The second Penang bridge, which is now 99.9% completed, is expected to be opened to the public in February, said Works Minister Datuk Fadillah Yusof.

“Only the construction of two toll plazas in Batu Kawan – one at the Bandar Cassia interchange and the other at the interchange connecting to the North-South Expressway (NSE) – is yet to be completed.

“Upon completion, the 28-booth toll plaza in Bandar Cassia will be the largest in the country,” he told a press conference at the China Harbour Engineering Co Ltd (M) Sdn Bhd office in Batu Maung here.

Currently, the Sungai Besi toll plaza is the largest one in the country with over 18 lanes.

The Bandar Cassia toll plaza (PB2X Toll Plaza) will be managed by Jambatan Kedua Sdn Bhd. NSE operator PLUS Expressway Bhd will operate the other one (PLUS Toll Plaza).

“The PB2X Toll Plaza is meant for motorists who are not using the NSE, especially the locals who want to commute to the island from the Batu Kawan area. After the construction is done, we have to integrate the system with other highways such as the NSE,” Fadillah said.

He added that the bridge would be opened to the public only after it met requirements set by the Malaysian Highway Authority.

On talk that toll rates would be increased next year, he said they were subject to review every three to five years and added that the toll rates for the bridge were still at the negotiation stage.

“We have a total of 29 tolled highways in the country and the concession agreements vary.

“For example, the NSE is due to be reviewed in 2016,” he said, adding that a few highway tolls would be reviewed next year and the incremental rate would depend on the Federal Government, which would take into account its financial position and the people’s economic situation.

The second Penang bridge, spanning 24km with 16.9km over the sea, is expected to ease at least 25% of traffic congestion on Penang Bridge.

Source: StarProperty.my

State Housing, Town and Country Planning committee chairman Jagdeep Singh Deo.

GEORGE TOWN: The Penang government is standing firm with its new ruling on property sale even as critics slam it, saying the ruling is illegal.

State Housing, Town and Country Planning committee chairman Jagdeep Singh Deo said the state controls the land office, so with land being a state matter, it has the mechanism to impose restrictions on property sale.

“In order for a person to own a property, he must get it registered at the land office.

“Under the ruling, we can impose a 2% levy, on top of the existing 0.1% stipulated for transfer of land title,” he said on the sidelines of the state assembly meeting here yesterday.

Several groups, including Gerakan and MCA, have taken the state government to task over the new ruling that it plans to enforce from Feb 1 next year, saying it would be illegal as the National Land Code needs to be revised first before the ruling can be enacted.

“Currently, the application fee for any transaction pertaining to a leasehold property is 0.1% of the selling price,” said Jagdeep.

“As for freehold property, the seller will have to produce a statutory declaration that they have indeed paid the 2% levy before the transfer of land title can take place,” he said, adding that the new ruling would only affect property bought with sales and purchase agreements signed from February.

Jagdeep said the restriction would be imposed on properties priced above RM250,000 in Seberang Prai and above RM400,000 on Penang Island sold within three years of being purchased.

Chief Minister Lim Guan Eng also brushed off criticisms.

“We have been subjected to criticisms from the Consumer Association of Penang and Gerakan. At first they criticised the state government for not doing anything to help. When we try to help, they attack us. So, what do you want us to do?” he asked at a press conference yesterday.

Several groups have come to the defence of the state government, saying the ruling would curb speculation.

Source: StarProperty.my

PG88 @ Teluk Kumbar, a residential development by TPPT Sdn. Bhd. within the vicinity of Teluk Kumbar Heights in Penang. It is only mere minutes drive to Penang International Airport and approximately 10km aways from Penang Second Bridge.

This development comprises 24 units of 3-storey terraces, with an indicative price of RM880,000 onwards.

Property Project : PG88 @ Teluk Kumbar
Location : Teluk Kumbar, Penang
Property Type : 3-storey Terrace
Built-up Area : 2,600 sq.ft. onwards
Total Units: 24
Tenure : Freehold
Indicative Price : RM 880,000 onwards
Developer: TPPT Sdn. Bhd.

Location Map:

A LAND valuation of RM1,200 per sq ft for 44.5ha of reclaimed land in Penang by the state government is being used as a point of reference for land transactions, claims the Real Estate and Housing Developers Association (Rehda).

The association’s Penang chairman Datuk Jerry Chan said yesterday land prices in the state are expected to rise next year.

This is partly due to the government’s move of pegging land value so high in relation to the swap deal with Consortium Zenith BUCG, the developer of the proposed RM6.3 billion undersea tunnel and three highways.

The deal involves land starting from Tanjung Tokong to the sea-fronting Persiaran Gurney, which has been tagged at RM1,200 per sq ft, since the state does not intend to pay the developer for the multi-billion ringgit projects.

Stating that the said deal will now be the yardstick for land owners and developers when fixing prices on their properties, Chan said: “If the state takes that kind of valuation, what do you think other land owners and developers will do?

“And remember that the project construction cost (RM6.3 billion) was from six months ago, which has not taken into account additional costs due to the higher electricity tariff and the goods and services tax (GST). If costs goes up, so will property prices,” he said at IJM Land Bhd’s office.

Present was IJM Land northern region general manager Toh Chin Leong.

Chan said while Penang can expect to see fewer property projects launched in 2014, prices will not come down.

This, he said, is because banks and investors are already cautious about the property market.

Penang is unlikely to see any property bubble as the property market remains healthy, he said.

“We, however, need time to determine how some of the measures imposed by the Federal Government via 2014 Budget and the state government will affect the market.”

Toh said property prices in Penang are on the rise due to various factors, including increased higher compliances cost, which has been increasing in the past four years.

“Cost contributions have increased three-fold as they now have to pay the government a default compensation of RM120,00 for each low-cost housing unit they did not incorporate into their project.

Developers also have to obtain a housing development licence by paying a deposit of three per cent of their project’s estimated cost to show they have sufficient financial ability to begin building properties.

Source: Business Times

SIXTH PROJECT IN STATE: Southbay East development on the mainland set to be completed within 4 years

MAH Sing Group Bhd is buying about 30.9ha of freehold land in mainland Penang for RM42.59 million for its new township, Southbay East, which has a potential gross development value (GDV) of RM400 million.

The developer said the land is acquired at RM12.80 per sq ft and that it will settle the payment within 18 months.

Southbay East is located 6.6km from the Jawi toll plaza on the North-South Expressway and about 7km from Taman Perindustrian Nibong Tebal.

Mah Sing group managing director and chief executive Tan Sri Leong Hoy Kum said this is the company’s sixth project in Penang and the first on the mainland.

Among its projects in the state are Icon Residence, Southbay City, Southbay Plaza and The Loft.

The new development will offer link houses, linked semi-detached houses, semi-detached houses, townhouses and shops. It is expected to be completed in three to four years.

“We have been building our brand in the state since 2007 and we want to heed the government’s call to build properties for the middle-income segment as these products are in short supply in Penang,” he said in a statement yesterday.

“We have found a piece of land that is rightly priced with good payment terms, and we aim to build houses that are rightly priced as well.”

Mah Sing’s projects in Penang will yield remaining unbilled sales of about RM3.8 billion, representing 13 per cent of the company’s RM28.78 billion GDV and unbilled sales.

Source: Business Times