The Desa Baiduri apartment in Paya Terubong will soon be given a new coat of paint as repainting works are scheduled to take place at Block 1A and 1B there.

Chief Minister Chow Kon Yeow, who visited the premises earlier, said the repainting works were expected to cost RM617,000.

State Tourism and Creative Economy Committee chairman Yeoh Soon Hin, who is also the Paya Terubong assemblyman, would bear 10 per cent of the entire cost (RM61,700).

“During the repainting works, residents may encounter uneasiness when entering their homes.

“It is hoped that all of you will be able to cooperate with the contractor during the time the works commence,” Chow said after visiting the apartment in Paya Terubong during his ‘Jelajah ❤️Penang programme’ in Bukit Gelugor today.

The repainting works, which will commence in mid-September and are expected to be completed in three months, will involve 700 units, affecting 3,500 residents.

Chow also hoped that the repainting will enlighten the lives of the people there, as well as leave a positive impact and encourage greater togetherness among the local community.

Accompanying Chow was also Bukit Gelugor MP Ramkarpal Singh.

Later, in the last event under the ‘Jelajah ❤️ Penang’ programme for the day, Chow, Ramkarpal, Yeoh and several other Penang Island City Council (MBPP) councillors, visited the newly-established food bank in Jalan Tingkat Paya Terubong 2.

The food bank centre, which was initiated by the Paya Terubong Village Community Management Council (MPKK), started its operations in July this year.

Ramkarpal and Yeoh allocated RM40,000 to upgrade the centre.

The centre is open every Monday from 7.30pm to 9.30pm.

Chow also took the opportunity to distribute basic necessities to a group of B40 residents in the constituency.

The recipients were overjoyed to have received the assistance.

Source: Buletin Mutiara

PropertyGuru Malaysia released its biannual Consumer Sentiment Study for H2 2022, which found that potential homebuyers are facing affordability issues in their homeownership journey, with 51% of respondents understanding that they are not qualified for government affordable housing schemes, and are not able to purchase property without financial assistance.

With the overnight policy rate (OPR) increase by 25 basis points in July, on top of the consumer price index (CPI) rising to an ultimate high of 4.4% year-on-year, potential homebuyers may continue to face affordability issues amid concerns over the ongoing global recession and inflation rates. This was evident in the Consumer Sentiment Study for H2 2022 (CSS H2 2022), as about half of the respondents surveyed stated that they do not qualify for government housing schemes and may not be able to afford to purchase a property without assistance.

In the study, 73% of the respondents have a clear understanding of eligibility terms for affordable housing, indicating that potential homebuyers will continue to be on the lookout for other government housing initiatives to aid their homeownership journeys.

Sheldon Fernandez, Country Manager, Malaysia (PropertyGuru.com.my and iProperty.com.my), said, “As seen in the Consumer Sentiment Study H2 2022, our consumers have a sound awareness of government initiatives and eligibility for affordable housing. With the ongoing recession, inflation, price hikes, and OPR increase, we expect potential homebuyers to continue the wait-and-see approach until the overall cost of living has stabilised.

With the Budget 2023 announcement coming up soon, we are hopeful that there will be allocations that can help spur the property market and aid those that are planning to embark on their homeownership journey. The CSS H2 2022 has also indicated that more than 69% of those surveyed plan to buy a house if the Home Ownership Campaign is revived.”

Emerging Technology Will Continue to Change Large Purchasing Behaviours in Consumers
The previous Consumer Sentiment Study in H1 2022 recorded that 2 in 3 Malaysians would be comfortable with shortlisting and viewing properties online, while 1 in 4 would be comfortable signing agreements online. This signals that consumers have become more tech-savvy following the reliance on digital transactions during the pandemic.

This trend continues in the latest CSS H2 2022, as over half of the respondents in the study see that emerging technologies such as AI, property aggregation platforms, and digital housing societies would be helpful in their homeownership journey. This indicates that technology will continue to play a major role in the property market, and a demand for digital accessibility to property-related decisions will likely continue in the coming years.

“As a leading proptech company, these findings have proven that providing a platform that can help to guide consumers in making informed property decisions is a crucial part of a homebuyers’ journey. The way that consumers digest information and make transactions is evolving, which is why we strive to be an innovative platform that can help potential homebuyers achieve their goals as conveniently and with as much guidance as possible. In addition, through the survey, we found that potential homebuyers have also started to consider purchasing property in the metaverse. This trend is likely to continue as consumers in Malaysia have adapted well to digital solutions and platforms more than ever over the past two years. We are interested to see how emerging technologies will change and evolve in the industry in the coming years,” said Sheldon.

Environmental Impact Has Changed the Way Potential Homebuyers View Locations

As several areas across Malaysia have been struck with flash floods and landslides in the past year, the study also indicated that homebuyers are concerned with how this will impact properties in the long run. 92% of the respondents in the study had highlighted flooding as their main concern, while 83% were concerned about landslides.

With environmental consciousness recording an upward trend, consumers are now looking at sustainable homes and features as key considerations when purchasing a home. Additionally, according to the CSS H2 2022, respondents noted that solar panels, rainwater harvesting, and food waste composting are important features to have in the future. On top of this, 1 in 3 of respondents in the higher income group is keen to pay more for a property with Electric Vehicle (EV)-charging ports.

“While location has always been one of the key considerations for home seekers in Malaysia, we will now see more people increasingly prioritise this due to the flooding events in the past year. The higher awareness of eco-friendly facilities and features is likely linked to ongoing climate change issues as well. Consumers are now more conscious of current issues and are now making eco-friendly decisions in hopes of making a change.

With many losing and damaging their homes in the past year, it is evident that these natural disasters have made a lasting impact, as in the CSS H2 2022, 66% of the respondents said they are willing to pay a higher insurance premium on their property for climate change effects as nobody foresees their home being struck by a flood or any natural disaster”, concluded Sheldon.

Bank Negara Malaysia (BNM) has raised the overnight policy rate (OPR) by 25 basis points (bps) to 2.50%.

This is the central bank’s third consecutive rate hike.

In a statement, BNM said that despite continued easing in global supply chain conditions, inflationary pressures have remained high due to elevated commodity prices and tight labour markets.

“Consequently, central banks are expected to continue adjusting their monetary policy settings, some at a faster pace, to reduce inflationary pressures,” it said.

In May, the central bank raised the OPR to 2% from 1.75%, reportedly the lowest on record, following a 25 bps cut in July 2020. In July, it raised the OPR by another 25 bps to 2.25%.

BNM said headline inflation has averaged at 2.8% year-to-date, and the extent of upward pressures to inflation will remain partly-contained by existing price controls, fuel subsidies, and the prevailing spare capacity in the economy.

“The inflation outlook, however, continues to be subject to domestic policy measures, as well as global commodity price developments arising mainly from the ongoing military conflict in Ukraine and prolonged supply-related disruptions,” it said.

“At the current OPR level, the stance of monetary policy continues to remain accommodative and supportive of economic growth.

“The MPC (Monetary Policy Committee) is not on any preset course and will continue to assess evolving conditions and their implications on the overall outlook to domestic inflation and growth.”

BNM said that while the global economy has continued to expand, although at a slower pace, it has been weighed down by rising cost pressures, tighter global financial conditions and strict containment measures in China.

However, global growth continues to be supported by improvements in labour market conditions, and the full reopening of most economies and international borders.

Going forward, the central bank said, global growth is expected to face challenges from the impact of monetary policy tightening in most economies, and pandemic management measures in China.

For the Malaysian economy, the transition to endemicity and policy measures have contributed to the stronger growth performance in the second quarter of 2022, it said.

It added that labour market conditions and income prospects remain positive, with unemployment and underemployment declining further.

Source: FreeMalaysiaToday.com

About Anggun Residences

Anggun Residences located beside Design Village Outlet Mall in Batu Kawan is the flagship residential project undertaken by PE Development (Penang) Sdn Bhd, a subsidiary of PANSAR Berhad in West Malaysia.

Designed as a condotel concept, these 496 units of spacious 3-bedroom apartments comes with maximised functional spaces that is column-free and beam-free. Corner units feature a very unique layout of having a master bedroom on one side and a junior master on the other side. The master bedroom even comes with a balcony facing the linear park.

Find out more about Anggun Residences

The state government, through the Penang Development Corporation (PDC), is now calling for the Request For Tenancy (RFT) for its Sia Boey Urban Archaeological Park.

Chief Minister Chow Kon Yeow, who is also the PDC chairman, said the primary goal of the RFT is to revitalise Sia Boey and to introduce new and exciting activities that would lure tourists to the area.

“The tenancy agreement period is 15 years, with five years for each renewal term.

“And the bidders are required to consult the George Town World Heritage Incorporated (GTWHI) to hold any activities suggested on-site.

“The RFT has already been advertised on the (PDC) official website at https://www.pdc.gov.my/index.php/my/ on Aug 16, and the closing date for the submission is on Oct 11 at noon.

“Taking this opportunity, I would like to encourage all interested parties to access PDC’s official website to get more information regarding the RFT.

“We are hopeful that Sia Boy’s revitalisation through this RFT will restore its appeal as an intriguing attraction for both locals and visitors in the heart of George Town,” Chow told a press conference announcing the matter in Komtar today.

The Sia Boey Urban Archaeological Park has a land area of approximately 4.69 acres and is located in George Town between Jalan Dr Lim Chwee Leong, Jalan Magazine, and Lebuh McNair.

Also present during the press conference were Pengkalan Kota assemblyman Daniel Gooi and PDC chief executive officer Datuk Aziz Bakar.

Aziz hoped that the RFT would be successful in finding a new tenant that is capable to transform the place.

“It is not for PDC to generate revenue. Instead, we want the place to be revitalised with interesting activities for Penangites and tourists to visit the park and enjoy themselves.

“And we hope we can get interested parties that have that passion for this project. It is located in a highly-sensitive zone with the existing Prangin Canal, Prangin Market Hall, and historic shop structures,” he said.

Source: Buletin Mutiara