Penang will be undergoing urban regeneration in the near future to address land scarcity, especially on the island.

State Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo said that to ensure that there is enough housing for the future population of Penang, safety measures must be taken.

“Land reclamation is a norm for all island states to get sufficient land,” Jagdeep said at a press conference outside Taman Free School food court in Datuk Keramat on Saturday.

He added that the mega Penang South Reclamation Scheme would cover 1,821 hectares to be reclaimed over the next 10 to 20 years.

“Meanwhile, to solve the problem of land scarcity, regeneration of existing housing schemes is one of the solutions.

“Taman Free School flats in Datuk Keramat, Mahsuri flats in Bayan Lepas and Rifle Range flats are more than 40 to 50 years old.

“When the flats reach a certain age, they become economically not viable to maintain.

“Maintaining old flats is more expensive than redeveloping new schemes from scratch,” Jagdeep explained.

He said that in Singapore, when every housing scheme reaches 30 to 40 years of age, an assessment report on the condition of the building must be produced.

“Many schemes there have been entirely redeveloped as in demolished and rebuilt.”

He added that several areas on Penang island and the mainland have been identified to be redeveloped and regenerated.

“This is for the benefit of the people because the size of the Taman Free School units is between 300 and 500sq ft.

“Residents will be offered larger units with a free car parking lot, better security and other amenities and the state will be able to provide more public housing for Penangites,” he added.

Meanwhile, a check with the residents of the Mahsuri flats in Bayan Lepas showed that a majority of them agreed with the idea of regeneration.

Jagdeep said that the project would start soon.

“The only issue is that in Malaysia, we do not have a clear law on how to deal with the minority of residents who do not want certain projects to be carried out,” he said.

He added that he had brought forward the matter to Housing and Local Government Minister Zuraida Kamaruddin.

“The ministry has to study the possibility of amending the law to address this issue,” he said.

Jagdeep added that he would be representing the state government at the National Council for Local Government meeting on Friday to be chaired by Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail.

The Mahsuri flats will be the first regeneration project.

An engagement project with the residents of Taman Free School flats three years ago highlighted several issues such as an increase in density and maintenance fees.

Jagdeep also said that he had received several proposals from developers to work on the regeneration project.

“We are hoping for a win-win situation,” he said, adding that the residents could counter propose their ideas.

Jadgeep and Jelutong MP R.S.N. Rayer later distributed Mandarin oranges to traders at the Taman Free School wet market to mark Chinese New Year.

Source: TheStar.com.my

Elevate @ Gravitas, the first commercial component of the 21.3-acre masterplan Gravitas development by UDA Property at Prai. Strategically located along the ever-bustling Jalan Baru, immediately opposite the Mydin Mall.

This development phase comprises a 4-storey commercial building, featuring 114 units of shop offices with built-up size ranging from 1,119 sq.ft. onwards.

Property Project: Elevate @ Gravitas
Location : Prai, Penang
Property Type : Shop office
Total Units: 114
Built-up Area: 1,119 sq.ft. onwards
Indicative Price: RM560,000 (shop office) onwards
Estimated Completion: Dec 2019
Developer : Uda Land (North) Sdn. Bhd.

Location Map:

Simfoni Eight, a small mixed development by Simfoni Development Sdn. Bhd. at Balik Pulau. It is located on a narrow piece of land along Jalan Sungai Pinang, adjacent to Simfoni Garden. This development comprises 6 units of 3-storey bungalows and 2 units of 3-storey shop offices, which will be an extension of the existing shop lots fronting Jalan Sungai Pinang.

The bungalow unit has a built-up area that starts from 3,490 sq.ft. onward and a minimum land size of 3,486 sq.ft.

Project Name: Simfoni Eight
Location: Balik Pulau, Penang
Property Type: Bungalow & shop office
Built-up Area: 3,490 sq.ft. – 4,500 sq.ft. (bungalow)
Land Area: 3,486 sq.ft. – 4,641 sq.ft. (bungalow)
Indicative Price: (to be confirmed)
Total Units: 6 (bungalow), 2 (shop office)
Developer: Simfoni Development Sdn. Bhd.

Location Map:

By Datuk Alan Tong

Many people kick-start the new year with a fresh set of resolutions.

I always like listening to resolutions from the younger generation and take a peek at their life goals. It is interesting to keep our finger on the pulse.

Buying a new house and a new car usually top the list of the young generation.

I was curious, “Should you buy a car or a house first?” Their answers varied, with most of them, voting for a car instead of a house, due to the need for transportation.

I started this column eight years ago with the first article entitled “Buying a car or a house first?” This is a topic I have been passionate about, and I hope the examples below help people make better decisions.

Eight years ago, a friend bought a brand new car at RM140,000. Today, that car is only worth RM40,000 if he were to sell it. It has depreciated more than 70% since he bought the car!

Another friend purchased an affordable apartment with RM100,000 around the same time eight years ago. That apartment is now worth more than RM250,000! My friend doesn’t plan to sell the unit because of its potential for further capital appreciation.

These real-life examples paint a clear picture between “good debt” and “bad debt”.

Given a choice, would you prefer to get a loan to buy an item that depreciates over a short period which is deemed as “bad debt” or commit on a “good debt”, which is to purchase a house or asset that will appreciate in the long term?

A car used to be a symbol of freedom and ease of mobility. I could understand the dilemma of having to choose between a house and a car a decade ago.

Even then, we should still have chosen a car within our means to manage our financial position.

Today, with public transportation and the availability of ride-sharing services such as Grab Car, we can now really have the option of buying a house first. This gives us both shelter and value appreciation.

This choice has just been made easier with Budget 2019 and the recent announcement by the Finance Ministry.

The government has rolled out several measures to assist homebuyers, including stamp duty exemptions.

Homebuyers will get a stamp duty waiver for memorandum of transfer (MoT) for the purchase of houses priced up to RM1mil, during the six-month Home Ownership Campaign (HOC) from January to June 2019. In addition, the stamp duty on loan documentation is fully waived up to RM2.5mil.

Besides that, the Real Estate and Housing Developers Association (Rehda) has also agreed to cut the prices of its completed and incoming units by at least 10%.

When I talk to potential homebuyers, they always ask about the right time to own property.

There is no perfect time to buy a house on foresight. If the price is within your means, and you plan to buy it for own stay or as a long-term investment, then anytime is a good time.

However, with the property market at the bottom half of the cycle now, this could be a good time to commit to a house with the attractive tax incentives rolled out by the government.

Homebuyers can grab the “duty-free” opportunity now to explore the property market. Those living in the Klang Valley will be able to find their dream home during the Homeownership Campaign Expo at the KLCC Convention Centre from March 1-3.

The campaign is jointly organised by Rehda and the Housing and Local Government Ministry. Besides having all developers under one roof, the ministry will also be featuring homes under RM300,000 by PR1MA, SPNB, PNB and others.

The Homeownership Campaign was first held in 1998 to lessen the burden of homebuyers and to encourage homeownership. It is re-introduced after two decades now with the same objective.

For homebuyers who don’t like the risk of buying a house under construction, there are plenty of completed units for sale in the campaign.

Buying a house can be emotional and uncertain for many homebuyers. However, in the long run, we can rest assured that we are buying an asset that will appreciate.

For homebuyers, always buy within your means as you can upgrade your house in the later stage of your life.

In this auspicious Chinese New Year, I hope you decide to prioritise a new house over a new car. Gong Xi Fa Cai!

*Datuk Alan Tong has over 50 years of experience in property development. He was the World President of FIABCI International for 2005/2006 and awarded the Property Man of the Year 2010 at FIABCI Malaysia Property Award. He is also the group chairman of Bukit Kiara Properties. For feedback, please email bkp@bukitkiara.com

Source: TheStar.com.my

Join Mah Sing’s 25th Anniversary Celebration on coming Saturday & Sunday (16 & 17 Feb 2019), from 10 am to 6 pm. An event with a full day of fun for all members of your family.

With Mah Sing’s 25th Anniversary this year, every purchaser during CNY will get to spin the Wheel of Prosperity and win a guaranteed prize worth up to RM25,000. Other prizes include Samsung TV, Samsung Note 9, iPhone, iMac, MacBook and more.

Apart from enjoying Special CNY Deals, the purchaser also entitles to get a Gold Foil if the booking is made on the event day.

Feel free to bring all your friends and family. Entrance and parking are free.

For more info, please visit
https://www.mahsing.com.my/cny2019