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SITE PROGRESS: Queens Residences 3 (Oct 2024)

Property News/ 15 October 2024 No comments

queens-residences-3-site-progress-oct2024

About Queens Residences 3

The third phase of the Queens Waterfront development by Ideal Property Group (also known as Q3), 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. 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.

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PROPOSED: 484-unit affordable housing @ Batu Maung

Batu Maung/ 14 October 2024 No comments

proposed-development-batu-maung

A proposed affordable housing development in Teluk Kumbar, located near Jalan Kekabu 5 and accessible via Jalan Batu Maung. It is just a stone’s throw away from the upcoming Silicon Island and about a 5-minute drive from the Penang 2nd Bridge and a 10-minute drive to Penang International Airport. Nearby amenities include SK Permatang Damar Laut, Esen Beach, and several popular seafood restaurants.

This development will feature a 28-storey apartment building, comprising a total of 484 affordable housing units with a 6-level car parking podium. It will also include residents’ facilities, located on level 7.

The project is still pending for approval. More details will be available upon official launch.

Project Name : (to be confirmed)
Location : Batu Maung
Property Type : Affordable housing
Tenure: (to be confirmed)
Land Area: (to be confirmed)
Built-up Size: (to be confirmed)
Total Units : 484
Indicative Price : RM300k (affordable housing price guide)
Developer : (follow us to receive future update)

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LOCATION MAP (approximate)

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.

SITE PROGRESS: Sanctuary Row (Oct 2024)

Property News/ 13 October 2024 No comments

sanctuary-row-site-progress-oct02024-2

About Sactuary Row

A freehold commercial development at Permatang Sanctuary by IJM in Bukit Mertajam. Located along Jalan Santuari 2, right across the road from Sanctuary Villa. It is only 2km away from AEON Mall and Tesco Hypermarket, about 15-minute drive to Juru Auto-City and Penang Second Bridge. This development features 24 units of double-storey shop offices.

*Photo taken in Sep 2024

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No inheritance tax in 2025 Budget

Property News/ 13 October 2024 No comments

landed-property

Transport Minister Anthony Loke dismissed claims that the government is planning to introduce inheritance tax in the upcoming 2025 Budget, scheduled to be tabled on Oct 18.

Loke said he had never heard of such a proposal in cabinet meetings.

He was referring to a report quoting analysts from local banks that claims that the government will introduce new taxes.

“What is concerning is that these assumptions and rumours are believed by certain parties.

“There are DAP members of parliament who believe that the government will introduce such taxes,” he said in his address at the Federal Territories Kuala Lumpur DAP Ordinary Convention here today (Oct 13).

Also in attendance was DAP stalwart Tan Sri Lim Kit Siang.

“Government policies only become official if they are presented in parliament, and so far, there has been no discussion regarding inheritance tax.

“Therefore, do not trust these assumptions, as analysts can make all sorts of assumptions,” he said.

Loke said the decision-makers responsible for establishing policies are the government and the cabinet, and these must be ratified by members of parliament, not analysts from banks.

“The government is taking measures to ensure an increase in revenue and economic growth.

“At the same time, expenditures must be prudent, with no leakages or corruption involved. That is the government’s focus,” he said.

On Oct 3, a Malay daily reported that the government is expected to introduce five new taxes in the 2025 Budget, aimed at promoting healthier lifestyles and sustainable living.

The proposed taxes include the unhealthy food tax, carbon pricing tax, inheritance tax, high-value goods tax (HVGT) and Artificial Intelligence (AI) tax.

Source: NST Online

Silicon Island: One year of transformation for Penang

Property News/ 12 October 2024 No comments

silicon-island-progress

One year after the commencement of Silicon Island’s development in September 2023, the project has already demonstrated significant progress and positive outcomes for Penang’s economy, environment, and local communities. This ambitious initiative, undertaken by the Penang state government, has achieved numerous milestones in its first year, showcasing the broad benefits it brings to the region.

One of the most remarkable achievements is the creation of over 35 acres of new land, which will serve as the foundation for the Green Tech Park. This cutting-edge industrial zone will house an LRT depot, public recreational spaces, business opportunities, and affordable housing. It marks a major step toward a future-focused, sustainable development strategy for Penang.

Economically, Silicon Island has injected over RM1.4 billion into the local economy, contributing to the creation of jobs and the growth of local businesses. More than 1,500 contracts have been awarded to local traders and contractors, and over 370 Malaysians have gained employment as a direct result of the project. These efforts reflect the project’s focus on driving sustainable economic growth.

The initiative has also brought tangible benefits to Penang’s fishing community. Over RM10 million in financial aid has been disbursed to 680 fishermen, helping them improve their livelihoods. In addition, 97 fishermen have received new boats equipped with advanced engines and technologies, enhancing their safety and productivity. A further 482 fishermen have enrolled in fully funded seafarer upskilling programs, enabling them to adapt to changing industry demands.

Hundreds of fishermen’s children have also benefited from educational initiatives, including career guidance and STEM programs, which are fully funded by the Silicon Island project. These programs aim to provide the next generation with the knowledge and skills needed to thrive in a rapidly evolving world.

Environmentally, the project has planted 23,200 mangrove trees as part of its ecology offset masterplan, creating new marine habitats and supporting biodiversity. Local fishermen have reported an increase in marine catch due to the new land protecting their fishing grounds from strong waves. According to data from the Department of Fisheries, the last quarter of 2023 saw a rise in marine catches, with no evidence of fish depletion.

These outcomes, shared by Joshua Woo Sze Zeng, the State Assemblyman for Pulau Tikus, highlight how Silicon Island has positively impacted Penang in just its first year. With benefits spanning economic, social, and environmental dimensions, the project is set to continue transforming the region for years to come.