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SITE PROGRESS: Iconic Regency (Oct 2022)

Property News/ 5 October 2022 No comments

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About Iconic Regency

A mixed development by Iconic Development Sdn. Bhd. at Sungai Nibong. Strategically located along Jalan Sultan Azlan Shah, next to SK Sungai Nibong. It is only 10 minutes walk to two future LRT Stations – Sungai Nibong & Pesta Stations. Featuring a 42-storey serviced suites with 268 fully furnished residential units.

Find out more about Iconic Regency

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TNB’s RM500mil project to bolster Penang’s electricity supply

Property News/ 4 October 2022 No comments
TNB

Artist impression

Tenaga Nasional Berhad (TNB) has launched a RM500mil project to boost electricity supply in Penang.

The project will see direct connection of supply from the national grid to Penang through overhead line transmission.

Slated for completion in 2024, the 275kV overhead line transmission will be in parallel with Penang Bridge through 31 monopoles, connecting the Prai Power Station (SJ) Main Inlet Substation (PMU) to The Light PMU on Penang island which will be built near Batu Uban army camp.

The project is set to be an iconic landmark of Penang due to the unique transmission line tower with a betel nut design.

It will be able to supply up to 2,000 megawatts (MW).

It is also the second of its kind in the country after the TNB 4.2km monopole overhead line project connecting Pantai Siring and Pulau Besar in Melaka.

Energy and Natural Resources Minister Datuk Seri Takiyuddin Hassan said currently the existing firm capacity in the island was 1130MW and expected to decrease when the Gelugor power station ends it service in August 2024.

“At the same time, supply demand is expected to increase in the future based on the peak load demand which reached 777.85MW in January 2020,” he said during his speech at the launch ceremony.

He said it was vital to implement the overhead line project which has a higher capacity compared to under-bridge cables and submarine cables.

The project, he noted, was capable of supplying 2,000MW from Prai to The Light PMU, depending on the load demand in the island area.

The project would be developed by three experienced companies in transmission line and sub-sea construction, he added.

One of the companies is the CHEC Construction (M) Sdn Bhd, which was directly involved in the construction of the Sultan Abdul Halim Muadzam Shah Bridge.

“This project is also the most sustainable, supplying electricity from the national grid to the island while taking into consideration its cost, safety, efficiency and stability of supply, including the speed of detecting any damage or disruption,” Takiyuddin said.

The project will be part of TNB’s ongoing investment in developing and modernising the national grid into a stable and reliable smart grid in meeting the country’s energy transition needs, the minister said.

Meanwhile, Chief Minister Chow Kon Yeow, in his speech, said the project to boost electricity supply in Penang would be the catalyst for the state’s development.

“We can plan carefully or strategise our mega projects, but it can’t materialise if we don’t have enough and stable power supply.

“This is where TNB has played its role with the project implementation,” he said.

Describing the project as high impact and quality, Chow said the tower would be equipped with aesthetic decoration lamps, making it another iconic landmark and attraction in Penang.

Also present were TNB chief executive officer Datuk Baharin Din, TNB chief grid officer Datuk Husaini Husin and state executive councillor Zairil Khir Johari.

Source: TheStar.com.my

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REHDA & Analyst: OPR hike unlikely to keep property market down

Property News/ 3 October 2022 1 comment

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Property analysts and housing developers said any further interest rate hike on the property sector will be minimal and only create headwinds in the short term.

They said a rate hike would undoubtedly dampen consumer sentiment, but this could be mitigated by strong economic growth.

AmBank Research equity research analyst Khoo Zing Sheng said despite a higher key Overnight Policy Rate (OPR) set by Bank Negara Malaysia, loan applications for purchase of residential properties were expected to remain healthy.

He said when the OPR was raised in May and July, loan applications to purchase homes remained healthy, with the approval rate rising to 43 per cent in July from 41 per cent in June.

Khoo noted that the number of loan applications had not deteriorated significantly and still stood at over RM40 billion, higher than the January-May average of RM38 billion.

“The current rate hike and upcoming (possible) hike, in my opinion, are just normalising the interest rate to the pre-pandemic level (3.25 per cent).

“So I think buyers are still comfortable with that. Anything above that (3.25 per cent) could have a negative impact on real estate sales. Still, based on Bank Negara’s data, the OPR has never exceeded 3.50 per cent since 2004,” he told the New Straits Times.

Bank Negara is expected to raise its OPR by another 25 basis point to 2.75 per cent in November, the fourth time this year.

In May, the central bank raised the policy rate to 2.0 per cent from 1.75 per cent, its lowest level ever, after cutting it by 25 basis points in July 2020.

In July this year, it raised the OPR by 25 basis points to 2.25 per cent, and by another 25 basis points to 2.50 per cent this month.

Khoo said based on sensitivity analysis, the monthly installment for a property worth RM500,000 with 90 per cent loan financing would increase by RM66 to RM69, or 3.3 to 3.5 per cent, for every 25 basis-point increase.

“While the rate hike will dampen consumer sentiment, this could be mitigated by strong growth once the economy rebounds. Based on historical trends, credit growth and property sales are linked to economic growth,” Khoo said.

Looking ahead, AmResearch expects a gradual recovery in real estate transaction volumes next year with improved market sentiment.

“This is evidenced by still robust sales in the first half of the year, despite the end of the homeownership campaign. We also see no further deterioration in the overhang of residential units and serviced apartments in the first quarter of 2022,” Khoo said.

Rehda Malaysia president Datuk N.K. Tong believes that interest in residential and commercial projects were tailored to users’ needs and would continue to grow despite higher OPR.

“Any increase has been moderate compared with other central banks around the world. So while there may be an impact on home buying, it will be tempered by the small, measured increases from a very low base, and by buying interest that has been put on hold over the past two years because of the pandemic.

“In addition, the spectre of inflation has gripped the world and is rearing its ugly head on our shores as well. This will drive people to invest in real estate in the medium- to long-term to hedge against inflation and protect their personal wealth,” he told the NST.

Tong said people who had been putting off buying a house during the pandemic were now thinking of doing so.

This was evident during the Malaysian Property Exhibition in July, where developers saw strong interest and high sales compared with similar events in the past two years, he said.

“There are opposing forces at work when it comes to rising interest rates and their impact on property sales in this post-pandemic period.

“While people are getting used to the revival of the economy, the tangible impact of ‘revenge’ eating, shopping and travelling on the food and beverage, retail and hospitality industries is being seen, heard and felt.

“As for the housing industry, the recovery has been more stable as people consider home purchases in a recovering economy,” Tong added.

Source: NST Online

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AFFORDABLE: Bukit Mertajam / Iconic Maison Sdn. Bhd.

Bukit Mertajam/ 2 October 2022 No comments

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Yet another proposed affordable housing development in Bukit Mertajam. Undertaken by Iconic Maison Sdn. Bhd, the development will be located within at Alam, near the junction of Jalan Rozhan and Jalan Alam. It is only about 1km away from AEON Mall, with easy access to an abundance of essential amenities within mere minutes drive.

This development will feature a 37-storey condominium offering 751 affordable housing units. When completed, there will be 7 levels of car parking podium with facilities located at level 8.

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

READ MORE ABOUT AFFORDABLE HOUSING:

Project Name : (to be confirmed)
Location : Alma, Bukit Mertajam
Property Type : Affordable housing
Tenure: (to be confirmed)
Land Area: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units : 751
Indicative Price : RM250,000 onwards (affordable housing price guide)
Developer : Iconic Maison Sdn. Bhd.

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

Revised George Town Unesco World Heritage Site SAP ready for public feedback

Property News/ 1 October 2022 No comments

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The revised Special Area Plan (SAP) for George Town Unesco World Heritage Site, now up for public viewing, will ensure the township is sustainable.

The plan included a review of land use trends and proposals for appropriate development without affecting the value of the area, said Nazri Abdullah.

The deputy director (planning) of the Environment Department and Town and Country Planning Department (PLANMalaysia) was speaking at a public participation programme on the SAP at Komtar, Penang.

There are proposals for upgrading sidewalks and seaside walkways as well as providing an underground parking facility with 150 bays to cater to the huge number of visitors to the enclave.

Other plans included in the SAP are renovating Dewan Sri Pinang and City Hall so they can host more cultural events, besides removing existing encroachments and restoring old routes.

The 262ha enclave designated under Unesco encompasses 5,285 buildings, with the core zone spanning 111ha with 2,569 buildings.

The buffer zone comprises 150ha with 2,716 buildings.

The George Town Unesco World Heritage Site SAP (Replacement) is a detailed proposal plan and has been translated into two Final Draft reports (Volume I: Management Strategies And Actions and Volume II: Develop-ment Control).

It was prepared to replace the George Town World Heritage Site SAP, which was gazetted on Sept 1, 2016.

The SAP is reviewed every five years. It was due for review in 2021.

The draft needs to be made public in accordance with Section 13 of the Town and Country Planning Act 1976.

This will give stakeholders an opportunity to submit suggestions or objections to the planning proposals contained in the report.

The public participation programme for the draft of the SAP replacement will be held until Oct 28 at three locations.

They are Level 3 (in front of the PTG counter) and PLANMalaysia office, Level 57, both in Komtar, as well as the foyer of the Seberang Prai City Council building in Bukit Mertajam from 8am to 4pm on weekdays.

Source: TheStar.com.my

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