THE SMJK Heng Ee branch school building project in Sungai Tiram, Penang, is moving ahead.

The project’s special committee deputy chairman Datuk Alex Ooi(pic), who is also a director of the Heng Ee School Board, said land clearing works were currently being carried out on the 3.23ha plot.

He said ground works for the branch’s administrative building and surrounding infrastructure would start within two weeks.

Ooi is also the chief executive officer of Ideal Property Group which is contributing the administrative building as a corporate social responsiblity (CSR) project.

He said the company would proceed with the construction of the building while waiting for the land title for the plot to be transferred from Koperasi Tunas Muda Sungai Ara Bhd to the Heng Ee School Board before starting work on the rest of the school.

He said there had been confusion that construction would be delayed due to the transferring of the land title.

Ooi said the title had to be transferred in order to obtain federal funding for the school.

He said that a subdivision plan had been sent to the Land Office and it was expected to be approved by February next year for the title to be transferred.

Architect Datuk Richard Jong, whose firm East Design Architect Sdn Bhd is offering free building consultation, said the state government and Penang Municipal Council had done their best to expedite the construction of the school.

“The initial design of the school which was approved in February this year was scrapped as it was not up to standard,” he said.

He added that the rezoning proposal for the school was done on July 19 and approved about two months later on Sept 17.

“Our objective is to try to complete the school as soon as possible so we will be able to take in the first batch of students in Jan 2016,” Jong added.

A Heng Ee primary school will also be built on an adjacent 1.62ha plot.

Source: StarProperty.my

Hilir 37,  a luxury residential development by Airmas Groups, within the established township of Balik Pulau, Penang. This project comprises 37 units of two-storey bungalow houses.

Property Project : Hilir 37
Location : Balik Pulau, Penang
Property Type : 2-Storey Bungalow
Total Units: 37
Tenure : Freehold
Developer : Airmas Group
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The commissioning of power supply to the second Penang bridge has been completed.

All the street lights on the 24km-long bridge was lit up during an exercise yesterday.

It is understood that the bridge is expected to be completed by Nov 8 and will be opened to the public several days later.

Motorists will enjoy complimentary access for one month after its launch by Prime Minister Datuk Seri Najib Tun Razak. The toll rate has yet to be determined.

Tenaga Nasional Bhd Penang general manager Datuk Mohd Zahir Md Nagor said electricity to the bridge was supplied from the TNB station in Batu Maung on the island and from a newly built substation near the toll plaza in Batu Kawan here.

Jambatan Kedua Sdn Bhd (JKSB) acting construction director Hussin Mohammad said installation of the high-voltage cables began at the early stages of the bridge’s construction at Package 3C and Package 3A.

The bridge links Batu Kawan on the mainland with Batu Maung on the island and will be the longest bridge in South-East Asia.

The cost of the bridge, which was earlier stipulated at RM4.5bil, was RM50mil lower.

The excess funds have been used for landscaping and decorative lights at the main navigational span.

The colour and tempo of the decorative lights would change according to the country’s major festivals or celebrations, similar to those at the Incheon Bridge in South Korea.

Source: StarProperty.my

KOMTAR — arguably Penang’s best known landmark — will be revitalised to become one of the top tourism draws in the state.

PROPERTY consultants and analysts described the proposed new real property gains tax (RPGT) regime and the removal of the developers interest bearing scheme (DIBS) as both timely and much needed in view of the speculation in the property market of late.

All of them agree that the overall budget for the property sector is good and are of the view that the the new RPGT which imposes a 30% tax on gains within the first three years of disposal upon the signing of the sale and purchase agreement coupled with the removal of DIBS will help curb speculation.

The new RPGT, effective Jan 1, 2014, targets individuals and companies. It is a more stringent regime and has more bite than the previous regime.

Says BIMB property sector analyst Law Mei Chi: “Many have expected the RPGT. The impact will be on the secondary market and may slow down transactions. What is good from the budget vis-a-vis the property sector is the removal of DIBS.

“However, the increase in the RPGT might discourage some speculators but the strong holding power (of buyers) due to the low interest rate environment will provide a buffer for speculators to hold a property longer before disposing of it.

“The removal of DIBS may affect many high-end developers.”

Another analyst who declined to be named said he was “pleased” with the propertymeasures in the sense that they were “lower than expected”. “At least there was no reduction in the loan-to-value (LTV) ratio to 60% or a rise in stamp duties,” he explained.

As for the removal of DIBS, he said he was not at all worried about that impacting developers negatively, as “they (developers) can still circumvent (the removal) with rebates.”

Meanwhile, the Association of Valuers, Property Managers, Estate Agents & PropertyConsultants in the Private Sector Malaysia (PEPS) publicity chairman James Wongsaid the new regime was a more effective anti-speculation tool. The previous regime involved a 15% tax in the first two years of disposal.

“Property is a long-term investment and this new regime actually promotes long-term investment among investors and, at the same time, also helps to prevent excessive speculation,” Wong said.

“Government revenue will also increase. In 2011, the revenue received from RPGT was RM1.24bil and this involved a tax of 10% for the first two years.

“In 2012, RPGT revenue is estimated to be between RM1.5mil and RM2bil. This increase will help to bring more revenue to the government,” Wong said.

Wong said the 5% tax on companies and non-citizens was also significant as it involved disposal from the sixth and subsequent years.

“This will stamp bulk buying by foreigners with speculative intentions. However, it will also affect Iskandar Malaysia, if there is excessive speculation there but on a longer time, it will bring confidence into that market. In the interim, there may be a slight slowdown in sales but in six months to a year, it will self-correct.”

Source: StarProperty.my