TOLL rates of the new RM4.5 billion Second Penang Bridge will be  below RM10, said concessionaire Jambatan Kedua Sdn Bhd (JKSB).

Its managing director, Datuk Dr Ismail Mohamed Taib, said the rates would be decided by the finance ministry.

“They will be between RM7 and RM10.”

Ismail said the rates would be announced by Prime Minister Datuk Seri Najib Razak on Saturday.

“The new bridge is double the length of the first bridge, with extra connecting roads. Logically, the rates should be twice of those charged by the first bridge.

“The government has given due consideration and will most likely give a discount,” he said during a familiarisation trip for the media at Batu Kawan Second Penang Bridge toll plaza here yesterday.

When asked whether the public would get to use the bridge toll-free as reported, he said it was up to the government.

“We had applied to the Malaysian Highway Authority to allow a toll-free period of one month.”

Ismail said the toll rates would be based on economic considerations as JKSB had to service loans taken to build the bridge.

“Unlike other concessionaires that are private, we are a fully government-owned company under the finance ministry.”

On the bridge’s projected traffic volume, Ismail said it would be about 25,000 vehicles per day, which was about 25 per cent of the first bridge’s average.

“During the toll-free period, it will be equal to 20 years’ of vehicles per day.”

During a tour at the bridge’s integrated toll plaza at Bandar Cassia, Ismail said two rest and recreational (R&R) areas would be built in six months’ time.

Earlier, JKSB deputy manager (public relations and communications) Azizi Azizan said the trip was intended to brief the media on the concessionaire’s overall operations.

“We have given the media first-hand information on the entire 24km stretch.

“Reporters were also given a tour of the toll plazas and our administrative building.”

In a related development, Southwest district police chief Superintendent Lai Fah Hin urged the public to park their cars at the Penang International Airport area to avoid traffic congestion near the bridge this Saturday.

Lai said there would be 19 free shuttles and 15 buses ferrying people from the airport’s car park area to Batu Maung on a five-minute interval from 6pm to 12.30 midnight.

He said four buses would ferry people from Teluk Kumbar and Bukit Jambul to Batu Maung from 10am to 12 midnight.

Prime Minister Datuk Seri Najib Razak will open the bridge this Saturday.

Source: New Straits Times

Faizan Abdul Rahman said the residential sub-sector, which accounted for about 64% of the total property transactions, saw a 14% drop from a year earlier, with average house prices exceeding RM300,000.

Property transactions dropped in the first nine months of last year, said the Valuation and Property Services Department, confirming observations by real estate professionals that the market is slowing down.

Although the number of transactions was lower, there was an upward trajectory in value, an indication of rising prices.

The department’s deputy director-general Faizan Abdul Rahman said the residential sub-sector, which accounted for about 64% of the total property transactions, saw a 14% drop from a year earlier, with average house prices exceeding RM300,000.

Faizan was speaking at the 7th Malaysian Property Summit 2014 organised by the Association of Valuers, Property Managers, Estate Agents and Property Consultants yesterday.

Faizan said the commercial sub-sector saw a drop of 22.3%, compared with the previous year.

The industrial, agricultural and development sub-sectors saw reductions of about 20%, 13.6% and 8.3%, respectively.

The total number of transactions for the first nine months fell to 280,820 valued at almost RM106bil, compared with 328,692 in 2012 worth RM107bil.

Transactions in 2010 surpassed the RM100bil mark as a result of an extremely buoyant market, which started in 2009. It has been on an upward trajectory since then.

On the effect of the various tightening measures, organising chairman Choy Yue Kwong said they would curb excessive speculation.

Choy, who is Rahim and Co (Selangor) Sdn Bhd managing director, said the measures would discourage speculators from using bank loans to finance their purchases.

“The curbs are slowly taking effect. The measures will have a significant impact on speculation, especially speculators who depend on bank loans,” he said.

Choy added that the real property gains tax (RPGT), however, will have little effect on curbing speculative activities in the market.

He said the RPGT should have been introduced earlier when house prices were lowerand prices had appreciated faster, resulting in higher profit margins.

Prices had skyrocketed now, squeezing profit margins and rendering the RPGT less effective, he added.

CH Williams Talhar & Wong Sdn Bhd managing director Foo Gee Jen, meanwhile, said there was a mismatch between the demand for real estate and supply.

“There is an oversupply of high-end residential property in the market. Prices have gone up too much over the last few years. What people really need is affordably priced lower-to-mid-range housing,” said Foo.

“Developers will be pressured to cater to this market segment that is most in need. Having said that, the bright side is that the market is expected to stabilise with more realistic prices over the year.”

Source: StarProperty.my

The Maven, a gated and guarded housing scheme by Reka Indah Development in Balik Pulau, Penang. This freehold development is strategically located along Jalan Sungai Pinang with easily access to nearby amenities such as schools, eateries, market and etc. It comprises 120 units of 3-storey townhouses with 24 hours security.

Property Project : The Maven
Location : Balik Pulau, Penang
Property Type : 3-Storey Townhouse
Tenure : Freehold
Total Units : 120
Developer : Reka Indah Development Sdn. Bhd.

Location Map:

The Government has implemented a measure to control bulk sales of property to try and curb the proliferation of “property clubs” that have been walking away with handsome profits, especially in the Klang Valley.

Minister of Urban Wellbeing, Hou­sing and Local Government Datuk Abdul Rahman Dahlan said developers selling more than four units of their properties to a single buyer or group must now obtain prior approval from the Controller of Housing.

The move is likely to affect the activities of these property clubs which normally enter into a tacit agreement with the developers to take up a large portion of their units before the launch of a project.

Because the property club buys in bulk, it gets a steep discount and pays a smaller down-payment compared to an individual house buyer.

The benefits accrued are then passed on to its members.

When the project nears completion members divest their property at a much higher price.

Speaking after launching Sime Darby Prop­erty’s housing income index, Rahman said bulk buying was not against the law but it created a false demand causing unnatural price spikes.

“The new condition would palliate those effects. I will call for a meeting with the Real Estate and Housing Developers’ Association of Malaysia (Rehda) stakeholders in a month’s time,” he said.

Abdul Rahman also said the new enforcement would be made compulsory in all real-estate advertising and sale permit materials.

The existence of property curbs came to light last year when developers announced huge take-ups in the first days of a project launch, causing an artificial demand.

This resulted in unsuspecting house buyers rushing to take up the remaining units, also causing a spike in property prices.

In a related development, Abdul Rahman said the Government may increase its RM300mil allocation for the MyHome scheme which will be launched on April 1.

The scheme will subsidise the purchase of low-cost houses by first-time buyers who earn less than RM3,000 a month.

Source: StarProperty.my

Aspen Vision City, an upcoming mixed development by Aspen Group in Batu Kawan, Penang. Phase 1 is expected to debut in Q4 2014. Not much information is available for now. We will keep everyone updated in our facebook fan page.

[ More details to be available upon launching… ]

Project Name : Aspen Vision City
Location : Batu Kawan, Penang
Property Type : Mixed Development
Developer : Aspen Group

Location Map:

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