Malaysian Resources Corp Bhd (MRCB)’s Penang Sky Cab, a 4.8km cable car system first mooted by the state government in March last year to connect mainland Penang in Butterworth and Jelutong in Penang Island, is expected to begin construction in the first quarter of 2018 (1Q2018).

MRCB special project general manager Dennis Tan Hui Long said the project is expected to be completed in 3Q2019. It is estimated to cost between RM500 million and RM700 million, based on similar projects in Europe, the United States and Asia.

However, the Sky Cab project, aimed at adding value, akin to a tourism project, to the RM2 billion Penang Sentral transport-oriented development (TOD), is not a revenue-generating project, said Tan.

“This is not a profitable project. It is the state government’s dream project, but we are not doing it as a CSR (corporate social responsibility) project. It is being done for our own development interest as well because it will complement our Penang Sentral project, which is an integrated TOD like KL Sentral,” he told The Edge Financial Daily last week.

He was speaking on the sidelines of the public consultation session on the detailed environmental impact assessment (DEIA) of the project.

Penang Sentral located on the mainland, connecting both the mainland and Penang Island, will have a hotel and a shopping mall too.

“Therefore, we see the Sky Cab project as a project that can add value to our development,” he said.

MRCB, however, cannot ascertain the exact cost of the project at this juncture because it is still conducting a feasibility study on it, he added.

Tan stressed that the detailed design, and cost of construction and materials have to be taken into account first before ascertaining the final project cost. The cable car system is a new idea and was not featured previously in the RM27 billion Penang Transport Master Plan, which has a 15-year completion period.

“It could be more or less [than an RM500 million to RM700 million estimation]; we cannot say for sure yet,” he said, adding that the group intends to fund the project internally and via bank borrowings.

MRCB expects to submit the DEIA to the department of environment this month before it gets down to the detailed design works, which it expects will be from June to December this year.

Tenders for the cable car system, design, construction and engineering will be called in August and December 2016 respectively. Preliminary designs revealed last year showed that the Penang Sky Cab will have 40 gondolas that could transport up to 1,000 persons every hour on a 15-minute journey and take in the views of the middle of the channel through an observatory tower.

Meanwhile, Tan revealed that ticket fares for Sky Cab for daily commuters had been tentatively set at RM2.50, RM15 for domestic tourists and RM35 for foreign commuters.

“The fare is expected to increase every five years. By the year 2043, the fare for commuters will go up to RM4.80, RM28.50 for domestic tourists and RM65 for foreign tourists,” he shared.

“From our study, we see tourists’ fare increasing by 20% every five years, while the commuters’ fare will rise 40% every 10 years,” he added.

According to his presentation, ridership will grow 5% per annum in the first five years, before decreasing by 2% per annum in the last five years.

“The passenger mix will involve 34% domestic tourists, 26% foreign tourists and 40% commuters. We believe commuters will shift from ferries and the bridge,” he said.

Tan added that 60% of the fare revenue contribution would be generated from foreign tourists, 33% from domestic tourists and the remainder from commuters.

Source: TheEdgeProperty.com.my

Visitors swarming like bees at the tulip garden at the Eco Meadow sales gallery in Simpang Ampat, south Seberang Prai, Penang.

It is springtime at the EcoWorld Gallery @ Eco Meadows in Simpang Ampat, south Seberang Prai, Penang.

A host of 16,888 colourful tulips are seen sprouting behind the showroom building in Jalan Paboi, not far from the Tambun toll plaza.

Part of a promotion for the Eco Bloom project in Batu Kawan, thegarden has attracted visitors fromnear and far to snap pictures of the beautiful artificial flowers.

Among them was 33-year-old land surveyor Mohd Subhi Md Nor, 33, who brought his family from Baling, Kedah.

“Many of my friends have shared their photos with the vibrant-looking flowers, so we decided to take a trip down here to see for ourselves.

“This is a very good concept to attract visitors to the sales gallery even if they don’t intend to buy the houses.

“The garden-themed setupreally makes the homes seem very comfortable to live in,” said Mohd Subhi.

He was accompanied by his wife Noor Hazimah Rusli, 33, and their daughters Noor Danieya Safiah Mohd Subhi, seven, and Noor Daniesya Safrina Mohd Subhi, four.

Contractor Tan Kim Siah, 40, from Sitiawan, Perak, also spent almost an hour with his family at the garden.

“We took a lot of photos as there are so many decorative objects beside the flowers.

“The maze-like walking pathsurrounded by grass is also an interesting idea. And there’s the gazebo in the middle to shelter us from the hot sun.

“We will look like we are in Holland in the photos,” he said.

At night, the tulips will ‘come to life’ as every stalk is installed with LED lights.

The exhibition, which started March 19 and ends April 17, is open from 9am to 8pm on weekdays and 10am to 8pm on weekends.

The Eco Bloom project is a mixed development project comprising 490 condominium units and 23 shop lots.

The condo units, priced between RM350,000 and RM600,000, come in three sizes of 800sq ft, 900sq ft and 1,100sq ft.

The shoplots are priced from RM1.5mil onwards.

Source: TheStar.com.my

The Penang housing market will see houses on the secondary market and in new projects priced below RM450,000 hogging the limelight in the coming months, says Raine & Horne International Zaki + Partners director Michael Geh (pictured, below). However, the more pressing issue is the inordinately long delay in getting approval for the Advertising Permit and Development Licence (APDL).

“For the first time in the Penang property market, the APDL is being withheld for about 1½ years. This has caused havoc as developers are not able to launch. This is a taking a very serious toll on the property market,” Geh says in presenting The Edge/Raine & Horne Penang Housing Property Monitor 4Q2015. APDL approval usually takes about a month.

Apart from this, buyers are finding it difficult to obtain housing loans. “The majority are being offered loans of 60% to 75% and many don’t have enough money to conclude the purchase,” he says.

Despite this, the secondary market continued to see activity in 4Q2015 even as transactions remained flat in the primary market.

Meanwhile, the recent announcement about the island’s light rail transit (LRT) project was warmly welcomed.

“The stakeholders in the property business reacted positively to the Penang Transport Master Plan (PTMP) and residents are optimistic about the capital appreciation of their homes,” says Geh.

The RM27 billion PTMP is aimed at mitigating traffic congestion in the state by 2030.

But some residents whose houses are close to the proposed LRT stations have voiced their worries about the parking situation. Geh says indiscriminate parking near LRT stations is a concern because of the shortage of parking space, and that more parking facilities are needed to alleviate the problem.

In spite of this, activity in the secondary property market near proposed LRT stations is expected to increase.

“The areas close to the proposed LRT stations along the line from Prangin Canal to the airport are turning hot while other stations from the Prangin Canal hub to the Straits Quay area have also begun to be desirable,” Geh says.

Areas such as Macallum Street, Karpal Singh Drive, The Light, Queensbay, World City, SPICE Arena and Bayan Lepas are also to watch.

On the mainland, properties around Batu Kawan in the secondary market will be worth keeping tabs on.

Another notable development was the revocation of Sunway Bhd’s planning permission to develop the slopes of Relau Hills following protests by residents. Developers will need to consider carefully plans to develop hillsides, he says.

Terraced houses

All single-storey terraced houses on Penang island saw year-on-year price growth while prices remained unchanged on the mainland.

One-storey terraced houses in Jelutong saw the highest price growth, rising 15.38% to RM900,000. This was followed by houses in Sungai Dua (14.29% to RM800,000), Sungai Ara (11.94% to RM750,000) and Green Lane (8.87% to RM850,000). House prices in Tanjung Bungah and Bandar Bayan Baru rose 6.67% and 1.96% respectively.

Quarter-on-quarter growth remained unchanged for all houses surveyed in this category.

For 2-storey terraced houses, most areas on the island surveyed saw price growth while on the mainland, prices were unchanged from a year ago.

The top two areas were Sungai Ara, with an 11.11% increase to RM1 million, and Pulau Tikus, up 10.34% to RM1.6 million from a year ago.

In Sungai Nibong, the price of single-storey houses rose 4.55% to RM1.15 million, but that in Green Lane saw no change.

On a quarterly basis, only houses in Pulau Tikus saw price growth of 6.67% to RM1.6 million.

Semi-detached and detached houses

According to the monitor, 2-storey semi-detached houses in Island Park, Sungai Ara and Sungai Nibong saw price growth y-o-y.

Prices rose 12.5% to RM2.25 million in Island Park, 3.7% to RM1.4 million in Sungai Ara and 2.86% to RM1.8 million in Sungai Nibong. Prices were stagnant for semidees in Sungai Dua and Miden Heights.

On a quarterly basis, only houses in Island Park rose 2.27%. The other areas surveyed remained unchanged.

For 2-storey detached houses, price growth was subdued, with only houses in Island Glades, Green Lane and Pulau Tikus showing growth.

In the Island Glade area, prices rose 3.57% to RM2.9 million. Prices in Green Lane gained 2.86% to RM3.6 million while those in Pulau Tikus increased 2% to RM5.1 million.

Only houses in Island Glades showed an increase from the previous quarter of 3.57%.

Flats and condominiums

For standard 3-room flats, all areas surveyed saw an increase in price from a year ago, led by Bandar Batu Air Itam (21.05% to RM230,000), followed by Paya Terubong (20% to RM180,000) and Green Lane (18.75% to RM380,000).

Also showing price growth were flats in Sungai Dua and Lip Sin Garden (16.67% to RM350,000) and Relau (15.38% to RM300,000).

Q-o-q, only flats in Bandar Baru Air Itam and Paya Terubong showed an increase, up 4.55% and 5.88% respectively.

All condominiums surveyed showed price growth from the previous year, with units in Pulau Tikus and Tanjung Tokong at the top, both rising 12.07% to RM650,000.

This was followed by units in Tanjung Bungah (8.33% to RM650,000), Batu Uban (7.69% to RM420,000), Island Park/Glades (6.67% to RM480,000) and Batu Ferringhi (4.65% to RM450,000).

On a quarterly basis, all condos showed no price movement.

Source: TheEdgeProperty.com.my

The RM1.3mil fencing along Gurney Drive to facilitate work on the Gurney Wharf development project in George Town.

Members of the public aresupportive of Penang’s Gurney Wharf project according to a survey carried out by the state, according to Penang Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo.

“More than 80% of the 832 individuals and five organisations who responded to thepublic survey on the Gurney Wharf project gave theirsupport.”

Jagdeep said 356 respondents also gave suggestions and some of them would be taken into consideration.

“Some requested more suitable parking spaces, more greenery, more shade in the park and better brighter lighting at night.

“Many of the respondentsalso thanked the state for the project which they said would transform the entire stretch of Gurney Drive,” Jagdeep told a press conference on Saturday.

Also present was Chief Minister Lim Guan Eng.

Jagdeep said the five organisations that gave their feedback were the Consumers Association of Penang, Bella Vista Management Corporation, Regency Management Corporation, Penang Institute and Photosyn Sdn Bhd.

The exhibition and public feedback exercise were held from Feb 23 to March 6.

The proposed seafront public recreation area will be created on a 24.28ha plot of reclaimed land, using concepts inspired by internationally acclaimed parks and is set to be completed in 2020.

According to the plan, the seaside facilities would comprise a public waterfront promenade, dining outlets serving Penang’s famed hawker fare and a pier.

The makeover includes creating a 400m sandy beach and a skate park while theexisting casuarina trees – asignature of Gurney Drive – would be preserved.

Lim, Jagdeep and several other exco members visited the 1.5km anti-climb mesh fencing from the Gurney Drive round-about to the southward end of Gurney Drive in Jalan Pangkor.

The fencing installation work, which started in late February, is expected to be completed in 12 months.

The cost of the fencing, which is 40 percent more than the standard metal sheet, is RM1.3 mil.

Source: TheStar.com.my

When it comes to choosing where to live for a mid or long term stay, you’ll find two main options open on real estate sites like Property Guru when it comes to a condominium. The first is to buy it, which will connote long-term stay, or for an investing venture. The second is to rent it, which will provide you with a home to stay in for as long as you like and to vacate quickly when the time arises for you to leave. You only pay the outstanding rent, if applicable, before you move out.

The Pros and Cons of Buying a Real Estate Unit

Renting is not a problem, but buying a condo is not an easy process, as many factors have to be considered; the first and most important being the price offered by the owner. But even before buying one, you also need to search for the right one that is located in the right spot that suits your needs. You then have to read carefully and sign the sales contract on the purchase before you can officially move in. Buying a condo may be more attractive than buying an apartment or a home, but there are also downsides such as having to pay for property tax according to the Investopedia website here.

The Benefits of Purchasing a Real Estate Unit

Many advantages can accrue for those who decide to buy a small unit of real estate which offers similar amenities as a condo. One very prominent one is the ability to have desired privacy and at the same time to be able to socialize with tenants who have also decided to occupy a unit. It is the lifestyle that retirees who have opted to move away from their homes and have decided to buy a small unit of real estate. It’s there that they find the fulfillment to their lifestyle – privacy and socialization.

Getting Away from All the House Work and Costs

Another plus for owning a condo is the freedom from regular house chores and a reduction in maintenance costs as depicted here by Geoff Williams. In fact, buying a home entails all the tasks that are part and parcel of living in a home and the cost that went with it. During their younger days, there was the washing, the cooking, the maintenance, the gardening and the tedious floor polishing and shining. Now that they have retired, they can relish more of the freedom they crave so much.

The Location is usually of the Upper-End Quality

But condos do not only cater to the needs of retirees. They also fulfill the needs of professionals and experts who want to be placed as closely as possible to their workplace. Sometimes in highly developed areas of developed countries like Malaysia, it’s far more expensive to commute by private car from a modest home or apartment than to rent a high-end apartment or small unit of real estate. Some may think that this is not possible, but it is with a difference of considerable savings per month in favor of a rented condo.

The Scenery is Awesome

Condos and apartments can always be found where the location has been deliberately adapted to be directly in front of the best scenic views. It may only be a coincidence but there’s also room to speculate that the developers have deliberately taken into account the absence of beautiful countryside views and replaced it with scenic views of an urban landscape – river, tall buildings, parks and so on. A spectacular view tends to accompany even the dullness of an entirely urban environment and seeks to modify and beautify it.

Newly-weds can Find Total Fulfillment and Comfort

Again, small real estate units and apartments can be the perfect getaway for honeymooners during their week-long stay together immediately after their wedding. They can enjoy the privacy they so earnestly long for and also benefit from the company of other tenants who may also have just gotten married. As newly-weds, you can also have the opportunity of enjoying the view, the company, and the privacy that these beautiful small units of real estate can give you during your honeymoon.

The Best Destinations for Many Tourists

It’s a well-known fact that condominiums and apartments are sought after by tourists. These travelers range from the very high-end spenders to ordinary backpackers to elderly couples or groups that want to get away from everything they know and experience something new. The small real estate units are exceedingly affordable and can cater for the needs of all visitors whether young or old and most return home with lasting reminders of the time they spent in the small and cozy condo units in a different country.

Depending on your budget and requirements, a condo can make your life better or worse like any other type of property available in the market. You can consider the above points before making a decision.