One Foresta, the first i-Condo affordable housing by Ideal Property Group in Bayan Lepas, Penang. It is strategically located along Lengkok Kelicap, only a few minutes away from Penang Internation Airport, It is just a stone’s throw away from Setia Pearl Island housing scheme.

The residential component comprises 4 blocks of 41 and 42-storey towers with a total of 2,685 affording housing units. Each unit will have a built-up area of 900 sq.ft. and comes with 3 bedrooms.

UPDATE: Two out of the four blocks are now being sold as a normal housing scheme – Forest Ville. Indicative price starts from RM450,000 onwards. You may find out more at Forest Ville page.

Please READ THIS to find out more about your eligibility and the requirement of buying affordable housing. For registration details, you may refer to http://erumah.penang.gov.my/

Property Project: One Foresta
Location : Bayan Lepas, Penang
Property Type : Affordable housing & commercial
Land Tenure : Freehold
Built-up Area: 900 sq. ft. onwards
Indicative Price : RM300,000 onwards
Developer : Ideal Property

i-Condo, an affordable housing initiative by Ideal Property Group in Penang. Offering 5 strategic freehold location choices, surrounded by good mix of schools, financial institutions and healthcare facilities.

The first parcel of this affordable housing initiative is offering units with a build-up area of 900 sq.ft., including 3 bedrooms and 2 bathroom at RM300,000 onwards.

The 5 strategic locations include:

• Bayan Lepas (One Foresta)
• Sungai Ara
• Sungai Dua
• Balik Pulau
• Tanjung Tokong

For more details, please click on the respective projects above.

Please READ THIS to find out more about your eligibility and the requirement of buying affordable housing. For registration details, you may refer to http://erumah.penang.gov.my/

State executive councillors Chow Kon Yeow (left) and Jagdeep Singh Deo (second left) looking at model houses of a project at the Penang Property Summit 2015 at Spice Centre. ― Picture by K.E. Ooi

Penang’s controversial high density housing policy may be removed in future once the state has enough affordable homes, said state executive councillor Chow Kon Yeow.

The local government and traffic management committee chairman said the policy, which allows developers to build more units per acre, will end once there is no longer a need for higher density projects to fill demand for affordable housing.

“It is merely a specific policy to meet with specific needs at this time,” Chow said in a press conference after the opening of the Penang Property Summit 2015 at Spice Centre here today.

“The higher density is to allow us to increase the number of affordable housing units as there is still a higher demand for more affordable housing here,” he added.

Chow said the policy allows developers to build more units per acre so they are able to price a portion of these units within the affordable price range of below RM400,000 per unit.

The Penang state government introduced the high density policy in 2012 in which the density of residential projects was increased from 30 units per acre to 87 per acre, attracting criticisms from non-governmental organisations that claimed this would worsen congestion in the island.

For projects approved under the high density policy, developers must adhere to price controls where five per cent of the units must be priced under RM400,000, 15 per cent at RM300,000 and five per cent at RM200,000.

The state government had justified the policy, saying this would allow for more affordable housing units to be built by private developers to arrest the problem of skyrocketing housing prices in the state.

According to Chow, the Penang state government is aiming to have about 50,000 units of affordable housing in the state in the next three to five years, 20,000 of which will be built by the state-owned Penang Development Corporation (PDC) and the remaining by private developers.

Chow said today affordable housing was a hot button topic nowadays as the state was pressured to ensure enough supply for locals, especially for first time home buyers.

Source: The Malay Mail Online

SkyVilla Condominium, part of Sunway Wellesley mixed development by Sunway Property in Bukit Mertajam, Penang. It is strategically located with easy access to public amenities such as schools, hospitals and eateries. This project comprises 154 condominium units with size ranging between 1,000 sq.ft. and 1,200 sq.ft.

Unique Feature:

• Facilities at ground floor: arrival piazza, fitness station, taichi piazza & landscaped garden
• Facilities at podium: swimming pool, wading pool, kid’s water play, pool deck, gymnasium, community hall, child care centre, children’s playground, viewing deck & landscaped garden
• Fibre optic infrastructure ready for hi-speed internet

Location Map:

As you are already aware, Penang International Property Exposition in conjunction with Penang International Property Summit will be held in the Subterranean Penang International Convention and Exhibition Centre (SPICE) starting tomorrow for 3 days. Here are a list of developers who will be show casing some of their latest projects in the upcoming exhibition:

This list is for reference only. Please visit Penang International Property Expo tomorrow to find out more developers and their latest projects.

* PenangPropertyTalk.com is Penang International Property Summit 2015’s Official Event Partner.