Owners of affordable and low-cost homes in Penang will find it tougher to sell their properties as the state government plans to enforce strict rules to curb property speculation.

From Feb 1 next year, owners of affordable homes (bought for below RM400,000 on the island and RM250,000 on the mainland) would be barred from reselling their properties in the first five years of ownership.

Meanwhile, owners of public housing (low and low-medium cost units) bought for RM72,500 or less cannot sell their units for 10 years.

Chief Minister Lim Guan Eng said affordable and public housing owners who wished to sell their units during the moratorium would have to appeal to the state government, and if given the green light, could only sell to qualified “listed buyers” who were registered with the state housing department.

Lim said in a statement that the new rulings would cover past and future purchases.

The new regulations also stipulate that foreigners can only buy property valued at RM1mil or more, and the threshold is increased to RM2mil if it is a landed property on the island.

A three per cent levy would be imposed on properties bought by foreigners, but an exemption would be made if the property is for industrial use, or “promotes employment, education and human talent”, said Lim.

“A two per cent levy will be imposed on the seller, for all properties sold within three years from the date of the Sales & Purchase Agree­ment signed from Feb 1, 2014. Property bought with the SPA signed before Feb 1, 2014, will not be subject to this levy.

“This two per cent levy is not app­licable to affordable housing,” he said.

He said the new housing rules were announced during the tabling of the 2014 state budget at the state assembly sitting but was refined for clarity and certainty during the last Penang state exco meeting.

Meanwhile, Penang Real Estate Housing Developers Association (Rehda) chairman Datuk Jerry Chan said the new rules would limit the pool of property buyers as owners could only sell their units to “qualified buyers” registered with the state housing department.

He said the state government should clarify if this new restriction applied to private property as the change was too drastic.

“It is also not right to impose the new rule on past purchases as these restrictions were not there when purchasers bought the property at that time.

“The new rule will have an impact on the selling price of the property because of the reduced number of purchasers. Changes will have to be undertaken progressively to see the impact,” he said.

Source: StarProperty.my

OWNERS of new high-rise units can expect to receive their strata titles upon moving into their property once the new Strata Management Act 2013 (Act 757) is implemented early next year.

Penang Municipal Council (MPPP) president Datuk Patahiyah Ismail said that under the new Act, the developers had to submit the schedule of parcel to the Land and Mines Office when the architect-in-charge issued the Certificate of Completion and Compliance.

“With the submission of the schedule, the Land and Mines Office will then issue the strata titles for the units.

“Previously, developers had to wait for six months before they can apply for the strata titles upon submitting the schedule of parcel,” she said at the Strata Management Act 2013 Seminar at Rainbow Paradise Beach Resort on Saturday.

Patahiyah said: “Under the new Act, developers were required to submit the schedule of parcel with the issuance of CCC and vacant possession.

“The new Act will replace the Building and Joint Property (Ma-nagement and Maintenance) 2007 (Act 663).”

She said: “The improvements in the new Act include the marking of a shared common area of the property in the strata plan, submission of schedule of parcel to Commissioner of Building (CoB) and the setting up of a strata management tribunal.”

Meanwhile, state Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo, who opened the seminar, called upon the council to increase its manpower for the CoB to better handle the high demand of work from the 1,179 high-rise housing schemes on Penang island.

He added that from the schemes, there was a total of 173,906 parcels (units) while there are only 10 CoB in the council.

“One of the main complaints I received is that action is not taken quickly by the CoB but I can’t blame them as there is lack of manpower.”

Patahiyah said she will look into this and improve the situation soon.

Source: StarProperty.my

Taman Zamrud, a small residential development by Airmas Group in Butterworth, Penang. It is located along Lorong Zamrud, only a stone’s throw away from SMK Dato Onn. This development comprises 24 units of 3-storey super link houses with built-up area ranging from 3,168 sq.ft. onwards.

Property Project : Taman Zamrud
Location : Bagan Ajam, Butterworth, Penang
Property Type : 3-Storey Link House
Total Unit: 24
Built-up Area: 25′ x 39′ (3,168 sq.ft. – 3,188 sq.ft.)
Land Area: 25′ x 79′ (1,722 sq.ft. – 3,294 sq.ft.)
Tenure : Freehold
Developer : Airmas Group
Indicative Price: 

TROPICANA Bay Residences, the first phase of the RM10bil Penang WorldCity (PWC), has been selling briskly since it opened for booking in February.

A total of 85% of its 906 condominium units have been snapped up, generating RM540mil for the developer Tropicana Ivory Sdn Bhd (TISB).

TISB is a joint venture company formed by Tropicana Corporation Bhd and Ivory Properties Group Bhd.

Tropicana founder and executive vice-chairman Tan Sri Danny Tan Chee Sing said PWC, developed on prime freehold land of 41.5ha, was conceptualised to combine the quiet charm of island living with the convenience of a vibrant city life.

“Since the special preview of Tropicana Bay Residences early this year, we are pleased that it has recorded an 85% take-up rate.

“We are encouraged by the positive response and happy to commence this waterfront development.

“We believe this integrated development that consists of residential towers, office blocks, recreational and retail offerings, a wellness centre, a hotel as well as an international school will further add vibrancy to Penang’s economic landscape,” he said at the groundbreaking of PWC at Bayan Mutiara.

Present at the event were state Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo, Ivory chief executive officer Datuk Low Eng Hock, Tropicana chief executive officer Datuk Yau Kok Seng, Tropicana managing director Datuk Dickson Tan and TISB managing director Datuk Andy Khoo.

Low said the ground-breaking ceremony marked the beginning of an amazing phase.

“There is a lot of construction to do and we are still on a mission to set a new benchmark in urban living as well as provide comfortable luxury green homes for our first batch of privileged buyers,” he said.

Low said that over the last few years, Penang had emerged as a property hub, catching the attention of both Malaysians and foreigners alike.

“The property market in Penang is expected to see further growth with the current population of Penang standing at 1.61 million.

“The population is expected to increase by 40% in 2020.

“One-third of this total consists of those aged 25 to 44, thus pointing towards constant demand for residential property,” Low said.

Strategically located within Bayan Mutiara, PWC will be an integrated waterfront city at the gateway of Penang island, right off the Penang Bridge.

It is in the eastern part of the Tun Dr Lim Chong Eu Expressway and in the vicinity of Sungai Nibong. It can be easily accessed from George Town and from the Penang International Airport.

Source: StarProperty.my

Pavilion Park City, strategically located within the established township of Simpang Ampat in Penang. This is a mix development comprising shop offices, 2-storey terrace and semi-detached houses with 2 acre landscape park for residence.

2-storey Terrace
Land area: 1,440 sq.ft. onwards (Type A: 24ft. x 60ft., B: 20ft. x 78ft.)
Total unit: 120
Indicative price: RM388,000 onwards

2-storey Semi-detached
Land area: 2,572 sq.ft. onwards (37ft. x 70ft.)
Total unit: 24
Indicative price: RM529,000 onwards

2-storey Shop Office
Land area: 1,200 sq.ft. onwards (Type A: 20ft x 67, B: 20ft x 60ft, C: 20ft x 80ft)
Total unit: 68
Indicative price: RM634,000 onwards

Property Project : Pavilion Park City
Location : Simpang Ampat, Penang
Property Type : Mixed development
Tenure : Freehold
Developer: Pavilion Wagon Sdn. Bhd.