* PROJECT CANCELLED. To be replaced with new plan *

The Coastal @ Southbay City, an upcoming mixed development by Mah Sing at Southbay City. This project comprises an office block with 166 professional suites for offices and a block for residential suites with 100 residential units and 12 shop units.

The professional suites has 7 design types with built-up area ranging from 575sf to 1,337sf. While the 31-storey residential suites comes with unit size ranging from  1,304 sq.ft. to 3,685 sq.ft.

Property Project: The Coastal @ Southbay City
Location : Southbay City, Batu Maung, Penang
Property Type : Office & Residential Suites
Total Units: 166 (office), 100 (residential), 12 (shop unit)
Indicative Price: RM581,800 onwards
Land Tenure : Freehold
Developer : Mah Sing Group

The Kew, a high-rise residential development by Leva Group in Minden Heights, Penang. This development comprises 98 condominium units in a single 32-storey tower.  It is strategically located within well-established neighborhoods and just  minutes away from daily amenities.

Project Name : The Kew
Location : Minden Heights, Penang
Property Type : Condominium
Total Units: 98
Developer : Leva Group

Location Map:

Waterside Residence, the first residential tower in The Light Waterfront phase 2 development next to the Penang Bridge. This development by IJM Land would have a single 33-storey tower comprising 256 condominium units. The development has an indicative average price of RM1 million.

Property Project : Waterside Residence
Location : The Light Waterfront, Gelugor
Property Type : Luxury Condominium
Land Tenure : Freehold
Total Units : 256
Built-up Area: 1,055 sq ft – 1,270 sq ft.
Indicative Price: RM749,000 onwards
Developer : IJM Land

Location Map:

Project Video

Site progress update by developer – Dec 2017 

An increase of 0.25% in the overnight policy rate (OPR) will not have a significant impact on borrowers for low-cost and affordable housing priced between RM45,000 and RM450,000, according to a senior executive of a real estate agency.

VPC Realtors (KL) Sdn Bhd director James Wong said tere would only be an estimated marginal increase of RM5 to RM53 per month in loan repayment compared to the previous interest rate for a 30-year tenure with a 20:80 margin (see chart).

“As for high-end residential properties, most buyers are either cash buyers or they buy with a minimum loan margin. Hence, an increase of 0.25% per annum will be insignificant,” he added.

Bank Negara has raised the benchmark overnight policy rate by 0.25% to 3.25%, the first rate hike since June 2011.

Mortgage rates are based on the base lending rate (BLR) which in turn is correlated to the central bank’s OPR.

Wong felt that speculators would be hit the most.

“If they are unable to service the loan, they will be forced to sell. But it will not be as easy as before due to the real property gains tax,” he said.

Wong did not expect rental rates to be impacted by the increase in interest rate as the rental market was primarily determined by demand and supply.

Property consultants expect fewer transactions as mortgage rates will rise in tandem with the interest rate.

Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector president Siders Sittampalam said: “With the interest rate hike, we expect a gradual fall in volume.”

That said, property prices will still be driven by demand and supply.

Source: StarProperty.my

Recently there has been many discussion about affordable housing scheme and buying your first home. So do you know exactly where are the proposed affordable housing located in Penang Island?

So far I have found six affordable housing schemes which were proposed in the island.

1. Affordable housing @ Penang Word City – Tropicana Ivory Sdn. Bhd.

Penang World City Master Plan. Location of Phase 3A is yet to be confirmed.

Project details:

Affordable housing scheme with a premium address. Tropicana Ivory is expected to roll out their Phase 3A of the Penang WorldCity development by the end of the year, following the success of Phase 1A (Tropicana Bay Residences).

Other than 473 luxury condominiums ranging from 771 sq ft to 1,403 sq ft, there will be 159 affordable units measuring between 450 sq.ft. and 650 sq.ft.

2. Ramah Pavilion @ Teluk Kumbar – M Summit Group

Project details:

Block A (38-storey)

• Level 1: Shop lots (5 units)
• Level 2-38: Affordable housing (258 units)

Block B (36-storey)

• Level 1: Shop lots (10 units)
• Level 2-11: Multi-storey car parks
• Level 2-35: Affordable housing (501 units) with recreational area at level 12 and 26

Block C (17-storey)

• Level 1: Shop lots (10 units) with hawkers’ complex
• Level 2-6: Multi-storey car parks
• Level 2-17: Low medium cost apartment (135 units), Low cost apartment (135 units)

3. Teluk Kumbar – PDC

Project details:

This development is located opposite of Puspakom in Teluk Kumbar, comprising two blocks of apartment and a multi-storey car parks.

• Block 1: Affordable housing  (348 units) with two sizes (850 sq.ft. and 1,000 sq.ft.) to choose from. unit size b, including 3 levels of multi-storey car parks and recreational area.
• Block 2: Low medium cost apartment (346 units) with two level multi-storey car parks.
• Block 3: Multi-storey car parks

4. Paya Terubong – PLB Land

Project details:

Affordable housing development by PLB Group in Taman Paya Terubong. This development will consist of 1,532 units with a build-up size of 750 sq.ft. priced at RM292,500, 4,594 units of 850 sq.ft. (RM331,500) and 1,532 units of 1,000 sq. ft. (RM390,000).

The affordable housing scheme is scheduled for completion in six years.

5. TRI Pinnacle @ Mount Erskine – Aspen Group

Project details:

This affordable housing scheme is strategically located in Mount Erskine, just a stone’s throw away from The Peak Condominium. This is going to be a 45-storey buiding, comprising 3 high-rise towers, a facilities floor, 12-storey car parks and 4 unit of shop lots.

• Tower A: 30 levels of low medium apartments (389 units)
• Tower B: 32 levels of affordable housing (511 units)
• Tower C: 31 levels of affordable housing (341 units)

Click here for the details

6. Chelliah Park City @ Georgetown – Zubicon Sdn. Bhd.

Project details:

This affordable housing scheme was announced by Penang State Government since 2013. Zubicon Sdn Bhd has been awarded the tender to build 1,900 units of affordable housing at Jalan S.P. Chelliah in Georgetown. This housing scheme comprises units with size ranging from 700 sq.ft onwards. Here are the summary of units available for each category:

Click here for more details