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A Paragon of Opportunities in Penang Properties

July 18th, 2018 No comments

Have you ever thought about investing in real estate as a “money making machine” for you? Do you want to know the secrets of Penang Property? Have you ever thought about doubling your existing property? Ever think of investing in real estate but don’t know how to start?

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Join Gplex this 28 July at Eastin Hotel (6pm – 9pm) and you will learn:
1. A versatile formula to calculate what kind of property is suitable for investment.
2. Understand how supply and demand affect real estate and how to continue investing.
3. Understand why investors are generally guilty, so you won’t repeat the same mistakes.
4. Learn from very experienced investors how they started their million investments. Learn how they hunt properties that are cheaper than the market and earn at least 30% profits.

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IKEA gearing up for opening on 28 March 2019

July 17th, 2018 12 comments

ikea-batu-kawan-opening-march2019

Swedish home furnishings retailer IKEA today announced its recruitment drive for the new store, IKEA Batu Kawan, Penang. Malaysians from all walks of life, especially those living in Northern Malaysia, are welcome to attend the walk-in interview fair to be held from 27 to 29 July 2018, 9am daily at The Light Hotel in Seberang Jaya, Penang.

The new store, which is situated in the promising Batu Kawan township, is set to extend over 200 job opportunities in the region. This is made possible through the full-time and part-time vacancies available, including roles in sales, customer relations, food & beverage, logistics, warehouse and more.

Following the recruitment drive, successful candidates will undergo training ahead of the opening of IKEA Batu Kawan, scheduled for 28 March 2019. The long lead-time ensures the team is well prepared to provide customers a consistent IKEA shopping experience.

As part of the overall expansion plan in Southeast Asia, the arrival of IKEA Batu Kawan, the first store in the northern region will further extend convenient access to well-designed, functional and quality home furnishings at affordable prices. Connected through the Penang second link bridge from the island and major highways, Lebuhraya Bandar Cassia and North-South Expressway, the new store is set to provide home furnishing solutions that meet the increasingly urbanised Penangites and Northern Malaysians.

Find out more about IKEA Batu Kawan

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Central Skies

July 17th, 2018 No comments

central-skies-guardhouse

Central Skies, an upcoming commercial high-rise development by Oriental Max Group in Bukit Tengah, Penang. Strategically located next the group’s gated and guarded project, Central Way 2 and highly visible from the North-South Expressway. It is accessible through Jalan Bukit Tengah.

This development comprises two blocks of 25-storey serviced apartment, featuring 391 units of residential suites.

Project Name : Central Skies
Location : Bukit Tengah, Penang
Property Type : Serviced apartment
Built-up Size: (to be confirmed)
Total Units: 391
Indicative Price: (to be confirmed)
Developer :Ocean Mix Sdn. Bhd. (Oriental Max Group)

Register your interest here

(This information may be used by the developer or their appointed agent to initiate follow-up communications with you on the project.)

Location Map:

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Transit

 

 

10.5km road tunnel in Penang as part of Pan Island Link

July 16th, 2018 6 comments

pil1-updated-july2018The state government today announced an ambitious project to alleviate traffic congestion on the island, which will be undertaken through a 10.5km-long tunnel that will cut through hills and is part of the Pan Island Link 1 (PIL 1).

Chief Minister Chow Kon Yeow said the project will be challenging task, as apart from the 10.5km tunnel, it would also cut through several hill slopes.

Amongst the hill slopes involved are Bukit Bendera, Paya Terubong and Sungai Ara.

“When we build the tunnel, we believe the environmental impact will be similar to that building a highway through the hills,” he said.

Chow hopes that the public would review the report prepared by the consultant appointed by the state government.

The report can be referred by the public at 10 locations including National Library, Environment and Natural Resources Ministry in Putrajaya, Penang Island City Council (MBPP) apart from Department of Environment (DOE) and state government’s website.

“After receiving the feedback from the public, the consultant and the state government will provide explanations on the raised issue to the DOE,” he said.

The 20km PIL 1 is part of the three main roads which was included in the PTMP.

It is expected to reduce travelling time from Persiaran Gurney to Penang International Airport (PIA) to only 15 minutes, compared to current travel time which takes between 45 minutes to one hour.

Chow was speaking after visiting the Environmental Impact Assessment (EIA) report for PIL 1 which was set up for public display for 30 days from July 11 to August 30 this year.

Meanwhile, he said the state government might seek funding assistance from the Federal Government if the proposal to build three man made island at the southern part of the island, dubbed Penang South Reclamation (PSR) were not approved.

He said it would be the its last resort by the state to ensure Penang Transport Master Plan (PTMP) would materialise.

“If the man made island are not approved, then we will be forced to request the Federal Government to bear the financing of the PTMP.

“However we have not come the stage to think other funding modal. Everything is under control,

The Penang government plans to reclaim three man-made islands to fund the ambitious PTMP and has appointed SRS Consortium as the project delivery partner.

The PTMP project which was first announced in 2015 consist of light-rail transit (LRT), undersea tunnel and three paired highways.

The project will be funded through the reclamation of three man made island with the size of 809 hectares, 526 hectares and 324 hectares respectively for industrial, housing and commercial purposes.

Source: NST.com.my

 

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9 reasons why affordable homes floundering here, according to developers

July 14th, 2018 5 comments

rehda-affordable

The Real Estate and Housing Developers Association Malaysia (Rehda) Institute has identified today nine structural problems which it said are behind why the country is struggling to ensure a sustainable supply of public housing.

The report titled “Affordable Housing Report” released this morning cited fragmented playing field between public and private sectors, rigid housing policies, unsuitable location, land scarcity, cross subsidies that purportedly made houses more expensive, rising material costs, unproductive use of public funds that led to oversupplies, lower financial approval rate for the lower income groups, and absence of latest market data.

“At the moment, there is a lack of coordination between the public and private sectors in providing affordable homes,” Rehda Institute chairman Datuk Jeffrey Ng said at the media briefing session.

“There are various definition of what affordable means and the median household income differs from state to state,” he added.

Ng explained that there were many agencies within the government sector that were in charge of providing affordable housing projects and likewise in the private sector.

He pointed out that this led to a lack of coordination, which has resulted in the mismatch of supply and demand, thus, leading to the tens of thousands of unsold units.

As of the first quarter of this year, Malaysia recorded a total of 23,599 in residential overhang.

Most, however, are contributed from properties worth RM500,000 and above, and mostly came from Selangor, Johor and Penang.

“Every housing project approval is imposed with affordable housing quota which is scattered in various locations including where there may be no demand and lack of a suitable eco system,” the report said.

To address this problem, Ng said Putrajaya needs to set up a Special Purpose Central Agency (SPCA) under the housing ministry to redefine the roles of public and private sector in providing a holistic master planning for affordable homes.

“SPCA should streamline the functions and policy formulation based on household income and demographics in respective states and local areas,” he said.

For example, he said the Bumiputera quota policy needed to be re-examined as he explained that unsold units contributed from this category not only added to the unsold units in country, but also cost developers for holding such units.

“The release mechanism of unsold Bumiputera quota must be transparent and within reasonable time,” the report said.

The report also pointed that an unsustainable crossed subsidy model in private developments resulted in purchasers of non-quota houses to pay a higher price for subsidised affordable housing units.

“If the government can define the price range for affordable homes price range, public sectors can focus on that while the private sector can focus solely on properties based on market demand,” Ng explained.

Other initiatives to tackle this problem, the report cited, include converting subsidies to social housing stock such as rental programmes and sale of affordable homes to those who can afford, especially for the middle and bottom 40 groups.

The report also proposed for banks to offer 100 per cent housing loan to the lower income groups and first-time home buyer, as well as to reintroduce the Developer Interest Bearing Scheme (DIBS) with a proper mechanism.

Source: MalayMail.com

 

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