Housing concerns: Visitors listening attentively to the Penang Property Outlook talk by Raine & Horne Malaysia senior partner Michael Geh at Star Property Fair 2014 in G Hotel.

The state government should look into allowing special privileges for developers involved in affordable projects to pay preferential premium and levies to the state authorities.

Raine & Horne Malaysia senior partner Michael Geh said this would further enhance the smooth delivery of affordable housing projects in the state.

“There will be more incentives for them to build more affordable houses priced between RM200,000 and RM400,000 in Penang,” he said.

Geh spoke at a Penang Property Outlook talk at the Star Property Fair 2014 at G Hotel yesterday.

“The state should also fast-track the approval process for affordable schemes, as this would ensure that there is ample supply of affordable houses in the market.

“The conversion cost for land used for affordable projects should also remain low and affordable. Currently, conversion cost is 15% of the land value, which is on the high side,” Geh said.

He also said that the state should introduce balloting for bank qualified housebuyers to reduce speculation.

“The balloting process will also deter syndicates from obtaining under-counter money to sell affordable houses in the black market,” Geh said.

On the current property market, Geh said sales from developers for the past six months had slowed by about 50%.

“This is due to the high rejection rates of bank loans for properties priced from RM500,000 onwards. There are also fewer launches in the past half year as developers are holding back new projects, due to the stringent loan policies,” he said.

On property prices, the new products coming into the market were expected to be priced at around RM700 per sq ft, about 20% to 30% lower than the market price.

In an earlier talk, Zeon Properties chief executive officer Leon Lee shared about how infrastructure affected property prices.

“Infrastructure plays a vital role in determining a property’s value, as first class infrastructure would attract first class businesses and first class jobs.”

Lee said Penang has also experienced an increase in property prices after the announcement of an undersea tunnel project and construction of new highways on the island.

On Thursday, Rei Group of Companies co-founder and chief executive officer Dr Daniele Gambero said Iskandar Malaysia has a very sustainable property market due to its properly planned economic growth.

He said each of the five flagships of Iskandar Malaysia defined a few specific economic drivers such as financial district, heritage, central business district, and partial tourism.

He added that with the availability of properly developed infrastructure, Iskandar Malaysia was growing and becoming a sustainable metropolis of international standard.

“Everybody around the world is calling Iskandar Malaysia the Shenzen of Malaysia and Singapore and it is undoubtedly so,” he said during his talk titled ‘Iskandar Malaysia: The Way Forward’.

Numerologist Marinah Ng Wai Leng also provided an insight into how the science of numbers could help people become successful.

Source: StarProperty.my

The Prime Residence, strategically located along Jalan Paya Terubong, opposite Alpine Tower in Relau. This is a 25-storey residential tower by Universal Class Sdn. Bhd. It comprises 76 condo units with standard unit size of 1,410 sq.ft.

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Property Project : The Prime Residence
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Location Map:

Penang Chief Minister Lim Guan Eng (3rd right) said the state’s transport master plan will integrate both land and sea networks, including an MRT system, to link the island and mainland.

Penang is looking for a partner to roll out its massive RM27 billion transport master plan that will integrate both land and sea networks, including an MRT system, to link both the island and mainland halves of the state.

The state will call an open tender from August 15 to December 16 for the project, which it hopes to start next year and complete it by 2030.

“The Penang state government intends to achieve for both Penang Island and Seberang Perai a well-defined and fully connected road network and dispersal system and a well-integrated and sustainable public transport systems (both land and sea mode).

“In other words, this will combine buses, trams, MRT and water taxis,” Chief Minister Lim Guan Eng told reporters here today.

He said the proposal to appoint a project delivery partner (PDP) is based on the recommendations in the Penang Transport Master Plan.

The PDP will be fully responsible for the delivery of commissioned public transport systems to the state government.

“They must meet all the requirements of the federal government, existing laws and relevant authorities,” Lim said.

Those bidding can form a consortium or a joint venture with local companies to submit their tender.

The paid-up capital or shareholders’ fund of the lead company should not be less than RM500 million.

The tenderer must also have a track record of at least two large scale projects with a minimum value of RM500 million in the last five years and at least one highway or public transport project in the last 10 years.

“The state government will consider proposals by the tenderers in regards to funding or business models by way of land swap with development potentials,” Lim said.

The master transport plan encompasses both the mainland and the island for an integrated and holistic public transport system that combines buses, trams, MRT and water taxies.

Source: The Malay Mail Online

Recently a syndicate ‘guaranteeing’ applicants and home buyers of affordable housing by asking for monetary compensation of RM10,000 to RM30,000 has caught the attention of developers and the state government.

Aspen Group has received multiple complaints from the public that they have received phone calls from a syndicate demanding a hefty amount of money to secure a unit at the Tri Pinnacle housing project. They have immediately lodged a police report yesterday over the matter.

State exco for Housing, Town and Country Planning Jagdeep Singh Deo has rubbished that any shortcuts are available to supersede the selection process overseen by Selection Process Enhancement Committee (SPEC).

“SPEC is run by an 8 person panel and SPEC prepares the lists of eligible applicants for affordable housing. There is no other way to secure these housing selections; definitely no third party has the authority over this,” he said.

He also warned members of the public not to fall for this scam and if they do come across these syndicates, he appeals for them to come forward to see him personally to assist the police in the investigations.

“We are doing this to help every Penangite to secure a roof above their heads. We will not let illegal syndicate operations undermine this effort,” he added.

As of July, 5721 applicants have already been approved for their low cost and low medium cost housing with many more still being vetted through for further public and public-private affordable housing projects.

Source: Buletin Mutiaara

Contractors setting up booths inside G Hotel's grand ballroom in preparation for the Star Property Fair 2014.

Preparations are in full swing for the Star Property Fair 2014 which will take place at Gurney Plaza and the adjoining G Hotel starting tomorrow until Sunday.

An army of contractors were busy setting up booth structures, bringing in exhibits, and sprucing up the event venue in time for the grand opening at 11.30am tomorrow.

Stacks of exhibition and construction materials will be transformed into gleaming booths featuring both local and international properties.

With a total of 33 exhibitors participating this year, investors and buyers will be spoilt for choice.

Offerings range from landed homes to residential and commercial high-rises, integrated developments, as well as retail and office spaces, among others.

There will be 33 booths at G Hotel’s grand ballroom and foyer area along with the Salon I, II and V function rooms. Over at Gurney Plaza, there are nine booths at the Centre Atrium, New Wing Atrium and near the Gurney Entrance.

Besides properties, the fair, currently in its 12th edition, will also feature a series of property-related talks by industry experts daily.

Visitors to the fair can also look forward to winning Ipad minis, Samsung tablets, mountain bikes and gift vouchers daily by taking part in the ‘Dip & Win’ Property Fair contest.

Participants simply need to purchase a copy of The Star, fill in the cutout of the contest coupon, and answer two simple questions to be in the running. Ivory Properties Group Berhad is the contest sponsor.

Zeon Properties Sdn Bhd is the event partner of the fair, which is open from 10am to 10pm daily. Admission is free.

Source: StarProperty.my