The first privately initiated Affordable Home Project by Aspen Group in collaboration with the Penang State Government, Tri Pinnacle, has opened its show unit on 21 November. Eligible buyers as well as those who are interested to experience how it truly feels to live in a unit at Tri Pinnacle are welcome to make an appointment for viewing.

The opening of the show unit was officiated by Yang Berhormat Jagdeep Singh Deo, Penang State EXCO for Housing and Town and Country Planning. Also present were Dato’ Seri Nazir Ariff, Chairman and Executive Director of Aspen Group and Dato’ M. Murly, Group Chief Executive Officer of Aspen Group.

The show unit has been furnished with lKEA furnishing according to the upgrading package offered by the Group, with added touches to enhance the interior as well as to create that homely ambiance that homeowner desires.

“I’m happy with the progress of Tri Pinnacle and the State Government will continue to work with private developers to provide more affordable housing choices to Penangites.” State Housing Committee chairman Jagdeep Singh Deo said.

Tri Pinnacle is strategically located in Tanjung Tokong, one of the most sought after addresses in Penang Island which is only 10 minutes from the city centre. It is also well connected with access to reputable schools, commercial centres, shopping malls as well as entertainment and leisure facilities.

To not judge a book by its cover, Tri Pinnacle though under the Affordable Home Scheme, will provide amenities and facilities that can be rivaled with those of high end condominiums. Amenities such as swimming pool, wading pool, gymnasium, children playground, multipurpose hall, landscape area, viewing area and a lot more are those that buyers can expect for the affordable price that they pay. Its prime location with freehold land title in Tanjung Tokong, also sets it apart from other Affordable Home projects.

“When we talk about affordability, it should not only refer to the price that the purchasers pay, other elements such as location, facilities and amenities should not be left out too. As such, Tri Pinnacle is not only affordable in terms of price, residents can also enjoy unparalleled connectivity and other amenities nearby the vicinity.”

“Now that we have complied with all the requirements after the changes of the new Strata Management Act, we will start the Sales and Purchase Agreement signing for every category, including the low medium cost apartment and regardless of which packages they opt for,” said Dato’ M. Murly, Group Chief Executive Officer of Aspen Group.

Tri Pinnacle is currently under construction as earthworks have been done and construction work has commenced since last month. The completion of this much awaited project is slated to be in 2018.

Eligible applicants are urged to register with the State Housing Department if they have fulfilled the stipulated terms and conditions set by the State Government.

This development has a GDV of RM479 million and offers 859 units of affordable condominium with an 800 sq.ft. build up and 390 units of 650 sq.ft. low medium cost apartment spread across 45—storey tower.

The Tri Pinnacle affordable condominium is priced at RM299,990 and eligible purchasers can also opt for the upgraded unit with enhanced specifications and an additional parking lot. Property buyers who do not fulfil the stipulated requirements set by the State Housing Department can also purchase Tri Pinnacle affordable condominiums by paying an additional 20% based on the standard price as state levy fees to the State Government. However, the public units are only limited to 30% out of the total units.

Interested parties can visit Tri Pinnacle’s show unit at Aspen Group, located at 300, Jalan Macalister or by calling Aspen Group toll free at 1800 30 5000. Show unit viewing is strictly by appointment only.

The Penang government has set up a new Urban Regeneration Committee to look into the redevelopment and upgrading of old housing schemes, says state housing exco Jagdeep Singh Deo (DAP-Datuk Keramat).

Jagdeep told the state legislative assembly sitting yesterday that the new committee, chaired by him, would look into planning and implementing redevelopment and regeneration programmes for public housing schemes on the island and mainland.

The committee will also study in detail and prepare and implement suggestions on rejuvenating old housing projects in the state, he said.

Regenerating a housing project, Jagdeep said, would mean building new blocks nearby to house the residents while the old flats were torn down to make way for new buildings.

“This exercise prioritises the interest of the local residents in the old projects. Their relocation is top priority.

“It has been proposed that the residents be offered a new housing unit that is larger and better equipped than the old unit,” he said in his winding-up speech.

Jagdeep said what the committee would do would not only improve the people’s quality of life, but also lessen the state’s financial burden by more cost-effective spending on maintenance and upgrades.

He revealed that the state government had spent RM21.1 million on maintenance between 2010 and September this year.

“We have public housing projects that are over 40 years old like the Rifle Range flats. The Taman Tun Sardon flats are 35 years old. The Taman Free School Flats and Mak Mandin projects are 32 and 29 years old, respectively.

“Frequent maintenance and upgrading are needed to make sure the conditions of these projects are comfortable for residents.”

Jagdeep said it was suggested that the members of the new committee should include state local government exco Chow Kon Yeow, and state public works, utilities and transport exco Lim Hock Seng.

Agencies that should sit on the committee, he said, were the state housing department, town and country planning department, the state economic planning unit, the local councils and state investment arm Penang Development Corporation.

“We will also rope in the MPs and assemblymen of the areas where the regeneration programmes will be carried out,” he said.

Jagdeep also spoke on the issue of housing developers not getting the advertising permit and developer licence (APDL) which caused their projects to be stalled.

Among the 47 projects stalled, he said, were 10 low-cost, low-medium cost (LMC) and affordable projects.

Three are low-cost projects with a total 339 units, four LMC projects with 1,167 units, and three affordable projects with 1,682 units.

Jagdeep asked the opposition Barisan Nasional assemblymen to urge the federal government not to delay issuing the APDL to the affected developers

Source: TheEdgeProperty.com.my

APDL (Advertising Permit & Developer’s License) approval has been a hot topic in Penang’s housing industry over the last couple of months.  The delay in approval not only is a challenge for developers, it is also a depressing experience for the first time home buyers.

So, to shed some light on the issue, here is a list of APDL approval obtained for the respective affordable housing projects in Penang.

The list above was prepared based on information available in JPN (Jabatan Perumahan Negara), and is for reference only. Please refer to the developers for the latest update on their project.

* CLICK HERE for a full list of affordable housing projects in Penang *

Property developer Mah Sing Group Bhd is set to launch over RM1.2bil worth of projects in Penang next year.

Mah Sing (North) senior general manager Daniel Law Wei Keong said the upcoming launches include the RM735mil Ferringhi Residence 2, the RM350mil Icon Residence at Lebuh Pykett, and an unnamed RM150mil project in Southbay City, Batu Maung.

He said the group also expected the Penang properties to contribute between 10% to 12% to the group’s total sales for the 2015 fiscal year ending Dec 31.

“We still have about RM2.8bil worth in remaining gross development value and RM300mil in unbilled sales on the 33ha land bank in Penang,” he told reporters after the exclusive preview of the Ferringhi Residence 2 on Thursday.

He said the group had launched RM2bil worth of housing projects nationwide in 2015 with 84% of the units costing below RM1mil and the remaining 16% priced from RM1mil onwards.

The Ferringhi Residence 2 project, comprising three blocks of 632  resort-style units, would be launched in the first quarter of 2016, he said.

“With built-ups from 1,208 sq ft to 2,910 sq ft and priced from RM775,265, we strive to live up to our brand’s promise, which is to build a premier lifestyle,” he said.

He said the group would also introduce a RM150mil shopping mall in Southbay City, which is expected to begin operations in mid-2016.

“It will have 84 retail lots, which are all sold out, priced between RM1 million to RM2mil depending on the size,” he said.

Law said units in the unnamed project, with a built-up area of 750 to 1,000 sq ft, would cost below RM680 per sq ft.

Source: Bernama

Southern part of Penang Island

More than 1,500 acres (607ha) of sea land off Permatang Damar Laut near Bayan Lepas have been identified for the proposed reclamation that forms part of the land-swap deal with SRS Consortium, the project delivery partner (PDP), for the RM27 billion Penang Transport Master Plan (TMP).

This confirmed rumours circulating lately that the site would be the proposed reclamation site for the land swap instead of the Middle Banks.

Penang State Local Government, Traffic Management and Flood Mitigation committee chairman Chow Kon Yeow told The Edge Financial Daily that the Gamuda Bhd-led consortium is currently carrying out a study in the area to ascertain the sustainability of the site for its project costings.

He said the development of the site, which is expected to have a five-time economic multiplier effect amounting to RM100 billion, would not only fund the TMP in phases, but also form a catalyst for growth for the state up to 2050.

“The reclaimed land is expected to house the new Penang International Airport and provide additional space for industries, hence the growth catalyst for Penang,” he said, adding that the sustainability of the TMP would depend on SRS Consortium fulfilling the conditions that include approval from state and federal agencies.

Chow’s confirmation of the site has finally ended rumours for the proposed land reclamation site to fund the TMP on a land-swap basis over the next 15 years.

Earlier, Pulau Betong assemblyman Farid Saad raised the consortium’s apparent link to the southern reclamation following Consumers Association of Penang’s (CAP) queries on onsite studies taking place in Permatang Damar Laut.

Speaking to reporters after his debate on the Penang Budget 2016 motion at the state assembly yesterday, Farid said “obviously” the site had been identified for reclamation previously.

Until now, neither the consortium, which is the PDP for the TMP, nor the state has revealed the actual site that would be reclaimed to fund the TMP featuring highways, public transportation and institutional plans.

The SRS Consortium, made up of Gamuda, Penang-based Ideal Property Development Sdn Bhd and Loh Phoy Yen Holdings Sdn Bhd, is expected to begin the integrated infrastructure projects following approval from the authorities.

It will be submitting its application for the light rail transit project to the Land Public Transport Commission by the end of the year.

SRS Consortium, a joint venture in which Gamuda holds 60%, with Ideal Property Development and Loh Phoy Yen holding 20% each, received its appointment letter on Aug 14.

Previously, a state official mentioned that 1,500 acres of the Middle Bank section between the island and mainland would be offered for reclamation, which led to a public outcry as it would impact the sensitive seagrass bed near Jelutong.

“The state government is aware of the reclamation site because the TMP was finalised in 2013, but they are not saying anything. An ongoing study in Permatang Damar Laut, which has raised fear among fishermen, was highlighted by the CAP.

“It is quite obvious that SRS Consortium is going to carry out the reclamation work there but the state feigns ignorance,” Farid said, adding that he was uncertain on the size of the land.

Last Wednesday, the CAP urged the state to announce the purpose of works being carried out by a company in that area, comprising survey and measuring works, marking the area and digging the seabed.

The CAP claimed that when asked about the study, the state agencies were unaware of the project or did not provide answers to questions.

“The state will finalise the agreement with SRS Consortium within six months of the appointment date. The method of payment would be through the award of rights to reclaim for development. Revenue from the land would be used to repay the consortium,” Chow said.

Gamuda closed nine sen or 2% lower at RM4.40 yesterday, with a market capitalisation of RM10.8 billion.

Source: TheEdgeProperty.com.my