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7 Upcoming Projects at Sungai Nibong in 2017 / 2018

Following the unveiling of Penang Transport Master Plan, developers are eyeing for opportunities near LRT stations. This is particularly obvious in Sungai Nibong where there were at least 7 projects proposed by 6 developers in the past 12 months, with the exception that there is still no official plan submitted by SP Setia for Setia Sky Hill.

If you insist you must buy a property near LRT station and within close proximity to schools, these are the projects you should keep a very close eye for their upcoming launches in 2017 / 2018.

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You may also find out more details from the respective project post below:

1. SP Setia (Setia Sky Hill)
Two blocks of residential towers with 341 condominium units

2. Gembira Development Sdn. Bhd.
23-storey commercial building with a mix of 64 units residential and 38 units office suites

3. Prisma Bumiraya Sdn. Bhd.
Single block of 34-storey building, offering 197 condominium units with facilities located at rooftop.

4. Bayan Capital Sdn. Bhd.
To be developed in four parcels, with a mix of affordable housing and commercial components.

5. Sepakat Mewah Sdn. Bhd.
21-storey building comprising condominium, budget hotel, shop offices.

6. Red Blue Development Sdn. Bhd.
Comprises a 25-storey condominium, 3-storey terrace houses and shop offices.

7. Prisma Bumiraya Sdn. Bhd.
Two 43 & 44-storey skyscrapers, offering a total of 369 residential units. (more details to be available soon)

 

Blooming attraction on the mainland

Property News/ 24 October 2016 2 comments
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Home buyers packing the EcoWorld Gallery @ Eco Meadows in Simpang Ampat to secure their preferred units during the launch of Eco Bloom.

Response has been overwhelming for Eco World Development Group Bhd’s mixed residential-commercial Eco Bloom project in Simpang Ampat, Penang.

A good portion of its stylish residences has been snapped up, with many drawn to the unique concept, excellent location, attractive pricing and promise of quality.

If you have been eyeing a unit here, the StarProperty.my Fair 2016 in Queensbay Mall from Thursday to Sunday will provide a good opportunity to get one while you still can.

EcoWorld northern region general manager Khoo Teck Chong said there were people queueing overnight to secure their preferred units at the official launch last month.

With prices starting from RM388,000 before rebate, it is one of the most affordable mid-to-high end products currently on the market.

Eco Bloom’s freehold condominiums come in sizes of 800sq ft, 900sq ft and 1,100sq ft, all housed in a 33-storey tower sitting atop the commercial podium block.

These are ideal for young couples, first-time buyers or those who could not afford more pricey properties, but still want all the luxuries of life that come with it.

“Affordability is an important factor with the current market conditions. We noticed a lack of options in this range, and wanted to fill this niche.

“The great response is not only an affirmation of Eco Bloom’s appealing concept, but also the buyers’ trust in the EcoWorld brand.

“It carries an assurance of product and service quality. You know you’ll get great value whether you’re buying for investment or for your own stay,” Khoo said.

The project, located on a 1.9ha (4.86-acre) plot, is the second phase of the larger Eco Meadows development that fronts Jalan Paboi.

It follows the initial offering of Northampton Terrace homes, which are already sold out and have since become one of the most desirable addresses on the mainland.

It will have the same English neo-royalty aesthetic, along with verdant landscaping, that is an EcoWorld hallmark.

Future inhabitants will have approximately 76,000sq ft of facilities to enjoy – including a swimming pool, children’s pool, gymnasium and children’s playground.

The list continues with a barbecue area, function hall, multi-purpose court, games and study rooms, pocket gardens and open gardens.

Security is assured with a three-tier system that includes alarms on the main door and yard door, intercom system, access card for car park and lift lobby, and panic buttons in the master room and living hall.

“We noticed that many buyers are those upgrading from surrounding neighbourhoods.

“A lot also hail from the southeast of Penang island, where a similar product would be significantly more costly,” added Khoo.

The 23 shoplots located at the podium come in two sizes – typical ones measuring 22ft x 68ft, and corner units at 35ft x 68ft.

Khoo said they would have a dedicated leasing team selecting an optimum mix of tenants, which cater to residents’ lifestyle needs.

A 24,000sq ft Bloom Gardens right in front of the project provides a conducive space for al-fresco dining, as well as leisurely family activities.

The excellent location is only five minutes away from the North-South Expressway. From there, easy access to various destinations on the mainland is available, as well as the island via the Sultan Abdul Halim Mu’adzam Shah Bridge.

Khoo said they are delighted to once again be part of the StarProperty.my Fair in Penang, and to highlight their offerings to interested parties on this side of the channel.

Besides Eco Bloom, the company would also be featuring their Eco Terraces condominium in Paya Terubong, as well as the aforementioned Eco Meadows.

Visit them at booth C1 during the four-day fair, open from 10.30am to 10.30pm daily.

Source: TheStar.com.my

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Design Village outlet mall to open in Penang next month

Property News/ 22 October 2016 19 comments

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Malaysia’s biggest outlet mall, Design Village, will open its doors from November to offer a selection of items at lowered prices.

The outlet mall, located within the newly-developed township of Bandar Cassia in Batu Kawan, is the first in the northern region.

Built on a 24-acre tropical garden, the mall will have popular brands from fashion to home appliances all at markdown prices.

Sports brand Adidas will open its biggest outlet store in Malaysia at this mall to offer a variety of footwear and attire at lowered prices.

There will also be brands new to the region such as the Travel For All Outlet store that will have luggage, travel accessories and winter wear, also at markdown prices.

Shoe stores Aldo and Bata will also be opening their first outlet stores at this mall.

Leather products will also be sold at a steal with the opening of the first Leather Made Outlet store that sells bags and leather goods at lowered prices.

Design Village, developed by PE Land Group, is the first outlet mall in the northern region and is easily accessible via the North South Highway and the Sultan Abdul Halim Bridge.

Source: TheMalayMailOnline.com

Find out more about Design Village

 

Video taken in August 2016


Location Map:

 

Budget 2017 no help in stimulating sluggish property market

Property News/ 22 October 2016 No comments

budget-2017-no-helpBudget 2017 that was announced today did not provide measures to shore up the property market or to help the bulk of potential homebuyers to own homes.

Heritage Shield Real Estate Sdn Bhd CEO and immediate past president of the Malaysian Institute of Estate Agents K Soma Sundram said Budget 2017 focused more on helping those who can’t afford to buy a property rather than on assisting those who can, especially the middle-income group.

“I’m not excited with this budget as it does not really help in stabilising the property market or to stimulate market growth,” he said.

“Most of the middle-income earners are facing challenges in securing loans to own a home. However, this group of people, which is also the majority of potential homebuyers, seems to be ignored,” he added.

On the increase in stamp duty for properties above RM1 million from 3% to 4%, effective Jan 1, 2018, Soma said this measure could be a burden to homebuyers especially for those who are looking for an ideal home priced at above RM1 million.

Eric Lim, founder and group managing director of Hartamas Real Estate Sdn Bhd, said the proposed benefits and assistance are mainly limited to the PR1MA schemes. “It is regretted that more was not done to boost the property sector as it is a clear driver of the economy. Repeated calls to provide more assistance to first-time homebuyers, regardless of property price, have gone unheeded,” said Lim, who is also MIEA deputy president.

On the “step-up” end-financing for the Perumahan Rakyat 1Malaysia (PR1MA) programme, Lim felt that it should not be limited to only PR1MA.

“By freeing up the financing limitation, it will certainly increase home ownership. While details have yet to be released, there are many new housing developments priced within the RM400,000 price range in which buyers will benefit as well.

On stamp duty increment for properties priced above RM1 million, Lim said the threshold should perhaps be higher as it is fairly easy to breach the RM1 million price point in the Klang Valley. The move will also discourage foreign investors since RM1 million is the floor price for foreign homebuyers.

Meanhile, Lim Boon Ping, training and development manager at Kim Realty and MIEA’s national vice-president said the stamp duty rise was surprising.

“The announcement of the increase in stamp duty for all properties worth more than RM1 million came in as a total surprise for me,” he said. “I believe this move by the government is to tax the rich to boost up tax collection.”

He expects the performance of this particular type of property will continue to soften and the market is expected to experience some adjustment before the measure is implemented in 2018 similar to the situation before the Goods and Services Tax (GST) was implemented.

“Overall, the budget shows that the Malaysian government continues to address first-time home ownership and what was announced are within expectations,” Lim told TheEdgeProperty.com.

Lim also lauded the government’s effort on the “step-up” end-financing scheme for PR1MA as well as the People’s Housing Programme (PPR).

Source: TheEdgeProperty.com.my

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Budget 2017: What’s in it for housing?

Property News/ 21 October 2016 No comments /中文版

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For housing, the following was announced to enhance first home buyers’ affordability:

  • Financing will be easier and more accessible to buyers with total loan of up to 90% to 100% with loan rejection rate to be reduced drastically. For example, applicants with monthly income of RM3,000 now eligible for loan of more than RM187,000, will be able to borrow RM295,000.
  • Stamp duty exemption increased to 100% on instruments of transfer and housing loan instruments, to help reduce the cost of first home ownership. This exemption is limited to houses with value up to RM300,000 for first home buyers only for period between Jan 1 2017 this and Dec 31 2018.
  • A new special “step up” end financing scheme for PR1MA programme, under which, 12,000 units worth RM3bil have been booked.
  • To provide government vacant lands at strategic locations to GLCs and PR1MA to build more than 30,000 houses at a selling price or RM150,000 to RM300,000.
  • To build around 10,000 houses in urban areas for rental to eligible youths with permanent job including young graduates entering the labour market.
  • To build 5,000 units of People’s Friendly Home, with the Government subsidising up to RM20,000 per unit. RM200mil will be allocated to SPNB.
  • To increase the civil servant’s housing loans to RM200,000 and RM750,000 from RM120,000 and RM600,000 respectively.
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