Runnymede Bay, an upcoming 5-acre seafront development by Runnymede Group in the prime business district of George Town, Penang. It is strategically located along the vibrant Jalan Sultan Ahmad Shah (Northam Road) nestled along Penang’s famous Millionaire’s Row, just a block away from the E&O Hotel.

Designed by Kerry Hill Architect of Australia, Runnymede Bay is set to become an iconic landmark in Penang Island when completed. The development will include a skyscraper that spans 45 storeys, consisting of the following components:

• Retail units spanning two levels located on the ground floor.
• A multi-storey car parking podium with 10 levels.
• Serviced residences occupying levels 3-45, with a total of 132 units.
• Office suites located on levels 11-23, with 44 units.
• Condominiums with facilities located on levels 24-45, with 98 units.

Phase 2 of the development will see the addition of a 48-storey hotel.

Project Name : Runnymede Bay (formerly known as Runnymede Place)
Location : Georgetown, Penang
Property Type : Mixed development
Indicative Price : (to be confirmed)
Last Updated: June 2023
Developer : Runnymede Group

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

Yet another new residential development proposed by Venice Trend Sdn. Bhd. at Kubang Semang, a township near the state border of Penang-Kedah. It is located on a 4.5-acres land near Jalan Mengkuang Keretapi, less than 5km away from the state border. For those who are working at Kulim, it will only take 15-minute drives to Kulim Hi-tech Park during off peak hours.

This development comprises a mix of terrace, semi-detached and bungalow houses:

• 2-storey terrace (39 units)
• 3-storey terrace (12 units)
• 2-storey semi-detached (10 units)
• 2-storey bungalow (1 unit)

This project is still pending for approval. More details to be available upon official project launch.

Project Name: (to be confirmed)
Location : Kubang Semang, Penang
Property Type : 2 & 3-storey terrace
Total Units: 62
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer: Venice Trend Sdn. Bhd.

Location Map:

The measures announced in Budget 2019 will not be enough to “kick-start” the already subdued property and housing market, said property experts.

“The measures for the property sector are too small to affect the market in any way. The market is already subdued, already slow. Overall, I don’t think there will be any impact at all as the changes are rather minimal,” said Malaysian Institute of Estate Agents past president Siva Shanker.

He said some of the policies such as the increases in the Real Property Gains Tax (RPGT) and stamp duty rates are unpopular but believes that Malaysians understand that the new government should be given a chance to fix the problems left behind by the previous government.

Siva said the increase in stamp duty for properties above RM1 million from 3% to 4% will not worsen the overhang as the majority of such units are within the RM500,000 to RM1 million price range.

“The majority of overhang units are in this price range and most of them are in the speculative market. The higher RPGT rate would also get rid of speculation and false demand in the market,” he told SunBiz.

On measures announced for first-time home buyers, he said any kind of concession is useful as many first- time home buyers are from the bottom 40% (B40) group, who may be able to afford monthly repayments but face difficulty in coming up with the downpayment.

“Any kind of savings is useful for them,” he added.

Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia past president Datuk Siders Sittampalam said Budget 2019 could have included some initiatives to kick-start the property market.

“I thought the RPGT would be reduced to boost the property market but, instead, the rate will be increased. This will have an impact on property investors. It will discourage those who buy for investment, which will result in a drop in rental properties as fewer people will buy for renting out.

“Foreign property investors will also be discouraged as the RPGT will be increased from 5% to 10%,” he said.

On the developers’ commitment to reduce house prices by 10%, he said there is no visibility to ensure that they actually reduce prices.

“How will the government ensure that there is a 10% reduction in house prices? If the developer says his selling price has been reduced by 10%, the buyer would just have to accept it. It is not visible,” Siders said.

“However, I must acknowledge that the government has done quite a bit for the affordable housing segment. These moves will help. There are also other good ideas such as the property crowdfunding platform, but it is too soon to comment as the details are not out yet,” he added.

Source: TheStar.com.my

Homebuyers under the FundMyHome scheme not only has the opportunity to own a home at only 20% of the house price but could also tap the robust property market to enjoy investment return, said The Edge Group Chairman Datuk Tong Kooi Ong.

The innovative and inclusive homeownership scheme developed by EdgeProp Sdn Bhd, brings together homebuyers, institutions and developers under one roof to improve the overall real estate ecosystem.

According to Tong, in his presentation at the launch of FundMyHome today, the three main stakeholders in the industry have their own problems, for instance, homebuyers have difficulties in securing end-financing; developers want good sales and investors are looking for better return.

“FundMyHome is created to provide a game-changing solution to these challenges faced by first-time homebuyers. It enables homeownership without a bank loan, which means there will be no monthly repayments,” he added.

Through this platform, homebuyers who couldn’t get the mortgage loan could purchase a unit featured on FundMyHome.com with just 20% payment of the property price.

The balance 80% of the cost of the property is contributed by participating institutions, who share the returns from changes in the future value of the homes.

For the developers, they could get the 80% from the institution while the remaining 20% could be collected when the property is sold on the fifth year onwards, albeit only if the selling price is higher than the initial selling price.

Currently, the participating institutions contributing to the 80% portion of the home price are Maybank Group and CIMB.

According to Tong, for the investors, they could enjoy a 5% return from their investment.

Currently, EdgeProp.my is in discussions with the Securities Commission and Bank Negara Malaysia to finalise the terms and conditions as well as the framework of FundMyHome.

FundMyHome is open to all Malaysian residents above 18 years old, a first-time homebuyer and a non-bankrupt.

All homes on FundMyHome.com are either completed or nearing completion, enabling most buyers to move in soon after the completion of the buying process.

Buyers may also rent their homes out to earn rental income which could help to free up their funds for other pressing commitments and reduce their dependence on debt.

Under the FundMyHome concept, the homebuyer can choose to either sell or stay on after a fixed commitment period of five years.

Those who wish to stay can refinance the home via FundMyHome or with a normal bank mortgage. All this will be facilitated through FundMyHome.com.

Source: EdgeProp.my

The government will allow the setting-up of property crowdfunding  platforms which will serve as an alternative source of financing for first time homebuyers, said Finance Minister Lim Guan Eng yesterday.

The first exchange is expected to go live in the first quarter of 2019, after all necessary approvals are obtained from the Securities Commission.

In tabling Budget 2019, Lim said this is a demonstration of the Pakatan Harapan government’s willingness to explore new, technology-enabled and innovative mechanisms to solve the country’s housing problems.

The platform will be regulated by the Securities Commission under the peer-to-peer financing framework.

Under this model, the buyer will be able to acquire a selected property for 20% of the price of the property, while the balance 80% will be fulfilled via potential investors who are interested to fund the acquisition in exchange for the potential value appreciation of the property over a particular period of time.

“In simple terms, Ah Chong, for instance, will be able to own and stay in a RM250,000 property by paying RM50,000 without having to procure a mortgage. Ali who might only be interested in investing in a new property for capital appreciation will fund the balance of the RM200,000 via the peer-to-peer Property Crowdfunding exchange,” he explains.

He noted that this financial innovation will be the first in the world, and if successful, will transform the affordability of homes for first-time home buyers in the country.

Source: EdgeProp.my