Penangites will be able to experience the new Esplanade with the completion of its seawall upgrading project.

Penang Island City Council (MBPP) secretary A. Rajendran said the RM14mil Esplanade seawall upgrading project has been completed and will be launched on Friday (May 13).

“The project has been completed,” he said in a Whatsapp text message to The Star.

Rajendran said Chief Minister Chow Kon Yeow will also be having a press conference at the site soon.

The seawall upgrading project involves a stretch of 460m from Medan Renong food court to the Royal Malaysian Naval Base.

It is one of 14 projects under the RM140mil North Seafront Masterplan that starts from Dewan Sri Pinang to Fort Cornwallis and the entrance to Swettenham Pier.

The project is funded by MBPP and supported by the George Town Conservation and Development Corporation (GTCDC), a partnership between the Penang government and Think City.

The corporation has been formed to spearhead the rejuvenation and restoration of select public assets in the heritage site.

It is meant to enhance the appeal and value of key monuments and public open spaces, and demonstrate the value of culture-based urban regeneration in creating a sustainable heritage city.

To date, among the 14 major initiatives completed are the restoration of Koh Seang Tatt Fountain Garden, improvements to Lebuh Light streetscape, upgrading of Esplanade field subsoil system and numerous planning documents produced to assist with the physical implementation.

Source: TheStar.com.my

Bank Negara Malaysia’s Monetary Policy Committee (MPC) has decided to increase the overnight policy rate (OPR) by 25 basis points (bps) to 2.00 per cent.

The central bank said the ceiling and floor rates of the corridor of the OPR are correspondingly increased to 2.25 per cent and 1.75 per cent, respectively.

“The sustained reopening of the global economy and the improvement in labour market conditions continue to support the recovery of economic activity.

“These have partly cushioned the impact of the military conflict in Ukraine and the strict containment measures in China,” Bank Negara said in a statement today.

The central bank said that over the course of the Covid-19 crisis, the OPR was reduced by a cumulative 125bps to a historic low of 1.75 per cent to support the economy.

The unprecedented conditions that necessitated such actions have since abated.

With the domestic growth on a firmer footing, the MPC decided to reduce the degree of monetary accommodation.

This will be done in a measured and gradual manner, ensuring that monetary policy remains accommodative to support sustainable economic growth in an environment of price stability.

Bank Negara said inflationary pressures had increased sharply due to a rise in commodity prices, strained supply chains and strong demand conditions, particularly in the US.

Consequently, several central banks are expected to adjust their monetary policy settings faster to reduce inflationary pressures.

Bank Negara noted that the global growth outlook would continue to be affected by the developments surrounding the conflict in Ukraine, Covid-19, global supply chain conditions, commodity price shocks, and financial market volatility.

Meanwhile, Bank Negara said for the Malaysian economy, the latest indicators show that growth is on a firmer footing, driven by strengthening domestic demand amid sustained export growth.

The labour market is further lifted by a lower unemployment rate, higher labour participation and better income prospects.

“The transition to endemicity on April 1, 2022, would strengthen economic activity, in line with further easing of restrictions and the reopening of international borders,” it said.

Bank Negara said headline inflation is projected to average between 2.2 per cent and 3.2 per cent in 2022.

“Given the improvement in economic activity amid lingering cost pressures, underlying inflation, as measured by core inflation, is expected to trend higher to average between 2.0 per cent – 3.0 per cent in 2022.

“Nevertheless, upward pressure on prices would be partly contained by existing price controls and the continued spare capacity in the economy,” it said.

Bank Negara added that the inflation outlook continues to be subject to global commodity price developments, arising mainly from the ongoing military conflict in Ukraine and prolonged supply-related disruptions and domestic policy measures on administered prices.

Source: NST Online

To lower the cost of a house, the government and state authorities need to cut red tape and fees associated with housing developments.

National Housing Buyers Association (HBA) honorary secretary-general Datuk Chang Kim Loong said cutting bureaucracy by 50% would help developers bring down costs.

He said whatever extended time developers take in getting approvals would translate to holding costs that would eventually be factored into the sales price, that is passed on to house buyers.

“What happened in Ukraine was unforeseen and beyond our control. But what is within control is reducing red tape and expediting projects. Otherwise, it would increase the cost for buyers.

“Some of the approvals take years. If we can cut it by half, developers can offer a better price,” he said.

Chang was responding to a new framework that will be set up by the National Affordable Housing Council to address the increasing cost of construction.

He said the build-then-sell concept would be more beneficial to the B40 and M40 groups, as it is effective in reducing abandoned projects.

He also questioned the need for more new projects as there are currently plenty of empty units in the city.

Penang Rehda chairman Tan Hun Beng echoed Chang’s view on the need to cut red tape to keep costs down.

“Not only red tape should be cut, but also other costs associated with housing development such as fees paid to the government. For example, when a developer wants to convert agricultural land to housing, there is a hefty premium involved.

“To top this off, different states have different formulas in calculating the conversion premium that needs to be paid.”

Tan said when a developer submits a change of title use application, it could take several months in some states and up to a year in others. He pointed out that all this adds to the holding cost for the developer.

He said a developer would have to take a bank loan while waiting for the conversion title. In the process, the developer will have to pay interest on the loan, which will add to the project cost.

“If the authorities can cut down on the waiting time and fees, it would help bring down the cost of a house.”

He said all developers are businessmen, and they need to make a profit. But this is not huge for housing projects.

Tan added that because housing development is a competitive business, no developer would price houses above what the people can afford as nobody would buy them.

“Time is money from the point of financing and for a developer, the faster the approval, the cheaper the house,” said Tan, adding that the government needs to cut the red tape and fees if it wants houses to be sold at a lower price.

Source: TheSunDaily.my

About Garden Superlink II @ Jesselton Hills

The second phase of Garden Homes Collection in Jesselton Hills, Alma by Wing Tai Asia. It comprises 75 units of two-storey superlink homes with extended size up to 26ft wide, surrounded by lush greenery and wholesome recreational amenities. The residential enclave is strategically located close to comprehensive public amenities for commercial and leisure.

(Photos taken in April 2022)

Find out more about Garden Superlink II @ Jesselton Hills

South Korean semiconductor giant, Simmtech Holdings Inc., through its Malaysia-based subsidiary, Sustio Sdn Bhd, has officially opened its new manufacturing facility in the Batu Kawan Industrial Park (BKIP) today.

Simmtech Southeast Asia managing director Jeffery Chun said it is the company’s first advanced manufacturing facility in Southeast Asia that is based in Penang.

“It is also our eighth factory along with other operations in Korea, China, and Japan.

“In May last year, Sustio broke ground on an 18-acre site at BKIP, investing more than RM600 million.

“Despite the lockdown caused by the Covid-19 situation, the practical construction work took only nine months to complete, and the factory is now fully equipped and ready to run mass production.

“This new factory has already employed more than 700 workforces and it will reach its full employment of more than 1,000 employees by next year.

“This new factory will also deliver the first ‘Made in Malaysia’ semiconductor memory chip packaging substrate and printed circuit board (PCB), bolstering Malaysia’s semiconductor supply chain even further,” Chun said in his speech at the opening ceremony today.

Also present were Bukit Tambun assemblyman Goh Choon Aik, Chief Minister of Penang special investment adviser Datuk Seri Lee Kah Choon, InvestPenang chief executive officer Datuk Loo Lee Lian, South Korea’s ambassador to Malaysia Lee Chi Beom and Malaysian Investment Development Authority (Mida) (investment development) deputy chief executive officer Lim Bee Vian.

According to Chun, the new factory in Penang would increase Simmtech’s total capacity of substrate and PCB by 20%.

“This will immediately contribute to improving the semiconductor industry supply constraint situation which can aptly address the needs among the industry players.

“We have already engaged with our key customers for the new site qualification programme and are expecting to start delivering a mass volume of substrate and PCB products to the customers from the second half of this year.

“At the same time, we are very grateful to Malaysia’s Federal Government agency through Mida and the Penang government agency, InvestPenang, for their tireless support of our project. We couldn’t have navigated our project under the challenging environment without them,” Chun added.

Chief Minister Chow Kon Yeow, who graced the ceremony, said the Penang government is pleased to see an emergence of players along the semiconductor supply chain.

“This has enabled the state to reap a myriad of benefits from the increased robustness of its well-developed industrial ecosystem.

“Being the first major Korean investor from the semiconductor industry in Penang and a critical supplier for memory module PCB and substrate, the presence of Simmtech, through its Malaysia-based subsidiary, Sustio, is poised to bring greater opportunities for supply chain resiliency.

“The state government via InvestPenang, and other relevant state agencies are committed to ensuring a versatile talent pool, supportive infrastructure, and resilient industry clusters.

“These are among the imperatives for effective supply chain management and sustained competitiveness, all of which are believed to add value to Sustio’s operation in Penang.

Source: Buletin Mutiara