Eco Horizon Sdn Bhd, a wholly-owned unit of Eco World Development Group Bhd, has signed a conditional agreement with Batu Kawan Development Sdn Bhd (BKDSB) to acquire a piece of land in Seberang Prai, Penang, for RM681.99 million.

In a filing to Bursa Malaysia on Tuesday, Eco World said its unit has also signed a revocation and rescission agreement with BKDSB and Silver Setup Sdn Bhd (SSSB), a wholly-owned unit of Malton Bhd, to revoke and rescind the joint development agreement made between both companies in Oct 10, 2012.

Pursuant to the revocation agreement, Eco Horizon said, it has agreed to pay SSSB a revocation sum of RM50 million.

Eco World said Eco Horizon also signed an agreement with BKDSB and Penaga Pesona Sdn Bhd to acquire 30.32ha at the same location for RM143.25 million.

“The proposed acquisitions will provide Eco World with a replacement opportunity in the form of prime land of a similar size in the fast-growing industrial/commercial and residential hotspot.

“It will also enable the group as a whole to achieve an optimal geographic spread of its total landbank by acreage and gross development value in a manner which reflected the demographic structure of the country’s population by size and relative income levels,” it said.

In a separate filing, Malton said the proposed revocation represented an opportunity for SSSB to exit the joint venture for a one-off compensation sum of RM50 million.

“Further, SSSB would be able to fully recover all advances made to BKDSB under the agreement which could be re-channelled to Malton and its units’ other ongoing property development projects,” it said.

Source: Bernama

The Butterworth-Kulim Expressway Interchange (BKE IC) is one of the busiest junctions on the Mainland, with traffic volumes at the at­-grade signalised roundabout as high as 10,000 passenger car units (PCU) per hour during peak traffic. The highest turning traffic volume was observed to be the northbound right­-turn from NSE to BKE.

As part of the Penang Transport Master Plan, a third-tier one-­way flyover is proposed for this turning movement, which will help reduce the overall traffic volume entering the roundabout by some 20%. Operation of the signalised roundabout will then be improved with shorter cycle (waiting) times.

Members of the Penang Transport Council (PTC) have been divided into two working groups to study the Penang Transport Master Plan (PTMP).

Its chairman Chow Kon Yeow said one group would study the transport issues of the PTMP while another group would study the master plan of the three proposed man-made islands in the southern coast of the island.

“A meeting is scheduled on Tuesday when these members would provide input and views on matters such as economic forecast, population and others on the PTMP.

“They would deliberate on whether tram is preferred over LRT, and the land use on the man-made islands.

“They have been given two weeks to study the matter after receiving concise version of the Request for Proposal (RFP) documents, and some of them even came to our office to get extra documents.

“Among them who came to our office to look at the whole stack of reports were Penang Island city councillor Dr Lim Mah Hui and blogger Anil Netto,” he said.

Chow told reporters after speaking on the ‘Penang Transport Master Plan and its impact on the local industries’ at an industry workshop at the auditorium, Ivory Tower in Penang Times Square.

The workshop was organised by Henry Butcher Malaysia (Penang) in partnership with KPMG, and sponsored by Ivory Properties Group Bhd.

Chow said they were targeting conditional approval from Land Public Transport Commission (SPAD) for its plans and Detailed Environment Impact Assessment (DEIA) for the Komtar-Bayan Lepas Light Rail Transit (LRT) next month.

He said once they have secured approval, a three-month public exhibitions would be held to gather public feedback on the matter.

“We have identified several places for the exhibitions, among them are the third floor in Komtar and the Sungai Nibong bus terminal.

“We will also hold exhibitions at places along the LRT alignments. It will inform the public on which housing units would be affected and more details on the LRT stations.

“The public can still provide feedback by writing to us,” he said.

Chow also said at least five ‘park N’ ride’ facilities would be provided at five out of the 28 LRT stations along the Komtar-Bayan Lepas LRT line.

“Car users can park their cars at themulti-storey car parks near the LRT stations.

“Besides, we are also looking at the feeder system to be carried out within the 3kmradius at each of the LRT and monorailstations to ensure connectivity for the public transport system.

“We will try to connect the public from their workplace and residences to eachstation,” he said, adding that they wouldcapture a high ridership within the 3kmradius, such as passing through residential areas with high population.

The 30km Bayan Lepas LRT starts from Komtar in the northeast corner of the island, passes through Jelutong, Gelugor, Bayan Lepas and Penang International Airport before ending at the proposed Penang South Reclamation development.

Ivory Properties executive director Datuk Ooi Chin Loo, in his speech, said theywelcomed and supported the implementation of PTMP.

“An integrated public transport system and better accessibility are crucial factors for Penang,” he said.

Other speakers at the workshop were investPenang director Datuk Lee Kah Choon, KPMG northern region partner-in-charge Ooi Kok Seng, Penang Institute chief executive officer Dr Lim Kim Hwa and Maybank Investment Bank group chief economist Suhaimi Illias.

Source: TheStar.com.my

Photo: My First Home Convention 2016 at Gurney Hotel

Instead of blowing their cash on pricey gadgets, young Malaysians are saving up for their first home.

While most Gen Y shy away from owning property in developed countries and big cities, demand from millennials here is still holding, especially with parents assisting them with the downpayment, Real Estate and Housing Developers’ Association Malaysia (Rehda) president Datuk Seri F.D. Iskandar said.

(Gen Y, also known as millennials, are commonly referred to those who are born in the early 1980s to 2000s. They are sometimes referred to as the strawberry generation).

Demand from first-time buyers, including the younger generation, remains strong although housing affordability is a challenge, said Bank Negara.

The central bank added that they accounted for 75% of 1.47 million borrowers.

Owning and investing in a house remains a priority for many Malay­sians.

This is reflected in the household borrowing trend where the buying of homes continues to be the fastest growing segment of household lending, with annual growth sustained at double-digit levels (11% as at end-March 2016), said Bank Negara in a statement.

Those who cannot afford it themselves, and do not have parents to help, turn to their friends.

In his 30s, Daryl Toh, and two of his college mates own a condominium in Penang; they pooled their resources to purchase the unit five years ago.

“It’s in a premium area and since we couldn’t afford a place on our own – at least not prime property, we became joint owners.”

Click here for a full list of Affordable Housing in Penang

Financial adviser Yap Ming Hui said it makes perfect sense to own.

“Of course the Gen Y here are still keen on buying. You pay the instalments and eventually own a home. Only those who can’t afford to buy are forced to rent.”

Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector of Malaysia adviser Wong Kok Soo said property prices in Hong Kong have escalated beyond the purchasing power of the Gen Y but the trend hasn’t caught on here – yet.

Wong, who is also a consultant with the National House Buyers Association, however, said there were signs that the Gen Y could no longer afford to live in big cities like Kuala Lumpur, Penang Island, Johor Baru and Sabah.

“Parents are chipping in for the downpayment. And, commuting from the suburbs to the city centre is still an option.

“But when prices get inflated far beyond their means, the same will happen here (as in Hong Kong),” said Wong, who, however, felt that even if demand dropped, it would not be substantial.

Iskandar agreed, saying that although the property market was slow now, the drop was manageable.

“Like everything else, it’s cyclical.

“The property market goes up for years and after some time, begins falling before rising again.”

He said the market would pick up with the completion of infrastructure development and public tran­sportation facilities.

Rehda, he said, was working closely with the Government to find ways to facilitate home acquisition especially among first-time buyers.

“We proposed a review of the financing guidelines that have negatively impacted buyers’ ability to secure financing,” he said.

Source: TheStar.com.my

Marriott Residences, a mixed development by BSG Property in Georgetown in Penang. It is located between the famous tourist belt of Gurney Drive and Kelawai Road, next to Evergreen Laurel Hotel.

The proposed development comprises a new 55-storey skyscraper, featuring a mixed of hotel rooms and condominium units:

• Hotel (223 rooms)
• Executive hotel (90 rooms)
• Condominium (302 units)

Unit types:

• 2 Bedroom (approx. 850 sqft)
• 2 Bedroom (approx. 950 sqft)
• 3 Bedroom (approx. 1,250 sqft)
• Penthouse (approx. 2,500 sqft)

Property Project : Marriott Residences
Location : Gurney Drive, Penang
Property Type : Mixed development
Built-up Area: 850 – 2,500 (condo)
Total Units: 313 (hotel rooms), 294 (condo)
Developer : Taman Sri Bunga S.B. (BSG Property)

Location Map:

SITE PROGRESS

SITE PROGRESS: Marriott Residences (Mar 2023)

SITE PROGRESS: Marriott Residences (Aug 2022)

SITE PROGRESS: Marriott Residences (Nov 2021)

SITE PROGRESS: Marriott Residences (March 2021)