Penang State Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo stressed that the provision and supply of affordable housing in Penang should meet the standards and quality of housing.

Jagdeep said each of the State Government housing projects built either low cost (LC), low medium cost (LMC) or affordable housing (RMM) provided by the Penang Development Corporation (PDC) or private developers would need to meet a high level of quality standards.

“When it comes to providing affordable housing to the people, it means a comfortable and quality housing scheme with a conducive environment to ensure a better life.

“As such, we (the State Government) have directed PDC as the developer responsible for the state housing projects to ensure that each project being developed is in good condition before the key is delivered to the buyer,” he said. Assemblyman Datuk Keramat while on a working visit to two Residential affordable housing projects in Teluk Kumbar yesterday morning.

He reiterated that he had received a lot of complaints from buyers of affordable housing projects near S.P.Chelliah.

To ensure quality standards are adhered to, Jagdeep has announced that he will hold a meeting with representatives of private developers responsible for developing affordable housing in the near future.

“Due to the (S.P.Chelliah) issue, I have decided to meet with all the responsible developers to ensure that affordable housing projects under the State and private governments will not have the same problem.

“I will hold discussions with them (private developers), we (the State Government) will give warnings again so that all guidelines and quality are met.

“If they want to use the incentives for the construction of affordable housing (the State Government), they must first ensure that the quality of the final product developed is top notch” he said.

It is understood that Duo Residensi comprising 346 low-medium cost, 348 affordable and seven commercial units have been completed by the PDC and are awaiting approval from relevant departments before the CCC is expected by December.

Jagdeep further said that the Duo Residensi project is also expected to receive Qlassic score from CIDB Malaysia.

“The PDC’s Suria 1 housing project in Cassia, which has been developed by PDC, has received a 74% Qlassic score, so the project (Duo Residensi) is expected to be the same after the CCC is obtained.

“Qlassic is a benchmark in determining the quality of construction as well as measuring the performance and quality of developers,” he said.

Source: Buletin Mutiara

A newly proposed commercial high-rise development by CT Ceria Sdn. Bhd. in the heart of George Town. It is strategically located on a 1-acre land along Jalan Anson, adjacent to Penang’s National Registration Department building. The land is currently occupied by a 2-storey heritage building.

This development will see the restoration of the existing heritage building and construction of a 33-storey serviced residence with commercial lots located at lower levels. The building will feature wellness concept with healthcare and medical facilities.

Project is still pending for approval. More details to be available upon official launch.

Project Name : (to be confirmed)
Location : George Town, Penang
Property Type : Serviced residence
Built-up Size: (to be confirmed)
Land Area: 1 acre
Total Unit: 198
Indicative Price : (to be confirmed)
Developer : CT Ceria Sdn. Bhd.

Location Map:

The government is anticipated to ink the development agreement for the long-held up controversial Penang tunnel project today morning just before the Budget 2020 tabling, sources said.

The RM6.34 billion project will be signed between the Penang state government and the main contractor, Consortium Zenith Construction Sdn Bhd, reported The Star yesterday.

Immediately after the signing, work can commence with the first phase or Package 2, comprising the 5.7-km Ayer Itam-Lebuhraya Tun Dr Lim Chong Eu bypass, within a construction period of 36 months.

The signing ceremony for this development would be held by next week, when further details are expected to be revealed, cited the sources.

Source: EdgeProp.my

Rent-To-Own scheme

To assist those who are unable to pay 10% deposit and to secure the access of home purchase financing, the government will be working with financial institutions to introduce a Rent-To-Own (RTO) scheme.

Through this scheme, RM10 billion financing will be provided by financial institutions with the government’s support through a guarantee provision of 30% or RM3 billion.

This RTO scheme is open to the purchase of a first home worth up to RM500,000.

Under this programme, the applicant will rent a house for a period of up to five years and after a year, he/she will be given the option to purchase the relevant residential house at a fixed price when the rental agreement is signed.

The government will also provide the full exemption of stamp duty on transfer instruments between developers and financial institutions, as well as between financial institutions and the prospective buyers.

Lower foreign buying threshold in urban areas

To reduce the high number of unsold condominiums and apartments amounting to RM8.3 billion in the second quarter of 2019, the government will lower the foreign buying threshold for condominiums and apartments in urban areas from RM1 million to RM600,000 in 2020.

Youth housing scheme

To help the youth own their first home, Putrajaya will extend the youth housing scheme conducted by BSN from 1 January 2020 until 31 December 2021.

The scheme also offers a 10% loan guarantee through Cagamas to enable the borrower to obtain full financing and assistance of a monthly installment of RM200 per month for the first two years, limited to 10,000 units of houses.

RPGT tweaked

In response to the public’s views on the Real Property Gain Tax (RPGT) imposed on disposal of properties after five years, RPGT treatment will be enhanced by revising the base year for asset acquisition at 1 January 2013 for assets acquired before 1 January 2013 as compared to the previous base year of 1 January 2000.

Home Ownership Campaign

To date, approximately 21,000 homes worth RM13.44 billion were successfully sold under this campaign which exceeded the initial sales target of RM3 billion.

Bank Negara Affordable Housing Fund

As at September 2019, a total of 2,840 applications amounting to RM472.7 million were received.

The approval rate is 77.9%, with 982 total applications worth RM156.2 million being approved.

Making sure the lifts are safe

The government cares about the state of low and medium-cost stratified houses that are not properly maintained. In 2020, the government will allocate a total of RM100 million to ensure that the services of elevator, electrical wiring, sewerage pipes and roofing are safe and in good condition.

Source: EdgeProp.my

After a six-year wait, the Penang government has inked the Bandar Baru Air Itam to Tun Dr Lim Chong Eu Expressway bypass road deal.

Costing RM851mil, the 5.7km road is the second package of the three paired roads package under the RM6.3bil undersea tunnel project. Work is scheduled to begin on Oct 31.

Chief Minister Chow Kon Yeow signed the sub-agreement to kickstart the project with Consortium Zenith Construction Sdn Bhd (CZC) chairman Tan Sri Azmi Khalid at Komtar on Friday (Oct 11).

CZC won the concession in an open tender in 2013, where cost of the tunnel and the three road projects are to be paid through rights to 44.5ha of land in Gurney Wharf.

Chow said the road project would take three years to complete and 70% would improve traffic dispersal in areas that are grid-locked during peak hours.

The three roads project are from Air Itam to the Tun Dr Lim Chong Eu Expressway (5.7km); Tanjung Bungah to Teluk Bahang (10.53km); and Jalan Pangkor-Gurney Drive junction to Tun Dr Lim Chong Eu Expressway (4.1km).

The 7.2km undersea tunnel will connect George Town’s Pangkor Road and Bagan Ajam in Butterworth. It is scheduled to begin in 2023.

Source: TheStar.com.my

Picture for illustration only

Penang Hill Corporation (PHC) general manager Datuk L.L. Cheok said only the best and latest technologies in the world would be used to ensure safety and a truly pleasant experience for the passengers.

“Although the allocation has been proposed, the project is still subject to a pre-feasibility study and later a technical feasibility study.

“The tender process of the pre-feasibility study is now in progress, ” he said.

“With modern technology, there will be minimal tree-cutting involved to build the cable car towers. In cable car rides around the world, it is proven that passengers enjoy riding across woodlands, so we must preserve the natural environment as much as possible, ” he said.

Malaysian Association of Tour and Travel Agents president Datuk K.L. Tan also praised the Federal Government for allocating the RM100mil, saying that it was an excellent boost for Penang tourism.

Malaysian Association of Hotels Penang chairman Khoo Boo Lim also hailed the allocation as a major step to improving logistics and facilities here to help enhance the experience for tourists.

Penang Tourist Guides Association president P.C. Chin said she was curious to know where the cable car will begin.

“The traffic congestion at the foot of Penang Hill’s train needs to be fixed and we would like to know if the cable car will begin at Batu Ferringhi or City Park as discussed before, ” she added.

State tourism, arts, culture and heritage committee chairman Yeoh Soon Hin said Penang Hill is one of the most popular tourist attractions here and it is packed with people queuing up for the train during long weekends and holidays.

“Having a new cable car will definitely solve this age-old problem. Tourists will enjoy a different mode of transport up the hill, ” he said.

Source: TheStar.com.my

Residents at high-rise buildings without strata titles, where there are also offices and retail lots, will now pay service or maintenance charges according to a fixed formula following a landmark court decision.

The Court of Appeal held that the Joint Management Body (JMB) committees of high-rise buildings are not allowed to charge different rates on owners in any mixed development projects.

It overturned a High Court decision that JMB had power under the Strata Management Act to determine or fix different rates of service or maintenance charges for

different parcels in a mixed development.

“Mixed development projects usually comprised residential and office units, retail lots and carparks.

“There had been a grave disparity in the maintenance or service charges imposed by the JMB on property owners.

“With this decision, each property owner will pay a single maintenance or service charge rate in proportion with their share of the unit in the property.

“The JMB can only determine and fix one consistent rate of service or maintenance charges for all properties within the strata development, ” he told The Star.

This court judgment, he said, was a welcome decision for those owning properties in mixed development projects, where they are subjected to different rates of maintenance or service charges.

“Dwellers are often at the mercy of those with a larger share of the units. Unreasonable maintenance or service charge rates are imposed on the minority share unit holders, ” he said.

By virtue of their greater share of the units held by retail and carpark owners, Joy said these owners could control the election and decisions of the JMB at the expense of the minority.

He noted that all JMB should now observe charging a flat rate effective immediately provided for under the Strata Management Act and the ruling or risk breaching the law.

JMB that do not comply can be referred to the Commissioner of Buildings (CoB) under the local councils, he added.

Joy said the judgment stemmed from a case between an individual parcel owner and the Menara Rajawali JMB as well as Denflow Sdn Bhd, the carpark owner of Menara Rajawali in Subang Jaya.

“The owner was dissatisfied with the JMB and the company’s decision in allowing lower maintenance charges imposed on owners with a substantial share of the units.

“On Jan 26 last year, we initiated a case against the JMB and the company, ” said Joy, who was one of the counsels representing the owner.

The case was brought to the Court of Appeal in October last year after the High Court dismissed the case in September.

The Court of Appeal unanimously held that the Act does not confer any power to the JMB or joint management committee to fix different rates of service or maintenance charges for different parcels in a mixed development.

It also held that Section 21 of the Act only accords the JMB the power to determine, impose and collect the charges from parcel owners in proportion to the allocated share units of their respective parcels.

When asked if high-rise property owners will pay less maintenance or service fees following the ruling, Joy said it would depend on the cost of maintenance of the common property of the high rise building.

“Property owner will now contribute in proportion to their share of units.

“In other words, the formula should be – the total cost of maintenance of the common property of the high rise property divided by the total amount of share units, multiply the number of share units for each property, ” he said.

Citing the Menara Rajawali case, where condo and retail owners before this paid RM2.80 per share unit while the carpark owner paid only half, Joy said all the property owners would now pay the same rate of RM2.80.

When contacted, SPOAS chairman Law Hock Hua said a majority of high-rise properties in Malaysia were without strata titles.

“Even after the owners of a property have obtained strata titles, less than 25% of them have the titles. So the property is still bound by the Court of Appeal’s ruling.

“This landmark ruling will likely benefit individual residential owners in a mixed development who are paying higher maintenance charges than owners of offices and retail outlets, ” he said.

Source: TheStar.com.my

The move to lower the threshold for foreigners to buy condominiums and apartments in urban areas from RM1mil to RM600,000 is only applicable to existing unsold units, says Finance Minister Lim Guan Eng.

He said the measure announced in the 2020 Budget, effective from Jan 1 to Dec 31 next year, does not cover new projects that are yet to be launched.

“Existing units that have not been sold are the residential units that do not interest local buyers. Hence the relaxation in the form of lower foreign buying threshold for condominiums and apartments will not deny the rights of local buyers, ” he said in a statement Sunday (Oct 13).

Lim said the move is expected to benefit the property sector without being detrimental to Malaysians’ interest.

Lim explained that the proposal was made to reduce the supply overhang in condominiums and apartments amounting to RM8.3bil as of the second quarter of 2019.

“If the units are able to be sold, it will produce a direct spillover effect on the country’s economy, ” he said.

Lim added that the Finance Ministry will monitor continuously the implementation of the measure to ensure that it achieves its objective.

Source: Bernama

Proposed future development in Jesselton Villas neighborhood by Berjaya Land Development Sdn. Bhd. at Penang Turf Club.  Strategically located along Jalan Batu Gantung, this development is surrounded by the affluent neighbourhoods namely Western Gardens, Jesselton Heights and Pulau Tikus. Kensington Gardens was the first parcel launched three years ago, comprises 68 bungalow lots with built-ups of between 5,995 and 9,634 sq ft.

The proposed development for parcel 2 to 5 comprises:

Parcel 2

• Courtyard villas (low-rise condominiums) with built-ups ranging from 2,800 sq.ft. onwards. (222 units)

Parcel 3

• 32-storey low-medium cost apartments known as Mutiara Jesselton. (505 units)

Parcel 4

• Affordable housing (271 units)

Parcel 5

• Condominium (1,380 units)

Project is still pending for approval. More details to be available upon official launch.

Project Name : (to be confirmed)
Location : Penang Turf Club
Property Type : Mixed development
Built-up Size: (to be confirmed)
Indicative Price : (to be confirmed)
Developer : Berjaya Land Deveploment Sdn. Bhd.

Location Map:

About City of Dreams

A freehold luxury lifestyle development at Seri Tanjung Pinang. The residential units come with size ranging from 1,000 sq.ft. onwards, with a well equipped kitchen accessories. Resident can also enjoy a wide range of luxury facilities such as private lift, private lobby, yacht services, Rolls Royce limousine, private bowling alley, private cinema, sky lounge, sky pool and many more.

Find out more about City of Dreams

The Penang government is hoping to call for an open tender for the Penang Transport Master Plan (PTMP) projects in the second half of next year.

Chief Minister Chow Kon Yeow said the state and the project delivery partner were looking at the financial structure and other aspects of the PTMP.

“The second half (target) is more realistic. The first half is a bit too soon.

“We welcome those interested to put in their proposals and their bids (when the tender is called) so that the government can choose the best ‘solution’ to help us realise the projects under the PTMP.

“I believe that there will be many consortium of companies that will be interested,” Chow told reporters after delivering his keynote address at the Penang Transport Forum 2019: Unlocking Mobility in Penang Through Rail at St Giles Wembley Hotel in George Town today.

Chow was referring to the Penang South Reclamation (PSR), Pan Island Link 1 (PIL1) and Bayan Lepas LRT projects.

“Like it or not, it (the PSR) is the financial model to support the (other) two projects.

“The three projects (PSR, PIL1 and Bayan Lepas LRT) are ‘bundled together’,” Chow said, adding that several consortium of companies and banks had expressed interest in taking part in the projects.

Chow said that works within each project could be packaged out.

“Works such as the civil structural works, the system, and others can be packaged out.

“We have no restriction on foreign companies bidding for the projects. They may also work together with local companies. I believe that the projects are quite big.

“Of course, we welcome local participation,” he said.

Chow said that the PTMP is viable.

“If the PTMP is not viable, companies and banks would not have come forward and they would not have formed consortiums to arrange the financing of the projects.

“This gives us the confidence to move ahead since it is financially possible to deliver the PTMP projects,” he added.

Source: Buletin Mutiara

The Penang government has reminded developers of the importance of building affordable homes following the supply overhang of high-end condominiums and apartments.

“When they build houses worth millions which people cannot afford, an overhang is caused and the government has to come up with a new policy to address it.

“The developers should look at the high demand for affordable homes,” said state local government, housing, town and country planning committee chairman Jagdeep Singh Deo.

He was speaking to reporters after attending the Local Government Empowerment Convention in conjunction with the 7th Asia Pacific Urban Forum at the Setia SPICE Convention Centre in Bayan Lepas on Monday.

In Budget 2020, it was reported that the threshold on high-rise property prices in urban areas for foreign ownership would be lowered from RM1mil to RM600,000 meant to reduce supply overhang of condominiums and apartments.

Finance Minister Lim Guan Eng was quoted as saying the lower threshold was only applicable to existing unsold units, adding that it would not cover new projects that have yet to be launched.

The decision was to reduce the residential overhang amounting to 32,810 units as of June 30, 2019, valued at RM19.76bil, with condominiums making up 42% of the total value, or RM8.3bil.

Jagdeep said that in Penang, the minimum price for foreign purchases was RM3mil for landed property and RM1mil for condominiums on the island, while on the mainland, the threshold was set at RM1mil for landed property and RM500,000 for condominiums.

He said he would bring up the newly announced policy at the state exco meeting for consideration.

At the same event, Housing and Local Government Minister Zuraida Kamaruddin said every state could set their respective guidelines for minimum price range as different states have different property costs.

“I have no problems with Penang having their own guidelines, to suit their situation.

“They know the suitable threshold for their state. Hence, they can amend it,” she said after launching the convention.

On another matter, Jagdeep said he welcomed the RM10bil allocation for the Rent-To-Own (RTO) financing scheme as announced in the Budget 2020.

He, however, hoped the Federal Government would give priority to buyers from the low-income group.

“The scheme is to overcome the high loan rejection rate, especially in the low-income group who want to buy houses under the low-cost, low medium-cost and affordable categories,” he said.

Lim had earlier said the government would work with financial institutions to implement RTOs to help those who are unable to afford the initial 10% deposit to buy their homes.

“Through this scheme, for the purchase of the first home of up to RM500,000, financing of up to RM10bil will be provided by the financial institutions with support from the government via a 30% or RM3bil guarantee,” Lim said while tabling Budget 2020 on Friday.

Meanwhile, Zuraida said her ministry was planning to extend the councillors’ term period to five years.

“The current one or two years is insufficient for the councillors to carry out their duties effectively.

“The existing period is also insufficient to learn and use the knowledge they have to serve the people.

“This means the local councils will not be able to improve,” she said.

Source: TheStar.com.my

The Penang government is in the midst of studying a proposal to build a cable car project from the recreational park in Penang Botanic Gardens to The Habitat in Penang Hill.

Chief Minister Chow Kon Yeow said the proposal was to build the cable car alignment from Rifle Club at Penang Botanic Gardens up to the entrance of The Habitat.

“The plan is to have eight to 10 pylons from the park to the hilltop.

“In fact, the Penang Hill Corporation (PHC) has appointed a local consultant to conduct a pre-feasibility study of the project.

“There are also other alignments to be involved, which is from Penang Hill to Teluk Bahang.

“However, at this stage, the state is looking at connecting Penang Hill to Penang Botanic Gardens,” he told a press conference after attending a luncheon dialogue session with Malaysian International Chamber of Commerce and Industry at St Giles Wembley Hotel today.

In the recent Budget 2020, the Federal Government had allocated RM100 million to the state government to build a new cable car project with any additional costs incurred to be borne by the state.

Chow added that the project initiative was mooted by his predecessor Lim Guan Eng.

In a related development, Chow said there would be adjustments to the cable car project linking island and mainland.

He said the adjustments to the alignment were from the Noordin Street Ghaut station to a place near the ferry terminal.

“It is still on track,” he added.

Chow also revealed that the state and Rapid Penang were reviewing the free bus services. He pointed out that there were many empty seats on buses plying many of the routes.

“It incurs the state and Rapid Penang up to RM17 million annually for the free bus services,” he said, adding that it would be reviewed to provide a better service to commuters.

Earlier, the dialogue session was held to discuss the public transportation network which was moderated by ThinkCity Berhad programme director Murali Ram while the panelists included Prasarana Malaysia Berhad group chief operating officer Muhammad Nizam Alias, Globetronics Technology Berhad chief executive officer Datuk Heng Huck Lee, Gamuda Berhad Transport Planning director Ooi Peng Hong and Chow.

Various modes of public transportation, including their benefits to the people, and suggestions on solving traffic woes were brought up during the event.

Those present also took the opportunity to ask the panelists questions pertaining to the state’s transportation system.

Source: Buletin Mutiara

A total 56 development projects under the PR1MA Corporation Malaysia (PR1MA), valued at RM9.98 billion have been cancelled, the Housing and Local Government Ministry (KPKT) said.

The ministry, in a written reply published in the Parliament website yesterday, said the amount was part of the 131 projects that had earlier been planned with a total value of RM25.64 billion.

Following due-diligence on PR1MA’s policies, finances and business model, it was found that the corporation had to improve its financial situation to continue existing projects being carried out, the ministry said.

“Evaluation done showed only 75 phases were viable of being continued,” the ministry said in its reply to Akmal Nasrullah Mohd Nasir (PH-Johor Bahru), who wanted to know the current direction PR1MA was taking and solutions to be taken as recommended by the evaluation report.

The ministry said construction was now at more than 50% for all the ongoing projects and have Advertising Permit and Developer Licenses (APDL).

A quick check at PR1MA website shows that Residensi Batu Ferringhi and Residensi Permatang Pauh in Penang are not affected. However, PR1MA @ Bukit Gelugor has already been removed from the website.

Source: Bernama

Of 16,140 feedback received on the proposed light rail transit (LRT) project for Penang, only 2.35% objected.

Chief Minister Chow Kon Yeow said the feedback were obtained through a questionaire in conjunction with a public display put up on Aug 19 on the proposed project. He stressed that the state government played no part in preparing the questionaire.

According to him, the Land Public Transport Agency (APAD) during a meeting on Oct 10 requested project delivery partner, SRS Consortium to present the first month public feedback report.

“We received a total of 16,140 feedback, out of which 15,760 supported the LRT project while 380 or 2.35% objected,” he told reporters here today.

Details on the proposed project are being displayed for public scrutiny until Nov 19 at APAD’s offices in Penang and Kuala Lumpur, at Level Three in Komtar and at Seberang Perai Municipal Council (MPSP) in Bandar Perda.

A mobile booth will be set up to cover six other locations at different periods such as at Tesco E-Gate, Penang International Airport, Sunshine Square, Sungai Nibong Bus Terminal, Penang Sentral in Butterworth and Penang Skills Development Centre.

Chow who is also Padang Kota assemblyman said the public had the right to object to the project when answering the questionnaire during the public display.

He rebutted a non-governmental organisation’s claim that the questions prepared during the public display were engineered in a way that only positive feedback would be received.

“Those who respond can respond in any way they like, because if you don’t support, you can say you don’t support. It’s not a 100% Yes scenario; of course at this moment, we will have to look at every complaint even if it is No why no, even if it is yes why yes,” he said.

The rail line for the LRT project will cover 29.9km and 27 stations, running from Komtar to Penang International Airport and to the three future reclaimed islands in the south of Penang, estimated to cost RM8 billion.

It is a state-initiated project under the Penang Transport Master Plan (PTMP) to solve the state’s traffic woes, which is expected to cost an estimated RM46 billion.

Penanng Property Talk speaks to Penang CM on 29 Aug 2019

Source: Bernama.com

Sectional handover of the 131.09-acre Gurney foreshore reclamation project has started this month with the first eight acres of land handed over to the Penang government on Oct 7.

The full handover is scheduled to be completed by mid-September next year (2020), barring any unforeseen circumstances.

In accordance to the Concession Agreement inked between the state and Tanjung Pinang Development Sdn Bhd (TPD), the company is to reclaim, at its own cost, and handover 131.09 acres of reclaimed land along the Gurney foreshore to the Penang government by December 2022.

TPD is a subsidiary of Eastern & Oriental Berhad.

The Penang government has earmarked a public realm called Gurney Wharf, within the 131.09 acres.

Some 15 delegates from the Penang government were briefed on the progress of the Gurney Foreshore reclamation project in Tanjung Tokong here.

The dignitaries, led by Chief Minister Chow Kon Yeow, were being updated on the project at the Seri Tanjung Pinang sales gallery in Seri Tanjung Pinang today.

Fully equipped with personal protective equipment, the group was brought to the reclamation site via four-wheel drive vehicles.

The entire briefing and site visit took approximately two hours.

Among those present were Deputy Chief Minister II Prof Dr P. Ramasamy, state executive council members Jagdeep Singh Deo, Chong Eng, Yeoh Soon Hin, Datuk Abdul Halim Hussain, Soon Lip Chee and Phee Boon Poh, Pulau Tikus assemblyman Chris Lee, State Financial Officer Datuk Sarul Bahiyah Abu and Chief Minister Incorporated (CMI) deputy general manager S. Bharathi.

Source: Buletin Mutiara

The Penang government will hold a discussion on the Federal Government’s proposal of reducing the minimum threshold for foreign property purchases to RM600,000.

State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the state executive councillors would discuss the issue before making a formal announcement.

“Let us discuss whether to adopt it or not.

“According to the Housing and Local Government Minister Zuraida Kamaruddin, all the states are allowed to set their respective threshold,” he told a press conference at Komtar today.

Also present were Chief Minister Chow Kon Yeow and other state executive councillors.

Finance Minister Lim Guan Eng had in Budget 2020 stated that the move to lower the threshold for foreigners to buy apartments and condominiums from RM1 million to RM600,000 was to address overhang issues.

Jagdeep added that foreigners could get to buy stratified properties above RM500,000 and landed properties above RM1 million on mainland.

“The current threshold for stratified properties on mainland is even lower than RM600,000 threshold set by the Federal Government,” he said.

Source: Buletin Mutiara

About 3 Residence

Mixed development by IJM Land at Sungai Pinang. It is strategically located along Lebuh Sungai Pinang 1, easily accessible via Tun Dr. Lim Chong Eu Expressway.  It offers a mix of residential and commercial components, which comprises a 47-storey skyscraper, hotel and shop offices.

Find out more about 3 Residence

The Penang government has proposed that the price threshold for foreigners to purchase urban high-end properties in the state to be set at RM800,000, compared to RM600,000 announced by Finance Minister Lim Guan Eng during the 2020 Budget.

Penang’s Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo (pix) said the reduction in price threshold for foreign property buyers should only apply for a period of six months instead of one year as tabled during the budget.

“Finance Minister Lim Guan Eng’s purpose in reducing the threshold for foreigners (purchasing built condominiums) from RM1 million to RM600,000 was to tackle the property overhang issue in the country, but in Penang, the (property overhang) issue is manageable,” he told a media conference here today.

He said the unsold property in Penang had been decreasing from 3,916 units in 2017 to 3,502 units in 2018, whereas it was increasing in other states such as Johor (4,376 to 6,066 units between the year 2017-2018) and Selangor (3,713 to 4,623 units).

“The suggestion was discussed with the state Chief Minister (Chow Kon Yeow) and will be further discussed and confirmed later during the next state exco meeting,” he said.

Meanwhile, Jagdeep also commented on the Rent to Own (RTO) financing scheme that was also tabled by Lim during the 2020 Budget.

The RTO scheme according to him, should prioritise first-time homebuyers to buy low cost and low-medium cost units valued at RM42,000 and RM72,500 respectively, as well as the affordable housing at RM150,000.

“However, according to the Budget 2020 announcement, the RTO scheme applied to properties valued of up to RM500,000, (which) to me, those who can afford that much do not really need to be helped,” he added.

Source: Bernama

Alma Residence, a gated and guarded development by Frasers Global Sdn. Bhd. at Alma in Bukit Mertajam. Located near Jalan Sejahtera 1, next to Taman Alma Jaya. It is just a mere minutes drive to AEON Mall and Tesco Hypermarket.

This development comprises 24 units of 3-storey semi-detached houses. It would be very interesting to see how these houses can be designed to fit into this narrow lot of land.

More details to be available upon official launch.

Project Name: Alma Residence
Location : Alma, Bukit Mertajam, Penang
Property Type : 3-storey semi-detached (gated & guarded)
Total Unit: 24
Built-up Area: (to be confirmed)
Indicative Price: RM1,000,000 onwards
Developer: Frasers Global Sdn. Bhd. (Starise Group)

Location Map: