George Town will have an additional 2,093 units of apartments priced up to RM400,000 in four years now that work to build “The Rise“, Penang’s affordable housing scheme on Jalan SP Chelliah, has started.

Chief Minister Lim Guan Eng said the project, with a gross development value of RM600 million, was scheduled for completion in November 2019.

The Rise will consist of 770 units of 700 sq ft low-medium-cost apartments priced at RM72,500 each; 883 units of 800 sq ft apartments priced at RM200,000 each; 165 units of 900 sq ft apartments priced at RM300,000 each; and 275 units of 1,000 sq ft apartments at RM400,000 each.

On Penang island, the price of affordable homes is capped at RM400,000.

Lim said the state government would channel RM52.9 million from the Penang Bumiputera Housing Trust account to fund the building of 320 low-medium cost units reserved for Bumiputera buyers.

“The trust account will have only RM16.4 million left after we spend the money on the units.

“So the RM23.2 million collected from the sales of these units will go back into the trust account to enable us to look into providing more affordable homes for Bumiputeras in Penang in the future,” he said when officiating the ground-breaking at the site of The Rise this morning.

Lim said this should show the state’s detractors that the Pakatan Rakyat administration in Penang did not discriminate against certain races.

“All those accusations and slander are baseless.

“We also follow housing guidelines and rules set by the federal government,” he said.

The Rise project on a 4.48ha Penang Municipal Council-owned land on Jalan SP Chelliah is administered by state investment arm Penang Development Corporation (PDC), of which Lim is chairman.

Lim also thanked Zubicon Sdn Bhd, the company which won the open tender to undertake the project.

He said the project would also feature amenities like a community park, bus terminal, taxi hub, civic centre, surau, a pavilion, and even a “market street” and “big tree skyway”.

“We will also make sure that the project will abide by the green building index, which means that the whole development will be 70% green.

“We intend to make this green project a model for future affordable housing schemes and other projects.”

Lim said the state would also ensure that additional car parks were built at a cost of RM29 million.

The project is part of the state government’s pledge to build 22,545 units of houses from low-cost to affordable homes across five districts in Penang in a move to tackle skyrocketing property prices in the state, especially on the island.

The whole undertaking is split into 12 housing projects located in SP Chelliar, Teluk Kumbar, Jelutong, Pintasan Cecil and Sandilands on the island; Bandar Cassia, Juru, Kampung Jawa, Ampang Jajar, Bukit Mertajam, Mak Mandin and Ujung Batu on the mainland.

Apart from the project on Jalan SP Chelliar, work to build affordable homes has also started in Bandar Cassia and Teluk Kumbar.

Source: TheMalaysianInsider.com

House prices have dropped after measures were put in place to check rising property prices due to speculation, says Datuk Chua Tee Yong.

The Deputy Finance Minister said data from the National Property Information Centre (NAPIC) showed that there was a drop in house prices with the market slowing down from 12.2% in the third quarter of 2013 to 4.6% in the same period last year.

“The drop is a result of various measures taken by the Government,” he told reporters at the Malaysian Real Estate Convention 2015.

“This is important. While all markets have speculators, excessive speculating will result in extreme price increases.”

Among measures taken to curb speculative activity included raising the real property gains tax, imposing 70% loan-to-value on housing facilities for the third property and abolishing the developer interest bearing scheme.

“The Government has also raised the ceiling price of properties that can be purchased by non-residents – from RM500,000 to RM1mil – and this has helped as well,” he said.

Chua said the other significant move was the supply of low-cost and affordable housing through various schemes and initiatives.

Malaysian Institute of Estate Agents president Siva Shanker said that while affordable housing was good, more focus should be given to properties priced between RM150,000 and RM250,000.

“Currently, affordable housing is priced between RM350,000 and RM450,000, and perhaps this is inaccurate,” he said.

“To me, it is impossible for someone who earns RM3,000 to afford a property worth RM400,000. Even if his wife earns an additional RM3,000, he would still only be able to afford a house worth RM150,000,” Siva said.

He said more focus should be given to building houses worth between RM150,000 and RM250,000.

“There is a large group waiting to buy properties in this price range.”

Source: StarProperty.my

The property sector is expected to be flat this year, bogged down by buyers’ ‘wait-and-see’ attitude towards the implementation of the Goods and Services Tax against a backdrop of a weakening ringgit.

President of Malaysia Institute of Estate Agents, Siva Shanker, said this showed that the cooling measures imposed by the government had started to work, which was a good thing for the sector.

“The industry, however, will pick up in 2016 and 2017 and peak in 2018,” he told reporters at the Malaysian Real Estate Convention 2015 here today.

The government has capped the maximum personal loan tenure to 10 years and that of property financing to 35 years to mitigate rising household debt.

This appears to have tightened the property financing tap since banks have become more cautious in their loan qualification criteria.

Siva said the younger generation would be the catalysts to support the market, given that half of Malaysia’s population were 25 years old and below.

“The affordable housing has now become the ‘buzzword’ as many of the government’s projects and that of other developers are focusing on this segment,” he said.

Siva hoped that most of the houses under the affordable category would be in the price range of between RM150,000 and RM250,000 per unit to enable buyers with salary of RM3,000 and below to buy them.

Source: Bernama

IF you are looking for a comfortable luxury residential condominium in the heart of George Town, Mah Sing’s the Icon Residence fits the bill.

Situated just 1km away from Komtar, the project features 294 units with breathtaking views of the heritage city and the sea. The Icon Residence also boasts of an award-winning Mediterranean vernacular design, three-tier security and diverse facilities.

Residents can relax among its water features, walk through the maze garden and outdoor relaxation area or even have a barbecue party.

Those with an athletic penchant can opt for a swim in the infinity pool or break a sweat at the gymnasium.

For those with an affinity for the nature, there’s the spice garden. You can also go for a yoga session at the Sky Garden.

Another project to be showcased by Mah Sing is the Ferringhi Residence 2, a three-block resort condominium in the tourism belt in Batu Ferringhi.

The 18.11 acre project at an approximately RM735mil gross development value offers a total of 632 units ranging from the 1,197sq ft 2+1 bedroom layout to the spacious 2,875sq ft 3+1 bedroom layout.

Residents can relax their mind and be at ease within the gated and guarded development, providing a resort condominium lifestyle surrounded by a lush green landscape.

Waking up to the breathtaking Andaman sea view will be a norm, while the whole family dines with the backdrop of the ocean.

In short, Mah Sing’s Ferringhi Residence has it all including a gymnasium, tennis court, infinity pool, wading pool, sauna and steam room.

The resort home is only 500m away from the Upland International School and just 900m away from the sun, sand and sea of the Batu Ferringhi beach.

For those who prefer condo villas instead, they can still opt for Ferringhi Residence Precinct 1 condo villas.

A gated and guarded residential project, the spacious condo villas in Precinct 1 comes with a 3+1 bedroom layout and built-up area of 1,510sq ft to 1,752sq ft.

Only 25% of the units are still available and interested buyers need to be quick before it is fully sold out. With the success of Precinct 1, Mah Sing has already opened Precinct 2 Resort Villas for registration too.

Mah Sing will also be featuring previous popular projects such as the Southbay City development.

Southbay City is an award-winning waterfront township development with a comprehensive mix of residential and commercial components.

Located strategically right next to the Sultan Abdul Halim Mu’adzam Shah bridge, the project provides easy access to the mainland and the island via the Bayan Lepas coastal highway and the Penang International Airport.

In the Southbay City development, prospective homeowners need to be quick to grab the remaining units of Legenda and The Loft (Tower A), which are approximately 75% and 60% sold.

Legenda is a resort bungalow development that features 76 exclusive units with award-winning architecture, rain water harvesting system, personal pool, private lift, centralised water filtration and solar hot water system.

The Loft, on the other hand, is perfect for those who prefer a suite lifestyle, offering 156 residential units and top-notch facilities such as a multi-layer swimming pool called ‘The Cascade’ and a low density design of 78 units per tower.

Another project in Southbay City is the Southbay Plaza, a mixed development with 206 residential suites and 47 commercial units.

To know more about the projects, visit the Star Property Fair 2015 from March 12 to March 15 at the Sunway Carnival Mall and Sunway Convention Centre.

Source: StarProperty.my

A proposed gated and guarded development by Airmas Group in Bukit Tengah, Penang. It is located next to Jalan Kebun Sireh, just a stone’s throw away from Taman Tanah Aman. The proposed development consists of the following:

• 19-storey condominium (117 units)
• 2-storey terrace houses (19 units)
• 2-storey bungalows (2 units)
• 2-storey semi-detached (10 units)

More details to be available upon project launch.

Project Name : (Pending approval)
Location : Bukit Tengah, Penang
Property Type : Gated & guarded residential
Tenure : Freehold
Developer : Airmas Group

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