An artist's impression of the sky lounge and bar of the Beacon project in Sungai Pinang.

ASPEN Group Holdings Sdn Bhd plans to launch RM2.1bil worth of residential and commercial properties in Penang later this year and next year.

The projects are the RM780mil first phase of Aspen Vision City in Batu Kawan, the RM400mil Tri Pinnacle in Tanjung Tokong, the RM700mil HH Residence in Tanjung Bungah and the RM226mil Beacon in Sungai Pinang.

Aspen Group chief executive officer Datuk M. Murly said that of the RM2.1bil, about RM1.3bil would comprise affordable and high-end residential property.

‘They will be sold at sub-sale prices which are usually 20% to 30% lower than the pricing in the primary market.

“We believe that sub-sale prices are a more accurate reflection of the market trend.

“For example, the Tri Pinnacle affordable condominiums are priced at about RM375 per sq ft.

“The Beacon high-end residential executive suites are priced at about RM700 per sq ft.

“Current new high-end residential property of the same range and in strategic locations are selling for around RM1,000 per sq ft,” Murly said.

He said the Tri Pinnacle project comprised 1,249 low medium-cost apartments while the Beacon would offer 258 residential executive suites.

He said Tri Pinnacle would be launched in the last quarter of this year and Beacon in the first quarter of next year.

“Both projects are equipped with comprehensive recreational facilities.

“The Beacon, for example, is designed with a sky lounge, sky bar, sky pool, and sky garden on the 37th floor,” Murly said.

He said the prices for HH Residence had yet to be fixed.

“Although the property market has softened in the past 12 months due to the tightening of credit, we are optimistic that our competitive pricing will stir interest among house buyers,” he added.

Murly said the Aspen Vision City project would be built on a 99.1ha plot next to the second bridge.

He said the first phase, to be developed over five years on 14.1ha, would have about 500 retail and shop office units.

“The value of the first phase will be enhanced by the Ikea shopping mall that we are building next to it.

“We will subsequently carry out the remaining phases comprising hotels, serviced apartments, homes and a mini central banking district over a 10-year period.

“Our strategy for Aspen Vision City is to build the commercial property first.

“There will be workers who want to stay near their place of employment.

“This will create the need for residential property which are attractive in pricing.

“The objective is to develop Batu Kawan in such a manner that it mirrors the vibrancy of the island,” Murly said.

He said that Aspen’s objective was to provide more affordable housing and mixed development projects.

“This will allow for public and private land owners to create a sustainable business model that not only maximises the full potential of the development but also meets the community’s cultural, communal and income level needs and adheres to the requirements of local councils.

“Since our inception in 2013, Aspen Group has believed that success comes from a relentless focus on innovation, creativity and execution.

“This concept and vision is not only vital to our property development but also to our efforts to create ecologically-balanced communities.

“We are committed to providing the people homes of unmatched quality at affordable prices,” Murly said.

Souce: StarProperty.my

Jesselton Villas, a 23.9ha freehold guarded project by Berjaya Land Development Sdn. ith a total gross development value (GDV) of more than RM1 billion. This exclusive freehold development is strategically located next to Penang Turf Club, comprises 5 parcels with residential components to be developed over the next 10 years. It is only 5 minutes drive to Youth Park and Botanical Garden and close to an abundant of amenities.

Parcel 1 – Kensington Gardens (69 units)

Parcel  2 – Courtyard villas (low-rise condominiums) with built-ups ranging from 2,800 sq.ft. onwards. (222 units)

Parcel 3 – 32-storey low-medium cost apartments known as Mutiara Jesselton. (505 units)

Parcel 4 – Affordable housing (271 units)

Parcel 5 – Condominium (1,380 units)

Property Project : Jesselton Villas
Location: Penang Turf Club, Jalan Batu Gantong, Penang
Property Type : Luxury Bungalow Land
Tenure : Freehold
Developer : Berjaya Properties
Indicative Price: RM 600 psf

Errant housing developers can now be hit with hefty fines and jail terms if they abandon their projects.

Under the amendments to the National Housing Development (Control and Licensing) Act 1966, which would take effect from June, developers of abandoned projects may be fined RM500,000 and jailed for up to three years.

The changes also enable house buyers to terminate sale and purchase agreements with developers if there was no progress for six consecutive months or more and seek a refund of deposits within 30 days.

House Buyers Association secretary-general Chang Kim Loong said the changes offered house buyers more legal safeguards against errant housing developers.

He said it was a reflection of the Government’s concern for house buyers’ rights and a move to ensure that developers kept to their obligation of completing projects.

He commended former Urban Wellbeing, Housing and Local Government Minister Datuk Seri Chor Chee Heung for helping to pave the way for the amendments in 2010.

“The pertinent changes include making errant developers criminally liable by meting out jail sentences upon conviction.

“The new laws also enforces liquidators, as de-facto developers, to abide by the Act,” he said.

However, Chan said changes should also be made to other laws to further streamline the construction industry.

He said among the laws being reviewed where those pertaining to housing developers regulations and sale and purchase agreements under Schedule (G,H,I,J) together with the Strata Management Act, Strata Title Act and Strata Tribunal Act.

“Since all these laws relate to the welfare of house buyers and cross-reference each other, they should be launched simultaneously to avoid potential conflicting legal views,” he said.

Chan said the drafting process involving the amendments were nearing completion and that the changes were expected to be announced by the ministry.

On April 3, Deputy Urban Wellbeing, Housing and Local Government Minister Datuk Halimah Mohd Sadique announced to the Dewan Rakyat that the amendments to the Housing Development (Control and Licensing) would come into effect on June 1.

From 2009 to Feb 28 this year, the ministry had classified 206 housing projects as abandoned.

Out of these, 149 had since been revived with 22,868 homes built.

Source: StarProperty.my

High-tech industry: An artist impression of the BPO Piazza and the BPO Prime building (right).

Penang Development Corporation (“PDC”) inked a Memorandum of Understanding (“MOU”) with Temasek and Economic Development Innovations Singapore Pte Ltd (“EDIS”) on 23 May 2014. PDC and Temasek intend to form a joint-venture company to develop Penang International Technology Park (“PITP”) and Business Process Outsourcing Prime (“BPO Prime”). PDC will hold 51% in the joint-venture company with the remaining stake held by investors, including Temasek. EDIS will provide project management services to the joint-venture company. The gross development value for this project is estimated to be around RM11.3 billion. The MOU is subject, among other things, to the finalisation of definitive documents.

Located in Batu Kawan and in Bayan Baru respectively, PITP and BPO Prime have been identified by the Penang State Government as priority projects for Penang’s development. The PITP and BPO Prime with a size 206.8 acres will be completed over the next 5 to 10 years. BPO Prime will be part of the effort by the state government to fulfil Penang’s destiny as one of the 31 BPO hubs of the future.

Penang has experienced two growth transformations – industrialisation and clustering in the past to become a successful industrialised economy and this development focusing on the services sector will help Penang’s economy move up the value-chain, by driving the third growth wave of knowledge intensive and innovation-led growth.

The project’s vision is to create new clusters of economic development with opportunities to live, work, learn and play in sustainable and innovative urban spaces. The strategies are:

1. Economic development – The influx of activity to the project will provide a significant boost to Penang’s economy and act as a major catalyst for further development
2. High value manufacturing and innovation – The focus will be on attracting market leaders in knowledge-based sectors such as Business Process Outsourcing (BPO), Information Communications and Technology (ICT) and advanced manufacturing that leverage Penang’s existing comparative advantage and capabilities in the electronics industry.
3. Job creation – Job creation will be at the core of the project’s success. The project is expected to generate about 25,000 to 30,000 high income and quality jobs.

This MOU demonstrates the success of PDC’s efforts to collaborate with foreign investors in attracting world-class international companies. Penang witnessed the completion and opening of the Penang Second Bridge on 1st March 2014. On that same day, Penang launched the RM3.3 billion BPO Hub in Batu Kawan and Bayan Baru, which is one of the main components in the MOU signing ceremony today. Over the next three years, Penang is expecting the realisation of a premium outlet, theme park and international golf resort, and the sprouting up of universities in the Education Hub and other business establishments as well as building of over 20,000 units of affordable housing. The new BPO is the beginning of the growth cycle on Penang.

Source: Buletin Mutiara

Jagdeep: I'm happy land has been bought for the PR1MA project.

THE Federal Government has bought 80.94ha of land in Teluk Bahang for the 1Malaysia People’s Housing Scheme (PR1MA), said Datuk Shah Headan Ayoob Hussain Shah (BN -Teluk Bahang).

He said he had checked with PR1MA Corporation Malaysia which confirmed that the land had been bought for the Federal Government’s initiative for affordable housing.

He said this is response to a question raised by Jagdeep Singh Deo (DAP – Dato Keramat) during the latter’s winding-up speech at the state assembly yesterday.

Jagdeep had asked how many of the 133,000 PR1MA units to be built nationwide would be built in Penang.

In response to Shah Headan’s reply, Jagdeep said he was happy to receive the news that a piece of land had been bought for the housing scheme.

“Hopefully by next month, I can get a positive reply that PR1MA will be carried out in Penang, where the project will be carried out and the timeline for the project.

“We will try to assist to expedite the project because this type of housing is important,” said Jagdeep who is the state Housing, Town and Planning Committee chairman.

In his winding-up speech earlier, Jagdeep had also said that applicants of low-cost, low medium-cost and affordable houses were facing difficulty in obtaining bank loans.

He said the rejection rate was 50%, adding those who were successful in obtaining the loans were slapped with high interest rates.

Jagdeep also said applicants for public housing units in Penang must be at least 21 years old and a voter in the state.

He said this was a new condition set by the Selection Process Enhancement Committee.

Source: StarProperty.my