Property developer IJM Land Bhd plans to start its “Light City Penang”, integrated city development project with a gross development value (GDV) of RM4.5 billion at The Light Waterfront here, by the first quarter of next year (1Q2020).

General Manager Tan Hun Beng said the first phase of the development included an integrated commercial centre and shopping mall, a 500-room four-star hotel with an office tower, a residential area named “Mezzo” comprising 456 units of condominium and a Light-Rail Transit (LRT) station under the Bayan Lepas LRT line.

Tan said the first phase is expected to be completed by 2023.

“Phase two involves a continuation of the shopping mall for another 325.16 sq m (3,500 sq ft), another hotel and office tower, and an additional residential area called “Essence” with over 300 housing units,” he told Bernama after a media appreciation night here.

He said while the whole project had a GDV of RM4.5 billion, the first two phases were valued at RM3 billion and RM1.5 billion respectively.

Meanwhile, Tan said the development was initially a one-off project, but split into two phases subsequently, due to the current economic scenario.

“For instance, the LRT station project was actually approved by the state government quite some time ago.

“But, now that the whole development has been separated into two different phases, we have to resubmit our proposal with some minor amendments and expected approval by year-end,’ he added.

Source: Bernama.com

The Penang government will not extend the deadline for ratepayers to submit their appeals or objections against reviews of their property assessment rates, said state exco Jagdeep Singh Deo.

The local government, housing and town and country planning committee chairman said ratepayers must submit their objections and appeals by October 14.

“The notice of the review was sent out some time ago so they had enough time to submit their appeals, it was a simple process,” he said.

He said the notice came with a section for ratepayers to fill in their objections that they could then submit to their respective city councils.

“After they submit their appeals, the city councils will process it and then call them in for hearing on their appeals so they will need to present their grounds for their appeal then,” he said.

Both the Penang Island City Council (MBPP) and Seberang Perai City Council (MBSP) notified ratepayers in the state of a review of property assessment rates for 2020 about two weeks ago.

In the review, the annual value of properties have been updated so the assessment rates were reduced to mitigate the impact of higher annual value.

Jagdeep, in announcing the review, said both councils have not reviewed the rate and annual value of properties for 15 years.

The review caused an uproar as ratepayers claimed the amount they had to pay had increased between 60 to 98 per cent.

In a bid to explain the calculations behind the review of the annual value for properties, MBPP will set up information booths at nine locations for the next three weekends.

There will be booths at Gurney Paragon, Queensbay Mall, Tesco Jelutong and Balik Pulau Market on September 28, October 5 and October 12 from 11am to 9pm.

There will be booths at Gurney Plaza, Tesco Tanjung Tokong, Sunshine Square Bayan Baru, Sunshine Farlim and Balik Pulau Market on September 29, October 6 and October 13 from 11am to 9pm. The booth at the Balik Pulau Market will be open from 7.30am to 1pm.

Jagdeep said MBSP will also set up information booths on the mainland to assist ratepayers in Seberang Perai.

Source: MalayMail.com

About Residensi Permatang Pauh

Affordable housing undertaken by Excel Focus Properties Sdn. Bhd. It is strategically located within the established township of Permatang Pauh, only about 500 meters away from Butterworth-Kulim Expressway. Neighboring communities include Taman Naluri, Taman Naluri Ria and Taman Janggus Jaya.

Find out more about Residensi Permatang Pauh

The Real Estate and Housing Developers’ Association Malaysia (Rehda) says foreign buyers are attracted to a different category of properties, and that their presence will not have an impact on the property market targeted by locals.

Rehda also welcomed Putrajaya’s plan to promote its Home Ownership Campaign (HOC) to foreigners, adding that it was nothing unusual.

“They have a product which is above a million (ringgit) that they want to dispose of, which our local people cannot afford to buy.

“Rest assured it will not contradict our aim of selling affordable housing only to Malaysians,” Rehda president Soam Heng Choon said after a briefing on the property industry outlook today.

Soam said the now-defunct Malaysia Property Incorporated had previously promoted high-end properties to foreign buyers.

He said properties which have been left unsold for a long time can be offered to foreigners.

“Governments in other countries also look at selling high-end properties to foreigners,” he said.

Housing and Local Government Minister Zuraida Kamaruddin was recently criticised over her announcement of a HOC targeting foreign buyers.

Zuraida later clarified that only houses above RM1 million would be part of such a campaign.

Meanwhile, Soam revealed that 19,784 units worth RM14.65 billion have been sold by Rehda members under the HOC.

He also rejected a claim by the House Buyers Association that the glut in high-end properties was due to developers not building what ordinary buyers want.

“Which businessman would come up with a product that no consumers want?” Soam asked.

Source: FreeMalaysiaToday.com

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