Setia Sky Hill, strategically located within the established township of Sungai Nibong, Penang. This development comprises 2 blocks of residential towers with 341 condo units. Featuring a tension swimming pool which morphs into a 4-storey high waterfall as an entrance statement into the development. The facade is varied from floor to floor and unit to unit creating an illusion of randomness to its appearance.

More details to be available upon project launch.

NOTE: These information was posted since 2012. The final design may be different.

Property Project : Setia Sky Hill (was known as The Peak)
Location : Sungai Nibong, Penang
Property Type : Condominium
Tenure: Freehold
Total Units : 341
Developer : SP Setia

Location Map:

[streetview width=”100%” height=”250px” lat=”5.334785″ lng=”100.29876200000001″ heading=”-141.15410026016204″ pitch=”5.562160117183826″ zoom=”1″][/streetview]

Marginal increase: (From left) MPPP Land Administration deputy director Cheong Chee Hong, Ang, Chow, Maimunah and MPSP secretary Rozali Mohamud showing the new assessment rates for next year.

Penangites will have to pay more in assessment next year.

State Local Government, Traffic Management and Flood Mitigation Committee chairman Chow Kon Yeow said the Penang Municipal Council (MPPP) and Seberang Prai Municipal Council (MPSP) would impose an increase of between 0.5% and 4.45% based on the type of properties.

“We have not increased the rates for the last 10 years since 2005.

Many local councils in the country have revised their Valuation Lists and imposed higher assessment rates this year.

“We have been receiving requests for an increase since 2009. We approved a marginal increase only after a lengthy discussion with the two councils because we do not want to burden the ratepayers,” he said during a press conference in Komtar yesterday.

He said the state, however, had rejected the request by the two local councils for a review of the Valuation List pursuant to Section 137(3) of the Local Government Act 1976.

He added that the new increase would bring in additional revenue which was necessary to meet higher operational costs, provide better services to the people and improve basic amenities in the state.

MPSP president Datuk Maimunah Mohd Sharif said the new rates would help boost their income by RM20.49mil next year.

“Currently our income from assessment rates is RM137.7mil,” she said.

Maimunah said the rates for kampung houses and properties owned by societies or associations would remain the same.

“For low-cost flats and houses under the Kilat scheme, the rate will be 0.5% more.

“For landed properties, flats (excluding low-cost flats) and development lands, the hike is 1% while commercial, light industry and agro-based industry properties will cost 1.25% more.

“The three golf courses on the mainland will have to pay 4.35% more,” she said.

MPPP secretary Ang Aing Thye said that there would be no hike in the assessment rates for properties owned by societies, associations and kongsi.

“The rate for the low and low medium-cost flats will see a hike of 0.5% from the current 7% to 7.5%.

This means that 83% of the owners will pay less than RM10 more from next year. For landed properties, apartments and condominiums, and development land in both districts on the island, the increment is 1%, while the assessment rates for commercial, industrial and hotels will increase by 1.25%.

“The rate for the golf course and turf club will increase by 4.45%,” he said.

He said MPPP expected an increase of revenue from RM160.438mil to RM180.9mil.

On an unrelated issue, Chow said that he would issue a directive to MPPP and MPSP today to take strict enforcement against cars parked illegally.

A report was lodged on MPPP Watch’s Facebook page that Chief Minister Lim Guan Eng’s official car, PG1 was spotted parked on the bicycle lane in front of the Hin Bus Depot in Jalan Gurdwara.

Source: StarProperty.my

by Charles Tan

Which is the most unaffordable property market in the world today? Hong Kong. Who said so? US-based Demographia based on their survey. According to them, Hong Kong’s median hoe price was more than $S4.02 million compared to the median income which was only HK$270,000. Few weeks ago, Malaysia was said to be severely unaffordable at 5.5 times. (Median income to median house price). For Hong Kong, this is nearly 15 times. How should we label them? If you think due to this, Hong Kong is poised for a bubble bursting, think again. According to real estate professor Eddie Hui Chi-man of Polytechnic University, property prices would continue to increase for the next 2 years because new housing supply will not increase significantly until 2016. This is based on statistical numbers. He said, ‘It’s impossible for salary income to catch up.’ One key reason was because the government did not increase the land supply and the Home Ownership Scheme for flats was only restarted in October 2011, after a 9-year absense.

How expensive is expensive? Well, in Hong Kong, due to the extreme high prices, the new flats being ordered these days can be as small as 160sf!! Yes, 160sf. Demographia said for housing to be affordable, the house prices must not exceed three times the median salary. Anything higher needs intervention from the government with respect to the land supply, infrastructure planning, provisioning and financing. I think this is already being done actively by Singapore via its HDB programme. In terms of success? Well, perhaps due to this, Singapore’s median home price is still at 5.1 times versus gross annual median household income. Without the intervention, perhaps Singapore would be closer to what Hong Kong is experiencing?

Personally, it’s not hard to understand when the population is increasing and the land size remain small, the prices go up. However, another reason why prices go up may also because of the sudden increase in demand while supply did not increase fast enough. Thus, when supply catches up, the prices would stay stagnant or even decrease. However, when it is not an island why do house prices increase? The main reason is thus the popularity of a certain area versus others. It’s not even necessary be close to the city centre! Just that feeling when you are driving in your neighbourhood. Thus, it’s much harder to control these ‘emotions’. That’s why prices will continue to increase for popular areas even when more affordable units are built. In fact it will increase until everyone who can afford them has bought one unit somehow or somewhere else. We shall see. Happy buying, OBJECTIVELY.

>> This opinion article comes courtesy of Charles, the founder of kopiandproperty.com. He is popular for sharing his thought on property investment mostly based on his own 11 years experience as well as from all the readings and conversations with property gurus in the industry. (Source)

Prospective buyers of 1Malaysia People’s Housing (PR1MA) homes can expect guaranteed financing to buy them.

The scheme will enable buyers, who were successful in the balloting, the option to get their own financing or choose from PR1MA panel bankers, said PR1MA Corp Malaysia chief financial officer Hasleen Isnin.

Prime Minister Datuk Seri Najib Razak will launch the scheme in January.

It is targeted at the middle- income group with a household income of RM2,500 to RM10,000.

Under the scheme, Malayan Banking Bhd, CIMB Bank Bhd and Malaysia Building Society Bhd will offer loans of up to 110 per cent of the sale and purchase price at zero-entry cost.

Hasleen said the financing would cover legal fees, stamp duty and valuation fees, as well as the option to start paying instalments upon signing the sales and purchase agreement (SPA), or after the handover of keys.

“If buyers are unable to secure a loan with the panel banks, PR1MA will step in and buy the property with the rent-to-own (RTO) option for buyers.

“However, applicants must apply to the banks before they are eligible for the RTO. This is to prevent them from taking a shortcut without trying to get a loan first.”

No down payment is needed under the scheme. Buyers will be covered with Mortgage Reducing Term Takaful from death and total permanent disability.

In September, PR1MA Corp Malaysia chairman Tan Sri Dr
Jamaluddin Jarjis announced the launch of RTO to help first-time buyers who were unable to secure loans but needed a home.

Hasleen said RTO would allow buyers to own properties by paying rent with the option to buy the properties at any time.

“In cases of misfortune, such as retrenchments and death of buyers, family members are waived from paying rental for up to a year.”

PR1MA Corp Malaysia chief executive officer Datuk Abdul Mutalib Alias said RTO would be offered in two variants: RTO with savings and RTO without savings.

After 10 years, a buyer may purchase the property at its SPA price, or it will be given back to PR1MA.

“However, I foresee many will opt to buy the houses as future property prices would have risen significantly,” he said.

As at Oct 20 this year, 97,887 units have been approved by PR1MA in 32 locations nationwide.

Mutalib called on Malay reserve and endowment (wakaf) landowners to come forward as PR1MA was seeking land to be developed.

“If the location is suitable and the price is reasonable, we will consider buying it from the owners and develop more PR1MA homes.”

Source: New Straits Times Online

Valencia, an on-going strata residential development by Aman Setia Group in Bayan Lepas, Penang. It is located along Jalan Bukit Belah, off Jalan Teluk Kumbar, next to the upcoming Setia Sky Cube project by SP Setia.

This development comprises a 22-storey residential tower with 64 condo units. Each unit will come with a storeroom for golf set and bicycle at ground floor.

VALENCIA RESIDENCE SHOW UNIT
[View in FULL SCREEN]

Property Project : Valencia Residence
Location : Teluk Kumbar, Penang
Property Type : Condominium, 3-storey semi-d & bungalow
Tenure : Freehold
Built-up Area: 2,110 sq.ft. and 2,670 sq.ft.
Total Units : 64
Developer : Aman Setia Group

Location Map:

SITE PROGRESS

SITE PROGRESS: Valencia Residence (Sept 2021)

SITE PROGRESS: Valencia Residence (May 2021)

SITE PROGRESS: Valencia Residence (Aug 2020)