fbpx

Penang Property Convention 2018 sneak preview

September 13th, 2018 No comments

It’s happening on 29 September, get ready for one of the biggest property talk in Penang!

Either you are a first time home buyer or a property investor, grab the opportunity to meet up face-to-face with the property experts and gurus. Whether the houses are getting 10% cheaper or not, you need to keep your finger on the pulse of the market to make an informed investment decision.

Take a sneak peek at what you can expect from the event and grab your FREE tickets now!

[ Find out more about this event ]

REGISTER & GRAB YOUR FREE EARLY BIRD TICKET NOW!

Categories: Property News Tags:

No price drop for low-cost and low medium-cost house

September 13th, 2018 No comments

affordable-housing-nodropThe expected drop of up to 10% in Penang’s housing prices will not include low-cost and low medium-cost houses that are being built at a loss.

State Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo said the prices for low-cost and low medium-cost units would remain at RM42,000 and RM72,500 respectively even though the Sales and Service Tax (SST) had been exempted for major construction materials.

“The current construction cost for a low cost unit is RM120,000 but is sold at RM42,000,” he told reporters after a site visit to the Chelliah Park City affordable housing project here.

“Low-cost and low medium-cost housing units are of a different category. We are already losing so much, so we will maintain their selling price.”

Jagdeep Singh said the state government would, however, consider reducing the pricing on its affordable housing projects following a move by Real Estate and Housing Developers’ Association Penang (Rehda) to bring down the overall housing prices by 10% for those costing above RM300,000 and 6% for affordable housing.

“I will raise the matter at the next state exco meeting for discussion,” he said.

“When it was announced that the Goods and Services Tax (GST) would be replaced with the SST, I did mention that housing prices would go down.

“As SST is not charged for construction material like cement, construction cost is reduced and it would be right for the housing prices to go down as well.

“We welcome the announcement made by Rehda,” he said.

It was reported yesterday that Rehda Penang chairman Datuk Toh Chin Leong said the association would advise its members to lower housing prices in the state.

“If they can reduce by 10% immediately it would be great. If not, it would apply to all new developments.

“For affordable housing, which is partly subsidised by developers, we will look at reducing the price by 6%. The reduction will apply for all new projects after the implementation of SST,” he said.

Meanwhile, Jagdeep Singh annou­nced that the Chelliah Park City project had been given the Green Building Index (GBI) Gold Rating, making it the first affordable housing project to receive the certification.

“It has complied with several green initiative requirements.

“They include a passive design approach for solar orientation, sun blocking and shading to reduce heat gain, use of energy efficient lighting to reduce electricity use and water saving fittings, among other features.

“This project can be an ideal benchmark for others,” Jagdeep Singh said.

“I will ask the Penang Develop­ment Corporation to see how this can be replicated in other projects in the state.”

Source: TheStar.com.my

 

Categories: Property News Tags:

Penang housing prices to drop up to 10%

September 12th, 2018 6 comments

house-price-drop-up-to-10

Housing prices in Penang are set to drop by at least 10% with the implementation of the Sales and Service Tax (SST).

Real Estate and Housing Develo­pers’ Association Penang (Rehda) hopes to bring down the overall housing prices by 10% for those costing above RM300,000 and 6% for affordable housing.

Rehda Penang chairman Datuk Toh Chin Leong said the association here would advise its members to lower the prices.

“We will talk to our members and if they can reduce by 10% immediately it would be great, if not it would apply to all new developments.

“The reduction will apply for all new projects after the implementation of SST this month,” he said during a press conference held by Finance Minister Lim Guan Eng at SPICE Convention Centre in Bayan Lepas.

Toh said replacing the Goods and Services Tax (GST) with SST had reduced costs and Rehda Penang would like its members to pass on any savings to the buyers “as we should not take advantage of it”.

Lim said it was a commendable move, which he hoped would be followed throughout the country.

“It is starting in Penang and is a positive move to reduce housing prices by 10% and 6% respectively.

“It is a good start by a responsible corporate body,” he said.

Source: TheStar.com.my

 

Categories: Property News Tags:

FMM Penang supports PIL1 Highway and Penang South Reclamation

September 12th, 2018 4 comments

fmm-pil-psr

The Federation of Malaysian Manufacturers (FMM) Penang has supported the implementation of the Pan-Island Link 1 (PIL 1) Highway and Penang South Reclamation (PSR) based on the Penang Transport Master Plan (PTMP).

The PIL 1 Highway is a 19.5km, dual three-lane highway running from Gurney Drive to Penang International Airport (PIA) whereas the PSR project is to build three man-made islands located in the South of Penang island.

In a statement yesterday, FMM noted that any delay in the execution of PTMP and PSR by the state government can cause prolonged productivity loss from worsening traffic congestion, and opportunity loss from constrained growth as Bayan Lepas Free Industrial Zone (FIZ) has no available land for future expansion.

“With this, FMM Penang is strongly urging the authorities to place more investments in the State’s public transport and traffic dispersal system especially in the high-density Bayan Lepas that needs urgent upgrading, and expand the Bayan Lepas FIZ for new investment opportunities,” they stated.

Meanwhile, the statement was also made in response to the online news article dated Sept 9, where an activist alleged the proposed highway may drive out high-value factories, especially precision goods manufacturing factories, at the Bayan Lepas FIZ due to “excessive vibration” from the construction.

It is also stated that FMM had not received any operational issues from their member companies in Bayan Lepas FIZ despite part of its region being adjacent to PIA where high-frequency flights took place, as well as the high volume of vehicles plying the elevated Bayan Lepas Expressway.

“In light of the potential gravity of such claims, FMM Penang would appreciate if the concerned individual may share relevant studies, facts, information or data with the public to support such insights,” FMM stated.

PTMP is a state-initiated project, costing an estimated RM46 billion, which features an undersea tunnel linking the island to the mainland, highways, LRT, monorail as well as extensive bus connectivity on both the island and the mainland.

Source: Bernama

 

Categories: Property News Tags:

Finance Minister expects drop in house prices after SST

September 10th, 2018 5 comments

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 90

The Federal Government expects a more positive response from housing industry players following its decision to exempt construction services and certain building materials from the Sales and Services Tax (SST).

Finance Minister Lim Guan Eng expressed hope of seeing at least some changes in housing prices as the government was not collecting SST for construction services.

He noted that car prices had dropped since the implementation of the SST and there should be a positive response from the housing sector as well.

“We hope there is at least some changes in housing prices and we expect to see a positive response in the future,” he told reporters here today.

He was responding to a report in an online news portal which quoted the Real Estate and Housing Developer Association (REHDA) Penang immediate past Chairman Datuk Jerry Chan that house prices were unlikely to fall even after the government’s announcement of exemption of certain building materials from SST.

Lim, who is the Member of Parliament for Bagan, said the government would also review the current corporate tax rate in order for the country to maintain its competitiveness in this region.

Expressing his personal point of view, Lim said he had no intention of raising the corporate tax rate but the country’s current financial situation made it difficult for the government to decide the matter.

“We notice that neighbouring countries have reduced their corporate tax and even the Americans have reduced theirs from 35 percent to the current 21 percent.

“Based on the country’s current financial situation, if we are capable of reducing it, then we will reduce the corporate rate; but if not, we will consider other options,” he explained.

He said the announcement of the new corporate tax rate would be made during the tabling of Budget 2019 by Prime Minister Tun Dr Mahathir Mohamad in Parliament on Nov 2.

Earlier, Lim and Customs Director-General Datuk Seri T. Subromaniam attended an SST briefing with the industry players here.

Source: Bernama

 

Categories: Property News Tags: