The Penang government plans to extend the House Ownership Campaign (HOC) to the year-end following implementation of the movement control order (MCO) and imposition of Emergency which is expected to continue until August.

State Housing, Local Government and Town and Country Planning Committee chairman, Jagdeep Singh Deo said this measure was aimed at reducing the burden of new house buyers during this difficult time and for economic generation in the real estate sector.

“In Penang, we have almost 3,000 unsold houses worth RM 2.9 billion but out of this number, only 0.8 per cent of affordable homes priced under RM300,000 are still unsold. We will try to assist this sector as it is important in ensuring cash flow in the market,” he said at a news conference, here, today.

The HOC was introduced as an incentive to new house buyers, namely, stamp duty exemption and a discount of at least 10 per cent of the sales price from housing developers in encouraging house ownership among the locals.

Jagdeep said the state government had approved almost 4,000 applications for low-cost, low medium-cost and affordable homes.

He said it was committed to having a supply of affordable homes with prices ranging from RM42,000 for low-cost units, RM72,500 for low medium and up to RM300,000 for various affordable units.

Source: Bernama

All parks in Penang, including Botanic Gardens, will be closed as of Friday (Jan 15).

This follows some confusion when the movement control order was re-imposed on Wednesday (Jan 13) and some public recreational parks in the state remained open for people to go jogging alone.

State youth and sports committee chairman Soon Lip Chee said in a statement on Thursday (Jan 14) that the state will take heed of the order from National Security Council and close all public parks in the state.

This includes City Park, Metropolitan Park, Botanic Gardens and all the public recreational areas at the dams and reservoirs.

“Only up to two people may go jogging together in the neighbourhood of their homes and cycling can be done alone within a radius of 10km from your home,” Soon added.

It was earlier reported that the local police had wanted Penang Botanic Gardens to be closed.

“We remind the public that other than jogging and cycling, all other forms of sports and recreation are not allowed in areas under the MCO,” Soon said.

Source: TheStar.com.my

About 3 Residence

Mixed development by IJM Land at Sungai Pinang. It is strategically located along Lebuh Sungai Pinang 1, easily accessible via Tun Dr. Lim Chong Eu Expressway. Offering a mix of residential and commercial components, which comprises a 47-storey skyscraper, hotel and shop offices.

Find out more about 3 Residence

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.

This development will see the construction of a commercial building, featuring 13 unit 3-storey shop offices fronting the main road.

More details to be available upon official launch.

Project Name : The Se7en @ Juru
Location : Juru / Bukit Tengah
Property Type : Commercial
Tenure: Freehold
Built-up Size: (to be confirmed)
Total Units : 13
Indicative Price : (to be confirmed)
Developer : Prospek Setia Sdn. Bhd. (Blitz Tower Group)

Location Map:

SITE PROGRESS

SITE PROGRESS: The Se7en @ Juru (Feb 2021)

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.

Private developer Eco World Development Group Bhd has called off a proposed merger with government-linked property developer UEM Sunrise Bhd.

The merger, if realised, would have resulted in one of Malaysia’s largest real estate companies by market value.

In a statement, EcoWorld chairman Liew Kee Sin said the decision was made after evaluating the proposal with its business plans, while considering the current business environment and lockdown reimplementation.

With the proposed merger cancelled, he said, EcoWorld will be actively pursuing other corporate proposals that would better complement its current growth plans and strategies.

“It will also enable us to focus on the group’s own business plans for the 2021 financial year, which includes a sales target of RM2.875 billion for EcoWorld, that is 25% higher than the actual RM2.3 billion sales recorded in 2020.

“On behalf of the board, I would like to thank UEM Group Bhd for its invitation to consider the proposed merger with UEM Sunrise. We certainly remain open to the possibility of future collaborations with UEM Sunrise, should another opportunity arise.”

UEM Sunrise, the property arm of sovereign wealth fund Khazanah Nasional Bhd, is the company behind the Mont Kiara and Dutamas developments in Kuala Lumpur which are among its various projects in the Greater Kuala Lumpur area, Iskandar Puteri, Johor; Singapore and Australia.

EcoWorld is the developer of the Bukit Bintang City Centre project in Kuala Lumpur, among its developments in the Klang Valley, and projects in Iskandar Malaysia, Penang, Singapore and the UK.

In October 2020, UEM Sunrise received a letter of proposal from UEM Group Bhd for a merger with EcoWorld through an exchange of shares and warrants. EcoWorld was to have been subsequently delisted from Bursa Malaysia.

Under the proposal, Khazanah would have remained the biggest shareholder after completion of the merger, followed by the significant shareholders of EcoWorld collectively.

The merger proposal was met by protests, with former deputy housing minister Raja Kamarul Bahrin and Amanah strategy director Dzulkefly Ahmad questioning why a subsidiary of Khazanah Nasional needed to “bail out” EcoWorld.

Federal Territories Umno Youth had also urged the Perikatan Nasional government to stop the proposed merger, questioning how it would benefit Khazanah and the finance ministry.

Source: FreeMalaysiaToday.com