Penang Property Talk

The upcoming Penang International Exchange mixed development project at Bayan Baru may include affordable housing components.

According to the latest proposal submitted by Magna Rezeki Sdn. Bhd., the mixed development project located on the empty land next to Giant Hypermarket in Bayan Baru will consist of a 50-storey affordable condominium together with a 28-storey commercial building.

The condominium comprises 3 towers, offering a total of 1,202 affordable units with 9 levels of car parking podium. Recreational facilities will be located at level 10, 11, 23 and 24. Given the typical requirement of an affordable housing project in Penang, the units are expected to have a standard built-up size of around 900 sq.ft.

This project is still in its planning stage and pending approval. More details to be available upon official launch.

READ MORE ABOUT AFFORDABLE HOUSING:

• Eligibility and the requirement of buying affordable housing
• Full list of affordable housing in Penang

Property Project : (to be confirmed)
Location : Bayan Baru
Property Type : Affordable housing
Total Units: 1,202
Built-up Area: 850 sq.ft. – 900 sq.ft. (guestimated)
Indicative Price: (to be confirmed)
Developer : Magna Rezeki Sdn. Bhd. (Ideal Property Group)

Location Map:

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.

Jade Marvel Group Bhd said the group and JSC Land Sdn Bhd have mutually agreed to terminate their joint venture agreement (JVA) to develop a project in mainland Penang.

Jade Marvel, through its unit Great Marvel Sdn Bhd (GMSB), will instead complete the development on its own, the group said in a bourse filing on Tuesday.

“The termination of JVA is due to JSC being unable to obtain approval from the relevant authorities for the change of developer’s name from GMSB to JSC.

“The parties have agreed to mutually terminate the JVA without any penalty. Arising from the termination, GMSB will undertake the role as developer to carry out and complete the development project,” it said.

Jade Marvel on Sept 21 last year announced its JVA with JSC to develop a housing project with a gross development value of RM25 million on a 3.23-acre freehold land owned by the former in Simpang Ampat, Seberang Perai Selatan.

Jade Marvel said the construction work is expected to commence by the end of 2021.

Shares of Jade Marvel closed unchanged at 99 sen, for a market capitalisation of RM125.52 million.

Source: TheEdgetMarkets.com

Bank Negara Malaysia (BNM) maintained the Overnight Policy Rate (OPR) at 1.75 per cent at its first Monetary Policy Committee (MPC) meeting yesterday.

In a statement today, the central bank’s MPC considered the stance of monetary policy to be appropriate and accommodative, while remaining committed to utilise its policy levers as appropriate to create enabling conditions for a sustainable economic recovery.

“Given the uncertainties surrounding the pandemic, the stance of monetary policy going forward will be determined by new data and information, and their implications on the overall outlook for inflation and domestic growth,” said BNM.

The reinstatement of movement control order (MCO 2.0) and the surging number of Covid-19 daily new cases might have dampened the market sentiment, but the industry leaders do not foresee the property prices continuing to move downwards as current price has bottomed.

Real Estate and Housing Developers Association Malaysia (Rehda) Malaysia president Datuk Soam Heng Choon said the current property price has “hit the rock bottom”.

“The selling price now is the result of the input cost made of the spiking building material price and additional cost incurred due to the pandemic. All developers want a quick sale so that they can pay the contractors and so on to move the business,” he said.

Nevertheless, he also highlighted that developers have gone back to the drawing board as far as launch projects and pricing are concerned as they want to minimize any losses or additional holding cost at this point in time.

“With the MM2H program on hold and MCO reinstated, the developers have no other choice but to price the new projects at a very competitive price to survive the pandemic,” he noted.

Soam was speaking during the live EdgeProp.my virtual fireside chat entitled “Impact of MCO 2.0 on the Malaysian Property Sector” on Facebook today.

Also taking part in the session were Malaysian Institute of Architects (PAM) president Datuk Ezumi Harzani Ismail and Master Builders Association Malaysia (MBAM) deputy president Oliver Wee Hiang Chyn. The almost two-hour session was moderated by EdgeProp.my editor-in-chief and managing director Au Foong Yee.

Ezumi concurred that current property prices are affordable as the pandemic has already adjusted the market.

“Whatever that is overpriced will not work anymore. The pandemic has adjusted the market and what we have now in the market is affordable and matches the income level of the local buyers,” he shared.

Meanwhile, Wee stressed that the property price may not reduce to the level which the market wishes for.

He explained that the indirect construction input cost has increased, such as temporary shut down of construction sites, lack of skilled workers and higher standard of worker’s living and working facilities.

“The selling price is a reflection of the additional construction cost due to the pandemic,” Wee said.

As for secondary market properties, Soam noted that it is not a surprise that the traditional property hotspots remain popular even during an economic downturn.

Land scarcity is one of the reasons that supports the price and popularity — for instance, demand for landed residential properties near the Mid Valley area will remain intact as there will not be any suitable land left for development, he explained.

“The existing landed house prices will be holding up firmly as everyone knows it is a good location and you will never go wrong buying there, so don’t expect it will be cheap during a downturn.

“If there is a sudden price drop in a property hotspot, it will mean that something is wrong with the country’s economy, which we don’t want to see happen,” Soam noted.

Source: EdgeProp.my

Image source: MalayMail.com

Heavy machinery has started arriving at the construction site of a 6km dual carriageway that is part of the RM6.3 billion three major roads and undersea tunnel (PMRT) project.

Yesterday morning, hydraulic excavators, bulldozers and soil compactors were seen transported to the construction site at Lorong Bukit Gambir where works on the highway are expected to start on February 1.

It is learnt that about 40 different types of machines will be making their way to the site in preparation for the construction works.

Other machinery and equipment that will be arriving at the site included dump trucks, bored piling machines, mobile crane, crawler crane, roller compactor, road paving machines, tandem roller, backhoe loader and mixer trucks.

The 6km dual carriageway is Package Two of the PMRT project to build a highway to connect Lebuhraya Thean Teik in Air Itam to Tun Dr Lim Chong Eu Expressway.

The alignment for Package Two consists of a 4.2km elevated section and a 1.8km of at-grade section.

There will be three interchanges along the road; Interchange One at Lebuhraya Thean Teik, Interchange Two at Jalan Bukit Gambir — Jalan Sultan Azlan Shah and Interchange Three at Tun Dr Lim Chong Eu Expressway with a left in- left out junction and an elevated U-turn.

Last week, the state government signed a supplemental agreement with Consortium Zenith Construction Sdn Bhd (CZC) which will kickstart physical construction works of the highway.

It also marked the starting point of the overall PMRT project.

Package Two is expected to complete by January 3, 2025.

The master agreement for the PMRT project was signed on August 2, 2019 and this was followed by the signing of a sub-agreement for Package Two on October 11, 2019.

The supplemental agreement to the sub-agreement for Package Two was signed on January 15 this year.

A ground-breaking ceremony for Package Two was held on November 2, 2019 in which early works were started.

The PMRT consists of three toll-free major roads and a tolled undersea tunnel.

The packages under the project are Package One (north coastal paired road from Tanjung Bungah to Teluk Bahang), Package Two (Air Itam to Tun Dr Lim Chong Eu Expressway Bypass), Package Three (Gurney Drive to Tun Dr Lim Chong Eu Expressway Bypass) and Package Four (Undersea tunnel).

Source: MalayMail.com