The fifth instalment of the Property Insight Prestigious Developer Award (PIPDA) 2019, was held on the evening of 3rd May at Shangri-La Hotel. The awards serve as a benchmark for local property developers to strive for, and as a celebratory occasion to recognise the accomplishments in the property sector leading up to the event.

The PIPDA award ceremony/gala dinner is supported by the Ministry of Housing & Local Government (KPKT). Gracing the gala dinner and award ceremony with his presence was YBM Senator Dato’ Raja Kamarul Bahrin Shah Raja Ahmad, the Deputy Minister of Housing & Local Government.

PIPDA is one of the largest, most prestigious, and widely recognised awards programmes throughout Malaysia, and it functions as a tribute to the continually evolving property landscape here in Malaysia.

“This year’s award ceremony will be bigger, better and grander than what we have previously accomplished,” commented Dato’ KK Chua, managing director and editor-in-chief of Property Insight.

In his opening speech, YBM Senator Dato’ Raja Kamarul Bahrin also shared:

“In a time where there are many uncertainties in the market, there is one thing that I am certain about – Industry members who are able to adapt to these changes, and answer the market demands will go a long way in the industry. It is important to build the right product for the right customers, and the local ministry is making efforts trying to help solve the housing oversupply issue as well.”

Several notable awards received by Penang developers for this year’s PIPDA include:

• Best Leisure Living Development – Ferringhi Residence 2, Mah Sing Group
• Best Integrated Development (North) – Gravitas, UDA Holdings
• Best Gated & Guarded Development (North) – Crescent Dew, UDA Holdings
• Best Family Centric Development – The Amarene, Ideal Property Group
• Best Luxury Lifestyle Development – Queens Waterfront, Ideal Property Group
• Best Leisure Waterfront Development – Queens Waterfront, Ideal Property Group
• Outstanding Developer (Northern) – Iconic Group
• Top 10 Developer – Ideal Property Group
• Best Philanthropic Award – Ideal Property Group

Mah Sing Group has also gone on a trailblazing spree, nabbing the “Top 10 Developer” award for the fifth consecutive year since 2015.

The key driving factor behind PIPDA is to recognise innovation and outstanding achievements committed by individuals, groups or even sector projects in the industry. The awards are strictly audited by HML & Co. Chartered Accountants.

The judge’s lineup for this year’s PIPDA include

• Eric Lim, President of Malaysian Institute of Estate Agents (MIEA)
• Datuk Paul Khong, Managing Director of Savills Malaysia
• Ar Ezumi Harzani, President of Pertubuhan Arkitek Malaysia (PAM)
• Dr Dolf de Roos, New York Times and Wall Street Journal Bestselling Author
• Dr Suhardi Maulan, President of Institute of Landscape Architect of Malaysia (ILAM)

“With this award, I hope that the development standards for Malaysian properties can go nowhere but up from here. I would like to congratulate all the award recipients for tonight, and please look forward to next year’s PIPDA as well,” said Dato’ KK Chua.

Bank Negara Malaysia (BNM) decided to cut the Overnight Policy Rate (OPR) by 25 basis points to 3% from 3.25% at its Monetary Policy Committee (MPC) today amid weak economic outlook.

This is the first cut since July 2016.

“The ceiling and floor rates of the corridor for the OPR are correspondingly reduced to 3.25% and 2.75% respectively,” the central bank said in a statement today.

BNM said latest developments in Malaysia point towards moderate economic activity in the first quarter of 2019.

“Looking ahead, slowing global demand conditions and subdued growth of key trading partners will continue to weigh on the external sector.”

The central bank noted that while domestic monetary and financial conditions remain supportive of economic growth, there are some signs of tightening of financial conditions.

“The adjustment to the OPR is therefore intended to preserve the degree of monetary accommodativeness. This is consistent with the monetary policy stance of supporting a steady growth path amid price stability. The MPC will continue to monitor and assess the balance of risks surrounding the outlook for domestic growth and inflation.”

Source: TheSunDaily.my

Image source: Wikipedia.org

The federal government may enlarge the Penang International Airport (PIA) to accommodate a maximum of 20 million passengers instead of the initial 12 million proposed.

Finance Minister Lim Guan Eng said the original proposal was to increase the capacity from 6.5 million to 12 million passengers, but added that this was too small.

“We feel 12 million is too small so we increased it to 16 million and if possible, 16 million plus four million so that the airport can cope until 2035,” he said in a press conference this morning.

He said his ministry will see how it can carry out this expansion plan for the PIA.

“Based on technical specifications, we can increase the capacity to 20 million with the existing land available, using certain land on the edges,” he said.

He said technical issues on the expansion will be looked at and resolved.

He stressed that the current Pakatan Harapan (PH) government was the one to approve the proposed airport expansion for Penang.

“The previous government did not approve the expansion Penang had applied for, did not even allocate funds for it,” he said.

The PIA has exceeded the maximum capacity of 6.5 million passengers and the state government had asked the federal government to enlarge it.

The airport recorded 7.79 million passengers last year.

Lim also assured the Penang government that Putrajaya’s plan to build an international airport in neighbouring Kulim, Kedah will not negatively affect the island state.

“The state doesn’t have to worry that the PIA will close down; once it is expanded, we will not allow it to close so it is impossible,” he said.

He said the federal government fully understood the concerns raised by Penang over the impact of the Kulim airport on the PIA.

“There is no possibility that it will cause the PIA to be closed down. Don’t dwell on it,” he reiterated.

He said Prime Minister Tun Dr Mahathir Mohamad and the Kedah government felt that the Kulim airport is crucial to attracting foreign direct investments.

“This is a decision for Kedah that we have to respect,” he said.

He hoped that both the Kulim airport and the PIA will complement each other.

“Most logistics and the supply chain are centred in the PIA so they will likely continue to use the PIA while the Kulim airport will cater to Kedah,” he said.

He said the Finance Ministry does not have any objections against the Kulim airport proposal as the ministry does not have to come up with funding for it.

He said the prime minister’s decision on the Kulim airport has to be respected and that since it doesn’t involve public funds, the Finance Ministry did not object against it.

The proposed RM1.6 billion Kulim airport will be a private finance initiative so the federal government need not fund its construction.

Source: MalayMail.com

A newly proposed residential development by Focal Products Sdn. Bhd. at Air Itam, Penang. Located at the intersection of Jalan Teochew Satu and Jalan Thean Teik, next to Hui Aun Apartment. It is only 1km away from Sunshine Farlim.

The proposed development consists of two 30-storey residential blocks, offering 601 condominium units with 6-level multi-storey carpark.

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

Property Project : (to be confirmed)
Location : Air Itam, Penang
Property Type : Condominium
Total Units: 601
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer :Focal Products Sdn. Bhd.

Location Map:

Picture for illustration only

The proposed Penang undersea tunnel project will continue and is in its final stage of feasibility study, says Chief Minister Chow Kon Yeow.

He said the state government’s technical consultant, HSSI Sdn Bhd, has reviewed the study prepared by Consortium Zenith Construction Sdn Bhd (CZC).

“The review on the draft report has been forwarded to CZC this month to make necessary amendments before it is finalised and endorsed by the state government.

“The next stage of the undersea tunnel project will be decided by the state executive council, but as of now, the project is still on,” he said in a question and answer session at the state legislative assembly sitting here on Friday (May 3).

The 7.2km tunnel project that connects Gurney Drive to Bagan Ajam in Seberang Prai is under the Penang Transport Master Plan (PTMP), a state-run initiative.

Chow, who is also Padang Kota assemblyman, said the state government has yet to make payment to CZC.

“We will only make the payment after the final draft is confirmed by the technical consultant and presented to us for approval,” he said.

Answering to Mohd Yusni’s question on the investigation into the project by the Malaysian Anti-Corruption Commission (MACC), he said the MACC had carried out an investigation into the project in the first quarter of 2018, and no prosecution has been made.

Chow, answering to Mohd Yusni’s supplementary question on whether a public exhibition on the construction of three highways would be held for residents affected by the project, the Chief Minister said the one month public exhibition was already being held.

He said the public exhibition was held along the proposed route including Komtar building, government offices and other public places, while the undersea tunnel project has yet to reach that stage.

Source: Bernama