Penang Property Talk

Construction of the 5.7km Ayer Itam-Tun Dr Lim Chong Eu (LCE) Expressway bypass, which would be part of the RM46 billion Penang Transport Master Plan (PTMP), will begin on Aug 31 this year, Penang Chief Minister Chow Kon Yeow (pictured) said yesterday night.

He said the commencement of the by-pass will mark the beginning of a comprehensive transport infrastructure plan to alleviate traffic congestion in the state.

Additionally, he said the state government had also approved one of the packages under the PTMP to be carried out by its developer, SRS Consortium within the first half of this year.

“This will definitely spur the construction sector and provide a lot of opportunities for companies in Penang associated with building and construction businesses,” he said when speaking at the Real Estate & Housing Developers’ Association (Rehda) Penang Chinese New Year dinner here.

State Housing Committee chairman Jagdeep Singh Deo who also spoke at the event said the State had agreed to Rehda’s request to extend the period for the exemption of a three percent levy on properties purchased by foreigners in the State until the end of June this year.

Initially, the deadline for the exemption of the approval fee imposed was until Feb 28, but it was said that many foreign buyers would not be able to enjoy the benefit as the period was deemed too short.

“The state government has reviewed the request by Rehda Penang, and we have agreed to extend the deadline to end of June, in line with the Federal home ownership campaign,” he added.

Source: EdgeProp.my

 

Alma Signature, an industrial park development by Golden Success Development Sdn. Bhd. at Alam in Bukit Mertajam. This is a joint venture project by GSD Land and DSG Group. Located next to Alma Light Industrial Park near Jalan Rozhan, surrounded by a matured neighborhood. It is just a mere drives away from Tesco Hypermarket and Aeon Mall.

This development comprises 47 units of a light industrial factory, featuring 6 different design types.

Property Project : Alma Signature
Location : Alma, Bukit Mertajam
Property Type : Light Industrial factory
Built-up Area: (to be confirmed)
Land Area: (to be confirmed)
Indicative Price: (to be confirmed)
Total Units: 47
Tenure : Freehold
Developer : Golden Success Development Sdn. Bhd.

Location Map:

 

 

There is still no indication as to when construction work will start on the PenangUndersea Tunnel project, as the contractor is still waiting for the relevant land to be dredged.

“We are supposed to start in March, but the Penang state government’s land is not ready. Until we receive the land we won’t be able to start work,” said Vertice Bhd executive director Wong Kwai Wah.

Vertice is part of Consortium Zenith Construction Sdn Bhd (CZC), which has been awarded a RM6.34 billion integrated infrastructure project that includes the tunnel as well as the construction of three major roads and the development of the Seri Tanjung Penang.

Speaking after Vertice’s extraordinary general meeting (EGM) yesterday, Wong said the group plans to start work on the tunnel once the land that the Penang government has gazetted for the project is ready for construction. This land, situated on Gurney Drive’s foreshore, is currently being reclaimed by Eastern & Oriental Bhd (E&O).

Wong said the state government can only schedule construction for the tunnel once the land is made ready for construction.

“At the place where they construct, they have to give us sand. So unless the land is ready, we can’t move in as it would be risky for us,” he said.

Wong said based on conversations with E&O before the Chinese New Year, the land should be ready for handover to the state government in June or July.

However, he said the state government has not indicated whether the project’s feasibility study has been concluded, and when the group can start work.

“I think they (state government) are going ahead [with the project], but we suspect they are trying to get the federal government to support them,” Wong said.

He added that any development concerning the project would most likely be concentrated in the second half of this year.

Replying to a question, Wong said the group did not have to seek federal approval for the project. “Actually there are no more approvals [required]. We just want the state to get the land ready,” he said.

The tunnel, which is set to be 7.2km long, is to connect Gurney Drive on Penang island to the mainland.

Both CZC and the Penang government came under heavy criticism under the previous Barisan Nasional-led federal government prior to the 14th general election, which prompted an investigation by the Malaysian Anti-Corruption Commission into the project’s price tag and the RM305 million cost for the roads and tunnel’s feasibility studies. The choice of a tunnel instead of a bridge was also questioned, besides the project’s land-swap funding model.

Vertice, which holds a 13.21% stake in CZC, maintains that the consortium participated in an open tender by the state government and that it competed against 60 rival bids for the megaproject.

Source: EdgeProp.my

 

An upcoming 90-acres mixed-use development with a minimum gross development value (GDV) of RM600 million by Ark Resources at Balik Pulau. It is close to the west coast of Penang Island, about 10 minutes drive from Balik Pulau town centre.

This development comprises a mix of commercial and residential properties:

• 2-storey commercial blocks (2 units) & a bazaar
• 2-storey terrace houses (276 units)
• 2-storey semi-detached houses (214 unots)
• 2-storey bungalows (91 units)
• 16-storey condominium (2 blocks)
• 16-storey low cost apartment (2 blocks)

This project is still pending for approval. More details will be available upon official launch.

Project Name: (to be confirmed)
Location: Balik Pulau, Penang
Property Type: Mixed development
Built-up Area: (to be confirmed)
Land Area: (to be confirmed)
Indicative Price: (to be confirmed)
Developer: Ark Resources

Location Map:

 

In conjunction with the Chinese New Year, Mah Sing Group Berhad (Mah Sing) decorated their Southbay Sales Gallery in Batu Maung with the Old Street concept and hosted an open house for the local community and their customers. During the celebrative event over the weekend, it attracted a huge crowd sharing the festive season joy together.

Visitors get to experience the traditional Chinese New Year ambiance with the redemption booth and photo wall having a makeover into groceries stores from the olden days. The two-day Chinese New Year open house also featured more than 40 food stalls selling variety of local street foods such as Char Koay Teow, Laksa, burger, snack and many more. Part of the revenue from the food sales will be contributed to the National Kidney Foundation as a charity initiative for the needy group.

 

Other than providing mouth-watering cuisines, the special appearances of the God of Prosperity at the event was also warmly welcomed by the attendees, especially the children. The 24 Festive Drum, acrobatic lion dance, Diabolo performance and the Chinese dancing troops also left the audience in awe with their energetic performances. Special snacks like Kuih Kapit and Dragon Beard’s demo and tasting were also presented to the crowd while they explored the event.

“Celebrating the Chinese New Year together with the local community is one of the interactive events we have planned this year. It’s great to see the overwhelming response and support from the attendees. This will be our motivation to come up with more creative initiatives to enhance the lives of our home owners and surrounding communities,” shared Mah Sing’s Chief Operating Officer, Everlyn Khaw.

Mah Sing also showcased its latest developments in Penang: The Loft, M Vista and Ferringhi Residence 2, to the attendees during the Chinese New Year open house. The Loft and M Vista are strategically located only 1km from Penang’s second bridge while Ferringhi Residence 2 is situated at the heart of Batu Ferringhi’s tourist belt.

Celebrating the Chinese New Year with the Spin and Win Campaign
This year, Mah Sing is celebrating the Lunar New Year with a Spin and Win campaign, whereby all buyers of selected Mah Sing properties are entitled to spin the Wheel of Prosperity and win a guaranteed prize worth up to RM25,000.

The participating projects in the Northern region include M Vista in Batu Maung, The Loft in Southbay City, and Ferringhi Residence and Ferringhi Residence 2 in Batu Ferringhi.

Interested buyers have up till 28th February 2019 to book their units for the participating projects. By booking now, buyers are able to enjoy special Chinese New Year deals including free legal fees, low down payments, attractive savings and prizes! For more information, please visit www.mahsing.com.my/cny2019 or call 1300-80-6888.