Penang Property | Penang to make hillslope project papers public

Thursday June 28, 2012

GEORGE TOWN: The public can view all documents relating to hill land development on Penang island from Monday.

The documents will be available at Komtar for viewing for two weeks, state Local Government and Traffic Management Committee chairman Chow Kon Yeow said.

“All relevant documents pertaining to projects involving land above 250ft from 2006 onwards will be declassified.

“The documents include working papers and minutes of meetings,” he told a press conference here yesterday.

Chow said the state government was bound by existing policies and guidelines created by the previous administration but was “committed to bolstering them to better safeguard public interest”.

He said under the Penang Structure Plan 2020 that was gazetted in 2007, “special projects” were not defined.

He said “special projects” was an escape clause for development in areas exceeding 250ft and on hillslopes with gradients of more than 25 degrees.

“In 2009, we defined special projects' as projects approved prior to the adoption of the plan and those on land zoned for residential use.

“The increase of approvals for projects above 250ft did not start with us. In 2006 and 2007, 18 such projects were approved.

“Approvals given by us after 2008 were only for amendments to plans approved previously,” he said.

On why the state government could not impose new guidelines after coming into power, Chow said it would be pointless as the developer could always revert to the plan that was approved by the previous administration.

The public wanting to view the documents at Bilik Perdana, Level 4, Komtar, must make an appointment with the council's development planning department by calling 04-259 2020.

Source reference link: http://thestar.com.my/news/story.asp?file=/2012/6/28/nation/11563147&sec=nation

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Penang Property | New development at Bayan Baru, Penang : Part 3

THE PROMENADE

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Pictures in sequence:
Shop Front Night Scene | Service Suite Drop Off | Alfresco Street 1 | Shop Main Entrance | Service Suite Lobby | THE PROMENADE | Pool

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Penang Malaysia | THE Star Property Fair 2012 from July 12 to July 15

By WINNIE YEOH
winnie@thestar.com.my | Jun 20, 2012
All set for booming success
Top players to make property fair a must-visit event

THE Star Property Fair 2012 from July 12 to July 15 looks set to be a highly visited event with representatives from 40 property developers in-cluding major players like IJM Land Berhad and SP Setia Group attending a briefing.

IJM sales and marketing assistant manager Wan Zahrah Wan Abdullah said the company had been participating in the fair since its inception 10 years ago.

“We are taking part in the fair because it provides us with really good publicity.

“We do not have any new property to launch at the fair but we are expecting a lot of interest for our upcoming projects,” she said after the briefing at the G Hotel yesterday.

SP Setia sales and marketing manager Susie Loh said the company was looking forward to the fair.

She said the company had been taking part in the fair for 10 years.

“The fair always draws in the crowd as it is the largest such fair in the northern region. We have lined up a host of attractive promotions and packages for at least four projects.”

Ivory Properties Group Berhad corporate communications manager Ann Tan said the company would focus on the sale of its project, The Latitude in Mount Erskine, as well as the registration of The Wave at Penang Times Square.

“We look forward to the good turnout at the fair which is the best platform for us to showcase our quality and iconic homes to potential buyers.

“We have also not missed taking part in the fair as it is been a brand of its own and a yearly must- visit event for property buyers and investors,” she said.

Mah Sing Properties Sdn Bhd group central marketing head Jennifer Chow said visitors to the fair would be spoilt for choice as the company’s 11 projects would be featured.

“The fair conincides with our 18th anniversary celebration which started on June 16 and it will carry on until Sept 15.

“One of the highlights of the programme is the 2% ‘low downpayment’ for potential purchasers,” she said.

Chow added that selected banks would also offer pre-approved loan assessment services on the spot.

Sunway Bintang Sdn Berhad senior manager Venus Ho said the company would be featuring six projects in Penang, Ipoh and the Klang Valley during the fair.

“Visitors can register for their preferred projects. We will also be offering special packages for them.”

The briefing was conducted by Star Publications (M) Bhd marketing services executive Eric Voon.

Touted as Malaysia’s premier showcase for stylish living, the three-day property extravaganza will be held at the Gurney Plaza and adjoining G Hotel.

Organised by The Star for the 10th year, the fair will be opened to the public from 10am to 10pm daily. Admission is free.

To date, 43 exhibitors, including financial institutions and investment companies, have confirmed their participation.

Other major players included DNP Land, Oriental Realty, Modular Platinum (Ideal Property), Bukit Kiara Properties, Andaman Property, Henry Butcher, KPWG International, Magna Putih, Province Valley and Tambun Indah Land.

This year’s new faces include Elite Forward, Sunrise Manner, Solid Tribute (Asia Green Group), GSD Land, Quantum Metro Deve-lopment, Zetapark Development, East West One Consortium, PJD Eastern Land, Airmas Management, Property Talk, Avenue Properties and Popular Realty.

A special ‘Star-IJM Contest’ has been lined up for the fair. IJM Land is the official sponsor while Hong Leong Bank is the sponsor for the talks and forums.

Visitors who fill in the form published in the newspapers will be entitled to a lucky dip offering prizes including digital devices and tablets.

A booth will also be set up for those wanting to subscribe to The Star’s newspaper and ePaper bundle.

Source reference link:
http://www.starproperty.my/PropertyScene/PropertyScene/22418/0/0

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MALAYSIA | Monday June 11, 2012 KUALA LUMPUR land price too high?

Freehold land along Jalan Bukit Ceylon selling for RM700 per sq ft

KUALA LUMPUR: The three parcels of freehold land along Jalan Bukit Ceylon, Kuala Lumpur that was recently put up for sale are priced on the high side, property professionals said.

Last week, advertisements appeared for the sale by tender of three parcels totalling 36,563 sq ft with a reserve price of RM26mil, or about RM700 psf.

“On an as-is' basis, this is quite high. I would reckon a price of RM500-RM550 is more realistic considering its residential use status,” a valuer said.

Sources familiar with the sale said interested parties have to pay more if they were to convert it for commercial use.

“Commercial status fees can vary and it depends on a case to case basis by the authorities. It could be that after conversion, the cost of this piece of land may rise up to RM1,500 psf or more, which further adds to the costs of development,” sources said.

“If you are a developer, you must ask yourself whether you will be able to make a profitable sum,” he said.

However, a valuer said RM700 seems fair and the residential status was a non-issue.

“A developer can still build residential units and owners will not have to pay commercial rates for utilities. Although it may not be close to rail links, it is located in the city,” said a source.

StarBiz understands that the piece of land, which is located at the intersection of Jalan Bukit Ceylon and Jalan Ceylon, is situated on a hilly area and prospective developers who may be eyeing the piece of land will need to carry out additional levelling works, which will further add to the costs of development.

“I would reckon a 20% margin is comfortable before developers actually decide to do this (carry out development work).

“Ground works will definitely add a substantial amount to the costs as well,” a developer said.

Another property consultant used the example of a piece of prime freehold land measuring 50,063 square feet located in nearby Jalan Tengah, which is just next to Eastern & Oriental group's St Mary's Residences.

This piece of land is being transacted at about RM100mil, which prices it close to RM2,000 psf.

However, this piece of land has a commercial status, which does not require any additional costs for conversion.

It is also located in a relatively more centralised area nearer to public transport facilities.

Picture below: The piece of land, which is located at the intersection of Jalan Bukit Ceylon and Jalan Ceylon, is situated on a hilly area.

Source reference link:
http://biz.thestar.com.my/news/story.asp?file=/2012/6/11/business/11447665&sec=business

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