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PWD plans to upgrade roads in Bukit Tengah

Property News/ 2 December 2021 No comments

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The state Public Works Department (PWD) will make an application for an allocation to upgrade the roads in Bukit Tengah to ease traffic congestion.

State Transport and Infrastructure Committee chairman Zairil Khir Johari (PH-Tanjung Bunga) said the Jalan Permatang Tinggi is a federal road and the allocation had already been applied through the 12th Malaysia Plan.

“Besides that, the widening of Jalan Permatang Tinggi project from south Seberang Perai district to Bukit Tengah roundabout will be implemented after obtaining approval from the Works Ministry and Economic Planning Unit (EPU).

“The PWD will also make a new application for approval for the proposed widening road project in Jalan Perusahaan Autocity.

“The Penang Development Corporation (PDC) is currently undertaking a widening road project in Jalan Perusahaan from the Jalan Kebun Nenas junction to Jalan Juru.

“PWD and Malaysian Highway Authority (LLM) are also finding a solution to disperse the traffic at the Juru highway and Jalan Kebun Nenas,” he told the State Assembly today.

Zairil was responding to an oral question by Gooi Hsiao Leung (PH-Bukit Tengah), who wanted to know about any effort taken by state to solve the traffic flow issue in Bukit Tengah.

Zairil added that the local authorities have also issued compounds to any vehicles obstructing traffic to help reduce congestion there.

Source: Buletin Mutiara

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Aspen Group’s Viluxe Supreme Terrace Open for Registration

Events/ 1 December 2021 No comments

The one and only premium landed residence occupying the heart of Aspen Vision City, Batu Kawan – Viluxe is now all geared up to unveil its Second Phase.

The 2.5-storey Supreme Terrace units are bigger in size and boast designer exquisite touch on both its spectacular façade and its sensible different layouts accommodating to the whole family’s needs.

Aspen Group’s Managing Director Ir. A. Anilarasu said since the launch of Phase 1 of Viluxe Premium Terrace, which consists of 170 units of 2-storey terraces and 4 units of 2.5-storey terraces, the take-up rate has been overwhelming.

“Since we launched Viluxe Premium Terrace, we only have limited units left to date and enquiries are still pouring in for the respective development,” Ir. A. Anilarasu revealed.

“Thus, we believe the launch of Viluxe Supreme Terrace is timely now and it will surely attract more homebuyers and investors looking for the perfect landed residence on the Mainland Penang,” he said.

Ir. A. Anilarasu added that these new 2.5-storey Supreme Terrace features up to five spacious bedrooms and five bathrooms with built-up area starting from approximately 25’ x 65’ up to 34’ x 70’.

He explained that the Supreme Terrace is designed for families to have a home with seamless open-concept, where it gives them flexibility to custom-design the layouts to suit their own lifestyles and imaginations.

“This residence is designed with a family area to foster open communication and bonding among family members to achieve a harmonious family life,” he added.

Viluxe Supreme Terrace is a gated and guarded community with two safeguarded entrances that surely gives its homeowners a greater peace of mind. This landed residence is also surrounded by double fencing that not only elevates the security but also acts as a green buffer.

The freehold development also features a green factor to its back lanes known as Evergreen Alley Garden, which is a perfect space for communal activities that encourage neighbourly bonding as well as for some quiet me time.

Aspen Vision City is touted as the best address in the North, which is vibrant with opportunities and lifestyle developments that befit its GBI-certified status as the region’s eco-metropolis. Jointly planned and developed by Aspen Group and IKEA Southeast Asia, the AVC masterplan is part of an exciting new ecosystem that will link more than six million people within its immediate catchment area. There are already many Fortune 500 companies located here that are attracting plenty of professionals to its research and development hub. AVC also brings together all the comforts of modern living in a place where business is thriving.

Viluxe Supreme Terrace is now open for registration, where early birds will have the advantage of first-hand information on this development and priority selection besides other perks.

You can register now through this link: https://forms.mhub.my/a3fcdaf9-9696-40f5-9897-f30f8300d03f

For more information on Aspen Group’s ongoing programmes, kindly visit our Facebook page www.facebook.com/myaspengroup or call Aspen at 1300 30 5000. Alternatively, you can find more information at their website www.aspen.com.my.

Penang Housing Board identifies 14 affordable housing projects

Property News/ 30 November 2021 1 comment

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A total of 14 housing projects have been identified by the state government through the Penang Housing Board, says state Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo.

According to Jagdeep, these projects come under the state government’s housing masterplan called the ‘Penang Affordable Housing (PAH) 2021 – 2025’.

It comprises nine affordable housing projects and five urban regeneration programmes (Urban Regeneration City- URC).

“This master plan will be known as the Penang Affordable Housing (PAH) and is expected to contribute to a total of 28,751 units of type B (9,043) and C (19,708).

“It will enable us to achieve our target of building 220,000 units of affordable homes by 2030.

“At the same time, the Penang Housing Board will also conduct a study on the suitable sites so as to develop more affordable homes,’’ Jagdeep told the State Legislative Assembly yesterday.

Jagdeep said that the first project to take off under the PAH is the Bukit Gedong (Jalan Mayang Pasir) affordable housing project which will provide a total of 801 residential and 15 commercial strata units respectively.

“Meanwhile, the first urban regeneration project to commence in Penang is the ‘5 Point Blocks’ flats in Lorong Mahsuri 10, Bayan Baru located at the southwest district.

“The project is currently in the process of appointing a consultant and licensed land surveyor,” he added.

In a reply to Nor Hafizah Othman (BN- Permatang Berangan), Jagdeep said he was thankful to Local Government and Housing Minister Datuk Seri Reezal Merican for verbally approving two PPR housing projects for Penang although the state has proposed five PPR projects – one in each district.

He also told the assembly that he has often advised developers to concentrate on building affordable homes to tackle overhang issue.

Jagdeep revealed that there are a total of 4,638 units of unsold residential properties worth RM3.666 billion in the state with 3,872 units involving condominiums and apartments.

“Out of this, only 347 units for the affordable homes priced from RM300,000.00 and below are facing with overhang issues.

“This is why I always advise the developers to build more affordable housing especially during this time, ’’ he said.

Apart from that, Jagdeep also said from 2008 to Oct 31, the state government has spent a total of RM285,684,065.76 million under its various maintenance programmes for both the public and private housing schemes.

“The expenditure includes maintenance works for housing schemes under Penang Island City Council (RM24,457,461.35), Seberang Perai City Council (RM4,435,956.21), public housing schemes maintenance (RM210,847,206.28) and the Penang Maximum 80% Maintenance Fund (RM45,943,441.92),” Jagdeep said.

Jagdeep also shared that from 2008 until now, there is an increase in the supply of affordable housing at 126,816 units, thus reaching 57.64% of the target of 220,000 units by 2030.

“A total of 38,190 units have been completed so far, 19,640 units under construction and the remaining 68,986 units still in the planning stage.

“The state government is committed to ensuring that there is adequate supply of the affordable homes,’’ he said.

Source: Buletin Mutiara

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RM3.66 billion worth of unsold houses in Penang

Property News/ 29 November 2021 No comments

Penang bridge view

A total 4,683 units of completed houses with a value of RM3.66 billion were reported unsold in Penang to-date.

The number puts Penang at the second highest state with unsold houses after Johor at 6,509 units (RM4.89 billion), Federal Territory of Kuala Lumpur at 3,863 units (RM3.1 billion) and Selangor at 3,376 units (RM2.9 billion).

State Housing, Local Government and Town Planning Committee chairman Jagdeep Singh Deo said, of the total unsold housing units in Penang, only 347 units or seven per cent involved affordable houses priced at RM300,000 and below.

Based on the statistics, he said, the state government had always reminded developers not to think only of profit but also to increase the construction of housing projects for units below RM300,000.

“In the current economic situation, with many people affected by the Covid-19 pandemic, developers should open their eyes and take the opportunity to build more affordable homes.

“What is the point of them building a house priced at RM300,000 and above or up to RM1 million if it cannot be sold because buyers cannot afford it?” he told the state legislative assembly sitting here today.

According to Jagdeep (DAP-Datuk Keramat), the state government, in encouraging developers to build affordable housing, and has introduced various incentives such as reducing charges involving development and others.

“What is important is we control the prices of affordable housing so it does not exceed the set price, which is below RM300,000. This is because if left in the open market, the price of such units will be sold higher.

“Because of this, we find that the unsold affordable houses in Penang are currently only at seven per cent compared to 93 per cent of other housing units,” he added.

Source: NST Online

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Residential property market performance over 20 years

Property News/ 29 November 2021 No comments

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By Zerin Properties Corporate Valuers

We analysed the growth of average house prices over 20 years for eight states in Malaysia. The average house price data was collected from the year 2000 until the first quarter of 2021. These eight states analysed were Kuala Lumpur, Selangor, Johor, Penang, Perak, Pahang, Sabah and Sarawak.

Penang

The average house price for Penang in 2000 was RM174,279 and RM300,000 in 1Q2021, with an average annual change of3.2% over the 20 years. There was a decline in 2018 and 2019 by 16.14% and 5.60% respectively, while prices stabilised in 2020.

The decreasing average house price in 2018 and 2019 might have been due to developers offering more affordable house units to reduce the property overhang in Penang. As a result, most property prices in Seberang Perai dropped by 5% to 10% in 2020. The increase in average house price in 1Q2021 could be due to a positive response from the reintroduction of the Home Ownership Campaign (HOC).

Kuala Lumpur

The average house price in KL for the year 2000 was RM245,249 and RM708,812 in 1Q2021, with a 5.6% average annual change over the 20 years. The most significant yearly change is in 2012, with a 17.48% increase. There were continuous declines in the pattern of price growth for 2018, 2019 and 2020 with -4.53%, -12.76% and -4.13%, respectively.

The contraction of house prices was due to property overhang in 2019, with KL experiencing one of the highest property overhang in the country. The situation prompted developers to lower the pricing of affordable housing units, reflecting the contraction of average house prices. On the other hand, the annual change in 1Q2021 increased by 2.82% due to favourable government initiatives, such as the 1.75% Overnight Policy Rate maintained by Bank Negara Malaysia.

Selangor

Selangor’s average house price in 2000 was RM204,105 and RM534,846 in 1Q2021. The average annual change over the 20 years was 4.8%. Double-digit growths were recorded for four years in a row in 2010 (12.88%), 2011 (11.20%), 2012 (10.46%) and 2013 (10.12%). The highest annual change for Selangor was in 2015 with 23.11%, while the annual change in 2020 increased by 3.63% and recorded an impressive growth of 5.55% for 1Q2021.

Being the most populous state in Malaysia and the highest contributor to the nation’s gross domestic product with a large proportion of manufacturing, warehousing and port-related activities, Selangor has been able to sustain the demand for residential properties over the years and provided a buffer against any drastic price drop in the state.

Johor

The average house price for Johor in 2000 was RM132,872, whereas in 1Q2021, it was RM350,000. The average annual change between the 20 years was 4.8%. There was a slight decline in the price growth in 2020 (-1.43%) due to the high overhang property in Johor, which caused developers to offer more discounts to clear the unsold units.

Johor recorded the highest property overhang in 2020, where most of them were condominiums or serviced apartments. The majority of the overhang property was located in the Iskandar Region where developers originally built the house units targeting the foreign market.

(You may find out more about the average house prices for four other states from the source below)

Summary

The average house price for the eight states in Malaysia has shown significant growth over the 20 years. KL and Pahang have the most notable average annual changes above 5%.

The incentives provided by the government to boost the property market that was affected by the Covid-19 pandemic have helped several states to achieve a steady increase of the annual change growth for the year 2020 and 1Q2021.

Source: EdgeProp.my (read more)

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