The Malaysian property market has been fairly sustainable as it underwent a consolidation mode despite the COVID-19 pandemic in the past 12 months.

Integrated real estate solutions provider Jones Lang Wootton (JLW) deputy managing director Prem Kumar said the pandemic is a blessing in disguise as it brought background issues of the market to the forefront to be given more focus by developers and the government.

“Some of the issues we saw was the oversupply in the office segment. Now developers in the commercial side have taken few steps back and stop any new office development at this juncture and focus on other types of products that can sell and be sustainable and not becoming a white elephant,” he said in a virtual roundtable panel organised by PropertyGuru Group today.

He said affordable housing is also given more attention as authorities and developers reassessed and refocused on what is required to ensure both consumers and developers could reach a balance in terms of product offering and expectations in the future.

Prem Kumar said although the National Property Information Centre (Napic) reported a decline in the overall property sector in 2020, the market was already in a downtrend since 2017/2018 due to those prevailing issues.

However, he said the reduction in the number of transactions does not show any significant indicators or having a huge potential of collapse.

He said COVID-19 itself was not the main reason for the softer property market but more to the supply and demand factors, as well as the market concentration that led to it.

“COVID-19 has opened the eyes of many stakeholders of how the market can be versatile and be sustainable.

“As the property market is readjusting itself, this will also lead to greater stability for the real estate market in the future,” he added.

The session was organised in conjunction with the PropertyGuru Asia Property Awards (Malaysia) 2021 that will be held on Sept 15, 2021.

Highlights of the gala event will be aired on the History Channel, the official cable TV partner of the award, to give the programme a more international scope.

Last year, the award’s online gala series, which included the first virtual gala edition of the award, was viewed more than 516,000 times and reached viewers and property investors in more than 75 countries worldwide.

Napic reported that the Malaysian property market recorded 295,968 transactions worth RM119.08 billion in 2020, a 9.9 per cent and 15.8 per cent year-on-year decline in volume and value, respectively, compared with 2019.

Organised by Southeast Asia’s leading property technology company, PropertyGuru Group, the 8th PropertyGuru Asia Property Awards (Malaysia) programme is supported by platinum sponsor Kohler; official portal partner PropertyGuru.com.my; official cable TV partner History Channel; official magazine PropertyGuru Property Report; official PR partner Klareco Communications; media partners Penang Property Talk, KopiandProperty.com, Malaysian Business, and The Grid; official charity partner Right To Play; official ESG partner Baan Dek Foundation; and official supervisor HLB Ler Lum Chew.

Source: Bernama

About Queens Residences

Luxury waterfront development by Ideal Property Group at Bayan Bay with gross development value (GDV) of RM600mil. This development is located in front of BayStar Condominium, just stone’s throw away from Queensbay Mall.

Find out more about Queens Residences

A landed residential development by Robert Fullerton Realty (Tasek) Sdn. Bhd. (a subsidiary of OIB Group Bhd) at Simpang Ampat. Located between the existing housing of Taman Pekatra Indah and Hijauan Hills by Asas Dunia, just a stone’s throw away from Tasek Small Medium Industrial Park (IKS Tasek). It is only a mere minutes drive to GEMS International School at Pearl City, about 8km to SMJK Jit Sit II.

This development will see the construction of 77 single-storey bungalow houses with 3 different design types. The units will have a minimum land area of 4,000 sq.ft, with an indicative price starting from RM548,000 onwards.

Project Name : Single Storey Bungalow @ Pekatra Indah
Location : Simpang Ampat
Property Type : Single-storey Bungalow
Tenure : Leasehold
Land Area: 4,000 sq.ft. onwards
Built-up Area: 1,340 sq.ft – 1,718 sq.ft.
Total Units : 77
Indicative Price: RM548,000 onwards
Developer : Robert Fullerton Realty (Tasek) Sdn. Bhd. (OIB Group Bhd)

Some 700 acres out of the 2,300-acre Island A have been designated as a Green Tech Park to fulfill the needs of the industry, Chief Minister Chow Kon Yeow said.

“We are going to sign an agreement with SRS Consortium; and another agreement under the private funding initiative (PFI) to appoint Gamuda Engineering to begin the Phase One reclamation of Island A, which is approximately 1,200 acres.”

It was reported that the Penang Infrastructure Corporation Sdn Bhd (PICSB), on behalf of the Penang government, would be entering a joint venture with SRS Consortium to reclaim Island A (one of the three islands of the Penang South Reclamation project).

It was also reported that two JV companies – a project developer (PD) and a turnkey contractor (TC) – would be set up according to the JV model. The TC will be appointing Gamuda Engineering to work on the Phase One reclamation of Island A.

Chow said that the state was looking at niche upstream value chain activities, including product research, as well as design and development investments for the Green Tech Park.

“Such investments would emphasise on creating top-notched working environment which would in turn attract talents.

“Penang will become an even more well-rounded regional industrial hub with the realisation of the Green Tech Park on Island A,” Chow said during the Q&A session of the virtual dialogue session entitled ‘Penang: A Sustainable Investment Location’, organised by InvestPenang today.

Various embassies, trade commissioners and consultants took part in the one-hour dialogue which was conducted via Zoom.

Chow also gave some updates on the other components of the Penang Transport Master Plan (PTMP).

“The construction works of the Bandar Baru Air Itam to Tun Dr Lim Chong Eu Expressway (Package Two) has resumed in February this year and is expected to complete in the first quarter of 2025. The estimated cost for the project is RM851 million. We are currently addressing land acquisition matters.

“The detailed design finalisation process for the Tanjung Bungah-Teluk Bahang bypass (Package One) is expected to be completed by middle of this year.

“The Gurney Drive-Tun Dr Lim Chong Eu bypass (Package Three) is of lowest priority (among the three major roads project); hence, we will decide the way forward for this particular project,” Chow said.

Chow said the feasibility study report for the Gurney Drive-Bagan Ajam undersea tunnel (Package Four) had been completed end of last year.

“The state technical working committee is scrutinising the study and it will be brought to the state executive council (exco) for further action. The detailed design finalisation process for the proposed undersea tunnel project is expected to be completed by middle of this year,” he said.

Chow added that Environmental Impact Assessment (EIA) report of the proposed Pan Island Link 1 (PIL1) approval is valid until April 2022.

“The report has obtained the approval from the Department of Environment (DoE). We may have to start certain segments of this highway to comply with the EIA requirement.

“Meanwhile, the proposed Pan Island Link 2A (PIL2A) highway project – linking the proposed Island A to the Penang island – is still in its planning stage,” he said.

Chow said that the state was still in discussion with the Malaysia Airports Holdings Berhad (MAHB) to finalise the location of the Bayan Lepas LRT station in front of the Penang International Airport.

“All the approvals such as the EIA, Social Impact Assessment, Traffic Impact Assessment and the Heritage Impact Assessment, are in place,” he said.

The Q&A session was moderated by InvestPenang chief executive officer Datuk Loo Lee Lian. Also present was the Chief Minister’s special advisor Datuk Seri Lee Kah Choon.

Source: Buletin Mutiara

Urban Suites, a distinguished development of luxurious serviced suites by Cosmopolitan Homes in the heart of Jelutong. Strategically located near Tun Dr. Lim Chong Eu Expressway, with modern conveniences and amenities placed within close proximity. It is also just a stone’s throw away from the proposed Jelutong East LRT Station.

Blending lavish luxury with sheer style in 42-Storey commercial towers, Urban Suites feature 596 units of commercial suites with three built-up sizes to choose from – 630 sq.ft, 753 sq.ft. and 836 sq.ft. The facilities include Bentley limousine services, mini theatre, sandy beach pool, aqua gym, pool lounge, BBQ garden, library, meeting rooms, many more.

With limited units available, Urban Suites now comes with partially or fully furnished options at an attractive price of RM505,000 onwards.

Register your interest now to find out more about Urban Suites.

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