The inaugural Penang International Property Summit and an international property exposition will be held in January next year at the Subterranean Penang International Convention and Exhibition Centre (SPICE) in Relau.

The summit themed ‘Managing Future Trends and Challenges’ will be held on Jan 9 and Jan 10, while the property exhibition will be on show from Jan 9 to Jan 11.

State Housing and Town and Country Planning Committee chairman Jagdeep Singh Deo said although there had been many property exhibitions in Penang, the summit would be the first to have a conference as well as a property exhibition.

“In line with our aspiration of becoming an international and intelligent city, the con-ference is aimed at creating better awareness of the many issues that are faced by the industry players and their views will be heard by the state government, in order to further promote the property market in Penang,” he told a press conference recently.

He said several prominent speakers would speak on topics such as the challenges of affordable housing, incentives for first-time home buyers and greener buildings.

“There will also be a CEO round-table dialogue chaired by Chief Minister Lim Guan Eng. The dialogue is by invitation and is limited to 30 captains of the industry.

Event director Ong Ban Seang said there would be about 70 companies and developers participating in the Penang Property Summit 2015.

Source: StarProperty.my

The Urban Wellbeing, Housing and Local Government Ministry has decided that the plan to compel housing developers to adopt the concept of build-then-sell will not be implemented next year.

Its minister, Datuk Abdul Rahman Dahlan, said it was to prevent shortage of houses in the market, which will cause a hike in housing prices.

“Our study showed that if we compel housing developers to adopt the concept starting 2015, it will contribute to the hike in housing price, and the small-scale housing companies or developers will not be able to develop any project as they have to bear all the cost,” he told a press conference after chairing the National Housing Committee meeting at his ministry Wednesday.

Abdul Rahman was commenting on the issue, which had become a hot topic of debate among developers and house buyers, following the announcement made by the former Housing and Local Government Minister Datuk Seri Chor Chee Heung that all housing developers would be compelled to adopt the build-then-sell concept starting 2015.

Under the concept, which aimed to stem the abandoning of housing projects, house buyer will only have to pay 10% deposit, while the balance of 90% would only be paid after the houses are completed.

Commenting further, Abdul Rahman said he had studied the Chor’s speech regarding the matter, which he made in Parliament in 2012, and found that Chor has just said that the government was planning to introduce the build-then-sell system in 2015 if the time was right.

“…and right now, we are in the opinion that the time is not right for the concept to the implemented, especially with the Goods and Services Tax set to be imposed in April,” he said.

The minister, however, said the ministry did not reject the concept, but would really encourage any housing developer to adopt the concept voluntarily.

“It’s a marketing tool for them, we congratulate and propose they should continue with that, but it cannot be enforced yet because we fear that the price of houses will continue to go up,” he added. – Bernama

Source: StarProperty.my

Tambun Indah Land Bhd has terminated its sale and purchase agreement (SPA) with TPPT Sdn Bhd to acquire 27 parcels of land in Seberang Perai, Penang for RM150mil.

The company said on Tuesday the SPA, signed by its unit Palmington Sdn Bhd on July 4, 2014, with TPPT had ceased due to non-fullfillment of a condition precedent.

The deal was to acquire the 209.54 acres of freehold land which is adjacent to the township currently developed by Tambun Indah Land, known as Bandar Tasek Mutiara (also known as Pearl City) in the locality of Simpang Ampat.

Tambun Indah said the aborted deal was not expected to have any financial impact on its financial year ending Dec 31, 2014 and that TPPT Sdn Bhd would refund the RM15mil paid deposit without interest.

It also said despite the cancellation of the SPA, it would continue to seek opportunities to build up its landbank further.

Source: StarProperty.my

The quality of affordable houses in the country is still not up to standard, said the Construction Industry Development Board (CIDB) Malaysia.

Development Sector Senior General Manager Ahmad ‘Asri Abdul Hamid said of the 700 projects assessed to date by the CIDB under the Quality Assessment System in Construction (Qlassic), the majority were medium and medium high cost housing undertakings.

“Based on the assessment, the developers involved in this segment are the ones approaching us, and not those charged with affordable housing,” he told reporters after media workshop on Qlassic today.

He said that the agency is also in talks with the 1Malaysia People’s Housing Scheme (Pr1ma) to evaluate the affordable housing projects.

“It is still at a discussion stage,” he said.

Ahmad also said the 237 projects evaluated for just this year were mostly residential projects as compared to non-residential, public amenities, among others.

“Most are residential due to market demand and for the Malaysian standard, a unit that is rated above 70% is considered all right.Anything below this, needs to be improved,” he added.

He noted that 30% of projects evaluated so far had scored below 70%.

Meanwhile, Ahmad said the Qlassic assessment evaluates the quality of a project and the requirements of structural, architectural works, mechanical and electrical aspects. This is alongside the external works.

“For example, the design of building need to be standardised, regardless of whether it is a low, medium or high cost house,” he added.

He also urged house buyers to understand the standards for housing and specification.

“They should immediately inform the developer for any rectification when the house is complete.

“People have the culture of acceptance and ignore defects found in the house. They should instead file a complain with the developer and rectify defects, as it will save them the cost of repairs in future.

“This should be done before the keys are handed over,” Ahmad said. – Bernama

Source: The Sun Daily

BM Park Lane, a mixed development by Rank City Sdn. Bhd. (a subsidiary of NYH Group & Companies), within the established township of Bukit Mertajam. This development is strategically located next to Jalan Ciku, opposite Ng Yam Huat food court. It is just a few hundreds meters away from Sunway Wellesley, a mixed development scheme by Sunway Property Group.

The residential component comprises a 21-storey tower, with 278 condo units. It will comes with wide range of facilities, which includes but not limited to swimming pools, 24-hour security, gym, children playground and more.

** This project is now taken over by Crystal Faber Sdn. Bhd. Click here to find out more **

Facilities:

• 24-hour security
• Lush Greenery Landscape
• Sauna Room
• Yoga (Open concept space)
• Gymnasium
• Game Room
• Multi Function & Community Hall
• Child Care Room
• Outdoor Children Playground
• BBQ Pit Area
• Tai Chi & Foot Reflexology
• Walking & Jogging Path
• and etc

Property Name: BM Park Lane
Location : Bukit Mertajam, Penang
Property Type : Condominium and Shop offices
Total Units: 278 (condo), 27 (shop offices)
Built-up Area: 947 sq.ft – 1,513 sq.ft.
Tenure: Freehold
Developer : Rank City Sdn. Bhd.
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