Raintree Park II, the second phase of Raintree Park in Pearl City by Tambun Indah. This is another gated and guarded development with full recreational facilities which includes but not limited to swimming pool and resident clubhouse. It is just a short drive away from GEM International School and Pearl City Mall.

Types of property:

• Luxurious Duplex Villas (Townhouse) – RM368K onward
• 2 Storey Terrace – RM478K onward
• 2 Storey Link Semi-D (Clustered) – RM585K onward
• 2 Storey Link Semi-D – RM717K onward

Location Map:

Aston Park East, a gated and guarded housing scheme in bustling township of Bukit Mertajam. This is the first phase of Aston Park development by Harta Intan Group, located adjacent to Aston Villa, just a short walking distance from from The Summit (BM Plaza). It comprises 45 units of 3-storey terrace houses.

Future development:

• Phase 2: 52 units of 3-storey terrace houses
• Phase 3: 12-storey condominium with 52 residential units

Property Project : Aston Park East
Location : Bukit Mertajam, Penang
Property Type : 3-storey terrace
Land Tenure : Freehold
Total Units : 52
Developer : Harta Intan Group

Location Map:

[streetview width=”100%” height=”250px” lat=”5.367549″ lng=”100.46412899999996″ heading=”147.8435491041401″ pitch=”-3.988095283494015″ zoom=”1″][/streetview]

The state government, through its Penang Bumiputera Housing Trust Accounts, will allocate RM52.9mil to build 320 low medium-cost (LMC) homes for bumiputra buyers.

Chief Minister Lim Guan Eng said the LMC homes were part of the 2,093 units of a public and affordable housing scheme called ‘The Rise’ in Jalan S.P. Chelliah.

He said the units would come with parking space, adding that proceeds from the sale of these units amounting to RM23.2mil would be channelled back to the trust accounts.

He added that this was to enable the state government to provide more housing units for bumiputra buyers in the future.

The money in the trust accounts is contribution paid by developers to secure the release of unsold bumiputra lots over the years.

“Penang Bumiputera Housing Trust Accounts now has RM69.3mil. We still have RM16.4mil as balance after deducting RM52.9mil, which is meant for the 320 LMC units.

“We will continue to provide more bumiputra public housing once the RM23.2mil is channelled into the trust accounts following completion of these units within three years,” he said at the groundbreaking ceremony of ‘The Rise’ on Friday.

The project, with a gross development value of RM600mil, is scheduled for completion by November 2019.

The 4.4ha site will house 883 units with a built-up size of 800sq ft priced at RM200,000, 165 units of 900sq ft (RM300,000), 275 units of 1,000sq ft (RM400,000) and 770 units of 700sq ft (RM72,500).

The Penang Municipal Council is the registered proprietor of the land, while Penang Development Corporation was appointed as attorney and project administrator to manage the development of the land for affordable homes.

An open tender was called before it was awarded to developer Zubicon Sdn Bhd to carry out the project.

The facilities planned include a pavilion, linear park, community park, riverfront point, market street, big tree skyway, bus terminal, taxi hub, Chelliah Square, civic centre and surau.

Jalan S.P. Chelliah will also be upgraded.

The state government is embarking on 12 affordable housing schemes (including ‘The Rise’), comprising 22,545 affordable homes in all five districts in Penang.

Work to build affordable homes has begun in Bandar Cassia and Teluk Kumbar.

Source: StarProperty.my

“For landed developments, the option is to either pay increasingly high prices or move further away (from prime locations),” said Real Estate and Housing Developers Association Penang (Rehda) chairman Datuk Jerry Chan.

Escalating prices of landed residential properties in Penang could see transactions slowing down in 2015.

According to Real Estate and Housing Developers Association Penang (Rehda) chairman Datuk Jerry Chan, prices of landed residential properties have been rising over the past few years.

“We don’t see highly motivated sellers yet. Land prices have been moving at a faster rate than their selling prices,” he said.

Chan added that land scarcity was also an issue.

“For landed developments, the option is to either pay increasingly high prices or move further away (from prime locations).”

According to CH Williams Talhar & Wong’s (WTW) in its 2015 Property Market report, prices of newly launched, landed residential properties in Penang continue to rise unabated to new benchmark levels.

It said older residential units in established and growing neighbourhoods, such as Greenlane, remained highly sought-after despite higher asking prices.

“The steep hike in prices is expected to taper off in the near future with more choices of new housing accommodation entering the market.”

According to the report, 985 units of landed residential came into the market last year in Penang Island.

“The construction and completion of the Second Penang Bridge has been a catalyst for new developments in the souther region of Penang Island.

“The existing supply in the Northeast district is slightly ahead of the southwest district (namely 51% of existing supplies in the northeast district and 49% in the southwest district).

WTW noted that the majority of landed residential developments have been focusing on the Seberang Perai area, due to the availability of lands with a comparatively lower land cost as compared to Penang Island.

“According to the National Property Information Centre, existing supply of landed residential was 141,599 units of which 104,804 units (74%) are in Seberang Perai and 36,795 units (26%) in Penang Island.

“With land size nearly triple that of Penang Island, Seberang Perai has abundant land but lacks extensive infrastructure and connectivity.

Landed residential developments predominated in the past few years with high-rise residential making stronger inroads.”

WTW said cumulative supply of landed residential developments stood at 104,804 units, comprising mainly terraced houses.

“In 2014, low take up rates were observed for newly launched projects in Seberang Perai.

The landed residential market appeared to be weakening as developers are having a hard time to push sales in order to clear the unsold units.

“However, the transaction activities regained its momentum in the second half of 2014.”

Compared to the primary, WTW said the secondary market in Seberang Perai remained active, with an upward trend observed in the transaction values of the properties.

Source: StarProperty.my

George Town will have an additional 2,093 units of apartments priced up to RM400,000 in four years now that work to build “The Rise“, Penang’s affordable housing scheme on Jalan SP Chelliah, has started.

Chief Minister Lim Guan Eng said the project, with a gross development value of RM600 million, was scheduled for completion in November 2019.

The Rise will consist of 770 units of 700 sq ft low-medium-cost apartments priced at RM72,500 each; 883 units of 800 sq ft apartments priced at RM200,000 each; 165 units of 900 sq ft apartments priced at RM300,000 each; and 275 units of 1,000 sq ft apartments at RM400,000 each.

On Penang island, the price of affordable homes is capped at RM400,000.

Lim said the state government would channel RM52.9 million from the Penang Bumiputera Housing Trust account to fund the building of 320 low-medium cost units reserved for Bumiputera buyers.

“The trust account will have only RM16.4 million left after we spend the money on the units.

“So the RM23.2 million collected from the sales of these units will go back into the trust account to enable us to look into providing more affordable homes for Bumiputeras in Penang in the future,” he said when officiating the ground-breaking at the site of The Rise this morning.

Lim said this should show the state’s detractors that the Pakatan Rakyat administration in Penang did not discriminate against certain races.

“All those accusations and slander are baseless.

“We also follow housing guidelines and rules set by the federal government,” he said.

The Rise project on a 4.48ha Penang Municipal Council-owned land on Jalan SP Chelliah is administered by state investment arm Penang Development Corporation (PDC), of which Lim is chairman.

Lim also thanked Zubicon Sdn Bhd, the company which won the open tender to undertake the project.

He said the project would also feature amenities like a community park, bus terminal, taxi hub, civic centre, surau, a pavilion, and even a “market street” and “big tree skyway”.

“We will also make sure that the project will abide by the green building index, which means that the whole development will be 70% green.

“We intend to make this green project a model for future affordable housing schemes and other projects.”

Lim said the state would also ensure that additional car parks were built at a cost of RM29 million.

The project is part of the state government’s pledge to build 22,545 units of houses from low-cost to affordable homes across five districts in Penang in a move to tackle skyrocketing property prices in the state, especially on the island.

The whole undertaking is split into 12 housing projects located in SP Chelliar, Teluk Kumbar, Jelutong, Pintasan Cecil and Sandilands on the island; Bandar Cassia, Juru, Kampung Jawa, Ampang Jajar, Bukit Mertajam, Mak Mandin and Ujung Batu on the mainland.

Apart from the project on Jalan SP Chelliar, work to build affordable homes has also started in Bandar Cassia and Teluk Kumbar.

Source: TheMalaysianInsider.com