Affordable housing is one of the hottest topics in Penang property market these days. As of today, Penang has more than 38 affordable housing projects proposed, 16 out of which are opened for application and registration. The chart below shows the 5 most popular affordable housing projects in Penang, based on the total number of project page views recorded in 2016 (01 Jan – 28 Sept 2016).

1. i-Santorini @ Tanjung Pinang (35,875 views)

Affordable housing development by Ideal Property Group in Tanjung Tokong, Penang. It is located behind Vantage Desiran Tanjung, just a short walk away from Tesco.

The development comprises three residential towers with 8-level multi-story carpark and 68 units of shop offices at the lower floors. There will be a total of 1,320 affordable units, with a standard built-up size of 850 sq.ft.

2. One Foresta (25,933 views)

The first i-Condo affordable housing by Ideal Property Group in Bayan Lepas, Penang. It is strategically located along Lengkok Kelicap, only a few minutes away from Penang Internation Airport, It is just a stone’s throw away from Setia Pearl Island housing scheme.

The residential component comprises 2 blocks of 40-storey towers with a total of 1343 affording housing units. Each unit will have a built-up area of 900 sq.ft. and comes with 3 bedrooms.

3. The Park @ Mak Mandin (25,768 views)

A new affordable housing scheme by Penang State Government at Jalan Mak Mandin, Butterworth. This project is undertaken by Silver Channel Sdn. Bhd., comprising 4 blocks of 14-storey towers with 780 apartment units.

Featuring spacious layout with a built-up area of 1,002 sq.ft., each unit comes with 3 bedrooms and 2 bathrooms. It also comes with various facilities such as swimming pool, children playground and more.

It is worth mentioning that the Chinese version of this project post has received an overwhelming response.

4. Mutiara Jesselton (18,958 views)

Affordable housing development by Berjaya Land at Batu Gantong, also known as the parcel 2 of Jesselton Villas. It is just a short drive away from Penang Turf Club and easily accessible via Jalan Scotland.

This development comprises a 32-storey residential tower and 16 units of shop offices, with an indicative price starting from RM150,000.

5. TRI Pinnacle (17,900 views)

Affordable homes located at Jalan Persiaran Halia 3 at Mount Erskine. The first of its kind by Aspen Group that create a high quality affordable housing development and help to enhance the surrounding area to provide the residents with a well conceptualized, modern, airy environment to live, relax and work!

This is one of the first private-initiated affordable housing project in Penang. Standard unit price starts from RM299,000, with option to upgrade it with full IKEA furnishing.

Sunday morning – Eco Bloom official launch

Eco World Development Group Berhad (EcoWorld) launched four new projects concurrently under its EcoWorld’s Firsts campaign today. The campaign showcases two new projects in the Klang Valley which are Eco Grandeur and Eco Ardence, one project in Penang, namely Eco Bloom@EcoMeadows and Eco Business Park II (EBP II) in Iskandar Malaysia.

Set in a charming corner of Penang mainland, the residential component of Eco Bloom @ EcoMeadows,  is a 4.86-acre freehold mixed development comprising a single tower project with residential units split into two wings. It offers three different types of units with prices starting from RM388,000. The condominium, which is also the first high-rise development within the corridor with an unobstructed city view, will include facilities such as a swimming pool, gym, beautiful gardens, jogging tracks, BBQ area, multi-purpose court, multi-purpose hall and children’s playground in addition to the convenience provided by the 2-storey retail portion of the development situated below.

The official launching of Eco Bloom is today, however, the queue for booking already started to swell since yesterday morning. Many decided to sleep over at EcoWorld Gallery just to ensure they are ahead of others for a better unit selection. Eco World was helpful by providing meals to keep the momentum in the gallery as lively as possible. By Sunday morning (see picture), the gallery was fully packed with buyers waiting to select their unit. It was full house! Many had their difficulty to even get a parking spot. Again, it is worth to mention that the interests in property continue to be remain high despite the fact that buyers are now more selective.

Obviously, branding is still one of the most influencing factor.

Click HERE to find out more about Eco Bloom @ Eco Meadows

A developer has failed in its bid via judicial review to set aside the stay order issued by the Penang Appeals Board on its high-rise project in Pykett Avenue here.

A High Court here upheld the decision of the board in the issuance of a stay of implementation of planning permissions to Klassik Tropika Development Sdn Bhd, which prevents the developer from proceeding with the construction of condominiums.

The judicial review application filed by Klassik Tropika on Sept 7 last year had named seven respondents. They are the board, Penang Island City Council and five residents – Ang Sue Khoon, Goh Yee Hoon, Yeoh Soo Lin, Lilian Oh Lai Lin and Oh Chit Soon.

In its application, it sought to set aside the decision made by the board dated June 26, 2015 which suspended the implementation of the planning permission in response to the application made by the five residents.

In his judgment yesterday, Judicial Commissioner Lim Chong Fong said the board has the jurisdiction and power to make such an order.

He affirmed that the decision was properly made and ordered the developer to pay RM5,000 in costs to the Appeals Board, RM25,000 to Ang and RM25,000 to Lai Lin and Chit Soon.

The board was represented by Azlina Hashim and Charanjit Singh, MBPP by Karin Lim, Ang by Ong Yu Shin while Daphne Choy and Eric Cheah appeared for both Lai Lin and Chit Soon. Goh and Yeoh were unrepresented.

It was previously reported that Klassik Tropika had, in July 2010, demolished the 19th century Khaw Sim Bee Mansion which stood at the proposed development site in Pykett Avenue.

The then Penang Island Municipal Council (MPPP) issued a rebuild order on Feb 17, 2011 but the mansion was not rebuilt.

MPPP then approved the developer’s application for planning permission to build mega condominiums at the site on Nov 11, 2014.

Penang Citizens Awareness Chant Group (Chant) adviser Yan Lee said the decision has reaffirmed that the board could consider public interest and check on MBPP.

Sourse: TheStar.com.my

Penang Property Prices (1Q2011 – 2Q2016)

Things have been quiet on the Penang primary property market so far, although the secondary market has seen some activity, albeit slower.

“High-end products are struggling but properties below RM700,000 are still okay,” observes Raine & Horne International Zaki + Partners director Michael Geh when presenting the Penang Housing Property Monitor for 2Q2016.

Developments that performed fairly well are Ideal Property Group’s Queens Waterfront Residences and Eastern & Oriental Bhd’s The Tamarind. Properties in Butterworth, especially those below RM500,000, also did well, he adds.

On the mainland, an active hot spot was Simpang Ampat “because it is the secondary market for Batu Kawan, where prices are nearly on a par with those on the island”.

Geh’s advice to homebuyers is that it is a good time to cherry-pick properties. “Zoom in on the neighbourhoods that you like and make offers. Buy with 50% cash,” he says.

Nevertheless, the Penang property market does not appear to be in serious trouble, although, according to Raine & Horne’s State of the Property Market @ August 2016 report, it has seen a dip in transactions and value.

Penang Property Rental Rates

On the primary or developer’s market, the number of transactions fell from 4,095 in 2014 to 2,948 in the following year while the secondary market saw a drop from 14,315 to 12,343. In the same period, value on the primary market declined from RM1.8 billion to RM1.28 billion while on the secondary market, it fell from RM5.78 billion to RM4.89 billion.

Still, Geh feels this is no cause for concern. Jobs are still plentiful, he says, adding that the trigger point for fire sales is when there are retrenchments and factories close down.

Eventful second quarter

A number of unexpected events affected property market sentiment in the second quarter of the year.

“First, there was the continued delay in the issue of advertising permit and developer licences, which took a toll on the property market,” remarks Geh.

“Then, there was the ongoing chief minister’s court case, which caused anxiety among serious property players before they could move on to their next investment decision. News of a possible snap election also jolted the confidence of investors in the market. That this was not going to happen calmed things down.

“Then, there was the announcement of rent control, which rattled investors keen on buying prewar buildings. They are now waiting to see what the state government will do next.” The announcement was due to concerns over foreigners, especially Singaporeans, buying up too many of the prewar shoplots.

However, Geh believes the owners of prewar shoplots are selling because of stringent conservation requirements. They would rather dispose of the properties than renovate them.

“The current procedure for renovation is rather vague … heritage societies have a strong influence on the process. Often, the recommendations for renovation are uneconomic and non-business-friendly, prompting the property owners to just give up and sell out,” he explains.

He suggests that the state government and the George Town World Heritage Inc (GTWHI) review the process to make it viable for owners to renovate their prewar buildings. GTWHI was established by the state government in 2010 to protect, promote and preserve George Town as a sustainable city.

Furthermore, the transport masterplan for Penang seems to have hit a snag with some parties fighting to preserve the Prangin Canal, where a transport hub is to be constructed, because ancient artefacts have been found at the site. Archaeologists have uncovered old sluice gates that had connected the canal, which was built in the early 1800s. Fragments and shards of pottery have also been discovered at the dig.

Geh says as the Prangin Canal was designated a transport hub some 20 years ago, a compromise is needed, where the preservation of the artefacts could continue along with the development of the transport system that Penang requires. Discussions on the matter are ongoing.

Terraced houses

The 1-storey terraced houses sampled for the monitor on both the island and the mainland showed little price growth from the last quarter and the year before. Prices rose only in Sungai Ara (+2.04% or from RM735,000 to RM750,000) and Tanjung Bungah (+2.56% or from RM780,000 to RM800,000) year on year.

The 2-storey terraced houses in all the areas surveyed showed no price growth from the previous quarter. However, some fared slightly better compared to last year, especially those in Pulau Tikus, Sungai Nibong and Sungai Ara. Elsewhere, the prices remained stagnant.

In Pulau Tikus, the prices rose 6.67% to RM1.6 million, in Sungai Nibong by 4.55% to RM1.15 million and in Sungai Ara by 5.26% to RM1 million.

Semi-detached and detached houses

Quarter on quarter, there was no change in the prices of semidees but they rose slightly year on year, except in Sungai Ara.

Prices rose 2.27% to RM2.25 million in Island Park, by 5.71% to RM1.85 million in Sungai Nibong and by 6.67% to RM1.6 million in both Sungai Dua and Minden Heights.

As for detached houses, only those in Tanjung Bungah saw an increase in prices quarter on quarter (+2.7% to RM3.8 million). Year on year, the prices rose 2% to RM5.1 million in Pulau Tikus, by 3.57% to RM2.9 million in Island Glades and by 2.86% to RM3.6 million in Green Lane.

High-rises

Only the prices of three-bedroom flats in Sungai Dua and Lip Sin Garden rose 8.57% to RM380,000 quarter on quarter and year on year.

The flats in Relau showed no price increase year on year while the prices of flats rose 17.65% to RM400,000 in Green Lane, by 9.09% to RM240,000 in Bandar Baru Air Itam and by 5.88% to RM180,000 in Paya Terubong.

As for 3-bedroom apartments and condominiums, the prices of only those in Pulau Tikus rose 1.47% quarter on quarter and 6.15% year on year to RM690,000.

Year on year, the prices of units in Island Park/Glades rose 6.38% to RM500,000 and by 2.22% to RM460,000 in Batu Ferringhi. Elsewhere, the prices remained unchanged.

Source: TheEdgeProperty.com.my

Have you always wished that your home is from the English architecture designs? Seeing is believing! You are cordially invited to the Official Launching of Eco Bloom on this Sunday (25 September) at EcoWorld Gallery @ Eco Meadows.

Eco Bloom, inspired by the scenic pastures of English royalty, is a sophisticated and lifestyle retreat that reflects magical merging of inspiration and architecture. This perfect, professionally-designed 33-storey residential block invites comfort, and exudes modern elegance. With at least 2 bedrooms, 2 baths, generous living space and high quality finishes, you’ll enjoy a perfect setting for relaxing and entertaining.

Prices of the English homes start from RM388,000, is a good balance between quality lifestyle and affordability, especially for first-time home buyers. It is also ideally positioned to enjoy the proximity to North-South Expressway, only 10 minutes away from Penang first and second bridges. The 2-storey commercial lots situated below the residential tower will be a good complement together with the 23,000 sq.ft. Bloom Garden for al fresco dining and leisure.