About GEM Residences

GEM Soho, a commercial development by Belleview Group at Prai, Penang. It is part of the company’s 6 hectares mixed development along Jalan Baru, diagonally opposite Megamall Penang. Next to it will be the upcoming largest mall in the northern region – GEM Mall, the tenant mix include SOGO (first and largest departmental store in the northen region at 212,000 sq.ft.) and a supermarket (largest at 50,000 sq.ft.).

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The Ministry of Housing and Local Government (KPKT) says it will find alternative ways to overcome the property overhang situation other than imposing a vacancy tax for developers who fail to sell their properties.

Minister Zuraida Kamaruddin said a decision on the imposition of a vacancy tax on unsold units has not yet been made, although the proposal was based on figures the ministry obtained showing that unsold units are priced at RM500,000 and above.

“KPKT takes the stand that we will find other methods to prevent developers from building houses that do not meet the people’s needs.

“Before developers begin their construction, KPKT will look at whether there are projects proposed by them that are viable and meet the needs of the people,” she said at the Dewan Rakyat yesterday.

She was replying to a question from Chang Lih Kang (PKR-Tanjong Malim) on the rationale behind the ministry’s proposal to implement a vacancy tax on developers who are unable to sell their completed houses.

“When we have developed a data system, we should be able to get the right projection because then they (developers) would be able to assess by using statistical information to help them plan their construction in future,” said Zuraida.

Source: EdgeProp.my

About Queens Residences

Luxury waterfront development by Ideal Property Group at Bayan Bay with gross development value (GDV) of RM600mil. This development is located in front of BayStar Condominium, just stone’s throw away from Queensbay Mall.

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The Penang Island City Council (MBPP) has announced its ‘Early Commencement Work’ initiative for the construction industry involving residential and commercial sectors.

MBPP mayor Datuk Yew Tung Seang said the initiative was to stimulate the local economy which has been affected due to the Covid-19 pandemic.

“The residential projects consist of new development project of landed properties such as double-storey, single-storey and terrace houses. It must not be more than four units in total.

“Renovation or expansion work for homes should not be more than 50 percent of the total square feet (must not exceed 1,500 square feet).

“For the commercial projects, construction work is allowed only for the interior part of an existing building,’’ said Yew during the council’s regular meeting today at MBPP’s City Hall.

Yew said the construction work would be allowed to commence within 24 hours upon submission of the building plan to the council.

“They must meet the required criteria to be able to start work,” he added.

Apart from that, the Request For Ideas (RFI) which was launched earlier by MBPP was extended till Sept 15.

“Through the RFI, we intend to optimise the usage of market spaces. There are a total of 28 markets under the supervision of MBPP.

“We welcome any new ideas from the public through RFI for businesses. They can forward their ideas through pelesenan@mbpp.gov.my or at 04-263 8818.

Source: Buletin Mutiara

The government is expected to table the much-anticipated Residential Tenancy Act next year to monitor the rental market and protect tenants and house owners.

Deputy Housing and Local Government Minister Ismail Muttalib said currently, the rental market is not monitored by any particular agency.

Instead, it is determined according to assessment rates, location, accessibility and distance from public transport.

Among others, the bill will protect tenants from being forced to vacate premises without proper notice and act as a framework for the rental property market.

Once passed, Ismail said, it will act as a mediator with a tribunal in place to settle disputes.

He was responding to Chang Lih Kang (PH-Tanjong Malim) who asked about the ministry’s efforts to ensure that the home rental market is affordable for most people.

Chang also voiced unhappiness that the bill would not be tabled this year, saying many jobless tenants might be forced to vacate their premises due to Covid-19.

Source: FreeMalaysiaToday.com