UPCOMING: Butterworth / Magnux Heritage Sdn. Bhd.

October 17th, 2017 No comments

proposed-magnux-heritage-butterworth

Proposed light industrial development by Magnux Heritage Sdn. Bhd. in the establised township of Butterworth. Strategically located off Jalan Limbungan at Chain Ferry, adjacent Prai River. It is only 5 minutes drive away from Harbour Place, less than 15 minutes drive away from Penang Bridge.

This development will be developed in two phases, offering a total of 48 units of 2-storey semi-detached light industrial factories and one detached unit.

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

Property Project : (to be confirmed)
Location : Chain Ferry, Butterworth
Property Type : Light Industrial Factories
Tenure: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units : 48 (semi-detached), 1 (detached)
Indicative Price : (to be confirmed)
Developer : Magnux Heritage Sdn. Bhd.

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Mutiara Rini may have to be demolised and rebuilt

October 14th, 2017 2 comments

mutiara-rini-on-holdThe Penang state government has directed a developer to demolish a partly-complete apartment building and rebuild this for safety reasons, said Chief Minister Lim Guan Eng.

He said the state government was not satisfied with the safety standard of the building by JKP Sdn Bhd

“JKP has agreed to demolish it and this building will be demolished by the end of this month,” he told reporters when he visited the site in Kampung Pisang Awak in Jelutong this morning.

He said there were rumours being spread regarding the low-cost project, so he had to explain what was happening with the project.

The low cost flat was supposed to be a 17-storey building with 192 low-cost units and 192 medium-cost units.

Construction started in late 2015 and was suspended last December after JKP found issues with the materials used by the contractor.

“The materials used were not according to specifications and as a responsible developer, we feel that what’s most important is safety so we have decided to demolish this building by the end of this month,” said JKP chief executive officer Samrulzaman K.Mohideen who was also at the site.

He said it will take about four months for the building to be completely demolished.

The project, Mutiara Ria, had been scheduled for completion at the end of this year.

Lim said JKP also has another adjacent project that used the same materials, Mutiara Rini.

Mutiara Rini is an affordable housing project with 24 storeys and has a total 382 units. It is now partially constructed till the 15th floor, but construction was also suspended in December last year.

“We feel that the other block should also be demolished as the same materials were used for it,” Lim said.

Lim said this would give owners peace of mind.

Samrulzaman said they are still investigating Mutiara Rini to decide the next course of action.

“There is a possibility that we need to demolish it but this will depend on the conclusion of our investigations into the structure first,” he said.

Due to these issues, Samrulzaman said both projects costing a total of RM120 million will be delayed by about three years.

Source: Malay Mail Online

 

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The Amarene

October 13th, 2017 12 comments

The-Amarene-main

The Amarene, part of Ideal Vision Park development by Ideal Homes in Bayan Lepas, Penang. This development is strategically located along Jalan Tun Dr. Awang, adjacent to Tree Sparina condominium. It is just a mere minutes drive to Straits International School and Penang International Airport.

This upcoming development will see the construction of 35-storey condominium, offering residential units with built-up size ranges from 1,100 sq.ft to 1,200 sq.ft. It will be priced between RM630,000 and RM750,00.

More details to be available upon official launch.

Property Project : The Amarene
Location :
 Ideal Vision Park, Bayan Lepas, Penang
Property Type : Mixed Development
Total Units: 410 (condo), 72 (shop office)
Built-up Size: 1,100 sq.ft. to 1,200 sq.ft.
No. of Storey: 35
Land Tenure : Freehold
Indicative Price: RM630,000 onwards
Developer : Ideal Property

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BNM Explains Why You Can’t Afford a House

October 12th, 2017 16 comments

Malaysia’s central bank has a response to those saying it needs to do more to spur home loans: houses simply aren’t affordable.

Bank Negara Malaysia has created a website packed with data aimed at debunking the “myth” that access to financing was deterring home ownership, showing that loan approvals for key cities are near 70 percent or higher. The central bank has resisted calls to loosen mortgage lending, instead saying the property industry should boost efforts to cut costs and accelerate supply.

unaffordable-malaysia

 

Rising home prices have added to the grievances of Malaysians grappling with the cost of living since a goods and services tax started two years ago, and as the government removes subsidies on daily items including petrol and sugar. That’s made affordable housing a key voter issue for Prime Minister Najib Razak ahead of a general election that must be held by mid-2018.

“It’s a tricky situation,” said Wan Saiful Wan Jan, chief executive officer of the Institute for Democracy and Economic Affairs in Kuala Lumpur. “I don’t think it’s right to say that there’s no problem with financing. But lending rules have to be both strict and balanced at the same time, otherwise we’ll have more non-performing loans and that is not good for anyone in the country.”

The median house price in Malaysia was 4.4 times the median annual household income in latest available data, making the housing market “seriously unaffordable” compared to global standards, according to a 2015 report by state-run Khazanah Research Institute. The report classed an affordable market as one with a median multiple of 3 times.

That still makes Malaysia cheaper than many other markets, with affordable housing in key cities something of a rarity in the 21st century. In the latest Demographia study, Kuala Lumpur had the eighth best housing affordability out of 18 metropolitan regions around the globe, with Hong Kong homes costing 19 times income and Beijing 14.5 times.

Take a closer look at the forces shaping Malaysia’s economy, politics and markets

Malaysia’s central bank is seeking to strike a balance: its housing website aims to show transparency in the market while the lender also stands firm on stricter financing rules introduced since 2010 to curb speculation, as well as measures to promote responsible lending amid elevated consumer debt.

low-salary-malaysia

 

Household debt as a proportion of gross domestic product fell to 88.4 percent last year from 89.1 percent. It’s still one of the region’s highest and the nation needs to be careful of such levels, central bank Governor Muhammad Ibrahim said in July. The central bank has left borrowing costs unchanged at 3 percent since July last year.

Just 20 percent of new Malaysian housing launches in the first quarter were priced below 250,000 ringgit ($59,000), down from 33 percent between 2010 and 2014, according to the central bank’s “Housing Watch” website. The bulk of new homes cost between 250,000 ringgit and 500,000 ringgit. The median annual household income is estimated at around 63,000 ringgit.

“It is an issue of not having enough income and houses being too expensive,” Muhammad told a conference in August, reiterating that “the problem is not about access to credit” and the lender “must have the courage to say it loudly and clearly to the public.”

Only about half of people living in Kuala Lumpur own a home, while nationwide the number was 72.5 percent at the last census in 2010. Demand is set to rise: the median age of Malaysia’s 31.7 million people is 28 years and the nation’s urban population is growing at an average 4 percent a year, among the fastest pace in East Asia, according to the World Bank.

Najib has pledged to focus on boosting living standards when he tables next year’s spending plan in parliament this month. He may announce an increase in the number of affordable homes built by state-linked companies, tax relief for private developers and subsidies for affordable home buyers, RHB Research Institute Sdn. said last month.

Filling the Gap

Banks are being “prudent and responsible” in providing finance to buyers, an association of Malaysia commercial lenders said in a statement this week. It was seeking to refute claims by developers that house buyers are finding it harder to obtain a housing loan and that approval times are increasing.

Developers should instead be looking at their own industry, said Paul Selvaraj, secretary general of the Federation of Malaysian Consumers Associations.

“The focus should be on building houses which people can afford, not building expensive houses and then trying to push them, and then complaining that the banks are not giving loans,” he said. “The reason people are having problems getting loans is because the houses are not affordable. It’s beyond their repayment” ability, he said.

Some developers are slowly starting to fill the demand. Mah Sing Group Bhd., the nation’s third largest, is selling apartments within 5 kilometers from Kuala Lumpur’s center with prices starting from 328,000 ringgit for a 650 square foot unit. That’s within the maximum price a family on the city’s median income could afford.

The problem is set to become a bigger one over time. There is currently a shortage of 960,000 units of affordable housing in Malaysia, with the number projected to reach 1 million units by 2020, according to the central bank’s estimates.

Source: Bloomberg

 

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UPCOMING: Butterworth / Airmas Development Sdn. Bhd.

October 12th, 2017 No comments

upcoming-butterworth-airmas-group

Proposed gated and guarded development by Airmas Group in the established township of Butterworth. Strategically located near Jalan Raja Uda, just a stone’s throw away from Palm Villas gated residence. It is only 10 minutes to the upcoming Penang Sentral, under 15 minutes to Penang Bridge.

This development will offer 42 units of 3-storey townhouse.

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

Property Project : (to be confirmed)
Location : Butterworth
Property Type : Townhouse
Tenure: Freehold
Built-up Size: (to be confirmed)
Total Units : 42
Indicative Price : (to be confirmed)
Developer : Airmas Development Sdn. Bhd. (Airmas Group)

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Categories: Butterworth Tags: , ,