Singapore’s Temasek Holdings has canceled an RM1.3 billion business outsourcing project (BPO) with the Penang government, New Straits Times reported today.

The daily cited an unnamed spokesman for the Singapore sovereign wealth fund attributing “market conditions” for dropping the development.

“Temasek and its partners, PDC and EDIS have carefully deliberated on it and the parties have come to an agreement not to proceed with the development of BPO Prime in Penang, principally due to market conditions.

“We remain open to investment opportunities in Malaysia,” the Temasek spokesman was quoted saying.

The PDC refers to the Penang Development Corp while EDIS is an acronym for the Economic Development Innovations Singapore Pte Ltd.

The BPO Prime project, comprising residential and office blocks in Bayan Baru on Penang island, should have been completed early this year.

According to the report, the termination of BPO Prime means no more Penang International Technology Park (PITP) in Batu Kawan on the state’s mainland.

PDC had signed a memorandum of understanding on BPO Prime on May 23, 2014 to set up a joint venture company for the project.

One of the clauses includes having the Penang investment arm hold the majority 51 percent stake and the rest by other investors, including Temasek.

EDIS was supposed to provide project management services in the joint venture.

In 2014, the Penang government said the PITP and BPO Prime would be completed between five and 10 years. Both projects would have covered a total of 82.7 hectares.

The projects were expected to generate between 25,000 and 30,000 high-income jobs.

Source: MalayMail.com

To ease the housing glut which mainly arises from loan rejection, the Housing and Local Government Ministry (KPKT) is looking to work with financial providers other than banks to provide home loans.

Its deputy minister Datuk Raja Kamarul Bahrin Shah Raja Ahmad Baharuddin Shah (pictured) said there is still demand for housing but due to strict financial requirements set by the banks, many potential homebuyers could not buy the houses they desire.

“Hence, we are looking to collaborate with other sectors to ease the people’s financial burden,” he said at the press conference after the launching of Placemaker Week ASEAN today.

He added that the government had also extended the home ownership campaign (HOC) which commenced early this year for another six months as there is a demand for it.

During the first six months of the HOC, over 8,000 units were sold with a transaction value worth RM5.7 billion.

However, this only constitutes 30 percent of the total units offered.

Meanwhile, Raja Kamarul Bahrin said that as cities continue to develop, it is important to remain sustainable and liveable, which is in line with the United Nation’s (UN) Sustainable Development Goals.

“As the community grows, public spaces are important for everyone, the government and local authorities will continue emphasising the need for it. I hope that the private sector will continue collaborating with us to create better common spaces,” he said.

The Placemaker Week ASEAN, the first Asean placemaking programme to promote community driven public spaces, is presented by ThinkCity and UN Habitat and co-presented by Nextdoor Property Communications.

It will be held at selected locations in Malaysia including Johor, Penang and Klang Valley from Nov 4-8, focusing on three themes — waterfronts, historical streets and healthy communities.

Source: EdgeProp.my

Sunway Cassia is a nature-inspired neighbourhood with 6 thematic parks by Sunway Property in a desirable vicinity of Batu Maung, Penang. A region earmarked for infinite growth with the proposed Penang South Reclamation and new highways in Penang Transport Master Plan (PTMP).

The final phase of Sunway Cassia comprises 48 elegantly designed semi-detached units, with a spacious floor area of at least 3,196 sq.ft. and with column-free car porch for at least 3 parking bays. These homes also feature a 12ft high ceiling for ground floor to enhance natural lighting and ventilation to the internal space.

Surrounded by the beauty of nature and enhanced security with a single entry and exit point for security control. Residents can enjoy the lush nature at the elevated Nature Park, be amazed by the unobstructed views of a safe, guarded community from within tropical rainforest greenery.

Its excellent locality within a stone’s throw of comprehensive public amenities such as shopping malls, educational institutions, healthcare facilities and key employment area renders it the ideal place to call home.

To find out more details, you may visit www.sunwayproperty.com
or call 019-448 0081 (Hanny) / 012-433 3636 (Koay).

Here are the property types in Penang that homebuyers could afford and what potential buyers searched for. We have mapped down the popular property types that homebuyers and potential buyers could afford.

Highlights

• The most popular built-up size for homebuyers ranges from 901 sf to 1, 500 sf.
• The most popular price tag among homebuyers ranges from RM 201k to RM 350k.
• Majority of potential buyers searched for condominiums or serviced residences.

1. What are the popular built-up sizes (SF) among homebuyers?

500 sf – 900 sf : Nearly 50% of buyers preferred houses ranging from 500 sf to 900 sf. These properties comprised of flats, studios, 2 or 3 -bedroom condominiums or serviced residences and apartments. Based on our listings at iProperty.com.my, the prices ranged from RM 34 k to RM 1.3 mil. These are the auctions, sub-sales and new launch properties.

901 sf – 1,500 sf : This is the WINNER! More than 50% of purchasers in 2018 bought houses with built-up sizes ranging from 901 sf to 1,500 sf. This is the standard built-up size for a 3-bedroom and 2-bathroom family home. These properties are mainly terrace houses and condominiums or serviced residences.

1,501 sf – 2,000 sf : Only 1% of houses ranging from 1,501 sf to 2,000 sf were purchased in Penang. The percentage is small due to the high price tags. These are terrace houses, Semi-D, and luxury condominiums or serviced residences. The condominiums or serviced residences that are within this built-up sizes come with 3+1 bedrooms and 3 bathrooms.

2. How much did homebuyers could afford in Penang?

More than 50% of purchased houses were at prices ranging from RM 201K to RM 350K. Another 15% of purchased houses at prices from RM 351K to RM 500K, while 13% of purchased houses had price tags of more than RM 501K. Thus, the actual sales tally with the rakyat’s affordability.

Based on the latest household median income by the Department of Statistics Malaysia, the average Penangite earns RM 5, 409. Considering the 70% Debt Service Ratio (DSR) rule, one could only afford a monthly installment not exceeding RM 1, 600 for a home costing RM 350k.

3. What property types did potential buyers search for in Penang?

Below are the property types searched for by potential buyers in 2018. More than 50% searched for condominiums or serviced residences. 20% were searching for apartments or flats. Based on our listings on iProperty.com.my, prices of condominiums and serviced residences ranged from RM 160k to RM 12.5 mil, while apartments and flats ranged from RM 35k to RM 14 mil.

This is followed by the terrace, link, and townhouses (15%), bungalows and semi-D (9%), while the remaining 3% of potential buyers searched for residential land. The price tags for the terrace, link and townhouses ranged from RM 170, 000 to RM 15 mil, whereas bungalows and semi-D ranged from RM 180k to RM 60 mil. These properties comprised of new launches, sub-sales, auction properties, and residential land.

New launches in the whole of Penang ranges from RM 500k up to RM 8.4 mil, while the sub-sale price ranges from Rm 300, 000 to RM 7.5 mil.

Note: Analytics are based on the data available at the date of publication and may be subject to revision as and when more data becomes available.

*Article contributed by iProperty.com.my

The Penang government is looking forward to a new public promenade for visitors to enjoy the scenic view of Weld Quay in the proposed East Seafront Project.

Penang Local Government, Housing, Town and Country Committee chairman Jagdeep Singh Deo said the East Seafront Project was undertaken by the George Town Conservation and Development Corporation (GTCDC). It also undertakes the North Seafront Project.

GTCDC is a tripartite partnership between the Penang government’s Chief Minister Incorporated (CMI), Think City Sdn Bhd and Aga Khan Trust for Culture; set up to improve the public realm following the George Town Special Area Plan.

“The East Seafront Project will include the upgrading of the cruise terminal, the setting up of a cultural district, the refurbishment of godowns, creating a new public promenade, and a mixed-use transport hub and business district.

“We also have plans to have a new central business district in Seberang Perai. The connection from the Penang island and the mainland by sea starts here,” Jagdeep told a press conference yesterday.

He said that GTCDC together with CMI would be asked to conduct a design competition to invite talents to share their ideas about the proposed East Seafront Project.

Jagdeep added that the project is in the core zone of the Unesco World Heritage Site.

“It is utmost important to note that any development in the area must comply with the Unesco World Heritage listing guidelines,” he said.

Meanwhile, Penang Port Commission (PPC) chairman Jeffrey Chew said the cruise terminal expansion work was scheduled to begin in September and it will take about a year to complete.

“The current length of the terminal is 545m. It will be expanded northwards and will have a length of 793m after the expansion project.

“The terminal will still be open during the expansion. We are expecting an increase in cruise visitors after the expansion project,” he said.

Chew added that the RM155 million expansion project was funded by Penang Port Sdn Bhd and Royal Caribbean Cruises Ltd.

Chew said the development surrounding the Swettenham Pier Cruise Terminal (SPCT) – namely SPCT A, SPCT B and SPCT C – were part of the proposed East Seafront Project.

“The development of SPCT A (about 1.5acres) is still in discussion. There are old warehouses, an open space car park and an old building there. It can be developed into a parking and cultural area.

“As for SPCT B, the development will cost approximately over RM100 million. The development is to be funded by the private sector. We are still in the midst of discussion,” Chew said.

Jagdeep said SPCT B (over 2acres) would comprise of residential, commercial and a new cultural district; welcoming cruise passengers that arrive at the pier.

Chew said the RFP deadline for the revival of Tanjung City Marina (SPCT C) is Dec 11 this year.

“A lot of the pontoons have floated away. The area needs help,” he said.

Among those present at the press conference were CMI deputy general manager S. Bharathi, Think City programme director urban solutions Dr Matt Benson, Penang Island City Council engineering director A. Rajendran and George Town World Heritage Incorporated Department of Built Environment and Monitoring manager Muhammad Hijas Sahari.

Source: Buletin Mutiara