Penang hopes to secure a conditional approval for its first railway scheme connecting Bayan Lepas to Komtar by next month, state executive councillor Chow Kon Yeow said.

The local government committee chairman said SRS Consortium, the project delivery partner (PDP) for the Penang Transport Master Plan (PTMP), met with Land Public Transport Commission (SPAD) last week.

“The meeting went well and seemed favourable,” he told reporters after a PTMP briefing with Japanese delegates at Komtar this morning.

Chow added that a July approval for the proposed Bayan Lepas Light Rail Transit (LRT) would allow the state to proceed with a three-month public inspection beginning August, to allow public feedback.

The Bayan Lepas LRT project, along with the pan island highway link and the reclamation of two islands off southern Penang, are part of the first phase of the PTMP implementation.

Chow also said that once SPAD grants the approval, a Special Purpose Vehicle (SPV) will be set up to administer the implementation of these projects.

The SPV will be a government entity that that will also be tasked with facilitating city planning, development, promotion and management of the Penang South Reclamation (PSR)  project, he said.

Chow added that the state hopes to commence construction on the Bayan Lepas line – the first phase of the LRT project – by next year. Operations for the first phase should begin by 2023 while the full line should be operational by 2030, he said.

Earlier, during a question and answer session, SRS Consortium business development senior manager Andrew Chan said it will take up to three years before they could have land to sell under the PSR to fund the PTMP.

He said they can proceed with construction of the LRT and highway project first but would still need to time it with the sale of lands from the reclamation.

“We will depend on bridging financing first to fund the reclamation and construction of the LRT and after the third year, we will have lands to sell to fund the project,” he said.

When asked about sustainability of the future transport assets, Chow said the transport system will not rely strictly on farebox revenue and advertisements.

“We are looking at property development to generate another revenue source to sustain the transport assets, like in Japan and Hong Kong. I think Hong Kong’s MTR is known more as a property developer than as the LRT operator,” he said.

Source: TheMalayMailOnline.com

As a city grows, the development of high-rises becomes inevitable. So one can only expect more strata developments to be built in Malaysia in the future and strata living will become increasingly common. It is therefore imperative to understand the existence and function of the management bodies that ensure a comfortable and secure strata living environment.

Beyond the initial management period by the developer upon vacant possession, there are three bodies that a strata owner needs to know: the Joint Management Body (JMB), the Management Corp (MC) and the Subsidiary Management Corp (Sub-MC).

The members of the MC and Sub-MC are made up of solely strata owners while the JMB involves the joint participation of the developer and owners.

Both the JMB and MC have the same function — that is to manage the common properties of a strata development. The JMB is formed within one (1) year from when vacant possession is delivered to the strata owners pending the issuance of strata titles, while the MC is formed upon the issuance of strata titles. In other words, if a strata title is delivered together with the keys to the strata unit, the formation of the JMB is not applicable. If the JMB has been formed and strata titles are then issued thereafter, the JMB will cease to operate when the first AGM of the MC is convened.

The first AGM

According to the Strata Management Act 2013 (SMA 2013), the first AGM of the JMB must be convened no later than 12 months from the delivery of vacant possession. In cases where vacant possession was delivered before the SMA 2013 came into force, the first AGM must be convened within 12 months from the date the SMA 2013 was enforced. Take note that the date of commencement of the SMA 2013 in all states is on May 31, 2016 except for Penang which is on July 11, 2016. Sabah and Sarawak have no strata regime to date, unlike Peninsular Malaysia and Labuan.

On the other hand, the first AGM of the MC will be convened within one month when at least one-quarter of the aggregate share units are transferred from the original landowner to the unit owners.

The strata owners shall become proprietors once their interest in the parcels have been duly registered in their respective strata titles. Strata owners must be aware that they are eligible to vote and to become a member of the MC committee only when they have settled all dues and payable sums to the management body at least seven days before the first AGM.

The function of the management bodies is unquestionably to manage the development especially its maintenance, and to preserve the condition of its common property. Management bodies collect “Service Charges” and “Contributions to Sinking Fund”. They can also make additional by-laws. These are not exactly laws but more like house rules that apply to every parcel owner. They can also list defaulters on the general notice board.

The Sub-MC

Given the rise of mixed-use developments and their unique structure, where they share common infrastructure, the SMA 2013 introduced the Sub-MC to ease the management dilemmas that affect such developments. One common dilemma is whether the funds collected from the residential parcel should be used on the maintenance of the common property at the commercial parcel or vice versa.

The Sub-MC can also be formed for a wholly residential project when there is a need to have a separate management. An example would be penthouse unit owners who are entitled to an exclusive garden and infinity pool at the roof top, which are not accessible by other normal strata owners in the same development. Hence, a Sub-MC can be formed to maintain these exclusive facilities. The SMA 2013 allows a Sub-MC to manage the designated Limited Common Property in the development. A Limited Common Property refers to the common property designated for the exclusive benefit of certain strata owners but not all. The Sub-MC shall manage and maintain the Limited Common Property by separately collecting the “Contribution to Sinking Fund” and “Charges” from the entitled owners.

It is within the power of the MC to form a Sub-MC. However, it is not an easy task as it requires 2/3 of the aggregate share units of parcels of all the strata owners to agree with the proposition. Besides, there is also an issue of cost in engaging professionals in the submission as well as the legal compliances.

As you can see, the management bodies decide a series of matters, from managing funds to the recovery of damaged property. It works for the benefit, comfort and enjoyment of each strata owner. Hence, it is always wise to involve yourself in meetings called by the management bodies to have your say on matters that reflect your well-being in the development. Nonetheless, your presence will also act as a form of check and balance on the management body. Just like a public listed company, your unit would fetch better value if its management is well-run.

Chris Tan is a lawyer, author, speaker and keen observer of real estate locally and abroad. Mainly, he is the founder and now Managing Partner of Chur Associates.

Source: TheEdgeProperty.com.my

Eco World Development Group Berhad [EW Berhad or EcoWorld] opened its Show units for Eco Bloom today with a simple lion dance ceremony.

Eco Bloom is a 4.86-acre freehold mixed development with a GDV of RM283 million comprising a single tower project with 490 residential units split into two wings, and exclusive 23 units of 2 storey shop lots situated below the residential tower. It is part of the 59-acre Eco Meadows project in Simpang Ampat.

Just like Eco Meadows, Eco Bloom will carry the similar Neo-Royalty architectural language which reflects the timeless beauty of English royal homes in its building design.

“We are extremely excited to unveil our show units showcasing innovative designs and concepts for our customers. We are delighted that Eco Bloom is the first high-rise development on mainland Penang to carry the modern English architecture in its design,” said EcoWorld General Manager for Northern Region Khoo Teck Chong.

The three show units now open for viewing at Eco Bloom come in 3 sizes, the selling price is from RM388,000 and above.

• Type A (802 sq.ft. – 2 bedrooms)
• Type B (901 sq.ft. – 3 bedrooms)
• Type C (1,101 sq.ft. – 3 bedrooms)

Visitors will be pleased to know that the architectural style of the project has also been translated into the show units’ elegant interior design.

“We have an array of products to choose from and it also caters to the different lifestyle options for residents, business owners and visitors alike. With the successful take up rate for Phase 1 of Eco Meadows, we are confident that the response will be positive for Eco Bloom as well as the timeless English theme has been proven to be a crowd favourite,” said Khoo.

The condominium will include facilities such as a swimming pool, gym, jogging track, BBQ area, multi-purpose court, multi-purpose hall, children playground in addition to the convenience provided by the retail portion of the development.

In terms of accessibility, Eco Bloom is easily accessible via the North South Expressway and has close proximity to Penang Bridge and Sultan Abdul Halim Muadzam Shah Bridge.

Drop by for a visit at EcoWorld Gallery @ Eco Meadows today or call +604 510 2255 to find out more about their latest offer.


* FIND OUT MORE ABOUT ECO BLOOM *

Penang Development Corp (PDC), the state’s investment arm, will call for a fresh request for proposal (RFP) for the mixed development plan in Batu Kawan on mainland Penang, after the mutual rescission of the RM10 billion Eco Marina with Eco World Development Group Bhd (EcoWorld).

PDC general manager Datuk Rosli Jaafar said a fresh RFP is necessary since the “new technical conditions” to make the project viable would depart from the original RFP.

“PDC is also of the view that the calling of the fresh RFP by open tender is the best way forward to enable the development of the 18-hole international golf course and related mixed development to proceed smoothly, in line with making Batu Kawan, the new satellite township, into an industrial, tourism and services hub of the northern region,” he said in a statement.

Rosli did not specify the new technical conditions under the fresh RFP, only noting that the original RFP was for the development of an 18-hole international golf course on a 60.7ha plot, with the remaining lands allocated for mixed development.

The RFP was conducted by open competitive tender and there were only two bids, he said, adding that the other company lost out not only on price but also did not meet the technical requirements.

He said the mutual agreement to rescind was made in view of the fact that the studies procured by EcoWorld showed that the golf course development would require significant additional acreage than the 60.7ha originally planned, largely due to the hilly and rocky terrain. “In view of this, the project could not proceed as originally planned in compliance with the RFP,” he added.

Source: TheEdgeProperty.com.my

You are cordially invited to the private sneak preview of Eco Bloom Show Unit on 12 June 2016, 10AM at EcoWorld Gallery @ Eco Meadows

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