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Mah Sing sells land in Georgetown for RM66.33 million

Property News/ 14 September 2022 2 comments

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Mah Sing Group Bhd, one of the biggest property development companies in Malaysia by asset size, intends to use the money raised from the sale of an undeveloped plot of land in Penang to buy more land in the future.

Its fully owned subsidiary Klassik Tropika Development Sdn Bhd is selling a parcel of land measuring 13,695 square metres in Georgetown’s Pykett Avenue off Jalan Burma to Morningjoy Sdn Bhd for RM66.33 million in cash.

Mah Sing said in a stock exchange filing that Klassik Tropika bought the land in 2009 for a planned high-end condominium construction.

The land is now unencumbered save for being mostly flat and unoccupied. The land’s net book value as of June 30, 2022, is RM61.85 million.

After deducting all anticipated costs associated with the exercise, Mah Sing anticipates recording a gain of RM1.8 million following conclusion of the sale in the fourth quarter of this year.

Mah Sing said the disposal of the land is in line with the group’s strategy to focus more on its “M-Series” type of residential land for the development of affordable properties that are in line with current market demand.

“Disposal of the land and replacement with M-Series lands with faster turnaround time will help optimise efficiency of the group’s landbank. The proceeds unlocked from the monetisation of the undeveloped land will free up cash for utilisation by the group for future land acquisitions.

“As the loan facility for the land has been fully settled, the proceeds from the disposal are expected to enhance the cash and bank position of the group,” it said.

Source: NST Online

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Penang road closure on Sept 15 for WCIT 2022

Property News/ 14 September 2022 No comments

wcit-spice

Several roads in Penang will be closed to make way for the 26th edition of the World Congress on Innovation and Technology (WCIT) 2022.

Penang police chief Datuk Mohd Shuhaily Mohd Zain (pic) said roads which will be closed from 5pm on Sept 15 are Jalan Tun Syed Sheh Barakbah, Lebuh Duke and Jalan Padang Kota Lama.

“We are expecting around 4,000 delegations during the congress from Sept 13 to 15, and 7,000 people during the closing ceremony.

“The locations involved are Setia SPICE convention centre, Eastern and Oriental Hotel and the Esplanade.

“Delegations from both international and local are expected to come to the state to participate in the launch, exhibition, dialogue and closing ceremony of the programme,” he added.

He said traffic congestion is expected to occur around the Setia SPICE convention centre and George Town during the event.

“We hope the public can give full cooperation and plan their journeys by taking alternative roads to avoid congestion that may occur in the areas involved,” Comm Shuhaily said during a press conference at the northeast district police station on Friday (Sept 9).

Penang Yang di-Pertua Negri Tun Ahmad Fuzi Abdul Razak, Prime Minister Datuk Seri Ismail Sabri Yaakob, Chief Minister Chow Kon Yeow are expected to attend the congress.

Comm Shuhaily added that the public who wished to join in the closing ceremony on Sept 15 can park their vehicles at the multi-storey parking building at Lebuh Union and Lebuh Pantai as well as Lebuh King, Lebuh Penang, Lebuh Downing, Lebuh Union, Pesara King Edward and Lebuh Pantai, which is near the Esplanade.

On a separate issue, Comm Shuhaily said the number of motorcycle theft cases in the state had increased, especially after the reopening of borders.

“Motorcycle thefts usually involve models that have been discontinued. I believe the thieves are aiming for motorcycle spare parts,” he said.

He added that most of the stolen motorcycles were non-luxury models.

Comm Suhaily added that the police will monitor the increasingly rampant prostitution activities within the state.

Source: TheStar.com.my

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UPCOMING: Nibong Tebal / Chen Yu Land Sdn. Bhd.

Nibong Tebal/ 13 September 2022 No comments

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A proposed 70-acre residential development by Chen Yu Land Sdn. Bhd. (a subsidiary of IJM Land) at Nibong Tebal. Strategically just a stone’s throw away from the entry point of Jawi toll, about 12 minutes drive to the south of Penang Second Bridge. It is within close proximity to several public amenities and government offices namely Land & District Office, District Education Office, District Police Headquarter and a few others.

This development will be completed in a few phases:

  • Phase 1A: Shop offices (16 units), drive-thru restaurant (2 units)
  • Phase 1B: 2-storey terrace (100 units)
  • Phase 2: 2-storey terrace (60 units), 2-storey superlink (24 units), 2-storey semi-d (8 units)
  • Phase 3A: 2-storey terrace (40 units), 2-storey superlink (14 units)
  • Phase 3B: 2-storey semi-d (36 units), 2-storey clustered semi-d (60 units)
  • Phase 3C: Low cost apartment (152 units) & future development

The same piece of land was formerly proposed for a project known as Senjayu@Jawi. The new plan is now pending approval with more details to be available upon official launch.

Project Name: (to be confirmed)
Location : Jawi/Nibong Tebal
Property Type : Residential
Built-up Size: (to be confirmed)
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer: Chen Yu Land Sdn. Bhd. (IJM Land)

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

(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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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.

SITE PROGRESS: Havana Beach Residences (Sept 2022)

Property News/ 11 September 2022 No comments

havana-beach-residences-site-progress-sep-2022-3

 

About Havana Beach Residences

Affordable housing development by Ideal Property Group at Bayan Lepas. Strategically located near Jalan Tun Dr. Awang, less than 2km away from Penang International Airport. It is about 5 minutes walking distance to  SMJK Heng Ee (Bayan Baru branch).

*Images show progress in Aug 2022

Find out more about Havana Beach Residences

Register your interest here and we will keep you updated.

(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.

Old wooden premises in Perak Road to be demolished making way for new development

Property News/ 10 September 2022 No comments

Perak road wooden premises

For over six decades, taxi driver Tan Teong Poh has lived in a zinc-roofed wooden house in Perak Road, George Town in Penang.

The 68-year-old, who is the third- generation occupant of the house, has many fond memories of his home.

“My grandfather was one of the pioneers and he was the one who built this house.

“The house is at least 100 years old. When I was young, all nine of us stayed here under one roof.

“Everybody knows everybody here and most of my neighbours are my relatives.

“This area is usually packed with people during Chinese New Year when our friends and families come home.

“My three children, aged between 27 and 41, used to stay here when they were young but all of them have since moved out,” he said.

Teong Poh’s home is among some 100 wooden houses and 20 shoplots which will be demolished to make way for a new development.

A representative for the landowner Tan Si Teoh Tng Seah Association, who wished to be known only as Tan, said the residents and shopkeepers had been instructed to move out by next month.

“I believe some buildings are more than 150 years old.

“The residents and tenants were given letters to move out a few months ago.

“The initial plan is to build high-rise residential units as well as commercial shoplots, and the tenants will be compensated accordingly,” he said.

Teong Poh said although he was a bit reluctant to move, he understood that development was needed.

“The development can bring about a positive impact on the community, as well as more growth to benefit the area,” he opined.

He said that he and his wife had found a place nearby to rent.

“We will be compensated with a unit after the new project is completed.

“We were told that this plot of land would be used to build commercial shoplots as well as high-rise residential units.

“I will move back to this area after the new project is completed, which should be in about six years.

“I will never forget the good times and nostalgic moments that I shared with my loved ones here,” he added.

As for Yeong Lih Fen, 60, who has been living in Perak Road since she got married over 30 years ago, it was a difficult decision to move away from this place.

“There are many food stalls which are within walking distance from where I live.

“When I do not feel like cooking, I can always walk to get food at the shops, which are only a stone’s throw away from my house,” she said.

Yeong said the house she lived in was built at least 80 years ago.

“My husband’s family slowly expanded the house over the years.

“My son is the third generation living here.

“During the good old days, we easily had about 30 people staying here together.

“We have two wells in the house compound to provide water for all of us.

“We use the well water to cook and shower, as well as wash bean sprouts and make tau kwa (firm tofu) and chilli paste,” she said.

Yeong said that even though she was reluctant to leave the place, moving might be a better option as some of the house’s wooden structures were damaged by termites, making it unsafe for her and her family.

“Sometimes, water leaks into the house when it rains.

“The house is very old and I am not sure whether to repair it, as the new landowner can take over the house any time.

“For the time being, I will be staying with my son and his family in George Town,” she said.

Housing multiple generations

A coffeeshop which has been located at Perak Road for more than 70 years, is among the business establishments that will be affected.

Its owner Tan Joo Lye, 70, said he was reluctant to leave the shop.

“This coffeeshop has been around for over 70 years. It was my father who started the business.

“I was born in the village here and I grew up in this area.

“I am the second generation in the family business and my 29-year-old son, Kok Seong who is the third generation, is helping me now.

“We sell economy rice and have many regular customers.

“My wife cooks the dishes and every day there are at least 60 dishes,” he said.

Joo Lye said they would move out by next month.

“Luckily, we managed to rent a place right opposite my current shop.

“We are open almost every day and are only closed a few days each month.

“We remained open even during the Covid-19 movement control order period,” he added.

Hardware shop owner Lau Khoon Peng, 74, said he started moving things out of his shop about three months ago when he first received notice to vacate the premises.

“This business has been operating for over 50 years. We started in a stall opposite and moved here about 18 years ago.

“This lot used to be a coffeeshop before we took over and turned it into a hardware store. We sell a lot of items here including stationery and other household goods.

“My son, who is the third generation, will be helping to manage the business,” said Lau.

Meanwhile, Lim Heng Jie is keen to sustain his family’s popiah (springroll) skin-making business in spite of the impending relocation.

The 31-year-old said his great-grandfather started the business at their shop in Perak Road over 60 years ago.

“I want the business to continue to succeed, as popiah skin-making is a dying trade.

“I hope to keep this traditional trade alive for many years to come.

“My parents and my grandmother are still helping me with the business. We produce around 30kg of popiah skin a day,” he added.

Lim said they would be moving to a shop near the Jelutong Market.

“The notice to relocate did not catch us by surprise as we had been informed about a year ago.

“However, the closer we get to the date to move out, the more reluctant we are to leave,” he said.

The adjacent Perak Road Market is slated to be refurbished too. It is considered one of the oldest markets on Penang island.

Penang Chief Minister Chow Kon Yeow, who visited the market recently, said there were plans to rebuild the market.

“Two open tenders were called for the rebuilding works previously, but they have since been halted due to the Covid-19 pandemic.

“A third tender will be called, and we hope that it will be a success this time around. The traders and market-goers have been waiting for this initiative to materialise.

“There is also a plan to develop a commercial project at a parcel of land beside the Perak Road fire station,” Chow told reporters.

Built in 1951, the 71-year-old market has been renovated numerous times, but its structure has not changed much.

The market, which is located in the Jelutong parliamentary constituency and the Batu Lanchang state constituency, is one of the busiest markets on Penang island.

Source: TheStar.com.my

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