PETALING JAYA: Property prices of the local residential sub-sector are expected to be flat in the next few months as fears of rising oil prices due to the political unrest in the Middle East may damper investor and buyer confidence.

Khong & Jaafar Sdn Bhd managing director Elvin Fernandez said the local residential sub-sector would not see “insane run-ups” in prices like last year due to both global and local factors.

“Stock markets in the region have not been on the run-up. The uncertainty in oil prices and measures taken by Bank Negara to curb rising property prices will see (prices) within the local residential property sector holding,” he said when contacted by StarBiz yesterday.

Fernandez said the local residential sub-sector experienced “insane run-ups” in prices towards the second half of 2010 but, in light of both local and foreign events, the run-up in prices “will be arrested.”

Henry Butcher Malaysia Sdn Bhd chief operating officer Tang Chee Meng said he expected prices of the residential sub-sector to be stable in the next three to six months.

“Property prices won’t go up as crazily as it did last year,” he said.

There would still be interest for landed properties and high-rise developments would experience a bigger slowdown, he said, adding that if oil prices shot up, people might put off property investment.

In its report, DTZ said that to push sales, developers were now selling smaller units in line with market demand, especially aiming at the investment segment of the market which was still relatively strong.

“Capital values are stable in most locations with an average of RM599 per sq ft, but rental rates continue to experience deterioration as new completions add competitive pressures to existing projects,” it said.

Tang also said if oil prices shot up, people might put off property investment.

SOURCE: The Star

Setia Greens is the latest residential property development by SP Setia located at Sungai Ara, Penang. The project sited on 29-acres of freehold land in Changkat Sungai Ara, comprises terrace house, semi-detached house and a block of condominium. Phase 1 consists of 149 terraced houses and 18 semi-detached houses.

Setia Greens homes is the first green development in Penang offer a safe and environmentally friendly features. Each home come with solar water heater, rain-water harvesting system, water efficient fittings, cool roof system and low-volatile organic compound paint. All units are orientated to the north and south directions, which keep it away from direct encounter with the sunlight that helps to keep the unit cool.

Property Project : Setia Greens
Location : Sungai Ara, Penang
Property Type : Terrace, Semi-Detached
Total Units : Phase 1 – 149 (Terrace), 18 (Semi-D)
Indicative Price : RM898,000 onwards
Developer : SP Setia (Kewira Jaya Sdn Bhd)
Other Types : 3-Storey Semi-D (Citrus 1 & 2)

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THE thriving Penang property market has gotten off to a robust start this year with a new development planned for Jelutong.

Tambun Indah Land Berhad has proposed to acquire the entire equity of Premcourt Development Sdn Bhd, and will undertake a mixed strata development project in the area through Premcourt.

The project, with a gross development value (GDV) of RM180mil, involves a 1.69ha piece of land in Jelutong.

Tambun Indah managing director Teh Kiak Seng said the project was located in the heart of the island and would feature modern apartments, office suites and shoplots to meet the demand for commercial and lifestyle properties in the central business district.

“We anticipate to commence development in the fourth quarter of the year. Targeted completion is by the fourth quarter of 2014,” he said in a statement.

Teh said he was optimistic on the outlook of the Penang property market in light of the government’s commitment to continuously improve the infrastructure and provide incentives to attract corporations to establish and expand their facilities in the state.

He said besides Premcourt, Tambun Indah had proposed to acquire Pridaman Sdn Bhd and Ikhtiar Bitara Sdn Bhd.

Pridaman and Ikthiar have landbanks on the mainland.

The purchase consideration for the acquisition of all three companies is RM11.6mil which will be through internally-generated funds.

“Development projects via these companies are expected to contribute approximately RM38.7mil in pre-tax profits from 2011 to 2014,” he said.

He said the proposed acquisitions would increase the group’s GDV by RM245mil and its landbank to 96.3ha.

SOURCE: The Star

The Isle of Conifer precinct in Setia Pearl Island invokes the wholesome lifestyle synonymous with alpine environments. Here, homes are surrounded by evergreen pine trees and other conifers. The nature-inspired tropical architecture was conceptualised for a whole new level of luxurious living.

Whether the three-storey Pearl Villas or 3-storey semi-detached Aura, Caria and Juniper an exceptional lifestyle awaits you in the Isle of Conifer.

Location : Sungai Ara, Penang
Property Type : Luxury Villa
Land Area : 35ft x 100ft
Build Up Area : 6,577 sq.ft.
Total Units: 35
Indicative Price : RM3,000,000 onwards
Developer : SP Setia
Contact Number : 04-641 2255

Brook Residence, a prestigious enclave, nestled in one of the most exclusive neighbourhoods in Penang, namely Brook Road (off Jesselton Road), comprises just 11 limited edition luxury bungalows. Gated and guarded for your peace of mind, Brook Residences redefines exclusivity.

Jesselton is a small and unique residential area which is often known as the “wealthy man’s row”.

(More information will be added soon before launch…)