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.

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.

Acme Holdings Bhd is teaming up with Koperasi Kampung Melayu Balik Pulau Bhd (KKMBPB) to jointly develop seven parcels of land measuring about 178.34 acres in Penang into a multi-phased integrated development.

In a Bursa Malaysia filing, Acme said its wholly owned subsidiary Ayana Bayu Sdn Bhd (ABSB) had entered into a joint venture agreement (JVA) with KKMBPB to jointly develop the land with an estimated minimum gross development value (GDV) of RM1.4 billion.

ABSB is the developer of the said land, while KKMBPB is the land owner. Under the JVA, the development will be on a sharing basis of 83:17 between ABSB and KKMBPB, respectively.

“The developer hereby guarantees that the landowner’s entitlement shall be equivalent in value to the minimum sum of RM210 million only. The landowner’s entitlement may be higher in the event the GDV of the said development on the said land is higher than projected under the JVA,” said Acme.

“Upon handing over vacant possession of the said land to the developer, the developer hereby agrees to compensate the landowner for the loss of income/profit from oil palm cultivation, the sum of RM1 million only yearly to the landowner.

“The amount paid herein shall be treated as part payment of the landowner’s entitlement and shall be deducted from the landowner’s entitlements and it shall be deemed that the developer has fulfilled all its obligations under the terms and conditions of the JVA,” it added.

Upon execution of the JVA, Acme said ABSB also agreed to pay a sum of RM2.5 million to KKMBPB.

“The JVA will enable Acme and its subsidiaries (group) to undertake the said development within the proximity of Penang. The said development could contribute positively to the group’s financial performance in the ordinary course of business going forward,” said Acme.

Shares of Acme settled unchanged at 20.5 sen, with a market capitalisation of RM75 million.

Source: TheEdgeMarkets.com

About Terraces Condominium

A highrise residential development by IJM Land at Bukit Jambul, Penang. Strategically located on 9.32 acres of land next to INTI International College. It comprises a 34-storey condominium tower, featuring 410 residential units with two different design types to choose from.

(Photo taken in Oct 2022)

Find out more about Terraces Condominium

Seven hundred units of affordable housing will be built in the RM113 million Kepala Batas People’s Housing Programme (PPR) in Penang, said Prime Minister Ismail Sabri Yaakob.

Speaking at the PPR’s groundbreaking ceremony on Nov 2, Ismail said the project would help meet the housing needs of the low-income population and was in line with the government’s aim to provide adequate, quality and affordable housing for the country’s growing population.

“The cost of building a unit is RM161,000 but it will be sold at RM45,000 per unit,” said Ismail.

“This means that the subsidy per unit is RM116,000, and the total amount of subsidy borne by the government for this project is RM81.2 million.”

The 700 units, which will be divided into four-storey flats, will be located in an 8ha plot of land owned by the Penang Regional Development Authority (Perda) in Alor Pongsu, Seberang Perai Utara.

Ismail noted that in line with the government’s objective to ensure affordable housing, Budget 2023 allocated RM367 million for new PPR projects for 12,400 residents and RM358 million for the construction of 4,250 housing units under the Program Rumah Mesra Rakyat.

He pointed out that the Housing Credit Guarantee Scheme (SJKP) provides a guarantee of up to RM3 billion to banks to provide access to financing for people without a fixed income to own a house.

He also announced the construction of the Kepala Batas Youth Centre worth RM45 million on a 10.1ha land in Mukim 6, Seberang Perai Utara.

It will be equipped with various facilities including a football field and synthetic track, E-Sport hall, music room, gymnasium, jogging track, skateboard park, dormitory and various other facilities for the youth.

“The centre will provide complete international-standard sports facilities and will also be a one-stop centre for youth activities in the northern region of Peninsular Malaysia,” said Ismail.

“The government hopes that this project can give a boost to the youth who are active in sports and serve as a catalyst for sports excellence.”

Source: FreeMalaysiaToday.com

The preliminary works for the urban renewal projects (URC) for Padang Tembak Flat are expected to be implemented next year.

State Local Government, Housing Development and Town and Country Planning Committee chairman, Jagdeep Singh Deo said the works include the draft feasibility studies, residents census and verfication of land ownership.

“The Penang State Housing Board (LPNPP) has launched the Penang Affordable Homes (RMMPg) agenda which consists of the development of Affordable Homes (RMM) and the urban renewal project.

“At this stage, Penang has a master plan in which we have identified 14 projects that will be implemented by LPNPP, consisting of nine RMM projects and five URC projects on the island.

“The Padang Tembak URC project is one of the projects listed for us to explore how the renewal can be done.

“Padang Temak Flat is one of the oldest housing projects and has too many units compared to other housing schemes so it takes a little more time.

“Nonetheless, the preliminary work such as draft feasibility study, population census and verification of land ownership will start next year,” he said when answering a question from Kebun Bunga Member of State Assembly (ADUN), Ong Khan Lee during the Penang State Legislative Assembly (DUN) meeting on Friday.

Commenting further, Jagdeep said that through the renewal project, each existing owner in the Padang Temak Flat will be given a free house unit with an area of ​​750 square feet.

“Owners of units that currently have an area of ​​200 or 300 square feet that only have one room and one toilet will be given a free unit of 750 square feet with three rooms and two toilets.

“This is what the State Government is implementing not only in Padang Tembak but also in several other places.

Source: Buletin Mutiara