An artist’s impression of the new look to the entrance of the Perda City Mall (PCM), Seberang Perai, Penang

Aeon Seberang Prai City, the largest mall in Bandar Perda, Penang, will be renamed Perda City Mall (PCM) after undergoing asset enhancement works.

Work has started on the mall and is expected to finish before Christmas this year. Its owner Northern Mall Sdn Bhd said in a press statement that the temporary closure is necessary to further strengthen the mall’s commitment and continuous efforts in enhancing its retail environment and shopping experience for today’s discerning customers.

The renaming of the mall is aimed at giving it a new identity to portray its close association with the new township as the main provider for most of the needs of the residents in the surrounding areas. The mall was opened in 2008 and has a net lettable area of 79,000 sq ft.

“The major work would involve asset enhancement initiatives on the second floor to convert underutilised areas into additional retail areas, thus offering more space for retailers,” said Adzman Shah Mohd Ariffin of ExaStrata Solutions Sdn Bhd, the property manager of the mall.

PCM is retaining a majority of its tenants including Sen-Q, McDonald’s and the Apple Store. Parkson and Econsave will be the new anchor tenants.

“Our goal is to wrap up the upgrading project just in time for the year-end holiday shopping season, and it is going to be an exciting time for PCM and all our shoppers,” said Adzman.

“We are really excited about the changes to the mall as these will bring some interesting updates to our shopping mall. We are sure that our customers will love these improvements,” he said.

The upgrading of the mall will be in tune with the current trend so that it will have a more refreshing air, added Adzman.

“We believe as a regional mall, we will be the price-setter in terms of rental and valuation of properties.

“Our aim is to enable shoppers to get all their needs under one roof, besides enjoying the facilities and modern cum soothing ambience offered by the mall.”

Source: The Edge Property

Vona Sky Condominium, part of Vona Parkcity mixed development by Vona Properties Group in Bukit Gambier, Penang. This project comprises two high-rise tower, a total of 516 condo units with size ranging from 1,100 sq.ft to 1,800 sq.ft. It is strategically located along Jalan Bukit Gambier, next to Jade View Apartment.

More details to be available soon.

Property Project: Vona Sky Condominium
Location: Bukit Gambier, Penang
Property Type: Condominium
Built-up Area: 1,100 sq.ft. – 1,800 sq.ft.
Total Units: 516 units (Condominium)
Developer: Gambier Sanctuaries Sdn. Bhd. (Vona Properties Group)

Exo Residences, an upcoming condominium with full facility by Exopuri Sdn. Bhd. in Juru, Penang. This is a 31-storey residential building comprises 146 condo units with built-up area ranging from 1,275 sq.ft. to 2,886 sq.ft. It’s only a stone’s throw away from Juru Auto City, about 5 minutes drive from Penang bridge.

Each unit comes with double walk in wardrobe for Master and 1st bedroom. There are several design to choose from with 8 units per floor and 2 car parking lots per unit.

Facilities:

• Skydeck lounge
• Infinity Pool
• Tier Security System
• 2 carpark per unit
• Gymnasium
• Sauna and Wading Pool

Related Project: Exo Horizon @ Juru Sentral

Banks need to reduce interest rates for low-cost, low medium-cost and affordable housing units, says Penang Town, Country and Housing Committee chairman Jagdeep Singh Deo.

“A special rate for this category of home buyers is important as it will assist them in attaining their first home,” he said.

Jagdeep said he had a chat with a representative from the Association of Banks Malaysia during a seminar on MyHome recently.

From the chat, he found out that there was no such effort being carried out, he added.

“We urge the banks to help provide a better rate for first-time house buyers.

“Efforts by the Federal and state governments to introduce various housing schemes will be futile if people are unable to obtain loans from the banks,” he told a press conference.

The press conference was to highlight 1Malaysia People’s Housing Scheme (PR1MA) which has yet to be carried out in the state.

“The state government has yet to receive an official response as per their commitment,” he said.

Jagdeep urged PR1MA corporation chairman Tan Sri Dr Jamaluddin Jarjis to respond on various issues concerning the number of units of PR1MA housing in Penang, the location of the proposed sites for PR1MA projects and the timeline for the implementation of these projects.

Source: StarProperty.my

The measures to cool the property market may have weeded out a large part of speculative activities but they have not succeeded in curbing rising prices, says Malaysian Institute of Estate Agents (MIEA) president Siva Shanker.

“The number of transactions has come down but prices continue to rise steadily,” he said at the Property Investment Convention 2014.

Siva said the number of transactions between 2011 and 2012 dropped by 0.67% but their value increased by 3.61% while between 2012 and 2013, the volume dropped 10.85% while the value rose by 6.7%.

“A drop of 10.85% is substantial but you have the value of transactions moving up 6.7%. That means prices of properties are continuing to rise,” he said.

The measures included the removal of developers’ interest scheme (DIBS), hike in real property gains tax (RPGT) rates and for mortgage loans to be based on the net price of the property. Siva said that rebates offered by developers such as “free” legal fees and stamp duty contributed to the rise in property prices. During the same event held last weekend, a property developer openly offered an 18% discount. The gross selling price of the unit was reduced from RM900,000 to RM711,000 as a result of freebies.

“When a property price is artificially inflated this way, the gross price is stated in the sales and purchase agreement. This gives the developer the opportunity to price his next launch at a higher price, which explains why prices are going up indiscriminately.

“The developer gets a great take-up rate during his launches and the first batch of buyers are happy but the overall market suffers in the longer term,” he said, adding that the secondary market was obviously gaining interest.

Siva said another issue he was concerned about was the the existence of investor clubs.

“Although these clubs are less active today, they are still there. The minute the market turns, they will come back. The authorities should outlaw these clubs today or regulate them. The market cannot afford to wait two to three more years before doing something about these clubs,” said Siva.

Raine & Horne Malaysia (Penang) senior partner Michael Geh said during a panel discussion that the Government should say that over a 20-year cycle, property prices have moved up by as much as 45% on a national basis after an economic crisis but dropped by a fifth in each recession.

“In the 1986 recession, prices dropped 20% over a two-year period but during a seven-year upturn, prices went up 45%. During the 1997/98 Asian financial crisis, prices went down 20% but rose by much as 45% after that for another seven years or so.

“Between 2008 and 2010, the market was down by another 20% but from 2009/2010 onwards, it has been rising. It is still rising today. But salaries have not risen in tandem,” said Geh.

Geh added Malaysian car prices were among the top three highest in the world and there was no light rail transit in Penang, Sabah and Sarawak while Johor was promising.

“We need to prick a little hole and release a bit of pressure in terms of affordability, transportation and jobs. We are in a pressure cooker,” said Geh.

Source: StarProperty.my