As the effects of COVID-19 pandemic are felt around the world, property is undoubtedly one of the most impacted industries in Penang. Although CMCO is now lifted, the ongoing corresponding containment measures are expected to worsen the already slow and cautious property market here.

Looking back at the first quarter of 2020, Penang property market saw the continuation of a slowing market with quarterly residential transaction volume at its 5-year low. While the HOC played a role in easing the glut in the residential property market last year, it did not raise the consumers’ confidence which is the key factor in driving the recovery of the property sector. The data from NAPIC below shows a horizontal trend in property transactions and the continuous decline in the average transacted value for Penang residential segments through 2019, with a slight increase in Q1 2020.

The disruption of COVID-19 pandemic

The MCO which lasted for 2 months and the ongoing control measures are certainly stretching the sluggish property market. Demand is disrupted and supply is expected to be delayed. Many developers are likely to miss their completion deadlines. Few new launches are to be put on hold and some have been temporarily called off. Some will be facing strong headwinds ahead, especially those selling midrange products with low-profit margins.

Investors who have been generating income from their home-stay units have lost a few months of income, and their losses are likely to continue for several more months. Commercial property owners are pressured to slash their rental in bid to keep the tenants and some co-working spaces are closing down amid the new norm of social distancing. Several hotels ceased operations due to the gloomy business outlook.

Low-middle income earners hit hardest

The pandemic has also disproportionately affected low and middle-income workers, many of whom may have faced salary cut or job instability. This would have a direct impact on the demand for property, especially in the low and medium-cost category.

The situation will contribute to a decrease in property transactions for the remaining quarters in 2020. However, with a lower ratio of transactions in low and medium-cost housing, we are likely to see an increase in the average transacted price in the second half of 2020. This should not be perceived as rising house prices.

Property price falling with incentive by the government

Following the introduction of Penjana incentives, most developers are expected to lower their prices by 10%. Not to mention some of those who are already offering huge rebates and discounts in response to the decline in sales since early 2020.

This will also have a spillover effect on the sub-sale market, competing with the sale of developers’ unsold housing stock at a lower asking price. The real property gains tax (RPGT) exemption would be another motivating factor for owners to dispose their properties before 2021 at a reduced asking price.

While Penang Government is lowering affordable housing prices by 10%, but that will not have any material impact on the market in near-term as that is only applicable to new projects. Nonetheless, affordable housing will be cheaper when this takes place.

Is now a good time to invest in property?

Although our daily lives have been disrupted, property does not lose its attractiveness for investors as it is considered a stable investment in times of crisis. This is evidenced in the search trends report below from Google, indicating the search interest for property in Penang has rebounded to pre-crisis level after the MCO is lifted.

The Penjana incentives, which include the reintroduction of Home Ownership Campaign (HOC) and the removal of 70% financing limit for the 3rd housing loan, are expected to keep the property buying momentum going over the next several months.

For those who can afford, this would be the best time to scout for the right one as the property prices are expected to be softened, and owners in the sub-sale market are likely to lower their asking price.

Buy within your means, and only for long-term or own stay. If you are buying a commercial property for rental, it is time to rethink your investment strategy with a realistic target in mind. The new norm may or may not go away. For residential property, buying affordable housing for investment is not a wise choice for now as it will only get cheaper in the foreseeable future.

– Ken Lim
(Founder, PenangPropertyTalk.com)

Yet another proposed high-rise by G Land Development Sdn. Bhd. (a subsidiary of Hua Yang Bhd) at Prai. Strategically located along the ever-bustling Jalan Baru, next to the recently completed Meritus Residensi by the same company. It is about 5 minutes drive to Penang Bridge, with easy access to nearby amenities which include mails, colleges, eateries, and banks.

This development will see the construction of a 24-storey condominium, featuring 148 units of residential units with a 4-level multi-storey car park. There will also be 2 units of shop lots at ground level.

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

Project Name: (to be confirmed)
Location : Bukit Mertajam
Property Type : Condominium
Total Unit: 148
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer: G Land Development Sdn. Bhd. (Hua Yang Bhd)

Location Map:

About The Amarene

Part of Ideal Vision Park development by Ideal Homes in Bayan Lepas, Penang. This development is strategically located along Jalan Tun Dr. Awang, adjacent to Tree Sparina condominium. It is just a mere minutes drive to Straits International School and Penang International Airport. Featuring a 35-storey condominium that offers 410 residential units with built-up size ranges from 1,100 sq.ft to 1,200 sq.ft.

Find out more about The Amarene

The completion of the Penang Retirement Resort in Batu Gantong by the Penang Turf Club has been delayed to the fourth quarter of the year due to the Covid-19 pandemic.

The project was originally scheduled for completion this April.

It will be made up of a seven- storey block featuring 142 units including those offering full-time nursing care.

There will be 49 units offering assisted care and 77 offering independent living with sizes ranging from 414sq ft to 1,246sq ft.

The rest of the space will be used for a wellness spa.

All units will be occupied on a leased basis with meals provided, and residents will have the option of dining in their rooms or at the resort’s restaurant.

The site of the resort is less than 2km from several hospitals to provide the necessary support and back-up facilities.

However, the location is still away from heavy traffic, providing peace and calm for elderly residents.

The design of the resort is structured and organised to cater to senior citizens with various needs.

Facilities include a restaurant, wellness spa, physiotherapy room and mini cinema.

The services available for the residents include housekeeping, home medication management, personal assistant services, beauty services, round-the-clock security, excursions and shopping trips as well as an in-house convenience store.

There are also over 200 parking bays provided for residents and visitors.

Construction work is currently 95% finished with some external work such as landscaping as well as interior design yet to be completed.

The resort’s interior designer, Hybrid Designs’ principal Harinat Siriwan, is based in Melbourne, Australia and is currently unable to travel to oversee the progress of the development.

The resort is expected to be in operation a few months after its Certificate of Compliance and Completion is obtained.

Source: TheStar.com.my

A proposed extension to the existing M Summit 191 serviced residence by M Summit Global Sdn. Bhd. in George Town. It is strategically located along Jalan Magazine, immediately opposite Komtar and adjacent to St. Giles Wembley Hotel. Only a 10 minutes drive from Penang Bridge.

The new extension will feature a 13-storey tower, offering 34 serviced residence units and a rooftop swimming pool. There is also a function hall located at level 12.

Project Name: Summit 191 (extension)
Location : George Town
Property Type : Serviced residence
Total Unit: 34 (new phase)
Built-up Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer: M Summit Group

Location Map:

The Penang government today revealed plans to reclaim about 60ha off the Free Industrial Zone (FIZ) in Bayan Baru.

The project, themed “Linear Waterfront”, will begin from the Queensbay roundabout to the second bridge and will have an estimated gross development value of RM1 billion.

Based on an artist’s impression by project owners Penang Development Corporation, the project will have four oblong-shaped strips of reclaimed land attached to the coast of Penang island.

Announcing the project today, Chief Minister Chow Kon Yeow said it would effectively extend FIZ’s electronics-dominated industrial zone and, at the same time, build a new world-class township.

He said the state government would be calling for a request for proposal (RFP) from interested parties from July 31 to Sept 30 for consideration by the city council and other authorities.

Chow said the winning RfP would reclaim the land and be the master developer for the islands.

“The older FIZ itself is located on reclaimed land measuring 453ha from the Penang Bridge up to Batu Maung in the 1970s. Besides the FIZ, the reclaimed land has been used for other purposes as well.

“The new reclamation project will allow the industrial sector in Penang to develop further and will attract more international companies to invest.

“It must be noted that this Bayan Baru and FIZ townships have raised Penang’s economy for decades and also boosted the country’s foreign direct investments.

“So, I would like to call on those experienced, creative, innovative and qualified to participate in this project,” he said at a press conference at Komtar.

Chow said the proposed project had received preliminary approval from government technical agencies.

He said the project, when complete, would also see new fishermen’s wharves set up., adding that the existing jetties were derelict and needed improvement.

Chow said besides the extension of the industrial zone, the project would entail a waterfront resort encompassing hotels, restaurants, medical, commercial and mixed development.

He said the project would also increase the state government’s landbank in the long run.

Currently, a few reclamation projects are slated for Penang, the key one being the 1,620ha three-island Penang South Reclamation project.

The others include the Seri Tanjung Pinang 2 project measuring 307ha on the northeast of the island, of which 53ha are for the Gurney Wharf project off Gurney Drive.

On the mainland, a 650ha reclamation project off the waters of Bagan Ajam in Butterworth has been mooted but has not taken off.

Source: FreeMalaysiaToday.com

Penang will go ahead with its mega projects under the RM46bil Penang Transport Master Plan (PTMP) and also the RM100mil Penang Hill cable car project even without funding from the Federal Government.State Works Committee chairman Zairil Khir Johari said everything was still on schedule and any delay was only because of the Covid-19 movement control order.

“Yes, we have requested from the previous Federal Government to assist in the funding of the PTMP and we will continue to talk to the present government on this.

“For the Bayan Lepas Light Rail Transit (LRT) project, the model has always been to pay for the infrastructure project via land reclamation.

“No federal funding for this project is not an issue as we will raise the funds.

“Even for the cable car, there are always ways to do without federal funds. We are confident that all our projects will go on as planned, ” said Zairil yesterday.

Some RM100mil was allocated by the Pakatan Harapan government during Budget 2020 last October for the proposed Penang Hill cable car project.

However, Putrajaya announced early this month that it had cancelled the funding for the project after Perikatan Nasional took over the Federal Government.

Last year, Penang also wrote to the Federal Government to appeal for a RM10bil funding for the LRT and Pan Island Link (PIL 1), which are components of PTMP.

Former prime minister Tun Dr Mahathir Mohamad had then proposed to the state government to issue bonds to fund the Bayan Lepas LRT project.

The RM9bil LRT line will begin from Komtar and pass through Jelutong, Gelugor, Bayan Lepas and the Penang International Airport before ending at the Penang South Reclamation (PSR) near Teluk Kumbar.

The PSR is a proposed project to reclaim 1,821ha of the sea to create three islands south of the airport towards the east around Permatang Damar Laut.

The state has proposed to implement the PSR project to raise funds for the PTMP.

The state received the Environmental Impact Assessment approval in July last year with 72 conditions attached.

Chief Minister Chow Kon Yeow had earlier said that the state was still working on finalising the details of the project delivery partner agreement and trying to get confirmation from the Federal Government on providing guarantee for the PTMP’s financial arrangement with banks.

Source: TheStar.com.my

Sanctuary Village, the 7th phase of residential development at Permatang Sanctuary by IJM in Alma, Bukit Mertajam. Strategically located within an established neighbourhood, about 15-minute drive from Juru Auto-City and Penang Second Bridge. It is only a short drive to an abundance of amenities namely AEON Mall, Tesco Hypermarket, eateries, schools and banks. Neighbouring communities include Taman Impian Ria, Jesselton Hills, The Glades.

This latest development will feature a mix of semi-detach and bungalow units, with indicative price starting from RM907,000 onwards:

More details to be available upon official launch.

Other phases:

• Phase 1 – Sanctuary Garden
• Phase 2 – Sanctuary Villa
• Phase 3 – Sanctuary Residence
• Phase 4 – Sanctuary Ridge

Property Project : Sanctuary Village @ Permatang Sanctuary
Location : Permatang Tinggi, Bukit Mertajam, Penang
Property Type : 2-Storey Semi-Detached & Bungalow
Tenure : Freehold
Land Area: (to be confirmed)
Built-up Area: (to be confirmed)
Total Units : 36 (semi-detached), 4 (bungalow)
Indicative Price: RM907,000 onwards
Developer : IJM Land

Location Map:

The ministry of environment and water will give the Penang state government a chance to fulfill all 72 requirements needed to implement the Penang South Islands project despite objections from several quarters.

Deputy Environment and Water Minister Ahmad Masrizal Muhammad said the Penang state government must comply with all the conditions and stipulations set out in the Environmental Impact Assessment report before it could proceed with the project.

“Let us give a chance to the state (government) to fulfill all the requirements first and see how it goes. As long as it is able to meet the requirements, there is nothing for the state (government) to be afraid of. That should be the way,” he said today.

“We have to be fair to all parties, to whichever state government, as this is a democratic state,” he said.

Penang South Islands project

The project has met objections from civil society and environmental groups, as well as the fishing communities. The latest objection was from Penang PAS who recently handed over a memorandum to environment minister Tuan Ibrahim Tuan Man, who is PAS deputy president.

“For PAS, there is nothing wrong with the party submitting a memorandum of protest following their concern for the people and the environment, this will also create a form of check and balance,” Ahmad Masrizal said.

Penang PAS urged the ministry to cancel the project over concerns of permanent environmental damage as well as its effects on the livelihood of fishermen in Penang and Perak.

Ahmad Masrizal said the ministry was also open to holding discussions between PAS and the Penang state government to clarify the issues and procedures surrounding the project.

“As I said, the ministry is trying to give the Penang state government space and opportunity to meet all of the conditions set out previously, and then we shall see if they have complied with it before taking further action,” he said.

He added that the controversy over the reclamation project for the construction of three artificial islands in southern Penang was not new.

“The only aspect in which the ministry was involved directly in the project was in the context of approving the EIA report. However, there may be some confusion. When we talk about the approval, it should be seen in the context of also fulfilling all 72 requirements,” he said.

The 17-square kilometer PSI project involves the development of three artificial islands of about 1,700-acres at waters off Permatang Damar Laut, near Bayan Lepas.

It is being developed to finance various infrastructure projects under the Penang Transport Master Plan worth RM46 billion.

Source: FreeMalaysiaToday.com

Housing developers and homebuyers of projects affected by the enforcement of the movement control order (MCO) cannot take legal action against one another if the Temporary Measures Bill to mitigate the impact of Covid-19 is passed by Parliament.

Housing and Local Government Minister Zuraida Kamaruddin (pictured) said the bill is expected to be tabled in the Dewan Rakyat in the middle of next month.

“Many housing projects were disrupted and had to be stopped until they could not be completed in the stipulated time. As they occurred due to the Covid-19 pandemic, we cannot blame any party, including the developers and homebuyers.

“When we draft the bill, there will be a clause where both parties (developers and buyers) cannot sue one another. We will be making new terms,” she told reporters after visiting the Kamunting Fire and Rescue Station here yesterday.

To date, she said 700 to 800 applications had been received from developers to extend their completion periods, which had been interrupted for three months due to the MCO.

“Buyers must also accept the fact that they cannot make any claim based on the original agreement,” she said.

Source: EdgeProp.my

Even before the proposed RM100mil Penang Hill cable car project has yet to lift off after running into funding problems, another similar idea has been mooted.

This time, it’s a RM300mil cable car project from Penang Hill to Teluk Bahang.

Foreign investors are forming a consortium to propose the 6km cable car project to be built by China, one of the largest builders of cable cars in the world.

“The project is expected to cost in excess of RM300mil, ” said Sim Leisure Group Ltd chief executive officer Sim Choo Kheng.

He said such an attraction might mean new international appeal for the Teluk Bahang and Batu Ferringhi tourism belt.

“Let’s face it. Our tourism belt is losing out to places like Bali and Phuket.

“What else are we going to sell? More horse rides on the beach and water scooter trips? We are not being fast enough. We need a new element, ” he said, adding that there “will be no theme park plan”.

Sim Leisure Group, which is publicly listed in Singapore, owns the Escape theme park in Teluk Bahang and is one of the foreign investors in the consortium.

Sim said his company had been discussing the project with the state since 2015 and was prepared to set aside a few acres of land it controls in Teluk Bahang for the lower station of the cable car line.

“The hill can thrive as an attraction without the burden of needing more infrastructure. We are against more development on the hill. We want Penang Hill to remain as a flower garden.

“Visitors can enjoy the hill and return to their hotels in Teluk Bahang and Batu Ferringhi – even at 1am or 2am – by cable car, ” he said.

The proposed cable car line will be 6km, with one middle station and about 20 pylons, while the maintenance road below will be 10km.

“The road is longer because we will have to snake around trees. Cable car lines around the world today are built while carefully preserving the forest floor.

“The footprints of pylons will be unbelievably small because we know people want the sense of riding through the air over untouched forests. That is the selling point of any cable car ride, ” he said.

Built with interlocking paving so that the 10km road will follow the shape of the terrain, Sim said the plan was to make this publicly accessible to hikers free of charge.

He said his team was aware of non-governmental organisations’ (NGOs) concerns and was prepared to be fully transparent with the construction plan.

“We are on the same page as the NGOs. We transformed a brown field in Teluk Bahang and made it green as the present-day Escape, ” he said.

Many developers have tabled lofty plans for Penang Hill in the past.

In 1990, a developer proposed a cable car for the hill, a water world, a Disneyland-type theme park, a five-star hotel, 350 condominium units, a shopping centre, “summit acropolis” and a 103ha hillside golf course.

It was shelved after a huge public outcry.

In 1992, the state government announced plans to build a cable car line to the hill from Teluk Bahang but it never left the drawing board.

The Federal Government approved the Teluk Bahang-Penang Hill cable car plan in 1999 but this was drowned by debate among the government, NGOs and Opposition lawmakers until 2009.

In 2013, the state government revived studies for a cable car line to the hill with the backing of the then Tourism and Culture Ministry.

Proposed sites for the lower station include Penang City Park, a site near Penang Botanic Gardens and Teluk Bahang.

Last year, then finance minister Lim Guan Eng approved a RM100mil allocation for a cable car from Botanic Gardens to Penang Hill but the allocation was cancelled recently.

When contacted, state Tourism Development Committee chairman Yeoh Soon Hin said the state exco was aware of the foreign investors’ proposal of the Teluk Bahang-Penang Hill cable car line and would look into it.

Source: TheStar.com.my

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Find out more about SUASANA

Find out more about SINARAN

Ivory Properties Group Bhd has acquired two pieces of adjoining land in Penang, for RM142.79 million where it aims to develop commercial space and service apartments.

The Penang-headquartered property developer said the 19,800-sq-metre freehold land was located strategically in the established neighbourhood of Bayan Lepas directly opposite Queensbay Mall, the largest shopping mall in the state.

“The proposed acquisition presents an opportunity for the Ivory group to scale up its development in the said vicinity and complement its existing development projects,” it said in a filing with Bursa Malaysia yesterday.

Ivory Properties said its board was optimistic about the demand for the products to be developed on the land given the strategic location.

It said the land was zoned largely for commercial use and was currently used as car park space under tenancy.

The proposed acquisitions are expected to be funded by a combination of internally generated funds and external borrowings.

“Based on preliminary discussions, the indicative funding from internally generated funds is 30 per cent while indicative funding from borrowings is 70 per cent,” the company said.

Source: EdgeProp.my

Gamuda Bhd’s subsidiary has signed the master agreement with the Penang Government to be the project delivery partner (PDP) for the multi-billion-ringgit Penang transport master plan (PTMP).

Gamuda said on Wednesday its 60% owned SRS Consortium Sdn Bhd had signed the agreement to be the PDP to manage and deliver the PTMP.

Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd will each hold 20% in the PDP.

“The PDP fee is between 5.0% and 5.75%, ” Gamuda said in a statement to Bursa Malaysia. “Gamuda shall fund its share in the PDP through internally generated funds and bank borrowings.”

To recap, the PDP was incorporated on Sept 5, 2017 to manage and to deliver the PTMP.

The PTMP comprises of different public transport components including highways; b. the provision of new reclamation sites comprising Islands A, B and C of the Penang South Reclamation.

It also includes a funding plan which includes the provision of a bridge financing, where the PDP will provide a bridging loan of RM1.3bil to the Penang Government to bridge the funding gap in for the reclamation island A.

The PTMP will include a rail transit comprising a rail line with 20 stations including four interchange stations, one depot at Penang South Reclamation and five potential park-and-ride sites, with an approximate route length of 23.5km.

There will also be a 19.5km dual-three carriageway highway, starting from the Gurney Interchange, traverse southwards through the Timur Laut and Barat Daya districts and terminates with an interchange at the Bayan Lepas Expressway/Tun Dr Lim Chong Eu Expressway.

Under the PTMP there will also be a 5km dual-three carriageway highway from the Penang Second Bridge towards Jalan Batu Maung/ Jalan Permatang Damar Laut.

There will also be the common infrastructure to be constructed on Island A of Penang south reclamation.

Each PTMP component shall have its own separate target cost and target completion date that will be discussed at a later stage and to be mutually agreed.

Source: TheStar.com.my

File Picture (for illustration only)

Ewein Bhd is terminating a joint venture agreement with Consortium Zenith Construction Sdn Bhd (CZC), under which the partners had initially agreed to jointly undertake the development of The City of Dreams 2 — a luxury condominium project — on a plot of land in Penang.

The group first announced the agreement on Dec 2, 2019, when it said its subsidiary Ewein Zenith II Sdn Bhd (EZII) will pay RM159.75 million to CZC for the land, while CZC shall procure approval from the Penang government to alienate the plot to EZII as the registered owner.

The alienation was to be part of the consideration for construction works on major roads and a tunnel to be undertaken by CZC, Ewein said then.

The transaction would have been a related party transaction as EZII is wholly-owned by Ewein Zenith Sdn Bhd; CZC holds an 11% stake in Ewein Zenith, while the remainder 89% is held by Ewein’s wholly-owned Ewein Land Sdn Bhd.

The land measures about 4.34 acres (1.76ha) and is located along Gurney Drive in George Town. The City Of Dreams 2 would have been the second joint venture project between Ewein and CZC. The two parties had earlier jointly developed the first City of Dreams, a now completed luxury seafront property development, with a gross development value of RM800 million.

In a filing this evening, Ewein said it had issued a notice of termination to CZC to inform it that EZII no longer intends to proceed with the agreement.

This is because Ewein has yet to obtain approval from its shareholders in an extraordinary general meeting which should have been convened three months from the agreement with an extension of one month, which was due on March 31, 2020.

“Pursuant to this termination, CZC shall refund EZII all monies which EZII has paid in accordance with the agreement within sixty business days from the date of the notice,” it said.

Ewein shares closed unchanged at 32 sen today, giving it a market capitalisation of RM92.06 million.

Source: EdgeProp.my

Malaysia’s central bank is expected to cut interest rates to a historic low next week, according to a slim majority in a Reuters poll, as it seeks to protect Southeast Asia’s third largest economy from the fallout of the coronavirus pandemic.

Bank Negara Malaysia (BNM) will cut its overnight policy rate (OPR) by at least 25 basis points (bps) to 1.75%, according to seven out of the 12 economists polled, with two of them betting on a bigger 50 bps rate reduction.

The remaining five economists expected interest rates to stay at 2.00%, already a record low, after three consecutive rate reductions in as many meetings this year.

Alex Holmes, Asia economist for Capital Economics, was one of the analysts who forecast a bigger move in the upcoming meeting.

“Given the poor outlook for growth and deeply negative inflation, we suspect the BNM will make use of its policy space and opt for a 50bp cut,” he said.

Malaysia began easing some lockdown measures imposed to contain the spread of the Covid-19 coronavirus in May. After growing just 0.7% in the first quarter, BNM said Malaysia is in an “unprecedented economic crisis” and was poised for a contraction in April-June.

While trade-reliant Malaysia had begun a “long and slow” recovery after some lockdown curbs were relaxed, Holmes said poor external demand and deflation warranted more policy easing.

Malaysia’s exports fell 25.5% in May, its biggest drop in 11 years.

The consumer price index fell 2.9% in May from a year earlier, as the economy grappled with subdued consumption for a third straight month.

The government in March rolled out a 260 billion ringgit ($60.69 billion) stimulus package to offset a sharp slowdown in domestic economic activity, and steep declines in tourism and demand for its commodities such as palm oil, crude oil and natural gas. ($1 = 4.2840 ringgit)

Source: TheStar.com.my

A newly proposed landed residential development by Greenview Villa Development Sdn. Bhd. at Kepala Batas. Located on a narrow 3.4-acre land near Jalan Pongsu Seribu, next to Taman Orkid Permai. It is just a stone’s throw away from Penang Matriculation College, about 10 minutes drive to Bertam Perdana Town Centre.

This development will feature 28 units of single-storey semi-detached with two different layouts and one unit of single-storey bungalow houses.

The project is still pending for approval, more details to be available upon official launch.

Property Project : (to be confirmed)
Location : Kepala Batas
Property Type : single-storey semi-detached and bunglow
Tenure : (to be confirmed)
Land Area: (to be confirmed)
Built-up Area: (to be confirmed)
Total Units : 28 (semi-detached), 1 (bungalow)
Indicative Price: (to be confirmed)
Developer : Greenview Villa Development SB

Location Map:

26 residents of the Desa Wawasan Flat here received a letter of offer for a unit under Rent-To-Own (RTO) scheme from the State Government.

The handover ceremony was officiated by the Chief Minister, Y.A.B. Mr. Chow Kon Yeow, on Saturday.

Kon Yeow said the State Government introduced the Rent To Own (RTO) scheme to enable the residents of the state to own their own homes and take full responsibility for their homes.

According to him, the selected buyers will have to pay a monthly installment of RM240 per month for a period of 15 years starting October 1.

“For the first phase, 26 buyers have been selected to accept the offer of a residential unit rental scheme in Block B of Desa Wawasan Flat.

“The resident will continue to pay the rent which will be considered a monthly installment payment for the period.

“At the end of this (payment) period, the ownership of the house will be transferred to the residents who accepted the RTO scheme,” he said during the handover ceremony.

Commenting further, Kon Yeow explained that the State Government has allocated RM1.5 million for repairs to residential units in Block B of Desa Wawasan Flat before being offered to buyers by way of rent purchase.

“Therefore, it is hoped that through this scheme it will be able to give a new spirit to the residents of the Desa Wawasan Flat.

“Let us work together to ensure that one of the basic needs of housing and its environment can be taken care of,” he said.

In addition, Jagdeep explained that for the first phase, 150 of the 456 residential units in Block B were identified to be offered to buyers under Rent-To-Own (RTO) scheme.

“We will give priority to the residents of this housing especially to those who have a clean record such as no arrears and such,” he said.

It is understood that the Desa Wawasan Flat is the sixth of the 13 public housing projects in the state that is being offered to buyers under Rent-To-Own (RTO) scheme.

Source: Buletin Mutiara

A newly proposed 60-hectare reclamation off Free Industrial Zone (FIZ) in Bayan Baru, stretching from Queensbay Mall roundabout towards Penang 2nd Bridge. With an estimated GDV of more than RM1 billion, this will be the longest sea-facing promenade in Penang, estimated to be about 8km-long, for the people to jog, exercise and cycle.

This project will have four oblong-shaped strips of reclaimed land attached to the coast of Penang Island, which would comprise of waterfront resorts, hotels, restaurants, medical, commercial and mixed development components.

Penang State Government would be calling for a request for proposal (RFP) from interested parties from July 31 to Sept 30 for consideration by the city council and other authorities. The winning RFP would reclaim the land and be the master developer for the project.

Vortex Business Park 2 is the last phase of the light industrial component of a 35.3 acre mixed development strategically just next to Batu Kawan, the new industrial hotspot in Penang.

Due to its close proximity to the new township of Batu Kawan, it is increasingly on the radar of the property investors owing to its well-planned infrastructure and future potential with several significant residential, commercial, educational and industrial developments being planned. Located only 20 minutes away from Bayan Lepas Free Trade Zone and within a close proximity to the Penang First and Second Bridge as well as the North-South Highway, it provide the perfect connectivity to all nearby industrial parks. All transport and delivery from mainland to island will be more cost-effective, enabling businesses to move up the value chain.

Vortex Business Park 2, being centrally located within several established industrial parks such as Science Park, Juru Industrial Park, Prai Industrial Park, Bayan Lepas Industrial Park, not to mention the nearby Batu Kawan Industrial, it is a strategic choice for an industrial property investment in Penang.

This freehold development comprises of 4-storey semi-detached industrial units with built-up area of 8,960sf fitted with a private lift is scheduled to be completed by end 2020.   Vortex Business Park 2 offers owners the choice of an integrated business solutions, be it for PRODUCTION, WAREHOUSE, SHOWROOM or CORPORATE OFFICE.

Limited to only 6 units, Metrio Group is providing an attractive sales package to cater to the needs of the owners or investors with an option for a 7.5% guaranteed rental returns for 2 years which will help to ease the owner’s burden in their monthly loan instalments.

Find out more about VORTEX BUSINESS PARK 2
Call 1700-816-898 or Whatsapp: https://wa.me/60124187077