SJKC Kuang Yu is set to break ground for its new campus located on a 6-acre plot provided by the Penang Development Corpo­ration (PDC) in Batu Kawan. Located along Jalan Cassia Barat 1, about 5 minutes walking distance from Suria 1 affordable housing scheme by PDC. Upon completion, there would be 24 classrooms in the new 3-storey building, with 35 pupils in each class.

According to the recent announcement from Kuang Yu School Building Committee on their Facebook page, a groundbreaking ceremony will be held later in December this year to kickoff the construction.

While awaiting the implementation of the Sungai Pinang flood mitigation project, short and medium-term projects have been executed by the Penang government to minimise the magnitude and flood frequency in the area.

Chief Minister Chow Kon Yeow said part of Jalan P. Ramlee (from the Jalan Ismail Cik Matt junction to the Jalan Perak junction), which is in a generally low area, has been raised by an average 0.5m from its initial height.

“The medium-term project, which includes efforts to increase trench capacity and the installation of two pump houses, is scheduled to complete end of this year.

“According to Penang Island City Council (MBPP) secretary Datuk A. Rajendran, the estimated cost of the project is RM5 million.

“We could see a positive impact resulting from this local council project.

“However, the implementation and completion of the Sungai Pinang flood mitigation project are still crucial to mitigate floods in the area,” Chow said during the ‘Jelajah ❤️ Penang’ programme in Jelutong today.

Also present were Jelutong MP R.S.N. Rayer, Penang Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo, Batu Lancang assemblyman Ong Ah Teong, and Rajendran.

Source: Buletin Mutiara

A proposed affordable housing development by Golden RCH Development Sdn. Bhd. at Bukit Mertajam. Located off Jalan Sejahtera 1, within the vicinity of Taman Sejatera. It is just a mere minutes drive from the intersection of Jalan Kulim and Jalan Rozhan, about 3km away from AEON Mall.

This development will see the construction of a 25-storey tower and 8 levels of car parking podium. It will offer 113 affordable housing units with facilities located at level 8.

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 : Bukit Mertajam
Property Type : Affordable housing
Tenure: (to be confirmed)
Land Area: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units : 113
Indicative Price : RM250,000 onwards (affordable housing price guide)
Developer : Golden RCH Development 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.

About Ferringhi Hills

A landed residential development within the established township of Batu Ferringhi. It is located along Persiaran Sungai Emas 1, only 10 minutes walk to Ferringhi Beach. It will feature a mix of 3-storey terrace (with lower-ground level) and semi-detached, bungalow houses, to be constructed in two phases.

Find out more about Ferringhi Hills

Residential homes in Malaysia may soon find a floor price due to the 47% reduction in completed dwellings and 9% decline in new planned residential supply, said Juwai IQI.

The international real estate technology group said the property sector will reduce supply enough to limit future price declines.

“As agents, we still see sufficient activity and buyer demand to keep us busy. We have more concern about supply. The pipeline of new supply is shrinking,” its head of Bumiputera segment Muhazrol Muhamad said in a statement today.

“Prices last quarter fell by 2.2%, but we believe the shrinking pipeline will put a floor under future price falls.”

He said prices drop when there are more properties than buyers, and developers are shifting the equation in favour of supply by reducing the flow of new properties onto the market, noting that inflation is probably the number one factor behind developers deciding not to launch new projects.

“Supply is still sufficient today, and there is still some overhang, but the pipeline is reducing, and the overhang is shrinking,” he said.

Muhazrol said dwelling completions are dropping quickly – in the first quarter of 2022, completion plummeted 47% versus the fourth quarter of 2021, from 25,074 to 13,284.

“New planned residential supply has also dropped. Over the past three quarters, planned new supply fell 36% from 26,392 units to 16,774 units.

“That’s a significant change from the previous trend in which new planned supply increased steadily, quarter after quarter. Compared to Q4 2021, new planned supply is down 9%,” he added.

Juwai IQI is also sanguine about the impact of rising interest rates.

“We don’t believe interest rate increases will significantly impact Malaysia.

“Firstly, inflation in Malaysia is lower than in many other countries, so our interest rates don’t have to rise as (high) to get inflation under control.

“Secondly, even though the overnight policy rate has increased slightly to 2.25%, that is still well below the historical average,” Muhazrol said, noting that current rates are very close to historic lows, which will help limit any potential impact on the real estate market.

Source: Bernama