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Penang property prices soar

PETALING JAYA: Property prices have shot up by about three-fold in Penang because of an increase in surcharges imposed by the Pakatan Rakyat-led government, claimed a former council official.

According to former Penang Municipal Council's Town Planning Department acting director Khoo Boo Soon, the additional cost imposed on developers were eventually passed on to buyers, hence the drastic increase in property prices.

They include the increases in infrastructure contribution and re-zoning fees, and contribution of RM120,000 per unit in lieu of building low-cost homes.

The infrastructure contribution charge has been increased from RM5 per sq ft to RM15 each for housing projects exceeding 15 units per acre.

For commercial projects, the infrastructure contribution is increased from RM7 to RM21 per sq ft for every unit.

The re-zoning fee had been increased from 25% to 50% on the difference based on the current value, he said.

“The fee is imposed by the council. But the state government also charges the developer 50% on conversion of state-owned land.

“All these additional costs incurred by the developers are passed on to the house buyers,” he told The Star.

Khoo said the lack of affordable homes had adversely affected the low and middle-income groups which made up more than 80% of the population.

“It is also difficult for the younger generation to own homes as the price range in Penang is beyond their means.

“What is the point of building more high-end homes when the majority of Penangites could not afford them?” he said.

“During the era of (former chief minister) Tan Sri Dr Koh Tsu Koon, the Government compelled the developers to build low and medium-cost homes.

“But the current government under (DAP's) Lim Guan Eng seems to be more interested in filling up the state coffers rather than meeting the needs of the people,” said Khoo.

The Property Stock Report for the first quarter of this year showed that the house prices in Penang had far exceeded the 2014 price projected by Penang Institute's City, Urbanisation and Environment head Stuart MacDonald.

Valuation and Property Services Department data shows a drastic increase in residential property prices between the first quarter of last year and this year (see graphic).

In an immediate response, Penang Housing Committee chairman Chow Kon Yeow said he had forwarded the queries on surcharges to the Penang Municipal Council.

“The State Planning Committee can make such decisions, but ultimately it is the council that implements them,” he said. - The Star

Housing starts surge in positive sign for US economy

WASHINGTON: Groundbreaking on new homes surged in September to its fastest pace in more than four years, a sign the housing sector's budding recovery is gaining traction and supporting the wider economic recovery.

Housing starts increased 15 percent last month to a seasonally adjusted annual rate of 872,000 units, beating even the most optimistic forecasts on Wall Street, Commerce Department data showed on Wednesday.

It was the quickest pace of groundbreaking since July 2008, though data on starts is volatile and subject to substantial revisions.

America's economy has shown signs of faster growth in recent months as the jobless rate has fallen and retail sales data has pointed to stronger consumer spending.

Wednesday's data showed that housing, which was battered by the 2007-09 recession, is increasingly one of the brighter spots in the economy.

"One of the big headwinds for the economy has been the weak housing market and this indicates that headwind has dissipated," said Gary Thayer, an economic strategist at Wells Fargo Advisors in St. Louis, Missouri.

Home building could add to growth this year for the first time since 2005 and the brighter economic signal is likely to be welcomed at the White House, where a sluggish economy is weighing on President Barack Obama's chances of re-election next month.

Economists estimate that for every new house built, at least three new jobs are created.

Groundbreaking on new homes rose across much of the country, and was up 20.1 percent in western states. It fell 5.1 percent in the Northeast, however.

Yields on U.S. government debt rose as investors bet the data pointed to a stronger economy.

On the U.S. stock market, the PHLX Housing Index of leading home builders climbed 4 percent as D.R. Horton advanced 5 percent. Home improvement retailers Home Depot and Lowe's were also higher.

NOT YET NORMAL

Housing remains hampered by a glut of unsold homes, and the housing starts rate is still about 60 percent below its January 2006 peak.

Home building now makes up just over 2 percent of the economy, so it is unlikely to fuel a big acceleration in the recovery anytime soon. The European debt crisis looms heavily over the economic outlook, as does the possibility Washington could hike taxes and cut spending next year.

But every little bit helps, and more home building could partially compensate for recent weakness in factory output, which has been hit by sluggish export demand and cooling investment in capital goods.

"Things are lining up for housing," said John Canally, an economist at LPL Financial in Boston. "It's another step in the right direction, but you still have a long, long way to get back to 'normal' in housing."

September groundbreaking for single-family homes, the largest segment of the market, rose 11 percent to a 603,000-unit pace - the highest level since August 2008. Starts for multi-family homes climbed 25.1 percent.

Building permits grew 11.6 percent to a 894,000-unit pace in September, beating economists' forecasts.

U.S. home sales have been creeping up and the steep decline in prices since 2006 appears to have bottomed. That has helped home-builder sentiment, which this month rose to a fresh six-year high.

In a bid to help the economy by encouraging people to buy homes, the Fed said last month it would buy $40 billion in mortgage-backed securities every month until the jobs outlook improves substantially.

The Fed's efforts to lower borrowing costs have pushed interest rates on 30-year mortgages to all-time lows. Last week, fixed 30-year mortgage rates rose 1 basis point to average 3.57 percent, the Mortgage Bankers Association said.

Applications for U.S. home mortgages fell last week, but demand for purchase loans, a leading indicator of home sales, reached the highest level since June, the association said.

"It seems as though low interest rates and stable prices are starting to stir the interest of potential buyers," said Michael Moran, an economist at Daiwa Securities America in New York. - Reuters

Society proposes that council building be turned into Jawi-Peranakan Museum

GEORGE TOWN: The state government will ask the Penang Municipal Council (MPPP) to review its decision to sell a Jawi-Peranakan heritage house in Hutton Lane.

State Local Government and Traffic Management Committee chairman Chow Kon Yeow said a request would be forwarded to the council to review the sale of the house.

The home belongs to the council, but there are legal implications and an appeal surrounding the sale of the pre-war unit here, Chow said.

He said this after chairing a closed-door meeting with several non- governmental organisations who called for a review of the sale.

Penang Jawi-Peranakan Heritage Society president Datuk Dr Wazir Jahan Karim said she was hopeful that the sale would eventually be rescinded.

“We are hoping that the property can be surrendered to the George Town World Heritage Incorporation. We will work together with them to convert the house into a Jawi-Peranakan Museum,” she said.

She said the proposed museum would be the first of its kind in the country.

“Students and visitors can view documented Jawi-Peranakan history comprising the merchants, leaders and philanthropists who helped build our heritage city.”

The house is for the public to appreciate the rich heritage of the Jawi-Peranakan, she said.

The Jawi-Peranakan community is part of a Malay-speaking Muslims of mixed Malay, Indian, Pakistani and Afghan ancestries.

The community was based mostly in Singapore and Penang during the colonial period.

According to Wazir, the building used to be the home of a patriarch and matriarch of a prominent Jawi-Peranakan family here.

It was subsequently left abandoned by the family before it was sealed off by the council as its structure was deemed to be unsafe for occupation. - The Star

New panel to study master plan

A COMMITTEE will be set up early next year to study the implementation of the Penang Transport Master Plan (PTMP).

Penang Local Government and Traffic Management Committee chairman Chow Kon Yeow said now that the PTMP has been finalised, the committee would be set up with the relevant authorities to come up with recommendations for the PTMP.

“The committee will also prioritise the suggestions for the benefit of the state. The implementation of the PTMP will cost an estimated RM25bil.

“If the PTMP is not implemented, the traffic situation will get worse in the future,” he told reporters in Komtar where he announced the finalised PTMP would be tabled at the state executive council meeting on Friday.

Halcrow Consultants and Singapore Cruise Centre are part of AJC Planning Consultants which was hired by the state government for the master plan study last May.

The PTMP, which took about a year and a half to complete, consists of measures to help improve the traffic flow in the state. - The Star

经营古迹酒店 安全NO.1

（槟城16日讯）要取得古迹酒店的营业执照，就先要解决消拯局要求的“安全通道”这一关！

随着槟州乔治市获得入遗后，古迹酒店如雨后春笋的建立起来，然而，要申请为一间古迹酒店营业执照的同时，业者有如“过关斩将”必须经过许多部门的许可下才能获得执照，其中，消拯局这一关的执照是最难过的一关。

消拯局安全部主任：架构与防火标准冲突

槟岛霹雳路消拯局防火安全部主任再里尔助理总监接受《光华日报》访问时说，古迹建筑的架构确实与消拯局的标准产生冲突，因为古建筑以砖木架构为主，难以长久保存，加上木质较易燃烧，要达到保存古迹和符合当局的标准，技术和难度都很高。

“古迹建筑的架构往往难以符合消拯安全标准，其中最主要的关键在于酒店的楼梯处隐藏火患危机，因此消拯局无法让业者过关是出于无奈。” - 光华

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RM640mil business park

TAMBUN Indah Land Bhd will develop the RM640mil Pearl City Business Park on 107 acres in Simpang Ampat in early 2013, the biggest commercial centre in the northern region.

Phase one of the project comprises a tenant-mixed control leisure mall with food and beverage and retail outlets, a karaoke and a cineplex.

“Phase one will also feature a RM140mil commercial project with 188 commercial lots, which will start construction in mid-2013, and an international school,” says Tambun Indah managing director K.S. Teh.

The Straits International School and the leisure mall are scheduled to start construction respectively in the first and second quarter of 2013.

“The Straits International School, which is under a Cambridge curriculum, is scheduled to commence the first intake in January 2014,” says Teh.

Phase one is scheduled for completion in 2016.

The group is now planning for phase two which will include a hypermarket, medical and wellness centres, gated landed properties, and a furniture village.

Teh: ‘Seberang Prai will attract new home seekers looking for quality lifestyle living.’

The Pearl City Business Park is located close to the second bridge, North South Expressway, and the double-tracking railway, connecting Padang Besar and Ipoh.

There are 12 established and growing industrial parks within a 15km radius of Pearl City Business Centre, providing support for the project.

The Prai Industrial Estate, Penang Science Park, Bukit Minyak Industrial Estate, Bukit Tengah Industrial Estate and Batu Kawan Industrial Park are among the well-known industrial estates.

“Seberang Prai will attract new home seekers who are looking for quality lifestyle living with pricing within their income range,” Teh adds.

The group is currently undertaking six residential projects, comprising 1,197 landed properties, and a commercial scheme, comprising 152 shop offices, with an RM840mil GDV for its Pearl City project on a 150-acre site in Simpang Ampat. The project is scheduled for completion in 2014.

The selling price for the Pearl City properties ranged between RM288,000 and RM800,000 and about 65% of the Pearl City properties have been sold to date.

Tambun Indah Land Bhd, a property development group with projects largely in Seberang Prai, still prefers the mainland to launch new projects this year, despite rising property prices on the island.

Of the five new projects, the group is undertaking in the second half of 2012, only one, the RM236mil Straits Garden, is located in Jalan Jelutong on the island.

The new projects Tambun Indah is undertaking in the second half in Seberang Prai include the RM204.38mil Pearl Residence and RM73.5mil Pearl Impian in Simpang Ampat, RM32.5mil Carissa Villas-Residence in Jalan Raja Uda, and RM51mil BM Residence in Bukit Mertajam.

These projects have a gross development value (GDV) of RM597.6mil.

The Pearl Residence comprises bungalows, double-storey terraced houses, and semi-detached houses, while the Pearl Impian project is made up of double-storey terraced houses.

The Carissa Villas-Residence is a three-storey terraced house project, while the BM Residence comprises apartments and landed properties.

The projects in Seberang Prai are priced between RM280,000 and RM500,000.

The Straits Garden on the island comprises 183 condominiums and 230 commercial suites, priced respectively from RM688,000 and RM318,000 onwards.

“The lower land price in Seberang Prai fits in well with our development philosophy of providing quality lifestyle living at affordable prices.

“Due to the high land prices on the island, concept options are basically limited to high-rise development, varied only in terms of pricing and unit sizes.

“In contrast, lower land prices on various parts of the mainland present an option for more innovative concepts and designs depending on its location and suitability.

“This option offers us more opportunities to innovate and provide our home buyers with higher quality living standards which they can afford.

“We have completed several landed strata gated and guarded projects as well as high-rise development in Butterworth and other areas of Seberang Perai,” he says.

The group still has about 700 acres of land in Simpang Ampat, which will be used for future development of mixed-development projects, Teh says.

Tambun Indah has sold 60% of the strategically located Straits Garden project since its launch in August 2012.

“This is due to Straits Garden’s proximity to the inner city of George Town, the Penang Bridge, and the Free Industrial Zone, which has enhanced the project’s appeal to home seekers,” Teh says.

The group will continue searching for strategic land bank on the island for its future development to deliver homes of quality, Teh adds.

Scheduled for completion in 2016, the Straits Garden is the group’s second project on the island after the Scotland Villas Condominium, completed eight years ago in 2004.

”Scotland Villa’s value has appreciated by about 80% since,” he added.

Tambun Indah is confident of getting good responses from home seekers due to the affordability and range of its products which are mostly priced between RM280,000 and RM500,000.

“Our purchasers also have a choice of owning gated or non-gated units depending on their preference.

“Sales statistics indicate that over 50% of the purchasers for the Pearl Villas gated and guarded parcel at Pearl City are from the island.

“Completion of the Second Bridge next year will offer them a choice of getting quality lifestyle living on the mainland at an affordable price with the convenience of easy travelling to work on the island in the near future,” he says.

On the impact of the global slowdown, Teh says the group expects to see property prices in Penang level off, as prices have escalated too fast on the island.

“We are not immune to the effects of the European crisis and the slowdown in the US and China property markets.

“Bank Negara’s loan regulations and requirements are also having an impact on cooling rising property prices, resulting in the decline of transactional activities,” he says. - The Star

Anglican Diocese has no plans to sell St Nicholas site, says Ng

GEORGE TOWN: The Anglican Diocese of West Malaysia has no plans to sell its property where the St Nicholas Home for the visually impaired is situated.

Its bishop, Datuk Ng Moon Hing dismissed speculation that the property in Jalan Bagan Jermal was destined for a land swap involving top development firms.

“The Diocese of West Malaysia, the owner of St Nicholas Home, wishes to clarify that it has no plans to sell the land,” he said.

“The Diocese has periodically, over the past two decades, received several proposals from developers to redevelop the land and to relocate the St Nicholas Home to another site.

“The Diocese has not made any decision on any of the proposals,” Ng pointed out.

“If and when a proposal is accepted by the Diocese, it will make absolutely sure that the new site for St Nicholas Home will have the best facilities obtainable, not only for current needs but also for its future expansion,” he said in a statement yesterday.

The home that serves and educates the visually impaired was established in 1926 in Malacca before relocating to Scotland Road in Penang five years later.

In 1938, it moved to its present location in Jalan Bagan Jermal a place that has since boomed into a prime property area.

It was recently reported that at least three major property developers had submitted bids for the land to the Anglican Church. - The Star