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Mah Sing to expand Penang ops, plans to buy 20 parcels of land

PETALING JAYA: Mah Sing Group Bhd has proposed to acquire 20 pieces of freehold land in mainland Penang amounting to about 76.38 acres from four separate vendors, for a total of RM42.59mil cash.

On Tuesday, the group said the proposed acquisition by its unit Nature Legend Development Sdn Bhd allowed it to expand its existing presence in Penang.

“The proposed acquisition is timely and in line with the group’s strategy to continuously scale up development in locations with strong growth potential,” it said in its filing with Bursa Malaysia.

The land parcels are located in Jawi, Penang, 6.6km from the Jawi Toll on the North-South Highway and 15.6km from the interchange to the second bridge inBatu Kawan.

Mah Sing plans to develop Southbay East, a gated guarded lifestyle township, which will include link homes, linked semi-detached homes, semi-detached homes, town houses and shops as well as a clubhouse.

The project will span over three to four years, and will have a gross development value (GDV) of some RM400mil.

Mah Sing already has five projects in Penang, all located on the island, across the second bridge. “With the proposed acquisition, the group now has remaining land in Penang worth about RM3.8bil in combined GDV and unbilled sales, representing 13% of the group’s total GDV and unbilled sales of RM28.78bil,” it said.

The group said Nature Legend would be submitting the proposed development plans to the relevant authorities for approval. Subject to timing of the approvals, Mah Sing expects to commence the project in the first half of 2015.

It intends to fund the acquisition and the development cost of the land via a combination of proceeds from the rights exercise, which was completed in March, internally generated funds, and bank borrowings. - The Star

Penang property slowdown

GEORGE TOWN: The property market in Penang will slow down next year, as there will be reduced transactions and fewer new launches.

Real Estate Housing Developers’ Association (Penang) chairman Datuk Jerry Chan said that the real property gains tax (RPGT) and tighter loan conditions imposed by banks were the reasons for the property market slowdown.

“However, this will not affect property prices, which will remain stable,” Chan said.

The price of land has increased substantially in prime locations over the past five years, as have the prices of raw materials such as sand and steel, according to Chan.

“There is also no property bubble, as there had been no large supply of properties coming into the north over the past five years.

“There hasn’t been any irresponsible lendings either,” he said.

Chan was speaking at Rehda’s annual press conference on the property market outlook for 2014.

According to Chan, the state government also played a role in jacking up land prices.

“For example, when the state government compensates Beijing Urban Construction Group (BUCG) for the cost of building the proposed RM6.3bil undersea tunnel project in Tanjung Tokong with a 110-acre land, the state government has indirectly influenced the price of land in the area.

“The value of the 110-acre site is about RM1,200 per sq ft, when divided by the value of the project.

“This automatically sets a new benchmark for the price of land in Tanjung Tokong, Tanjung Bungah and other prime locations on the island,” he said.

Current land prices in Tanjung Tokong, Tanjung Bungah and prime locations in the northeast district hover between RM500 and RM1,000 per sq ft.

In the southwest district, land prices are priced from RM120 per sq ft onwards.

Chan also said there were no provisions to help out first-time buyers in Budget 2014.

“We would like to see some kind of help for first-time buyers.

“Currently, first-time buyers of affordable housing units will have to pay the full base lending rate of over 6%, as they are in the high risk group, compared with about 4% enjoyed by those in the low-risk category,” he added. - The Star

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Penang imposes new housing rules for affordable homes from February 1

The Penang government will impose new rules for low- and low-medium cost and affordable homes that will come into effect on February 1 next year.

Chief Minister Lim Guan Eng said today that all public housing units priced up to RM42,000 (low-cost) and up to RM72,500 (low-medium cost) cannot be resold within the first 10 years after purchase.

The state government's consent must be obtained if the owner of such a unit wants to sell the house in less than 10 years.

The new buyer must be a "listed buyer" registered with the state Housing Department and certified as a low-income earner who qualifies to purchase low-cost or low-medium cost housing.

"This 10-year rule will cover all past and future purchases. The balloting of houses will be subject to scrutiny by an auditing firm," he said in a statement.

For affordable homes purchased under RM400,000 on Penang island and below RM250,000 on the mainland, owners are prohibited from selling them during the first five years unless with government consent.

The units must also be resold to "listed buyers" from the middle-income group whose names are also registered with the Housing Department.

Like the low and low-medium cost homes, the ruling covers all past and future purchases.

The state is also imposing a new ruling on foreigners buying properties. They can only buy properties in Penang in excess of RM1 million.

If they are buying landed property on the island, the value must exceed RM2 million.

All purchases of properties by non-residents will also be subjected to a 3% levy on the transacted price from February 1 next year.

However, exemptions are provided for purchases for industry purposes or for boosting employment, education, human talent or promoting Penang as an international and intelligent city.

The state is also introducing a 2% levy on property purchased from February 1 next year that are sold within three years from the date the Sales and Purchase Agreement(SPA) is signed.

"In other words, this is not retrospective. Properties bought with the SPA signed before February 1 will not be subjected to this levy. This 2% levy is also not applicable to affordable housing," Lim said.

He said preliminary discussions had been held between some property players and housebuyers but the state government is still prepared to have further discussions with all stakeholders on the new rulings.

The new housing policies were first announced on November 29 when Lim tabled the state's 2014 budget at the state legislative assembly.

When reporters asked him about them, he said the administration might become "unpopular" for imposing the new rulings.

Lim further explained in his statement today that the new rules are to protect the state from being adversely affected by the property bubble and to ensure that public and affordable housing are bought by genuine and qualified first-time buyers.

"As a responsible government seeking sustainable economic growth and development, we are careful to avoid the pitfalls of any property bubble that will bring hardship to the rakyat and damage the economy. Japan is a good lesson of the dangers of a property bubble.

"As a people-centric government, we want to achieve housing democracy that allows every working family to own their own home. Ensuring that public housing is owned by the poor and genuine first-time buyers is our priority," he said.

Lim also reminded the people of the state's pledge to build 20,000 units of public and affordable housing units in all five districts of Penang with the RM500 million Public And Affordable Housing Fund.

"This is the largest amount set aside by any state government in Malaysian history to build affordable and public housing," he said. - December 8, 2013.

Penang project lift for SP Setia

SP SETIA Bhd's latest offering - Setia V Residences - has seen a strong take-up rate among local investors, with 70 per cent of its 178 units already sold.

The upscale development project, which straddles Penang's famous seafront promenade Gurney Drive, Lorong Burma and Jalan Kelawei, is set to be marketed in China, Hong Kong and Taiwan, said SP Setia North general manager Khoo Teck Chong.

"This project has been instrumental in helping us to exceed our revenue targets for this year. We hope to convince more local investors to check out our second tower, which each unit tagged at between RM1.7 million and RM2.5 million," he told Business Times during the official launch of the Setia Gallery and Suites on Gurney Drive.

The units in Tower B, each having a built-up area of between 1,300 sq ft and 1,800 sq ft, will offer either city or shoreline views.

In addition, there will also be facilities the that developer has tagged as "six-star".

They include a sky deck with an infinity pool, a pavilion and landscaped gardens, guest lounge and viewing decks, concept kitchen and barbeque area, as well as a large balcony with a dip pool in Tower A.

He said the company is targeting to chalk up RM250 million in revenues for its projects in the north next year.

On the island, SP Setia is also expected to focus on the Tanjung Bungah area, where it is planning to launch a RM1.1 billion mixed development project.

The proposed high-end project - tagged Setia Eco-Forest - will comprise landed properties and luxury condomiums.

It will boast of a green concept that is similar to the company's Setia Green project, which promotes eco-living.- Business Times

Mainland Chinese investors the most influential buyers globally

PETALING JAYA: Mainland Chinese investors are the most influential buyers in the world’s prime new-build sector, favouring properties in Hong Kong, New York and London, according to Knight Frank’s Global Development Insight 3Q13.

Investors from Singapore and Russia come in second and third place respectively, said Nicholas Holt, head of research for Asia-Pacific. 

Since the global financial crisis five years ago, private investors have looked to bricks and mortar as a means of preserving and growing their wealth. As a result, prime real estate prices in key locations such as Dubai and Hong Kong have reflected this, rising by 63% in Dubai and 81% in Hong Kong since early 2009.

Over the next 12 months, mainland Chinese, Russian and US-based investors are all expected to retain and grow their market share in new-build property.

The growing influence and importance of mainland Chinese reflects the rise of Asia as a wealth creation hub. Asia is second only to North America in terms of its billionaire population, and the number of high net worth individuals in China is forecast to rise by 137% over the coming decade, according to data contained in Knight Frank’s Wealth Report.

About 39% of people surveyed named political and economic risk in a buyer’s home market as a key driver for international demand while 47% of respondents stated that “the safe haven effect” was the biggest draw for their market. Education and lifestyle are increasingly important when investing overseas. New York, Paris and London are among the most sought after markets.

Governments across Asia-Pacific have introduced a number of restrictions for non-resident foreign purchasers of residential property. They are trying to strike a balance between giving domestic citizens an affordable stake in their country while still attracting high value international investment.

As well as understanding buyer trends, Knight Frank also looked at the reasons which underpin the decision to buy new-build residential property around the world. 

Amid the global uncertainty caused by the financial crisis and the political instability caused by the Arab Spring, it is evident that the overall trend in global property investment over the past year has been driven by a search for safe havens.

Education and lifestyle are playing an increasingly important role when it comes to cross-border property investment. Cities that are home to world-class schools and universities, that offer a high quality of life and safe environment, stand to benefit in the long run.

Knight Frank is a leading independent global property consultancy. Headquartered in London, Knight Frank and its New York-based global partner, Newmark Grubb Knight Frank, operate from 330 offices in 48 countries across six continents. The firm handles in excess of US$1 trillion (RM3.23 trillion) worth of commercial, agricultural and residential real estate annually, advising clients ranging from individual owners and buyers to developers, investors and corporate tenants.


This article first appeared in The Edge Financial Daily, on November 29, 2013.

Penang Worldcity records 85% take-up rate for its first four towers

PETALING JAYA: Four out of six towers in the first phase of Tropicana Corp Bhd’s joint venture project with Ivory Properties Group Bhd, Penang Worldcity in Penang have sold 85% since the preview in Febuary.

Named Tropicana Bay Residences, the first phase of the waterfront integrated development has a gross development value (GDV) in excess of RM835 million. The project will be developed by Tropicana Ivory Sdn Bhd, a JV company between the property groups.

During the official ground breaking ceremony on Wednesday at Penang WorldCity sales gallery at Bayan Mutiara, Penang, Tan Sri Danny Tan Chee Sing, founder and group executive vice-chairman of Tropicana said  the company is encouraged by the response.

Datuk Low Eng Hock, CEO of Ivory, said the ground breaking ceremony marks the creation of an amazing history in Penang.

“There is a lot of work [construction] to do and we are still on a mission to set a new benchmark in urban living as well as provide comfortable luxury green homes for our first batch of privileged buyers,” he said adding that the target market is young local and expatriate urban professionals, second home buyers as well holiday home seekers.

Penang WorldCity is a 102.6 acre (42ha) freehold integrated waterfront development worth a GDV of RM10 billion. Penang WorldCity will be developed over an eight to 10 year period. Construction of the first phase is expected to begin in 2013 and is slated for completion in 2017.

The development comprises residential towers, office blocks, recreational and retail outlets, a wellness centre, an international hotel as well as an international school. The waterfront city is located at the gateway of Penang Island, right off the iconic Penang Bridge, in the vicinity of the eastern part of the Tun Dr Lim Chong Eu Expressway (formerly known as Bayan Lepas Expressway) and Sungai Nibong.

The units in Tropicana Bay Residences are between 455 sq ft to 1,950 sq ft priced at RM850 per sq ft. Facilities include an overhanging pool, children’s playground, tennis, squash and badminton courts, multipurpose halls, a gym as well as a foot reflexology and jogging path.

Jagdeep Singh Deo, state executive counselor for Town and Country Planning and Housing, Tan and Low performed the gound breaking. Also present was Datuk Yau Kok Seng, group CEO of Tropicana, Datuk Dickson Tan, group managing director of Tropicana and Datuk Andy Khoo, managing director of Tropicana Ivory Sdn Bhd.

Ivory was established in 1999 and has a strong presence in north Malaysia. Its project portfolio includes medium- to high-end apartments, luxury condominiums, semi-detached houses and bungalows, boutique gated communities, retail and commercial lots.

Tropicana has been listed on the Main market of Bursa Malaysia since 1992 and is involved in a variety of businesses including property and resort development, property investment, manufacturing, land trading and investment holding.

A week ago, the group announced its collaboration with Marriott International Inc to develop the 200-room Courtyard by Marriott (with a GDV of about RM150 million) in Tropicana 218 Macalister.


This article first appeared in The Edge Financial Daily, on November 29, 2013.