UPCOMING: Seberang Jaya / CSY Development Sdn. Bhd.

November 23rd, 2017 No comments


A proposed residential development by CST Devlopment Sdn. Bhd. at Seberang Jaya. Located along Jalan Permatang Pauh, adjacent to Taman Nalui Ria. It is only 1km away from Butterworth-Kulim expressway, just a mere minutes drive to North South Expressway. Surrounding high-rise residences include Kelisa Residence, K Residence and Primero Heights.

This developmenmt will see the constuction of a 14-storey condominium with 4 levels of carpark, offering 148 residential units.

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

Property Project : (to be confirmed)
Location : Seberang Jaya
Property Type : Condominium
Tenure: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units : 148
Indicative Price : (to be confirmed)
Developer : CSY Development Sdn. Bhd.

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The Hildens

November 21st, 2017 No comments


The Hildens, 21 storeys high and featuring modern designs with a spacious built-up. Strategically located along Jalan Kulim, this distinctive development is poised to elevate contemporary living in Tokun to new heights. It is only few minutes drive to shopping malls and close to all local amenities.

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

Project Name : The Hildens
Location :
 Tokun, Bukit Mertajam, Penang
Property Type : Condominium
No. of Storey: 21
Total Units : (to be confirmed)
Built-up Area :  1,382 sq.ft onwards
Land Tenure : Freehold
Developer : WHH Land

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Categories: Bukit Mertajam Tags: ,

Indefinite freeze on luxury properties

November 19th, 2017 6 comments


The government today announced an indefinite freeze on the development of luxury properties worth more than RM1 million per unit.

The freeze, according to Second Finance Minister Johari Abdul Ghani, had come into effect since Nov 1.

He said Cabinet had recently scrutinised a detailed central bank report published in June which revealed an oversupply of luxury units.

“The Bank Negara report takes into account high-rise condominiums, shopping malls and commercial units, including those that are worth more than RM1 million,” he said when contacted by theSun.

However, Johari said this was merely a temporary measure until all the excess supply is cleared and there was a rise in market demand for expensive properties.

“We are worried that an oversupply of such development would have an adverse effect on the economy. For now, we want developers to focus on the development of affordable homes, especially those priced below RM300,000 per unit.

“At present, there is a disparity between demand for affordable homes and the supply.”

He said this disparity needed to be addressed immediately as there was still a huge demand for affordable houses.

“However, as soon as demand for luxury homes pick up again, we will review the freeze,” he added.

In its report, Bank Negara said Malaysia’s property market was facing an oversupply of non-affordable homes and idle commercial space, while demand for affordable housing was not being met.

Source: TheSunDaily.my


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Real estate agency still sees strong interest and confidence

November 18th, 2017 No comments

affordable-housing-penangPenang’s residential property transactions is expected to experience more than 5% contraction this year compared to 2016.

Raine & Horne Malaysia senior partner Michael Geh tells StarBizWeek he is projecting a more-than-five-percentage dip in residential transactions in 2018 although there is “still strong interest and confidence” in Penang.

The first half of 2017 saw residential volume of 5,697, compared to 6,698 in 2016, a drop of 15%.

“The value of transactions for residential homes in the first half of 2017 was around RM2.45bil, compared with RM2.65bil in 2016’s first half,” Geh says.

“In the second quarter of 2017, the transaction for all types of properties in Penang was 3,881 units, a drop of about 3% from 4,003 in the first quarter.

“The contraction is slight, which shows that there is confidence still in the local property market,” he adds.

Following the recent Penang floods, he expects fewer projects to be launched in 2018 as developers redraw strategies while awaiting new housing guidelines from the state. This is particularly for those areas near hills and in flood prone zones.

“All this could slow down property transactions over the next 12 months. We may even prices drop below market price near hill slopes and in flood prone areas. This could happen if sellers are determined to let go of their properties,” Geh adds.

Depending on the stringency of the guidelines, he says the cost of developing projects near the hills could be very high as a result of new safety measures imposed.

“Demand for properties on flat grounds would rise, pushing up prices for such properties. Buyers would be extra cautious with hill slope/flood prone areas. This is another factor that could contribute to slower and lower transactions.

The sub-sale price of high-rise properties on the island has either stagnated or contracted slightly since 2014.

In Tanjung Bungah, current prices are between RM720,000 and about RM1mil, depending on the size and location.

In Batu Ferringhi, it is between RM620,000 and RM820,000 for a high-rise unit, while the selling price of a detached landed property could range from RM2mil to RM2.7mil, depending on size and location of the properties.

In Paya Terubong, a high-rise unit was transacted between RM230,000 and RM435,000. In Jalan P. Ramlee, the selling price of a high-rise unit may have a wide range of between RM125,000 and RM405,000.

Henry Butcher Malaysia (Seberang Prai) Sdn Bhd associate director Fook Tone Huat says the floods affected some of the more popular locations.

“The demand for properties in these areas is likely to be impacted during this transitional period as Penangites try to get back to routine.

“However, after a period of time, coupled with the remedial actions taken against the floods, buying interest will normalise,” Fook says.

These include locations in central Seberang Prai such as Sungai Rambai and Padang Lallang, Juru and part of the Alma areas. In north Seberang Prai, the popular area of Sungai Dua has also been affected.

Landed terraces in Taman Pauh, Taman Sejahtera and Taman Bayu Mutiara have risen by between 26% and 29% since 2014, when the slowdown started.

In north Seberang Prai, the pricing of landed terraces has risen by 11% to 33% since 2014.

Land prices in central and north Seberang Prai are now priced between RM50 per sq ft and RM130 per sq ft, about 5% to 10% higher than in 2014. The increase in land costs has translated into higher prices.

“New double-storey terraced units in south Seberang Prai are now priced between RM400,000 and RM500,000, which is 5% to 10% higher than in 2014.

“Double-storey terraced houses in prime locations of central and northern Seberang Prai have also increased by 5% to 10% to RM450,000 to RM650,000,” he adds.

Source: TheStar.com.my


Categories: Property News Tags:

UPCOMING: Batu Kawan / Aspen Group

November 16th, 2017 2 comments


A newly proposed mixed development by Aspen Vision City Sdn. Bhd. (Aspen Group) at Batu Kawan. This is part of the 245-acres masterplaned development of Aspen Vision City, located between IKEA Store and Vervea commercial precint.

The proposed development comprises 20 units of shop offices and three high-rise towers, offering a mix of condominiums, office suites and hotel rooms:

  • Block A: 34-storey condominium (295 units)
  • Block B: 48-storey condominium (332 units)
  • Block C: 30-storey hotel (308 rooms) & office suites (81 units)

This project is still pending for approval. Details to be available upon official project launch.

Project Name : (to be confirmed)
Location :
 Batu Kawan, Penang
Property Type : Mixed development
Built-up Size: (to be confirmed)
Total Units: 627 (condo), 81 (office suites), 20 (shop offices)
Indicative Price: (to be confirmed)
Developer : Aspen Vision City Sdn. Bhd. (Aspen Group)

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DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement, unless stated otherwise. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.