The Penang executive council today gave the green light to Penang Transport Master Plan (PTMP) project delivery partner SRS Consortium Sdn Bhd for the railway and highway schemes that include a rail line from Komtar to the airport and the Pan Island Link.

SRS tabled the plans to the state exco this morning.

The railway scheme covers both the island and mainland, with one LRT and two monorail lines on the island, one LRT line across the sea linking both sides of Penang, and a bus rapid transit (BRT) system.

Local government exco member Chow Kon Yeow said the priority for the railway scheme will be the light rail transit (LRT) line linking Komtar in the city centre of George Town and the Penang International Airport in Bayan Lepas.

This project, he said, would be Phase One of the railway scheme and treated as a priority project.

“With the green light given by the state, SRS will proceed to propose the railway scheme to SPAD (Land Public Transport Commission), which is the authority in charge of rail transport.

“SRS will consult with SPAD for its guidance and advice concerning the proposal to build a railway system in Penang,” he told a press conference in Komtar today.

He said the state has also approved the highway scheme proposed by the consortium.

The priority highway project, he said, is the Pan Island Link, which connects Gurney Drive and Bayan Lepas.

“The alignment was also presented to the exco today. The next step by SRS is to conduct the DEIA (detailed environmental impact assessment) for this proposed project,” he said.

Project manager Szeto Wei Loong from SRS said the next stage after securing the state’s approval is to engage the public and inform them of the alignments of the projects.

“We are going to do a preliminary detailed design for the Phase One LRT line, which will be submit to SPAD for the railway scheme approval.

“A condition for approval is giving SPAD the overall masterplan for the railway network, which the state has approved this morning.

“We will liaise with SPAD regarding this masterplan submission, and this will take another six months. Once ready, it will be up for public display.

“At the same time, we will also be submitting the DEIA for the LRT line. We hope by the third quarter of next year all the railway scheme will be approved,” he said.

For the Pan Island Link, Szeto said SRS will submit the DEIA, which will take another six months for studies to be conducted and completed, to the Department of Environment for approval.

Chief Minister Lim Guan Eng said the state have not approved any land reclamation yet or other components of the PTMP, such as water taxis and cable cars.

SRS has proposed to reclaim two or three islands in the south of Penang island to finance the RM27 billion masterplan.

The manmade islands would be auctioned off to pay for the transport projects in the masterplan, if all federal approvals are obtained.

Source: TheEdgeMarkets.com

S P Setia Bhd’s Penang property sales are expected to contribute RM399 million to the company’s group revenue for the financial year ending Dec 31, 2016 (FY16).

“This is in line with Penang’s annual contribution of about 10% of group sales. The sales revenue from here would come from two launches next year, which carry a total gross development value (GDV) of about RM670 million,” the group’s northern region general manager Ng Han Seong told The Edge Financial Daily recently.

He said sales target for FY15, which has been extended by two months due to the revised financial year ending period, is RM409 million.Ng said the deferred Solok Slim project featuring residential condominums with a GDV of between RM500 million and RM600 million will be launched in April next year.

The project was initially slated for launch in the final quarter of 2015, but a delay in advertising permit and developer licence application arising from the recently enforced Strata Management Act 2013 resulted in its postponement. The other project, consisting of 30 semi-detached units in Setia Pearl Island priced from RM2.5 million onwards, with a GDV of RM70 million, will be launched during Chinese New Year in February, he said.

Ng said the group, which has a land bank of 150 acres (60.7ha) in Penang with a GDV of RM3.5 billion that could last it for 10 years, is still actively looking for land, but mainly on the island. “Penang is a very exciting place and the state government is implementing new infrastructure with the Penang Transport Master Plan. Penang is an important market for us. We are definitely not going to scale down although land is scarce.

“We will continue introducing developments that cater to different income groups,” he said, adding that the group’s development of 459 low-cost apartments with a GDV of RM19 million in Balik Pulau would be completed in the first quarter of 2017.

Meanwhile, the group expects to see higher contribution from its Setia Spice project, which features a hotel, indoor stadium, convention centre, aquatic club, retail shops and a food and beverage podium, from FY17. “The project, which is a redevelopment of the former Penang International Sports Arena, will be completed by the end of next year. We expect contributions to come in from FY17.

“Construction of the 450-room four-star hotel will begin in the first quarter of next year and should finish in 2019,” he said.

Source: TheEdgeMarkets.com

Malaysians are finding it increasingly harder to get housing loans as banks have less money available to lend out, financial expert Gary Chua said today.

Chua, who heads financial education firm Smart Financing, said the housing loan approval rate, which was at least 65 per cent about seven years ago, has been showing a downward trend this year with banks rejecting a higher number of applications.

He said statistics show that the 53 per cent of loan approvals by banks in the first quarter slid to just 47 per cent for residential property loan approvals in the third quarter.

“To me this is one of the key points affecting the market as well, where the banks are tightening their belts and consumers are finding it difficult to get financing from the banks to fund their dream homes, so this would definitely get even tougher moving forward,” he said during PropertyGuru’s Property Market Outlook 2016 forum here.

Chua said that banks in Malaysia are suffering from low liquidity as they have lent out most of their money to Malaysians.

“And at the moment, at the industry, it’s over 90 per cent, meaning 90 per cent of the banks’ money have been lent out to consumers. That means banks are having difficulty or stress in terms of getting more money to lend out,” he explained.

“For the banks, mortgage or housing loan is the lowest yielding business to them, hence if they have limited funds to lend out to consumers, housing loans will be the first one that they will pull back,” he said, comparing housing loans to the banks’ products with higher profit margins such as credit cards and car loans.

Chua said first-time house-buyers with monthly incomes of RM5,000 also face challenges in securing loans, as banks impose a 60 per cent lending cap, which means they can only borrow a total of up to RM3,000 per month for items such as credit cards, car loan, mortgages.

Noting that current laws require banks to set aside 4 per cent of their funds and deposit this reserve in Bank Negara Malaysia’s accounts, Chua suggested that this figure be brought down as it was done in 1998 and 2008 to enable the banks to have more cash to lend out.

He also said bad loans are at a “historical low” as only 1.2 per cent of borrowers have failed to repay their bank loans.

Developer Datuk Dr Vincent Tiew, who was also on the six-man panel of speakers, said that less banks in Malaysia are giving out loans now as some of them are trying to merge.

Tiew, who is the managing director of Andaman Property Management, said between 35 per cent to 65 per cent of loan applications by his prospective buyers are turned down, which meant his firm would have to approach 16 buyers to sell off 10 units.

He also spoke of the banking industry’s weaker support to the housing industry, where banks would slowly roll out loan approvals in piecemeal fashion for a development even if they had confidence in the project.

Siva Shanker, CEO of property agency PPC International, said it was time for the government to stimulate the property market, noting that past cooling measures to slow down the “mad increase” in property value have been effective and are no longer required.

Source: TheMalayMailOnline.com

Rare and precious like the four-leaf clover revered as a symbol of good luck by many cultures around the world, its iconic architecture and layout is designed to bring residents all the privileges of wholesome living.

Located in Sungai Ara, The Clovers auspiciously signifies living in a sanctuary blessed with showers of good fortune, abundance of love and bountiful hope. It will be the source of joy for the entire family.

Click here to find out more about The Clovers

‘To be in clover’ is a common idiom that means living a carefree life of ease, comfort and prosperity, and in the project’s 892 elegant condominiums, Asia Green has created something special that allows you to do just that.

In conjunction to this festive season, we are finally launching our last tower – the premium tower C “Fortuna” represent the fortune in English. Not only it can bring fortune to you but every typical unit also comes with fully air-conditional, ready with down lights and beautifully designed plaster ceiling.  Fortuna tower is the last tower that has the best view of the airport, penang bridge, and facilities.

Every unit comes with two private lift accessible from the foyer and a luxurious layout with villa finishing. The build-up area ranges from 1,598 sq.ft. and up to 2,907 sq.ft. for the Duplex. Pricing is around RM480 per sq.ft. onward.

Best attribute of living in The Clovers is the unparalleled nature that seamlessly entwines the whole project, with the distinct highlight being a lush 14,000 sq ft Jungle Trek that forges a path of serene tranquility through leafy surroundings. Inside the jungle trek area, we have the picnic, meditation, and yoga areas that enhance the healthy and nature lifestyle. Not only will it be your personal haven where you can relax at your pace, it will be a retreat for the whole family.

The Clovers has an undeveloped small piece of open space land next to the project which eventually would be turned into a landscaping & community garden solely for the residents use.

Click here to find out more about The Clovers

On top of that, The Clovers also provides the widest car park rams with 6 meter width, making your journey home comfortable and with ease. Making sure everyone in the families can drive without stress and safely home.

With Fibre connection to home, The Clovers assures top digital media and entertainment experience for you and your family.

The Clovers is also an ideal choice for multi–generational living. Most Penangites would prefer to live with their parents and grandparents because it gives the latter a sense of security and safety, instead of leaving it to the hands of others. That’s why our development adopted the concepts of multi-generational and wellness living to provide the residents of all age groups a comfortable and homely living environment.

The most convenient features for the senior citizen and the children would be the private lifts directly access to the unit, not only for privacy reason but also less hassle of walking through the common hallways or corridors. The typical unit itself would be prefect size for a modern family of 3 generations which is 1,598 sf and it comes with 3+1 rooms. This spacious area allows lots of movement for the family without compromising individual space privacy. Penthouse type J is the dual-keys design that allows partition to separate another unit for the elderly so they can live together in the same roof with their grandchildren while enjoying own privacy.

We are building a community where multi-generation families get to live together harmoniously and safely. The residential units and facilities are designed to cater for both children and the elderly with safety features. Such features include one of the biggest podiums at level 7 that’s allocated for greenery and recreational facilities with no vehicular obstruction, making it safe for both toddlers and the elderly to roam the area.Children pool with water plays and children playground are dedicated for the children and the parents get to enjoy the parents-children time. Dance room, entertainment room, reading and study room, games room, basketball court, lap pool and leisure pool are perfect for teenagers and even adults. For adults who prefer to have their alone time, there’s always the floating gym, cabanas and lazy Jacuzzi for them. As for the senior citizens, we have prepared the Physiotherapy room, jungle track and garden areas for them to enjoy the nature and be healthy.The Clovers come with extra open space that is equipped with features such as extra handrails, handicap ramps, handicap parking and other accessories specifically designed for senior living.

Click here to find out more about The Clovers

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More than 500 fishermen today rallied against the proposal to reclaim land off the Permatang Damar Laut coast for the RM27 billion Penang Transport Master Plan (PTMP) project.

Spokesman Nazri Ahmad, 50, said reclamation will affect the livelihoods of fishermen from Sungai Pinang to Pulau Betong, the southwest coast of Penang island.

He said marine ecosystems will be affected thereby jeopardising their catch and their incomes.

“Reclamation will have massive repercussions on us and on the environment,” he said prior to leading the rally at the Sungai Batu Beach in Teluk Kumbar near here where 14 fishermen associations took part.

Rally organisers also managed to obtain more than 1,000 signatures from fishermen to oppose the reclamation where a 930ha plot and a 445ha are proposed to be reclaimed.

Nazri said the signatures will be sent in a protest memorandum to the state government and to the Department of Environment (DOE).

He rubbished suggestions fishermen were anti-development, noting development was not meaningful if their livelihoods were threatened.

“What is the use of development if we cannot maintain our traditions and daily lives,” he said adding the well-being of fishermen must be thought off.

Seri Jerjak Fishermen Association member Ooi Ah Lee, 67, urged the state to reconsider as reclamation will result in a the narrowing of the Penang straits.

“There will less sea for us to go out to catch fish,” he said while Rodzi Ahmad, 55, called upon the state government not to proceed.

Musa Shariff, 57, meanwhile said he did not want to be relocated from his home in Teluk Kumbar if such an alternative was offered.

“I want to remain where I am for the rest of my life to fish where I am at,” he added while Abdul Rasyid Yop, 63, stressed they were not against development but wanted their livelihoods should not be affected.

Source: TheSunDaily.my