George Town, the capital city of Penang, has been awarded the Gold Medal for the fourth edition of Sustainable Cities Organisation Awards (WeGO Awards) under the Mobility category.

State Housing, Local Government and Town and Country Planning Committee chairman Jagdeep Singh Deo today said this was the first time Penang Island City Council (MBPP) participated in the WeGO Awards, competing against other local government cities worldwide.

He said that MBPP submitted the state’s projects as their applications for the WeGO Awards under two categories: Mobility and Sustainable City.

“On Sept 8, both submissions advanced to the finals and later on Sept 29, it was announced that the MBPP’s submission for Mobility category wins the gold medal,” he told a press conference here.

He said the winning submission was the city’s Green Connectivity concept, which consists of various projects such as dedicated bicycle lanes, Business Improvement District Programme and the Penang Smart Parking initiatives.

“We will continue our efforts in making Penang a clean, green, smart and family-oriented state that will inspire the nation,” he added.

Established in 2011, the WeGO Awards is a triennial competition that recognises and promotes smart initiatives that use Information Communication and Technology (ICT) to improve the quality of life of citizens.

The WeGO Awards consists of six different categories, namely Efficient Government, Emerging Technology, Mobility, Open and Inclusive City, Safe City and Sustainable City.

The fourth edition of the WeGO Awards ceremony would take place at the fifth WeGO General Assembly in Makati City, Philippines, but in light of the COVID-19 pandemic, the ceremony would be postponed until further notice.

Source: Bernama

What is WeGo Awards?

Established in 2011, the WeGO Awards is WeGO’s triennial competition that recognizes and promotes smart initiatives that use ICT to improve the quality of life of citizens.

WeGO has more than 200 members around the world and serves as their international platform to improve the quality of life, innovate in the delivery of public services, and strengthen regional competitiveness.

Developers are scratching their heads as to why the most affordable units priced RM300,000 and below form the largest segment of total unsold residential units.

Real Estate and Housing Developers’ Association (Rehda) Malaysia vice-president Zulkifly Garib (pic) said: “The overhang is an accumulation of many years. We need to understand the kind of products that comprise the overhang.

He said developers have sought the Valuation and Property Services Department and the Selangor Housing and Property Board to understand the residential overhang better.

“We want to dissect the figure to better understand the situation, ” he said.

Zulkifly said besides Rehda Selangor, other state Rehda offices have also sought to understand the situation.

Rehda Malaysia president Datuk Soam Heng Choon said some issues afflicting developers are due to the pandemic, and some are not.

The latest National Property Information Centre results showed the housing overhang resembles a triangle, with units priced RM300,000 and below occupying the bottom of the triangle, accounting for 31.7% of the total residential overhang, excluding serviced apartments and SoHos.

Next comes the RM300,001 to RM500,000 segment at 25.3%, followed by RM500,001 to RM1mil segment at 27.6%, while units priced RM1mil and above formed 12.5%.

Soam was speaking to the media about this weekend’s Malaysia Property Expo (Mapex). About 25 developers are participating in Mapex 2020, which will run from Oct 2 to 4 at the Mid-Valley Exhibition Centre in Kuala Lumpur.

About 8,000 units, valued at about RM12.83bil, will be offered for sale. Soam said this is based on information from 42% of participating developers. Financial institutions and government agencies will be among the exhibitors.

On the property market sentiment today, Soam said the coming months would “definitely” see a pick-up in sales.

Despite the conclusion of the moratorium, incentives are being given on “a targeted basis”, so barring a second wave of the coronavirus Covid-19 pandemic, he is “cautiously optimistic.”

The low interest rates will also help.

“We hope things will pick up in the first half of next year. Last year, we did RM37bil sales and have 57,000 transactions, which is unusually high. With the incentives in place, we should do well, ” Soam said.

Source: TheStar.com.my

The sales of the Home Ownership Campaign (HOC) 2020-2021 are expected to be lower than last year owing to the lacklustre performance in the first half of 2020, said Real Estate and Housing Developers’ Association (Rehda) Malaysia president Datuk Soam Heng Choon.

HOC 2019 recorded sterling sales of 57,000 units and property value of RM37 billion after discount, based on Rehda’s figures.

While the market will gradually pick up in tandem with economic recovery next year, Soam does not expect HOC 2020-2021, which started from June 1 this year and ends on May 31 next year, to achieve last year’s performance in the current challenging market conditions.

According to National Property Information Centre (NAPIC)’s data, property transaction volume for the first six months of 2020 fell by 27.9% year-on-year (yoy) to 115,476, while transaction value plunged 31.5% to RM46.94 billion.

Meanwhile, Rehda Malaysia vice-president Datuk Tong Nguen Khoong revealed that the sales certified under HOC 2020-2021 have surpassed RM800 million and expects more sales to come next year.

“The RM37 billion sales achieved by the HOC 2019 campaign was unusually high, as compared with historical property sales numbers,” he noted.

Currently, properties worth around RM55 billion have been registered for the HOC 2020-2021 campaign, since registration started in August 2020.

Commenting on the discounts given by developers, Tong added that participating developers would need to register the project details and declare the “before and after” selling price to Rehda.

“After sales are done, developers then need to send in certifications to be cross checked by Rehda to ensure that there is at least a 10% discount,” he explained.

Properties under the HOC 2020-2021 campaign are subject to at least a 10% discount given by developers. The campaign also offers stamp duty waivers on instruments of transfer and on loan agreements for Sale and Purchase Agreements signed from June 1, 2020 to May 31, 2021.

Source: EdgeProp.my

A proposed mixed development by Kobay Properties Sdn. Bhd. at Jelutong. Located on a 6-acre land along Jalan Ahmad Nor, adjacent to Urban Suites development by Cosmopolitan Homes. It is easily accessible from Penang Bridge and George Town via Tun Dr. Lim Chong Eu Expressway, surrounded by established communities and amenities.

This development will see the demolition of the existing squatter houses, for the development of several high-rise commercial buildings:

PHASE 1: 39-storey commercial building:

• 3 residential towers (Tower A – Serviced apartment (176 units)
• Tower B – Serviced apartment (253 units)
• Tower C – Serviced apartment (253 units)
• Shop offices (202 unit), Level 1 – 6
• Supermarket (1 unit), Level 4 & 5
• Cinema (1 unit), Level 6 – 8
• Multi-storey carpark, Level 1 – 4 & 6 – 11
• Garden and facilities, Level 12 & 20

PHASE 2: 38-storey commercial building:

• Retail lots (16 units), Level 1 – 3
• Hotel (228 rooms), Level 12 -31
• Hotel facilities, Level 4, 5 & 12
• Multi-storey carpark Level 6 – 11
• Business suites (49 units), Level 32 – 38

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

Property Project : (to be confirmed)
Location : Jelutong
Property Type : Mixed development
Land Area: 6 acres
Built-up Area: (to be confirmed)
Total Units : 682 (serviced apartment)
Indicative Price: (to be confirmed)
Developer : Kobay Properties Sdn. Bhd.

Location Map:

The Real Estate and Housing Developers’ Association Malaysia (Rehda), which is cautiously optimistic about the outlook of the property sector, hopes for better improvement in the first half of 2021 (1H2021), provided there is no new community transmissions of the COVID-19 pandemic in the country.

The expected sales will further improve in 1H21 in line with the economic recovery and the ongoing Home Ownership Campaign (HOC), as well as the low interest rate environment, its president, Datuk Soam Heng Choon said.

“With the ending of the moratorium, which falls today (Sept 30), I think financial institutions are giving targeted help both through extended moratoriums and also through restructuring and refinancing of loans for those buyers who still need assistance.