About Terraces Condominium

A highrise residential development by IJM Land at Bukit Jambul, Penang. Strategically located on 9.32 acres of land next to INTI International College. It comprises a 34-storey condominium tower, featuring 410 residential units with two different design types to choose from.

(Photo taken in Oct 2023)

Find out more about Terraces Condominium

Residential property worth more than RM2bil was either bought or had their ownership transferred to foreigners over the past year, says Nga Kor Ming.

The Local Government Development Minister said this represented less than 1% of total residential property transactions from 2022 to June 2023.

The bulk of transactions, totaling more than RM262bil were by Malaysians, he said.

“According to data from the National Property Information Centre (Napic), Malaysians recorded 571,810 residential property transactions worth RM261.956bil.

“Meanwhile, foreigners recorded only 1,437 residential property transactions worth over RM2.484bil in the same period,” he said in a written reply dated Oct 30.

This was in response to a question from Datuk Dr Alias Razak (PN-Kuala Nerus) who asked about the number of foreigners who owned homes in Malaysia.

Nga also said his ministry would continue to prioritise increasing home ownership among Malaysians.

Source: TheStar.com.my

Construction companies and property developers with exposure to Penang are set to benefit tremendously from the extensive development in the state.

According to TA Research, the Penang Transport Master Plan (PTMP) could be a strong growth catalyst for both the construction and property development sectors in the country.

With various projects in the pipeline, prospects for local players in both the construction and property development sectors appear promising, the brokerage firm wrote in its report, following a recent meeting with the Penang Development Corp.

“Given the mounting traffic congestion due to urbanisation and the influx of foreign investment, we believe that a well-planned holistic transport master plan should be implemented in the immediate future,” TA Research explained.

“Therefore, given the sheer size of the master plan, we are firmly convinced that PTMP will serve as a solid rerating catalyst for the construction sector,” it added.

As for the property development sector, TA Research said it expected PTMP would serve as a long-term catalyst, enhancing land value, stimulating economic activity, and driving housing demand in Penang.

“Property developers holding landbank in Penang Island stand to gain long term from the enhanced road and public transport connectivity under the PTMP,” it said.

“We are optimistic about Penang’s residential property market, driven by the robust recovery of the medical and tourism sectors on Penang Island post-pandemic, coupled with the thriving industrial sector on both Penang Island and the mainland,” it added.

TA Research maintained its “overweight” stance on the construction and property sectors, as well as Malaysian real estate investment trusts.

First mooted in 2009 to integrate modern transportation systems in Penang, the PTMP is expected to cost about RM46bil spread over several decades.

For the near-to-medium-term, the upcoming mega infrastructure project that is potentially being rolled out under PTMP is the Penang Light Rail Transit project, TA Research said, noting that it expected more development to kick in by the first half of 2024.

By companies in the construction sector, the brokerage said Gamuda Bhd is one of the primary beneficiaries of the PTMP, as the group has a sizeable exposure in Penang via SRS Consortium Sdn Bhd.

TA Research also liked Kerjaya Prospek Group Bhd due to its strong track record in Penang’s building sector and preferred contractor status for reclamation, infrastructure, and building projects on Andaman Island.

It said Kerjaya is well-positioned to benefit from growth in both Andaman Island and Bandar Cassia, thanks to its established relationships with Eastern & Oriental Bhd (E&O) and Aspen Group, respectively.

Other listed construction players that could potentially benefit from the PTMP included IJM Corp Bhd, WCT Holdings Bhd and Sunway Construction Group, which have strong expertise in railway-related jobs as well as civil works for township development.

For property developers, potential beneficiaries include E&O, Ideal Capital Bhd, IJM, Ivory Properties Group Bhd and Mah Sing Group Bhd.

To a lesser extent, Eco World Development Group Bhd, Paramount Corp Bhd, Tambun Indah Land Bhd and SP Setia Bhd, which have landbank in mainland Penang, could also reap benefits from the improved road and rail network.

Source: TheStar.com.my

The government will expand the Rent-to-Own scheme to enable more people from the B40 and M40 groups to own homes.

Local Government Development (KPKT) Minister Nga Kor Ming (pix) said cooperation with financial institutions will be continued to provide attractive and sustainable housing financing packages.

“The ministry (KPKT) through PR1MA Corporation Malaysia (PR1MA) and Syarikat Perumahan Negara Berhad (SPNB) had been developing housing projects such as the SPNB Housing and PR1MA Housing programmes for the M40 group nationwide, “ he said when winding-up the debate on the Supply Bill 2024 for the ministry in the Dewan Rakyat yesterday.

He said to date, a total of 28,583 SPNB housing units have been completed, 1,024 units are under construction and 531 units are in the planning process.

He added that PR1MA has also built 35,454 affordable housing units, while 14,427 units are in progress and 3,765 units are being planned nationwide as of Oct 15.

Nga added that the government has also agreed to set the standard size for the People’s Housing Project (PPR) unit at 750 square feet, with a minimum of three bedrooms and two bathrooms for each unit.

He said this new direction in the PPR implementation is in line with the government’s aim to enhance the living conditions of residents in these housing units.

“With this, KPKT will ensure that newly constructed PPRs will be well-integrated with other facilities, including recreational parks, food courts, and convenience stores,“ he said.

In addition, to promote home ownership, the ministry has introduced the i-Biaya initiative which is a financing assurance through the Housing Credit Guarantee Scheme (SJKP), specifically for first-time homebuyers, including those without a fixed income or payslips, such as workers in the gig economy.

“Through this initiative, the government provides financing assurance of up to RM500,000. This includes the principal financing amount, the Mortgage Reducing Term Assurance (MRTA) guarantee, the Mortgage Reducing Term Takaful (MRTT), legal fees, and valuation fees,“ he said.

Nga said throughout the SJKP implementation from 2008 until Sept 30, a total of 30,841 loan applications, amounting to RM5.85 billion, had been approved. and the government, through the 2024 Budget, has proposed an additional RM10 billion in guarantees to benefit 40,000 borrowers.

Meanwhile, he said the local authorities had carried out 1,558 integrated operations for the year 2022 until Aug 31, 2023.

“Until Sept 2023, a total of 26,108 business licences have been revoked for violations of licencing and premises conditions,“ he said.

Source: Bernama

Sedusun Tech Valley, which is set to be a new agrotourism centre in Relau, on Penang island, is set to receive a RM50 million boost from the Economy Ministry.

The Sedusun Tech Valley project is one of the Penang government’s strategic projects, in collaboration with the Northern Coridor Implementation Authority (NCIA). It will create an Agriculture Silicon Valley, which focuses on the smart agriculture industry to increase agricultural yields optimally compared to what is currently practiced.

NCIA chief executive Mohamad Haris Kader Sultan said the Sedusun Tech Valley, launched by Chief Minister Chow Kon Yeow today, would begin the design process by year’s end.

He said its development would be carried out in phases.

“In the next phase, we will be getting a RM50 million allocation from the Economy Ministry.

“The top part is private land but what is most important to us about the Sedusun Tech Valley is agrofood, agriculture and agrotourism to create income for the state and maintenance of the project,” he told newsmen after its launch at the Bertam Resort yesterday.

Meanwhile, Chow said the project would be sited in the existing Relau Agriculture Station with a RM1 million allocation for the design process.

“Next year, a tender would be called with the RM50 million allocation to be obtained. After conducting the value engineering, only then we can know the RM50 million is spent on which components.

“If the allocation is insignificant, the components will be carried out in phases until all are fully completed, to see a continuation to the role of the agriculture station,” he added.

Chow said the project would take two years to complete.

Earlier, in his speech during the launch of the Sedusun Tech Valley and the agrofood sector investment seminar, Chow said the agriculture sector has so far contributed as much as 1.8 per cent or RM2.1 billion to Penang’s Gross Domestic Product (GDP).

He said after being fully operational, the Sedusun Tech Valley would also help increase the contribution of the agriculture sector to Penang’s GDP.

Source: NST Online