The Ministry of Housing and Local Government (KPKT) is coming up with a new model of public housing named the Program Residensi Rakyat (PRR), said its minister Nga Kor Ming.

He said the PRR would be well-integrated, sustainable and liveable, accommodating quality commercial viability, green spaces, community centre and other features.

The construction cost of each PRR unit, he said, would also be increased to RM300,000, offering the low-income group quality homes with a piecemeal price.

Under the new PRR, a unit costing RM300,000 would be selling at RM60,000. Out of the RM60,000, about RM10,000 to RM15,000 will be set aside for maintenance and sinking funds.

“There will also be a moratorium whereby in 10 years, you cannot sell the PRR unit, as we do not want irresponsible parties to take advantage of our social housing because this is a privilege for you to be afforded a heavy subsidy,“ he told Bernama and The Edge at the Asia Real Estate Leader’s (AREL) Study Tour Hong Kong and Shenzhen, China Edition.

The study tour was initiated by Rehda Institute, the research and training arm of the Real Estate and Housing Developers’ Association (Rehda) Malaysia, with over 50 delegates visiting many unique sites, covering urban redevelopment and public housing policies and strata laws.

The delegates consisted of various stakeholders including architects, surveyors, valuers, researchers, developers, town planners, lawyers, bankers and government authorities.

The minimum size for the PRR would be 750 square feet (sq ft) with three bedrooms and two bathrooms.

Nga said KPKT would also emphasise connectivity through transit-oriented development (TOD), which is expected to reduce the number of vehicles and car park lots.

The PPR will also be integrated with green buildings, making it 30 per cent less in energy cost compared with standard buildings.

“We are hoping to get an extra budget. Compared with Singapore’s HDB which has an annual budget of 30 billion Singapore dollars, Malaysia’s PPR (Program Perumahan Rakyat) only gets RM550 million, which is too small.

Meanwhile, Nga also called upon developers especially active members of Rehda and financial institutions to help the government to develop the many ageing buildings in the country especially those that are categorised as unsafe.

He added that the common engineering standard benchmark for a building’s lifespan is 70 years on average.

However, Nga said the situation is still challenging as currently, the consent threshold needs 100 per cent consent.

“Therefore KPKT is proposing a consent threshold between 75 per cent to 80 per cent, depending on the age of the building, and subject to further discussion,“ said the minister adding that the Act also proposed to cover abandoned projects with 51 per cent consent threshold.

Nga also stressed that while opportunities would be plenty for property developers to explore in the urban redevelopment effort, owners of existing property would be compensated fairly subject to valuation assessment.

Besides, the setting up of the urban renewal authority and land tribunal are also in the pipeline to be parked under KPKT, he said.

“This will be a fair and balanced legislation. While we are pushing for development, we shall also protect houseowners.

“This is the MADANI government, we will ensure a fair solution for both sides (owners and developers),“ he added.

Source: Bernama

Source: Buletin Mutiara

Tenaga Nasional Berhad (TNB) is on the brink of completing the monopole transmission tower project set to transform Penang’s energy landscape. The ambitious undertaking involves the installation of an 8.5-kilometer overhead transmission line across state waters, running parallel to the iconic Penang Bridge, slated for completion by end of the year.

This project, comprising 31 monopoles, including six adorned with distinctive designs resembling the Penang palm, promises not only to bolster the island’s power supply but also to emerge as a new tourist attraction, adding to Penang’s unique charm.

Speaking to reporters, TNB’s State General Manager, Datuk Ismail Lathifi Teh, highlighted the significance of the RM500 million investment, aimed at ensuring a sustainable energy supply to fuel Penang’s future development.

The construction, currently 62% complete, encompasses a series of milestones, with three standard monopoles already erected and plans for six landmark towers with Penang palm motifs reaching a soaring height of 100 meters by May 2024.

The project’s scope extends from Perai, traversing the Penang Bridge to Batu Uban and culminating at a site near The Light, owned by the Malaysian Ministry of Defense.

Ismail Lathifi outlined the project’s four main components, including the expansion of existing power stations in Perai, the construction of a new Main Intake Substation (PMU) at The Light, and infrastructure connections linking the Perai Power Station to the PMU at The Light.

Before this initiative, Penang’s power supply relied on aging infrastructure, including a 90kV underwater cable and a 275kV cable beneath the Penang Bridge, both approximately four decades old. With the forthcoming overhead transmission line, TNB anticipates retiring the Gelugor Power Station, redirecting its resources toward future energy support.

Ismail Lathifi emphasized TNB’s commitment to meeting Penang’s growing energy demands, driven by burgeoning sectors like technology, transportation, and industrial zones such as Bayan Lepas. He stressed the vital role of this project in ensuring a robust and reliable power supply, essential for the state’s economic growth and investment attractiveness.

As Penang gears up for transformative projects like Silicon Island and the Bayan Lepas-George Town light rail transit, TNB’s electrification efforts stand poised to power the state’s journey toward a sustainable and vibrant future.

The upgrading project of Padang Brown Food Complex, which started in October last year, has now achieved 90% progress and is set to be completed by early April this year.

Komtar assemblyman Teh Lai Heng said the expansion of the complex’s roof, the installation of steel columns, and associated structural enhancements have been successfully completed. The remaining tasks primarily involve electrical works, specifically for the installation of fans and lights.

“We want to make the overall dining environment comfortable and protect diners from the sun and rain. The expanded dining area can accommodate more tables and chairs to cater to more people and tourists,” Teh told Buletin Mutiara during a site visit to the food complex in Datuk Keramat this morning.

“Everything should be ready by early April. But right now, stalls are already operational in both the halal and non-halal sections.”

Teh added that the Penang Island City Council (MBPP) had allocated RM389,195 for the upgrading project.

Built in 1966, the food complex was last upgraded in 2014. There are currently 54 food vendors at the food complex.

Also present were MBPP councillor Benji Ang Ming Quan, Tanjung MP Lim Hui Ying’s representative Por Cheng Han, and MBPP architect Cho Ching Sin.

Ang urged the public to park their vehicles at the parking area near the food complex, not illegally by the roadside to avoid unnecessary accidents.

Source: Buletin Mutiara

At its meeting today, Bank Negara Malaysia’s Monetary Policy Committee (MPC) announced its decision to maintain the Overnight Policy Rate (OPR) at 3.00 percent. This decision comes amidst a backdrop of a moderately expanding global economy supported by domestic demand and improving trade activity.

Globally, economic expansion persists, driven by domestic demand and favorable labor market conditions in certain regions. However, risks such as geopolitical tensions, inflation outturns, and financial market volatility remain pertinent. While global headline and core inflation have seen a slight decline, monetary policy in many countries is expected to remain tight due to above-average inflation.

In Malaysia, the economy saw a 3.7% expansion in 2023, with growth expected to improve in 2024. This positive outlook is attributed to the recovery in exports, resilient domestic expenditure, and stronger global trade. Factors such as tourism growth, employment stability, and investment activities further contribute to the optimistic forecast. Nevertheless, downside risks persist, including weaker external demand and commodity production declines.

Inflation in Malaysia stood at 1.5% and 1.8% for headline and core respectively in January 2024, aligning with expectations. The outlook for 2024 remains moderate, contingent on domestic policy implementations, global commodity prices, and financial market dynamics.

Addressing the currency valuation, Bank Negara Malaysia highlighted the ringgit’s undervaluation relative to economic fundamentals. Coordinated efforts between the government and the central bank aim to encourage the repatriation and conversion of foreign investment income, contributing to a firmer ringgit. Structural reforms in the medium term are expected to provide lasting support to the currency.

The MPC emphasized that the current OPR level is supportive of the economy and aligns with inflation and growth projections. Vigilance towards ongoing developments will guide future assessments on inflation and growth outlooks, ensuring that monetary policy remains conducive to sustainable economic growth and price stability.

Overall, Bank Negara Malaysia’s decision to maintain the OPR reflects a balanced approach to sustain economic momentum amidst global uncertainties, while also addressing domestic economic fundamentals and policy considerations.

For illustration only

The tender process for the Penang International Airport (PIA) expansion and upgrading works will commence soon following the Federal Government’s approval of the plan recently.

Chief Minister Chow Kon Yeow said with the approval from the Cabinet, Malaysia Airports Holdings Bhd (MAHB) could start the tender process for the appointment of contractors for the PIA expansion and upgrading project.

“The project is expected to start in the third quarter of this year.

“In the meantime, the Penang government will continue its discussion with MAHB concerning technical issue compliance.

“Both the discussion with the state government and the commencement of the tender process can be done concurrently,” Chow told the media today after being asked about the latest development of the PIA expansion and upgrading project.

On Feb 27, Transport Minister Anthony Loke told the press that the Federal Government has approved the RM1 billion worth of PIA’s expansion and upgrade, which will be handled by MAHB.

He was quoted by the media as saying that the actual figures (cost) would only be determined after the tender process as there are also plans to expand and upgrade the facilities and infrastructure near the airport.

Source: Buletin Mutiara