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Pulau Jerejak development plan

Property News/ 1 July 2018 15 comments

pulau-jerejak-development

Two month ago, the Penang Island City Council (MPPP) announced that it has given the approval to developer Tropical Island Resort Sdn Bhd to demolish existing building structures on a 80 acres site on Pulau Jerejak to make way for redevelopment of the islet off the eastern coast of Penang Island.

Tropical Island Resort is a joint venture between Penang Development Corp (PDC) and UDA Holdings Bhd. It has in turn signed a joint-venture agreement with Q Islands Development Sdn Bhd, a subsidiary of Ideal Property Group to redevelop the site of the Jerejak Rainforest Resort & Spa.

However, some parties have raised concerns that the redevelopment of the area will affect the island’s forest ecosystem which is to be gazetted as a forest reserve.

Chow says Pulau Jerejak’s redevelopment became an issue because there was confusion over the facts of the redevelopment.

“When we talk about gazetting the island as a forest reserve, we are talking about Pulau Jerejak minus about 80 acres of land which has already been given to the PDC and UDA Holdings’ joint-venture company. When they proposed the plan to develop that 80 acres of land, it is often taken as developing the whole island which is not true. The 80 acres have been developed in the past although not fully,” explains Chow,

“In Penang, development is always a dirty word,” he says, adding that the state remains committed to gazetting the rest of the island as a forest reserve.

“In the proposal, there is a bridge from the island to Pulau Jerejak to allow for electronic cars as the island has no carrying capacity for [normal] vehicles,” Chow reveals. It was previously reported that the proposed redevelopment includes the bridge, 1,200 residential units, a marina, hotels and a theme park.

Source: EdgeProp.my

 

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Common Mistakes by New Home Buyers

Readers Column/ 30 June 2018 4 comments

8-common-mistakeby Anders Ong

Buying a house was always one of the biggest commitment or decision a person will made in their life, unless they are filthy rich. It is also the biggest and maybe the scariest for some as it could be tied up to 35 years to a person with 35 years of mortgage repayment which mean less entertainment and less money to spend on other things. But the first property people bought is always based on the following facts, which can be either good or bad for the future:-

1) Full Emotions

First home is always like first love, we buy because we love what we see or what we believe is right without any proper survey and research then we get stuck unless we are lucky and bought the right property accidentally.

2) No Financial Planning

We failed to plan when the house is price RM1,000,000.00 and our income is only RM3,000.00 to RM5,000.00 but we placed booking anyway without pre approval. It’s either our loan rejected or the loan approve and suffocated with repayment later.

3) Great Procrastination

This is one of the reason why people cannot afford to buy a home. People wait and hope for the price to decrease but the chances is very slim. Property price most of the time will appreciate or stagnant in good area.

4) No Research

So my friend is buying this property, maybe I should buy as well and maybe what the sales person saying is correct.” Buying without knowing the market value is what get most newcomers stuck with their overpriced property years later.

5) Buying Wrong Property

So many types of property at the market now, from SOHO, SOLO, SOFO to SOVO suites. Once the assessment and quit rent receipt is here make sure do not get shocked and take it as planned.

6) No Cost Estimation

Yes, we calculated the legal fees for sales and purchase agreement, the legal fees for loan agreement, the mortgage repayment monthly, the booking fees needed, the balance down payment needed and the bank interest rate. But forgotten the recurring maintenance fees monthly or even the stamping for title transfer and other hidden cost.

7) Managing Ourselves

Saving cost by repair and maintaining the property ourselves is great is we have the capabilities. But, if we are not used to repair and maintenance it will take a chunk of our time.

8) Choose Mortgage by Interest Rates (%)

Most buyer choose mortgage loan based on the popularity of bank and lower interest rates. But, be worry as some low interest rates are only during the initial first few years and aren’t as flexible as you want. Choose the plan that suits you instead.

Anders Ong – Young Property Investor, Writer and Enthusiast of Real Estate. 

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Steering the course for Penang – Penang Transport Master Plan

Property News/ 29 June 2018 4 comments
Image by EdgeProp.my

Image by EdgeProp

Newly appointed Penang Chief Minister (CM) Chow Kon Yeow is not an unfamiliar face in the state. When Lim Guan Eng who is now the country’s Finance Minister, was the CM, Chow had held the Local Government, Traffic Management and Flood Mitigation portfolio for two terms. He is now chairman of the State Land Matters and Land Development, Information and Transportation Committee.

In the weeks after being sworn in, Chow had immediately stated his stance on housing and infrastructure developments in Penang. He is clearly committed to continue where his predecessor left of. He wants to enable the people of Penang, especially those in the low income group, to have a roof over their heads. He also believes that all developments have to take into consideration the long-term environmental impact.

In a recent interview with EdgeProp.my, the soft spoken Chow sheds more light on housing and property development issues, his thoughts on the future of Penang and the status of the state’s ambitious Penang Transport Master Plan (PTMP).

On the Penang Transport Master Plan 

The PTMP is one of the most ambitious projects to be undertaken by Penang. It is estimated to cost RM46 billion. First proposed in 2016, PTMP is a medium to long-term plan to be implemented in phases.

Zenith Consortium, a special purpose vehicle appointed to undertake the Penang Undersea Tunnel component and given the concession to build three major roads — a 4.08km paired road from Gurney Drive to the Tun Dr Lim Chong Eu Expressway bypass, the 10.53km north coastal paired roads from Tanjung Bungah to Teluk Bahang and the 5.7km paired road from Air Itam to the Tun Dr Lim Chong Eu Expressway bypass — has been tasked to first focus on the implementation of the latter.

“That is basically the old Penang Outer Ring Road alignment mooted in the mid-1990s. The urgency is there because of the growing catchment in the Air Itam and Thien Teik area. We will be focusing on the implementation of this package first. They [Zenith] would have to complete all their studies by October followed by the signing of the construction agreement as provided for in the preliminary agreement,” says Chow, adding that the state government will be looking at the construction agreement for each package and not one single agreement for all four components.

“They (Zenith) would be able to start off [the PTMP] maybe next year. Whether it is 1Q or 2Q would depend on the progress of the work that is done over the next few months. By October, they would have to complete all their studies. We think that by 2H2018, we can finalise the design and work on the agreement.

“There is also a deadline which they do not want to miss which is the Environmental Impact Assessment (EIA) approval. It is only valid for two years — that is until October or November next year. They have to start by that date or else it would render the EIA invalid and they would have to submit a new application.”

Meanwhile, SRS Consortium headed by Gamuda Bhd, has also submitted the necessary studies for the three components under them — the Light Rail Transit (LRT) project, the Pan Island Link and new reclamation sites.

“We are awaiting approval from the Land Public Transport Commission (SPAD) for the LRT scheme we have submitted more than two years ago, so that is still outstanding. That is preventing us and the consortium from proceeding to other more detailed design works. Without this approval, we can’t progress to the next phase — that will incur cost.”

EIA studies have also been submitted on the Pan Island Link and land reclamation works.

“Our EIA consultants believe that there are no other projects in the country that require so much study or to have so many studies to be submitted to various agencies for evaluation.

“And although this reclamation proposal was presented to the National Economic Council two years ago and approved in principle, nothing much has taken place at the federal level. We understand that they require all these studies to allow them to come to a conclusion and decision,” says Chow.

Nevertheless, hopes are that by 2H18, the necessary proposals can be tabled to the relevant councils including the National Physical Planning Council for approval and that the relevant ministries would have resolved the outstanding issues.

If the approval is secured, SRS Consortium can look to kick-start the three components under them by 2H19, Chow adds.

Source: EdgeProp.my

 

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AFFORDABLE: Balik Pulau / Ideal Property Group

Balik Pulau/ 28 June 2018 No comments

proposed-development-balik-pulau-ideal-property

A newly proposed affordable housing develoment by Ideal Homes Properties Sdn. Bhd. at Balik Pulau, Penang. It is located near the west coast of Penang Island, adjacent to Prestige III housing scheme by PLB Homes. Driving to Balik Pulau town centre will take approximately 10 minutes, under 35 minutes to Bayan Lepas Free Trade Zone during off peak hours.

This development comprises 4 low cost apartment blocks, offering a total of 1,175 residential units with standard built-up size of 650 sq.ft.

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

READ MORE ABOUT AFFORDABLE HOUSING:

Project Name: (to be confirmed)
Location : Balik Pulau
Property Type : Affordable Housing (low cost)
Built-up Size: 650 sq.ft.
Total Units: 1,175
Indicative Price: RM72,500
Developer : Ideal Homes Properties Sdn. 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.

Location Map:

 

Desa Ara Permai

Ara Kuda/ 26 June 2018 No comments

desa-ara-permai

Desa Ara Permai, a freehold mixed development by Kuntum Bina Sdn. Bhd. (a subsidiary of Oriental Max Group) at Ara Kuda in Northern Seberang Perai.  Located along Jalan Ara Kuda, adjacent to MARA Institute (IKM). It is only 1km away from Penang-Kedah border, about 13km to Kulim Hi-tech Park, and less than 25 minutes drive to Penang bridge.

This development comprises a mix of shop offices and residential units:

  • 2-storey shop office (56 units)
  • Single storey semi-detached – (Type A – 72 units)
  • Single storey semi-detached – (Type B – 76 units)
  • Single storey bungalow (1 unit)
  • Single storey terrace (Type A – 155 units)
  • Single storey terrace (Type B – 127 units)
  • Single storey terrace (Type C – 60 units)
  • Single storey terrace (Type D – 121 units)
  • Single storey terrace (Type E – 40 units)
  • 4-storey low cost flat (264 units)

More details to be available upon official launch.

Project Name : Desa Ara Permai
Location : Ara Kuda, SPU
Property Type : Shop office, terrace, semi-d & bungalows
Total Units: 56 (shop office), 651 (landed house), 264 (low cost flat)
Land Tenure: Freehold
Target Completion: (to be confirmed)
Indicative Price: (to be confirmed)
Developer : Kuntum Bina Sdn. Bhd. (Oriental Max Group)

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.

Location Map:

 

 

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