By See Kok Loong

Lately, there are several publications such as National Property Information Centre (NAPIC) published on Jan 2019 on the data for 3Q18, the number of unsold homes in Malaysia has reached a new high of 30,115 homes amounted to RM 19.54 billion. (The above figure is the unsold homes completed 9 months from CCC and exclude residential properties build on commercial land like serviced apartment, SoHo and etc.)

Furthermore, a property consulting firm also published on February 19, 2019 that at the end of the third quarter of 2018, Malaysia’s overhang stood at 43,219 units worth RM29.47 billion, including serviced apartments and small-office home-office (SOHO) units.

All the above only represent Property Overhang and not about market supply. The above figure only covers the developer’s stock and does not cover units already sold to individuals or companies.

The real ratio that represents supply and demand situation should be Residential Vacancy Rates (RVR). Unfortunately, we don’t have the RVR in Malaysia and I believe it is timely for Napic providing the information on RVR instead of just overhang number.

RVR is the percentage of all units in the particular market that are unoccupied during a particular time. Vacancy rate is calculated by multiplying the number of vacant units by 100 and then dividing that by the total number of units in the building.

NAPIC should provide RVR by national, state, city or location basis just like other developed countries such as USA, Singapore, Australia and etc.

It will help developers, banks, property consultants, home buyers, investors to make a decision by understanding the current demand and supply situation. For RVR above 7% is considered high and it is alarming for the market to add on supply and etc.

Low vacancy rates generally mean that the real estate market performance of an area is good. They are an indication that a strong demand for rental real estate units exists. Once we have a series of data over several years, we will able to analyse the market situation better in term of demand and supply.

RVR can be obtained from utility company like TNB to provide the data on the zero usage of utility bill units base on monthly basis. Napic should compile and publish it on a quarterly basis for the public to analysis.

For a better Malaysia, we should start providing more information on a timely basis so that the stakeholders can react accordingly.

Mr. See Kok Loong, Executive Director of Metro Homes Realty Berhad and Deputy President of Malaysia Institute of Professional Estate Agents and Consultants (MIPEAC).

Queens Island, a proposed development by Tropical Island Resort Sdn. Bhd. at Jerejak Island (Pulau Jerejak). Located off the eastern coast of Penang Island, approximately 80 acres land on the small island will be redeveloped into a world-class resort and residences. This is a joint venture development between Penang Development Corp (PDC), UDA Holdings Bhd and Ideal Property Group.

This development will see the demolition of existing hotel buildings for the construction of luxury hotels and residences in multiple phases:

• Phase 1: 10-storey hotel with 350 rooms and a 4-storey clubhouse
• Phase 3: Three blocks of 10-storey serviced residence (450 units) with shop offices (60 units)
• Phase 4: Two blocks of 10-storey condominium (556 units) and 4-storey villa (44 units)
• Phase 5: 10-storey serviced residence (180 units)

The proposed redevelopment also includes a four-lane bridge (pedestrians, cyclists and electric cars) connecting Jerejak Island to Penang Island, a marina and a theme park.

More details to be available upon official launch.

Project Name: Queens Island
Location : Pulau Jerejak
Property Type: Mixed development
Tenure: (to be confirmed)
Indicative Price : (to be confirmed)
Developer : Tropical Island Resort Sdn. Bhd.

Location Map:

DISCLAIMER: This article is solely based on research done using publicly available data at the time of publication. This is not an advertisement unless stated otherwise. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

GEMSTONES are a reflection of luxury and elegance. Rare and valuable, they sparkle and entice and have remained the desire of many since time immemorial. All these attributes and more are found in the architectural jewel that is GEM, a prestigious mixed development by the reputable Belleview Group.

Located in the heart of Prai on mainland Penang, GEM is primed as the new landmark destination up north, a new urban hub where people live, work, meet, connect and play. The 20-acre undertaking, with frontage to the bustling Jalan Baru, is poised to deliver an unrivaled A-list lifestyle with GEM Residences and GEM Megamall.

GEM Residences

Iconic on the outside and inviting on the inside, the freehold development harmoniously combines picturesque surrounds with immaculate architecture. Discover an enticing world of luxury living with the collection of well-designed modern living spaces housed within four residential blocks of 38-storey each – Coral, Ruby, Sapphire and Diamond.

There are only eight and nine units per level serviced by four dedicated lifts per tower. The flexible floor plate offers a variety of unit sizes and divisibility. Available are eight layout designs of one to four bedrooms, sized from 441 sq ft to 1,445 sq ft, that are artfully curated to meet your most exacting requirements.

Grand and inspiring, every elegant residence comes with sweeping panoramic views of the sea with the Penang Bridge, Penang Island and the cityscape of Butterworth and Bukit Mertajam. Residents will also be pampered with full condominium facilities and amenities located at the Sky Park (Level 38) and the Sports & Recreational Club (Level 8).

Relax and unwind at the viewing pavilion, Sky Lounge and jacuzzi; get some much needed exercise at the Olympic-sized ocean pool, signature gym, aqua gym and jogging track; have fun at the KTV room and jumbo chessboard, amongst others.

A radiant lobby that exudes warmth with timber laminate walls and stone-like tiles welcomes you home. Make the seamless transition from outdoor to indoor with the natural elements hinting at hidden gems designed around the lobby.

A stroke of light is strategically placed to accentuate the sparkle of a gem and also to elevate the ambience of the interior. Peace of mind is assured with the three-tier security system.

Location is everything when it comes to buying a home. GEM Residences is optimally positioned along the six-lane Jalan Baru connecting the North-South Expressway and Butterworth Outer Ring Road (BORR). Bordered by a host of amenities to provide residents with complete convenience, especially being neighbours with GEM Megamall, the development is also remarkably accessible to the Penang Bridge (a short seven minutes drive) and the Penang International Airport (30 minutes drive).

A joint undertaking with Singapore-based public listed LTC Group, GEM Residences is certainly poised to unravel a whole new standard of urban refined living.

For sales enquiry, kindly contact 04-3799999 or email to sales@belleview.com.my.
GEM Sales Gallery is open daily – 9am to 6pm on weekdays and 10am to 6pm on weekends and public holidays.

GEM Megamall

GEM Megamall is set to take its rightful place as the new iconic landmark in the heart of Prai, and as the largest and trendiest lifestyle destination in the northern region! Setting the stage for convenience and connectivity, the development will be taking lifestyle opulence to a whole new plateau by introducing many firsts to both Penangites and tourists.

A statement of success in all aspects, the mall spans 11.32 acres and extends over six levels with approximately 400 specialty shops, eight-level side fit multi-storey car park and two-level basement car park.

W ith a total net lettable of 1.2mil sq ft, it will be home to multiple mega-sized anchor and junior tenants as well as shopping precincts to seal its reputation as the next lifestyle benchmark. These include the first SOGO departmental store in the northern region, the largest Golden Screen Cinema cineplex with 20 screens, and the first Olympic-sized ice skating rink (GEM Olympic Ice) up north.

Retailers can look forward to a ready and untapped market catchment of 6.65 million population with shoppers from the surrounding northern states. Being situated in an established township, the development also enjoys intimate proximity to surrounding conveniences and amenities.

For more information, please contact 04-2291999 or email to leasing@belleview.com.my

About the developers

Founded in Penang in 1984, the Belleview Group had since grown exponentially to become a premier developer with an impressive track record of excellence. A trusted name for quality and innovativeness, each and every one of its undertakings are developed not just for today, but with the future in mind.

To further extend its growth, Belleview had come together with LTC Corporation Limited, a Singaporean company listed on the Main Board of the Singapore Stock Exchange, to develop GEM Residences.

LTC is renowned for its engagements in Property Rental & Investment, Regional Property Development & Management, steel trading and fabrication, and retail operations (SOGO, Kuala Lumpur).

Together, both corporations strive to heighten the standards in upcoming property and development projects in the country.

The Ministry of Housing and Local Government has established a Housing Integrated Data System to help it identify the demand for and supply of affordable housing nationwide.

Its minister, Zuraida Kamaruddin told theSun that the ministry had encountered difficulties in obtaining information such as income levels by location and other data that are relevant to housing supply and demand.

“Malaysia does not have a complete database containing information on supply and demand for housing according to the report by Bank Negara (in 2017),“ Zuraida said.

Such data would help the ministry to gauge and adjust the supply of houses to meet the demands according to location.

The absence of such information could contribute to high numbers of residential overhang.

“The federal government through the Ministry of Housing and Local Government is working closely with relevant ministries and agencies to identify issues and problems involved for the provision of one million affordable homes,“ she said.

“Comprehensive housing data is essential to identify the demand and supply of affordable housing in Malaysia. The proposal for the data system has been agreed upon during the first meeting Majlis Perumahan Mampu Milik Negara (MPMMN) Bil. 1/2019 held on the Jan 8, chaired by Prime Minister Tun Dr Mahathir Mohamad.”

Zuraida also said prior to the meeting, the ministry liaised with the National Property Information Centre for such data and it is planning to get other housing development agencies involved in the affordable housing plan.

“We will expand these engagement sessions with other relevant agencies as well such as the Inland Revenue Board and the Department of Statistics Malaysia in assisting the Ministry to develop a reliable and comprehensive housing database,“ she said.

Source: TheSunDaily.my

Bayan Baru City Centre, a proposed mixed development by Ideal Property Group in Bayan Baru. Strategically located next to the intersection of Jalan Tengah and Jalan Mayang Pasir, near Pantai Hospital. This master planned development sits on a 16 acres land, comprises the land currently occupied by Giant Hypermarket and the adjacent vacant land. It is within walking distance to Sunshine Square and Bayan Baru wet market.

This development will see the demolition of the existing 2-storey building, for the construction of several high-rise towers and shop offices in multiple phases:

Parcel 1

• Tower A1: 39-storey serviced residence (589 units)
• Tower A2: 39-storey serviced residence (589 units)
• Tower B: 39-storey serviced residence (820 units)
• 3-storey shop offices (55 units)

Parcel 2

• Tower C: 27-storey office suites
• 3-storey shop offices (30 units)

Parcel 3

• 23-storey office suites (Tower B)
• 2-storey commercial lot at ground and first level

Parcel 4

• 43-storey serviced residence (Tower A1 – 1,088 units)
• 50-storey serviced residence (Tower A2 – 280 units)
• 3-storey commercial lot (22 units)

Project Name: Bayan Baru City Centre (BBCC)
Location : Bayan Baru
Property Type : Mixed development
Built-up Size: (to be confirmed)
Total Units: (refer to above)
Indicative Price: (to be confirmed)
Developer : Ideal Property Group

Location Map:

DISCLAIMER: This review is based on source taken from a public portal. This is not an advertisement by the developer or agent, unless stated otherwise. Any claims, statistics, quotes or other representation about a project or service should be verified with the developer, provider or party in question.