming to Penang, particularly in the aftermath of the Japan earthquake and tsunami,” he notes.

Meanwhile, on Ivory’s plans for 2012, Low says the company is targeting to launch projects worth approximately RM1.4bil in GDV this year, including The Latitude in Mount Erskine, Penang Times Square phase three and phase four, City Mall and City Residence in Tanjung Tokong.

“The company is targeting to rake in sales of some RM800mil this year.

“Last year, we only booked RM121.8mil of sales for completed and on-going projects besides having unbilled sales of RM227mil to be realised over these two years. We are expecting higher sales this year since we have more projects to offer this time and not forgetting the much anticipated PWC project,” he adds.

Last July, Ivory won the right to purchase and develop the site in Bayan Mutiara after edging out four other parties, including SP Setia Bhd, which were bidding for the land. Ivory won the bid after offering the highest price to buy the land for RM240 per sq ft or RM1.072bil for the entire site, securing with it the right to develop on the existing 67.56-acre site and another 35 acres that will be reclaimed over the next three years.

To date, about RM22mil or 2% had been paid as earnest deposit for the land. The remaining downpayment of RM80mil will have to be paid on or before April 10. In the agreement with Dijaya Corporation Bhd, Ivory is the turnkey builder for PWC and will thus be entitled to 48% of the project’s gross revenue with the amount due to the company estimated at RM5bil.

Source: The Star