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The VIZ Lifestyle @ PICC

Bayan Baru/ 15 August 2022 No comments
The VIZ Lifestyle

For illustration only

The VIZ Lifestyle, also known as the Phase 2B of Penang International Commercial City (PICC), is an upcoming serviced apartment project by Hunza Group. Within the vicinity of the PICC 43-acre integrated development, it is just mere minutes drive to Penang International Airport and 10 minutes walking distance to sPICE. The future central park and liftstyle mall will be right at the doorstep.

This project comprises three towers of skyscrapers, featuring a total of over 1,600 units serviced residences with 10 levels of car parking podium. The units will have built-up sizes ranging from 650sq.ft. up to 1,606sq.ft. with dual key options.

The development is still in the planning stage, and construction is expected to start in Q4 this year.

Project Name: The VIZ Lifestyle
Location: PICC, Bayan Baru, Penang
Property Type: Serviced residence
Built-up Area: 650 sq.ft. – 1,606 sq.ft.
Indicative Price: (to be confirmed)
Total Units: over 1,600
Developer: Hunza (Penang International Commercial City) Sdn. Bhd.

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Taman Lip Sin Master Plan aimed at improving liveability

Property News/ 13 August 2022 No comments

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Taman Lip Sin, which comes under the Bayan Baru parliamentary and Batu Uban state constituency, could see its neighbourhood transformed into a better living environment if the proposed Lip Sin Master Plan materialises.

Bayan Baru MP Sim Tze Tzin, who proposed master plan, was determined to improve the liveability of the neighbourhood.

“We have engaged a professional architect to conduct traffic assessment and design the area to be more pedestrian-friendly.

“We want to encourage people to walk instead of drive to nearby places.

“People are encouraged to walk to the nearby pocket parks, supermarket, and other areas in the vicinity,” he said in his speech during the ‘Jelajah ❤️ Penang’ programme in Bayan Baru parliamentary constituency yesterday.

Sim said the Lip Sin Master Plan proposal has been submitted to the state government for its consideration. He hoped for a positive response.

Chief Minister Chow Kon Yeow, who was present alongside his team, praised Sim and Batu Uban assemblyman A. Kumaresan for initiating the Lip Sin Master Plan.

“The state will look into the plan. It is a good initiative. We will consider all aspects, including the cost, if the project gets the nod from the state.

“The community also plays a vital role through its involvement in such initiative,” he said.

Earlier, Chow was happy to fly the Jalur Gemilang in view of the National Day celebration end of this month.

Chow and his team had so far visited seven parliamentary constituencies under the ‘Jelajah ❤️ Penang’ programme. The parliamentary constituencies were Bukit Bendera, Tasek Gelugor, Kepala Batas, Permatang Pauh, Nibong Tebal, Balik Pulau, and Bayan Baru.

Among those present were Chow’s political secretary Teh Lai Heng, Lip Sin MPKK (Village Community Management Council) head Ngo Chee Yi and Taman Lip Sin Block 2 Committee chairman Lee Meng Jee.

Source: Buletin Mutaira

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SITE PROGRESS: Nusacinta @ Setia Fontaines (Aug 2022)

Property News/ 13 August 2022 1 comment

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About Nusacinta @ Setia Fontaines

The second residential component to be launched in the 1,675-acre Setia Fontaines master-planned township development by SP Setia. This will be the first gated residential precinct located next to the 63-acre man-made lake with a musical fountain. It comprises a total of 294 landed residential units, offering a few types of landed houses with built-up size ranging from 1,332 sq.ft. up to 2,943 sq.ft. Indicative price starts from RM420,000 onwards.

Find out more about Nusacinta @ Setia Fontaines

Register your interest here. We will keep you updated.

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Largest Smart Integrated City Development in Penang Island

Penang’s newest landmark – Penang International Commercial City (PICC) by Hunza Properties Berhad is the Largest Smart Integrated City Development in Penang Island.

PICC is a comprehensive project which includes Residential Condominium, Serviced Apartments, a Lifestyle Mall, a Medical Centre, BPO Offices, a Luxury Hotel, a Central Park and more.

PICC is located in a strategic and prime location (Bayan Lepas), adjacent to both the Penang Bridges, the international airport, the coastal highway, future LRT station, making this internationally unique town development plan a brand new international landmark in Northern Malaysia. PICC combines the elements of business, entertainment, learning, health care, food, culture, technology and intelligence, making it bound to become a brand new international commercial city and the best choice to improve the quality of life!

Muze@PICC – the first smart residential development at PICC is the Tallest Residential Building in Northern Malaysia with a height of 205.5 meters

With 70+ Recreational Facilities and a Smart Home Applications, Muze@PICC will break the traditional way of life and let you truly experience a modern and high quality life! Muze@PICC is expected to be completed in the early 2023.

For enquiries, please contact Hunza at https://wa.link/spyn8m

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Positive Outlook for Property Landscape

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PropertyGuru Malaysia announced that its Malaysia Property Market Report (MPMR) Q3 2022, powered by PropertyGuru DataSense, saw an expected trend of gradual improvements, with the overall demand index moving upwards by 7.93% QoQ, despite being in negative territory in the previous quarter.

The report registered upward trends in several areas such as the Property Sale Market Index, Demand Index, and Supply Index across the landed and high-rise sectors. The slight improvements can be attributed to the transition of the COVID-19 endemic stage, allowing for the reopening of borders and increased productivity, leading to better consumer confidence.

Sheldon Fernandez, Country Manager, Malaysia (PropertyGuru.com.my and iProperty.com.my), shared, “As expected, the property market in the second quarter of the year saw a gradual trend of improvements, although it may not be fully out of the woods yet. Several ongoing factors such as the rising inflation, increase in the Overnight Policy Rate and affordability issues weigh in on the market conditions. While we have seen more activity in the last quarter, it will take some time before consumers are more confident in making large property decisions. The full impact of these factors will most likely be seen in the current quarter’s performance.”

Rental Demand Continues to Increase Amid Rising Inflation

With the rising inflation of 3.4% as of June 2022 and the Overnight Policy Rate increase to 2.25% earlier this year, potential homebuyers may continue to be cautious in making large purchasing decisions.

This trend was also captured in the Malaysia Property Market Report Q3 2022, as rental demand continued on an upward trend, registering a 12.89% QoQ growth and a massive 96.83% YoY rise in Q2 2022. With the ongoing inflation and worries of rising purchasing costs taking effect, potential homebuyers will gravitate towards rental as a short-term alternative, and the rental market will likely continue to expand to the year’s second half.

Meanwhile, the Rental Price index saw an increase of 2.82% QoQ and 4.46% YoY in Q2 2022. The slow but steady growth of asking rental prices is also leading to growth in the supply of rental properties, as landlords will be taking the opportunity to leverage the rising demand trend and enthusiastically listing properties.

Various Factors Contributing to Ongoing Market Recovery

According to the Malaysia Property Market Report Q3 2022, landed properties outperformed high-rise properties, with the Landed Sale Price Index moving upwards by 1.32% QoQ and 5% YoY in Q2 2022. There was also an uptick of 1.91% QoQ and 7.31% YoY in supply, indicating a slight increase in confidence for both buyers and sellers at this point.

This is consistent with the latest market report published by the Valuation and Property Services Department in April 2022, highlighting that the overall volume of property transactions increased by a marginal 1.5%. This comes on the back of transaction values rising by a significant 21.7%. The report also shared that the residential sub-sector is the largest contributor accounting for 66.2% of transaction volume and 53.1% of the transaction value.

Adding on to the gradual improvements seen in the last quarter, the reopening of borders after a long period of restrictions has brought back the prospect of the market’s expansion to appeal to foreign buyers. Findings by the Malaysian Development Investment Authority (MIDA) had indicated that Singaporean property investors were among the top 3 foreign direct investors in 2017 when exchange rate conditions were favourable.

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