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360 Aerial View: Tanjung Pinang

March 28th, 2020 2 comments

Surrounding Development

 

upcoming-by-zenith

UPCOMING: Tanjung Pinang / Zenith Urban Development

A newly proposed serviced residence development by Zenith Urban Development Sdn. Bhd. within the established township of Tanjung Pinang. Located adjacent to Marinox Sky Villas and The Tamarind Executive Apartments, overlooking the STP2 man-made island. Is only a mere minutes drive from Gurney Drive, less than 10km to the tourist ...
STP2

Seri Tanjung Pinang – Phase 2

Seri Tanjung Pinang (STP) encompasses two phases and is located at the northeast coast of Tanjung Tokong, Penang, Malaysia. The first phase (STP1) of the reclamation comprising 240 acres was completed in 2006. Reclamation of the 760-acre second phase (STP2) which commenced in 2016, is underway. As a matter of ...
straits-residences

Straits Residences

Straits Residences, a serviced residence development by Kerjaya Prospek Property Sdn. Bhd. at Tanjung Pinang, Penang. It is strategically located along Jalan Seri Tanjung Pinang, next to Straits Quay Marina Mall. The development comprises a 28-storey tower on a one-acre site, offering 246 units of serviced suites. The built-up size ...
gurney-wharf-aerial-view-1

Gurney Wharf – The New Seafront Public Park

Plans for new Gurney Wharf public space unveiled Penangites were today given a preview of the new seafront public park planned for the Gurney Drive foreshore. Spanning close to 60 acres, this water-fronting public recreation area called Gurney Wharf is a Penang State Government initiative. Gurney Wharf will be created ...
proposed-development-regalia-pioneer-sdn-bhd

UPCOMING: Tanjung Tokong / Regalia Pioneer Sdn. Bhd.

A commercial development proposed by Regalia Pioneer Sdn. Bhd. at Jalan Tanjung Tokong in Penang. It is strategically located next to the intersection of Jalan Batu Bukit and Jalan Tanjung Tokong. The land is now being cleared for the construction of a 22-storey serviced suites. The new building is only 5 minutes walk to Island ...
18-east-andaman

18 East at Andaman

18 East at Andaman, the final tower of the Andaman series condominium at Seri Tanjung Pinang, Penang.The only condominium project in Malaysia with an expansive 4.5-acre private waterpark. Surrounded by a further 6.9 acres of lush green recreational space with world-class facilities, a clubhouse and a stunning view of the ...
the-tamarind

The Tamarind

The Tamarind, a freehold executive apartments by E&O Property at Seri Tanjung Pinang, Penang. Located along Jalan Seri Tanjung Pinang 1, within walking distance to Straits Quay and Tesco. It is also well connected by strategic access roads to many amenities including schools, medical centres and shopping malls. This development ...
city-of-dreams

City of Dreams

City of Dreams, a freehold luxury lifestyle development at Seri Tanjung Pinang. The residential units come with size ranging from 1,000 sq.ft. onwards, with a well equipped kitchen accessories. Resident can also enjoy a wide range of luxury facilities such as private lift, private lobby, yacht services, Rolls Royce limousine, private bowling ...
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i-Santorini @ Tanjung Pinang

i-Santorini, an affordable housing development by Ideal Property Group in Tanjung Tokong, Penang. The piece of land which was previously planned for a 988-units condominium project is now being re-purposed for affordable housing. The new development plan comprises two parcels: Parcel 1: 2 blocks of 48-storey residential towers (1,320 units) ...
marinox-sky-villas

Marinox Sky Villas

Marinox Sky Villas, strategically located within Seri Tanjung Pinang, opposite of The Brezza, mere minutes drive to Straits Quay and Tesco hypermarket. It comprises 301 unit of Sky Villas with size ranging from 1,250 sq.ft. onwards. Property Project : Marinox Sky Villas Location : Tanjung Tokong, Penang Property Type : Condominium Tenure : Leasehold ...

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UPCOMING: Tasek Gelugor / Ihsan Ceria Sdn. Bhd.

March 27th, 2020 No comments

proposed-development-by-ihsan-ceria-sb

Yet another residential development scheme proposed at Tasek Gelugor, by Ihsan Ceria Sdn. Bhd. It is located on a 9.5-acre land along Jalan Tok Bedu, about 3 minutes drive from Tasek Gelugor town centre. The site is just a stone’s throw away from Setia Fontaines township by SP Setia

This development is expected to offer some affordable options for landed properties, to be developed in two phases:

PHASE 1

  • Single-storey semi-detached (50 units)
  • Single-storey bungalow (2 units)

PHASE 2

  • Single-storey semi-detached (24 units)
  • Single-storey bungalow (3 units)

The project is still pending for approval. More details will be available upon official launch.

Project Name: (to be confirmed)
Location : Tasek Gelugor
Property Type : Residential
Total Units : 79
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer : Ihsan Ceria Sdn. Bhd.

Register your interest here

*By submitting this Form, you hereby agree to our PDPA Consent Clause.
(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)

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‘Unfit’ property developers will fall

March 26th, 2020 No comments

construction

With the Movement Control Order (MCO) in Malaysia extended for another two weeks to April 14, 2020 to curb the spread of the COVID-19 outbreak, property sales galleries will remain closed and construction works halted until then.

Property developers may have a slight buffer from unbilled sales to cushion the near term impact of the MCO but those with high gearing and bad credit record are in a precarious situation, said RHB Research Institute senior analyst Loong Kok Wen.

Although Bank Negara Malaysia’s six-month loan deferment package would offer much needed help, developers still need to bear operational costs such as salaries.

“It is very hard to have equity call or secure new bank loans now. Smaller developers with poor performance risk winding-up,” said Loong in a phone interview with EdgeProp.my.

She also expects listed developers to revise their sales target lower and announce weaker results in the upcoming quarters.

Nevertheless, “Although there are currently very little demand in properties, but with some demand suppressed now, it might result in a pent up of sales upon recovery of the market,” Loong added on a brighter note.

In a separate interview, Savills Malaysia managing director Datuk Paul Khong opined that developers who end up in dire straits would be those who have poor sales track record and cash flow position.

“Or they may be offering wrong product offerings or have projects in bad locations,” he said.

“Government land office and property galleries are all closed now and sales are at a standstill until the MCO is over. If the MCO continues further, with cost of operations such as salary payouts still running, then losses are expected,” he added.

Simultaneously, consumers’ general affordability on properties will also be affected.

To help boost property sales, Khong hopes that the government could look into easing entry into property financing and allowing reduction in Real Property Gains Tax (RPGT) and Stamp Duty rates.

Source: EdgeProp.my

 

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6-month loan repayment moratorium: No need to apply, interest will be accrued

March 25th, 2020 No comments

loan-paymentBNM has issued a FAQ on the six-month loan repayment moratorium, which clarified that borrowers need not apply as the process is automatic.

The central bank also clarified that the interest will continue to accrue during the deferment period. This could result in higher subsequent instalment amount or an extension of the loan tenure.

Below is the FAQ in full related to housing and term loan:

Q. What is deferment of loan or financing repayment?

it is a temporary deferment or suspension of loan/financing repayment obligation (principal and interest) for a limited period of time.

During this period, borrowers/customers with loan/financing that meet the conditions do not need to make any repayment, and no late payment charges or penalties will be imposed.

Interest/profit will continue to accrue on loan/financing repayments that are deferred and borrowers/customers will need to honour the deferred repayments in the future. Loan/financing repayment resumes after the deferment period.

Q. What is the objective of the deferment package?

The aim of this package is to provide some relief to individuals and businesses who face temporary financial constraints arising from the Covid-19 pandemic.

We hope that this will help individuals and businesses facing financial adversities to cope with challenges during this period. Loan/financing repayment resumes after the deferment period.

Q. Which loan/financing qualifies for the deferment?

For individuals and small and medium enterprises (SMEs), the deferment in conventional loans or Islamic financing repayment obligations (except credit cards) are automatically effected by banks and development financial institutions (DFIs) if the loans/financing meet these criteria:

not in arrears exceeding 90 days as at 1 April 2020; and

denominated in Malaysian Ringgit.

Meanwhile, corporate borrowers/customers may request for a moratorium on loan/financing repayment from their respective banks.

Q. Can I ask for more than six months deferment?

The deferment is only for six months. Please contact the bank if you require a longer deferment period.

Q. If I opt for the deferment, will my CCRIS records be adversely affected?

No. However, interest/profit will continue to accrue on loan/financing repayments that are deferred and borrowers/customers will need to honour the deferred repayments in the future.

Borrowers/customers are advised to contact their banking institutions to discuss on the options available to resume repayments after the deferment period.

Q. Do I need to apply?

No. All individual and SME loans/financing (excluding credit cards) that meet the criteria will automatically qualify for the deferment.

Q. My loan/financing is in default, can I qualify? Can loans under rescheduling and restructuring (R&R) program be eligible for the deferment package?

Loans/financing accounts that are already more than 90 days in arrears, will not qualify for the deferment. Borrower/customers are advised to approach their banks to seek assistance.

Loans/financing under R&R program is also eligible for the deferment subject to meeting the criteria.

Q. How is the deferment package different from the other loan/financing moratoriums announced by banks recently?

Banks and development financial institutions (DFIs) have been proactive in responding to the needs of their borrowers/customers with various rescheduling and restructuring packages offered to assist affected borrowers/customers. Such efforts are welcomed and encouraged during these challenging times.

Borrowers/customers that have accepted assistance from banks and DFIs to reschedule and restructure their loans/financing can opt out of such arrangement, if they wish to do so.

Q. Which banks offer this deferment package?

All licensed banks, licensed Islamic banks and prescribed development financial institutions (DFIs) regulated by BNM will offer this deferment flexibility. Borrowers/customers that meet the eligibility criteria can avail themselves to this flexibility automatically.

Q. How do I know if my bank has enrolled my loan/financing into the deferment package? How do I know if I have qualified?

Banking institutions will provide individuals and SME borrowers/customers with adequate information that their loan/financing repayments have been deferred under this scheme.

Such information may be provided through a general advisory issued to borrowers/customers through appropriate channels, and/or published on banking institutions’ websites.

Q. I want to continue with my loan/financing repayments. How do I opt-out of the automatic deferment package?

You should contact your bank if you wish to opt-out of the automatic deferment package, or continue to make timely and full repayment of your loan/financing.

Q. I work in the tourism sector and have been badly affected by recent events, I have been struggling to meet my monthly mortgage payments since January and my savings are soon running dry. Do I qualify for the deferment package?

Yes, provided that your loan/financing is not in arrears for more than 90 days as at 1 April 2020.

Q. I run a small business which has been severely affected by Covid-19, if business does not improve, I will soon be defaulting on my car and personal loans/financing? Do I qualify for the deferment package?

Yes, provided that your loans/financing are not in arrears for more than 90 days as at 1 April 2020.

Q. Will I be charged additional interest on the repayment amount that is deferred by 6 months during the period?

For conventional loans, interest will continue to be charged on the outstanding balance comprising of both principal and interest portion (i.e. compounded) during the moratorium period.

For Islamic financing, profit will continue to accrue on the outstanding principal amount. Such profit however will not be compounded in line with Shariah principles.

Banks are however not allowed to impose late penalty charges on the deferred amount. In other words, the loan/financing repayment is just deferred by 6 months.

Q. What would happen to my loan/financing repayments after the deferment package period? How does being in the deferment package affect my interest payments after the 6-month period? Is there an increase in monthly payments, or longer tenure?

Interest/profit will continue to accrue on loan/financing repayments that are deferred. This means accumulated repayment amount during the deferment of repayment period will be added to the outstanding loan/financing amount.

Borrowers/customers are advised to contact their banking institutions to discuss on the suitable workout plans to repay the principal and interest accrued during the deferment period. This may include higher subsequent instalment amount or an extension of the loan/financing tenure.

Q. Does this deferment package apply to newly approved/disbursed loans?

It applies to all loans/financing outstanding as at 1 April 2020.

Q. Would my loans with other non-bank credit providers qualify for this deferment package?

No, this is only applicable to loans or financing offered by financial institutions regulated by Bank Negara Malaysia, namely banks and development financial institutions.

Q. If a corporate opts in for a loan or financing repayment deferment package, would it still be able to get new financing from banks?

Yes. The credit decisions of financial institutions are subject to their respective internal credit policies and assessment.

Q. As a corporate, what would be the criteria to opt-in?

Unlike individuals and SME borrowers/customers, corporate borrowers/customers should refer to their banks for the deferment and rescheduling and restructuring of their loans/financing.

In addition, these loans/financing must meet these criteria: • not in arrears exceeding 90 days as at 1 April 2020; and • denominated in Malaysian Ringgit.

Q. I have a loan/financing which is automatically deducted from my salary. Do I qualify for the deferment?

Yes. Please inform your company to stop the salary deduction if you wish to have your loan/financing repayments deferred. You should also contact your bank to inform them accordingly.

Q. How should I notify the bank that I wish to opt-out of the deferment offer?

Please respond to the notification sent by the bank and informed that you wish to opt-out of the automatic deferment package, or continue to make timely and full repayment of your loan/financing.

Q. Will the bank automatically stop the repayment requirement if I did not respond to their notification?

Yes.

Source: TheStar.com.my

 

 

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Automatic six-month moratorium on all bank loans

March 25th, 2020 2 comments

bnmAutomatic moratorium on loan repayments will be granted to small and medium enterprises (SMEs) and individuals — an additional measure taken by Bank Negara Malaysia to relieve the burden on businesses and households that are expected to be affected by the COVID-19 outbreak.

The central bank has written to the commercial bank to inform them of the new measure that will last for six months.

In a document sighted by The Edge, BNM noted that to ease the cash flow of SMEs and individuals that will be affected by the COVID-19 outbreak, banking institutions will grant an automatic moratorium on all loans/financing repayments/payments, principal and interest (except for credit card balances) to individuals and SME borrowers/customers for a period of six months from April 1, 2020.

The automatic moratorium is applicable to the loans/financing that are not in arrears exceeding 90 days as at April 1, 2020 and denominated in the ringgit, it added.

“Banking institutions should provide individuals and SMEs with adequate information on how the suspended loan or repayments will be treated during the moratorium period and options for the borrowers/customers to resume repayments/payments after the moratorium period, particularly if they anticipate that they may still face some difficulty meeting scheduled repayments/payments,” BNM said in the letter.

As for outstanding credit card balances, BNM said banking institutions shall offer customers the option to convert their credit card balances into a term loan/financing of a tenure of not more than three years and an effective interest/profit rate of not more than 13% per annum.

“The implementation of the Net Stable Funding Ratio (NSFR) requirement shall continue to be effective on July 1, 2020. However, the minimum NSFR requirement applicable on July 1, 2020 is lowered to 80%. Banking institutions shall maintain a minimum NSFR requirement of 100% from September 2021,” the letter stated.

The Edge has reached out to BNM on this and will update the central bank’s response.

Source: EdgeProp.my

 

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