Mutiara Rini, an upcoming medium cost condominium by JKP Sdn. Bhd. at Jelutong, Penang. It is strategically located on a 7-acre land along Tun Dr. Lim Chong Eu Expressway, just a mere minutes drive from Penang Bridge.

This is an affordable housing development, comprises 382 residential units with standard unit size of 900 sq.ft. You are required to apply through state housing department.

Official launching this weekend (10 Oct 2015).

Property Project : Mutiara Rini (Jelutong Indah Phase 2)
Location : Jelutong
Property Type : Condominium
Tenure : Leasehold
Built-up Area: 900 sq.ft.
Indicative Price: RM345,000 – RM389,000
Total Units : 382
Developer : JKP Sdn. Bhd.
Contact No: 1 800-22-1180

Location Map:

Some 40,000 people turned up at the Star Property Fair 2015 to check out the best bargains offered.

As a result, the Kuala Lumpur and Penang-based developers closed RM153.7mil worth of sales during a four-day property fair which ended yesterday at the Queensbay Mall.

Based on buyers’ feedback, they still have confidence in the local property market and the state government’s commitment to implement the Penang Transport Master Plan is one of the reasons for the optimism.

Developers represented by Zeon Properties Sdn Bhd sold about RM80mil worth of property from the developers it was representing.

Zeon exhibited the Ewein Zenith’s City of Dreams in Gurney Drive, Aroma Development Sdn Bhd’s Starhill in Sungai Ara, Bionic Land Bhd’s Prominence in Butterworth, Trimension Properties’ GMansion in Bukit Gambier and KB Group’s Sang Sarang in Lumut.

Zeon Properties chief executive officer Leon Lee said the sales generated at the fair this time showed that there was still confidence in the local property market, which would be boosted once the Penang Transport Master Plan, which promises a LRT system and trams, was realised.

“When prices of goods are going up, pro­perty is still the best hedge against inflation. Property that are most in demand are those priced below RM1mil,” he said.

Mah Sing Group Bhd chief executive officer Ng Chai Yong said the group managed to obtain 1,000 registrations for its property such as the Lakeville Residence, Southville City@KL South, and MCity, all in Kuala Lumpur, and The Loft@Southbay, Ferringhi Residence, Southbay City and Legenda@Southbay in Penang.

Eco World Development Group Bhd general manager Khoo Teck Chong said the group achieved its sales target for both its Eco Mea­dows and Eco Terraces projects located in Bukit Tambun and Paya Terubong.

The Eco Meadows, comprising double-storey terrace homes, is a gated and guarded project, with clubhouse facilities, and located close to the first and second bridge.

“Bukit Tambun is very close to Batu Kawan, where notable projects such as the Eco World Premium Golf Resort, Columbia Hospital, Hull University and The SME Village are being carried out,” he said.

Khoo added that Eco Terraces in Paya Terubong would have at least 70% of the 5.2ha site for green space, which is an un­­usual size for a project in the suburb of the island.

Source: TheStar.com.my

Some developers at the Star Property Fair 2015 were able to register RM79.2mil in sales despite the current economic challenges.

Eco World Development Group Bhd (RM14mil), Asia Green Group (RM5.4mil), Tambun Indah Land Bhd (RM6.8mil), Ideal Property Group (RM10mil), Numestro City Sdn Bhd (RM3mil), and the developers represented by Zeon Properties Sdn Bhd were the ones which recorded good sales.

Zeon chief executive officer Leon Lee said the company sold about RM40mil of properties from the developers it was representing.

The projects exhibited by Zeon were Ewein Zenith’s City of Dreams in Gurney Drive, Aroma Development Sdn Bhd’s Starhill in Sungai Ara, Bionic Land Bhd’s Prominence in Butterworth, Trimension Properties’ GMansion in Bukit Gambier and KB Group’s Sang Sarang in Lumut.

Eco World Development Group Bhd general manager Khoo Teck Chong said the group sold about RM14mil worth of properties in its Eco Meadows (Bukit Tambun) and Eco Terraces (Paya Terubong) projects.

Asia Green Group director Tan Li Mei said the group sold RM5.4mil worth of properties in its project called The Clovers in Sungai Ara.

“We have set a sales target of between RM18mil and RM20mil for the Clovers at the fair.”

Tambun Indah Land executive director Teh Theng Theng said the group had sold about RM6.8mil worth of properties in The Rain Tree and Pearl Harmony projects.

Ideal Property has sold approximately RM10mil worth of properties in its Forest Ville and One Foresta condominium projects in Bayan Lepas.

Nusmetro senior marketing executive Ng Jo Wen said RM3mil worth of properties in the Arte S project in Bukit Gambier were snapped up.

He said about 30% of the Arte S properties exhibited at the fair were priced below RM1mil.

Meanwhile, a Tropicana Ivory Sdn Bhd spokesperson said the more than 80% of the 1,343 Tropicana Bay Residences units had been sold.

“We are now trying to obtain feedback from the public on the popularity of retail and office properties.

“The feedback will help to determine what should be developed for the commercial phase of Penang World City,” the spokesperson said.

Sunway Bhd is showcasing RM628mil worth of properties in its projects in Batu Maung, Bukit Mertajam and Kuala Lumpur.

The projects in Penang are Sunway Cassia double-storey semi-detached houses in Batu Maung, which will be launched in 2016, and Sunway Wellesley three-storey semi-detached houses in Bukit Mertajam.

In Kuala Lumpur, the project is called V Residence Suites with a RM378mil gross development value located in Sunway Velocity, an integrated development.

Source: TheStar.com.my

A proposed mixed residential development by Palmex Industries Sdn. Bhd. (a subsidiary of IOI Properties) in Sungai Ara, Penang. Located along Changkat Sungai Ara 2/A (map shows approximate location), just a stone’s throw away from Setia Pinnacle by SP Setia. This development comprises the following components:

• 3-storey bungalow (1 unit)
• 3-storey semi-detached (6 units)
• 32-storey luxury condominium (198 units)

The condominium will consists of a 5-level multi-story car park with recreational area and facilities located at level 1, 6 & 32.

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

Property Project : (to be confirmed)
Location : Sungai Ara, Penang
Property Type : Landed and condominium
Tenure : Freehold
Indicative Price: (to be confirmed)
Total Units : 1 (bungalow), 6 (semi-detached), 198 (condo)
Developer : Palmex Industries Sdn. Bhd.

There are 47 residential projects in Penang with a gross development value of over RM10bil still waiting for the advertising permit and developer licence (APDL) to be released by the Urban Wellbeing, Housing, and Local Government Ministry.

Penang Master Builders & Materials Dealers Association (PMBBMDA) president Datuk Lim Kai Seng said that without the APDL, the developers could not advertise and sell their units.

“If they can’t sell yet, the developers will delay starting construction work, impacting the construction industry.

“In fact since the delay in APDL’s issuance to developers started a year ago, the building and material supply industry has been affected,” he said during the recent PMBBMDA 138th anniversary celebration.

The celebration was launched by state Local Government, Traffic Management and Flood Mitigation Committee chairman Chow Kon Yeow.

Kai Seng said that usually the APDL would be issued within a month after the application.

“Since last year, developers have been waiting several months for it.

“Early this year, there were 87 residential projects in Penang without the APDL.

“Now the number has gone down to 47,” he said.

The PMBBMDA also seeks from the state government job opportunities to be generated by the implementation of the Penang Transport Master Plan.

“In view of the numerous mega projects coming up over the next few years in Penang, we are appealing to Chief Minister Lim Guan Eng to consider allocating certain jobs for local contractors and building materials suppliers.

“We assure him that our members have the necessary contractors and expertise to undertake some of the mega project contracts,” Kai Seng said.

He added that Bank Negara should relax the current stringent loan policy for first-time home buyers.

“Bank Negara should consider allowing banks to provide 100% financing for first-time buyers of affordable homes,” Kai Seng said.

He added that in early 2016, the Penang Island City Council and the Seberang Prai Municipal Council would use the WhatsApp Messenger for monitoring projects through mobile phones.

“This application will enable the council to monitor our construction works more efficiently through photos or videos taken on site.”

Kai Seng also said the Federal Government would adopt the Quality Assessment System in Construction or QLASSIC to measure the quality of workmanship in the construction industry in 2018.

“The QLASSIC is one of the initiatives under the Construction Industry Transformation Programme to improve the construction industry by 2020.

“It’s a method to evaluate the quality of workmanship in construction work,” he said.

Source: TheStar.com.my