The Penang government may revise present guidelines for foreigners buying property in the state in view of the declining value of the ringgit.

State Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said he would meet with stakeholders next week to discuss the guidelines which restrict foreigners from buying landed homes of not more than RM2mil on the island and RM1mil on the mainland.

“We’re concerned about the spiralling property prices which have been compounded by foreigners snapping up homes due to a weaker ringgit,” he said after closing the Property and Investment Expo at Sunway Carnival Convention Centre in Seberang Jaya yesterday.

Jagdeep said there had been a steady increase of foreigners buying property in Penang since 2012.

“If the value of ringgit declines further, the property market will get extremely hot,” he said.

“While we believe in the free market and encourage foreigners to buy property here, it must not be at the expense of the locals who will not be able to buy property in their home state if the prices continue to increase,” he added.

Jagdeep said the rise in property prices affected mainly the high-end units as the government was controlling the prices of the low-cost and low medium-cost units to enable the locals to buy them.

Source: TheStar.com.my

Penang enforced the Strata Management Act 11 days after the other states because it was not aware of any deadline to submit confirmation.

All the other states enforced the Act on June 1 but it only came into effect in Penang yesterday.

Tanjong MP Ng Wei Aik said the state government had assumed that it could submit its confirmation on any date before June 1.

“The other states submitted their approvals by May 26, but we only did so on May 28.

At a press conference earlier, Ng said Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan had said in Parliament on Wednesday through a written reply that the Act would only be gazetted and enforced in Penang later as the state submitted its confirmation for the Act on May 28.

Ng said that for the strata management tribunal to be set up in Penang, a resolution had to be passed in the state assembly to enable the ministry to appoint committee members.

“To date, only Perak and Malacca have passed the resolutions in their assemblies.

“I hope the tribunal, which will be set up by early next year, will help solve problems faced by owners of high-rise units,” he added.

The Strata Management Act 2013 (Act 757) was introduced to replace Act 663 or the Building and Common Property (Maintenance and Management) Act 2007.

The new law allows both the landlords and tenants to be brought to court, as compared with the previous Act, which only allowed action to be taken against landlords.

The Strata Management Act streamlines the issuance of strata titles and makes it faster for an owner to obtain it from the housing developer.

On a related matter, Ng said that a seminar on the Act would be held here on June 28.

“It will enlighten the public on how the Act works and how it can be of help to them,” he said.

The seminar would be held at Auditorium C, Level 5, Komtar from 3pm to 7pm.

“A leading lawyer, who is well versed in strata management and a chartered accountant will conduct the seminar,” Ng said.

The registration fee is RM50 per person.

For details or registration, call 04-227 0215 (Monday to Thursday from 9.30am to 5pm and Friday from 8.30pm to 10pm) or head to Ng’s service centre at 72-G, Anson Road.

The closing date for registration is on June 23. It is limited to 150 people only.

Source: TheStar.com.my

DOWNLOAD: Strata Management Act 2013

Soon to be demolished: (Above) One of the illegal structures found on Bukit Laksamana in Teluk Bahang, Penang. (Below) Building materials lying beside the earth road.

The Penang Island City Council (MBPP) has been given specific orders to tear down the illegal structures on Bukit Laksamana in Teluk Bahang.

State Local Government Committee chairman Chow Kon Yeow said the Engineering Department had gone to the site to check on the latest development.

“I have given the directive to tear down any structure there. There was no approval given for any type of work.

“I think the works were probably for agriculture purposes. However, let the council clarify the matter,” Chow told a press conference at Komtar yesterday.

More than 2ha of land was found to have been cleared of vegetation on Bukit Laksamana when Teluk Bahang assemblyman Datuk Shah Headan Ayoob Hussain Shah and the media visited the site on Thursday.

Shah Headan had said that there were plans to build a 36-chalet resort in the area located 200m above sea level.

In a statement, the council said they did not receive any development proposal for Lots 199, 201, 811 and 812 on the hill.

“We will take legal action under Section 70A Street, Drainage and Building Act 1974 against the perpetrator.

“Stop-work orders were issued to the land owner of Lots 811 and 812 on April 9 last year and the land owner of Lots 199 and 201 on Jan 12.

“Despite the stop-work orders, mitigation works are still allowed at the site,” the statement said.

Meanwhile, Penang Water Supply Corporation said in a statement that the corporation was not empowered to take any action against any party for developing projects on a private land.

“We’re naturally concerned as the projects are near the Teluk Bahang catchment areas.

“We have filed reports on this matter to the Penang Water Regulatory Body since last year, and it’s their responsibility to investigate thoroughly and take the necessary action under Penang Water Supply (Catchment Area) Order 2009,” the corporation said.

Source: TheStar.com.my

Spoilt for choice: A file photo showing visitors checking out some of the projects on offer during the last Property & Investment Expo.

Dream homes, hard-to-resist bargains and investment opportunities await visitors at the second edition of Property & Investment Expo in Penang.

More than 60 developers and real estate agencies will take part in the three-day event starting tomorrow at the Sunway Carnival Convention Centre, Seberang Jaya.

Prospective buyers can explore the latest projects in the market, as well as secondary market properties under one roof.

They can also check out investment firms and financial institutions that offer the best deal on investment opportunities and financial aids.

The event is organised by Ken Link and supported by Penang Development Corporation.

The corporation will showcase current and future affordable housing projects on Penang island and the mainland.

And first-time home buyers can find out more about the schemes at the expo.

There will be a daily ‘Walk-in & Win’ Contest featuring prizes worth RM50,000.

The prizes include a SYM motorcycle, a Samsung 50-inch LED TV, a Gintell massage chair, an I-Rova robotic vacuum cleaner, an LG air-conditioner, a DeLonghi coffee maker, a Panasonic microwave oven and a Cellini 1-seater sofa.

Visitors just need to register themselves at the organiser’s booth to stand a chance to win the prizes.

The major players are Mah Sing Group, IJM Land, Great Marvel, Welcome Properties, Chester Marketing and New Bob Realty.

Also out to make their presence felt are Gold Mart Development, UE E&C Sanjia, Aseania Development, LBS Bina Group, Leadmont, KL Metro Group, Vista Riviera, Khoo & Associates Realty, East West One, Fund SuperMart and Atlantic Blue Solarvest.

Others include Ng Khye Soon Construction, IQI Realty, G.S. Realty, Meridin Properties, Huttons One World, Outsquare, Citibank, Rockwills, GIC and MasteryAsia.

The organiser has also lined up renowned speakers to share their experiences and thoughts on the latest property and investment market.

Among them are Dr Waqipedia, Master Mak, Heng Zee Soon, K.C. See, Keegan Tan, Ko Heng Whye and Jocelline Chee, who will provide insights and updates on property and investment matters, Feng Shui, forex and entrepreneurship.

Penang Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo will attend the closing ceremony on Sunday.

He will also share with visitors on the current and future housing affairs and property climate in Penang.

The event will start from 11am to 9pm daily. Admission is free.

Source: TheStar.com.my

Ideal United Bintang Bhd (IUBB), a heavy machinery and equipment trading company, said its parent company Ideal Property Group will inject a RM1bil property project into the company by the end of this year.

This is part of an on-going corporate exercise over five years to turn IUBB into a property company.

Group executive chairman Datuk Alex Ooi said after an AGM that the group now has about 288 acres (116ha) of landbank on the island, with 25,000 units of properties planned.

“About 20,000 has been approved for more than 10 projects.

“But these properties will have to be injected into IUBB over a period of time in accordance with Security Commission regulations,” he said

By the end of 2015, IUBB hopes to bring in the RM1bil I-Santorini condominium scheme in Tanjung Tokong from its parent company into IUBB, Ooi said.

On Ideal Suncity City Holdings Bhd, Ooi said the company would focus on project management schemes.

“These projects would be transferred from the parent company, Ideal Property Group, into Ideal Sun City over a period of time,” he said.

Source: TheStar.com.my