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MNS: RM75bil project not viable

GEORGE TOWN: A RM75bil mixed development project proposed in Balik Pulau is too expensive and not viable, says the Malaysian Nature Society (MNS).

MNS Penang branch adviser D. Kanda Kumar said it would be cheaper and more viable for a project of such scale to be developed on the mainland.

“It is expensive to build such a development on the sea. Why is there a need to spend so much money?

“The other concern is how to divert the traffic. The road system to Balik Pulau is poor.

“Another road will have to be built to contain the traffic and this will involve taxpayers’ money,” he said yesterday, while commenting on the project.

Kanda Kumar said he was present, along with representatives from several other non-governmental organisations, at a presentation of the project’s concept by its consultant late last year.

“However, there was no commitment from MNS due to a lack of details about the proposed project. We, however, highlighted our concerns,” he said.

An English daily reported on Monday that the proposed 2,833ha development comprises electrical and electronics, oil and gas industries, tank farming, government administration offices, schools, hotels, residential areas, parks – all to be built on stilts – and an artificial beach.

It quoted the proposal document titled “Proposed creation of offshore concrete structures for industrial development on the west coast of Penang island” submitted by Al Cube Sdn Bhd, the local vehicle for a Malaysia-Hong Kong joint venture.

Chief Minister Lim Guan Eng, who had declared on Monday that the state government had not considered the project, said yesterday that the state would now not consider the matter at all even if it had approval or endorsement from non-governmental organ­isations. - The Star

Singapore property shares tumble after cooling measures

SINGAPORE: Shares of major property developers in Singapore were battered after the government introduced new measures at the weekend to cool the real estate market.

By the closing bell, shares of top developers listed on the Singapore Exchange had sunk more than 4% as investors spooked by the measures dumped the stocks.

CapitaLand closed 4.11% lower at S$3.73, City Developments fell 7.54% to S$11.65 and Keppel Land slumped 7.24% to S$3.97.

“We're seeing a knee-jerk reaction to the cooling measures,” said Jason Hughes, head of premium client management for IG Markets Singapore.

The new measures, which came into force on Saturday, included sharply higher duties on property purchases by foreigners.

Singaporeans' minimum cash downpayments for second or subsequent homes were raised from 10% to 25% of a property's value.

But Hughes predicted property stocks would be able to ride out the storm thanks to their overseas portfolios.

“We do have to consider that a number of these guys are regionally focused,” he said, adding that the effect would have been more severe if they had been purely local developers.

HSBC Global Research said in a report that Singapore may institute more cooling measures because property demand is expected to remain robust.

“Low interest rates and an expected economic recovery this year will support demand. Further steps can, therefore, not be ruled out,” the report said.

The measures were imposed after home prices continued to rise even as the city-state suffered an economic slowdown. It narrowly avoided a technical recession in the last quarter of 2012.

The economy grew just 1.2% in 2012, from 4.9% in 2011.

Expansion this year is forecast at 1%-3%. - AFP - The Star

CM: RM75bil project in Balik Pulau doesn’t exist

GEORGE TOWN: The Penang government has denied the existence of a RM75bil mixed development project in Balik Pulau.

Chief Minister Lim Guan Eng said the state government had not considered the project which reportedly involved industrial, commercial and residential development over 2,833ha.

“There’s no such project. (Project consultant) Dr Nik Zamri Majid approached (Deputy Chief Minister I) Datuk Mansor Othman who then arranged a meeting for him (Dr Nik Zamri) to meet me.

“He proposed this but I was surprised at the scale of the project. I told him that if it involves the Federal Government, they must get the approval of the Federal Government before we can even consider the project.

“Even if they have the approval from the Federal Government or non-governmental organisations (NGOs), this does not mean the state will automatically give approval. We reserve the right to make our own decisions,” he said yesterday when asked about a newspaper report on the project.

An English daily reported yesterday that the proposed development comprises electrical and electronics, oil and gas industries, tank farming, government administration offices, schools, hotels, residential areas, parks and an artificial beach - all to be built on stilts.

It quoted the proposal document titled ‘Proposed creation of offshore concrete structures for industrial development on the west coast of Penang island’ submitted by Al Cube Sdn Bhd, the local vehicle for a Malaysia-Hong Kong joint venture.

Lim said if the project consultants wanted to carry out an environment impact assessment or get views from NGOs which they had earlier, it would be on their own and under no obligation by the state.

“I don’t know why there are efforts to smear the state government’s name when we have not even considered the project. As far as the state is concerned, this project does not exist,” he said. - The Star

Perkampungan Juru to get new market

RESIDENTS in Perkampungan Juru received a piece of good news as the state will be setting up of a proper market in their area in the middle of this year.

State Local Government and Traffic Management Committee chairman Chow Kon Yeow said the Seberang Prai Municipal Council (MPSP) had estimated the project would cost about RM1mil.

“The new market, which will be built on a government land, will have more lots to accommodate the existing traders,” he said during a press conference near the makeshift market recently.

He expressed confidence that the construction would start in the second half of the year after proper planning, design and a call for open tender by MPSP.

“At the moment, some 100 market traders run their business without a proper shelter on a road nearby,’’ he said.

Perkampungan Juru’s Village Development and Security Commit-tees chairman Chiam Thcek Owing, 53, said presently the small market has only 10 tables for the traders.

“As the population here and the surrounding areas has increased to more than 5,000 households now, a proper market is needed to cater to their needs,” he said.

Chiam believed the proposed market site was suitable due to its strategic location, which was near the car park, recreation park and washroom.

Also present at the press conference were Penang Deputy Chief Minister II and Prai assemblyman Dr P. Ramasamy, and Bukit Tengah assemblyman Ong Chin Wen. - The Star

Call for RFP to build affordable homes

THE Penang Development Corporation (PDC) is calling for a Request For Proposal (RFP) for the development of 1,320 units of medium-cost and low medium-cost homes in Jalan S.P. Chelliah in Penang.

The RFP is for developers to design, build and complete a minimum of 550 units of medium-cost apartments and a minimum 770 units of low medium-cost (LMC) flats on a 4.47ha site.

The project includes 275 medium-cost apartment units with a minimum 1,000sq ft each to be priced at RM400,000, 165 units at minimum 900sq ft each at RM300,000 and 110 units at 800sq ft each at RM200,000.

The 770 LMC units of 700sq ft each are to be sold at a ceiling price of RM72,500, said PDC general manager Datuk Rosli Jaafar.

“The common areas should be equipped with safety features such as CCTV and also access card to be used at the entrance gate and lifts,” he told a press conference at Komtar yesterday.

Rosli said the RFP was open to local companies with a paid-up capital of not less than RM3mil.

He said an earnest deposit of RM500,000 would be imposed.

The Penang Municipal Council is the registered proprietor of the land and PDC is acting as the attorney for and on behalf of the council to request for proposals from developers.

The tender documents can be purchased at RM1,000 from Thursday at PDC’s head office at Persiaran Mahsuri in Bayan Baru. The tenders must be submitted before noon on Feb 18. - The Star

'We want an explanation’

THE Penang Bukit Gelugor Residents Association is demanding an explanation regarding the conversion status of land in Bukit Gelugor.

Its vice-president M. Ganesh said the residents had waited for years for the conversion of the government land from leasehold to freehold.

He said they had been waiting since Chief Minister Lim Guan Eng announced in 2008 that residential leasehold landowners in Penang could apply to the state government to convert the land to freehold.

“The Chief Minister announced the conversion, but after that there was silence. We even went to the Land Office to try to apply but the office told us there was no such procedure.

“Now the residents want to have a direct dialogue with the Chief Minister and also representatives from Barisan Nasional for an explanation on this matter,” said Ganesh recently.

He said letters of invitation for a dialogue had been sent to Lim, Bukit Gelugor Barisan coordinator Datuk Koay Kar Huah, Seri Delima MCA coordinator Loh Nam Hooi, Bukit Gelugor MP Karpal Singh and Seri Delima assemblyman R.S.N. Rayer.

He added that residents from over 465 households in Bukit Gelugor were also worried that they might be turned out of their land for future development.

“With the leasehold status, the value of the land diminishes in years to come. We cannot apply for housing loan and it’s difficult to carry out renovation works.

“There’s only about 40 years left in the lease.

“This is a basic necessity that we are asking for. It’s not a luxury. We are only asking for our basic right,” he said, adding that the residents hoped for the dialogue to be held this month.

When contacted, Rayer said several dialogues had already been held earlier with the residents to clarify that the land conversion was under the purview of the Federal Government.

“The state had forwarded the proposal to the Federal Government but there had been no feedback.

“We are prepared to meet the residents and listen to them on this issue,” he said.

When contacted, state Town and Country Planning, Housing and Arts Committee chairman Wong Hon Wai said he was unable to comment as he was not familiar with the locality and the issue. - The Star

SP Setia expects phase one of London Battersea project to be sold out by April or May

Overwhelming response: Chor (3rd from right) at the launch of the Battersea project in Kuala Lumpur. Looking on (from left): Battersea Project Holding Co Ltd (BPSDC) CEO Robert Tincknell, BPSDC chairman of the executive committee Datuk Abdul Wahab Maskan, Liew, Sime interim chairman and EPF board chairman Tan Sri Samsuddin Osman, and SP Setia chairman Tun Zaki Tun Azmi. The proje ct will be launched in Singapore and Hong Kong within the next two weeks. – STAR/pic by SAM THAM.

LONDON: Despite the recession in the UK and scepticisms from some quarters, bookings from London and Kuala Lumpur for phase one of the Battersea Power Station project, Malaysia's largest property development outside the country, proved to be “overwhelming”.

“By April or May, we expect everything to be sold,” SP Setia Bhdpresident and chief executive officer Tan Sri Liew Kee Sin told reporters in the London last week.

The Battersea Power Station project was also launched in Kuala Lumpur by Housing and Local Government Minister Datuk Seri Chor Chee Heung last Saturday. The project will be launched in Singapore and Hong Kong within the next two weeks.

“And we're not just talking about bookings. Come April or May, we expect sale contracts for all of the units to be signed,” said Liew.

The Malaysian consortium developing the iconic Battersea Power Station site comprised SP Setia, Sime Darby Bhd and the Employees Provident Fund (EPF). The 39.5-acre site was purchased for £400mil in September last year and is estimated to have a gross development value (GDV) of £8bil on completion 15 years later.

Both SP Setia and Sime Darby have equal stakes of 40% each in the project, with the EPF holding the remaining 20%.

At the launch of the properties in Kuala Lumpur, Chor said: “For Malaysia, it is an opportunity to showcase our capability in the international arena and also to learn the best practices from another nation... This (achievement) is a national pride.”

Liew, who was also at the same event, expressed delight with the interest generated, adding that a hurdle over transportation had been resolved with the British government agreeing to a loan of up to £1bil to allow London Underground to fund an extension of the Northern Line to Nine Elms on the South Bank. The announcement was made byChancellor George Osborne early December.

“This is a (UK) government guarantee. Come what may, the Northern Line will be ready,” Liew said.

The Northern Line extension is crucial to the Battersea Power Station project, which is part of a greater regeneration programme in Nine Elms. There are 27 projects currently in the development pipeline including Battersea Power Station and the new US Embassy.

It is learnt that half of the 800 units in phase one, known as Circus West at Battersea Power Station, which are reserved for the Malaysian market, “have been taken up”.

The official numbers are expected to be released later.

Two hundred units were allocated for buyers in the UK, and the remaining 200 units equally split between the Singapore and Hong Kong market. Buyers pay 20% and the remaining 80% on completion.

Prices start from £338,000 for a studio, from £423,000 for a one-bedroom unit, £613,000 for a two-bedroom unit and £894,000 for a three-bedroom apartment.

Penthouse units starts from £6mil. Phase one, with a GDV of £900mil (RM4.5bil), will also offices, shops, leisure and hospitality units. Construction is expected to commence in the second half of 2013.

Liew said a £2mil insurance policy from the National House Building Council effectively protects purchasers' deposits during the construction period and ensures a certain quality to the development.

“There is a 12-year guarantee on the construction,” he said.

On next week's launch in Singapore and Hong Kong, he said, “Singapore knows us because we have projects there and Sime Darby has presence in Hong Kong.”

Despite the high number of Asian buyers, Battersea Power Station Development Co Ltd (BPSDC) chief executive officer Robert Tincknellsaid the project will have an international audience.

Liew noted that profit from the project could only be recognised after completion estimated in 2016 due to the accounting policy in London. - The Star