GEORGE TOWN: The Penang Government will probe allegations that employees of housing developers booked units in projects prior to their launch and sold them later at higher prices.

Chief Minister Lim Guan Eng said such complaints had come to his attention.

He said the state, through the Penang Housing Board to be gazetted on July 1, would study measures to curb such practices, which allegedly caused house prices to increase almost immediately after their launch.

Lim said the board would also introduce measures to safeguard the interest of Penangites who wanted to buy affordable homes.

He said other steps that would be studied included control of the sale of affordable homes in Penang to only first-time house buyers.

“This is to ensure that every eligible Penangite will have the opportunity to own a home,” he told a press conference here yesterday.

He was asked if the state planned to introduce measures to limit ownership of homes.

“When the Penang Housing Board is gazetted, our main aim will be to build affordable housing and priority will be given to Penangites and first-time buyers,” he said.

Source: The Star

BM Residence, another exciting project by Tambun Indah in Bukit Mertajam. This project comprises:

Type A: 1,539 sf.
Type B: 1,442 sf.
Type C: 1,420 sf.
Type D: 1,334 sf.

Facilities

Other related post: BM Residence Condominium

PETALING JAYA: There should be a higher limit on monthly income and property prices under the Government's My First Home scheme in the Klang Valley and major urban areas like Johor Baru and Penang.

Property consultancy Rahim & Co executive chairman Datuk Abdul Rahim Rahman said it was not realistic to have the same limit on monthly income and property prices under the scheme across the country.

“While more research is needed, I think that it is justifiable to raise the monthly income limit to RM5,000 and property price to RM350,000 in major urban areas,” said Abdul Rahim in an interview.

Abdul Rahim said the current scheme was feasible in Kelantan, Terengganu, parts of Kedah and Johor, and remote areas in Selangor. “However, the scheme should reflect the higher land values, living costs and incomes in the Klang Valley.”

Real Estate and Housing Developers' Association president Datuk Michael Yam also shared Abdul Rahim's opinion.

“The minimum value of RM100,000 for the My First Home scheme should be set aside so that those who are not entitled to RM42,000 low-cost homes can also have opportunities to own a housing unit,” said Yam.

It had been reported that the Government was looking at providing land for private property developers to build affordable housing for those who qualified under the scheme.

“There are also issues such as land matters that come under the state's jurisdiction.

“If private property developers are charged market value for the land, this scheme is not going to be feasible – especially in the Klang Valley,” said Abdul Rahim.

Yam pointed out that land generally constituted 20% of the total gross development cost of stratified properties.

“The bulk of the cost – 60% to 70% – goes into construction, professional fees, utility contributions, interest cost and cross subsidies.

“The challenge that the Government and developers will face is to find the right location, building type and costing to make this work for the scheme despite the land being free,” said Yam.

SOURCE: The Star

Residences 21, located along Jalan Macalister, it is a landmark development. Combining hi-tech materials with aesthetic and functionality. Residences 21 consist of only 21 units that with a built-up area of approximate 5,500 sq. ft.

Property Project : Residence 21
Location : Jalan Macalister, Georgetown, Penang
Property Type : Super Condominium
Tenure : Freehold
Developer : Appresquare
Contact No.: 04-226 1357
Indicative Price : RM 2,700,000 onwards

KUALA LUMPUR: Eastern & Oriental Bhd (E&O) is confident of achieving stronger financial results in the current financial year ending March 31, 2012 in view of strong property sales from the past two years.

According to E&O deputy managing director Eric Chan, sales of the group’s property products over the past two financial years has reached close to RM1.4bil, and as at March 31, its unbilled sales amounted to RM810mil.

“Most of our property projects are high-end residential products located within 10km of the Kuala Lumpur City Centre and on Penang island.

“We are a lifestyle developer and will continue to pursue more of such developments in premium and highly sought after locations,” Chan said.

The property division used to contribute between 90% and 100% to group earnings prior to 2008, but in recent years contribution from the hospitality and lifestyle division had been rising.

For financial year ended March 31, 2011, Chan expected property development to make up 80% of group revenue and earnings, while earnings from lifestyle and hospitality, and property investment would make up the balance 20%.

“Over time, we hope to achieve a 60:40 spread between property development and the other two segments,” Chan added.

Income from the lifestyle and hospitality division are mainly from Penang now – the Eastern and Oriental Hotel and the Lone Pine boutique hotel; Straits Quay festive retail mall and marina in Seri Tanjung Pinang; and the E&O concierge services.

F&B, which also comes under the lifestyle and hospitality division, contributed some RM30mil to E&O’s turnover last year.

Chan said with the expansion plans underway for its F&B business, revenue from F&B should reach RM100mil in the next two years.

The F&B division operates five Delicious cafes, a Reunion Chinese restaurant, a DISH steakhouse and a Delicious Ingredients gourmet grocer in the Klang Valley.

The first Delicious cafe outside the Klang Valley opened at Straits Quay festive retail mall in Penang early this month.

Chan said more Delicious cafes were in the pipeline, including one in Sunway Pyramid to be opened in August, and the first offshore outlet will be opened in Singapore in November.

E&O has some RM500mil in its coffers, and the bulk of the cash will be used to launch new projects and buy more land.

“Our Seri Tanjung Pinang development in Penang has been very successful.

“We hope to replicate this in the Klang Valley. To do this, ideally the land should be at least 200 acres to be able to include some lifestyle features in line with our positioning as a lifestyle developer,” Chan said.

He said E&O had set its sight to have more multiple developments so as to generate higher sales.

“Our priority at the moment is to launch projects locally. We have more than RM4bil worth of high-end housing projects to be launched in Penang and Kuala Lumpur. We will make more launches as long as the market can take it. We expect the markets in Penang and Kuala Lumpur to remain positive,” he said.

Among the projects that E&O had planned in Penang are the final batch of seafront terraces and phase two of the Quayside condominiums in Seri Tanjung Pinang phase one.

E&O’s Seri Tanjung Pinang (STP) phase two is currently at the planning stage. It also owns a 365 acres at Gertak Sanggul on the southwest tip of Penang island.

Projects in Kuala Lumpur include the St Mary Residences that are slated for completion in 2012. Those set for launch included condominiums at Jalan Yap Kwan Seng and Jalan Kia Peng, as well as prime bungalow plots in Damansara Heights.

SOURCE: The Star