The world-leading Sweden-based construction tech company Scandinavian Industrialised Building Systems (SIBS) has invested over RM200 million to set up its second manufacturing facility at the Penang Science Park North in Simpang Ampat.

The new plant is located near its first at the Penang Science Park North.

SIBS chief executive officer and co-founder Erik Thomaeus said the 46,450sq m new plant, which is located on a 15-acre site, is a larger facility than the first.

“It is aimed at boosting production of our modular construction materials.

“The plan from the beginning was to build a second factory after the first one, fully established in 2018, was producing at full capacity.

“We reached our maximum production capacity at the end of 2019. Hence, we have launched our plan and after a series of negotiations with the Penang government, we finally purchased the second piece of land at the beginning of 2020 for the second factory.

“This expansion project is anticipated to increase the production lines to approximately four times more than the current production lines. It is driven by the huge demand for SIBS production with an investment worth RM500 million in a few phases over the next five years.

“The project is expected to provide an additional 1,200 employment opportunities to the locals and the opportunity to deliver to more markets and product categories,” Thomaeus said in his speech before state Entrepreneurial Development, Trade and Industry Committee chairman Datuk Abdul Halim Hussain officiated the grand opening ceremony of the new manufacturing facility today.

Also present were Ambassador Extraordinary and Plenipotentiary of Sweden to Malaysia Dr Joachim Bergstrom and SIBS Malaysia managing director Ong Song Ping.

Abdul Halim, in his speech, congratulated SIBS for the outstanding milestone.

“The state government is pleased to see SIBS deepening its roots in the state through a major expansion.

“This project will definitely bring in investment, strengthen the socio-economy, increase job creation as well as provide opportunities for local talents to upskill.

“Such investment also will stimulate local businesses, thus contributing significantly to the economy of Penang by maintaining and strengthening its local supply chains.

“Thus, I would like to congratulate SIBS on its new facility plant.

“This will also create more engineering experts in Industrialised Building System (IBS) for Penang.

“I am glad that the company once again has chosen Penang for the IBS expansion,” he said.

Source: Buletin Mutiara

The Penang Real Estate and Housing Developers Association (REHDA) hopes that the performance of the country’s real estate market for 2023 will improve compared to previous years.

Penang REHDA chairman Khoo Teck Chong said he expects the real estate market, especially the residential property subsector in Penang, to show positive momentum in line with the expected economic recovery.

“And coupled with the spike in the price of building materials, inflation rate and the shortage of labor has affected the overall cost and performance of the market.

“Personally, I see that this year’s performance based on the data of the first quarter of this year (Q1 2022; released by the National Property Information Center (NAPIC) Property Valuation and Service Department), is improving compared to 2021.

“I believe market transactions have also increased both in number and value when compared to the year during the pandemic and after the pandemic until now entering the fourth quarter of 2022 (Q4 2022),” he said.

According to Teck Chong, apart from ensuring that housing unit supply is in line with demand, attention should also be paid to the situation of unsold or overhang housing units.

“As for the overhang data, we need to scrutinize it better and thoroughly so that the issue of mismatch can be contained and unsold residential units can be reduced.

“I have also brought this issue to the attention of the Penang State Government in ensuring every decision is appropriate and does not contribute to the slowdown of the stock in the future,” he explained who also understands the constraints faced at the state level, especially in helping the developers today.

He added that in addition to incentives in assisting developers and ensuring that housing units can be sold, the State Government and interested parties in the housing subsector can also consider several other financial incentives, for example.

“For example, giving a large incentive for a year in 2023 (to developers) by reducing the development charges and the amount of contribution between 50 to 70 percent, will give a boost to the overall performance of the market (housing subsector).

“And at the federal level, perhaps the Federal Government can look at the exemption of levy imposed (on the total value of construction work) involving construction materials, where the price of construction materials has increased significantly, especially after the pandemic.

Earlier at the launch of the First Half of 2022 Property Market Report at INSPEN in Selangor, it was noted that the property market recorded over 188,000 transactions worth RM84.40 billion in the first half of this year (H1 2022) with the residential subsector accounting for over 60% of all transactions and almost 54% of transacted value.

This represents an increase of over 30 percent in terms of number (34.5 percent) and value (36.1 percent) compared to the same period last year (2021).

The number of subsector transactions also showed an upward movement where the residential land subsector recorded year-on-year growth at 26.3 percent; followed by commercial (45.4 percent); industrial (49.5 percent); agriculture (57.4 percent) and development land (35.0 percent). The transaction value also moves along with the growth of the subsector where the residential subsector dominates the entire property market with a contribution of 61.8 percent.

In fact, according to the report, there were 116,178 transactions worth RM45.62 billion recorded for the residential subsector, an increase of 26.3 percent in number and 32.2 percent in value year-on-year. Four key states recorded higher numbers, namely Penang with a 37.8% increase; Kuala Lumpur (28.4%); Johor (20.2%) and Selangor (16.0%).

Source: Buletin Mutiara

Amaanee Residences, an upcoming Wakaf development by Uda Land within Taman Wakaf Seetee Aisah 1 in Seberang Jaya. It is strategically located next to North-South Expressway, just a few minutes’ drive from Penang Bridge and Butterworth Outer Ring Road. Amenities nearby include the KPJ Hospital, Seberang Jaya General Hospital and various schools. Nearby shopping areas include Tesco Extra, AEON Big, Giant Hypermarket, Megamall Penang and the Sunway Carnival Mall.

This development will see the construction of a 40-storey condominium, featuring 422 residential units with a built-up size of 950sq.ft. and 1,100sq.ft. There will be four different design types.

Project Name : Amaanee Residence
Location : Seberang Jaya
Property Type : Condominium
Tenure: Waqf
Land Area: (to be confirmed)
Built-up Size: 950sq.ft. & 1,100sq.ft.
Total Units : 422
Indicative Price: RM299,000 onwards
Developer : UDA Land

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.

A newly proposed affordable housing development by PTL Residence Sdn. Bhd. at Sungai Dua in Butterworth. Located near Jalan Sungai Dua Utama 3, just stone’s throw away from SK Desa Murni. It is less than 2km from Butterworth Outer Ring Road (BORR) / North South Expressway (NSE) interchange, about 15 minutes drive to Penang Bridge. Neighboring communities include Taman Sungai Dua Utama, Taman Casa Maya and Casa Utopia.

This development comprises a 17-storey condominium with 4 levels of car parking podium. It offers 357 affordable units with a standard bulit-up size of 950sq.ft. Proposed facilities include a hall, swimming pool, gymnasium and a few others.

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

READ MORE ABOUT AFFORDABLE HOUSING:

• Full list of affordable housing in Penang
• Eligibility and the requirement of buying affordable housing

Project Name : (to be confirmed)
Location : Sungai Dua, Butterworth
Property Type : Affordable housing
Tenure: (to be confirmed)
Land Area: (to be confirmed)
Built-up Size: 950sq.ft.
Total Units : 357
Indicative Price : RM250,000 onwards (affordable housing price guide)
Developer : PTL Residence Sdn. Bhd.

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.

A homestay owners’ group has joined calls for the Penang government to reconsider the proposed restrictions on short-term rental accommodation in high-rise buildings.

The Malaysian Association of Homestay (Short-Term Rental) Practitioners said the restrictions, including a cap of 180 rental days a year, limited options for travellers looking for affordable accommodation and would make it hard for owners to pay off their housing loans.

“Our apartment buildings were specifically built for the purpose of leasing,” its president, Lydia Tan, said in a statement.

“We were promised by developers that our apartments can be leased out legally, and we pay all tariffs and taxes at a commercial title rate.

“In addition, the proposed rental cap of 180 days a year and three days a week are hardly ideal for short-term rentals when it is the top choice of travel accommodation for international and domestic travellers.”

Tan said short-term rentals have contributed significantly to the state’s tourism in the past decade, and legalisation of any industry should be discussed with all stakeholders to find a middle ground.

She said the homestays have helped mitigate the issue of vacant properties in the state and created jobs for local residents.

“Together, we should support and sustain Penang’s tourism, rather than stamp out an industry which has contributed so much to our local tourism sector,” she said.

The group joins global hospitality company Airbnb, which urged the Penang government to reconsider proposed limits on homestays last month.

Aside from the 180 nights a year cap, the state had proposed that homestays in commercial strata buildings be prohibited unless 75% of owners were present at a general meeting to vote to allow homestays in their buildings.

State housing committee chairman Jagdeep Singh Deo said the ban would manifest in the form of a “guideline”, which will be passed to local councils for enforcement.

Source: FreeMalaysiaToday.com