Penang’s two local councils will be increasing the assessment rates on all properties within the state in 2020.

State local government, housing development and town and country planning committee chairman Jagdeep Singh Deo said the hike was due to higher spending costs.

“It has been 15 years since we reviewed the assessment rates and we are reviewing it now in accordance with the provisions of the law,” he told a press conference here today.

He said the Penang Island City Council (MBPP) and Seberang Perai Municipal Council (MPSP) have been recording an annual deficit budget since 2016.

Jagdeep did not disclose the percentage of increase in the rates when asked, saying instead that the hike will depend on the property type, location and size.

But Chinese newspaper Sin Chew Daily had previously reported that the rates could rise as much as 30 per cent.

The properties that will be reviewed total 322, 549 on the island and 327,401 on the mainland.

Notices on the increase will be sent to all property owners this month and property owners are given until October 14 to submit appeals against the new rates.

Jagdeep said the higher assessment rates will mean additional revenue of RM54,338,822 for MBPP and RM39,743,077.02 for MPSP next year.

However, he added that the extra revenue will barely be able to cover the expenditure of both councils.

“MBPP will be implementing 31 infrastructure projects between 2020 and 2022 at a cost of RM179.03 million so the extra RM54 million from the assessment rate increase does not cover this full sum,” he said.

Similarly, MPSP will be implementing 46 project between 2020 and 2022 at a cost of RM169.74 million which is more than the extra RM39 million from the increase in rates.

He said MBPP saw an increase in overall expenditures by RM196.391 million or 291 per cent in 2019 compared to 2005 while MPSP saw an increase of RM107 million or 784 per cent compared to 2005.

Jagdeep said that Penang’s assessment rates are still the lowest nationwide in comparison to properties in Kuala Lumpur, Petaling Jaya, Shah Alam, Subang Jaya and even Kota Kinabalu.

Source: MalayMail.com

All Seasons Park, is a completed landmark development in Ayer Itam, ushering in a contemporary modernity that subtly resonates with the busy, colourful vibe of this well-known Penang suburb. This integrated development promises a complete lifestyle experience to those born and bred in Penang, who may be returning to their roots, as well as new comers to the community.

The development is anchored by a thriving 3-level podium “strip mall” – All Seasons Place, that include key tenants such as Hero Market, MR DIY, Maxis, Guardian, Sushi King, Summer Bakery, Starbucks and Black Ball.

Prominently located along Lebuhraya Thean Teik, a major road on the island city, this residential project is accessible via Lorong Batu Lanchang. It is only a short drive to hypermarkets such as Giant Farlim and Sunshine Hypermarket Farlim.

There are several schools less than 600m away, including Chung Ling High School, SMK Air Itam, SK Seri Indah, SJK Chiao Nan, SK Batu Lanchang and others.

Limited freehold penthouse units are now up for grab from the developer. The available units feature a spacious built-up size of at least 1,602 sq.ft., with starting price from RM825,000 onwards.

For more details, please contact Belleview Group at 016-422 6006 / 04-229 1999.

Penang’s first LRT project has been approved by federal government on 16 July 2019, with 30 conditions for the state to comply. A three-month public inspection process started Aug 19 to obtain the views of Penangites. The public can now find out more about the LRT project at four fixed locations during office hours, namely, Komtar, Seberang Prai Municipal Council in Perda, Land Public Transport Agency (LPTA) at One Precinct, here and the LPTA headquarters in Putrajaya.

Hear from Penang Chief Minister on the 2,924 responses received in four display centre.

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Penang CM speaks to Penang Property Talk on Vision 2030

Housing and Local Government Minister Zuraida Kamaruddin plans on taking Malaysia’s Home Ownership Campaign (HOC) to Hong Kong and China.

Speaking to a press conference at the outskirts of the 2019 Smart Cities Asia Annual Conference and Exhibition, she explained that properties in Malaysia are far cheaper than those found in Hong Kong.

At the same time, she believes this will go some way to addressing the issue of expensive, overhung properties.

“I was thinking of our unsold units which is about RM100 billion worth of the higher market, I’m not talking about the lower market, so I was thinking about organising this HOC campaign in China or in Hong Kong where we can attract these people to come and buy homes here,” she said.

Over a five-year period between 2014 and the end of 2018, the number of unsold, completed residential units grew from 11,816 to more than 45,000 by the end of 2018, including serviced apartments and small offices home offices (SoHos).

In ringgit value, the rise is even greater. The value of residential overhang snowballed by a massive 635 per cent, according to the National Property Information Centre (Napic) records.

Despite her plans to promote Malaysia’s more expensive properties, Zuraida pointed out that they are still cheaper compared to property prices in Hong Kong.

“In fact, it’s cheaper to buy homes here instead of there and to fly, with the price of travelling making it cheaper to have homes in Malaysia than in Hong Kong. I went to one unit of flat there at 250 square feet; it cost RM3 million. Even a minister can’t afford a home there,” said Zuraida.

At the moment, the federal minister wants to take her proposal to the Cabinet and have it discussed because she wants to promote the plan under the Malaysia My Second Home (MM2H) programme.

She plans on roping in Tourism, Arts and Culture Minister Datuk Mohamaddin Ketapi as MM2H is under his purview.

However, she confirmed that currently, local developers are already making sales pitches in Hong Kong and China.

Source: MalayMail.com

Iconic Worldwide Bhd’s maiden property project Iconic Point has been 100 per cent taken up during its two-day soft launch at its sales gallery in D’Piazza Mall, Penang last weekend.

The company said Iconic Point is expected to become one of the key commercial centre and landmark in the Simpang Ampat township – a true game-changer for mainland Penang’s dining and entertainment scene. The freehold development will be completed by the first quarter of year 2022.

Iconic Point is a joint venture between Iconic Maison Sdn Bhd, a wholly-owned subsidiary of Iconic Worldwide, and Iconic Development Sdn Bhd.

“This is the first time Simpang Ampat has seen such a development, with semi-detached & detached shop offices with individual shared lift concept, and the price we have set is very close to what we offered for Icon City when it was launched seven years ago,” said Iconic Worldwide Bhd managing director Datuk Tan Kean Tet in a recent statement.

Strategically located near the junction of Jalan Permatang Tinggi and Jalan Bukit Tambun, just off the North-South Expressway, Iconic Point will enjoy great visibility to thousands of motorists passing by daily. The development is also a stone’s throw away from the nearby KTM station, and in close proximity to mature residential neighbourhoods.

Sprawling across 8.7 acres, Iconic Point will feature 49 units of modern semi-detached & detached shop offices with individual shared lift.

There will also be three drive-thru food and beverages outlets with tenants such as Starbucks.

An elegant 4-storey boutique hotel sits at the end of the Iconic Point belt, providing visitors a place to rest their weary body while still remaining in close proximity to essential service outlets and loved ones, perfectly encapsulating the definition of an integrated lifestyle hub.

The 49 units of modern three-storey shop offices maximise convenience and efficiency by incorporating specially-designed shared lifts. Its commodious layouts make units flexibly suited to a vast spectrum of business – from retailed store, cafes, restaurants and pubs, to beauty salons, boutiques and more.

Source: NST Online