PENANG’S property offerings have a far-reaching appeal, as reflected by a group from France who visited the 1Tanjong luxury condominium project in Tanjung Bungah.

The French Teochew delegation, numbering around a dozen people, were in town for the 16th International Teochew Convention at the Penang Teochew Association.

They decided to check out the development by Province Valley Sdn Bhd, a member of the Lone Pine Group of Companies, for potential personal investments, according to its general manager Mabel Ooi.

“We are indeed honoured to have visitors from overseas,” she said.

The delegation later visited tourist sites including the Kek Lok Si Temple, the Sleeping Buddha, Han Chiang College, Sun Yat Sen Memorial, Esplanade and Khoo Kongsi landmark before leaving for home on Nov 5.

The 1Tanjong project along Jalan Tanjung Bungah, comprises two 41-storey towers overlooking a central podium with rooftop facilities.

Comprising only two units per floor and two private lifts opening to private lobbies, it is touted as the first condominium in Penang to have vertical landscaping.

Typical units are 4,760sq ft, penthouses are 9.600sq ft and those units on the top are 18,600sq ft .

SOURCE: The Star

VISITORS to the first ever Penimex Lifestyle Expo at the Penang International Sports Arena in Relau can check out various local and foreign products.

The four-day exposition features fashion, food, living and travelling services at over 110 booths.

Organising chairman Sam Yong Sum Chin said that the expo provided an opportunity for Penang Importers and Exporters Association members to display their local and imported wares.

?It is also to create an awareness about the products to consumers,? he said during the launching of the event on Thursday. The event ends tomorrow.

He added that more than 25,000 visitors were expected to throng the event.

Chief Minister Lim Guan Eng was present to launch the expo.

Furniture Arts (M) Sdn Bhd won the Best Booth Design Award.

Among the visitors at the expo was sales executive Sally Lim, 29, who was buying carpets at one of the booths.

She said that she went the expo to survey the products and their prices as she was planning to move into a new home.

?I?ve only walked half a round here. Some of the items are reasonably priced while for some others, I would need to think first before buying,? she said, adding that she was also looking for electronic goods.

The products and services available at the expo are (fashion) clothes, jewellery, accessories; (food) fruits, fruit juice products, instant food, halal food, medicine and health care products; (living) furniture, home decor, kitchen cabinets, carpets, floorboards, hardware, electrical and electronic products and sports equipment and (travelling) property, travel packages, travelling equipment and bicycles.

SOURCE: The Star

KUALA LUMPUR: Banks and related industries backed the move by Bank Negara in pushing for responsible financing to enhance consumer protection and reduce household debt.

“Banks will continue to engage closely with their customers by providing advice to ensure debt commitments are within their repayment capacities,” said Association of Banks Malaysia executive director Chuah Mei Lin.

She added that the new guidelines reflected the existing approach taken by its member banks.

The Federation of Malaysian Consumers Associations said the policy was a step in the right direction towards reducing household debt, but consumers needed to be more responsible in managing their finances.

“Too many young people are getting themselves deep in debt,” said its chief executive officer Datuk Paul Selvaraj.

He added that they usually accumulated the debts between the ages of 20 and 30.

National House Buyers Association secretary-general Chang Kim Loong said banks must evaluate an applicant’s true income more stringently before granting loans.

“Banks also should not be allowed to charge excessive fees for early termination,” said Chang.

Real Estate and Housing Developers Association of Malaysia president Datuk Michael Yam said he believed there would not be any untoward incidents with the new guidelines.

He said this was because people, especially those who took loans to buy property, knew how to self-regulate.

“This is based on the low percentage of non-performing loans,” said Yam.

He added that those possibly in danger of falling into debt were young people without family support.

Malaysian Automotive Association president Datuk Aishah Ahmad welcomed the guidelines but was concerned that if too stringent, the move would affect car sales.

“Checking on affordability is the right thing to do as there is still a lot vehicle repossession taking place because consumers purchase beyond their means,” she said.

SOURCE: The Star

KUALA LUMPUR: A Bill to make it a criminal offence for developers who fail to complete their projects has been tabled in Parliament for first reading.

Under Clause 9 of the Housing Development (Control and Licensing) (Amendment) Bill, errant housing developers can be fined up to RM500,000, jailed up to three years or both.

The Bill was introduced by Housing and Local Government Minister Datuk Seri Chor Chee Heung here yesterday.

Among others, it is a crime if a developer “abandons or causes to be abandoned a housing development”.

They are deemed to have abandoned projects if they refuse to carry out, delay, suspend or cease work continuously for six months or beyond a period stipulated under the Sales and Purchase Agreement.

The Bill also introduces harsher penalties against errant developers such as increasing the fines from RM20,000 to RM50,000.

They will be entitled to terminate the Sales and Purchase Agreement if the housing project is abandoned, and the developer is required to refund any money paid within 30 days.

Developers who fail to comply with this will face a fine of up to RM250,000 and a penalty of RM5,000 for every day during which the offence continues.

The Bill will also insert Clause 3 into the Act the deposit to obtain a housing development licence will be increased from RM200,000 to 3% of the project’s estimated cost.

This is to ensure that only developers who have sufficient financial ability will be allowed to begin building houses.

Source: The Star

GEORGE TOWN: The state government will not allow any new land reclamation along Gurney Drive as part of its deal with developers to construct infrastructure projects.

Chief Minister Lim Guan Eng said any land swap would only involve the existing land reclamation rights granted to Eastern & Oriental Bhd by the previous administration.

He said people should not “jump up and down” as the state was bound by the deal struck before Pakatan came into power.

“I told the reporters in Kuala Lumpur that 299ha of reclaimed land in Sri Tanjung Pinang would be involved in the infrastructure projects.

“Some of them have never been to Penang and they didn’t know where that was so I said it’s near Gurney Drive.

“Now I’m a victim of false information because they reported that the reclaimed land would involve Gurney Drive — I never said that,” he told a press conference yesterday.

He said no monetary payment or funding would be given by the state for the construction of three by-pass highways and a sea tunnel linking the island to the mainland.

“Costs incurred may be recovered through land swap, toll or any other form. The other three projects would involve land swapping. I’m trying to get as much as possible for Penang,” he said.

Source: The Star