TOP_PANEL
You are here: HomeNews

News


+ 0
+ 1

GEORGE TOWN: Eco World Development Group Bhd will take up the offer to buy 190.2ha in Batu Kawan from Penang Development Corp (PDC) for RM1.02bil.

PDC is offering the sale of the property to Eco World as the group is the only bidder. It is learnt that PDC will give Eco World the offer letter in two weeks to buy the property at RM50 per sq ft.

PDC has firmed up plans to turn the 190.2ha near the second Penang bridge into a golf course and a mixed development project.

Of the 190.2ha, Eco World will develop a golf course on 60.7ha and use the remainder for a mixed development project.

 

The group plans to build landed properties on the hilly portion of the land and a waterfront city, overlooking Penang island.

The development density for Batu Kawan is between 11 units and 60 units per acre, depending on the approval given for the development.

Eco World already owns 24.28ha in Bukit Tambun, on which it plans to launch a RM920mil mixed development called Eco Meadows next year.

With the acquisition of this 190.2ha, Eco World is set to be a major landowner and developer in Penang.

Since the announcement of the second bridge in 2006, property prices in Seberang Prai and on the island have surged significantly.

The price of vacant land in the area, especially in south Seberang Prai where the second bridge is located, is now hovering between RM40 and RM50 per sq ft, a huge jump from 2006’s RM8-RM9 per sq ft range, according to Henry Butcher Malaysia (Seberang Prai) Sdn Bhd associate director Fook Tone Huat.

Land prices in central and north Seberang Prai are now within the range of RM50-RM100 per sq ft, compared with RM20-RM40 per sq ft then.

In 2007, Asas Dunia Bhd bought 138 acres from TPPT Sdn Bhd for RM5.58 per sq ft.

In 2014, Tambun Indah Land Bhd purchased 200 acres agriculture land in Simpang Ampat for RM16.40 per sq ft.

If converted for mixed development, the property can be valued between RM20 and RM30 per sq ft at today’s market price.

 

Recently, PDC sold 99 ha in Batu Kawan to Aspen Group Holdings for RM45 per sq ft to develop the Aspen Vision City. It will have residential properties, offices, medical facilities, a large central park, international school, retail shops and an integrated central integrated hub for Seberang Prai.

On an adjoining land measuring 121.4ha, sources said, a large Kuala Lumpur-based resort and theme park operator had made a bid with an overseas developer that specialised in theme park development.

In May this year, Eco World president and chief executive officer Datuk Chang Khim Wah told StarBiz that the freehold land status and location near the second link and adjacent to the North-South Highway gave it great potential to be developed as a mixed development project.

He said the company was planning the development of a mini mall, comprising shops and offices in line with its “Eco” theme that emphasises sustainability and livability.

“Over time, we aim to build up our presence in Penang to consistently contribute between 10% and 15% to total group sales,” he said.

On Penang island, the group is planning a preview of the RM340mil EcoTerraces in Paya Terubong, which comprises luxury landed homes, condominium units and a private residents’ club on 5.26 ha.

 


+ 0
+ 0

PETALING JAYA: Sales of housing projects launched in the first half of this year have dropped below the 50 per cent mark, according to the Real Estate and Housing Developers Association (Rehda)’s industry survey.

Based on a sample size of Rehda’s 1,200 members in Peninsular Malaysia, the findings revealed that the launches of landed residential units were mainly in Selangor, Malacca and Negri Sembilan.

Rehda president Datuk Seri FD Iskandar Mansor said the real estate sector is facing difficult times mainly because of the cooling measures in the property sector.

The unsold units are attributed to unreleased Bumiputera lots and low demand or interest in a particular location, as well as the odd-corner and special lots.

“Buyers can pay 10 per cent downpayment and sign the sales and purchase agreement but until the loans are approved, we cannot consider them sold.

“Rehda supports the Bumiputera quota of 30 per cent. However, in certain locations, councils have increased the quota to 50 or even 70 per cent. By doing this, they are creating a higher cost of doing business,” said FD Iskandar.

He added that Rehda has proposed an automatic release mechanism for unsold Bumiputera lots.

For instance, in a housing project with 30 per cent unsold Bumiputera lots, developers should be allowed to release the first 10 per cent after six months of the launch and after giving adequate advertisement coverage in mainstream Malay media, including television and radio.

Subsequently, after the next 12 months, developers should be allowed to release another 10 per cent, and finally after 18 months, they should be allowed to release the rest.

“Demographic locality cannot be pushed, yet these quotas are still being implemented at every place,” said FD Iskandar.

On end-financing, he said 53 per cent of respondents cite buyers’ financial issues.

He added that Rehda would like banks to relook the calculation of a buyer’s income.

“The issue of not being able to buy a home is not because of property prices going up, but it is because our purchasing power has not gone up as fast as the commodity.”

On the Goods and Services Tax (GST), FD Iskandar said there will be an increase in property prices although houses are GST-exempt, as developers cannot claim back the input tax credit.

However, he hopes the price increase will not be more than three per cent.

FD Iskandar said there are still grey areas in the industry and they are working out the details with the Customs Department. 

 


+ 0
+ 0
SEREMBAN: Those who cannot secure bank loans for the 1Malaysia People’s Housing Scheme (PR1MA) can own the units they are staying in by paying rental for up to 30 years, under a government plan.

Prime Minister Datuk Seri Najib Tun Razak said the Rent-to-Own (RTO) scheme was designed to allow potential buyers, who could not afford these units or had been turned away by the banks due to various factors, to own PR1MA units.

“Under the RTO scheme, the ­buyers will have to pay rent for, say, 20 or 30 years and will eventually own these units. On our part, we will work something out with the banks and get them to help out in its implementation,” he said during the groundbreaking ceremony for the Seremban Sentral PR1MA project here yesterday.

Both the Government and PR1MA, said Najib, had to intervene as there were cases of ­genuine buyers who could not come up with proper documents to support their applications.

 

“We have to intervene because we know owning a house is a priority for most Malaysians,” he added.

As of last year, PR1MA, which has over 700,000 interested buyers on its national registration system, has already approved the construction of 80,494 affordable units.

Najib, who was supposed to only launch the construction of 3,196 high-rise apartments for the project, also approved an additional 2,000 units following a suggestion from Negri Sembilan Mentri Besar Datuk Seri Mohamad Hasan.

“I support the Mentri Besar’s idea for an additional 2,000 units as there is extra space. This is for the benefit of the rakyat,” he said to applause from the crowd.

Although the price range for these units had yet to be determined, Najib said these would be at least 20% cheaper than the prevailing market rate.

The first phase of the project, comprising the construction of 1,504 apartments, will be com­pleted in two years while another 1,692 are scheduled to be finished within 30 months.

The 30ha project is being jointly carried out under a public-private partnership among PR1MA, the Public-Private Partnership Unit in the Prime Minister’s Department, Railway Assets Corporation, Keretapi Tanah Melayu Bhd, the state government and developer Brunsfield International Group.

The site is located behind the existing Seremban KTM station in the heart of town.

 


+ 0
+ 0
Page 1 of 174

More News

EcoWorld to buy 190ha land in Penang for RM1.02bil

GEORGE TOWN: Eco World Development Group Bhd will take up the offer to buy 190.2ha…

+ 0
+ 0

Housing sales dragged down by cooling measures

PETALING JAYA: Sales of housing projects launched in the first half of this year have…

+ 0
+ 0

30-year rent-to-own plan for those who cannot get bank loans

SEREMBAN: Those who cannot secure bank loans for the 1Malaysia People’s Housing Scheme (PR1MA) can…

+ 0
+ 0

Mah Sing plans Puchong project with RM9.3b GDV

KUALA LUMPUR: Mah Sing Group Bhd is paying RM656.9 million for 35.66ha in Puchong, Selangor,…

+ 0
+ 0

‘Property mart due for consolidation’

KUALA LUMPUR: Some consolidation is due for the Malaysian property market following the “property boom”,…

+ 0
+ 0

Hua Yang upbeat on sales

HUA Yang Bhd is confident of sustaining its sales momentum for the current year ending…

+ 0
+ 0

Local demand for high-end condominiums expected to weaken

PETALING JAYA: Local demand for high-end condominiums is expected to weaken within the next 12…

+ 0
+ 0

ACCCIM: There’s room to ease cooling measures

KUALA LUMPUR: With various stringent measures currently in place, developers will have greater competition in…

+ 0
+ 0

Landbank fund for low-cost homes?

PETALING JAYA: The Urban Wellbeing, Housing and Local Government Ministry will propose the setting up…

+ 0
+ 0

Overcoming GST challenges

RISING COST: Property developers want govt to soften impact of new tax on industry EVEN…

+ 0
+ 0

Mah Sing’s RM5bil Bandar Meridin East township

HAVING acquired approximately 1,352 acres (547ha) of freehold land in Pasir Gudang, Johor, Mah Sing…

+ 0
+ 0

Emkay launches business park

PETALING JAYA: The Emkay Group, has added a feather in its cap by strengthening the…

+ 0
+ 0

Developers urged to adhere to latest guideline

CONTRACTORS and developers must adhere to the latest guidelines on providing accessibility for disabled persons…

+ 0
+ 0

When GST is implemented and becomes the law

This month, we will explore the effects of the Goods and Services Tax (GST) on…

+ 0
+ 1

Prinsiptek plans RM300m property launches

PRINSIPTEK Corp Bhd is set to launch property projects worth about RM300 million in Shah Alam…

+ 0
+ 0

Follow @proplifestyle