The Rise (was known as Chelliah Park City), an affordable housing scheme by Penang State Government. Zubicon Sdn Bhd has been awarded the tender to build 1,900 units of affordable housing at Jalan S.P. Chelliah in Georgetown. This housing scheme comprises units with size ranging from 700 sq.ft onwards. Here are the summary of units available for each category:

Zubicon has proposed the concept of sustainable and self-contained compact development which would fit into a central business district, consisting of RM 25 million worth of public facilities that include a linear park, a 70 percent green space and the improvement of Sungai Pinang.

The public facilities include a linear park and beautification of Sungai Pinang, bus terminal, bicycle lane and pedestrian walkway and also a surau.

READ MORE ABOUT AFFORDABLE HOUSING:

• Eligibility and the requirement of buying affordable housing
• Full list of affordable housing in Penang

For registration details, you may refer to http://erumah.penang.gov.my/

Property Name: The Rise (previously known as Chelliah Park City)
Location : Jalan S.P. Chelliah, Georgetown, Penang
Property Type : Mixed development
Built-up Area: 700 sq.ft. – 1,000 sq.ft.
Developer : Zubicon Sdn Bhd

Location Map:

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Hot spots include Batu Maung, Bayan Lepas, George Town, Tanjung Bungah, Teluk Bahang, as well as areas around five new proposed highways.

“Despite uncertainties in both external  global economy and internal political risks that have caused some investors to slow down in the short term, market analysts believe that the cautiously optimistic trend will continue in 2013 with a stable and positive outlook (in medium to long term) for Penang’s property market, sustained by healthy core demand, manageable mortgage rates, and positive economic growth,” says Henry Butcher Malaysia (Penang) director Jason Teoh, interviewed in conjuction with the upcomingMalaysian Secondary Property Exhibition (Maspex) 2013.

“An active residential sub-sector will continue to spearhead the market, though it might experience less buzz compared to the previous year.”

“On the island, the hot spot or corridor of opportunities would be in Batu Maung, Bayan Lepas, George Town, Tanjung Bungah and Teluk Bahang areas.  On the mainland, the investors would be able to get residential properties that are relatively cheap with low density at strategic locations.  A new enabler – the second Penang Bridge, will appear in the landscape of Penang soon in the third quarter of this year.  The opportunities may arise not only on the island but on the mainland as well.  Investors perhaps could look into and analyse the future potential opportunities of the land banks around the intersection of the North-South Highway and the second Penang Bridge,” Teoh advised.

He continued, “Areas around the five new proposed highways under the “Recommended Penang Transport Master Plan Strategy, 2013”, namely, George Town Outer Bypass, The North Coast Pair Road, The Air Itam – Relau Pair Road, The North-South Expressway Link Road, Third Sea Crossing, could be the potential hot locations for the property market in the near future.”

Penang has been one of the most dynamic real estate markets in Malaysia, as most property watchers are aware of.  “The volume and value of property transactions grew at a cumulative average growth rate of 8.4% and 13.2% respectively, from 1999-2011.  These were even higher from 2009-2011, reaching 20.1% and 26.0% respectively.”

Chart 1: Penang – House Price Index by Type, 1999 – 2012 Q3 (P). Source: Ministry of Finance, Malaysia / Henry Butcher Research

Of all property types, terraced houses have increased in price the most over the last few years. Its price index from 1999 to Q3 2012 (P) can be seen in the graph above to have hiked higher than other type of properties.

Another type of property that is in hot demand, with potential capital appreciation, is pre-war heritage shophouses.  The price index of pre-war properties in George Town started to soar after 1999 (chart below).

Chart 2: Penang – Price Index of Pre-war Heritage Property, 1980 – 2012. Source: HB Research

Teoh believes that the demand for properties in both the new and secondary market will continue to grow and appeal to a wider segment of local and international buyers.

He added, “Furthermore, slightly more than one-third of the total 1.61 million population in Penang are from the age of 25 to 44, indicating that we are still in need of a fairly large number of houses or residential properties each year. Nevertheless, the developers have to be more versatile and build according to the changing trends and needs of the market.”

Henry Butcher Malaysia (Penang) has been providing real estate solutions to government, commerce and industry in Malaysia for more than 20 years, says Teoh. It calls itself a “one-stop” provider, offering a comprehensive range of services.

Maspex 2013 will be held over the weekend of April 12 to 14, at the concourse of Tropicana City Mall, PJ. Organised by the Malaysian Institute of Estate Agents (MIEA), it will feature booths by 32 real estate agencies with photos and presentations of previously owned properties for sale.

Other participating agencies include Reapfield Shah Alam which talks to StarProperty.my about Shah Alam hot spots, as well as Property Hub Sdn Bhd which talks to us about how many buyers are anticipating a price correction.

Source: StarProperty.my

PETALING JAYA: The Malaysian Institute of Estate Agents (MIEA) is targeting the transaction value of the secondary property market to increase by between 5% and 8% this year.

MIEA president Nixon Paul says: “Historically, the transaction value would increase at about that range every year.”

Speaking at a press conference on theMalaysian Secondary Property Exhibition (Maspex) 2013, Paul said for this year, the market would see a dramatic increase in residential properties priced from RM300,000 to RM700,000.

MIEA will be organising the inauguralMaspex 2013, featuring 32 real estate agencies from April 12 to April 14 at the Tropicana City Mall here.

“We are targeting at least 3,000 visitors per day. Property exhibitions are always a big draw,” said Paul.

“On average, the secondary market offers more than a 30% discount when compared with new properties,” he added, noting that the secondary property market guaranteed a mature location, with all conveniences thrown in such as public transportation.

Paul also said the exhibition provided a platform to better serve the public and further assist MIEA members to enhance their business activities.

Also present was MIEA deputy president Siva Shanker, who said that in terms of the volume of residential property transactions in Malaysia, the secondary market accounted for almost 87% of the total transaction in the first half of 2012.

“The primary market seems to be over-represented, in terms of advertisements, exposure as well as exhibitions,” he observed.

He expected residential terrace houses and semi-Ds to continue to be best-sellers in 2013. Meanwhile, the condominium market is expected to play catch-up, courtesy of government initiatives.

Source: StarProperty.my

Setia Sky Vista, a condominium development within Setia Vista in Relau by SP Setia. Comprises two 30 & 34-storey towers that house a total of 426 residential units. These units come in built-up sizes ranging from 926 sq.ft. onwards.

Property Project : Setia Sky Vista
Location : Setia Vista, Relau, Penang
Property Type : Condominium
Built-up Area: 926 sq.ft. onwards
Total Units : 426
Indicative Price : RM470 psf. onwards
Developer : SP Setia

Location Map:

NUMEROUS certified and qualified industry professionals have been engaged by Sunway City (Penang) Sdn Bhd in the string of planning, assessment and studies conducted to ensure the safety of a hillside development project in Sungai Ara, Penang.

In a press statement issued on Friday, the developer said it had fulfilled the necessary requirements and submitted official reports conducted by professional bodies and authorities together with other required documents for approval.

“In order to avoid inaccurate information being fed to the public, as well as to avoid further confusion, the public is advised to request access to the official approved documents from the relevant authorities,” the statement read.

Sunway City (Penang) also said it had conducted in-depth and intensive studies before submitting the layout plan for the project including traffic impact studies and an Environmental Impact Assessment.

“Sunway City (Penang) was granted the approval only once it had met all the strict criteria and high standards set by the state government,” it said, adding that approval also came from several departments including the Land Hill Committee and the Department of Environment.

Last week, residents affected by Sunway City (Penang) project appealed to Chief Minister Lim Guan Eng to give a written assurance for a halt in hillside development in the area.

Sunrise Garden Kondominium management committee chairman S. Manuel Nicholas claimed that Lim had given verbal assurances twice last year to the residents that the project would not proceed.

“Once was in June and another in August. We also hope that the Penang Appeals Board will take into consideration the people’s concern,” he said.

The board’s hearing into objections by the residents against the project will continue on April 16 and 17.

Manuel had claimed that the project comprised 92 three-storey bungalows and 14 blocks of condominiums which will be built on 32.7ha of hill land.

Source: StarProperty.my