Chief Minister Chow Kon Yeow yesterday told the State Legislative Assembly that the Penang government is ramping up its efforts to ensure a balanced development on the island and mainland through multiple authorised platforms.

Chow (PH – Padang Kota), who has always believed in the potential of a blooming industry in Seberang Perai, once again reiterated that the future of Penang is in Seberang Perai.

“The Penang government, through its Penang Development Corporation (PDC), has been spearheading many initiatives to ensure balanced development in the state, which include giving importance to incorporating the green and smart state concepts in current and future developments.

“We have always been an agent of the Environmental Social Governance (ESG) and the Sustainable Development Goals (SDGs) and view them as a pathway to further strengthening the image of our state,” Chow said in his winding-up speech during the State Legislative Assembly in Light Street yesterday.

In a related development, he also said that PDC is working hard to ensure the industrial development in the ever-growing Batu Kawan Industrial Park (BKIP) as well as the Penang Science Park South and East continue to bloom.

“New developments are expected to span around 1,800 acres in total land size, and with this, we hope to attract as many foreign investors as possible in quarter one next year (Q1 2023).

“Meanwhile, the Bandar Cassia Technology Park (BCTP) and the Batu Kawan Industrial Park will open opportunities for potential investors to accelerate the ‘promoted industries’ concept in the state.

“The areas involved are the Electrical and Electronics (E&E), Electronics Manufacturing Services (EMS), Light Emitting Diodes (LED), medical devices, aerospace, semiconductor, automotive and others,” Chow added.

Source: Buletin Mutiara

Chief Minister Chow Kon Yeow has expressed hopes that the new Federal Government could help Penang to establish the George Town – Butterworth Rail Line to reduce the number of vehicles on the Penang Bridge every day.

Chow, who is also in charge of the Land Development & Economic and Communications portfolios, said the George Town – Butterworth Rail Line is a new component under the Penang Transport Master Plan (PTMP).

“The state government sincerely hopes that the new Federal Government will be able to help and facilitate the implementation of this project,” Chow (PH-Padang Kota) said during his winding-up speech at the State Legislative Assembly yesterday.

He said he also hoped Putrajaya would help Penang implement several other components under the PTMP, such as Pan Island Link 1 (PIL1) and Bayan Lepas Light Rail Transit (BLLRT).

Chow added that the Federal Government would usually finance public transport projects such as LRT and the construction of new highway networks such as PIL1.

Thus far, he said Penang has submitted funding allocation requests to the Federal Government three times in a row under the 12th Malaysia Plan.

“The state government will follow up with the new Federal Government for these critical infrastructure projects to ensure that these projects can be implemented immediately.

“The projects have been planned for a long time to overcome traffic congestion that is getting worse.

“The state government believes that highway construction still needs to be implemented even though there are plans to implement LRT because the transition from private vehicles to public transport alone is not able to solve the problem of traffic congestion in Penang.

“Even these changes cannot be expected to be done in a short period.

“Therefore, the implementation of PIL1 is very necessary for the future to divert and reduce traffic congestion, especially on the Tun Dr Lim Chong Eu Expressway and Jalan Masjid Negeri,” Chow explained.

Source: Buletin Mutiara

Taman Damai Setia, an upcoming landed residential development by Tulus Awan Development Sdn. Bhd. in Nibong Tebal. Located near Lintang Murai, surrounding communities include Taman Selesa, Taman Rantau Damai, Taman Seri Putra and a few others. It is just a stone’s throw away from Penang-Perak border, about 2km drive to Parit Buntar KTM Station. Driving to Batu Kawan via North-South Expressway would probably take about 20 minutes.

This development comprises 27 units of single-storey and 24 units of 2-storey semi-detached houses. When launched, it is probably going to be one of the cheapest new semi-detached houses available in Penang.

The project is still in its planning stage, more details will be available upon official launch.

Project Name : Taman Damai Setia
Location : Nibong Tebal
Property Type : Residential
Tenure: Freehold
Built-up Size: (to be confirmed)
Total Units : 51
Indicative Price : (to be confirmed)
Developer : Tulus Awan Development Sdn. Bhd. (Asiabina Group)

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.

Artist impression

Eastern & Oriental Bhd (E&O) intends to launch more projects in Penang in the near future, spurred by strong response to the group’s “The Meg” development.

The property developer said the high take-up rate achieved of more than 80% for The Meg since it started previewing in January 2022 reflected the strategic location of Andaman Island, Penang, and its ability to deliver the right product for the market.

“This increases our conviction to launch more projects in Penang in the near future,” it said in a filing with Bursa Malaysia yesterday.

Additionally, E&O said its hospitality segment continues to enjoy increasing occupancy and average room rates, in light of the robust tourism sector in Malaysia and the UK.

For the second quarter ended Sept 30, 2022, E&O reported a net profit of RM16,000, compared with a net loss of RM13.99mil in the previous corresponding period.

Revenue in the second quarter rose to RM95.02mil compared with RM33.88mil a year earlier. The group reported zero earnings per share, compared with a loss per share of 0.98 sen a year earlier.

For the six-month period ended Sept 30, 2022, E&O’s net loss shrank to RM1.63mil compared with a net loss of RM23.09mil in the previous corresponding period, while revenue grew to RM171.57mil from RM60.41mil.

E&O said the property segment recorded revenue of RM128.9mil in the period ended Sept 30, 2022, as compared to RM55.5mil in the same period a year ago, representing an increase of RM73.4mil or 132.3%.

“The increased revenue was mainly due to higher recognition from the land reclamation of Seri Tanjung Pinang 2A and the ongoing project The Meg in the current financial period.”

E&O said joint-venture (JV) projects namely Conlay, The Peak and Avira Garden Terraces contributed a total revenue of RM38.5mil in the period ended Sept 30, 2022, as compared to a revenue of RM11.1mil achieved in the previous corresponding period.

“After incorporating revenue recognised from JV projects, the group’s property segment recorded an aggregate revenue of RM167.4mil in the period ended Sept 30, 2022, as compared to an aggregate revenue of RM66.6mil in the previous corresponding period.”

Source: TheStar.com.my

Penang government will grant a premium discount for the extension of leasehold land and also for ownership due to the expired leasehold period, says Chief Minister Chow Kon Yeow.

Delivering his 2023 Budget speech at the State Legislative Assembly today, he said the state government has agreed to grant a premium discount from as low as 50% up to 90% based on the current land value only, without taking into account the structures on the land.

“This premium discount rate is specifically for landowners who wish to extend their land lease tenure. It includes former landowners or their heirs whose land leases have expired.

“This premium discount covers all categories of land use, namely agricultural, residential, commercial, and industrial.

“Individual owners of agricultural and residential land are the groups that will enjoy the highest discount of 90% while commercial landowners are eligible to enjoy an 80% premium reduction.

“Industrial landowners are also eligible to enjoy discounts of between 50% and 75% according to the criteria set by the state government.

“The granting of this discount or premium reduction is subject to some conditions which will be detailed in the circular by the Penang Department of Lands and Mines director.

“Among them is the imposition of a moratorium on the transfer of ownership for 10 years from the date of title registration.

“If the landowner wants to sell his land within the 10-year period, the landowner will be charged a premium of 100% subject to a premium discount that has been paid before.

“The imposition of conditions like this is to curb land speculation and to avoid parties trying to take advantage of the state government’s discount,” Chow said.

He added that for over two years, the state government has been conducting stakeholders’ sessions because, in Penang, there are 20,000 to 30,000 leasehold lands.

He said there was concern whether the state would extend their lease when their 60-year term or 99-year term was coming to an end.

“Granting of this discount will logically have implications for the state government’s finances, coupled with various assistance and incentives that have been given by the state government to the people of Penang who were affected by the Covid-19 pandemic.

“However, considering social factors and public interest, the state government has taken this decision for the welfare of the people of Penang.

“The state government hopes that the granting of this premium discount can be utilised to the best advantage by leasehold landowners in Penang in addition to easing the anxiety of landowners whose leases have already expired such as in Bukit Bendera area and some other areas,” Chow explained.

Elaborating at a press conference later, Chow said there were concerns about whether the state would extend their lease when their 60-year term or 99-year term was coming to an end.

Under the law, he said all these leasehold lands would have to revert to the state upon the expiry of the leasehold period but he said the state government decided otherwise.

“The state government has decided to extend all these leases. So, no worries. You still have your own property if you apply for an extension of your lease.

“But of course, any extension will come with a premium. In Penang, the value of land is done by the Valuation Department. The premium is charged based on the land valuation.

“Say the same piece of land is worth RM1 million. You should be paying RM1 million to extend it for another 99 years. In this case, the state is giving you a discount of 90%.

“That means you will have to pay RM100,000 to extend another 99 years of the lease on which your bungalow sits. And the valuation is not including the property. It is just the land. That is also a form of discount,” Chow said.

He said most of the industrial lands in Penang have a 60-year leasehold.

As Penang is celebrating its 50th year of industrialisation, he said many industrial lands have 10 to 20 years of lease left.

“As an investor, you may be mortgaging the land to the bank for financing. All these are business transactions based on land tenure.

“So, with this decision, we are able to reaffirm our commitment to the industries. You can still keep your factory; you can still keep your land and we will extend your lease.

“Based on the valuation of the land, you have to pay a premium. We’re giving you a discount so that you can extend your land back to 60 years (if it is industrial land).

“Of course, you can ask for 99 years or you can ask for 30 years’ extension in your application,” Chow said.

For further information, leasehold landowners can check with their respective District Land Offices starting Jan 2, 2023.

Source: Buletin Mutiara