With the preference for landed homes among homebuyers in Penang, the landed residential property segment in the state is expected to remain firm, according to CBRE|WTW Penang.

“As of 3Q2016, the existing supply of landed homes in Penang stood at 150,307 units, of which 75% were on the mainland. New supply that came into the market in the first nine months of 2016 was 3,877 units where 92% of them are on the mainland,” said CBRE|WTW Penang director Peh Seng Yee at the launch of the consultancy firm’s “2017 Asia Pacific Real Estate Market Outlook: Malaysia” report on Jan 18.

According to the report, new products that entered the Penang island market were targeted “towards niche and high-end market that the new landed homes launched on Penang island in 2016 came with prices that are generally driven by high land cost and land scarcity”.

Peh noted that most were priced at more than RM1.6 million per unit.

On the Penang mainland, the report stated that newly launched landed homes (2-storey terraced and semi-detached homes) there have posted higher prices (RM400,000 and above) than the general sub-sale market while subsale 2-storey terraced houses and semi-detached homes had observed marginal growth of up to 5% in 2016.

“Landed homes in Seberang Perai Tengah commanded the highest transacted prices ranging from RM520,000 to RM535,000 for a double-storey terraced house on the secondary market.

“Similar homes in Seberang Perai Selatan were transacted between RM380,000 and RM410,000 while in Seberang Perai Utara, the transacted prices were between RM300,000 and RM360,000,” said CBRE|WTW in the report.

High-rise homes

Meanwhile, on the state’s non-landed residential property market, Peh said it will continue to be a buyers’ market as demand has somehow lost its momentum with more new supply coming in over the next few years.

On the mainland, new high-rise residential developments continue to be concentrated in major towns such as Butterworth, Seberang Jaya and Bukit Mertajam, with some in upcoming growth areas such as Simpang Ampat, Bukit Tambun and Batu Kawan.

“Also, tight lending rules have led to greater difficulties in accessing loan financing,” Peh said. The total supply of high-rise residential property in Penang stood at 54,619 units, with 86% of them located on the island, he added.

In the sub-sale market, condominiums in prime locations on the island were transacted between RM650 psf and RM750 psf in 2016. On the mainland, the average transacted price for high-rise residences is about RM380 psf.

Peh commented that the prices of sub-sale high-rise residential units are “sustainable, with stagnant or minimal price growth of up to 5% expected”.

Commercial/Office market

Meanwhile, the demand for purpose-built office (PBO) space in Penang is expected to remain stable, with a bit of improvement in the near future as the state lacks new prime office space.

“New take-up for PBO is expected to be primarily in newer and well-maintained buildings and future developments are likely to shift towards the south-eastern portion of Penang island,” said Peh.

He said the current total supply of PBO in Penang is about 11.98 million sq ft of which 75% is on the island. The overall occupancy rate for office space in Penang is 83%.

Meanwhile, the office space market in Seberang Perai has been stagnant over the past year as many small and medium-sized local companies prefer to purchase or rent shophouses in commercial locations.

Source: TheEdgeProperty.com.my

IJM Land Bhd, the property development arm of IJM Corp Bhd has seen 70% of its Waterside Residence at The Light in Penang taken up over its launch last weekend.

“Buyers at the new condominium are mainly locals and are capitalising on the strategic location and upcoming surrounding lifestyle amenities within walking distance.

“There were already strong enquiries for this project ahead of the official launch. It is a positive sign as genuine buyers are still looking for opportunities to invest.

“Property buyers remain discerning. We are confident that we will continue to see good demand given its right mix of attributes [strategic location, competitive pricing and amenities],” said IJM Land managing director Edward Chong in a statement.

The Waterside Residence is the first residential tower in The Light Waterfront Phase 2, with an estimated gross development value (GDV) of RM240 million.

The freehold project has three residential blocks of 17, 25 and 33 storeys, with 256 condominium units with built-ups ranging between 1,055 sq ft and 1,270 sq ft. Prices start from RM749,000.

Each unit comes with at least two parking bays while amenities include swimming pool, jacuzzi, gymnasium, reading room and storage lockers.

According to IJM Land, Waterside Residence will be slated for completion by 2020. Construction works will commence in mid-2017.

Proposed commercial development by Tinggian Development Sdn. Bhd. (subsidiary of Hua Yang Berhad) within the established township of Bukit Mertajam, Penang. It is strategically located adjacent to Jit Sin Independent High School and only a mere minutes drive to The Summit Bukit Mertajam.

The proposal comprises 2 blocks of 34-storey high-rise towers, offering a total of 646 serviced suites and 38 shop offices at the ground levels.

More details to be available upon project launch.

Project Name : (Pending approval)
Location : Bukit Mertajam, Penang
Property Type : Mixed development
Land Tenure: Freehold
Total Units: 646 (service apartment), 38 (shop lots)
Developer : Tinggian Development Sdn. Bhd. (Hua Yang Bhd.)

Location Map:

An estimated 0.5km-long underpass may be constructed from Krystal Point in Bayan Lepas to somewhere nearby the Kompleks Bukit Jambul to facilitate traffic flow and solve traffic congestion in the area.

The consultant of Hunza Properties Berhad is preparing to submit a planning permission to the Penang Island City Council (MBPP) for the underpass at the Bayan Baru roundabout.

“The planning permission is expected to be submitted by the quarter of the year.

“The underpass can facilitate traffic flow and solve traffic congestion in the area,” Hunza Group managing director Datuk Khor Siang Gin said.

It was reported that Hunza Properties plans to develop the RM8bil Penang International Commercial City (PICC) — a mixed development project comprising condominiums and serviced apartments, a shopping mall, retail outlets, hotels, a business process outsourcing (BPO) tower and a medical centre.

The PICC project will be developed over a 10-year period (estimated to commence next year) on a 17.54ha (43.35 acres) beside Jalan Tun Dr Awang in Bayan Baru.

“The PICC development is set to be a new landmark for the state. It will stimulate population and economic growth and provide job opportunities for the locals here,” Khor said when contacted yesterday.

The proposed site of the PICC would be located near the planned underpass.

Penang Local Government, Traffic Management and Flood Mitigation Committee chairman Chow Kon Yeow said the underpass could take between three and five years to materialise.

“We will have to wait for the developer to submit their planning permission before going into the details,” he told a press conference after visiting the Setia SPICE Convention Centre yesterday.

Chow said that the underpass for vehicles could assist in dispersing traffic to the Tun Dr Lim Chong Eu Expressway.

Earlier, Chow congratulated SP Setia Bhd for its Setia SPICE Convention Centre project, which is scheduled to complete by middle of next month.

“The council will be monitoring the traffic arising from the opening of the Setia SPICE Convention Centre.

“Adjustment can be made to the traffic lights and if necessary, widening of certain stretch of the roads can be undertaken,” Chow said.

Family and children could enjoy the roof garden, the green space and playground after the project is completed.

Chow was visiting the project site together with MBPP mayor Datuk Patahiyah Ismail, several councillors and VIPs.

“Penang will soon have a very modern convention centre.

“The completion comes at the right moment with the state earning much recognition, be it as a tourist destination or a MICE (meetings, incentives, conventions and exhibitions) destination.

“We have been placed on the world map. What was lacking before this was a modern convention centre.

“I am glad that the project is completing after about six years since the idea came about,” he said.

According to SP Setia Bhd general manager (North) Ng Han Seong, the Setia SPICE Convention Centre is scheduled to be officially opened in either May or June this year.

Read More: TheStar.com.my

M Summit Group recorded a new milestone through its latest project combining luxury with affordability in an exciting way for Penangites. They are the first private developer to take on Penang’s affordable housing scheme and taking it on “in style”.

Ideally located with panoramic seaview and lush greenery

Ramah Pavilion, comprises two blocks of 39 and 36 storey, is billed as one of the first private affordable housing developments to be completed in Penang. As of January 2017, the facade and foundation of the new resort-style condominium has been built hence providing an idea the size of the building along with the selection of on-site amenities.  Even at this stage of construction, it is obvious that the end result will be a modern building that embraces the landscape around it, offering lush views of many of the hills and greenery surrounding it. There will definitely be some impressive panoramic seaview from the upper floors.

Ideally located for both families and business professionals alike; situated within the township of Teluk Kumbar, with the new Yong Chern Chinese school just minutes away (perfect for busy mornings with the kids!) and the Penang International Airport less than a 15-minutes drive away. Upon the completion of the federal road upgrade from Teluk Kumbar to the Penang International Airport, the location of Ramah Pavilion will become more accessible and convenient as the new road will massively enables a smoother drive to Bayan Lepas Free Trade Zone and the airport. Furthermore, the proposed government reclamation off the southern tip of Penang Island and the creation of three new man-made island will be one of the greatest catalysts for both residential and commercial growth at the southern part of Penang Island, especially in Teluk Kumbar.

Resort-style living with rooftop garden

The freehold, high-rise resort-style living at Ramah Pavilion features top-of-the-line amenities like pools for both adults and children, a Jacuzzi for chilly nights, an expansive indoor and outdoor playground for children, a game room for all ages, a relaxing reading room/library, a barbeque area that is perfect for hosting family get-togethers and events with friends, and indoor and outdoor function areas for groups large and small. The state-of-the-art indoor function hall with air conditioned atmosphere and a full scale kitchen accommodates up to 300 pax of seating subsequently permits catering event; starting from largest weddings, reunions, up to birthday parties while being literally at home at the same time!

One of the most unique features that Ramah Pavilion condos will offer is a huge, one-of-a-kind roof-top garden where residents can grow organic vegetables year round. This allows you to enjoy urban city living while still having land to cultivate your favorite fruits and vegetables. M Summit Group is even planning on bringing in gardening experts to help residents grow vegetables in the roof-top garden and to answer questions or concerns that residents might have about urban gardening.

Speaking of the best in urban city living, the spacious condominium of Ramah Pavilion, which range from around 800 sq ft to about 1,350 sq ft are built over a ground storey of premium businesses, including on-site laundry, a convenience store, a hair dresser and salon as well as restaurants and a grocer. Tenants will be carefully selected to ensure the residents feel safe from any unwanted activities.

Security as top priority

Ramah Pavilion, focusing on the security of residents as top priority, promises an enjoying affordable urban living that doesn’t have to come at the expense of your safety. Both the businesses located in Ramah Pavilion and the residential areas will be monitored by security. Ramah Pavilion offers an on-site three-tier security system which will monitor and protect the premises and residents 24 hours a day. Ensuring utmost privacy, resident’s access key card is only accessible to the floor(s) which it’s programmed.

Show unit in progress

Quality is the focus

One of the key features that sets Ramah Pavilion apart from other affordable housing is the focus on quality. No expense has been spared in this development, and the high-rise units will feature top-of-the-line building materials carefully selected by the developer and its construction professionals. Offering 6 design types catering young, single professional or a more mature family raising children

In even more surprising news, the fact that Ramah Pavilion units are already 85% sold doesn’t halt the developer from upgrading amenities and features on the condominium. Instead, the developer has opted to offer high-quality finishes like anodize aluminum windows and sliding door frames with tempered glass that meets high safety standards and resident expectations.

Affordable price and easy ownership

Selling price for Ramah Pavilion open market unit starting at just RM468K for 1,150 sq.ft. with two car parks, as well as some renovation options to the homeowner at no additional cost. Do expect a move-in conditioned home with air conditioning piping, plastered ceilings, build-in water heaters and upgraded 60cm x 60cm porcelain tile, an added grill main door, shower screens in all bathrooms, and additional power points in each home. Best of all, the developer will absorb bank interest incurred until vacant possession.

You are invited to view the show unit which is available on site during the topping-up event to be held on 30 January 2017 (3^rd day of Chinese New Year), with Penang Chief Minister as the Guest of Honor. Food will be provided.

Meet up personally with M Summit Group on 30 Jan for a deal that’s definitely not to be missed! Or you may also call 04-2292232/04-2917921/04-2917915 to arrange for a personal meeting and viewing of the show unit.

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