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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

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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)

Public market in Batu Kawan to be completed in 2025

Property News/ 13 January 2023 1 comment /中文版

market-at-bandar-cassia

Residents in Bandar Cassia, Batu Kawan will have their first-ever public market in the area soon!

Chief Minister Chow Kon Yeow, who is also the Batu Kawan MP, said the project which sits on a 7.69-acre land near Taman Crescentia is divided into two phases at an estimated cost of RM69 million.

“The first phase that involves soil excavation and soil treatment works has already started on Nov 7 last year and is expected to be completed on Jan 6, 2024.

“The second phase will include the building construction and infrastructure that is expected to start in the first quarter of 2024 and be fully completed in the third quarter of 2025.

“Once completed, the public market will be able to house more than 200 traders and also equipped with a food complex, 753 parking lots, grease traps and other facilities.

“The project is under the Penang Development Corporation (PDC) but when it is fully completed, it will be handed over to Seberang Perai City Council (MBSP) as the owner.

“Thus, we hope that this construction work can run smoothly and be completed within the set timeline,” Chow said in his speech before taking part in the groundbreaking ceremony of the new public market project in Bandar Cassia, Batu Kawan today.

Also present were state Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo, Bukit Tambun assemblyman Goh Choon Aik, MBSP mayor Datuk Azhar Arshad and PDC chief executive officer Aziz Bakar.

According to Chow, the public market project will not only benefit residents in Bandar Cassia but also nearby areas in the south Seberang Perai (SPS) district, especially in Simpang Ampat and Valdor.

“I am sure that this is the good news that is eagerly awaited by the residents here and those living nearby SPS to have a public market that is near their living place.

“And we hope when the project is fully completed, we can spur the local economy in Bandar Cassia and nearby areas in SPS,” he added.

Source: Buletin Mutiara

PROJECT LOCATION

AFFORDABLE: Paya Terubong / Geo Valley Sdn. Bhd.

Paya Terubong/ 13 January 2023 2 comments

proposed-development-geo-valley-sb-paya-terubong

A newly proposed affordable housing development by Geo Valley Sdn. Bhd. in Paya Terubong. Located off Jalan Bukit Kukus, just a stone’s throw away from Asia Heights apartment and Pine Residence by the same developer. With directly access Thean Teik Highway, it is only about 5 minute’s drive to Sunshine Farlim and All Seasons Place.

This development comprises single block of 50-storey residential building featuring 2,000 affordable housing units with 8 levels of car parking podium. There will also be over 30 units of shop offices located at the ground level.

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

READ MORE ABOUT AFFORDABLE HOUSING:

Project Name : (to be confirmed)
Location : Paya Terubong
Property Type : Affordable housing
Tenure: (to be confirmed)
Land Area: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units : 2,000
Indicative Price : RM300,000 onwards (affordable housing price guide)
Developer : Geo Valley Sdn. Bhd.

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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.

More initiatives and new environment-based master plan to realise PSI project

Property News/ 12 January 2023 No comments

psi-initiatives

The Penang government is committed to realising the Penang South Islands (PSI) project after announcing new initiatives under the Social Impact Management Plan (SIMP) scheme and the introduction of the PSR Ecology Offset Master Plan (PEOM).

The additional initiatives under the SIMP scheme include the announcement of 11 fishermen who are eligible to attend a seafarer course once the PSI project is approved.

Last year, nine out of the 20 fishermen who had all received new boats and engines under the SIMP scheme successfully completed their seafarer’s course to obtain certification.

It was learnt that the 20 fishermen were given new boats and engines because their boats were damaged and no longer seaworthy.

Chief Minister Chow Kon Yeow said the course would allow the fishermen to have a licence to operate the boats legally, as well as carry out other activities, such as ferrying passengers and renting out the units.

“Those who have passed the seafarer’s course will be able to ferry passengers by boat, allowing them to earn more income when the PSI project starts.

“Besides that, we are also giving out school aid to a group of fishermen’s children in Form One and Standard One in conjunction with the new year,” Chow said in his speech during the SIMP scheme presentation ceremony and the implementation of the PSR Ecology Offset Master Plan (PEOM) programme at the Pusat Perkhidmatan Setempat Nelayan (PPSN) in Sungai Batu, Teluk Kumbar today.

In a related development, Chow also stated the state government would consider the requests of 12 fishermen from the Permatang Tepi Laut, Sungai Batu, Teluk Kumbar and Gertak Sanggul units for new boats and engines to replace their old ones.

Another momentous occasion that took place earlier was when a Memorandum of Understanding (MoU) was signed between the Penang government, state Forestry Department, Penang Infrastructure Corporation (PIC) and project implementation partner, SRS Consortium Sdn Bhd to plant 200,000 trees and conserve the mangrove habitat in Penang.

The MoU signed is part of the PEOM initiative.

“This collaboration is in line with the state government’s goal of planting 500,000 trees by 2030.

“Apart from supporting our aim, this PEOM initiative, which involves planting mangroves to protect coastal areas from erosion, will help create new habitats for marine life, absorb carbon to mitigate the effects of climate change and provide a new public recreation area on Island A for the benefit of the people,” Chow added.

Based on the original plan, Chow said the SIMP scheme and PEOM programme should only run after the PSI project obtains its approval.

“But the state government had decided to implement some of the initiatives under these two key programmes in phases to benefit the fishermen and their families,” he added.

Besides the boat and engine aid, the SIMP scheme also provides financial assistance in the form of ex-gratia, new jetties, job opportunities, business and skills training programmes, house ownership schemes and educational programmes for the fishermen’s children.

Separately, when asked by a reporter about the expected timeline of the approval of the Environment Impact Assessment (EIA) for the project, SRS Consortium project director Szeto Wai Loong said it is expected to happen by the end of this month.

“After that, we will have to work on the Environmental Management Plan (EMP). That is when we must plan how to mitigate while doing the construction work.

“That will take at least another two to three months,” he told reporters during a brief press conference earlier.

The PSI project is expected to be located at the south end of the island. It will consist of three islands, measuring a total of 4,500 acres in total land size.

Source: Buletin Mutiara

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Malaysia’s property market to recover in tandem with economic activities

Property News/ 11 January 2023 6 comments

Penang bridge view

Malaysia’s property market sector will continue to recover although at a slower pace with Asia Pacific facing significant headwinds and an overcast global economy in 2023, said global property consultancy Knight Frank Malaysia.

Group managing director Keith Ooi said introducing green incentives should be the key initiative to drive the sector forward.

“We hope the government will introduce ‘green incentives’ to property buyers, landlords, occupiers and developers to align with the nation’s target to become a ‘net zero’ nation by 2050.

“Growing awareness and adoption of environmental, social and governance (ESG) frameworks in the property market will help drive the value of sustainable real estate,” he said following the release of its Real Estate Highlights Second Half of 2022.

In the residential sector, the consultancy said the rise in the Overnight Policy Rate (OPR) thrice by 25 basis points each to reign in inflation impacts borrowing costs and buyers’ decisions on big-ticket items like housing.

Nonetheless, the report said the sector will recover as economic activities accelerate.

The report said residential rental is expected to remain positive with new completions attracting higher rents versus older schemes.

On the residential sector among certain states, the report said the momentum in Penang’s high-rise properties remain “sustained”, registering higher annual sales volume and value as of 3Q 2022.

In the office sector, rental and occupancy levels of selected privately-owned purpose-built office buildings continue to hold steady.

However, Johor’s high-rise residential market remains subdued with no launches in 2H 2022. Nonetheless, sentiments have turned positive due to the progress of the on-going Rapid Transit System in Johor Baru City Centre.

Sabah, on the hand, recorded higher residential launches, improved occupancies of selected privately owned purpose-built office buildings and encouraging footfalls with the entry of new brands in notable shopping malls.

Overall, its research and consultancy senior executive director Judy Ong said there has been increased awareness of environmental issues among purchasers who now seek quality and sustainable features in their purchases. Financial institutions are also beginning to introduce green financing facilities.

In the office sector, Ong said the Kuala Lumpur office market remains competitive in 2H 2022. She attributed this to a widening supply-demand disparity brought about by recent and incoming completions in Kuala Lumpur (KL) city and KL fringe areas, coupled with multinational companies embracing hybrid work models.

Selangor office market remains resilient with increasing leasing activities, particularly for Grade A buildings in prominent locations.

“Looking ahead, the Klang Valley office market remains tenant-driven, with landlords focusing on retaining tenants through cost-optimisation, asset enhancement initiatives, and leasing incentives,” said Ong.

As for retail, the sector has rebounded strongly with full year retail sales growth revised to 41.6 per cent following an impressive 96 per cent growth in 3Q 2022. Local and foreign brands continue to debut in prime shopping centres as retailers strategise their expansion.

The industrial property sector also remains on an upward growth trajectory with a steady pipeline of distribution and warehouse projects, driven by strong and steady demand from logistics players and investors.

The Klang Valley remains an ideal destination for nearshoring among companies focused on Southeast Asia as it offers the right balance between cost, efficiency and quality, the report said.

Source: Bernama

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