The Penang government has proposed that the price threshold for foreigners to purchase urban high-end properties in the state to be set at RM800,000, compared to RM600,000 announced by Finance Minister Lim Guan Eng during the 2020 Budget.

Penang’s Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo (pix) said the reduction in price threshold for foreign property buyers should only apply for a period of six months instead of one year as tabled during the budget.

“Finance Minister Lim Guan Eng’s purpose in reducing the threshold for foreigners (purchasing built condominiums) from RM1 million to RM600,000 was to tackle the property overhang issue in the country, but in Penang, the (property overhang) issue is manageable,” he told a media conference here today.

He said the unsold property in Penang had been decreasing from 3,916 units in 2017 to 3,502 units in 2018, whereas it was increasing in other states such as Johor (4,376 to 6,066 units between the year 2017-2018) and Selangor (3,713 to 4,623 units).

“The suggestion was discussed with the state Chief Minister (Chow Kon Yeow) and will be further discussed and confirmed later during the next state exco meeting,” he said.

Meanwhile, Jagdeep also commented on the Rent to Own (RTO) financing scheme that was also tabled by Lim during the 2020 Budget.

The RTO scheme according to him, should prioritise first-time homebuyers to buy low cost and low-medium cost units valued at RM42,000 and RM72,500 respectively, as well as the affordable housing at RM150,000.

“However, according to the Budget 2020 announcement, the RTO scheme applied to properties valued of up to RM500,000, (which) to me, those who can afford that much do not really need to be helped,” he added.

Source: Bernama

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.  It offers a mix of residential and commercial components, which comprises a 47-storey skyscraper, hotel and shop offices.

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Sectional handover of the 131.09-acre Gurney foreshore reclamation project has started this month with the first eight acres of land handed over to the Penang government on Oct 7.

The full handover is scheduled to be completed by mid-September next year (2020), barring any unforeseen circumstances.

In accordance to the Concession Agreement inked between the state and Tanjung Pinang Development Sdn Bhd (TPD), the company is to reclaim, at its own cost, and handover 131.09 acres of reclaimed land along the Gurney foreshore to the Penang government by December 2022.

TPD is a subsidiary of Eastern & Oriental Berhad.

The Penang government has earmarked a public realm called Gurney Wharf, within the 131.09 acres.

Some 15 delegates from the Penang government were briefed on the progress of the Gurney Foreshore reclamation project in Tanjung Tokong here.

The dignitaries, led by Chief Minister Chow Kon Yeow, were being updated on the project at the Seri Tanjung Pinang sales gallery in Seri Tanjung Pinang today.

Fully equipped with personal protective equipment, the group was brought to the reclamation site via four-wheel drive vehicles.

The entire briefing and site visit took approximately two hours.

Among those present were Deputy Chief Minister II Prof Dr P. Ramasamy, state executive council members Jagdeep Singh Deo, Chong Eng, Yeoh Soon Hin, Datuk Abdul Halim Hussain, Soon Lip Chee and Phee Boon Poh, Pulau Tikus assemblyman Chris Lee, State Financial Officer Datuk Sarul Bahiyah Abu and Chief Minister Incorporated (CMI) deputy general manager S. Bharathi.

Source: Buletin Mutiara

The Penang government will hold a discussion on the Federal Government’s proposal of reducing the minimum threshold for foreign property purchases to RM600,000.

State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the state executive councillors would discuss the issue before making a formal announcement.

“Let us discuss whether to adopt it or not.

“According to the Housing and Local Government Minister Zuraida Kamaruddin, all the states are allowed to set their respective threshold,” he told a press conference at Komtar today.

Also present were Chief Minister Chow Kon Yeow and other state executive councillors.

Finance Minister Lim Guan Eng had in Budget 2020 stated that the move to lower the threshold for foreigners to buy apartments and condominiums from RM1 million to RM600,000 was to address overhang issues.

Jagdeep added that foreigners could get to buy stratified properties above RM500,000 and landed properties above RM1 million on mainland.

“The current threshold for stratified properties on mainland is even lower than RM600,000 threshold set by the Federal Government,” he said.

Source: Buletin Mutiara

Of 16,140 feedback received on the proposed light rail transit (LRT) project for Penang, only 2.35% objected.

Chief Minister Chow Kon Yeow said the feedback were obtained through a questionaire in conjunction with a public display put up on Aug 19 on the proposed project. He stressed that the state government played no part in preparing the questionaire.

According to him, the Land Public Transport Agency (APAD) during a meeting on Oct 10 requested project delivery partner, SRS Consortium to present the first month public feedback report.

“We received a total of 16,140 feedback, out of which 15,760 supported the LRT project while 380 or 2.35% objected,” he told reporters here today.

Details on the proposed project are being displayed for public scrutiny until Nov 19 at APAD’s offices in Penang and Kuala Lumpur, at Level Three in Komtar and at Seberang Perai Municipal Council (MPSP) in Bandar Perda.

A mobile booth will be set up to cover six other locations at different periods such as at Tesco E-Gate, Penang International Airport, Sunshine Square, Sungai Nibong Bus Terminal, Penang Sentral in Butterworth and Penang Skills Development Centre.

Chow who is also Padang Kota assemblyman said the public had the right to object to the project when answering the questionnaire during the public display.

He rebutted a non-governmental organisation’s claim that the questions prepared during the public display were engineered in a way that only positive feedback would be received.

“Those who respond can respond in any way they like, because if you don’t support, you can say you don’t support. It’s not a 100% Yes scenario; of course at this moment, we will have to look at every complaint even if it is No why no, even if it is yes why yes,” he said.

The rail line for the LRT project will cover 29.9km and 27 stations, running from Komtar to Penang International Airport and to the three future reclaimed islands in the south of Penang, estimated to cost RM8 billion.

It is a state-initiated project under the Penang Transport Master Plan (PTMP) to solve the state’s traffic woes, which is expected to cost an estimated RM46 billion.

Penanng Property Talk speaks to Penang CM on 29 Aug 2019

Source: Bernama.com