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Flash floods hit 34 areas of Penang after heavy rain

Property News/ 11 November 2022 No comments
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Source: Facebook

Flash floods were reported in 34 areas of mainland Penang, especially in housing estates, after heavy rain since 5pm. Three general election candidates have suspended campaign activities.

Photographs posted by social media users showed streets and driveways awash in about 30cm of water, while flood water entered some houses.

Police said a temporary evacuation centre was opened at the True Light Chinese primary school in Juru Village at 9pm to accommodate flood victims.

“Currently the authorities involved are moving the flood victims involved to the PPS and the actual number of those who have been moved is yet to be known,” he said when contacted by Bernama tonight.

The areas around Seberang Perai Tengah affected by the flash floods are Alma, Bukit Mertajam, Machang Bubok, Desa Damai and Taman Impian.

State executive councillor Phee Boon Poh said at least 23 areas, especially housing estates around Bukit Mertajam, were inundated.

The affected areas include Taman Tenang Berapit, Taman Seri Janggus Machang Bubok, Desa Damai, Kampung Baru Alma, Taman Impian, Taman Sukun, Taman Mango, Taman Sentul Kampung Dock and Taman Sejahtera.

Affected areas of Seberang Perai Selatan included Valdor Farm, Pekaka Park and Jawi.

Phee said the state government and the authorities were monitoring the situation and follow-up action would be taken if the rain continued into the night. “There is concern that the floods will get worse,” he said.
The Machang Bubok weather station recorded 102mm of rain at 5.30 pm, almost double of what is considered heavy rain.

Steven Sim, the PH candidate for Bukit Mertajam, who was away helping the campaign in Johor, said he would be returning to his constituency. He said state assemblymen in Seberang Perai have been going down to the ground.

Barisan Nasional candidate Tan Yang Pang said he suspended all campaign activities from 5pm. “We have been on the ground helping the people there. The former MP is busy campaigning in Johor,” he said.

Perikatan Nasional candidate Steven Koh said he had called off his ceramah this evening and was now helping victims in Bukit Teh.

Source: FreeMalaysiaToday.com

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ATTA Global to acquire 3 land parcels in Batu Maung

Property News/ 11 November 2022 1 comment /中文版

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Steel products manufacturer and trader Atta Global Group Bhd plans to acquire three sea-fronting parcels of land in Batu Maung, Penang, for RM28 million with an eye to scale up its property development segment.

In an exchange filing yesterday, Atta said the proposed purchase will be paid with the issuance of new company ordinary shares.

Its wholly owned subsidiary Park Avenue Construction Sdn Bhd has entered into three separate conditional sale and purchase agreements with Limbo Ngan Batu Maung Sdn Bhd and Utopia Span Sdn Bhd for the three land parcels totalling 260,988 sq ft (24,247.57 sq m).

The land is situated at the south-eastern portion of Penang Island, which abuts onto the sea (South Channel) in the locality of Batu Maung, providing Atta with the flexibility to undertake a mixed property development project in the future, if it decides to do so, according to the filing.

To reduce over-relying on the manufacturing segment, the company said the proposed acquisition is part of its expansion plan to increase its landbank at strategic locations with growth potential, to scale up its property development segment portfolio, enhance the segment’s weightage among its existing operating business segment, and securing an additional revenue stream for the future.

Atta is principally involved in the iron and steel industry in upstream and downstream sectors of the process of shearing, re-shearing, slitting of steel coil, slitted flat bars, steel roofing, wall cladding structural floor decking, manufacturing and marketing of perforated metal, cables support, systems and screen plate, steel furniture and the industrial recycling of scrap metal.

Its other businesses include the letting of industrial and commercial assets, provision of management consultancy, property development, construction and property investment sector.

The land under consideration is situated about 18km southwest from Komtar in Georgetown, 10km to the south-east of the town centre of Bandar Bayan Baru, 1.8km to the south of Sultan Abdul Halim Muadzam Shah bridge (Second Penang bridge) and 8km east from the Penang International Airport. The immediate neighbourhood is mainly residential in nature with pockets of hilly lands and coastal lands.

Source: The Malaysian Reserve

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ASE breaks ground on new chip assembly and testing facility in Penang

Property News/ 10 November 2022 No comments

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Leading outsourced semiconductor and assembly and test (OSAT) player, Advanced Semiconductor Engineering, Inc. has embarked on the construction of a new semiconductor assembly and testing facility at ASE Malaysia (ASEM) in the Bayan Lepas Free Industrial Zone.

The new facility, with a built-up area of 982,000sq ft, will comprise two buildings (Plants 4 and 5).

According to the media release, ASEM will be investing US$300 million over the next five years to expand its production floor space, procure advanced equipment, and train and develop more engineering talent.

“The new facility announced today is scheduled to the completed in 2025 and will create 2,700 additional job opportunities for the local market,” the statement read, adding that the company hosted a groundbreaking ceremony today.

The media release also stated that high-demand packaging product types, which include, copper clips and imaging sensors would be the core focus of the new facility.

“Green construction methods that emphasise ecological balance, conservation, and resource recycling and reuse will be adopted for the new building. This further demonstrates ASE’s commitment to sustainable development and environmental protection.

“As the leading OSAT player, ASEM has been serving major semiconductor companies that supply advanced chips in consumer, communication, industrial and automotive applications since 1991,” it stated.

ASE Southeast Asia president Lee Kwai Mun said the investment announcement demonstrated ASE’s confidence in the regional stability of Penang and its business-friendly policies that are conducive to foreign investments.

“A major factor influencing our investment decision was the availability of a diverse and skilled talent pool in Penang, honed over the years from concerted government and industry efforts to develop a robust and skilled workforce.

“The depth of knowledge required in management skills and technical know-how are critical to ASE’s growth in a fast-paced and high-tech industry,” he said.

In a statement, Chief Minister Chow Kon Yeow said it was heartening to see investors like ASE expanding their footprint in the state, anchoring Penang’s position as the global semiconductor hub.

“Penang’s commendable performance has greatly demonstrated the state’s sustained excellence as the Silicon Valley of the East.

“Above that, I am pleased to note that our conducive environment enables the adoption of sustainable practices by ASE,” he said.

Source: Buletin Mutiara

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CapitaLand Malaysia Trust to acquire Penang’s Queensbay Mall for RM990.5 mil

Property News/ 10 November 2022 1 comment

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CapitaLand Malaysia Trust (CLMT) is buying 91.8% of the total strata floor area of retail parcels in Penang’s Queensbay Mall from parties related to CapitaLand Investment Ltd (CLI) for RM990.5 million in a related-party transaction.

The acquisition sum represents a discount of about 1% to the independent valuation of RM1 billion commissioned by CLMT’s trustee MTrustee Bhd.

Taking into account the acquisition fees and expenses, the total acquisition cost is RM1.03 billion and will be funded by a combination of bank borrowings and proceeds from a private placement.

The private placement entails the issuance of up to 1.04 billion new CLMT units to raise gross proceeds of up to RM495.25 million.

CLMT said CLI intends to take up its pro-rata entitlement in the private placement, which will be included as part of the funding for CLMT to acquire Queensbay Mall. As at Nov 3, CLI had a deemed interest of 39.3% in CLMT.

The placees to be identified later may include major unitholders of CLMT, namely the Employees Provident Fund (EPF), Amanah Saham Bumiputera, and Retirement Fund Inc (KWAP).

The acquisition, which is conditional upon the approval of CLMT’s non-interested unitholders at an extraordinary general meeting to be convened at a later date, is expected to be completed by the first quarter of 2023.

In a statement, CapitaLand Malaysia REIT Management Sdn Bhd (CMRM) chairman Lui Chong Chee said that as Malaysia emerges from the pandemic, this is an opportune time for CLMT to expand its portfolio of shopping malls and ride on the recovery of the country’s retail sector.

The acquisition of Queensbay Mall, he said, will deepen CLMT’s presence in Penang, thus strengthening its foothold in the northern region of Malaysia, where it already owns Gurney Plaza and is targeting to complete the acquisition of its first logistics property in Penang in the fourth quarter of this year.

“With a more diversified and resilient portfolio after adding Queensbay Mall and the logistics property, CLMT will be in a stronger position to deliver long-term value to its unitholders,” Lui added.

CMRM chief executive officer Tan Choon Siang said the mall currently receives an average of 1.1 million shoppers every month and shopper traffic is expected to improve further with the return of tourists to Penang.

“The proposed acquisition, our largest since listing, will add meaningful scale to CLMT and reflects our continuing efforts to enhance CLMT’s portfolio resilience and income diversification.

“Queensbay Mall’s property yield of approximately 7.3% is reasonable and will increase the overall property yield of CLMT’s portfolio. The proposed acquisition will contribute positively to CLMT’s earnings and is expected to be yield accretive upon completion,” Tan added.

Upon the acquisition of Queensbay Mall and the logistics property in Sungai Jawi, Penang, CLMT will have seven properties in its enlarged portfolio, with an uplift of 28.2% in assets under management to RM4.9 billion and an increase of 39.7% in net lettable area to 4.3 million sq ft.

CLMT units finished one sen or 1.89% higher at 54 sen on Wednesday (Nov 9), giving the REIT a market capitalisation of RM1.19 billion.

Source: TheEdgeMarkets.com

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UPCOMING: Butterworth / Tah Wah Assets Sdn. Bhd.

Butterworth/ 9 November 2022 No comments

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Proposed serviced residence development by Tah Wah Assets Sdn. Bhd. in Butterworth. Strategically located at the intersection of Butterworth-Kulim Outer Ring Road and Jalan Bagan Ajam, opposite Orange 3 condominium. Being conveniently connected via BORR, it is only a 5 minute’s drive to North-South Expressway and Penang Sentral. Amenities within 2km radius include but are not limited to banks, hypermarket, schools, wet market and popular eateries.

This development will see the construction of three 15-storey towers, to be developed in three phases. Each tower will offer 288 units of serviced residences with four levels of car parking podium and a swimming pool.

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

Property Project : (to be confirmed)
Location : Butterworth
Property Type : Mixed development
Tenure: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units: 864 (serviced residence), 13 (shop office)
Indicative Price : (to be confirmed)
Developer : Tah Wah Assets Sdn. Bhd.

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