The current unrest and chaos in Hong Kong may create more business and property sale opportunities in Penang, says Chief Minister Chow Kon Yeow.

He said Penang had always been a destination for investment, tourism and business.

“In light of the problems in Hong Kong, we may see more businesses moving into Penang.

“It is still too early to say whether there will be relocation of some Hong Kong-based businesses to Penang.

“However, it has been reported that there is increased interest from Hong Kong for property in Malaysia, including Penang.

“I understand people in Hong Kong may be concerned over their future due to the unrest in recent weeks.

“Penang is always a preferred destination for many foreign investors and property buyers.

“I am sure our private sector including the property market will do the needful to attract them,” he said at a press conference at his office in Komtar recently.

Chow was responding to a question raised by the media about the possibility of businesses from Hong Kong moving to Penang in the long-term.

The demonstrations in Hong Kong against a controversial extradition bill began more than 10 weeks ago

It has since evolved into wider concerns about democracy in the semi-autonomous Chinese territory.

Mass sit-ins at the airport have led to the cancellation of hundreds of flights.

Source: TheStar.com.my

The Garden, the third and also the final phase of Island Resort development scheme by Ivory Properties Group at Batu Ferringhi. Strategically located along Jalan Batu Ferringhi, The Garden is just mere feet away from the renowned Miami beach as well as just a short drive to Penang’s famous tourist belt of Batu Ferringhi.

The development comprises a 45-storey serviced apartments and 2 blocks of 3-storey commercial lots. It is currently in the planning stage and is scheduled to be launched in the last quarter of 2020.

Project  Name : The Garden
Location : Island Resort, Batu Ferringhi
Property Type : Mixed development
Built-up Area : (to be confirmed)
Total Units : 424
Tenure : Freehold
Developer : Ivory Properties Group

Location Map:

The Penang State Government is still looking at various options on the mode of public transport deemed the most suitable for the Penang Transport Master Plan (PTMP).

Chief Minister Chow Kon Yeow (pictured) said the state government has yet to decide which mode would be most suitable, be it light rail transit (LRT), monorail or other options.

“We haven’t decided yet. Even the LRT conditional approval states that has to be an elevated system. It is in the condition. LRT can, monorail also can,” he told reporters after opening the Penang Signature Gold Fair (PSG) 2019, here two days ago.

He said this when asked whether the state government has decided on the mode of public transport for the PTMP.

The PTMP is a state-initiated project costing an estimated RM46 billion and features an undersea tunnel linking the island to the mainland, highways, LRT, monorail as well as extensive bus connectivity on both the island and the mainland.

Source: Bernama

The National Home Ownership Campaign (HOC) initiated by the government to promote home ownership in Malaysia. The campaign is expected to run until 31 December 2019. During this period, home buyers will enjoy stamp duties exemptions on Sale & Purchase Agreement (SPA) and Loan Agreement. A minimum of 10% discount from the purchasing price will also be offered by the projects listed under the scheme.

Eligibility for Exemption

• Only ‘residential properties’, defined as houses, condominium units, apartments and flats including service apartments built and used as dwelling houses – with valid Developer’s Licence (DL) and Advertisement and Sale Permit (AP) or CCC (where applicable) are eligible to register, all other property types are not included in this exercise;
• The service apartment must be for residential use only and cannot be converted for commercial activities;
• Property price : RM300,001 to RM2.5 million (before discount);
• It must be a sale from a developer to a purchaser or co-purchasers, all of whom are Malaysian citizens;
• The stamp duty exemptions are applicable for the purchase of residential unit/s for Sale & Purchase Agreement executed between 1 January 2019 to 31 December 2019;
• A minimum of 10% discount (from selling price) is applicable to all units that are not subjected to government price control.
• Eligible properties in Peninsular Malaysia must be registered with REHDA Malaysia.
• The stamp duty exemption is applicable to the following in relation to the purchase of residential property by an individual Malaysian citizen:

Sale & Purchase Agreement (SPA)

Loan Agreement

FULL LIST OF HOC PROJECTS IN PENANG

The Penang Development Corporation (PDC) has commenced the construction of a building to cater to the current demand for office and work spaces after the proposed RM1.3 billion Business Process Outsourcing Prime (BPO Prime) project has been shelved.

Penang Chief Minister Chow Kon Yeow said the smaller project would be located beside the current PDC headquarters in Bayan Baru.

“It will be known as GBS@Mahsuri.

“The initial BPO Prime project was supposed to be sited at the current PDC headquarters. The plan was to tear down the PDC headquarters for the BPO Prime project.

However, the BPO Prime project has been shelved.

“Nevertheless, we are still seeing interest from relevant parties with regard to office and work spaces. Hence, we are working on a smaller scale project to cater to the business needs.

“The Mayang Mall in Bayan Baru has already run out of office space,” Chow told a press conference at his office today.

It was reported that PDC had signed a Memorandum of Understanding (MoU) with Temasek Holdings Pte Ltd on May 23, 2014, to undertake the development of BPO Prime in Bayan Baru and the Penang International Technology Park (PITP) in Batu Kawan. The BPO Prime was to be managed by the Economic Development Innovations Singapore Pte Ltd (EDIS) once its completed.

It was also reported that the BPO Prime project was shelved due to the soft market.

Chow said that there was no earthwork done for the BPO Prime project.

“There was no holding cost assumed by PDC for the BPO Prime project and there was no exit fee which had to be paid to EDIS.

“The abortive cost for PDC was RM8 million, which includes the engagement of consultants and other works done,” Chow said.

He added that there were no losses incurred by PDC in relation to the aborted deal.

Source: Buletin Mutiara