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.

Information on the RM27bil Penang Transport Master Plan (PTMP) is now available with just a click of the mouse.

The public can now secure the latest details via pgmasterplan.penang.gov.my, said Chief Minister Lim Guan Eng.

He said the public could also email feedback, suggestions and complaints on PTMP via pgmasterplan@penang.gov.my.

“We will take into account all feedback. The website also has answers to frequently asked questions about the master plan.

“There are also details on the RM6.3bil undersea tunnel by Consortium Zenith BUCG and the Sky Cab project by MRCB Bhd,” he said after launching the website at Komtar yesterday.

The tunnel will connect mainland Bagan Ajam with Gurney Drive while Sky Cab is a cable car link between Penang Sentral in Butterworth and the future development of Jelutong landfill.

State exco member Chow Kon Yeow, who was present, hailed the Bayan Lepas LRT as the future backbone of public rail transport in the state.

Its proposed systems, alignment, project structure, implementation plan and all related activities were submitted to the Land Public Transport Commission for approval.

The proposed central station will be on the former Sia Boey (Penang Hokkien for ‘Town’s End’) wet market site beside Komtar at the Lebuh Carnarvon junction.

Of its 27 proposed stations, 19 are to be in Komtar, Macallum Street area, Bandar Sri Pinang, the future Sky Cab station, East Jelutong, The Light Waterfront, Gelugor, Universiti Sains Malaysia, Batu Uban, Pesta site, Sungai Nibong, Bukit Jambul, Subterranean Penang International Convention and Exhibition (SPICE), Jalan Tengah, FIZ North, FIZ South, Sungai Tiram, Penang International Airport and Permatang Damar Laut.

Eight more stations are planned for the three proposed islands to be reclaimed off the southern coast.

The Bayan Lepas LRT will also have interchange stations connecting three more future LRT and monorail lines still on the drawing table.

They are the Gelugor-Butterworth LRT across the sea, the Paya Terubong-Komtar monorail and the Tanjung Tokong-Komtar monorail.

Chow said that upon implementation, the LRT was expected to contribute significantly to achieve the targeted 40% public transport usage-rate by 2030 in the region.

Among the other components of the PTMP are trams, e-bus, rapid bus transit, a pan- island expressway, a catamaran system and a RM100mil highway interchange upgrading project.

Three islands measuring 930ha, 566ha and 323ha are proposed to be created in the south to fund the PTMP.

The appointed Project Delivery Partner of the PTMP, SRS Consortium, has been actively engaging stakeholders on behalf of the state government.

Source: TheStar.com.my

The state government has submitted plans for the Bayan Lepas Light Rail Transit (LRT) to the Land Public Transport Com-mission (SPAD) for approval.

State exco member Chow Kon Yeow said the application was submitted by state secretary Datuk Seri Farizan Darus on March 29.

The LRT between Komtar and Bayan Lepas is the first the state rail network proposed under the RM27bil Penang Transport Master Plan (PTMP).

Calling it a historic moment in the implementation of PTMP, Chow said they were happy to reach the significant milestone.

“We have submitted it according to schedule,” he said before the launching of PTMP website at Komtar yesterday.

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.

Expected to provide a fast route to the airport, it will traverse densely populated residential, commercial and industrial areas.

There are 27 LRT stations along the alignment, with the maintenance depot located on the first island to be reclaimed on the island’s south coast.

The alignment also factors in interchanges with future LRT and monorail lines planned, including one that will cross the channel to connect Gelugor with Penang Sentral in Butterworth.

Chief Minister Lim Guan Eng, who launched the website, said PTMP would help alleviate traffic congestion through a five-in-one mode – taxi, bus, water taxi/ferry, cable car and LRT/monorail.

“There is also a public transport network involving buses and a master plan for bicycle routes.

“This is a game changer for Penang, not only in terms of economic development and prosperity, but a chance to enhance Penang as a liveable city.”

Source: TheStar.com.my