Growth of the property market in Penang is expected to remain flat this year in view of the unpredictable economic outlook and the market’s wait-and-see attitude, according to an international real estate consulting firm.

Henry Butcher Malaysia (Seberang Perai) Sdn Bhd associate director Fook Tone Huat said the United States (US)-China trade war, the property overhang issue and difficulty in getting bank loans were some of the possible factors affecting the property market’s performance.

“On a positive note, the Home Ownership Campaign (HOC), which is a collaborative effort between the Housing and Local Government Ministry and the Real Estate and Housing Developers’ Association, might boost the residential property market’s performance to a certain extent,” he told reporters at the launch of Henry Butcher’s Seberang Perai 2018/2019 property market report here today.

The HOC aims to resolve the high number of unsold homes in Malaysia by offering incentives such as price discounts and stamp duty exemption on the instrument of transfer and loan agreement for houses priced between RM300,001 and RM1 million for first-time house buyers.

“However, with the state’s property overhang issue in the limelight, I think it is unlikely for the property market to recover this year.

“If the economy can perform well with no global issues such as the US-China trade war, I believe that there could be a possible recovery next year,” he added.

According to Henry Butcher Malaysia’s Seberang Perai 2018/2019 property market report, the market performance in Penang was mixed in the first half of 2018, with total volume and total value of transactions increased on a year-on-year (y-o-y) basis, despite the overall soft market sentiment.

A total of 8,292 transactions worth RM4.29 billion of property developments was recorded in the state in that period — a 5.19 per cent y-o-y increase in volume and 5.45 per cent y-o-y rise in value.

The report said total transactions in several property development sub-sectors in Seberang Perai had increased y-o-y, including residential (0.74 per cent) and industrial (5.15 per cent), whereas commercial property developments declined by almost 11 per cent.

Source: Bernama

Beldon is the second precinct of the 300-acre Eco Horizon township development in Batu Kawan, surrounded by man-made lakes, cycling tracks and a luxurious clubhouse. It is strategically located stone’s throw away from IKEA,  off the primary interchange linking the Second Penang Bridge to the North-South Highway.

The township’s second collection will comprise 338 units of gated & guarded 2-storey semi-detached and bungalow houses with indicative price starting from RM1.2 million and RM2.2 million respectively.

Double Storey Semi-Detached Home
Land Size: 34’ x 75’
Build-up Area: Approx. 2,500
Price: RM 1.2mil onwards

Double Storey Bungalow Home
Land Size: 50’ x 80’ | 56’ x 85’
Build-up Area: Approx. 3,200sqft | 3,600sqft
Price: RM 1.9mil onwards

Project Name: Beldon @ Eco Horizon (formerly known as Brydon)
Location: Batu Kawan, Penang
Property Type: Gated & guarded semi-detached & bungalows
Total Units: 338
Built-up Area: 2,500 sq.ft. (semi-d), 3,200 – 3,600 sq.ft. (bungalow)
Land Tenure: Leasehold
Indicative Price: RM1,200,000 onwards
Developer: EcoWorld Development

Location Map:

SITE PROGRESS

SITE PROGRESS: Eco Horizon (July 2020)

SITE PROGRESS: Eco Horizon (Dec 2019)

Video taken: 27 May 2018

Bank Negara Malaysia (BNM) has given banking institutions until end-2019 to revise “unfair” terms and conditions, and improve clarity by using plain language for both new and existing housing loan and financing contracts.

In addition, the central bank in its Financial Stability and Payment Systems Report 2018, revealed that the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) are also working with banking institutions to review the standardised key terms and conditions for housing loan agreements involving a principal sum of RM500,000 and below to address concerns that have been raised by BNM.

BNM said financial service providers (FSPs) are expected to ensure fairness and clarity of terms and conditions in the contracts entered by them with retail customers and small and medium enterprises.

A thematic review on housing loan and financing contracts to identify terms and conditions that were inconsistent with reasonable expectations of fair conduct towards financial consumers was conducted last year by BNM.

From the review, it found that some of the terms and conditions were “disproportionately skewed in favour of the banking institutions and to the detriment of consumers”.

These included terms and conditions that provide absolute exclusions or limitations of a banking institution’s liability and obligations, and place undue reliance on signed declarations to assert that financial consumers have read and understood a contract.

“Some terms and conditions were found to be unnecessarily complex with the use of excessive legal and technical jargon that did not aid clear understanding by consumers.

“Following the review, banks were required to revise the unfair terms and conditions by end 2019,” said the central bank.

These initiatives, said BNM, are consistent with a recent landmark ruling by the Federal Court in December 2018 which held that a commercial bank could not rely on absolute exclusion of liability clauses typically found in most banking agreements to shield itself from being sued for negligence by consumers.

The Federal Court opined that, in reality, the bargaining powers of the parties in banking agreements are unequal, whereby if a financial consumer wished to obtain financial services from banking institutions, the financial consumer has to accept the terms and conditions of a standard contract prepared by the banking institutions.

In this regard, the Federal Court was of the view that there would be patent unfairness and injustice to allow the banking institutions’ absolute exclusion clause to deny the plaintiff’s rights in this case and applied the principle of public policy in arriving at its decision.

Furthermore, the Federal Court emphasised that section 24(c) of the Contracts Act 1950 provides that the consideration or object of an agreement is not lawful if it is opposed to public policy.

Source: EdgeProp.my

It is definitely a historical and proud day for Aspen Group and IKEA Southeast Asia when Vervea High Street and the Aspen Vision City’s Central Island Park successfully entered the Malaysia Book of Records (MBR).

Both development projects are located within Aspen Vision City, a joint venture development between Aspen Group and IKEA Southeast Asia.

Aspen Group managing director Anilarasu Amaranazan said the three records attained were the largest ETFE canopy walkway in Malaysia, the longest ETFE canopy walkway in Malaysia, and the highest water jet in Malaysia.

“ETFE is a translucent polymer sheeting that is used instead of glass and hard plastic in some modern buildings. The advantages offset the cost. It is durable and has a long product lifespan.

“It is also recyclable and able to transmit up to 95% of light. The ETFE roof not only keeps out the heat but allows the interior to be bathed in warm and natural lighting.

“The Vervea High Street, at 300m in length and 40m in width, will become the main artery for attractions,” he said during the award presentation ceremony at Aspen Vision City, Batu Kawan today.

He added that the Central Island Park featured a wind-resistant water jet that shoots at an approximate height of over 50m.

Chief Minister Chow Kon Yeow said Aspen Group has strived to create a sustainable environment.

“The Penang government compliments Aspen Group for thinking out of the box. We encourage developers to be more ambitious, which can contribute towards making Penang a greener and smarter state.

“We are confident that Batu Kawan will have a booming economy by 2030 with Penang Development Corporation (PDC) being the master planner alongside developers like Aspen Group, for the development of Bandar Cassia township in Batu Kawan,” Chow said.

Also present were Bukit Tambun assemblyman Goh Choon Aik, Aspen Group president and chief executive officer Datuk M. Murly and Malaysia Book of Records chief executive officer Datuk Michael Tio.

Source: Buletin Mutiara

Penang 757 Residence, an upcoming luxury condominium by Webest Land Sdn. Bhd. at Batu Maung. It is located along Jalan Permatang Damar Laut, adjacent to Sunway Mutiara housing scheme by Sunway Property.

This development will see the construction of a 24-storey building, comprises 41 residential units and 4 levels of car park. Residence facilities to be located at the second and top floor.

More details to be available upon official launch.

Project Name : Penang 757 Resience (to be confirmed)
Location : Batu Maung, Penang
Property Type : Condominium
Total Units: 41
No. of Storeys: 24 floors
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer : Webest Land Sdn. Bhd.

Location Map: