The proposal of seven major infrastructure projects involving various industries was presented in a briefing session with the Minister of Finance, Tengku Datuk Seri Zafrul Tengku Abdul Aziz in conjunction with the preparation of the 2022 Budget.

Tengku Zafrul said he took note of all the proposals submitted by the Penang State Government and would discuss the matter with the relevant ministries.

“We (MoF) will consider this matter and then will bring the proposals submitted for the consideration of the ministries and the agencies involved.

“Furthermore, there are several proposals tabled by the Penang State Government that are in line with the MoF’s focus in preparing the budget for 2022,” he said in a briefing session with the Chief Minister, Y.A.B. Mr. Chow Kon Yeow near Komtar today.

Kon Yeow expressed his appreciation to the delegation from the Ministry of Finance for holding an engagement session together with selected states to hear their views in the preparation of the 2022 Budget.

“The implementation of such engagement sessions or discussions is very good to ensure that the state development agenda is in line with the national (development) agenda.

“In fact, it can also ensure that the policies and plans of the Federal Government are implemented carefully through the full involvement of all stakeholders, including the State Government.

“I sincerely hope that this approach can be continued in the future, and the Penang State Government will continue to cooperate for the progress and well-being of the people as a whole,” he commented.

He added that the Penang State Government has come up with a state development plan until 2030 known as Penang 2030: A Family-focused Green and Smart State that Inspires the Nation.

It is understood that the seven projects presented by the Penang State Government in the relevant briefing session involved a financial allocation of about half a billion ringgit.

The 7 major projects include:

1. Redevelopment of the Padang Tembak People’s Housing Project (PPR)
2. Flood mitigation plan (RTB) for Perai industrial area
3. Construction of the Sungai Tengah Bridge connecting Bandar Cassia to Byram and Changkat
4. Construction of eco-friendly bicycle paths along the shores of Jalan Batu Feringghi, from Hotel Flamingo in Penang to Rasa Sayang Resort
5. Batu Kawan Stadium upgrade project
6. Butterworth Creative Centre
7. Upgrading facilities in the laboratory for PSDC German Dual Vocational Training (GDVT) -Malaysian Meister Program (MMP) Level 1

Source: Buletin Mutiara

The government has eased up on the new rules for Malaysia My Second Home (MM2H) programme, with those already enrolled needing to only comply with two of the 10 new requirements.

Home minister Hamzah Zainudin said existing MM2H programme holders would not be tied to the new conditions, except for the fee increase from RM90 to RM500 a year, and the requirement to stay in the country for a minimum of 90 days each year.

“The improvements are to ensure that only those who are of ‘good quality’ and who can really contribute to the nation’s economy are allowed to join the programme,” he said at the Dewan Rakyat on Tuesday.

The programme was suspended in July 2020 before being rolled out once again this August with 10 new requirements.

Among the new requirements were higher compulsory fixed deposits (FD) in local banks worth RM1 million (from between RM150,000 and RM300,000) and offshore monthly income of RM40,000 (from RM10,000).

The new conditions also require applicants to have at least RM1.5 million in liquid assets, compared with between RM300,000 and RM500,000 previously.

Among those who have called for the new MM2H conditions to be reviewed was Johor’s Sultan Ibrahim Sultan Iskandar, who said it would dent the country’s revenue and frighten off investors.

Source: FreeMalaysiaToday.com

The Bagan Suite, a serviced suite development by Jayamas Property Group at Taman Bagan in Butterworth. Located on a 18,000sq.ft. land near the intersection of Jalan Bagan 1 and Lorong Permatang Pauh, neighbouring with Mak Mandin Industrial Park. It is only 1km away from the ever-bustling Jalan Raja Uda, about 5 minutes walking distance to Bagan Specialist Centre.

This development will see the refurbishment of the existing industrial building for a 5-storey serviced suites. It will feature a modern industrial design concept, with room size ranging from 189sq.ft. to 426sq.ft.

WhatsApp HERE for more details!

Project Name: The Bagan Suite
Location : Butterworth
Property Type : Industrial (strata)
Total Units: (to be confirmed)
Built-up Area: 189sq.ft. – 426sq.ft.
Indicative Price: RM150k onwards
Developer: Jayamas Property Group

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.

Every night, it is important not only to sleep, but to sleep peacefully knowing there is a roof on top of our heads.

It is a basic need for all, and the Penang government will continue to ensure the delivery of affordable homes for eligible Penangites, state Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo said.

“I am very confident that we will be able to meet our target of delivering 220,000 units of various housing units, from low-cost, low medium-cost and affordable homes.

“We have almost reached 130,000 units (built, various stages of being built and planning), both on the island and mainland,” Jagdeep said during his speech before presenting the Havana Beach Residences affordable housing offer letters to eligible recipients in Bayan Lepas today.

Jagdeep congratulated Ideal Property Group for working together with the state in ensuring that the people have comfortable and affordable homes to live in.

“The affordable housing homes, which are priced from RM300,000 each, comes with attractive facilities,” he said.

It was further learnt that the project would have a total of 1,342 units.

Among the facilities that would be made available are an adult swimming pool, jacuzzi, children’s pool, recreational park, a barbeque pit area, gymnasium, a yoga room, a multipurpose hall and others.

Jagdeep also added that the construction works have started in February this year, and the project is expected to be completed in 2024.

In a related development, he also stressed that Urban Regeneration Programmes would be the way forward to ramp up delivery of affordable homes in Penang.

“We are committed to trying not to build new housing projects on the hills as it is our mission to preserve greenery in the state.

“Hence, it is important that we expand new projects on existing buildings that have been abandoned for a very long time,” Jagdeep added.

Separately, Jagdeep has urged Prime Minister Datuk Seri Ismail Sabri Yaakob to inform all the states on his recent announcement (12th Malaysia Plan) about the delivery of 500,000 various types of affordable housing units.

“It is good news but we need to know how many units would be built in all the states, and as a representative from Penang that helms the housing portfolio, it is my duty to enquire for the benefits of Penangites,” he added.

Source: Buletin Mutiara

Malaysia’s residential rental property demand swung to a positive year-on-year (y-o-y) growth of 1.9 per cent in the first half (H1) of 2021 from a contraction of 5.6 per cent in the corresponding period last year, according to property portal iProperty.com.my.

Growth in user visits outperformed the growth in rental property listings in H1 2021, which was a contrast to H1 2020, it said.

The portal attributed the increase to a significant y-o-y rise in demand for terrace homes at 14.1 per cent and for serviced residences at 8.0 per cent. This was a shift from H1 2020 when condominium was the most in-demand residential rental property.

The portal’s general manager for customer data solutions and quality, Premendran Pathmanathan, noted that the pandemic had started the trend of property seekers looking for bigger living spaces.

As a result, terrace houses became the most popular property type in the first six months of 2021.

Moreover, he said, H1 2021 continued to favour tenants as renting made more financial sense due to a lower monthly commitment compared to purchasing the same property, especially in times of high unemployment.

“Indeed, many landlords are absorbing some of the income shocks and are pricing down their rental units as they compete to attract a limited pool of financially stable tenants,” he said during the iProperty.com.my conference on H1 2021 portal demand analytics (residential rental market) today.

The biannual conference, which was held virtually, provided a macro view of current demand trends in the Malaysian residential rental market.

Premendran said on a positive note, the ongoing Covid-19 vaccination programme had resulted in more than 80 per cent of the adult population being vaccinated as of September 2021.

He said the high vaccination rate announced would serve as a great confidence booster for the property market.

“As we transition to an endemic phase by the end of October, we hope the property market will continue to recover for the remainder of the year and going into 2022,” Premendran said.

According to an iProperty.com Malaysia Sdn Bhd statement, demand for residential rental properties in city centres began to build up in H1 2021 as lockdown restrictions were relaxed and various economic activities resumed as usual.

“In particular, some notable business and residential hubs in Kuala Lumpur and Penang have experienced double-digit y-o-y demand growth.

“These areas include Mont Kiara, Mid Valley City and Kuala Lumpur City Centre in Kuala Lumpur and Pulau Tikus, George Town and Bukit Mertajam in Penang,” it said.

On the flip side, iProperty.com said, the Department of Statistics Malaysia (DoSM) reported an unemployment rate of 4.8 per cent in June 2021, following four consecutive months of lower unemployment figures. The rate remained at 4.8 per cent in July.

“With certain demographic groups facing financial constraints, some landlords will continue to face challenges finding tenants for their properties,” it said.

According to iProperty.com, rental yields across all building types have dipped.

In 2020, the pandemic supported a tenant’s market, putting renters in a good position to negotiate rental prices.

“This trend continued in H1 2021 where the drop in asking rental prices was higher than the drop in asking sale prices, thus reducing the rental yields,” it said.

Rental yield for terraced houses dropped to +2.9 per cent in the period from +3.3 per cent in H1 2020.

Meanwhile, it said, the rental yield movement for condominiums and serviced residences declined by 0.3 per cent and 0.2 per cent, respectively, whereas yield for apartments stayed at +4.4 per cent.

Source: Bernama