Home sweet home: Visitors viewing some of the house models during the roadshow in Butterworth, Penang.

It took a long time for the Penang Government to start building homes under its affordable housing scheme as it had to save money for the projects, said Chief Minister Lim Guan Eng.

He said the state had allocated RM500mil which was generated from the sale of 41.5ha of land on the island for the scheme.

Lim said the state was working with the Penang Development Corporation (PDC) to build 22,575 affordable homes for Penangites, especially those in the middle and lower- income groups.

“It involves 12 projects in all the five districts in the state. For the three Seberang Prai districts, there will be 16,373 low-cost, low medium-cost and affordable units,” Lim said.

He was launching the Mission:Home Possible roadshow in Taman Lucky, off Jalan Raja Uda in Butterworth for the Bagan parliamentary constituency on Saturday.

This is the second roadshow after the first one held in Komtar on Aug 23 for the Tanjung and Jelutong parliamentary constituencies.

Lim said the roadshow series, which will cover all 13 parliamentary constituencies in the state, would run until December.

Also present were state executive councillors Jagdeep Singh Deo, Phee Boon Poh and Lim Hock Seng as well as Bagan Dalam assemblyman A. Tanasekharan.

It was earlier reported that the roadshow was aimed at informing the public about the state’s affordable housing projects.

The public can also apply for units at these projects or check their application status at the roadshow which is scheduled to be held on Saturdays fortnightly.

Jagdeep, who is state Housing Committee chairman, said the state’s Selection Process Enhancement Committee would select the successful applicants.

To be eligible, applicants must be a Penangite or prove that they have lived in Penang for at least five years, be a registered voter in the state and a first-time house buyer.

Their household income must also not exceed RM2,500 to apply for RM42,000 low-cost homes, RM3,500 for RM72,000 low medium-cost homes and RM6,000 for homes priced RM200,000 and below.

The household income must not be over RM8,000 for homes priced RM300,000 and below and not over RM10,000 for units priced RM400,000 and below.

Jagdeep had said on Aug 23 that there were 51,238 applicants so far of whom 24,399 applied for low-cost units, 23,582 for low medium-cost units and 3,257 for affordable units.

He said the first of the 12 projects to take off was Bandar Cassia Phase One where construction of 149 low medium-cost units and 371 affordable units began last year.

He said the projects in Teluk Kumbar, Jalan S.P. Chelliah, Bandar Cassia Phase Four and Kampung Jawa Butterworth were expected to start by the end of this year.

Projects in Jelutong, Pintasan Cecil, the Sandilands foreshore in Jalan C.Y. Choy, Bandar Cassia Phase Seven, Ampang Jajar, Mak Mandin and Bukit Mertajam were expected to start next year.

Source: StarProperty.my

Ramah Pavilion, an affordable housing development by M Summit Group in Teluk Kumbar, Penang. It is located next to Puspakom Teluk Kumbar, a mere minutes drive from Teluk Kumbar town center via Jalan Teluk Kumbar.

This development comprises 759 affordable units in two blocks of 36 & 38-storey building. It will also comes with wide range of facilities, which includes swimming pools, sky gym, jacuzzi, children water slides, barbecue area and more.

Selling Price (inclusive of 1 car parking lot):

READ MORE ABOUT AFFORDABLE HOUSING:

• Eligibility and the requirement of buying affordable housing
• Full list of affordable housing in Penang

For registration details, you may refer to http://erumah.penang.gov.my/

Property Name: Ramah Pavilion
Location : Teluk Kumbar, Penang
Property Type : Affordable housing development
Total Units: 759
Built-up Area: 800 sq.ft. – 1,355 sq.ft.
Developer : M Summit Group

Location Map:

[streetview width=”100%” height=”250px” lat=”5.301516″ lng=”100.231716″ heading=”-72.55337279759347″ pitch=”4.649903926037434″ zoom=”0.3399999999999999″][/streetview]

Jagdeep (red tie), Deputy Chief Minister I Datuk Rashid Hasnon (left) and Asia Green Group staff looking at a scale model of The Clovers.

The state government wants more private developers to come on board to build affordable housing units.

Penang Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said that with 22,500 affordable units to be built over the next 10 years, private developers should grab the opportunity to be part of the ventures.

“While the majority of the projects are undertaken by Penang Development Corporation, private-public partnerships can be further enhanced if firms join in,” said Jagdeep.

He was speaking during the groundbreaking ceremony of Asia Green Group’s The Clovers luxury condominiums and Merbah Court low-cost units in Sungai Ara.

The Penang Development Corporation, he said, has started building 540 units in Batu Kawan under the affordable housing project and more would be built over the next few years.

Asia Green director Tan Li Mei said The Clovers would be one of the company’s maiden lifestyle projects.

It will have one of the biggest podium landscaped gardens in Penang which includes a mini forest park and water features.

She said the pricing of RM450 per sq ft would be a boon to buyers as there would definitely be a greater price appreciation of their units when the goods and services tax is implemented next year.

The Clovers consists of 42-storey blocks in the shape of a clover with units ranging from 776sq ft to 1,598sq feet.

“Those who are seeking more comfort and luxury can buy the one of the 24 penthouse units. They range from 1,875 to 2,907sq ft,” said Tan.

Each unit will have two private lifts offering direct and convenient access to individual flats.

Exercise amenities will include three swimming pools (leisure, Olympic and children), a floating gym, forest tracks and a basketball court.

Residents can relax at a large rooftop garden while children will have a play area.

Visitors can hold parties at a barbeque area and there will be dance, game and entertainment rooms as well.

Tan said the CCTV security system and car-only access at The Clovers would give residents a sense of safety and security.

On Merbah Court, Tan said the project comprising 349 low-cost housing units was part of the company’s commitment to the state government’s affordable housing project.

Both The Clovers and Merbah Court are expected to be completed in 18 months.

Source: StarProperty.my

Bank Negara Malaysia is not going to “run the economy to the ground” to achieve low inflation, said governor Tan Sri Dr Zeti Akhtar Aziz.

Risks to growth have to be taken into account, too, she said, cautioning that any significant brakes will be the cause for some pausing in the further raising of interest rates in the near term.

After the 25 basis points hike in July, the market is expecting another 25 basis points hike, either on September 18 or during the last scheduled meeting for the monetary policy committee for the year on November 6.

Zeti, in an interview with Bloomberg on the sidelines of the Global Islamic Finance Forum, explained the various factors needed before the central bank decides to continue with the hiking cycle.

“We will look at what the risks are to inflation and the underlying inflation, rather than one-off adjustments that result in higher prices.

“Obviously, we’re not going to run the economy to the ground to achieve low inflation, we look at the risks to growth as well.”

Another factor taken into account is the build-up of financial imbalances.

On the inflation outlook , Zeti said the consumer price index will increase during the transit period this year and next year due to price adjustments, especially the Goods and Services Tax, but added that it would be temporary.

Malaysia scored the highest in terms of inflation in the latest World Competitiveness Report by the World Economic Forum due to its low growth rate.

“Right now, we put the inflation at between three and four per cent, and there could be months when it could rise above four per cent but on the average for the year, we expect it to be in that region, for this year and also going into next year.

“In 2016, we expect it to stabilise in the region of three per cent and it is because consumption

growth is stabilising at a slightly

slower level than the long-term average.”

Zeti is also confident that investment activities would still continue, saying there is little concern about the second-round effects since wage growth is also moderating.

“We are not seeing excess demand and we are not seeing wage pressures.”

On whether there is need to be pre-emptive on rates as inflation quickens, she said:

“It depends. It’s not just looking at a single number. We look at hundreds of indicators to assess the performance of the economy and to assess the outlook for inflation.”

Second-round effects have to be carefully monitored in deciding the interest rate policy.

“In any case, the actions that we have already taken are part of a normalisation because the interest rate that is currently prevailing is very supportive of growth.” 

The monetary policy will continue to refer to normalisation of the interest rate when it does not have a dampening effect on growth, she added.

“This is adjusting the degree of accommodation, so that it will not promote financial imbalances.”

On her assessment of whether the current risks are tilted more towards growth or inflation, she said: “We cannot rule out that risks could materialise, that growth would slow down more than what we anticipate, in which case it would not prompt any further rate adjustments.

“It’s only if growth is still relatively positive. If the growth outlook is relatively positive and strong, then this provides the window of opportunity for rate adjustments.”

On the performance of the ringgit, Zeti expects the currency to reflect the underlying fundamentals over the medium term.

There could be occasions where the currency would move against the underlying fundamentals, but the role of the central bank would be just to maintain orderly conditions.

However, currencies do not always reflect the fundamentals from day to day, she warned.

“It may temporarily be affected by financial flows and these financial flows are often triggered by events that unsettle the markets. Therefore, we are not immune to the effects of those developments,” she added.

Source: News Straits Times

Jernih Residence 2, strategically located within Bukit Mertajam township, on higher ground at 15 meter above sea level. This development is just next to the new Jernih Residence gated and guarded housing scheme, comprises 14 units of 2-storey semi-detached houses with built-up area ranging 2,650 sq.ft. onwards.

It is only a short drive to BM Maju Junction commercial center (Kg Baru), wet market, Jit Sin High School , and hypermarkets.

Property Project : Jernih Residence 2
Location : Bukit Mertajam, Penang
Property Type : 2-storey semi-detached
Total Units : 14
Built-up Area: 2,650 sq.ft. onwards
Land Area: 2,820 sq.ft. onwards
Land Tenure: Freehold
Indicative Price: RM 828,000 onwards
Developer : Jayamas Property