Some 70% of residential property transacted in the country today are in the secondary market, while the remaining 30% are newly launched projects.

Raine & Horne Malaysia (Penang) director Michael Geh said more people were going after secondary property because of the pricing which ranged between RM72,000 and RM350,000.

“This market has been very active in the last 12 months and I foresee that it will be very active for the next six months, in terms of sales and rental,” he said at the recent Malaysian Secondary Property Exhibition (MASPEX) Penang 2013 at the Penang Times Square.

“Another reason for its popularity is that the secondary property is already built which means buyers can move in immediately.”

Geh said that in the primary market, many residential units were now being sold at a high price due to market demand and inflation among other factors.

“It is only due to the recent Bank Negara credit curbs that the rise in property prices has slowed a bit,” he said.

“These high price tags for new residential projects has made owning a home a distant dream for the middle class.

Three expressways to ease traffic flow in the state will be completed before the 6.5km undersea tunnel is ready.

This was revealed by Chief Minister Lim Guan Eng after the signing of a preliminary agreement for the construction of a few major traffic-related projects yesterday.

Under the state’s comprehensive package of traffic management projects totalling RM6.3bil, the 12km Tanjung Bungah-Teluk Bahang paired road is scheduled to be ready by 2018, followed by the 4.6km bypass connecting the Tun Dr Lim Chong Eu expressway with Bandar Baru Air Itam by 2019, and the 4.2km bypass connecting Gurney Drive to Tun Dr Lim Chong Eu Expressway in 2022.

The tunnel connecting Gurney Drive and Butterworth’s Bagan Ajam will be completed by 2025.

Lim said these projects would not only improve Penang’s economy, but also benefit all Malaysians.

“Apart from the multiple job opportunities, the contractors are committed in awarding contracts to Malaysians, especially Pe­­nangites,” he said after inking the agreement with Consortium Zenith BUCG Sdn Bhd, China Railway Construction Corporation Inter­national (CRCC), and Beijing Urban Con­struction Group.

During the ceremony, Zenith also separately signed two agreements with CRCC related to detailed project design, engineering, materials procurement and construction of the tunnel and the three toll-free expressways.

Lim emphasised that although the agreement has been signed, these projects must comply with the recommendations for construction im­pact mitigation following detailed environmental impact assessments (DEIA).

For this, Penang would appoint an independent company to conduct the DEIA on the four projects.

Meanwhile, Lim added that Barisan Nasional must accept Pakatan Rakyat’s offer to set up a three-person committee to implement reforms that will stop the abuses highlighted in the annual Auditor-General’s Report.

According to him, only a high-powered committee, with the Deputy Prime Minister as chair, as well as the Opposition leader and the Auditor-General, would be able to “put fear into the hearts of those who betray the public trust given to those acting as a custodian of public funds”.

Source: Starproperty.my

Despite facing severe criticisms over four mega projects totalling RM6.3bil, the Penang Government is pushing forward with the signing of an agreement.

Chief Minister Lim Guan Eng said that the agreement would be signed tomorrow with the related companies here.

It is learnt that the Environmental Impact Assessment would be carried out after the agreement is signed.

“The state executive council has approved the agreement for the projects,” he said at a press conference at Komtar yesterday.

The agreement will be signed with Consortium Zenith BUCG Sdn Bhd, which is made up of a joint venture among several companies – Zenith Construction and China Railway Construction Corp Ltd, Beijing Urban Construction Group, Sri Tinggi Sdn Bhd and Juteras Sdn Bhd.

The controversial projects consist of a 6.5km seabed tunnel connecting Gurney Drive to Bagan Ajam, a 12km dual carriageway between Tanjung Bungah and Teluk Bahang, a 4.2km bypass connecting Gurney Drive to Tun Dr Lim Chong Eu Expressway and a 4.6km bypass connecting the same expressway to Bandar Baru Air Itam.

Source: StarProperty.my

Taman Nakhoda, strategically located within the established township of Teluk Air Tawar, Butterworth. It is only 5km away from Seberang Perai Coastal Road and approximately 7km to town center.

This residential development comprises 33 units of 3-storey terrace, 10 units of 2-storey semi-detached and 5 units of 2-storey bungalow houses.

Property Project : Taman Nakhoda
Location : Teluk Air Tawar, Butterworth, Penang
Property Type : Terrace, Semi-D & Bungalow
Tenure : Freehold
Total Units : 48
Developer : Vista Riviera Sdn. Bhd.
Indicative Price: RM 495,000 onwards

Towards high-income economy: Lim speaking about the master plan for the BPO hub. Beside him is his special advisor Datuk Lee Kah Choon

A TOTAL of 1.7 million sq ft of office space is expected to be built and completed as the new business process outsourcing (BPO) hub in Penang within the next three to five years.

Penang Chief Minister Lim Guan Eng said the state government had set aside about 6.88ha of land in Bayan Baru for Phase 1 and Bayan Lepas for the next BPO hub under Phase 2.

“Part of the master plan is to develop BPO office towers, serviced apartments, commercial units, SOHO with top class amenities and facilities,” said Lim during the Second Shares Services & Outsourcing Conference in G Hotel recently.

He said having the BPO hub was essential here because Penang, which does not offer any natural resources, has talent and work force.

“This is important because it will elevate Penang’s status to become a high-income economy as well as improving the status of the people, especially the middle-income group,” he said.

Lim cited the example of the Citigroup Transaction Services Malaysia here which is the largest Citigroup regional Trade & Cash processing centre handling at least 20 million transactions with a total of RM18.27tril across the business.

“Today, 1,300 professionals are employed at the centre and servicing the interest of customers around the world,” he added.

He also said that all these would not be possible if the state could not offer the necessary facilities such as schools, hospitals and leisure outlets.

Lim stated that many multinational companies had chosen Penang over Kuala Lumpur because of the high quality of living at a lower cost.

Source: StarProperty.my