THE Federal Government is willing to work with the Pe- nang Government to address the long-standing traffic congestion woes on the island.

Prime Minister Datuk Seri Najib Tun Razak said the Federal Go-vernment continued to place im-portance on the state although it was governed by a different political entity.

“If there are transport woes, I think we can work with the state government to resolve it,” Najib said during a dialogue with 100 of his Facebook friends at a hotel in Penang on Saturday.

His remarks drew wide applause among the eager audience pleased to have the chance to pose questions to the premier.

Najib fielded some questions and complemented his online pals on their suggestions and even reprimands.

On a question concerning affordable housing in Penang, Najib admitted that the property prices in the state were high.

In a jest, he said he had ideas on how to overcome the issue but unfortunately, Barisan Nasional was not the ruling government in Penang.

To a question about the 1Malay-sia concept, Najib said it must be understood in-depth and not taken on a superficial scale.

“It is a concept to build resilience for Malaysia to move forward as a united nation whose citizens share the same ideals and values.

“Since the concept is big, it will require time for all Malaysians to digest its meaning and significance to nation building,” he explained.

Najib was visibily taken by surprise when some of his online friends complained about elected representatives who are nowhere to be seen, especially during floods.

“I hope they are not from Barisan (Nasional). But yes! the voters of today are a discerning lot. They are highly educated and are aware of their rights.

“I am advocating that our leaders must not talk down to the people but instead treat them as equal partners in the country’s push for development.

“I must admit that our country has problems. We are not perfect but if we play our part,

“I am confident that the country will soon emerge on a stronger footing. We are doing this for the younger generation so they can inherit something to propel the country even higher,” he said.

Najib said the Government Transformation Plan was part of efforts to ensure that the country was on track towards becoming a high-income nation.

He, however, implored every Malaysian to apply innovation and creativity to generate new forms of wealth which would thus create higher paying jobs.

SOURCE: The Star

KUALA LUMPUR: Abad Naluri Sdn Bhd is buying 126.04 acres of land in Batu Kawan, Penang from the Penang Development Corp (PDC) for RM16.75 million cash consideration.

Equine Capital Bhd said on Friday, April 1, that Abad Naluri would then nominate Penaga Pesona Sdn Bhd – a unit of Equine Capital – to accept the transfer of the land upon the acquisition.

Equine Capital said this had been agreed upon under a share sale and purchase agreement on Feb 12, 2007 where Equine Capital acquire Penaga Pesona for RM12 million from Abad Naluri.

Abad Naluri's investment in Penaga Pesona was RM250,000 and the latter was then the owner of 450 acres of land in Batu Kawan. In October 2008, Equine had disposed of its 25% stake in Abad Naluri.

Equine said the 126.04 acres of leasehold land which would be acquired from PDC had a tenure of 99 years. The site would be used for residential and commercial properties and the gross development value at RM293 million. The site is four km from the Second Penang Bridge on the mainland at Batu Kawan.

Penaga Pesona holds two parcels of land of 178.62 acres in Crescentia Park, Batu Kawan which is contiguous to the existing land.

Equine Capital said the purchase would be financed by its own funds and borrowings

SOURCE: The Edge Property

PETALING JAYA: Households applied for less money to buy houses in February with applications falling to RM10.26bil in February from RM12.56bil in January, but the amount applied for was 23% higher than in February 2010.

For the fourth consecutive month, ever since new loan-to-value (LTV) rules for the third or more house was enforced in November last year, households have applied for less money to buy residential property, data from Bank Negara’s monthly statistical bulletin showed.

Analysts have said that the decline in the first couple of months might be seasonal and believe data from March onwards would accurately display the effect from the LTV rule.

In a statement, Bank Negara said that interbank rates were stable in February.

In terms of retail rates, the average base lending rate (BLR) of commercial banks was unchanged at 6.27% as at the end of the month. Retail deposit rates were also stable.

It said broad money (M3) expanded at a more moderate annual rate of 7.9% in February.

“During the month, the expansionary effects of higher credit extension by the banking system to the private sector and net foreign inflows were offset by the fund raising activities of the Government,” it said in the statement.

Meanwhile, narrow money (M1) also expanded at a more moderate pace in February due to the return of currency to the banking system after the Chinese New Year festivities.

Net financing to the private sector increased by RM13.4bil in February on a month-on-month basis, driven by higher PDS issuances.

“PDS issuances rose due to several large issuances mainly for refinancing and working capital,” said the central bank.

“Loans outstanding and other major loan indicators, however, moderated compared with the previous month as there were fewer working days due to the Chinese New Year holidays.”

SOURCE: The Star

KUALA LUMPUR: Malayan Banking Bhd (Maybank) and Standard Chartered Bank Malaysia Bhd are supportive of the move by Bank Negara to introduce measures for property loans and credit card applications to control the household debt level.

Maybank deputy president and community financial services head Lim Hong Tat said the move was healthy for the property market but the bank did not expect it to have much impact on its loans.

“We don’t see too much impact (on credit card business) as we are stringent in our credit card applications all the while. We are also promoting our debit card,” he told a press conference after the prize-giving ceremony for Maybank 50th Anniversary Rewards Campaign yesterday.

The bank has 3 million debit cards 1.4 million credit cards in circulation.

Asked whether the bank expected Bank Negara to introduce more measures to control the household debt level, Lim said: “We would leave it to the authority.”

Meanwhile, Standard Chartered Malaysia group executive director and chief executive officer of consumer banking Steve Bertamini said: “We very much follow whatever regulations that are in place. We have no issue with Bank Negara’s requirements and we will follow them.

“There is always an impact but the challenge is how we can innovate and execute better than others to ensure that people come to us.”

The household debt level in the country has been a topic that has generated much discussion recently.

The central bank recently introduced a maximum loan-to-value-ratio of 70% for people wanting to buy their third house or more and has clamped down the availability of easy credit to the low-income group by raising the minimum income to RM24,000 from RM18,000 for credit cards.

The three-phased rewards campaign, which started last year, had helped to boost the bank’s market leadership share for consumer loans to 16.7%, total deposits to 18.6% and auto finance loans to 18.3% last year.

For 2009, the bank’s market share was 16.5% in consumer loans, 18.4% in total deposits and 17% in auto finance loans.

“We achieved growth in deposits for the whole of 2010 of RM4.8bil or 6.7% over the previous year. Similarly, consumer loans increased 15.2% or RM10.8bil, while hire purchase loans grew RM2.9bil or 14.1%,” Lim said.

Meanwhile, Standard Chartered launched its 8-Minute Service Pledge yesterday, where the bank is committed to a minimum standard of service at its branches in the country.

SOURCE: The Star

Kensington Residence is located within the established township of Bukit Mertajam, Penang. This residential property development comprises 136 units 2 1/2-storey semi-detached houses. Each unit comes with practical design and layout with 5-bedrooms and 4-bathrooms.

Property Project : Kensington Residence
Location : Bukit Mertajam, Penang
Property Type : 2 1/2-Storey Semi-Detached
Tenure : Freehold
Total Units : 136
Developer : Oriental Realty Sdn. Bhd (Boon Siew Group)
Indicative Price: RM550,000 onwards