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MPPP rapped for giving nod to commercial complex plan

THE Penang Municipal Council (MPPP) has been slammed for appro-ving a 27-storey commercial complex project in Lengkok Moulmein, Pulau Tikus, without conducting a proper study on the impact of the project on residents there.

Pulau Tikus Barisan Nasional coordinator Rowena Yam said that before any development was carried out, the council should have carried out assessment on the public roads, traffic flow and so on.

“The residents here have complained that the road has become narrower and there is insufficient car park,” she told a press conference at her office in Pulau Tikus Plaza recently.

It is learnt that upon completion, the new complex is supposed to have 290 car park bays of which only 90 would be made available for the public at the basement.

Yam stressed that there would be traffic congestion during the work on the project and after completion as there would be lack of parking bays in the area especially for market-goers, retail shop customers and workers.

It was reported on Jan 29 that residents living near the proposed project, situated across the Pulau Tikus market, had claimed that the project development encroached into public area.

Nibong Tebal MP Tan Tee Beng, who was also present at the press conference, said the project boasted of 84 unit suites and 27 commercial units.

At present, the project site is used as a private car park which could accommodate about 100 cars for market-goers.

A recent check at the site showed that hoarding works were being carried out and metal sheets had been erected around the site. - The Star

‘High property prices due to Pakatan policies’

Penang developers now have to pay the state government three times more dues than under BN.

GEORGE TOWN: Nibong Tebal MP Tan Tee Beng has blamed the inflated property prices in Penang on the Pakatan Rakyat state government’s policies.

He said the exorbitant increase in developer contribution for not building low-medium cost (LMC) units and in development charges for increase in build-up plot ratio were the main causes for the unscrupulous property price hike in the island state.

Under the urban housing policy, he said the developer must pay contributions to the local government for not building the pre-conditioned 30 per cent unit of LMCs in a housing development scheme.

“The government will then bear the responsibility to build the affordable housing,” Tan told newsmen here yesterday.

Since Pakatan took over Penang five years ago, he said the LMC contribution charge has leapt to RM120,000 per unit, three times up from previous RM40,000 per unit under Barisan Nasional pre-2008 rule.

For instance, he said a developer has to fork RM3.6 million per 100-residential unit if they chose not to constructing 30 LMCs now.

Previously they would have paid RM120,000.

For an increase in build-up plot ratio rate, a developer has to pay RM15psf for the extra units. Previously it was RM5psf.

Increase in costs

Citing an example, Tan said if a developer increased the build-up per plot ratio from 15-units per acre to 87 – units per acre, the developer would have to pay some RM930,000 for the extra 62 units. This was based on RM15 x 1000sf per unit x 62-unit.

Under current state commercial development regulation, the rate now is RM21psf. This too is another three times increase from the previous RM7psf under BN.

Based on a RM21 x 43,560sf x 2.2 calculation, developers now have to pay some RM2,012,472 per acre for the 2.2 times extra commercial unit build up.

Tan said that the DAP-helmed state government had only told half-the- truth by claiming to allow more build-up plot ratio than BN when “the truth is it costs more.”

“All these increased rates surely hike up development cost by three folds.

“To absorb this extra cost, the developer will add on to his sale price together with other charges as well

“The burden falls on the consumers,” said Tan, formerly from PKR and Gerakan.

Hence, he said property price had increased from RM150,000 per unit previously during BN to RM400,000 now under Pakatan.

“After we see all these circumstances, now, let us ask ourselves, who is the cause of inflating the housing price in Penang?

“Blame it solely on Pakatan state government,” insisted Tan.

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Ideally suited for Penangites

IDEAL Property Development Sdn Bhd is undertaking the development of RM3.3bil worth of residential and commercial property in south-west Penang island.

Group chief executive officer Alex Ooi said 3,529 condominiums and 200 shop offices would be developed in two separate schemes over a five-year period.

“The Ideal Vision Park to be located on a 25-acre site in Bayan Lepas will have 1,945 condominiums and 150 shop offices.

“The Sungai Ara project on a 19-acre site will have 1,584 condominiums and 50 shop offices.

”The Ideal Vision Park will have a gross development value (GDV) of RM2bil while the Sungai Ara project will have a GDV of RM1.3bil.”

Ideal Vision Park comprises four phases to be launched in stages over a five-year period, while the Sungai Ara project will have three.

”Both the projects will be launched after the Chinese New Year,” he said.

The condominiums for both schemes, with built-up areas of 900sq ft and 1,500sq ft, are priced at about RM450 per sq ft.

Ooi was speaking at the launch of Ideal Property’s new sales gallery in Bayan Baru.

Also present were Penang Chief Minister Lim Guan Eng, who officiated at the opening of the sales gallery, and Ideal Property executive director Datin Joanne Phor.

To fulfil its low-cost obligation, Ooi said Ideal Property would also be building 1,314 low-cost apartments.

“The units are 650sq ft each and priced at RM42,000. They will be built in the south-west district,” he said.

On the group’s ‘I Love Edu’ programme, Ooi said Ideal had allocated an initial sum of RM200,000 for Chinese primary schools in the south-west district.

“These Chinese schools can apply to us for financial assistance,” he said.

On low-cost housing in Penang, Lim said the state government had recently called for two request-for-proposals (REP) for the affordable home projects at Sandilands Fore-shore at Jalan CY Choy and Jalan SP Chelliah.

“Both projects are aimed at addressing the needs of middle-income earners for affordable homes.

“Private developers are invited to take part in the projects,” he said. - The Star

S’pore moves to keep new flat prices affordable

SINGAPORE: National Development Minister Khaw Boon Wan said the government has de-linked the prices of new flats from the prices of resale flats by varying the discounts given to first-time buyers.

This was to keep the prices of flats steady and affordable for Singaporeans buying public housing for the first time, and were in addition to the housing grants these buyers also enjoyed, he said in Parliament.

“I vary the discounts so that the prices can remain steady,” he said, in reply to a question from Lee Bee Wah (Nee Soon group representation constituency or GRC).

Khaw also took questions on resale levies, saying the government could reduce or waive the interest charges on resale levies to help families for whom the levy had become a barrier to a subsequent home purchase.

The levy can also be incorporated into the price of the new flat, so that it can be paid in installments or out of their Central Provident Fund. This is because of a revision of the resale levy formula in 2006.

“Yes there are some families where the levy has become a barrier, when the levy was calculated on a different formula. When policy changes, it won’t be fair to families who paid already on the old formula.

“If the transaction happened many years ago, it can be very large and we try to help,” he said. — The Straits Times/ Asian News Network

PR1MA affordable homes oversubscribed

KUALA LUMPUR: Perumahan Rakyat 1Malaysia (PR1MA)’s affordable homes in Nusantara Prima project have been oversubscribed by six times.

The 201 affordable homes, which would be built by private developer DeniaDevelopment Sdn Bhd, was still open for application and those interested can register online at www.pr1ma.my, PR1MA said in a statement yesterday. Its chief executive officer Datuk Mutalib Alias (pic) said they would stop accepting applications on Feb 8.

He said the balloting of homes would be conducted by PR1MA on Feb 12 and applicants would be invited to attend the event which would be graced by Prime Minister Datuk Seri Najib Tun Razak.

Nusantara Prima is a joint-venture between Denia Development as the developer and UEM Land Holdings Bhd as the landowner, while PR1MA lends support for the facilitation fund provided by Unit Kerjasama Awam Swasta and would manage the balloting process.

With a starting price of RM199,000 for an intermediate unit, the Nusantara Prima affordable homes were open for application on Dec 13. The development offers two types of four-room double-storey terrace homes measuring 18ft x 65ft offering a build-up area from 1,384 sq ft.

The development is targeted to be completed and ready in 2015.

To be eligible for an affordable home within Nusantara Prima, applicants must be a Malaysian citizen aged 21 years and above and have an individual or combined gross household income of between RM2,500 and RM7,500 a month. They also need to work or live in Iskandar Malaysia, Johor Bahru, Pulai or Pontian, and should not own more than one property in Malaysia, other than a low-cost or low medium-cost property. — Bernama

MBSB upbeat on Penang property prospects

GEORGE TOWN: Malaysia Building Society Bhd (MBSB), which is optimistic about the property market in Penang, plans to finance more development projects in the state.

MBSB president and chief executive officer Datuk Ahmad Zaini Othmansaid the group had so far financed RM1.3bil for seven projects in Penang over the past 12 months, of which two were in Seberang Prai and five on the island.

“The property prospects in Penang, especially on the island, still look strong. There are property projects on the island which were 60% sold two weeks after the launch, according to feedback from local developers.

“There is strong demand in Penang particularly for properties priced from RM350 per sq ft onwards.

“The challenge in Penang is to come out with the right products for the customers,” he said after signing an agreement with Geo Valley Sdn Bhd chief executive officer to provide RM109mil financing for its two projects Pine Residence Condominium Development and Pine Sanctuary Semi Villas.

Also present were MBSB chairman Tan Sri Abdul Halim Ali, Geo Valley executive chairman Dr Zainol Che Mamat, Geo Valley chief executive officer Ooi Boon Seng and Geo Valley general manager (marketing and corporate affairs) Mabel Ooi.

Ahmad Zaini also said that MBSB wanted to work with developers which had good reputation and track record in delivering projects on schedule.

Mabel said the RM109mil would finance 288 units of three-storey villas in the Pine Sanctuary Semi Villas project and 222 units of Pine Residence Condominium.

Both projects are located in Paya Terubong, which is about 9km from here.

“About 60% of the Pine Residence Condominium has been sold since the launch in mid-2012.

“The units with built-up areas of 1,500 sq ft to 1,674 sq ft are sold at RM350 per sq ft to RM400 per sq ft.

“The Pine Sanctuary Semi Villas will be launched in either March or April,” she said.

Mabel said the company was now exploring modern and innovative designs which are in compliance with requirements of the Green Building Index. - The Star