The Penang government intends to apply to the federal government to upgrade the Seberang Perai Municipal Council (MPSP) to a city council.

Penang Chief Minister Chow Kon Yeow said the state government had earlier wanted to apply for MPSP to be upgraded together with the Penang Municipal Council (MPPP) as city councils.

However, he said, due to the federal government policy of limiting one city to a state, the state government only applied for MPPP to be granted city status. This was obtained in 2015.

“MPSP had met the criteria for a city since 2008, but due to the policy we did not apply.

He hopes that the new federal government will revise the restriction.

“Our officers will follow up with the ministry to determine the current situation,” he told reporters after the swearing in of 24 MPSP councillors, including 11 new ones.

The councillors were sworn in for the July 2018 to December 2019 term at the MPSP Building, Bandar Perda, here on July 2.

Source: Bernama

You are cordially invited to S P Setia’s Hari Raya open house and the opening of the new Setia Sky Vista Sales Suites @ Lebuh Relau, Penang.

Catch Alvin Chong & Nik Qistina’s LIVE performance!
For event inquiries, please call S P Setia at 04-6412255 / 010-393 8804.

Date/Time
7 July 2018 (Saturday), 6:00PM–10:00 PM

Venue
Setia Sky Vista Sales Suites, Lebuh Relau, Penang

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You are cordially invited to Mont Residence’s Family Day at Tanjung Tokong on 8 July, enjoy fun activities while experiencing the unique offering by this lifestyle condominium.

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Please Call: 016-458 8080 / 017-332 8382

Date/Time
8 July 2018, 2PM-6PM

Venue
Mont Residence Condominium (Level 7)
Mount Erskine, Tanjung Tokong

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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

by 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.