The Turf, a freehold residential development proposed by Chong Company facing Penang Turf Club. It is located along Jalan Batu Gantung, right next to to Scotland Villas condominium.
The project was initially proposed as a 34-storey residential building in 2012. It is now being revised to a 46-storey building, offering 228 unit residential units with 6-level multistorey carpark. It is yet to be known whether the project will have a new name.
Currently the project is still in its planning stage. More details to be available upon official launch.
Property Project : The Turf (to be confirmed) Location : Penang Turf Club, Penang Property Type : Condominium Tenure : Freehold Built-up Area : (to be confirmed) Total Units : 228 Indicative Price: (to be confirmed) Developer :Chong Company
There are two main market in properties transaction, which comprise of:-
Primary Market – Direct purchase of a new property from developers. Examples are under construction properties or projects off the plan and unsold units from the developers.
Secondary Market – Direct purchase of properties from primary buyers or buying it from the auction markets.
Differences between Primary & Secondary Market.
Differences
Primary Market
Secondary Market
First Owner
Property Developer
House Purchaser/Owner
Booking of Property
Minimal (RM1K-10K)
2%-3% Earnest Deposit
Down payment
Less than 10% as normally developer give rebates & discounts
Balance 10% to be paid and depends on negotiations
SPA Legal Fees
Most developers absorb the legal fees and stamp fees
Buyer have to pay the legal fees and stamp fees
Loan Legal Fees
Most developers absorb the legal fees and stamp fees
Buyer have to pay the legal fees and stamp fees
Memorandum of Transfer
Some developer absorb the legal fees and stamp fees
Buyer have to pay the legal fees and stamp fees
End Financier
Only panel bank can process the mortgage loan or after completion only every bank process the mortgage loan.
It is a completed project so all bank can process the mortgage loan.
Property Valuation
No valuation made and no valuation fees incurred. Property will be sold based on the price set by the developer initially unless it is almost completed.
Valuation fees to be paid by the buyer and a valuation report will be provided. Extra cash will be needed if the valuation is lower than the selling price.
Sales & Purchase Agreement
Following the Schedule H (Building or land intended for subdivision into parcels) for residential development.
Residential property not following the standard Schedule H. The agreement can be altered based on negotiations.
House Design
Latest Trend
Old Trend
Price Setting
Mostly pricier and fixed based on future value
Negotiable and based on current market value
Main Investment Segment
Capital appreciation
Cash flow
Completion
2 – 4 years to get keys
3 – 6 months to get keys
Furnishing and Renovation
Bare unit, partial furnish and fully furnish. The renovation is either fixed by the developer interior designer or we can choose our own preference.
Bare unit, partial furnish and fully furnish. The renovation is fixed by the previous owner design.
Rental income
Delayed until completion and some developers provide Guaranteed Rental Return once vacant possession.
Immediate can be rented out after keys collection and depends on market demand.
Maintenance and Repair
Minimal as the property is new and usually come with defect liability period by the developer.
It can be minimal to major as some property are well taken care of by previous owner and some are left without maintenance.
Defect Liability
2 – 3 years
Nil
Selection Flexibility
Can choose units preferred such as preferred view and unit numbers
Depends on availability of seller units and not much choice in term of unit selection
Instalment To Bank
Progressive interest payable only during construction period. But can opt for full instalment from the bank
Direct full instalment payment to the bank
House Delivery
Some handover are delayed and compensated with liquidated ascertained damage (LAD)
After full payment of cash or full release by bank to the owner and settlement of the utilities bill incurred
Selling of Property
Cannot be sold during construction or it can be done with developer consent during construction which is usually rejected.
Cannot be sold during transaction period until full release of payment.
Anders Ong – Young Property Investor, Writer and Enthusiast of Real Estate.
Knight Frank Malaysia managing director Sarkunan Subramaniam said foreign investors are expected to return in the first quarter of 2019 on the back of more transparent policies with the new government.
“Rents of high-end condominiums will stabilise and prices will hold. As for the office market, rents will remain competitive due to oversupply in certain locations, with the exception of Penang, which has a robust office market with limited existing and incoming supply.
“The industrial and logistics sector is primed for growth into 2019 as Malaysia continues to draw healthy levels of investment in the manufacturing and services sectors,” he said in a statement today.
According to the Real Estate Highlights 1st Half of 2018 research report by Knight Frank Malaysia, there were some notable commercial investments which will continue to strengthen the property market.
As for the residential market, residential sales and leasing associate director Kelvin Yip noted that market sentiments improved in 1H2018 while buyers and investors are genuinely seeking good bargains now.
“Developers are now becoming more aggressive in promoting their products by conducting nationwide roadshows. Based on the current trend, we expect the residential market to record more transactions in 2H2018,” he said.
Executive director of corporate services Teh Young Khean said rail infrastructure within Greater Klang will continue to drive demand for office space in established and upcoming decentralised office locations.
He said the segment will continue to see active enquiries and leasing activities from co-working operators exploring new set-up or expansion in prime office buildings, in tandem with rising demand for flexible work space.
Meanwhile the retail market, which was subdued in 1H2018, is expected to show clear signs of recovery in 2019 if the economy performs well in 2H2018.
Associate director of retail leasing and consultancy Rebecca Phan said e-commerce will not disrupt the retail and shopping mall industry as it is unable to offer experiential shopping and suggested that mall operators invest more in entertainment and service-related trades.
There will be a considerable number of changes in the National Housing Policy expected to be announced in September which includes the rental-tenancy market, the National Housing Department said.
Some of the laws will take two years to study and establish but the wheels of change are in the works, its director general N. Jayaselan said on Wednesday. These changes had been studied since one and half years ago.
He added new laws on commercial properties and rental legislation are being studied, and housing price thresholds to be built by public -private sectors.
Issues and legislations are being scrutinised based on what other countries are doing or have accomplished with the aim to make property development a sustainable sector, he said.
“Within the national policy there will be a subset on public housing, ” he said at the “Affordable Housing Conference 2018”.
Under this public housing segment, private developers want to establish affordable housing at RM500,000 while the government wants it at the RM300,000 level.
While the pricing threshold has yet to be agreed on, both the public and private sector have agreed about dividing the country into different regions in order to establish clarity in pricing.
Six agencies will come under the ministry namely PR1MA, Syarikat Perumahan Negara Bhd, RumahWIP, UDA, 1Malaysia Public Housing and Perumahan Penjawat Awam Malaysia (PPA1M), he said.
The rise in small offices home offices (SoHos) which come with residential element has made it necessary to have new laws governing such projects to protect buyers as well as establish clear cut guidelines governing such developments.
Jayaselan said while the national housing policy is being worked on and to be announced in September, the collection and recording of data from developers by the National Housing Department and the National Property Information Centre (Napic) is expected to begin in January 2019.
For many home seekers and property investors, the first thing that comes to mind when one mentions Penang is the state’s thriving island. The capital city of George Town has long established itself as one of the country’s most loved cities. However, due to scarcity of land and escalated property prices, many developers have shifted their focus to Penang mainland (Seberang Perai), which has huge potential due to cheaper land price and abundance of undeveloped land.
Instead of developing pocket-sized land in the matured township like Bukit Mertajam and Butterworth, major developers with huge landbank and strong financial are focusing on integrated townships that offer world-class amenities and facilities at the consumers’ doorstep. Batu Kawan is no doubt one of the most talkabout satellite township in Penang mainland since the completion of Second Bridge. However, many home seekers and investors have often overlooked the growing potential of the Northern Seberang Perai, which is the third most populated district of Penang state.
World-class township development
Bertam was once a sleepy township, is now one of the fast growing township in Northern Seberang Perai with spur of developments by reputable developers in the recent years. SP Setia entry into region with 1,675 acres of freehold land for an eco-themed township development – Setia Fontaines, is set to bring yet another world-class township that offers moderns life-style choices for Penangites and investors.
Setia Fontaines is located within the Butterworth-Sungai Petani growth corridor, next to Bertam Perdana. With good accessibility from the North-South Highway via the Bertam Interchange, it is only 15 minutes away from Butterworth and about 25 minutes away from Penang Bridge.
Abundance of amenities are on the doorstep, including popular F&B outlets, government offices, medical institution, several university campuses (USM, UiTM, ILP, MRSM, & Nursing College) and a golf course. Most of the popular banks are just a stone’s throw away, such as Public bank, CIMB, Maybank, Hong Leong bank to name a few. For shopping and groceries, it is only minutes drive to Tesco, MyDin and Sunshine Hypermarket.
Accessibility and connectivity
Being centrally located within several major townships in Seberang Perai and Kedah, Bertam also enjoys the advantage of multiple access through federal roads from neighboring towns, namely Bukit Mertajam, Butterworth, Sungai Petani and Kulim. Most of these townships are within 30 minutes drive. Not to mentioned it is only a short 5 km to Tasek Gelugor KTM electrified double track railway station, which will considerably ease the travel to the south of Penang state.
Besides, the proposed 7.2km undersea tunnel connects George Town’s Pangkor Road and Bagan Ajam in Butterworth will serve as the catalyst to spur economic growth in Northern Seberang Perai. It is also expected to reduce travelling time from Gurney Drive to Bertam to only 25 minutes, compared to current travel time which takes between 45 minutes to one hour.
Distance is just a perception, and these perceptions are often distorted by the growing traffic congestion in the Penang island. Today with good accessibility and connectivity, people are more willing to stay further away from their workplace for a better lifestyle living. If one only need to spend an extra 15 minutes commuting to work in exchange for a bigger and better living space at less than half of the property price in the island, why not?
There will be a considerable number of changes in the National Housing Policy expected to be announced in September which includes the rental-tenancy market, the National Housing Department said.
