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 construction works of the bridge in Valdor, connecting Bukit Tambun and Batu Kawan industrial areas, are scheduled to complete next month.

Chief Minister Chow Kon Yeow said the bridge would be open in July.

“The bridge is an infrastructure that can help to spur future economic growth and development in Batu Kawan and the surrounding areas.

“It is an initiative by Penang Development Corporation (PDC),” Chow said after visiting the development site today.

Also present were state Works, Utilities and Flood Mitigation Committee chairman Zairil Khir Johari, Bukit Tambun assemblyman Goh Choon Aik, Batu Kawan MP P. Kasthuriraani, Seberang Perai City Council (MBSP) mayor Datuk Rozali Mohamud and South Seberang Perai district officer Yazman Yahya.

Apart from this, Chow said that PDC was currently working on other infrastructure projects in Batu Kawan.

“They include road widening works,” he added.

He said that PDC was also in the midst of planning and developing housing, commercial and institutional projects in Batu Kawan.

He added the industrial development projects would be expanded to the Byram Estate, south of Batu Kawan.

“PDC is planning to expand the Batu Kawan industrial area to the Byram Estate and this area will be designated as Batu Kawan 2 Industrial Park.

“This shows that the state and its agencies are proactive in ensuring that PDC is ready for the future,” he said.

Source: Buletin Mutiara

The office space in the new GBS@Mahsuri has been fully snapped up by tenants.

Penang Development Corporation (PDC) general manager Datuk Mohd Bazid Abdul Kahar said the construction works of the two-storey 80,000 sqft building would be completed in September this year.

“It was initially scheduled to complete in April. However, we were unable to complete it due to the movement control order (MCO).

“We are very happy that the lots are fully taken up by tenants. There is a demand for Global Business Services (GBS) in Penang.

“This project is another contribution by PDC towards industrial growth in the state,” he told Buletin Mutiara at GBS@Mahsuri in Bayan Baru today.

Penang Domestic and International Trade, Consumer Affairs and Entrepreneur Development Committee chairman Datuk Abdul Halim Hussain said that the state is known for its manufacturing industry.

“GBS is a growing sector in Penang. We are going to promote the sector and attract big companies to support our existing manufacturing industry,” he said.

Chief Minister Chow Kon Yeow said the GBS@Mahsuri facility was scheduled for operation in the last quarter of this year.

“This RM17.8 million building is an MSC Cyber Centre Tier One office space.

“Penang has always been strong in the electrical and electronics (E&E) cluster. The GBS is one of the sub-clusters that is gaining traction in the state.

“The sector is, principally, not only serving Malaysia but also Asia Pacific and the world,” he said.

Chow said investors looked at the availability of human talents besides business ecosystem and infrastructure.

“Those are what Penang can offer and provide investors. We will monitor the market situation and grow in tandem with the industry.

“We can provide the facilities to draw investors and to provide job opportunities to the rakyat,” Chow added.

Chow said that the management of PDC would study the market trend to see if there is a need for another GBS facility in other locations.

Also present were Bukit Tambun assemblyman Goh Choon Aik, Penang Island City Council (MBPP) mayor Datuk Yew Tung Seang and PDC deputy general manager Yeoh Lean Huat.

Source: Buletin Mutiara

Chief Minister Chow Kon Yeow says the planned expansion of the Penang International Airport (PIA) might be delayed by six months to a year due to the Covid-19 outbreak and faltering airline industry.

Speaking in a press conference at the airport, he said the expansion work was supposed to begin next month.

“The project has received approval from the relevant local authorities, but I think this is not the right time to carry it out because if the Covid-19 spread prolongs, the airport will not operate efficiently.

“So the operators must consider if the airport expansion would bring benefit or otherwise. I am told they will take six months to a year to decide on this – it’s back to the drawing board for the decision-makers,” he added.

According to data by airport operator Malaysia Airports Holdings Bhd (MAHB), PIA is the third busiest airport in the country after KLIA and the Kota Kinabalu International Airport.

The RM800 million expansion project for PIA was announced by MAHB last December. It was meant to be completed in four phases by 2024.

Under the project, the airport’s capacity was supposed to be expanded to 12 million passengers per year compared to its current 6.5 million passengers per year.

It was expanded to its present capacity in 2012.

PIA recorded eight million passengers in December, a figure which was expected to hit 9.5 million this year.

Source: FMT News

The government is expected to bring back the Home Ownership Campaign (HOC) as part of the country’s economic recovery plan in the second half of the year.

The proposal to reintroduce the HOC was made following meetings involving the Ministry of Housing and Local Government (KPKT), the Ministry of Finance (MOF), the Real Estate and Housing Developers’ Association (Rehda) Malaysia and the Malaysian Institute of Estate Agents (MIEA), according to a property industry source.

“The government seems interested in reintroducing the HOC as the campaign had achieved good results last year. The government is expected to make an announcement in June or July,” said the source.

If implemented, he expects the length of the proposed HOC to be over a six-month period until the end of the year. However, looking at the challenging market conditions, he said it will be more viable for the government to extend the HOC to 18 months – until end of 2021.

When contacted by EdgeProp.my, Real Estate and Housing Developers’ Association (Rehda) Malaysia president Datuk Soam Heng Choon (pictured) confirmed that there’s a high possibility that the government will launch HOC 2020 to spur homebuyers’ interest.

“The announcement will most probably be made by the Prime Minister on June 5. In the meantime, we are continuing with our discussions with the government to fine-tune [the details],” he said.

Besides the HOC, Rehda has made several other proposals to stimulate the property market including a review of the Real Property Gains Tax (RPGT), lowering and standardising the minimum threshold price for foreigner property buyers and to review the loan-to-value (LTV) ratio cap for third home purchase.

Meanwhile, market researcher Dr Foo Chee Hung said the HOC could be the best option for now as it offers a platform for genuine homebuyers who are looking for good deals while helping developers to reduce their current inventories.

“With economic uncertainties caused by the Covid-19 pandemic, poor market sentiments will remain until end-2020 before markets gradually rebound in 2021. While looking at ways to encourage homeownership, the government must see how it can spur market demand while preventing house prices from rising,” said Foo, who is also MKH Bhd manager of product research & development.

However, he expects banks to have tighter lending policies and homebuyers in sectors impacted by the Covid-19 might face difficulties in getting their desired borrowing margin.

Developers who participated in HOC 2019 had offered 10% discounts but Foo said a double-digit discount this time around, if the HOC is implemented this year, “will hurt the bottomline of developers”.

Nevertheless, property purchasers could expect more innovative homeownership packages offered by developers, he added.

In a survey conducted by Rehda, members have wished for an extension of the HOC as it provided a win-win situation for developers and genuine homebuyers.

The year-long HOC 2019 had generated a total sale of RM23.2 billion, surpassing the initial target of RM17 billion.

Selangor Rehda members achieved sales of RM16 billion from 24,000 residential transactions during HOC 2019. The figure was excluding transactions of properties priced RM300,000 and below.

Overall, many believe the HOC had contributed to the Malaysian property market’s improved performance in 2019 compared with the previous year. Transaction volume grew 4.8% to 328,647 units while transaction value grew 0.8% to RM141.40 billion.

Source: EdgeProp.my