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MARC Residences and Service Apartment

Jayamas Property Group continues to pledge on making quality property development via their tagline of aspiration “Your Home, Our Pride”. Their latest addition of MARC Residences proven to be a distinguished development which features a stylish 26-storey skyscraper with only 110 residential units while MARC Service Apartment offers 40 units of accommodation for urban travellers.

Apart from featuring premium recreational facilities, MARC Residences and Service Apartment stands out with its dual and tri-key concept, which offers the flexibility of generating passive income while having the shelter of a home.

A dual key home is a residential unit that can be split into two. Both are self-contained and share a common foyer and single title. The owner can rent out each section separately to maximize their rental income. Tri-key concept, probably first of its kind in Malaysia, is an extension of the dual-key but with greater flexibility that allows the owner to rent one property conveniently to three different tenants.

Strategic Location

This impressive lifestyle development is strategically located along Song Ban Kheng Road (also known as Jalan Song Ban Kheng), the most prominent bustling road connecting to the heart of Bukit Mertajam town which has rapidly evolved from an agricultural area into one of the fastest growing town in mainland.

Song Ban Kheng Road’s humble beginnings dated back to 1999, when it was built and named after Song Ban Kheng who became the principal for Jit Sin High School for about 20 years. Today, the road is a primary route in Bukit Mertajam providing connectivity among several public schools, residential and commercial areas. It is also the main access point for commuters going to neighboring towns, North South Expressway and even Penang bridge.

marc-location-map

 

As locality is evolving over time, Song Ban Kheng road has been growing steadily towards becoming a desirable destination for business and property investment. Its geographical convenience has brought the rapid growth of urban population within the surrounding area and created abundance business opportunities. This is clearly evidenced with automobile service centers, hotels, financial institutions and popular eateries mushrooming within the neighbourhood in the recent years.

Certainly, those who are not familiar with Penang mainland property market would be surprised to discover that some of the residential and commercial properties near Song Ban Kheng Road have doubled in value over the past 5-6 years. In fact, today it could cost you well over RM1million to own a decent semi-detached house within the vicinity.

Investing for Passive Income

Should you have ever considered running an Airbnb or renting out your house to earn some income without the hassle of cleaning the rooms regularly or having the time to market and take bookings, then investment in MARC Service Apartment might just be the right choice for passive income.

When you are investing into a property for passive income, the old punchline “Location, Location, Location” still rules and remains the most crucial factor for profitability. Proximity to key commercial and industrial areas, workplace and highways are some of the major factors for its valuations.

Being centrally located within several industrial areas and with easy access to all major expressway, the prominent Song Ban Kheng road is set to experience continued growth with several more development projects in the drawing board; what more if hotel development is coming soon! The upcoming international hotel brand, coupled with high occupancy rate in hotels, is a clear sign of confidence in local rental and short-stay market.

With the scheduled launch of the MARC Residences and Service Apartment soon, it is set to bring a new playing field for local property investors in 2019.

For more details about this project, you may visit www.jayamasproperty.com

Register your interest here

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.

 

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Overhang residential units in Penang up by 44%

Property News/ 24 December 2018 10 comments /中文版

2018-overhang

Malaysia is entering 2019 with unsold completed residential units rising to 30,115 units as at Sept 30, 2018, an increase of 48.35% from the 20,304 units a year ago.

According to the Valuation and Property Services Department’s (JPPH) latest figures released on Saturday, the total value was RM19.54bil, a 56.44% rise from RM12.49bil a year ago. Should serviced apartments and small offices home offices (SoHos) be included, the overhang value rose to 40,916 units, valued at RM27.38bil.

JPPH defines an overhang as completed unsold units nine months after issuance of certificates of fitness, signifying from the authorities that a dwelling is fit for occupation. The unsold units are across the board from RM50,000 or less to more than RM1mil. The concentration begins even from the RM200,000-RM250,000 segment with about 3,500 unsold while the bulk of the overhang are priced RM500,000 and above, with more than 12,000 units.

The government and the Real Estate Housing Developers Association are planning to launch a national home ownership campaign in January to resolve this blemish on the property sector. Individual developers are currently putting last minute tweaks to their campaigns.

Among those looking forward to unveil their bags of goodies are the Eco World group, Sunway and Mah Sing, just to name a few.

The overhang has been rising in terms of units and ringgit value for a few years now, with the exception of 2015 when the number of overhang units decreased to 8,804 units, valued at RM3.64bil. However, the numbers took off again a year later, with unsold units valued at RM8.27bil in the third quarter of 2016.

The situation then and now is further complicated with the completion of serviced apartments and SoHos which are built on commercial land, but which are also used for residential purposes.

Johor has the largest number of unsold completed serviced apartments and SoHo units at 7,714. It rose 191% from the 2,647 units recorded a year ago. The overhang in serviced apartments is valued at RM6.16bil compared with its residential overhang of RM4.44bil. This means the total overall value of its unsold serviced apartments are 1.5 times that of residential housing.

This brings Johor’s total overhang to about RM10.6bil, or more than a third of the national RM27.38bil figure, excluding other forms of unsold commercial properties like offices and retail in the state. Going by JPPH reports, Johor has the highest number of completed unsold units in the country, with 6,053, a 55% increase from the 3,901 units a year ago.

A source from the JPPH said the country’s overhang scenario has somewhat changed with thousands of unsold serviced apartments and SoHos, a feature of urban centre living.

To circumvent high property prices, developers shifted their focus by building shoebox-sized units built in urban centres on commercial land which has a higher value than residential land.

Local authorities also convert land to commercial status in order to get higher land premiums from developers. Owners of these units also pay high taxes to the local authorities.

Developers “cut” the units smaller to bring the overall price down to give an illusion of affordability.

The JPPH source said: “Buyers bought these units because they were priced at around RM500,000 but they did not know that they have to pay higher serviced charges, utility bills and other taxes because of their commercial status.

“When they get the bills, they are shocked with the high charges,” the source said. That is one of the reasons why buyers may be staying away from serviced apartments, he said.

It is also difficult to bring up a family in such homes because of the small size of these units. A minimum size of 1,200 sq ft with three bedrooms would be more ideal, he said.

Among the states that have a serious overhang are Johor, Selangor, Penang and surprisingly, Kedah. Known as the rice bowl of Malaysia with its paddy-farming community, Kedah with an estimated population of about 2 million, has an overhang of 3,450 units, reducing marginally by 2.38% from a year ago. Selangor’s residential overhang rose to 4,524, up 25.81% while Penang, up 43.59% to 3,261 units.

He said JPPH depends on data fed to them by developers. Developers holding back information will not give a true and fair view of the situation. According to JPPH’s latest report, Kuala Lumpur has no unsold completed serviced apartments/SoHos.

Source: TheStar.com.my

 

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The Park @ Mak Mandin affordable housing project to be ready next year

Property News/ 23 December 2018 No comments

the-park-mak-mandin-completing-soon

Buyers of The Park @ Mak Mandin can soon rejoice when their affordable housing project completes end of next year.

Property developer Silver Channel Sdn Bhd said the development of the project was currently on track.

State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh said he was delighted to see the buyers at the topping-off ceremony on Dec 22.

The Park @ Mak Mandin is one of the projects under the state affordable housing scheme.

Jagdeep said the state would continue to work with the private sectors to ensure the delivery of affordable housing projects.

The Park @ Mak Mandin is strategically located off Jalan P. Patto, with restaurants, shopping malls, prestige schools and even the famous Apollo Market are within reach.

Also present were state Youth and Sports Committee chairman Soon Lip Chee, Bagan Dalam assemblyman M. Satees, and Directors of Silver Channel Sdn Bhd Musa Mustakim and Tay Kean Huat.

FIND OUT MORE

The Park @ Mak Mandin
Affordable housing scheme by Penang State Government at Jalan Mak Mandin, Butterworth. This project is undertaken by Silver Channel Sdn. Bhd., comprising 4 blocks of 14-storey towers with 780 apartment units.

 

Source: Buletin Mutiara

 

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deLoft

Bukit Mertajam/ 21 December 2018 4 comments

deloft

deLoft, an affordable housing project by D’nonce Properties Sdn. Bhd. at Bukit Mertajam, Penang. It is strategically located along Jalan Betek, easily accessible via the ever-bustling Jalan Song Ban Kheng. Amenities such as schools, market, banks, shopping malls and eateries are only a few minutes drive away. This is probably one of the very strategic affordable housing locations in the mainland.

This development comprises a 19-storey high-rise building offering 281 affordable units with gross built-up size of 900sq.ft. Affordable housing project in the mainland, it is expected to be priced around RM250,000.

READ MORE ABOUT AFFORDABLE HOUSING:

Project Name: deLoft
Location : Bukit Mertajam
Property Type : Affordable Housing
Total Units: 281
Indicative Price: RM250,000
Developer : D’nonce Properties Sdn. Bhd. (D’nonce Technology Bhd.)

Register your interest here

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.

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The Benefits of Penang’s South Reclamation Scheme

Readers Column/ 20 December 2018 3 comments

psr-aerial

By Timothy Tye

Today I come to you from the coastline of Permatang Damar Laut, in Bayan Lepas. Yup, I am on a reconnaissance field trip, to check out the sites of a mammoth land reclamation called the Penang South Reclamation scheme (PSR).

Recently, the Penang State Government announced plans to initiate reclamation on the south side of Penang Island. The scheme involves creating three manmade islands off the southern coast spanning Permatang Damar Laut, Teluk Bayu, Sungai Batu, Teluk Kumbar and Gertak Sanggul.

As with all mammoth projects, the scheme does not escape opposition. On the other hand, being one who understands the benefits of this scheme, I would like to share with you, so that you too can have a clear understanding of the rationale behind this scheme, which at the surface seems so removed from our everyday Penang life, and yet will have a positive impact on the lives of the people of Penang, not just for a moment, but for decades to come, and that it is to our own disservice to blindly oppose it.

And the best way to explain the benefits is with an analogy.

A grandfather story

Small children can be incredibly self-centered. When we were small, we often make demands of Daddy, whether it is for new clothes, new toys or a new tricycle. We throw tantrums when Daddy said he could not afford. We just want those things. We don’t care how Daddy gets them for us. On one hand, we want Daddy to afford us things, yet on the other hand, we don’t want Daddy to go out to work, because we want him to stay home the whole time and play with us. We would get very upset whenever Daddy used the words “cannot afford”. That’s how we were, as small children.

As we grow older, we begin to learn the realities of life. We start to understand why Daddy has to work so hard. We also learn unpleasant things about our own family. Like, how Grandpa had borrowed lots of money, not to help the family, but to waste it on careless spending. Because of Grandpa, the family is in debt. Now it dawns on us kids, those people knocking on our door, they are not friends, they are debt collectors.

On 9 May, 2018, the family had a big upheaval, when it was decided that Grandpa is not fit to handle the family’s money, and so a different grandfather – let’s call him Granddaddy – took over the role. But Granddaddy has to settle the debts Grandpa left behind. That means, no new toys, no new clothes and forget a new tricycle. That makes Granddaddy very unpopular, especially with the smaller children. But the bigger kids know that this period of austerity is not forever, and one day, happy days will come again. But until that day arrives, we wished we were innocent children again, so that we could unknow the unpleasantness we now know.

Some people, having grown up, continue to harbour that child-like mentality. Except that, Daddy is State Government and Grandpa/Granddaddy is Federal Government. Like children, they make unreasonable demands of the Government. They want the Government to give them this and that, but they are not interested to listen when the Government says it cannot afford to satisfy their demands. For all they care, the Government holds some form of magic wand that materialises money out of thin air.

The reality is, the State and Federal Governments operate pretty much the same way every family does. A responsible family is thrifty, and does not borrow unnecessarily. Daddy’s day job is barely enough to cover the family’s basic necessities. To afford the new clothes, new toys or a new tricycle for us, Daddy has to take a second job. In the family called Penang, the Penang South Reclamation (PSR) scheme is Daddy’s second job.

The Penang State Government cannot materialise money from thin air. What it receives only covers the basic necessities of the people. To have more money – to pay for things like a new highway or a new LRT line – it first has to create for itself a new revenue stream.

The source of income for Penang development

The State Government is aware that the amount of land that can be developed on Penang Island is depleting. That itself creates both a concern and an opportunity. Such opportunities present themselves only to cities that are islands, for they can create new land which will become a much-needed revenue generator for years to come.

The plan involves creating up to three islands, which will provide the State Government with as much as 1,800 hectares of land that it will own. This land can then be slowly sold for development as and when the need arises. On top of that, 30% of the land will be set aside for public housing, to provide houses for common Penangites.

The Penang State Government does not intend to sell off all that land at once. Doing so will have a huge negative impact on land prices in Penang. Some of the lands will be sold, some will be used by the State Government for the people such as creating public space for Penangites. Selling the land gradually serves as a mechanism to ensure property prices in Penang can be controlled and does not steeply increase. To put it bluntly: if we want our future generations to afford Penang property, it is in our own interest to support our government’s initiative in putting this price stability mechanism in place.

Unfortunately, people who are opposed to this plan try to paint the State Government as rapacious and attempting to swindle the people. They either do not comprehend or deliberately wish to ignore, that the whole reclamation scheme is to introduce long term benefit and property price stability mechanism, while at the same time, providing the state with a long-term revenue stream. Those who are too lazy to understand the rationale often say, “If Penang Island runs out of land, why don’t we develop Penang Mainland? It has plenty.”

Such a remark disregards the objective: how does that create a revenue stream for the State Government? Penang Mainland may have a lot of lands, but if it does not belong to the State Government, it doesn’t benefit the government, and therefore, could not be channelled back to benefit the people.

The environmental and social impact 

Now that we understood how the Penang South Reclamation Scheme will benefit the State Government, it is also necessary to be aware of the environmental and social impact this mammoth scheme will have on Penang and its people, especially those staying along the southern coast. And to best understand this, I visited the places involved.

Permatang Damar Laut is an area on the south side of the Penang International Airport. While it is part of Bayan Lepas, it is composed of several kampongs including Permatang Tepi Bendang, Permatang Tepi Laut and of course, Permatang Damar Laut proper.

In the 1970s, the Penang International Airport underwent a major expansion. The extension of the airport runway resulted in the relocation of a portion of Permatang Damar Laut by a few hundred meters away. The only trace of that village is its village cemetery, now an “island” surrounded by airport land. Jalan Permatang Damar Laut cuts right through the airport land.

In the subsequent decades, the paddy fields in the area were developed, and the village of Permatang Tepi Bendang became expunged. To the west side of airport land is the village of Permatang Tepi Laut. Today, it is the only intact settlement in Permatang Damar Laut that has neither been relocated or expunged.

Sungai Permatang Damar Laut flows beside this small fishing village, which has its own little fishermen’s jetty. The coast has a muddy bottom, and at times, you can see mudskippers. During the Second World War, the British built small batteries, colloquially known as pillboxes, the relics of which can still be seen on the coast.

 

During my visit to Permatang Tepi Laut, there were a few villagers sitting around a table, at the local fishermen’s hall. I got into a conversation with them. Friendly rural folks, they asked me if I were a reporter. I told them I am exploring the area to know more about it.

I asked them about the neighbouring village of Permatang Damar Laut, which was relocated in the 1970s. The villagers told me that those people were lucky, because as a result of the compensation, the relocated folks received a proper plot of land with brick houses to replace their wooden village houses. In comparison, they were “not that lucky” because their village, Permatang Tepi Laut, did not have to relocate.

I did not inform the villagers that in the future, they too might have to relocate, if their village is in the path of the Bayan Lepas LRT. (Yes, the LRT will pass through here on its way to the first of the three reclaimed islands. The exact path of the LRT line, I do not yet know.) But if that were true, I believe they would welcome the idea, for finally, they could enjoy the compensation received by neighbouring Permatang Damar Laut few decades earlier, conditional of course, to their being the rightful title holders of the land and not squatters.

fisher-folksRural folks deserve the change for a better life

Careful not to plant words in their mouth, I asked if they are aware of the plans to reclaim land off the coast. Yes, they were aware but didn’t seem perturbed by it. In fact, based on the benefit received by neighbouring Permatang Damar Laut decades ago, the people I spoke to at Permatang Tepi Laut seemed to welcome change.

As I chat with them, these villagers came across as admirably resilient and pragmatic, and more welcoming of progress than we often give credit to rural people. I realise that quite often, villagers who oppose the government’s plans are those who have words planted into their mouth by outsiders who derail the government’s plans for their own motives.

As Penang urbanises, the remaining rural pockets may have to undergo change, something that many villagers have come to accept. Change was already happening in places surrounding Permatang Tepi Laut – in Batu Maung, in Teluk Kumbar, in Bayan Lepas, so it is only a matter of time before it arrives at this sleepy village.

In fact, the people of Permatang Tepi Laut deserve the change – especially a change to a better life, with better housing, better standard of living, and a better way of earning a living. Even the way they fish may have to change. But the fear of change is understandable, and should not be ignored. The key is to apply a sympathetic approach to managing that change.

Remain watchful

AnakPinang understands the necessity of the Penang South Reclamation scheme. The funds it generates can be applied to the improvement of our infrastructure, particularly the Penang Transport Master Plan, which leads to a better life for all of us. In addition to that, enlarging our state land bank will help prevent property prices from drastic overheating.

Nevertheless we will remain watchful and will impress on the State Government that the common people impacted by the Penang South Reclamation scheme benefit rather than suffer. After all, what purpose a scheme if it doesn’t benefit the people? Often, people who could not articulate their plight have their well-being overlooked. At AnakPinang, we want to ensure that those impacted will not be adversely affected, while those not directly impacted will be able to see and enjoy the benefits.

It is therefore a necessity for us to understand the change the villagers have to undertake, and in our most sympathetic manner, ensure that the transition involved will be handled with the greatest of care. There are times we cannot avoid progress, but neither should we become casualties of it.

Timothy Tye is a spokesperson for AnakPinang, a Penang-based civil group. 

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