Queens Waterfront, a waterfront development by Ideal Property Group, with a total gross development value (GDV) of RM2.15 billion.
This development sits on 36.53 acres, of which 24.79 acres are reclaimed land. It will comprise an 11.74-acre residential component known as Queens Residences, a 6.1-acre marina, a waterfront promenade known as Queens Waterfront Promenade, the Queens Sports Centre and an international school.
Masterplan:
Project Location:
Nibong Tower, a proposed joint venture development between Premierview Property Sdn. Bhd. (Subsidiary of Kobay Technology Bhd.) and Strata Homes Sdn. Bhd. at Sungai Nibong, Penang. It is just a stone’s throw away from 98 Nibong Residence, less than 500 meters away from Sungai Nibong Bus Terminal.
The proposed development will see the construction of a high-rise residential building, with an estimated selling price of RM500 per sq.ft.
Project is currently in its planning stage. More details to be available upon official launch.
Project Name: Nibong Tower (to be confirmed)
Location : Sungai Nibong, Penang
Property Type : Mixed development
Total Unit: (to be confirmed)
Built-up Area: (to be confirmed)
Land Tenure: Freehold
Indicative Price: RM500 per sq.ft.
Developer: Premierview Property SB./ Strata Homes SB.
Register your interest here
Location Map:
The number of foreigners buying Penang properties have traditionally been below 10 per cent, state executive councillor Jagdeep Singh Deo said today.
The housing development committee chairman sought to allay concern that non-Malaysians were gobbling up properties, saying it was a perception that was untrue.
“It has always been less than 10 per cent, like what was said, it was only 7 per cent but there was this false perception that there are more foreign buyers,” he told reporters after a media launch of the Penang Property Summit 2017 here.
The figure for foreign property buyers in the state was disclosed earlier by real estate agent Michael Geh in his speech earlier at the same launch.
Jagdeep said the state has always been firm with its minimum price for foreigners buying properties in Penang to curb speculation.
The minimum price is RM2 million for landed properties and RM1 million for stratified properties on the island while the floor price for the mainland is RM1 million for landed properties and RM500,000 for stratified properties.
“Only the MM2H applicants are allowed to buy RM500,000 properties and above for up to two units per person,” he said, referring to the Malaysia My Second Home programme.
“Other foreigners must comply with the state’s price cap,” he added.
Jagdeep said MM2H applicants may be interested in the state’s affordable housing units too, but assured Penangites that only registered voters living in Penang can apply.
He also commended the Penang Property Summit organisers for showcasing affordable housing projects during the three-day event that will be held in March.
He also said 2017 will be a year of delivery where some of the state’s first affordable housing projects will be completed.
“We hope to get the CCC for the affordable housing project, Bandar Cassia in Batu Kawan by this year,” he said, adding that there are 520 units and currently, it is at 91.4 per cent completion.
Source: TheMalayMailOnline.com
The Penang state government should implement clear-cut housing policies that suit the overall property market conditions, real estate agent Michael Geh said today.
The chartered surveyor said the state must consider the effects of the policies implemented on both the primary and secondary markets.
“I hope the state will implement policies that will not negatively affect the housing sector.
“We must remember if there are higher developer levies and higher land prices, it will only lead to higher house delivery costs that the consumers have to bear,” he said at a press conference to announce the Penang Property Summit 2017 slated for March.
The senior partner of Raine and Horne International hoped the state does not only consider developers’ interests when implementing housing policies.
“I hope the policies implemented will also be more sensitive towards the secondary market,” he said.
The primary market refers to new launches by developers while the secondary market refers to properties put up for resale either by house owners or through estate agents.
As for the 2017 property outlook, Geh predicted that the property market will see a slight surge from the final quarter of 2016.
“So, I am predicting an increase in residential property transactions in the first quarter of this year by about 5 per cent,” he said.
He expects Penang to record about RM1.13 billion worth of transactions for 2,527 units within the first quarter of this year.
“The market will remain robust especially in the secondary market which is more active than the primary market with a ratio of five to one,” he added.
State executive councillor Jagdeep Singh Deo who also attended the press launch noted a drop in transactions for the second half of 2016.
“Despite the outlook not looking very bright , we still believe Penang is the place to invest in,” he said.
As for the state’s housing policies, Jagdeep said events like the Penang Property Summit is important to allow the state to gather feedback from stakeholders.
“The last few years, it is because of engagement with developers, we know developers are hit badly so we try to tweak our policies to fit the market,” he said.
Source: TheMalayMailOnline.com
Despite market softening, the secondary housing market still offers the best value in terms of price and value.
Malaysian Institute of Estate Agents (MIEA) past president and chief trainer K. Soma Sundram said the secondary market would continue to move the real estate business this year.
“Many don’t realise this. It is the secondary market transactions that move the real estate business, making up to about 80 per cent of the real estate transactions in the country.
“New projects account for between 20 and 25 per cent. It is the secondary market that drove the market last year,” said Soma Sundram.
Providing an overview of the current condition, Soma Sundram said the property market was still finding its direction and it was a matter of supply and demand.
“I see there is more supply than demand, and the demand is based on factors such as income level, financing and so forth.
“Prices have gone up and its good that the market is going through this period.
“It is now finding the balan-
ce where it should go from here on,” he said, adding that in the long run,
it would help the market correct itself.
Touching on the activities of illegal real estate agents in the country, MIEA deputy president Eric Lim said apart from a wider awareness, there must also be a stronger regulations and enforcement to curb the activities of these agents.
“Bulk of the real estate agents registered under the Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA) are concentrated in clusters in the Klang Valley, Penang and Johor.
“In other states, since the activities are rather scarce, these agents thrive on unregistered transactions,” he said, highlighting that East Malaysian states were among the highest.
Lim, who is also the BOVAEA’s
Estate Agency Practice Committee (EAPC) chairman, said for the past three years, the firm has been educating the public and creating awareness on the dangers of transacting with illegal agents, in mediums such as print and electronic media.
“We try and educate the public not to respond to illegal signboards on the streets, not to deal with them as they are not registered.
“If at any moment the deal goes wrong, victims would not be able to recover their losses,” he said, adding that EAPC is working with the relevant government agencies to trace and bring the illegal real estate brokers to justice.
Read Source: New Straits Times Online
