A newly proposed mixed development by Nova Success Development Sdn. Bhd. at Butterworth, Penang. It is located next to Jalan Bagan Dalam exit from Butterworth Outter Right Road (BORR), only a mere minutes drive away from the upcoming Penang Sentral.

This development consists of the following components, to completed in multiple phases:

• 6 units of 2-storey shop offices
• 31-storey condominium (131 units)
• Commercial building with hotel and 2 block of service apartments (380 units).

This project is still pending for approval. Details to be available upon project launch.

Project Name: (to be confirmed)
Location: Butterworth, Penang
Property Type: Mixed development
Indicative Price: (to be confirmed)
Total Units: 131 (condo), 380 (service apartment)
Developer: Nova Success Development Sdn. Bhd.

Location Map:

When the Penang Global City Centre (PGCC) was launched in 2007, it was touted as a major game changer to Penang. But it ended in a whimper partly because of its sheer scale which was not feasible.

The RM25bil PGCC project was to have been undertaken by Abad Naluri Sdn Bhd, an associate company of Global Oriental Bhd (formerly known as Equine Capital Bhd).

In return for developing PGCC, which was to be located on the Penang Turf Club (PTC) land in Batu Gantong, Abad Naluri was supposed to have built a new turf club in Batu Kawan – on Seberang Prai as a replacement.

According to reports, Abad Naluri submitted its tender to build the new race course for the PTC at a 250-acre site at Batu Kawan in May 2002.

In 2003, a preliminary agreement was entered into between PTC and Abad Naluri. The agreement would see Abad Naluri paying advances totalling some RM10mil to PTC to acquire the PTC land in Batu Gantong for around RM488mil.

The deal was supposed to see Abad Naluri building a race course in Batu Kawan for RM375mil, which it was supposed to deliver to PTC by 2007. The balance was supposed to be paid in cash to PTC.

Abad Naluri was given an extension of two years to complete the project after the initial deadline was not met.

In January 2004, the Penang Development Corp (PDC) entered into a master agreement to sell eight parcels of land in Batu Kawan, totalling over 1,000 acres, to Abad Naluri.

One parcel, measuring 300 acres, was slated for the new race course site. The purchase price for this parcel was said to be RM46mil.

In May, an agreement was entered into between PTC and Abad Naluri for the sale of the land in Batu Gantong on the island at RM43 per sq ft.

By 2005, layout plans for the Batu Kawan race-course were approved. In September the following year, Abad Naluri submitted applications for planning permission of PGCC on the PTC land.

In October 2007, then prime minister Tun Abdullah Ahmad Badawi launched the PGCC project despite the acquisition of the PTC land yet to be completed and work on the Batu Kawan race-course yet to begin.

Following the new state government taking over after the March 8, 2008 general election, the proposed PGCC project failed to take off.

Global Oriental’s stake in Abad Naluri had since been sold for RM2mil cash to Kiara Ikhtisas, a privately-held outfit in October 2008.

In July 2009, PTC terminated its agreements with Abad Naluri on grounds that the latter had failed to pay liquidated damages for delays in building the new turf club in Batu Kawan.

As for Global Oriental’s interest in Batu Kawan, in 2002 when turf club transfer was first conceived, PDC had agreed to sell 750 acres in Batu Kwan to Abad Naluri at RM3 psf. Out of the 750 acres, 300 acres had been earmarked for the development of a new turf club.

When the turf re-location did not take place, there were fresh negotiations between Abad Naluri and PDC.

In 2011, it was reported that a ‘compromise’ was reached between the two parties.

Based on a 2011 annual issued by Global Oriental (then known as Equine Capital) on March 21, 2011, Abad Naluri entered into a suplemental agreement with PDC to acquire 145 acres in Batu Kawan upon fulfilment of certain conditions.

In 2011 also, Equine Capital acquired the rights to develop 126.04 acres in Batu Kawan from Abad Naluri for RM16.7mil. It is earmarked for mixed development.

The compromise allowed PDC to undertake the development of a 1,400-acre industrial park in Batu Kawan.

Source: TheStar.com.my

The annual rate of appreciation for homes has dropped from 12.2% in the fourth quarter of 2012 to 5.9% in the second quarter of 2015, said Datuk Abdul Rahman Dahlan.

The Urban Wellbeing, Housing and Local Government Minister in wrapping up the ministry’s debate on Budget 2016 at the committee stage in the Dewan Rakyat said this signified a reduction by almost half.

He added that they did not want a deflation of housing prices to take place where homes got cheaper than previous years as this affected the economy.

Rahman said he decided to defer the implementation of the “build-then-sell” concept as another measure to keep prices under control.

He said the government was aware that steep prices affected home ownership.

This was because smaller developers would not be able to complete construction first before collecting any payment from buyers, and this resulted in a smaller supply of homes in the market, which would naturally lead to higher prices, he added.

“We need to consider our priorities here. In a situation where prices are climbing steeply, I cannot take that risk (to implement build-then-sell).

“It’s better for us to delay the enforcement to slow down the rate of increase.

“We want to ensure more houses in the market so that prices can be kept under control,” he said.

Source: TheEdgeProperty.com.my

A recent survey shows Penangites are calling for the government to implement the Bayan Lepas to George Town LRT in the soonest possible time frame to provide respite from the worsening traffic condition on the island.

Penangites are already counting the days when they can hop on the LRT to carry out their daily activities without wading through endless traffic jams and wasting time.

StarMetro took to the streets to find out Penangites’ grievances and views on the current inefficient public transport system in the state.

Zulkifly Razak Madon, 32, is an IT graduate and drives from Kampung Sungai Tiram in Bayan Lepas to inner George Town daily.

He spends an average of two hours on the road each day to send his two children to SMK Sungai Tiram before going to work.

He thinks it is really crucial to have alternative public transport for more convenience as well as savings in time and cost.

“I hear the LRT is coming and it got me excited. I look forward to the days where I can just buy a ticket, hop onto the LRT and arrive at my destination without worrying about traffic or finding a parking spot.

“In Kuala Lumpur, there are various rail-based (public transport) options such as the KTM, monorail, LRT and MRT but why not in Penang?” he asked.

Retiree Ong Tee Leng, 61, who frequents Komtar and Prangin Mall for his shopping needs, said he would need to leave home after 10am when the office workers are off the streets and try to finish what he needed to do in town before returning by 5pm.

“But now, the jams throughout the day is horrendous. I need to leave the city before 4pm, otherwise I will be stuck on the roads.

“The morning and the evening peak hours seem to be ‘extended’ and with the lunch hour crowd on the road, I am not sure if there is ever a good time to come to the city,” he said.

Asked if he supports LRT which is in the planning, Ong said it should have been in place a decade ago but better late than never.

With the recent talks on LRT, the fervour to improve the livelihood of Penangites is rising with some coming together to form groups such as Penang in TRANSIT (PiT) to speak on issues relating to public transport.

PiT’s spokesperson Esha Rishi, 33, said Penangites had been waiting for a long-term solution to the congestion issue.

“The public first heard about the Penang Transport Master Plan (PTMP) during the Penang Property Summit early this year and I thought it was a fantastic idea. We hope that PTMP will be implemented soonest possible to uplift Penang’s livability.”

Among PiT’s objectives is to gauge public perception on the implementation of the PTMP. The survey findings showed 97% of respondents agreed that Penang needed an urgent solution to its traffic congestion while 96% strongly supported the construction of LRT as it would benefit Penang in the long run.

It was reported that the first phase of the PTMP involving the construction of the Bayan Lepas-George Town LRT project is scheduled to take off in 2017.

Penang Local Government, Traffic Management and Flood Mitigation Committee chairman Chow Kon Yeow had said that the design and the alignment of the LRT would be finalised next year.

Balan Tirupati, 29, who lives in Kepala Batas on the mainland and travels daily to the island for work via the Penang Bridge, said an LRT and a new alternative highway were needed immediately.

“A well-designed public transport system will help move people away from using private cars.

“I believe the new LRT will also spur tremendous growth in the manufacturing, commercial, construction and tourism sectors,” Balan opined.

Source: TheStar.com.my

Ivory Properties Group Bhd hopes to complete all the five phases of Penang Times Square by 2020.
COO Goh Chin Heng said the group is waiting for approval to start phases four and five by year-end.

“We hope to commence work by the first quarter of next year concurrently,” he told reporters after the company’s EGM yesterday.
Goh said the components of the two phases include business hotels , serviced suites and retail outlets. The group has identified parties interested in some of the components in the two phases.

“We are talking to some interested parties who want to buy the hotels, which are among other components in Phase 4 and 5 of PTS,” he added.

In a statement to the media Ivory Properties said it has obtained approval from its shareholders during the EGM for the sale of a plot of land worth RM150 million to another company.

The transaction for the 21.77ha of freehold land in George Town was finalised in January this year between Ivory Indah Sdn Bhd and Jesselton Peak Sdn Bhd.

The net gain for the group from the disposal is RM38 million, which will be recognised upon completion in December 2016 in the financial year ending March 31, 2017.

Source: TheSunDaily.my