Non-Penangites will now be able to buy affordable housing units here in a move by the state government to address the overhang situation.

State Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo said affordable units that fall under the open market category would be up for sale at market rate and not bound by affordable housing pricing.

“We have allowed open market sales before. In every affordable housing project, 30% of the units will be sold under the open market category.

“This time, we have decided to increase the percentage to 40%, of which 20% can be sold to non-Penangites who are not registered voters here.

“That includes our projects in Penang Development Corporation, as we are facing the same challenges,” he said during a press conference in Komtar here yesterday.

Affordable units in Penang come with three price tags – RM150,000, RM200,000 and RM300,000.

Jagdeep said Penang had an overhang of 3,445 units in 2018 compared to 2,271 in 2017.

He also said the income eligibility for affordable housing had been raised by RM2,000 in each category.

For a RM150,000 unit, the household income is now RM8,000 compared to RM6,000 previously.

The household income is RM10,000 and RM12,000 for the purchase of a RM200,000 and RM300,000 unit respectively.

“The biggest challenge we have is the high bank loan rejection rate.

“One of the reasons is the household income of a family is not sufficient to meet the criteria during bank loan application.

“That’s when we decided to increase the income cap by RM2,000 across the board,” he added.

Jagdeep also said the 3% approval fee for purchase of property by foreigners would be waived in February as a measure to boost sales of high-end properties.

On Penang island, foreigners cannot buy anything less than RM3mil for landed properties and nothing less than RM1mil for a stratified or high-rise unit.

On the mainland, it is RM1mil for landed properties and RM500,000 for stratified or high-rise properties.

Jagdeep said while there has been an overhang in Penang, it was “manageable”.

“But being that as it may, I think it is important for the Penang government to continuously assist the housing sector,” he said earlier before announcing the measures taken by the state early this year.

Jagdeep urged all developers to focus on affordable housing, assuring they will have no problems in selling their units.

“I don’t understand what high compliance costs the developers are talking about, as they also sell units for RM1mil and RM2mil.

“In any case, it’s cross-subsidised as the 30% requirement for them to build low cost and low-medium cost units is the compliance and their profits from luxury units could easily cover this,” said Jagdeep when asked about the concerns of high compliance costs highlighted by some developers.

He also said he was tasked to help the lower income group and provide them with affordable housing.

He said the government would solve the high rejection rate with new guidelines in the coming months and the Finance Ministry’s exemption of stamp duty for first-time homebuyers for properties up to RM1mil was a way towards solving issues in the industry.

“There is no glut and I can confidently paint a rosy picture of the housing industry in the state, which will further prosper in 2019,” he added.

Source: TheStar.com.my

A proposed mixed development by Bagan Masyhur Sdn. Bhd. at Teluk Air Tawar, Butterworth. Located on a 30,000 sq.ft land along Jalan Teluk Air Tawar, diagonally opposite SK Teluk Air Tawar. It is only 15 minutes drive to Penang Sentral via Butterworth Outer Ring Road (BORR), about 20 minutes drive to Penang Bridge.

This development will see the construction of a 12-storey apartment, featuring a mix of residential units and shop offices:

• 2 room apartment (107 units)
• 4-room penthouse (5 units)
• 3-room penthouse (1 unit)
• Shop offices (9 units)

More details to be available upon official launch.

Project Name: (to be confirmed)
Location: Teluk Air Tawar, Butterworth, Penang
Property Type: Mixed development
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Total Units: 233
Developer: Bagan Masyhur Sdn. Bhd.

Location Map:

Gong Xi Fa Cai! May the New Year brings you joy, happiness and good health always!

Celebrate this Year of Earth Pig by visiting these open house organised by developers. Enjoy the refreshments, lion dances, kids activities, lucky draw ang pao, CNY gifts and live performances while searching for your dream home.

SUNWAY PROPERTY (7 FEB)

New semi-detached show unit opening @ Sunway Cassia, Batu Maung

ICONIC DEVELOPMENT (7-10 FEB)

Chinese New Year Roadshow @ Queensbay Mall (Centre Atrium)

BOTANICA.CT (7-10 FEB)

Own a Freehold Landed Property in Penang Island

PARAMOUNT PROPERTY (8 FEB)

Chinese New Year Open House @ Utropolis Sales Gallery, Batu Kawan

BERJAYA LAND (8-10 FEB)

Chinese New Year Open House @ Berjaya Property Gallery

VST GROUP (9 FEB)

Lion Dance Event @ Mont Residence, Tanjung Tokong

RUNNYMEDE GROUP (9 FEB)

Chinese New Year Open House @ Runnymede Gallery, Batu Uban

SETIA FONTAINES (9 & 16 FEB)

Celebrate Chinese New Year with Setia Fontaines

ASPEN GROUP (30 JAN–10 FEB)

Aspen Group Guaranteed Prosperity Campaign

ASIA GREEN GROUP (10 FEB)

Angpow discount worth up to RM38,888 for grab!

ZUWEN BINA (10 FEB)

Chinese New Year Open House @ Spectrum Garden Sales Gallery, Bukit Mertajam

MAH SING GROUP (16 & 17 FEB)

Mah Sing's 25th Anniversary Celebration @ Southbay Sales Gallery, Batu Maung

BELLEVIEW GROUP (6 & 7 FEB)

Chinese New Year Open House @ GEM Sales Gallery

Believe it or not, the Jelutong landfill is set to be Penang’s latest “real estate goldmine”, with a potential to generate a bonanza of at least RM1bil to the state this year.

In land-scarce Penang island, development of the landfill is wonderful news and the state government will be raking in big bucks for it.

Left to stabilise since 2010 with nothing but construction waste being packed into it, this solid bit of coastal land beside Tun Dr Lim Chong Eu Expressway is ready to be rehabilitated and developed.

“We found a suitable developer and we are in the final stages of sealing the agreement,” said a source in the state government.

“There are about 40ha there. For the first 34ha rehabilitated, the state government will keep 25% (about 10ha).

“For the remaining, the state will get 35%,” the source revealed, adding that the size could not be determined as there will be minor reclamations on both sides of the coastal landfill for buffers and fortifications.

“But the developer will have its work cut out for it because the landfill is now almost 40m high, almost like a 10-storey building. They need to level it,” he said.

Plans are afoot to turn the landfill into an “eco and futuristic town”.

The source said George Town has three main seafronts with the potential to be the crowning glories of the island.

“You have the Gurney Drive stretch, the Esplanade and the Karpal Singh Drive promenade with the landfill at one end.

“At one time, the landfill stretched from Jalan Jelutong to the sea. Even the expressway is partly on the old landfill.

“Now all that’s left of the landfill is the sea-end, the best portion,” the source said.

Jelutong landfill began in the 1970s, at a time when it was about 3km from the Weld Quay ferry terminal and considered the city outskirts.

Municipal waste used to be dumped, and the stink gave Jelutong a bad name.

That ill repute ended when the 1.5km Karpal Singh Drive in Bandar Sri Pinang came with a wide promenade that attracts scores of joggers, cyclists and families every evening.

“Old landfills are always designed to be far from cities but cities grow quickly until landfills become part of the city limits.

“Now Jelutong is every bit a part of George Town and the landfill will be a spot without social or heritage restrictions for development,” the source added.

Even the proposed cable car cables from Penang Sentral in Butterworth will cross the channel and land in the Jelutong landfill.

Another source admitted that there could be worry in the fact that one of the pylons of the cable car service might have to be planted at the Middle Bank.

This is a large expanse of sand, visible only at low tide, about 1km from Penang island’s shore north of the landfill.

The daily alternating exposure to air and shallow seawater gives Middle Bank an eco-system rarely seen on a global scale, but the source said the footprint of the pylon is small and will not harm the precious seagrass and marine wildlife of Middle Bank.

“The Middle Bank is part of the unique scenery you can see from Jelutong. It will always be protected,” he said, adding that the developer who won the project was also required to build affordable housing on the landfill.

FIABCI Malaysian chapter president Michael Geh said rehabilitated landfills are usually prime real estate worldwide.

“I have seen rehabilitation processes in Korea, Indonesia and Taiwan.

“In Taiwan, the pattern is to turn it into an urban park, library or property development,” he said.

Geh said the Taiwanese models of development are good; the landfills are often transformed to benefit the public.

Source: TheStar.com.my

Swedish home furnishing retailer IKEA is set to spread cheers leading up its store opening in Batu Kawan on 14 March 2019. Located at Bandar Cassia, this first IKEA store in the northern region is set to offer over 8,000 home furnishing products alongside a wide selection of Swedish and locally inspired food Malaysians have been raving about.

To kick things off, IKEA will be setting-up a food stall at the 2019 Chinese New Year Open House (SPICE Arena) on 6 February 2019, hosted by YAB Chow Kon Yeow, Chief Minister of Penang. Customers of Northern Malaysia will finally get to enjoy a taste of the famous Swedish meatballs and chicken balls, an all-time favourite of IKEA fans in Malaysia! In addition to that, an eye-catching IKEA food truck will also be making stops around town to offer free food samples to the larger public.

As the home furnishing retailer gears towards its vision of creating a better everyday life for the many people in the region, IKEA will be conducting a membership drive around the region for its loyalty programme, IKEA FAMILY. As an IKEA FAMILY member, customers will get to enjoy the latest home furnishing ideas, perks, discounts and other benefits all year round. IKEA FAMILY membership sign-ups will be held from 10am – 10pm at following locations:

• Tesco Ipoh, Perak (28 January –3 February)
• Tesco Tanjung Pinang, Penang (31 January – 3 February)
• Aman Central, Kedah (14 – 17 February)
• Central Square, Kedah (22 – 24 February)
• Tesco E-Gate, Penang (28 February – 3 March).

Upon the opening of IKEA Batu Kawan, IKEA FAMILY members will also benefit from monthly member prices on selected items, free coffee or tea for each store visit, discounted meals, birthday treats and also, invitation to events as well as sale previews, among others.

“In less than two months, the people of Penang and Northern Malaysia will enjoy easier access thousands of well-designed, quality and functional home furnishing products at prices so low that as many people as possible will be able to afford them. Excitement for this store has been brewing and we are doing all the necessary preparations to ensure our customers will enjoy the unique IKEA store experience many have come to know and love,” said Pathmalingam Arumugam, Store Manager of IKEA Batu Kawan.

The IKEA Batu Kawan store will officially opens at 10am on 14 March 2019 (Thursday).