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Encorp Bhd is selling 2.33ha of freehold land in Bandar Batu Ferringi, Penang to Crescent Consortium Sdn Bhd for RM25 million, Bernama reported yesterday.

In a filing to Bursa Malaysia yesterday, the company said the disposal will enable Encorp to unlock its capital from being tied up as long-term assets, Bernama reported.

The disposal consideration of RM25 million would be used to repay bank loans of RM15 million, disposal expenses of up to RM850,000 and RM9.15 million for general working capital and investments.

Encorp expects the disposal to be concluded by the first quarter of next year.

Looks like this is the land which was initially planned for a Mediterranean-inspired village concept development – Enclave Seaview Residences.

Crescent Consortium Sdn. Bhd. is a unit under Selangor Dredging Bhd (SDB).

Other development by Selangor Dredging Bhd. in Penang – By The Sea

Source: TheEdgeProperty.com.my

Location:

An upcoming mixed development by GTM Noble Sdn. Bhd. at Balik Pulau, Penang. It is located along Kuala Jalan Baru, adjacent to Prestige III housing scheme by PLB Land. About 10 minutes driving distance to Balik Pulau town centre and Prince of Wales Island International School.

This development will see the demolition of 30 existing houses for the construction of:

Phase 1

• 16-storey LC (61 units) and LMC (124 units) apartment

Phase 2

• 2-storey shop offices (5 units)
• Gated & guarded 2-storey terrace houses (67 units)

Phase 3

• 16-storey affordable condominium (850 sqft, 156 units)

Phase 4

• 12-storey affordable condominium (850 sqft, 288 units)

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

Property Project: (Pending)
Location : Balik Pulau, Penang
Property Type : Mixed development
Total Units: (see above)
Land Tenure : Freehold
Indicative Price : (To be confirmed)
Developer : GTM Noble Sdn. Bhd.

Location Map:

The federal government is studying the possibility to allow first-time home buyers to withdraw more money from their Employees Provident Fund (EPF) account to finance their affordable house purchases.

“That is a very good suggestion,” described Minister of Finance II Datuk Johari Abdul Ghani, as it could allow EPF members to tap onto their savings for their first home.

“We are in discussion with EPF in regards to the suggestion,” he said, but no decision has been made yet.

“We wanted to help first time home buyer to bridge the gap between loan and the house prices,” Johari told pressmen after officiating the Malaysian Economy Today — The Challenges, vulnerability and resilience; and the remedial measures here today.

Having said that, he added the move should only be limited to first time buyers and those are buying affordable homes.

“Further, should the house buyer sell the house later, (certain part of)the proceeds have to be returned to their EPF account (based on the extra quantum they withdrew),” he added.

Currently, house buyers could withdraw up to 30% from their Account 2 in the EPF to finance the house purchase.

On the upcoming Budget 2017, Johari said the government will focus in cutting down duplicate expenses among the ministries to reduce operating expenses.

Without specifying the saving quantum, Johari acknowledged there were duplicate spending among ministries in the areas of entrepreneur development and research and development.

Noting operating expenses make up the biggest chunk of the country’s spending category, he said certain fixed expenses such as civil servants’ emolument and pension could not be slashed.

“In fact, the expenses will grow each year. Hence, we need to improve it by boosting their productivity,” he said.

While brushing off the Budget as election budget, Johari stressed that the government will focus more on people centric-programmes such as the building of school and hospital.

“We will make sure we gave proper allocation (for the programme) at the upcoming budget,” he pointed out.

He reiterated that the government will go ahead with mega infrastructure projects that could bring multiplier effect to the country economy as well as people well-being.

Source: TheEdgeProperty.com.my

Hijauan Valdor is a residential development by Asas Dunia in Sungai Bakap. It is strategically located along federal road, about 10 minutes drive to Penang Second Bridge. It is only a mere minutes drive to Batu Kawan via Jalan Perindustrian Valdor.

The 4th phase of this project comprises 2-storey semi-detached houses with 4 different design types. Indicative price starts from RM620,000 onwards.

• Type 1: Alberta – 24 units
• Type 2: Ebony – 30 units
• Type 3: Maple – 30 units
• Type 4: Sycamore – 28 units
• Type 5: Scarlet – 6 units

Initial Phases: Hijauan Valdor

Property Project : Hijauan Valdor
Location : Sungai Bakap, Penang
Property Type : 2-Storey Semi-detached
Tenure : Freehold
Total Units : 118 (Phase 4)
Indicative Price: RM 620,000 onwards
Developer : Asas Dunia Berhad

Location Map:

Matrix Concepts Holdings Bhd (MCHB) is the latest property developer to join the call for more incentives for first time buyers of affordable homes in the upcoming Budget 2017.

Although the demand for affordable housing exceeds supply, difficulties in getting financing and unattractive locations have deterred many house buyers from owning these homes, said its chairman, Datuk Mohamad Haslah Mohamad Amin.

“The Government must offer opportunities for more people to own houses, especially in terms of ease in getting loans,” he said in a report by Bernama.

Other major property players, like Mah Sing Group, have also called for the Government to relax lending approvals and provide more incentives for first time house buyers.

Mah Sing Group recently said that it hoped banks would offer the flexibility of 95% financing for first home buyers, 90% for second homes followed by 70% for those buying their third property.

It also wants a higher debt service ratio of 70% to 80% for first home buyers and loan tenure to be extended from 35 years to 40 years.

In its budget wishlist, the developer also suggested that the Government revised the percentage of funds in Employees Provident Fund (EPF) Account One and Two.

“By increasing the funds in Account Two from the current 30% to 40% of EPF balances, contributors can have more funds in Account Two to pay the downpayment of their property, reduce housing loan and pay monthly housing loan instalments,” it had said in a statement.

Real Estate and Housing Developers Association (Rehda) had called for easing in the end-financing regulations for property purchases, with its president Datuk Seri Fateh Iskandar Mohamed Mansor saying this was necessary to help first-time buyers own affordable homes.

Rehda’s Property Industry Survey for the first half of 2016 found that end financing and loan rejection remained a major problem for nearly 70% of the respondents and it had spread to affect almost all price ranges. Property prices ranging from RM250,001 to RM500,000 and RM700,000 to RM1mil faced the highest loan rejections, at 24% and 27% respectively.

Last month, Eco World Development Group Bhd (EcoWorld) chief executive officer and president Datuk Chang Khim Wah said they hoped the Government would introduce measures to assist first-time home buyers in the upcoming budget.

He said the housing industry was in need of a boost. “If the Government can find ways to help first-time home buyers with down payments and end-financing from the banks, it will be very good for the industry,” he had said.

In the Bernama report, Mohamad Haslah said property developers should also be given the incentives to encourage them to build more affordable houses.

Speaking to reporters after an event in Seremban, he said the state’s Affordable Housing Policy, which required housing projects in the state to set 50% for affordable housing, should be extended nationwide. He said it was important that developers build affordable housing in locations closer to the city to suit the needs of the people.

Source: TheStar.com.my