Ideal Residency, formerly known as PR1MA @ Bukit Gelugor, is an affordable housing development by Ideal Capital Venture Sdn. Bhd. (a subsidiary of Ideal Property Group) in Penang Island. This development is strategically located on Kampung Kastam land near the intersection of Jalan Bukit Gambier and Jalan Lembah. It’s only less than 2km away from University Science Malaysia (USM), neighbouring communities include Centrio Avenue, Taman Tun Sardon, Mutiara Court and etc.

The first phase of the development will see the construction of a 49-storey skyscraper, featuring 1,218 affordable housing units with a standard built-up size of 850 sq.ft. The indicative price for the affordable units is expected to starts from RM300,000 onwards.

READ MORE ABOUT AFFORDABLE HOUSING:

• Full list of affordable housing in Penang
• Eligibility and the requirement of buying affordable housing

Project Name: Ideal Residency (also known as Residensi Bukit Gelugor)
Location : Island Glades, Penang
Property Type : Affordable housing
Built-up Area: 850 sq.ft.
Indicative Price : RM300,000 (Affordable)
Developer : Ideal Capital Venture Sdn. Bhd. (Ideal Property Group)

Location Map:

SITE PROGRESS

SITE PROGRESS: Ideal Residency (Nov 2023)

The Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to reduce the Overnight Policy Rate (OPR) by 25 basis points to 2.50%.

It said the ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.75% and 2.25%, respectively.

“The reduction in the OPR is intended to provide a more accommodative monetary environment to support the projected improvement in economic growth amid price stability. The MPC will continue to monitor and assess the balance of risks surrounding the outlook for domestic growth and inflation,” Bank Negara said in a statement Tuesday.

The reduction in the OPR came largely in line with economists’ expectations. This is the second cut so far this year. In January, Bank Negara reduced the OPR by 25 basis points to 2.75% — the lowest since 2011.

The central bank noted that global economic conditions have weakened in the recent period. The ongoing Covid-19 outbreak has disrupted production and travel activity, especially within the region.

This has also led to greater risk aversion, resulting in tighter financial conditions and a resurgence in financial market volatility. Downside risks to the global growth outlook have increased, particularly in the near term. However, a number of countries have implemented policy responses. With further anticipated policy measures, these actions are expected to mitigate the economic impact of Covid-19.

“The Malaysian economy grew at a moderate pace of 4.3% in 2019. Looking ahead, growth, particularly in the first quarter, will be affected by the Covid-19 outbreak primarily in the tourism-related and manufacturing sectors. The weakness in the agriculture sector is also likely to persist in the first quarter.

“For 2020, private and public sector activities will be supportive of growth. Household spending is expected to grow at a slower pace amid moderate employment and income growth. Investment activity is projected to record a modest recovery, underpinned by ongoing and new projects, both in the public and private sectors,” it said.

The 2020 economic stimulus package will also provide some support to economic activity. Although domestic growth is expected to gradually improve in the second half of the year, there are key downside risks, mainly stemming from the evolving nature and prolonged impact of the Covid-19 outbreak, and continued weakness in commodity-related sectors.

Bank Negara said in 2020, headline inflation is expected to average higher but remain modest. The trajectory of headline inflation will be dependent on global oil and commodity price developments and the timing of the lifting of the domestic retail fuel price ceilings.

Underlying inflation is expected to be more moderate, amid limited demand pressures despite the continued expansion in economic activity.

Source: TheStar.com.my

The Penang government is calling all housing developers to work with the state to develop affordable housing projects.

State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the state government would continue to lend their support and assist developers who are keen on developing affordable housing projects.

“Our main priority is to ensure that there are affordable housing projects for all Penangites.

“And when we know that we have private sector players like you who want to assist us, we will make sure that we make it feasible, viable and practical for you to come onboard.

“This project is proof of that,” Jagdeep said in his speech at The Park @ Mak Mandin CCC handover ceremony today.

The project was developed by Silver Channel Sdn Bhd.

Jagdeep said that the Penang government also prioritised livability.

“It is not just providing affordable homes. We must also ensure that the homes are livable,” he said.

Jagdeep added that a total of 103,721 housing units have been built, are being built and have been approved to be built in Penang to date.

He said that building affordable housing units was the ‘right direction’.

“I have received complaints from housing developers that the economy is soft and it is difficult to sell homes.

“Let me rebut the complaints here. Follow this direction and build affordable homes. You will not regret it.

“I was made to understand that The Park @ Mak Mandin project is 100% sold,” he said.

Jagdeep said: “If you (housing developers) want to continue building homes that cost RM1 million or RM1.5 million, you build them at your own risk.”

“Whereas, you are be able to sell homes if you build affordable homes. The state will push for this because it is for the people,” he added.

Silver Channel Sdn Bhd chairman Datuk Musa Mustakim said the company was honoured to received the Certificate of Completion and Compliance (CCC) status four months ahead of schedule.

“Thumbs up to the Penang government for its double winning strategy – firstly for relocating squatters to safer and proper homes; and secondly, in allowing future generations to own affordable homes at a strategic location here in Bagan.

“Standing on a 10-acre land, The Park @ Mak Mandin is a low-density affordable housing project.

“The selling price for each unit is only RM247,000 and the home owner gets to enjoy a spacious 1,002sq ft, three-bedroom home.

“There are also facilities such as a half-sized Olympic pool and fiber-optic Internet. The property is also gated and guarded,” he said in his speech.

Also present at the ceremony were Penang Youth and Sports Committee chairman Soon Lip Chee, state Welfare, Caring Society and Environment Committee chairman Phee Boon Poh, Seberang Perai City Council mayor Datuk Rozali Mohamud and Chief Minister of Penang Incorporated (CMI) deputy general manager S. Bharathi.

Source: Buletin Mutiara

The year 2020 is a great opportunity to invest in the housing market! Planning to do so?

Well, mark your calendar down because MEGA PROPERTY EXPO will be showcasing various types of property developments including state government affordable housing projects together with the outstanding property developers in Penang!

Visit Mega Property Expo at Spice Arena from 6th to 8th March 2020 and awesome deals to make your dream home real. There are also a lot of awesome prizes and freebies up for grab!

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What are you waiting for? Bring along your loved ones and start your new chapter here!

For illustration only

Ideal United Bintang International Berhad and its subsidiaries announced a consistent revenue above RM500 million in its financial year period ending 31 December 2019, with a Total Comprehensive Profit of RM87.9 million for the period. Profit attributable to owners of the company stood at RM58.15 million in 2019, representing an increase of 10.70%.  The increase was mainly due to the completion of three (3) development projects during the year namely One Foresta, I-Santorini and Forestville. As at 31 December 2019, the gross property sold value for these 3 projects stood at RM1.84 billion, representing an average 96% take-up rate.

“Given the challenging environment and the local economic headwinds, we are proud to achieve such performance. The Group would not be able to do so without the strong support from our customers as well as the certain policies introduced by the government, particularly the 2019 Home Ownership Campaign”, said Tan Sri Datuk Alex Ooi, Executive Chairman of IUBIB.

Going forward, the Group remains cautiously optimistic for financial year 2020 with its property projects pipeline, namely, Imperial Grande and Amarene, both strategically located residential development at the growth corridor of Penang’s south west section. Imperial Grande, a condominium project targeted for completion at end of the year 2020, carries a gross development value of RM505.8 million with unbilled sales of RM154 million as of 31^st December 2019.  Amarene, meanwhile, carries a gross development value of RM288.0 million with unbilled sales of RM49.5million as of 31^st December 2019. Both these projects shall contribute positively to the Group’s financials in the coming year.

Also, the Group’s proposed investment into 1st Avenue Mall during the 2019 period also comes in timely and strategically for the Group in diversifying its income stream, with the mall’s high occupancy rate of approximately 90%. This should provide the Group with a consistent rental income stream for the financial year 2020.

“We expect a busy year in 2020, barring any major unforeseen circumstances. We will be launching our 1^st PRIMA project – Ideal Residency – in quarter 3 this year”, said Tan Sri Datuk Alex. Located in the established neighbourhood of Island Glades Penang, Ideal Residency will comprise approximately 1,200 apartment units spread across 3 tower blocks with a gross development value of approximately RM828.6 million.

Tan Sri Datuk Alex also revealed that IUBIB will continue to source growth opportunities with emphasis on the development of value-added affordable housing schemes. With the line-up of existing and upcoming projects as well as the Group’s diversification into other stable revenue sources, the Group remains confident in recording another good performance in the financial year ended 2020.