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.

Pearl Residences, a luxury residential development by Seni Bahagia Sdn. Bhd. in Batu Ferringhi, Penang. Strategically located next to SJK(C) Pai Chai, only a few minutes away from the sandy golden beaches of the Andaman Sea.  It is also a self-contained township where the famous Uplands International school, public school, shopping and transportation links to town are easily accessible.

This development comprises of 36 units of semi-detached houses with built-up area ranging from 3,095 sq.ft. onwards.

Property Project : Pearl Residences
Location : Batu Ferringhi, Penang
Property Type : 3-Storey Semi-D
Tenure : Freehold
Total Units : 36
Built-up Area: 3,359 sq.ft. (Type A), 3,095 sq.ft. (Type B)
Land Area: 2,637 sq.ft. – 3,649 sq.ft.
Indicative Price : RM 2,100,000 onwards
Developer : Seni Bahagia Sdn. Bhd.

Location Map

The inaugural Penang International Property Summit, and an international property exposition to be held at the Subterranean Penang International Convention and Exhibition Centre (SPICE) this weekend, is expected to attract over 30,000 potential house-buyers.

The summit, themed,” Managing Future Trends and Challenges” is from Jan 9-10 and the property exhibition from Jan 9-11.

State Housing and Town and Country Planning Committee chairman Jagdeep Singh Deo said the three-day event is a platform for all stakeholders to come together and speak on issues they faced.

“This is the first time, we are having an exhibition with a summit, as we want to address every issue globally, at one event.

“To date, over 48 exhibition booths have been taken up, and about 120 participants confirmed, including developers, auctioneers and bankers.

“The summit is aimed at creating better awareness of the many issues faced by industry players. Their views will be heard by the state government to further promote the property market in Penang,” he told reporters here today.

He said among the topics to be broached by prominent speakers includes the challenges of affordable housing, incentives for first-time house buyers and greener buildings.

Meanwhile, the Vice president of the International Real Estate Federation (Fiabci) Michael Geh said the first quarter of the year will see many house-buyers rushing to purchase properties before implementation of the Goods and Services Tax.

He said the buyers should take advantage of the Expo to purchase their houses with over 70 companies and developers expected to participate. – Bernama

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

READ MORE:

About 40 business premises and some residential homes along Jalan Bayan Lepas will soon have to make way for an overhead road project connecting Pekan Bayan Lepas to Teluk Kumbar.

State Works, Utilities and Transportation Committee chairman Lim Hock Seng said the RM207mil Federal project would also affect the Bayan Lepas police station and its quarters, the Department of Civil Aviation (DCA) quarters and the Bayan Lepas community hall.

“The project is to upgrade the Federal road from Teluk Kumbar to the Penang International Airport. It’s expected to be completed in August next year,” he said.

The project consists of two overhead bridges – a four-lane, 750m elevated structure from Jalan Teluk Kumbar to the airport and also an elevated U-turn.

It will also see the 3km stretch of the one-lane road from Jalan Teluk Kumbar to Jalan Bayan Lepas upgraded to a two-lane road.

The project is one of four traffic dispersal projects designed to help ease traffic after the second Penang Bridge was opened in in March.

The other three projects are the upgrading of the Bayan Lepas Expressway (BLE) from the bridge exit, upgrading of the state road from Jalan Negeri in Batu Maung to Jalan Sultan Azlan Shah and building a bridge across the Batu Maung junction-cum-roundabout.

It was reported that the total cost of the four projects was RM825mil.

Ng Kok Lam, 52, who owns three bicycle shops on the row of shoplots, welcomed the project as it would reduce the congestion and attract more people to the town.

“But I’m not sure if I will continue to run the business somewhere else or call it a day,” he said.

Ng said he had received his compensation and would need to evict within 30 days.

MCA’s Bayan Lepas branch chairman Ong Hoy Chin, 63, who runs a tailor shop there, said the project was a timely move.

“The number of vehicles here has increased. It could help ease the traffic jam,” he said.

Fabric shop owner Mohamad Sithik Askar, 30, said his business would be affected by the project.

“We’ve been running this business for the past 70 years. Now I’ve to find another place,” he said.

Source: StarProperty.my

There is strong demand for public housing in Penang, with some 40,000 on a waiting list medium and low-cost housing. – The Malaysian Insider file pic, January 5, 2015.

The real estate sector in Penang is bracing for a surge in property purchases in the first quarter of this year, as house buyers rush to beat the implementation of the Goods and Services Tax (GST) on April 1.

Michael Geh, advisor of the Penang Property Summit 2015, said the GST on housing will see a “run-up” in purchases of both new and secondary properties during this period.

“A lot of people who are ready to buy new property will make the purchases during this period rather than after the imposition of the GST,” said Geh, who is also vice-president of the International Real Estate Federation (Fiabci) Malaysia.

He said prospective buyers need to take advantage of platforms that offer housing options, such as the summit which is taking place this weekend, to decide and seal purchases during this period.
Geh said the industry may witness a lull for a few months following the GST, as the market observes and examines the implications of the tax on housing.

He said other countries that saw GST being implemented had experienced the trend where the first few months went by with potential purchasers and the industry trying to grasp its impact.

GST will be enforced in Malaysia on a list of goods and services which will be charged 6% tax at every stage of the supply chain.

Geh was speaking at a press conference to announce the summit’s Penang International Property Conference 2015, to be held on January 9 and 10 at the sPICE Arena in Penang.

The summit is organised by the Penang government in collaboration with Pen Events Sdn Bhd.

The Edge is an event partner of the summit.

Also present were Jagdeep Singh Deo, the state executive councillor for housing, and town and country planning, and Pen Events CEO Ong Ban Seang.

Jagdeep said a property exhibition will also be held at the venue from January 9 to 11, with a charity auction and donation drive to aid victims of the current flood disaster that has hit other parts of the country.

He added that the Penang Housing Department will be present at the expo to accept registrations for the state’s affordable housing units.

The strong demand for public housing in the state has seen a waiting list of some 20,000 applicants for low-cost housing (up to RM42,000 per unit) and another 20,000 for low-medium cost housing (up to RM72,500), he said.

Some 4,000 applicants also registered for the new category of affordable housing (below RM400,000 per unit on the island and below RM 250,000 on the mainland) in the first eight months of last year, he added. – January 5, 2015.

Source: The Malaysian Insider