About The Zen

A mixed development by Asia Green at Bayan Mutiara. It is located next to Tun Dr. Lim Chong Eu Expressway, just a short drive away from the ongoing Penang World City township development by Tropicana Ivory. This development comprises a 46-storey skyscraper with two residential towers, and shop offices located at lower level. The residential component will feature 1,200 affordable units and 730 bigger open market units.

Find out more about The Zen development

A newly proposed residential development by Welcome Development Sdn. Bhd. at Bukit Mertajam. Strategically located at the intersection of Jalan Song Ban Kheng and Jalan Kota Permai, diagonally opposite Spectrum Residence by Zuwen Bina. It is only a 5 minutes walk to SJKC Beng Teik Chinese primary school, surrounded by various amenities which include banks, markets, eateries, petrol stations and others.

This development comprises one block of 9-storey apartment, featuring 60 units of low cost and 10 units of medium cost apartment. The low cost and medium cost apartment as a standard built-up size of 650 sq.ft. and 1,000 sq.ft. respectively.

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

Project Name: (to be confirmed)
Location : Bukit Mertjaam
Property Type : Apartment
Total Unit: 70
Built-up Area: 650 sq.ft. (low-cost), 1,000 sq.ft. (medium cost)
Indicative Price: (to be confirmed)
Developer: Welcome Development Sdn. Bhd.

Location Map:

The National Economic Recovery Plan (PENJANA) incentives announced on Friday are expected to heighten property buying activities in the next few months.

ExaStrata Solutions Sdn Bhd’s chief real estate consultant and chief executive officer, Sr Adzman Shah Mohd Ariffin, said the stamp duty exemption under the revived Home Ownership Campaign (HOC) would certainly boost the sales of new residential properties priced no more than RM2.5 milion.

“On top of that, developers are required to give a 10% discount on the prices (to qualify for the exemption). This incentive is further enhanced by the lifting of the 70% margin of financing limit for the third housing loan onwards (for properties valued at RM600,000 and above).

“The current low bank lending rate will also help to encourage more buyers to start buying properties provided that that they can qualify for a loan,” he told Bernama.

He added that this really depended on how the banks’ own restrictions were going to be loosened up for the would-be purchasers to qualify.

On the real property gains tax (RPGT) exemption, Adzman said this would encourage owners to dispose of residential homes during the period of June 1, 2020, to Dec 31, 2021.

“However, this may result in the sub-sale market competing with the sale of developers’ unsold housing stock.

“Nevertheless, this will help the owners who need to liquidate due to financial woes to gain more since the RPGT will be exempted,” he said.

Meanwhile, Elvin Fernandez, managing director of valuer and property consultancy Khong & Jaafar Sdn Bhd, said the big issue in the Malaysian property market — “the elephant in the room” — was the substantial oversupply of properties, be it residential or commercial.

“In the residential sector, the underlying fundamentals are stronger mainly because the vast majority of owners are owner occupiers who would not be easily shaken even with the severe downturn in the economy we are now facing.

“The owner of residential properties who are not desperate will hang on and not sell their houses at distressed prices,” he said.

On the other hand, in the commercial space like office buildings and retail centres, the oversupply had greater consequences, Fernandez said.

“To rebalance the various sectors of the property market will need a deeper and more holistic study and appropriate measures taken to make the property market more efficient and supportive of the economy in general,” he highlighted.

As for the incentives announced, he viewed the HOC as good in the sense that it might help to clear some of the oversupply in the residential sub-sector while the stamp duty exemptions were also welcome.

“The RPGT relief is good but it is only for residential properties and not as extensive as expected, especially on the RPGT after five years.

“The uplifting of the 70% margin of financing limit is also a very good move, as the banks should be allowed to assess their risks,” he added.

Source: Bernama

To stimulate the property market and provide financial relief to home buyers, here are the incentives announced by Prime Minister today:

1. Home Ownership Campaign (HOC) to be reintroduced:

Stamp duty exemption on the instruments of transfer and loan agreement for the purchase of residential homes priced between RM300,000 to RM2.5 million subject to at least 10% discounts provided by the developer. The exemption on the instrument of transfer is limited to the first RM 1 million of the home price while full stamp duty exemption is given on loan agreement effective for sales and purchase agreements signed between 1st June 2020 to 31st May 2021.

2. RPGT exemption for disposal of residential homes from 1st June 2020 to 31st December 2021 (This exemption is limited to the disposal of three units of residential homes per individual)

3. In addition, the current 70% margin of financing limit applicable for the third housing loan onwards for property valued at RM600,000 and above, will be uplifted during the period of the HOC, subject to internal risk management practices of financial institutions.

The Penang government is set to announce a housing ownership package next week to ease home ownership in the state.

State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the package – dubbed Housing Ownership Campaign Package (Penang edition) 2020 – has two main objectives.

“Firstly, it is to assist home buyers, especially those who intend to buy affordable homes.

“Secondly, we want to work towards our goal of building 180,000 units of affordable homes by 2030,” he told a press conference at Duo Residensi in Teluk Kumbar today.

Jagdeep said that he had meetings with various agencies and stakeholders, such as Rehda and the chambers of commerce, for the past two to three weeks to look into ways to assist home buyers in Penang.

“We are relooking, reviewing and strategising our existing (housing) guidelines. I have spoken to Chief Minister Chow Kon Yeow and I hope to make an announcement next week,” he said.

Jagdeep added that package would include offering incentives to developers who are willing to work with the Penang government to provide affordable homes for the rakyat.

“Our priority is that,” he said.

Jagdeep stressed the importance of the construction industry.

“A total of 141 other sectors stand to benefit from a single construction project. That is how important the industry is.

“It is more important and relevant now that the Covid-19 crisis affects the economy. We want to spur the state’s economy and at the same time, help people to own affordable homes,” he said.

Jagdeep said the supply of affordable homes is crucial.

“We have managed to record 102,000 units of affordable homes that have been built, being built and approved to be built as of March this year.

“As of this morning (June 4), we registered 105,719 units of affordable homes that have been built, being built and approved to be built. This shows that we have not stopped providing affordable homes,” he said.

Jagdeep also said that the number of overhang units in Penang was manageable.

“Penang saw a decrease in property overhang, while several other states saw an increase in the number of unsold properties.

“Penang has 3,350 unsold properties, amounting to RM2.6 billion. An overhang unit is defined as a residential unit that is unsold for more than nine months after it has received the Certificate of Completion and Compliance (CCC).

“The number of overhang units in Penang is decreasing year after year. The Penang government is also planning to further address the matter,” he said.

On a separate matter, Jagdeep said the Dua Residensi project by Penang Development Corporation (PDC) was set to obtain the CCC next month (July).

“We hope to have the key handover by September this year,” he said.

PDC Housing Development Department senior manager Radzuan Ahmad said there were still available units for the Duo Residensi project.

Find out more about Duo Residensi

Source: Buletin Mutiara