TF 39, an upcoming commercial development by TF Land in Machang Bubok. It is located along Jalan Machang Bubok, comprises 39 units of 2-storey shop offices with double volume ceiling height and column-free interiors. The typical units has a built-up area of 2,260 sq.ft.

Property Name: TF 39
Location : Machang Bubok, Penang
Property Type : Shop Offices
Total Units: 39
Built-up Area: 2,260 sq.ft.
Lot Size: 20′ x 60′
Developer : TF Land

Malaysian Resources Corporation Berhad (MRCB) has entered into a share sales agreement with Pelaburan Hartanah Berhad (PHB) to acquire the latter’s 51% equity interest in a joint venture firm.

The firm, Penang Sentral Sdn Bhd, was set up to implement the Penang Sentral project.

Under the recent agreement, PHB agreed to sell its stake in Penang Sentral Sdn Bhd to MRCB for a total consideration of RM50.75 million.

With the agreement, Penang Sentral Sdn Bhd will become a wholly owned subsidiary of MRCB.

MRCB Group managing director Tan Sri Mohamad Salim Fateh Din said in a statement that this initiative would give the Penang Sentral project a boost.

“It will help us come up with a definite timeline and completion period,” he said.

Source: StarProperty.my

* PROJECT CANCELLED. To be updated with new plan *

Iconic Maison 88, a gated and guarded development by Iconic Land in Simpang Ampat, Penang. This development comprises 88 units superlink villa and 10 units of 3 1/2 storey semi-detached shop office. The shop offices are called Iconic Point.

Property Project : Iconic Maison 88 & Iconic Point
Location : Simpang Ampat, Penang
Property Type : Mixed development
Tenure : Freehold
Total Units: 10 (shop offices), 88 (super-link terrace)
Developer: Iconic Development

Location Map:

SP Setia's general manager Khoo Teck Chong told StarBiz that over the last couple of years, the pricing of properties in Penang, on the island in particular, had grown out of proportion with the income levels of the population.

SP Setia Bhd plans to build more varieties of affordable houses over the next five years on Penang island that are within the income levels of Penangites.

Its general manager Khoo Teck Chong told StarBiz that over the last couple of years, the pricing of properties in Penang, on the island in particular, had grown out of proportion with the income levels of the population.

“Due to the stringent loan policies of banks, it has become even more difficult to sell high-end properties,” he said.

In the south-west district, Khoo said the group had about 63 acres which would be used for the development of properties priced within the RM600-RM700 per sq ft range.

“Next year we plan to develop the RM350mil Sky Vista, comprising 426 condominium units, priced at about RM600 per sq ft, which is the current pricing in the market for the properties in the south-west district.

“In 2016, we will introduce the RM350mil Sky 8 and RM150mil Sky Peak projects in Sungai Ara and Sungai Nibong respectively in the south-west district.

“Our feedback shows that properties priced between RM600 per sq ft and RM700 per sq ft are in demand as they are still affordable for Penangites,” he said.

Khoo said the last couple of years had seen the group launching high-end properties in prime locations that were priced from RM1mil onwards.

“Thus, there is a shift in our strategy moving ahead,” he added.

Khoo said the group was targeting to achieve about RM200mil in sales from Penang for the financial year 2014 ending Oct 31.

“We have so far roped in about RM150mil in sales, which is very close to the target.

“This target is down from the RM300mil achieved last financial year. We are lowering our expectation because of the softening property market which started late last year in the country,” he added.

Meanwhile, Eco World Development Bhd chief operating officer Datuk S. Rajoo said the group’s strategy was to focus on landed residential properties in the central, south and northern region.

“We are focusing on strata-titled super-linked properties with built-up of 3,600 sq ft, which were still in demand in the country.

“In Penang, we will launch the RM350mil Eco Terrraces project, comprising strata-titled linked villas with built-up area of 3,600 sq ft in Paya Terubong at the end of this year.

“This is a very unique project as conventional landed strata-titled projects comprised small size linked properties,” he added.

Source: StarProperty.my

Owning a leasehold property should not be a concern for first-time housebuyers if they intend to stay there.

Lawyer Chris Tan says chances are high that these buyers will ‘upgrade’ by moving into a bigger house in the next 10 years.

He said houseowners could just renew the lease by paying a certain amount of premium.

“Rather than worry about the leasehold status, housebuyers should instead be concerned over the ‘longevity’ of the building structure.

“Do you know that a building structure by Malaysian standards can only last for 60 years?

“If a building structure is of bad quality and meant to be taken down for reconstruction after 50 years, then what’s the difference between owning a leasehold and freehold property?

“The key here is, nothing is built to last forever. All housebuyers will still have to pool in the resources to rebuild the place if it has to be demolished.

“Don’t let it hamper your decision making,” said Tan, who is the founder and managing partner of Chur Associates during his talk ‘My First Home Seminar’ at G Hotel.

Tan was touching on the topic ‘Back to Basic: Watch What You Sign, Housebuyers’.

While acknowledging that purchasing a freehold property was still the wise move, Tan said there were other aspects which should be looked into. Among them was the lifelong payment for the service charges.

He added that most people were still hopeful that their properties could be passed on from one generation to another.

“The world is evolving rapidly. The amenities and facilities of a building might not be suitable in 20 years to come.

“For example, buildings built 20 years ago won’t have fibre-optics for Internet connection. Some even do not come with air-conditioning.

“But today, we can’t live without it.

“So, you can just forget about leaving behind a ‘legacy’ (houses) for your children. Your house probably won’t be up-to-date for them when they grow up.

“They will find their own home,” he said.

Tan added that one must be aware over the documents they signed after purchasing a house.

“Buying a home is a lifelong commitment. Never take it lightly.

“You will be signing a lot of documents. It is very important to know what you get yourself into.

“Try to get your lawyer to explain to you on clauses which you do not understand,” he said.

Another speaker Timothy Law, in his topic ‘Better Late than Never in Owning Your First Property’, said first time homebuyers could always source for information online in securing their ideal homes.

“With just a click on the mouse, one can easily find their dream homes via online.

“Once you know about your choice, you must act fast.

“Otherwise, it will remain just one of the items on your unfulfilled wish lists.

“Once you get your research done, the next step is, you must leverage on the experts around you to close the deal.

“Networking is the key here.

“You can always seek advice from lawyers, property agents and bankers,” he said.

GM Training Academy chief executive officer and founder Michael Yeoh said first-time housebuyers would have difficulties securing a 100% loan from banks although such a package existed.

He lamented that Bank Negara had failed to look into the plight of the lower income group in getting affordable homes.

According to Yeoh, those buying houses priced between RM100,000 and RM400,000 could actually secure 100% loan financing from the banks.

He said the banks would finance 90% of the loan, while Cagamas Holdings Sdn Bhd, the national mortgage corporation, would finance the remaining 10%.

“But to my knowledge, it is almost impossible to secure the loans.

“We are happy with the policy introduced by Bank Negara but the problem is, the mechanism to safeguard it, is not there,” he said in his talk ‘Financing for First Home Buyers’.

Source: StarProperty.my