Sia Boey resurrection?

THE state government is mulling over a proposal to bring the old ‘Sia Boey’ — formerly Penang’s oldest wholesale market — back to life under the Komtar Phase 5 project.

Among the ideas mooted by Think City Sdn Bhd senior fellow Dr Neil Khor Jin Keong were to have a cultural centre, library, residences and shoplots in the area.

Sia Boey on Lebuh Tek Soon, is part of the Komtar Phase 5 project which also encompasses Jalan Dr Lim Chwee Leong and Jalan Maxwell.

Comprising five phases, the Komtar project undertaken by the Penang Development Corporation (PDC), was launched in 1974.

“Think City is the secretariat for BIDs (Business Improvement District Scheme).

“Our work scope is solely to look at public areas but we were requested by PDC to give our input on the (privately-owned) Komtar project,” he said.

Dr Khor was speaking during the BIDs presentation to Chief Minister Lim Guan Eng last Thursday.

Lim said the state government wanted more green spaces and public areas for people to converge.

The rejuvenation of ‘Sia Boey’ was also part of Barisan Nasional’s alternative blueprint for the development of Penang.

MetroNorth had reported last week that the proposal to turn the island into an international tourism hub would include a ‘Sia Boey’ town square concept to capture the feel of old Penang.

Clearing the surrounding waterways to allow small boats to enter from the clan jetties in Weld Quay to the old market spot, taikong in traditional costumes rowing boats, a floating market and the setting up of stalls selling popular local dishes and trendy coffee outlets, were among the suggestions.

In March last year, State Local Government and Traffic Management Committee chairman Chow Kon Yeow announced that the Penang government would adopt the BIDs to rejuvenate the inner city.

BIDs committee chairman Datuk Rosli Jaafar, who was present at the press conference, said working closely with the Penang Municipal Council (MPPP) was crucial for BIDs’ success.

“BIDs is not just about physical development and programmes but it’s also about getting the surrounding businesses to utilise their respective budgets in a way that can have a bigger collective impact and benefit,” Rosli, who is also the PDC general manager, said. - The Star

槟城中华游泳公会 面对千万元公寓发展献议

（槟城29日讯）发展有价，历史悠久的槟城中华游泳公会面对千万令吉高楼公寓发展献议？
据本报探悉，座落在丹绒武雅的槟城中华游泳公会因地皮有价，在多年前即有人献议将地皮改为超级公寓发展项目，唯计划引反弹，面对阻力，无疾而终；事隔多年后，有人旧事重提，继续对计划兴趣盎然，再次提出时引来争议。
据了解，在地皮有价，尤其是丹绒武雅地寸土如金下，槟城中华游泳公会毗邻的超级公寓Skyhome的地价相信天文数字计，任何的公寓单位都可以上百万令吉转手，成为投资黄金地皮。
据知，有关计划是由土地持有信托人，即槟城中华游泳公会置业有限公司（CSC Prop）提出，在计划下该占地数依格地将改为高楼，而中华游泳公会将在其中划分的面积上继续提供会员服务，有关公寓的收入或将作为援助游泳公会的发展。- 光华

中路及玻璃池滑8层变二十多层 槟多区打破高楼限制

（槟城29日讯）槟州民联政府一改前朝政府作风，为解决土地有限问题，大胆打破高楼限制，多个区域已开始出现大楼拔地而起。
其中，在乔治市中路已开始打破前朝政府定下的8层楼高度限制格局，市政局在308后即批准多栋高楼计划，其中一栋高楼已快竣工，从乔治市头条路可远眺发现有关高楼开始与升旗山山脉天际线抢高，而另一栋22层高楼也开始大兴土木，即矗立在民政党槟州总部对面的一片地。
民联一改前朝作风
在民政党总部约200公尺的一栋英殖民地式建筑，在不久前夷平以建造公寓，建筑格局将超越原有8层楼。此外，在玻璃池滑也面对同样情况，令当地民联议员头痛的是，在308大选前引起争议的一片停车场空地，将打造成27层楼商业大楼，令原本对郭庭恺寄以厚望的选民感无奈。
除了上述27楼的商业大楼，在不远约500公尺外的广东民律，也同样将矗立一栋32层楼超高大楼，同样打破该区8层楼格局。- 光华

槟中华游泳公会地皮 或发展成星级酒店

（槟城30日讯）槟州中华游泳公会黄金地皮或发展为星级酒店！据本报探悉，报导指中华游泳公会面对超级公寓拨地计划方案外，槟州中华游泳公会置业有限公司也接获打造星级酒店计划书，然而置业有限公司（CSC PROP）也向公众及会员发出“定心丸”，任何的发展方案都将不会造成产业的管理及拥有权易手他人，产业将继续掌控在置业有限公司手中。
据了解，槟州中华游泳公会在5年前在会员代表大会上已原则上通过中华游泳公会发展，同时也通过拨款一笔500万令吉作为迎合上述发展的用途。据来自置业有限公司的消息告诉本报，有关计划方案是在槟州中华游泳公会前主席郑添诚领导下在会员大会上通过，而之后置业即接获不少的投资献议书，其中计有公寓和酒店及提升游泳公会设施等。
据了解，尽管有关方案在多年前提出，唯因为面对建筑成本高涨，尤其是钢铁起价，所以计划并未能积极推动，他承认提出献议的公司在积极的游说置业有限公司推动计划，然而由于中华游泳公会为公家产业，所以必须小心行事。据表示，置业有限公司了解到任何的发展必须建立在双赢方案下，唯不能妥协的是，有关土地不能转手，不能成为私有产业，该公司必须继续牢控产业的管理及所有权，这也意味地皮不会面对易手问题。针对计划的可行性，据了解，其中酒店计划可能符合公会初期提供外坡及参赛者栖身所的便利，中华游泳公会在早期有提供外坡及参赛者住宿，然而可能设施不比星级酒店，后来沦落为学生住宿所在。
消息指，一旦发展规划酒店，中华游泳公会会员将继续以会员资格享有游泳设施便利及服务外，酒店计划也将迎合中华游泳公会初创时期提供住宿便利的宗旨，一举两得。据了解，任何的计划必须确保中华游泳公会的存在，会员将继续享有更好的便利，比如更好的泊车空间、更良善的基本设施等，只会在计划下为会员提供改善设施福利，而不是改得更坏。据悉，置业有限公司即在多年前在会员大会通过发展方案前，即为中华游泳公会的泳池进行修装，修补破损的泳池瓷砖等。据知，有人针对置业有限公司提出的发展有异议一事，不过，该公司相信一些方面可能对计划所知有限，不过，可通过会议上坦诚公布了解，而置业有限公司继续以开放方式来听取各方面的献议报告。消息指，迄今置业有限公司尚未针对任何计划作出决定，一切只是纸上谈兵，八字也没一撇。- 光华

Penang not beholden to developers, says CM

GEORGE TOWN: The Penang Government has denied claims that it is “the darling of developers” at the expense of the public, especially those in need of public housing.

Chief Minister Lim Guan Eng said more stop-work orders had been issued by both the local councils since 2008 compared to previously.

He said this proved that the state government was “more stringent in upholding the rule of law, demanding strict compliance with technical requirements and more unforgiving than Barisan Nasional”.

“Under Pakatan Rakyat, the Penang Municipal Council issued 259 stop-work orders from 2008 till 2012 which is nearly seven times more than the 38 stop- work orders issued for the same period (between 2004 and 2007) under Barisan.

“The Seberang Prai Municipal Council issued 11 stop-work orders from March 2008 until May this year, whereas not a single stop-work order was issued from 2003 till March 2008 by the Barisan government,” he said.

Lim said the state government was business-friendly, provided rules were complied with.

Dismissing allegations that property prices in the state rose due to increased land premiums, he said the land conversion rates were the same as they were under the previous Barisan administration.

He said the rise in property prices was due to rising public confidence in the state government’s competency, accountability and transparency administration as well as market forces.

“To ensure sufficient affordable housing, the state government has allocated a minimum RM500mil to build 18,000 affordable homes.

“Unlike in Johor, where a bungalow in Iskandar costs RM3mil and can be bought by foreigners including Singaporeans, Penang has imposed a limit on all property purchases by foreigners beginning July 1,” he said in a press release yesterday.

Lim said he was responding to claims allegedly made by Barisan against the state government recently. - The Star

Flood woes to end in Taman Kota Permai

FLOODING problems in Taman Kota Permai, Bukit Mertajam, will be over soon when Sungai Pasir, which runs through the housing estate, is deepened and its bunds raised.

Penang Agriculture and Agro-based Industries and Flood Mitigation Committee chairman Law Choo Kiang said the 1.85km project costing about RM120,000 would begin at the end of July and be completed in about two months.

“The shallow riverbed is causing the downstream water to overflow onto low-lying areas. That causes flooding during rainy seasons,” he said after visiting the site near SJK (C) Beng Teik in Taman Kota Permai on Friday.

Also present were Padang Lalang assemblyman Michael Tan Cheong Heng, Seberang Prai municipal councillor Oon Neow Aun and Drainage and Irrigation Department officials.

Law said the state had spent about RM12.5mil on flood mitigation projects in Bukit Mertajam in the last four years.

He said a similar project to resolve flooding problems in Taman Sungai Rambai and Taman Makok had been approved with a cost of about RM3mil. - The Star

Mah Sing “selectively optimistic” on property outlook

KUALA LUMPUR, May 30 — Mah Sing Bhd, Malaysia's second largest listed developer by sales revenue, said today that it is upbeat on only selected segments of the property market.

This comes after property analysts said that sales would slow this year following tightening measures by Bank Negara to curb speculative buying and put a lid on household debt.

"We are selectively optimistic on certain segments," said Mah Sing's founder and group chief executive Tan Sri Datuk Sri Leong Hoy Kum. "We must fit supply to demand."

He said that segments that were expected to do well due to customer demand were the small units of service residences and link homes in townships.

He also said that homes costing above one million in gated and guarded communities would also do well.

Property analysts had said that Bank Negara's new guidelines for lending would cool a property market that had run up substantially over the past two years.

They also noted that loan approvals and applications in February had fallen 27 and 18 per cent respectively from last year's peak.

Mah Sing said that it is still scouting for land that can be turned around quickly and is suitable for development that meets market demand.

The group acquired several new projects this year with a gross development value of about RM3.63 billion.

It posted sales of slightly above RM1 billion as at May 15 or 40 per cent of its full year target of RM2.5 billion.

Leong said that he expects minimal impact from the new minimum wage policy as construction is awarded to contractors on a lump sum basis inclusive of labour.

He also noted that labourers are paid between RM60-80 per day which is already higher than the proposed minimum wage of RM900 per month.

Mah Sing posted sales of RM2.26 billion last year, the second highest of any listed developer. - The Malaysian Insider

国阵宣布槟港口有限公司 圈定北海打造免税特区

（槟岛西南区28日讯）槟州能否恢复自由港地位尽管未有定案，槟州国阵乘势宣布第二项好消息，即槟城港口有限公司已在北海圈定地点打造关税、移民及检疫大厦（CIQ）免税特区。
槟城港口有限公司主席拿督斯里希尔米透露，该公司已拟定初步计划，并已将有关建议呈给财政部。一旦CIQ大厦计划成事，根据初步预计，将为槟州人民带来10万份就业机会。他指出，根据勘察，建议中的地点还有近3000英亩的可填海地段，能够迎合CIQ大厦的发展需求。不过他强调，由于填海事项归州政府管辖，所以要是国阵重夺槟州政权，CIQ大厦计划相信能更快落实。他于周一在槟州国阵工作委员会会议后，在记者会上如是透露。希尔米也是槟州国阵工作委员。
外国产品免税
希尔米指出，计划中的CIQ大厦也能集合清真产品中心、修船厂和进行自由贸易活动，届时在大厦免税特区内交易的外国产品将一概免税。他说，届时来自东盟国家的产品将免税，随着马来西亚与澳洲签署“自由贸易协定”，未来也将免税，至于来自中国和其他国家的产品则需征税，但要是在本地加工的产品则获得免税。
“槟州国阵主席邓章耀宣布恢复槟州自由港地位的建议，相信最终能够实现，不过现在我们继续努力，通过CIQ大厦计划以制造更多商机和就业机会，带动槟州经济。” - 光华

Mixed views on land acquisition in a cooler market

PETALING JAYA: Research analysts and property consultants have mixed views about developers that have been buying sizeable parcels of land recently, as the real estate market has slowed down and prices are relatively reasonable.

“It is a good time to acquire land when the market is slow. Some property developers may just be able to get a bargain price for their purchases,” said property consultancy CB Richard Ellis (M) Sdn Bhdexecutive director Paul Khong.

Khong told StarBiz via e-mail that real estate sellers would also be more realistic concerning prices, as there were not too many buyers around.

He pointed out that the property sector was moving slowly back to a “buyer's market” and the principle of “cash is king” would rule again.

In recent months, property developers such as Mah Sing Group Bhd, SP Setia Bhd, WCT Bhd and Hua Yang Bhd have been actively expanding their land bank particularly in the Klang Valley.

Last week, Mah Sing announced that it was paying RM333.26mil or RM18.55 per sq ft for 412 acres targeted for a mixed township near Bangi, Selangor.

SP Setia recently acquired 21.3 acres freehold land in Penang for RM185.6mil, and said this was for a mixed residential development project with a gross development value (GDV) of RM1.1bil.

Meanwhile, WCT recently acquired two parcels of 468 acres and 57 acres in the Klang Valley.

WCT executive director Choe Kai Keong had told StarBiz that the land costing RM450mil has a potential GDV of RM5.2bil.

The 468 acres in Rawang, Selangor would be developed into an integrated township with an estimated GDV of RM1.2bil, while the 57-acre in Overseas Union Garden in Kuala Lumpur is planned for a mixed development worth RM4bil.

Hua Yang also has been acquiring small parcels of land in the Klang Valley since last year.

Hua Yang, which is known for developing residential properties in the affordable segment, recently agreed to pay RM15.2mil for 21 acres of freehold land in Ipoh, Perak.

“Prices and sales of properties have obviously slowed down in 2012 as the number of buyers has been halved, with stricter bank lending guidelines. This is rather sensitive in the mid-high and high-end segments (such as above the RM3mil category) of the residential market,” said Khong.

Khong said property developers were now moving quickly to look at larger land banks to develop new projects, and were looking at cheaper locations where there was still demand from the mass market in the mid and lower-mid sections.

“Landed properties especially in the RM2mil and below categories should still do relatively well, as investors will still continue their quest but at a slightly lower segments.”

He also noted that the recent land sales were centred in secondary locations outside the city centre, but were in reasonably “good locations” and were in respect of big parcels where the developers could develop the “evergreen” landed segments again.

Khong pointed out that regardless of market conditions, property developers needed to take a long term view about their land bank.

“They have to continue to acquire land and develop, to sustain their operations and cover overhead costs.”

However, one property analyst contacted by StarBiz said there were concerns that developers might be too aggressive in expanding their land bank.

“In good times, when the property market is hot, developers can increase their gearing without much worry as they can launch and sell properties quickly. Now, the market has cooled and they should be careful about increasing their gearing too much,” he said.

Maybank Investment Bank (IB) Research said in a recent report that it took a neutral view of SP Setia's recent land buy in Penang.

“Despite its strategic location, the RM200 per sq ft land cost (in Penang) appeared to be on the high side. It is 33% to 60% higher than the RM125 to RM150 per sq ft asking or transacted prices in the area.”

However, Maybank IB noted that SP Setia's net gearing was still very healthy, as this was expected to increase to 0.14 times post-acquisition of the Penang land (from 0.08 times as at January 2012).

Meanwhile, Kenanga Research said it took a neutral view of Mah Sing's recent land buy near Bangi as the deal is expected to result in the company's net gearing reaching 0.6 times (from the 0.3 times in the fourth quarter of 2011), based on an assumed 70:30 debt-equity financing.

“This has exceeded our comfort level of 0.5 times net gearing,” said the research unit.

However, Kenanga Research said Mah Sing's expected net gearing of 0.6 times is manageable amd should fall below 0.5 times over the next two quarters, on the back of continuous billings. - The Star

SP Setia to to buy RM1bil worth of land in Klang Valley, Penang and Iskandar Malaysia yearly

ST PETERSBURG (Russia): SP Setia Bhd is allocating RM1bil yearly to acquire new land for future development in the Klang Valley, Penang and Iskandar Malaysia.

President and chief executive officer Tan Sri Liew Kee Sin said replenishing its landbank in the shortest time possible would place the company in a better position compared with other developers.

He said the move was vital as the company would be able to continually launch new projects as the takeup rate for its properties was good.

“Sufficient landbank is the life-line for us (developers) without which we could not properly plan our future projects,” Liew said after SP Setia's award winning development Setia Eco Gardens in Iskandar Malaysia bagged the FIABCI Prix d'Excellence award at a ceremony held here recently.

Winner again: (from left) Liew, FIABCI world president 2011/2012 Alexander Romenanko, FIABCI Prix d’Excellence 2012 president Laszlo Gonczi and St Petersburg Committee for Construction chairman Vyacheslav Semenenko at the awards ceremony.

The 2012 FIABCI Prix d'Excellence Awards saw 14 winners from seven countries, namely Malaysia, Singapore, India, Taiwan, Russia, Hungary and Switzerland.

Liew said that among Kuala Lumpur, Penang and Iskandar Malaysia, getting new land in Penang was the most difficult due to the space constraint there.

He added that those who managed to get land in Penang would go for high-density projects.

“In the Klang Valley, the next growth centres will be within the Kajang and Semenyih areas,'' Liew said.

He said the upcoming My Rapid Transit system would help boost property development projects outside the existing development centres in the Klang Valley.

With the better accessibility and connectivity within the central region once the MRT system is completed, developers have started looking for land in new development centres.

He said prospective buyers, mostly the first-time houseowners, would consider buying their first residential properties outside the existing growth centres as the prices were within their reach.

On south Johor, Liew said Iskandar Malaysia would drive the property market in Johor many years down the road based on the progress and development taking place in the corridor over the last six years.

“Iskandar Malaysia is more viable compared with other economic growth corridors in Malaysia,'' he said.

Liew said the Johor property market also benefited from Iskandar Malaysia as demand for high-end residential properties was on the rise in south Johor.

He said that apart from the Iskandar Malaysia factor, Singapore also played an important part in determining the economic growth in Johor.

“It is a well-known fact that Johor and Singapore are intertwined in economic activities during good or bad times due to their close proximity,'' said Liew.

Liew said the company was fortunate as all of its projects in southern Johor were strategically located within the flagship development of Iskandar Malaysia.

Its ongoing projects are Bukit Indah with only 5% land left for development from the entire 610.67ha, Setia Eco Gardens and Setia Business Park (383.64ha and 50% still available for future development).

Others are Setia Business Park II (107.24ha), Setia Tropika (299.46ha and 40%), Setia Indah (359.36ha and 10%) and Setia Eco Cascadia (110.70ha and 70%).

“We'll continue looking for more land in south Johor,'' he adds.

Liew said the remaining landbank would keep the company busy in Iskandar Malaysia in the next 10 to 15 years with a gross development value of RM8bil.

He said on average, land prices in Iskandar Malaysia had appreciated when the company first came 15 years ago, the asking price was RM5.50 per sq ft and now it was between RM15 and RM20 per sq ft.

Liew said the opening of the Eastern Link Dispersal Expressway in April and upgrading of several roads within Tebrau corridor had improved connectivity and accessibility.

Meanwhile, Setia Eco Gardens won its second FIABCI Prix d'Excellence Award within three years.

Setia Eco Gardens had in 2009 won the FIABCI Prix d'Excellence award in Beijing for Best Master Plan.

This year it emerges as the winner in the Specialised Project (Purpose Built) category for Eco Greens beating Green Pyramid and Ocenarium of Hungary and Taiwan's Taipei City Hall Bus Station Project.

Eco Greens is a 11.33ha park complex in Setia Eco Gardens comprising a town park and the famed Eco Gallery, which features a green wall that has become an iconic landmark for the 383.64ha township.

SP Setia is the only Malaysian developer to have won four FIABCI Prix d'Excellence awards Setia Eco Park in Shah Alam won for Best Master Plan (2007) and Best Residential (Low Rise) Development (2011) and Setia Eco Gardens for Best Master Plan (2009) and Specialised Project (Purpose Built). - The Star