“I have written a letter to state police chief Senior Deputy Comm Datuk Wira Abdul Rahim Hanafi to look into the matter.” – Jagdeep Singh Deo

Housebuyers here need to be more cautious not to fall victim to a syndicate which is going around securing payments for units at an affordable housing project developed by the state.

Penang Town, Country and Housing Committee chairman Jagdeep Singh Deo said there were claims that the syndicate was promising and guaranteeing affordable units at a project in Tanjung Tokong.

He said the developer’s company which was developing the project at the site had received several complaints from the public that there were members of a suspected syndicate going around promising affordable units at the project by taking a payment of between RM10,000 and RM30,000.

Speaking after launching a corporate social responsibility programme by KDU College Penang at Cheshire Home here on Friday, Jagdeep said the developer had lodged a police report about the matter on July 22.

He said he had also written a letter to state police chief Senior Deputy Comm Datuk Wira Abdul Rahim Hanafi to look into the matter.

“I have received a reply from his office dated July 25 that they received my letter and the matter was under investigation.

“I hope the problem can be resolved as soon as possible,” he said.

Jagdeep assured the public that the state government’s low-cost and affordable housing units could not be secured by any agent or syndicate.

“The public must apply directly to the state and the application will be processed before they receive an approval letter from the developer if they are eligible for the units,” he said.

He added that the concerned project in Tanjung Tokong has 390 units of low mediumcost apartments and 859 units of affordable condominiums located on a 4ha site.

Jagdeep said that about 50,000 applicants had applied for affordable housing units in the five districts and the selection by the Selection Process Enhancement Committee (SPEC) would soon take place.

“The housing units will go to those truly deserving.

“So, I hope the public will be aware and not fall prey to such syndicates,” he urged.

Source: StarProperty.my

TF 39, an upcoming commercial development by TF Land in Machang Bubok. It is located along Jalan Machang Bubok, comprises 39 units of 2-storey shop offices with double volume ceiling height and column-free interiors. The typical units has a built-up area of 2,260 sq.ft.

Property Name: TF 39
Location : Machang Bubok, Penang
Property Type : Shop Offices
Total Units: 39
Built-up Area: 2,260 sq.ft.
Lot Size: 20′ x 60′
Developer : TF Land

Malaysian Resources Corporation Berhad (MRCB) has entered into a share sales agreement with Pelaburan Hartanah Berhad (PHB) to acquire the latter’s 51% equity interest in a joint venture firm.

The firm, Penang Sentral Sdn Bhd, was set up to implement the Penang Sentral project.

Under the recent agreement, PHB agreed to sell its stake in Penang Sentral Sdn Bhd to MRCB for a total consideration of RM50.75 million.

With the agreement, Penang Sentral Sdn Bhd will become a wholly owned subsidiary of MRCB.

MRCB Group managing director Tan Sri Mohamad Salim Fateh Din said in a statement that this initiative would give the Penang Sentral project a boost.

“It will help us come up with a definite timeline and completion period,” he said.

Source: StarProperty.my

* PROJECT CANCELLED. To be updated with new plan *

Iconic Maison 88, a gated and guarded development by Iconic Land in Simpang Ampat, Penang. This development comprises 88 units superlink villa and 10 units of 3 1/2 storey semi-detached shop office. The shop offices are called Iconic Point.

Property Project : Iconic Maison 88 & Iconic Point
Location : Simpang Ampat, Penang
Property Type : Mixed development
Tenure : Freehold
Total Units: 10 (shop offices), 88 (super-link terrace)
Developer: Iconic Development

Location Map:

SP Setia's general manager Khoo Teck Chong told StarBiz that over the last couple of years, the pricing of properties in Penang, on the island in particular, had grown out of proportion with the income levels of the population.

SP Setia Bhd plans to build more varieties of affordable houses over the next five years on Penang island that are within the income levels of Penangites.

Its general manager Khoo Teck Chong told StarBiz that over the last couple of years, the pricing of properties in Penang, on the island in particular, had grown out of proportion with the income levels of the population.

“Due to the stringent loan policies of banks, it has become even more difficult to sell high-end properties,” he said.

In the south-west district, Khoo said the group had about 63 acres which would be used for the development of properties priced within the RM600-RM700 per sq ft range.

“Next year we plan to develop the RM350mil Sky Vista, comprising 426 condominium units, priced at about RM600 per sq ft, which is the current pricing in the market for the properties in the south-west district.

“In 2016, we will introduce the RM350mil Sky 8 and RM150mil Sky Peak projects in Sungai Ara and Sungai Nibong respectively in the south-west district.

“Our feedback shows that properties priced between RM600 per sq ft and RM700 per sq ft are in demand as they are still affordable for Penangites,” he said.

Khoo said the last couple of years had seen the group launching high-end properties in prime locations that were priced from RM1mil onwards.

“Thus, there is a shift in our strategy moving ahead,” he added.

Khoo said the group was targeting to achieve about RM200mil in sales from Penang for the financial year 2014 ending Oct 31.

“We have so far roped in about RM150mil in sales, which is very close to the target.

“This target is down from the RM300mil achieved last financial year. We are lowering our expectation because of the softening property market which started late last year in the country,” he added.

Meanwhile, Eco World Development Bhd chief operating officer Datuk S. Rajoo said the group’s strategy was to focus on landed residential properties in the central, south and northern region.

“We are focusing on strata-titled super-linked properties with built-up of 3,600 sq ft, which were still in demand in the country.

“In Penang, we will launch the RM350mil Eco Terrraces project, comprising strata-titled linked villas with built-up area of 3,600 sq ft in Paya Terubong at the end of this year.

“This is a very unique project as conventional landed strata-titled projects comprised small size linked properties,” he added.

Source: StarProperty.my