Penang is gaining momentum to be the top destination of choice for arts and culture, and the upcoming art gallery project is set to propel the state even further.

The construction of the 88,000 sq ft Lin Xiang Xiong Art Gallery is targeted to begin in December this year and is expected to complete in three years.

IJM Land Berhad managing director Edward Chong said its subsidiary Jelutong Development Sdn Bhd, and Space Arts and Culture (M) Sdn Bhd would be collaborating to invest and build the art gallery, with a budgeted cost of about RM88 million.

“The Lin Xiang Xiong Art Gallery would be built on a 0.89 acre freehold site within The Light Waterfront development in Gelugor,” he said in his speech.

Commending Space Arts and Culture (M) Sdn Bhd executive chairman Prof Lin Xiang Xiong, Chong said the company was honoured and excited to be collaborating with Prof Lin, who is a world-renowned artist and an entrepreneur.

“Prof Lin was from the Guangdong province in China. He studied fine arts in Singapore Academy of Arts (from 1965 to 1968) and in Paris, France from 1971 to 1973.

“He has held art exhibitions globally in partnership with Unesco. In March last year, he managed the First Roundtable Forum ‘Art of Peace’ in Luxembourg Palace, where he debated Lech Walesa (former President of Poland and a Nobel Peace Prize recipient) on arts and politics.

“Prof Lin also delivered an opening speech and keynote address at the World Humanities Conference, hosted by Unesco in August last year,” Chong said.

Jelutong Development Sdn Bhd and Space Arts and Culture (M) Sdn Bhd took part in an official signing ceremony at The Top in Komtar today, to invest and develop the Lin Xiang Xiong Art Gallery.

Chong said the iconic design concept of the gallery was intended to simulate ‘a turtle coming up the shoreline of Penang’.

“According to the Chinese cultural belief, a turtle signifies longevity, kindness and prosperity.

“As such we believe that good tidings will continue to come and Penang and Malaysia will continue to prosper,” he said.

Chief Minister Chow Kon Yeow said the art gallery would serve as a link to foster collaboration and to bring Unesco to Penang.

“I would like to commend IJM Land Berhad and Space Arts and Culture (M) Sdn Bhd for this collaboration which will help to transform Penang into an iconic destination.

“The involvement and presence of Unesco in Penang will promote more arts and culture activities and events.

“Penang will eventually be a prominent hub for arts and culture. This will create a new ‘segment’ of tourists, who will visit the state for this purpose,” Chow said.

Source: Buletin Mutiara

Vogue, a mixed development by Aspen Vision City Sdn. Bhd. (Aspen Group) at Batu Kawan. This is part of the 245-acres master-planed development of Aspen Vision City, located between IKEA Store and Vervea commercial precinct. It is just stone’s throw away from Batu Kawan toll plaza, under 20 minutes drive to Bayan Lepas Free Trade Zone via Penang Second Bridge.

The proposed development comprises 20 units of shop offices and three high-rise towers, offering a mix of condominiums, office suites and hotel rooms:

• Block A: 34-storey condominium (295 units)
• Block B: 48-storey condominium (332 units)
• Block C: 30-storey hotel (308 rooms) & office suites (81 units)

More details to be available upon official project launch.

Project Name : Vogue Lifestyle Residence
Location : Aspen Vision City, Batu Kawan, Penang
Property Type : Mixed development
Built-up Size: (to be confirmed)
Total Units: 627 (condo), 81 (office suites), 20 (shop offices)
Land Tenure: Freehold
Indicative Price: (to be confirmed)
Estimated Completion: 2022
Developer : Aspen Vision City Sdn. Bhd. (Aspen Group)

Location Map:

A proposed commercial development by Ideal Design Management Sdn. Bhd. in Bayan Baru. Strategically located next to the intersection of Jalan Tengah and Jalan Mayang Pasir, adjacent to Pantai Hospital. The land is approximately 8.5 acres, currently occupied by Giant Hypermarket.

This development will see the demolition of the existing 2-storey building, for the construction of several high-rise towers and shop offices in two phases:

Phase 1

• Tower A1: 39-storey serviced residence (589 units)
• Tower A2: 39-storey serviced residence (589 units)
• Tower B: 39-storey serviced residence (820 units)
• 3-storey shop offices (55 units)

Phase 2

• Tower C: 27-storey office suites
• 3-storey shop offices (30 units)

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

Project Name: (to be confirmed)
Location : Bayan Baru
Property Type : Serviced residence & shop offices.
Built-up Size: (to be confirmed)
Total Units: 1,998 (serviced residence), 85 (shop office)
Indicative Price: (to be confirmed)
Developer : Ideal Design Management Sdn. Bhd.

Location Map:

DISCLAIMER: This review is based on source taken from a public portal. This is not an advertisement by the developer or agent, unless stated otherwise. Any claims, statistics, quotes or other representation about a project or service should be verified with the developer, provider or party in question.

The Real Estate and Housing Developers’ Association Malaysia (Rehda) Institute has proposed affordable housing price thresholds in Peninsular Malaysia, with residential units in Kuala Lumpur and the Klang Valley topping the list at RM500,000.

In its summary research report on affordable housing released today, Rehda Institute said the benchmark for affordable housing varied across the country, based on the states’ median income loan eligibility.

Herewith, the thresholds proposed by Rehda Institute:-

• Urban 1 : Kuala Lumpur and Klang Valley: RM500,000
• Urban 2 : Other parts of Selangor, Penang Island and Johor Bahru: RM400,000
• Urban 3 : Seberang Perai (Penang), Johor, Melaka, and Negeri Sembilan: RM350,000
• Urban 4 : Terengganu, Kedah, Perak, Perlis, and Pahang: RM250,000
• Urban 5 : Kelantan: RM200,000

The report states that affordable housing is currently being built across the country but there is no market demand for it as 14,739 units fetching below RM500,000 were unsold as at the first quarter of 2018.

The research identified nine structural problems in the current affordable housing system, namely the fragmented and unlevel playing field, rigid housing policies, noted unsuitable location, and land price.

Other issues pointed out were the uneven cross-subsidy, rising development cost, unproductive use of public resources, low financial capacity for Bottom 40 and Middle 40 income groups, and absence of housing market data.

The research says that unsold Bumiputera quota that is not released to the open market was also adding up to holding cost and overall cost of development.

“This will add to increase prices of non-Bumiputera lots as cost per unit is passed on to the buyers,” it said.

In order to resolve the problems, the research suggests that it is the government’s responsibility to build affordable housing and the private sector to deliver market-driven properties without price control and quota.

It also suggests that the government must walk the talk to unlock land for social and public housing purposes, as well as housing financial assistance.

However, Rehda Malaysia President Datuk Seri Fateh Iskandar said that the findings did not reflect the stand of the association.

“Rehda Institute is an independent arm of Rehda Malaysia. Their research and studies were done independently,” he told a press conference after the presentation of the research today.

Stressing that Rehda acknowledged the growth of intrastate migration, especially to cities like Kuala Lumpur for various reasons, including work and education, he said housing demand was on the rise due to such migration.

“Once the economy picks up again, the demand for housing will be greater and we need to find a solution to this, in which we hope the government can work with us,” it said.

Rehda Institute will compile its full report in four to five weeks’ time.

Source: Bernama

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