PSI will build a Global Business Services (GBS) campus in a highly connected park-like environment.

By the Penang Infrastructure Corporation

Time and again we have been allaying misconceptions regarding Penang South Islands (PSI). Penang and its people will gain from the tangible returns and social capital from PSI that will be disproportionately high to the investment in the form of innumerable benefits.

Penang stands to gain enormously from the PSI project. The reclamation work of Island A alone will inject RM7 billion in domestic investment while generating thousands of new job opportunities in Penang.

Foreign direct investment (FDI) inflow into the three completed islands is estimated at over RM70 billion, and the ensuing gross domestic product (GDP) contribution and job creation estimated to be RM100 billion. There will more than 300,000 jobs respectively where at least half are knowledge and highly skilled jobs, over a 30-year development time frame for the three PSI islands.

These projections are not “plucked from thin air” as alleged by irresponsible commentators. They are based on the actual experience of Penang’s developmental history, in particular, the Bayan Lepas Free Industrial Zone that had attracted more than RM50 billion since 1980, produced in the independent study by one of the big four audit and consultancy firms, PricewaterhouseCoopers.

Green development

The development plan for PSI was prepared in consultation with the UN Intergovernmental Panel on Climate Change’s (IPCC) 2019 guidelines, Low Carbon Cities Framework, and the independent study by the world-renowned Royal HaskoningDHV, headquartered in the Netherlands.

The Central Canal promotes green mobility, putting bicycles before cars and stressing on water taxis, electric buses, and electric trams.

The joint occurrence of high tides and a 1000-year storm surge has been accounted for in the design of Island A’s minimum platform level of 3m above mean sea level. 20% of PSI land is reserved for green parks, mangroves, water canals, wetlands, floodplains and bioswales to enhance biodiversity, cooling the environment by one to two degrees Celsius.

PSI’s environmental offset programmes have also included 4km mangrove wetlands that will provide additional shoreline protection while also promoting biodiversity.

The Green Tech Park on Island A will appeal to global electrical and electronic (E&E) companies and is designed to achieve 50% carbon reduction by 2030. A lifestyle campus-like environment will aid in enhancing industry collaboration with education institutions, enabling development and upskilling of our workforce, and moving the industry up the value chain.

In addition, there will also be ample lush public open spaces spread across the island such as 7km of Central Canal, 3km of public beaches and 5km of esplanade. And by putting bicycles ahead of cars, the 140km of bicycle and walking tracks island-wide and 7km of navigational waterway will result in seamless connectivity and an additional transportation mode.

A world-class tourist area is also included into the development of PSI to complement George Town, supported by attractive clusters of F&B, entertainment, a market place and food hall, fishermen’s wharf, waterfront esplanade, performance halls and other iconic spaces. Education campuses will be set up, creating a hub for education, attracting local as well as international students.

These green open spaces and facilities that can be turned into venues for leisure activities, events and festivals that promote Penang’s local culture and eco-tourism, will benefit locals and tourists alike.

Bicycles are put before cars in PSI’s development that stresses on green mobility to reduce carbon emissions.

PSI serves Penangites

The PSI development is aligned with the Penang2030 socio-economic vision to increase liveability to improve quality of life; to upgrade the economy by raising household incomes; and to invest in built environment or infrastructure to enhance Penang’s resilience.

The combination of industrial, commercial, residential, public space, and green lungs in the PSI is designed to create tangible state assets and boost social capital in Penang.

PSI is not a business-as-usual development. The project is grounded on independent studies prepared by reputable international expertise such as the United Nations’ IPCC, PricewaterhouseCoopers, and Royal HaskoningDHV. Developing Penang for the projected industrial demands, social challenges, and climate conditions should be based on proven expertise – not on the fringe view from irresponsible commentators without any experience of completing large-scale infrastructural development.

By providing capital inflow, generating jobs, creating tangible state assets, and boosting social capital, the PSI project will bring improvements to our economy and personal lives for many years to come.

Penang Infrastructure Corporation Sdn Bhd is a special purpose vehicle that leads the implementation of projects under the Penang Transport Master Plan (PTMP).

Source: FreeMalaysiaToday.com

The Ministry of Finance (MoF) has agreed to extend the residential home stamp duty exemption scheme under the Home Ownership Campaign (HOC) for six months to Dec 31, 2021.

In a document sighted by EdgeProp.my, the letter stated that MoF has agreed to extend the stamp duty exemption on Instrument of Transfer and loan agreement to Dec 31, 2021 from May 31, 2021 for all residential properties registered under HOC 2020/2021.

The letter dated May 31, 2021 is addressed to Real Estate and Housing Developers’ Association Malaysia (REHDA), Sarawak Housing and Real Estate Developers’ Association (SHEDA) and Sabah Housing and Real Estate Developers Association (SHAREDA).

According to the letter, the stamp duty exemption on Instrument of Transfer is applicable for all residential home purchases from the value of RM300,000 to RM2.5 million, with the first RM1 million to enjoy 100% waiver, while the balance will be charged only 3%.

Meanwhile, 100% stamp duty exemption on loan agreement will be given to residential home purchases valued from RM300,000 to RM2.5 million.

The schemes only apply for Malaysians and residential homes with at least 10% discount that are verified by REHDA, SHEDA and SHAREDA.

When contacted, REHDA president Datuk Soam Heng Choon confirmed the news and said the news is waiting to be gazetted.

“This is good news for us, especially for the property buyers as they do not have to rush in now. The extension will enable buyers to have more time to consider and this will also help to support the economic recovery in the second half of the year as we are seeing a long lockdown period,” he told EdgeProp.my.

He noted that the MoF has made a good decision in reducing the burden of purchasers and to ensure recovery of the sector and the economy in general.

Source: EdgeProp.my

About The Sky @ Tripark

This project is part of Sunrise Manner’s Tripark development scheme next to Taman Seri Sejahtera, just a stone’s throw away from Hillpark Residences. It is only less than 5 minutes drive to AEON Mall and Tesco hypermarket. It comprisesse 3 residential towers with full condominium facilities, offering 560 residential units with sky deck.

Find out more about They Sky @ Tripark

Straits Residences by Kerjaya Prospek

Kerjaya Prospek Property (KPP) plans to acquire land to build serviced apartments.

Major shareholder of the company Datuk Tee Eng Ho (pictured) told The Edge Malaysia that the purchase will involve “a few plots of land: two in the Klang Valley and one in the northern region”.

“The land will be used to build serviced apartments. Announcements will be made very soon,” Tee said.

He added that KPP will continue to focus on pocket land development by launching mid-range to high-end high-rise products.

The weekly reported in its latest issue that KPP’s “net profit jumped threefold to RM63.53 million for the financial year ended March 31, 2021, from RM21.24 million in the previous year, thanks to the higher sales and development progress at its projects — Bloomsvale in Jalan Klang Lama (Kuala Lumpur), Kaleidoscope in Setiawangsa (Kuala Lumpur) and Straits Residences in Seri Tanjung Pinang (Penang)”.

Tee also “believes” prospects for the company’s construction arm Kerjaya Prospek Group Bhd (KPG) will “be better this year after the full lockdown last year”.

Meanwhile, the business publication also reported about Tee taking control of Eastern & Oriental Bhd (E&O).

Tee said the purchase of shares in E&O is based on his belief that the property market will see light at the end of the tunnel by year-end or next year.

“I am a long-term player … I talked to Sime Darby after getting to know that it was planning to sell its stake in E&O. It was good timing because I am very confident about the property market,” said Tee.

“The world is printing too much money and inflation will come back. So, we will see property prices shooting up. People could have more money as they don’t have the chance to spend,” he added

Tee also said that he “appreciates” E&O’s premium branding with “many high-end property projects over the years”.

“I have known E&O since 1996 when I did the first shoplot project for the company as a contractor. From a low to medium developer, E&O slowly became a high-end and premium developer. Its hotels are the best in Malaysia,” Tee explained.

He said E&O’s value is also “reflected by its sizeable land bank, especially in Penang”.

It has been reported that Phase 2 of its flagship STP project — a master-planned seafront development on the northeast coast of Penang island — spans 760 acres.

“In addition to 348 acres of land in Gertak Sanggul, Penang, it also has a land bank in the Klang Valley and Johor,” wrote The Edge.

Tee said that E&O’s shareholders should also not be too concerned about its debt level. “I have already put so much money in E&O. If I am not worried, why should they? The most important thing is how you create the value.”

As for the E&O Hotel in Penang, the group will consider selling the hotel if the price is right. “For a developer, everything can be up for sale if the price is right. However, it is not easy to sell, as we want a high premium [and not just the] market price,” Tee said.

Source: EdgeProp.my

A new era of the Penang ferry service will start soon with a RM20mil upgrading works of the Raja Tun Uda ferry terminal on Penang island and Sultan Abdul Halim ferry terminal in Butterworth that will begin in June.

Penang Port Sdn Bhd (PPSB) chief executive officer Datuk Sasedharan Vasudevan said contractors had been picked and works would be completed within 12 to 15 months.

“The Butterworth terminal will be completed first within eight months as it is more urgent. Presently, those who disembark have to walk up a flight of stairs.

“At present, the passenger-only fast boats disembark on a temporary pontoon adjacent to the existing Sultan Abdul Halim ferry terminal.

“We have consulted physically challenged groups on the design of the terminal to ensure that it is OKU-friendly and easy to use, ” he said.

Sasedharan said priority would be given to the upgrading of the waiting and ticketing areas at the terminals.

He said the month of June would also see the awarding of tenders for three passenger-only water buses and two ferries for two-wheelers.

“There are 30 local and international bids for the tender of vehicles and the letter of award to the successful bidder will be given by the end of June.

“It could be two companies that will be given the job to build the water buses and ferries for two-wheelers with certain specifications.

“We are looking at the best kind of vehicle to ply between the island and mainland.

“Since it is a short run, a catamaran will not be suitable and we are doing an engineering study on the best possible kind of boat. We have brought in a marine engineering company to help us in the tender process, ” he said.

Sasedharan said the phasing and transition period of the vehicles would be about 12 to 15 months.

“All the vehicles may not be delivered at the same time and one might come first within seven months and the rest later.

“It would not be an issue as we could mix and match with the existing fast boats and roll-on/roll-off (Ro-Ro) ferries.

“We would be spending roughly around RM80mil for both the ferry terminal upgrade and the procurement of the water vehicles.”

The iconic Penang ferries ceased operation on Dec 31, with only a single ferry carrying motorcyclists plying from the ferry terminal between the island and mainland.

A Ro-Ro boat for motorcyclists and two fast boats carrying passengers operate from the Swettenham Pier Cruise Terminal in George Town.

All four-wheelers presently use the Penang Bridge and Sultan Abdul Halim Mu’adzam Shah Bridge.

In the meantime, the number of people using the fast boats and Penang ferry has reduced since the imposition of movement control order (MCO) 3.0.

Penang Port Commission (PPC) chairman Datuk Tan Teik Cheng said there were only 449 passengers from Prai to Penang on the fast boats and 478 people from Penang to Prai on May 25.

“However there were only 166 from Prai to Penang and 168 from Penang to Prai on May 26, which was a public holiday due to Wesak Day, ” he said.

Tan said the number of motorcyclists on the Penang ferry was 370 from Prai to Penang and 479 from Penang to Prai on May 25.

“The figures were vastly reduced to 149 from Prai to Penang and 159 from Penang to Prai on May 26.

“This shows Penang people are very disciplined and aware of the situation presently and are working from home, ” said Tan on his Facebook posting.

Tan said while the usage of the ferry and boats had reduced, the standard operating procedures (SOPs) would be adhered to with hourly sanitisation carried out.

“PPC and Penang Port Sdn Bhd will always monitor and prioritise the wellbeing and safety of the passengers at all times, ” he said.

Source: TheStar.com.my