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

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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.

Malaysia’s best-selling property magazine, Property Insight has revealed its inaugural ‘Malaysia’s Top 100 Property Developer Brand’ ranking in collaboration with Acorn Marketing & Research Consultants (M) Sdn Bhd (Acorn Marketing).

Acorn Marketing is the leading market research company and the largest independent Asian Marketing research and consultancy group across the region with full-service offices in 11 Asian countries.

With over 30 years of market research experience in Asia, Acorn Marketing is undoubtedly the pioneer in providing high quality work supported by innovative technology from data collection to delivery of insights and presentation.

The synergy between Property Insight which is a bimonthly publication under Armani Media Sdn Bhd and Acorn Marketing is fruitful with the launch of the first-of-its-kind ranking that lists the top 100 local property developers.

This was based on the feedbacks received from a survey that was given to over 700 respondents who had no affiliation to any property developer brand involved in the ranking.

Managing Director of Property Insight, Dato’ KK Chua says, the ranking can be used as a benchmark for property purchasers to have confidence and peace of mind before they decide to purchase any property.

“In this competitive and challenging time, any developer that do not have a strong brand will struggle to keep things going.

“Hence, we believe in the importance of telling the brand story as it is the best way for the client to recall the brand and resonate it,” he says.

He adds on that the ranking can justify the brand value of the local property developers.

“Other than that, it will also help the purchasers to identify which companies have invested more on value creation and is willing to give extra value to them.

This ranking also helps to elevate the local property developer’s branding as they will be able to gain confidence and trust from the purchasers.

Through it, this initiative was made with the sole purpose of helping potential property buyers to make a sound investment decision,” he says.

Meanwhile, General Manager of Acorn Marketing, Michael Chong says this is the very first such move has even been undertaken in Malaysia.

“We believe that it will be a game changer in the Malaysian property industry. It will also set an example to the developers to excel further in their work.

“It is with great hope that this ranking will be able to lend a helping hand to future property buyers to make a better decision without worries,” says Michael.

The Malaysia’s TOP 100 Property Developer Brand encompasses four main pillars:

A newly proposed small scale light industrial development by Urban Shine Development Sdn. Bhd. at Perai. It is located near Prai Industrial Estate, neighboring with many SME factories and manufacturing plants. Just a mere minutes drive from Penang bridge.

This development will offer 10 units of 2-storey semi-detached light industrial factories and 2 detached factories.

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

Property Name: (to be confirmed)
Location : Prai, Penang
Property Type : Light industrial factory
Total Units : 12
Land Tenure : (to be confirmed)
Indicative Price : (to be confirmed)
Developer : Urban Shine Development Sdn. Bhd.

Location Map: