The value of completed and unsold properties from all segments dropped 5.3% year-on-year to RM18.91bil in the first quarter of 2020, despite more units being launched during the period, according to the National Property Information Centre (Napic).

According to Napic, a total of 127,604 units were launched in the first quarter of this year, compared with 120,309 units in the previous corresponding period.

However, the level of unsold units was lower at 29,698 in the first quarter of 2020, compared with 32,936 units in the first three months of 2019.

The bulk of the overhang was contributed by the condominium and apartment units, valued at RM8.12bil. This was lower than the RM8.44bil recorded by the same segment during the first quarter of 2019.

A property consultant said more property units were launched in the first quarter of this year as there was more optimism in the market going into 2020.

“Things were looking optimistic going into 2020, as the property market was still riding on the euphoria of the Home Ownership Campaign (HOC) in 2019. That would explain why more properties were launched and fewer unsold units compared with the previous corresponding period.”

He said market sentiment was seriously affected in March, when the Covid-19 crisis became worse and the movement control order (MCO) was implemented.

“I expect the figures to be worse in the second quarter, ” he said.

To address the overhang problem in the country, the government kicked off the HOC in January last year which is a six-month initiative that eventually got extended until year-end.

A number of initiatives were announced during the period to encourage home-ownership, such as the exemption of stamp duties on residential units priced between RM300,000 and RM1mil.

All the properties at the HOC also came with a minimum 10% discount and stamp-duty waivers on the instrument of transfer and the instrument on loan agreement, as well as additional incentives. The campaign proved successful, having generated total sales of RM23.2bil in 2019, surpassing the government’s initial target of RM17bil.

To tackle the rise in Covid-19 infections in the country, the government implemented the MCO on March 18. On May 4, a conditional MCO (CMCO) was enforced to allow businesses to re-open to recover the economy. The CMCO has been extended to June 9.

An overhang is defined as completed unsold properties certified fit for occupation. The value of completed and unsold properties from all segments stood at RM19.96bil in the first quarter of last year.

According to Napic, Johor retained the highest number and value of residential overhang in the country in the first quarter of 2020 with 5,468 units worth RM4.65bil.

Selangor came second with 4,844 units worth RM4.10bil. Penang recorded 3,043 unsold units worth RM2.55bil, while Kuala Lumpur registered a total of 2,586 unsold units worth RM2.59bil.

Source: TheStar.com.my

A small landed housing development proposed by Concrete Idea Sdn. Bhd. (a subsidiary of Tawakar Group) at Taman Pauh Jaya in Bukit Tengah. It is strategically located near Jalan Baru, just a stone’s throw away from two luxury car showrooms, namely BMW (Tian Siang Premium Auto) and Porsche Centre. Amenities within 5 minutes drive include Mydin Hypermarket, SMK Pauh Jaya, UiTM Penang, Elevate commercial centre and several others.

This development will offer 18 units of 2-storey terrace houses on the 2.37-acres land.

The project is still pending for approval. More details to be available upon official launch.

Project Name: (to be confirmed)
Location : Prai
Property Type : 2-storey terrace
Total Units : 18
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer: Concrete Idea Sdn. Bhd . (Tawakar Group)

Location Map:

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.

Find out more about Queens Residences

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