GEM Residences – a new freehold condominium located at Jalan Baru, Prai, Penang is primed to bring a new standard of living to Prai, Penang by offering a range of well-designed modern living spaces for a wholesome lifestyle experience.
Strategically located along the six-lane Jalan Baru connecting the North-South Expressway and Butterworth Outer Ring Road (BORR), the development is thoughtfully positioned to capture the magnificent sea view facing the spectacular Penang Bridge, Penang Island, the cityscape of Butterworth and Bukit Mertajam which is also remarkably accessible with a short 7-minute drive to the Penang Bridge and 30-minute drive to the Penang International Airport.
Named after beautiful gemstones – Coral, Ruby, Sapphire and Diamond, there are only eight and nine units per level serviced by four dedicated lifts per tower. The flexible floor plate offers a variety of unit sizes and divisibility. Available are eight layout designs of one to four bedrooms, sized from 441 sq ft to 1,445 sq ft, that are artfully curated to meet your most exacting requirements.
The property market saw a steep y-o-y fall in the first half of 2020 (1H2020). Property transaction volume for 1H 2020 dropped by 27.9% y-o-y to 115,476, while transaction value declined 31.5% to RM46.94billion, based on the latest data released by the National Property Information Centre (NAPIC) which operates under the Finance Ministry’s Valuation and Property Services Department (JPPH).
“The sharp declines in transaction volume and value are in consonant to the Malaysian economy, after the resumption of economic activities in May and June, property market activities saw a turnaround,” NAPIC said in a press statement today.
Based on the 1H2020 Property Market Report unveiled today, the residential sector recorded 75,318 transactions worth RM25.61 billion in 1H2020, declining 24.6% in volume and 26.1% in value compared to 1H2019.
A total of 13,294 units were launched in 1H2020, falling by 43.6% against 23.591 units in 1H2019. Against 2H2019, new launches were 31.6% lower.
Sales performance was poor at 3.3%, significantly lower as compared to 1H2019 (30.9%) and 2H 2019 (28.4%), owing to the Movement Control Order (MCO) period, which was imposed on March 18, 2020.Residential overhang continued to rise, no thanks to a slow market. There were 31,661 overhang units worth RM20.03 billion, an increase of 3.3% in volume (2H2019: 30,664 units) and 6.4% in value against the preceding half year (2H2019: RM18.82 billion).
Johor has the highest overhang units in the country, accounting for 19.5% of the national residential overhang.
As at 2Q2020P, the Malaysian House Price Index (MHPI) stood at 198.3 points (base year 2010), up by 0.4% on an annual basis, the lowest annual growth recorded since 2010. However, on a quarterly basis, MHPI fell marginally by 0.7%.
For the commercial sector, there were 8,118 transactions worth RM8.51 billion recorded, declining by 37.4% in volume and 33.2% in value as compared to 1H2019.
The serviced apartment segment recorded 1,433 transactions worth RM0.97 bilion, a y-o-y decrease of 24.2% in volume and 25.3% in value of transactions.
Serviced apartment overhang hit 21,683 units with a value of RM18.64 billion, up by 26.5% in volume and 23.9% in value as compared to 2H2019.
“Despite the cautious optimism towards the nation’s projected gradual economic recovery, with the resumption of market activity under the Recovery Movement Control Order (RMCO) and the proposed measures under PENJANA, the property market is more than likely to remain soft for the remaining half of 2020.
“The pace of improvement will depend on both domestic and external factors such as political stability, global oil and commodity prices as well as further developments related to the Covid-19 pandemic,” NAPIC added.
MTT Group of Companies, through its subsidiary Botanica Hills Sdn Bhd, has entered into a joint venture agreement with Eden~On-The-Park Sdn Bhd to develop the first Integrated Senior Living Resort in the state here.
The project – Eden at Botanica.CT – will feature a nursing care residence and a low-density Active Living Resort comprising villas and condominiums in two tower blocks in Botanica.CT, a thriving township in Balik Pulau on Penang island.
The agreement was signed between MTT Group of Companies group executive chairman Dato’ Seri Kenny Ong and Eden-On-The-Park chairman John Chin during a ceremony at Evergreen Laurel Hotel here.
Witnessing the signing ceremony were Penang Chief Minister YAB Tuan Chow Kon Yeow, state Housing, Town, Country Planning and Local Government Committee chairman YB Jagdeep Singh Dee and Eden-On-The-Park’s managing director Victor Fong.
Ong, the driving force behind the development of Botanica.CT Township, has set his sight on turning the township into an oasis where multi-generational families can learn, play, work and relax.
Under his stewardship, Botanica.CT Township has provided the best value accommodation, a renowned international school (Prince of Wales Island International School) and commercial components in the area since its inception.
The senior care facility is seen as the crucial piece of jigsaw in the masterplan as envisaged by One
New benchmark of aged care living
‘Eden at Botanica.CT will set a new benchmark of aged care living, providing the people of Penang and northern region Malaysia a choice of senior living options as we pursue the diversity of excellence on the world stage and in line with the Penang 2030 vision.
A household name in the nursing care industry, Eden-On-The-Park has been operating a community health care centre in Kuching, Sarawak.
it has gained national recognition for its brand as well as expertise in delivering high quality service in senior care Operations, having recognised by Pemandu as an Entry Point Project (EPP) and granted EPP17 Status on June 23, 2014.
It received pioneer incentives from Malaysian Investment Development Authority (MIDA) and awarded multiple recognitions as the Best Retirement facilities in the region and Malaysia by a number of international aged care and retirement villages forum.
This latest joint venture in Balik Pulau will be modelled after the award-winning facility in Kuching, and licensed by the Health Ministry and state Welfare Department.
Phase 1 – Nursing Care Residence
Like in Kuching, the phase one Nursing Care Residence here will form the heart of the masterplan.
This is where Eden-On-The-Park’s core nursing care services will be delivered in line with its ethos ‘Care with Dignity’.
The Nursing Care Residence will be designed with care operations, such as infection control in view of the on-going pandemic and in preparation for future epidemiological outbreaks.
It will also be furnished with state-of-the-art technology for remote monitoring of the residents, fall monitoring and care services delivery.
The Active Living Resort, which will have units for general public sale and lease, aims to replicate the successful creation of community engagement found in its Kuching facility.
Eden-On-The-Park Sdn Bhd managing director Victor Fong said Eden-On-The-Park would take on an active role in curating events to ensure that the residents remain active and can participate in activities that strengthen both familial ties and the bonds of friendship.
“It will also create a sense of security and comfort for the residents who know they will look out for each other, as well as their plants and pets when they are away on holiday with their loved ones,” he shared.
Describing the facility as a good model, Jagdeep said would request the local council to work closely with Eden at Botanica.CT to determine and set up some local guidelines on the initiative.
“Everyone ages. Building an alI-age neighbourhood and creating a purpose-built are crucial in today’s housing development,” he said.
With RM180mil worth of direct domestic investment. Chief Minister Chow Kon Yeow said Eden at Botanica.CT would contribute to job employment for youth while setting a new trend in meeting the needs of the seniors by creating a Penang based international standard nursing facility akin to those in mature countries like Australia.
“The state is all for the idea of an integrated senior resort as it develops the network of proactive elderly care facilities that enhances community spirit, independence and security with low maintenance while providing the necessary facility and emergency support right at your doorstep.
”As we move another step closer to realising the Penang 2030 vision, I urge other corporate entities to take the lead in giving back to the community and build social good into the framework of your businesses,” he said.
The Penang government will appoint a consultant for the landscaping works at the newly-reclaimed Gurney Wharf project next month, says Chief Minister Chow Kon Yeow.
Chief Minister Chow Kon Yeow said the consultant would then have time to call for tender to appoint contractors for various stages of work on the 131 acres of land.
“The state government is in the process of appointing a consultant for the landscaping works. Out of the 131 acres of land, about 40 acres are for public facilities.
“The rest are for road reserves and other uses. So, the planting of trees will probably start early next year,” Chow said in response to a question by a reporter after witnessing the signing of a joint venture agreement between Botanica Hills Sdn Bhd and Eden-On-The-Park Sdn Bhd to build Penang’s first Integrated Senior Living Resort in Balik Pulau.
Among the components of the Gurney Wharf project, which is a state government initiative, are a promenade, a park, a skating rink, a children’s playground and a man-made beach.
It was announced earlier that the consultant was to be appointed in February but the Covid-19 pandemic has delayed the appointment.
When the project is completed in 2021, not only residents in Tanjung Bungah but all the people in Penang can enjoy the new waterfront of Gurney Wharf.
The standardization of several issues including regulations, licensing and taxes involving the hotel sector and global online accommodation service provider, Airbnb will be finalized by the end of this year.
Housing and Local Government Minister Zuraida Kamaruddin (pictured) said the standardization should take into account various aspects and determine the best methods that can be beneficial to both parties, as the Airbnb sector also has the potential to contribute to the national economy.
“The matter is still under discussion as to how we want to classify Airbnb and it takes into account the agreement to allow private homes to be involved with the sector as well as discussions with the management bodies in housing estates.
“It involves the Housing and Local Government Ministry together with the Tourism, Arts and Culture Ministry, the state government and the Malaysian Productivity Corporation (MPC) to find a way on how we can standardize the issue as a whole,” she told reporters after the Inauguration Ceremony of the Taman Murai Jaya Community Hub, Durian Tunggal yesterday.
On Monday, Minister in the Prime Minister’s Department (Economic Affairs) Datuk Seri Mustapa Mohamed was reported to have said that the government would finalize the standardization of a number of issues including regulations and taxes involving hotels and Airbnb, in an effort to help the sector which was severely affected by Covid-19.
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