Penang Property Talk

by Anders Ong

Wondering when is the right time to purchase property? Had been on the lookout for perfect property since last year? People still saying property market are trending downwards for year 2019? Waiting for the latest launching? Afraid of buying the wrong property or afraid of losing current lifestyle due to loan commitment? The best time to purchase property might actually past if we had not keep updated with the current property market budget and initiative by the government. Current Penang situations:

• Soft primary property market with supply overweight the demand for new property.
• Soft secondary property market with people selling at lower profit margin.

In short, it is buyers’ market for year 2019 in Penang and with the latest Home Ownership Campaign property purchase from primary market can be even more attractive.

Home Ownership Campaign (HOC) 2019

The initiative tabled by the government to solve the property overhang issues and encourage Home Ownership among Malaysian. It enables Malaysian house-buyer to be exempted from paying the stamp duties for the purchase of residential property during the period of 1st January 2019 up to 30th June 2019.

Benefits:

• Stamp Duty on instruments of transfer waived for properties priced up to RM1Million

• Stamp Duty on loan agreements of up to RM2.5Million waived.

• A minimum 10% discount on the approved property selling price.

Eligibility:

• Only Malaysian home buyers allowed and purchase under an individual name.
• Sales and loan agreement must be signed and dated within the campaign period of 1st January 2019 until 30th June 2019.
• Must be residential property and only exempted for ONE unit per purchaser.
• Must be completed or under construction property governed by the Housing Development Act.
• The developer must have a valid developer’s license and Advertisement and Sales permit (APDL) or
• Certificate of Completion and Compliance (CCC).
• Property must be purchased from developer and not secondary market or auction market.
• Property in peninsular Malaysia must be registered under REHDA Malaysia.
• Property in Sabah and Sarawak must be registered under SHAREDA and SHEDA.

Anders Ong – Author, Young Property Investor and Enthusiast of Real Estate. 

Penang has been chosen as one of the best places to travel to by CNN Travel, alongside popular tourist destinations such as Spain and Greece, as well as various cities in the United States.

The American broadcaster placed Penang 15th on the list of its 19 best spring travel destinations but added that the destinations were listed in alphabetical order and not rank.

CNN Travel said spring was an ideal time to visit Penang Hill for an “authentic tropical rainforest adventure”.

It said people from all walks of life, ranging from thrill-seekers to the elderly, would find the 130-million-year-old rainforest an interesting place to explore, as it comes with a nature trail, treetop walk, and even an aerial trail to watch exotic bird species.
“The Habitat’s canopy walk, home to Langurs or Dusky Leaf monkeys, provides access to rare wildlife and stunning views of valleys, headlands, the city of Georgetown and the glittering Andaman Sea,” it said.

The destinations on the list include the Aegean Islands in Greece, due to its idyllic cruises, Barcelona in Spain for its museums including the famous Sagrada Familia, which has been under construction since 1882.

Also on the list was Cancun, Mexico, for its sand beaches and nature loving eco-activities in the south of the city.

Following that was the Keukenhof Gardens in Holland for its blooming tulips, while Ledbury, United Kingdom, was listed for its “Downton Abbey-worthy homes” as well as its beautiful picnic spots.

Other destinations include Malta, Marrakech in Morocco, Mendoza to Patagonia in Argentina, Munich in Germany, Naoshima Island in Japan, and Queenstown in New Zealand.

US destinations include the Grand Canyon in Arizona, Lake Tahoe in California, Las Vegas, Orlando in Florida, Puerto Rico, St Louis Zoo in Missouri and Washington DC.

Source: TheStar.com.my

The Northern Corridor Implementation Authority (NCIA) has proposed several projects to implement in the four northern states, says Chow Kon Yeow.

The Penang Chief Minister said the projects in Perlis, Kedah, Penang and Perak were to be carried out by the government or through private financial initiatives.

He said this was discussed during the NCIA Council meeting chaired by Prime Minister Tun Dr Mahathir Mohamad on Monday (March 18).

“The purpose of the meeting was to get the council’s endorsement to proceed with implementation.

“Penang also had a lot of proposed projects tabled during that meeting,” he said on Wednesday (March 20).

Chow said among projects mentioned were the Interchange in Batu Kawan, Industry 4.0 programmes for SMEs, expansion of Penang Port, extension of Northern Corridor Highway to the Second Bridge, and the expansion of Penang International Airport to increase its current capacity from 6.5 million passengers per year to 16 million.

Other projects were an aquaculture project in Balik Pulau, Penang Port and the link to Butterworth Outer Ring Road, a bridge linking Batu Kawan Industrial Park to Nibong Tebal, tourism projects and human capital development programmes.

Chow said he had also requested the inclusion of Penang Transport Master Plan projects.

“We hope that all these projects will be implemented in the four states so that the Northern Corridor will be a catalyst for growth,” he added.

Source: TheStar.com.my

For illustration only (from KXP Facebook)

The government has announced seven mega projects costing over RM3bil for Kedah for development in the state to bring it on equal footing with more progressive states.

Economic Affairs Minister Datuk Seri Mohamed Azmin Ali (pic) announced that the projects are the Kulim International Airport (KXP); a manufacturing industries and logistics hub in Sidam near Kulim; two phases of the Northern Corridor highway project over a 70km stretch; a digital library in Alor Setar; a petrochemical industrial park in Gurun and the Kasih Ibu Darul Aman (Kida) programme.

As for the two phases of the Northern Corridor Highway, the first phase is from Bandar Baharu (Kulim) to Sungai Petani and the second phase from Bandar Baharu to the Sultan Abdul Halim Bridge in Penang, at an estimated cost of RM1.7bil, he told a press conference after a special meeting with federal and state government officers and staff here on Tuesday (March 19).

Also present were Kedah Mentri Besar Datuk Seri Mukhriz Tun Mahathir and Kedah State Secretary Datuk Ammar Shaikh Mahmood Naim.

Mohamed Azmin said the KXP project will cost RM1.6bil; the manufacturing industries and logistics hub, RM300mil; the digital library, RM15mil and the petrochemical industrial park, RM2mil.

Source: Bernama

A newly proposed development by Viva Prima Development Sdn. Bhd. at Bukit Minyak. Located near Jalan Bukit Minyak, this development is adjacent to BM Utama housing scheme by DND Land. It is 20 minutes drive away from Penang Bridge, under 5km to AEON Mall at Bukit Mertajam.

This development comprises 52 and 2 units of 2-storey terrace and semi-detached houses respectively.

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

Project Name : (to be confirmed)
Location : Bukit Minyak
Property Type : Terrace & semi-detached
Built-up Size: (to be confirmed)
Land Area: (to be confirmed)
Tenure: Freehold
Total Units : 54
Indicative Price : (to be confirmed)
Developer : Viva Prima Development Sdn. Bhd. (WHH Land)

Location Map: