Dua Villas is a blend of Chinese chic and contemporary design that combines the best of both elements. With Dua Villas, the architects have put together a home that is balanced, harmonious and ecological. Element that are often neglected in today’s busy lifestyle.

It features a glass canopy which enables daylight to penetrate the home, with French windows, a small backyard and European-styled balcony to provide that opportunity to get in touch and relax with nature.

Dua Villas is built around a courtyard home concept. The 135-unit development forms a small community that is connected with each other through the recreational space that is connected with each unit’s courtyard. This small community lining concept will certainly forge the ties between each family within Dua Villas, Bringing each closer to each other.

In addition, residents can indulge in a relaxing environment while enjoying extensive recreational facilities and equipments offered by an aesthetically pleasing clubhouse.

Location : One Residence, Sungai Ara, Penang
Property Type : 2-Storey Terrace
Land Tenure : Freehold
Total Units: 135
Developer : Ideal Property

GEORGE TOWN: The state government should allow more reclamation, higher plot ratio, development above 250 feet in certain areas and development of other parts of the island to address the current land shortage for property development.

Penang Real Estate and Housing Developers Association (Rehda) chairman Datuk Jerry Chan said with land scarcity on the island, land prices have "hit the roof".

"Developers are being branded as greedy by some parties due to the escalating prices in property on the island, but land is not cheap here.

"Public housing should not be made the burden of the private sector and we have the right to make our business viable and our profit margins are not high.

"The state government does not privatise land out for developers and we have to buy at market rates.

"The Penang property market is open, transparent and vibrant but there is the problem of supply which is not enough to meet the huge demand for land," said Chan at a press conference.

Hence, Chan suggested the state government look into ways to address the matter.

"There is no much landbank left on the island and the only other option would be for the state government to allow more reclamation.

"Another option would be increase the density by revising the plot ratio in certain areas in addition to those which were revised recently.

"We welcome the revision but more areas should also be allowed to increase the plot ratio.

"What happened in the past is due to the restrictions on plot ratio and exorbitant land prices in place over the past 30 years, developers were handicapped and were forced to build super condos due to rising costs.

"We lost a lot of land due to this low density and low built-up condition that was imposed," Chan said.

The Penang Island Municipal Council (MPPP) in July revised the plot ratio guidelines for high rise properties on the island which allowed developers to build up to 87 units with a total built-up area of 122,000 sq ft per acre compared with 42,000 sq ft per acre previously but has imposed pricing conditions on the units.

Previously, the plot ratio guideline for high-rises on the island was 60 units per acre or 42,000 sq ft per acre.

The new plot ratio guidelines are not applicable for prime residential areas such as Jalan Tunku Abdul Rahman (popularly known as Ayer Rajah Road), the Jesselton area, existing established housing zones and general housing areas, the George Town Heritage Site (which includes the buffer zone), certain areas in Tanjung Bungah and Tanjung Tokong.

Chan said areas like Balik Pulau and Teluk Kumbar, most of which are zoned as agriculture land, should also be opened up for property development.

He also suggested that in certain areas, the 250 ft restriction on hill slope development be relaxed.

"We appeal to the state government to relook into all these aspects and see what can be done.

"They should do away with requirements and guidelines which are unnecessary and allow developers greater freedom instead of imposing limitations," Chan added.


SOURCE: The Edge Property

THE completion of a lifestyle shopping mall along with an office tower by 2012 is set to transform Hunza Properties Bhd (HPB) (5018) from a property developer to that of a real estate landlord.

The Penang-based company, which is due to announce two new anchor tenants for its Gurney Paragon retail development next week, has no plans to sell the mall.

"We will instead hold and manage this mall. We believe that the consistent income stream from the mall will enable the group to have a strong base of recurring income," HPB executive chairman Datuk Khor Teng Tong told reporters after a shareholders' meeting yesterday.

Apart from the 8-storey mall and 10-storey office block, Khor said the project's 700,000 sq ft net lettable area will include a podium, along with the sea-fronting former St Joseph's Novitiate building in Pulau Tikus.
St Joseph's Novitiate and a chapel inside is a heritage building on the grounds of the project, which is bordered to the north by Gurney Drive and south by Kelawai Road.

The 94-year-old building, which is touted by many as a heritage masterpiece and is being conserved by HPB, is set to be transformed to a space which will house boutique retailers and restaurants.

HPB bought the 4ha freehold site in 2004 for an integrated project which will include two condominium blocks with a development value of RM450 million.

The residential component of the project, which boasts an average RM700 per sq ft, is currently 85 per cent completed and the company expects to have vacant possession by April next year.

Khor yesterday announced that HPB had recorded its highest ever net profit of RM50.9 million for the 2010 fiscal year ended June 30. This compared with RM27.6 million in 2009.

SOURCE: Business Times

GEORGE TOWN: The Real Estate and Housing Developers' Association (Rehda) of Penang is claiming that the high cost of land is the main reason for houses being sold at high prices in the state.

Chairman Datuk Jerry Chan Fook Sing said the high cost of land was also the reason for developers' inclination towards building upmarket homes in the state.

The limited land in Penang Island has caused landowners to sell their land at very high prices and this directly impacts the price of houses, he said.

"When the land is bought for a high price, developers are forced to sell the houses at a high price as well.

"Therefore it is not fair when only the developers are blamed in this matter," he told reporters here on Thursday, Dec 9.

To ensure affordable housing prices for all levels of society in the state, the government would have to find a suitable mechanism to overcome the problem, he said.

A recent report quoted Senior Fellow at the Social, Economic and Environment Institute (Seri) Dr Michael Lim Mah Hui as saying that the average price of a house in Penang was RM540,000 last year.

The report also said the price of house in the state exceeded that of the average house price in Kuala Lumpur at RM390,000. – Bernama

SOURCE: The Edge Property

PRICES of properties on Penang island are the most expensive in Malaysia.

Socio-Economic and Environmental Research Institute (SERI) senior fellow Dr Michael Lim Mah Hui said the average house price last year was RM540,000 or eight times the average household income.

In comparison, the average house price in Kuala Lumpur was only RM390,000, or six times the average household income.

Lim said the average house price on the island has increased further this year.

A ratio of house price to household income of three to four times is internationally acceptable.

"If the situation persists, many Penangites, especially those in the middle and more so the lower classes, will not afford to own properties.

"The state government should address the issue before it gets worse," he told reporters in Georgetown on Thursday.

Lim said for a start, the authorities should stop encouraging construction of high-end properties that cater to foreigners.

He said data from the Malaysia's population and housing census indicated that there was a property glut, which suggests that many people bought property for speculative and investment purposes, thus pushing up the prices further.

In 2000, the vacancy rate in Malaysia was 15.6 per cent from the total of 5.547 million unit of houses, which amounted to nearly 750,000 houses.

He said the percentage was more than 20 per cent now.

"It is not that we do not have the houses. There are. It is just that the houses now are way too expensive and beyond many people's means.

"That is why I say the authorities should stop encouraging the contruction of high-end and luxurious properties," he added.

Meanwhile, Consumers' Association of Penang president S.M. Mohamed Idris said to make housing afforable to ordinary Penangites, the government should start a public housing policy, which provides affordable housing, particularly in urban areas, to cater to those below a certain level of income.

He said a good example worth studying was the Singapore Housing Board model, where the government spearheaded the building of affordable housing for a majority of its citizens.

He added that alternatively, the government could consider doing this in partnership with the private sector. "In short, the government's priority should be to put the needs of the majority of the people ahead of other things," he added.

SOURCE: Business Times