Eastern and Oriental Bhd (E&O) launched its final batch of landed residential properties at Seri Tanjung Pinang 1 here, yesterday.

The final release comprises just 35 units of terraced houses in the second phase of Ariza Seafront Terraces.

The 2.5-storey freehold terraced houses have built-ups ranging from 3,236 sq ft to 3,526 sq ft, with prices starting from RM2.19 million. Phase one comprising 33 units was launched in 2009 and fully sold.

The latest homes are targeted at those who are looking for an upgrade or for investment purposes, E&O senior general manager for group marketing and sales Wayne Wong told TheEdgeProperty.com.

Wong added that the estimated total gross development value of these homes is RM90 million and the completion of the project is slated for March 2019.

Seri Tanjung Pinang is Penang Island’s largest master planned seafront project. Developed over two phases, it features residential enclaves and a festive retail marina that bring to life the concept of living by the sea for the more than 20 nationalities residing there.

“Ariza Courtyard Terraces was the maiden launch at Seri Tanjung Pinang in 2005. In the subsequent 12 years, the success of our homes here was evident, with residents enjoying the maturing landscape of linear gardens in place of standard back lanes that were typical of link homes.

“E&O paid homage to the rich architectural history of Penang, by drawing inspiration from the Straits eclectic style building façades, as well as the incorporation of high ceilings and internal courtyards suited for our tropical climate,” said Wong.

Last December, the group launched Amaris Terraces By-The-Sea terraced houses which has achieved 65% take-up to date.

“Standard units are available from RM3.68 million. The spaciousness of these 3-storey freehold homes and the inclusion of an elevator are ideal to accommodate ‘multi-generational’ living. The total built-up areas are almost the size of Seri Tanjung Pinang’s super semi-dees and villas, ranging from 5,262 sq ft for intermediate units to 6,540 sq ft for corner units — a rare offering especially when landed homes with a prime seafront location are becoming a luxury around the world,” said Wong.

All Amaris units have central courtyards to enhance air circulation from their sea-fronting orientation and to welcome natural light.

“These linear lawns have proved very popular in terms of aesthetic appeal as they allow residents to enjoy the gardens safely and conveniently,” Wong added.

Despite the market slowdown, Wong is confident that there is still demand for innovative products offering distinctive concepts, branding and delivery as well as those in niche locations.

“Of late, Malaysians residing overseas as well as savvy investors from Singapore and Hong Kong have shown interest in E&O’s properties in Penang, underscoring the sentiment that it is time to invest in our market,” said Wong.

“Our track record at Seri Tanjung Pinang is clearly visible to all, having in a decade, become a highly desired address on Penang Island,” Wong pointed out.

Source: TheEdgeProperty.com.my

The undersupply of affordable houses in Malaysia may worsen, given current income and demographic factors, according to Bank Negara Malaysia’s 2016 Annual Report.

Bank Negara said since 2012, the increase in house prices in the country had outstripped the rise in income levels.

“Consequently, prevailing median house prices are beyond the reach of most Malaysians. This is primarily attributable to a gross mismatch between housing supply and demand, amid diverging expectations between households and developers.

“The issue has been compounded by the fact that the distribution of new housing supply has been concentrated in the higher-priced categories. The undersupply of housing is particularly acute in the affordable housing segment,” Bank Negara said.

Looking ahead, Bank Negara said a carefully-designed strategy of policy intervention would be required for the housing market to ensure it is able to accommodate households of all income groups.

Bank Negara said government and private sector commitment is needed to meet demand for affordable houses in the country.

“The establishment of a central agency to consolidate the provision of affordable housing, as well as a central repository, is key.

“Additionally, reducing costs associated with the development of affordable housing through the implementation of cost-saving and productivity-enhancing technologies would increase the speed and scale of delivery of affordable housing projects, going forward,” Bank Negara said.

On the demand side, Bank Negara said development of the rental market to bridge the affordability gap could relieve pressure on the government to build all the affordable housing needed.

This should be complemented by more innovative schemes to fund delivery of affordable houses, according to the central bank.

Source: TheEdgeProperty.com.my

Penang has made the tourism headlines again after Gurney Drive was listed in the “Best streets for tourists to visit around the world: 25 to see before you die” list by Traveller, an Australian travel resource.

Gurney Drive was in 13th place which is sandwiched by Hollywood Road in Hong Kong at 12th and The Dark Hedges of Northern Ireland at 14th.

“The seafront promenade in Penang offers some of the best street food in all of Asia,” the website noted.

Chief Minister Lim Guan Eng at a press conference today with state Tourism Development Committee chairman Danny Law lauded the achievement.

He noted Penang was one out of four Asian cities to have made the list with Hong Kong in 12th, Khao San Road of Bangkok in 19th and Shijo Avenue of Kyoto in 23rd while the Champs-Elysees of Paris was first.

“The state government will continue to develop the tourism industry in Penang,” he added.

The recent accolade adds to a growing list of recognition after CNN recommended Penang as one of the 17 best places to visit for 2017 in January this year.

This was followed by a CNN travel article in February which noted the state should not only be known for good food but also for street art, Penang Hill, Balik Pulau and the Thaipusam festival.

Source: TheSundaily.my

Hijauan Hills, a master-planned township development by Asas Dunia Berhad at Simpang Ampat. Located on a 450 acres of rolling hills land, rising to a maximum height of 95 meters above sea level. It is adjacent to SMJK Jit Sin II (Seberang Perai Selatan), just a mere minutes drive to Pearl City development by Tambun Indah Berhad.

This township will be developed in multiple phases, consists of the following components:

• 2-storey clustered semi-detached (364 units) – Phase 1 [Luna]
• 1-storey terrace (104 units, strata)
• 2-storey terrace (561 units, strata)
• 1-storey semi-detached (118 units, strata)
• 2-storey semi-detached (804 units, strata)
• 2-storey bungalow (251 units, strata)
• 2-storey shop office (176 units)
• 1-storey shop office (2 units)
• 3-storey shop office (1 unit)

Project Name : Hijauan Hills
Location : Simpang Ampat, Penang
Property Type : Township development
Total Units: 364 (Phase 1 – Luna)
Indicative Price: (to be confirmed)
Developer : Asas Dunia Bhd.

Location Map:

Another proposed residential development by Asas Dunia at Alma, Bukit Mertajam. Strategically located within established neighbourhood, about 15-minute drive from Juru Auto-City and Penang Second Bridge. It is only a mere minutes drive to AEON Mall and Tesco Hypermarket.

The development comprises a mix of 2-storey bungalo, semi-detached and terrace houses:

• 2-storey bungalows (19 units)
• 2-storey semi-detached type A (30 units)
• 2-storey semi-detached type B (42 units)
• 2-storey clustered semi-detached (78 units)
• 2-storey terrace type A (110 units)
• 2-storey terrace type B (39 units)

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

Project Name : (to be confirmed)
Location : Alma, Bukit Mertajam, Penang
Property Type : Residential
Total Units: 19 (bungalow), 150 (semi-d/cluster), 149 (terrace)
Indicative Price: (to be confirmed)
Developer : Asas Dunia Bhd.

Location Map: