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Bank Negara likely to hike OPR to 3% tomorrow

Property News/ 18 January 2023 14 comments

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Standard Chartered (StanChart) expects Bank Negara Malaysia (BNM) to increase the overnight policy rate (OPR) by 25 basis points to 3.0% during its monetary policy meeting tomorrow, reversing the Covid-induced rate cuts.

“Following a likely January hike, we expect a pause in March, before another 25bps hike in May, assuming the government announces some form of subsidy adjustments for the second half of 2023,” said the research house.

StanChart said if subsidies are removed for only 20% of RON95 users, headline inflation is estimated to increase by only 0.9% on an annual basis.

“We will watch for BNM’s assessment of its monetary policy stance, which may shed light on how close the central bank is to the end of the tightening cycle,” said analysts Edward Lee and Jonathan Koh.

They said that Malaysia’s GDP growth for 2022 is expected to come in at 8.8% as inflation was elevated and broad-based, which reflected robust demand inflation despite rising manufacturing and services wages.

“Upside inflation risks remain, with broad-based inflationary pressure, rising services costs and still-high import prices,” said Lee and Koh.

Source: TheEdgeMarkets.com

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Usher in joy and prosperity at Paramount’s CNY Open House (25 Jan)

Events & Promotions/ 17 January 2023 No comments

Paramount Property wishes you a happy and prosperous Chinese New Year!

Drop by Paramount Property’s CNY Open House and view the new show unit on 25 January 2023 (Wednesday) from 10am to 5pm

Utropolis-CNY 2023_EDM

Penang will pursue the George Town–Butterworth LRT link

Property News/ 16 January 2023 2 comments /中文版

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The Penang government is still waiting to meet Prime Minister Datuk Seri Anwar Ibrahim and Transport Minister Anthony Loke to discuss the proposed George Town–Butterworth Light Rail Transit (LRT) project.

Chief Minister Chow Kon Yeow said the discussion would also touch on other critical transport projects in Penang, such as the Bayan Lepas LRT (BL LRT) and the Pan Island Link 1 (PIL 1).

“The George Town–Butterworth LRT is a proposed extension of the BL LRT, which serves to connect the mainland KTMB railway line to the BL LRT at the Penang Sentral Transport Hub.

“Together, the two lines will enable passengers to travel between the island and the mainland, and to must-go locations on the island between George Town and Bayan Lepas.

“They will also be crucial for future plans to extend the services to other locations in the state such as Air Itam, Tanjung Tokong, Butterworth and Bukit Mertajam,” Chow said today.

Chow spoke about the proposed George Town–Butterworth LRT, a new component under the Penang Transport Master Plan (PTMP), during his winding-up speech at the State Legislative Assembly on Nov 24 last year.

“We will pursue the island-mainland LRT link.

“We are aware that people are very interested in the proposed line because thousands travel across the channel for work and leisure daily.

“Having this line will greatly improve our public transportation system and change how people commute,” he added.

Chow said: “As mentioned, we hope the Federal Government will help Penang implement this crucial transit line across the channel so we can reduce the number of vehicles on the Penang Bridge.”

Speaking about talent shortage, Chow said the phenomenon is a worldwide issue and is not unique to Penang.

“The state’s talent development programmes have created multiple channels for the talents nationwide to explore career opportunities.

“We feel that the state needs to have both short and long-term measures in the talent attraction agenda to ensure a sustainable talent pipeline,” he said, giving examples of some of the talent-related initiatives by the state government.

Among the initiatives are the Penang Internship Subsidy Programme (PISP), Penang GBS Industry Academy (PGIA), and Penang Future Foundation (PFF).

“With the state government’s proactive approaches, coupled with the industry’s slower growth this year, I am hopeful that the labour market will stabilise in three to six months,” he added.

Source: Buletin Mutiara

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SITE PROGRESS: Celesta Residency (Jan 2023)

Property News/ 16 January 2023 No comments

celesta-residency-site-progress-jan2023

About Celesta Residency

Mixed development by Red Blue Development Sdn. Bhd. (TGB Group) in the established township of Sungai Nibong. Strategically located along Jalan Sultan Azlan Shah, diagonally opposite three public schools, namely SRJK(C) Kwang Hwa, SRJK(C) Shih Chung and SMK Sungai Nibong. It features a mix of residential and commercial components.

Find out more about Celesta Residency

Register your interest here for updates on this project and other property news

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*By submitting this Form, you hereby agree to our PDPA Consent Clause.

Maldives Residences

Bayan Lepas/ 14 January 2023 40 comments /中文版

maldives-residence

Maldives Residences, yet another residential development by Ideal Property Group at Bayan Lepas. Strategically located along Jalan Sungai Tiram 6, just across the road from Havana Beach Residences. It is conveniently connected to Jalan Tun Dr Awang, less than 2km away from Penang International Airport. Other neighboring housing schemes include Tree Sparina, The Amarene, Summerskye Residences, Lucerne Residences, The Clovers, and a few others. SMJK Heng Ee Secondary School (Bayan Baru branch) is within walking distance.

This development comprises 46-storey building with 4 residential towers. It features a mix of affordable and upgraded units, with a standard built-up size of 850sq.ft. Public units are being upgraded with an additional 80sq.ft. and dual key option.

Project Name : Maldives Residences
Location : Bayan Lepas
Property Type : Residential
Tenure: Freehold
Built-up Size: 850sq.ft. (affordable), 850sq.ft.+80sq.ft. (public unit)
Total Units : (to be confirmed)
Indicative Price : RM498,000 onwards (open market unit)
Developer : Ideal Property Group

Register your interest here

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.
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SITE PROGRESS

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.

(This project first appeared in Penang Property Talk on 3 Jan 2019)