A 164ha hill valley land near Paya Terubong here will be developed for an agro-tourism project over the next five years.

The project, overlooking the Bukit Kukus Bypass bridge, will combine the features of a nature resort with flying fox lines.

It will also improve food security by encouraging vegetable and fruit farming.

The state-owned land under the Penang Development Corporation (PDC) was leased for 40 years to Kat Resources Sdn Bhd (KRSB), which will develop it at a cost of about RM40 million over three phases.

Chief minister Chow Kon Yeow, who is also PDC chairman, said a quarter of the site had been illegally cleared for vegetable farming.

He said this new project would integrate existing farmers into a systematic and planned development under the watchful eyes of the state agricultural department.

“The land is great for farming and yet, the views from these hills are stunning,” he said at a press conference here.

PDC CEO Aziz Bakar said the hill site is now home to some 150-odd vegetable farmers who plant a variety of produce from spinach to potatoes.

He said the existing farmers will be “blended” into the project, with plots of land given to them to carry out farming through a land lease.

Aziz said PDC stands to make RM24 million through a 40-year land lease it signed with KRSB.

KRSB CEO Teoh Kok Aun said his company had set aside RM20 million for early infrastructure works, which will take five years.

Another RM20 million will be needed for tourism products. Teoh also expects 400 jobs to be created.

He said large orchards with musang king, black thorn and cempedak king variety durians would be planted there, with an estimated revenue of RM3 million yearly. Tourism products will bring another RM5 million annually.

A flying fox line spanning the valley of the two hills, hiking trails, glamping and other outdoor activities have also been proposed, Teoh said.

He expects to wait a year before beginning the project as it has yet to get necessary approvals from the Penang Island City Council and other relevant agencies.

Source: FMT Online

Residential property launches in the first half of 2023 plunged 50.2% to just over 16,000 units from 33,205 units in H1 2022, said the National Property Information Centre (Napic).

Compared to the second half of 2022, residential launches in the first half of 2023 were down by 20.9%.

These statistics paint a rather bleak picture for the property market, especially the residential property segment, Napic’s H1 2023 property market report said.

However, sales performance for new launches recorded an increase of 32.2% compared to H1 2022 of 14.6% although it was lower compared to H2 2022’s 36.8%.

In the first half of 2023, 20.7% of new residential units were priced below RM300,000, 37.3% between RM300,001 and RM500,000, 34.3% between RM500,001 and RM1 million, and 7.7% above RM1 million.

Johor had the most residential launches (25.9% of the national total), with a sales performance of 34.5%. Selangor came next (18% share) with a sales performance of 38.6%, followed by Penang (9.9% share) with a sales performance of 64%.

With terrace homes dominating new launches, Napic said single-storey (3,489 units) and 2-3 storey homes (4,795 units) contributed 50.1% of the total units with a sales performance of 49.1%. This was followed by condominium/apartment units at 31% share (5,126 units) with a sales performance of 27.8%.

Napic, which sits under the valuation and property services department, said property market activity in the first half recorded more than 184,000 transactions worth RM85.37 billion. This is a 2.1% decrease in volume and 1.1% rise in value compared to the same period last year.

Overhang units decreases

On the overhang situation, Napic said a total of 26,286 overhang units worth RM18.30 billion was recorded in H1 2023, down by 5.3% and 0.6% in volume and value respectively against H2 2022.

“Most of the overhang is in Johor with 4,717 units worth RM4 billion. Likewise, the unsold under construction residential units saw a decrease of 4.9% to 54,844 units compared to H2 2022 (57,649 units),” it said.

On the same note, the serviced apartment sub-sector recorded 22,497 overhang units with a value of RM19.13 billion, a decrease of 6.2% and 5.2% in volume and value respectively against H2 2022.

“Johor recorded the highest overhang in the country with 59.4% (13,366 units), followed by Kuala Lumpur and Selangor, with 24.2% (5,450 units) and 12% (2,689 units) respectively,” it added.

Moving forward, Napic said the property market performance was “moderate” for H1 2023, despite a number of headwinds which has limited the sector’s growth potential.

“With the positive economic growth projection by Bank Negara Malaysia, expected between 4% to 5% in 2023, supported by various government initiatives and assistance, the property market performance is expected to remain cautiously optimistic,” it concluded.

Source: FMT Online

known for its rich heritage and vibrant culture, will soon welcome the opening of the RM80mil Lin Xiang Xiong Art Gallery at The Light City in Gelugor.

Named after the owner-cum-world-renowned artist and entrepreneur, the seven-storey gallery will have retail shops, basement carpark and restaurant sited on a 0.36ha land.

The 86,929.34sq ft gallery is expected to be completed in 15 months.

Prof Lin, who was at the gallery’s commencement ceremony, said there was potential for further international recognition with Penang’s cultural and artistic development on the rise.

“I aspire for my gallery to become a platform showcasing the fusion of East and West cultures, thus elevating Penang’s cultural and artistic ambience and global standing, and at the same time fostering a harmonious atmosphere that unites diverse cultural beliefs and traditions.

“I believe that cultural and artistic works possess the power to promote global peace, infusing positive energy into cultural and artistic content and guiding those who may have strayed from the right path,” he said in his speech.

Prof Lin, who is also Space Art and Culture (Malaysia) Private Limited chief executive officer, said the art gallery was on track for completion and its opening date had been planned for Sept 9, 2025.

“I intend to showcase 500 of my artworks but I can only showcase 300 at any one time so the remainder will have to be rotated periodically.

“Penang has also stood out as my choice location in my quest to establish this gallery, due to its storied history, international recognition and the unwavering support of the Penang government and its people,” he said while talking about luminaries like Penangite Dr Wu Lien Teh, who invented the medical face mask.

Prof Lin also highlighted the state’s rich East-West cultural exchange history spanning over two centuries and emphasised George Town’s rich multiculturalism, which has ignited a lively and diverse cultural tapestry.

Also present at the ceremony were IJM Land advisor Datuk Toh Chin Leong, IJM Land northern region general manager Goh Su Yin and other guests.

Toh, in his speech, lauded Prof Lin’s unwavering commitment and sacrifices in making the gallery a reality.

These include the challenges encountered during construction such as having to deal with escalating costs of building materials and labour, and disruptions brought on by the Covid-19 pandemic.

“The art gallery is not a conventional investment but a dream to use art as a conduit for peace and harmony among humanity,” said Toh.

Goh said the gallery’s design would be that of a turtle approaching the shore – signifying longevity and kindness.

“Prof Lin was inspired by the turtles we used to have in our nearby Light Collection project. That was how he came up with the building’s design,” she said.

The artist, hailing from Guangdong, China, has gained international acclaim as both an artist and entrepreneur.

Currently a citizen of Singapore, Prof Lin pursued his studies on the island republic and France and has exhibited his artworks at exhibitions worldwide.

Source: TheStar.com.my

Nanyang Street @ RU Square is the transformation of early Penang Style while adapting to the Southern Eclectic Style building to Modern Living Shophouses from the George Town UNESCO World-Heritage to the heart of Raja Uda, Butterworth. This is part of the approximately 14-acre development of RU Square which consists of residential and commercial properties upon completion. This well-planned commercial development is proudly brought to you by Jayamas Property Group.

This development offers 77 units of freehold extendable 4-storey shop offices that feature the Eclectic Style Shophouses from three different eras till the end of exhaustion to the late Qing Dynasty. The built-up is from 3,337 sq. ft – 7,337 sq. ft. Indicative selling price starts from RM1,980,000. It is scheduled for completion by the end of 2026.

Project Name: Nanyang Street @ RU Square
Location: Raja Uda, Butterworth
Property Type: 4-storey shop office (Extendable)
Built-up Size: 3,337 sq.ft. – 7,337 sq.ft.
Total Unit: 77 units
Indicative Price: RM1,980,000 onwards
Developer: Jayamas RU Sdn Bhd (Jayamas Property)

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

About Ferringhi Hills

A landed residential development within the established township of Batu Ferringhi. It is located along Persiaran Sungai Emas 1, only 10 minutes walk to Ferringhi Beach. It will feature a mix of 3-storey terrace (with lower-ground level) and semi-detached, bungalow houses, to be constructed in two phases.

Find out more about Ferringhi Hills