MOTORISTS travelling along the Tun Dr Lim Chong Eu Expressway in Penang should enjoy a smoother journey after the road-widening project is completed by end of this month.

Penang Chief Minister Lim Guan Eng said the project was carried out by IJM Corporation Bhd and the Malaysian Highway Authority.

“The expansion project to reduce the bottleneck traffic at the flyover near the exit of Penang Bridge on the island was carried out following complaints from workers (at the Free Industrial Zone) in Bayan Lepas,” he added.

He said this in his opening speech at the Free Industrial Zone Penang Companies’ Association annual meeting held at Equatorial Hotel on Tuesday.

The three-lane expansion near the Batu Uban marine police base started in January this year.

During his opening address, Lim also said the state government was now seeking open tenders for the construction of an undersea tunnel and three major roads that cost RM5.8bil.

The projects are 6.5km Gurney Drive-Bagan Ajam undersea tunnel, the 4.2km Gurney Drive-Lebuhraya Tun Dr Lim Chong Eu bypass, the 4.6km Lebuhraya Tun Dr Lim Chong Eu-Bandar Baru Air Itam bypass and a 12km road connec- ting Tanjung Bungah and Teluk Bahang.

Meanwhile, Lim said the short-term measures aimed at alleviating traffic congestion on the island by expanding Jalan Air Itam, upgrading of Lorong Batu Lanchang from Lebuhraya Thean Tek to Jalan Masjid Negeri, Jalan Gottlieb and Jalan Bagan Jermal were expected to be completed within three years.

Source: The Star

Beryl Garden, located on a small piece of land next to Jalan Pondok Upeh, within the established township of  Balik Pulau. Walking distance to all amenities such as wet market, Chong Teik school and Balik Pulau Town.

Property Project : Beryl Garden
Location : Balik Pulau, Penang
Property Type : 2-storey & 3-storey terrace
Tenure : Freehold
Total Units : 10
Developer : Evergreen One Sdn. Bhd.

Location Map:

Taman Impian Ria, strategically located within Alma township in Bukit Mertajam. Current phase of residential development by Asas Dunia Berhad comprises 62 unit of 2-storey terrace houses with two design types. Each unit comes with built-up area ranging from 2,009 sq.ft. onwards.

Property Project : Taman Impian Ria
Location : Alma, Bukit Mertajam, Penang
Property Type : 2-Storey Terrace
Built-up Area: 2,009 sq.ft. onwards
Land Area: 1,180 sq.ft. onwards
Tenure : Freehold
Total Units : 64
Indicative Price: RM 390,000 onwards
Developer : Asas Dunia Berhad

Location Map:

PETALING JAYA: Kenanga Research has downgraded the property development sector to a “neutral” rating from “overweight” previously, due to potential worse-than-expected Budget 2013 risks.

It noted that recent news reports had indicated that Budget 2013 would see measures to control the soaring prices of property, including tighter fiscal policies to curb speculation.

The research unit said it feared there would be hikes in buyers’ stamp duties as this would have an immediate impact on the physical market.

“However, across the board hikes in buyers’ stamp duty is unlikely as this will also hurt the first-time home owners’ market, unless the stamp duty hikes are tiered by pricings and first home-ownership status.”

It also did not expect any banking sector tightening measures.

In a report, Kenanga Research said it thought real property gains tax (RPGT) hikes were likelier.

“But RPGT hikes will have less physical impact on developers as the heftiest hike tends to be during the first two to three years holding period, which fell under the construction period.”

The research unit said if these restrictive measures were implemented, the Government might look to “neutralise” their negative impact on developers with an automatic release mechanism for bumiputra units and reviewing the low-cost housing requirement and framework. It also anticipated a near-term knee-jerk reaction on the share prices of public listed property developers, should restrictive measures on the sector be implemented.

“Even then, we still expect the physical market to continue in its current momentum given a liquid banking sector and attractive rates,” said the research unit.

Property developers’ earnings are also expected to continue to fare well in the next 12 months mainly due to favourable banking sector dynamics such as low financing rates and DIBS (developer interest bearing scheme) driving sales of new property launches.

“Hence, property developers will continue to chalk up decent sales as we believe the banking system favours new launches for system loans growth’ dynamics.”

Kenanga Research also said most property developers were meeting their sales target, except for UEM Land Holdings Bhd.

It said another reason for its sector downgrade was due to UEM Land being downgraded to a “market perform rating”, from “outperfrom” previously.

“Although we are bullish on the Johor property market and its 2012 tipping point events, UEM Land is trailing behind its 2012 sales target and may not be able to achieve it this year,” it said.

Source: The Star

The Peak, strategically located within the established township of Sungai Nibong, Penang. Comprises 2 blocks of 341 units condominium featuring a tension swimming pool which morphs into a 4 storey high waterfall as an entrance statement into the development. The facade is varied from floor to floor and unit to unit creating an illusion of randomness to its appearance.

Property Project : The Peak
Location : Sungai Nibong, Penang
Property Type : Condominium
Total Units : 341
Developer : SP Setia (Setia Promenade Sdn. Bhd.)