The Penang State Government introduced short-term rental guidelines for highrise and landed houses which is expected to be enforced from January next year.

State Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo said the guidelines were drawn up together with local authorities (PBT) and related agencies since December last year and are now more than 90 percent complete.

“Currently, we are conducting an engagement session involving all parties including owners of strata units as well as landed residences to get feedback on these guidelines.

“We will present the completed guidelines in the Exco meeting in the next two or three months,” he said at a press conference after officiating the engagement session near Komtar here this morning.

Also present, are Seberang Perai City Council Mayor, Dato’ Azhar Arshad; Divisional Secretary, Local Government Division, Nur ‘Aishah Md. Norodin and Director of the Building Commissioner, Penang City Council (MBPP), Sr. Nik Ariff Long Dir.

Commenting further, Jagdeep said that from 2019 until May this year, more than 600 complaints have been received by MBPP from owners of strata units regarding problems caused by lodgers.

“Among the complaints that are often received is the issue of noise, homestay tenants using shared facilities such as the gymnasium, swimming pool and other facilities.

“Therefore, the State Government cannot take these complaints lightly because they involve the well-being of other residents.

“Currently, if there are any cases regarding residential units that are used as homestays, PBT can take action in accordance with existing laws.” he explained further.

Jagdeep said that Penang is the third state with the most high-rise buildings in the country comprising 2,511 stratified schemes with 326,464 residential units.

“Penang Island is currently a tourist attraction and there are homes that are used as homestays, we do not want to stop this industry from developing.

“However, in order to safeguard the well-being of unit owners, these guidelines need to be enforced to ensure that they are not affected by issues caused by homestay tenants,” he added.

Source: Buletin Mutiara

At the signing ceremony for the partnership are, from left: STC Property Management Sdn Bhd CEO Tan Hwei Yee, Teng, Rajit and IHG Hotels & Resorts vice president, operations, Southeast Asia and Korea, Vivek Bhalla.

IHG Hotels & Resorts announced yesterday it is partnering with STC Property Management Sdn Bhd, the developer of Penang’s Straits City, to bring the Crowne Plaza brand to Butterworth.

The master plan development is by Singapore-listed The Straits Trading Company Limited and Malaysia Smelting Corp Bhd.

The partnership will bring the first Crowne Plaza Hotels & Resorts to Penang. It will be the flagship hotel for Straits City – a sustainable high-end mixed-use development located at the waterfront of Butterworth. The expansive development incorporates green technologies to promote sustainable living and spaces designed to encourage interaction, communication and creation.

Nestled within Straits City, the 343-room Crowne Plaza Penang Butterworth Straits City will offer sweeping views of the Straits of Penang, and a nostalgic George Town just over the horizon.

Straits Developments Pte Ltd CEO Eric Teng said Straits City, upon completion, will help elevate Butterworth as the future city, comprising an integrated mix of residential, retail, offices and commercial components.

“We are confident that the partnership with IHG will bring our vision of developing Straits City into a world-class work-live-play destination to life.”

IHG managing director South East Asia and Korea Rajit Sukumara the partnership underscores IHG’s commitment to expand its footprint across Malaysia and grow its portfolio in strategic destinations.

“The Crowne Plaza brand is a perfect fit for modern travellers who desire a seamless transition between work and life, and for business nomads working remotely across the globe. We are confident that Crowne Plaza Penang Butterworth Straits City will enhance the hospitality offering in Butterworth and set a new standard for blended travel.”

Crowne Plaza Penang Butterworth Straits City adds to an already impressive list of IHG properties scheduled to open in Malaysia in the next few years, most notably, Crowne Plaza Kota Kinabalu, Crowne Plaza Kuala Lumpur City Centre, Hotel Indigo Kuala Lumpur on the Park, and Kimpton Kuala Lumpur. These hotels will complement existing IHG brands: Holiday Inn, Holiday Inn Express, and InterContinental Hotels & Resorts.

IHG’s upcoming launches are part of a pipeline of 10 hotels due to open in Malaysia in the next three to five years, adding to the existing six properties it operates. IHG’s expansion marks its potential as an attractive business and travel destination.

Source: TheSundailly.com

According to State Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh, the Affordable Housing Project (RMM) in Mak Mandin is now at 64 percent and on track to complete by end of 2023.

“This project comprises 187 units of affordable housing Type A, part of the State Government’s commitment to delivering a total of 220,000 affordable housing units by the year 2030. “, Jagdeep said.

“We hope this project can be completed according to the timeline and quality standards we want.

“This is important because a house is one of the most important assets that people buy as a place to live and protect their families,” he said when he visited the Mak Mandin Indah Apartment project site on Monday morning.

Also present were the General Manager of the Penang State Housing Board (LPNPP), ‘Ainul Fadhilah Samsudi and representatives of the Penang Development Corporation (PDC).

It is understood that the project will be completed and have an occupancy certificate by the fourth quarter of next year.

A new proposed luxury residential development within the upscale neighborhood of Pulau Tikis. Undertaken by Primary Spectra Development Sdn. Bhd., the proposed project will be located along Lebuhraya Codrington (Codrington Ave), opposite the junction of Jalan Yeoh Guan Seok. It is just a stone’s throw away from Moulmein Rise by Belleview Group, less than 5 minutes drive to Gurney Drive.

This development will see the demolition of the existing 2-storey bungalow, for the construction of a 29-storey condominium. The building will feature 198 residential units with 8 levels of car parking podium.

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

Project Name: (to be confirmed)
Location : Pulau Tikus
Property Type : Condominium
Total Units: 198
Built-up Size: (to be confirmed)
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer: Primary Spectra 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.

Image Source: Google Street View

One of Malaysia’s most high-end neighbourhoods, Gurney Drive, has proven it is real estate gold after Hong Kong investors snapped up four bungalows in the area for over RM20mil.

The bungalows are the “last stretch” of old properties along Gurney Drive, which has been named in international publications as one of the best places to check out for culinary delights.

If all the stars align for these owners, real estate brokers say that the newly acquired assets can bring in a yield of at least RM130mil after about 10 years.

The investment involves a row of four two-storey houses facing a row of casuarina trees along Gurney Drive.

Real estate investors from abroad have been eyeing Gurney Drive for some time, buying up old landed properties at over RM1,000 per sq ft.

As a comparison, the average gross selling prices of new luxury high-rise residences in Kuala Lumpur ranged between RM750 per sq ft and RM960 per sq ft in the first half of 2021.

Another survey of high-rise residential properties in Klang Valley found that a two-bedroom unit in KLCC cost an average of RM1,079 per sq ft.

Covering a total area of a little over 2,700 sq m – or around 29,062 sq ft – the land the four houses sit on is almost as big as that of two Olympic-sized swimming pools.

“It’s all about the location. They (investors) are not put off by the development guidelines or local council regulations.

Actual location:

“The Gurney Drive area is where development is expected to be the most pronounced on the island in the future so they bought the houses,” said a real estate broker who asked not to be named.

Attempts to speak to the new Hong Kong owners have not been successful.

Featuring wooden walls on the top storey with brick-and-mortar ground floor structures, the four houses are surrounded by high-rise hotels and condominiums.

Real estate agent David Lim revealed that one of the vacant houses, which used to house Carnation Bak Kut Teh, is being offered for rent at RM14,000 a month.

When told about the Hong Kong investors, another property developer said it would be “a good buy” if the bungalows were within the commercial zone of a plot ratio of 1:5.

A plot ratio means the total allowable gross floor area that can be developed over the size of the land area.

If the plot ratio for the combined land of about 2,700 sq m is 1:5, a development with a total floor space of about 13,500 sq m is possible.

Going by the RM900 per sq ft median price quoted over the Internet for strata properties in Gurney Drive currently on sale, this will result in a potential gross development value of at least RM130mil from these four houses.

“As long as those old houses can be demolished, there can be many possibilities. You can have a mixed development. It can be a hotel, serviced apartment, offices … many things,” said the developer.

For the record, the median house price last year was highest in Putrajaya at RM628,000, followed by Kuala Lumpur at RM490,000 and Selangor at RM410,000.

Penang is at seventh place with a median price of RM317,000, according to data from the National Property Information Centre.

The island has been captivating Hong Kong buyers in the past few years, with a number of celebrities, including superstars Jackie Chan, Andy Lau and Simon Yam said to own homes here.

Source: TheStar.com.my