Ferringhi Residence 2 by Mah Sing

Mah Sing Group Bhd is cautiously optimistic about the property prospects in the medium to long term, citing robust demand for properties from the country’s young population.

The impact of the epidemic has had an influence on the property market in Malaysia over the last two years, resulting in a change in consumer patterns and new challenges for property players, it said in a statement on Tuesday.

“The group foresees that the pace of revival can quicken, provided global and domestic economic growth is stable. The overall health of the economy is the most important element that influences the value of real estate.

“Moreover, a better economic outlook is also anticipated in the upcoming months, indicated by the stronger growth of the Leading Index as compared to the previous month. Similarly, a positive business situation is foreseen for the next six months as reported in the Business Tendency Statistics.

“Employment in a variety of industries, including hospitality, airlines, tourism, and corporate, may begin to increase and to some extent, this will help improve purchasing power in the real estate sector,” it said.

Meanwhile, Mah Sing said rental demand is likely to increase next year as a result of the opening of travel borders, with more foreign expatriates, business partners, tourists, and foreign students contributing to the total growth.

“Rental demand in the Klang Valley has grown from -2.9% in the first half of (1H) 2020 to +2.6% in 1H 2021, according to iProperty’s H1 2021 Portal Demand Analytics (Residential Rental Market).

“Many renters in Kuala Lumpur are looking for condominiums and serviced residences sized between 1,000 square feet (sq ft) and 1,200 sq ft and priced from RM1,500-RM2,000. This can be beneficial for house buyers intending to buy a house for investment,” it said.

Ultimately, Mah Sing said the property market looked to be experiencing a revival as Malaysia moves into 2022.

“We will continue to ensure that our products are aligned with market sentiment and meet the pent-up demand for affordable housing.

“The group intends to continue leveraging the strengths of its existing digital market platforms to boost sales by streamlining processes from awareness to payments,” it added.

Source: Bernama

The government could solve the dual problem of property overhang and unaffordable homes by introducing cheap public transport, according to two academicians.

Dr Rosli Said of the Department of Real Estate, Faculty of Built Environment at Universiti Malaya pointed out that while houses far from urban centres are cheaper, people are reluctant to move into such homes because they are also very far from their workplace.

“People who can afford only the cheaper homes are also more than likely to be those who are less well-paid and who work in shifts,” he told theSun.

However, he said, if cheap public transport is available to ferry them to work, they are more likely to consider buying a home further away from urban centres or their workplace.

To make such homes more attractive, Rosli said, the government could encourage wider commercial activities in their locality.

He noted that many homes in the more remote areas remain unsold because of the lack of access to public transport.

Sunway University economist Dr Yeah Kim Leng agreed.

“This is already the practice in developed countries. Consideration is given to the availability of cheap and convenient public transport as well as the property prices,” he told theSun. Unfortunately, he said, there is a mismatch between the availability of and demand for affordable homes in Malaysia.

Yeah said that in developed countries, steps are taken to ensure that the cost of homes are within the means of those who move into these areas that are also far away from economic hubs. “Here in Malaysia, the government can step in and provide easier access to loans for those in the low-income group,” he said.

Rosli pointed out that even if a home costs only RM100,000 there still would be those who cannot afford it. Officially, homes that cost RM300,000 and below are referred to as “affordable” in Malaysia.

He said a lower downpayment and smaller mortgage would help to make these homes within easier reach of the low-income group.

He said this could be done if banks could take into consideration the future value of the property and agree to consider it as a downpayment as well as part of the repayment.

“This will then relieve the buyer of the need to come up with a large sum of money for the downpayment and his monthly repayment will be reduced,” Rosli added.

National House Buyers Association secretary-general Datuk Chang Kim Loong pointed out that for the bank, strict criteria are essential when processing loan applications to protect their bottomline. “I cannot disagree with those criteria. It could take 30 years or longer, but it is important that buyers are able to repay the loan,” he told theSun.

He pointed out that if the borrower defaults on the loan, the house would have to be auctioned off by the bank.

Chang said the rent-to-own concept was a more realistic option to ensure home ownership. This, he said, is another way to address the issue of property overhang.

“If people could rent and eventually own these homes, the unsold units would be snapped up. This would be favourable to both developer and buyer,” he added.

Dr Hassanudin Mohd Thas Thaker of the Sunway University Business School noted that the housing market has always been a key economic sector in Malaysia.

“With population growth, it is imperative that there are enough affordable homes to go around. We need to build more of such homes in desirable locations, and that is near city centres or areas that are within easy access to public transport,” he told theSun.

He said homes could be made more affordable if building materials are prefabricated and developers use local materials instead of imported ones.

Source: TheSunDaily.my

Proposed mixed development by Maple Meadow Sdn.Bhd. at Kubang Menerang in Tasek Gelugor. Located on 380 acres of land along Jalan Kubang Menerang, about 10 minutes drive from the established township of Bertam Perdana. It is adjacent to two ongoing affordable housing projects, namely Scientex Tasek Gelugor and D’Halona Place.

This development will feature a mix of terrace houses and shop offices:

• Single-storey terrace Type A (1,009 units)
• Single-storey terrace Type B (579 units)
• 2-storey low cost townhouse (704 units)
• 2-storey shop offices (54 units)

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

Project Name : (to be confirmed)
Location : Tasek Gelugor
Property Type : Mixed development
Tenure: (to be confirmed)
Built-up Size: 650 sq.ft. onwards
Total Units : 2,292 (residential), 54 (shop office)
Indicative Price : (to be confirmed)
Developer : Maple Meadow 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 Havana Beach Residences

Affordable housing development by Ideal Property Group at Bayan Lepas. Strategically located near Jalan Tun Dr. Awang, less than 2km away from Penang International Airport. It is about 5 minutes walking distance to  SMJK Heng Ee (Bayan Baru branch).

Find out more about Havana Beach Residences

Penang homebuyers seeking exclusive landed residences in the Penang island can now look forward to S P Setia Berhad’s recent launch. Located in Sungai Ara, Bayan Lepas, the new project is the final phase within Setia Greens, a 46.3-acre township by S P Setia.

Casa Rica Entrance Statement

Named Casa Rica, which means “rich home” in Spanish, this 11-acre freehold enclave is envisioned to enhance lives in enriching experiences shared with loved ones.

The low-density project offers only a total of 60 units spread over 2 phases consist of two-storey and three-storey semi-detached homes, each with its own individual title. In the land-scarce of Penang island, one of the most vibrant economic nexuses in the country, such spacious homes are few and far between.

Perched on the highest point in Setia Greens, residents here are also accorded a panoramic vista of the surrounding green hills and cityscape.

Sporting a Spanish architectural concept, residents and visitors will find themselves greeted by a statement-making archway before stepping into beautifully-landscaped gardens and visually-pleasing houses complete with Spanish-profile roof tiles, along with arched and bay windows.

Entrance of Casa Rica Terrace Garden

S P Setia are excited to bring the Spanish una forma de vivir (a way of life) right here in Setia Greens. Surrounded by Spanish-inspired gardens with a grand gazebo, opulent archways and an Azulejo-patterned sculpture, creating a dwelling where lives can be lived to the fullest, and many enchanting memories are formed.

These low-density two-storey and three-storey semi-detached are priced from RM1,896,000 to RM2,547,600 with built-ups ranging from 2,897 sq ft to 3,512 sq. ft. These homes are positioned at different levels of the terrain to form a picturesque silhouette. Besides, these semi-dees also come with copious land areas between 3,627 sq ft and 10,742 sq ft.

Taking heed of the new normal lifestyle requiring flexibility and functional spaces, these multi-generational homes offer four practical layouts with either 4+1 or 5+1 bedrooms. The three-storey types are each equipped with a built-in private elevator for convenience to the elderly. All units are designed with a wide frontage that enhances ventilation and lighting, a car porch that can accommodate three cars, a parcel box compartment, and a wide folding and sliding gate. In addition, the internal roads are 40ft wide, allowing easy drives within the neighbourhood.

Casa Rica Terrace Garden

As with all townships developed under the Setia brand, Casa Rica is enveloped in lush greenery, featuring a central park and two pocket gardens with an edu-playground for children. Residents can also enjoy times of relaxation, recreation and relationship bonding with family, friends and neighbours amidst nature’s embrace.

Amenities and accessibility
Sungai Ara is a residential enclave surrounded by robust neighbourhoods featuring all essential amenities for daily convenience.
Educational institutions within a 5km radius include SJK (C) Chong Cheng, SJK (C) Min Sin, SMJK (C) Chung Hwa, INTI International College, Innovative Incubator University, Fairview International School, Straits International School and University Sains Malaysia.

Also, within 5km are two wet markets, two hypermarkets and Queensbay Mall, as well as Hope Children Hospital, Pantai Hospital Penang and Pearl Maternity Hospital.

Within a stone’s throw away are SETIA SPICE Convention Centre, SETIA SPICE Aquatic Centre, SETIA SPICE Arena and Penang Golf Club.

Strategically nestled at the Southwest District of Penang Island, Casa Rica has easy access to the Penang International Airport (5km), Penang Bridge and Second Link Bridge (8km), and George Town (14km).

Set to be an affluent neighbourhood for the discerning, the first phase of 38 units is targeted to be completed by Q4 2023.

For more information, call 04-641 2255 | 04-282 8255 or visit
https://spsetia.com/en-us/property/malaysia-(northern)/penang/casa-rica/home.