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Home appreciation dropped by half since 2012

Property News/ 27 November 2015 2 comments

PEO_Datuk Abdul Rahman Dahlan_Urban Wellbeing, Housing and Local Government minister_1680_CJSThe 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

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Strong support for LRT

Property News/ 26 November 2015 5 comments

penang-lrtA 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.

“I have to leave home in the early hours of the morning and when I am back, I get to spend only an hour or two with my children before they go to bed. The after-work congestion, especially on rainy days and Fridays, is especially bad.”

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

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Ivory targets completion of Penang Times Square by 2020

Property News/ 26 November 2015 No comments

penang-time-squareIvory 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

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Ferringhi Residence 2

Batu Ferringhi/ 25 November 2015 28 comments

ferringhi-residence-2

Ferringhi Residence 2, the second phase of residential development by Mah Sing Group in Batu Ferringhi, Penang. Strategically located just a stone’s throw away from the famous tourist belt of Batu Ferringhi beach. It comprises low-rise condo villas and high-rise resort condos with built-up area ranging from 1,208 to 1,565 sq ft.

This development will offer 632 units in three blocks of 4, 10 and 32 storeys. Facilities include a multipurpose hall, gym, tennis court, infinity pool, barbecue area and playground. In addition, there will also be a man-made pond.

Project Name : Ferringhi Residence 2
Location : Batu Ferringhi, Penang
Property Type : Condominium
Total Units : 632
Built-Up Area : 1,208 sq.ft. – 1,565 sq.ft.
Tenure: Freehold
Estimated Completion: 2020
Developer: Mah Sing Group

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*By submitting this Form, you hereby agree to our PDPA Consent Clause.
(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)

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Casa Utopia

Butterworth/ 25 November 2015 17 comments

casa-utopia

Casa Utopia, the second phase of residential development by Streamville Sdn. Bhd. in Sungai Dua, Butterworth. It is strategically located next to Taman Cassa Maya, only a short drive from Sungai Due toll plaza. Schools, markets and eateries are also easily accessible.

This new development comprises three blocks of 3-storey townhouse and a 14-storey high-rise building with a total of 122 condo units.

Property Project : Casa Utopia
Location : Sungai Dua, Butterworth, Penang
Property Type : Condominium & Townhouse
Tenure : Freehold
Built-up Area: 1,000 sq.ft. onwards (condo)
Total Units : 122 (condo), 26 (townhouse)
Indicative Price: RM400 psf onwards
Developer : Pembangunan Rasa Sempurna Sdn. Bhd. (Streamville S.B.)

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