For the average citizen: (From left) PDC Properties Sdn Bhd sales admin executive Mary Loo telling visitors Leong Jee Yung and Lee Yau Chong all about the state’s affordable housing projects.

The two Penang Development Corporation (PDC) affordable housing booths at the Star Property Fair 2015 at the Sunway Carnival Mall and Sunway Convention Centre in Seberang Jaya have seen a long line of visitors.

A spokesperson said there was strong interest in the homes located in Teluk Kumbar, Kampung Jawa and Batu Kawan.

“We have given out 50 forms to eligible buyers.

“Most of them are concerned parents looking for affordable housing for their children,” she said.

Meanwhile, units with prices ranging from RM455,000 to RM850,000 are still the most sought-after property in Penang.

“Our Setia Sky Vista project in Relau priced from RM530 per ft is getting a lot of enquiries,” said SP Setia (property north) sales and marketing manager Susie Loh.

“We have sold about half of them since the launch during Chinese New Year.

“It is strategically located near the Bayan Baru township, the Penang International Airport and the Penang first and second bridges.

“The project is also equipped with comprehensive facilities.

“We are expecting more people to visit us in the next two days of the fair.”

Tropicana Ivory marketing executive Mutiaza Ismail said the Tropicana Bay Residences condominiums in Bayan Mutiara, priced from RM455,000 to RM847,900, received many enquiries.

“Due to its location in Bayan Mutiara, which is close to Queensbay Mall and the Penang Bridge, we managed to close sales for several of the units,” she said.

Nusmetro City Sdn Bhd sales consultant Chuah Kheng Eng said its Arte S condominium project in Jalan Bukit Gambier had also attracted many visitors to its booth.

“The units, priced from RM535,000, have attracted those interested in upgrading their homes.

“Due to the attractive pricing, we have already sold 70% of them,” he said.

Sunway Bhd senior general manager Tan Hun Beng said its Sunway Wellesley project comprising townhouses in Bukit Mertajam also received a positive response as it was located within a gated and guarded community.

“This is due to the pricing which starts from RM450,000.

“The state government’s booths for affordable housing priced from RM72,500 to RM400,000 per unit have not affected interest in our project,” he said.

Meanwhile, Zeon Properties marketing executive Alex Leong said 55% of its Iconic Skies project, comprising 299 condominiums and 14 landed villas in Relau, have been sold.

“The price ranges from RM699,000 for the condominiums and RM1.79mil for the landed villas,” Leong said.

BSG Property business development manager Chong Hock Aun said the Oakridge project, comprising 10 ultra modern semi-detached homes in Sungai Nibong, had received its certificate of completion and compliance.

“The project has been assessed by the Building and Construction Authority of Singapore and given the highest score from the Construction Quality Assessment System,” he said.

Source: StarProperty.my

Scale models of affordable projects in prime locations at Ideal Property Group office in Bayan Lepas.

Until about a year ago, Penang’s south-west district was known as the locality for affordably-priced properties.

Since 2008, Ideal Property Group has developed over 4,000 units with a RM3bil gross development value (GDV) there.

These include One World, One Residence and Fiera Vista in Bayan Lepas, priced between RM300,000 and RM800,000. These have become landmark projects.

In the sub-sale market, prices have since increased from RM380 to RM500 per sq ft (psf) for high rise condominium, and more than 50% for landed units.

With the Penang second bridge project completed last year, new launches of high-rise properties hit about RM550 psf last year.

The very expensive ones are located in prime locations such as Tanjung Tokong, Tanjung Bungah, and Pulau Tikus neighbourhoods in the north-east district.

For example, when the Marinox Sky Villas, a leasehold condominium in Tanjung Tokong was launched in 2012, it was sold at around RM650 psf. This has increased to over RM600 psf last year.

Similarly, condominiums in City Residence at Tanjung Tokong by Ivory Properties priced at RM750 psf in late 2013 have increased to over RM1,000 psf today.

The location of affordable properties within the RM200,000-RM400,000 price range has started to change, due to the state government’s incentives to sell to first-time house buyers, the high rejection of bank loans, and the slowing down of the economy.

Late last year, developers have formulated plans to build attractively priced properties in Tanjung Tokong and Tanjung Bungah.

Real Estate & Housing Developers’ Association (Rehda) Penang chairman Datuk Jerry Chan says the state government has made it attractive for developers to launch properties in the RM200,000-RM400,000 range for first-time house buyers.

Under the state’s affordable housing guidelines introduced last year, developers are allowed to build 2.8 times or a total of 122,000 sq ft of built-up area on one acre, comprising solely affordable homes.

“For example, they can build 144 condominiums, each with a 850 sq ft built-up. Or a mix of 750 sq ft, 900 sq ft, and 850 sq ft units as long as the total built-up area of the units does not exceed 122,000 sq ft over one acre,” Chan says.

Under the old guidelines, the plot ratio was 2.8, but developers had to make sure that 30% of the units have low-medium cost price tag of RM72,500, and another 35% in the RM200,000 to RM400,000 price range.

“This is why you can see developers getting involved in the affordable home projects in prime locations. These affordable properties have exerted pressure on mid-range houses priced between RM500,000 and RM700,000,” Chan says.

The issue with affordable homes is that if you need to dispose the property within a five-year period, the seller cannot sell it for more than what they pay for.

“The property can only be sold to the buyer approved by the state government. This is unfair to the seller as he may spent considerable sum to renovate or improve the property,” he says.

Ideal Property is also shifting its affordably priced projects into the Tanjung Tokong area. Group executive chairman Datuk Alex Ooi says the group would launch affordabe homes under the I-Condo brandname in prime locations of the island.

I-Condo units will be well equipped with convenient access and upgraded public amenities, according to Ooi.

“We will soon launch the RM800mil I-Santorini in Seri Tanjung Pinang, Tanjung Tokong and the RM1bil Autumn projects in Bayan Lepas.

The projects comprised a total of 4,515 affordable housing units of 850 sq ft to 900 sq ft, priced between RM300,000 and RM380,000, targeting first-time house buyers.

“The I-Santorini scheme is located on a 9.9-acre leasehold site in Seri Tanjung Pinang, a stone’s throw from the Tesco hypermarket,” Ooi says.

The market has in the past 12 months become increasingly very challenging, as property prices, which have reached all-time high levels in early 2014, are beginning to correct themselves, according to Ooi.

There are now new range of condominium properties in Bayan Lepas priced over RM450 psf, compared to RM600 psf in early 2014.

Even in the prime locations of the north-east district, new launches are about 30% below the usual RM1,200 psf for condominiums.

“The difficulty in obtaining bank loans has dampened the market. In view of the challenging circumstances, we decided to stay focus on affordable projects priced between RM300,000 and RM400,000,” he adds.

Ooi said the state government also made it attractive for developers to build affordable housing by reducing development charges to RM5 psf from RM15 psf previously.

“Since the cost of building an affordable high rise unit is between RM150 to RM200 psf, without taking into consideration the land cost, it is still possible for us to price our products competitively and still make a decent profit,” Ooi says.

There is a perception in market that affordable projects are similar to low-medium-cost houses, according to Ooi.

“I-Condo will totally change that perception. Purchasers can get a condominium at affordable price tag. Our affordable units come with quality finishes, equipped with a wide range of recreational facilities, and come with one free car park,” he says.

Ideal Property Group, which benefited from the acquisition of two public listed companies Ideal United Bintang Bhd and Ideal Sun City Holdings Bhd, is in the process of injecting its assets into the two listed entities.

Another Penang-based developer, Aspen Group Holdings Sdn Bhd plans to launch in 2015 the RM499mil Tri-Pinnacle project in Tanjung Tokong, comprising largely affordable and low-medium-cost homes.

The Tri-Pinnacle comprises two blocks of affordable condominiums with a RM390mil GDV and a block of low-medium-cost units with RM100mil GDV.

“The Tri-Pinnacle has 859 affordable units with built-up areas of 800 sq ft, priced at RM299,000, while the LMC are priced at RM72,500.

“We have received 25,000 registrations from eligible first-time home buyers,” he says.

Source: StarProperty.my

The state government wants to work with property developers to cushion the impact of skyrocketing property prices and the slowdown in the property market.

Penang Deputy Chief Minister I Datuk Mohd Rashid Hasnon said as one of the most economically important states, Penang was experiencing growth that had impacted the demand for medium-cost and luxury housing.

To tackle skyrocketing proper­ty prices, the state government planned to build more low-cost and affordable homes in the state, said Rashid.

Rashid also pointed out that the growth in the property market in the country had slowed down recently.

“Penang is not spared this blanket effect. However, we are optimistic that the property sector will reap benefits from the effective city-planning measures put in place by the state government,” he said at the opening of the Star Property Fair 2015 at the Sunway Carnival Mall and Sunway Carnival Convention Centre in Seberang Jaya yesterday.

Also present were Star Publica­tions (M) Bhd senior regional ma­­na­ger (operations) David Yeoh and advertising sales and business deve­lopment manager (north) Simone Liong.

Yeoh said the annual Star Property Fair affirmed the newspaper’s commitment to providing quality solutions to the people and strengthened its position in the property scene.

Eco World Development Group Bhd, Mah Sing Group Bhd, BSG Property, SP Setia Bhd, Sunway Bhd, and IJM Land are among the larger exhibitors at the four-day fair.

SP Setia (Property North) sales and marketing manager Susie Loh said the group was displaying its RM330mil Setia Sky Vista in Relau and RM560mil Setia V Residence in Gurney Drive projects at the fair.

IJM Land is showcasing over RM400mil worth of property loca­ted on the island and in Seberang Prai.

Sunway is showcasing Sunway Wellesley and Sunway Cassia in Bukit Mertajam and Batu Kawan respectively, while BSG is exhibi­ting Oak Ridge, a landed property project, and the Landmark projects located in Sungai Nibong and Tanjung Tokong respectively.

Mah Sing is selling the remaining units of The Loft, SouthBay Plaza and Lagenda SouthBay at the fair.

The fair is on until Sunday.

Source: StarProperty.my

Ready for the big day: Workers setting up the scale model of a high-rise project at developer SP Setia’s booth in preparation for Star Property Fair 2015 at Sunway Carnival Mall Convention Centre in Seberang Jaya

Visitors to The Star Property Fair 2015, which opens in Penang today, will find the best residential and commercial properties as well as informative talks and exciting activities, all under one roof.

Whether you are looking for a dream home or choice investment option, the event held for the first time on the mainland at Sunway Carnival Mall and Sunway Carnival Convention Centre in Seberang Jaya, is a must-visit.

Over 30 major industry players are featuring new and secondary properties — ranging from luxurious abodes to affordable housing, commercial lots and industrial developments — at various locations and price points.

And with attractive rebates and packages on offer during the four-day expo, open from 10am to 10pm daily, now is a great time to take the plunge.

Among the renowned names taking part are Eco Terraces Development Sdn Bhd, Mah Sing Group, BSG Property, Sunway Grand Sdn Bhd, Setia Promenade Sdn Bhd, IJM Land Berhad, Nusmetro Group, Tropicana Ivory Sdn Bhd and Bandar Kepala Batas Sdn Bhd (Hunza).

Also present are Berjaya Land Development Sdn Bhd, Airmas Group, PJD Eastern Land Sdn Bhd, Ideal Property Group, Tropicana Macalister Avenue (Penang) Sdn Bhd, DNP Land Sdn Bhd, Bionic Development Sdn Bhd, Iconic Land Sdn Bhd and Paramount Property (Utara) Sdn Bhd.

So too are KL Metro Sdn Bhd, GS Realty, Tambun Indah Land Berhad, Tangkas Properties Sdn Bhd, MNP Auctioneers (Central) Sdn Bhd, TFDC Asiacorp Berhad, Tian Hong Holdings Sdn Bhd and Chester Properties Sdn Bhd.

Completing the list are Henry Butcher Malaysia (Butterworth) Sdn Bhd, Bertam Properties Sdn Bhd, GIC Property, Penang Development Corporation (PDC), Perumahan Mampu Milik, Public Bank, and Golden Agro Plantation (Mukah) Bhd.

Eligible applicants may also obtain more information or register for affordable housing projects in Penang.

State Housing and Town and Country Planning Committee chairman Jagdeep Singh Deo is slated to give a talk on the overview and progress of those projects here.

As always, the property showcase will feature much-anticipated talks and forums by industry experts and specialists, with topics ranging from feng shui to the Goods and Services Tax (GST).

Another highlight is the Spin & Win contest offering fantastic prizes like mobile phones, tablets, shopping vouchers and more, totaling over RM50,000.

There are three Samsung Galaxy 3As and two Samsung Galaxy Tab 3Vs to be won daily.

To participate, simply purchase a copy of The Star, cut out the contest coupon, fill in your personal particulars, answer a simple question correctly, and redeem it for a spin on the wheel.

For more chances of winning, sign up or renew your The Star ePaper bundle to get five spins.

Touted as the northern region’s premier property extravaganza, The Star Property Fair 2015 is organised by Star Publications with Zeon Properties as the event partner.

Admission is free.

Source: StarProperty.my

The Starhill Garden, an upcoming condominium development by Aroma Development Sdn. Bhd. in Prai, Penang. It is strategically located along Jalan Baru, only a mere minutes drive from Penang bridge.

This development comprises a 25-storey building with 149-unit of residential units. There are only 8 units per floor with unit size ranging from 1,378 onwards.

Property Project: The Starhill Garden
Location: Jalan Baru, Prai, Penang
Property Type: Condominium
Land Tenure: Freehold
Built-up Area: 1,378 sq.ft. onwards
Total Units: 146
Indicative Price : RM385,000 onwards
Developer: Modern Starhill (Aroma Development Sdn. Bhd.)

Location Map:

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