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Rainbow Skywalk opening tomorrow (18 Dec 2016)

Property News/ 17 December 2016 No comments

rainbow-skywalkAssumptions that the world is flat and people would fall over the edge if they went to the end of the horizon disappeared over 3,500 years ago because that non-existent edge gets farther as people climbed higher.

Stand at sea level and your horizon is 4.7km away. But on Level 65, Komtar, your gaze will sweep over the curvature of the planet.

The eastern plain of the island’s geography is laid out for you to behold, and Pulau Jerejak, over 12km away, comes into full view.

“Komtar’s location is fantastically strategic. It is like a giant watchtower and being circular, you have an all-round view,” said Only World Group (OWG) chief operating officer Datuk Jean Koh.

Level 65 is about 230m above the ground and at this height, you would be able to see up to 150km away, making Kedah a part of the northeastern scenery.

Video taken by Penang Property Talk in August 2016

When Komtar was first completed about 30 years ago, this was the rooftop level and it only had a helipad. Now it is a part of the Window of the Top.

“We created Level 65 into an observatory deck. As you walk around the floor, you will see Penang from a unique angle.

“There’s so much to take in that you’ll even need to stop for coffee,” Jean smiled.

And that is just what OWG prepared: a coffee corner where visitors can pause to admire the panorama.

Picture by TheStar

Picture by TheStar

On the window are affixed information panels, telling visitors what they are seeing, such as Penang jetty, Kek Lok Si Temple, Penang Hill and so on.

There is also a souvenir store and a photo opportunity corner where you can have a special photo taken in such a way that it will look as if you are walking on an I-beam at the external edge of the building.

OWG won a 45-year lease on five levels of Komtar in 2012 and is on a mission to revitalise the building.

The company has topped the building with another three levels, and the Window of the Top refers to Level 65’s observatory deck and Level 68 rooftop, both of which are set to be officially opened tomorrow.

There is even a special glass floor section in Level 65 for visitors to step past the external wall of the monolith and look down on the scenery below. This is a teaser to an even more hair-raising glass skywalk on Level 68, the tallest in the country.

The way up to the top begins at Level Five.

For those who still remember Komtar back in the late 80s and early 90s, this is where the rooftop garden and open space podium used to be.

Those who still recall scaling the open-air staircase at Komtar’s Jalan Dr Lim Chwee Leong side to reach Level Five (there used to be a squash court, food court, amusement games centre and also the Geodesic Dome), they will be in for a surprise.

A glitzy entrance is in store for them and along the Level Five boulevard of fancy eateries, a giant overhead LCD screen completes the shine.

Two levels lower, OWG has a special project in the final stages of construction that will be dedicated to Penang’s tourism industry.

“The Penang State Gallery will take visitors back to the time when Penang was a swampy frontier and show how George Town became a bustling trading post, to its present day as a city of living history.

“Beside the gallery will be the Market Food Street where tourists will be able sample the signature dishes of Penang hawker food.”

To complete the adventure for foreign visitors, Jean said there would also be a gallery called the Durian The King of Fruits and a museum, Tongkat Ali King.

“We’ll make sure that a busy business traveller or perhaps a cruise ship passenger who is only here on a day trip will have a one-stop spot to get a whiff of everything there is to love about Penang,” said Jean.

Read Source: TheStar.com.my

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Is affordable housing a good investment in Penang?

is-affordable-a-good-investmentAffordable housing has been the key growth driver for Penang residential property sector in the past two years. Today there are already 17 projects under construction while at least 26 more are in the pipeline.

Aiming to stimulate the sale of affordable housing, the developers are allowed to sell 30% of the affordable housing to the open market with 10-20% price premium. That in fact has stirred up the interest in buying a second home for investment among Penangites.

Is affordable housing a good investment Penang?” continues to be one of the most common yet frequent question addressed to us at Penang Property Talk. Prior to sharing food for thoughts, it is crucial for potential investors to fully digest the fundamental facts about affordable housing in Penang.

Purpose built housing

Affordable housing is purpose built for first time home buyer. It is conclusive to quote that most of the units are cautiously planned and well sized for individuals who are at establishment period in their career stage, young marriage couples who are settling in for a new home. For upgraders envisioning for a larger spacious home, affordable housing units will emerge to be inadequate for a matured growing family.

Be mindful that your potential buyers in the future are most likely to be a first time home buyer, who has a comparable budget of around RM300K – RM400K. Selling a first time buyer house at a much higher price tag in the future is definitely a gigantic challenge.

Abundant supply

Owning a brand new home in Penang Island used to be a dream, for some. The attractively priced affordable housing has now turned some of those dreams into reality. Many opportunistic buyers instantly draw a conclusion for a need to quickly grasp this golden advantage and compelled to buy an affordable unit as their second house for investment. Nevertheless, when realization starts to kick in on the fact that there will be abundant supply of affordable housing units in near future, the interest level on affordable housing projects cools down significantly.

affordable-housing-projects-pageviews

 

Indeed, an observation from Penang Property Talk is that despite the significant increase in affordable housing projects, the affordable housing project listing page has registered a consistent decline in page views over the past two years.

Impact of price control

From an investment perspective, it is a norm to typically refrain from whatsoever that has a price control in place. Of course, unless you are the one controlling the price. Obviously, there is no exception in affordable housing. The price of a house is likely to be influenced (indirectly controlled) by the affordable housing scheme that will be launching in the future.

Some individuals may have the perception that a higher selling price can be set for a unit after the 5 years cooling period. But there is no reason for someone to pay a much higher price for that unit when there is a continuous supply of affordable houses which are selling at a cheaper price. Not to mention the falling relative prices of the secondary unit as it ages.

In fact, the ceiling price for new affordable house has been lowered from RM400K to RM300K. In other words, there may be more affordable housing units in the pipeline with a cheaper price tag.

Lack of differentiation

Being able to sell a house promptly is as important as buying it cheap in the first place. In property investment, standing out from others is always an advantage when you are selling. House number, facing, floor level, layout, locations are some of the critical decision factor. Some design type may have advantage over other design types, depending on individual preference.

But in affordable housing, some of these selling points may not applicable because there may be thousands of unit of the same type in one project. You may also find the same unit and floor number in other blocks.

In a worse situation, affordable housing in secondary market may eventually become like “commodity” where pricing is the only decision factor. Property agents will simply need one classified listing per project to sell their stock since there is only one design type. In such cases, the seller will lost their bargaining power and the lowest price unit will likely to be sold first.

Food for thoughts

If you are a first time home buyer searching immensely for your dream home, affordable housing is absolutely one of the extremely beneficial options. However, do not rush to hurriedly jump to conclusions. Choose wisely within your means. A glamorous location does not necessary mean the right location for you.

* Click here for the full list of affordable housing in Penang *

For those who are buying affordable housing as an investment, comprehend and invest objectively. Affordable housing and a great financial investment are mutually exclusive. Unless you are fully equipped with a very good plan in buying affordable units, otherwise differentiation would be the key to a safe property investment in the current market situation. If you can afford, a larger yet spacious home or a development with unique offerings might be a better bet.

– Ken Lim
(Founder, PenangPropertyTalk.com)

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Avalon Place

Ayer Itam/ 14 December 2016 53 comments /中文版

Avalon-place-featured

Avalon Place, an upcoming residential development by PLB Homes in Air Itam, Penang. It is located off Solok Zoo 1, just a short drive away from Sunshine Farlim and All Seasons Park.

This development will see a 25-storey condominium, offering 209 residential units. There are 8 different design types to choose from.

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

Property Name: Avalon Place
Location : Air Itam, Penang
Property Type : Condominium
Total Units: 209
Built-up Area: 1,000 – 1,200 sq.ft.
Indicative Price: (To be confirmed)
Developer : PLB Homes

Register your interest here

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.

Location Map:

 

 

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Straits Residences

Tanjung Pinang/ 13 December 2016 21 comments /中文版

straits-residences

Straits Residences, a serviced residence development by Kerjaya Prospek Property Sdn. Bhd. at Tanjung Pinang, Penang. It is strategically located along Jalan Seri Tanjung Pinang, next to Straits Quay Marina Mall.

The development comprises a 28-storey tower on a one-acre site, offering 246 units of serviced suites. The built-up size is ranging from around 800 sq.ft. and the indicative average selling price is about RM1,200 psf, with a minium selling price from RM1 million onwards.

More details to be available upon official launch.

Project Name: Straits Residences
Location : Seri Tanjung Pinang
Property Type : Serviced apartment
Built-up Area: 800 sq.ft. onwards
Total Units: 246
Indicative Price: RM1 million onwards
Developer : Kerjaya Prospek Property Sdn. Bhd.

Register your interest here

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.

Location Map:

 

 

PR1MA @ Bukit Gelugor

Gelugor/ 12 December 2016 27 comments /中文版

PR1MA-gelugor

One of the first few PR1MA affordable housing approved in Penang. This development is strategically located on Kampung Kastam land near the intersection of Jalan Bukit Gambier and Jalan Lembah, undertaken by Ideal Capital Venture Sdn. Bhd. It’s only less than 2km away from University Science Malaysia (USM), neighbouring communities include Centrio Avenue, Taman Tun Sardon, Mutiara Court and etc.

The proposed development comprises:

  • Ideal Residency (Phase 1): 1 block of 49-storey building (1,218 affordable units – 850 sq.ft.)
  • Phase 2: 2 block of 46-storey building (1,632 affordable units – 850 sq.ft.)

READ MORE ABOUT AFFORDABLE HOUSING:

More details to be available upon project launch.

Project Name: PR1MA @ Bukit Gelugor
Location :
 Gelugor, Penang
Property Type : Affordable housing
Built-up Area: 850 sq.ft.
Indicative Price : RM300,000 (Affordable)
Last Updated: Feb 2020
Developer : Ideal Capital Venture Sdn. Bhd. (Ideal Property Group)

Register your interest here

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.

Location Map: