State executive councillors Chow Kon Yeow (left) and Jagdeep Singh Deo (second left) looking at model houses of a project at the Penang Property Summit 2015 at Spice Centre. ― Picture by K.E. Ooi

Penang’s controversial high density housing policy may be removed in future once the state has enough affordable homes, said state executive councillor Chow Kon Yeow.

The local government and traffic management committee chairman said the policy, which allows developers to build more units per acre, will end once there is no longer a need for higher density projects to fill demand for affordable housing.

“It is merely a specific policy to meet with specific needs at this time,” Chow said in a press conference after the opening of the Penang Property Summit 2015 at Spice Centre here today.

“The higher density is to allow us to increase the number of affordable housing units as there is still a higher demand for more affordable housing here,” he added.

Chow said the policy allows developers to build more units per acre so they are able to price a portion of these units within the affordable price range of below RM400,000 per unit.

The Penang state government introduced the high density policy in 2012 in which the density of residential projects was increased from 30 units per acre to 87 per acre, attracting criticisms from non-governmental organisations that claimed this would worsen congestion in the island.

For projects approved under the high density policy, developers must adhere to price controls where five per cent of the units must be priced under RM400,000, 15 per cent at RM300,000 and five per cent at RM200,000.

The state government had justified the policy, saying this would allow for more affordable housing units to be built by private developers to arrest the problem of skyrocketing housing prices in the state.

According to Chow, the Penang state government is aiming to have about 50,000 units of affordable housing in the state in the next three to five years, 20,000 of which will be built by the state-owned Penang Development Corporation (PDC) and the remaining by private developers.

Chow said today affordable housing was a hot button topic nowadays as the state was pressured to ensure enough supply for locals, especially for first time home buyers.

Source: The Malay Mail Online

SkyVilla Condominium, part of Sunway Wellesley mixed development by Sunway Property in Bukit Mertajam, Penang. It is strategically located with easy access to public amenities such as schools, hospitals and eateries. This project comprises 154 condominium units with size ranging between 1,000 sq.ft. and 1,200 sq.ft.

Unique Feature:

• Facilities at ground floor: arrival piazza, fitness station, taichi piazza & landscaped garden
• Facilities at podium: swimming pool, wading pool, kid’s water play, pool deck, gymnasium, community hall, child care centre, children’s playground, viewing deck & landscaped garden
• Fibre optic infrastructure ready for hi-speed internet

Location Map:

As you are already aware, Penang International Property Exposition in conjunction with Penang International Property Summit will be held in the Subterranean Penang International Convention and Exhibition Centre (SPICE) starting tomorrow for 3 days. Here are a list of developers who will be show casing some of their latest projects in the upcoming exhibition:

This list is for reference only. Please visit Penang International Property Expo tomorrow to find out more developers and their latest projects.

* PenangPropertyTalk.com is Penang International Property Summit 2015’s Official Event Partner.

Pearl Residences, a luxury residential development by Seni Bahagia Sdn. Bhd. in Batu Ferringhi, Penang. Strategically located next to SJK(C) Pai Chai, only a few minutes away from the sandy golden beaches of the Andaman Sea.  It is also a self-contained township where the famous Uplands International school, public school, shopping and transportation links to town are easily accessible.

This development comprises of 36 units of semi-detached houses with built-up area ranging from 3,095 sq.ft. onwards.

Property Project : Pearl Residences
Location : Batu Ferringhi, Penang
Property Type : 3-Storey Semi-D
Tenure : Freehold
Total Units : 36
Built-up Area: 3,359 sq.ft. (Type A), 3,095 sq.ft. (Type B)
Land Area: 2,637 sq.ft. – 3,649 sq.ft.
Indicative Price : RM 2,100,000 onwards
Developer : Seni Bahagia Sdn. Bhd.

Location Map

The inaugural Penang International Property Summit, and an international property exposition to be held at the Subterranean Penang International Convention and Exhibition Centre (SPICE) this weekend, is expected to attract over 30,000 potential house-buyers.

The summit, themed,” Managing Future Trends and Challenges” is from Jan 9-10 and the property exhibition from Jan 9-11.

State Housing and Town and Country Planning Committee chairman Jagdeep Singh Deo said the three-day event is a platform for all stakeholders to come together and speak on issues they faced.

“This is the first time, we are having an exhibition with a summit, as we want to address every issue globally, at one event.

“To date, over 48 exhibition booths have been taken up, and about 120 participants confirmed, including developers, auctioneers and bankers.

“The summit is aimed at creating better awareness of the many issues faced by industry players. Their views will be heard by the state government to further promote the property market in Penang,” he told reporters here today.

He said among the topics to be broached by prominent speakers includes the challenges of affordable housing, incentives for first-time house buyers and greener buildings.

Meanwhile, the Vice president of the International Real Estate Federation (Fiabci) Michael Geh said the first quarter of the year will see many house-buyers rushing to purchase properties before implementation of the Goods and Services Tax.

He said the buyers should take advantage of the Expo to purchase their houses with over 70 companies and developers expected to participate. – Bernama

* PenangPropertyTalk.com is Penang International Property Summit 2015’s Official Event Partner.

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