Action will be taken against banks who “deliberately” do not give out housing loans to those who are eligible or who fulfill the criteria.

“If you have difficulty getting loans, refer to MoF (Ministry of Finance),” advised Finance Minister Lim Guan Eng, telling homebuyers to escalate their grievances to the ministry.

Lim was speaking at the opening ceremony of the HOC-MAPEX 2019 for the Klang Valley region at Mid Valley Exhibition Centre today.

“If banks refuse to give loans, give us (the ministry) the list names of rejected loan applicants and we will check with the banks. If it’s not justified, we may consider taking action against the banks,” he told officials of the Real Estate and Housing Developers Association (Rehda) who were present at the event.

Lim also reminded banks of their responsibility to not hinder the efforts of the government in ensuring eligible homebuyers are able to secure loans.

“We (the ministry) want the banks’ cooperation to start giving out loans. I will get the list and we will ask the banks to explain. We hope the banks can give their cooperation,” said Lim.

Meanwhile, Rehda president Datuk Soam Heng Choon hopes banks will give the right margin of financing to eligible homebuyers as developers are seeing less than 50% of loans being approved.

Source: EdgeProp.my

After years of delays, construction of the elevated highway from Air Itam to Tun Dr Lim Chong Eu Expressway will start on Sept 1.

The highway is a vital road for some 300,000 Penangites living in the most densely populated part of the island.

The Yang di-Pertua Negri Tun Abdul Rahman Abbas announced the much-awaited date when opening the first meeting of the second session of the 14th State State Assembly yesterday.

“It is scheduled to begin on Sept 1 after all the technical approvals are obtained,” he said.

More than half of the population on the island’s northeast district, or almost 300,000 people, reside in Air Itam, Bandar Baru Air Itam and the adjoining Paya Terubong, and they only have two narrow routes out of their suburb, which are heavily congested during rush hour.

The 5.7km dual carriageway, with two lanes on each side and which 70% are elevated, will take them to the expressway and on to Bayan Lepas Free Trade Zone in just five minutes under normal traffic conditions with a speed limit of 70kmph.

The highway will have three interchanges, allowing motorists to get on and off from Jalan Thean Teik, Jalan Yeap Chor Ee and Jalan Sultan Azlan Shah. It is expected to be completed in three years.

Several roads in Kampung Pisang in Air Itam, are also undergoing road widening works to complement the upcoming bypass.

This and two other road projects are part of the island traffic dispersal system of the proposed Penang Undersea Tunnel, a 6.5km tunnel beneath the seabed between Gurney Drive on the island and Bagan Ajam in Butterworth.

The other two projects are the 12km North Coastal Paired Road between Tanjung Bungah and Teluk Bahang and the 4.2km bypass connecting Gurney Drive to Tun Dr Lim Chong Eu Expressway, which are expected to be ready in 2022.

Abdul Rahman also said the state government plans to hold discussions with Prasarana Malaysia Berhad and Finance Ministry on the future of Penang’s ferry service.

“The state realises that this service must be upgraded, especially its frequency at peak hours but Prasarana is facing financial constraints,” he said.

In an exclusive report recently, The Star revealed that Prasarana has yet to received the RM90mil announced by the federal government in August to upgrade and maintain the ferry service.

It was reported that it costs RM31mil annually to provide the service but with only RM7mil collected in fees, Prasarana forks out RM24mil a year since it took over the service from Penang Port Sdn Bhd in May last year.

Source: TheStar.com.my

The Penang government is looking forward to positive news from the Federal Government concerning the implementation of urban regeneration projects in the state.

State Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo said they are waiting for Putrajaya to guide them forward in their efforts towards regenerating old housing schemes.

“They have either to amend existing laws or enact new laws. One of the main issues that we faced is the legality of the matter as strata properties, like apartments and flats, contain many units,” Jagdeep told a press conference.

He was responding to an article, titled ‘Flet ibarat sarang burung’ in a Malay daily yesterday that Rifle Range Flats needed to be rejuvenated as it was very aged and dated.

“We fully agree with the article. In fact, Penang led by establishing the first-ever Urban Regeneration Committee in the country in 2015 which was emulated by the Federal Government in 2017.

“The issue is whether the consent of everyone is unanimously required or otherwise. Other jurisdictions, we don’t need unanimous consent. We need a majority consent. In Singapore, it is up to some 75 to 80 percent if I am not mistaken. In fact, in Singapore there is a ministry for renewal, it’s called the Urban Renewal Authority. It’s that big.

“So, our rules have to be clarified. If necessary, laws have to be amended or new laws have to be made specifically for urban regeneration schemes.”

Jagdeep said the state has plans to regenerate five old housing schemes – the 5-point block Mahsuri Flats in Bayan Baru, the Rifle Range Flats and the Taman Free School Flats on the island and the Mak Mandin Flats and the Jalan Siakap Flats on Seberang Perai.

The five projects involve a total of 5,469 units. According to Jagdeep, the state government has received a very good response from Mahsuri residents from 300 units, with a very high percentage of them agreeing to the regeneration project.

“We are now at the advanced stage of planning for the Mahsuri Flats regeneration. We now await the Federal Government to revert to us on the legal position in relation to such regeneration schemes,” Jagdeep added.

He also said a series of forums were conducted by the Department of Director General of Lands and Mines (JKPTG) throughout the country, with the last one ending in Penang in February this year. It was co-organised with the state Land Office.

“The next step is that they will bring it to the National Land Council which will decide to amend laws or create new ones,” said Jagdeep.

Also present at the press conference were Penang Land Office (Strata Division) senior assistant secretary Mohd Nizam Mokhtar and other officials from the state Housing Department.

Source: Buletin Mutiara

A newly proposed luxury development by Southern Twin Management Sdn. Bhd., strategically located along Jalan Macalister in George Town. It is immediately opposite Scott Residence, just a stone’s throw away from Residence 21 Super Condominium.

This development will see the refurbishment of the existing heritage building and demolish the existing 4-storey budget hotel extension, for the construction of a 37-storey residential building with 4 units of shop offices. The new skyscraper will feature 285 units of serviced residence with 9-level multi-storey carpark.

The project is still pending for approval. Details to be available upon project launch.

Project Name : (to be confirmed)
Location : George Town, Penang
Property Type : Mixed development
Total Units: 285
Indicative Price: (to be confirmed)
Developer: Southern Twin Management Sdn. Bhd.
Last Update: Aug 2020

Location Map:

The Millennium, a mixed-development by Ivory Properties Group at the urban township Batu Uban. It is strategically located next to The View Twin Towers, just a mere minutes drive to Penang Bridge.

This development sprawls over 5.9 acres of prime land with towers for commercial and residential, featuring retail outlets, condominium units, service suites and hotel. It has an estimated GDV of RM950 million.

The project is still in its planning stage, more details to be available upon official launch.

Project Name : The Millennium
Location : Batu Uban, Penang
Property Type : Mixed development
Total Units: (to be confirmed)
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer: Ivory Properties Group

Location Map: