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Scientex Sungai Dua (Affordable 2 Storey Terrace House) – A Thriving Township with Excellent Connectivity

Butterworth/ 24 June 2022 No comments

scientex-sungai-dua-land

Scientex Sungai Dua – An upcoming 2-storey affordable housing by Scientex (Skudai) Sdn. Bhd. (A subsidary of Scientex Berhad), at Sungai Dua, North Seberang Perai Utara District. Scientex continues to increase affordable homes and robust demand of affordable homes in Penang to make home ownership a reality to all Penangites.

Scientex Sungai Dua sits on a 343-acres of prime freehold land located along Jalan Gelugor, which is just opposite to the newly opened access road connecting to Jalan Tun Hamdan Sheikh Tahir, Bertam Town. With its location advantage, it also provides easy access to the North-South Expressway and to the Penang First Bridge, Kulim Hi-Tech Park in under 25 minutes. It is located approximately 2km from its existing new township – Scientex Tasek Gelugor.

Scientex Sungai Dua is a well-planned mixed development comprising of 2-storey terrace houses, shop offices, leisure park and multipurpose hall. This development also includes schools, market, mosque and other amenities which could ease your daily conveniences.

In addition to that, the first phase of 2-storey terrace houses is now opened for registration. More details to be available upon the official launch.

READ MORE ABOUT AFFORDABLE HOUSING:

Project Name: Scientex Sungai Dua
Location :
 Sungai Dua (Butterworth), Penang
Property Type : 2-storey affordable house
Built-up Area: (to be confirmed)
Total Unit: (to be confirmed)
Tenure: Freehold
Indicative Price : (to be confirmed)
Developer : Scientex (Skudai) Sdn. Bhd.

Register your interest here

*By submitting this Form, you hereby agree to our PDPA Consent Clause.
(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)
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IHG to revive long-abandoned Mutiara Beach Resort in Teluk Bahang

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Source: Google Street View

The plan to resurrect the former five-star Penang Mutiara Beach Resort in Teluk Bahang after it was closed down for the past 16 years signifies international investor’s confidence in the Penang tourism industry, says state Tourism and Creative Committee chairman Yeoh Soon Hin.

IHG Hotels & Resorts (IHG), one of the world’s largest luxury hotel chains, and Tradewinds Corporation Berhad, the owner of the former Penang Mutiara Beach Resort, have recently signed a deal to transform the hotel and get it up and running.

Yeoh said the state government would help them facilitate the plans required to be submitted to the local authorities, adding that the renovation works were expected to be completed in 2025.

“Their partnership shows their trust in the Penang tourism sector, although the business was clouded by the repercussion of the pandemic for the last two years.

‘Penang has shown resilience for tourism sustainability and the ability to bounce back.

“The destiny of this hotel continues to be a topic of discussion among the locals and industry players for 16 years.

“Finally, we are delighted to see its return, and also can’t wait to see to witness its revitalization in partnership with the world’s leading hospitality industry player, IHG Group.

“Definitely with the presence of IHG’s brand is totally on par with the Penang2030 vision and Penang Tourism Master Plan to elevate Penang’s tourism industry.

“In the transition to endemicity, our state has immediately attracted international investment, given that Penang is a prosperous investment destination that leverages on a matured tourism ecosystem,” Yeoh said during a press conference in Komtar today.

The hotel, which was closed down on 27 March 2006 for “renovation until further notice”, may be given a new name.

Malaysian Hotels Association (MAH) Penang chairman Tony Goh said they are happy and excited about the revitalisation of the hotel.

“It has been an eyesore for a long time along the stretch of beach. To us, we like to see more international clients coming to Penang. They will help us bring up our standard.

“They will market it and that will help us improve our guests’ profiles. They have a global network.

“With that, I hope more international flights will also want to fly into Penang. That is important,” Goh said.

Source: Buletin Mutiara

SITE PROGRESS: Muze @ PICC (Jun 2022)

Property News/ 22 June 2022 No comments

muze-picc-site-progress-june-2022

 

About Muze @ PICC

The first phase of residential offerings at Penang International Commercial City (PICC) integrated development by Hunza Group. This 43-acre development is strategically located within the vicinity of Bayan Baru township. It comprises two 58-storey towers featuring 846 residential units with 10 levels of car parking podium.

Find out more about Muze @ PICC

Register your interest here for updates on this project and other property news.

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.

Property prices likely to increase before year-end

Property News/ 20 June 2022 12 comments

market-recovery (1)

The selling prices of residential properties in the country will likely increase by 5% to 20% soon.

Real Estate and Housing Developers’ Association immediate past chairman Tan Hun Beng told StarBiz that a price hike was in the offing and likely to happen before the end of the year, as construction costs had increased substantially.

The price of concrete has jumped 32% to RM258 per cubic metre, while steel bar prices have increased 46% to RM4,100 per tonne.

In addition, the prices of metal roofing and c-purlin have increased by 60% and 95%, respectively.

Tan said developers have yet to pass the higher cost of building materials to customers.

“The steep hike in building material costs will impact the selling price of the incoming supply of properties by at least 5% to 20%, depending on their size and location.

“The hike in selling prices is inevitable as developers are already paying substantially more for their raw materials,” he said.

According to Tan, there will also be fewer property launches in 2022 due to high construction costs.

According to the latest National Property Information Centre (Napic) report, some 54,836 houses will enter the Penang property market over the next three to four years.

The Napic report shows that about 79% of the new houses are affordable and high-end, priced from RM300,000 onwards.

Tan said this was a primary concern as Napic has indicated that the unsold houses in Penang from the completed, under construction and not yet constructed categories totalled 11,540 units.

In late November, the state government declared that Penang has the second-highest number of unsold properties in Malaysia, with 4,683 completed housing units worth RM3.66bil.

Tan said assuming that developers had sold some 30% of the 54,836 houses, there would still be a leftover of 38,385 units.

“In 2020 and 2021, the residential property transactions in Penang were 11,736 and 13,648, respectively.

“Assuming that the annual consumption stays between 11,000 and 13,000 units per annum, it will take between three and 3.5 years to absorb the excess supply, which doesn’t even include the 11,540 unsold units,” Tan said.

He added that if the economy remained challenging with high-interest rates, the time required to clear the oversupply would be much longer.

“This is, of course, assuming that no new projects will be approved.

“If there are more houses on the way, the inventory will grow, making it more difficult to clear the glut,” Tan said.

Tan added, however, that the incoming supply would mitigate the impact of fewer property launches over the next couple of years, ensuring that the market would have sufficient stock and variety for consumption.

Source: TheStar.com.my

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SITE PROGRESS: Celesta Residency (Jun 2022)

Property News/ 19 June 2022 No comments

celesta-residency-site-progress-jun-2022

About Celesta Residency

Mixed development by Red Blue Development Sdn. Bhd. (TGB Group) in the established township of Sungai Nibong. Strategically located along Jalan Sultan Azlan Shah, diagonally opposite three public schools, namely SRJK(C) Kwang Hwa, SRJK(C) Shih Chung and SMK Sungai Nibong. It features a mix of residential and commercial components.

Find out more about Celesta Residency

Register your interest here for updates on this project and other property news

(This information will be used to keep you updated on the project and future development.)
*By submitting this Form, you hereby agree to our PDPA Consent Clause.