An artist’s impression showing where the tunnel project will start on the island.

Funding options for pending mega projects here may see a change now that Pakatan Harapan is the Federal Government.

There is even a possibility that the proposed Penang Undersea Tunnel will be made toll-free to mirror the pre-election promise of making Penang Bridge toll-free.

Incoming Chief Minister Chow Kon Yeow said the state would relook the funding options for projects such as the Penang Transport Master Plan (PTMP).

“If the Federal Government is willing to support us, of course, we will look at alternative funding options. But right now, it is too premature to say,” he said here yesterday.

He was responding to a question whether Penangites could expect federal funding for the PTMP instead of sticking to the planned method of reclaiming islands off the south of Penang island.

Penang Undersea Tunnel project contractor, Consortium Zenith Construction senior executive director Datuk Lee Chee Hoe, said he welcomed the possibility of alternative funding instead of getting reclaimed land as payment in kind.

“We are willing to accept it. We need to talk to the new chief minister and get instructions.

“We are also ready to make the tunnel toll-free because the state had promised to make Penang Bridge toll-free if Pakatan wins.

“If Chow wants it, we will work on it,” he said.

Initially, the proposed tunnel was to follow the toll rate of the second link, the Sultan Abdul Halim Mu’ad­zam Shah Bridge.

Former chief minister Lim Guan Eng had pledged to abolish the Penang Bridge toll collection, which had been extended until 2038.

Lee said he also expected the construction of the three paired roads, which were part of the tunnel project, to begin soon “since everything was in order and just waiting for federal approval”.

The three paired roads had already been paid for with a combination of existing and reclaimed land.

Szeto Wai Leong, the project director of SRS Consortium, the project delivery partner of PTMP, welcomed the possibility of federal funding.

The state was prepared to grant the reclamation of two new islands – 930ha and 566ha – in the south to fund PTMP.

“With federal funding, things will move quickly,” he said.

SRS Consortium is a subsidiary of Gamuda, which is also the project delivery partner of the KL-Singapore High Speed Rail project worth about RM40bil.

Source: TheStar.com.my

Marina Residences, a low density development by Malvest Group at Butterworth Penang. Strategically located between Jalan Kampung Gajah and Butterworth Outer Ring Road, next to Vista Perdana apartment. It’s only about 3km away from the upcoming Penang Sentral.

This development comprises a 12-storey condominium offering 57 residential units with panoramic of Penang Island. There will be also 8 units of 3-storey semi-detached houses.

More details to be available during official launch.

Property Project : Marina Residences (Formerly known as Island View Residences)
Location : Butterworth, Penang
Property Type : Condominium and semi-detached
Total Unit: 57 (condo), 8 (semi-detached)
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer: Malvest Group

Location Map:

* Article by Freemen *

Penang has been having pretty good growth in a market that was supposedly facing a decline last year.

Bad news is, they were still affected by the market slowdown last year and has yet to fully recover.

Considering the slow market, the government has promised to provide a home for everyone by offering tax exemptions and incentives to encourage developers to offer more rent-to-own schemes. It’s a great investment, especially since there has been undersupply in the affordable housing market for the past few years.

It’s good news for the economy.

Just when things are looking up, we get news that the government signed a RM144 billion loan agreement with China to fund our infrastructure and transportation rails for an East Coast Rail Link project two years ago.  China is one of Malaysia’s largest trading partner, but this deal is extremely large. Yet, no news about a repayment scheme has been made known.

We can’t have cash flowing out of the country every month without income to support ourselves. Yet how can affordable housing be realized if we are sitting in a pool of debt?

On the bright side, Penang is one of the few last stronghold of land reserves with a strong economic standpoint. Their GDP (Gross Domestic Product) contributed 5.6% to the entire nation’s GDP, coming in fourth to Johor’s 5.7%.

The simple reason is because there is still demand although the market is thriving with oversupply.

So how do we find the balance between economic growth and market stability?

The three sectors to look out for is tourism, biomedical, and semiconductor industry. Statistics from the Penang International Airport recorded a number of 5.34 million tourist passengers, which has an 8.67% increase from the 4.91 million passengers in 2016.

The tourism sector has also contributed a significant number to the medical industry with the number of medical tourists and foreign patients rising 14.8% year on year to 347,000 in 2016. In the same year, the medical tourism sector saw a revenue growth of 18% y-o-y to RM458 million.

As long as these three sectors thrive, the Penang market will continue to see a boom.

New developments popping up at south Seberang Perai district are some to keep an eye out for, particularly in Batu Kawan area.

In short term, one may experience doubt when buying in a situation of oversupply. But if you don’t buy, you end up losing the race in the long run.

Huge oversupply of PR1MA housing is another factor to contend with.

But hey, not all hope is lost. Let me show you that it’s possible to tread the market with the knowledge and tools I’m about to hand over to you:

GE14 Property Investment Masterclass

Time: 9am to 6pm
Date: 19^th May 2018
Location: The Northam Hotel

More good news for you, fellow readers! We’re offering a Buy 1 Free 1 promotion for the FIRST 15 PEOPLE who sign up for the workshop!

Seats available are limited, so click here to reserve your seat now!

– Michael Tan

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Metropol, a mixed development by Ramana Property at Bandar Perda in Bukit Mertajam. It is located near Jalan Perda Utama roundabout, under 10 minutes drive from Penang bridge. Amenities such as schools, hypermarket, banks, shopping malls and eateries are only a few minutes drive away.

This development comprises two 30 & 21-storey residential towers, with several commercial units located at the ground level. It will offer 326 residential units with built-up size ranging from 810sq.ft. to 1,845sq.ft. Sports/Recreational Club and Sky Garden with facilities will be located at 7th and 22th floor respectively.

Project Name: Metropol
Location : Bukit Mertajam, Penang
Property Type : Mixed development
Total Units: 326 (residential)
Built-up Area: 810sq.ft. – 1,845sq.ft.
Indicative Price: RM365k onwards
Developer: Ramana Property

Location Map:

SITE PROGRESS

SITE PROGRESS: Metropol (Nov 2021)

SITE PROGRESS: Metropol (Apr 2021)

SITE PROGRESS: Metropol (Dec 2020)

We came across these two interesting articles from Rehda and BNM, debating the situation of affordable housing in Malaysia. Read on to find out the story from both sides.