Sandville Residence, a serviced residence development by DH Land Sdn. Bhd. at Permatang Pauh. Located on 1.68 acres of land along Jalan Permatang Pauh, diagonally opposite Caltex petrol station. It is only 1km to Butterworth/Kulim Expressway interchange, less than 5 minutes drive to Sunway Carnival Mall at Seberang Jaya.

This development comprises a 24-storey skyscraper, featuring 165 serviced residence units with a standard built-up size of 850sq.ft.. There will be 8 levels of car parking podium with 3 units of shop lot located at ground level.

Project Name : Sandville Residence
Location : Permatang Pauh
Property Type : Serviced residence
Land Tenure: Freehold
Total Units: 165 (residence)
Built-up Size: an
Indicative Price: RM361,950 onwards
Developer : DH Land Sdn. Bhd.

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

Bank Negara Malaysia (BNM) has maintained the overnight policy rate (OPR) at 3% despite the ringgit plunging to a 25-year low against the US dollar.

The decision was announced today following the central bank’s two-day monetary policy committee (MPC) meeting.

In a press statement, BNM said that maintaining the OPR is vital to support domestic economic growth amid the elevated interest rate environment globally.

“At the current OPR level, the monetary policy stance remains supportive of the economy and is consistent with the current assessment of the inflation and growth prospects,” it said.

“The MPC will ensure that the monetary policy stance remains conducive to sustainable economic growth amid price stability.”

The OPR decision came as no surprise, aligning with the predictions from surveys by Reuters and Bloomberg.

BNM has raised the key lending rate five times since May 2022. At 3%, the OPR has returned to its pre-Covid-19 level in 2019.

Hours before today’s OPR decision, the US Federal Reserve (Fed) also decided to hold its federal funds rate target steady at 5.25%-5.5%, the highest level in more than 22 years.

Steady growth outlook

With global trade still in a slump, Malaysia’s economic growth in the near- and mid-term is projected to be largely driven by domestic demand.

“The global economy continues to expand, driven by domestic demand amid strong labour market conditions,” BNM said.

“Some signs of recovery are emerging in the electrical and electronics sector, but global trade remains soft partly due to the shift in spending from goods to services, and ongoing trade restrictions.”

Malaysia’s exports have been on a negative trend for seven consecutive months as of September, weighed down largely by China’s economic slowdown.

“The growth outlook remains subject to downside risks, mainly from higher-than-anticipated inflation outturns, an escalation of geopolitical tensions, and a sharp tightening in financial market conditions,” the central bank cautioned.

The World Bank projected Malaysia’s gross domestic product to grow by 3.9% for 2023 in light of the softening external demand.

Meanwhile, BNM said domestic inflation has moderated entering the fourth quarter of 2023.

“As expected, both headline and core inflation have moderated, mainly due to easing cost pressures. In the third quarter, headline and core inflation averaged at 2.0% and 2.5%, respectively,” it said.

“Going into 2024, inflation is expected to remain modest.”

However, it said the projection may be influenced by changes to domestic policy on subsidies and price controls, as well as global commodity prices and financial market developments.

“Of note, the government’s intention to review price controls and subsidies in 2024 will affect the outlook for inflation and demand conditions,” it said.

Source: FMT Online

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