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

Queens Residences Q3 is the third phase of the Queens Waterfront development by Ideal Property Group, situated near Queensbay in Penang. Positioned strategically on reclaimed seafront land directly opposite Queensbay Mall, it’s an expansion of the successful Q1 and Q2 projects, which currently command prices exceeding RM1,000 per square foot.

The new phase of development will introduce another 532 residential units, offering a choice of five different layouts ranging from 950 sq.ft. to 1,400 sq.ft. Notably, facilities will be conveniently located on the 7th floor. Furthermore, it’s worth mentioning that, apart from the smaller units, most of the more spacious units will feature Penang Bridge and the scenic Pulau Jerejak views.

Project Name: Queens Residences 3 (Q3)
Location : Queensbay
Property Type : Condominium
Total Units: 532
Built-up Size: 950sq.ft – 1,400sq.ft.
Land Tenure: Freehold
Indicative Price : (to be confirmed)
Developer: Ideal Property Group

SITE PROGRESS

SITE PROGRESS: Queens Residences 3 (Oct 2024)

SITE PROGRESS: Queens Residences 3 (Mar 2024)

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.

Ideal Property Group, a leading real estate developer, is delighted to announce a significant development in the expansion of Penang Technology Park @ Bertam, as it signs a Sale and Purchase Agreement (“SPA”) with Zestron Precision Cleaning Sdn. Bhd. This partnership marks a momentous step forward for both companies and the technological landscape in the North Seberang Perai district.

The SPA involves the sale of 10 acres of prime freehold industrial land within the strategically located Penang Technology Park @ Bertam. This high-value sustainable industrial park is equipped with cutting-edge infrastructure and services designed to facilitate innovation and excellence in various industries. The 880-acre site is set to become the first of its kind in the region, integrating quality infrastructure with green initiatives to create a sustainable industrial ecosystem.

Zestron Precision Cleaning, a global leader in high precision cleaning solutions for the Electronics and Semiconductor industries, is headquartered in Ingolstadt, Germany, and established its South Asia operations in Malaysia in 2009. With an impressive 15-year journey in Malaysia, Zestron has now set its sights on expansion through this agreement.

Dato’ Goh Teng Whoo, Chief Operating Officer of Ideal Property Group, and James Yeoh, Executive Director of Zestron South Asia, were the signatories of this pivotal agreement. Speaking about the expansion, Dato’ Goh expressed his warm welcome to Zestron, describing Penang Technology Park @ Bertam as a logistical convenience and well-managed sustainable industrial park. “We are ready to support their automation requirements by working closely to provide the required services and solutions,” he added.

Zestron Precision Cleaning’s expansion plan at Penang Technology Park @ Bertam signifies an estimated investment of approximately RM60 million. The new facility, expected to be approximately five times the size of their current location, is scheduled for completion by the year 2025. This expansion aligns with Zestron’s commitment to meeting and anticipating the evolving needs of the Electronics and Electrical (E&E) industry.

James Yeoh, Executive Director of Zestron South Asia, stated that this strategic expansion not only lays the foundation for the company’s ongoing growth but also responds to the escalating demand for IoT, EV, AI, and other megatrends, enabled by electronics, which will continue to drive the growth in the semiconductor and electronics cleaning industry. “The expected improvement in supply capacity will increase the capability to deliver enhanced levels of support and reliability to valued customers and partners.”

Penang Technology Park @ Bertam, conveniently situated 23 kilometers from the Penang Port in Butterworth and 42 kilometers from the Penang International Airport, offers excellent connectivity and accessibility, resulting in reduced transportation costs and accelerated delivery.

With approximately 40% of the first phase already taken up by local and foreign companies in various sectors, including electronics assembly, medical devices, trading, warehouse, and logistics, Penang Technology Park @ Bertam is on a clear trajectory to becoming a thriving epicenter of industry and innovation in the region.

Ideal Property Group and Zestron Precision Cleaning look forward to this collaboration, which will undoubtedly foster innovation, excellence, and growth in the region. This expansion is not only a testament to the progress of Penang Technology Park@Bertam but also a testament to the growing technological potential in the North Seberang Perai district.

Experience the thrill of driving BMW iX1 with Paramount Property at BMW Tian Siang Butterworth Showroom!

While you are at it, you are welcome to explore the showrooms of Savana and Paramount Palmera. Love it? Then grab the opportunity to own your perfect home, or make your golden investment 👀✨

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Date: 4 -5 Nov 2023
Time: 10am – 5pm
Venue: BMW Tian Siang Butterworth Showroom

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For more enquiries, contact Paramount Property at 012 501 0733