Penang has once again proved to be a ‘strategic place’ for property transactional activities following an increase of demand in the residential units in Q3 compared to Q2 last year.

State Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo said he was glad with the remarkable result as cited by the National Property Information Centre (NAPIC), which operates under the Finance Ministry’s Valuation and Property Services Department (JPPH).

“In light of the current Covid-19 pandemic, the publisher of business and financial publication (The Edge) has come out with a report titled ‘Transaction volume expected to spike’ a few days ago.

“From the report, it stated that 3,446 residential units totalling to RM1.3bil were transacted in Q3 of last year compared to 1,545 residential units totalling to RM620mil were transacted in Q2 of last year. From this, we can see almost 123% spike in the demand for property units, especially affordable homes.

“Although last year was a tough year for everyone amid the movement control order (MCO), many transactional activities related to residential properties were taking place.

“This is a positive news for all of us as this shows the Penang government is committed to supplying affordable homes to the Penangites.

“On top of that, the first-time home buyers took the opportunity to secure their first properties amid the pandemic.

“We ‘walk the talk’ as there are adequate supply of affordable homes for the people,” he told a press conference in Komtar today.

On top of that, the state has identified five plots of land, covering 73 acres in the five districts.

Jagdeep added that the state Housing Board, which was established last month, would be tasked with the open tender process before development is carried out.

“Affordable housing is a way forward for Penang,” he said.

Raine & Horne International Zaki + Partners Sdn Bhd senior partner Michael Geh, who was present, expected the upward spike to continue in Q4 of last year.

As a chartered valuation surveyor, he said it was an ‘amazing’ result for the state to record increase of demand in residential units during post-MCO.

“Based on my observation, I would strongly feel that the transactional activities for Q4 of last year will keep on increasing.

“For example, the achievement was due to various housing policies being carried out. It includes the waiver of real property gains tax (RPGT) and other measures,” he said.

On the overhang units specifically in Penang, Geh pointed out only certain states in the country are facing this situation.

“It takes place mostly in some urbanised states instead of entire nation.”

Source: Buletin Mutiara

About The Se7en @ Juru

A commercial development by Prospek Setia Sdn. Bhd. at Bukit Tengah. It is a small development strategically located along the busy road of Jalan Kebun Nenas, next to Juru Sentral development near Icon City. Just a stone’s throw away from Juru Auto-City. It features 13 units of 3-storey shop offices.

Find out more about The Se7en @ Juru

Source: Facebook

The People’s Housing Project (PPR) which commences this year will be known as ‘Rumah Malaysia’, as part of policy reform carried out by the Housing and Local Government Ministry.

Minister Datuk Zuraida Kamaruddin said the built-up area of ‘Rumah Malaysia’ would be no less than 900 sq feet compared to around 700 sq feet currently, and the ministry would also adjust the rental rates throughout the country.

“It is time for the Malaysian people to get bigger houses to improve their quality of life. This will, in turn, make them high-quality citizens,” she said in a news conference after handing-over the keys to house buyers of Taman Seri Molek Perdana Phase 1 and PPR Taman Perling, Johor, yesterday.

Also present were the Deputy Housing and Local Government Minister Datuk Seri Dr Ismail Abd Muttalib and state Housing and Local Government Committee chairman Ayub Jamil.

Elaborating, Zuraida said various facilities such as playgrounds, community hall and houses of worship must be provided at the ‘Rumah Malaysia’ projects, besides ensuring the formation of the residents’ committee which would be responsible for the maintenance and security of the residential area.

“It is time for the Malaysian people to get bigger houses to improve their quality of life. This will, in turn, make them high-quality citizens,” she said in a news conference after handing-over the keys to house buyers of Taman Seri Molek Perdana Phase 1 and PPR Taman Perling, Johor, here, today.

Also present were the Deputy Housing and Local Government Minister Datuk Seri Dr Ismail Abd Muttalib and state Housing and Local Government Committee chairman Ayub Jamil.

Elaborating, Zuraida said various facilities such as playgrounds, community hall and houses of worship must be provided at the ‘Rumah Malaysia’ projects, besides ensuring the formation of the residents’ committee which would be responsible for the maintenance and security of the residential area.

She said the projects were still in the tender process to find eligible contractors before the construction project could be carried out.

Source: Bernama.com

The exemption for the extension of time (EOT) as stipulated in the Covid-19 Act (Act 829) involving the Housing Development (Control and Licensing) Act 1966 is only applicable for housing projects that were supposed to be completed between March and December last year.

Housing and Local Government Minister Datuk Zuraida Kamaruddin said for any delayed projects which were supposed to be completed before March 2020, developers are still required to pay compensation or the liquidated ascertained damages to buyers.

“We provide this exemption for Covid-19 from March until December 2020. Only for that period. Other than that, they have to pay compensation.

“However, for delayed projects this year, we can consider [to provide an exemption] but they must have solid reasons. The consideration is only up to March 2021,” she said at a news conference after handing over the keys to house buyers of Taman Seri Molek Perdana Phase 1 and PPR Taman Perling, Johor here today.

Zuraida was commenting on whether the exemption for compensation payments allocated under Act 829 is also applicable to housing projects which were supposed to be completed before the Covid-19 pandemic hit the country.

The Covid-19 Act involving the Housing Development (Control and Licensing) Act 1966 is part of the Temporary Measures for Reducing the Impact of Coronavirus Disease 2019 (COVID-19) Act 2020 passed in Dewan Rakyat in August last year.

Under this act, developers are given temporary protection for delayed works due to the movement control order (MCO) since March 18, 2020, including that they cannot be sued by buyers or banks for failing to complete their projects according to schedule.

Source: EdgeProp.my

The Eastern & Oriental (E&O) name is synonymous with creating placemaking addresses that stand the test of time. The E&O portfolio today, spanning hospitality through to luxury living, is headlined by Penang’s globally renowned Eastern & Oriental Hotel and spans four main growth engines in Kuala Lumpur, Penang, Johor’s Iskandar Malaysia and Central London.

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