GEORGE TOWN: The days of “super condominiums” selling at exorbitant prices are apparently over.

State Real Estate and Housing Developers Association (Rehda) chairman Datuk Jerry Chan said such condominiums would be difficult to sell in view of escalating land prices.

“Three years ago, land prices on the island were between RM300 and RM400 per sq ft. Now it is more than RM700. A super condominium will probably cost RM4mil per unit now. It would be very difficult to sell.

“Even the demand among foreigners isn’t for super condominiums so it’s better for developers to build smaller units,” he said yesterday.

Chan said the trend now was for more landed properties and high-rise condominium units with built-up areas of less than 3,000 sq ft.

“The demand for houses is strong though the supply is limited. Of course, there will be some new super condominium projects too but these will be in specific areas such as Gurney Drive, Pulau Tikus and Jalan Sultan Ahmad Shah,” Chan said.

State Town and Country Planning, Housing and Arts Committee chairman Wong Hon Wai said the Penang Municipal Council’s plot ratio guidelines for high-rise properties were revised last year to provide for the construction of more affordable housing.

“The trend a few years back saw developers building super condominiums.

“This was largely due to the previous guidelines. The worrying trend was among the factors that led to the revision,” he said.

Wong said based on recent applications received under the revised guidelines, the state would see more mid-range high-rise developments.

“The council is also introducing fee incentives for developers of units costing less than RM350,000.”

The revised guidelines would allow developers on the island to construct 122,000 sq ft per acre compared with 42,000 sq ft per acre in the past.

The previous guidelines, which had been enforced for 30 years, did not give developers the room to construct units of mixed sizes and lay-outs and price them according to the needs of different income groups.

Source: The Star

GEORGE TOWN: The state Housing Board, which will promote affordable housing projects by the private sector, will be established on July 1.

Penang Town and Country Planning, Housing and Arts Committee chairman Wong Hon Wai said an enactment to set up the board was passed at the state assembly in November last year.

“Under this enactment, the board is now a statutory body which will take time to be established,” he said.

“We hope to handle housing issues in a more effective manner. There must be proper legislation in place, and some amendments made to the Housing Development Act,” he said yesterday.

Chief Minister Lim Guan Eng had said that the board was necessary to counter high property prices currently beyond the reach of most Penangites.

Wong said that the board would look into eradicating corruption and reducing red tape in the housing sector while curbing excessive profits.

Source: The Star

A sought after Luxury Gated & Guarded Residential development by Airmas Group that will bring you and your family a complete lifestyle experience

Harmoni Residensi changing perspective of living concept brings quality life to every generation of you and your family.

This superb development comprise of:

• Landscaping Park
• A Clubhouse
• Fitness Station
• Sauna
• Barbecue Area
• Children’s Playground
• Security CCTV
• Guarded 24 hours

Location : Bukit Mertajam, Penang
Property Type : 3-Storey Clustered Semi-Detached and Bungalow
Indicative Price : RM600,000 onwards
Developer : Airmas Group

KUALA LUMPUR: Tambun Indah Land Bhd acquired three property companies – Premcourt Development Sdn Bhd, Pridaman Sdn Bhd and Ikhtiar Bitara Sdn Bhd – in Penang for RM11.6 million, the group announced on Wednesday, Feb 16.

Through Premcourt Development, the group will build a mixed-development project on JV land of 4.19 acres in Bandar Jelutong with a gross development value (GDV) of RM180 million.

"As the joint venture land in Jelutong is situated in the heart of Penang Island, we intend for the mixed strata development project to feature modern apartments, office suites and shop lots, in order to meet the demand for commercial and lifestyle properties in the thriving central business district," said Tambun Indah managing director Teh Kiak Seng.

The development projects via the newly-acquired companies are expected to contribute about RM38.7 million in pre-tax profits over the expected development period from FY2011 to FY2014.

The acquisitions would increase the group's GDV by RM245 million, raising the group's total GDV to RM1.4 billion to last till 2016, it said. The group's landbank also increase to 238 acres from 16 acres.

"The layout plans for the projects in Pridaman and Ikhtiar Bitara have received necessary approvals from the authorities, and we expect to commence work soon," said Teh.

Tambun Indah, through its subsidiaries, operates as a real estate and property developer that develops and sells industrial buildings, commercial offices, and residential properties. Incorporated in 2008 and based in Butterworth, Malaysia.

SOURCE: The Edge Property

BM Permai, a freehold residential project comprises 38 terrace house, 36 semi-detached and 47 bungalow units.

Strategically located in Bukit Minyak, an easy access to Bukit Minyak and Perai Industrial Area. A mere minutes drive to Juru Autocity and Penang bridge.

Location : Bukit Minyak, Penang
Property Type : 2-Storey Terrace, Semi-Detached and Bungalow
Indicative Price : RM348,000 onwards
Developer : Taraf Ria Sdn. Bhd.
Contact Number : 04-5076533/010-7989333