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The Real Property Gains Tax (RPGT) valuation on property would only be calculated from the year 2000 onwards, says Finance Minister Lim Guan Eng.
He said that this is done to give clarity on the issue following feedback from concerned property owners who have bought and owned land extending decades before 2000.
“On RPGT, the government previously announced rise to five percent, but the ministry had received feedback that the cut-off date of evaluation was not set.
“There were parties that raised concerns that if the property was bought since 1960 and later sold, how much is the tax that they need to pay.
“Therefore, the ministry had set the date of valuation to begin from the year 2000 despite the land being owned since 1960. It would only be valued from 2000,” he said at the Dewan Rakyat during his wrapping-up speech on 2019 Budget at the Dewan Rakyat today.
Previously when tabling 2019 Budget, Lim said the government raised the RPGT to five per cent.
However, this tax is exempted on low-cost houses and affordable housing priced below RM200,000, among others.
Aspen Group and IKEA Southeast Asia, the joint venture partners for Aspen Vision City has yesterday signed a Memorandum of Understanding (MoU) with Marriott International, appointing Aloft Hotel as the hotel operator in the world class master planned development- Aspen Vision City in Batu Kawan, Penang. The announcement was made during the first ever annual Ikano Centres Tenant Engagement Event. Ikano Centres, which is part of IKEA Southeast Asia, develops and manages all the shopping centres anchored by IKEA stores in the region. This forum provides first hand news and highlights the growing Ikano Centres portfolio of shopping centres across Southeast Asia, including the upcoming regional integrated shopping centre anchored by IKEA Batu Kawan in Aspen Vision City.
Present in the event were Dato’ M. Murly, President and Group Chief Executive Officer of Aspen Group, Christian Rojkjaer, Managing Director of IKEA Southeast Asia, Sebastian Hylving, Expansion Director of IKEA Southeast Asia and Christian Olofsson, Shopping Centre and Mixed-use Development Director of IKEA Southeast Asia.
First International Branded Hotel at Batu Kawan
Aloft Hotel in Aspen Vision City, will be the first international branded hotel in Batu Kawan, the touted third satellite city of Penang. Bursting with a vibrant social atmosphere and a competitive price point, this 260,000 square-feet chic hotel will stand tall on a 30-storey tower with 308 room keys, complemented by international hotel facilities. The hotel is scheduled for completion in the first quarter of 2023.
Catering to today’s modern travellers and holiday makers, the amenities and facilities of the hotel include a swimming pool, fitness centre, meeting rooms, ballrooms, restaurants and bar.
The Aloft Hotel will be sited in a mixed development and integrated with Vogue Lifestyle Residence, Vogue Piazza and Office Suites. It will also enjoy direct access to the regional integrated shopping centre and IKEA Batu Kawan.
The 1,000,000-plus sq. ft. regional integrated shopping centre in Aspen Vision City will be anchored by IKEA Batu Kawan, making it the first of its kind in Northern Malaysia. It will feature a rooftop garden with al-fresco dining, children’s play areas and spaces for public events focusing on providing entertainment, leisure, dining and other attractions bringing families, friends and the community together. More than just a shopping centre, it will be a meeting place with something for everyone. The regional integrated shopping centre is scheduled to open in 2022.
“The shopping centre in Batu Kawan will be connected to the other mixed developments in Aspen Vision City, making the journey from home to shop to offices and other lifestyle amenities as convenient and seamless as possible. IKEA Batu Kawan and the shopping centre will become a real community hub – a meeting place that provides a fun day out for the many people of Northern Malaysia,” said Christian Rojkjaer.
245-acres Integrated Township Development
Aspen Vision City, is a landmark joint venture development between Aspen Group and IKEA Southeast Asia. Spanning across 245 acres Freehold land, it is strategically situated right at the landing point of the Second Penang Bridge and is served by a comprehensive network of infrastructure. With a gross development value of more than RM13 billion, the development includes the first IKEA store and regional integrated shopping centre, an eclectic mix of residential and commercial components ranging from luxurious designer homes to the region’s largest commercial precinct, office towers, condominiums, international class business hotel, Columbia Asia Medical Centre, transportation hub and a 25-acre Central Island Park.
Central Island Park and Vervea
The first phase of Aspen Vision City includes the 25-acre Central Island Park, Vervea shop office and IKEA Batu Kawan store. The joint venture partners have invested RM105 million for the first phase of the Central Island Park which including the land cost and softscape such as flowers, plants, shrubs, trees, flower beds and construction of the landscaping works. They will further invest another RM 45 million for the second phase of the park in the next 5 years. The Central Island Park has been opened to public since October 2018. Vervea is expecting to obtain the Certificate of Completion and Compliance (CCC) in December this year while the IKEA store is scheduled to open in March 2019.
IKEA Batu Kawan
At 433,000 square feet, IKEA Batu Kawan will offer well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them. The showroom will feature dozens of inspirational room settings. A market hall area to provide everything from cookware to candles. A restaurant that will serve the store’s famous Swedish meatballs. A supervised children’s play area to give parents the time they need to shop with everything in the store available to be taken home the same day.
“With the unparalleled connectivity and first-class infrastructure and amenities, Aspen Vision City is easily connected to the entire 6.5 million population in the Northern Region of Malaysia. With all the key catalysts and the investments from various business partners and key industry players, it is able to bring in ample job opportunities, tourist visitations, economic advancement and investment opportunities. Plotted at a prominent locale of Batu Kawan, Aspen Vision City offers an upper hand to home buyers and property investors as well as the various businesses that will be blooming in this appealing destination. We believe all the commercial activities in Aspen Vision City will create a new vitality and stimulate the vigorous economic activities in the State,” said Dato’ M. Murly.
Be the first to discover the new 1,675 acres mega township by S P Setia – Setia Fontaines at Ng Yam Huat Hall, Bukit Mertajam. Save the date and join with us at Ng Yam Huat Hall, Bukit Mertajam on 24 November 2018.
Event Date: 24 Nov 2018 (Sat) Time: 10.00am – 10.00pm Location: Ng Yam Huat Hall, Bukit Mertajam
*Event Highlight:
10am – Cash Tornado Machine, Games Workshop & Fun Activities,
11am – Blood Donation, Exotic Pet Exhibition, Free Health & Skin Screening
2pm – Colouring Contest
4pm – Kids Workshop
6pm – Zumba Fitness Dance
7pm – SATAY Party
Orange Park, a gated and guarded development by Doublemax Development Sdn. Bhd. (Tah Wah Group) in Bukit Mertajam. It is strategically located along Jalan Betek Manis, easily accessible the bustling Jalan Song Ban Kheng. Just a stone’s throw away from SJK(C) Keow Kuang Primary School.
This development comprises 54 units of 2-storey terrace houses, 1 unit of 2-storey bungalow and a resident clubhouse.
More details to be available upon project launch.
Project Name : Orange Park Location : Bukit Mertajam, Penang Property Type : Gated & guarded residential Total Units: 54 (terrace), 1 (bungalow) Indicative Price : RM650,000 onwards Developer : Doublemax Development Sdn. Bhd. (Tah Wah Group)
The Real Property Gains Tax (RPGT) valuation on property would only be calculated from the year 2000 onwards, says Finance Minister Lim Guan Eng.
