From spacious family homes to stylish modern suites, Utropolis Batu Kawan has something for everyone. A university metropolis complimented by one of Australia’s best universities, UOW Malaysia KDU Penang University College, Utropolis Batu Kawan is an integrated township with education, leisure, wellness, retail and residential elements coming together as one vibrant and holistic address.

Currently in its third phase of development, Utropolis Batu Kawan offers two distinct residential choices, Suasana and Sinaran, each answering to different homeowner’s needs.

Suasana is your perfect family home

Just as its name suggests, Suasana accords you with a cosy ambience to come home to. Offering a generous built-up of 1,313 sq ft, these capacious residences are particularly designed for growing families. It features a total of 3 bedrooms and 1 master suite connected via a dual-key concept, making it suitable for multi-generational living and provides the opportunity for a passive income without the expense of your privacy.

As you step into this homey abode, you will discover natural sunlight coming into every room, a feature rarely found in high-rise residences. Not only that, but full-width glass panels of up to 15 ft wide at the living area also brightens up the entire home and gives you a spectacular view of the horizon.

Fast facts on Suasana:
√ Ideal size for families at 1,313 sq ft
√ 3 bedrooms + 1 master suite
√ Versatile layout offers flexibility to extend room sizes according to your needs
√ Dual-key feature offers passive income opportunities
√ Separate wet and dry kitchen areas
√ Natural sunlight to every room
√ Full width glass panels brighten the entire living area
√ 5-tier recreational indulgences designed for the whole family

Register your interest now

Sinaran for the young and ambitious

Sinaran, on the other hand, offers the choice of a smaller living space ranging from 667 sq ft to 1,044 sq ft, making it an affordable first home for many young adults. Designed to suit today’s modern lifestyle, the entire place is conceptualised with stylish comfort and classy leisure in mind.

Living up to the tagline “Living without Boundaries”, the development features an impressive list of up to 50 recreational facilities, amongst them are an outdoor cinema, smart co-working spaces, hammock garden, 50m Olympic length swimming pool, boxing ring and more.

Fast facts on Sinaran:
√ Cosy residential suites from 667 sq ft to 1,044 sq ft
√ Stay-work-play concept with co-working spaces, co-kitchen, meeting room, sauna room, glamping deck and more
√ Offers up to 50 recreational facilities
√ 5-tier smart security system with digital locks
√ Selective units with dual key feature

Register your interest now

Pay only RM1,000 to own your dream home*

With the recent launch of Utropolis Batu Kawan’s new Priority package, it’s so easy and affordable to own a home in this self-contained township. With zero entry cost* and a Priority tailored payment plan*, now is the best time to make your move. Interested purchasers are also urged to take advantage of the extra incentives offered under HOC 2021

Not only that, all units at Suasana and Sinaran are furnished with kitchen cabinets, hood & hob, fitted bathrooms, water heaters and digital lock sets making moving in seamless and hassle-free for you.

So don’t miss the opportunity to own this prime address strategically located just 1km from the Second Penang Bridge. Whatsapp or call 012-501 0733 for more information or visit www.paramountproperty.my for a virtual tour of these homes today!

Find out more about SUASANA

Find out more about SINARAN

*Terms and conditions apply

Demand for residential properties in Penang is expected to remain steady during the second half of 2020, especially if the homes are from renowned developers with good quality products.

Knight Frank Malaysia executive director Mark Saw says there are pockets of success by some developers reporting bookings and sales for their affordable homes during the movement control order (MCO) period (from March 18 to May 3), despite the fact that physical viewings were disallowed.

“In this challenging environment, developers with a strong brand name and good delivery of quality products should still achieve decent returns and the gap between higher and lower quality properties will become more evident with better sales for those able to deliver.

“These factors will play a critical role in determining the success of developments. It has become a buyer’s market and many deals are being offered by developers to attract first-time buyers as opposed to investors who have been temporarily sidelined, ” he tells StarBizWeek.

Due to the Covid-19 pandemic, Saw says buyers’ preferences and timings may change, with decisions being put on hold due to job security, ample choices and rentals being more competitive.

CBRE|WTW director Peh Seng Yee says the pandemic’s impact has been softened in the second half of the year with the recovery MCO (which was implemented from June 10).

“As housing is a necessity and with the bank loan moratorium, the residential property sector has been cushioned from the worst impact.

“Hence, the residential market is expected to remain resilient for the second half of 2020. Significant growth is not expected yet as the issue of property overhang, lack of spending confidence by consumers and stringent lending policies by banks are expected to still linger for the remainder of the year.”

Additionally, both Saw and Peh agree that the reintroduction of the Home Ownership Campaign (HOC) was a much-needed boost to the local property market. The government reintroduced the HOC in June under the Short-Term Economic Recovery Plan (Penjana).

Peh says the HOC is expected to continue to spur the buying momentum for residential properties in Penang over the short term.

“Developers are experiencing a pick-up in bookings by buyers compared with the first half of 2020, which was mainly affected by the MCO.

“However, the encouraging bookings have yet to be fully translated into good actual sales, due largely to stringent lending policies by the bank and the challenges and uncertainty in the economy and job market.”

Saw also believes the HOC will be a short-term reprieve for the local property market.

“The HOC initiatives will only be a temporary measure. For the long term, developers should carry out proper feasibility studies to determine the marketability of their products before commencing developments and ending up with unsold units.”

According to Saw, the volume of residential transactions in Penang decreased 19.7% to 2,748 units in the first quarter of 2020 compared with 3,422 units in the fourth quarter of 2019.

“The value of transactions in the residential sub-sector during the first quarter (RM1.06bil) indicated a drop of 17.2% compared with RM1.28bil in the fourth quarter of last year, ” he says.

Under the HOC, stamp duty exemption will be provided on the transfer of property and loan agreement for the purchase of houses priced between RM300,000 and RM2.5mil.

Meanwhile, the exemption on the instrument of transfer under the HOC is limited to the first RM1mil of the home price, while full stamp-duty exemption is given on loan agreement effective for sales and purchase agreements signed between June 1 and May 31,2021.

The government has also announced real property gains tax (RGPT) exemption for Malaysians for the disposal of up to three properties between June 1,2020 and Dec 31,2021.

The HOC was kicked off in last January to address the overhang problem in the country. The campaign, which was initially intended for six months, was extended for a year.

It proved successful, generating total sales of RM23.2bil in 2019, surpassing the government’s initial target of RM17bil.

To clear RM2.6bil worth of 3,043 overhang units in the state, Knight Frank says the Penang local government, housing, town and country planning committee has announced that the state will reduce the minimum price threshold for foreign property ownership by up to 40% starting from June 11,2020.

“Ceiling prices for stratified properties on the island will be reduced by up to 20% from RM1mil to RM800,000 and on the mainland, from RM500,000 to RM400,000.”

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 National Mortgage Corp’s subsidiary Cagamas SRP Bhd has today launched the Digital Skim Rumah Pertamaku (Digital SRP) platform for Malaysian homebuyers to apply for a loan online and purchase their first home.

Cagamas SRP chairman Datuk Bakarudin Ishak said with the digital initiative, the company expects a more than 50% increase in cumulative SRP loans to RM12.6 billion by 2021.

Launched under Budget 2011, SRP is a government initiative to assist eligible first-time homebuyers to obtain up to 110% financing from participating banks.

“Cagamas SRP expects to see a cumulative increase of SRP loans approved by 14,400 in 2020,” said Bakarudin, adding that the company has accumulated a total of 26,213 approved loans with a total financing of RM9 billion in 2019.

As the majority of the customers are getting younger or between 25 years and 40 years old, Cagamas SRP is also moving online to facilitate more enquiries from internet savvy buyers.

As of June 2020, SRP has assisted close to 33,000 first-time homebuyers with 90% of those from the low income group (B40).

About 71% of the approved applications were from Selangor, Johor, Kuala Lumpur, Perak and Melaka. The average loan size was RM206,450, with 86% of the approved applicants being 25 to 40 years of age.

Out of this, 27,600 or 84% were Islamic financing while the balance 5,400 (16%) were conventional loans.

Under the SRP, eligible first time Malaysian homebuyers can secure up to 110% financing  from participating banks without having to put a down payment (for properties priced up to RM300,000 only).

Cagamas will guarantee the banks on a ‘first-loss’ basis for financing above the 90% level.

The scheme is open to those earning RM5,000 and below (single applicants) or RM10,000 and below (joint applicants). They are eligible to purchase a property in either primary or secondary markets priced at a maximum of RM500,000.

Source: EdgeProp.my

Despite the trying times, the Penang government is confident that the Penang Real Estate and Housing Developers Association (Rehda) will be able to surmount the challenges.

Chief Minister Chow Kon Yeow said he believed Penang Rehda, through its experiences, would be resilient to face whatever adversities or hardships.

“I think overcoming the challenges will make us all even more resilient. And you are not new to challenges. This industry has always been facing challenges. You have built up resilience,” Chow told a Penang Rehda delegation, led by newly-elected chairman Tan Hun Beng, during a courtesy call on him in Komtar today.

“How to bring Penang Rehda forward despite all these challenges will now rest on Mr Tan’s shoulder.

“For the past 10 over years, Penang Rehda has been a very important stakeholder to the state government and we hope that you will continue to play this role as a bridge between the government and the industry and ultimately to the consumers.”

Also present were state Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo, Penang Rehda immediate past president Datuk Toh Chin Leong, recent past chairman Datuk Jerry Chan Fook Sing, and several other office bearers.

Tan said he was happy to have the opportunity to lead a team to meet up with the chief minister.

“In these challenging times, the housing industry is not doing very well and we’ve to work very, very hard and closely with the state,” said Tan, who is also the IJM Perennial Development Sdn Bhd general manager.

“It’s a very highly regulated business; everything that we are doing needs approval from the authorities, like from road to street lighting, building, planning and infrastructure.

“As we all know, the basic need for every human being is food and shelter.

“So, housing is one of the most essential things and nowadays it is very expensive. We actually have to think of how to make it work for everybody.”

Tan said in Singapore, they allow house buyers to utilise their CPF (Central Provident Fund) to foot their instalment.

He said he had highlighted this creative move in a recent meeting with housing officials, including Bank Negara personnel, so that Malaysians, especially first-time buyers, could be permitted to do the same with their EPF (Employees Provident Fund) and have a comfortable home.

Jagdeep said the state government understands Rehda’s predicament and would come out with a guideline following certain requests made by the association.

He, however, stressed that affordable housing is still the state government’s priority.

Chan thanked the state for considering the difficulties faced by the housing sector at the moment.

“They have come out with certain incentives which we hope will be implemented as soon as possible,” Chan said.

The Penang Rehda office bearers for 2020-22: Tan Hun Beng (chairman), Khoo Teck Chong (deputy chairman), Chan Soo How (secretary), Ron Loh Chin Chuen (assistant secretary), Lau Eng Sim (treasurer); Committee members: Datuk Chan Fock Seng, Datuk David Fong Chin Chong, Datuk Seri Dr Lee Ville, Kelvin Ong Choon Kiat, Ooi Khang Chow and Ng Chin U.

Source: Buletin Mutiara