After a six-year wait, the Penang government has inked the Bandar Baru Air Itam to Tun Dr Lim Chong Eu Expressway bypass road deal.

Costing RM851mil, the 5.7km road is the second package of the three paired roads package under the RM6.3bil undersea tunnel project. Work is scheduled to begin on Oct 31.

Chief Minister Chow Kon Yeow signed the sub-agreement to kickstart the project with Consortium Zenith Construction Sdn Bhd (CZC) chairman Tan Sri Azmi Khalid at Komtar on Friday (Oct 11).

CZC won the concession in an open tender in 2013, where cost of the tunnel and the three road projects are to be paid through rights to 44.5ha of land in Gurney Wharf.

Chow said the road project would take three years to complete and 70% would improve traffic dispersal in areas that are grid-locked during peak hours.

The three roads project are from Air Itam to the Tun Dr Lim Chong Eu Expressway (5.7km); Tanjung Bungah to Teluk Bahang (10.53km); and Jalan Pangkor-Gurney Drive junction to Tun Dr Lim Chong Eu Expressway (4.1km).

The 7.2km undersea tunnel will connect George Town’s Pangkor Road and Bagan Ajam in Butterworth. It is scheduled to begin in 2023.

Source: TheStar.com.my

Rent-To-Own scheme

To assist those who are unable to pay 10% deposit and to secure the access of home purchase financing, the government will be working with financial institutions to introduce a Rent-To-Own (RTO) scheme.

Through this scheme, RM10 billion financing will be provided by financial institutions with the government’s support through a guarantee provision of 30% or RM3 billion.

This RTO scheme is open to the purchase of a first home worth up to RM500,000.

Under this programme, the applicant will rent a house for a period of up to five years and after a year, he/she will be given the option to purchase the relevant residential house at a fixed price when the rental agreement is signed.

The government will also provide the full exemption of stamp duty on transfer instruments between developers and financial institutions, as well as between financial institutions and the prospective buyers.

Lower foreign buying threshold in urban areas

To reduce the high number of unsold condominiums and apartments amounting to RM8.3 billion in the second quarter of 2019, the government will lower the foreign buying threshold for condominiums and apartments in urban areas from RM1 million to RM600,000 in 2020.

Youth housing scheme

To help the youth own their first home, Putrajaya will extend the youth housing scheme conducted by BSN from 1 January 2020 until 31 December 2021.

The scheme also offers a 10% loan guarantee through Cagamas to enable the borrower to obtain full financing and assistance of a monthly installment of RM200 per month for the first two years, limited to 10,000 units of houses.

RPGT tweaked

In response to the public’s views on the Real Property Gain Tax (RPGT) imposed on disposal of properties after five years, RPGT treatment will be enhanced by revising the base year for asset acquisition at 1 January 2013 for assets acquired before 1 January 2013 as compared to the previous base year of 1 January 2000.

Home Ownership Campaign

To date, approximately 21,000 homes worth RM13.44 billion were successfully sold under this campaign which exceeded the initial sales target of RM3 billion.

Bank Negara Affordable Housing Fund

As at September 2019, a total of 2,840 applications amounting to RM472.7 million were received.

The approval rate is 77.9%, with 982 total applications worth RM156.2 million being approved.

Making sure the lifts are safe

The government cares about the state of low and medium-cost stratified houses that are not properly maintained. In 2020, the government will allocate a total of RM100 million to ensure that the services of elevator, electrical wiring, sewerage pipes and roofing are safe and in good condition.

Source: EdgeProp.my

The government is anticipated to ink the development agreement for the long-held up controversial Penang tunnel project today morning just before the Budget 2020 tabling, sources said.

The RM6.34 billion project will be signed between the Penang state government and the main contractor, Consortium Zenith Construction Sdn Bhd, reported The Star yesterday.

Immediately after the signing, work can commence with the first phase or Package 2, comprising the 5.7-km Ayer Itam-Lebuhraya Tun Dr Lim Chong Eu bypass, within a construction period of 36 months.

The signing ceremony for this development would be held by next week, when further details are expected to be revealed, cited the sources.

Source: EdgeProp.my

A newly proposed commercial high-rise development by CT Ceria Sdn. Bhd. in the heart of George Town. It is strategically located on a 1-acre land along Jalan Anson, adjacent to Penang’s National Registration Department building. The land is currently occupied by a 2-storey heritage building.

This development will see the restoration of the existing heritage building and construction of a 33-storey serviced residence with commercial lots located at lower levels. The building will feature wellness concept with healthcare and medical facilities.

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

Project Name : (to be confirmed)
Location : George Town, Penang
Property Type : Serviced residence
Built-up Size: (to be confirmed)
Land Area: 1 acre
Total Unit: 198
Indicative Price : (to be confirmed)
Developer : CT Ceria Sdn. Bhd.

Location Map:

Penang State Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo stressed that the provision and supply of affordable housing in Penang should meet the standards and quality of housing.

Jagdeep said each of the State Government housing projects built either low cost (LC), low medium cost (LMC) or affordable housing (RMM) provided by the Penang Development Corporation (PDC) or private developers would need to meet a high level of quality standards.

“When it comes to providing affordable housing to the people, it means a comfortable and quality housing scheme with a conducive environment to ensure a better life.

“As such, we (the State Government) have directed PDC as the developer responsible for the state housing projects to ensure that each project being developed is in good condition before the key is delivered to the buyer,” he said. Assemblyman Datuk Keramat while on a working visit to two Residential affordable housing projects in Teluk Kumbar yesterday morning.

He reiterated that he had received a lot of complaints from buyers of affordable housing projects near S.P.Chelliah.

To ensure quality standards are adhered to, Jagdeep has announced that he will hold a meeting with representatives of private developers responsible for developing affordable housing in the near future.

“Due to the (S.P.Chelliah) issue, I have decided to meet with all the responsible developers to ensure that affordable housing projects under the State and private governments will not have the same problem.

“I will hold discussions with them (private developers), we (the State Government) will give warnings again so that all guidelines and quality are met.

“If they want to use the incentives for the construction of affordable housing (the State Government), they must first ensure that the quality of the final product developed is top notch” he said.

It is understood that Duo Residensi comprising 346 low-medium cost, 348 affordable and seven commercial units have been completed by the PDC and are awaiting approval from relevant departments before the CCC is expected by December.

Jagdeep further said that the Duo Residensi project is also expected to receive Qlassic score from CIDB Malaysia.

“The PDC’s Suria 1 housing project in Cassia, which has been developed by PDC, has received a 74% Qlassic score, so the project (Duo Residensi) is expected to be the same after the CCC is obtained.

“Qlassic is a benchmark in determining the quality of construction as well as measuring the performance and quality of developers,” he said.

Source: Buletin Mutiara