The almost unchanged salary over the years is the reason why many are deprived of the luxury to own a house, said a national association for developers.

The Real Estate and Housing Developers’ Association Malaysia (Rehda), which represents the interests of about 1,400 property developers, said there is a need to revisit key fundamentals related to housing unaffordability.

Rehda president Datuk Seri Fateh Iskandar Mohamed Mansor said it is important to look at the structural issues related to the country’s economy.

“It is said that the maximum affordable price for a house in Malaysia is RM282,000. But the World Bank said Malaysia is one of the affordable places to own a home. So, we have two conflicting views.

“The RM282,000 figure is because the salary has not gone up,” Fateh Iskandar said in Petaling Jaya (PJ) yesterday.

Developers have been blamed for jacking house prices, overbuilding and constructing properties which are not suitable for the salary brackets of most Malaysians.

Data released last year showed houses in Kuala Lumpur (KL), PJ, Johor Baru and Penang are the “most unaffordable” in comparison to the average household income levels.

Georgetown tops the list with the highest median house price at RM600,000 when the maximum housing-cost burden (HCB) is only RM256,000. KL is second with an average house price of RM580,000 when the maximum HCB is RM385,000.

Bank Negara Malaysia (BNM) in its annual report said houses continue to be unaffordable, especially in key employment centres.

The central bank said unsold housing units reached 129,052 as at end-September 2017. More than 80% of the unsold units are priced at RM250,000 and above.

Total unsold residential properties rose to a decade high of 146,497 units in the second quarter of 2017 (2Q17).

The central bank’s annual report 2017 also underlined that the bottom 40% of households by income only grew from RM2,537 to RM2,848, about a RM150 increase annually between 2014 and 2016.

BNM’s report also outlined a living wage for a single adult in KL would be RM2,700, a couple without child (RM4,500) and a couple with two children (RM6,500).

But the living wage for the three categories would be sufficient to rent one room (adult single), a one-bedroom apartment (a couple without child) and a three-bedroom apartment (a couple with two children).

Fateh Iskandar hopes the association will be given the avenue to discuss its views with the authorities.

He suggested more efforts to build units for rental to resolve the house affordability issue.

Source: The Malaysian Reserve

The RM6mil phase 1 of the Sia Boey Rejuvenation Project is expected to be completed in August.

During the unveiling of the artist’s impressions of the project, Chief Minister Lim Guan Eng said phase 1 would see the rehabilitation of the Prangin canal, conservation of the old Prangin market and upgrading of the site’s landscaping.

He added that phase 2 would involve the restoration of the shophouses in the area and upgrading of the surroundings.

“Sia Boey harbours a large archaeological investigation at the old Prangin canal basin and police barracks.

“The core objective of the project is to transform Sia Boey into a site where development and heritage conservation can coexist,” he said at the launching of the Sia Boey Rejuvenation Project on Sunday.

The project is headed by the Penang Development Corporation in cooperation with George Town World Heritage Incorporated (GTWHI).

According to GTWHI, the Sia Boey site is also part of Komtar’s phase 5 development project.

Sia Boey, also known as Ujung Pasir, was a bustling market in its heyday.

Lim said the vision of this project was protecting Sia Boey’s heritage buildings and practices while promoting a sustainable and liveable public space.

“Sia Boey will be transformed into an urban park that emphasises heritage. The park can also be a community platform for events traditionally carried out in the area.

“There are plans to turn Sia Boey into a centre for traditional trades and crafts.

“The renewed Sia Boey will also serve as a green lung for George Town and Komtar’s phase 5 as well as 1st Avenue and Prangin Mall area.

“The project has the potential to become an icon of George Town.”

Lim added that the project could transform the area of Komtar’s phase 5, 1st Avenue and Prangin Mall into the socio-civic business hub of the state.

Also present were Deputy Chief Minister I Datuk Mohd Rashid Hasnon, Komtar assemblyman Teh Lai Heng, Penang Island City Council mayor Yew Tung Seang and GTWHI general manager Dr Ang Ming Chee.

The public can view the artist’s impressions at an exhibition to showcase the project’s overall plan which covers the rehabilitation of Prangin canal along with the conservation of the Prangin market and the shophouses.

Visitors can also give feedback at the exhibition which will be held from now until Friday at the Sia Boey market and at the GTWHI office in Lebuh Acheh from April 2 to April 6. It is open from 8am to 5pm.

Source: TheStar.com.my

Opening in 2019, IKEA Batu Kawan will become the fourth IKEA store in Malaysia, with two in Klang Valley and another in Johor Bahru, Tebrau. This new store promises to satisfy Penangites’ hunger for affordable home furnishings – and those famous Swedish meatballs!

Here is a quick update on IKEA Batu Kawan. The construction of the IKEA Batu Kawan store progresses as planned and on track for completion in the second half of 2018.

You may check out some progress photos below:

LOCATION MAP

A proposed luxury development in the centre of George Town by Green City Garden Development Sdn. Bhd. Strategically located on a half acre land along Macalister Road, adjacent to the People’s Movement Party headquarter building in Penang. It is only 2km away from KOMTAR, under 15 minutes drive to Penang Bridge.

This luxury development will see the demolition of the existing building, for the construction of 29-storey building. It will feature a 100-room hotel and 52 units of luxury suites. Automated robotic parking system will be built to allow more car parking bays.

Project is still pending for approval. More details to be available upon official launch.

Project Name : (to be confirmed)
Location : George Town, Penang
Property Type : Mixed development
Built-up Size: (to be confirmed)
Land Area: (to be confirmed)
Total Unit: 52 (suites)
Indicative Price : (to be confirmed)
Developer : Green City Garden Development Sdn. Bhd.

Location Map:

The Dew, yet another affordable housing development by PLB Land at Paya Terubong. Located along Tingkat Paya Terubong 4, between Taman Suria Vista and Majestic Heights. This is just a stone’s throw away from The Stone affordable housing by the same company, about 3km away from Bandar Baru Air Itam.

This development will see the demolition of the existing houses, for the construction of a 31-storey affordable housing. It comprises 281 residential units and 4 shop lots.

Project is still pending for approval. More details to be available upon official launch.

Project Name : The Dew
Location : Paya Terubong, Penang
Property Type : Condominium
Built-up Size: 1,000 sq.ft.
Land Area: (to be confirmed)
Total Unit: 281 (condo), 4 (shop lot)
Indicative Price : RM300,000 onwards (estimated)
Developer : PLB Land

Location Map: