THE state government’s fund for affordable housing will be managed and implemented by the Penang Development Corpo- ration (PDC).

Chief Minister Lim Guan Eng said the PDC would ensure that the RM500mil was used to build affordable units for the lower income group in the state.

“This is the largest amount ever allocated by any state government in the country for this purpose.

“It was decided during the state exco meeting today that the fund would be handled by the PDC, which is part of the state government,” he said.

Lim, who is PDC chairman, said the fund was from the Bayan Mu-tiara privatisation project conducted via an open tender.

He added that the state government had rejected the previous administration’s plan to move the administration centre from Komtar to Bayan Mutiara when it took over in 2008.

“Building a new administrative centre would have caused between RM600mil and RM800mil.

“We wanted to use the money for social projects that can benefit the people — like affordable housing,” he said during the PDC Chinese New Year open house in George Town yesterday.

Lim said a total of 11,596 affor-dable homes costing between RM42,000 and RM72,500 had so far been approved by the state government.

After the event, some 20 state Pemuda Pakatan Rakyat members presented Lim with an invitation to a debate.

An official invitation was also sent to Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop’s service centre in Tasek Gelugor.

Organised by the group, the debate titled ‘Abolishing expressway toll would bankrupt the country’ is scheduled for Feb 29 at the Seberang Prai Municipal Council hall in Sungai Dua, Tasek Gelugor.

State DAP Socialist Youth (Dapsy) secretary Ng Wei Aik, who is also Komtar assemblyman and the chief minister’s political secretary, said Lim would accept the invitation.

“Pemuda is organising this debate between the two leaders so that the rakyat can hear for themselves the arguments for and against the abolishing of expressway toll fares for concessionaires that have made huge profits.

“We have given Nor Mohamed a week to respond to the challenge and hope that he will accept it,” he said.

Source: The Star

Pine Residence, a two tower 29-storey condominium located within the establish township of comprises 222 apartment units and penthouses. It comes with a choice of 6 layout designs and only 4 unites on each floor.

Gross built-up areas:

Block A

• Typical units – 1,600 sq.ft.
• Penthouse – 3,300 sq.ft.

Block B

• Typical units – 1,400 sq.ft.
• Penthouse – 3,000 sq.ft.

Property Project : Pine Residence
Location : Paya Terubong, Penang
Property Type : Apartment/Condominium
Built-up Area : 1,400 sq.ft. onwards
Total Units : 222
Developer : Geo Valley Sdn. Bhd.

KUALA LUMPUR: The proposed new housing loan scheme for those in the low and middle income group here can keep the city “thriving, vibrant and youthful,” said the Real Estate and Housing Developers Association (Rehda).

Its president Datuk Seri Michael Yam said Prime Minister Datuk Seri Najib Tun Razak and the Federal Territories and Urban Well-being Ministry should be complimented for proposing the scheme.

However, he stressed that the scheme’s terms and conditions would have to be well drafted if the proposal was to be a success.

Factors such as geographic boundaries and income limits would also have to be properly defined, Yam said.

“Another thing that should be considered is risk management.

“This scheme will be very attractive to people who are otherwise unable to obtain bank loans due to the lack of steady income or personal reasons. We have to be able to properly deal with these high credit risks.”

Najib had announced on Saturday a special funding scheme to help low and middle income families own homes in the city.

The scheme, which comes into effect on March 1, will cover units built under the National Economic Action Council’s People Housing Programme as well as City Hall’s public housing programme.

“In Kuala Lumpur, many young people are now moving to other places because of high costs of living, and transportation issues. This scheme can attract people from elsewhere to live and work in the capital, and retain those already living here,” said Yam.

Many young Malaysians have expressed positive views about the proposed scheme.

“It can improve living standards for those in the city,” said university student Asyraf Syahir, 20.

“I hope the scheme’s terms will be favourable because houses in Kuala Lumpur are expensive. I would like to own a house here some- day,” said IT specialist Christine Leong, 24.

Marketing executive Lee Kim Kong, 25, said although the initiative was good, more holistic solutions were needed to address rising house prices.

Source: The Star

Quattro 360,  a condominium development by Marvellous Land in Bukit Dumbar, Penang. It features a total of 38 units with only two units per floor. Each unit has a built-up space of 1,900sq ft, and comes with four bedrooms, two of which are master bedrooms. The condo units also come with private lifts and lobbies as well as a double security system.

Property Project : Quattro 360
Location : Bukit Dumbar, Penang
Property Type : Condominium
Built-up Area : 1,900 sq.ft.
Total Units : 38
Developer : Marvellous Land Sdn. Bhd.

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PENANG: Penang Island's residential sector retained the lion's share of transactions in the property market in terms of total value and volume in 2011 and real estate consultancy Henry Butcher Malaysia (Penang) Sdn Bhd expects a more "cautiously optimistic" outlook for the sector this year.

In its Penang Island Real Estate Market 2012 Research and Forecast report, the consultancy said the Penang residential sector outperformed last year in terms of total value and volume of transactions due to the strong consumer confidence in Penang's residential market.

The report also noted that demand for residential property is strong even in non-traditionally preferred locations.

"Sentiments are anticipated to remain cautiosly optimistic whilst the general propensity for property investments is still strong for residential homes not only in the traditionally preferred locations but also for well-conceptualised homes of high quality specification, finishes, good security features and facilities," the report stated.

Penang island's current supply of residential property comprises mostly stratified properties with landed properties constituting approximately 16% in the North East and 56% in the South West. Future supply of residential properties see a similar trend.

Terraced houses are the highest performing residential property as prices have appreciated significantly. The report cited two terraced houses located in Greenlane which have seen prices appreciating by 785% over a span of 33 years.

The strong demand for Penang housing is partly due to the belief that property investing is a good hedge against inflation. Besides, Penang is also seeing a fair share of Klang Valley -based property developers looking towards the island for new opportunities.

S P Setia Bhd plans to launch four new projects on the island including Setia Greens in Sg Ara, Brooks Residences in Jesselton, Setia V Residences in Gurney Drive and Setia Villas in the Setia Pearl Island scheme. Others include Nadayu 290 by Nadayu Properties and The Wave by Ivory Properties at Penang Times Square.

According to the report, as office space supply has exceeded demand, the office market is expected to be challenging in 2012. Currently, older office space in George Town dominates supply as there are no new developments on the island while offices with Multimedia Super Corridor (MSC) status and Green Building Index certifications are expected to be in better position to secure tenants.

The report stated that the Office Tower at Island Plaza is undergoing a facelift which will convert the entire component into 106 units of commercial suites and will be renamed 118@Island Plaza. So far, more than 70% of the units have been taken up. Northam Tower office suites are also being refurbished into hotel rooms and suites in the 31-storey building.

Meanwhile, the retail sector should see steady growth. According to the report, the retail sector is the second highest performing sector in Penang real estate as yields of retail properties in premium locations are hovering around 5% to 7%.

"Most of the shopping complexes are located in the North East district and generally, the take-up rates in prime malls are high," stated the report.

Growth in tourism has also contributed to rising demand and interest in the island's hotels and pre-war/heritage houses. Media reports have suggested that the development of six hotels in George Town with a gross development value (GDV) of over RM860 million and the demand for pre-war properties with heritage characteristics in the inner city of George Town has outstripped supply.

The industrial and warehouse market however, is expected to hold steady in 2012 with existing supply mostly found in the South West District of Penang Island.

Overall, despite the adverse impact of the US/eurozone problems, Asia is expected to be on a robust growth path with Malaysia expected to achieve a gross domestic product (GDP) of between 5% and 6% in 2012 hence its property sector will remain positive.

SOURCE: The Edge Property